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Bousso: Europe's weak energy spot is re-emerging in Greenland dispute
The U.S.-Europe trade war over President Donald Trump’s attempt to purchase Greenland has left the EU vulnerable, due to its reliance on one supplier for all of its energy needs. In less than four years, Europe's economic situation was severely affected by Russia's invasion of Ukraine. The nations were forced to find alternative sources of gas to replace the Russian natural resources they had been relying on for decades. This scramble caused a "severe" supply shock, and the European gas price quadrupled in the first six month of the conflict. Europe solved this problem by swapping one dependence for another. After the Russian share of EU gas imports dropped to 12% in 2012, from 45% prior to the invasion, Europe quickly turned to U.S. LNG. According to Kpler, the imports of U.S. LNG soared from 18 million metric ton in 2021, to 65 million ton last year. This represents 57% of all LNG that will be imported by Europe and Britain by 2025. The U.S. currently supplies almost a quarter (25%) of all gas imported by the EU. In addition, the U.S. and EU trade agreement signed last August stipulated that Brussels would buy $250 billion worth of energy from the U.S. in the period 2026-2028. This figure dwarfs the $75 billion it spent on energy last year. Now, fast forward to this week. European leaders are faced with the uncomfortable truth that their lopsided relationship in energy has made the region vulnerable. Trump may try to use Europe's dependency on energy as a bargaining tool in the escalating battle over Greenland. STRATEGIC LIABILITY Trump threatened on Saturday to impose an import tax of 10% on goods from several European countries who have been opposed to his plan to take over Greenland. The EU ambassadors met quickly the next day to discuss possible responses. The EU could impose tariffs on imports from the United States worth 93 billion euro ($107.7billion) or use its "Anti-Coercion Instrument", which is still untested. This instrument could be used to restrict services, reduce access for public tenders and investments, and limit financial systems. France has said that it would be in favor of suspending the trade agreement if the spat escalated. These threats, which are essentially a retaliation for the other's tit-fortat actions, could spark a new economic war between two major global powers. It is too early to tell how this conflict will unfold, but two things are certain. The showdown is a low in the transatlantic relations between NATO allies who have shared economic and security concerns for decades. Second, Europe's strategy on energy remains a liability for national security. LESSONS NOT LEARNED European Leaders do recognize this vulnerability and are attempting a longer-term solution. Several governments are rethinking their stance on exploitation of domestic oil and natural gas reserves. There are many reasons to not panic in the near future. Even with the increasing tensions between Washington, Brussels and the EU, the U.S. LNG supplies to the EU are far more secure than they were before. U.S. gas supplies are supported by long-term contracts among a variety of companies, which are governed under international trade rules. Russian gas was primarily delivered through the Kremlin controlled?Gazprom. The heavy dependence on Europe is a problem in both directions. Last year, the U.S. exported around half its LNG to Europe. The U.S. has seen a meteoric rise in the past few years and is now the top producer of the super-chilled fuel. A disruption of exports to Europe will have a tangible impact on LNG producers, gas drillers and the Trump administration. Energy as a weapon of political warfare has always been high-risk, and tends to drive buyers towards alternative suppliers. Gazprom's profits have been shrinking since 2022, as European customers moved away. This does not mean that Europe can relax. Under the Energy Policy and Conservation Act, the U.S. President has the power to restrict the export of energy and goods for reasons of national security. Trump declared a "national emergency" when he returned to the White House in January last year, giving him additional powers. The long-standing alliance that exists between Europe and Washington may allow the icy relations to ease. Europe's reliance on U.S. natural gas will continue to be a strategic weakness if and when the next dispute arises with the White House. You like this column? Check out Open Interest, your new essential source for 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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Maguire: Focus on the few markets where thermal coal can grow after a rare export decline
The thermal coal exporters are looking for new growth opportunities after their first annual decline in sales volume last year. COVID-19 has slammed the fuel demand in 2020. The problem is that growth markets are difficult to find. Data from commodities intelligence firm Kpler revealed that half of the 10 largest thermal coal buyers in 2025 registered a drop in their purchase volumes year-over-year. This included the top three buyers who collectively reduced imports by almost 50 million metric tonnes. The steep drop in thermal coal purchases led to a total decline of 33 million tons or 3% last year. This was the lowest annual shipment total for shipments since 2022. The simultaneous drop in imports to key markets raises the possibility that coal exports have peaked and may continue to decline as more energy systems choose cleaner sources of power generation. Exporters will continue to compete for coal-using countries in the future, even though coal usage in some primary markets appears to be declining. THE BIG 3. China, India, and Japan are the three largest thermal coal importers. They have accounted between them for 60% of all annual imports in 2017. In 2025 their collective purchases will be around 565 million tons or slightly less than 59% of global total. This total is 49 million tons or 8% less than in 2024 and the lowest level since 2022. Kpler data indicates that China was the largest coal importer in 2014, with 308 millions tons. India came second, with 157 million tonnes, followed by Japan, which imported 100 million tons. The collective appetite of the top three coal-importing countries remains the main focus for major coal exporters like Indonesia and Australia. The synchronised decline in collective imports of the three biggest power producers is likely to be a sign of what is to come, as coal gradually leaves power plants and industrial boilers for other sources of energy. The rapid deployment of renewables, other clean energy sources and efforts to maintain the domestic coal mining sector in China are likely to further decrease China's coal requirements in the future. India has a large coal-mining industry, which is the major beneficiary of government subsidies designed to maintain jobs and reduce national imports of energy products. In Japan, the steady restarting of the nuclear power sector (which was shuttered for some time after the Fukushima disaster in 2011) is reducing the reliance on coal to generate electricity. The coal share in utility power mixes is steadily decreasing, and coal exporters must look for other growth opportunities. BRIGHT SPOTS The top three coal importers will reduce their combined imports by almost 50 million tons by 2025. However, the next 10 largest importers increased their purchases last year by a total of 13 million tons. This total represents just 4% of China’s total imports in last year. However, it still represents a sales potential for those exporters who are trying to offset declines in the biggest coal markets. Bangladesh, among the next-largest coal markets, registered the largest annual increase in coal imports, with a 4.9-million ton rise, reaching a record high of 17 million tons. Turkey's coal purchases increased by 4.5 million tons to 32 million tonnes, while South Korea, the world's fourth-largest coal buyer, increased their purchases by around 3.65 million tons. Vietnam, Malaysia Thailand and the Netherlands all saw their coal imports increase by a similar amount in 2025. ELECTRIC GROWTH The main driver behind the increased coal imports from countries like Bangladesh, Turkey and South Korea has been the steady increase in the coal share of electricity generation. The steadily increasing power and energy demands in Bangladesh will lead to coal's share of the utility-supplied electric output rising above 40% by 2025. In South Korea coal generation accounted for the highest share of electricity in four years, following the reduction in nuclear power. The coal share in Turkey's electricity mix has declined to 34% in 2025 from 35% in 2024. However, it is still the largest source of power in the country. In fact, in most emerging markets coal is likely to remain the main power source for at least the next decade, as utilities strive to increase power supplies using the cheapest and fastest means possible. Coal is the cheapest energy source in Turkey, Southeast Asia, and some parts of Africa. These markets are only a fraction the size of China and India. But coal exporters who have seen their volume steadily decline in top economies will not be able to pick and choose and may need to look elsewhere for growth. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest Follow ROI on Twitter for the latest global financial news. Follow ROI on You can find us on LinkedIn. Listen to Morning Bid on the Morning Bid Daily Podcast Spotify Or the app. Subscribe to the podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Davos trip continues after Trump's plane safely lands following a'minor electric issue'
Air Force One, the presidential aircraft of Donald Trump, landed safely at Joint Base Andrews in Washington on Tuesday night to switch aircraft after his crew had identified "a minor electrical issue" shortly before takeoff. White House Press Secretary KarolineLeavitt confirmed that the trip would continue with a new aircraft. Trump will 'join other world leaders at the World Economic Forum in Davos Switzerland. Rare, but not unheard of, are air safety incidents that involve the U.S. President or Vice president. In 2011, the Air Force 'One' plane aborted landing in Connecticut due to bad weather, while transporting?President Barack Obama? to an event. Air Force 'Two' plane, carrying Vice President Joe Biden, was hit by birds in California in 2012 before landing without incident.
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Zipline's drone delivery bets are valued at $7.6 billion by Zipline
Zipline announced on Tuesday that the company has raised $600m in its most recent funding round, valuing it at $7.6billion. Investor interest in autonomous last-mile delivery is growing. The company reported that the round included 'participation' from several existing and new investors including Fidelity Management & Research Company (Fidelity), Baillie Gifford (Valor Equity Partners), and Tiger Global. The United States' venture capital funding has been resilient. Artificial intelligence continues to be the leading source of funding, while hardware startups have seen a steady increase in funding. "Automated Logistics has matured for more than 10 years, and it has become unmistakably obvious that demand grows exponentially when deliveries are made faster, cleaner, cheaper and safer," said Keller Cliffton. Global venture funding in 2025 increased by 38% from the previous year to $97 billion. This is a slight increase compared to the $92 billion that was raised in the second quarter. Zipline, a drone delivery company that uses AI and robotics, is expanding rapidly in the United States. It delivers food, retail, and healthcare products to the homes of customers. The San Francisco-based firm said that its U.S. delivery has grown by?about 15 percent week-on-week in the last seven months. Zipline, for example, says that last-mile delivery by air can reduce the risk of human delivery and delays due to weather or accidents. As governments and companies looked for new ways to reach the communities, drone deliveries of vaccines and medical supplies increased during the COVID-19 Lockdown. Zipline competes against Alphabet’s Wing, Amazon’s Prime Air, and other startups such as Matternet and Flytrex, in the rapidly growing drone delivery market. This includes medical logistics, and direct-to consumer deliveries.
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Commuter train derails near Barcelona, driver dead, 20 injured
According to a Catalonia Regional Government source and several local media outlets, the commuter train derailment occurred on Tuesday after a containment?wall?fell onto the track due to heavy 'rain near the Spanish City of Barcelona. The driver was killed, while around 20 other people were injured. The accident occurred just two days after the high-speed collision and derailment that killed 42 people near Adamuz, in southern Cordoba Province. Emergency services officials said that twenty ambulances and 38 firefighter units were dispatched along with the site in Gelida, on the outskirts Barcelona. The suburban train derailed in a region that has been plagued with underfunded rail services, and many incidents. Spanish rail operator Adif reported on X that a train axle came off the track in a separate incident on Tuesday night. (Reporting from Joan Faus and Sergio Goncalves, Editing by Aislinn laing and Jamie Freed).
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United Airlines is optimistic about the strong demand for premium travel
United Airlines released a positive outlook on Tuesday for the current quarter as well as the entire year. This was boosted by a strong demand from high-income travelers and corporate travelers. Moreover, the Chicago-based airline also exceeded expectations in terms of profit for the quarter ending December. After-hours, its shares rose by about 4.3%. United's earnings reports highlights how U.S. Airlines are increasingly relying upon premium cabins, business travel, and loyalty programs to grow profits, even though competition and price-sensitive travelers continue to pressure economy class fares. This shift has allowed carriers to stabilize their revenue, offset rising costs and justify continuing investment in aircraft and upgrades of the cabins aimed at higher-yielding passengers. In a?statement, United CEO Scott Kirby stated that "our results are built upon winning more and brand-loyal consumers." United reported that premium revenue rose by 9% from the previous year's December quarter, while loyalty revenue grew by 10%. Delta Air Lines, the rival airline, announced 'last week that revenue from premium cabins surpassed revenue from main cabins for the first quarter. Growth in higher-end seats'more than offset the declines in economy seating. Atlanta-based airline Delta Air Lines has stated that nearly all its seat growth in the near future will come from premium cabins. Low-cost and ultra low-cost carriers that rely on price-sensitive tourists have been struggling with poor profitability and excess capacity. This has led to consolidation and retrenchment. Allegiant announced plans to purchase Sun Country Airlines. Spirit Airlines filed for bankruptcy. UNITED RECORDS RECORD REVENUE United Airlines said that, despite a $250 million drop in pre-tax earnings for the December quarter it had still achieved its highest revenue quarter ever and earned more per seat than any other quarter in the year. The airline said that this momentum will continue into 2026. It reported that the week ending on January 4, 2019 saw the highest revenue in the history of the airline from tickets flown, and a record-breaking week for ticket sales and bookings. United predicted a first-quarter adjusted income of $1 to $1.50 a share. According to LSEG, the midpoint of this range, $1.25 is higher than analysts' average estimates of $1.13. United's 2026 adjusted earnings are projected to be between $12 and $14 per share. This compares with the analysts' average estimate, which is $13.16. The adjusted earnings per share for the fourth quarter was $3.10, exceeding analysts' estimates of $2.94. Total revenue increased 4.8% to $15.4 Billion. The company will hold a conference call on Wednesday morning with analysts and investors to discuss its financial performance. (Reporting and editing by Rod Nickel, Jamie Freed and Rajesh Kumar Singh)
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The US military has seized another Venezuelan-linked tanker off the Caribbean coast
The U.S. Military said that it had seized an?oil tanker linked to Venezuela on Tuesday in Caribbean. This is the seventh apprehension of this kind since the start of U.S. president Donald Trump's campaign for a month to control Venezuelan oil flows. In a statement, the U.S. Southern Command, which oversees nearly a dozen ships and thousands of soldiers in the Caribbean, stated that it had apprehended Motor Vessel Sagitta without incident. The statement said: "The arrest of another tanker that was operating defying President Trump's quarantine established for?sanctioned ships in the Caribbean shows our determination to ensure that only oil leaving Venezuela is oil that has been?coordinated correctly and lawfully." Trump's foreign policy in Latin America has been focused on Venezuela. He initially wanted to remove Venezuelan President Nicolas Maduro. Trump, after failing to find a diplomatic resolution, ordered U.S. forces to fly into Venezuela to capture him and his spouse in a daring overnight raid on January 3, 2019. Trump said that the U.S. planned to control Venezuela's resources for oil indefinitely, as part of a $100 billion plan to rebuild Venezuela's decrepit oil industry. The vessels that have been intercepted previously were either under U.S. sanctions or were part of a shadow fleet of ships which disguised their origins in order to transport oil from major sanctioned producer -- Iran, Russia or Venezuela.
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Petrobras, Brazil's gas company, to purchase five tankers and multiple vessels worth $521 million
Petrobras, the state-owned oil company in Brazil, and its logistics subsidiary Transpetro signed contracts on Tuesday with shipyards to build 'five gas carriers, 18 barges, and 18 pushers for a total of 2.8 billion reals ($521million). At an event held in the southern state of Rio Grande do Sul, Brazil, the companies officially sealed their deal. The ceremony was attended by Brazilian President Luiz Inacio Lula Da Silva, who is committed to boosting Brazil's shipbuilding industry. Petrobras said that a shipyard in Rio do Grande do 'Sul would build five tankers worth 2.2 billion reals to transport liquefied gas (also known as cooking gas) and derivatives. The tankers have a total capacity of 14000 cubic meters. The?state-run company added that the first gas tanker will be delivered in 33 months from when construction starts, and new deliveries will occur every six months thereafter. Transpetro, a Brazilian company, will operate the remaining barges and shovels. Shipyards from two other Brazilian states are expected to build the rest. In a statement, Magda Chambriard, Petrobras' Chief Executive Officer said: "With these contracts we are preparing Petrobras to grow?our production over the next few years and boost the recovery of?the national shipbuilding industry." ($1 = 5,3761 reais). (Reporting and writing by Fernando Cardoso, Sao Paulo. Editing by Lisa Shumaker.)
InPost reports 30% rise in fourth-quarter parcel volumes
InPost, a parcel?locker provider, reported on Wednesday that its fourth-quarter delivery volumes rose by a record?30% compared to the previous year.
The company said that the growth was due to a strong business-to consumer growth, and momentum on its international markets. This was supported by strategic acquisitions made in Britain and Spain.
InPost?also?said a special comittee continues to evaluate the?indicative?offer for all of its shares that it received from a?party unnamed, as announced on?6th January.
The company reported that in Poland, the fourth-quarter volume rose by 5%, reaching a record high of 220.2 millions parcels. This was largely due to door-to-door deliveries.
InPost said that on the busiest of days leading up to Christmas, it handled over 15 million parcels throughout Europe. "This is a new benchmark for operational excellence", they added.
The number of parcels delivered increased by 25% in the entire year to 1,36 billion.
InPost operates one of Europe's largest networks of automated parcel machines.
The full results for the fourth quarter and year will be reported on March 18. Reporting by Adrianna ebert, Gdansk. Editing by Milli Nissi-Prussak
(source: Reuters)