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Transnet, South Africa's largest freight transporter, returns profit from asset sales and increased volumes
Transnet, the state-owned South?African logistics group, reported Thursday a profit of 4.6 billion rands ($286.05 millions) for the fiscal year ending March 2026. This is the first profit it has made in the last four years. In a press release, the?group of freight rail ports and pipelines said that the profits were mainly due to the sale of its 'Pier 2 terminal as well as an increase in rail and pipe volumes. Due to equipment shortages, and maintenance backlogs, the debt-ridden company has been holding back growth in Africa’s largest economy for years. The performance of the company has begun to improve, thanks in part to government guarantees that have boosted liquidity and prevented a possible debt default. Transnet's?revenues grew 7.1% in the latest financial year to 88.6 Billion Rands.
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Dealmaking in the aerospace sector accelerates as jet production increases
According to data from the industry and interviews with decision makers and suppliers, mergers and acquisitions in the aerospace industry are increasing as buyers gain more confidence in long-term demands due to clearer Boeing and Airbus schedules. Through August, the aerospace and defense investment bank Janes Capital Partners, which focuses on commercial aerospace, tracked 154 publicly-disclosed commercial aerospace transactions in this year. This is just a few short of the record of 159 that was set in 2019. Buyers target suppliers who have specialized manufacturing abilities, scarce workers and the capacity to meet an increasing jet production. The major manufacturers also seek to secure critical component supplies. GE Aerospace announced this week that it has purchased Consolidated Precision Products for $12 billion as part of its efforts to increase engine production. Parker Hannifin, a private equity firm, agreed to purchase Circor's Aerospace division in May for $2.6 billion. This division makes actuation- and landing-gear system. The majority of transactions have involved strategic buyers and private-equity firms that acquired midsized or smaller suppliers. Janes Capital data shows that the 154 deals announced between August and September (excluding the GE deal) had a combined value of $14 Billion, compared to 157 deals worth $37.5 Billion in total last year. The number of deals peaked in 2019 at 159, with a value of $21.3billion. In 2020, the pandemic caused a drop to 82 transactions worth $3.3billion. In 2015, 106 transactions totaled a value of $59.4 billion. BOEING STABILIZES PRODUCTION Boeing's jetliner delivery numbers have fluctuated dramatically over the past few years due to several crises. They fell from 806 in 2018, to 157 by 2020. The company recovered to 528 by 2023, but production quality problems caused them to drop to 348 in the following year. Boeing's 737 -MAX, its best seller, has been stabilized under a new CEO. The company also increased output to give suppliers a better view of the future demand. Boeing delivered 600 jets in 2018, the most since 2018. It is on course to exceed that number this year. Airbus' production also dropped during the pandemic, but has steadily increased since. It plans to deliver 870 aircraft this year, surpassing its previous record of 863 jets in 2019. Anita Antenucci is the founder of 3Wire Partners, an investment bank. Bankers also said that a backlog of sellers are coming to the market. Private equity firms held on to their portfolio companies for much longer than usual due to the pandemic's production swings. Stephen Perry, managing Director at Janes Capital said: "Either you or a buyer had no idea how much revenue your company would generate." Buyers are more confident in pricing future performance of a target as?build rates and their trajectory become more predictable -- even with the backdrop of Boeing's well documented struggles. This calculus was played out last year, when France's DEMGY entered Boeing's supply chains by acquiring Tool Gauge. Tool Gauge is a mid-sized family-owned supplier of interior parts for jetliners. Boeing was still trying to stabilize production, when DEMGY started looking at Tool Gauge. This company is located in Tacoma, Washington near Boeing's plant for the 737. Mike Walter, the president of DEMGY North American operations, explained that DEMGY had bet on Boeing's future and, by acting early, largely avoided any bidding wars for?Tool Gauge. Sometimes, when you see a chance, you must take it. He said, "We saw an opportunity." He refused to reveal the purchase price. DEMGY's global revenue in 2025 was EUR125 million. Dealmakers say that the competition for small suppliers has increased, in part due to an increase in interest from private equity firms. Susan Kasa, a small machine shop with a few dozen workers outside Springfield, Massachusetts, said she now receives "two to three calls a day" from prospective buyers. The owner of Boulevard Machine in Springfield, Massachusetts has a few dozen employees and receives "two to three phone calls per day" from potential buyers. Kasa explained that her highly-trained workforce, a rare commodity in an industry struggling with labor shortages, is one of the reasons her company is so attractive to potential buyers.
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Russian forces hit Kyiv petrol station, injuring four
On Thursday, the oil company Ukrnafta and Mayor Vitali Klitschko said that Russian forces had attacked a petrol pump?in Kyiv for the first time. Four people were injured. Emergency services said that the attack on a petrol station in southwest Kyiv caused a fire to break out, destroyed at least one car, and ignited a nearby building. There is no military purpose for such strikes. Bohdan Kukura, CEO of Ukrnafta, said on Facebook that the strikes were a form of terror and intimidation against civilians. Kyiv, and its suburbs have been under a constant barrage of jet-powered drones for nearly two weeks. In recent months, Russia attacked approximately 300 Ukrainian petrol station, mainly in the frontline eastern areas, in an attempt to disrupt the logistics of?Ukraine’s military. Late August, Russian forces disabled and attacked an oil depot located in the Kyiv area. Ukraine also targeted Russian fuel 'logistics' with drone strikes against petrol stations, fuel tanks and railway fuel infrastructure, in Russian-occupied regions, as well oil refineries across Russia, causing fuel supply shortages. Early in the war, Russian forces destroyed Ukraine's main oil?depots? and fuel storage facilities?. This triggered a fuel crisis that forced Ukraine to overhaul its logistics.
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Nigeria warns investors about losing their permits if they invest in flare-gas
Nigeria's oil regulator warned investors developing projects on gas-flaring site that they?risk losing their permits if stalling progress, signaling a tougher push? to halt?routine flaming by 2030. The Nigerian Upstream Petroleum Regulatory Commission has said that it will review awarded sites after a year and may revoke them if progress is not satisfactory. NUPRC's Chief Executive Oritsemeyiwa Ekpo said, "One year after a?award?has been awarded, the Commission will conduct an evaluation to determine?whether there have been significant progress." She added that "where there is not enough progress, the Commission will take the appropriate regulatory actions, including revocation of awards where necessary." Nigeria has accelerated the Nigerian Gas Flare Commercialisation Programme, an initiative that aims to capture and market gas that would have otherwise been burned at oil production sites. This will reduce emissions while creating economic value. Eyesan stated that 27 of 43 gas-flaring sites identified as part of the programme have been awarded to investors, with project development underway. Nigeria has 215 trillion cubic foot of?proven natural gas reserves. This is among the world's largest. Gas is seen as an important transition fuel to power generation and industrial growth. Eyesan stated that stronger enforcement would ensure that awarded projects?translate?into investments, jobs, and emission reductions instead of remaining dormant.
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Marine fuel supply squeeze eases as the market adjusts to prolonged Hormuz disruption
Industry sources told the APPEC industry meeting on Thursday that the market has been able to work around the earlier'supply shocks'. In a panel at the conference, Rishi Nyati said, "We do not see any problems with sourcing bunkers today and putting them on board." Nyati said that there is currently no shortage of marine fuel or bunkers in the major shipping hubs, as opposed to March and April. However, he added that refuelling prices have risen. According to data from the market, as of this week outright prices for mainstay VLSFO fuel oil, in Singapore, which is the world's biggest bunkering hub?are more than 60% higher than pre-war levels. Prices have been volatile for the last six months, after the U.S. & Israel attacked Iran late in February. Prices have risen since March, but they are now lower than the record highs. Max Tay is Asia's heavy product trading manager at Repsol. Tay, in a panel discussion on the same topic, said: "There are disruptions of supply out of the Strait of Hormuz. But there are alternative sources of supply we can obtain." Tay explained that the challenge is the inability to secure blending stocks for marine fuels which meet certain specifications?for specific buyers and markets. Tay estimates that the bunker activity in the port of Fujairah, the United Arab Emirates, which is another major ship-refuelling hub has returned to approximately 40% of its pre-war level, while bunkering at Singapore has remained steady since the start of the war. Emarat's Nyati informed the panel that despite the tensions, some oil is still being transported through the Strait of Hormuz. "Hormuz?is not closed. "There are between 10 and 15 transits both ways," said Nyati. He was referring to the daily transits by cargo vessels through the Omani Corridor on the southern side. He said, "There's oil flowing."
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Maguire, Where global LNG and gas infrastructure is growing
The fossil fuel industry is seeing its most significant growth in the LNG and natural gas sectors, as demand for coal and oil has been stifled by electrification and efficiency gains. Gas is increasingly being used by governments and utilities to meet the growing electricity demand, and provide reliable power along with expanding renewable energy sources. This has triggered a global investment wave in pipelines, LNG export and import infrastructure, and gas-fired generators. Eight key charts are shown below that illustrate the regions and countries driving this growth. Power Play Global Energy Monitor data shows that Asia dominates global gas-fired generation capacity, both in use and under construction. Asia's 950,000 megawatts of operational capacity is comparable to?about 735, 000 MW in the Americas and exceeds approximately 366,000 MW throughout Europe. Asia is building an additional 140,000 megawatts (MW) or more, which is three times as much as any other region. The U.S., with its 562,000 MW of gas-fired capacity, has the highest operating capacity, while China is the country with the most capacity in construction. THE PIPELINE PIPELINE Gas pipelines in the Americas are currently more than 490,000 km long (304,471 mi). This total is more than the 281,000 km of pipes in Asia and 262,680 km in Europe. Asia has the largest pipeline capacity currently under construction with 56,000 km. China is the country with the most pipelines, having built nearly 22,000 km, followed by India, which has built nearly 15,000 km. The Footprint for LNG Export The U.S. has the biggest LNG export capacity and is the top producer of gas in the world. However, Asia, with its extensive export infrastructure that stretches from the Middle East to Southeast Asia, ranks first. GEM data indicates that the U.S. has also built up the largest LNG export capacity, currently at around 100 million tons per year. LNG Import Growth Asia is the top LNG-importing country in the world. It dominates the landscape of the existing import infrastructure and the capacity that's under construction. Japan is the country with the most established import infrastructure. It has 242 millions tons of import capacity per year. China, with 97 millions tons of import capacity in construction, has the largest lead. Once built, energy infrastructure is likely to last. Natural gas is a dominant energy source in the world. The vast number of gas-fired power plants, pipeline networks, and LNG facilities that are already operational or under construction suggest this. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Saudi Arabia says there is no danger following the Khamis Muhait alert amid clashes between Houthis and Houthis
Saudi civil defence authorities issued a 'all-clear' on Thursday following an emergency alert that was declared in the southwestern province of Khamis Muhait for a fourth time within 24 hours as clashes erupted with Yemeni Houthis backed by Iran. Civil defence officials said shortly after the alert that the danger was over. The Saudi-led coalition said that at least 73 people were wounded in four southern Saudi towns, including Khamis Mushait in recent Houthi strikes on the world's biggest?oil exporter. The militant 'group' said that it had attacked an airbase at Khamis Mushait, and oil infrastructures in nearby cities. This was one of the largest attacks against Saudi Arabia since the U.S./Israeli war in Iran. The 'coalition' said that the Houthis had continued their 'attacks? on national assets and infrastructure Wednesday. Saudi Arabia and the Houthis have been fighting for months. This has raised fears that a wider conflict will return after years of war were largely stopped by a truce brokered by the U.N. in 2022.
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Wall Street Journal, September 10,
These are the most popular?stories from the Wall Street Journal. ? The accuracy of these stories has not been verified by the site. Jim Farley, Ford Motor's Chief Executive, strongly denied claims by Transportation Secretary Sean Duffy claiming that the automaker is becoming overly dependent on Chinese companies. This was despite its tie-ups with car manufacturers overseas and a Michigan battery plant. Philip Morris International has expanded its Zyn line of nicotine pouches and the number that it offers in a single can. Pipeline company Energy?Transfer will be the first major firm to move its primary listing to the Texas Stock Exchange from the New York Stock Exchange. Swarmer, a firm backed by Erik Prince, is buying Ratel Robotics in a deal valued up to $224m. - 'Inspire Brands' named Dunkin’ President Scott Murphy interim CEO, while longtime CEO Paul Brown is on a medical leave. The Canadian International Trade Tribunal has said that imported canned vegetables, mainly from the U.S., have caused serious financial strains for domestic food processors. It recommends the government to impose import limitations in order to assist the sector.
Trump extends Iran ceasefire with peace talks in doubt
Donald Trump, U.S. president, said that he would "indefinitely" extend the ceasefire agreement with Iran in order to facilitate further peace talks. However, it was unclear on Wednesday whether Iran or Israel, a U.S. allie during the two-month conflict, would agree.
Trump stated in a social media statement that the U.S. agreed to the request of Pakistani mediators, "to delay our attack on the country?of Iran" until their leaders and representatives could come up with an unified proposal... and discussions were concluded.
Pakistani leaders hosted peace talks at Islamabad in order to put an end to a war which has claimed thousands of lives and shook the global economy.
Trump, who announced what appeared unilaterally to be an extension of the ceasefire, also stated that he would maintain the U.S. Navy’s blockade against Iran’s maritime trade, which Iran considers a war crime.
The Iranian government did not respond to Trump's statement until Wednesday morning, but some early reactions in Tehran indicated that the remarks were being treated with skepticism.
Tasnim News Agency affiliated with the Islamic Revolutionary Guards Corps said Iran has?not requested a ceasefire and repeatedly threatened to break the U.S. Blockade by force. The adviser of Iran's chief negotiator Mohammad Baqer Qalibaf said Trump's statement had little meaning and could be a ploy. Trump's wartime rhetoric has been erratic. Trump's wartime rhetoric has veered between extremes.
Trump's announcement was a last-minute retreat from his threat to bomb Iran’s bridges and power plants. Antonio Guterres, Secretary General of the United Nations and others condemned these threats. They noted that international humanitarian law prohibits attacks on civilians and civil infrastructure.
Next Peace Talks Uncertain
On February 28, the U.S., Israel and Iran began the war with aerial bombardments against Iran. The conflict spread quickly to Gulf States that house U.S. bases, and then to Lebanon when the Iran-allied militant Hezbollah group joined the fight.
Benjamin Netanyahu, the Israeli prime minister, has been trying to oust Iran’s leadership for decades. But Trump has offered shifting and at times contradictory rationales as to why he is joining Israel in launching this war, and how he sees it ending. This has caused confusion on global markets.
After Trump's announcement, U.S. stocks futures rose and the dollar weakened. Oil prices also fell. The war has caused more than 5,000 deaths and displaced hundreds of thousands of people, mostly in Iran, Lebanon and Syria. It also led to the closure of the Strait of Hormuz between Iran and Oman. This sparked a spike in oil prices and raised fears of a global recession.
Iran has exploited the ability to control oil tankers, and other ships, in the Strait of Hormuz in response to U.S.
Trump stated in his statement that he would be willing to extend the truce because "the government of Iran is seriously fragmented, and not unexpectedly," a reference the U.S./Israeli assassination of several leaders of the country in the first weeks of the war, including the late Supreme leader Ayatollah Khamenei who was succeeded by his own son.
Trump told CNBC a few hours before he made his announcement that he did not intend to continue the temporary ceasefire and the U.S. Military was "raring for go."
These comments were made as tentatively planned peace talks in Islamabad appeared to be on the brink of collapse: U.S. vice president JD Vance whose presence had been'requested by the Iranians', was planning?to return back to Pakistan on Tuesday, but a White House Official said that he hadn’t yet left Washington and had taken part in other policy meetings.
A senior Iranian official said that Iran's negotiators were willing to continue talks with the U.S. if they abandoned their policy of threats and pressure, and if they rejected any negotiations that would lead to surrender.
Iran's foreign ministry has accused the U.S. government of "state terrorism" and "piracy at Sea" for seizing and intercepting two commercial Iranian vessels at sea, the second on Tuesday. Iran has been condemned by the U.S. and other countries for preventing freedom of navigation through the Strait of Hormuz.
After extending the ceasefire for another 24 hours, Trump has redoubled his efforts to lift the U.S. Blockade. He said in a post on social media that lifting it would undermine any chances of a peaceful deal, "unless we blow up their entire country, including their leaders."
The first round of talks, which took place 10 days ago, did not produce an agreement. Much of the attention was focused on Iran's high-enriched uranium stockpiles.
Trump wants to remove the uranium from Iran to stop the country enriching it to the point that it could produce a nuclear bomb. Iran claims it only has a civilian peaceful nuclear program, and that the country has a sovereign right as a signatory to the nuclear weapons nonproliferation agreement to continue this.
(source: Reuters)