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Xi will meet with Canadian and Japanese leaders following Trump's trade truce
Xi Jinping, the Chinese president, will be at the forefront of an annual gathering in South Korea of Pacific Rim Leaders on Friday. He will hold talks with his Canadian and Japanese counterparts following a fragile truce reached with U.S. Donald Trump. This agreement, reached just before Trump left South Korea and skipped the two-day Asia-Pacific Economic Cooperation Summit, will suspend any further restrictions on China's rare earth exports, which threatened to clog global supply chains. The APEC meetings in Gyeongju, a historic city, this year focused on strengthening supply chains. The 21-member club's goal is to reduce barriers to trade and investment and encourage cooperation. However, decisions taken at meetings are not binding and consensus has become increasingly difficult. XI MEETS JAPAN'S NEW HAWKISH LEADER Xi is now expected to have his first meeting with Japan's newly-elected leader Sanae Takayichi. Although relations between the two historic rivals are on a better footing, Takaichi’s elevation as Japan’s first female president may strain ties because of her nationalistic views. Her first act since taking office last Monday was to speed up a military buildup aimed at defending Japan's island from a China that is becoming more assertive. Japan is also home to the largest concentration of U.S. forces abroad. The agenda is likely to include sensitive topics such as the detention of Japanese citizens in China, and Beijing's restrictions on Japanese beef and seafood imports. CANADA WANTS TO RESTART CHINA ENGAGEMENT His office announced that Canadian Prime Minister Mark Carney would meet Xi Jinping on Thursday, April 4, at 4:00 p.m. local (0700 GMT). The meeting is intended to restart a broad engagement with China following years of bad relations. Canada, embroiled in an intense trade war with the United States, its largest trading partner is looking to find new markets and wean itself from this overwhelming dependence. China is Canada's largest trading partner. Canada's security agencies concluded that China had interfered with at least two federal election under the leadership of Justin Trudeau's predecessor, Carney. Xi publicly scolded Trudeau for leaking their conversations to the media. China announced preliminary antidumping duties on Canadian Canola imports, one year after Canada announced it would levy 100% tariffs on the imports of Chinese Electric Vehicles. Both sides' senior officials met earlier this month to discuss these issues, but there was no sign of a breakthrough. BESSENT STANDS UP FOR TRUMP Scott Bessent, U.S. Treasury secretary, will be acting in place of Trump at the opening session, when South Korean Premier Lee Jae Myung is hosting a discussion about "restoring the desire to cooperate in Asia-Pacific". Cho Hyun, South Korean Foreign Ministry, said that even though negotiations are still ongoing on a statement for the ministerial summit itself he is hopeful that it will be adopted along with a declaration from the leaders when the summit concludes Saturday. He told a press briefing that "we are very close." Two diplomats from APEC members nations privately expressed skepticism about the substance of any statement, given the fractures in world politics. APEC did not adopt a joint statement in 2018 or 2019 during Trump's presidency. Nvidia CEO Jensen Huang is scheduled to speak this afternoon at a parallel gathering of executives to the APEC Summit. The week has been a whirlwind for Huang, as Nvidia became the first company in the world to reach a valuation of $5 trillion. However, the sale of AI chips by the U.S. chipmaker to China seemed to be left out of the Xi-Trump Summit on Thursday. (Reporting from Jihoon Lee in Gyeongju, Ju-min Park in Seoul and Eduardo Baptista at the Xi-Trump summit; Writing by John Geddie with editing by Michael Perry.)
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Bloomberg News: Air India wants $1.14 billion from SIA and Tata to survive, reports Bloomberg
Bloomberg News reported that Air India was seeking financial support of at least 100 billion rupees (about $1.14 billion) from its owners, Singapore Airlines and Tata sons. The report cited people who were familiar with the situation. This follows the deadly Air India crash that claimed more than 240 lives in June, plunging it into its worst crisis. It also complicates its efforts to restore its reputation as well as modernize its fleet. Reports said that the Tata Group's carrier, Air India, is seeking funds to revamp its systems and services and develop in-house engineering departments and maintenance departments. Bloomberg stated that any financial support will be proportional to the ownership. The owners can decide whether the funding is an interest-free equity loan or a loan. Tata Group owns 74.9% of Air India, the airline it bought in 2022. Singapore Airlines holds the remaining 25%. The report could not be verified immediately. Air India, Singapore Airlines, and Tata Sons have not responded to requests for comment. Air India's CEO pledged to improve internal practices earlier this week. ($1 = 87.8950 Indian Rupees) (Reporting and editing by Rashmi aich and Alan Barona in Bengaluru)
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JetBlue flight diverted to Tampa after flight problem, reported injuries
JetBlue Airways Flight 93, which was en route to New Jersey from Cancun in Mexico on Thursday, diverted after a flight-control issue. Some passengers were injured, according to the Federal Aviation Administration. JetBlue Flight 1230, an Airbus 320, departed Cancun International Airport and was heading to New Jersey's Newark Liberty International Airport at the time of its landing around 2:19 p.m. ET at Tampa, Florida. The FAA is conducting an investigation. JetBlue reported that the aircraft dropped in altitude. "Medical personnel evaluated passengers and crew members, and those who needed additional care were taken to a nearby hospital." The airline has not yet revealed how many people have been injured. The airline has announced that it will investigate the incident thoroughly to find out what happened. JetBlue stated that "the safety of our passengers and crew members is our top priority and we will support those involved." (Reporting and editing by Diane Craft, Leslie Adler, and David Shepardson)
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FAA delays flights at Dallas, DC Airports due to air traffic staffing
As the government shutdown enters its 30th day, the U.S. Federal Aviation Administration has been delaying flights in Ronald Reagan Washington National Airport as well as Dallas Fort Worth International Airport because of staffing problems. Staffing problems are expected to cause delays in Orlando. The FAA reported that flight delays at Reagan were on average 91 minutes and at Dallas 21 minutes. The government shutdown has resulted in tens of thousands flights being delayed or cancelled. The FAA issued a groundstop for Reagan Airport earlier on Thursday due to staffing issues. In the northeast of the United States, bad weather also delays flights. Over 13,000 air traffic control officers and 50,000 Transportation Security Administration agents are working without pay. Sean Duffy, Transportation Secretary, said that air traffic controllers' absences were responsible for 44% of Sunday delays and 24% of Monday delays. This is compared to an average of 5% before the shutdown. Even before the shutdown, many air traffic controllers were working six-day weekends and mandatory overtime. Reporting by David Shepardson, Doina chiacu and Andrea Ricci; editing by Katharine Ricci and Andrea Jackson
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The demand for sanctions is greater than the supply of uranium
The differentials between Brent and Urals crude were unchanged on Thursday, despite a relatively quiet trading session. Western sanctions also weighed heavily on the demand for Russian grades of crude oil. Traders said that buyers of Russian oil from China, India, and Turkey had studied the new restrictions imposed by US, EU, and UK. Traders said that some of them had already looked for alternatives to oil grades on the market. According to traders and a report reviewed on Thursday, Indian Oil, the state-run refiner, is looking to buy more crude oil from Americas. Mangalore Refinery and Petrochemicals has purchased Abu Dhabi crude oil to replace Russian oil. PLATTS WINDOW On Thursday, there were no bids or offers reported for Urals BTC, CPC Blend or Azeri BTC crudes in the Platts window. * Lukoil announced on Thursday that it accepted an offer by global commodity trader Gunvor for its foreign assets. Russia's second largest oil company wants to sell these assets after Washington imposed sanctions against it last week. Reporting by
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Globe and Mail reports that Canadian National Railroad has laid off 400 managers.
The Globe and Mail reported that Canadian National Railway laid off 400 managers from its rail offices in Canada and the United States due to a drop in freight caused by the trade war. In August, Donald Trump announced that he would increase tariffs against Canada by an additional 10%. Sector tariffs of 50 percent on all steel and aluminum imports have hurt the economy in the region. The company did not disclose the number of affected employees. Could not verify immediately the number of affected people. On October 31, the railroad company that connects Canada's Eastern, Western and Gulf coasts to the U.S. Midwest, will report its third-quarter earnings. In its second-quarter forecast, CN retracted its 2024-2026 projection, citing a high level of macroeconomic volatility and uncertainty related to changing trade and tariff policies.
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Lithuania closes Vilnius Airport again due to weather balloons
The airport in Vilnius, Lithuania, temporarily closed its doors on Thursday because weather balloons were flying near it. This was the sixth incident of this kind in the month. Lithuania said that the balloons were sent by smugglers who are transporting contraband cigarettes. But it also blamed Belarus President Alexander Lukashenko for not stopping this practice. Lukashenko is a close friend of Russian President Vladimir Putin. The airport reported on Thursday that "according to preliminary information a balloon or balloons were flying in the direction (of Vilnius Airport)" when the decision was taken to restrict airspace. The airport's traffic was suspended until 2100 GMT, the statement added. Baltic Nation has already Close In response to airspace disruptions and balloons, it has announced that it will shoot down balloons. Lukashenko Tuesday The word "that" is a phrase that means, "that which". Lithuania He called a border closure a "crazy sham" and accused the West for waging a hybrid conflict against Belarus and Russia, which was ushering a new age of barbed wire division. (Reporting and writing by Andrius Sytas; editing by Terje Solsvik).
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The US Army Corps has approved Enbridge's Line 5 Reroute in Wisconsin
The U.S. Army Corps of Engineers approved the plan of Canadian company Enbridge to reroute an oil pipeline section around a Wisconsin tribe reservation. The Army Corps (a federal engineering service) issued a permit to Enbridge on Wednesday to build a 41-mile section of pipeline around Bad River Reservation to replace an existing segment that crosses tribal land. In 2019, the Bad River Band filed suit to remove the pipeline from its land. They cited concerns over treaty rights, and the potential risk of an oil spill on Indigenous people and their environment. Enbridge submitted permits to state and federal regulatory agencies in 2020 for the Wisconsin Relocation Project. Enbridge's spokeswoman described the permit as a significant project milestone. However, construction cannot start until all state permits from last year have been confirmed. Environmental groups and opponents of Line 5 have challenged these permits. They claim that Enbridge's plans don't adequately protect Wisconsin's waters. Enbridge, which said it was confident that state permits would be soon confirmed, stated on Thursday. Enbridge Line 5 is 645 miles of oil pipeline built in 1953. It carries oil through Michigan, Ontario and Wisconsin. The company plans to build a 4-mile-long tunnel in Wisconsin to house an aging section of pipeline which crosses the Straits of Mackinac on the Great Lakes. The Army Corps has yet to approve Enbridge's project, which involves the construction of a $750-million tunnel to house the Line 5 oil pipeline. The Army Corps announced earlier this year that it would make a decision on the project this fall. Reporting by Amanda Stephenson, Calgary; editing by Chizu Nomiyama
US to propose ban on Chinese software application, hardware in connected vehicles, sources state
The U.S. Commerce Department is expected on Monday to propose restricting Chinese software application and hardware in connected and self-governing cars on American roadways due to national security issues, two sources told Reuters.
The Biden administration has actually raised severe concerns about the collection of information by Chinese companies on U.S. motorists and infrastructure in addition to the possible foreign control of lorries connected to the internet and navigation systems.
The suggested guideline would prohibit the import and sale of automobiles from China with essential communications or automated driving system software or hardware, stated the two sources, who decreased to be recognized since the decision had actually not been publicly divulged. The move is a significant escalation in the United States' continuous constraints on Chinese lorries, software and parts. Recently, the Biden administration locked in steep tariff walkings on Chinese imports, consisting of a 100% duty on electric lorries as well as brand-new walkings on EV batteries and secret minerals.
Commerce Secretary Gina Raimondo said in May the threats of Chinese software application or hardware in linked U.S. vehicles were considerable.
You can picture the most catastrophic outcome in theory if you had a couple million cars and trucks on the road and the software were disabled, she stated. President Joe Biden in February purchased an investigation into whether Chinese lorry imports present national security threats over connected-car innovation - and if that software application and hardware must be banned in all lorries on U.S. roadways.
China's policies might flood our market with its automobiles, positioning risks to our nationwide security, Biden stated previously. I'm. not going to let that take place on my watch.
The Commerce Department plans to provide the general public 1 month to. comment before any completion of the rules, the sources said. Nearly all more recent vehicles on U.S. roads are considered. connected. Such lorries have onboard network hardware that. allows web access, enabling them to share data with gadgets. both inside and outside the vehicle. The department also prepares to propose making the prohibitions on. software application effective in the 2027 design year and the ban on. hardware would take effect in January 2029 or the 2030 design. year. The prohibitions in concern would consist of lorries with. particular bluetooth, satellite and cordless features as well as. highly autonomous lorries that might operate without a chauffeur. behind the wheel. A bipartisan group of U.S. legislators in November raised alarm. about Chinese car and tech business gathering and dealing with. sensitive information while checking autonomous automobiles in the United. States.
The restrictions would reach other foreign U.S. enemies, consisting of Russia, the sources said.
A trade group representing major automakers consisting of. General Motors, Toyota Motor, Volkswagen. , Hyundai and others had actually warned that. changing software and hardware would require time.
The carmakers noted their systems go through extensive. pre-production engineering, testing, and recognition procedures. and, in basic, can not be quickly swapped with systems or. elements from a various provider.. The Commerce Department decreased to discuss Saturday. Reuters. initially reported, in early August, information of a plan that would. have the effect of disallowing the screening of self-governing vehicles by. Chinese car manufacturers on U.S. roads. There are reasonably few. Chinese-made light-duty cars imported into the United. States. The White House on Thursday accepted the last proposition,. according to a federal government website. The rule is targeted at ensuring. the security of the supply chain for U.S. linked automobiles. It. will use to all vehicles on U.S. roadways, but not for. farming or mining lorries, the sources said.
Biden noted that the majority of cars are connected like cellular phones. on wheels, connected to phones, navigation systems, vital. facilities and to the companies that made them.
(source: Reuters)