Latest News
-
DHL suspends global shipments above $800 for US consumers
DHL Express is a division within Germany's Deutsche Post. It has announced that it will suspend all global business-to consumer shipments of over $800 in value to individual customers in the United States as of April 21. This is due to changes made by U.S. Customs regulations which have increased clearance time. The notice posted on the website of the company was not dated but metadata indicated that it was created on Saturday. DHL attributed the stoppage to new U.S. Customs rules that require formal entry processing for all shipments over $800. Prior to April 5, the minimum was $2,500. DHL stated that business-to-business shipping would not be suspended, but may face delays. Changes to DHL's policy do not affect shipments under $800, whether they are sent by businesses or consumers. In a statement, the company stated that this is a temporary move. DHL responded to questions last week by saying that it will continue to process shipments to the United States from Hong Kong "in accordance to the applicable customs regulations and rules" and that they would "work closely with our customers in order to help them adapt to the planned changes for May 2. This came after Hongkong Post announced last week that it had suspended its mail service for goods shipped by sea to the United States. It accused the U.S. Reporting by Amy Lv in Beijing and Lewis Jackson; editing by Saad sayeed
-
Boeing jet from China returns to the US, a victim in Trump's tariff war
The Boeing jet, intended for a Chinese carrier, was returned to the U.S. production center of the planemaker on Sunday. It is a victim the bilateral tariffs imposed by President Donald Trump as part of his global trade offensive. A witness said that the 737 MAX was intended for China's Xiamen Airlines and landed on Boeing Field in Seattle at 6:11 p.m. (0111 GMT). The Xiamen livery was on the aircraft. The jet was among several 737 MAX aircraft waiting for completion at Boeing's Zhoushan center before being delivered to a Chinese airline. This month, Trump raised the baseline tariffs for Chinese imports from 125% to 145%. China has responded by imposing a 125% duty on U.S. products. The tariffs could cripple a Chinese airline that takes delivery of a Boeing jet, as a new 737 MAX is valued at around $55million, according to IBA Aviation Consultancy. Boeing didn't immediately respond to a request for comment. Xiamen has not responded to a request for comment. Boeing's top-selling 737 MAX is back, the latest disruption in new aircraft deliveries caused by the breakdown of decades-old duty free status for the aerospace industry. Boeing is recovering from a five-year-old import ban on the 737 MAX and previous trade tensions. Analysts say that confusion over tariff changes could cause many aircraft deliveries to be delayed. Some airline CEOs have said they will defer plane delivery rather than pay duty. (Reporting from Dan Catchpole in Seattle, Lisa Barrington in Seoul and William Mallard and Joe Brock)
-
China's ENN and Zhenhua Oil sign LNG deals with ADNOC
China's privately-controlled ENN Natural Gas, and the state-run Zhenhua Oil each signed a contract to purchase liquefied gas from Abu Dhabi National Oil Company. ENN Natural Gas announced on its WeChat official account on Saturday the contract covers annual supplies of around one million metric tonnes for 15 years. This is ADNOC’s largest LNG deal with a Chinese customer. ENN stated that the deal was a major step towards stabilizing and diversifying energy supplies. Shanghai-listed ENN Natural Gas is offering to buy the remaining shares of Hong Kong-listed ENN Energy for approximately $7.65 billion. A Chinese source familiar with the deal said that Zhenhua Oil, a state-owned oil and gas trading company, had also agreed to a five-year contract with ADNOC, starting in 2026, for up 12 cargoes per year. The source declined to give his name as he was not authorized to speak in the media. Zhenhua Oil is building a LNG terminal in Rudong. The first LNG terminal will be operational in the first quarter 2026. ADNOC CEO Sultan Al Jaber was present at the opening ceremony of the new Beijing office, according to a source in the industry who attended, as well as a report from Dubai's China-Arab TV. The report did not give any further details but said that ADNOC signed three LNG deals with Chinese partners on Al Jaber's trip. Zhenhua Oil & ADNOC did not respond to requests for comment on the weekend.
-
China Shipbuilders Criticize Trump's "short-sighted" US Port Fees
China's Shipbuilders on Sunday blasted the U.S. Port Fees announced by Donald Trump's Administration on China-linked vessels as "shortsighted". The measure was aimed at China's shipbuilding sector. Trump signed an executive order on Wednesday to revive U.S. shipbuilding while reducing China's hold on the global shipping market. The next day, his government diluted the measures by protecting domestic exporters and vessel owner serving the Great Lakes region, Caribbean and U.S. territory. The dispute over ocean shipping, which carries 80% of all global trade, is just the latest in a trade war that has intensified between China and the U.S., pushing levies against each other's imported goods beyond 100%. China Association of the National Shipbuilding Industry has expressed "extreme anger and resolute resistance" against the U.S. measures, joining the protests of the government and the country's owners of ships. The shipbuilders stated that the decline of the U.S. industry of shipbuilding is due to its protectionist policies and has nothing whatsoever to do with China. It warned that the U.S. restriction would disrupt the global shipping system, cause a rise in shipping costs and increase U.S. prices, as well as harming the interests of the U.S. public. The industry group said that it expected the Chinese authorities to take strong measures to counteract the shortsighted U.S. behavior. On Friday, the government condemned "discriminatory steps" and urged Washington to "correct any wrongdoings." In a press release, the Ministry of Commerce pledged to "resolutely" take the necessary measures to protect our interests, saying that the fees "fully reveal its unilateralist and protective policies and are typical non-market practices". (Reporting and editing by Beijing Newsroom)
-
At least 148 people die after boat catches fire in Congo, media reports say
Local officials cited in media reported that at least 148 bodies were discovered after a motorised wood boat capsized and caught fire. According to reports, the boat carried up to 500 passengers including women and kids when it sank in the Congo River, located in the northwest region of the country, on Tuesday. In Congo, boating accidents are common, as old wooden boats are used to transport people between villages, and they are often overloaded. The reports also stated that officials estimate hundreds of missing people. The previous estimate of 50 dead people was revised upwards. The boat, named HB Kongolo caught fire near Mbandaka after leaving the port of Matankumu to the Bolomba Territory. Sky News reported that about 100 survivors were transported to an improvised refuge at the town hall. Those with burn injuries were then taken to local hospitals. According to Competent Loyoko of the Associated Press, the incident happened when a fire broke out while a woman was cooking aboard the vessel. The report said that several passengers, including children and women, died when they jumped into the water, despite not being able swim. In 2024, a boat carrying 278 passengers capsized on Lake Kivu in eastern Congo, and at least 78 drowned. In a separate event, At least 22 people have died After a riverboat sank in December, in western Congo. (Reporting and editing by Chris Reese in Bengaluru, Mrinmay dey from Bengaluru)
-
At least 148 people die after boat catches fire in Congo, media reports say
Local officials cited in media reported that at least 148 bodies were discovered after a motorised wood boat caught fire and capsized. According to reports, the boat carried up to 500 passengers including women and kids when it sank in the Congo River, located in the northwest region of the country, on Tuesday. In Congo, boating accidents are common, as old wooden boats are used to transport people between villages, and they are often overloaded. The reports also stated that officials estimate hundreds of missing people. Previous estimates put the number of deaths at 50. The boat, named HB Kongolo caught fire near Mbandaka after leaving the port of Matankumu to the Bolomba Territory. Sky News reported that about 100 survivors were transported to a temporary shelter set up at the town hall. Those with burn injuries were then taken to hospitals in the area. According to Competent Loyoko of the Associated Press, the incident happened when a woman cooking aboard the vessel started a fire. The report said that several passengers, including children and women, died when they jumped into the water, despite not being able swim. In 2024, a boat carrying 278 passengers capsized on Lake Kivu in eastern Congo, and at least 78 drowned. In a separate event, At least 22 people have died After a riverboat sank in western Congo in December, (Reporting and editing by Chris Reese in Bengaluru, Mrinmay dey from Bengaluru)
-
At least 148 people die after boat catches fire in Congo, media reports say
Local officials cited in media reported that at least 148 bodies were discovered after a motorised wood boat sank and caught fire. According to reports, the boat carried up to 500 passengers including women and kids when it sank in the Congo River, located in the northwest region of the country, on Tuesday. In Congo, boating accidents are very common. Old wooden boats are used as the main means of transport between villages, and they are often overloaded. The reports also stated that officials estimate hundreds of missing people. The previous estimate of 50 dead people was revised upwards. The boat, named HB Kongolo caught fire near Mbandaka after leaving the port of Matankumu to the Bolomba Territory. Sky News reported that about 100 survivors were transported to an improvised refuge at the town hall. Those with burn injuries were then taken to local hospitals. According to Competent Loyoko of the Associated Press, the incident happened when a woman cooking aboard the vessel started a fire. The report said that several passengers, including children and women, died when they jumped into the water, despite not being able swim. In 2024, 78 people died when a boat carrying 278 passengers capsized on Lake Kivu in eastern Congo. In a separate event, At least 22 people have died After a riverboat sank in western Congo in December, (Reporting and editing by Chris Reese in Bengaluru, Mrinmay dey from Bengaluru)
-
Russian oil rates from Baltic to India continue to fall as Urals remains under price cap
Two traders reported that the freight rates for Russian oil shipments to India from Baltic ports are dropping further from their recent highs in April, as Urals crude is trading well below $60, increasing tanker supply. The Group of Seven, together with the EU, will impose a $60 per barrel price cap on Russian crude oil by late 2022. This will restrict access to Western shipping services and insurance for purchases above this limit in an effort to reduce Moscow's funding of war. Costs of shipping Urals Oil from the Baltic Ports of Primorsk & Ust-Luga, to India have fallen to an average of $6 million for a one-way shipment. This is down from $7 million in late March and $8 million at the beginning of this year. Early in April, the global oil price fell, pushing Urals crude into Russian ports below $60 a barrel. This allowed more Western shipping firms to resume their services, including freight, for Russian oil. On Thursday, the price of Urals oil shipped from Primorsk port was $53.5 per barrel. After a new round U.S. energy sanctions announced in January took effect, the price of Russian crude shipping increased sharply. Russian oil sellers had to find new tankers to replace the ones that were hit by the sanctions. The cost of shipping Russian crude oil from the Baltic ports to India in January was $4.7-4.9million. Reporting by
To Europe's financial despair, include a leadership space
France and Germany's political crises are an obstacle for efforts to modernise Europe's struggling economy and are currently making it harder for companies to take the investment choices they require to contend worldwide.
Federal government collapses in Germany and France - the huge two economies that for decades have powered the European Union - come simply as the region must navigate the return of Donald Trump to the White House and mounting trade tensions with China.
From French cognac-makers facing Chinese tasks to German element manufacturers waiting for clearness on Europe's commercial technique for electrical automobiles, the timing could not be even worse.
Throughout the 27-nation bloc, couple of disagree that the region's. economies must be upgraded if they are to create the wealth. required to sustain an aging population of 450 million. However more. than ever, the question is whether its political leaders can deliver.
The French crisis, together with the German one, should not. decrease the execution of the financial reforms, Enrico. Letta, author of a 147-page, EU-commissioned report this year on. the weaknesses of the area's economy, informed Reuters.
The fall of President Emmanuel Macron's government on. Wednesday - simply weeks after the implosion of the German. coalition - is a prospective meteorite for financial stability. in an area having problem with high debt, he alerted.
While lots of Europeans would not swap their quality of life. and welfare safeguard for those of their American peers, the. continent has fallen behind the United States in regards to. financial growth per capita given that the 2008 financial crisis.
Whatever from weak efficiency to fragmented capital. markets and the wider banking sector has actually been blamed. Sanctions. on Russia imposed after it got into Ukraine have deprived. European producers of a low-cost energy source.
With the increase of far-right and hard-left parties making it. more difficult to reach consensus in national parliaments and EU. institutions, the prospects for action on Europe's long-term. failings are not fantastic.
Uncertainty caused by the collapsed German coalition. government is poison for us, stated Axel Petruzzelli, works. council chief at the Stuttgart plant of automobile parts supplier giant. Bosch. His company is waiting for urgent clarity on. German commercial policy, especially Berlin's stance towards. the EV sector, however that will not come up until after February's. election.
UNITED ON TRADE?
National provider Lufthansa deals with a similar radio. silence from Berlin over its require reductions in airport. charges, which are much higher than elsewhere in Europe. One. executive stated it could even move operations away to lower expense. hubs like Rome.
Lufthansa did not react to a request for discuss any. possible relocation.
French jet engine-maker Safran said last week that. political stability was one essential factor in a choice it will. take early next year on the site of a brand-new carbon brakes plant,. with the United States and Canada shortlisted alongside France.
Furthermore, the French parliament's failure to agree a 2025. spending plan raises the possibility that the spending limitations of this. year's spending plan will have to be rolled over as an emergency. stopgap, even as inflation presses expenses higher throughout the board.
In defence, that will create pressure, Safran CEO Olivier. Andries told reporters. Beyond that, where the pressure will. land and how the defence ministry will handle that, I can't. say.
With Europe's economy seen hardly growing one percent this. year, much hope is being put on consumer spending leading a. recovery next year as wage increases enhance home incomes -. however that presumes that buyers do not start getting unnerved.
This sort of political climate does not encourage. usage in general, and particularly for more substantial. purchases such as a brand-new automobile, stated Marc Mortureux, CEO of. French vehicles lobby group La Plateforme automobile (PFA).
Europe prides itself on its open, trade-oriented economy. It. is in trade where the most instant challenges are to be found.
China's move in October to impose anti-dumping tasks on. European brandy imports - days after the EU announced tariffs on. Chinese EV imports - was possibly catastrophic for the. sector, said French cognac association BNIC.
The no-confidence vote ... must in no other way block these. emergency actions on which the survival of much of our. stakeholders depends, BNIC said, describing Macron's pledge. to solve the conflict with China.
Trump's danger to impose tariffs of a minimum of 10% on all U.S. imports is a test of Europe's solidarity both as it chooses how. it can preempt those dangers and how to strike back if Trump goes. ahead with them.
Yet all the inherent tensions in Europe's trade policy -. with individual countries all looking for to safeguard those sectors. most crucial to their domestic economy - were cruelly on display screen. this week as the EU initialled a trade deal with Brazil,. Argentina, Uruguay, Paraguay and Bolivia.
Hailed as the EU's biggest ever trade offer, it would - if. settled - pit the German interest in nurturing new markets for. its cars and makers against the French interest in safeguarding. its farming sector from imports.
For now, the political flux in Paris and Berlin makes its. final fate even more unclear. In the words of one French. diplomatic source: It's not completion of the story..
(source: Reuters)