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Taiwan's Evergreen claims ship struck by unknown object near Oman
The Taiwanese firm said that a ship owned by?Evergreen Marine, which was struck by an unknown object near Oman has now safely departed the?Strait?of Hormuz. The company made a statement at the Taiwan Stock Exchange, stating that the starboard side?bridge of Ever Lovely, which is owned by its Singapore subsidiary, had been hit by an unknown object just 3.6 nautical mile off Oman’s Khawr Naiwah. After a?initial crew inspection, damage was discovered around the bridge windows. The crew, vessel, and cargo were all safe. The company reported that the main engine, navigation instruments and seaworthiness are all working normally. The'ship' was said to be following the route recommended by the British Navy agency UKMTO while passing through the strait. UKMTO said on Thursday that an Omani cargo ship reported a suspected attack while it was attempting to pass through the Strait of Hormuz.
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IAEA announces that repairs have been completed at Zaporizhzhya Nuclear Plant
The?U.N. The?U.N. The repairs were carried out in two separate locations: the switchyard at the Zaporizhzhya thermal power plant, which supplies electricity to the ZNPP via the backup 330 kV Ferosplavna-1?line, according to the agency. The Dniprovska Line has not been brought back to operation yet due to?extensive damages at its connecting substation. The International Atomic Energy Agency's Rafael Mariano Grossi stated in a statement that the line had been repaired but still needed to be brought back into operation. The agency stated that repairs to the substation are ongoing but not expected to be completed in the near future.
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Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro Mibe, the chief executive of Honda Motor, received support from shareholders at the annual meeting held on Friday for his reappointment as a member of the Japanese automaker’s?board after apologizing to them for the poor financial performance. Honda has been forced to restructure its electric vehicle business, which cost more than $9 billion dollars in restructuring costs. It is also facing competition from Chinese competitors. Mibe apologized to shareholders at the beginning of the meeting for the concern and inconvenience caused due to the net loss in the financial results from the previous fiscal year. In addition to Mibe, Honda shareholders also approved 10 other nominees for the board, nine of whom were up for re-appointment, and one who was a new?director. Glass Lewis and ISS had advised that all directors be supported. Honda, amidst a rollback of EV subsidies, decided to write down its EV-linked debt. The market share for battery-powered vehicles in the U.S. was far below what the company had forecasted, Mibe explained. This meant that the planned models would require large incentives. Mibe stated that if the company had sold its planned EVs it "would have meant the automotive business staying in the negative for at least five, and possibly even seven years," adding that this would have created a very?critical situation within the company. REIGNATION CALLOUTS People familiar with the situation have said that Mibe's mishaps in recent months has attracted scorn from retired Honda executives. Former chief executive Nobuhiko Kawasmoto visited Tokyo headquarters in April and urged him to resign. Former?executives criticised Mibe's neglect of China, the largest auto market in the world, as well as its failed bets on EVs, which led to Honda's loss, and showed a growing dependency on the motorcycle division. A shareholder filed a motion near the end of the meeting calling for Mibe to be fired. However, the chief executive refused 'to put the matter to a vote.' He said that the topic was not on 'the agenda. Mibe stated that talks between Nissan Motors and Mitsubishi Motors regarding cooperation on next-generation vehicles technologies, which have been ongoing since mid-2024 are at an advanced level.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or on individual stocks. AIR FRANCE KLM: The Franco-Dutch carrier?Air France KLM?has successfully issued EUR 500 million senior notes under?its EMTN Program?with a 5-year maturity and a fixed coupon annual of 4.250%. These notes will be used primarily to fund general corporate purposes. LE SLIP FRANCAIS: French underwear manufacturer Le Slip Francais plans to trade its shares on the Paris stock exchange on Bastille Day, July 14. Michelin: The French tire manufacturer Michelin plans to phase out its BFGoodrich tire factory in Tuscaloosa in early 2027. LVMH/MARIE BRIZARD/PERNOD - The head of Paris police announced on Thursday that Parisians would be prohibited from drinking alcohol in public starting at midday on Friday to curb health problems arising from the current heatwave in France and Europe. VINCI: French construction and concessions group Vinci has won a EUR210m ($238.98m) contract for the second building at the new 'Reims Hospital. EUR157m was allocated to Vinci Construction, and the project will last 45 months. 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............ London report ........... Xetra ?DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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Bangladesh calls on China to reduce the trade gap
?Bangladeshi Premier Minister Tarique Rahman?met?with Chinese president Xi Jinping on?Friday in?Beijing, where he urged a reducing of the trade deficit, diversification exports, and China's assistance in implementing major projects in his country. Rahman began a three-day visit to China on Wednesday. It is his first trip since becoming prime minister. Dhaka wants to strengthen its ties with China. It is one of the largest trading partners and development financiers. Rahman's visit is also of a broader diplomatic nature, as he seeks to maintain a balance between ties with Beijing and New Delhi. He was seen to be closer to India than his predecessor Sheikh Hasina. While relations between Dhaka & New Delhi have improved since Rahman's appointment, there are still disagreements. Rahman said that China could diversify Bangladesh's exports in order to reduce Bangladesh’s trade deficit. According to a report from a media pool, Rahman stated that "we request China to import our fresh mangoes, jackfruits, guavas, aquatic products such as?raw leather and jute products, and pharmaceutical products." He added that Bangladesh needed China's help in "implementing our major signature projects as well as upgrading and modernising our existing industrial unit," Bangladesh joined China's Belt and Road Initiative, Xi Ji's flagship development and infrastructure strategy aimed at connecting Asia with Africa and Europe in 2016. China is willing and able to support Bangladesh in importing more high-quality products, supporting Chinese companies in investing in Bangladesh and expanding cooperation in emerging industries like new energy, digital economy, and artificial intelligence. State media reported that Rahman met Premier Li?Qiang Thursday, where they signed several cooperation agreements to strengthen bilateral ties. Bangladesh owes China $6,2 billion according to World Bank data. The Asian Infrastructure Investment Bank in Beijing has also lent another $2.3 billion. Delhi has only lent $1.6 billion to its neighbor. Data from the American Enterprise Institute shows that Chinese companies have invested an additional $7.7 billion in Bangladesh's Energy Sector. Around half of this amount was spent on energy. Chim Lee is a senior analyst with the Economist Intelligence unit in Beijing. Lee explained that Bangladesh was a challenge because it didn't offer the same type of logistics corridor as Central Asia or Myanmar. Reporting by Joe Cash, Farah master and the Beijing Newsroom. Editing by Muralikumar Anantharaman & Lincoln Feast.
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Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro?Mibe, Honda Motor's Chief Executive Officer,?won the support of shareholders at its annual meeting on?Friday after apologizing to them for their poor financial performance. Honda wants to recover from strategic mistakes after posting its first annual loss for'seven decades' last month. The company was hurt by $9 billion in restructuring costs and competition from Chinese competitors. Mibe told shareholders that the financial results of the previous fiscal year had a net loss. Honda shareholders also approved 10 other nominees for the board, including nine directors who were up for reappointment, and one new director. (Reporting and editing by Thomas Derpinghaus; Daniel Leussink)
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Taiwan and Japan are affected by torrential rains caused by a passing storm
Tropical storms passing through Taiwan caused torrential?rains? that shut down southern Taiwan, forcing more than 5,000,000 people to miss work or school. Japan also issued flood and landslide alerts. The outer bands of Typhoon Mekkhala - now a tropical storm - are bringing heavy rains to some parts of Taiwan. This is especially true in Kaohsiung and Tainan in the south. On Friday, the governments of three Taiwanese regions with more than five million residents ordered all offices and schools to close. Flooding in Tainan caused a section of main north-south rail line to be closed. Japan also experienced heavy rains and strong winds, resulting in high-level alerts for flooding, landslides and swollen riverbeds. 2.2 million residents were ordered to evacuate. The Japan Meteorological Agency has warned of heavy rainfall across western Japan, caused by a stationary seasonal front and warm moist air that feeds into it. According to the Japanese land ministry, more than 200 flights have been cancelled, and dozens of trains lines have been halted. Many expressways were also closed. Toyota closed a factory located in Kyushu, a southern region, on Thursday afternoon. The decision to resume production for the second shift was expected later. No casualties were reported in Taiwan but authorities are evacuating 200 residents of two townships in Hualien County, which is downstream from a barrier lake that's rapidly filling up in the mountains. When?rocks or landslides, or other natural blockages create a dam across the river, usually in a valley. This dam blocks and holds back water. It can even stop natural drainage. In Hualien, another barrier 'lake' breached during Super Typhoon Ragasa and unleashed a wall of mud and water into homes. Rain will continue to fall over Taiwan for the next few weeks, but it should gradually decrease. Taiwan relies on the summer and fall typhoon seasons to replenish its reservoirs following a typically dry winter. Reporting by Ben Blanchard, Chang-Ran Kokiya and KantaroKomiya in Tokyo. Editing by Shri Navaratnam & Christopher Cushing.
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Southern Taiwan rail line and southern Taiwan shut down by torrential rain caused by a passing typhoon
A typhoon passing through southern Taiwan caused torrential rains, forcing more than 5 million people to miss work or school. Flooding also cut off a section of the main rail line. While Typhoon Mekkhala is currently over the Ryukyu islands in southern Japan, it did not directly landfall on Taiwan. However, its outer bands brought heavy rains to some parts of the island. All three governments, where more than 5 million people reside, have ordered that offices and schools be closed on Friday. The separate high-speed rail line did not report any problems, but a section of Tainan's main north-south line was closed due to severe flooding. Authorities in Hualien County on Taiwan's East Coast are evacuating almost 200 residents of two townships in the mountains below a barrier lake that is rapidly filling. When rocks, landslides, or other natural obstructions form a dam across a stream, usually in a valley, they block and hold back the water, hindering, or even stopping, "natural drainage". In a different part of Hualien, 19 people were killed last year when a barrier lake burst its banks due to Super Typhoon Ragasa. The wall of water and mud that engulfed homes was caused by the breach. It is predicted that rain will continue to fall over Taiwan at least for the next week. However, it will gradually ease. Taiwan relies on a traditional summer and fall typhoon to replenish its reservoirs following a typically dry winter. (Reporting and editing by Shri Navaratnam.)
US LNG producers sign near-record contract volumes, despite fees climbing
The U.S. industry is on track to sign the second highest number of contracts this year, despite concerns over rising costs and increased capacity. U.S. LNG companies signed sales and buy agreements (SPAs), totaling 29.5 million metric tons of LNG annually, in the first ten months of 2025. This is more than four-times the 7 mtpa of LNG signed by the entire year 2024.
The SPAs can be used by project developers as a tool to raise funding by demonstrating the ability of planned projects to generate a positive cash flow, with customers being locked into long-term contracts lasting up 20 years. According to Rapidan Energy, the only time that more binding agreements have been signed by U.S. companies was in 2022 when Russia invaded Ukraine.
Many buyers who are looking to diversify their energy sources away from Russian gas are willing to pay the higher liquefaction charges that American LNG developers charge in order to convert natural gases into liquids that can be transported easily around the globe on specialized ships.
The companies with LNG trading portfolios also buy volumes from American producers.
Fears of GLUT are growing as US LNG output continues to grow. President Donald Trump returned in January, with an agenda that was pro-oil. In trade negotiations with Europe, he has pushed LNG deals. The European Union agreed to purchase $750 billion of energy from the U.S. and his administration lifted former president Joe Biden's ban on new project approvals. The final investment decisions that followed will add 61.5 mtpa to the existing 120 mtpa LNG export base. Cheniere Energy Venture Global Sempra Next Decade Woodside Energy and Venture Global have all approved new facilities in this year. According to the U.S. Energy Information Administration, the country's total LNG capacity is expected to double by 2029. According to the International Energy Agency, America could export a third of global LNG in 2030.
The IEA predicts that a rapid expansion of U.S. Liquefied Natural Gas (LNG) could lead to a global glut and lower prices.
Keisuke Sadamori, Director of Energy Markets and Security at the IEA, said that new supplies, notably those from the United States and Qatar should bring down prices, a welcome relief to gas importers around world. Shell and Total have also forecast lower LNG prices, but some investors say that predictions are too optimistic.
Woodside CEO Meg O'Neill stated at a September event that "we're very bullish about LNG demand on the long-term." Venture Global CEO Mike Sabel forecasts a growth in demand as more data centers and Asian countries switch to LNG for electricity production. Sabel said, "I believe data centers will be a major source of incremental demand. But you are currently short on gas production capability."
Construction Costs are Rising
Jason Feer, Poten and Partners' business intelligence director, says that labor inflation due to shortages of qualified workers and the rising cost of equipment because of tariffs is increasing construction costs. TotalEnergies CEO Patrick Pouyanne stated on a recent earnings call that costs have risen up to 20 percent in some cases, making some projects uncompetitive. Venture Global reported cost overruns for its 27.2 mtpa Plaquemines facility. Golden Pass, an Exxon Mobil-QatarEnergy joint venture, is also over budget and late. Feer stated that developers are seeking liquefaction charges, which have risen by an average of 15% in the last two years, to keep their projects viable.
Venture Global, a supplier that is considered low-cost, charges $2.30 for every million British thermal units (mmBtu). This fee applies to new contracts. Two people familiar with its pricing said that the fee was higher than $1.75 per million British thermal unit (mmBtu) it charged when Calcasieu Pass first contracted sales. Cheniere Energy, which is the largest U.S. producer of LNG, charges a premium over $2.75 for each mmBtu. Woodside offers 10-year contracts at $2.90/mmBtu. Feer added that the fees on the market in general had averaged around $2/mmBtu by 2023.
Higher prices are not stopping buyers. According to Rapidan Energy's director of global gas Alex Munton, the window for developing more LNG projects in the U.S. may be closing due to rising costs and the prospect that global prices will drop.
Munton said, "This bull-run must end. It cannot last forever."
Even with higher liquefaction costs and lower spot prices, some buyers like ENI and Petronas continue to sign new long-term contracts. JERA, Japan's biggest power generator, wants U.S. Gas to diversify, avoid over-dependence upon Australia, and meet the demand growth spurred on by data centers and AI.
Pouyanne, from TotalEnergies, said that many large players focus on the big picture and lock in new volumes of trade even though fees are increasing. Trading and arbitrage opportunities increase as the market grows.
The IEA stated that even a slight easing in the market would allow countries with higher prices to switch from coal, and increase global LNG demand. Curtis Williams, Houston (Reporting; Nathan Crooks, David Gregorio and David Gregorio).
(source: Reuters)