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US officials removed over Biden's airline passenger watchlist
The Trump administration announced Tuesday that it has removed five senior officials for suspicions of targeting political opponents of former President Joe Biden with an aviation security watchlist, which is now abolished. Homeland Security Secretary Kristi Kristi Noem announced that she would refer the matter to the Justice Department Civil Rights Division as well as to Congress to conduct further investigations. The Transportation Security Administration’s “Quiet Skies” program, which was scrapped in late June, required enhanced screening of some air passengers who were deemed to pose a greater security risk. Noem's department, which includes the TSA (Transportation Security Administration), said that the program costs $200 million per year and was used to "target and benefit political allies and political opponents." Her department stated that under Biden the program would have watchedlisted and denied boarding passengers who refused to comply with COVID's mask mandates in airplanes and others connected to a mob assault on the U.S. Capitol, on January 6, 2021. This was to prevent Biden winning the 2020 election. Trump fired the TSA's head on January 20, and he hasn't named a permanent successor. The program was heavily criticized by many Republicans in Congress. TSA screens over 900,000,000 airline passengers annually and continues to perform vetting duties tied to commercial aviation safety. The executive assistant administrator of the TSA for operations support, and the assistant assistant administrator in charge of intelligence and analysis have been removed. Tulsi Gabrield, then a congresswoman and now Trump's director for national intelligence, was briefly on the TSA "Quiet Skies Watchlist". A report by the Inspector General in 2020 stated that the TSA failed to set benchmarks for demonstrating the effectiveness of the program, and software and system failures meant that passengers were not taken off the list at the appropriate time. After Umar Farouk Abdulmutallab's 2009 attempt to detonate an explosive concealed in his underwear aboard an American airliner near Detroit, the U.S. Government sought to improve screening for potential threats. (Reporting and editing by Chizu Nomiyama, Kevin Liffey and David Shepardson)
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The third quarter of 2018 was both one of the best and worst in recent M&A history.
The third quarter of recent history was both one of best and worst for dealmakers around the world. According to Dealogic, megadeals generated a staggering $1.26 trillion worth of global mergers and purchases during the third-quarter - an increase of 40% over the previous year. This was the second best third-quarter ever by deal value. Data show that only 8,912 transactions were completed, a drop of 16% compared to last year. This is the lowest third-quarter deal volume for 20 years. Dealmakers are in a strange situation, as they had high hopes for 2025 following the election of Donald Trump. Trump's punishing Tariffs, which were unveiled on Liberation Day, and a continuing antitrust crackdown against Big Tech sent the markets soaring in the second quarter. Many corporations delayed M&A plans and IPOs while trade negotiations played out. In recent months, a combination of pent-up demand from companies and new stock market highs has sparked a flurry big deals and IPOs that have saved an otherwise dormant year for the industry. Data show that fewer deals are being signed but the average deal size increased to $141.4m in the third quarter. This is up from $85.5m at the same time last. In an interview, Naveen Nataraj said that as the year progressed there was a growing confidence that the tariff landscape would be in a place where people could navigate. Several large, high-profile initial public offerings, such as StubHub’s $800m IPO, and the buy-now, pay-later fintech firm Klarna’s $1.37bn trading debut, were withdrawn in April. These IPOs helped to revive the IPO markets earlier this month. Approximately 987 companies around the world have raised $115 billion through their IPOs this year. This is down by 24% and 9% from the same time last year. Some IPOs in Europe are being done again. Martin Thorneycroft is the global co-head for equity capital markets at Morgan Stanley. He said that IPO issuance has been relatively low since September of last year because there haven't been many high-quality large-cap companies to come to market. Now we are beginning to see this. CHINA DELISTING THREATENS IN THE US IPOs in Asia and second listings were especially hot. This was particularly true on the Hong Stock Exchange, where on Tuesday the Chinese company Zijin Gold International raised $3.2 billion in its debut. Data from Dealogic shows that companies have raised $23 billion so far in Hong Kong this year. This is more than three-times the amount of money raised in the same period of 2024. David Bauer, JPMorgan's co-head for equity capital markets in the Americas, stated that the bank will launch at least a dozen IPOs before Thanksgiving. PE firms have also started to launch more IPOs. Bauer stated that "deals are working, investors make money and a backlog of deals is beginning to grow." CRYPTO AND AI BOOM Crypto companies, and anything related to them, helped fuel the IPO boom in September. The industry benefited from Trump's easing up of regulations in the U.S. In its debut on September 10, stable coin issuer, Figure, raised $787.5 in an IPO which was both oversubscribed and increased in size. M&A deals and IPOs were dominated by anything related to AI, be it software, infrastructure, or chips. Dealogic didn't include the $100 billion investment by Nvidia in OpenAI in its league tables. However, other deals, such as CyberArk Software's $24.5 Billion acquisition of Palo Alto Networks in July, were included. This Israeli software company uses AI for network and cloud security. Camila Panama, an M&A partner at Mayer Brown, said that almost every client is considering AI as part of their M&A strategies, regardless of the industry. M&A: GOING FOR SCALE The cross-border M&A market is also on the rise, with a 44% increase to $931 billion. This is the largest jump since 2021 and a record high. Dealmakers claim that companies are aiming for scale. Dealmakers say that smaller deals below $500 million aren't resonating with investors anymore. Data show that 49 deals have been done over $10 billion this year, up 75% compared to the first nine month of last year. The $55 billion leveraged purchase of Electronic Arts on Monday was the largest deal in the third quarter. But it wasn't the only one. According to Dealogic, the largest deal of the quarter was Union Pacific's $88.18 Billion acquisition of Norfolk Southern in July.
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US Housing Agency blames the 'Radical Left" for looming closure
The unusual message that appeared on the website of the U.S. Department of Housing and Urban Development Tuesday blamed Democrats for a possible government shutdown. A pop-up message on HUD.gov states: "The Radical Left will shut down the Government and inflict immense pain on the American People unless they receive their $1.5 trillion list of demands." The Trump administration wants the government to remain open for Americans. A bright red banner is displayed on HUD's site. Some Democrats were not surprised by the overtly political messaging. "We shouldn't be putting up political messages on the government websites," said Sylvia Garcia, Texas Representative and member of House Financial Services Committee subcommittee for housing and insurance. "I've never seen this kind of message. "I don't believe that would have been acceptable under any previous administration." Some Democrats claimed that HUD was merely repeating the rhetoric of President Donald Trump. Jamie Raskin, a Maryland representative, said: "Unfortunately, this has become the norm under the Trump administration. It's a radical departure in American history and the use of taxpayer money for overtly polemical and political reasons." The federal government will shut down in part at midnight on Tuesday night if Senate Democrats do not support a Republican House proposal to fund it for the next 7 weeks. Democrats rejected the so called clean continuing resolution (CR), instead calling on Republicans negotiate an extension to healthcare benefits that are set to expire by the end of this year. (Reporting and editing by Nolan D. McCaskill)
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Officials say that construction of the Vaca Muerta Pipeline in Argentina has reached 35% completion.
Daniel Gonzalez, Argentina's energy minister, announced at a press conference that the construction of a pipeline that will transport oil from the Vaca-Muerta shale area to the coast was 35% completed. The holding company, led by YPF, will build the 437-kilometer Vaca Muerta South pipe to connect Argentina's main production area with a terminal at Rio Negro. This will increase export capacity and solve one of many bottlenecks for energy transport in the country. He told oil executives in Austin, Texas that "there's nothing I can think of to prevent the pipeline from being fully operational one year from now for the initial 360,000 barleys per day." He said that the pipeline's capacity could be as high as 750,000 bpd when its final phase has been completed. Only 5% has been developed at Vaca Muerta. This is the world's largest unconventional oil reserve, and a major source of energy to meet Argentina's energy needs. Currently, about 40% of the production is exported, and 60% is sold locally. However, this proportion will change, as Javier Milei’s policies to encourage exports are expected to increase, Gonzalez said. If producers in Argentina want to stay competitive, they must cut costs at home. This is especially true compared to other shale plays that are more developed like those in the He said.
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Exxon CEO wants security assurances for the LNG terminal from Mozambique President, reports FT
Exxon Mobil's CEO Darren Woods raised concerns last week about the risk that an insurgency could pose to a $30 billion proposal. Gas terminal The Financial Times reported that the Mozambique government sought assurances of security from President Daniel Chapo prior to approving the project. Woods and Chapo discussed TotalEnergies' plans to resume work at a nearby liquefied gas (LNG), which is being developed by this French oil major, and lift a "force majeure", the FT reported, citing people familiar with the talks. In 2017, militants linked to the Islamic State launched an insurgency against the gas-rich northern province of Cabo Delgado, killing thousands of civilians. They also disrupted multi-billion dollar energy projects. Exxon also suffered when TotalEnergies declared a force majeure declaration in 2021 because of an insurgent offensive that threatened the Area 1 Mozambique Liquefied Natural Gas plant. This was due to shared and common facilities such as a LNG jetty, and an offloading facility. Exxon said in November of last year that it expected to be profitable by the end of this year. final investment decision Rovuma LNG project in Mozambique by 2026. A spokesperson for Exxon said that on Tuesday, the oil giant was working closely to ensure that the right conditions were met in order to allow the final investment decision to be made and the lifting of the force majeure status at the Rovuma LNG Project. Exxon, in partnership with Eni, is developing the Rovuma LNG Project in Area 4 offshore in northern Mozambique. It will produce 18 million metric tons per year (mtpa). Chapo, in an emailed response to the FT, said: "We are convinced that, if implemented properly, the Exxon Mobil Project will have a significant impact on the Mozambican economy and, consequently, the lives of Mozambicans." The Mozambican Presidency did not respond immediately to a comment request. Reporting by Rhea Abraham in Bengaluru, and Kanjyik in Barcelona. Editing by Mrigank and Marguerita.
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Boeing is focusing on the recovery but keeping an eye on the market for a new single-aisle aircraft
Boeing has said that it is focused solely on the recovery of its company, despite news reports about the U.S. aircraft manufacturer developing a single-aisle jet which will replace the 737 MAX, its best-selling plane. Boeing spokesperson Ryan Cudney stated in an email that "Our teams are focused on our recovery plans, which include delivering our existing backlogs of nearly 6,000 aircraft and certifying new 737-7 and 737-10 models." He said: "At the exact same time, just as we've done for decades, our team assesses the market, advances the key technologies, improves our financial performance so that we are ready to move forward when it is time to launch a new product." Boeing's commercial plane division has faced a number of crises over the past few years. These include a mid-air crash of a new 737 MAX in 2024 and a 53 day strike that closed down most of Boeing's jet production. In recent years, rival Airbus has received more orders for single-aisle aircraft. Airbus and Boeing websites show that since 2020, Airbus has received 4,540 net orders for its A320 jet family, after cancelling cancelled orders. This compares to 3,300 net order for the 737 MAX. (Reporting from Dan Catchpole, Seattle; Editing by Nick Zieminski).
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Expand Energy CEO Expects US LNG Export Capacity to Nearly Double by End of 2030
Expand Energy, a natural gas producer, said on Tuesday that it expects U.S. Gulf Coast Liquefied Natural Gas (LNG) export capacity to nearly double by 2030 to 28 billion cubic feet per day. Expand Energy, one of the largest U.S. producers of gas, expects the demand for gas used to power AI and data centres to reach between 4 and 5 billion cubic feet (bcf) per day by the end the decade. CEO Domenic Del'Osso spoke at a conference on energy in Austin. Dell'Osso said that LNG markets would experience periods of excess supply before tightening. This is in line with recent concerns from TotalEnergies' CEO Patrick Pouyanne, who said that the U.S. had built too many liquefied gas plants, and this could lead to an ongoing glut if all projects were completed. Dell'Osso, announcing the volatility of markets, said that gas prices could rise to over $5.50 a million cubic feet and fall below $2.50 if all planned projects come online between now and 2027. Dell'Osso stated that while the Trump administration is in favor of expanding gas infrastructure, high costs and litigation are deterring factors. (Reporting and editing by Louise Heavens in Houston. Arathy S. Somasekhar, Houston)
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Romania plans to purchase Abrams tanks for $7 billion-defence Ministry
In a Tuesday statement, the Romanian defence ministry asked for parliament's approval of a plan that would see hundreds of Abrams tanks, as well as parts, ammunition and training, valued at more than $7 billion. The European Union (EU) and NATO members signed a contract for the purchase of 54 Abrams tanks, from U.S. Army stock. The cost is $458.2 millions before VAT. This includes the purchase of ammunition, parts and simulators as well as technical support, training, and technical assistance for these tanks. The company also plans to purchase 216 additional tanks and parts at a cost of 6.49 billion euro ($7.6billion) before VAT. General Dynamics makes the Abrams. The statement did NOT specify when the equipment will be delivered. The top security council of the country, headed by President Nicusor, approves its defence acquisition strategies. Large purchases are subject to approval by Parliament. Romania shares a border of 650 km (400 miles) with Ukraine. It is home to an American ballistic missile defense system as well as a permanent NATO battle group. Since Russia began to attack Ukraine's infrastructure and ports across the Danube River from Romania, it has seen drones repeatedly breach its airspace. Andrius Kubilius, EU defence commissioner, said that countries on the eastern flank of the European Union, including Romania agreed on the necessity for a drone wall with advanced detection and tracking capabilities. Romania is also looking to partner with Ukraine in the construction of drones as part of a new European Union funding mechanism for defence. $1 = 0.8525 Euros (Reporting and Editing by Alex Richardson; Luiza Ilie)
IGU report: World gas demand set to reach record levels in 2025
The 2025 Global Gas Report, released by the International Gas Union and Italian gas pipeline firm Snam on Wednesday, shows that global natural gas demand will continue to grow by 1.7% by 2025, after reaching a record in 2024. This is because consumers are using more gas for transportation, industry and power generation.
The report predicted that global gas demand in 2025 would increase by 71 billion cubic metres to 4,193 bcm. This is after a rise of 78 bcm or 1.9% to a record high 4,122 bcm. The report stated that the lower growth forecast in 2025 than in 2024 was mainly due to a slightly slower growth of demand in Asia in 2025.
The record demand for 2024 is approximately 11.3 billion cubic meters per day (399.3 billion cubic feet per day).
The report revealed that the growth of global gas demand in the first half 2025 will be mainly in Europe and North America. These regions are expected to grow by 6.1% and 1.5 % respectively.
The report notes that the rapid growth of artificial intelligence data centers in the United States, which is expected to account for 1.7% of global electricity consumption in 2025 and 1.5% in 2024, makes it difficult to predict future energy demand.
The report states that the LNG trade expanded this year. This was boosted by the sharp increase in European imports. These increased by 12 bcm (23,6%) compared to 2024's first half. They were mainly imported to meet the regional demand for storage and injection, as well as to meet the needs of the region. The global LNG trade reached a record of 555 bcm by 2024.
Reports showed that the global energy demand was likely to increase over the next decade. This would be especially true in China and India, where a surge in power consumption is expected. Reporting by Scott DiSavino, New York; editing by Lisa Shumaker
(source: Reuters)