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Saudi Aramco & Sonatrach increase LPG Prices for February by 1-5%
Due to a limited global supply of liquefied petroleum gas, Saudi Arabia's Aramco and Algeria's Sonatrach raised their official'selling prices' for the product in February between 1% and 5,3%. Saudi Aramco’s February OSP?increased $20 per metric ton, to $545?per ton For propane, the price has increased by $20 per ton. Butane LPG comes in two types: butane and propane. They have different boiling points. LPG is used primarily as a fuel for cars and heating, as well as a feedstock to make other petrochemicals. Sonatrach has increased its February OSP for propane from $500 to $25 per ton. For?butane, the price per ton has increased by $5 to $490 . Aramco’s?OSPs? are used to reference contracts for the supply of LPG from a?Middle East region into Asia-Pacific. Sonatrach's "OSPs" are benchmarks used for the Mediterranean, Black Sea and Turkey. David Goodman, Editor and Reporter (Reporting)
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Russian captain found guilty of crew member's death after US tanker crash
The Russian captain of the container ship that collided with a 'U.S. The London court found the Russian captain of the container ship that crashed into a?U.S. Vladimir Motin was the captain of the Solong tanker when it struck the Stena Immaculate, which had been anchored with just over 220,000 gallons of aviation fuel. The crash on March 10 started a fire that spread to both ships. Mark Pernia was a crew member of the Solong, a Filipino national whose remains have never been located and are presumed to be dead. Tom Little, the prosecutor at Motin's first trial last month, told the jury that the captain had done "absolutely nothing", to prevent the collision. He said the captain was on course to strike the Stena Immaculate more than 30 minutes before the crash. James Leonard, Motin’s lawyer, said that Motin tried unsuccessfully to take the Solong out of autopilot and change its course. Leonard argued that although Motin had fault?he wasn’t grossly negligent. Motin was found guilty of gross negligence manslaughter after a London trial at the Old Bailey court. He will be sentenced Thursday. Little told the court that Pernia’s wife, who lived in the Philippines at the time of Pernia’s death, was seven-months pregnant and their child had since been born. A CRIMINAL TRIAL WILL BE FOLLOWED UP BY LAWSUITS The Portuguese flagged Solong was headed from Grangemouth, Scotland, to Rotterdam, the Netherlands. It carried mainly alcohol. Motin claimed he'd made this journey several times. Stena Immaculate, which was waiting for a berth in order to discharge its cargo, was struck by the Solong traveling at approximately 18 miles per hour. This caused a fire on the Stena Immaculate and threw Pernia out into the ocean. Motin's russian nationality led to some speculation that he was involved in malicious activities, but maritime security officials said there were no signs of this at the time. Little, who testified before jurors in November, said that the Solong's alarm had been turned off and that the crews of the Stena Immaculate as well as the Solong did not receive any warning about the collision. The crash has also been the subject of civil litigation. The Solong's owner is a subsidiary to Ernst Russ and they are facing a suit at London's High Court. The company has filed a motion to dismiss the case, and an appeal hearing is scheduled for next month. Ernst Russ said that its "fullest sympathy remains with the family and friends of Mark Angelo Pernia", which it announced last year. In a statement it said: "We continue to support the family", adding that they had remained "extraordinarily resilient" throughout this difficult time. (Reporting and editing by Michael Holden, Alexander Smith and Sam Tobin)
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UK investor signs $400 Million Power Deals on Foreign Minister's Ethiopia Visit
Gridworks, an?investor owned by the British government in Africa's electric networks, signed agreements on Monday to 'develop and invest' in transmission projects valued at around $400 million, during a visit by Britain's Foreign Minister. Yvette's Cooper's visit to Ethiopia is part of the UK government's efforts to create jobs in order to curb the rising number of migrants seeking to enter the United Kingdom from the Horn of Africa. These two projects are the first public/private partnerships in Ethiopia’s transmission network. Prime Minister Abiy Ahmad's government is slowly opening up Ethiopia’s state-dominated economy for more private investment. One project 'connects Ethiopia’s Somali region to its central and northeast grids. The other allows the development of wind- and solar-powered plants in the Northeast and strengthens interconnection with Djibouti. In a joint press release issued by the Ethiopian government and British government, British Ambassador Darren Welch stated that "Transmission 'infrastructure' is fundamental for?growth, employment and improving lives. These projects will unlock Ethiopia’s vast renewable energy potentail." Ahmed Shide, Ethiopia's Finance minister said that the projects will boost industrial growth by making electricity more reliable. He said that they will also speed up the electrification of nearly half of Ethiopian homes who are still waiting for their first grid connection. The UK has also agreed to provide technical assistance up to $17.5 million ($23.91) under a program to strengthen Ethiopia's public investment and asset-management systems. The British Foreign Ministry said that around 30% of the people who crossed the English Channel in small boats during the last two years were from Ethiopia, Eritrea and Somalia. The British government has tried to tackle illegal immigration. This issue is what helped propel Nigel Farage, a populist politician and Reform UK leader into the lead in opinion polls.
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ESAB will buy Canadian testing equipment manufacturer Eddyfi from Canada for $1.45 billion
ESAB Corp, a?Canadian testing instrument manufacturer?, announced on?Monday that it will acquire Eddyfi Technologies? for $1.45 Billion. The company hopes to expand its product range and gain access to booming industries such as aerospace and defence. In a statement, ESAB CEO Shyam kambeyanda stated that the?combination would also help expand the company's global presence and increase its exposure to "high growth end?markets", including nuclear, civil infrastructure, energy, and civil. North Bethesda-based ESAB announced that the deal would be financed with a 'combination of debt, cash and $318,000,000 of fully committed equity. Eddyfi provides advanced sensing, remote monitoring, robotics, and software services to the aerospace, defense, and transportation industries. ESAB will continue to maintain Eddyfi’s employees and headquarters in Canada’s Quebec City. Eddyfi, according to the company, is expected?to generate revenue of approximately $270 million with adjusted EBITDA of 80 million dollars in 2026. The deal is expected to close in mid-2026. ESAB said that it now expects core revenue for the full year to be between $2.85 billion and $2.95 billion. (Reporting Megavarshini Somasundaram from Bengaluru, Editing by Sahal Muhammad and Maju Sam)
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Nigeria charges nine people with the 2025 massacre which killed 150
Nine?men were charged with terrorism charges by Nigerian prosecutors on Monday. They are accused of a June 2025 attack that claimed the lives of 150 people in Nigeria's central state?Benue?. Benue is located in Nigeria's Middle Belt, a volatile region that marks the faultline between the Muslim North and Christian South. Authorities have struggled to control years of violence over land, religion and ethnicity. The Federal High Court in Abuja filed charges against the defendants, alleging that they held planning meetings, raised money, purchased weapons and mobilised fighters across several states before the June 13 attack. This was one of?the deadliest rural attacks for years. According to the filing, ringleader Ardo Mohammed Dono met with others in Nasarawa State to raise money, give orders and recruit fighters. Several defendants have been accused of supplying AK-47s to the gunmen, assisting them or providing safe places for planning. The prosecution claims that the raid in Yelwata, Benue’s Guma district,?torched homes and caused many casualties. Nigeria, plagued by Islamist attacks as well as mass kidnappings and abductions, is under pressure from the United States President Donald Trump to restore security after he accused it of failing to protect Christians last year. U.S. troops struck what they called terrorist targets on 25 December. The Nigerian authorities claim they are working with Washington to enhance security.
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Uber talks to French Social Security Agency after Driver Status Dispute
Uber announced on Monday that it is in discussions with Urssaf - the French social security agency. According to a report, Urssaf concluded that Uber should treat its drivers like employees. Uber's spokesperson stated on Monday that they were "currently?engaged?" in a collaborative, open, transparent and honest discussion with France’s social security agency, URSSAF". Urssaf said it would not comment on ongoing or individual cases for reasons of confidentially. French ?investigative publication Revue21 reported that Urssaf considered that 71,194 drivers who worked for ?Uber between 2019 and 2022 on independent-contractor agreements should have been defined as ?employees. Revue21 reported that the agency wanted 1.2 billion euro ($1.4 billion) of social security contributions, and another 512 million euros in penalties. Uber, the largest ride-hailing company in the world, has been subject to regulatory and legal scrutiny throughout Europe. The French Supreme Court ruled last year that drivers who use the Uber app are independent contractors. It rejected the idea of a subordinate relationship and upheld an earlier decision of the Paris Court of Appeal. Uber's spokesperson said in a press release that recent French Supreme Court decisions have clarified their status as independent workers, and the framework in which they operate. In Germany, courts have limited some app-based ride hailing configurations until they meet passenger transport rules. Uber's licensed services in Italy have been subject to long-running legal challenges and opposition from taxi drivers. In France and The Netherlands, court disputes continue to test the operation of ride-hailing platforms and how drivers are classified. The French Supreme Court's decision was not retroactive but it will influence future or pending rulings. $1 = 0.8430 Euros (Reporting and editing by Richard Lough, Alexander Smith, and Gianluca Nostro)
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Analysts say that the decline in copper from its record high is due to a weakening demand and rising stocks.
Analysts said that the near 9% decline in copper prices over the past two days is a return to "reality" for a market, whose recent surge of record highs was 'ahead of?the fundamentals. More losses are likely. They say that weak demand, increasing stockpiles and the possibility of increased supplies made it clear that copper's record-breaking rally last Thursday to $14,527.50 per metric ton was not sustainable. Alice Fox, Macquarie's analyst, said that prices had risen far beyond the fundamentals. "Investors were rushing into the market and pushing up prices", she added. "We believe the market was in a global surplus of around 600,000 tons last year." Fox said that copper prices were still too high and should be below $11,000 per ton to reflect the fundamentals. Prices fall to a three-week low Last week, the price of metal used in wiring to conduct electricity was well above analysts' estimates for what is required to encourage investment in new production. Investors retreated after the?U.S. The dollar rose after President Donald Trump appointed?Kevin Warsh to be the next chairman of the Federal Reserve. Copper bulls are also weakened by the macro-picture. Trump's trade wars and tariffs have put pressure on manufacturing around the globe over the last year. The factory activity in certain parts of the globe expanded in January. This gives policymakers some comfort that the impact of higher U.S. Tariffs is over for the moment. However, the growth came from a very low base, and it followed months of declining activity. The Lunar New Year holidays in China in mid-February are also expected to bring an end to industrial activity in the country, which consumed more than half of the global copper production this year estimated at 26 million tons. The increase in copper prices in the past year was largely due to disruptions in mined supplies. This included accidents in Indonesia and Chile. Production ramp-ups in mines in Zambia and Mongolia will likely mean more copper this year. MARKET NOT 'HISTORICALLY OUT ?OF BALANCE' Natalie Scott-Gray, StoneX analyst, said: "We still don't see the market historically as out of balance." "And while supply risks outweigh the slowdown in demand, fundamentals do not support copper's current levels." Stocks at the London Metal Exchange are another sign of low demand. Shanghai Futures Exchange Comex The number of registered warehouses has more than doubled in the last few months, with a combined total of more than 930,000 tonnes. (Reporting and editing by Jan Harvey; Pratima Dasai)
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Rail strike hits Olympics-Milan in the run-up to Games' opening
The local train operating company halted all trains for a day on Monday, causing disruption to commuters and travellers arriving in Milan. The strike affected Trenord trains running between Milan's Malpensa Airport and the city centre as well as suburban lines from nearby cities like Bergamo or Brescia. Milan, Italy's financial capital, is preparing to welcome athletes, media representatives and delegates - just in time for the Milano Cortina Games opening on Friday. The regional branch of ORSA Ferrovie has called the strike in support of an ongoing dispute over "contract renewal" and worker safety. The local Olympic organizing committee provided a bus service for airport transportation. The strike had a minimal impact on the services provided during the busiest hours of the day. "Maybe they (the striking workers) will be heard this week." Victor Avallone is a Brazilian from Sao Paulo. He said, "I was lucky to get a train which wasn't in the strike." The Games are being co-hosted in Milan and Cortina d'Ampezzo a Dolomites town that does not have a direct rail connection. The events are spread out over several other venues located in the mountains of the north of the nation.
Airbus jetliner deliveries rose 4% in 2025
Airbus delivered 793?planes last year, a 4% increase, and is on track to remain the largest?planemaker in the world despite recent industrial snags.
Airbus has warned that it is facing a "continued dynamic and complex operating environment", as its deliveries are edging beyond the revised goal of 790 jets. This was lowered last month from 820 due to an issue with a Spanish supplier of fuselage parts.
Airbus reported that it won 1,000 'gross orders' last year or 889 net orders after cancellations, both of which are higher than 2024.
Boeing is set to release its own full year data on Tuesday. Between January and November, it delivered?537 aircraft and received 1,000 gross orders, or 908 after cancellations.
Rob Morris, aviation analyst, said: "It is true that the supply chain has challenges. However, I believe Airbus would argue that they could have met the (original) guidance for 2025 if it weren't for the relatively recent new quality issue."
But that shows a complex supply chain they're not on top of.
Airbus announced that it has delivered 607 A320 family?jets. This is an increase of 1%. Recent engine delays and other snags have hit these aircraft hard.
The A330 led the way in wide-body deliveries, but the A350's - which were hit by a separate issue with the delivery of a critical fuselage section during the year - saw a flat number at 57.
The A220 is the smallest Airbus aircraft model. Deliveries increased by 24%, to 93 aircraft.
(source: Reuters)