North America

Air India and Boeing are in discussions to purchase around 10 737 MAX aircraft after Chinese customers began refusing deliveries due to the trade war between the United States and China. Boeing CEO Kelly Ortberg stated on Wednesday that, "due the tariffs many of our Chinese customers have indicated that will not be taking delivery", the company may redirect jets to customers who are in need. Both the United States and China, two of the world's largest economies, imposed tariffs exceeding 100% each on the other. Air India, according to two sources who refused to name themselves because the talks...

According to a document reviewed, the Vietnam trade ministry issued a directive to crackdown on illegal transshipment of goods into the United States or other trading partners in order to avoid high U.S. Tariffs. In the directive, dated April 15 and in effect that day, the ministry said that trade fraud would likely increase due to growing tensions caused by U.S. Tariffs. It said that if fraud was not prevented it would "make it more difficult to avoid the sanctions that countries would apply to imported products" The directive didn't name specific countries from which transshipment fraud could originate. Vietnam...

Malaysia Airlines parent company, Malaysia Aviation Group is in talks with Boeing to acquire new jets if Chinese Airlines stop taking delivery, according to its managing director, who spoke at a Malaysian news outlet Bernama. Boeing is returning some 737 MAX aircraft to the U.S. after placing them in China before delivering to Chinese customers. It is unclear who made the decision, as neither Boeing nor China have commented on the reason for the return of the jets. Malaysia Airlines didn't immediately respond to our request for a comment. If Boeing delivery slots become available as a result of the...

The Boeing jet, intended for a Chinese carrier, was returned to the U.S. production center of the planemaker on Sunday. It is a victim the bilateral tariffs imposed by President Donald Trump as part of his global trade offensive. A witness said that the 737 MAX was intended for China's Xiamen Airlines and landed on Boeing Field in Seattle at 6:11 p.m. (0111 GMT). The Xiamen livery was on the aircraft. The jet was among several 737 MAX aircraft waiting for completion at Boeing's Zhoushan center before being delivered to a Chinese airline. This month, Trump raised the baseline tariffs...

The Indian electric taxi service BluSmart, a competitor to Uber, has suspended its services after an investigation by a market regulator found that a cofounder had misused funds in an affiliated company and purchased a luxury apartment using money meant for electric vehicles. BluSmart was a pioneer in India's clean-energy boom, but its abrupt suspension threatens the livelihoods of thousands of taxi drivers. It set up charging stations in cities such as New Delhi, Mumbai, and Bengaluru, where it had more than 8,000 taxis to compete with Uber and Ola. Both ride-hailing companies rely heavily on gasoline-powered fleets. BluSmart sent...

Malaysia Aviation Group (Malaysia Airlines' parent company) reported on Thursday a net income of 54 million Ringgit ($12.24million) for the 2024 financial period. Malaysia Airlines is still struggling to recover two deadly disasters In 2014, the airline temporarily reduced its capacity by 18% last year after it was You can find out more about it here The Malaysian civil aviation authority found several safety and maintenance problems. Izham Ismail, MAG's managing director, told a press briefing that despite the capacity cuts the passenger traffic remained strong in the premium segment. Both the passengers and the cargo segments had higher load...

Six sources claim that the Trump administration may soften its proposed fee for China-linked vessels visiting U.S. port after receiving a lot of negative feedback. The industries said it could be financially devastating. Six sources familiar with the issue said that the six changes being considered include a delayed implementation as well as new fee structures aimed at reducing the cost of visiting Chinese vessels. Sources asked to remain anonymous due to the sensitive nature of the subject. The White House, and the Office of the U.S. Trade Representative(USTR), the government agency involved in the draft of the proposal, have...

Barrick Gold’s Reko Diq gold and copper project in Pakistan plans to secure up to $2 billion from international lenders. Term sheets will be signed in early Q3, according the project director of the mine. The funding will be used to support the development and expansion of Reko Diq, one of the largest copper-gold deposits in the world. It is expected that the mine can generate free cash flows of $70 billion, as well as operating cash flows of $90 billion. The project is jointly owned by Barrick Gold, the government of Pakistan, and the government of Balochistan. Multiple lenders...

The looming tariffs by U.S. president Donald Trump could affect virtually all the goods exported to Vietnam's top market. These exports were worth over $142 billion in 2017, or around 30% of Southeast Asia's GDP. Vietnam was a beneficiary of the trade war Trump waged against China during his first term. However, Vietnamese officials and companies abroad are unsure how they will do under the new tariffs Trump has announced will go into effect on Wednesday. Vietnam, with a surplus of $123.5 billion and meeting several criteria, has the biggest trade surplus with the U.S. Here are some measures that...

Boston Consulting Group's (BCG) report on Thursday found that the sustainable aviation fuel industry (SAF) is not meeting its 2030 targets because production hasn't ramped up fast enough. This year, European airlines will be required to use 2% SAF in their jet fuel. By 2030, this mandate is expected to increase to 6%. Many have complained about the cost of the fuel which is usually three to five time more expensive than conventional jet fuel. The report revealed that airports and airlines are only investing 1%-3% of their budget or revenue into SAF. High production costs and fuel price remain...

Airbus gave an early glimpse at the technologies that will be used in its next aircraft, which is expected to replace its most popular A320neo. The new plane should enter service within 10 to 15 years. Guillaume Faury, who will begin his third three-year tenure as CEO in a few weeks, faces a key decision: when to replace industry's best-selling model that competes with Boeing 737 MAX's 737 MAX on the busiest market segment. Airbus claimed that the new aircraft would be 20-30% efficient than the A320neo. NASA in the U.S. has announced that it is developing a rival configuration...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines Wood Group to continue takeover talks with UAE-based Sidara Heathrow's National Grid chief claims that the airport had "enough power" despite the fire shutdown Malaysia cracks down on Nvidia chips under US pressure James Hardie will buy Azek, a building products company for almost $9bn View the full article After a failed takeover attempt six months earlier, the British oilfield engineering and services firm Wood Group agreed to extend its deadline for talks....

A source familiar with this matter told Reuters on Thursday that the energy security council of President Donald Trump plans to hold a summit in Alaska early in June. It hopes Japanese and South Korean representatives will announce their commitments to the Alaska LNG Project. Trump has praised the $44 billion Alaska LNG project. This project would send gas from North Slope fields in Alaska via an 800-mile pipeline (1,300 km), for domestic use, and then ship it as LNG to customers in Asia, bypassing Panama Canal. The project has been discussed for many years but has not progressed due...

The maritime consultancy Drewry stated on Thursday that they expect the global container port volumes to drop by 1% due to U.S. Trade Policies. This would be the third decline in container shipping demand globally since London-based Drewry started recording this data in 1979. Container volumes dropped 8.4% in 2009 during the global financial crises and 0.9% when the COVID Pandemic was declared in 2020. The new Trump policy includes tariffs blanket of 10% on most goods and 145% on those from China. China and other countries have retaliated with tariffs against U.S. products. The consultancy stated in a presentation...

Morgan Stanley Infrastructure Partners has been exploring the possibility of selling its majority stake in Brazos Midstream II. The deal is expected to be valued at over $2 billion, including the debt, according to three sources familiar with the situation. Brazos transports natural gas, liquid natural gas and oil from wellheads in five Texas counties into larger pipelines located on the Delaware portion of Permian basin. The company owns infrastructure, including natural gas storage and compression capability. The people who spoke to us asked not to be named because they were private discussions. Investment bankers from Jefferies Financial Group have...

The Kremlin announced on Thursday that Russia does not hold talks with Europe or America about Russian gas supplied via Ukraine. Since the beginning of the conflict in Ukraine, in February 2022, and the explosions at the Nord Stream subsea pipelines in the summer of 2016, Russian gas supplies have been cut off to Europe. The gas exports from Russia to Europe via Ukraine have also fallen since the beginning of this year, when the transit agreement expired and Ukraine refused a renewal due to the conflict in Ukraine. Sources with knowledge of the issue told this magazine that as...

Sources say that some tankers Chevron chartered this month to transport crude oil from Venezuela to the U.S. are now being sold for spot contracts in other countries after the state company PDVSA cancelled loading permits and ordered them to return the cargoes due to payment uncertainty associated with sanctions. Chevron's marketing for the vessels suggests that it does not expect all of its cargoes to be loaded in one month, even if the dispute with PDVSA is resolved. Agelef Maritime Services was marketing the Tanker Sea Dragon that discharged Venezuelan Boscan heavy oil in Philadelphia. Two sources familiar with...

Sources say that some tankers Chevron chartered in order to transport crude oil from Venezuela to the United States last month are being sold for spot contracts on other markets after the state company PDVSA cancelled loading permits and ordered them to return the cargoes due to payment uncertainty resulting from sanctions. Chevron's marketing for the vessels suggests that it does not expect all of its cargoes to be loaded in one month, even if the dispute with PDVSA is resolved. Agelef Maritime Services was marketing the Tanker Sea Dragon that discharged Venezuelan Boscan heavy oil in Philadelphia. Two sources...

The South Dakota regulators denied Summit Carbon Solutions permit application on Tuesday to run 700 miles (1126km) of their carbon dioxide pipeline in the state. This is the second time that the state has rejected the company's bid to build the largest carbon pipeline in the world to combat climate changes. This denial is just one of many setbacks for the project. Another was South Dakota's ban in March on using eminent realm to build carbon dioxide pipelines. The state denied its first permit application for 2023. Summit plans to build 2,500 miles (402 km) of pipeline in Iowa, Minnesota...

Troels Poulsen, the Danish Defence Minister, said that Denmark would spend approximately 4 billion crowns (614 million dollars) to build and purchase 26 navy vessels. These vessels will be used for patrolling, oil-spill response, and surveillance of underwater cables. The Baltic Sea countries are on alert following a series of power outages, telecom links, and gas pipelines, since Russia invaded Ukraine in 2022. This includes sabotage to the Nord Stream pipelines. Russia has denied that it is behind the outages. NATO has increased its military presence by adding aircraft, frigates and naval drones. The so-called "shadow fleet" - Russian vessels...

Environmental groups in the United States say they're hiring lawyers and getting ready for a legal battle with the Trump administration, which is attempting to bypass federal regulations regarding oil, gas, and coal development. The preparations are a test of the Trump administration’s strategy, which has been relying on executive orders and emergency powers to cut down what they see as obstacles to an increase in fossil fuel energy. Trump has issued an executive directive directing agencies that they must sunset all existing energy regulations by the end of next year. In a separate memo, he said agencies could repeal...

Phillips 66 wrote in a Monday letter that activist investor Elliott Investment Management must abandon its efforts to split up the energy company Phillips 66, as it has a conflict of interest with a separate attempt to buy one of Phillips 66's competitors. This salvo is part of a bitter spat that will reach a boiling point at a shareholders meeting next month. Phillips 66 argued against Elliott's thesis of break-up in the letter by claiming that the investment firm had a conflict due to its separate attempts to purchase Citgo Petroleum. Citgo's parent is being sold through a court-supervised...

After a blackout that affected the entire island on Wednesday, Luma Energy reported that it had restored power to approximately 41.5% customers by Thursday. Luma stated on its website that approximately 609,711 customers of its 1.5 million had service by 6:25 am local time. Luma Energy released a statement saying that its crews would continue to work throughout the day in order to restore service for 90% of their customers within 48 hours. The blackout is the latest of a string of major blackouts in the U.S. territory, since the grid was destroyed by Hurricane Maria last year, and had...

Kinder Morgan, the U.S. operator of pipelines and terminals, narrowly missed Wall Street's expectations for its first-quarter profits on Wednesday. This was due to a decline in its pipeline products segment and increased costs. The energy industry is bracing for the impact of U.S. president Donald Trump's tariffs against most Canadian and Mexican imports. These include levies on imports of steel, "reciprocal tariffs" on other nations as well as falling oil prices. Kinder Morgan, however, left its profit forecasts unchanged because it continues to bet on a rise in the demand for natural gas. The terminal operator said that tariffs...