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The rupee is rising with Asian currencies, and forward premiums are still on the uptrend
The Indian rupee and its regional peers strengthened on Thursday, as the dollar fell due to concerns about the independence of the U.S. Federal Reserve. The rupee increased by nearly 0.4% at 85.74 by 11:40 am IST. This is in line with gains among Asian counterparts. The offshore Chinese currency was near its highest level since Donald Trump won the U.S. election, and the dollar index hovered around a three-year high. Investors were worried about the independence of the U.S. Central Bank following Trump's remarks regarding Chair Fed Powell. Trump called Powell terrible on Wednesday for not lowering rates dramatically. According to CME's FedWatch, while Powell has called for a cautious approach in regards to policy rates, the markets now price a nearly 25% chance of a cut in July. This is up from just 12% one week ago. The increased odds of a rate cut have also helped to lift dollar-rupee premiums. Before paring gains, the implied yield for one year rose to a peak near one month at 2.02%. The day's traders attributed the rise in the rupee to the broad interbank dollar sales. The FX strategists of DBS believe that "the USD/INR could consolidate within an 84-86 band with a downward bias, in line with its historic tendency to return to equilibrium after large currency movements", the firm stated in a report. The rupee fell to a low last week of 86.8925 as the conflict between Iran & Israel intensified, but it has since pared its losses after a ceasefire helped lower oil prices. Brent crude oil futures last traded at $67.8 a barrel, down almost 12% from the previous week. (Reporting and editing by Jaspreet K. Kalra)
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Qatar Airways CEO: All passengers diverted from flights will be rebooked on new flights in 24 hours.
Qatar Airways announced on Wednesday that it had rebooked all 20,000 passengers on flights diverted Monday night because Iran fired missiles at a U.S. base in the Gulf Country. launched A missile attack was launched on Al Udeid Air Base, Doha, after the U.S. joined Israel in its attacks on Iranian nuclear facilities. This was a threat to escalate tensions in the region before an announcement of a ceasefire by Israel and Iran. Qatar, Kuwait and Bahrain were forced to temporarily close their airspace while Dubai's airports in the United Arab Emirates also briefly stopped operations. Closures are a great way to create a streamlined look. Backlog Thousands of passengers queued up for hours at Doha's Hamad International Airport, with long delays and cancellations. In an open letter published on X, Qatar Airways CEO Badr Mohammad Al-Meer stated that "all passengers from diverted flight -- about 20,000 total -- have been cleared within 24 hour." "More that 11,000 passengers resumed their travels in the morning on the 24th, and the rest left through the evening wave or morning bank on the 25th. There are no stranded passengers on diverted flights as of today. According to a eyewitness, the traffic at the airport was normal on Wednesday with minimal delays. Al-Meer stated that over 90 Qatar Airways flights headed to Doha were "forced to divert instantly" at the time of attack. More than 10,000 passengers had already been in transit through Doha's Airport. In response to the chaos following the attacks, the airline activated its Business Continuity Plans, increasing capacity at destinations that had a high volume of displaced passengers. Federico Maccioni, Andrew Mills, Jaidaa Ahmed and Mark Heinrich contributed to the reporting; Leslie Adler and Mark Heinrich edited.
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Nikkei reports that Foxconn is close to a deal with Mitsubishi Fuso to supply electric buses
Foxconn has reached an agreement to supply electric busses to Mitsubishi Fuso Truck and Bus of Japan, the Nikkei reported on Thursday. The report was based on a source from Foxconn. The report stated that Mitsubishi Fuso owned by Daimler Truck plans to sell both the Model T bus (developed by Foxconn) and Model U microbus (developed by Foxconn) under its own label. According to a report, Foxconn and Mitsubishi Fuso are planning to form a new company that will oversee buses. In an April briefing, the Taiwanese chipset maker said it plans to launch Model T and Model U busses in Japan by 2027. Foxconn didn't immediately respond to our request for comment. Daimler Truck has declined to comment.
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US letter allows for ethane to ship to China but not be unloaded
According to a copy of a letter and a source familiar with the issue, the U.S. informed Enterprise Products and Energy Transfer that they could load ethane onto vessels bound for China but not unload it at a Chinese port without permission. The U.S. Department of Commerce sent the letters after notifying the companies of the requirement for a license on exports of Ethane to China. A person with knowledge of the situation said that it is unlikely that the companies would risk sending the vessels on their way after loading ethane onto them. The companies may have to pay penalties up to double the value of ethane if the vessel reaches China. The letter stated that Enterprise Products was authorized to load vessels with Ethane and transport them in foreign ports. This authorization included a party in China. Enterprise Products is not allowed to complete the export...to a Chinese party...without BIS approval. Enterprise Products and Energy Transfer has not responded to comments immediately. Likewise, the U.S. Department of Commerce did not respond immediately to a comment request. It would be possible to relieve congestion in ports near Houston where ships have been unable to move due to restrictions on shipments of the product to China.
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REFILE - Maersk may sue MSC Group over the $1 billion Brazil port auction.
The Brazilian courts are seeking to overturn the competition rules that prevent global shipping groups from taking part in the first round bidding for a new major container terminal to be built at Latin America's biggest port. This is due to happen later this year. According to a document obtained by, the Danish shipping company Maersk sued Brazil's marine transportation authority (Antaq) and its general manager on Monday in Sao Paulo. The lawsuit demanded "procedural corrections to ensure a fair procedure" for the assignment of the Tecon 10 Terminal at the Port of Santos. The Brazilian federal audit court, TCU, is reviewing the Antaq bidding rules. MSC Group, a privately-held company, is also looking for changes to the rules. Patricio Jr, Regional Investment Director at MSC's Terminal Investment Limited subsidiary, said TIL was considering filing a lawsuit in the event that the TCU did not change the process. The rules of the auction would prevent Maersk and MSC, as well as other operators who already operate container terminals in Santos, from participating in the first round for the construction and operation of the new megaterminal. This is expected to cost 5.6 billion reais (about $1 billion). This could open the door to Asian competitors or local players such as JBS Terminais. JBS Terminais is the new port-operating unit of Brazilian meatpacker JBS. It took over the container terminal in Itajai (southern Brazil) last year. JBS declined comment. Antaq has said that its bidding rules were designed to encourage competition. Tecon 10 was billed as the largest port auction in Brazilian history. The agency stated that it was not officially informed about the lawsuit, and reiterated the fact that the TCU is handling the case. Antaq has said that if no proposals are received during the first round of the auction, operators of Santos' existing container terminals may bid at subsequent rounds - provided they sell their other interests in the port complex. Maersk declined comment on the lawsuit but called for more transparency to ensure fair competition. Maersk stated in a press release that "excluding companies with extensive international experience who manage some of the most efficient port management systems globally without supporting studies would significantly reduce the project's capacity at Latin America's biggest port." Tecon 10 has been a source of concern for some heavy users of Santos' port infrastructure. Eduardo Heron is the technical director for the Brazilian Coffee Exporters Council. He said that the group advocates "wide and unrestricted" participation.
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US Senate Committee confirms Trump's nominee for FAA head
Senate Commerce Committee voted on Wednesday 15 to 13 in favor of the nomination of Bryan Bedford, CEO at Republic Airways to lead the Federal Aviation Administration. However, the committee did not increase proposed funding for overhauling air traffic control. All Republicans voted for the nomination, but Democrats voted against it after citing Bedford's refusal of to adhere to the 1,500 hour training rule for copilots. Bedford has promised to maintain strict oversight of Boeing. The National Transportation Safety Board criticized Boeing Tuesday for an emergency mid-air involving a 737 MAX 9, which was missing four bolts. Senate Commerce Committee Chair Ted Cruz proposed $12.5 billion in funding for air traffic management on June 5, but Transportation Secretary Sean Duffy has since urged lawmakers to fund the program. He added billions to the total and stated that he was in support At least $20 billion. After a midair collision between an American Airlines jet and a U.S. Army chopper on January 29, near Washington Reagan National Airport, the Trump administration is looking to overhaul the FAA air traffic control system. The 67 passengers on the plane died. Cruz published revised text on Wednesday regarding the massive tax bill and budget that keeps the $12.5 billion in air traffic control the same. Duffy is seeking funding for the purchase of new radios and networks, to replace 618 radars, to install anti-collision technology on 200 airports, and to build six new air-traffic control centers. He also wants to fund airport equipment for preventing near-misses and introduce new incentives to increase air traffic controller retention and hiring. Major aerospace companies have asked for funding of at least $11 billion to repair the FAA's crumbling radar and air traffic control systems, construct new towers, and improve runway safety. It has taken years for the FAA to develop a network that is able to control air traffic. But a series of high-profile incidents, near misses, and the January crash have sparked public concern and led to new calls for actions. David Shepardson is the reporter.
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Stellantis CEO says that the company has begun reviewing its long-term strategic plan.
In his first public speech since taking office as CEO of the world's number 4 automaker, Antonio Filosa, told Stellantis' employees on Wednesday that they had begun to review their long-term strategy plan. 4 automaker. Filosa, in a video from Turin, Italy, said, "We've already begun looking at our long term strategic plan. We will share it when we are ready." The company shared the video with journalists. The "Dare Forward 2030" long-term Plan, which was presented in March 2022 former CEO Carlos Tavares The goal was to double the net sales by the year 2020 and maintain operating margins of double digits. Stellantis faces major challenges Commercial and operational difficulties In the United States and Europe, it was forced to abandon its annual target, and ultimately led to Tavares' departure In addition, the current plan aims to have 100% of sales in Europe and in the United States come from electric cars. Sales in new markets outside these regions will also increase to over 25% of total group sales.
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Energy Transfer extends its Lake Charles LNG supply agreement with Chevron
Energy Transfer, a pipeline operator, announced on Wednesday that it would supply U.S. oil giant Chevron an additional 1,000,000 tonnes of liquefied gas per year (mtpa), from its Lake Charles LNG Export Facility. After the 2 mtpa contract signed last year, the 20-year deal brings the total volume contracted for LNG by Chevron up to 3 mtpa. After President Donald Trump, commercial activity in the LNG sector has increased in the U.S. Lifting a moratorium After taking office in January, the new administration will begin issuing LNG export permits. The Lake Charles project is one of the first to be affected by the Biden administration's refusal to extend Energy Transfer's license for export to countries that do not have free trade agreements with the U.S. The company is now Close to getting the go ahead Lake Charles Facility Energy Transfer has said that it will provide the super-chilled natural gas to Chevron free-onboard. The purchase price will be made up of a fixed charge for liquefaction and a component for gas supply indexed to Henry Hub benchmark. Energy Transfer must reach a final positive decision on the Lake Charles Project before signing this agreement. When approaching banks to obtain loans for the development of production facilities, LNG developers often use sales and purchase contracts. The Chevron deal builds on Energy Transfer’s efforts to secure long-term contracts at the Lake Charles facility. In May, the pipeline operator signed a contract with Japan's Kyushu Electric Power to supply 1 mtpa LNG. It entered into a non-binding agreement in April with MidOcean Energy to supply 5 mtpa. The shares of Energy Transfer and Chevron both rose slightly in premarket trading. Reporting by Vallari Shrivastava, Bengaluru. Editing by Shreya biswas
Australian Gas Networks faces court action for allegedly misleading renewable gas campaign
The Australian Competition Watchdog announced on Thursday that it had filed a federal court case against Australian Gas Networks Limited. It claimed the company made false and misleading claims in its campaign for renewable gas.
The Australian Competition and Consumer Commission alleges that in its "Love Gas", TV and digital advertisement campaign, which ran between 2022 and 2023, the gas distributor made claims that it would distribute renewable gas on its network to households within a decade.
The ACCC claims that the advertising campaign misled millions as it exaggerated the chances of the firm being able to overcome significant technical and economical barriers in order to achieve their claims, despite the fact that the gas distributor knew about the uncertain future for renewable gas.
"At the moment, it is not possible to distribute renewable natural gas at a scale and price that makes economic sense. And throughout 2022 and 20,23, there was uncertainty as to whether and when this would be feasible," said ACCC chair Gina Cass Gottlieb.
In a statement, the ACCC said that it is seeking declarations, fines, costs, and other orders.
Australian Gas Networks didn't immediately respond to our request for comment. Sherin Sunny, Bengaluru. Alan Barona, editing.
(source: Reuters)