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Maersk shares fall to a three-month low amid prospects of Gaza deal reopening Red Sea Route
Maersk shares dropped on Thursday, reaching their lowest level since July. Investors anticipated that a Gaza ceasefire agreement could restore container shipping routes via the Red Sea and Suez Canal in time, alleviating a capacity shortage which has been supporting freight rates. Israel and Hamas reached an agreement on Wednesday on the first phase in President Donald Trump's plan to rebuild Gaza. This has raised hopes that the Houthi forces of Yemen, which are aligned with Iran, will stop their attacks against commercial shipping on the Red Sea. Since late 2023, such attacks have forced shippers south of Africa to reroute their shipping. The Houthis are yet to make any comments on the ceasefire agreement or indicate a policy shift. The group has claimed responsibility for the attack on a Dutch-operated ship last week. Maersk shares fell 2% to their lowest level since July 8 at 0914 GMT. Analyst Mikkel Emil Jensen of Sydbank said that "Maersk's share price is declining due to expectations of further reductions in freight rates, in conjunction with an increased probability of safe passage across the Red Sea." Analysts warn that shipping companies will likely wait for months to receive assurances of a ceasefire. Analysts at Sydbank, ABG Sundal Collier and Sydbank believe that a return to Suez will increase the available shipping capacity, and further reduce freight rates. These have already dropped from their peaks in early this year. Maersk didn't immediately respond to an inquiry for comment. Vera Dvorakova reported. Stine Jacobsen wrote the article. Jacob GronholtPedersen, Mark Potter and Jacob GronholtPedersen edited the text.
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Merz, Germany's auto executive leader, does not have a united stance regarding the EU's 2035 goal
He told journalists that Chancellor Friedrich Merz would meet with executives of top German automakers on Thursday, but without a united government position regarding the European Union plans to stop the sale carbon dioxide-emitting vehicles by 2035. The statement on Thursday reverts to the previous position of the chancellor, who had urged Brussels to lift the ban because his SPD coalition partners are struggling with internal party disagreements. Merz stated that the government wants to first talk to the auto industry to find out what they need, and then wait to see the results of the European Commission review of the deadline due at the end of the year. "That's why, as we agreed, we didn't reach a final evaluation yesterday evening. We want to engage in dialogue to reach an assessment by dialogue, he said during a press briefing with senior cabinet members following discussions that lasted late into the night on pensions and benefits. The EU set an objective of a reduction of 100% in CO2 emissions for new cars and vans, by 2035. This has been interpreted as the end of internal combustion engines for new vehicles. European automakers argue that 2035 is no longer achievable due to the competition with China and U.S. Tariffs. They also claim that they are fined for factors that are beyond their control, such as not enough charging stations. Merz said that on Thursday, the government allocated an additional 3 billion euro ($3.5 billion) in order to boost sales of electric vehicles by providing subsidies to buyers with middle- and lower-incomes.
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Gaza ceasefire gains in the Gulf on hopes of US rate cuts
Oct. 9 - Stock markets in the Gulf region rose early on Thursday, supported by the hope of more U.S. rate cuts in this year as well as a possible ceasefire in Gaza to ease geopolitical tensions. On Wednesday, market participants applauded Israel's and Hamas's agreement to the first phase in U.S. president Donald Trump’s plan for Gaza. The deal could lead to the end of a two-year war that has ravaged the Middle East. Saudi Arabia's benchmark stock index rose 0.3%. This was mainly due to a 0.8% increase at Al Rajhi Bank, and a 1,1% rise at Saudi Arabian Mining Company. A top minister announced on Tuesday that Peru is seeking major investments from Saudi Arabia, as well as the U.S. oil company Chevron, to develop its energy and mining resources. This is part of a broader strategy to revitalize this sector. Dubai's main stock index rose 0.2%, while toll operator Salik Company gained 2.7%. Federal Reserve officials acknowledged that the risks facing the U.S. employment market were sufficiently high to justify a rate reduction, but they remained cautious due to stubborn inflation. The minutes of their September 16-17 meeting, released on Wednesday, reflect this. According to the CME FedWatch, markets are pricing in 25 basis-point cuts in both October and December with probabilities of respectively 93% and 78%. The Fed's position has a lot of weight in the Gulf region, where the majority of currencies are pegged with the U.S. Dollar, thereby anchoring the regional monetary policies. The index in Abu Dhabi was up by 0.1%. The gains were however limited due to losses at Abu Dhabi National Oil Company (ADNOC) listed subsidiary ADNOC Drilling, which fell 3.8%. ADNOC, the state-owned oil company of Abu Dhabi, announced on Wednesday that it will pay out 158 billion dirhams (43.02 billion dollars) in dividends to its six publicly-listed subsidiaries by 2030. Qatar Gas Transport added 1.2% to the Qatari index.
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Azerbaijani oil fund SOFAZ invests $66 million in London's Gatwick Airport
Azerbaijan’s sovereign wealth fund SOFAZ announced on Thursday that it will invest 50 million pounds ($67m) in London’s Gatwick Airport, making this one of its largest infrastructure deals in Europe. Gatwick Airport is the UK’s second busiest airport. It serves more than 40 millions passengers per year. SOFAZ announced that it had partnered with Global Infrastructure Partners, a U.S.-based part of BlackRock called Global Infrastructure Partners. This landmark transaction is a signal that we are committed to partnering with institutions of international standing on assets which combine resilience, scale and long-term value, said Israfil Mmmadov. "Gatwick Airport not only is a vital gateway for Europe, but it's also a solid and sustainable investment that reflects SOFAZ’s global vision." VINCI Airports purchased a 50% stake in Gatwick in 2019 from GIP. SOFAZ, founded in 1999, has been expanding its portfolio of European investments over the last few years. In July, it purchased a 49 percent stake in Italian solar power plants owned by U.S. renewables energy company Enfinity Global. According to official figures, SOFAZ had assets totaling $66.5 billion at the end of June. $1 = 0.7480 pound (reporting and writing by Nailia Bakirova, in Baku. Editing by Guy Faulconbridge).
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Maguire charts China's dominance of clean energy exports in seven charts
China's dominance in clean energy manufacturing has translated into a massive export business. Since 2018, close to $1 trillion of batteries, solar panels, electric vehicles, and wind power systems have been shipped worldwide. The following seven charts show the clean energy components that Chinese companies export and their destinations. FULLY CHARGED Battery systems are the most profitable export product of all the clean tech made in China. According to Ember, a think tank for energy, China has exported batteries and battery systems worth $330 billion since 2018. This is the highest export value for China's clean-energy products in that time period. It accounts for just under a third the annual earnings of the country from clean-energy technology shipments. The next-largest export segment for China's clean technology sector is solar panels, inverters, and rack systems, with total exports of around $242 billion since 2018. Since 2018, electric vehicles have generated export revenues of around $195 billion. Heating and cooling systems exported about $105 billion. Grid management equipment exports were around $77 billion. And wind farm components another $27 billion. GLOBAL REACH Since 2018, Europe has been the number one destination for Chinese clean tech exports. The region has purchased nearly $370 billion worth of China-made goods in that time period. The next largest exporter is another Asian nation, followed by North America. China's exports to Europe and North America have slowed down significantly compared to earlier in this decade due to the trade tensions between the United States and Europe. Exports to other parts of Asia, the Middle East and Africa, as well as Oceania, have also reached new heights in this year. This has helped to raise China's global clean technology export revenues to a record. EBBS AND FLOWS The export volume of certain products has fluctuated significantly over the past few years, despite the fact that the total value of China’s clean tech exports have steadily increased since 2018. Solar parts were China's top exporter from 2018 to 2022. However, since then, as solar sales have dropped due to saturation in key markets, batteries have taken the lead. Battery sales have also been affected by trade disputes with Washington, D.C. and Brussels, as well as the fact that battery producers from Europe, America and other regions are eating into China's share of the market. Since 2019, China's EV exports have steadily risen to new records. Ember data indicates that during the first eight month of 2025 China's EV exported generated approximately $52 billion. This represents a 26 percent increase from the same period in 2024, and a 1,600% increase from the total for 2019. China's EV growth rate is likely to be slowed by trade tensions and a slowing of global consumer spending, but aggressive discounts from Chinese EV manufacturers are expected to guarantee EV growth in 2025. Other KEY CLEAN Components China's exports in power grid technology and heating and cooling system have also reached record highs in 2025 and are expected to continue growing in the years ahead. As utilities struggle to meet the increasing demand for electricity from households, businesses and transport systems, they are undergoing a multi-year campaign of upgrades and extensions. Climate change leads to more intense and longer heatwaves, which in turn lead to a rise in the demand for cooling systems, particularly in humid and hot areas. This is especially true in South and Southeast Asia as well as the Middle East and Africa. China's dominance of manufacturing in the grid technology and space cooling segments will allow it to continue growing its exports in these areas even if there are other countries competing for market share. China, the world's leading wind turbine manufacturer, has seen its export sales grow by a robust margin in 2025 despite sharp policy changes in the United States against wind energy and a slowdown of wind farm installations across Europe. China is well-positioned to continue its robust growth in exports for many years. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Seychelles President tries to avoid opposition sweep during run-off elections
Seychelles voters will go to the polls again on Thursday, for a runoff between the incumbent president and the leader the long-time ruling party of the Indian Ocean archipelago. The latter has already regained a majority in the parliament. Patrick Herminie (a former National Assembly Speaker from the United Seychelles Party) beat President Wavel RAMKALAWAN by more than 2 percentage points in the first round of voting last month. 48.8% out of 64,000 votes cast were Patrick Herminie's. Seychelles, Africa's richest country per capita, is located in the western Indian Ocean, spanning 1.2 million square miles (463,004 square kilometers). It is a popular tourist destination and also a place for China, Gulf countries, and India to invest and cooperate on security issues. The nation's 115 islands are also one of the most vulnerable to climate change and have the highest heroin consumption per capita. A divised government could result from an election. On Thursday, voting will start on the outer islands and for certain essential workers. Polling stations on the main islands will open on Saturday. The results are expected on Sunday. Ramkalawan is a former Anglican Priest who came to power as the first President from outside United Seychelles (formerly the Seychelles Progressive Front) since the 1976 coup that brought independence from Britain. He has praised his management of Seychelles economic recovery after the COVID-19 epidemic, saying that he needs another five-year term in order to build social protection and the infrastructure. If he wins, his Linyon Demokratik Seselwa party will have a divided cabinet. Ramkalawan said, "I believe the people of Seychelles are looking for a balance in power to achieve the best possible deal." Endorsements boost opposition candidate Herminie, arrested in 2023 and later released on witchcraft charges, wants to restore United Seychelles control over the presidency as well as the parliament for the very first time since 2015. Marco Francis, a candidate who was eliminated in the first round, received approximately 2% of votes. Herminie told her supporters at a rally that they only needed 1% of the vote to win State House. "That's 500 votes." "I'm telling you today: We will get 500 votes, and we will go to State House October 11." Ramkalawan's platform calls for lowering the retirement-age that he raised, and canceling a hotel development environmentalists claim threatens a UNESCO coral atoll.
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FAA delays flights on third day of government shutdown
Federal Aviation Administration (FAA) delayed flights at several airports, including Reagan Washington National Airport and Newark Liberty International Airport on Wednesday as it continued to experience higher than normal staffing shortages. By 5:30 p.m., there were almost 3,000 delays. After 10,000 delays on Monday and Tuesday, thousands of them were due to the FAA slowing down flights as a result of the absences of air traffic control at various facilities throughout the country. The government shutdown is now in its eighth day. The FAA reported that some flights were forced to be held in the air because of a slowdown in traffic. In the past, staffing problems in our towers have been responsible for about 5% delays. Sean Duffy, U.S. Secretary for Transportation, said that the number of delays was 53% in the last two days on Fox News "Will Cain Show." "My message to air traffic controllers working for DOT, show up to work. You have a job." The air traffic control staffing problems during this shutdown are more severe than during the last major stoppage of government funding in 2019. That was during President Donald Trump's initial term. This has led to unexpected shortages across the country. Duffy stated that "the bottom line is that these controllers are stressed and they are rebelling against this shutdown, because they might not get paid." Maryland Governor Wes Moore, along with congressional Democrats, called on Wednesday for an end to the airport shutdown at Baltimore-Washington International Airport. They noted that air traffic control officers and Transportation Security Administration agents are working without being paid. Moore, a Democrat from Maryland, stated that President Trump was unable to "close a deal" in order to keep the federal government open. Kwiesi mfume (Democrat) called for supplemental legislation to continue paying air traffic controllers in the event of a shutdown. He said, "People are starting to be concerned about flying now and as a country we should never reach that point." During a 35-day government shutdown in 2019, the number of controllers and TSA agents absent increased as they missed paychecks. This led to longer waits at checkpoints. The authorities were forced to reduce air traffic in New York. This put pressure on legislators to end the standoff quickly. They are not paid. During the shutdown of the federal government, 13,000 air traffic control officers and about 50,000 Transportation Security Administration (TSA) officers still have to report for work. The controllers will receive a partial pay on October 14, for work done before the shutdown. Moore stated, "Our BWI employees are still here." Moore said, "They do it because they are patriots." They do it because they are patriots. Duffy also said that USDOT secured $41million to fund the Essential Air Service Program until early November. Alaska Airlines, for example, had promised to continue subsidised flights to remote or rural areas after USDOT warned that they may not be reimbursed as of next week. Air traffic control shortages have plagued the U.S. for over a decade. Many controllers were already working six-day work weeks and mandatory overtime before the shutdown. About 3,500 air traffic control positions are not enough to meet the FAA's target staffing levels.
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Petrobras, Brazil's largest oil company, faces a $34 million bill as its drillship idles in Foz do Amazonas
Petrobras, the state-run Brazilian oil company, has spent 180 million reais (33.7 million dollars) to keep a drillship in reserve in the Foz Do Amazonas basin. This is while it waits for a regulatory decision on a request for drilling. According to the Brazilian oil worker's federation FUP, the NS-42 drilling ship arrived at its designated location in August off the coast Amapa state in northern Brazil. Its daily cost is 4 million reais (748,433). Petrobras used a ship for a simulation of an emergency response in August. The company is seeking a drilling license from the Brazilian environmental agency Ibama in this region. It's ecologically sensitive, and it's also considered the most promising oil frontier by the company. Ibama stated in September that it had approved the results of the drill but asked Petrobras to make adjustments before making a final determination. Petrobras source: The 180 million reais cost includes only the rental of the drillship. Personnel costs are excluded. Petrobras mobilized its largest response structure ever in August, with over 400 personnel, large vessels and aircraft. The simulation was designed to show how Petrobras would respond in an oil spillage that could occur in the environmentally sensitive area. Petrobras stated in a press release that it expected to receive an environmental license "soon", while Ibama has not given a date for the review of Petrobras recent submissions. This situation is similar to a previous incident in 2022-2023 when Petrobras had a drilling ship stationed in the same area for several months. The company was waiting on Ibama to approve a simulation drill. This never happened. ($1 = 5.3457 reais) (Reporting by Marta Nogueira in Rio de Janeiro Writing by Fernando Cardoso Editing by Matthew Lewis)
Oman's OQ to list up to 49% stake in methanol, ammonia and LPG arm
Oman's OQ Base Industries ( OQBI), the methanol, ammonia and liquefied petroleum gas (LPG). arm of stateowned OQ, plans to note an as much as 49% stake on the. regional stock market, it stated on Monday, adding to a string of. IPOs in the Gulf nation.
The listing belongs to a privatisation programme by. state-owned energy group OQ, which is assisting Oman - a little. non-OPEC oil producer - to diversify its economy and cut its. debt.
OQBI's plans follow the flotations of OQ's exploration and. production organization, which raised about $2 billion. last month in the biggest IPO ever in Oman - in addition to OQ's. pipeline service and oil and gas drilling arm Abraj. Energy Provider in 2015.
Based in Salalah, home to Oman's biggest port, OQBI runs. three strategic departments: methanol, ammonia and LPG products.
Methanol is a lower-carbon fuel while ammonia is generally used. in fertilisers and chemicals. LPG includes propane, butane, and. cooking gas, which are utilized as fuel for automobiles, heating and to. produce other petrochemicals.
The company said in a statement on Monday that it anticipates to. pay a dividend of 32.7 million Omani riyals ($ 85 million) for. 2024 and distribute a dividend a minimum of 5% greater than this. year's payment for 2025 and 2026.
It published revenue of $510 million and an adjusted core. earnings margin of 43.1% last year.
OQBI said that all of the earnings from the offering will be. distributed to the offering investors, which comprise OQ and. its units Takamul Investment firm and OQ Salalah Industries. Business.
The membership duration for the IPO is anticipated to begin. this month and shares are expected to start trading on the. Muscat stock market in December.
Morgan Stanley, Bank Dhofar and Bank Muscat were designated. joint worldwide organizers for the IPO, it stated.
(source: Reuters)