Latest News
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Norris leads Joburg Open by four shots
Shaun Norris of South Africa carded a 67 on Saturday to take a 4-shot lead at 14-under-par after the third round of the DP World Tour’s Joburg Open. Norris, despite suffering from an ear infection on Friday, had a one shot lead going into the weekend. He extended his lead despite making a double bogey at the par four third hole, and another missed shot on the fifteenth. The second-place finishers are Adrien Saddier of France (70), Jacques Krusywijk of South Africa (68), and Nicolai Von Dellingshausen, a German. Both players have 10 strokes under par. Norris won the Alfred Dunhill Championship, Leopard Creek, in December. This was his second win on the DP World Tour, after the Steyn City Championship, in 2022. (Reporting and editing by Ken Ferris; reporting by Nick Said)
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Companies warn that Trump's plan to build ships could disrupt the ocean cargo industry
Executives warned that President Donald Trump's plan for revitalizing the U.S. maritime industry could impose massive costs on ocean transportation operators and create a new supply chain chaos in the rest of the world. According to a draft of an executive order, Trump's administration wants to fund a comeback in American shipbuilding by charging hefty fees to ports for Chinese-made ships and those from fleets that include Chinese-made ships. According to the World Shipping Council, which represents the liner ship industry, the levies would affect virtually all ships calling at U.S. port, impose up to $30 billion in annual costs to American consumers, and double the shipping cost for U.S. exported goods. WSC CEO Joe Kramek stated that policymakers should reconsider damaging proposals and find alternative solutions to support American industry. The gloomy outlook of industry executives illustrates how Trump's pro U.S. policies sometimes have unintended consequences which are contrary to his stated goals. Jeremy Nixon (CEO of Ocean Network Express, owner of container ships) said that the plan could have a negative impact on ocean carriers and customers. He made this statement at S&P Global’s TPM Container Shipping Conference in Long Beach, California. Ship owners may make fewer port calls in the U.S. to reduce fees. Executives said that a flood of additional cargo could cause congestion in these ports, making it difficult to ship exports and imports. Trump's plan could also force companies to redeploy global ship fleets, so that vessels not built in China can be re-focused on the United States - which could cost money and time. MSC's CEO, Soren Tofft, said that the world's biggest container carrier could avoid smaller ports, such as the Port of Oakland in California, which is an important gateway for the export of fresh beef, almonds, and dairy products. Executives warned that such moves could flood the nation's largest ports and isolate the smaller ones. This would risk a repetition of the early pandemic backlogs which hampered global trade. Beth Rooney said that it would be difficult for her and other partners to handle the volume increase. Punishing past mistakes that are not known MSC's Toft, speaking of fees associated with China-built vessels, said: "If a new regulation is introduced, we should at least be forward-looking, and not penalize ourselves for past mistakes that we didn't know were mistakes." CMA CGM is also expanding its fleet of American President Lines, which are under the U.S. flag, and looking into having ships built here. The French carrier has a vessel sharing alliance with China's COSCO Shipping, and Walmart is one of their top customers. In an interview published Friday, CEO Rodolphe Saade stated that "we are in discussions with several shipyards in order to determine how long and at what costs it would take". Maersk, a Danish shipping company, said that it is premature to comment about new tariffs and fees because they are constantly changing.
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US FAA: 240 flights affected by explosion on Musk's SpaceX Starship
Federal Aviation Administration officials in the United States said that Friday, a SpaceX Starship explosion on Thursday disrupted 240 flights. Space debris concerns forced more than 20 of these planes to divert. This was the second explosion in a row of a SpaceX launch test. The FAA issued ground stops on Thursday that lasted just over an hour. They were for flights departing from four Florida airports - Miami, Fort Lauderdale Orlando and Palm Beach. The FAA reported that the incident caused 171 delays in departure, 28 flight diverts, and 40 airborne aircraft were held for an average of 22 minute while the agency’s Debris Response Area remained active. The average delay for the 171 planes was 28 minutes. The FAA also announced on Thursday that it would require SpaceX to conduct a mishap inquiry into the loss of the Starship. The FAA granted SpaceX a launch permit for the test flight on Thursday last month. However, its investigation into Starship's failure in the past remained unresolved. The FAA reviewed SpaceX’s application for a license and the early findings of the company’s investigation into a mishap before deciding that Starship’s eighth flight would be allowed to proceed. Social media videos showed a streak of fiery debris in the sky at dusk, near South Florida and the Bahamas. A SpaceX live feed of the mission revealed that Starship had broken up in space after it started spinning uncontrollably and its engines were cut off. It's been just over a week since the Starship 8 test failed, and the 7th also resulted in a catastrophic failure. Back-to-back mishaps happened in the early stages of missions that SpaceX had easily surpassed before, a setback to a program Elon Musk wanted to accelerate this year. Musk called the explosion of Thursday "a minor setback" on Friday. Musk responded to a post on his social networking platform X by writing: "Time is the measure of progress." The next ship is expected to be ready within 4 to 6 weeks. The 403-foot Musk's plan is to send humans to Mars by the end of this decade. Reporting by David Shepardson, Editing by David Gregorio
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Yemen's Houthis set a four-day deadline for Israel to lift the Gaza blockade
Abdul Malik al-Houthi said that the leader of Yemen’s Houthis would resume his naval operations against Israel, if Israel didn’t lift its blockade of Gaza’s aid within four days. The Iran-aligned group launched more than 100 attacks against shipping in November 2023. They claimed to be in solidarity with Palestinians due to Israel's conflict with Hamas. However, the assaults stopped in January following a ceasefire in Gaza. Over the course of that time, it sank at least two ships, captured another, and killed four seafarers. This offensive disrupted international shipping and forced firms to take longer and more costly journeys around Southern Africa. We will set a four-day deadline. Al-Houthi stated that this deadline was for the mediators (for Gaza ceasefire). If the Israeli enemy continues to block the aid from Gaza after four days and continue to close all crossings, then we will resume our Naval Operations against the Israeli enemy. On March 2, Israel blocked Hamas called on Egyptian and Qatari mediators to intervene as the standoff over the ceasefire escalated. In February, the Houthis who control most Yemen said they would take military action against Israel and the U.S. if they tried to forcefully remove Palestinians from Gaza. (Reporting and editing by Andrew Heavens; Yomna Elhab and Ahmed Tolba)
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CMA CGM CEO Les Echos: CMA CGM is in talks with US Shipyards
Rodolphe Saade, CEO of CMA CGM's French shipping group, told Les Echos that the French shipping company is in discussions with shipyards to build medium-sized containers vessels in the United States. "We are in discussions with several shipyards in order to determine how long and at what price it will take," he stated in an interview published Friday, just a day after he announced with U.S. president Donald Trump a $20 billion investment plan in the United States. We'll decide if we want to go forward or not. It's interesting to have the option." CMA CGM has been looking into the possibility of vessels that can hold 6,000 containers. This is larger than the ships built in U.S. shipyards, but smaller than the 24,000 container vessels currently on the market. CMA CGM, the third largest container line in the world. Saade said at the White House that he would support the building of container vessels in the country, and make an announcement "in a few weeks." CMA CGM stated that any announcements of U.S. ship order would be an addition to the 20 billion dollars investment over four years announced on Thursday. CMA CGM has announced a package of investments, compared to the $12 billion that it invested in America in the last five years. This comes at a time when the industry is preparing for the possibility of U.S. Port Fees on. China-linked vessels Saade told Les Echos that he did not discuss the port levies issue with Trump. His firm, like many others, has a significant portion of Chinese vessels in its fleet. It is also part of a vessel sharing alliance with China’s COSCO.
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Spain's lithium mine bid promises jobs but for who?
The proposed lithium mine could provide batteries for thousands of electric cars Critics say that the job opportunities promised by mining companies are too limited. My proposal is moving through the approval process By Natalie Donback He hauled them to his farm near Caceres, where they were divided into baskets and then pressed into oil. While Palomo was working, his six-year-old son Olmo chased their two sheep dogs. Palomo stated, "I would like my son to have the opportunity to continue to enjoy our land as he grows older." The valley is located on top of Europe's second-largest hard rock lithium deposit. A new underground mine has been proposed to tap its wealth. According to Extremadura New Energies, the company that is seeking a license for it, the proposed San Jose Lithium Project would provide enough lithium each year to power 800,000 electric cars. Residents are concerned about air pollution, the impact on water supplies and the threat to wildlife like the Spanish imperial Eagle. The mine, owned by Australian Infinity Lithium, will not cause contamination or noise. After reviewing the proposal the government of the autonomous Region of Extremadura requested that the company provide further details by June. Some people in Extremadura (which borders Portugal on the west) hope that the European Union’s demand for Lithium -- a crucial raw material used to power everything from electric cars to cell phones -- will turn the region into an energetic hub, enabling Europe’s green energy transformation as it works to become carbon neutral in its energy system by 2050. Extremadura has few industries, and is suffering from depopulation, with a 14.4% unemployment rate - the fourth highest in Spain. Raquel Pastor is the director of the department for industry, energy, and mining in the Regional Government. The European Commission added lithium to its list of essential minerals for the continent’s energy transition. This will help it reduce its dependency on Chinese minerals, and achieve its climate goals. Lithium is an important component in batteries for electric cars, which emit fewer greenhouse gasses than traditional petrol or diesel powered vehicles. The EC’s Critical Raw Materials Act aims to extract 10% of these minerals from Europe by 2030. The EU is aiming to accelerate the permitting process for strategic projects that will be announced in this month. Caceres was on the first shortlist. According to CIC energiGUNE (a Basque research institute), 13% of Europe’s lithium deposits can be found in Spain. The largest deposits are concentrated in the southern part. Despite the fact that several companies are attempting to obtain licenses for Spain's lithium, none of them is approved or currently operational. Critics have been very vocal in their opposition to proposed projects, citing environmental risks as well as potential impacts on agriculture and tourism. Extremadura New Energies stated that the mine and processing facility would create 1,500 new jobs in a two-year phase of construction and 700 more jobs over its estimated 26 year operation. Ricardo Salaya Monsell, a local union leader, said that companies had made similar promises in the past and failed to deliver. Salaya, head of the Regional Federation for Industry, Construction and Agriculture, General Workers Union, said, "But we still see quality employment as valuable, so long as the necessary standard is met." Farmers such as Palomo want the local government to invest in agriculture instead. According to a new study from the University of Extremadura, agriculture could create the same number of local jobs, but with a longer-term perspective, in the next 60 year. According to data from the government, only 9% of the people in the region are involved in agriculture. 73% work in other sectors such as tourism and hospitality. What will happen to the workers of Caceres when the mine closes? Will they be forced to move to find employment? Palomo asked. It's not the average life expectancy of a human being." MINING JOBS Ramon Jimenez Serrano, CEO of Extremadura New Energies, said that he is confident the local community will benefit from these jobs. He said that the building phase would require mainly construction and assembly workers. However, degree-level positions such as administrators and technicians will be created during the exploitation phase. Others, however, question the suitability of these jobs for locals due to their highly specialized nature. Salaya said that if there is a large industrial project that requires a lot technical work, they may have to hire outsiders. Extremadura New Energies created online courses that were subsidised by regional government to train local workers on the production of renewable energies and lithium batteries. Jimenez stated that 500 people had taken part in the course. The mining company may dismiss the pollution risk, but "there are no precedents for modern industrial mines that have been operated and shut down without environmental contamination," stated Steve Emerman of the United States, a geophysics and mining specialist who testified in front of the European Parliament about the impact of mining on the EU. Palomo's sheep and olives, which depend on the pristine environment of the Dehesa wooded pastureland, simply do not justify the mine. He said that the 26-year, short-term project would threaten our ancient Dehesa landscape as well as centuries-old Olive trees.
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Report: London air quality improved after the expansion of the levy on polluting vehicles
A report by the Mayor's Office on Friday said that toxic gas emissions in London have fallen by 27% since the 2023 expansion of London's clean-air zone. This zone imposes a tax on the most polluting cars. London's Ultra Low-Emission Zone (ULEZ), first introduced by Sadiq Khan in 2019, was intended to reduce traffic emissions. It expanded in August 2023 despite opposition from those who feared it would exacerbate the cost of living crisis. Five million more people are now subject to the daily 12.50 pounds ($16.14), which is charged for older, more polluting cars. The report released on Friday, which examined how the ULEZ had affected emissions in the City in the year up to September 2024 found that the expansion led to a 27 percent drop in nitrogen dioxide levels. Nitrogen dioxide is formed by the gases released from car engines that burn fuel. This toxic gas can contribute to asthma development, retard the lungs' development in children, and increase lung cancer risk. Khan stated that "the decision to expand ULEZ wasn't something I took lightly but this report proves it was right for the health and safety of Londoners." The report said that air quality in London has improved since 2019 in 99% locations where it is monitored. Many residents are angry about the cost of living in the city and the surrounding areas. Protesters have targeted the hundreds of cameras that were installed to enforce this expansion.
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The long journey of the Nord Stream gas pipeline to Europe
The United States' push to end the conflict in Ukraine has raised concerns about how European companies could re-engage Moscow and return to the Russian markets, including by resuming natural gas supplies. Nord Stream, which crosses the Baltic Sea and flows into Germany, is the largest route. Here is a look into the idea of resuming Nord Stream: What is the NORD STREAM PIPELELINE? Nord Stream is actually two double pipelines that can deliver 110 billion cubic meters (bcm), or enough gas to supply 26 million homes, to Europe every year. Nord Stream 2 was completed in 2021 but has never been granted an operating permit. The project, which was controlled by Russian gas company Gazprom, also had the backing of large Western energy companies, including Shell, E.ON Uniper, Engie, OMV, and Wintershall Dea (now owned by Harbour Energy). What happened when explosions hit the pipeline? The damage caused by the explosions that occurred in September 2022 is a major obstacle to resuming supplies via Nord Stream. Damage was sustained to both pipes of the first pair and one pipe of the second pair. One line was left intact. The cause of the damage is still unknown. Some Western officials suggested that Moscow had blown up its own pipes, but Vladimir Putin dismissed this idea as "idiotic". Russia has accused the United States of being responsible for the explosions. These countries have denied any involvement. According to estimates, the broken line of NS2 still contains approximately 9-10 millions cubic metres of gas while the intact line is still filled with gas. What are NORD STREAM's financial problems? Second pair of pipes is also facing financial problems, as operator Nord Stream 2 AG - a unit of Russia’s Gazprom - faces pressure from its creditors to pay. A Swiss court has set a deadline of May 9 for Switzerland-headquartered NS2 AG to both restructure its debts and pay back its small-scale creditors, adding it could declare it bankrupt if this condition was not met. In January, Russian Foreign Minister Sergei Lavrov stated that the possible bankruptcy or sale of NS2 AG amounted to "theft". NS2 AG was not available for comment. Gazprom has not responded to a comment request What is the status of legal cases? There are several arbitration cases against Gazprom relating to disruptions in its gas supply. Cederic Crémers, executive vice-president of integrated gas at Shell – one of the financial supporters of the NS2 pipe – said that these cases must be resolved before considering a restart. And even then, the question remains whether Europe wants to continue its dependence on Russian natural gas. In December, under the then-President Joe Biden, the U.S. Administration issued additional sanctions against entities based in Russia for their involvement in NS2, which included its operator and a Russian insurance company that provided coverage to companies involved in this project. WOULD EUROPE WANT to buy Russian gas again? The reopening of Nord Stream may be complicated by the fact that Europe is no longer interested in Russian energy since Russia invaded Ukraine in 2022, and annexed Crimea in 2014. The European Commission delayed its announcement of a plan for the EU to reduce its reliance on Russian Energy. However, the Commission said that NS2 was not a project in the common interest nor did it diversify EU energy sources. Germany, Europe's largest gas buyer, has recently stated that it is not in negotiations with Moscow about gas supplies. The majority of European countries are seeking alternative sources, including increasing the importation of liquefied gas (LNG), from the United States, Africa, and the Middle East, as well as taking on more pipeline imports, such from Norway and Algeria. They also increase renewable energy production. (Reporting from Frankfurt by Christoph Steitz and Nina Chestney; Additional reporting from Ariane Luthi, Kate Abnett and Vladimir Soldatkin; Editing by Jason Neely & Susan Fenton).
Elliott nominates 7 directors for Phillips 66 to increase pressure
Elliott Investment Management has nominated seven board members to Phillips 66, laying the foundation for pushing for changes, including spinning off or selling the midstream business. Two people familiar with this matter confirmed that.
Last month, the activist investment firm disclosed a $2.5-billion stake in the oil refining company. It is returning to the campaign for a second time, just over a 12-month period after making a $1-billion investment in 2023, and pressing for improvements in strategy with limited success.
In a letter published last month, Elliott demanded that Phillips 66 - which has a $52 billion market value - improve its refinery operation, upgrade its board and address its lagging share price. The share price of the company has dropped 13% over the past 52 weeks.
Sources said that Elliott nominated executives who had experience in investment, finance, legal, and energy, as well as seven other nominees, to give him flexibility before planned board changes.
After the annual meeting of the company in May, there will be 12 members on the board.
Elliott refused to comment. Sources requested anonymity in order to discuss the private conversations.
Elliott, with $70 billion in investments, has an impressive track record of successful energy sector investments. It has invested at Marathon Petroleum and NRG Energy as well as Suncor Energy and Hess. John Pike, a partner at the firm who also leads the Phillips 66 and BP campaigns, led the charge on all of these.
According to sources, the slate of directors includes Pike, Brian Coffman - a former CEO at Motiva Enterprises - Sigmund Cornwallelius – a retired chief financial officer from ConocoPhillips – and Alan Hirshberg - a senior executive who worked at both ConocoPhillips & Exxon Mobil.
Sources said that Elliott will reveal a list of final candidates which shareholders may elect at the time it files its definitive proxy material with securities regulators.
Elliott also takes aim at corporate governance of the company, specifically its classified board. Phillips 66 has tried, and failed a few times in the last couple of years to change their charter so that every director is elected annually. Holders of 80% or more of the outstanding shares must vote for it to pass, but not enough people have voted to reach that threshold.
Investors, proxy advisory firms and Institutional Shareholder Services all dislike classified boards, where only a few directors are elected each year.
Elliott proposes that all directors be required to serve one-year terms each year at the annual meeting. This would open up all board seats annually.
The two sides worked together to appoint new directors when Elliott last pushed Phillips 66 to make changes. No formal agreement or settlement was reached and only Bob Pease was appointed as a director in conjunction with Elliott's 2024 engagement.
Industry data shows that since its founding in 1977, Elliott's assets grew to $70 billion. The firm is now one of the most active activists around the globe, and has been targeting larger companies for the past five years.
It approached 15 companies, including Southwest Airlines, Starbucks and other major corporations, last year. The company secured a total of 12 board seats, as well as a number of other changes.
(source: Reuters)