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Trump brings South Africa closer to the EU with 4.7 billion Euros pledged by the EU
On Thursday, European Union leaders visited South Africa and announced a 5.10 billion euro (5.10 billion euros) investment package. This comes at a moment when the United States is on a worse relationship with both countries than it has been in decades. The European leaders claimed that the visit would be an opportunity to deepen ties with Africa’s most developed economy. This coincided with the presidency of the G-20 nations by the African nation, which U.S. officials had so far largely ignored. Donald Trump, the U.S. president, has shocked European leaders by his shift towards Russia during the Ukraine conflict. This is a major change in U.S. foreign policy following Moscow's invasion of 2022. His pro-Israel stance brought him into conflict over South Africa's genocide case at the World Court against Israel. The U.S. Administration has also intervened in Europe's and South Africa’s domestic politics. It criticised Europe for trying to isolate the extreme right and ignoring voter concerns about immigrants while cutting aid to South Africa due to its efforts to correct historic racial injustice. The EU visit was an opportunity for South Africa to improve relations, which had soured after it refused to condemn Vladimir Putin of Russia for his invasion of Ukraine. Ursula von der Leyen, President of the European Commission, said that South Africa played a crucial role in the global stage as the leading voice for the Global South. She said, "In an era of increasing confrontation and competition we must further strengthen our partnership." She told President Cyril Ramaphosa at a meeting in Cape Town that Europe wants to grow the South African economy. She said this while sitting next to the President of the European Council, Antonio Costa. She mentioned clean hydrogen as an example of how South Africa can make use its abundant raw materials and vast renewable energies potential. Ramaphosa stated that South Africa valued European support of multilateralism in a time when nationalism is on the rise. He said that African relations with the European Union must be built upon a partnership of mutual benefit. $1 = 0.9223 Euros (Additional reporting and writing by Alexander Winning, Tim Cocks, and Sfundo parakozov. Editing and proofreading by Tim Cocks, Alison Williams and Tim Cocks)
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US sanctions Iranian oil minister and shadow fleet
Treasury Department: The United States sanctioned Iran's Oil Minister Mohsen Pakhnejad on Thursday, as well as some Hong Kong flagged vessels that form part of an "shadow fleet" that is used to disguise Iranian oil shipments. Treasury released a statement saying that Paknejad oversees the export of Iranian oil worth tens and tens billions dollars, and has given billions worth of oil to Iran’s armed forces. Treasury said it also identified owners or operators for vessels that delivered Iranian oil into China or removed it from its storage. It said that these vessels were located in multiple jurisdictions including India and China. Iran's military uses a large fleet of shadow ships to conceal shipments worth billions of dollars to China. Thursday's designated vessels include the Hong Kong-flagged Peace Hill and its owner Hong Kong Heshun Transportation Trading Limited, the Iran-flagged Polaris 1, the Seychelles-registered Fallon Shipping Company Ltd, and the Liberia-registered Itaugua Services Inc, Treasury said. It said that the U.S. Department of State has designated three entities and three ships as blocked property. Reporting by Doina chiacu, Editing by Brendan O'Brien & Toina Chopra
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Starmer: UK tanker crash after-effects'reasonably controlled'
Keir starmer, British Prime Minister said that the aftermath of the tanker crash near the English coast this week was "reasonably contained". Fears of an environmental catastrophe had eased as the focus shifted to the investigation of how the incident occurred. The Solong, a container ship flying the Portuguese flag, collided with the Stena Immaculate on Monday, an anchored tanker carrying U.S. Military jet fuel. The collision resulted in huge explosions and fires. Jet fuel was also spilled into the ocean. The tanker is still at anchor, with a huge hole in its side. Meanwhile, the container ship that was badly burned has been stabilized after initial fears of it sinking. Starmer stated that the situation was reasonably contained at the moment. Starmer said that the cause has yet to be determined. We have a process, but we need to dig deeper. The initial concerns about an environmental catastrophe have diminished. According to preliminary assessments, the jet fuel has mostly been burned off. After his arrest on February 2, the captain of Solong, a Russian, was placed in custody under suspicion of gross negligence. This offence is for situations in which a death occurs as a result of a grossly negligent action or omission. Local police released a statement saying that a judge had granted detectives extra time to interview the captain. The 36 crew members of the vessel who survived the incident were brought to land. In a separate press release, the Marine Accident Investigation Branch of Britain (MAIB), said that it would be leading the safety investigation. It was seeking to determine the cause of the accident and prevent similar accidents from happening again. The MAIB stated that it would inspect the two vessels and retrieve the Voyage Data Recorders as soon as it was safe. The MAIB's investigations would look at "fatigue management", navigation practices, and weather conditions. (Reporting and additional reporting by Muvija; editing by Michael Holden, Bernadettebaum and Michael Holden)
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Farm lobby: Increase in Ukraine rail tariffs will add $3 to $6 per ton to logistic costs
The proposed increase in tariffs of Ukraine's railways monopoly Ukrzaliznytsia could increase the cost of agrarian transportation logistics by $3 to 6 per metric ton, and lead to bankruptcy for some farmers. Ukrzaliznytsia raised freight rates by 37% last year to cover significant increases in fuel, electricity, and equipment repair costs as it tried to deal with the effects from Russian attacks. Farmers and steelmakers have already expressed their opposition to price increases. The railways are essential for the export of grain, metallurgical and other products. Oleg Khomenko, the head of UCAB on Facebook, said: "If this decision is not revised then some farmers may be forced to reduce their production." He claimed that the past two years had been unprofitable for Ukrainian agricultural producers, and that a possible increase in tariffs could mean higher production costs as the majority of Ukrainian grain is shipped through the Odesa port region. (Reporting and editing by Tomaszjanowski, with Pavel Polityuk)
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Starmer: UK tanker crash after-effects'reasonably controlled'
Keir starmer, British Prime Minister said that the aftermath of the tanker crash near the English coast this week was "reasonably contained". Fears of an environmental catastrophe had eased as the focus shifted to the investigation of how the incident occurred. The Solong, a container ship flying the Portuguese flag, collided with the Stena Immaculate on Monday, a tanker anchored that was carrying U.S. Military jet fuel. The collision resulted in huge explosions and fires. Jet fuel was also spilled into the ocean. The tanker is still at anchor, with a huge hole in its side. Meanwhile, the container ship that was badly burned has been stabilized after initial fears of it sinking. Starmer stated that the situation was reasonably contained at the moment. Starmer said that the exact cause has yet to be determined. We have a process, but we need to dig deeper. The initial concerns about an environmental catastrophe have diminished, as preliminary assessments show that the jet fuel has mostly been burned off. There are no other signs of leakage from either ship. After his arrest on February 2, the captain of Solong, a Russian, is still in custody under suspicion of gross negligence. This offence is for situations in which a death occurs as a result of a grossly negligent action or omission. The 36 crew members were also brought to land. In a separate press release, the Marine Accident Investigation Branch of Britain (MAIB), said that it would be leading the safety investigation. It will seek to determine the cause of the accident and prevent similar accidents from happening again. The MAIB stated that it would inspect the two vessels and retrieve the Voyage Data Recorders as soon as it was safe. The MAIB's investigations would also look at "fatigue management", navigational practices, and weather conditions. (Reporting and additional reporting by MuvijaM; editing by Michael Holden.)
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Tunisia receives offers for 100,000 T of soft wheat tender, traders report
Initial assessments by European traders suggest that the lowest price offered at Thursday's international tender for about 100,000 metric tonnes of soft wheat from Tunisia was $268.67 per ton, including freight and cost. No purchase has been made yet, but offers are still being evaluated. If the conditions are not attractive, then it is unlikely that the lowest offer will be accepted. They said that Casillo, a trading house, was thought to have made the lowest offer of 25,000 tons. Viterra, a trading house, offered $268.79 per ton C&F for two consignments of 25,000 tons. The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. The wheat will be shipped between April 10 and 25 depending on the origin. Michael Hogan reports.
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Singapore's Sembcorp Industries cancels Indonesia gas contract due to regulatory issues
Sembcorp Industries, the Singaporean utilities company, announced on Thursday that it had terminated a gas sales agreement its unit signed for the import of piped natural gas from the Mako fields in Indonesia. The firm cited regulatory hurdles as the reason. The Temasek Holdings firm claimed that it did not receive the regulatory approvals required from Indonesia for the agreement to proceed. Sembcorp said that the move would not impact its energy costs, or its ability meet Singapore's gas needs. It also stated that it will have no material impact on the earnings per share in 2025. Sembcorp will instead use its own natural sources, including liquid natural gas, to meet its needs. Sembcorp Gas Pte, a unit of Sembcorp, signed a contract with three companies in September last year to import PNG up to 111 BTUs per day. West Natuna Exploration, a subsidiary from Indonesia's Conrad Asia and London-listed oil-and-gas explorer Empyrean Energy PLC, as well as energy firm Coro Energy Duyung Pte were the firms. Sembcorp's largest earner, the gas and related services division, reported a 10% decline in its annual profits in early February.
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Data shows that Russian diesel is still being shipped to Syria by US-sanctioned oil tankers.
Data shows that a second tanker subject to U.S. sanction is moored at the Syrian port Banias, and could deliver a cargo of diesel from Russia. This comes as Moscow and Damascus are strengthening their ties. Moscow supported former Syrian autocrat Bashar al-Assad for more than 10 years of civil war, but now wants to improve its relations with Ahmed al-Sharaa as it wants to keep the two Russian military bases in Syria. According to LSEG, the Barbados flagged Proxima with approximately 30,000 metric tonnes of diesel left Primorsk back in February. It is currently drifting near Banias as it awaits to unload its cargo. On January 10, the Proxima, along with 180 other vessels, was sanctioned by the United States. The tanker Prosperity arrived last week in Syria's coast waters with about 37,000 tons of diesel that was loaded at the Russian Baltic port Primorsk. Shipping data shows that both tankers switched off their ship tracking devices upon arrival and hid their operations. Syria recently received a shipment of local currency that was printed in Russia. More shipments are expected to follow in the near future, another sign of improved relations between Moscow and Syria’s new rulers. Western countries such as the U.S. and EU, along with Britain, are also easing pressure on Syria. Reporting by in Moscow. (Editing by Sharon Singleton.)
GE Aerospace forecasts 2025 revenue above quotes on robust aftermarket need
GE Aerospace on Thursday forecast earnings for the existing year above quotes, as consistent shortage of new aircraft forces airline companies to fly older jets, developing strong demand for its highmargin parts and services.
The company also revealed strategies to increase its share buybacks to $7 billion in 2025 and dividend by 30%.
Production difficulties at Boeing and Airplane have led to longer wait times for airlines to take delivery of new jets, prompting them to operate older, maintenance-intensive aircraft to fulfill demand for air travel.
That has helped companies such as GE Aerospace, which usually sells its engines to airlines at a discount rate and recuperates the costs through financially rewarding contracts with airline companies for parts and services over the life-span of the product.
Earnings at GE Aerospace's business engines and services section increased 44% to $2.16 billion on profits of $7.65 billion, which was up 19% from a year earlier.
The business's commercial engine division gets more than 70%. of its earnings from the sale of parts and services.
The aerospace maker holds a dominant position in the. jet engine market through CFM International, its joint endeavor. with France's Safran SA.
The business expects 2025 profit in the range of $5.10 per. share to $5.45 per share, compared to experts' average. quotes of $5.23 per share, according to information compiled by. LSEG.
However, GE Aerospace continues to come to grips with supply chain. restrictions, which have led to delays in jet engine shipments. over the past year.
In October, GE reported that these supply concerns were. impacting the shipment of engines for both narrowbody and. widebody jets.
GE Aerospace reported an adjusted revenue of $1.32 per share,. compared to 65 cents a year ago.
The business's adjusted profits for the fourth quarter ended. Dec. 31 increased 16% to $9.88 billion.
(source: Reuters)