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US lawmakers attend Paris Airshow amid national security, tariff and tariff concerns
The lawmakers said that more than 20 U.S. legislators are expected to attend the Paris Airshow in next week's due to concerns over potential American aerospace tariffs, national security issues and lawmakers. Senators Jerry Moran, Jeanne Shaheen, and a bipartisan delegation previously unknown will be led by 11 U.S. Senators. This includes Senate Armed Services Committee chair Roger Wicker as well as a dozen U.S. Governors and over a dozen House members, headed by Representative Sam Graves who is the chairman of the House Transportation Committee. As China continues its aggressive war against democratic countries, and Russia continues its unjust war in Ukraine the U.S. needs to partner with its allies to promote economic partnership and bolster national security, said Moran. The Republican senator is the chair of a Senate Aviation Subcommittee. Airbus and Boeing both boost U.S. investment. Virginia Governor Glenn Youngkin, and Arkansas Governor Sarah Huckabee Sanders were among the officials who attended to make their case for U.S. aerospace companies to increase investment. This push comes after global aerospace companies and U.S. Airlines warned that new tariffs on commercial aircraft, jet engine and part imports could threaten air safety or cause unintended consequences such as higher ticket prices. Shaheen stated that "our manufacturers are suffering severe disruptions due to the tariffs imposed by this administration and our allies question our commitment to mutual defence." She added that "it is especially important for this multipartisan delegation to reaffirm America as a reliable and stable partner, and that our abilities remain unmatched. And that's what we intend do." The show will also feature Transportation Secretary Sean Duffy, and the Acting FAA Administrator Chris Rocheleau. After President Donald Trump announced tariffs against trade partners, the industry is already facing 10% tariffs on almost all imported parts and planes. The Commerce Department launched an investigation last month called Section 232 to examine the risks imported goods pose to U.S. security. This could lead to even higher tariffs for imported planes and engines, as well as parts. Airlines and manufacturers are lobbying Trump for a return to the tariff-free regime of the 1979 Civil Aircraft Agreement. The U.S. sector benefited from a $75 billion trade surplus each year. The agreement states that parts must be approved by the Federal Aviation Administration in order to qualify for tariff-free status. (Reporting and editing by Diane Craft in Washington, David Shepardson from Washington)
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Washington airport will stop flights at 6 pm Saturday night, during the Trump Army Parade
The Federal Aviation Administration will suspend all flights at Reagan Washington National Airport between 6 and 9:30 p.m. The Federal Aviation Administration announced Wednesday that it would suspend flights at Reagan Washington National Airport from 6 p.m. to 9:30 pm ET on Saturday during President Donald Trump's Army Anniversary Parade. FAA expands the Washington, D.C., Metropolitan Area, Special Flight Rules Area. From 6 p.m. until 9:30 p.m., all arrivals and departing flights will be stopped at the airport outside Washington. Travelers can take advantage of flexibility offered by major airlines. United Airlines announced that it will offer a waiver of travel fees for Reagan National Airport, and add two more departures on Saturday from Washington Dulles International Airport as well as two extra arrivals. American Airlines has said that it "adjusted its schedule during this period, temporarily added larger planes at DCA in order to accommodate more customers and issue a travel alert which includes flexibility to travel at a different time or through Washington Dulles & Baltimore Washington without additional cost." The celebration of the 250th anniversary of the U.S. Army will take place on the same day as the president's birthday. The airport is less than two miles away from the National Mall. For the celebration, the U.S. Army will bring 6,500 soldiers to Washington along with 150 vehicles. Apache, Black Hawk and Chinook helicopters will be part of the flyover. The flyover will include older aircraft such as the B-25 bomber from World War Two and P-51 Mustang. Washington is home to the most restricted airspace in America. Washington is the only state that does not allow drones without FAA approval. After a close call on May 1, and a collision between an American regional plane and Army helicopter on Jan. 29, which killed 67, the FAA has banned routine Army training and helicopter transport flights around the Pentagon. (Reporting and editing by Franklin Paul, David Shepardson)
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JERA Japan agrees to purchase US LNG in order to rebalance the supply portfolio
JERA, Japan’s largest power generator, announced on Thursday that it has signed new supply agreements for U.S. LNG from four projects in order to diversify its portfolio and move away from its dependence on Australia. JERA intends to purchase up to 5.5 millions metric tons of U.S. Liquefied Natural Gas (LNG) per year under 20-year agreements, with deliveries beginning around 2030. This total includes previously reported agreements as well as recently announced ones. This move demonstrates Japan's desire to secure a stable and flexible LNG source to meet the growing demand for electricity due to data centre expansion. The country is second in the world after China for LNG imports. JERA, Japan’s largest LNG buyer, signed heads of agreements with Sempra Infrastructure to purchase 1.5 mtpa through its Port Arthur LNG Phase 2 project, and with Cheniere Marketing, for up 1 mtpa via Corpus Christi LNG or Sabine Pass LNG. The Japanese utility has also signed a sales and purchase agreement with U.S. LNG developers Commonwealth LNG, for 1 million tons per annum from their Louisiana project. Sources familiar with the talks told of the deal on Tuesday. Both companies, however, declined to comment. The 5.5 million tpa figure includes the deal NextDecade announced on May 29, whereby it will buy 2 million tpa of LNG from its Rio Grande LNG Project. JERA stated that all four contracts are free-onboard, 20-year contracts, with no restrictions on destination, though the Cheniere contract could last beyond 20 years. Yukio Kani, Global CEO and chair of JERA, said that the company made this decision because it was important to have a flexible and cost-competitive LNG as we move into 2030. He said that LNG is becoming more important due to the rising demand for power from data centres, and the increasing costs of cleaner alternatives such as hydrogen and ammonia. He said that "we also wanted to secure contracts for projects in development, tied to EPC agreements (engineering procurement and construction), before the recent rise in LNG project costs, and interest rates." Kani said that the announcement came amid ongoing trade negotiations between Japan and the United States. He also stressed that there was no pressure from the government behind the deals, which were his words, purely private sector choices. He said that the company was rebalancing its supply mix to be more global, and less Australia-centric. The U.S. now supplies nearly 30% of JERA LNG, up from 10%. Oceania, Asia, and Australia account for over half of the LNG mix. JERA, a joint venture between Tokyo Electric Power (TEP) and Chubu Electric Power (CEP), already purchases U.S. LNG from Freeport LNG. It signed a contract for 20 years to purchase 1 mtpa of Venture Global's CP2 Project in 2023. (Reporting and editing by Yuka Okasaka, Katya Glubkova, and Kentaro Okasaka)
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Alberta Premier says province is working on a proposal for a new crude oil pipeline from Port of Prince Rupert
Alberta Premier Danielle Smith announced on Wednesday that the province was working to provide Canadian Prime Minister Mark Carney a proposal and a route for a new crude oil pipeline from Alberta to Prince Rupert, British Columbia. Smith told reporters at an energy conference in Calgary that her government is in talks with Canada's major pipeline companies in the hope that a private sector proponent will take the lead on Alberta's vision of a new, 1-million-barrel-per-day crude oil conduit to B.C. Northwest coast. Alberta wants to assess the interest of private companies in forming a consortium for building the pipeline. Smith added: "Or, if a (company) is identified as a major proponent of the project, we will be interested in speaking to them." Canada exports 90% of its oil to the U.S. but is looking to diversify because of trade tensions, and threats by President Donald Trump. Alberta, Canada's largest oil producing province, wants to see the construction of a pipeline to export oil, so that Canada's oil sector can boost production on a long-term basis. A private company has not publicly expressed an interest in such a project. Smith expressed her hope that Carney will keep his promise to accelerate the approval process for major infrastructure projects. Carney won a minor government in April. Smith stated that companies will not commit to the construction of a pipeline if they do not have confidence in the government's intention to reform regulatory practices. Alberta proposes that a new pipeline be built alongside the Pathways Alliance carbon capture and storage project. This has been proposed to reduce emissions in Canada's energy industry by a group of oil sands firms. The companies were unable to reach an agreement on funding for the project with both levels government. Smith said that oil companies would be more inclined to approve the Pathways project if it was accompanied by a revenue increase from a new crude pipeline. Canada is the fourth largest oil producer in the world. Last year, Canada achieved record oil production as the Trans Mountain expansion pipeline in May 2024 will triple the country's capacity to export oil off B.C. The west coast can produce 890,000 barrels of oil per day. The construction of the pipeline was plagued by delays in regulatory approvals and cost increases that exceeded its original budget. (Reporting and editing by David Gregorio in Calgary)
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US Ocean Imports Dropped in May after China's Tariff of 145%
Data from Descartes Datamyne shows that imports to the United States from some of its busiest seaports fell sharply in May after President Donald Trump's 145% tariffs were imposed on many Chinese goods. Overnight, the world's largest economies announced a framework for a trade agreement that would set tariffs against China at 30%. The final approval is still pending. This rate will be added to the 25% tariffs that were imposed by Trump during his first term. The total China rate will then reach 55%. China is the largest supplier of goods to the United States that arrive via sea. This cargo is usually for major manufacturers and retailers, such as Walmart. West Coast ports receive a large percentage of China's shipments, and they suffered a big volume drop in May compared to last year. Long Beach imports fell by 20.9% in California and Los Angeles dropped by 8.5%. Seattle imports dropped 17.3% in Washington and Tacoma fell 39.4%. The East Coast saw a 15.3% decline in imports at the Port of New York & New Jersey. Norfolk, Virginia, fell 14.7% and Wilmington, North Carolina dropped 17.6%. Houston, Texas and Mobile, Alabama (both Gulf of Mexico ports) both saw declines of 3.4% and respectively 20.4%. According to Descartes, a provider of supply chain technology, the overall U.S. imports from China fell 28.5% in May compared to last year. Importers rushed to book shipments halted in China after the first U.S. - China tariff truce lowered rates last month to 30%. The head of Los Angeles' largest port, which is also the country's biggest, has said that he doesn't expect a flood of freight, as 30% tariffs are still a significant increase in costs for importers.
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India attempts to tow burning ships to prevent an ecological disaster, says ministry
India's Defense Ministry said that the Indian Coast Guard was trying to tow the burning cargo ship off the coast in the southern state Kerala, which contained hazardous cargo. This would prevent an ecological disaster. The Singaporean-container vessel MV Wan Hai 503 is carrying 120,000 metric tons of fuel and hundreds of containers, including hazardous cargo, the ministry said. A vessel bound for India's financial center Mumbai was involved in an accident Monday about 144 km off the coast of Kerala, a southern Indian state. Multiple explosions and fires broke out on the vessel and 40 containers fell into the Arabian Sea. The Ministry of Defence said that while firefighting efforts had significantly reduced the visible flames, the fire remained active on the inner decks as well as near the fuel tanks. The Ministry of Defence stated that "the fire has not yet been fully extinguished and efforts are being made to set up a towline to pull the vessel from the coast to prevent an ecological disaster." A container ship sank off the coast of Kerala last month. It released 100 cargo containers in the Arabian Sea and left authorities scrambling in the state to contain the oil spill. This vessel was owned by MSC Shipmanagement in Cyprus and carried 640 containers. 13 of them contained "hazardous goods" while 12 were filled with calcium carbide. (Reporting by Chandni Shah in Bengaluru)
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The death toll from floods in South Africa's province has risen to 49
The Eastern Cape's provincial head announced on Wednesday that the death toll in the province was 49. Since the weekend, parts of South Africa are being lashed with heavy rain and even snow. This is part of a severe cold front which has affected transport and electricity networks. Oscar Mabuyane, Eastern Cape Premier, told a news conference that the death toll had risen to 49. A school bus had been swept away in floods near Mthatha. An official from the provincial safety department said that eight bodies were found. You can also find out more about the Recovery Program. Mabuyane stated that the report he received indicated six people had been found dead on the bus and four others were still missing. The vehicle was carrying 13 schoolchildren, two adults and two children. Climate change has caused flooding to become more frequent and severe in South Africa. Storms on the East Coast of the United States in April 2022 caused 400 deaths and thousands of homeless people.
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EU subsidises high volume of greener aircraft fuel to boost airline demand
Calculations show that the European Union is offering to subsidise airline purchase of sustainable aviation fuels in excess of 200 million litres, to encourage carriers to switch from kerosene to cleaner alternatives. Based on data from the European Commission, the calculations suggest that subsidies could lead to a significant increase in airline demand for sustainable aircraft fuels (SAF), as the volume is equivalent to around 15% of the global SAF production. According to the airline industry association IATA, global SAF production last year totalled over 1.3 billion litres. The EU has allocated revenue from the sale 20 million carbon emission permits to assist airlines in covering the price difference between conventional kerosene (Kerosene) and the more expensive SAF for flights within Europe. Calculations showed that these subsidies could cover up to 216,000,000 litres (synthetic fuels produced using CO2 captured emissions) or up to 2.6 billion litres (biofuels). The EU subsidy covers up to 6 Euros per litre of e-fuels, and 0.5 Euros per litre of biofuels. The aviation sector is one of the most difficult to decarbonise. Zero-emission aircraft are not expected in this decade. In the short term, sustainable fuels that emit net-zero or less than kerosene fossil fuel can reduce air travel's impact on the environment. SAF is three to five time more expensive than jet fuel, and only accounts for 0.3% of the global supply. The airlines have warned that EU targets for using more SAF is therefore impossible to achieve, despite a Boston Consulting Group study this year finding that the sector invests only 1% to 3% of its revenue or budget in SAF. In 2025, the EU will require that 2% of all fuel available in EU airports be SAF. This number will rise to 6% by 2030. The EU Carbon Market is the only place where airlines can buy permits to cover their European flight emissions. The EU used to give most of the permits away for free, but is now gradually phasing them out in order to accelerate emissions reductions. (Reporting and editing by David Goodman. Additional reporting by Joanna Plucinska)
Wall Street Journal - Aug 9
The following are the leading stories in the Wall Street Journal. Reuters has not confirmed these stories and does not guarantee their accuracy.
- Delta Air Lines increased the efforts to seek settlement from CrowdStrike, blasting what it called the cybersecurity business's blame the victim defense for a. interruption that the airline stated expense at least $500 million.
- Paramount Global, home of channels consisting of. Comedy Central, MTV and Nickelodeon, on Thursday made a note of the. worth of its cable-TV networks by almost $6 billion and cut. 2,000 jobs.
- An advertising-industry initiative, Global Alliance for. Responsible Media, devoted to protecting marketers from. damaging material is stopping work following a claim submitted by. Elon Musk's social-media platform X.
- The U.S. District Court for the Southern District of New. York got in a consent order versus FTX Trading and Alameda. Research study, requiring them to pay $12.7 billion in financial relief. to fraud victims, resolving Commodity Futures Trading Commission. litigation.
- Bausch Health's four-year-old strategy to spin off. eye-care subsidiary Bausch + Lomb is captured in a. standoff between the pharmaceutical company's top shareholders. consisting of Carl Icahn and Paulson & & Co and debtholders favoring a. bankruptcy filing to fix its balance sheet.
- Business AI business Glean is in innovative discussions for. an offer to raise $250 million that would double its appraisal. from 6 months ago to $4.5 billion.
(source: Reuters)