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White House dismisses Surface Transportation Board member who regulates railroads
A White House spokesman confirmed that Robert Primus was fired as a Surface Transportation Board member. He did not agree with the agenda of U.S. president Donald Trump, the spokesman added. White House spokesperson Kush Desai stated that Robert Primus was fired from his post because he did not agree with President Donald Trump's America First agenda. The Administration plans to nominate in a short time new members who are more qualified to the Surface Transportation Board. Trump is purging bureaucrats from agencies that are not in line with his agenda. The railway regulators are evaluating the proposed $85 billion merger between Union Pacific and Norfolk Southern. Primus said earlier that he had rejected an email sent by the White House that terminated his position. He deemed it to be "legally invalid", and that "it would weaken the Board, and adversely impact the freight rail system in a manner that could ultimately harm consumers and the economy." In a social media post, he stated, "With all this in mind, my plan is to continue to discharge the duties I have as a Board member and, if prevented from doing so I will explore my options in court." The White House statement didn't address the proposed merger, or the legal questions surrounding termination. Surface Transportation Board has not responded to an earlier request for comments. Trevor Hunnicutt, Harshita Menaktshi and Mark Porter edited the article.
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Aurora and McLeod software partner to manage autonomous truck shipments
Aurora Innovation and McLeod Software announced on Thursday that they will integrate their self-driving trucks platform into McLeod Software’s Transportation Management System in order to increase adoption. McLeod TMS and Aurora's API will integrate to allow customers to manage their autonomous shipments. Aurora's president, Ossa Fischer, said that by meeting customers where they already are with their TMS, it is easy to take advantage of the safety and efficiency advantages of autonomous trucks. As other autonomous trucking startup companies like Plus and Waabi try to capture the market, they are also developing their own technologies. McLeod is currently beta testing Aurora's integration and plans to make the feature available to customers in 2019. The road to commercialization for self-driving cars, particularly trucks, is long and includes regulatory approvals, hours of testing, and large capital investments. Aurora began commercial driverless operations in Texas earlier this year -- an open state to self-driving technologies -- by using its flagship Aurora Driver technology for long-haul trucks. McLeod offers software for managing trucking logistics, freight brokerage management and more than 1,200 clients. (Reporting and editing by Sahal Muhammad in Bengaluru, Zaheer Kachwala from Bengaluru)
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ADNOC sells 3% of its logistics and services unit through a bookbuild offer
ADNOC, the state-owned oil company of the United Arab Emirates, announced on Thursday that it would sell an approximately 3% stake in its Logistics and Services unit via a bookbuild offer. ADNOC announced that it would offer up to 222,000,000 shares of ADNOC L&S to institutional and professional investors in the UAE. The deal will increase ADNOC L&S’s free float from 22% to 22%, and “enhance trading liquidity” of the shares. ADNOC L&S was created in 2016 and exports crude oil from Abu Dhabi, as well as refined products, dry bulk, liquefied gas, and other natural gases to over 100 customers in more than 50 countries. ADNOC, who owns 81% of the company, raised $769 millions in its initial public offering (IPO) in 2023. This deal follows other secondary share offers in ADNOC units, including its gas business, which raised $2.84billion in February, in one of the largest share sales in recent Middle East history. ADNOC didn't disclose the offer price of ADNOC L&S shares. They closed Thursday up 2.3%, at 5.43 dirhams each ($1.48). According to LSEG, the stock has risen by around 1.5% over the past year. ADNOC stated that the final number of shares offered and the price will be determined after the closing of the bookbuilding. The settlement is expected to occur on or about September 3. First Abu Dhabi Bank was one of the banks that were appointed as joint global coordinaters and joint bookrunners.
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The competition and bottlenecks are to blame for the decline in profits of TAP, a Portuguese airline
The net profit of the Portuguese flag carrier TAP in its second quarter fell by 42.5% compared to a year earlier, as costs increased much faster than revenues due to fierce competition on its main markets, and airport congestion at home. TAP, which has been partially privatised, posted a profit of 43.9 million dollars between April and June. This period included this year's busy Easter Week. TAP suffered a first-half loss of 70.7 millions euros, which is almost three times higher than the same period in last year. The airline's quarterly revenues grew 1.7%, to 1.13 billion Euros. Passengers carried increased 4.5%, to 4.3 millions. The increase in operating costs was 5.6%, to approximately 1 billion Euros. This is due to an increase of 18.3% in employee costs and a 9.2% rise in traffic costs. TAP reported that foreign exchange losses offset a decrease in interest costs. In a recent statement, TAP's Chief Executive Luis Rodrigues stated that the airline was operating "in a highly-competitive environment" with "one of most challenging operational summers for many years". This is due to severe border controls at Portugal airports affecting operations. Portugal, like many other European nations, has tightened border controls in response to a backlash from the public against immigration. This has led to long queues, and even flight delays. TAP expects that the competitive pressures on key markets will continue in the months to come. Portugal has relaunched its long-delayed TAP privatisation in July. It aims to sell a stake of 44.9%, with 5% more to be offered to TAP staff. Lufthansa and British Airways' owner IAG, as well as Air France-KLM, have expressed interest in the project.
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China's major airline companies remain in the red for first half due to low fares and oversupply
The earnings reports of China's largest airlines released on Thursday revealed that the two carriers had narrowed first-half losses, but were still in the red, as a surplus capacity kept fares down. This underscored the fragility and post-pandemic recovery of the industry. Air China, the country's flagship carrier, reported a net profit of 1.8 billion Yuan ($252million) for the six-month period ending June. This is 35% less than the 2.78 billion Yuan loss a year ago. China Southern Airlines, based in Guangzhou, recorded a loss 1.5 billion yuan. This is 64% less than a 4.21 billion loss during the same period of 2024. Carriers have blamed their losses on an imbalance in supply and demand, price-conscious travellers and the competition of China's expanding high-speed rail system. Geopolitical uncertainties and a slow recovery in premium international traffic also hurt revenue. The summer is usually a time of relief for airlines. Early July marks the start of school holidays, which kicks off a two-month peak sales period. As of August 24, according to Flight Master, the average price for domestic tickets departing in July or August was 788 yuan (about $110), down 3.7% compared to last year, and 10.6% lower than 2019 levels. Analysts say that yields are still low, despite the fact that international capacity is 93% higher than it was pre-COVID. Li Hanming is an independent aviation analyst based in the United States. He said that the second half of this year will be challenging for China's major airlines. Li stated that "the underlying issues are still unresolved." Due to the lack of long-haul flights to North America and Asia, China faces a significant oversupply, and fierce competition, on its domestic and intra-APAC short-haul international flights. China's three largest carriers are still losing money, and have been for some time. They are the last to benefit from the COVID recovery. China Eastern Airlines will report its results on Friday. Last month, the Shanghai-based airline issued a profit warning. It forecast a deficit in the first half of between 1.2 and 1.6 billion Yuan as opposed to a loss last year of 2.77 billion Yuan. In June, the Communist Party anti-corruption watchdog announced that Liu Shaoyong, former chairman of China Eastern, was being investigated for "serious violation". The report did not give any further details. China Eastern has yet to comment on these allegations. Liu was the leader of the airline between 2009 and 2022. He was also in charge when the flight MU5735 crashed in March 2022. 132 people were killed. China's aviation regulator is yet to release a final report on the cause of the crash. This has re-opened scrutiny over corporate governance in the sector.
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Europe gas markets escape hectic LNG summer storage race: Bousso
Gas traders in Europe have been racing against time to fill up depleted storage facilities before winter. As demand on Asian markets is waning, Europe will see a spike in liquefied gas imports. This will give traders and governments more breathing space. It was a niche concern to ensure that European gas supplies are at maximum levels before the cold weather arrives. But it has become a political necessity after Russia's invasion of Ukraine 2022, which led to a sharp reduction in pipeline gas imports. The EU implemented rules in that year that have since been relaxed, requiring that storage reach 90% capacity each November. These measures created price distortions and disrupted the supply, leading to a frantic scramble to get supplies. This year, there is no rush to buy. Gas Infrastructure Europe's (GIE) data shows that European storage capacity is at only 76%, or approximately 85 billion cubic meters, as of 25 August. This is down from 92% one year ago, and the 10-year-average of 80.5%. According to Kpler data, the region's LNG imports dropped from an annual peak of 11 million metric tonnes in March to an estimated 7.4 million tones in August due to a weaker regional market and stronger purchases from Asia. This is similar to the spike in Asian LNG imports in August, when they reached 26 million tons. In February, this had dropped to 21 million tons. The Asian market is expected to be significantly slower during the remainder of 2025, due to large inventories in China and other import nations. This will free up LNG volumes to Europe. The increase in LNG imports will help to offset the decrease in regional supplies due to seasonal maintenance being completed on several Norwegian gas fields until late September. Storage is set to reach 90% easily by the start the heating season, in October. No scrambling needed. SUPPLY BOOM The summer LNG storage filling frenzy will not return to Europe for at least five years. According to LSEG, the global LNG capacity will increase from 550 bcm last year to 649 bcm by 2026 and 890 bcm by 2030. According to LSEG, the growth was primarily driven by the United States. Exports to the United States in the first seven month of 2025 were up 22% compared to a year ago, to 83 bcm. This is due to the start-up of several large Gulf Coast LNG liquefaction plants, including Venture Global’s Plaquemines. According to current projections, while the supply and demand are expected to be roughly equal this year, there will be a glut in 2026 of up to 200 bcm. A large disparity between supply and demand will inevitably lead to a reduction in LNG production. The United States is likely to be the first to cut back, as its producers are more price sensitive than those in other regions. CONSUMER IMPACT The weather will have a significant impact on gas prices in Europe during the winter months. Last winter, for example, was much colder than previous ones, causing a huge draw in inventories that pushed up prices. The oversupply on the market is good news for the consumers. They will benefit from the relatively low LNG price that has been in place for several years. This could stimulate the industrial activity in Africa. This market dynamic may allow European leaders to also breathe a sigh if relief. They could achieve their dual goal of reducing their reliance on Russian supplies of gas while also lowering the energy bills of their citizens. You like this column? Check out Open Interest, your essential source for global commentary on financial markets. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
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Kremlin satisfied with arrest of Ukrainian in Italy for Nord Stream attack
After Italy arrested a suspect sought in Germany, the Kremlin announced on Thursday it was satisfied with progress made by a German investigation of attacks on Nord Stream pipelines in 2022 in the Baltic Sea. A court of appeal in Italy confirmed earlier this month the arrest of a 49-year old Ukrainian man who was suspected by Germany of orchestrating the attacks that largely cut off Russian gas supplies into Europe. The suspect, who is identified as Serhii k. according to German privacy laws, could now be extradited back to Germany, where prosecutors claim he was a member of a group that planted devices near the Danish Island of Bornholm, in the Baltic Sea. Dmitry Peskov, Kremlin spokesperson, told reporters: "Ofcourse, it's satisfying that this investigation has begun. We want to believe it will continue to the end and that the perpetrators, as well as those who ordered terrorist acts, will be named." Reporting by Gleb Stallyarov, Writing by Andrew Osborn.
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COSCO faces 'challenges with international investments' amid US trade pressures
COSCO Shipping Ports' managing director, who spoke in Hong Kong Thursday, said that the U.S. Trade War is putting pressure on its international investments. Wu Yu said at an earnings conference, that despite the challenges posed by the United States, his state-owned conglomerate of global ports and shipping was "very focused" on developing opportunities in regional and emerging markets as well as some key hubs. The company stated that although China's exports have decreased to the U.S., those to emerging market countries have increased. It is therefore looking for acquisition opportunities in Southeast Asia and South America as well as Africa and the Middle East. COSCO cited a volatile geopolitical climate as one of its challenges, and when it expanded abroad, the tightening regulatory environments against foreign investments in many countries. Another headwind was the high bidding prices of other port competitors. Wu, however, declined to comment when asked if COSCO would become an investor in CK Hutchison’s sale of global ports assets. Beijing has strongly criticized CK Hutchison's initial plan to sell its ports business worth $22.8 billion to a group headed by BlackRock, a U.S.-based investment firm. The other two groups are Gianluigi Aponte’s family-run MSC and the Italian Gianluigi Aponte’s shipping company MSC. CK Hutchison said that it was in talks with a Chinese'major strategic investor', without naming the company. The consortium is expected to be formed by this "major strategic Chinese investor". The investor, according to sources, is COSCO. COSCO is one of the largest vertically integrated marine transport firms in the world. The plan included 43 ports in 23 different countries, two of which were near the Panama Canal where U.S. president Donald Trump had called for a decrease in Chinese influence. Reporting by James Pomfret in Hong Kong and Clare Jim. Toby Chopra, Mark Potter and Toby Chopra edited the report.
Antimony shortage affects battery makers after China's export restrictions
Sometimes the pain of China limiting exports is so severe that it can be crippling. This can cause a huge outcry to occur almost instantly. Sometimes the pain is felt immediately, while other times it can take longer.
China's late-last-year restrictions on the critical mineral antimony have caused major headaches for lead-acid battery makers around the world. Their customers are also affected by these high costs, as they have to pay more.
Steve Christensen is the executive director of the Responsible Battery Coalition in America, which includes battery manufacturer Clarios, Honda, and FedEx.
He mentioned the importance of batteries in the industry and in civilian life. He also noted that antimony was used in military equipment. Antimony costs now more than $60,000. This has quadrupled in the last year.
He said, "There are no easy solutions. We were caught completely off guard as an industry."
According to the United States Geological Survey, China is likely to produce 60% of all antimony in 2024. Antimony from other countries is sent to China as well for processing.
Beijing added antimony to its export control lists in September last year, and required companies to obtain licences for every overseas deal. In December, Beijing banned all shipments of antimony to the United States. This was seen as a retaliatory measure after Washington restricted exports of advanced semi-conductors to Chinese companies.
China's antimony exports to the world are only a third as high as they were at this time last.
Christensen stated that U.S. firms are heavily reliant on China to supply antimony, and that buyers will increasingly have to purchase from a "grey market" where sellers who are stocked with the material charge extremely high prices.
China's antimony restrictions preceded its controls on rare Earths and rare-earth magnets, which were imposed as a response to U.S. president Donald Trump's new tariffs. They do not seem to have been discussed during last week's attempts to stabilise the truce between trade tensions in both countries.
The talks last week between China and the U.S. did not produce any agreement regarding specialised rare Earths, such as samarium required for military applications.
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Lead-acid battery, which is commonly found in vehicles with gasoline engines, is mainly used to start the motor and power low voltage instruments. These batteries are used in many industries as backup power and to store excess solar and wind energy.
Antimony is essential for military equipment, such as night-vision goggles and navigation systems, in addition to batteries.
According to Project Blue, the total antimony demand in the world is between 230,000 and 240,000 tonnes per year. Lead-acid batteries account for about one third of this.
Project Blue estimates that while many battery manufacturers may have recycled antimony-lead materials available, they need to add around 10,000 tonnes of antimony per year to the alloy in order to achieve the desired battery properties.
It could be difficult to secure the additional portion.
Project Blue director Nils Backeberg stated that there was enough antimony outside China for non-Chinese buyers, but they had to compete with Chinese buyers such as China's massive solar industry and the smelters in China are able offer better terms.
He said that with antimony prices nearly five times higher than normal, cost is a major factor. Also, due to a limited supply on the Western Market, there's a noticeable shortage.
As of now, the antimony problems facing battery manufacturers have not led to a reduction in production. Companies like Germany's Hoppecke claim that they have been able to pass higher costs on to their customers. Japan's GS Yuasa has said that it has passed costs on to some of its customers, and is negotiating to pass them on to more.
A source from an Indian battery manufacturer said that antimony was only a small part of the cost and any price increases would be passed on to customers. However, any further price hikes could cause trouble.
The source, who declined to identify himself and was not authorized to speak with the media, said: "If prices continue to rise (in the industry), everyone will be at risk."
Sources at both companies and the Indian battery manufacturer declined to reveal the exact size of the price increases.
In a sign that profits are being affected, India's Exide Industries blamed high prices for antimony when it logged smaller-than-expected income for its fourth quarter.
Christensen, of the Responsible Battery Coalition, said that policymakers should consider the issue to be one of national safety. He argued that Western countries have become "overly dependent on a geopolitical opponent for minerals fundamental to national defense and civil life."
"For the U.S. the way forward includes onshoring of processing capacity, scaling up domestic recycling and building strategic minerals alliances with trusted partner. He added that if this crisis is not addressed, it will continue to repeat itself.
Antimony is being imported from China in small quantities.
Clarios, owned and operated by the global investment firm Brookfield said it was looking for locations in the U.S. to build a critical minerals recovery and processing plant that could cost up to $1 billion. The facility will be used, amongst other minerals, to extract antimony.
Last month, Nyrstar, a global commodity trader, said it could produce the metal antimony in its South Australian metals-processing plant, but that government support would be needed. Reporting by Melanie Burton, with additional reporting from Eric Onstad, Neha Arora, Ernest Scheyder, Lewis Jackson, Yuka Obayashi, Tokyo, and Ashitha Shivprasad, in Bengaluru. Editing by Edwinn Gibbs.
(source: Reuters)