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Shipbuilding unions urge US lawmakers to pass SHIPS Act in order to secure funding
Five U.S. Unions are calling for lawmakers to pass legislation to help secure long-term financing to revive domestic shipbuilding. This effort is championed and supported by President Donald Trump, who has also boosted the new port fees on Chinese vessels. On October 14, the United States will begin collecting fees from vessels linked to China that visit its seaports. The U.S. trade representative (USTR), which is yet to issue final rules, has recently stated that China's COSCO Shipping could be liable for $1.5 billion in port fees next year. The bipartisan Shipbuilding and Harbor Infrastructure for Prosperity and Security for America Act (SHIPS for America Act) introduced in April would create the Maritime Security Trust, which would reinvest port fee proceeds to maritime infrastructure and security projects, such as shipyard rejuvenation. In a letter sent to legislators on Tuesday, United Steelworkers International Brotherhood of Electrical Workers (IBEW) and three other unions urged them to "support the SHIPS for America Act" and schedule action. U.S. The SHIPS Act is sponsored by Senators Todd Young from Indiana and Mark Kelly from Arizona. The bill has bipartisan support, which is rare in Washington. However, lawmakers have yet to take major action. Michael Wessel, President of Wessel Group, stated that the U.S. has already established airport and highway trusts, which provide a reliable and steady source of funding for projects and maintenance. Wessel, a USTR investigator who coordinated a USTR investigation requested by federations under Section 301 of 1974's Trade Act into China maritime activities, said that "Shipbuilders must have confidence in the capital." The investigation found that China has unfair policies and practices in the maritime industry and it cleared the way for port fees to be implemented next month. Wessel stated that the same union leaders who had pushed for an investigation by the USTR called on lawmakers to act on the SHIPS Act Tuesday. (Reporting from Lisa Baertlein, Los Angeles; Andrea Shalal, Washington DC; editing by Stephen Coates).
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Kurdistan oil exports are halted by a dispute over arrears
The deal to restart Iraqi Kurdistan's oil exports was stalled Tuesday after two oil-producing firms demanded assurances that their debts will be paid. The agreement between the federal government of Iraq, Kurdish region governments and oil companies is intended to allow for the resumed export of approximately 230,000 barrels of oil per day from Kurdistan via Turkey to the global market. Since March 2023, they have been suspended. The Iraqi cabinet was to approve the deal on Tuesday involving oil companies active in Iraqi Kurdistan. It wasn't immediately clear if this deal would go through without DNO or Genel. DNO Norway, the largest producer of the semi-autonomous area, and Genel Energy have not signed the agreement because they want assurances about the repayment of arrears. DNO claimed it had "easy fixes" that could be agreed quickly, without revealing what they were. Kurdistan owes around $1 billion to its producers, with DNO accounting for about $300 million. Yousef SABA, Barbara Lewis and Barbara Lewis edited the report.
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Norway claims that Russia will violate its airspace at least three times by 2025
The Norwegian government announced on Tuesday that Russia violated Norwegian airspace 3 times in 2025. It was not clear if the violations were deliberate or a result of navigation mistakes. In a press release, the Norwegian government stated that the incidents, which lasted from one to four minutes, represented the first violations of this kind by Russia in over a decade. Two incidents occurred on April 25th and 18th, over the Arctic Barents Sea. The third incident, which took place on July 24th, was over an uninhabited area of Finnmark. This is Norway's most northern county, which shares its border with Russia. Prime Minister Jonas Gahr Stoere stated, "We cannot determine whether this was deliberate or due to navigation error." "Regardless of why, this is unacceptable and we've made it clear to the Russian authorities." (Reporting and editing by Terje Solsvik, Anna Ringstrom)
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Maguire: Global coal markets are jolted by stronger East Asian imports
In August, global shipments of thermal coke - used to generate electricity - reached their highest level since the end of 2024 on the backs of strong import orders from China, Japan and South Korea. After nine consecutive months of declining monthly coal exports year-over-year, there were expectations that 2025 could be the first year in which global coal trade will contract. The increased regional interest in coal imports is due to a combination of lower domestic coal production in China, the world's largest coal consumer, and higher factory activity in East Asia over the past few months. Continued restrictions on coal mining by China, combined with a higher demand for electricity as we head into winter, could lead to a steady increase in the overall imports of coal for the remainder of 2025. This would scupper hopes that coal flows will continue to fall. A new downturn in the manufacturing sector, combined with milder temperatures in Asia in 2026, could reduce overall coal consumption and imports. This would keep coal export volumes for 2025 on track to fall. Here are some key data points that coal traders should be tracking to determine if the recent increase in imports is a sign of reversing the trend that has been weakening for months or if it's just a temporary blip on the global decline in coal export volumes. Key Markets According to Kpler data, total thermal coal exports were 85.34 millions metric tons in August, the first time since December last year that this number was above 81. The total for August was 6.4 million tons higher than the previous month. This means that thermal coal shipments have increased two months in a row after a series of monthly reductions starting late in 2024. The August reading also marked the first monthly increase compared to the previous month since October 2024. This could have an impact on the market sentiment, if further gains in import volume are recorded moving forward. China, South Korea, and Japan led the increase in global coal imports from the previous month to August. Kpler data show that China (up by 5.3 millions tons), Japan (+0.6 million tonnes) and South Korea (+1.8 million tons), collectively increased their purchases from 47.9 to 47.9 Mt in August. China, South Korea, and Japan's combined monthly imports increased by 19% from the previous month, and caused regional coal markets to tighten. LSEG data shows that the average coal export price from Newcastle in Australia reached a five-month high of $111 per ton, compared with around $106 between June and July. Key Indicators To track the future import potential of coal, traders will need to closely monitor coal mine production in China. A constant pushback against excessive capacity has resulted in a reduction in coal mine output. China's latest monthly production estimate put the country's coal output at 390.5 millions tons. This marked a decline year-over-year but followed a roughly 3-percent increase in total coal output in 2025. Trackers of the coal market will need to keep tabs on China's massive industrial economy in order to gauge its overall energy and coke needs. China's factory output in August grew at its fastest pace in five month on the back of a surge in new orders. The continued expansion of the industrial sector will lead to a greater demand for coal and other energy sources, as well as a higher production of key ingredients. The increased industrial activity in China will likely also spillover into Japan and South Korea's economies, as they have closely linked supply chains for parts and goods. Finaly, the weather conditions in East Asia during the last months of 2025 are also likely to play a significant role in regional coal appetite. Forecasts for the period of early 2026 indicate that temperatures will be slightly higher than long-term averages in Japan, South Korea, and China, resulting in a lower-than-normal demand for heat. These forecasts will change as the coldest months of year approach. If extended cold snaps occur, coal demand is likely to increase. In East Asia, the coal-fired electricity generation reaches its annual peak around November and Decemeber when cold weather increases demand for heating. In China, the mine production caps may make it difficult for utilities to increase their inventory levels this year. Power firms may boost their coal imports to meet their inventory requirements if the curbs on new mine production persist this winter. This could help maintain recent upward momentum in global coal order. The increased competition between China and Japan for coal may encourage buyers from Japan, South Korea, and other countries to increase their coal import orders. This could lead to an even greater increase in coal orders. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Accenture plans to add 12,000 jobs at its new campus in India’s Andhra Pradesh
Three sources with knowledge of the matter said that Accenture proposed to set up a campus in Andhra Pradesh in southern India. The goal is to add 12,000 new jobs to the company's workforce in India. This move is similar to deals made by Tata Consultancy Services (IT firm) and Cognizant (IT company), which leverage a new policy of the state offering to lease land to large companies willing to create employment at 0.99 Rupees ($0.0112) an acre. Accenture has more than 300,00 of its 790 000 employees in India. Sources said Accenture had requested land in Visakhapatnam, on similar terms. The matter is confidential, so they asked to remain anonymous. Accenture has not responded to the request for comment. A state official stated that the Andhra Pradesh Government is eager to bring Accenture in. While approvals could take some time, it is expected that the proposal will be approved. The official, who spoke on condition of anonymity, said: "This is not a unreasonable request by Accenture and the proposal will be approved." The amount Accenture plans to invest in the campus is unclear. TCS and Cognizant have secured land leases to build campuses in Visakhapatnam that could create around 20,000 new jobs. Cognizant plans to invest $183 millions, while TCS will spend slightly more than $154 million on its facility. In order to take advantage of lower costs for land, rent, and wages in smaller Indian cities, technology firms are expanding. After the pandemic, it is easier for many to hire locals in Tier-2 cities. This reverses the trend of workers migrating from smaller tech hubs to larger ones. This comes in the wake of President Donald Trump's new policy, which requires a $100,000 fee to be paid for all new H-1B visas. These visas are widely used by technology firms to hire foreign talent. This move will hurt the IT industry, which was by far the biggest beneficiary of H-1B Visas last year. Customers could also delay or re-negotiate their contracts, as the U.S. is debating a proposed tax of 25% on American companies using outsourcing services. $1 = 88.7500 Indian Rupees (Reporting and editing by Dhanya Skarichan and Sonia Cheema; Urvi Dugar, Abinaya Vjayaraghavan and Sonia Cheema; Urvi and Abinaya wrote the article).
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Spirit Airlines bankruptcy threatens flights to small towns
Spirit Airlines' second bankruptcy could force the airline to cut or eliminate service at Arnold Palmer Regional Airport. Residents of Latrobe in Pennsylvania may have to drive to Pittsburgh 65 miles away to fly. Gabe Monzo is the executive director of Westmoreland County Airport Authority, located in southwest Pennsylvania. "We have 150 000 people who want to go someplace," said Monzo. Spirit is currently the only commercial airline servicing the airport. Spirit has announced that it will reduce its November flight capacities by 25%. It is also furloughing a third of its flight attendants in order to save money. Monzo stated that if it cuts service to Latrobe "it would be a serious deficit for air transportation in this area." Discount airlines have been struggling since the pandemic and have tried to move upmarket. Spirit filed for bankruptcy in August. It plans to cut service in 11 locations as part of cost-cutting efforts. Spirit is the only airline that some regional airports use, and they say this will reduce affordable options for Americans on a budget. Spirit enjoys a special relationship with the Arnold Palmer Airport, named for the golfing legend, who was a native son and died in 2016. Westmoreland County invests approximately $900 million per year to support Spirit Airlines' operations at this airport, which is otherwise used by small private planes. When Spirit decided to move into the airport, it had very limited capabilities and was not compatible with commercial aviation. "But we changed that," said Monzo. Darlene Wommer was waiting for a flight from Myrtle Beach to South Carolina to visit her dad. She said, "I fly Spirit every time." "I will miss it if it disappears." Spirit Airlines said that its presence had helped to lower fares of consumers for the past 30 years, regardless of whether or not they flew directly with them. The U.S. Department of Justice blocked the merger of JetBlue and the company in 2024 citing customer harm. Spirit has been forced to reduce its operations as a result of this decision, while airport operators in the U.S. are looking to Spirit to increase regional flight connectivity. Two-weekly flights between Middle Georgia Regional Airport and Fort Lauderdale, starting at $50 one-way, were among the plans that fell victim. Spirit announced the plan in a partnership with Contour Airlines, based in Smyrna Tennessee, this year. However, it was scrapped before it could begin. Doug Faour is the Macon-Bibb County aviation director. Spirit stated that they were evaluating their options while implementing the transformation in order to position Spirit best for the future. Contour has not responded to our request for comment. Spirit plans to end service at Albuquerque International Sunport as well, leaving New Mexico’s largest commercial airport with no ultra-low cost carriers. Discount airlines Frontier Airlines, Allegiant Air and United Airlines have already left Albuquerque. Daniel Jiron said, "It was an important deal to get them here at first," said Daniel Jiron. Associate director of Albuquerque International Sunport. "We wanted to see them succeed." Jiron stated that without lower-cost carriers the prices of flights from Albuquerque and Las Vegas could increase. Southwest Airlines is used by about half of the passengers who transit the airport, according to TD Cowen. Arnold Palmer Airport is looking at other options for low-cost travel, since it hasn't heard yet whether it will be shut down. Monzo said that people were counting on the airline's survival. Our loyalty to Spirit runs deep. We will work with them in order to make them flourish. Quinn Glabicki, Latrobe, Penn., and Doyinsola Oladipo from New York contributed to this report. Editing by David Gaffen & David Gregorio
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Kenyan Aviation Workers Give Seven-Day Notice for Strike
Kenya Aviation Workers Union gave a seven-day notice of strike action on Tuesday, demanding resignation of the Kenya Airports Authority Board in response to labour conflicts and the fallout resulting from an canceled airport leasing deal. The planned industrial action may disrupt the operations of Kenya's international airport, which is one of Africa's most important aviation hubs. Moses Ndiema, the KAWU secretary general, declined to give a specific date for the start of the strike. He said it could begin at any time following the expiration of the notice period. Kenya Airports Authority has not responded to comments immediately. A year ago, workers at Jomo Kenyatta International Airport went on strike for a full day over their concerns regarding a plan to rent the airport to Adani Group, a company in India led by Gautam Adani, one of Asia's wealthiest people. Kenya eventually canceled the deal after the United States charged Adani, along with seven other individuals, for allegedly paying $265 million to Indian officials in bribes. The Adani Group denies these claims. In a letter from 23 September, Moses Ndiema of the KAWU accused the KAA Board of being incompetent and not acting in Kenya's interests. Ndiema, without mentioning the length of the strike, said that the recent events surrounding the Adani deal were the epitome and evidence of the board's lack of competence and inability to grasp the realities. (Reporting and writing by Humphrey Malalo, editing by Barbara Lewis).
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Smiths Group shares soar after a record-breaking profit.
The engineering firm Smiths Group posted profit and revenue that exceeded market expectations on Tuesday. This was aided by a strong demand for upgraded luggage-screening detectors, and a rebound in the semiconductor industry. Shares of Smiths Group reached a record high. Conglomerate shifts its focus to industrial engineering following investor pressure. Plan includes selling Smiths Interconnect and spinning off Smiths Detection. The group stated that the divestment plan was progressing well, and it expects to update the Interconnect market by the end 2025. Smiths Interconnect is a provider of electronic components. Smiths Detection, on the other hand, is well-known for its explosives detectors and baggage screening kits at airports. According to a poll conducted by the company, analysts expected a 5.3% growth in revenue from organic operations for the year that ends July 2026. It reported a 7.2% growth for the fiscal year 2025. "We've absorbed some minor tariff headwinds and our fiscal 2026 guidance takes into account our current understanding of tariffs." In an interview, CEO Roland Carter stated that the company felt "robust and resilient" in the current macroeconomic environment. The company's shares rose up to 7%, reaching a new record of 25.5 pounds. John Crane has been facing challenges as a result of the slowdown in construction activity in the United States. John Crane provides mechanical seals, engineered solutions and other industrial products for the oil and gas industry. Analysts at JP Morgan wrote in a report that "the John Crane organic revenue miss may concern some investors. However, we note that it was driven by ongoing operations challenges, which were exacerbated due to the cyber incident and not by end-market demand." Smiths Group, a group of companies in the United States and Canada, reported an incident involving cybersecurity that occurred in January. The company's headline operating profit was 580 million pounds ($783,17 million) in the year ending July 31. This is higher than analysts' expectations of 573 millions pounds. Reporting by Raechel Thankam Job in Bengaluru and DhanushVigneshbabu in Mumbai; editing by Subhranshu Sahu and Aiden Lewis
Ukraine claims it has hit Russian oil infrastructure at Bryansk and Samara regions
The General Staff of Kyiv said that Ukraine's military had struck two Russian oil-distribution facilities in the Bryansk region and Samara on Tuesday.
Telegram reported that the Samara military had attacked a production line mixing Russian oil with its flagship Urals oil to be exported.
It said that it had hit a production line of a pipeline crucial for Russian Army supplies in Bryansk.
The extent of damage is still being assessed, it said.
In recent weeks, Ukraine has renewed its long-range drone attack campaign on Russian oil production facilities. It targets key sites to reduce Moscow’s export revenues and supply frontline.
Telegram reports that the Russian Ministry of Defence has confirmed that its units have destroyed Ukrainian drones in Bryansk and Samara. Russia has not yet publicly commented.
Ukraine's General Staff said that Kyiv also struck a military airfield on the Russian-occupied Crimea. It added that two planes had been hit. (Reporting and editing by Barbara Lewis, Aidan Lewis; Yuliia Dyesa)
(source: Reuters)