Latest News
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Dubai Media Office reports that a fire breaks out near Dubai International Airport following a drone attack.
The 'Dubai Media Office' said on Monday that authorities are?dealing?with a??fire? resulting??? from a drone attack near the Dubai International Airport. They added that there were no reported injuries. Dubai authorities stated that the drone attack had hit a fuel tank, and civil defence teams are working to control the fire. Gulf Arab states have been subjected to more than 2,000'missile and drone attacks' since the U.S. and Israeli war against Iran began on February 28. These include U.S. military bases and diplomatic missions, but also vital Gulf oil infrastructure and ports, airports and hotels, as well as residential and office buildings. The United Arab Emirates - which normalised its relations with Iran's arch enemy Israel in 2020 - has been the most affected by?the attacks. All Gulf Arab countries have been affected and have condemned Iran.
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Sources: China relaxes BHP iron-ore ban for a week
Sources said on Friday that China will ease the ban on BHP's Jimblebar Fines, an iron-ore product, until next week. This comes only one day after Beijing tightened restrictions on its third largest supplier. China Mineral Resources Group (the state-run iron ore purchaser) told domestic steelmills they could take "delivery of Jimblebar fins already at port for around a week," said three sources who were familiar with the matter, but on condition of anonymity because of the sensitive nature of the issue. Steelmakers and traders are excluded from the exception. CMRG?barred? steelmakers and traders? from purchasing Jimblebar?fines in September and has progressively increased its restrictions. Most recently, this week, it is negotiating the terms of BHP’s 2026 supply agreement. Iron ore prices reached a two-month high on Friday as traders feared further bans could limit the iron ore supply at ports. The temporary reprieve highlights CMRG's?challenge? in lowering prices, when its primary tool is to remove supply from the market. One of the sources said that "the move is to reinin iron ore price rally." CMRG and BHPB did not respond immediately to requests for comments outside of normal working hours. Louise Heavens, News (reporting)
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Honda's $15,7 billion writedown on EVs is painful but China problems loom in the future
Honda's $15 billion write-down of its electric vehicles business is more than just a painful reversal in its U.S. strategy. It also shows that it will face even greater challenges from China where it faces an ever-widening technology gap. The second largest automaker in Japan announced on Thursday that it will restructure its electric vehicle business, primarily in the U.S., and write off some Chinese operations. This could cost an estimated?2.5 trillion dollars. It also said that it would report its first loss as a publicly listed company in nearly 70 years. It announced that it would cancel the three battery-powered models planned for the U.S. where demand for electric vehicles has plummeted since President Donald Trump cut subsidies. Honda sold 84,000 battery-powered vehicles last year, just 2.5% of its 3.4 million global vehicle sales. According to Christopher Richter, an automotive analyst at CLSA, the scale of the write-down reflects Honda's massive investments in research and production capacity, as it sought to sell more EVs. He said that the automaker should have acted faster to halt this investment when Trump returned to power. He said, "They took far too long to think about this." "They cancelled these projects almost on the eve before they were released." Honda unveiled its first two concept models of the "Honda 0 Series" in Las Vegas, including the Saloon Sedan, in January 2024. It had planned to launch the first vehicle in the series this year in North America. These plans have now been scrapped. The company has cancelled the three models which were to be produced in the U.S. The company will experience cash outflows up to 1.7 trillion Japanese yen as part of the financial hit. This is largely because of the costs of compensating its suppliers. Seiji Sugiura is a senior analyst with Tokai Tokyo Intelligence Laboratory (the research arm of Tokai Tokyo Securities) and he wrote to clients that he was "shocked by the scale" of this writedown. This decision was made at a time when it was very difficult, before mass production and after significant budgets were already committed. It was an extremely tough call. Honda is now pivoting to hybrids in America?and will be looking to strengthen its lineup and cost-competitiveness in India where it believes it could expand. CHINA'S PERFORMANCE SIGNS DEEPER EV TRUUBLES Honda may be putting behind them the worst, but fixing their China business could prove to be a greater challenge. The automaker said it was unable to compete with the newer Chinese companies, primarily because of their shorter development cycles, and?their strengths in software-driven cars, including advanced driver assistance systems. Honda said that in a competitive environment that was so difficult, it had been unable to produce products that were more cost-effective than those of the newer EV manufacturers. This resulted in a decrease in competitiveness. Vincent Sun, senior analyst at Morningstar said that there is uncertainty regarding Honda's ability to meet the technology challenge in the long-term. He said, "The move raises concerns about Honda's long-term technological competitiveness." Honda launched several battery-powered vehicles in China, the largest auto market in the world, but only sold 17,000 of them last year. This is just 2.5% of the 677,000 cars it sold there and just a fifth of the global total of electric vehicles. Analysts said that Sony Honda Mobility - the joint venture between Honda and Sony Group to develop the Afeela sedan - could also pose a risk. Honda announced on Thursday that the direction of its joint venture is being discussed but no decision has been made.
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US airline CEOs call on Congress to resolve the standoff and pay airport security personnel
Chief executive officers from major U.S. Airlines urged Congress to act quickly on Sunday to end the?29-day partial shutdown of the government that has forced 50,000 airport?security?officers to work without being paid, warning this could further disrupt U.S. airline travel. Travel at major airports has been disrupted by the absence of Transportation Security Administration (TSA) officers in the past week. This is alarming as spring break travel continues. In an open letter sent to Congress, the CEOs of American Airlines and United Airlines, as well as those from Southwest Airlines, JetBlue Airways, Alaska Air, Delta Air Lines and other airlines, wrote that "too many travelers have to wait in painfully long lines at checkpoints." First, the leaders must immediately reach an agreement on funding for Homeland Security. They added that they needed to take action so the problem would never happen again. A 43-day shutdown of the government in fall 2017 caused widespread flight disruptions. The FAA then ordered 10% flight cuts at major airports. "Once again, air travel is the political ball amid another government shut down," wrote the CEOs. The group of airline executives, which includes senior executives from cargo carriers such as FedEx, UPS, and Atlas Air, called for legislation that would ensure critical government aviation staff are paid during future shutdowns. Both parties of the Senate failed to reach an agreement on funding the TSA last Thursday, despite the fact that the TSA reported last week the resignation of more than 300 officers since the shutdown began. Homeland Security Department funding expired on February 13, after Congress failed in its efforts to reach an agreement on immigration enforcement reforms requested by Democrats. "We're going to make it through this." Sean Duffy, U.S. Transport Secretary, said on Fox News Channel "Sunday Morning Futures" that he believes Democrats will come to their senses. Duffy hopes that Democrats will not wait for Americans to be hurt or killed before putting your security before those who have entered the country illegally. The airlines are anticipating a record spring travel period. 171 million passengers will fly during this period, an increase of 4% over the same two-month period in last year. Some airports, like Houston Hobby, New Orleans, and Newark, reported security lines that exceeded two hours last week as TSA absences increased. On Saturday, Newark announced it was experiencing longer than normal delays. The CEOs wrote: "Americans in your districts and home states are tired of the long lines, travel delays and cancellations that result from a'shutdown after shutdown. Airports are closing security checkpoints, and raising money to pay TSA employees for food and other necessities while they work without pay. Reporting by David Shepardson, Additional reporting in New York by Gertrude Chavez Dreyfuss; Editing and Jamie Freed by Diane Craft and Jamie Freed
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Iraq claims Kurdish authorities refuse to allow it to send oil through their pipeline
The Iraqi 'oil ministry' said that the Kurdistan Regional Government?refused it to use a pipeline for an alternative route for crude shipments disrupted by?the Iran _conflict. It accused authorities in Kurdistan of placing irrelevant conditions. Senior Kurdish officials told authorities that they would welcome the Iraqi government using the pipeline. However, Baghdad must first lift its "dollar embargo", which he called on the region. "We want to make a deal." "We want to help Iraq, and bring relief? to the markets. But this embargo has got to end first," said the official. Sources told The Daily Mail on 8 March that oil production in Iraq's southern oilfields has fallen 70%, to just 1.3 million barrels per day, as the Iran conflict has effectively closed off the Strait of Hormuz. Iraq's Oil Ministry sent a letter to the Kurdistan Regional Government in early March asking for permission to pump 100,000 barrels of crude oil per day from the Kirkuk oilfields to Turkey's Ceyhan Energy Hub through the Kurdistan Pipeline Network, according to two oil officials last week. The Kurdish official stated that they were pressing to end what he said was a ban on the region’s banks being able to access dollars for importing goods through its borders and airports. Kurdish officials claim that tensions have increased with Baghdad after the federal government implemented a new electronic system to monitor imports and revenue. The KRG views this as a move undermining their autonomy and control over trade. Iraq's Oil Ministry said that the?Kurdistan Regional Government’s Ministry of Natural Resources had "set up a number conditions unrelated to crude oil exports." Reporting by Muhammad Al Gebaly; Editing by Andrew Heavens
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After a terminal attack, an Indian vessel leaves Fujairah in the UAE
India's Government said that an Indian flagged vessel, loaded with 80.800 metric tonnes of Murban oil from the United Arab Emirates, left Fujairah on Sunday. This was a day after sources reported that'some loading operations were suspended' at the UAE port. Sources said that oil loading operations in the UAE's Fujairah, a major hub for bunkering and crude export, have resumed following a Saturday drone attack and fire. However, it is unclear whether the operations are back to normal. India's Ministry of Petroleum and Natural Gas stated that the vessel, Jag Laadki was loading oil at Single Point Mooring when Fujairah Terminal was attacked. The statement stated that the vessel and all Indians on board were safe. Fujairah is outside the Strait of Hormuz and the "outlet" for UAE Murban crude oil. This volume is equal to 1% of global demand. Since the United States, Israel and other countries began a bombing on Iran in February, Tehran has stopped traffic through the Strait. The strait runs past its coast. Around 20% of the world's oil and seaborne natural gas are supplied through it. A spokesperson for the Indian foreign ministry said that India has sought safe passage to 22 of its vessels, which are stranded in the Strait of Hormuz west of Iran. This comes after Iran granted a few Indian ships a rare exception to their blockade. Two Indian flagged LPG carriers carrying 92,712 tons of LPG each, Shivalik Nanda De, and headed to India, both crossed the Strait of Hormuz Saturday. The ships are expected to arrive in Mundra, India on March 16, and Kandla, India on March 17. (Reporting and editing by Aide Lewis in Mumbai, Vibhuti sharma)
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US airline CEOs call on Congress to resolve the standoff and pay airport security personnel
The CEOs from major U.S. Airlines urged Congress to act quickly on Sunday to end the 29-day partial shutdown of the government that has forced 50,000 security officers at airports to work without being paid, warning it could disrupt U.S. air travel. Travel disruptions at major airports due to the absence of Transportation Security Administration? officers have been occurring for the past week. This is alarming, as spring break travel continues. In an open letter addressed to Congress, the CEOs of American Airlines, United Airlines, Delta Air Lines, Southwest Airlines, JetBlue Airlines, Alaska Air, and other airlines wrote: "Too many travellers are waiting in extremely long and painfully slow lines at checkpoints." First, they should come together to agree on funding the Department of Homeland Security. They added that they needed to take action so this problem would never happen again. A 43-day shutdown of the government caused widespread flight disruptions last fall. The FAA then ordered a 10% cut in flights at major airports. "Once more, air travel is the political football amid another government shut down," wrote CEOs. The group of airline executives, which includes senior executives from FedEx, UPS, and Atlas Air, called for legislation that would ensure critical government aviation staff are paid during future shutdowns. Both parties of senators failed to succeed in their competing attempts on Thursday to fund the TSA. The TSA reported last week that over 300 officers had quit since the shutdown started. Homeland Security Department funding expired on February 13, after Congress failed in its efforts to reach an agreement on the immigration enforcement reforms that Democrats demanded. The airlines are anticipating a record spring travel period. 171 million passengers will fly during this period, an increase of 4% over the same period last year. Some airports, like Houston Hobby,?New Orleans, and Newark, reported that security lines were longer than two hours last week as TSA absences increased. On Saturday, Newark also said it experienced higher-than-normal delay. The CEOs wrote: "Americans in your districts and states are tired of the?long queues at airports?, travel delays?and flight cancellations? caused by shutdowns after shutdowns? Some airports have closed security checkpoints, while others are raising money to pay TSA workers for food and other necessities. (Reporting and editing by Jamie Freed; David Shepardson)
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Trump asks allies to secure Strait of Hormuz, as Iran promises to increase retaliation
Iran has threatened to escalate tensions across the Middle East in retaliation for American airstrikes against its energy hub and the?U.S. Donald Trump called on friendly nations to send warships into the Strait of Hormuz to secure it, as there was no sign of a 'war' ending Sunday. The U.S. and its allies are facing high energy prices due to the fact that Iran can stop shipping through the Strait of Hormuz, which is a major channel for shipping oil and gas. "Countries that receive oil through the Hormuz Strait are responsible for that passage and we will assist a lot!" Trump posted a message on social media Saturday. "The U.S. also will coordinate with these Countries to ensure that everything runs smoothly and quickly." Both sides seemed to be preparing for a prolonged conflict as the conflict entered its third week. Three sources with knowledge of the situation said that Trump's administration has rebuffed Middle Eastern allies who wanted to begin diplomatic negotiations aimed towards ending the conflict. Iran has also shown a?defiance', refusing to accept any possible ceasefire until U.S. airstrikes and Israeli strikes are over. Iranian forces continue to strike. The U.S. urged U.S. citizens to leave Iraq following a missile strike on the U.S. embassy in Baghdad on Friday night. According to reports by governments and state-run media, since Israel and the United States started air attacks against Iran on February 28, more than 2,000 have died, mainly in Iran. The semi-official Fars News Agency reported on Saturday that at least 15 people were killed in an airstrike against a factory producing refrigerators and heaters in Isfahan. Iran called for civilians to evacuate UAE ports, docks and "American hiding places", saying that U.S. forces were targeting Iran from these areas. The UAE has denied that the attacks on Iran's Kharg Island overnight Friday came from its territory. Iran's Islamic?Revolutionary Guard Corps called any facility associated with the United States as a "legitimate" target and urged all U.S. companies to leave the region. The oil market disruptions are unlikely to stop anytime soon. Sources in industry and commerce said that some oil-loading activities were suspended after a drone strike in Fujairah, the UAE's emirate of Fujairah, which is a global ship-refueling center. Civil defence forces were still battling a fire that was caused by falling debris as late Saturday night. 'BOMBING the HELL OUT of the SHORELINE' Trump spent his weekend in Florida at his Mar-a-Lago Resort, where he maintained a low-profile on Saturday while posting to his Truth Social account. In one of his posts, Trump expressed the hope that China, France and Japan would send warships to the Strait of Hormuz. No one from these countries has indicated that they will do so. French officials announced on Friday that their government is pushing forward with efforts to form a coalition for the Strait of Hormuz after the security situation has stabilized. British Ministry of Defence spokesperson stated on Saturday that "we are currently discussing a range of possible options with our partners and allies to ensure the safety of shipping in the area." The Iranian Supreme Leader Mojtaba Khmenei who succeeded his father has stated that the Strait of Hormuz must remain closed. Separately Abbas Araqchi, the Iranian Foreign Minister, dismissed the speculation of U.S. Secretary of Defense Pete Hegseth claiming Khamenei had been wounded and was likely disfigured. "There is nothing wrong with the new Supreme Leader. Araqchi said to?MS Now that he sent his message yesterday and will fulfill his duties. Khamenei did not appear in public on Thursday, but instead issued a statement read by a TV presenter. Iran downplayed the extent of damage to?Kharg Island. The U.S. claimed that it targeted military targets, and not energy-related ones, on the island. It is located about 24 km (15 miles) off the coast of Iran in the Gulf. U.S. Central Command reported that it had hit more than 90 sites in Kharg including missile storage bunkers, naval mine storage, and other military targets. Araqchi stated that Iran will respond to "any attack" on its energy infrastructure. Iran's Ministry of Defense announced on Saturday that 9 ballistic missiles and 33 drones had been launched by Iran toward the UAE. Iran has warned residents in Dubai to avoid areas near the ports of Jebel Ali and Khalifa in Abu Dhabi, and Fujairah in the UAE. It also said that it is targeting U.S. bank branches in the Gulf. Fujairah is the UAE's Murban crude-oil exporter. It receives about 1 million barrels of oil per day, which is about 1% of global demand.
Trump dislikes Biden's climate law. His allies are generating income from it
Donald Trump has actually guaranteed to gut U.S. President Joe Biden's. environment aids if elected. However much of Trump's allies are. taking advantage of them thanks to huge investments in solar power,. electrical lorries, carbon sequestration, hydrogen and other. clean energy technologies.
Reuters found at least 7 of Trump's close allies and. charity events, or the companies they run, hold hundreds of countless. dollars-worth of stakes in companies that are significant. beneficiaries of the tax breaks embedded in the Inflation. Reduction Act, Biden's signature climate law.
They include Trump's son-in-law Jared Kushner; his former. ambassador to China and continued ally Terry Branstad; and. companies run by informal energy advisor and oil magnate Harold. Hamm and powerful booster Howard Lutnick.
Big oil companies like Occidental Petroleum and. Energy Transfer, whose CEOs hosted a May fundraising event in. Houston for Trump's campaign with Hamm, likewise hold major. investments in projects that may just be feasible if Biden's tidy. energy tax credits make it through.
And Tesla, whose creator and CEO Elon Musk has actually been. improving Trump's campaign, is likewise benefiting massively from the. IRA's EV and solar credits.
Together, these individuals and business hold billions of. dollars in investments that receive the individual retirement account's financially rewarding tax. credits and stand to lose big if Trump is able to follow through. on his promise to gut Biden's climate law, according to Reuters. reporting.
The financial investments are very important due to the fact that they raise the. likelihood some of Trump's allies may ask him to maintain. elements of Biden's climate law if he wins the November election. against Democratic Vice President Kamala Harris. That would include. influential voices to some of the trade groups and legislators. that have actually currently stood up in favor of specific IRA subsidies.
None of individuals or business recognized were. willing to comment for this story on whether they would. intervene to preserve parts of the individual retirement account.
For the time being, Trump's intentions are clear.
My plan will end the Green New Offer, which I call the. Green New Rip-off, and rescind all unspent funds under the misnamed. Inflation Reduction Act, Trump stated when he unveiled elements. of his economic policy platform in a speech in September.
Trump Campaign Senior Advisor Brian Hughes told Reuters a. broad rollback of the IRA stays a leading concern if he wins the. Nov. 5 election, arguing the package has actually contributed to. inflation and broadened the deficit.
Rescinding any part of the individual retirement account would require an act of. Congress.
A group of 18 Republican legislators representing districts. that have drawn IRA-linked financial investments sent a letter to Home. Speaker Mike Johnson in August prompting him against withdrawing all. of the IRA if the party wins control of your home and Senate.
The White Home stated the individual retirement account produced more than 330,000 tasks. and that gutting it would hurt financial investments made in Republican. states.
By some price quotes, more of this investment is taking place in. red and purple states, White Home representative Angelo. Hernandez stated.
The Biden administration has actually currently worked to provide the. large bulk of IRA grants, however the law's tax credits are set. to continue for many years.
Other financiers and business involved in tidy energy. tasks are hopeful that Trump's campaign rhetoric gives way to. usefulness, must he win in November.
Innovators and energy companies we deal with want policy. predictability. They are making numerous millions in. investments due to the fact that of the individual retirement account, said Jeremy Harrell, CEO of. Washington-based conservative clean energy organization. ClearPath.
Frank Wolak, president of the Fuel Cell & & Hydrogen Energy. Association, stated it will be necessary for Congress to safeguard. the tax credits if Trump wins the election.
We're going to simply do some hard informing on the individual retirement account to. our congressional allies, he stated.
ALLIES WITH IRA ADVANTAGES
- MOSAIC
Trump's son-in-law and previous governmental advisor. Kushner's private equity fund Affinity Partners in 2022 invested. $ 200 million in Mosaic, a California-based supplier of financing. for solar energy and home performance enhancements, according to. financial investment information supplier PitchBook.
Established in 2011 as a crowdfunding startup, the business got a. increase from the individual retirement account's 30% tax credit for property solar, as. well as its customer rewards for photovoltaic panels, electrical heat. pumps and other efficiencies by raising consumer interest for. its clean energy loans.
- TOP CARBON SOLUTIONS
Oil tycoon Harold Hamm has actually long been an energy adviser and. political financier for Republican political leaders, consisting of Trump,. and in May hosted a Houston fundraiser for Trump's third. presidential project.
His company Continental Resources in 2022 made a $250. million strategic investment into Top Carbon Solutions, a. carbon capture and sequestration (CCS) project that will capture. CO2 from ethanol plants and other commercial sources in the. Midwest.
That project relies on the 45Q tax credit for numerous types. of CCS, which the individual retirement account increased greatly across the board.
Though the project was proposed before the individual retirement account was checked in. 2022, the enhanced tax credits could yield a $2.9 billion. windfall for Summit's financiers, according to Jake Schwitzer,. director of policy group North Star Policy Action.
Previous Iowa Governor Terry Branstad, who acted as Trump's. ambassador to China and stays a staunch ally, is Top's. primary policy consultant.
- TESLA
Tesla is a huge recipient of IRA tax credits. The. electrical lorry and solar business called the plan a. substantial increase towards accelerating our objective soon. after it passed into law in 2022, in spite of CEO Musk's public. hostility toward aids.
- OCCIDENTAL PETROLEUM
In addition to co-hosting the Texas fundraising event for Trump in. May, Occidental CEO Vicki Hollub went to a separate charity event. comprised of energy executives at Trump's Mar-a-Lago estate in. April. These events generated tens of millions for Trump's. campaign.
Occidental is a recipient of the 45Q carbon capture tax. credit and is a recipient of an Energy Department grant of. nearly $1 billion to construct a direct air capture (DAC) hub to. show that nascent innovation at scale. The company has. touted its technique to market so-called net-zero barrels of. oil.
In May, Hollub stated in a statement to Reuters: I have actually been. speaking with policymakers on both sides of the aisle, and will. continue to talk with them, to express our support for 45Q,. because it will help establish innovations like direct air. capture which eliminate carbon dioxide emissions from the. atmosphere and safeguard America's energy security.
- ENERGY TRANSFER
Energy Transfer's CEO Kelcy Warren is a long-time supporter. of Trump. The pipeline operator also takes part in projects. supported by IRA tax credits, including two organized Louisiana. CCS hubs, and a hydrogen hub in Texas that just recently won just. over $1 billion in Energy Department funding.
- CANTOR FITZGERALD
Trump's transition team co-chair Howard Lutnick is the. CEO of Cantor Fitzgerald, a major monetary services company that. has actually made substantial investments in business that benefit from. the individual retirement account.
As shift co-chair, Lutnick is playing an essential role in the. search for top-level appointees to staff a possible Trump. administration, and he has actually likewise functioned as a high-dollar. charity event for Trump.
Amongst the companies that Cantor Fitzgerald has invested in. that have benefited considerably from the individual retirement account are Invenergy, a. renewable energy company that is the top constituent of the Cantor. Fitzgerald Facilities Fund.
The infrastructure fund has over $150 million in total web. possessions, according to a July news release, and its financial investment in. Invenergy consists of 14.65% of that fund's overall investments.
The fund is likewise heavily invested in NextEra Energy,. the biggest U.S. renewable resource designer.
Both companies have praised the IRA as practical to their. businesses.
Cantor Fitzgerald has over $13 billion in possessions under. management and offers a broad selection of financial services.
(source: Reuters)