Latest News
-
Spain has agreed to new safety measures, which have led to the end of the strike by rail workers' unions
Spain's major unions of rail workers have called off the three-day strike that was to begin on Monday. This is after the authorities agreed to increase investments and staffing in response to a series of high-profile accidents. Several consecutive crashes and derailments last month left dozens of people dead, causing public concern about the state of Spain’s rail infrastructure. A high-speed train crash on January 18 in southern Andalusia left 46 dead, while a derailment in northeastern Catalonia two days later killed a driver. SEMAF, the train drivers' union, said in a statement that it had met all its demands through a deal which?addressed daily safety concerns raised across all railway companies by drivers, including steps regarding infrastructure investment, working groups, and safety procedures. It added that the Transport Ministry, Adif, and Renfe, the state-owned railway company, had all committed to implementing measures that would improve safety management. They also agreed to establish clear?limits, responsibilities, and staffing levels, but did not specify concrete measures. The country's two largest unions, CCOO, and UGT warned their members that the strike in the railway industry was over. CCOO also warned it would monitor the proper implementation of the measures agreed. The smaller unions CGT, and Sindicato Ferroviario, however, said that they would continue to'strike' until Wednesday as they were excluded from the talks and hadn’t been informed of the terms. The Transport Ministry set high service standards: 73% for long distance trains, 75% during rush hours for commuter services, and 50% off-peak. On Monday morning, passengers were checking the electronic boards at Barcelona's Sants station to see if any services had been cancelled. This is my third cancellation. Francois Monti told the 52-year-old French commuter that he hoped his booked train, which was supposed to "leave an hour" would actually leave. "I understand that the safety situation in the trains is complex, and I can therefore understand the drivers."
-
Descartes: US container imports dropped 6.8% in January but the result indicates a more normalized trade
U.S. Seaports handled 6.8% less "container" import volume in January than they did in the same month last year, when U.S. firms rushed to get goods in to avoid President Donald Trump’s tariffs, sending imports to a monthly record high. Investors closely monitor U.S. imports of containers because they're a?bellwether for the health of the economy, which includes consumer demand as the primary driver in the domestic?economy. The data also shows the ripple effects of Trump’s trade policies from Main Street up to Wall Street. U.S. container exports in January totaled 2,318,722 equivalent 20-foot units (TEUs), exceeding the historic average and pointing to a more "normalized" trade environment, which is characterized by steady demand, rather than the frontloading of activity. Imports of China totaled 771 093 TEUs in January 2025, a decrease of 22.7%. China accounted last month for a third of all U.S. imports. According to the Global Port Tracker Report?released on Monday by the National Retail Federation & Hackett Associates, U.S. Container Imports will drop in the first half this year due to frontloading, which sent port volumes to record-breaking heights at the beginning of 2025. Hackett Associates' Founder Ben Hackett said: "After essentially flat container volumes in 2025, we expect to see a decline during the first halves of 2026, and possibly longer." Hackett stated that "the continued use of tariffs by both friends and enemies, combined with uncertainty as to when or if they will be implemented, makes trade forecasting difficult." He added that the government shutdown last year has delayed government trade data. The U.S. Supreme Court will also decide whether the Trump administration is allowed to use tariffs in accordance with the International Emergency Economic Powers Act. The administration has said that if the court rules against the IEEPA tariffs it can implement tariffs using other trade authorities. (Reporting and editing by Matthew Lewis in Los Angeles, Lisa Baertlein is based in Los Angeles)
-
Renault eyes full control of electric van venture Flexis, Le Monde reports
Renault will 'buy out stakes owned by Volvo Group and CMA CGM, according to the French newspaper Le Monde, after a review of their business plan, as market growth has fallen short of expectations. Francois Provost, the CEO who took over Renault's operations last year, has accelerated efforts to streamline its operations. Two sources said in January that the French automaker was already planning to fold back its Ampere electric vehicle unit into the group. It has also shut down its car-sharing services as part of restructuring its 'Mobilize' division. Renault's spokesperson declined to comment on Le Monde's report. He said that discussions are ongoing and that relations with Flexis, its shareholders and the Renault Group remained positive. A spokesperson for Renault denied that an impairment of assets would likely appear in the financial results, which are scheduled to be published on February 19, as reported by a French newspaper. Could not independently verify report. Flexis was founded in 2023 - by former Renault CEO Luca de Meo, in partnership with Sweden’s Volvo. CMA CGM joined a little later as a minor shareholder. CMA CGM and Volvo both own 45% of the company, while Renault holds 45%. Le Monde reported that Renault would "take full control" of the venture. However, the price Provost negotiated for the partners to leave was not revealed. (Reporting and writing by Gilles Guillaume, Gianluca Nostro; editing by Mark Potter & Benoit van Overstraeten).
-
EU sanctions proposed for Georgian and Indonesian ports that handle Russian oil
A proposal document released on Monday showed that the European Union had proposed to extend its sanctions against Russia?to include ports located in Georgia and Indonesia which handle Russian oil. This would be the first time for the bloc to target ports in a third country. The EU proposal was reviewed by and would add Kulevi, in Georgia, and Karimun, in Indonesia, to the list of sanctions, barring EU individuals and companies from transacting with either port. These measures are part of 'EU's 20th package of sanctions over Russia's conflict in Ukraine. The package, which was jointly drafted and presented to EU member states on Monday, was a joint effort by the EU’s?diplomatic services, the EEAS and the European Commission. EU'sanctions must be approved by unanimity to become law. Ursula von der Leyen, the Commission president, said on Friday that the package would include sector-wide restrictions and a move away from the Group of Seven nations price cap towards a "full maritime services ban" for Russian crude. The package also includes new import restrictions on certain metals like nickel bars, iron ore and concentrates and unrefined copper. The package would also ban the import of ammonia and pebbles. It would also include furskins, silicon, salt, and furskins. For the first time, the proposal proposes to use an anti-circumvention device against a tertiary country. The new restrictions will ban the sale of metal-cutting machines, and communication machines like modems or routers for voice, data and image transmission to Kyrgyzstan. The EU also proposed to add two Kyrgyz bank - Keremet, and OJSC Central Bank of Asia - as well as Laos, and Tajikistan banks to its sanctions list, for providing crypto assets to Russia. Two Chinese lenders were also removed from the list. The listed banks will be prohibited from transacting with EU individuals and companies if approved. The EEAS has proposed that 30 individuals and 64 companies be added to its existing sanctions framework, which includes travel bans and asset freezes. Bashneft is a listed Russian oil giant Rosneft subsidiary, and eight Russian refineries are also included, including two Rosneft controlled plants, Tuapse & Syzran. The proposal does not include Rosneft, or Lukoil which are already under U.S. sanction. Reporting by Julia Payne. (Editing by Peter Graff, Mark Potter and Mark Potter.)
-
Air Europa will resume limited flights in Venezuela from February
Spanish carrier Air Europa said that it will resume flights to Caracas from Madrid in this month. The service was suspended last November due to rising tensions between the United States and Venezuela. The airline has scheduled flights between Madrid and Caracas for the 17th, 20th and 22nd of February but has not said when it will resume its regular five-weekly flights. Air Europa was among a list of airlines who halted flights?towards and from Venezuela, after the U.S. Federal Aviation Administration issued a warning of a "potentially dangerous situation" while flying over 'the country. This warning came long before a U.S. raid and military strike on January 3. U.S. troops captured Venezuelan president Nicolas Maduro, and transported him to New York for drug trafficking charges. Donald Trump announced?in late-January that he intended to reopen Venezuelan airspace after a discussion with the country's acting President, Delcy Rodrguez. On January 30,?Iberia, the Spanish flag carrier, announced that it would resume its Caracas flights by April. Plus Ultra said it would resume service between Madrid and Caracas with two weekly flights on March 3. The company announced this in a LinkedIn posting on Monday.
-
Saudi Arabia Wealth Fund to announce new strategy, sources claim
Two people who have direct knowledge of the matter said that Saudi Arabia's Public Investment Fund (PIF), which has a $925 billion budget, plans to announce "a new five-year strategic plan" this week. This will be the largest reset of Crown Prince Mohammed Bin Salman's Economic Transformation Plan. Two people familiar with the situation and another person who was also present at the conference said that the Saudi sovereign wealth fund launched its new strategy 2026-2030 with strategic partners and key investors on Monday, on the sidelines. The sources claimed that the new blueprint would emphasize industries, minerals, artificial intelligent, and tourism while reducing and sometimes reconfiguring costly mega projects like?The Line, a futuristic mirror city. The three sources refused to name themselves because they weren't authorised to talk publicly about this matter. One source said that the new roadmap would place a greater emphasis on attracting investment from global asset managers. This is because of the mounting fiscal pressures, as oil prices are still well below the levels required to finance the ambitious transformation agenda. This is the most significant change to bin Salman’s Vision 2030. For nearly a decade, bin Salman’s Vision 2030 has been a showcase for mega futuristic projects. The kingdom is reviewing several mega projects. Delays and rising costs have plagued many of these projects, including The Line which extends over 170 km into the desert and the planned Trojena Winter Sports Hub. A?cube-shaped Riyadh skyscraper was the latest project to be suspended. Saudi Economy Minister Faisal Al-Ibrahim said last month: "We are very transparent." We won't hesitate to say that we had to shift, delay, or re-scope a project without mentioning any specific projects. The people stated that under the new strategy NEOM would shift its focus from tourism and futuristic design to renewable energy, industrial development and green hydrogen projects. The Line wasn't on display at the opening day of Monday's private sector forum. NEOM video displays highlighted the new direction by focusing on energy, industrial and manufacturing initiatives, rather than high-profile concepts such as real estate, tourism and other aspects. PIF's new focus is similar to what was previously reported by including a shift towards logistics, advanced manufacturing and mining, as well clean energy and religion tourism. Reporting by Timour Azhari, Editing by Peter Graff and Emelia Sithole Matarise, Alexander Smith
-
Renault eyes full control of electric van venture Flexis, Le Monde reports
Renault will buy out the stakes that Volvo Group and CMA CGM hold in their joint venture, Flexis, according to a report by French newspaper Le Monde on Monday. This comes after a review of Flexis' business plan, as market growth has fallen short of expectations. Francois Provost is intensifying efforts to streamline Renault's operation. He took over as CEO last year. Two sources said?in early January that the French automaker was already planning to fold its Ampere electric vehicle unit back into its group. It has also shut down its car-sharing service as part of restructuring its Mobilize division. Renault's spokesperson refused to comment on the Le Monde article, but said that talks were in progress and relations between Flexis and its shareholders were good. The report could not be independently verified. Flexis was founded in 2023 - by former Renault CEO Luca de Meo, in partnership with Sweden’s Volvo. CMA?CGM joined later as a minor shareholder. CMA CGM and Volvo each own 45% of Flexis, while Renault holds 45%. Le Monde reported that Renault would be taking 'full control' of the venture. However, the price Provost negotiated for the partners to leave was not disclosed. The paper also said that an asset impairment would likely appear in Renault's February 19 financial results. The paper added that an asset impairment was likely to appear in Renault's financial results due on February 19.
-
LSEG data shows that Russian oil tankers are heading to Singapore amid sanctions and a shift towards China.
Russian oil tankers increasingly list Singapore as their destination. This indicates a'shift in export flow from India to 'China and growing concern over Western sanctions. LSEG data indicates that tankers carrying approximately 1.4 million metric tonnes of Russian crude left for Singapore in January. This was the highest monthly volume seen in recent years. Singapore does not import Russian oil due to sanctions risks. However, its waters are used by traders for ship-to -ship transfers. Many'vessels' discharge their cargo in Malaysia or transfer oil into floating storage units. Singapore is often used to mask the final buyer. A Moscow-based oil dealer said, "The increase in tankers with destinations like Singapore, Suez or Port Said indicates mounting sales difficulties and a shrinking group of reliable buyers." India is expected to reduce or stop Russian oil imports after a recent deal with the U.S. This leaves China as Russia's primary customer. China's state oil companies are still hesitant to buy spot cargoes because of the sanctions risks. This further limits Russia's options. Before, traders said, tankers bound for India listed Egypt's Port Said, or the Suez Canal, as their destination. The use of conditional or vague ports is on the rise as companies try to hide their final destinations and minimize sanction risks. Reporting by Mark Potter Mark Potter (Editing by Mark Potter).
BYD sues for refund of Trump's US auto duties
The Chinese automaker BYD filed a suit against the U.S. Government, challenging President Donald Trump’s bid to use sweeping authority to implement tariffs. It also requested a refund for all levies paid since April last year, according to court documents. The lawsuit is the first filed by a Chinese automaker against U.S. Tariffs. It follows other similar complaints from thousands of global companies that have operations in the U.S. challenging Trump's use the International Emergency Economic Powers Act to impose border taxes.
Four BYD subsidiaries in the U.S. filed a lawsuit at the U.S. Court of International Trade (USCIT) on January '26 arguing that the law doesn't authorize?border taxation as "the text of IEEPA" does not use the word "tariff", or any other term of similar meaning. The U.S. Supreme Court will likely rule in a high-stakes case on the legality of tariffs. However, Trade Representative Jamieson Greer stated last week that the court is taking its time due to the "enormous stakes" involved.
BYD claimed in its lawsuit that it needed to file a separate complaint to ensure it could be reimbursed for tariffs already paid.
The Chinese automaker doesn't sell passenger cars to the U.S. but it does have a business there that includes commercial vehicles and buses, as well as energy storage systems, solar panels, and batteries.
According to the website, BYD North American employs 750 people in its truck factory in Lancaster, California. Trump has repeatedly said that Chinese cars are a threat to the U.S. automobile industry's future, but he has also stated a few times that he welcomes a Chinese automaker who wants to build cars in the U.S.
The case number is 26-00847 at the U.S. Court of International Trade in New York. The case is No. 26-00847 before the U.S. Court of International Trade, New York. Reporting by Alessandro Parodi from Gdansk and editing by Chizu nomiyama
(source: Reuters)