Latest News
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Bangladesh calls on China to reduce the trade gap
?Bangladeshi Premier Minister Tarique Rahman?met?with Chinese president Xi Jinping on?Friday in?Beijing, where he urged a reducing of the trade deficit, diversification exports, and China's assistance in implementing major projects in his country. Rahman began a three-day visit to China on Wednesday. It is his first trip since becoming prime minister. Dhaka wants to strengthen its ties with China. It is one of the largest trading partners and development financiers. Rahman's visit is also of a broader diplomatic nature, as he seeks to maintain a balance between ties with Beijing and New Delhi. He was seen to be closer to India than his predecessor Sheikh Hasina. While relations between Dhaka & New Delhi have improved since Rahman's appointment, there are still disagreements. Rahman said that China could diversify Bangladesh's exports in order to reduce Bangladesh’s trade deficit. According to a report from a media pool, Rahman stated that "we request China to import our fresh mangoes, jackfruits, guavas, aquatic products such as?raw leather and jute products, and pharmaceutical products." He added that Bangladesh needed China's help in "implementing our major signature projects as well as upgrading and modernising our existing industrial unit," Bangladesh joined China's Belt and Road Initiative, Xi Ji's flagship development and infrastructure strategy aimed at connecting Asia with Africa and Europe in 2016. China is willing and able to support Bangladesh in importing more high-quality products, supporting Chinese companies in investing in Bangladesh and expanding cooperation in emerging industries like new energy, digital economy, and artificial intelligence. State media reported that Rahman met Premier Li?Qiang Thursday, where they signed several cooperation agreements to strengthen bilateral ties. Bangladesh owes China $6,2 billion according to World Bank data. The Asian Infrastructure Investment Bank in Beijing has also lent another $2.3 billion. Delhi has only lent $1.6 billion to its neighbor. Data from the American Enterprise Institute shows that Chinese companies have invested an additional $7.7 billion in Bangladesh's Energy Sector. Around half of this amount was spent on energy. Chim Lee is a senior analyst with the Economist Intelligence unit in Beijing. Lee explained that Bangladesh was a challenge because it didn't offer the same type of logistics corridor as Central Asia or Myanmar. Reporting by Joe Cash, Farah master and the Beijing Newsroom. Editing by Muralikumar Anantharaman & Lincoln Feast.
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Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro?Mibe, Honda Motor's Chief Executive Officer,?won the support of shareholders at its annual meeting on?Friday after apologizing to them for their poor financial performance. Honda wants to recover from strategic mistakes after posting its first annual loss for'seven decades' last month. The company was hurt by $9 billion in restructuring costs and competition from Chinese competitors. Mibe told shareholders that the financial results of the previous fiscal year had a net loss. Honda shareholders also approved 10 other nominees for the board, including nine directors who were up for reappointment, and one new director. (Reporting and editing by Thomas Derpinghaus; Daniel Leussink)
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Taiwan and Japan are affected by torrential rains caused by a passing storm
Tropical storms passing through Taiwan caused torrential?rains? that shut down southern Taiwan, forcing more than 5,000,000 people to miss work or school. Japan also issued flood and landslide alerts. The outer bands of Typhoon Mekkhala - now a tropical storm - are bringing heavy rains to some parts of Taiwan. This is especially true in Kaohsiung and Tainan in the south. On Friday, the governments of three Taiwanese regions with more than five million residents ordered all offices and schools to close. Flooding in Tainan caused a section of main north-south rail line to be closed. Japan also experienced heavy rains and strong winds, resulting in high-level alerts for flooding, landslides and swollen riverbeds. 2.2 million residents were ordered to evacuate. The Japan Meteorological Agency has warned of heavy rainfall across western Japan, caused by a stationary seasonal front and warm moist air that feeds into it. According to the Japanese land ministry, more than 200 flights have been cancelled, and dozens of trains lines have been halted. Many expressways were also closed. Toyota closed a factory located in Kyushu, a southern region, on Thursday afternoon. The decision to resume production for the second shift was expected later. No casualties were reported in Taiwan but authorities are evacuating 200 residents of two townships in Hualien County, which is downstream from a barrier lake that's rapidly filling up in the mountains. When?rocks or landslides, or other natural blockages create a dam across the river, usually in a valley. This dam blocks and holds back water. It can even stop natural drainage. In Hualien, another barrier 'lake' breached during Super Typhoon Ragasa and unleashed a wall of mud and water into homes. Rain will continue to fall over Taiwan for the next few weeks, but it should gradually decrease. Taiwan relies on the summer and fall typhoon seasons to replenish its reservoirs following a typically dry winter. Reporting by Ben Blanchard, Chang-Ran Kokiya and KantaroKomiya in Tokyo. Editing by Shri Navaratnam & Christopher Cushing.
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Southern Taiwan rail line and southern Taiwan shut down by torrential rain caused by a passing typhoon
A typhoon passing through southern Taiwan caused torrential rains, forcing more than 5 million people to miss work or school. Flooding also cut off a section of the main rail line. While Typhoon Mekkhala is currently over the Ryukyu islands in southern Japan, it did not directly landfall on Taiwan. However, its outer bands brought heavy rains to some parts of the island. All three governments, where more than 5 million people reside, have ordered that offices and schools be closed on Friday. The separate high-speed rail line did not report any problems, but a section of Tainan's main north-south line was closed due to severe flooding. Authorities in Hualien County on Taiwan's East Coast are evacuating almost 200 residents of two townships in the mountains below a barrier lake that is rapidly filling. When rocks, landslides, or other natural obstructions form a dam across a stream, usually in a valley, they block and hold back the water, hindering, or even stopping, "natural drainage". In a different part of Hualien, 19 people were killed last year when a barrier lake burst its banks due to Super Typhoon Ragasa. The wall of water and mud that engulfed homes was caused by the breach. It is predicted that rain will continue to fall over Taiwan at least for the next week. However, it will gradually ease. Taiwan relies on a traditional summer and fall typhoon to replenish its reservoirs following a typically dry winter. (Reporting and editing by Shri Navaratnam.)
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FedEx Freight predicts a revenue growth of up to 6% for the rest of 2026
FedEx Freight announced on Thursday that it expects its revenue to 'rise between 4% and 6% in the seven months leading up to December 31, while adjusted operating income will grow between 0.8% and 7.5%. This comes just weeks after completing a'separation? from parent FedEx Corp. FedEx Freight, based in Memphis, is the leading provider of LTL (less-than-truckload) services. Multiple shipments, from multiple customers, are transported on one truck and then routed via a network service centers where they're transferred to other trucks that have similar destinations. Freight trucking firms have reported?improved industrial demand, citing U.S. manufacturing activity that?grew for the past five months and reached a four-year peak in May. As regulatory measures tightened the supply, freight rates have increased in recent months. The company provided goals for a period of seven months to reflect the fact that the fiscal year ended in May, but now aligns with the calendar. The company's revenue grew 4.8% in the fourth quarter ended May 31 to $2.4 billion, mainly due to higher fuel surcharges and increased weight of shipments. According to LSEG, the revenue exceeded analysts' expectations of $2.26billion. FedEx Freight was spun-off from FedEx in June,?when the company also made its trading debut. The quarter-adjusted operating income fell by 23.9% due to costs associated with?its separation of FedEx, lower shipments, and higher wages. FedEx Freight expects adjusted operating income between June and the end of December 2026 to be in the range of 605 million to 645 million dollars, up from $600 million for a year ago. The company expects to earn $2.4-$2.6 per share in the period June-December. Reporting by Nandan Mandyam in Bengaluru and Apratim Sarkar; editing by Shahal Kuber and Sahal Muhammad
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Sprayregen, a top bankruptcy lawyer in the US, joins Paul Weiss
James Sprayregen, a lawyer who has spent the last three decades building the restructuring 'practice' of Kirkland & Ellis, and made it the 'go-to firm for distressed companies, joins the law firm Paul, Weiss, Rifkind, & Wharton & Garrison, according to a statement released by the?firm on Thursday. The firm announced that Sprayregen would co-lead Paul Weiss' restructuring and debt capital solution practice. Sprayregen founded Kirkland & Ellis’ restructuring group in 1990. He left the firm in 2024 and became vice chairman of global strategies and growth at Hilco Global, a private investment firm. Kirkland, under his leadership, grew to become a leading adviser for companies that were in Chapter 11 bankruptcy, such as Caesars, Toys "R" Us and United Airlines. Chicago-based attorney, Kirkland, had retired from the firm in 2007 after a three-year stint with?Goldman Sachs. He returned to Kirkland and then left it. The Chicago-based lawyer's imminent arrival at Paul Weiss will be the latest partner hire made by the firm since Scott Barshay was appointed to replace Brad Karpas as its leader following his resignation earlier this year. The Wall Street law firm said that it hired five new partners in June alone. Barshay called Sprayregen on Thursday a "superstar attorney" and a longtime friend. As corporate restructurings can take many years and require a large number of lawyers, bankruptcy work is a significant source of revenue for law firms. Kirkland’s revenue in 2020 will surpass $10 billion, an increase of?20% from the previous year. Sprayregen called Paul Weiss in a press release "a true restructuring forcehouse." Paul Weiss announced on Thursday that Paul Basta, who has been a partner at the firm since 2017 and co-head of its restructuring practice, would step down by year's end as part of an ongoing succession plan. Basta said that he would support the transition of leadership. David Thomas reported. (Additional reporting by Mike Scarcella, Washington; editing by Sanjeev miglani.)
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UN agency halts Hormuz Ship Evacuation Initiative after Vessel Attack
After a vessel was struck in the Gulf of Oman, the?United Nations Shipping Agency halted an evacuation effort on Thursday, aimed at getting hundreds of stranded vessels and tens of thousands of seafarers through 'the Strait of Hormuz. "I was informed of a ship that had passed through the Strait of?Hormuz today being attacked in the Gulf of Oman. The vessel was not evacuated under the IMO framework", Arsenio Dominguez, Secretary General of?the U.N. International Maritime Organization said in a press release. "I've decided to temporarily pause the implementation of this plan in order to confirm that all the necessary safety measures are still in place for the ships listed on our list and those in the region." The initiative was launched Tuesday and was an option that ships and crews could choose to use. One route would take them through Iranian waters and the other, via Omani waters under U.S. supervision. Initial IMO data revealed earlier Thursday that 57 ships with an estimated 1,100 seafarers transited through the Strait of Hormuz during the 'evacuation plan' from June 23 to the morning of 'June 25. The IMO did not provide any details about the vessel that was attacked. UKMTO, the British?navy agency, reported earlier that a container?ship had reported a suspected incident as it attempted to pass through strait near the coast of Oman. A?maritime source stated that a drone was probably responsible for the attack, but it is not yet known who was behind it. (Reporting and Editing by William Maclean, Edmund Klamann and Jonathan Saul)
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SpaceX will build the 'Starpipe’ natural gas pipeline for Starship rockets
SpaceX is planning to start building a 13-km (8-mile) natural gas pipeline, called "Starpipe", to its Texas launch sites next month, according to county filings. Elon Musk's firm wants to increase launches of its next-generation Starship rocket. Starpipe is expected to be in service by the 26th of January, according to documents filed with the Texas Railroad Commission last month by SpaceX affiliate Lone Star Mineral Development. Rio Grande Valley Business Journal reported the pipeline plan earlier this year. It signals Musk's intention to accelerate Starship development and lay down the foundation for a higher flight rate. The 40-story rocket will be a key part of SpaceX's efforts to expand the Starlink broadband network and deploy AI data center satellites in orbit. It could also eventually transport astronauts to Mars and the Moon. Starship, which is designed to be fully recyclable, uses approximately 630,000 gallons (2,4?million liters), of liquid methane, per launch. This amount of liquid gas must currently be delivered by hundreds tanker trucks, a process that takes hours and is incompatible with Musk’s plans for expansion. Starship has successfully completed 12 tests since?2023, and Musk hopes to increase the number of launches to hundreds, if not thousands per year. SpaceX has not responded to a comment request. SPACEX's BIG GAS PLANS According to Cameron County land records, it's unusual for a space company to build their own natural gas pipeline to fuel launchpads. However, Starpipe could be just the first step in a much longer-term strategy for SpaceX. The company has been exploring its drilling operations for years near Starbase as well as?all over Texas. SpaceX President Gwynne Shotwell said to CNBC, on June 12, the day the company went public:?that SpaceX planned to build pipelines, process its own propellant and look into drilling natural gas. Stan Lindsey is an oil and natural gas consultant from Texas. He said that extracting natural gas could be challenging for a new company without any oil and gas expertise. Lindsey added, "I don't say it's impossible... they could have a very nice prospect." He added that if the drilling plans fail, they have a "fallback position" in Starpipe. Land records indicate that SpaceX has signed more than 100 oil and gas leases in Texas with property owners who have paid up since 2023. Starpipe will begin on an 83 acre (34 hectare) parcel of land in the Port of Brownsville, which SpaceX has been in negotiations to lease for 50 years. A port official confirmed this, but only on the condition of anonymity, as the negotiations were private. SpaceX's engineering plans, which were included in an?public notification issued last August by the U.S. Army Corps of Engineers (USACE), show that the company wants to build a Starbase liquefaction plant to convert the natural gas piped into liquid?methane. William Farrar is a geoscientist and oil and gas lawyer who has been practicing in Texas for many years. Lindsey stated that the company could take advantage of Enbridge's Valley Crossing Pipeline Expansion Project, which would run near Starpipe's starting point. Enbridge didn't immediately respond to our request for a comment. SPACEX WANT TO OWN SUPPLY CHAINS SpaceX's entry into the gas infrastructure market, which is usually the domain of energy and pipeline companies, highlights its long-standing strategy to control as much of the supply chain as it can. This capital-intensive strategy has allowed the company to outpace its rivals in rockets and spacecraft design. Musk's ambitious goal of using lunar material to produce AI-focused satellites is a big challenge. The 16-inch (406 mm) diameter of the pipeline suggests that fuel demand is greater than what Starship will require to launch 25 times per year, which is the current Federal Aviation Administration approved cadence. According to the prospectus for its initial public offer, SpaceX aims to eventually deploy thousands of AI-focused, solar-powered satellites, whose combined output could be as much as one-fifth the U.S. electricity grid. (Reporting and editing by Joey Roulette, Rod Nickel and Joe Brock)
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or on individual stocks.
AIR FRANCE KLM: The Franco-Dutch carrier?Air France KLM?has successfully issued EUR 500 million senior notes under?its EMTN Program?with a 5-year maturity and a fixed coupon annual of 4.250%. These notes will be used primarily to fund general corporate purposes.
LE SLIP FRANCAIS: French underwear manufacturer Le Slip Francais plans to trade its shares on the Paris stock exchange on Bastille Day, July 14.
Michelin: The French tire manufacturer Michelin plans to phase out its BFGoodrich tire factory in Tuscaloosa in early 2027.
LVMH/MARIE BRIZARD/PERNOD - The head of Paris police announced on Thursday that Parisians would be prohibited from drinking alcohol in public starting at midday on Friday to curb health problems arising from the current heatwave in France and Europe. VINCI: French construction and concessions group Vinci has won a EUR210m ($238.98m) contract for the second building at the new 'Reims Hospital. EUR157m was allocated to Vinci Construction, and the project will last 45 months.
Pan-European market data:
European Equities speed guide...................
FTSE Eurotop 300 index..............................
DJ STOXX index......................................
Top 10 STOXX ?sectors...........................
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Top 10 Eurotop 300 ?sectors.....................
Top 25 European pct gainers.......................
Top 25 European pct losers........................
Main stock markets:
Dow Jones ............... Wall Street report .....
Nikkei 225............. Tokyo ?report............
London report ...........
Xetra ?DAX............. Frankfurt items.........
CAC-40................. Paris items............
World Indices.....................................
Survey of global bourse outlook .........
European Asset Allocation........................
News in a glance
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Main Oil Report ...........
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(source: Reuters)