TotalEnergies and ENI Make Major Gas Discovery Off Cyprus

The TotalEnergies logo sits on the company's headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo
The TotalEnergies logo sits on the company's headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo
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TotalEnergies and ENI Make Major Gas Discovery Off Cyprus

The TotalEnergies logo sits on the company's headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo
The TotalEnergies logo sits on the company's headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo

Energy companies TotalEnergies and ENI announced a significant gas discovery at the Cronos-1 well, in Block 6, offshore Cyprus.

Cronos-1 encountered several good quality carbonate reservoir intervals and confirmed overall net gas pay of more than 260 meters, said TotalEnergies in a statement.

TotalEnergies and ENI each have a 50% stake in Block 6.

"This successful exploration well at Cronos-1 is another illustration of the impact of our exploration strategy which is focused on discovering resources with low technical cost and low carbon emissions, to contribute to energy security including to provide an additional sources of gas supply to Europe," Reuters quoted Kevin McLachlan, Senior Vice President, Exploration at TotalEnergies, as saying.

Cyprus's offshore exploration program has faced strong objections from Türkiye. The island was divided after a 1974 Turkish invasion, with overlapping claims of jurisdiction extending from land to the sea since.



Supply Minister: Egypt Plans Global Grain Hub

A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice
A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice
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Supply Minister: Egypt Plans Global Grain Hub

A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice
A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice

Egypt, the biggest buyer of Russian wheat, aims to create a global grain trading and storage hub, Supply Minister Sherif Farouk said on Friday, speaking at a grains event in the Russian city of Sochi.

Faruk said that Egypt is pursuing an ambitious ⁠and comprehensive strategy to ⁠transform the country into a hub for the storage and processing of grain crops as well as trading grain throughout the Middle East, ⁠Africa, and other regions.

"In this context, Egypt now wants to establish a global hub for grains," Farouk said, adding that the project will include modern elevators, transport systems, and processing and storage facilities.

He said that Egyptian and Russian commodity exchanges could join forces ⁠in ⁠the modernization of Egypt's grain trading infrastructure, developing pricing benchmarks, and ensuring supply chain's transparency.

"Egypt will continue to strengthen its relationship with Russia in developing grain tracking systems. All these efforts will help us improve transparency and resilience in the strategic commodity market," Farouk said.


Morocco's Inflation Rate Rises to 1.7% in April

A farmer works in his wheat field in the Sebt Meghchouch region of Morocco, on April 28, 2026. (Photo by Abdel Majid BZIOUAT / AFP)
A farmer works in his wheat field in the Sebt Meghchouch region of Morocco, on April 28, 2026. (Photo by Abdel Majid BZIOUAT / AFP)
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Morocco's Inflation Rate Rises to 1.7% in April

A farmer works in his wheat field in the Sebt Meghchouch region of Morocco, on April 28, 2026. (Photo by Abdel Majid BZIOUAT / AFP)
A farmer works in his wheat field in the Sebt Meghchouch region of Morocco, on April 28, 2026. (Photo by Abdel Majid BZIOUAT / AFP)

Morocco's annual inflation rate, measured by the consumer price index, rose to 1.7% in April from 0.9% a month earlier, the statistics agency said on Friday.

Food prices, the main driver of inflation in the country, rose 0.6% ⁠from a year ⁠earlier, while non-food prices increased 2.5%, the agency said in a statement.

Transport prices rose 8.4% following a ⁠surge in fuel prices due to the conflict in the Middle East.

Core inflation, which excludes more volatile goods and government-controlled prices, was down 0.3% year-on-year and up 0.1% month-on-month.

To cushion the impact of ⁠geopolitical ⁠tensions on the domestic market, the government plans to add 20 billion dirhams ($ 2.17 billion) to its 2026 budget, including increased subsidies to keep public transport, cooking gas and electricity prices stable.


UK Retail Sales Drop by Most in Nearly a Year as Drivers Buy Less Fuel

FILE PHOTO: An out of use sign hangs from a nozzle of an unleaded petrol pump on the forecourt of an Asda petrol station in Bethnal Green, London, Britain, March 27, 2026 REUTERS/Jaimi Joy/File Photo
FILE PHOTO: An out of use sign hangs from a nozzle of an unleaded petrol pump on the forecourt of an Asda petrol station in Bethnal Green, London, Britain, March 27, 2026 REUTERS/Jaimi Joy/File Photo
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UK Retail Sales Drop by Most in Nearly a Year as Drivers Buy Less Fuel

FILE PHOTO: An out of use sign hangs from a nozzle of an unleaded petrol pump on the forecourt of an Asda petrol station in Bethnal Green, London, Britain, March 27, 2026 REUTERS/Jaimi Joy/File Photo
FILE PHOTO: An out of use sign hangs from a nozzle of an unleaded petrol pump on the forecourt of an Asda petrol station in Bethnal Green, London, Britain, March 27, 2026 REUTERS/Jaimi Joy/File Photo

British retail sales fell by the most in nearly a year in April as fuel sales plummeted, according to official figures published on Friday that added to signs of waning consumer spending against the backdrop of the Iran war and rising energy costs.

Retail sales volumes slid by 1.3% in April from March, the biggest monthly decline since May 2025 and sharper than the 0.6% decline expected by economists.

Fuel volumes plunged by more than 10% as users ⁠saved fuel having stocked ⁠up in March, the Office for National Statistics said. April's drop in fuel sales was the largest monthly fall since the COVID-19 pandemic.

Excluding fuel, sales volumes were down a less severe 0.4%, close to the Reuters poll forecast for a drop of 0.3%, Reuters reported.

Sales fell across every category except food. Clothing sales fell to their lowest level since June last year, with retailers citing weak ⁠confidence and variable weather.

Sterling weakened briefly against the dollar after the data was published but soon recovered.

"Concerns around the impact of the Iran conflict on the cost of living, alongside higher mortgage costs and continued pressure on household finances, are weighing heavily on consumer confidence," said Samuel Edwards, head of client portfolio management at financial services firm Ebury.

Earlier on Friday, a survey showed low levels of consumer confidence rose only slightly in May with households the least willing to make big item purchases in nearly a year and a half.

Major British retailers say uncertainty over the impact of the Iran war ⁠is weighing on ⁠their businesses and customers. They also say higher tax and more regulation are holding them back.

Some firms are bucking the trend. Fashion retailer Next posted better-than-expected first quarter sales and electricals retailer Currys edged up its profit outlook.

Compared with a year earlier, overall sales were flat, the ONS said, against economists' expectations of a 1.3% rise.

Excluding fuel sales, volumes were up 1.1%, weaker than the Reuters poll forecast of a rise of 1.5%.

The Bank of England has held interest rates as it weighs up the risk of weakening growth in the economy and labor market against the impact of the energy price shock on inflation.

Separate ONS data showed higher-than-expected government borrowing last month, underscoring the scale of the challenge facing finance minister Rachel Reeves.