Latest News
-
New Zealand and the US fund Cook Islands port upgrades
New Zealand and the U.S. are jointly funding a major upgrade to a World War Two-era port on an atoll in Cook Islands, according to a statement released by all three governments on Tuesday. This is a new sign of Western efforts to strengthen ties with a Pacific region?that's?increasingly? being influenced?by China. Washington plans to contribute $50 millions and New Zealand NZ$17.5million ($10 million) to the project. Wellington will implement the project in coordination with Cook Islands and U.S. according to a statement issued during the Pacific Islands Forum held in Palau. According to the statement, the upgrade at Omoka, also known as Tongareva on Penrhyn is designed to improve ship landings, access to services, and strengthen the?transportation and economic links of the northern Cook Islands. According to Christopher Landau, the U.S. deputy secretary of state, Penrhyn’s airstrip and port were built by American personnel more than 80 years ago. The airfield served to'move personnel and supplies as well as support aircraft transiting through the region during World?Two. Landau stated in a statement that "through transformational infrastructure projects such as this, we make the United States and its partners safer, stronger and more prosperous." Landau said that the project was built on the framework for critical minerals signed with the Cook Islands earlier this year. The U.S. is investing to counter Beijing’s growing diplomatic, economic and security footprint in the Pacific. Small island states are becoming more important as they compete for strategic influence. China has increased its engagement in the region through agreements on infrastructure, trade, and security. In February 2025, the Cook Islands signed an extensive?strategic partner? with?China, which included collaboration on maritime issues, seabed minerals, and infrastructure. This agreement led to a bitter dispute with New Zealand, which is a Free Association partner of the Cook Islands. Cook Islanders are New Zealand citizens, but they consult with New Zealand on matters of foreign affairs. Wellington claimed it was not adequately consulted about the agreement and halted funding for development worth NZ$18,2 million. The Cook Islands and New Zealand signed a Defence and Security Declaration that clarified the way the two countries would consult about defence and safety issues.
-
Trump administration asks US appellate court to lift order banning mail-in voting
The administration of President Donald Trump asked on Monday a 'U.S. The Trump administration asked a?U.S. appeals court on Monday to lift an order by a judge blocking a new rule that would tighten the requirements for mail-in votes ahead of November's congressional elections. The U.S. Department of Justice requested that the 1st U.S. Circuit Court of Appeals in Boston put on hold a temporary restraining order that prevented the U.S. The U.S. Department of Justice asked the 1st U.S. Circuit Court of Appeals in Boston to suspend a temporary restraining order that prevented U.S. Postal Service to enforce its new rule. The order was issued by a lower court judge on Thursday, at the request of Democratic-led States and voting rights organizations. The Administration asked the Appeals Court to intervene on Monday after U.S. district judge Indira Talwani in Boston refused to pause her restraining orders. The restraining order will remain in effect for 14 days until the hearing on Thursday, when she decides whether or not to issue a more-term injunction. Talwani, a?appointee by Democratic President Barack Obama in the issuing of the restraining orders, had concluded that USPS rule could disenfranchise voters, was likely illegal and adopted in violation?of the U.S. Constitution which gives states authority to administer elections. Justice Department lawyers informed the 1st Circuit that Talwani’s ruling was “gravely wrong” and that the lawsuit appeared to be based on the unfounded assumption that USPS intended to seize the administration of federal election. The Justice Department claimed that "the rule's improvements, and modernizations to USPS infrastructure in order to support this sensitive category of mail is fully consistent with USPS statutory and constitution authority." Should the 1st Circuit decline to halt Talwani's order, the administration could try to seek the intervention of the 6-3 conservative-majority Supreme Court, ?which last week lifted an earlier injunction the judge had issued that had blocked USPS from moving forward with the rule. USPS released the rule in order to implement the executive order that the Republican President?signed in march after years of Trump calling tighter rules for voting by mail - and pushing the false claims?that his defeat to Democrat Joe Biden during the 2020 presidential election was the result widespread voter fraud. All outbound and returned ballot envelopes are required to have unique barcodes. According to the rule, the USPS may refuse to deliver any ballots that don't meet the new standards, or are linked with voters who don't appear on the list. All 50 states allow some form of mail in voting.?29 allow voters to request to cast their ballots this way without giving a reason, and eight conduct their elections exclusively by mail. North Carolina will be the first state in the country to mail ballots to voters for the November elections.
-
Motiva: Exxon prepares East Texas refineries to weather storm, say sources
People familiar with the plant operations reported that Motiva Enterprises and Exxon Mobil Corp were preparing their East Texas refineries to withstand high winds and flooding in anticipation of a tropical storm approaching 'the U.S. Gulf Coast. Sources said that Exxon and Motiva have not cut production at their refineries in Port Arthur, Texas, and Beaumont, Texas, respectively. However, they have secured loose equipment and items which can be blown away by high winds, or drifted by flood waters, should the storm develop and make landfall Tuesday. Exxon spokesperson Kelly Davila stated on Monday that the company was closely monitoring the storm and both Beaumont, Texas and Baytown, Texas refineries were operating normally. A spokesperson for Motiva did not respond to a comment request. Freeport LNG and Cheniere Energy said that they were closely monitoring the storm. Cheniere said that it would modify its operations if needed, but so far there has been no impact to production. Cheniere operates two liquefied gas plants in Texas, one at Sabine Pass near the Texas-Louisiana boundary and another at Corpus Christi. Freeport LNG is located in Freeport, Texas. The U.S. National Hurricane Center predicts that Tropical Depression 5 will become Tropical Storm Edouard by Tuesday, when it reaches Port Arthur. According to the Hurricane Center, Edouard is not expected to reach hurricane-like strength. It will produce winds of no more than 58 mph (93 kph). Sources claim that Exxon activated their?Incident Command System" on Monday afternoon. Valero Energy Corp has ?not modified operations at its 235,000-barrel-per-day (bpd) Port Arthur refinery, sources at the refinery said. Motiva Port Arthur is the largest refinery in the United States with a capacity to process crude oil of 656 400 bpd. Exxon Beaumont can take in 612,000 barrels per day, while Baytown, located on the east side Houston, has a capacity of 564,000.
-
Ares raises the largest amount of money for its unit, $4 billion, to benefit Japan Logistics Fund
Ares Management is a U.S. investment firm. On?Tuesday, its real estate division raised $612 billion yen for its Japan Logistics Development Fund, the largest closed-end institutional fundraising to date. Ares announced in a Tuesday statement that the fund, 'Japan -Logistics Development Partners V LP', had reached its hard cap (maximum target) and was nearly 50% bigger than its predecessor for 2021. Ares stated that the fund would primarily invest in modernizing logistics in Japan's major metropolitan markets, such as Greater Tokyo, Greater Osaka, and Nagoya. The real estate services company CBRE has projected that the rents of large multi-tenant logistic facilities in Japan's four major metropolitan areas would increase by 2027 as the demand for modern warehouse space in Japan grows. According to Ares' statement, the fund had attracted money from pension funds and sovereign wealth funds as well as insurers, financial institutions, and other large investors in North America, Asia-Pacific, Europe, and the Middle East. Ares stated that Canada Pension Plan Investment Board (CPPIB), which has backed each Japan logistics fund launched since 2011, is the cornerstone investor and has committed 150 billion yen to the fund. Gilles Chow is the managing director and head of real estate Asia Pacific for CPP Investments. Ares stated that the fund had a total investment capacity of 1.7 trillion yen and was already invested in projects worth 450 billion yen. Marq Logistics will operate and develop the assets. Marq managed about 120 million square foot (11 million sq m) in Japan as of June 30, according to Ares. According to a statement from the group, Ares Real Estate had assets worth about $121 billion and Ares Management more than $671.
-
Sources say that activist investor Elliott owns Air Liquide and is pushing for change.
Sources familiar with the situation say that activist investor Elliott Investment Management has built a stake in Air Liquide, and they are urging it to improve its margins. Elliott has been working with the company since a few months and is encouraging management to improve to "better compete" with competitors in the industrial gas sector, according to the sources. Air Liquide, based in Paris, has a market value of approximately EUR108 billion. It was not possible to?determine the size of Elliott’s?stake. Elliott refused to comment, while Air Liquide didn't respond to a comment request. Air Liquide is a competitor of Linde and Air Products and Chemicals. Industry analysts have said that the margin gap between Air Liquide and Linde increased in recent years, indicating Linde's successful operational optimization plan. Analysts said that the margin gap between Air Liquide and Linde is currently 9 points. They added that they expect it to stay at this level for some time. Air Liquide is holding an analyst meeting later this year. Industry analysts are wondering if the company will announce share buybacks. This could be a good thing for the company.
-
The US announces a sharply reduced vehicle fuel efficiency requirement
Sean Duffy, Secretary of Transportation, said that the Trump administration would'soon' announce a sharply lowered vehicle fuel economy standard, reversing an effort by the previous administration to compel automakers to produce more fuel-efficient vehicles. The federal government under Republican President Donald Trump hasn't released the final standard. However, automakers anticipate it will be similar to the December proposal by the National Highway Traffic Safety Administration. The proposal was to reduce the fleetwide average fuel economy from 50.4 miles/gallon (21,4 km/liter) under Democratic President Joe Biden to 34.5 miles/gallon (14.7km/liter) by 2031. Duffy, speaking at an event in Michigan, said: "We're about to announce a "commonsense fuel efficiency standard" because we want Detroit car manufacturers to build cars Americans want to purchase -- not cars Democrats want Washington to manufacture." Biden was focused on reducing U.S. greenhouse gases and fossil fuel usage, accelerating the transition to clean energy, and making the U.S. The United States is a leader in the field of?clean energy technology and manufacturing. NHTSA proposed in December to retroactively reduce the fuel economy standard for 2022 and then raise it by 0.25%-0.5% annually until 2031. Biden increased the required fuel efficiency of cars by 8% per year for model years 2024-2025, 10% per year for 2026 and then 2% each year from 2027-2031. The Trump administration has retroactively changed the fuel standard to 2022 to make it easier for automakers to meet future standards. Biden's rules aimed to encourage automakers to build more electric vehicles to meet rising fuel efficiency standards. NHTSA estimates that its proposal will reduce the cost of new vehicles by $930 per vehicle. It would, however, increase fuel consumption and spending by $185 billion by 2050. Carbon dioxide emissions would also rise by 5%. Congress has decided to stop collecting penalties in 2025 for failure to meet fuel economization standards. This will save automakers hundreds of millions 'of dollars and end $7,500 tax incentives for consumers buying EVs. The law also removed California's authority for 2035 to ban gasoline-powered cars. This is a decision that the state has challenged.
-
GLP Japan raises $3.76 billion to build logistics centers, Nikkei reports
The Nikkei reported that GLP - Japan has raised 600 billion dollars ($3.76 billion) to create a fund for building logistics centers. This is a result of an influx in overseas capital. GLP Japan is a Japanese subsidiary of Singapore-based logistics firm GLP. The?Tokyo GLP Japan fund's investments, including borrowings, will total 1.7 trillion yen. This makes it the largest real estate fund in the country, according to?Nikkei. The report stated that the majority of investors are from outside Japan. The Canada Pension Plan Investment Board allocated 150 billion yen. The funds raised are expected to be used for the construction and renovation of up to 40 large facilities across Tokyo, Nagoya, and Osaka. The report said that cold-storage facilities will be complemented by e-commerce-ready facilities. GLP was unable to respond immediately to a comment request outside of 'normal business hours. Nikkei reported that institutional investors in Japan, Middle East pension funds, Asian government-backed funds, and US and European pension funds will also provide support.
-
Sweden orders French warships to strengthen its defense
During a ceremony 'in Stockholm - on Monday - the Swedish Prime Minister Ulf Kristinsson and French President Emmanuel Macron signed an order for four Naval Group Frigates. Sweden, NATO's new member, is rushing to increase its military power after the Russian invasion of Ukraine in 2022 forced it to abandon its long held?policies of neutrality. European governments have, more generally, increased their defence spending as a'response' to the pressures of U.S. president Donald Trump. They are also less confident that they can rely on U.S. assistance. Macron said that "France and Sweden in the 'European Union' and NATO demonstrate that European sovereignty is built together." He said that the order from Sweden "strengthens industrial and technological base of European defence in a time when Europeans are taking greater responsibility for their security and consolidating NATO's "European pillar." In May, Sweden announced that it would "order" the vessels from the French company as part of a $4 billion contract which will triple its air defence capability. The first of the four new ships, which will be Sweden's largest ship, is expected to be delivered by 2030.
New Zealand and the US fund Cook Islands port upgrades
New Zealand and the U.S. are jointly funding a major upgrade to a World War Two-era port on an atoll in the Cook Islands, said the three governments on Tuesday. This is a new sign of Western efforts in the Pacific region, which is being increasingly influenced by China.
Washington will contribute $50 million, and New Zealand NZ$17.5million ($10 million), to the project. Wellington will implement the project in coordination with Cook Islands and U.S.
According to the statement, the upgrade at Omoka, also called Tongareva on Penrhyn is designed to improve ship?landings, increase access to services, and strengthen the transport and economic connections for the northern Cook Islands. According to Christopher Landau, the U.S. deputy secretary of state, Penrhyn’s airstrip and port were built by American personnel more than 80 years ago. The airfield was used for moving personnel, supplies and supporting aircraft that were?passing through the region during World War Two.
Landau said in a statement that "through transformational infrastructure projects such as this one, we make the United States and our partners safer, stronger and more prosperous." He said that the project was built on the critical-minerals agreement signed with the Cook Islands earlier this year.
Mark Brown, Prime Minister of the Cook Islands said that the port project demonstrates economic resilience, as it will facilitate emerging industries such as potential seabed mining or enhanced fishing capabilities.
Brown stated that "this project will play an important role as the northernmost port of our country."
The U.S. is investing in order to counter Beijing's growing diplomatic, economic, and security footprint in Pacific. Small island states are becoming more important as they compete for strategic influence.
China has increased its engagement in the region through?agreements on infrastructure, trade, and security. In February 2025 the Cook Islands signed a comprehensive partnership with China, which included "cooperation on maritime issues, infrastructure and seabed minerals". This agreement led to a bitter dispute with New Zealand with whom the Cook Islands has a free-association. Cook Islanders are New Zealand citizens, but they consult with New Zealand on matters of foreign affairs. Wellington claimed it was not adequately consulted about the agreement, and halted NZ$18.2 millions in development funding.
The Cook Islands and New Zealand signed a Defence and Security Declaration that clarified the?methods of consultation between the two parties on?defence- and security-related matters.
Winston Peters, New Zealand's Foreign Minister, said that the relationship between these cousins was now on its strongest footing.
Peters, in response to a query about whether China planned to upgrade the Penrhyn Airfield, said this was not going to happen due to New Zealand's special relationship to the Cook Islands.
(source: Reuters)