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Source: RPT-Carney was aware of South Bow's Keystone XL plans even before the White House meeting.
Sources familiar with the issue said that Canadian 'Prime Minister Mark Carney' was aware of South Bow Oil Company's plans to revive a portion of the canceled Keystone XL Pipeline to the United States, when he brought the idea up to U.S. president Donald Trump last October. Sources said that South Bow, the Canadian company responsible for the Keystone XL pipeline cancellation, may revive some of the existing line as part of an expansion project aimed to transport more Canadian oil into the United States. During Carney’s meeting with Trump at the?White House he brought up the possibility of reviving Keystone XL, an oil pipeline that would connect Alberta and the United States as part of 'his efforts to reduce trade tensions between both countries. Carney was being pressed by Canadians to deal with the painful U.S. steel, auto, and other tariffs. He asked Trump, in October, if he'd be interested in a revived Keystone XL oil pipeline from Alberta to the United States. South Bow at that time said it had "moved forward" with Keystone, but supported efforts to increase transportation of Canadian oil. Carney knew that South Bow was in discussions with potential U.S. A federal source with knowledge of the matter said that Carney was aware at the time that?South Bow's?U.S. The source stated, "He was certainly aware that there might be private sector interest." The source refused to give their name in order to speak openly about the issue. Source: The Canadian government has no involvement in the South Bow proposal. However, energy will be a major part of negotiations when the Canada-United States Mexico trade agreement (CUSMA) is reviewed. A spokesperson from Carney's Office declined to comment and referred questions to the Department of Natural Resources of Canada. Charlotte Power, a spokesperson for Natural Resources, stated in an email reply: "Canada has what the world is looking for when it comes to energy. As the federal government prepares to review the CUSMA, we are actively engaging with industry leaders and provinces and territorial governments to ensure that our negotiating position reflects Canada’s economic interests. In an email, a spokesperson from Calgary-based South Bow confirmed that the company was evaluating a proposal to?leverage its existing infrastructure in Canada and to connect with crude oil 'pipelines' in the U.S. The spokesperson did NOT specify which infrastructure they might use, or with whom they would partner south of the border. Bridger Pipeline, a U.S. firm, recently filed a proposal in Montana with regulators. The proposal describes the construction of a 645-mile pipeline (1,038 km) that would begin near the U.S. Canada border, Phillips County in Montana, and travel to Guernsey Wyoming. Bridger stated in his application that the purpose of the new pipeline would be to transport as much as 550,000 barrels of Canadian crude oil per day to the U.S. Market. Bridger declined comment. (Reporting and editing by Caroline Stauffer in Calgary, Amanda Stephenson)
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Venezuela prepares larger oil cargoes to export and targets India
Four sources and shipping data indicate that buyers and trading houses of Venezuelan oil chartered the very large crude carriers to export the South American nation?since the Caracas-Washington deal was signed. This move will boost deliveries to India. The use of larger vessels that can hold up to 2,000,000 barrels each is expected to reduce transportation costs for buyers and traders, relieve a shortage in smaller tankers, and speed up deliveries beginning next month. This could help to drain the millions barrels stored at Venezuela faster. The Nissos Kea and Nissos Kythnos, as well as the Arzanah, are at least three VLCCs that Vitol and Trafigura have chartered. They will be loading in March at Venezuela's largest oil terminal, Jose. This terminal is operated by PDVSA, a state-owned energy company, and it handles 70% of all crude exports. Sources said the tankers were bound for India. According to LSEG Ship Tracking, another supertanker Olympic Lion was signaling Venezuela this week as its destination, with an expected arrival date of late March. The charterer wasn't immediately known. Since January, most of Venezuela's crude oil exports have been transported to U.S. refining facilities in medium-sized tanks, such as Aframaxes and Panamaxes. These tankers can transport between 450,000 and 700,00 barrels of heavy oils each. According to vessel movement data, the oil was also transported on Suezmax vessels that?can transport up to one million barrels. BIGGER CARGOES - LOWER COSTS Larger cargoes may reduce the costs of trading houses, who have complained about prices that are around $15 below Brent for Venezuelan Merey heavy oil, agreed on last month, for initial purchases. According to shipping data, two sources and the U.S. oil giant Chevron, Reliance Industries in India has purchased its first cargo of Venezuelan heavy crude since December 2023. This is the first time that heavy oil has been sold in six years. The Boscan crude shipment will be transported on the Ottoman Sincerity. Reliance has also purchased a 2-million barrel cargo from Vitol, for loading in March, and is looking to purchase directly from PDVSA. Reliance didn't respond to questions outside of office hours. Vitol 'and Trafigura are trading houses that have been exporting Venezuelan Crude this year, as part of a deal worth $2 billion between the U.S.A. and Venezuela. They have also recently sold Venezuelan Heavy Crude cargoes to Indian Refiners including Indian Oil Corp, Bharat Petrol Corp, and HPCL Mittal Energy. India was the third largest buyer of Venezuelan oil before Washington imposed sanctions on 2019. As a result of the lifting of a U.S. oil blockade, Venezuela's oil exports increased to 800,000 barrels a day in January. However, this rapid increase, from 500,000 barrels a day in December, has left millions in storage that were originally meant for U.S. or European buyers. PDVSA and Vitol have not responded to our requests for comment. Trafigura refused to comment. More Cargo to the U.S. Chevron, Phillips 66, Citgo Petroleum, and other U.S. refiners are preparing to increase Venezuelan oil processing in their?refineries. This is expected to also boost exports. Two sources confirmed that Chevron, along with some U.S. refining companies, have hired dozens Aframaxes or Panamaxes. These vessels are mostly on time-charter agreements for Venezuela. This means they will only transport Venezuelan oil during the contract period. Valero Phillips 66, and Citgo have not responded to requests for comment. Two sources say that the move by trading houses to larger tankers will ease the search for medium-sized vessels departing from the Caribbean. Many companies have been struggling to find them. Trafigura Vitol, and Chevron had been exporting oil from the OPEC nation under individual U.S. licences. But in late January the U.S. Treasury Department released a general license that allows oil exports. It is anticipated that the new authorization will gradually expand the number of cargo destinations and buyers. Reporting by Marianna Pararaga, Shariq KHan, Arathy SOMASEKHAR, Georgina McARTNEY and Nicole Jao. Rod Nickel, Julia Symmes Cobb and Julia Symmes Cobb edited the story.
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Telecom Italia announces a 5-6% increase in its core profit and a share buyback program
Telecom 'Italia (TIM), on Tuesday, announced that it would 'launch' a share purchase of up to $400 million euros ($471.48 millions). The company forecasted a 5-6% increase in core profit this year, and reported 2025 earnings which were in line with expectations. TIM was under intense pressure from its home market for over a decade, and Poste 'Italiane became its largest shareholder, replacing France's Vivendi. The stock has more than doubled in value during the last 12 months, a result of the company's?assets-and-shareholder overhaul. The buyback is 'the first form of shareholder compensation since 2022 when Italy's largest telecoms operator suspended its dividend payments in order to embark on a complex restructuring centered on the sale of fixed-network assets. Last year, TIM promised to use half the?proceeds of the 700 million-euro sale?of its subsea-cable unit Sparkle?to reward investors. This was after the 18.8 billion-euro sale in 2024 of its domestic landline system was used to reduce its debt. TIM stated that the buyback of shares was conditional on the completion of Sparkle's sale later this year. Earnings before Interest, Tax, Depreciation, and Amortisation After Lease Costs (EBITDA AL) rose 6.5% to 3.7 billion Euros in 2025, according to the company's consensus. "TIM's financial structure is stronger, and it has a higher profit margin. It also generates more cash," said Pietro Labriola, the Chief Executive Officer. TIM reported 700 million?euros of equity?free-cash flow after leasing in 2025. This was higher than the analyst's forecast of 530 millions euros. Total revenue in 2025 increased 2.7% to 13.7?billion euro. Net debt after leasing fell by 400 millions euros to 6.9 billion euros at December 31, 2025. The net result that will be announced next month is likely to be affected by TIM adopting a new method of recognizing?deferred costs for retail broadband customers. TIM stated that the revised approach will allow costs to be amortized over four years instead of eight. This will add 600 million euros in 2025.
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Former UK Ambassador Mandelson is released following arrest for Epstein revelations
Peter Mandelson, the former British ambassador to America, was released on Tuesday from police custody after being arrested at London's Metropolitan Police Department for suspicion of misconduct in office. This followed revelations about his relationship with Jeffrey Epstein. Mandelson, 72 years old, was 'fired' from the most prestigious post in Britain’s diplomatic service in September when it became clear how close he had become to the convicted sex offender. The police began an investigation of Mandelson earlier this month after the government of Keirstarmer passed along communications between Epstein and the former ambassador. In a statement about an investigation involving a former minister, London's Metropolitan Police stated that officers had arrested a man aged 72 on suspicion of misconduct. Mandelson was captured leaving his central London house on Monday afternoon. He was driven away by a car accompanied by plainclothes police officers wearing bodycams. In a separate statement, it was stated that he'd been released on bail pending a further investigation. He was seen returning to his home around 2200 GMT. An arrest is a sign that police suspects a crime was committed, but it does not mean guilt. Mishcon De Reya, a law firm representing Mandelson, said that the arrest of Mandelson was due to a "baseless rumor" that he planned to leave and move abroad. The report said Mandelson had been arrested despite a police agreement that he would attend an?unpaid interview next month and that the authorities were required to provide evidence justifying the arrest. Emails show MANDELSON and EPSTEIN are closer than thought The U.S. Department of Justice released emails between Mandelson, Epstein and others in late January. They showed that the two men were closer than was previously known. Mandelson also shared information with Epstein when he served as a minister under former Prime Minister Gordon Brown in 2009. Mandelson has said that he regrets his association with Epstein. He resigned this month from Starmer's Labour Party, and quit his post in the upper chamber of parliament. He hasn't commented publicly on the new revelations or replied to any messages asking for comment. Police searched Mandelson's residences in London and West England earlier this month. Andrew Mountbatten Windsor, the younger brother of King Charles, was arrested last week on suspicions of misconduct in office. This is based on allegations that he had sent Epstein confidential documents from government. He has always denied all wrongdoing. STARMER IS UNDER PRESSURE ABOUT VETTING BEFORE ASSESSMENT A conviction for misconduct by a public official carries a maximum life sentence and must be handled in the Crown Court which deals only with serious criminal offenses. Mandelson's relationship to Epstein is at the heart of a British scandal that forced two high-ranking government officials to resign. Epstein died in prison in 2019 while awaiting a trial on sex charges. Starmer, who has been called to resign over Mandelson’s appointment, is now under scrutiny again after the parliament demanded that documents related to his vetting be released. On Monday, a minister said that the documents would be released in early March. MANDELSON FORCED TWICE TO REIGN FROM CABINET Mandelson's career in British politics has been turbulent and long. He rose to prominence as one of Tony Blair's New Labour architects in the late 1990s. Mandelson was forced twice to resign from the cabinet. First in 1998, for failing to disclose that he took a loan from a friend, and then in 2001, after accusations that he tried to influence an application for a passport. He was appointed as a Minister in Brown's Labour Government from 2008 to 2010. In late 2024, he returned to public service when?Starmer appointed him Ambassador to the United States. Some?supporters Starmer initially viewed his appointment as ambassador to United States as a clever move. He won an early victory when he made sure that Britain was the first nation to reach a deal to reduce some of Donald Trump's tariffs with the United States. He was fired after a few weeks when documents revealed his close relationship with Epstein. Starmer said Mandelson lied during the vetting procedure about his relationship with Epstein. (Reporting and editing by William James, Andrew Heavens, Daniel Wallis and Jon Boyle)
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Transport Canada certifies Gulfstream G700 & G800 jets following Trump spat
Transport Canada approved two large-cabin Gulfstream jets, weeks after the U.S. Donald Trump has threatened to take action against Canada's aircraft sector because its regulator is taking too long in certifying the U.S. made planes. According to a document released by the government on Monday, Transport Canada has certified Gulfstream Aerospace's flagship G700 and G800 planes. The company's G500 and G600 smaller, shorter range planes were first certified on February 15, according to a government document. In a post on social media, Trump stated that Canada took too long to certify aircraft. He threatened to respond by decertifying Canadian made Bombardier Global Express jets, and by imposing a?50% tariff on all aircraft manufactured in Canada. Gulfstream is owned by General Dynamics, a U.S. company. This threat is part of a series of provocations that President Trump has made against Canada since his re-election in January last year. Trump has threatened to annex Canada and he said that he would block the opening of a Canadian-financed new bridge connecting Detroit, Ontario, with Windsor, Michigan. The certification issue is unclear, since the Gulfstreams are already certified by the U.S. Federal Aviation Administration and don't need Canadian certification in order to fly there. According to global aviation regulations, it is the responsibility of the country that designed an aircraft to vouch for its safety. Usually, other countries validate the decision made by the primary regulator. Nate Sizemore, a spokesman for the U.S. Department of Transportation on Tuesday, said that "the President was clear": fair trade is important in all sectors including aviation. Aviation experts were alarmed by the incident and argued that planes should only be certified based on safety, without political influence. Richard Aboulafia is the managing director of AeroDynamic Advisory, a U.S. aerospace consultancy firm. Mark Carney, the Canadian Prime Minister, has criticised Trump's use tariff threats as a negotiation tactic. In a speech given in Davos in January, Carney said that other nations must accept that U.S. led rules-based international order is over. He had traveled to China earlier that month in order to negotiate a deal with his U.S. competitor. Gulfstream's spokesperson stated that the private jet manufacturer is working with FAA and Transport Canada. They are "optimistic" about the progress being made. Reporters in Ottawa were told by Transport Minister Steven MacKinnon that the approval of the regulator was not due to pressure from the Trump Administration. He said that there were requests for certification of Gulfstream aircraft. They were in different stages." (Allison Lampert, Montreal; David Shepardson, Washington; editing by Chizu nomiyama and Nick Zieminski).
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L'Oreal and Dyson are the latest companies to seek refunds on Trump tariffs
?French beauty company L'Oreal, British vacuum maker Dyson, and contact lens manufacturer?Bausch + Lomb are the 'latest' corporations to file a lawsuit for'refunds' of tariffs paid as part of President Donald Trump's trade emergency measures. This comes days after the U.S. Supreme Court ruled that the duties were illegal. These cases were filed in the U.S. Court of International Trade on Monday, joining a long list of notable companies that have sued following Friday's landmark decision. This week, the global transportation company FedEx as well as U.S. skincare company Sol 'de Janeiro filed complaints. Court documents reveal that more than 1,400 importers, including tiremaker Goodyear and big-box retailer Costco, have already filed lawsuits. Trade lawyers are expecting a new wave of lawsuits, as companies attempt to recover 'billions' of dollars in duties. A lower court must still work out the recovery process, but it could take several months or even years to resolve. Penn Wharton Budget Model's economists say that up to $175 billion of U.S. tax collections could be refunded after the Supreme Court ruled on Friday, 6-3, that Trump exceeded his authority in using the International Emergency Economic Powers Act, a sanctions -law, to impose duties on imported goods. The companies that have filed suit represent only a small fraction of those that are eligible. L'Oreal's case is filed by L'Oreal Travel Retail Americas. This division sells beauty products at duty-free shops and other travel-related stores. L'Oreal and Dyson were listed as the importer of record for IEEPA tariffs. Bausch + Lomb, Sol de Janeiro, and Bausch + Lomb also filed documents. L'Oreal didn't say how much it wants to be refunded. Companies did not respond immediately to requests for comments. In the same way as in other cases, U.S. Customs and Border Protection and its commissioner Rodney Scott, along with the United States of America, were named defendants. CBP and White House didn't immediately respond to comments.
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US LNG dominance to continue growing ten years after first cargo
The United States has grown rapidly in the 10 years since the first cargo of ultra-cooled fuel was exported from Louisiana. Analysts and executives in the industry predict that U.S. LNG capacity records will double within five years. The question is whether the world market will be able absorb these supplies, which are already showing signs that it's saturated. Shell's CEO Wael Sawan stated earlier this month, that the LNG market was growing at an annual rate of?3%. This is faster than the growth of the gas industry. Cheniere Energy exported its first LNG cargo on February 24, 2016, from Sabine Pass, a facility in Louisiana. This marked a new beginning for the U.S. LNG Industry, which would eventually surpass the likes of Qatar and Australia. Alaskan LNG cargoes were previously exported in small quantities. According to LSEG data and EIA, the United States now processes around 18 billion cubic foot of natural gas per day into LNG. This makes it the world's largest LNG supplier. The measurement of gas at the wellhead takes place in cubic feet, while LNG is measured by metric tonnes. The U.S. Energy Information Administration stated in a Tuesday statement that "LNG exports increased from the United States for several reasons including abundant natural gas supplies and reserves, flexibility of LNG export contracts and relatively low feedgas prices." The EIA said that the expansion of LNG infrastructure in the U.S. was boosted by an increase in international demand, particularly from Europe after Russia invaded Ukraine. EIA reported late last year LNG exporters have announced plans to increase U.S.?liquefaction capability up to 28,7 bcfd in 2029 from 11.4 bcfd when 2024 began. Cheniere and Venture Global LNG are two of the three largest LNG producers in the world. Cheniere has said that it has invested $50 billion over the last decade in expanding its two export facilities and hopes to double production to 100 million tonnes per year by the mid-2030s. "At the close of 2016, our operational capacity was about 9 mtpa." "Today, it is about 52 mtpa, and growing, as we continue bringing Corpus Christi Stage 3 train online," Cheniere said in an email on Tuesday. Venture Global did no immediately respond to a comment request. Curtis Williams, Houston Reporting Nick Zieminski Editing
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Source: Carney was aware of South Bow's Keystone XL plans prior to the White House meeting.
Sources familiar with the issue said that Canadian Prime Minister Mark Carney knew about the plans of 'oil company South Bow to resurrect parts of the canceled Keystone XL Pipeline?to the United States, when he brought the idea up to U.S. president Donald Trump last October. Sources said that South Bow, the Canadian company responsible for the Keystone XL pipeline cancellation, may revive some of the existing line as part of an expansion project aimed to transport more Canadian oil into the United States. Carney raised the prospect of reviving Keystone XL, an oil pipeline that runs from Alberta to the United States as part of Carney's efforts to ease tensions between the two countries. Carney was being pressed by Canadians to deal with the painful U.S. Tariffs on autos, steel and other goods. He asked Trump in October if he would be interested in a Keystone project that had Canadian support. South Bow at that time said it was "moving on" from Keystone, but supported efforts to increase transportation of Canadian oil. Carney knew then that South Bow had been in 'talks' with potential U.S. Partners to revive a?part of Keystone XL, a source familiar with the issue said. The source stated, "He was certainly aware that there might be private sector interest." The source refused to give their name in order to speak openly about the issue. Source: The Canadian government has no involvement in the South Bow proposal. However, energy will be a major part of negotiations when the CUSMA is reviewed. A spokesperson from Carney's Office declined to comment and referred questions to the Department of Natural Resources of Canada. Charlotte Power, a spokesperson for Natural Resources, stated in an email reply: "Canada has the energy that the world needs. As the federal government prepares to review the CUSMA, we are actively engaging?industry?leaders and provinces?and territories?to ensure that our negotiating positions reflect Canada's economic interests. In an email, a spokesperson from Calgary-based South Bow confirmed that the company was evaluating a plan that would?leverage its existing infrastructure in Canada and permit corridors to connect with crude oil pipelines? in the U.S. The spokesperson did no specify which infrastructure they might use, or with what companies they would partner south of the border. Bridger Pipeline, a U.S. firm, recently submitted a proposal to Montana regulators. The proposal describes the construction of a 645-mile pipeline (1,038 km) that would begin near the U.S. Canada border in Phillips County, Montana and travel through Guernsey County, Wyoming. Bridger stated in his application that the purpose of the new pipeline would be to transport as much as 550,000 barrels of Canadian crude oil per day to the U.S. Market. Bridger declined comment. (Reporting and editing by Caroline Stauffer in Calgary, Amanda Stephenson)
L'Oreal and Dyson are the latest companies to seek refunds on Trump tariffs
Court filings show that the French beauty group L'Oreal, British vacuum'manufacturer Dyson, and contact 'lens manufacturer Bausch + Lomb are the 'latest' corporations to sue the U.S. government for refunds on tariffs paid as part of President Donald Trump's trade emergency measures. This comes days after the U.S. Supreme Court ruled these duties illegal. These cases were filed in the U.S. Court of International Trade on Monday, joining a long list of prominent companies that have sued since Friday's landmark decision. Sol de Janeiro, a U.S. skincare company and fragrance company and global transportation company FedEx also filed complaints in the last week. Court documents reveal that more than 1,400 importers, including tiremaker Goodyear and big-box retailer Costco, have already filed lawsuits. Trade lawyers are expecting a new wave of lawsuits, as companies try to recover billions in duties. A lower court still needs to work out the recovery process, but it could take several months or even years.
Penn Wharton Budget Model's economists say that up to $175 billion of U.S. tax collections could be refunded after the Supreme Court ruled on Friday, 6-3, that Trump exceeded his authority in using the International Emergency Economic Powers Act, a sanctions law, in order to impose tariffs against imported goods.
The companies that have filed suit represent only a small fraction of those that are eligible.
L'Oreal's 'case' was filed by L'Oreal Travel Retail Americas. This is the division that sells beauty 'products' in duty-free 'and travel-related shops. L'Oreal and Dyson, Bausch + Lomb, Sol de Janeiro, and Bausch + Lomb said that in their filings, they were the importer of record 'on goods subjected to IEEPA tariffs. L'Oreal didn't say how much it wants to be refunded.
Requests for comments were not immediately responded to by the companies. In the same way as in other cases, U.S. Customs and Border Protection and its commissioner Rodney Scott, as well as the United States of America, were named defendants. CBP and White House did no respond immediately to requests for comments.
(source: Reuters)