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Wall Street Journal, September 19,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Nvidia announced on Thursday that it would invest $5 Billion in Intel. The chipmaker, which is struggling in the United States, will now have the backing of a major company. This comes just weeks after White House negotiated an unprecedented deal with the federal government for the latter to acquire a large stake in the firm. UPS has canceled its plans to purchase Estafeta after a year-long attempt to acquire the Mexican small packages provider. Ames Watson, a private equity firm, closed on Thursday a $140 million deal to purchase jewelry retailer Claire's from bankruptcy. Sardar Biglari is the founder of Biglari Holdings Inc., an investor in Steak 'n Shake. He has targeted Cracker Barrel with a proxy fight. FedEx will rely more heavily on shipping from the U.S. to markets like Europe as tariffs from China are slowing down the trade into the U.S. American Express has increased the annual fee for its Platinum Credit Card to $895, up from $695. This will take effect on Thursday. (Compiled by Bengaluru Newsroom)
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Italian deputy PM discusses autos with China amid EU tensions
During an interview with the state news agency Xinhua in Italy, the deputy prime minister praised the cooperation between Italy and China in the automotive industry. Beijing is under scrutiny by the European Union for providing unfair subsidies to their carmakers. In an interview published Friday, Matteo Salvini - who is also Italy’s transport minister - said that "the two countries have broad prospects for cooperating in automobiles and smart roads, as well as other transport areas." During a trip to China, he said: "While we work to increase train speeds to 300km per hour China is already exploring the possibility of 400, 450, and even 500km per hour while also advancing autonomous driving, artificial intelligent, and innovation." Italy, despite voting for the European Commission 2024 decision on tariffs against Chinese electric vehicles has always tried to remain in Beijing's good graces - constantly praising the merits and investments of Chinese companies in Europe. Giorgia Mello, the Italian Prime Minister, managed to improve relations with Beijing by keeping the door wide open for more Chinese investment during a July visit, despite the fact that she had announced the third largest economy in the eurozone would be leaving President Xi Jinping’s flagship 'Belt and Road Infrastructure Initiative'. Salvini told Xinhua he sees "great potential" for infrastructure development. Analysts attribute the trade tensions between China and the European Commission (which handles the trade policy of the 27-strong EU) to Brussels' decision imposing import tariffs in order to deter a flood cheap Chinese electric cars. Beijing has responded by imposing anti-dumping duty on European brandy and pork, as well as by investigating its dairy sector. (Reporting and editing by Lincoln Feast; Reporting by Joe Cash)
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Maguire: Texas and California extend their clean energy lead over the rest of US
Texas and California have driven U.S. clean electricity supplies to record-high levels so far in 2025. They are also building a wider lead over the remainder of the country when it comes to the share of power generated by clean energy sources. LSEG data shows that the combined clean power output of the main power systems from California and Texas reached new highs from January to August, and increased by 10% compared to the same months in the year 2024. The clean output growth in California and Texas was nearly two times as high as the total electricity generation elsewhere. Texas and California are also leading the U.S. for new installations of combined solar and battery storage capacities so far in 2025. This will likely lead to a further concentration of clean energy growth in these states. Other states could now fall further behind Texas in terms of clean energy and total power generation. It could lead to a lopsided growth in national electricity, as states with large clean capacity footprints will outpace states who have adopted clean generation capacity more slowly over the past few years. FORGING Ahead According to LSEG, data shows that from January to August, 74% of wholesale electricity generated by the California Independent System Operator - CAISO came from clean sources. This was the highest share of clean generation ever recorded for California. It compares with a 68% share in the same months a year ago and a 60% percentage for the same period in 2023. Electric Reliability Council of Texas, which covers the majority of Texas, generated 46.5% of their power from clean sources between January and August. This was a record-breaking share, up from 43% in 2013 and 41% in 2023. LSEG data show that the total volume of clean energy generated by CAISO from January to August 2024 increased by 4%, to a new record of 3.8 million Megawatt Hours (MWh). ERCOT generated 6.4 million MWh between January and August, which is 14% higher than the same period the previous year. It's also a record high. This combined total of clean generation from these two states reached 10.2 million MWh. This represents a 10% increase from the previous year. The rest of the U.S. generated clean power at a rate of 39.9 millions MWh from January to August, which is also a record. However, this was only a 2.6% rise compared to the same months in 2020. Shares Expanding California and Texas have expanded their clean energy generation faster than the rest the country. Their combined share of national clean electricity generation has reached a new record of 20,4% in 2025. This share is compared to 19.3% from January to August 2024 and a 19% during January to July 2023. Clean power supply in CAISO & ERCOT has grown at a rapid pace. In January to August of this year, clean power accounted for 54% of total combined power generation. Fossil fuels made up 46%. LSEG data show that the remaining U.S. power generation system is composed of a mix of 39% fossil fuel and 61% clean energy. CAISO and the ERCOT systems also accounted for a large portion of the U.S. new solar and battery storage capacities over the last year. According to the data portal Cleanview, 36% of the new solar capacity and 66% new battery capacity was built. These additions place CAISO/ERCOT in a position of strength to continue outperforming other states in harnessing and deploying new clean energy, even as power operators from other states struggle with reduced federal funding for clean energy. This means that Texas and California are more likely to be able to keep up with national power demand growth than other states, and this could result in a divergence of power market dynamics among ERCOT and CAISO. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Adani Group shares rise after SEBI dismisses certain Hindenburg allegations
Adani Group shares rose between 1% to 10% on Friday after India's stock market regulator Hindenburg Research, a short seller, has made allegations of stock manipulation against Gautam Adani's conglomerate and billionaire Gautam. The Securities and Exchange Board of India cleared two charges against Adani Group firms. However, 22 more orders are still pending. Adani Total Gas, the flagship company, rose 10%. Adani Enterprises, Adani's flagship company, grew 4.3%. Morgan Stanley began coverage of the power producer, Adani Power with an "overweight" ratings. SEBI began its investigation in 2023, after the US-based Hindenburg accused Adani Group using tax havens to hide related-party transactions. The conglomerate denied the charges and the market value of the group dropped by $150 billion at the time. However, most stocks have recovered since then. "SEBI reaffirmed our position, that the Hindenburg allegations were unfounded. Adani Group has always been defined by transparency and integrity," Gautam Adani said on Thursday, late, in a post to social media platform X. Adani Ports grew by 2% while Adani Green, Adani Energy Solutions and Adani Energy Solutions each rose by nearly 4%.
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Report: Trump's policies could threaten US clean-energy jobs engine
According to a report published on Friday, jobs in solar, wind, and other clean energy sectors grew three-times faster than the rest of U.S. workers last year. However, the study warns that some of these jobs could be lost due to Trump's efforts to stop renewables. According to the environmental advocacy group E2, who has published a study on clean energy jobs over the past decade, in 2024 there will be 100,000 new jobs created by the clean energy industry. Idaho, Oklahoma Texas, Florida, and New Jersey were the states that saw the largest growth in jobs related to clean energy over all last year. The study revealed that more than 80% (or all the new jobs) in energy in 2024 will be in clean energy. Bob Keefe, E2's Executive Director, said that the numbers showed this to be one of the most exciting and promising job sectors for the country by the year 2024. Clean energy job growth and our economy are now in serious danger. The study examines the employment of industries such as renewable electricity generation, biofuels and electric vehicles. It also analyzes energy efficiency, battery storage, grid modernization, and grid modernization. The analysis fails to take into account the changes in U.S. policies since Donald Trump assumed office in January. Since then, the Trump administration has taken several measures to dismantle federal funding for wind and solar energy projects, which were supported by his predecessor Joe Biden and promoted fossil fuels instead. According to E2, the number of Americans working in clean energy is three times greater than those who work for oil, gas, and coal. According to the report, the states with the highest number of jobs in wind and sun include California, Texas Florida, New York, and Massachusetts. Nearly 2.4 million people are employed in the energy efficiency sector, including installing efficient heating, lighting, and cooling systems, and manufacturing certified appliances. (Reporting and editing by Sonali Paul; Nichola Groom)
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US Senate confirms top car safety official who will oversee Tesla investigations
The U.S. Senate voted Thursday to confirm dozens of nominees including those in charge of highways and pipelines. The Senate confirmed Jonathan Morrison as the new head of the National Highway Traffic Safety Administration, along with 47 other nominees. This is the first time in three years that the NHTSA had a permanent director. Morrison, a lawyer who worked for Apple before joining the NHTSA in the first term of President Donald Trump, will supervise a number of safety investigations at the NHTSA. This includes an investigation launched this week on 174,000 Tesla Model Y vehicles from the model year 2021, based on reports that the electronic door handles could become non-functional and trap children. Morrison stated that the NHTSA cannot wait and see if problems arise, but it must show strong leadership. The NHTSA announced last month that it would be launching a new website. It would investigate Tesla Delays in reporting crashes involving self-driving cars or advanced driver assistance systems. Since October last year, the NHTSA been investigating Tesla has 2.4 million vehicles with self-driving capabilities after four collisions reported, including one fatal accident in 2023. Separately, the agency opened An investigation in January The Federal Bureau of Investigation is looking into 2.6 Million Tesla Vehicles after reports of accidents involving a feature which allows users to remotely move their vehicles. Tesla has not responded to our request for comment. Sean Duffy, Transportation Secretary has promised to take action Speed up the deployment of autonomous vehicles . This month, the NHTSA announced that it would be revising several regulations based on the assumption that a human is at control. August is the month of the NHTSA certifies Amazon's self-driving vehicle Zoox demonstration vehicles were delivered and a review was conducted to determine if they met federal requirements. Automakers, Safety advocates and lawmakers The NHTSA has been criticized on several fronts including its slow response to regulations Or, it can impede progress. The Alliance for Automotive Innovation (which represents major automakers) said: "The auto industry wants and needs a strong NHTSA. We are committed to a collaboration that achieves our common goals: saving life, reducing accidents and deploying cleanest, safer and smartest cars ever." (Reporting and editing by Chris Reese, Leslie Adler, and David Shepardson)
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US legislator wants Trump to restrict Chinese flight over rare earths access
The chairman of the U.S. House of Representatives Committee on China called on the Trump Administration to restrict or suspend Chinese airlines landing rights in the U.S. until Beijing restored full access to magnets and rare earths. John Moolenaar (a Republican) said that the U.S. export control policy should be reviewed to ensure the sale of parts, commercial aircraft and maintenance services in China is compliant. "These steps will send a clear signal to Beijing that they cannot cut off vital supplies to our defence industries without consequences for their own strategic sectors," Moolenaar stated. The rare earths group is made up of 17 different elements that are used in a variety of products, from military equipment and lasers to consumer electronics and wind turbines. China is concerned about rare earths, and it wants to control the supply. In April, in response to U.S. tariff increases, China added several rare earth products and magnets on its export restrictions list. U.S. Airlines are only allowed to fly a small percentage of the flights they can operate to China due to low demand between both nations. China may be considering a nuclear power plant, according to reports. As part of the trade negotiations with the U.S., China is buying up to 500 Boeing aircrafts. The U.S. Transportation Department granted another extension of six months on Wednesday. This allows United Airlines, American Airlines, and Delta Air Lines only 48 flights per week to China, out of the 119 that were approved. Chinese carriers fly the same number of flights to the U.S. A group representing U.S. carriers declined comment. The Chinese Embassy at Washington declined to comment immediately. Major U.S. Airlines and Aviation Unions successfully asked former President Joe Biden to stop approving additional flights between China & the U.S. last year. They cited the "anti-competitive" policies of the Chinese Government. Flights between China, the U.S. and Canada were at the center of controversy during the COVID-19 epidemic. (Reporting and editing by Leslie Adler, David Gregorio and David Shepardson)
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Lyft has paid New Jersey $19.4 Million for driver misclassification.
Officials from New Jersey announced on Thursday that Lyft had paid New Jersey $19.4 millions after an audit revealed the ride-sharing firm incorrectly classified over 100,000 drivers as independent contractors. Lyft, according to officials including the state attorney general Matthew Platkin, made the payment only after it retracted its request for an hearing to contest a New Jersey Department of Labor and Workforce Development audit of its records and books from 2014 to 2017. New Jersey's audit revealed that Lyft had not contributed to the state fund for these years on behalf drivers. This deprived them of benefits such as unemployment compensation and temporary disability benefits. Lyft owed more than $10,8 million in unpaid contributions plus $8.5 million in penalties and interest. It paid $10.8 million in order to stop the interest running and the remaining amount after it ended its challenge. In June 2024, the San Francisco-based firm reached a settlement of $27 million with Massachusetts. Lyft stated that it believes it has classified drivers correctly under New Jersey law and that most drivers prefer to work on their terms, rather than as an employee. We will not challenge the NJDOL assessment further, even though we disagree with its findings. Over the past few years, many regulators have said that Uber and Lyft's alleged misclassifications deprive drivers other benefits such as a minimum wage and overtime pay. Robert Asaro Angelo, New Jersey's Labor Commissioner, said that there is no reason why temporary and on-demand workers, who work flexible hours or minutes at a given time, cannot be treated the same as other employees. (Reporting and editing by Chris Reese in New York, Jonathan Stempel from New York)
Shipping companies pull out of Hong Kong to avoid US-China risks
Some shipping companies move their operations discreetly out of Hong Kong, and remove vessels from its registry. Some shipping companies are making contingency planning to do this.
Six shipping executives have said that these low-profile actions are motivated by a fear that their vessels could be seized by Chinese authorities, or face U.S. sanction in the event of a clash between Beijing and Washington. The people said that the growing U.S. scrutiny over the importance of China’s commercial fleet to a potential military conflict, such as one over Taiwan, and Beijing's emphasis of Hong Kong's role in serving Chinese interests is causing concern in the shipping industry. Last month, the U.S. Trade Representative proposed imposing steep U.S. fees on Chinese shipping firms and other companies that operate Chinese-built ships to counter China's "targeted dominant" in shipbuilding and maritime logistic. Washington warned American companies in September about the growing risks associated with operating in Hong Kong. The U.S. has already imposed sanctions on officials who are involved in a crackdown.
Hong Kong has been the hub of shipowners for over a century, as well as brokers, financiers underwriters, and lawyers who support them. Official data shows that its maritime and port industries accounted for 4,2% of the GDP in 2022.
VesselsValue - a subsidiary company of Veson Nautical, a maritime data group - reports that the city's flag was flown on eight out of ten ships in the world.
Interviews with two dozen people familiar with Hong Kong including shipping executives and lawyers revealed a growing concern about the possibility that commercial maritime operations in Hong Kong could be caught up by forces outside their control if a U.S. - China military conflict occurs.
Many pointed out China's increased focus on national security goals, trade frictions, and Hong Kong's leader's broad powers to take control of shipping if necessary, as he is accountable to Beijing.
One executive who, like many others, was allowed to remain anonymous to discuss this sensitive subject said: "We do not want to be in the position where China is knocking on our door, requesting our ships, while the U.S. targets us from the other side."
Previously, the concerns of shipowners as well as their efforts to limit exposure to Hong Kong were not reported. In recent years the perception of risk has increased, in line with the tightening security environment in the Chinese-ruled area and the tensions between two of the largest economies in the world.
Turning Tide
To comply with safety and environment rules, commercial ships must be registered or flagged with a specific country or jurisdiction.
VesselsValue, an independent research firm, found that despite the influx of Chinese ships on Hong Kong's register, the number oceangoing vessels registered in the city dropped by more than 8% in January, from 2,580 in January 2004. Government data show a similar drop.
In 2023 and 2024 74 ships, mostly dry-bulk carriers, were re-flagged for Singapore and Marshall Islands. These vessels transport commodities like coal, iron ore, and grain. VesselsValue reports that 15 tankers and 7 container ships left Hong Kong's registry to fly these flags.
Hong Kong's ship registry has seen a dramatic decline in the last two years. Official data shows that it grew by 400% over the past 20 years.
Hong Kong's Government responded to questions by saying that it is normal for shipping companies, given the changing geopolitical, trade and economic circumstances, to review their operations. It is also normal for the numbers of ships registered to fluctuate over the short-term.
A spokesperson stated that Hong Kong will "continue to excel" as an international shipping center, highlighting a variety of incentives, such as profits tax breaks and environmental subsidies, for shipowners.
The spokesperson stated that neither the laws governing registry nor the emergency provisions empower Hong Kong's leader in commandeering ships to serve as part of a Chinese merchant navy.
When asked to comment on the concerns of industry players about how emergency powers from colonial times might be used during a conflict between the U.S. and China, the spokesperson declined. The provisions give the leader of the city "any regulation whatsoever", which includes taking control over vessels and property.
China's commerce and defence ministries did not respond to questions regarding the role of the merchant fleet in Beijing’s warfighting plan, the possible involvement of Hong Kong flagged vessels, or the concerns of commercial shipowners.
The U.S. Treasury declined to comment on potential sanctions, concerns of shipping executives, or the role played by Hong Kong-registered ships in a Chinese commercial fleet.
Lawyers and executives agree that ships can be reflagged in a variety of ways, including through the sale, chartering or redeployment on different routes.
Basil Karatzas of Karatzas Marine Advisors & Co in the U.S. said that Singapore was becoming the preferred domicile for businesses with less exposure to Chinese shipping or cargo trade. It offered many efficiencies including its legal system but also a lower risk than Hong Kong.
Singapore's Maritime and Port Authority stated that decisions regarding domiciles and flags were based on business considerations. The Maritime and Port Authority of Singapore said it had not noticed any "significant changes" in the number Hong Kong shipping companies moving operations or reflagging vessels to Singapore.
MERCHANT FLEEET
Executives and lawyers agree that Hong Kong's registry for shipping is highly regarded by the industry because of its high safety and regulatory standards. This allows its ships to easily pass through foreign ports. Many of China's international state-owned vessels now fly Hong Kong's banner.
According to PLA military studies and four security analysts, in a conflict these tankers and bulk carriers would be the backbone of the merchant fleet that supplies China's oil and food needs.
The U.S., on the other hand, has a very small shipbuilding industry. It also has far fewer vessels under its flag. Three analysts say that while China's growing state-owned fleet would be a target of the U.S. during a military conflict, Beijing would need other vessels in order to supply its needs, given its reliance on international shipping lanes and vast needs.
Donald Trump has been keeping a close eye on strategic maritime operations. Trump said in his January inauguration address that he would "take back" control of the Panama Canal from China. Trump did not provide specifics but his remarks focused on two Panama port operated by a Hong Kong conglomerate CK Hutchison Holdings subsidiary. The group did not respond to any questions regarding Trump's remarks, but agreed to sell the majority of the subsidiary's shares to a consortium led by BlackRock this week, giving U.S. interest control over the port. Trump said to Congress that his administration would create a shipbuilding office in the White House, and provide new tax incentives.
In a study conducted by the U.S. Congress in November 2023, it was stated that "cargo vessels typically transport 90% of military equipment required in overseas conflicts". The report noted that Chinese shipyards ordered 1,794 ocean-going large ships in 2022 compared to five in the U.S.
Merchant vessels played a crucial role in Britain's 1982 long-range operation to retake Argentina's Falkland Islands. Declassified CIA files show that UK-flagged ships operated out of Hong Kong, many of which were owned or controlled by Chinese firms, supplied communist Hanoi in the Vietnam War.
In 2013, President Xi Jinping outlined the need for a Chinese merchant fleet that would help to build China's maritime strength in a Politburo session.
In the past decade, Chinese military and government documents and studies have emphasized the dual-use value of China’s merchant ships.
According to state media, regulations enacted in 2014 required Chinese builders to build five types of commercial ships, including tankers and container ships, to be able to serve military requirements.
Since then, COSCO has seen a significant increase in its line.
Documents from COSCO show that China places political commissars, officers who make sure Communist Party goals are served, on nominally civil ships.
The U.S. banned COSCO subsidiaries in January for what they said were links with the Chinese military.
COSCO has not responded to any questions regarding its deployment of commissars, U.S. restrictions, or what role COSCO's ships -- including those with Hong Kong flags -- might play in wartime.
'REALLY DE-RISKED'
Hong Kong is still an important shipowners' base, despite geopolitical issues. Some shipowners are quietly hedging.
Taylor Maritime (London-listed) a company that was founded in Hong Kong, in 2014, has a much smaller presence in Hong Kong now after several strategic moves in the last few years.
It has been flagging its ships in Singapore and the Marshall Islands since 2021. The company has offices in London, Guernsey and Singapore.
A person with knowledge of the matter said that the firm "really reduced the risk of Hong Kong". This was due to investors' fears of a Chinese invasion in Taiwan and the Communist Party taking control of Hong Kong.
Taylor Maritime's spokesperson stated that the company initially moved its Asia-based teams from Hong Kong to Singapore to be closer to their clients.
Taylor Maritime, after acquiring Grindrod, a shipping company with an Asia office in Singapore and expanding its operations there, relocated certain functions from Hong Kong to Singapore, where it became the primary Asia hub.
Two people with knowledge of the situation said that Pacific Basin Shipping, a Hong Kong listed company, has always flagged its 110 bulk carrier fleet in Hong Kong. However, it is now preparing contingency plans for them to be registered elsewhere while it assesses possible risks.
Pacific Basin's spokesperson stated that the company constantly evaluated geopolitical risk but its fleet still flew the Hong Kong flag "which, at least for the moment, outweighs the challenges".
The spokesperson stated that "Being located in Hong Kong places us near China's 40% share of the global dry bulk export/import activity as well as close to Asia's strong industrial and economic growth regions."
Angad Banga said that shipping firms adjust contingency plans based upon risk assessments, but he has not heard of concerns regarding the commandeering vessels.
Banga said that although some organizations may be re-evaluating their operational strategies, they do not see a widespread exodus from Hong Kong or a loss of confidence. The city, he added, remained attractive to maritime commerce.
Some industry figures have described a general unease in Hong Kong, which has affected their planning.
Three lawyers have said that, until recently, contracts for the increasing number of ships constructed in China that are financed by Chinese banks stipulated that the ship must fly the Hong Kong Flag.
Lawyers said that in the past two years some companies have added a disclaimer to their contracts, stating that they are willing to consider other flags as an alternative. Could not independently verify these changes. Beijing officials have stressed that Hong Kong is important in achieving national security goals. They also referred to China's modernisation of its military and refusal to abandon the use of force against Taiwan.
Three executives and lawyers said that the sweeping security laws, which were first implemented in Hong Kong in July 2021 and then strengthened in March 2020, have increased dangers.
Lawyers said that any attempt by Hong Kong’s leader to commandeer ships in an emergency could prove difficult, since locally registered vessels often travel routes far away from Hong Kong. They said that such powers, which have been in place for a long time, now needed to be seen through the lens of national security.
One lawyer stated that some shipowners would not object to a request from the government to hand over their vessels. This could be due to patriotism, or because they might profit by a crisis.
Another veteran lawyer said that it is "better to avoid being in a situation where you could be asked".
It was not an issue a few short years ago. The national security map has been redrawn. (Reporting and editing by David Crawshaw; Additional reporting by Andrea Shalal, Idrees, and Idrees in Washington and Beijing, Shanghai, and Hong Kong;
(source: Reuters)