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Maritime body: Russian-flagged oil tanker reports an attack near Turkey coast
The Turkish maritime authority reported on Tuesday that a Russian-flagged oil tanker, sailing from Russia to Georgia with sunflower oil loaded aboard, was attacked near the Turkish coast. However, its 13 crew members were not injured. The Maritime Affairs Directorate reported that the vessel MIDVOLGA-2 had been attacked 80 miles (129 kilometers) off the Turkish coastline, but it did not request assistance. It was heading towards the Sinop port in Turkey. The report did not give any other details. Last Friday, Ukrainian drones targeted two tankers that were sanctioned in the Black Sea, as they approached a Russian port with oil bound for foreign markets. Kyiv was trying to put pressure on Russia's huge oil industry. Tayyip Erdoan, the Turkish president, said that Monday attacks on Black Sea commercial ships were unacceptable. He issued a warning to all "related sides."
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Maguire: Hybrids are helping to sustain US demand for clean cars despite cuts in subsidies
After the federal subsidies were scrapped, the first month's data on electric vehicle sales in America raised concerns about a U turn and a return of transportation based on fossil fuels. Climate trackers are encouraged by the continued sales of hybrid electric vehicles, which continue to be robust despite Washington's sharply reduced support for the EV industry. The U.S. electric vehicle industry is likely to be more negative than ever, as sales of plug-in vehicles are likely to remain low in the short term, now that the $7.500 tax credit has been eliminated. Even without federal assistance, the demand for low-emission vehicles is still high in the United States. BIG PLUNGE The October sales figures painted a picture that the EV industry was in turmoil and there was little interest in electric vehicles without government assistance. Argonne National Lab (ANL) data shows that sales of battery-electric vehicles (BEVs), which are electric cars with batteries, were at just over 75,000 units. This is 47% less than September's total, and the lowest number since January 2023. The sales of plug-in hybrid EVs dropped 19% in the previous month, and also reached a near three-year low. A wider look at the sales data of both types of vehicles reveals a sharp increase in BEVs and PHEVS prior to the subsidy reductions, which has in turn accentuated the decline seen since. The combined sales of BEVs, PHEVs and hybrids in the first 10 month of this year reached a new record of 1.3 millions units. This is a 4% increase from the same period of 2022. From January to October 2024, the total sales of BEVs and PHEVs reached a record 1.3 million units, an increase of 4%. The loss of the tax credit still leaves car dealers in a quandary over how to fill the subsidy hole and reduce any perceived rise in EV price compared to the prices faced by buyers prior to October. HYBRID HOPES Contrary to the sharp declines in BEV and PHEV sales in the previous month, hybrid electrics saw a 6% increase in October compared to the month prior, reaching 159 431 units. This was the highest HEV monthly sales total since July and brought the total HEV sales from January to October to a new record of 1.64 million units. This year-to date sum was 25% higher than all plug-in vehicles sold so far in 2025. It helped HEVs cement themselves as the most popular part of the EV eco-system, despite BEV sales growing faster since 2019. The updated EV sales figures for November are due in the next few weeks. They will reveal a continued weakness of new plug-in EVs, as buyers and dealers try to close the gap between the prices. These weak sales figures could be interpreted in a way that indicates a further shrinkage in the U.S. electric vehicle market, and also a sign the the clean car industry is unable compete without federal assistance. The purchase volume of hybrid electrics will provide a better indication of the demand for clean cars in the United States. These vehicles are priced similarly to those with combustion engines and allow cost-conscious consumers to reduce their fuel dependence at a lower price. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Wall Street Journal, December 2,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Costco sued the U.S. Government to make sure it gets a refund if the Supreme Court rejected President Donald Trump’s request for broad authority to impose tariffs. Apple has appointed Amar Subramanya, a veteran researcher and AI expert, as its new vice president. He replaces John Giannandrea. The Trump administration agreed to buy a stake in xLight, a startup that is developing free-electron lasers. These lasers are seen as a key component to creating faster computer chips. Warner Bros Discovery is preparing to receive a second round bids in an auction which could end in the next few days or weeks. Netflix has made a cash-based offer. Shopify has announced that it has fixed issues with logging into the online shopping platform which affected thousands of customers as well as several small businesses during Cyber Monday. Federal Aviation Administration (FAA) sent letters to airlines asking for information on the steps taken to comply with an order issued in early November to reduce flights into 40 major airports.
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China Vanke bonds drop as developer wants to delay bond repayment by one year
China Vanke bonds fell on Tuesday, after the developer sought to defer a bond repayment for one year. China Vanke, formerly the top homebuilder in China by sales, has been trying to avoid default after a prolonged real estate slump that has affected all of its main competitors. Shenzhen Stock Exchange suspended trading early after a yuan bond with a maturity date of May 2028 dropped by as much as 22 per cent to 23 par value. The developer's exchange traded bonds are all at similar prices. Three sources said that Vanke had asked bondholders of a 2 billion Yuan ($283 millions) bond due to mature on December 15, whether they could delay principal and interest payments till the same date next year. They said that the coupon would remain at 3 percent during the extension. China Vanke, a company owned by Shenzhen Metro to the tune of 30%, has declined to comment. This would be the first time a developer has requested a delay for an onshore bond. The company announced the extension last Monday without revealing how long it wanted to delay. The proposal must be approved by 90% of bondholders at a meeting scheduled for December 10. The market is divided over whether bondholders would approve the plan. According to one source, bondholders are unlikely to approve a loan without collateral, or if the principal and interest payments were made in a straight-forward, unsecured manner. A second source stated that investors were clearly not happy with the plan for extension, but it may still be approved after stakeholders reach a compromise. As the matter is confidential, we have not named the person. Bloomberg was the first to report on Monday that an extension plan had been announced. Reporting by Beijing and Shanghai Newsroom, Editing by Christopher Cushing & Sonali Paul.
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US to withhold $30.4 Million from Minnesota due to foreign truck drivers' licenses
The U.S. Transportation Department announced on Monday that it could withhold up $30.4 million of federal highway funding to Minnesota due to improperly issued commercial driver's licenses to non-U.S. citizens. After a federal audit, the letter sent to Minnesota Governor Tim Walz gave Minnesota 30 days to comply and revoke licenses. After a fatal accident in Florida and an audit by the government, the Transportation Department issued emergency regulations to severely restrict commercial drivers licenses for non-U.S. Citizens. Walz's spokesperson did not respond immediately to a comment request. Separately USDOT announced that it would remove nearly 3,000 commercial license training providers for failing to adequately equip trainees. The USDOT also announced that another 4,000 providers of training were put on notice due to possible non-compliance. Walz, 2024 Democratic Vice Presidential nominee Walz has been repeatedly attacked by President Donald Trump. Walz called on Trump last week to release results of a recently performed MRI. Karoline Lavitt, White House Press Secretary, said that on Monday that revealed that Walz was in good heart health. USDOT stated that in 2023, approximately 16% of U.S. drivers born outside the United States. USDOT threatened last month to withdraw $160 million from California for failing to revoke the 17,000 commercial drivers licenses that were held by foreigners and which, according to the government, had been issued improperly. USDOT withheld $40,6 million in federal transportation funds from California for not complying with the truck driver English proficiency rule. The Trump administration took a number of steps to address concerns regarding foreign truck drivers that do not speak English. Secretary of State Marco Rubio announced in August that the United States would immediately suspend the issuance all commercial truck driver visas. In April, Trump issued an executive order that directed enforcement of a rule that required commercial drivers to meet English proficiency requirements in the U.S. The order reverses 2016 guidance which stated that inspectors shouldn't remove commercial drivers from service for a single infraction of not knowing English. (Reporting and editing by Leslie Adler, Matthew Lewis, and David Shepardson from Washington)
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CANADA-CRUDE-Discount on Western Canada Select widens
On Monday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) widened. WCS for Hardisty, Alberta delivery in January settled at $12.75 per barrel below U.S. benchmark WTI according to brokerage CalRock. This compares to $12.40 Friday. * The WCS Discount began the month at its largest point since March. Analysts predict that the WCS discount will continue to widen through the winter as seasonal supply increases and pipelines are used more, while OPEC+ barrels on global markets increase. The Canadian crude market began its trading cycle on Monday. This cycle runs from the 1st of every month to the day before pipeline nominations due date, and is where the majority of trading takes place. * Oil prices increased by more than 1% Monday, following the drone attacks by Ukraine and the United States' closure of Venezuelan airspace. OPEC also decided to maintain the same output level in the first quarter 2026. (Reporting from Amanda Stephenson, Calgary; Editing done by Maju Samuel.)
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Zipcar, the car-sharing company, plans to stop operations in UK
Zipcar, an American car-sharing company and a subsidiary of Avis Group, announced on Monday that it will cease operations in the United Kingdom, as well as suspending any new bookings after the end of this year. The company said it was awaiting the results of formal consultations with its UK staff before deciding on a date for the closure of their operations. Avis Budget Group's spokesperson stated in an email that Zipcar had proposed changes to the UK operation as part of an overall transformation for international operations. This proposal is only for the UK market. Zipcar's operations on the United States market and other international markets continue to be fully operational, according to the statement. Zipcar provides car rental services in Europe and North America to students and business people. It has over 1 million members. Avis Budget Group acquired it in 2013 for approximately $500 million. Reporting by Unnamalai and Nishara in Bengaluru, editing by Shrey Biswas and Alan Barona
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US Midwest grid operator accelerates review of 15 power supply projects
Midcontinent Independent System Operator, the U.S. Midwest grid operators, will speed up reviews of 15 additional power projects in order to add electricity faster. This is part of a legal challenge from environmental and consumer groups. The country's largest regional grids – MISO, Southwest Power Pool, and PJM Interconnection – have approved dozens power projects for a speedy review this year as operators raise the alarm about the rising demand that is outpacing new electricity sources. Some of these fast-tracking procedures have been challenged in court on the grounds that grid operators favor natural gas-fired projects over renewable energies, like solar and wind. Natural Resources Defense Council, Sierra Club and other groups have sued the U.S. Federal Energy Regulatory Commission for MISO and SPP programs that require FERC approval. MISO has announced that the second round of projects selected by MISO includes seven gas-fired power plants, three storage battery projects, three solar energy projects, and two wind turbines. The fast-track project is designed to reduce the time required to connect power supplies to grid by months or even years. MISO Vice-President Aubrey Johnson said, "These projects are crucial to meeting near term reliability needs and to ensuring that new resource additions come online to meet the load growth." The 15 projects have a total capacity of more than 6 gigawatts and their start-up dates range between December 2027 and August 2028. One gigawatt is enough to power 750,000 homes.
Holcim increases recycling of building materials with three deals
Holcim announced on Tuesday that it had acquired three companies in Britain (Britain), France (France) and Germany which use recycled demolition material. This is the latest acquisition by the Swiss cement manufacturer as it moves towards circular construction.
Holcim closed the acquisitions of Thames Materials in London, a recycler and demolisher of construction materials, as well as a majority stake of A&S Recycling in Hanover, Germany.
Holcim has agreed to purchase a recycling company in the northwest of France that recycles construction demolition materials. The name was not disclosed.
CEO Miljan Gutovic stated that the deals were part of Holcim’s strategy to expand its circular construction. This involves recycling concrete, bricks, and metal into new building materials.
Holcim aims to recycle 20 millions tons of demolition materials a year, by 2030. This is a market that's growing as customers are looking to reduce their carbon footprint and increase profit margins.
The company will recycle 5.6 million tonnes in the first nine-months of 2025. This is 20% more than the previous year.
Gutovic stated in a press release that "the future of construction will be circular, and I am looking forward to realizing this future with our new colleagues." (Reporting and editing by Miranda Murray, with John Revill)
(source: Reuters)