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Source: Iran wants to control the inbound and outbound traffic of Hormuz.
A senior Iranian source said that Iran wants to control inbound shipping and have visibility of outbound traffic, as well as the ability to intervene, if needed, under a new plan being discussed by Oman for reopening the strategic waterway. Sources involved in the 'talks' said that this was "the general idea being discussed", and specified that an outbound lane will follow a route between Iran and Oman. Exit clearance would be granted by Oman only after notifying Iran. Source: "Tehran will not change its position," source adds. Kazem Gharibabadi, the Iranian Deputy Minister of Foreign Affairs, said that Tehran rejected an Omani proposal to divide transit routes equally between both countries. He added that such a plan would not address Tehran's concerns about security until regional stability was achieved. The U.S. and Israeli 'war against Iran' has been stalled by the inability to control the narrow waterway that connects the Gulf of Mexico and the Indian Ocean. This is the primary route for a fifth or more of the world's oil supplies and other essential goods. Since the end of February, the?war? has been largely blocked. (Reporting and writing by Parisa hafezi; Editing by Louise Heavens, Sharon Singleton, and Dubai newsroom)
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China sets mandatory safety standards for autonomous vehicles
The 'China Industry Ministry' announced on Tuesday that the country has issued mandatory safety standards for vehicles equipped with highly automated or conditional driving systems. According to the new rules that will take effect July 1, 2027 an automated 'driving system' must reach a level of safety that is at least equal to a human driver who is qualified and attentive to the driving task. According to a statement from the ministry, the system must not pose unreasonable risks to road users or vehicle occupants. The standard does not apply to automated parking systems and only applies to vehicles with Level 3 or Level 4 automated driving system. Level '3 systems require that a driver be available to take over when requested. While Level '4 systems can do all driving tasks without human intervention within specified operating conditions.
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Maguire: The EV export boom in China is beginning to affect the gasoline market.
Years ago, predictions of the energy shift followed a familiar plot: Electric vehicles would gradually reduce gasoline demand in Europe before spreading elsewhere. Recent trade data suggests that the process is already accelerating in a much wider swath across the global economy. Comparing the year-to date gasoline imports with Chinese EV exports shows a striking overlap across several major economies. Australia, Brazil and South Korea have all increased their imports of Chinese EVs in the past year, while the United Arab Emirates (UAE), Canada, United States, Nigeria, and Japan reduced their gasoline imports. No single ?dataset proves causation. Imports of gasoline are affected by refinery operations and inventories as well as economic growth, government policy, and government policies. When a'same' pattern appears in multiple regions, and at different income levels, this is less a coincidence and more an early sign of structural change. WHAT ARE THE FIRST SIGNS OF DISplacement? It is possible that the global trade in gasoline is starting to reflect China's surge in EV exports. Years ago, EV adoption was treated as a separate story. They seem to be more and more connected. In 2026, the countries listed here collectively reduced gasoline imports by about a third compared to last year's same-month figures. They also increased imports of Chinese electric vehicles to record levels. Fuel traders will need to watch Chinese vehicle exports just as closely as refinery failures if this relationship continues. AUSTRALIA LEADS IN THE WAY Australia is perhaps the most obvious example. Imports of Chinese EVs grew by 200%, or $2.5 billion. Chinese brands have gained rapid market share because they offer vehicles at prices that Western competitors cannot match. The economics of electrification is increasingly favorable for consumers who face high living costs and unpredictable fuel prices. ASIA PRESSURE BUILDINGS South Korea and Japan are both automotive powerhouses. South Korea reduced its gasoline imports to around 0.4 million tonnes or 44%, while increasing Chinese EV imports to more than $1 billion. Japan has cut its gasoline imports to 0.3 million metric tons or 11% while registering a 90% increase in the purchase of Chinese electric vehicles. Chinese automakers may have a stronger global competitive position than they realize if they can establish themselves in two of the most advanced automotive markets. EVEN OIL PRODUCERS ARE JOINING THE PARTICIPATION The United Arab Emirates is perhaps the most important case symbolically. China's electric vehicle imports reached new heights, with a total of $1.4 billion, as it posted multi-year lows in gasoline imports. The conflict in the Middle East has hampered oil and product flow around the region this year, including to the UAE. The steep rise in EV sales is still important because traditionally, oil-producing countries have been viewed by many as laggards when it comes to vehicle electrification. EVs are becoming more popular due to falling prices and improved technology. If EVs are able to gain ground in an economic system based on hydrocarbons, then they can do so almost anywhere. NORTH AMERICA'S QUIET SHIFT Canada and the United States are also part of the same pattern. Canada has increased its purchases of electric vehicles from China while reducing gasoline imports. The United States cut its gasoline imports in half compared to 2025's first half and imported more than $1 billion worth of electric vehicles from China despite trade barriers. In both markets, refining dynamics play a significant role. Every electric vehicle sold replaces an upcoming gasoline vehicle, reducing fuel consumption growth that refiners used to take for granted. THE EMERGING MARKET TEST Pakistan is the largest market in the world. The conventional wisdom held that electric vehicle adoption would be concentrated in wealthy countries because they were too expensive for developing economies. Chinese manufacturers challenge this assumption. Pakistan has decreased total gasoline imports this year, while Chinese EV imports have increased by an astounding 549% on a scale of nearly $500 million. Nigeria followed a similar trend, as the Dangote refinery's increased gasoline production helped to reduce gasoline imports more than half compared to a year earlier, while EV imports more than doubled, reaching close to $72million. Nigeria has also partnered with South Korea’s development arm in order to build a EV manufacturing facility that will manufacture both cars and charging equipment?in Nigeria. If low-cost EVs gain traction in emerging markets that are fuel-sensitive, future expectations of gasoline demand growth could need to be revised. Why this Matters These countries are not only important because of their numbers, but also for their diversity. Together, they cover North America, East Asia and South Asia. They also include the Middle East, Africa, Oceania, Africa, and Oceania. They include oil exporters, oil importers, wealthy economies, middle-income countries and emerging markets. Histoically, EV adoption was dismissed as a largely European phenomena supported by subsidies and regulations. This argument is getting harder to "sustain". Consumers seem to be responding more to a simple economic calculus: gasoline is still expensive and volatile while Chinese EVs become cheaper and more readily available. The Takeaway The demand for gasoline is not going to fall. Internal combustion engines will continue to dominate the global road for many years. Major shifts are rarely the result of dramatic headlines. They begin with subtle shifts in behavior, which are first evident in trade data and market flows. One of the early signs may be the overlap between declining gasoline imports and increasing Chinese EV sales across many different economies. Fuel efficiency and slower economic growth may not be the greatest threat to long-term gasoline demand. There may be an increasing number of Chinese electric vehicles that are affordable. These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and 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 seven days a week. (Reporting and editing by Jamie Freed; reporting by Gavin Maguire)
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New York Times Business News - August 4, 2018
These are the most popular?stories from the New York Times business pages. These stories have not been?verified?and we cannot vouch for the accuracy of these stories. Boeing has been cleared by US regulators to begin delivering its Boeing 737 Max 7 jet, the smallest version in the best-selling 737 'Max family, after it made changes to the flight-control software, the pilot alert system and an engine system which prevents ice from accumulating. After being confirmed by Senate last week, Jay Clayton was sworn-in as U.S. Director of National Intelligence. Kay Granger died at her Fort Worth home due to Alzheimer's. She was a Republican from Texas and a member of the House of Representatives. She went on to become chair of?the powerful House Appropriations Committee. (Compiled by Bengaluru newsroom) (Compiled Bengaluru Newsroom)
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Lufthansa announces 2026 profit forecast following Q2 fuel cost impact on EBIT
German airline 'Lufthansa' on Tuesday announced a range of 'its adjusted operating profit (EBIT) for 2026, after the figure was more than halved due to increased fuel costs in the second quarter. The company now expects an EBIT adjusted of EUR1.7 to EUR2.2 billion (1.96-$2.53 Billion) due to a 'heightened level of uncertainty caused by high volatility in kerosene prices. Carsten Spohr, Chief Executive Officer of the company, said in a statement: "We reflect today on a challenging second quarter which was marked once again by multiple geopolitical crisis and uncertainty." "Despite the significant increase in fuel prices, we could not offset it fully despite our improvement in load factor and yield." Lufthansa predicted that the amount would be significantly higher than the previous year's level of EUR 1,96 billion. The adjusted EBIT dropped to EUR383 millions in the second quarter from EUR870millions a year ago. This was "slightly lower" than the EUR401 million analysts had projected in a company-compiled survey. Fuel costs are now expected to be EUR8.66 Billion. The company reported that capacity planning for the year remained unchanged.
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BHP faces a weekend strike as wage negotiations drag on.
A union spokesperson revealed on Tuesday that the BHP 'Port Hedland' operations in Western Australia had 'not reached a wage agreement' with BHP. This set the stage for the two-day strike to be held at the world's largest iron ore export hub this weekend. In a'statement, a spokesperson from Combined Ports Unions stated that the'meeting was productive and, while substantive issues remain to be resolved, all parties have agreed on a 'path forward, which we will follow in the coming weeks. The union has confirmed that industrial action will continue on August 8 and 9 as indicated previously. BHP operations are not expected to be affected by the action. BHP announced in a statement that it will update its proposal at the next meeting, which is scheduled for August 18. The statement said: "With another scheduled meeting and a new proposal coming, we've?made significant advances with the?Commission's help and there's no need for unions to continue their planned industrial action. Reporting by Sneha Mukherjee and Rajasik Mukherjee from Bengaluru and Melanie Burton from Melbourne. Editing by Tom Hogue.
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Qantas, Australia's airline, will buy back shares worth $52 million from Jetstar Japan.
Qantas Airways announced on Tuesday that Jetstar Japan would purchase its 33.32% share in the budget airline?in a deal worth 8.2 'billion yen (US $52.11 million). This will allow it to become a Japanese company and be rebranded under a different name. In the agreement signed by Qantas and Japan Airlines, Jetstar Japan will purchase the minority share of Qantas while the Development Bank of Japan becomes a new shareholder. Japan Airlines and Tokyo Century will keep their respective stakes. Jetstar Japan, after Qantas divestment from the airline market in Japan, will rebrand and?drop its "Jetstar' brand to strengthen their?position. Qantas says the move will allow it to redirect its capital towards Qantas' and Jetstar’s operations in Australia as well as across its international network. Qantas expects to gain an estimated A$115.49million (80.49million) in items other than underlying earnings from the share buyback, primarily in 2027. Qantas has said that it will 'continue to recognize its share of Jetstar Japan’s profits or losses' until the transaction is complete, which should be by June 2027. Jetstar Japan is a joint venture between Qantas Airlines, Japan Airlines and Mitsubishi Corp. The airline began to operate as a low cost carrier at the end of 2012?from Narita Airport, near Tokyo. The?announcement on Tuesday follows a non binding?memorandum between the parties that was revealed in February 2026.
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Williams buys Momentum for $5.5 Billion, but misses quarter estimates
Williams Pipeline Company announced on Monday that it will buy Momentum Midstream. The company is betting on the growing demand for LNG export facilities and power generation along with industrial users in the U.S. Gulf Coast. The deal, which includes approximately $3.5 billion cash, assumed debt, and about $2 billion of?Williams shares, will increase Williams' presence in the Haynesville Shale Basin, a major supplier of natural gas to Gulf Coast LNG Terminals. U.S. Pipeline companies benefit from the booming oil and natural gas production in?the Permian basin and from rising natural gas demand due to record LNG exports. They also use more electricity for AI operations, cryptocurrency mining, and data centers. Williams stated that the deal would add over 4,000 miles (over 1 million acres) of pipelines and gather, process and transport assets, with a combined daily capacity of approximately 6 billion cubic feet. Williams announced the $1.5 billion Delta Access pipeline project, a 2,25 bcfd project scheduled for early 2029. The 750 mmcfd Shelby Trough connector is also expected to be operational in mid-2028. In extended trading, shares of the Tulsa-based Oklahoma company rose by?about 2 percent? Total costs and expenditures rose to $1.87billion for the quarter ending June 30th from $1.84billion a year ago. Interest expenses for the quarter ended June 30 increased by about 6%, to $371m from $350m a year ago. Interest rates that are higher for longer increases the borrowing costs of power companies. These companies need to borrow more money for their expenses, such as upgrading and maintaining the electric grid. According to LSEG data, the?company's adjusted profit for the second quarter of $0.50 per share fell short of analysts' average estimates, which were $0.51. This was due to higher interest and operation expenses. Reporting by Khusbu Jennifer in Bengaluru, editing by Shreya Biwas
Who will Trump pick as regulators? Here are the contenders
Donald Trump has begun the process of choosing a cabinet and picking other high-ranking administration authorities following his U.S. presidential election triumph.
Here are a few of the competitors for a number of posts supervising policy and enforcement.
Commerce Department
LINDA MCMAHON
McMahon is seen as a top contender for Commerce secretary. She worked as head of the Small company Administration in the first Trump administration and is chair of the pro-Trump America First Action incredibly political action committee. She serves on the board of social media platform Truth Social, and is a major Trump donor.
ROBERT LIGHTHIZER
A patriot who acted as Trump's U.S. trade agent for basically the president-elect's entire very first term, Lighthizer will probably be welcomed back. He is considered a contender for the top tasks at Treasury, the Commerce Department and the U.S. Trade Representative's workplace. Lighthizer is a firm follower in tariffs and was among the leading figures in Trump's trade war with China.
VIVEK RAMASWAMY
A Republican governmental candidate till he dropped out of the race in January, Ramaswamy is a potential option for the top job at Commerce. The multi-millionaire previous biotech executive gotten fame in right-wing circles thanks to his 2021 bestseller Woke, Inc., which decries decisions by some huge business to base service method around social-justice and climate-change issues.
Antitrust
GAIL SLATER, a policy consultant to Vice President-elect JD Vance, is viewed by antitrust lawyers as a leading prospect to lead the Federal Trade Commission. Slater formerly advised Trump on information personal privacy and telecom, and held roles at Fox Corp and Roku. Before that, Slater was at the FTC for ten years, including as a consultant to then-Commissioner Julie Brill, who is now an executive at Microsoft.
MELISSA HOLYOAK, one of the FTC's two current commissioners, is a possible choice for acting chair. Holyoak was Utah's. lawyer general, and formerly led the Hamilton Lincoln Law. Institute, a conservative non-profit law office concentrated on complimentary. speech and limited government.
ANDREW FERGUSON, the other Republican on the FTC, is another. possible candidate for leading antitrust roles. Ferguson was. formerly primary counsel to Republican Senator Mitch McConnell. and clerked for U.S. Supreme Court Justice Clarence Thomas. Both. Ferguson and Holyoak voted versus a few of the company's. initiatives under chair Lina Khan, including a rule that would. make it much easier to cancel memberships and restriction non-compete. agreements.
ANDREW FINCH, a former deputy in the Department of Justice's. antitrust division under Trump who expressed hesitation towards. extreme require separating companies or turning tech platforms. into regulated energies, might be a contender to lead the. department. Finch is a partner at Paul Weiss where he has. represented Spirit Airlines, Uber Technologies. and Mastercard in merger reviews.
BARRY NIGRO, a former antitrust official at the DOJ and FTC. and partner at Fried Frank, is another prospective candidate. Nigro handled the DOJ's review of T-Mobile United States Inc's. $ 26-billion takeover of Sprint Corp in 2020 and pharmacy-chain. CVS Health Corp's $69-billion acquisition of health. insurer Aetna Inc.
.(source: Reuters)