Latest News
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Taiwan Coast Guard unveils the last of its new missile-carrying ships in war
The Taiwanese coast guard unveiled on Friday the final?of 12 high-tech ships? that can carry missiles if war breaks out, underlining what the minister responsible for the service called the changing nature its mission to face down China. The Anping-class patrol catamarans are based on Tuo Chiang class fast attack warships, highly maneuverable stealth ships designed to fight off larger warships close to Taiwan shores. The coast guard version is equipped with a space in the rear?to mount anti-ship missiles as a backup for the navy. Kuan Biling, Ocean Affairs Council Minister in Kaohsiung (southern Taiwan), said that the Coast Guard no longer performs only traditional law enforcement duties. She said, "They're protecting our sovereignty and homeland." In recent years, the international situation has changed quickly, and the challenges in the waters around the Taiwan Strait continue to intensify. Kuan, the head of the coastguard, said that the Anping-class ship was created to meet the demands of the modern era. "And once the situation escalates through the wartime transfer mechanism, it can connect quickly with the overall defense system, be incorporated in?the battle order, and become an essential force in the naval defence line." China considers democratically governed Taiwan to be its own territory despite the protests of Taipei's government. Xi Jinping, the Chinese president, told Donald Trump on 'Thursday in Beijing that mishandling the countries' differences over Taiwan could push China and U.S. relationships to a 'dangerous place. Kuan didn't directly comment on Trump-Xi, but only noted that "the leaders are meeting now". Taiwan's coastguard?is on the frontlines of what the government refers to as China's "grey zones" harassment. This includes actions such as regularly sending warships or?warplanes close to Taiwan, which stop short of combat but are intended only for testing and wearing out Taiwan's defenses. During China’s regular wargames around Taiwan, the coast guard and navy are sent out to warn Chinese vessels off. (Reporting and writing by Yi-Chin Lee, Ann Wang; editing by Himani Sarkar).
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President Trump's schedule
The Daybook for President Trump Friday, May 15, 2020 The daybook ?editor is Timothy Ryan (reachable at 202-843-6282 ?or [email protected] or [email protected]). Subscribers, if you have any issues with receiving the daybook content, please call 1-800-435-0101. Select option 5. The content is only intended to be used as a guide and should not appear in the official record. PRESIDENT TRUMP'S SCHEDULE (early schedule) Beijing, Anchorage and Washington 11:11 p.m. Eastern Daylight Time (Thursday evening)/11:11 a.m. local time (Friday morning): 'Participates in a Greeting and Friendship Photo with Chinese President Xi Jinping. Zhongnanhai, Beijing. Travel pool coverage for out-of-town trips 11:40 pm EDT (Thursday evening)/11:40 am Friday morning local time: Participates in a bi-lateral tea hosted by Chinese president Xi Jinping. ?Zhongnanhai, Beijing. Travel pool coverage for out-of-town trips Participates in a working lunch with Chinese President Xi Jinping at 12:15 a.m. Eastern Daylight Time (early - Friday morning). Zhongnanhai, Beijing. Press credentialed to enter. Departure from China. Beijing Capital Airport. Press credentialed? Anchorage, Alaska Daylight Time, 10:55 am EDT. Ted ?Stevens Anchorage International Airport, Anchorage, Alaska 12:25 p.m. EDT/8:25 a.m. ?Alaska Daylight ?Time: Departs Anchorage. Ted Stevens Anchorage International Airport, Anchorage, Alaska 6:45 p.m. ET: Returns?Joint Base Andrews. 6:55 p.m.: Departs Andrews. 7:05 ?p.m. 7:05?p.m. Presses open Note: China Standard Time is 12 hours earlier than Eastern Daylight Time. A?interview will air on Friday at 6 pm. FNC's Special Report with Bretbaier airs at 6 p.m. ET. The Daybook for Trump May 15, 2026
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Andy Burnham, the 'King' of the North in Manchester, wants to conquer Britain
Bright yellow buses, crisscrossing Greater Manchester and cheaper, more reliable after decades of privatisation are a perfect example of the economic vision Andy Burnham claims he can deliver to Britain. Burnham's "Manchesterism", which aims to standardise tram and bus services in 2023, is a proof of concept for Burnham. By reasserting control over public services and costs the state can provide more with less. Burnham, known, not entirely seriously, as "King" of the North, said on Thursday that he will seek to contest the vacancy created by a colleague who decided to step down. This could pave the way for him to challenge Keir starmer, the Prime Minister, to the leadership. Investors were concerned that Burnham’s “business-friendly socialism” would lead to increased borrowing and spending. Burnham, 56 years old, spent the past nine years as mayor of Greater Manchester in northern England, the city-region that competes with Birmingham to be Britain's second largest city. He gained a reputation for being an outspoken critic against?London dominance. Manchester's economy has grown faster than the nation's, despite new skyscrapers. He stated on Thursday that he could only do so much from the city hall. "Much larger changes are needed at a broader national level to make everyday life more affordable." It is for this reason that I am now asking people to?support me in my return to Parliament." BURNHAM ENDORSES "MANCHESTERISM" Burnham's economic pitch relies on convincing bond investors who are sceptical that his plans will strengthen the public finances over the long term. His comment in the New Statesman of last year, that Britain "had to get past?this thing about being in debt to the bond market" was widely viewed as a mistake. Finance Minister Rachel Reeves took it up, stressing "the reality" of the importance of the bond market. Burnham said in January that his remarks had been misrepresented, and that he wasn't naive. He said that the "low-growth loop" was not working for investors and his approach would reduce the state's costs. In September, he told the Telegraph that he wanted to raise taxes on expensive homes and high earners. He also said a borrowing of 40 billion pounds ($54billion) would be used to build council housing and lower income earners could get tax breaks. Burnham says that years of privatisation have left the government with no control over costs and services. Burnham cites the lack of social housing in the UK as an example. The state is forced to pay large amounts in benefits which are then paid out to private landlords. He uses the same logic in utilities and transportation, arguing that investors can be convinced that regaining control of the state's costs base is safer than subsidising its consequences forever. Burnham said: "We have to create a new political system in the United States, just as we did in Greater Manchester." "Support the long-term investment in housing and other utilities so that we can begin to 'lower our costs and help more people get back into the workforce." Gordon Shannon, partner at TwentyFour Investments, which manages assets worth 23.5 billion pounds (32 billion dollars) in fixed income, estimated that a Burnham Economic Prospectus would require an additional 50 billion pounds to be borrowed. Investors may find it difficult to accept this. LABOUR VETERAN DISGRACED WITH WESTMINSTER Burnham, born in suburban Liverpool, was raised in Culcheth - a village located between Liverpool and Manchester. Burnham dabbled in journalism before working for trade unions. He became a consultant to Tony Blair's Government in the late 90s. He was elected to the parliament in 2001 and rose through to ministerial positions, including health secretary under Gordon Brown. He left parliament in 2017 after unsuccessful attempts to win the Labour leadership in 2010 or 2015. He said he was disillusioned by Westminster. He is now ranked among the most popular politicians in Britain. To return to Parliament, he will need to first be selected by Starmer's Labour Party. He then has to defeat Nigel Farage and Reform UK's expected challenge. Then he would be in a better position to compete with Starmer and bring his Manchester model to the national stage. ($1 = 0.7444 pound) (Editing done by Kate Holton & Ros Russell)
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Trump claims that China has agreed to purchase 200 Boeing jets
Donald Trump, U.S. president, told Fox News Channel’s Sean Hannity that China had agreed to purchase 200?Boeing commercial jets. This is the first time in almost a decade that China has purchased U.S. made commercial jets. Boeing shares dropped more than 4% following the?comments. The total was lower than the media reports that suggested that Boeing was close to a deal for 500 or more planes to China. The White House didn't immediately respond to an inquiry about whether Trump was referring to all Boeing orders or just narrowbody or widebody aircraft. Boeing didn't?immediately reply to a comment request. U.S. Treasury secretary?Scott Bessent 'had earlier said that he was expecting an announcement regarding a large Boeing purchase during Trump's visit to Beijing during which he had?talks? with Chinese leader Xi Jinping. Fox News reported that Trump said, referring Xi, "One thing he did today was to 'order 200 jets. Boeing?wanted to 150, and they got 200."
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US jury awards $49.5 Million to family of Boeing 737 MAX crash victims
A Chicago jury awarded $49.5 Million to the family of a woman killed in the crash of Ethiopian Airlines Boeing 737 MAX in March '2019. The jury awarded the family of Samya stumo $21 million on Wednesday for her experience during the fatal flight. They also received $16.5 million to compensate for their loss of companionship, and $12 million as compensation for their grief. This is the second verdict resulting from the fatal crash. A jury in November ordered Boeing to pay over $28 million to a family of an?United Nations environment worker who died in the 2019 crash. Boeing was hit with dozens of lawsuits following?fatal 737 MAX crash in Indonesia and Ethiopia that killed 346 people in 2018 and 2019. Stumo, a 24-year-old, worked for the nonprofit ThinkWell and was a traveler on a flight from Ethiopia to Nairobi in Kenya. Boeing didn't contest liability and punitive damage claims were dismissed against executives of the company and?the manufacturers of plane components. The lawyers for the Stumo family want to have an appeals court reinstate punitive damages claims. The U.S. aircraft manufacturer has settled over 90% of the civil lawsuits relating to the two accidents. It paid out billions in compensation via lawsuits, non-prosecution agreements and other payments. Boeing stated on Thursday that "while we have settled?nearly?all of these claims by settlement, families are entitled?to pursue their claims in court, and we respect their rights to do so." A U.S. court of appeals upheld in March a ruling approving a Justice Department decision dismissing a criminal case filed against Boeing. This allowed the planemaker's avoid prosecution for a charge arising from the two 737 MAX crash. Boeing agreed to plead guilty to a criminal conspiracy charge in 2024. In May 2025, after President Donald Trump assumed office, the DOJ changed course and dropped its?demand for guilty plea. Boeing has agreed to pay $444.5 in addition to the $243.6 million fine, as well as $455 million for the improvement of the company's safety and compliance programs.
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If oil prices remain high, the CEO of Ryanair says that profit could be a little under pressure.
Michael O'Leary, CEO of Ryanair, said that the airline does not expect any disruptions in jet fuel supplies this summer. However its profits may be "a little bit under pressure" if oil prices continue to rise. O'Leary, the CEO of Europe's biggest airline by passenger numbers, said that he does not anticipate having to cancel any flights in this summer, but continues to reduce fares to "boost" demand, as some customers are hesitant to book holidays. "Our profits could be impacted for the next year if oil prices continue to rise," O'Leary said at a press conference on Thursday, ahead of Monday's results. O'Leary had said that there was no danger of jet fuel shortages for Europe before the end of June due to the Middle East conflict. But on Thursday, he said that this would continue throughout the summer because he believed that the war will'soon' end. O'Leary stated that he didn't expect a price war to occur in Europe this summer, as some of the rivals are cutting capacity or growing slower than expected. He said, "Close-in bookings (last minute bookings) are strong, and the pricing is good, but we have to?open up a bit in order to encourage bookings three or four months ahead." There's hesitation everywhere. Many people are still unsure. When you travel in June or?July, can?I do long-haul? Will Gulf carriers be operating again? Were we to stay in Portugal, Spain or... "There is a little of that." (Reporting and editing by Ros Russell and Kirsten Donovan.
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Andy Home: The ROI-Sulfur squeeze puts more pressure on the Indonesian nickel industry
The soaring sulfur prices caused by the closure of the Strait of Hormuz are beginning to affect?Indonesia’s huge nickel sector. The Gulf is a major input to the world's biggest producer of battery metal. The sulfur squeeze is a new addition to the Indonesian government’s mix of measures to control its nickel production sector. The explosive growth of the country's production flooded the world market, and prices fell?throughout?2024-2025. This month, the prospect of lower Indonesian production and a corresponding change in market balance lifted London Metal Exchange nickel to its highest levels since two years. WAR AND POLITICS The Iran War has significantly reduced the flow of sulfur out of the Gulf. This accounts for about a quarter or the global supply. 75 % of Indonesia's sulfur imports come from the region. Sulfuric acid is produced from sulfur to be used by nickel processing plants that use high-pressure acid leach. The plants produce a mixed hydroxide precipitation, an intermediate product that is used in the battery industry. The HPAL plants in Indonesia are growing rapidly. The 450,000 metric tons of production last year represented more than 10% of the global production. Macquarie Bank estimates that another 100,000 tons of capacity will be added this year. It was about to ignite. HPAL operators have already been forced to reduce production due to the sulfur crunch. Zhejiang Huayou Cobalt halted the operation of half its capacity. Even existing operators are struggling to maintain their run-rates. The'sulfurous fallout' of the war has compounded impact on tighter mine production quotas, and changes in the government's Minimum Selling Price for Nickel Ore. Macquarie Bank says that the quotas for this year of 260 to 270 millions tons are far below the smelter's requirements, but on paper, they're enough to wipe out any expected surplus. HPAL producers will see their costs increase by over $3,000 per ton due to the new ore pricing formula. The bank estimates that break-even prices have risen to $18,000 per tonne when combined with rising sulfur prices. TIPPING POINT Analysts are beginning to adjust their expectations about how much Indonesia will produce in this year, and what it means for pricing. Last month, the International Nickel Study Group predicted that after three years of a massive surplus in supply, there will be a global deficit by 2026. The 32,000-ton forecast shortfall is small compared to the 283,000-ton excess calculated last year. It is a significant revision to the Group's forecast in October of a large 261,000-ton excess. The Group lowered its demand growth forecast for 2026 from 6.2% to just 4.2%. Global production is forecast to fall by 4.3%, as Indonesian growth slows or reverses. The forecasts released on April 22 do not explicitly mention the impact of a possible sulfur squeeze. Few expected the Strait of Hormuz would remain closed so long. RECOVERY Nickel prices are responding to a combination of increasing costs and possible reduced production in the country that accounts for 60% global supply. LME nickel for three months broke through its previous range of below $16,000 per tonne in December, as the market began to focus on Indonesia's planned reduction in production quotas. Last week it reached a two-year high at $20,000 per tonne and this week is hovering around $19,000, an increase of 14.5% from the beginning of 2026. Over the same period, investment funds have built up long positions. The collective bets on higher prices amount to 35,750 contracts or?215,000 tonnes. This is still above the 2022 peak, but below the January peak. It is basically a wager that Indonesia will stop flooding the market. If it was?just an issue of government policy that could be a risky move. The mining quotas will be reviewed at the mid-year and may even be increased significantly. Both the quotas as well as the new formula for ore pricing have been met with considerable opposition. Chinese operators who dominate the sector have complained formally to Jakarta and warned that future investment is at risk. It is possible to tweak the policy further. Jakarta has no control, however, over the global sulfur availability. This is the biggest threat to the dominant nickel producer in the world. Andy Home is a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn 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 seven days a weeks.
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Black Sea CPC blend oil exports will fall to 1,45 million bpd, according to sources
Three industry sources say that the Caspian Pipeline Consortium plans to export around 1.45 million barrels per day of CPC Blend crude oil in June, down from 1.8 million barrels per day expected in May, due to planned maintenance at Kazakhstan's giant Kashagan oilfield. Calculations show that June loadings will be 17% lower daily than May. This is a significant drop from the multi-month peak of May. CPC does NOT comment on operational shipment statistics. Sources claim that maintenance on the Kashagan oil field, with a capacity of 0.4 million barrels per day, will begin in early June. It may continue for more than 30 days and reduce Kazakhstan's total oil production and exports. Sources?said that the volume of CPC blend supply in June will also depend on the amount of Russian crude fed into pipeline. Sources claim that Novatek, a Russian company, has been forced by drone attacks to redirect gas condensate into the CPC after the processing plant at Ust-Luga which processes light crude was attacked. After Russia stopped transiting?of Kazakh crude oil to Germany via Druzhba from May 1, additional volumes could reach the CPC. Sources?said that the Kazakh crude volumes will be redirected via other routes to the port of Ust-Luga, and to CPC. According to data from? data. High outright prices, firm CPC blend premiums and weak Asian demand have caused an overhang. They added that shipments to 'Asia' dropped sharply from April in May. CPC shareholders include:?Russia, Kazakhstan, U.S. Chevron, and a number of private companies.
India's Redington uses air freight to meet Mideast demand even when the supply is low
Redington, an Indian distributor of IT goods, has increased its use of air freight to keep products moving in the Middle East as the conflict in the area disrupts sea routes. This also affects supply and demand.
Since the U.S. and Israel war against Iran began in February, air freight rates have risen as fuel prices are higher and sea shipments are disrupted.
"A good chunk of it used to be shipped by sea, and a smaller portion by air." The Strait of Hormuz has been closed, so a lot of the product is now being transported by air. S. Hariharan told Thursday that he was the group CEO and managing director.
Redington has customers in more than 40 countries, including the United Arab Emirates (UAE) and Saudi Arabia. However, it does not provide country-specific revenue. Nearly half of its revenue comes from the "rest-of-the-world" segment. This includes markets outside India and Singapore, as well as South Asia.
The company also had to redistribute its inventory to different warehouses in order to minimize potential war damage and find alternative insurance after insurers ceased to cover war risk.
Hariharan said that the increase in insurance costs and freight costs amounts to roughly 0.20 percent of Redington's revenue. He added that Redington passes on most of these costs to its customers.
Redington has also been reworking their logistics network due to disruptions in the Strait of Hormuz forcing them to route goods via Saudi Arabia and Oman. They are also relying more on road transport throughout the region.
"We picked up the product in the Netherlands and brought it by air, then we distributed it by road. Hariharan stated that the road "seems to be safer". Apple is responsible for about a third Redington's revenues.
Redington's vendors include Dell, Samsung Lenovo, and?HP.
Redington anticipates revenue growth of 10% to 15% by fiscal 2027. Profit growth will closely follow topline gains. (Reporting and editing by Shaveen Kuber in Chennai, with Praveen paramasivam reporting from Chennai)
(source: Reuters)