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Palm Beach Airport, Florida -- the home of Trump's resort in Palm Beach -- is named after him
Palm Beach Airport in Florida renamed after President Donald Trump, the latest of a number of institutions, government programs and warships that have adopted the Republican identity. The renaming of Palm Beach International Airport as President Donald J. Trump International Airport is a public nod to the Republican Leader's popularity in Florida, where his lavish Mar-a-Lago Resort is located. Eric Trump, Trump's son, said in an exclusive interview with Fox News that "I don't believe there's anyone more synonymous with Palm Beach in Florida than Donald Trump." Since Trump?took over the White House for a second term last year, his name has appeared on a new class of Navy warships that is planned, a program to grant visas to 'wealthy' foreigners, an online prescription drug store run by the government, and federal savings accounts set up for children. He has also undertaken an ambitious remaking Washington. The Trump name has been added to the United States Institute of Peace, but courts have refused to add it to the John?Kennedy?Center for the Performing Art. In March, Republican Florida Governor Ron DeSantis passed legislation to rename southeast Florida city's airport in honor of Trump. On August 18, the Federal Aviation Administration's three-letter code will change from PBI to DJT, which is Trump's initials. Eric 'Trump and his entire family were on the first private plane to land in the early morning hours at the newly named airport. Eric Trump told "Fox & Friends" that he would never let UPS be the first plane to arrive. (Reporting from Maria Alejandra Cardona, Palm Beach; writing by Doina Ciacu; editing by Nick Zieminski).
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Oil tanker traffic in Hormuz is near a standstill due to attacks that strain Iran's truce
According to data and reliable sources, oil tanker traffic in the Strait of Hormuz?was at a standstill Thursday as the shipping risks increased after the U.S. Airstrikes were renewed on Iran, prompting retaliation by Tehran in the Gulf. In the early morning hours of Thursday, only two tankers have so far sailed through the Strait. According to Kpler, they included the crude supertanker Berg 1 which was loaded on Iran's Kharg Island. It is also subject to U.S. sanction. Kpler analysis revealed that the chemical tanker Well Sail with Marshall Islands flag also traversed this strait. According to LSEG tracking data, its previous destination for loading was near Sharjah, United Arab Emirates. According to shipping industry sources, vessels are increasingly turning off their public AIS transponders. This makes it difficult to see all the ships crossing. In a recent report, Jorge Leon, the head of geopolitical analyses at Rystad, stated that "tanker traffic has virtually stopped through the Strait of Hormuz". The latest flare-up has left the U.S.-Iran truce in a precarious position. On Thursday, Iranian forces attacked U.S. military installations in Gulf States in response to U.S. airstrikes on Iran's eastern and southern provinces. This put further pressure on a three week-old ceasefire. The U.S. has blamed Tehran for the latest flare-up of the four-month conflict, which began this week with three tankers being attacked in the Strait by the U.S. The Iranian Revolutionary Guards Navy warned on Thursday that U.S. military attacks against Iran and interference in redirecting ships were disrupting the gradual reopening of the Strait. They also warned that any further U.S. interventions would be met with a "crushing reaction". Before the U.S.-Israeli attacks on Iran, which erupted in February 28, the Strait of Hormuz was responsible for about a fifth of all global oil supplies. The daily traffic has risen in the last two weeks to the highest level since the outbreak of the war. Averaging 40 ships transiting the Strait per day, this is still well below the pre-conflict number of 125 to140 sailings. A TANKER ATTACK RISKS HIGH-VALUE VEHICLES Insurance industry sources said that some war underwriters advised shipping companies to pause voyages across the strait, while others reviewed their policies after renewed vessel attacks. Clarksons, a ship broker, said that the reopening of Hormuz "story" looked more fragile after the latest escalation. The Marshall Islands flagged Qatari LNG tanker Al Rekayyat is still stranded off Oman, awaiting salvage operations after a late-night projectile strike ignited a fire inside its engine room. Sources in the industry said that despite earlier fears of an explosive event, there was little risk at this time and the cargo of liquefied gas looked secure. The Marshall Islands' ship registry, one of the top flag states in the world, has confirmed to? The incident that involved the Al Rekayyat did not result in any reported injuries or environmental impact. As recent incidents have shown the marine war market now faces the prospect of potential severe losses, involving vessels with substantial value, said a marine war underwriter who requested anonymity due to the sensitive nature of the situation.
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BETA is the flight control system of choice for Horizon Aircraft in Canada
Horizon Aircraft announced on Thursday that it has selected BETA Technologies, a manufacturer of electric aircraft, to provide flight-control computers to its Cavorite aircraft. The company is looking to accelerate certification efforts. The Canadian hybrid-electric plane maker announced that it would integrate BETA’s fly-by wire?flight-control hardware and customized software in its Cavorite X7. This aircraft can carry up to six passengers, including a pilot. It also has a payload of 1,500 pounds. The deal comes as electric and hybrid aircraft firms assemble suppliers and prepare for regulatory approvals before commercial deployment, in an effort to meet the growing demand for a quicker?and a lower-emissions alternative to?urban transportation. The regulators examine the flight-control computer systems to ensure aircraft handling and stability. Tom Brassington, Horizon's chief technology officer, said that the BETA agreement is critical for the aircraft's integration of flight-control. The company announced that it would use the flight control computer hardware BETA already uses in its aircraft. Both companies claimed this could reduce component costs and improve manufacturing efficiency. BETA, which also makes safety-critical components like motors and batteries in addition to flight controls systems, was selected earlier this year, along with rivals Archer, Joby and others, for an U.S. Government?pilot program that aims to accelerate the deployment of flying taxis. This agreement is the latest in a series of partnerships announced by Horizon. These include?deals? with RAMPF for the manufacture of?the main aircraft body, UK-based F1 suppliers Motion Applied, to design a motor drive custom inverter and Pratt & Whitney Canada, to provide its engine.
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AfDB lends Morocco $234 million for rail expansion project
The African Development Bank (AfDB), announced on Thursday that it had approved a loan of 205 million euros to upgrade the rail infrastructure in one of Morocco's most important?transport corridors. The bank said that the loan was intended to 'boost capacity and improve operational performance on the Kenitra-Marrakech rail corridor which is responsible for a significant share of Morocco's passenger traffic and freight. * Morocco will invest $10 billion in expanding its intercity rail network and urban rail network, including a?high-speed line from Rabat to Marrakech ahead of the FIFA World Cup 2030, which it is slated to co-host with Spain, Portugal and France. The new?high-speed 'line will run from Kenitra, on the Atlantic coast,?430 km (267 mi) south to Marrakech. It will also serve?Rabat & Casablanca. (Reporting and Editing by William Maclean, Ahmed Eljechtimi)
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Kremlin: US is wrong to believe that escalating strikes against Ukraine can end the war
Russia warned on Thursday that the United States was wrong to think that deep Ukrainian strikes against Russian territory would help end more than four years war and could prolong it. Marco Rubio, U.S. secretary of state, said that Russia is finding it difficult to defend its skies. He added that this will?hopefully give more room to negotiate a peace. Donald Trump, the U.S. president said: "It is an escalation but it can also help bring an end." Dmitry Peskov, the Kremlin's spokesperson, told reporters that there are "certain misconceptions?within the White House Administration... about the idea that military pressure and escalation can pave the road for a peaceful resolution." He called this a "flawed" premise and said that Russia's "special military operations" in Ukraine could last longer as a result. Peskov stated that "it will lead to us having to create a bigger security zone - a greater buffer zone." "Stoking tensions or taking actions to escalate the situation will not contribute in any way to the peace process." PUTIN'S POINT OF VIEW According to three sources close to the Kremlin, President Vladimir Putin has rejected calls for peace talks with Kyiv and believes that Ukraine's drone attacks on Russia's oil refining and ports have strengthened his resolve to continue fighting. Two sources claimed that Putin would escalate the conflict. One of the sources, who regularly meets with the president described an "high probability" of escalation. Peskov, when asked about Trump's decision allowing Ukraine to manufacture Patriot?air defense interceptors under licence, said that Moscow is not in denial about U.S. weapon supplies to Kyiv. "We don't see the situation with rose-tinted lenses, and President Putin is fully aware of that. There is also a duality in the U.S.'s position. Unlike the Europeans the United States still wants to move towards a peaceful process. The United States may make mistakes or be wrong, but their desire to achieve peace is sincere. Trump's attempts to end the conflict in Ukraine have been stalled as Washington has been focused on the war against Iran. Peskov, however, reiterated the Kremlin's hope that U.S. mediation would resume when the Middle East crisis is resolved. (Reporting and Writing by Dmitry Antonov; Editing by Timothy Heritage).
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Maguire: The next big thing in climate adaptation isn't going to be solar panels, but asphalt.
The latest heatwave in Europe was a painful reminder that climate change is not just about cutting emissions. Temperatures in parts of Western Europe reached 40 degrees Celsius, or 104 degrees Fahrenheit. Roads buckled, rail tracks warped and traffic lights malfunctioned. Transport operators also imposed speed restrictions or cancelled services. According to the U.N. Economic Commission for Europe, transport infrastructure in the region is more exposed to thermal stress and deformation of rails as heat extremes increase. Decarbonisation has dominated Europe's narrative on infrastructure spending for years. Investors have focused on windmills, solar panels and electric vehicles. A different infrastructure story is emerging as it becomes apparent that Europe was built largely for a climate which no longer exists. It may be that the next major investment cycle is less about generating cleaner energy, and more about making sure trains run, roads are intact and electricity systems function during summer heatwaves. THE ROAD TRADE The European Environment Agency identified the protection of infrastructure against heat-related risk as one of Europe's urgent adaptation priority. The problem is most evident on the road surface. Asphalt binders that are conventionally used soften in heat and cause cracking, rutting and deformation. Many of Northern Europe's transportation infrastructures were designed to withstand temperatures that are no longer relevant with the fall in heat records. This indicates an increase in demand for polymer modified bitumen, and other high-performance pavement materials that are already widely used in hotter climates. TotalEnergies' Styrelf polymer-modified binder range is specifically marketed for its resistance to rutting and thermal cracking, as well as heavy climate stress. These products are used on a wide range of demanding applications, from highways to airport runways to?racing tracks. Shell is also a potential winner. The company is still one of the largest bitumen suppliers in the world and has increased its range of advanced binder designed to increase pavement life span and withstand harsher operating conditions. Investment opportunities do not always lie in the development of breakthrough technologies. It may be as simple as selling Northern Europe road materials that are standard in Southern Europe or the Middle East. The RAIL RESILIENCE BOOM Railways are a greater challenge. The European Union's ambitions to reduce carbon emissions are heavily dependent on the shift of passengers and goods onto rail. Rail systems are sensitive to temperature extremes, because steel expands when heated. Heatwaves in recent weeks have caused service disruptions in multiple countries. Operators are dealing with deformation of rails, melted sealants, signalling problems and speed restrictions. UNECE warned that such disruptions will become more common if?adaptation is not taken. This creates new opportunities for rail infrastructure specialists. The German company Vossloh?supplies concrete sleepers and rail fastening system designed for various climate zones around the world. When thermal expansion occurs, concrete sleepers and stronger fastening systems are used to maintain track stability. Pandrol's fastening system, which is used in rail networks all over the world, will also benefit from efforts made to increase track resilience and reduce maintenance requirements under climate conditions that are becoming more volatile. voestalpine Rail Systems, Austria, also stands to benefit from increased spending on rail components and turnouts. The climate adaptation strategy of Europe for transport could require that significant sections be rebuilt to standards previously associated with regions much hotter. The Unsung Materials Story Those investors looking for adaptable winners should also pay attention to cement, specialty chemicals, and construction materials. Thermal expansion and accelerated wear are the main effects of heat stress on bridges, tunnels, and other civil structures. Companies like Heidelberg Materials, Holcim, and Sika are in a position to be attractive players on this theme, as they provide advanced concretes and specialty additives. They also supply sealants, reinforcements systems, and other products which can prolong asset life even under more harsh conditions. It is possible that the adaptation trade will end up being as much a story of materials as it will be an engineering story. Climate adaptation, just as the energy shift created a demand for lithium and copper, could also create a sustained demand?for polymer add-ins, high performance concrete, advanced steel and construction chemicals. DON'T FORGET THE GRID Power sector is another story. Electricity is increasingly important for transport systems. Power networks are required to operate in extreme temperatures for railways, signalling equipment and charging infrastructure. This should encourage the demand for higher-performance cables and transmission systems with upgraded conductors. Prysmian, Nexans and other major European grid expansion projects are all already being supplied by these companies. The Nordic cable manufacturer NKT will benefit from the network reinforcement and underground wiring programmes. French grid operator RTE recently announced plans to lay 45,000 km of transmission and distribution cables by 2030. THE NEXT SUPER-CYCLE IN INFRASTRUCTURE? The decarbonisation of the market is a shortsighted focus. If rail services are not available during heatwaves, every euro spent on electrifying transportation is less valuable. If transmission systems are unable to cope with extreme weather, then every investment in clean energy loses value. Europe's policymakers spent more than two decades trying to reduce emissions. It may be more important to ask how we can keep society running in a world that is warmer. Heat-resistant asphalt, advanced elastomeric lubricants and expansion joints are unlikely to generate the same excitement as solar and battery stocks. When temperatures exceed 40C, they can be just as important. These are the opinions of a columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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NATO announces $50 billion worth of arms deals at Ankara Leaders' Meeting
Defense companies from NATO member countries gathered in Ankara for an industry forum held in conjunction with the annual summit of the alliance. Officials touted over $50 'billion worth of defence procurement and industrial deals as allies tried to demonstrate their commitment?to bolstering a military budget. Some announcements are based on firm contracts or procurement plans while others are'subject to further negotiation, approvals, or future developments. These agreements are made as European allies continue to be under pressure from U.S. president Donald Trump, who wants them to shoulder more of the defence burden for their alliance. Here are some of the recent deals that have been announced: SAAB Swedish defence company Saab announced that NATO would begin formal negotiations to acquire up to 10 GlobalEye aircraft for airborne early-warning and control. Micael J. Johansson, CEO of the company, told reporters that deliveries could begin as early as 2030. The final price would be between $400 and $450 million for each aircraft. LOCKHEED MARTIN RHEINMETALL Lockheed Martin signed a Memorandum of Understanding with Rheinmetall on Tuesday, committing to?jointly manufacture ATACMS ballistic missiles in Germany. This would be the first time the missile was manufactured outside of the United States. Separately the United States 'will establish a maintenance facility in Europe to maintain Lockheed Martin’s advanced PAC-3 missile for air defence, U.S. Michael Duffey, the Undersecretary for Defense, said Tuesday. Washington is not ruling production abroad out, Duffey said, though it's not clear where the facility is located. The UK Ministry of Defence announced that it will spend $254 million on Lockheed Martin’s long-range Precision Strike Missiles. First deliveries are expected to take place in 2027. The UK may join its current partners Australia and the U.S. in further developing the missile. NORTHROP GRUMMAN NATO - Secretary General Mark Rutte announced that allies would buy five Northrop Grumman MQ-4C Triton drones for high altitude surveillance. Norway, Finland Germany and Denmark signed a letter committing to the purchase. AIRBUS NATO's Secretary General Mark Rutte announced that the alliance will expand its A330 MRTT fleet by one aircraft and launch a fleet of Airbus A400M strategic airlift planes. ISAR AEROSPACE German Rocket Maker Isar Aerospace has signed a contract to?build and utilize a dedicated launchpad for its Spectrum rocket in Spaceport Nova Scotia (east Canada) with Canada's Maritime Launch Services. ACCENTURE, LEONARDO The IT consulting company Accenture and the Italian defence company Leonardo have signed a contract worth about 200 million euro for a seven-year period to design and run a "secure NATO communication network". GERMANY, U.S. Germany and the U.S. have agreed to purchase Raytheon Tomahawk cruise'missiles from the U.S., and station them in Germany, Chancellor Friedrich Merz said on Thursday in Berlin. This removes uncertainty about the future of this programme, after President Donald Trump announced in May that he was reducing the U.S. Military presence in the country.
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Ukraine's top prosecutor: No signs that Kyiv is behind Nord Stream explosions
Ukraine's Deputy Prosecutor-General denied Kyiv's role in the 2022 explosion of the Nord Stream Gas Pipelines and suggested forming a joint investigative team with Germany. Germany suspects Ukrainian state entities are behind the explosions. The explosions occurred months after Russia invaded Ukraine in February 2022. They damaged the Nord Stream 1 pipe, a crucial route for?Russian exports of gas to Europe. In a press release, the Prosecutor's Office said that, according to the findings of the investigation, there was no evidence that Ukraine or its officials or officials had been involved in the explosions that occurred in the Baltic Sea in September 2022, or that Ukraine or its officials issued any orders related to the events. It said that the investigation was not complete and evidence needed to be gathered and examined. German federal prosecutors accused a former Ukrainian officer of being a coperpetrator in the explosions. They said he acted on behalf of an unspecified Ukrainian entity. Serhii K. was arrested in Italy in August and transferred to Germany in Nov. He has denied all charges. According to the prosecutor’s office, Ukraine will try to'set up a joint investigative team with German authorities to enable a prompt exchange of information and continue to work with them. German prosecutors claim that Serhii?K., a Ukrainian army officer who was active in 2022, worked with other military personnel on the plan and execution of pipeline attacks, which were designed to disrupt gas supplies and cut off funding for Russia's war efforts.
Maersk resumes Middle East-US East Coast Shipping through Suez Canal
Maersk, a container shipping group that is one of the largest in the world, announced on Thursday that it would resume its Middle East-to-U.S. East Coast service via the Suez Canal. This move by the Danish company marks another step towards restoring routes across the Red Sea.
After Houthi attacks on ships in the Red Sea, most shipping companies abandoned the Asia to Europe?trade route through the Suez Canal. This forced vessels to take the much longer route around Africa’s Cape of Good Hope. Recently, some carriers have begun to consider a gradual return?to the corridor.
Maersk released a statement saying that "by?making the structural changes of returning to trans-Suez for the MECL services, we will offer significantly improved transit times."
The company stated that 'westbound transit time would improve on average by seven days. While eastbound sailings will be up to fourteen days faster.
Maersk announced on Monday that it will resume certain sailings through Suez Canal as part of a?gemini collaboration network? with Germany's Hapag-Lloyd.
Maersk also experienced disruptions to its other services during the?Iran War, with some?vessels unable enter or exit the Gulf.
(source: Reuters)