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Nigerian FOB levies on imports are suspended after industry protest
Nigeria's Finance Ministry has ordered an immediate suspension of the levy on imported goods. Companies had claimed that the levy would increase the cost of doing businesses and hamper economic recovery. In a late-Monday directive, Finance Minister Wale Edun stated that the Nigeria Customs Service's (NCS) 4 percent Free on Board (FOB), introduced last month, would be suspended in order to address concerns raised by business. Edun stated in a press release that "Following consultations with stakeholders from the industry, trade experts and relevant government officials it became clear that the implementation 4% FOB charges poses significant challenges for Nigerian trade facilitation and the business environment as well as economic stability." Importers, business groups and others had warned against the tax, claiming that it would raise the price of goods, cause inflation and harm Nigeria's competitiveness in the trade market at a time the country is trying to reduce currency volatility and slow growth. The ministry stated that the suspension would allow for an in-depth review of the framework of the tax and its wider economic implications. It added that it would be working with the Customs Service and other stakeholders to create a "more equitable and efficient revenue structure". Nigeria, Africa's biggest economy, is trying to increase non-oil revenue amid falling crude production and increasing fiscal pressures. Businesses have protested against what they consider arbitrary taxes that increase costs and complicate trade. (Reporting and editing by Gareth Jones.)
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Allegro, an e-commerce company, teams up with DPD to launch a delivery program
Allegro, Poland's biggest e-commerce site, announced on Monday that it has signed a new contract with courier DPD to deliver parcels through the company's delivery service. Allegro is scaling and diversifying its logistics. Why it's important Allegro has taken steps to reduce its delivery costs. For example, it increased the merchant co-financing through its loyalty program and developed its own logistic muscle. KEY QUOTES Allegro stated in a filing that the agreement was part of its ongoing efforts to diversify and scale up the Allegro Delivery program by increasing cooperation with its logistic partners. By the Numbers Allegro stated that the agreement covered deliveries to DPD’s automated parcel machines and pick-up/drop-off points, as well as directly to customer addresses. Allegro said the contract will run until April 2020. Allegro has no volume commitments as part of the agreement. CONTEXT Allegro has launched its own delivery program, where it is responsible for the entire delivery process. Initially, Allegro teamed up with Orlen and then added DHL.
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SpiceJet, India's SpiceJet, adds eight more Boeing 737s to its fleet ahead of the festive rush
SpiceJet, the Indian budget airline in trouble, announced on Tuesday that it would lease eight more Boeing 737s to bolster its fleet for the upcoming winter and festive season. The airline has now added 18 Boeing jets to its fleet, including 10 previously leased Boeing jets that are scheduled to be delivered starting in October. SpiceJet signed several settlements with lessors, creditors and others in the last few years. However, it has struggled to expand its capacity. Last week, Carlyle’s Commercial Aviation Investment and Servicing unit paid $89.5 million in settlement to the airline. In June, the airline suffered its second consecutive quarter loss due to a weak demand for leisure travel on certain routes in the midst of India-Pakistan's worst fighting in decades. The company also noted that the delay in bringing its aircraft back into service was a major problem. (Reporting and editing by Sumana Niandy; Urvi Dugar)
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French and Benelux stocks: Factors to watch Tuesday
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. BNP PARIBAS The French bank is one of the biggest in the Eurozone. It said Tuesday that it aimed for a ROCE ratio of 13% by 2028. They also expected a CET1 of 12.5% in 2027. VUSIONGROUP After reporting a net loss of 9.7 millions euros in the first half of the year, French electronic equipment maker Vusiongroup has raised its full-year target. COFACE Christina Montes De Oca, the CEO of Coface in France, has been appointed as the new Chief Executive Officer for North America. De Oca takes over position after Oscar Villalonga. Aéroports de Paris ADP, a French airport operator, reported a single-digit increase in its monthly traffic figures for August. The total was just over 37 million passengers. In a Tuesday statement, the French distributor of petroleum products said it was committed in exploring and considering possible options. This came as a reaction to press reports about "rumors regarding possible transactions" on group's shares capital. WENDEL, BUREAU VERITAS Wendel, a France-based investor, said that it would begin divestment through an accelerated booking process of 23.3 millions shares it owns in Bureau Veritas. This will reduce its stake to approximately 21.4%. EXAIL TECHNOLOGIES Exail Technologies, a French industrial machinery manufacturer, confirmed its annual goals after reporting a half-year revenue totaling 220 million euros. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... survey of world bourse outlook......... European Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report.....
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U.S. aims to target China's grip over global ports with sweeping maritime missions
According to three sources who are familiar with the plan, U.S. president Donald Trump's government is on a quest to weaken China’s global network ports and bring in more strategic terminals to Western control. This is part of an ambitious effort by the United States to increase its maritime influence. It is also designed to alleviate growing concerns in Washington about being at a disadvantage in the event of conflict with China. The people said that Trump administration officials believed the U.S. Commercial Shipping Fleet was ill-equipped to support the military during wartime and Washington's dependency on foreign ports and ships is excessive. Three people have said that the White House may consider supporting Western or American firms to purchase Chinese stakes at ports. The three people did not name any firms, but cited BlackRock's proposal to buy CK Hutchison's port assets in 23 countries including Panama Canal as a good case study. They asked to remain anonymous because they were not authorized to speak publicly about the issue. Requests for comments from the White House or U.S. Treasury were not answered. Sources say that, in addition to Panama, U.S. officials are also concerned by Chinese holdings of maritime infrastructure, including in Greece, Spain, the Caribbean and U.S. West Coast Ports. A spokesperson for the diplomatic mission of China in Washington stated that China has a normal level of co-operation with foreign countries within international law. The spokesperson stated that "China has been against unilateral sanctions, which are illegal and unjustified. This includes so-called long arm jurisdictions and actions that violate and undermine the legitimate rights and interest of other countries through economic coercion and hegemony. Beijing officials did not reply to our request for comment. The U.S. Government views Chinese investments in ports around the world as a threat to national security, said Stuart Poole Robb, founder and chief intelligence officer of KCS Group. He said that he was concerned about China using its assets to espionage or gain a military advantage, or disrupt supply chains in times of geopolitical crisis. GREEK PORT IN CENTRAL FOCUS Three sources confirmed that the U.S. will examine Chinese interests in the Greek Port of Piraeus. Piraeus, located in Athens in the eastern Mediterranean region, is an important hub for trade routes linking Europe, Africa, and Asia. COSCO, one China's largest port and shipping group, owns 67% of the Piraeus Authority. Sources close to Chinese shipping investors in Greece have expressed concern that Washington could target COSCO operations in Greece. COSCO and Greek government have not responded to comments. Greek officials previously stated that they were not informed of any plans to take control of Piraeus. Washington has already set COSCO as a target. In January, the Department of Defense included state-owned COSCO on its blacklist of Chinese military-linked companies. The designation does not entail immediate bans for U.S. businesses doing business with the listed companies, but it can be interpreted as a sign that further actions are being considered. The Development Research Center of the State Council (an official think-tank of China’s governing cabinet) said in a recent paper that the United States intended to attack China’s international influence through exaggerating the ‘China threat theory’ and use this excuse to force allied countries to choose sides in supply chain agreements. The U.S. Administration has announced measures to increase America’s small commercial maritime presence in the world. This includes encouraging domestic shipbuilding. It also wants to expand access U.S. controlled shipping registries and review global maritime chokepoints to assess shipping risks. China has a vast network of ports that it owns or leases through its state-controlled companies, such as China Merchants in Shanghai and SIPG. A report by the Council of Foreign Relations (a U.S. think tank) published last year stated that China, through its various companies, had invested in 129 ports projects around the world as of August 2024. According to U.S. Navy estimations, China's shipbuilding capacity is 230 times greater than that of U.S. shipyards, so it may take decades for the U.S. to catch up. The U.S.'s maritime push has contributed towards tensions between the U.S. and China, who see port and shipping assets integral to their Belt and Road initiative. This is at a moment when both superpowers have already been at odds over trade and tariffs. MEDITERRANEAN GATEWAY UNDER REVIEW The U.S. Federal Maritime Commission began a review in March of seven chokepoints on the maritime route. It stated that it wanted to identify "regulations, policies or practices" that create unfavourable conditions for shipping. This review examines the Strait of Gibraltar which separates Spain and Africa at the entrance of the Mediterranean Sea. Two sources claim that the Spanish Prime Minister Pedro Sanchez's desire to strengthen trade relations with China has caused Washington to be concerned about Beijing's access its ports. When asked to comment on Chinese port investments, a spokesperson for the Spanish Foreign Ministry said: "We do not know of any concerns or approaches from third parties in this regard and it is therefore not appropriate for us comment." A spokesperson for the Spanish Port Authority confirmed that COSCO holds concessions to operate container ports in Valencia and Bilbao. Since returning to the White House, Trump has taken a number of steps to increase U.S. power over the oceans. In April, he signed an executive directive to revitalize shipbuilding capacities to expand the U.S. controlled vessel fleet. His administration is looking at a proposal for a new shipping registry to be established in the U.S. Virgin Islands. This registry would allow vessels to fly a U.S. flag without meeting the more stringent standards of the U.S. domestic registry. The U.S. will soon start charging Chinese-built or Chinese flagged vessels fees when they call at U.S. port. Trump also wants to seize the semi-autonomous Danish Greenland territory, which is close to the Arctic and has important shipping routes. Sources familiar with the plans say that this is the most ambitious attempt by the U.S. since Richard Nixon tried to boost domestic shipbuilding, commercial ship registry and U.S. maritime power. Poole-Robb, a KCS analyst, said that the U.S. will likely continue to build alliances and partnerships in order to counter Chinese economic growth and power in the near to medium term. CARIBBEAN SHIPMENT CONCERNS According to three sources, the United States is also concerned about Chinese investments in Jamaica's Kingston Terminal, which is a major maritime transhipment hub for the Caribbean because of its location and deep water port facilities. China Merchants owns a share in the company that operates Kingston's container port, along with France's CMA CGM. JISCO, a Chinese metals company, bought the Alpart refinery west of the capital and Port Kaiser in 2016. According to a June study by the Center for Strategic & International Studies, China's presence at Kingston posed the biggest security threat for the United States of all Beijing port projects in Latin America & the Caribbean. On a visit to Kingston in March, U.S. Secretary of State Marco Rubio, described China's strategy as being characterised by "predatory practices", using government-subsidised companies to "underbid everybody" and acquire assets. A State Department spokesperson responded to Rubio's remarks by saying that the presence of untrusted equipment in critical infrastructure around the world, such as ports, increased the risk for U.S. security. Jamaica's Ministry of Foreign Affairs and Foreign Trade spokesperson said that it was unaware of any U.S. communication about the reduction in China's influence on the Caribbean nation's maritime trade. During the first Trump administration, there was some resistance to Chinese investment in the area. Bruce Golding, former Jamaican prime minister who brought Chinese investment to the Caribbean nation, said: "I expect that the U.S. will increase pressure on us to reduce our engagement with China." COSCO, on the other hand, has invested with local partners at the ports in Los Angeles and Long Beach, the United States. The White House has not responded to a question about COSCO's U.S. investment. A senior executive at the Chinese operator of Darwin Port said that the U.S. firm Cerberus in Australia, founded by U.S. deputy secretary of defense Stephen Feinberg has expressed interest in purchasing the lease. Anthony Albanese, the Australian Prime Minister, has promised to return the strategic port in the north to Australian ownership. He also reiterated this position during his July visit to China. Albanese's Office referred to Albanese’s previous comments. A U.S. official of defense, when asked to comment on the matter, said that Feinberg had not participated in any discussions or made any decisions about any acquisitions in which his former company might be interested. Since the end of the term of President Joe Biden, Democratic and Republican legislators have scrutinized China's ownership of its ports. A U.S. Port official who is familiar with the issue confirmed this. Carlos Gimenez said in February that the United States cannot and will not stand by as Communist China undermines our interests at ports.
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Data shows that a sanctioned tanker has discharged Russian oil in India's Mundra Port.
Ship tracking data from LSEG/Kpler revealed that the sanctioned tanker Spartan discharged Russian crude at India's Mundra Port despite a restriction by Adani Group to the entry of ships on the blacklist at the terminal. Kpler data shows that the Suezmax tanker discharged one million barrels Urals crude to HPCL-Mittal Energy Ltd (HMEL), Mundra terminal in India. Spartan (formerly SCF Samatlor) has been placed on the blacklist by both Britain and the European Union for violating sanctions when transporting Russian oil. Equasis showed that the ship was managed by Dubai's Nova Shipmanagement, and owned by Citrine Marine. HMEL or Nova Shipmanagement didn't respond immediately to requests for comments outside of office hours. Citrine Marine, based in Dubai, does not have any contact details. Noble Walker, another vessel sanctioned for carrying Russian oil and redirected to India's Vadinar Port on Monday. According to shipping data and reports from LSEG, Kpler and LSEG, the Noble Walker was heading to Mundra on Friday, with about 1,000,000 barrels of Russian crude oil for HMEL. Adani has issued an order to bar vessels sanctioned by Britain, the EU and the United States from entering its 14 ports. This includes Mundra, in Western India. The port is used by Indian refiners HMEL, Indian Oil Corp and others to import oil from Russia. Reporting by Florence Tan and Nidhh Verma from Singapore, with editing by Jamie Freed
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Trump Administration orders Delta and Aeromexico joint venture to terminate by January 1, 2019.
The Trump administration announced late Monday that it had ordered Delta Air Lines to dissolve a joint venture with Aeromexico by January 1, which allowed the carriers to coordinate flight scheduling, pricing, and capacity decisions between U.S. and Mexico. In July, the U.S. Transportation Department proposed to end the joint venture that had been in place for nearly nine years as part of several actions targeted at Mexican aviation. The department under Joe Biden announced in January 2024 that it was looking into ending it. Washington also warned that it may take action against European nations over restrictions at airports. The Department said Monday that the joint venture was ending because it "is necessary due to ongoing anti-competitive effects on U.S. Mexico City markets which provide an unfair benefit to Delta and Aeromexico." About 60% of passengers flying from Mexico City Airport into the U.S. are carried by these carriers. The airport is the 4th largest international gateway into and out of the United States. The U.S. Government said that it did not require Delta to sell its 20 percent equity stake in Aeromexico. The U.S. government said that it did not require Delta to sell its 20% equity stake in Aeromexico. Delta expressed disappointment that the Transportation Department had withdrawn approval of the venture. It said the move "would cause significant harm" to U.S. consumers, jobs and communities traveling between the U.S.A. and Mexico. We are reviewing Department's orders and determining next steps." Aeromexico and the Mexican government did not respond immediately to comments. Delta stated that the joint venture creates more than 310 million dollars of gross domestic product in the United States and nearly 4,000 jobs. It warned that up to $800,000,000 in consumer benefits per year could disappear, and that two dozen routes may be cancelled or smaller aircraft replaced. The Transportation Department announced in July that it would take action against the Mexican government for forcing cargo carriers to relocate their operations from Mexico City and for cutting flight slots. This had a negative impact on U.S. Airlines. Transportation Secretary Sean Duffy has ordered Mexican carriers file flight schedules. He also warned that his department may disapprove Mexican flight requests if they fail to address U.S. concerns about decisions made by Mexico in 2022 or 2023. The Transportation Department stated on Monday that Mexico continues to "continue along a pathway of market interference and distortion which adversely impacts competition in the U.S. - Mexico air services market." It also said that it "perpetuated an allocation system for slots that does not comply with international standards and benefits Aeromexico." The Department of Transportation warned that the venture would likely result in higher fares on some markets, reduced capacities and difficulties for U.S. carriers because of government intervention. (Reporting and editing by Tom Hogue, Jamie Freed, and Kylie Madry; Additional reporting in Mexico City by David Shepardson)
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Unions withdraw their threat to strike New York Rail Agency
The New York Metropolitan Transportation Authority announced on Monday that the unions have backed down from their threat to strike at Long Island Rail Road later this week, which serves more than 300,000 daily passengers. At a press event, a group of unions announced that they had requested President Donald Trump appoint a board to act as a mediator after threatening to strike the commuter railroad in New York. This action does not mean that a strike will never happen. Gil Lang, the general chairman of BLET's LIRR Engineers, said that it is unlikely to happen in the near future. The union leaders stated that the White House Board would be appointed and a 120-day period would begin during which it would make its recommendation. During this time, no work stoppages could take place. The White House can name a second panel with a cooling off period up to May 2026 if no agreement is reached. The LIRR is the largest commuter railway in the United States. Jim Louis, vice president of national affairs for the Brotherhood of Locomotive Engineers and Trainmen, said that the five unions had decided to act like adults and ask President Trump to create a presidential board of emergency. The MTA criticised the unions. If these unions were truly interested in putting riders first, then they would have settled or agreed to binding arbitration. This cynical delaying serves no one. The White House didn't immediately respond to an inquiry for comment. New York Governor Kathy Hochul asked the White House to mediate directly. She said, "There's a fair deal on the table and I've told the MTA that they should be prepared to negotiate anywhere, anytime." Both sides must continue to negotiate and work around the clock to resolve this." (Reporting and editing by Chris Reese, Edmund Klamann, and David Shepardson)
Maguire: UK gas traders must be aware of the weather this winter.
Wind speeds in the UK this autumn and winter could have a major impact on the UK gas market, and even the gas and power markets of Europe.
If the wind farm output continues to be below normal, it could lead to a sharp increase in gas consumption by UK power companies heading into winter. Gas supplies will likely become tighter and gas prices higher.
The UK could export more gas and electricity during Europe's peak gas period in winter if wind power production increases.
SUB-PAR 2025 WIND... SUB-PAR 2025 FOR WIND...
Ember data shows that the monthly UK wind electricity production fell below the output total of the previous year during six of first eight months 2025.
The total wind power output in the first six months of this year is just under 48 terawatt-hours (TWh). This is 8.3%, or 4.3 TWh, less than what was produced during the same period in 2024.
Wind farms accounted for the lowest percentage of electricity generated in the UK since 2022.
In the UK, wind farms produced 31.9% (or about 35% of utility-scale) electricity from January to August. This compares to almost 35% in the same period in 2024.
GAS OFFSET
Gas-fired electricity generation in the UK increased by 17.5% compared to the same period last year and reached its highest level in two years.
The UK's final coal-fired plant was shut down in September last year. This helped to boost gas-fired production this year. It also resulted in the highest total power generation ever recorded from UK diesel-fired stations.
Gas-fired electricity accounted for a 33% share of UK utility electric generation. This is an increase from 29% during the same period 2024.
Gas will continue to be the main source of power dispatchable in the UK, particularly during times when wind farm output is intermittent and falls short of expectations.
LSEG data shows that gas will be the main source of heating for the UK power sector during the upcoming cold spells. Temperatures are expected to continue trending lower, but remain above the long-term norm in the next month.
Seasonal Upwings
As we move into the last months of the calendar year, both wind and gas tend to increase.
The wind speed at the turbines increases with the change in season, which has historically led to a dramatic increase in the production of wind electricity.
Ember data show that between 2019 and 2024 the UK's wind electricity production during the last three months of the calendar year increased by an average of 66% compared to its average during the quarter from July to September.
The share of wind power in the UK's generation mix has also traditionally increased as the year progressed, from an annual average of 30% to close to 40% by the winter peak months. UK fossil fuel power plant generation also increases from mid-year to winter.
The total amount of fossil fuel electricity generated between 2019 and 2024 is expected to be 18% higher than during the summer months, as the demand for heating increases in winter.
In the past, gas and coal-fired plants have been cranked to produce more power, but now that the UK coal plants are closed, gas plants will be doing the bulk of the heavy lifting in the winter.
TIGHT STOCKS
The volume of gas available during sudden cold snaps that trigger an increase in demand will be a major constraint to the UK's gas generation capacity during the winter.
The UK relies on its pipeline system to supply its gas, both from its own fields and exporter nations. It does not keep a lot of inventory in its domestic storage tanks.
The UK power system will likely consume more gas during peak demand times, due to the absence of backup coal plants after 2024.
This will put pressure on the existing gas supply network during unexpected spikes in demand, and cause a regular reduction of existing stocks.
The stock drawdown has already been apparent this year. Average inventories between January 1 and September 15 were 41% lower than the same period in 2020, the lowest since the 2021.
Gas traders traditionally stock up in September and October before the winter rush. This year, you still have plenty of time to do so.
During cold, windy days, power companies can rely on the increased power supply from wind farms to help meet any additional demand.
Some power providers may worry that UK wind output will remain below the year-earlier level for the remainder of 2025 and that more gas generation may be required to balance the system.
Gas traders could see a consistent increase in gas demand throughout the year. They may also experience periods of higher gas demand when power demand spikes due to cold snaps.
Gas traders need to be more aware of the impact that wind farms will have on gas consumption.
These are the opinions of the columnist, an author for.
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(source: Reuters)