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GE Aerospace CEO Culp advocates tariff-free regime for aviation industry
GE Aerospace CEO Larry Culp stated on Tuesday that he advocated a re-establishment of a tariff-free régime for the aerospace sector under the 1979 Civil Aircraft Agreement, when he met U.S. president Donald Trump. Culp told in an interview that the administration "understood the company's view" and added that the zero-duty system has allowed the U.S. Aerospace industry to generate a $75 billion trade surplus each year. Culp said: "I've argued it would be good for our country." Trump's trade conflict has caused the most uncertainty in the aerospace industry since COVID. The trade war has led to the breakdown of decades-old duty free status for the aerospace industry, which puts aircraft deliveries on hold. GE Aerospace customers are struggling to forecast their business accurately due to the uncertainty. Howmet Aerospace, one of GE Aerospace's most important suppliers, has warned it could halt some shipments in the event that tariffs are implemented. Culp stated that the company had not experienced any interruptions in delivery from Howmet. The Pittsburgh-based provider is currently working on a new high-pressure turbo blade for the Leap 1A engines, which GE Aerospace and France's Safran SA produce in a joint-venture. He said, "That ramp is doing very well here in 2025." GE Aerospace is facing supply chain issues, which has led to a decrease in engine deliveries during the last year. Airbus announced last week that it was having problems with engine deliveries because CFM was "significantly lagging behind." Culp stated that the company was "well aligned with" the European planemaker’s needs for this coming year. However, he added that the tariffs had created supply chain risk. Tariffs will cost GE Aerospace over $500 million in tariffs this year. To reduce the impact, GE Aerospace is making better use of available trade programs and foreign trade zones. The company is using cost controls as well as a tariff surcharge in order to protect its margins. The trade-induced uncertainty in the economy has also affected travel demand. Travel spending is softening and there's a risk that airlines will start to delay their engine orders. Culp stated that other airlines would step up if a particular airline decided to stop its deliveries. He said that there are many other people who would step in and take their position. (Reporting and editing by David Evans; Rajesh Kumar Singh)
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Denmark spends $600 million to buy surveillance vessels in response to Russia
Troels Poulsen, the Danish Defence Minister, said that Denmark would spend approximately 4 billion crowns (614 million dollars) to build and purchase 26 navy vessels. These vessels will be used for patrolling, oil-spill response, and surveillance of underwater cables. The Baltic Sea countries are on alert following a series of power outages, telecom links, and gas pipelines, since Russia invaded Ukraine in 2022. This includes sabotage to the Nord Stream pipelines. Russia has denied that it is behind the outages. NATO has increased its military presence by adding aircraft, frigates and naval drones. The so-called "shadow fleet" - Russian vessels that move grain, oil and arms around without following sanctions - has caused concern. "The threats that we face on the sea are much more severe and different than they were just a few short years ago. Poulsen stated that we must respond to the threat of Russia while technology is developing at a lightning pace. With the agreement on the Naval Plan, we are initiating a number of urgent procurements which are the first steps in enabling Danish naval defence to counter a broader range of threats. After spending on defence was drastically cut for more than 10 years, Denmark allocated 190 billion Danish crowns to its military in a period of 10 years. The Nordic country aims to protect subsea cables and pipelines used for energy transmission and production, as well as to increase protection against possible threats to marine environments in Danish waters by the Russian shadow fleet. The ministry announced that in addition to the 26 vessels purchased, Denmark would also acquire drones and systems of sonar, which could monitor and identify any unwanted underwater activity. The government stated that it aimed to build many of the ships in Denmark in collaboration with NATO allies but did not provide any further details. $1 = 6.5142 Danish crowns (Reporting and editing by Timothy Heritage, Louise Rasmussen, Jacob GronholtPedersen)
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Jordan purchases 60,000 metric tonnes of wheat at tender, traders claim
In an international auction held on Tuesday, Jordan's state grain buyer bought about 60,000 metric tonnes of hard milling whey from optional origins. They said that it was estimated to have been purchased from CHS trading house at a cost of $261.70 per ton, including freight (c&f), for shipment in second half July. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. Traders reported that these other trading firms participated in the tender on Tuesday, with their offers for a ton c&f. They were: Cargill, Al Dahra, Ameropa, Buildcom, and Farm Sense. Traders have received information that Jordan will be issuing a new tender for 120,000 tonnes of wheat in the next few days. The deadline for submission of offers is April 29. Shipments are anticipated to take place in different combinations during the months of June and September. Jordan purchased around 60,000 tonnes of wheat in its previous tender on April 15 at an estimated $263 per ton c&f, for shipment during the second half August. On Wednesday, a separate tender for up to 120,00 tons of animal feed barley from Jordan will also be closed (Reporting and editing by Tomasz Janowowski).
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Maguire: China reaches new clean energy milestones in Q1 2025
China's electricity system set several records for clean energy production during the quarter from January to March 2025. This has cemented the country's leadership in the world of clean electricity. According to Ember, the energy think-tank, the total clean electricity generated in China for the first quarter was 951 terawatts hours (TWh). This was the highest total for the first quarter ever recorded, up 19% compared to the same period of 2024. It also exceeded the growth rate of clean energy in other major markets including Europe and the United States. The increase in clean production also helped to lift its share of China’s generation mix from 34% to a new record for the quarter January-March, compared to 34% during the same period last year. SOLAR SHINES The wind farms in China were the largest source of clean energy during the first quarter of 2025. Their 307 TWh generated a record share of 13% of the total power generation. Solar farms, however, have seen the biggest overall increase in output since the first quarter of 2024. Total solar generation has increased by 48%, to 254 TWh. Solar generated a record-breaking 10% of the total electricity. Solar and wind energy assets generated more electricity during January-March than hydro dams, for the first ever. This ensures that renewable sources of energy continue to grow their share in China’s generation mix. The first quarter 2025 saw a 7% increase in hydro power production compared to the same period of 2024, at 226 TWh. Nuclear output increased by 13% at 117TWh. FOSSIL CUTTS China's utilities have been able to lower output of coal and natural-gas plants from January to March compared to the previous year, thanks to a sharply increased supply of clean energy. The coal-fired electricity output, which is still China's biggest source of power, has fallen by 4% since the first quarter of 2024. It now stands at 1,421 TWh. Coal's share in the mix of generation fell from 63% to 58%. The output of gas-fired plants also fell by 4%, to 67 TWh. Total fossil fuel production was also down by 4%, to 2,445TWh. GLOBAL TRENDS Clean power production in China is growing at a faster rate than in any other major market. In the United States, clean energy generation increased by just 6% from January to March of the previous year. Meanwhile, in Europe clean power production decreased by 5%. This year's pace of growth follows China's 15 percent expansion in clean-generation in 2024. That was more than twice the 6% increase posted by Europe and the United States in the same year. China's lead in clean generation over Europe and the United States is set to grow further in the months to come as China's massive solar farms increase overall clean output until its annual peak around the month of July or August. The use of fossil fuels in China is also expected to increase as summer approaches, due to the increased demand for air-conditioning systems that consume a lot of power. China's clean power generation will continue to grow, as the production of solar and hydroelectric dams will peak in the summer. These are the opinions of the author who is a market analyst at.
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After a sharp rise in the Rhine's water level, ships can increase their loads
Commodity traders reported on Tuesday that rain over the Easter weekend has raised Rhine water levels. This allows vessels to carry more cargo even though the river remains too shallow for normal sailings. Traders said that the extreme lack of rainfall in March and April led to low water levels, which hampered April shipping along the entire river south of Duisburg, Cologne and the chokepoint at Kaub. The traders reported that in the northern regions of Duisburg, vessels could sail up to 80% full as opposed to only 50% last week. Rain in southern Germany has raised the water level at Kaub, allowing ships to carry 1,400 tons of cargo. This is up from 870 tons in April. The vessels are now more than half-full. Traders said that the forecast rain in Rhine River catchment areas could lead to further improvements. In shallow water, vessel operators charge surcharges to compensate for not fully loading the vessels. This increases costs for cargo owners. The cost of shipping cargo increases when it is shipped on multiple vessels rather than one. The Rhine is a major shipping route for grains, minerals and ores. It also carries coal, oil products including heating oil, as well as other commodities. German companies will face production and supply problems in the summer of 2022, after a heatwave and drought caused Rhine water levels to drop unusually. Reporting by Michael Hogan Editing David Goodman
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Maguire: China sets new clean energy milestones in Q1 2025
China's electricity system set several records for clean energy production during the quarter from January to March 2025. This has cemented the country's leadership in the world of clean electricity. According to Ember, the energy think-tank, the total clean electricity generated in China for the first quarter was 951 terawatts hours (TWh). This was the highest total for the first quarter ever recorded, up 19% compared to the same period of 2024. It also exceeded the growth rate of clean energy in other major markets including Europe and the United States. The increase in clean production also helped to lift its share in China's generation mix from 34% to a new record of 39% during the quarter of January to March, compared to 34% for the same period last year. SOLAR SHINES The wind farms in China were the largest source of clean energy during the first quarter of 2025. Their 307 TWh generated a record share of 13% of the total power generation. Solar farms, however, have seen the biggest overall increase in output since the first quarter of 2024. Total solar generation has increased by 48%, to 254 TWh. Solar generated a record-breaking 10% of the total electricity. Solar and wind energy assets generated more electricity during January-March than hydro dams, for the first ever. This ensures that renewable sources of energy continue to grow their share in China’s generation mix. The first quarter 2025 saw a 7% increase in hydro power production compared to the same period of 2024, at 226 TWh. Nuclear output increased by 13% at 117TWh. FOSSIL CUTTS China's utilities have been able to lower output of coal and natural-gas plants from January to March compared to the previous year, thanks to a sharply increased supply of clean energy. The coal-fired electricity output, which is still China's biggest source of power, has fallen by 4% since the first quarter of 2024. It now stands at 1,421 TWh. Coal's share in the mix of generation fell from 63% to 58%. The output of gas-fired plants also fell by 4%, to 67 TWh. Total fossil fuel production was also down by 4%, to 2,445TWh. GLOBAL TRENDS Clean power production in China is growing at a faster rate than in any other major market. In the United States, clean energy generation increased by just 6% from January to March of the previous year. Meanwhile, in Europe clean power production decreased by 5%. This year's pace of growth follows China's 15 percent expansion in clean-generation in 2024. That was more than twice the 6% increase posted by Europe and the United States in the same year. China's lead in clean generation over Europe and the United States is set to grow further in the months to come as China's massive solar farms increase overall clean output until its annual peak around the month of July or August. The use of fossil fuels in China is also expected to increase as summer approaches, due to the increased demand for air-conditioning systems that consume a lot of power. China's clean power generation will continue to grow, as the production of solar and hydroelectric dams will peak in the summer. These are the opinions of the author who is a market analyst at.
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Documents show that Vietnam cracks down on fraudulent US exports
According to a document reviewed, the Vietnam trade ministry issued a directive to crackdown on illegal transshipment of goods into the United States or other trading partners in order to avoid high U.S. Tariffs. In the directive, dated April 15 and in effect that day, the ministry said that trade fraud would likely increase due to growing tensions caused by U.S. Tariffs. It said that if fraud was not prevented it would "make it more difficult to avoid the sanctions that countries would apply to imported products" The directive didn't name specific countries from which transshipment fraud could originate. Vietnam imports almost 40% of its goods from China, and Washington has accused Beijing of using Vietnam as a hub for transhipment to avoid U.S. duty. The Trump administration has imposed "reciprocal tariffs" of 46% on Vietnam. These are currently paused, but if they were to be applied, it could severely undermine a model for growth that relies heavily on exports into the United States, and huge investments by foreign manufacturers in the country. The directive instructs officials from the Trade Ministry, Customs, and other agencies to intensify their supervision and inspection of imported goods in order to determine their origin. "Especially imported raw materials that are used for production and exported". The Vietnamese Trade Ministry's document stated that new stricter procedures will be implemented for inspecting factories and supervising the release of labels "Made in Vietnam". "Especially for enterprises where the number of certificates of origin applications has suddenly increased," it said. The directive instructs officials to take "specific measures" to prevent illegal transshipment when necessary. The directive was released after an urgent meeting of the Vietnam government office in early April, just hours after U.S. president Donald Trump announced duties.
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Environmental lawyers are ready to take on Trump's deregulation of energy
Environmental groups in the United States say they're hiring lawyers and getting ready for a legal battle with the Trump administration, which is attempting to bypass federal regulations regarding oil, gas, and coal development. The preparations are a test of the Trump administration’s strategy, which has been relying on executive orders and emergency powers to cut down what they see as obstacles to an increase in fossil fuel energy. Trump has issued an executive directive directing agencies that they must sunset all existing energy regulations by the end of next year. In a separate memo, he said agencies could repeal certain regulations, without consulting the public. Federal officials also informed companies via email that they could seek exemptions from clean air regulations. They exempted several companies from mercury and toxic air limits. A controversial oil pipeline tunnel was fast-tracked in the Great Lakes. Attorneys and policy experts have said that these actions are a test of existing law. This includes provisions of the Administrative Procedure Act of 1947, which requires agencies to publish notices of final and proposed regulations, and to allow public comment. In an interview, Dan Goldbeck said, "They are really kicking it up a notch now." Goldbeck is the director of regulatory policies at the conservative think-tank American Action Forum. "They're trying to push a few of these legal doctrines to see if it can be implemented into a new policy frame." Earthjustice, an environmental group, said that it was hiring lawyers to prepare for a legal challenge against some of Trump's actions. It said that the organization currently has 10 positions open for lawyers and plans to add to its stable of 200 lawyers this year. Earthjustice, along with other groups, say that they are ready to file a lawsuit as soon as Trump's agencies implement his directives. This includes his order to sunset federal energy regulations. Sambhav Sankar is Earthjustice's senior vice president of programs. He said that the proposal by President Trump was almost comically illegal. "If any federal agency tries to do this, we will see them in court." Nevertheless, the groups say that it is important to wait until the administration acts on Trump's orders. David Bookbinder is the director of law, policy and environmental integrity at the Environmental Integrity Project. The White House has not responded to a question about possible legal challenges by environmental groups. Bookbinder, of EIP, said that the Interior and Commerce Departments gave environmental lawyers a target last week when they proposed a new rule allowing agencies to approve projects that destroy the habitats for endangered species. He said, "This is in a sense what we've been looking forward to - not the big announcements from the White House." Zach Pilchen, senior attorney at Holland & Knight and former member of the Trump and Biden Administrations, says that it may be more difficult to challenge the exemptions from mercury and toxic air pollutants for coal-fired plants. Trump relied upon a provision in the Clean Air Act, passed by Congress back in 1990. This allows the president to exempt some sources from the law for reasons of national security or if mitigation technology isn't available. Pilchen said, "This is new territory." "That provision has not been tested, and it may be difficult to challenge in court." He stated that the Clean Air Act contains a judicial-review provision governing lawsuits involving actions taken by the Environmental Protection Agency Administrator, but does not mention specific actions taken by the President. Earthjustice's Sankar stated that his organization anticipates having to challenge the actions of the administration repeatedly in the coming years. He cited the government's refusal to comply with a U.S. Supreme Court ruling that ordered it to facilitate the return of a Salvadoran deported by mistake and currently held in a notorious El Salvador prison. Sankar said that, "normally, in impact litigation, after you win, the government will change its behavior in similar cases in order to conform to the precedent." He added that he didn't expect the administration to continue to follow precedent. (Reporting from Nichola Groom, Los Angeles; Valerie Volcovici, Washington; Editing by Marguerita Choy)
Sunk superyacht most likely to cost insurance companies a minimum of $150 million, professionals state
Insurance companies of the Bayesian superyacht that sank this month, eliminating tech business owner Mike Lynch and six others, could be on the hook for a minimum of $150. million, according to the very first price quotes by industry professionals.
The British-flagged 56-metre-long (184-foot-long) private yacht,. which the professionals estimated cost around $40 million, capsized. and went down on Aug. 19 within minutes of being struck by a. pre-dawn storm while anchored off northern Sicily.
The superyacht's hull was insured versus physical damage by. private yacht insurance coverage provider OMAC and a consortium of insurance companies. consisting of Travelers Companies Inc, Navium Marine and. Convex, Reuters reported recently.
Its defense and indemnity (P&I) insurance coverage, which. usually covers third-party liability claims consisting of for. environmental damage, injury and death, was provided by British. Marine.
The hull was most likely guaranteed for around $40 million, while. the P&I cover would be bigger, insurance coverage sources said.
Our understanding is that the expense of the boat was between. $ 40 and $50 million, so the limit of the hull & & equipment policy. was probably around those values, stated Marcos Alvarez, managing. director, global banks scores at Morningstar. DBRS.
The P&I policy would likely be a number of multiples of the. hull policy, or $200-300 million, Alvarez added, noting it would. also likely cover liability payments even if the captain or team. are discovered to be negligent.
District attorneys in the town of Termini Imerese, near Palermo,. are examining the captain and two other crew members. An. examination does not imply regret or mean official charges will. follow. Prosecutors have said the probe would take time and. need salvaging the wreck.
Oscar Seikaly, CEO of broker NSI Insurance Group, that. offers yacht insurance, estimated the hull value at $40-70. million, but stated P&I cover might not total more than $100. million.
P&I insurance would also cover recovery of the Bayesian,. said Francesco Dubbioso, country supervisor for Italy for insurance company. Alta Signa Europe, who estimated the superyacht's value at $30. million to $40 million.
Reuters is the very first to report the prospective insurance. expenses. OMAC, Travelers and Navium Marine did not right away. respond to Reuters' for remark. Convex declined to comment.
The Bayesian disaster, which has puzzled specialists who said. the boat would have been built to endure a severe storm, adds. to recent problems for luxury yacht insurance providers, who have actually dealt with a raft of. typhoon losses in the past few years.
Premium rates have actually increased by four to 5 times in the past. couple of years in parts of the U.S. and the Caribbean, and. luxury yacht insurers have actually cut the amount of cover they supply due to the fact that. of the threats, Seikaly stated.
As a result, insurance companies have actually increased rates and re-evaluated. their guidelines and risk hunger, according to market. specialists.
In addition to typhoons, insured losses have primarily stemmed. from serious storms, floods, and other weather occasions in North. America, the Caribbean, and Europe, according to a report by. broker Marsh.
Seikaly said four customers had last week been prepared to purchase. boats but changed their minds since of the high cost of. insurance coverage.
Environment modification was also most likely to add to private yacht insurers'. worries, Seikaly included, as it throws up more unanticipated occasions.
Whoever thought a storm in the Mediterranean in the month. of August is going to sink a ship?.
(source: Reuters)