Latest News
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Indospace and Canada's CPPIB acquire six logistics parks valued at $336 million
IndoSpace, a warehouse developer in India, and Canada Pension Plan Investment Board CPPIB announced on Tuesday that they had acquired six industrial parks and logistics parks for 30 billion rupees (336.26 millions dollars) via their joint venture. In 2017, the Canadian pension fund, who owns 93% in IndoSpace Core, created a joint venture to acquire and develop logistic facilities. The two companies said that CPPIB had committed 14 billion rupees for the purchase of these parks located in India's most important logistics markets, such as Bengaluru and Chennai, Delhi, Mumbai and Pune. The warehouse developers are experiencing a rush of demand as companies place bets on China's economic growth and diversify their supply chain beyond China. According to estimates by consulting firm IMARC Group, India's warehousing industry is expected to double in size to $37 billion dollars by 2032. Anshuman Singh, Managing Director and Chief Executive Officer at IndoSpace, said: "As India cements itself as a global manufacturing center, we see an increase in demand for infrastructure that is high-quality and compliant. The CPPIB will invest $205 million in 2023 as part of a new fund that aims to raise $600 million for equity commitments.
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EasyJet UK exceeds its annual profit target and raises the target for holidays
EasyJet, the British airline, reported a better-than expected full-year operating result on Tuesday. It also upgraded its medium-term targets for its holiday business after exceeding its target early. The final quarter of 2018 saw mixed results for European airlines as they struggled to reduce spiraling costs, and the negative effects from air traffic controller strikes continue to weigh heavily on their balance sheet despite high demand. EasyJet's operating profit for its financial year ending September grew from 669.37 millions pounds to 703million pounds ($921.14million), exceeding the projections of LSEG analysts. easyJet Holidays, the high-margin division of the company, is expected to generate 450 million pounds (about 0.7632 pounds) in profit before tax by 2030. $1 = 0.7632 pounds (Reporting from London by Joanna Plucinska and Yamini in Bengaluru, editing by Subhranshu)
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Air India, Akasa cancel flights after Ethiopia volcano erupts
Air India and Akasa Air, two Indian airlines, announced on Tuesday that they would cancel some flights due to ash clouds from an Ethiopian volcanic eruption. Air India announced that it had cancelled 11 flights between Monday and Tuesday in order to conduct precautionary checks on aircraft which had flown above certain locations following the eruption. This was done as a result of a directive from India's aviation regulator. Akasa, a smaller competitor, said that it has cancelled scheduled flights to Middle East destinations like Jeddah and Kuwait as well as Abu Dhabi, scheduled for the two days. India Meteorological Department said that the ash cloud was moving toward China and would clear Indian skies Tuesday by 1400 GMT. Media reports say that Ethiopia's Hayli Gubbi volcanic eruption on Sunday was the first recorded eruption of its kind. Ash plumes reached up to 8 miles (14 km) in height. Flightradar24 reported that the ash covered Pakistan and parts of northern India on Tuesday after it crossed Yemen and Oman. (Reporting and editing by Clarence Fernandez, Michael Perry and Abhijith Gaapavaram)
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Air India, Akasa cancel flights after Ethiopia volcano erupts
Air India and Akasa Air, two Indian airlines, announced on Tuesday that they would cancel some flights due to ash clouds from an eruption of a volcano in Ethiopia. Air India announced that it had cancelled 11 flights between Monday and Tuesday in order to conduct precautionary checks on aircraft which had flown above certain locations following the eruption. This was done as a result of a directive from India's aviation regulator. Akasa, a smaller competitor, said that it has cancelled scheduled flights to Middle East destinations like Jeddah and Kuwait as well as Abu Dhabi, scheduled for the two days. Media reported that Ethiopia's Hayli Gubbi volcanic eruption on Sunday was the first recorded eruption of this type. Ash plumes reached up to 8 miles (14 km) in height. Flightradar24 reports that the ash covered Pakistan and parts of northern India on Tuesday after it crossed Yemen and Oman. Reporting by Abhijith Gaapavaram, Editing by Clarence Fernandez
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Trump's trade battle with China in 2025
U.S. president Donald Trump has targeted China as his top economic rival with a cascade on tariffs that are worth billions of dollar. He is trying to reduce a trade surplus, bring back lost manufacturing and cripple fentanyl traffic. In reverse chronological order, here are the key events of this year in U.S. China trade war: November 24 - Chinese president Xi Jinping makes a surprise call to his U.S. counterpart, just weeks after their meeting in South Korea at the end of October. Xi told Trump that their countries must maintain momentum and "enlarge the list for cooperation and reduce the list for problems." Trump does not go into detail, but says that they also talked about fentanyl and soybeans. Trump wrote on Truth Social that they had also discussed fentanyl, soybeans and other farm products. He did not elaborate. China has announced that it will continue to expand access to and investment opportunities for U.S. firms, especially in the services sector. On November 10, China suspends for a full year the port fees it charges vessels with ties to the United States, as well sanctions imposed on U.S. affiliates in the South Korean shipbuilder Hanwha Ocean. This comes after Washington suspended its punitive actions resulting from Section 301 investigations of China's maritime and shipbuilding industries. China will adjust its list of drug precursor chemicals and require export licenses for certain chemicals going to the U.S. Sources say that the FBI director visited China to discuss law enforcement and fentanyl issues. China lifts its ban on exports of gallium, antimony and germanium to the U.S. China suspends the export controls it implemented on October 9. These include expanded restrictions on lithium battery materials, super-hard materials, and rare earths equipment and materials. Industry insiders claim that Beijing has begun to form a new licensing regime for rare earths, which could speed up shipments. China has announced that it will reinstate the soybean import licenses of three U.S. companies and lift its suspension on U.S. logging imports beginning November 10. China starts modest purchases of U.S. agricultural products on November 6, including two cargoes each of wheat and sorghum. An agriculture business association reports that China's COFCO held a signing ceremony for soybean purchases. November 5 - Beijing will suspend retaliatory duties on U.S. Imports starting November 10, including farm products duties up to 15%. However, it will keep levies at 10% in response to Trump's "Liberation Day tariffs". Imports from the United States still face a 13% tariff, but China will ease its measures against U.S. entities and drop some curbs on optical fibres. After talks between Trump and Xi in South Korea, the United States and China reach a new trade truce on October 30. Trump agrees on a reduction in tariffs as a result of Beijing's crackdown on the illicit fentanyl market, and resuming U.S. purchases of soybeans. Beijing claims that the United States has also promised a one-year delay on plans to ban Chinese firms from using its technology. The two leaders will decide the framework of a trade agreement after Scott Bessent, Treasury Secretary and Jamieson Greer met with He Lifeng, Vice Premier and chief trade negotiator in China. The U.S. State Department describes Chinese sanctions against the Hanwha Ocean as "coercion", thereby undermining relations between Washington and Seoul. Greer and Bessent criticize China's increased rare earth export controls, citing them as a threat to global supply chain. Bessent promises to tighten up control over strategic sectors in order to combat China. Apple CEO Tim Cook pledges China investment boost. On October 14, both nations start collecting port fees on each other's vessels. China, however, exempts the ships that it has built. Five Hanwha Ocean units with ties to the United States are sanctioned as threats against its security and sovereignty. Bessent confirms that plans for the Trump-Xi meeting are still on track. Trump announces new levies on China imports, including 100% additional duties. He also introduces export controls for "any critical software" starting November 1. In response to China's restrictions on rare earth exports, Trump threatens to impose export controls on Boeing parts. Trump does not cancel his plans to meet Xi but says there is no need. China opens antitrust investigation against U.S. Qualcomm for the purchase of Israeli chip designer Autotalks. China will start charging port fees to U.S.-linked vessels from October 14 in response the similar U.S. charges on China-linked vessels. China tightens its grip on minerals critical to the world economy. The United States is planning to prohibit Chinese airlines from flying above Russia on U.S. routes. This would be detrimental to U.S. carriers. Trump declares that the major topic of discussion at Xi's meeting will be soybeans. He calls China's sharply decreased U.S. purchases as a tactic in negotiations. Greer, September 30: Tariffs of around 55% on Chinese imports is a "good status quo", but the United States wants freer trade. Bessent: Chemicals, aircraft engines and components offer U.S. leverage in China negotiations. Visitor U.S. legislators tell Premier Li Qiang to increase engagement between China and the United States. Trump and Xi have a telephone conversation on September 19, during which Trump claims they made progress in a TikTok pact, and that they agreed to meet face to face to discuss illicit drugs, trade and the Ukraine War. China welcomes TikTok commercial talks. September 15 – Both sides reach agreement on a framework to transfer TikTok under U.S. control. The U.S. has pledged to refrain from imposing more tariffs against Chinese products over Russian oil imports, unless European levies are first imposed. September 14th - Bessent, China's He, and Bessent, Spain, discuss the trade and TikTok divestiture by September 17th. Both nations extend the tariff truce by 90 days on August 11. August 10 - As the trade truce expires on August 12, Trump urges China quadruple U.S. soya purchases. As part of the talks on rare Earths, the United States lifts its April ban and starts issuing Nvidia licenses for exports to China of advanced AI H20 chip technology. After two days of discussions in Stockholm, U.S. officials and Chinese officials agreed to extend the 90-day truce on tariffs. However, they did not make any major breakthroughs. Bessent: Both sides have resolved issues regarding rare earth minerals and magnetics bound for the United States. June 9-12: Framework agreement reached at London round of negotiations, and some Chinese rare earths producers start to receive export licenses. Trump claims that a trade truce has been re-established. June 5, Xi and Trump have a telephone conversation lasting an hour. Trump claims that China has violated the Geneva agreement to roll back tariffs, and relax restrictions on exports of critical minerals. China denies this and accuses the U.S. instead of "discriminatory restrictive curbs". May 28-29, United States threatens Chinese students with revocation of visas while ordering certain companies to stop shipping goods to China. May 10-12: First round of trade negotiations in Geneva agrees on 90-day pause for tariffs. U.S. tariffs are reduced to 30% from 145% on Chinese goods, while China reduces tariffs to 10%. China will also cancel non-tariffs measures taken since April 2. Nvidia, a chipmaker, says U.S. officials informed it that China sales of H20 chips would require an export license. China raises its tariffs on U.S. goods to 125%, calling Trump's strategy "a joke", and indicating that it will ignore further U.S. "numbers games with tariffs". China imposes controls on exports of dual use items to 12 U.S. firms and designates another six as "unreliable" entities. The United States has increased tariffs on Chinese imports from 84% to 125%. China warns its citizens to avoid U.S. travel. Tariffs on Chinese imports are raised to 84% from 34% by the United States on April 8. April 4: China imposes retaliatory duties of 34% on all U.S. imports starting April 10, and limits exports for some rare earths. Trump announces tariffs of 10% on all imports, and higher rates on some goods, including a 34% levy on China starting April 9. From May 2, the U.S. will no longer allow low-value shipments of goods from China and Hong Kong to be duty-free. March 3-4, 2019 - From March 4, 2019, the United States will double its fentanyl tariffs to 20% on all Chinese imports. China retaliates with 10% to 15% tariffs on U.S. agricultural exports and $21 billion of exports. It also clamps export and investment restrictions on 25 U.S. companies. China responds to the U.S. business with measures that target U.S. companies, including 15% tariffs on U.S. LNG and coal, and 10% on crude oil as well as some autos starting February 10. China responds with measures targeting U.S. businesses, as well as 15% levies on US coal and LNG from February 4, and 10% for crude oil and some autos starting February 10. Trump imposes a 10% penalty duty on China's goods, along with a 25% tax on Mexico and Canada to pressure the United States into curbing the flow of illegal immigrants and fentanyl.
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Iron ore prices rise on China's proposal to reduce port fees and a softer dollar
Iron ore futures rose Tuesday as a lower U.S. Dollar and proposed reductions to Chinese port fees are expected to discourage stockpiling. By 0328 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange gained 1.08%. It was now worth 798.5 Yuan ($112.54) per metric ton. The benchmark December Iron Ore at the Singapore Exchange rose by 0.92% to $106 per ton. China has proposed lowering port fees for state-owned companies holding cargoes less than 30 days. Analysts from ANZ have said that this move would discourage long-term inventory stockpiling, accelerate inventory turnover and possibly tighten spot supply during periods when restocking is taking place. A weaker dollar was also a factor in the support of iron ore futures, as it was affected by increased expectations that U.S. rates will be cut in December. Dollar-denominated investments are more affordable for holders of currencies other than the greenback. The short-term steel market is supported by a structural shortage in iron ore PB fines (Pilbara Blend). Galaxy Futures, a Chinese broker, stated that the rapid decline of domestic steel demand will likely dominate iron ore prices in the medium term. China's steel price pressure is likely to continue for some time, as the winter season slows down demand while finished steel inventories remain high. This was stated by the China Iron & Steel Association in its most recent monthly report. Meanwhile, U.S. president Donald Trump said that ties with China were "extremely solid" after a phone call with Chinese leader Xi Jinping. This was weeks after the two leaders met in South Korea, where they had agreed on a framework of a trade agreement which has not yet been finalised. Coking coal and coke, which are used to make steel, have gained 0.5% and 1.2%, respectively, on the DCE. The benchmark steel prices on the Shanghai Futures Exchange have increased. Rebar increased by 0.81%. Hot-rolled coils rose by 0.79%. Wire rod was up 0.24%. Stainless steel increased by 0.57%. ($1 = 7.0950 Chinese yuan) (Reporting by Lucas Liew; Editing by Subhranshu Sahu)
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The Olympic Pipeline shut down affects the fuel supply of airlines
BP's Olympic Pipeline System remained closed on Monday while the company and authorities investigated a leak of fuel near Everett in Washington. Meanwhile, airlines activated contingency planning to minimize disruptions during Thanksgiving travel week. Leakage was first reported by 11 November. BP reopened one of two pipelines that were shut east of Everett to investigate the cause of some product leakage. Shortly after, the restored line was closed again to stop refined product deliveries. Over 200 feet of pipe have been excavated so far. Crews will continue operations overnight tonight, BP stated in an emailed message on Monday. The company did not have a timeline for the restart of the pipeline, and the amount of product that has leaked is still being measured. The Olympic Pipeline System, a 400-mile pipeline system that runs from Washington's northern border to Oregon, transports refined petroleum products such as gasoline and diesel. Tina Kotek, the governor of Oregon, declared a fuel crisis on Monday in response to the shutdown of the system that supplies over 90% of Oregon transportation fuels through terminals located in Portland to be distributed throughout the entire state. She activated Oregon's emergency plan in coordination with its energy and transportation departments to deal with the crisis. Washington Governor Bob Ferguson declared a state of emergency last week following the shutdown of a pipeline that has caused a disruption in jet fuel supply to Seattle-Tacoma International Airport. A spokesperson stated that the operations at Sea-Tac were not affected by major disruptions, as airlines have implemented contingency plans. We encourage passengers to contact their airline about their flight. Plan contingency Major airlines, including Alaska Airlines and Delta Air Lines, have developed plans to reduce the impact of flight cancellations during Thanksgiving travel. Delta said it had added fuel stops to several long-haul domestic flights departing from Sea-Tac and transported additional fuel by tanker trucks to Sea-Tac in order to supplement the fuel reserves. Alaska Airlines has added fuel stops to approximately 12 flights per day and increased its trucking operation to bring extra fuel. We continue to minimize the impact of the Olympic Pipeline leak. Alaska Airlines released a statement saying that they do not anticipate any disruptions to their operations at Seattle-Tacoma International Airport during the Thanksgiving Travel Week. (Reporting from Nicole Jao, New York; Additional Reporting by Steve Gorman, Washington; Editing and rewriting by David Gregorio & Christian Schmollinger).
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Moscow, Beijing discuss Russian oil exports boost
Alexander Novak, the Russian deputy prime minister, said that Moscow and Beijing had been discussing ways of expanding Russian oil exports into China. Since the beginning of Russia's military operation in Ukraine, in February 2022, China and India are the two largest buyers of Russian crude oil. China imports approximately 1.4 million barrels per day of Russian crude oil via sea, and about 900,000. bpd by pipeline. The United States introduced sanctions last month against Russia's largest oil producers Rosneft, and Lukoil. Russian President Vladimir Putin denounced the sanctions, calling them unfriendly and saying that they wouldn't have a significant impact on the Russian economy. He also emphasized the importance of Russia to the global marketplace. Russia's crude oil exports to China and India have remained relatively stable despite conflicting reports. Novak said at a SinoRussian Business Forum in Beijing that Russia and Chinese partners have been discussing the possibility of increasing oil exports to China. He said that intergovernmental agreements allow for the extension of oil supply terms for China via Kazakhstan by 10 years, until 2033. Mark Heinrich (Reporting)
Officials say that a major drone attack by Ukraine on southern Russia has killed three people and injured 16.
Russian officials reported that three people were killed, and at least sixteen injured in a major Ukrainian attack on southern Russia. Residential buildings in the Black Sea Port of Novorossiysk as well as the cities of Rostov -on-Don (Rostov) and Krasnodar were damaged.
The Russian Defence Ministry reported that 249 Ukrainian drones had been downed overnight over Russian regions, including 116 in the Black Sea and 92 in the southern regions Krasnodar, Rostov, and Krasnodar.
The Governor of Rostov, Yuri Slyusar, said that a painting shop, a storage facility, four apartment blocks and 12 homes were all damaged by the attack. At least three people died in it.
Unverified footage posted on Telegram shows what sounds like a drone flying into a residential apartment building in Novorossiysk, home to a major port for oil. The explosion is a ball flame.
Veniamin Kodratyev, the Krasnodar governor, said that the Kyiv government had launched one of its longest-lasting attacks on the region. He also revealed that an apartment block in Tuapse – a town located next to an oil export terminal – was damaged.
He stated that seven apartment blocks had been damaged in Novorossiysk.
Early on Tuesday morning, Russian forces invaded Kyiv, setting fire to at least two residential structures and killing a person.
Senior Ukrainian official
said. (Reporting and editing by Guy Faulconbridge).
(source: Reuters)