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US Judge temporarily blocks Trump Administration from cutting funding over New York congestion programme
New York officials reported that a U.S. Judge issued an order on Tuesday temporarily prohibiting the U.S. Transportation Department to withhold federal funding for New York, as the Trump Administration seeks the end of Manhattan's congestion-pricing program. U.S. District Court Judge Lewis Liman conducted the hearing one day before the possible start date for the federal government withholding approvals of New York projects. This was according to a warning from U.S. Transport Secretary Sean Duffy. New York Governor Kathy Hochul stated that the decision was "a massive victory for New York commuters and vindicating our State's right to make decisions about what is best for our streets." New Yorkers should be able to make their own decisions about traffic, and keep our streets free of gridlock. Janno Lieber, the chief executive of the Metropolitan Transportation Authority, said that after the hearing the judge's orders will be extended until June 9. Liman "wants to see no more coercive threat" from the Trump administration, said Lieber. He also wants a quick resolution of the lawsuit. USDOT's spokesperson declined to comment immediately. New York's first-in the-nation program was launched in January. It charged most passenger cars a $9 toll during peak hours to enter Manhattan south from 60th Street in an attempt to reduce congestion and raise money for mass transit. New York City, the state of New York and the MTA filed a request to stop the Trump administration's action to ban Manhattan's congestion pricing. Duffy told Hochul in April that USDOT could withhold funding or environmental approvals if the state didn't end congestion pricing on Wednesday. The state declined. New York cited a February social media post by President Donald Trump that praised his efforts to end congestion pricing. The phrase was: "LONG LIFE THE KING!" The White House shared a mock image of Trump wearing a crown on social media. New York questioned the legitimacy of Trump's comparison to a monarch. The MTA stated that the decision was taken "for blatantly partisan reasons" to keep a Trump election promise. New York City claims that the program has reduced congestion by a significant amount. Between January and March there were about 5,8 million cars fewer than expected. This is a drop of between 8% and 13%. The city also reported that data shows a 12% decrease in traffic, and travel times into Manhattan are also significantly improved. Hotel stays, retail sales, and pedestrian traffic all have increased. Hochul said that the funds raised through this program will be used to finance $15 billion of debt for capital improvements in mass transit. In November, the USDOT, under former Democratic president Joe Biden approved the congestion program. It is monitored by electronic license plate readers. The US approval is required because the program involves tolls for federal highways.
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Algeria announces new tender for corn up to 120,000 t, traders claim
On Tuesday, European traders reported that the Algerian state agency ONAB had issued a tender for a new international purchase of up to 120,000 tons of animal feed grain sourced from optional sources. They said that the deadline for submitting price offers to the tender is May 28. According to the report, it is believed that this new announcement indicates that Algeria did not make any significant purchases in its previous tender for 80,000 tonnes of corn which ended on May 21. Algeria issued corn tenders every week in May, but the participation was low. The traders claimed that delays in the unloading of ships in Algerian port had caused financial hardships for previous sellers. Traders said that the terms of the latest tender were changed to include Argentina or Brazil as optional origins, and only as a source in recent tenders. This was done after recent negotiations failed to result in significant purchases. Traders said that this change was also made in the last week's bid. One trader stated that there is a debate on the market as to whether these tenders are considered real demand or price checking. According to traders, the latest tender is for three consignments ranging from 30,000-40,000 tons of grain. The shipment dates are between June 15-30. (Reporting from Gus Trompiz, Paris; additional reporting by Michael Hogan, Hamburg; Editing by Tasimzahid)
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Eni and GIP in negotiations for the sale of 49.99% carbon capture unit
Eni announced on Tuesday that it has begun exclusive negotiations to sell a 49.99% share of its Carbon Capture, Utilisation and Storage (CCUS), business to BlackRock Infrastructure Fund GIP. Eni has a broader strategy that includes developing dedicated units, or satellites, and selling minority stakes to fund growth. Francesco Gattei, Eni's Chief Transition and Finance Officer, said recently that this allows Eni to grow its low-carbon businesses and still maintain its ability to invest in oil & gas activities. Eni CCUS Holding comprises the Hynet and Bacton project in Britain, L10 in the Netherlands and future rights to purchase Italy's Carbon Capture Project in Ravenna. Eni stated that the GIP agreement will allow it to not only purchase a stake in the CCUS project but also to support investment to further develop them. The Italian group claimed that the agreement was reached after a selection of several bidders. Sources said in March that GIP and HitecVision had submitted non-binding offers for the business. Also, Macquarie and Italy's Snam, as well as Thailand's PTT Exploration and Production Public Company, were also mentioned. The CCUS technology captures CO2 at the point of emissions and stores it underground. International Energy Agency (IEA) says that the technology could play a crucial role in meeting global climate goals. Critics say that it could prolong the use of fossils fuels, and they question its commercial viability. (Reporting and editing by Gavin Jones, Jan Harvey and Francesca Landini)
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Ukraine aims to import gas via Transbalkan Pipeline at lower transit fees
The Ukrainian energy ministry announced on Tuesday that the Ukraine's energy regulator had approved a mechanism for importing gas from Greece through the Transbalkan Pipeline. This will allow the gas to be delivered without paying high transit fees. Since a series devastating Russian missile attacks this year that significantly reduced the domestic gas production, Ukraine has been facing a severe gas shortage. Ukraine imports gas through Slovakia and Hungary but not via the southern route due to its higher transit fees, since gas from LNG Terminals in Greece passes also through Bulgaria, Romania, and Moldova. The Transbalkan route is a viable option to meet Ukraine's immediate transportation needs. However, it passes through five different countries and its direct tariff application makes it less attractive to commercial interests than other options. The ministry stated that gas transit operators from five countries "developed an optimized solution which will allow, in particular, the use of currently unused capacities of the Transbalkan pipe to import gas into Ukraine at a very competitive tariff." The ministry did not give any further details but stated that they hoped for positive decisions on the route from all countries participating. Analysts and former officials estimate that the imports will be around 6.3 billion cubic meters (bcm). Ukraine's Naftogaz, the state-owned firm, has begun buying U.S. LNG. It purchased 300 million cubic meters (mcms) from Poland's Orlen. Orlen's supplies are delivered through Poland. The Polish and Lithuanian routes are the cheapest. However, Ukraine will also need to use another pipeline as the Polish interconnector only allows imports of up to 7 mcm a day, while the demand is at least 25 mcm. Ukraine will import approximately 20 mcm gas from Slovakia and Poland on Tuesday. As our EU partners, Ukraine is actively searching for alternative routes to supply gas after abandoning Russian energy. German Galushchenko, Ukraine's Energy Minister, said that the Transbalkan route was important in this context. (Reporting and editing by David Goodman, David Evans and Yuliia Polityuk)
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Singapore Airlines turbulence investigations not complete yet, Ministry says
Singapore authorities announced on Tuesday that the weather radar system of a Singapore Airlines plane that was hit by turbulence last year, causing dozens of injuries and one death, is still being analyzed. The incident occurred after the flight SQ321 between London and Singapore experienced what the airline called sudden, extreme turbulence over Myanmar. Seatbelts were put in the spotlight after this first civil aviation death in 25 years. The airline industry also called for better turbulence prediction as experts warned that severe weather patterns caused by climate change may lead to more incidents. A preliminary update on the investigation released on Tuesday revealed that 79 other people were injured, along with the 211 passengers, 18 crew members, and the deceased, on the flight which diverted to Bangkok. The brief update from Singapore's Transport Safety Investigation Bureau (part of the Transport Ministry) was released one week after the anniversary of the incident on May 21, 2024. A final report will be released by the ministry once the investigation has been completed. The interim update stated that "Components from the aircraft's radar weather system have been sent to the U.S. for testing and examination." The global aviation guidelines require an initial report to be submitted within 30 days after an accident, and a final report ideally within one year. Investigators can issue interim reports on each anniversary if they fail to do so. According to a preliminary report from last year, rapid changes in gravity forces over 4.6 second resulting in 178 foot (54 m), caused passengers and crew members to become airborne, and then fall. This is what led the injuries. After the incident, passengers on the flight said that the crew and those who were not strapped in left their seats or the floor and slammed the ceiling of the cabin, which cracked in some places. Bangkok Hospital treated the passengers and reported spinal cord, skull and brain injuries. (Reporting and editing by Lisa Barrington, Joe Bavier).
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Saudi Aramco announces indicative prices for benchmark dollar bonds
Fixed income news service IFR announced on Tuesday that Saudi oil giant Aramco had launched the sale a three-part dollar-denominated debt, with tranches maturing in five, ten, and thirty years. IFR reported that the oil giant set an indicative price of 115 basis points for the 5-year tranche, and the 10-year and 30 year tranches have initial price guidance at 130 bps and 182 bps, respectively, over U.S. Treasuries. The price is expected to be set later on Tuesday, and the deal will be a benchmark size. This is usually at least $500m. Citi, Goldman Sachs International and JPMorgan lead the transaction. Abu Dhabi Commercial Bank and Bank of China are acting as passive bookrunners. (Reporting and editing by Kirby Donovan; Mohammad Edrees)
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Cerberus, a Chinese port operator, has targeted Darwin Port amid Australia's local-ownership push.
A senior executive from the Chinese operator of Darwin Port said that the U.S. firm Cerberus was interested in buying the lease. This comes amid an Australian government push to return the port to Australian ownership. Terry O'Connor is the Australia non-executive Director of Landbridge, a Chinese company that operates Darwin Port. He said a Cerberus executive had met with Peter Dummett, Chief Executive Officer at Darwin Port, a fortnight earlier and expressed an interest. However, he hadn't yet spoken to Landbridge's Board. Cerberus has not responded to our request for comment. Landbridge previously stated that the port was not for sale and it hadn't discussed the issue with the Australian Government. China's Ambassador to Canberra, on Sunday, criticised Prime Minister Anthony Albanese for his election promise last month that he would return the strategically-located northern port to local control. In 2015, the Northern Territory government sold Landbridge the 99-year lease of the port for $506 million. This was a controversial move that was criticized by Barack Obama, the U.S. President at the time. Around 2,000 U.S. Marines carry out exercises six months a year in Darwin, the northern city where the U.S. is expanding its air base to accommodate U.S. Bombers. The Australian newspaper reported for the first time on Tuesday that Cerberus Capital Management was preparing an official proposal to purchase the port. Cerberus Capital Management was founded by billionaire Stephen Feinberg, who was appointed U.S. Deputy Secretary of Defence in March. Mao Ning, a spokesperson for the Chinese Foreign Ministry, said Tuesday, in response to a Darwin Port question, that "the Chinese enterprise concerned" obtained the lease through the market and their legitimate interests and rights should be protected. The Australian federal Government is conducting a separate process in order to identify potential Australian investors and buyers for the port. Luke Gosling said that he had met with many potential supporters of the Port Darwin in a recent statement. Gosling is the federal lawmaker who serves as the special envoy to Northern Australia and defence. He added, "We will work through this process methodically." Last week, Northern Territory Treasurer Bill Yan said that the port had to be prepared for "heavier defense logistics, the surge of critical mineral exports, and the growing LNG shipments", as well as operate in "Australian interest". Yan's office has not responded to a comment request. John Coyne is the director of national-security programs at the Australian Strategic Policy Institute. He said that Landbridge selling the port to make a profit would be a better option for the Albanese Government than intervening to end the lease for national security reasons, which could result in retaliation from China. He said that Beijing would not be pleased with the sale of such an asset, and added that China might discourage foreign investment into Australia. (Reporting from Sydney by Kirsty Neetham; Additional reporting in Beijing by Liz Lee; Editing by Muralikumar Anantharaman).
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Flix purchases trains worth EUR2.4 billion from Talgo and Siemens
Flix, the German bus-and-train operator, awarded a train order worth 2.4 billion euros ($2.72 billion). The company is banking on the growing demand for high speed services in Europe. Talgo stated in a press release that it had agreed in principle, as part of the order, to provide 65 Talgo 230 high-speed train models, without locomotives and maintenance, for a total initial order value of 1.06 billion euro. Flix, whose competitors include the state-owned Deutsche Bahn said in a statement that Siemens will supply the locomotives. The company also said that the demand for high-speed trains in Europe is expected to increase by 4 to 5 percent per year. Andre Schwaemmlein, CEO of Flix and co-founder of the company, said: "With our tremendous expansion of train fleet we will begin a new age of train travel in Germany & Europe."
Japan's Nikkei climbs for the second day in a row as trade worries ease. Nippon Steel also jumps.
Japan's Nikkei average rose for the second consecutive session on Monday, as trade tensions between Europe and the United States eased.
Nippon Steel's share price soared up to 7.4%, after Donald Trump seemed to approve of the company’s long-term takeover bid for U.S. Steel. The demand for stocks increased after Trump extended the deadline for his tariffs on Europe. This was another retreat from his "Liberation Day' import duties announced last week.
As of midday, the Nikkei Index rose 0.5%. The Topix index was up by 0.25%. Japanese bonds have also rallied following a week in which super-long yields reached record highs.
Naka Matsuzawa, Nomura's chief macro-strategist, said that the market was becoming increasingly doubtful of (the) seriousness (of the) tariff policy after (Trump dropped the tariff rates against China.
He added, "The bond markets started to stabilise, after steepening quite significantly on the long-end, and rallied for two consecutive days. I think this gave relief to both the stock market and the bond market."
The Japanese yen was near its highest level in a month against the U.S. Dollar, which slowed demand for shares of export companies like Mazda Motor. Mazda Motor lost 0.8%.
Nippon Steel's gains at the break were reduced to only 1.6%. CyberAgent, up 4.4% in percentage terms, was the largest gainer on Nikkei. Keisei Electric Railway gained 3.7%.
Konica Minolta, down 3.1% in the index, was followed by J.Front Retailing, down 2.9%, and Isetan Mitsukoshi Holdings both down 2.9%. (Reporting and editing by Janane Vekatraman; reporting by Rocky Swift)
(source: Reuters)