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Energy Transfer: US ethane restrictions will make it harder to contract with China
Energy Transfer, a U.S. exporter, said that despite the fact that U.S. ethane restrictions have been lifted, it will be more difficult for Chinese companies to enter into contracts, even though these restrictions were already lifted. In late May and early in June, the U.S. imposed restrictions on exports to China including ethane. They did this after Beijing was accused of limiting shipments of rare Earths essential to automakers and many other industries. Last month, the restrictions were lifted. However, they caused disruptions in ethane flows and significant delays for shipments. Marshall McCrea said, "That's a bit of a black-eye on us, our industry and our country ...,", in a conference call following the earnings report. The company is a top exporter of ethane (a natural gas liquid) in the United States. McCrea said, "We think they will be more reluctant to sign contracts with Chinese crackers. Around half of the ethane extracted from shale gases in the United States is shipped to China, where it's run through crackers, producing ethylene, an important building block for plastics. Chinese petrochemical companies use ethane to feed their crackers because it's cheaper than naphtha. Meanwhile, U.S. producers of oil and gas rely on China to purchase their natural gas liquids since domestic demand exceeds supply. Last week, Enterprise Products Partners, a rival company in the oil and gas industry, warned that export restrictions compromised the US brand of reliable supply and energy safety. Enterprise Products CEO Jim Teague said that these actions often hurt their intended target, but also hurt our industry. Enterprise reported that at least one non Chinese company with whom it had been in talks about contracting naphtha decided to contract ethane instead. Energy Transfer reported an 11.5% drop in its net income, which was $1.16 billion or 32 cents per share, for the three-month period ended June 30. LSEG data shows that revenue of $19.24bn was well below the estimated $22bn. Reporting by Arathy S. Somasekhar, Houston; editing by Ni Williams
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Lyft misses quarterly revenue estimates on competition, weak US travel demand
Lyft missed its second-quarter revenue forecasts on Wednesday due to mounting competition from Uber, and a softening of travel demand in the United States. This sent its shares down by 7% after-hours. Uber Technologies, a larger rival that offers food and grocery deliveries, ride-hailing services, and other global business, beat revenue expectations and released an optimistic forecast for the third quarter earlier in the day. Travel to the U.S. is down this year. Analysts expect that trend to continue until 2025, as trade tensions, economic uncertainty and visa delays make the country less attractive to foreign visitors. According to data compiled and analyzed by LSEG, Lyft's revenue in the second quarter was $1.59 billion. This is below estimates of $1.61 million. Visible Alpha surveyed 27 analysts and found that rides on the platform increased by 14%, reaching a new record of 234.8 millions, which is slightly less than estimates of 235.9 millions. Lyft has recently acquired European mobility platform FreeNow for nearly $200 million. It also signed a contract with China's Baidu in order to introduce robotaxis from the search engine giant. Uber, which boasts 20 global partnerships in self-driving technologies, has said that it is in discussions with banks and private equity firms to finance the deployment robotaxis. Lyft announced Wednesday a partnership with United Airlines, which will launch later this summer. This partnership allows the airline's customers earn rewards for all Lyft trips. Lyft’s entry into Europe, which includes partnerships with DoorDash and Chase, positions the company for further collaborations in international markets. Lyft expects its gross bookings for the third quarter to be between $4.65 and $4.80 Billion, which is well above expectations of $4.59 Billion. Analysts had expected 4 cents. The company reported a profit of 10 cents for the quarter ending June, which is more than twice that. Ride-hailing services are turning their attention to smaller and medium-sized cities that are dependent on cars to expand and increase revenue. Lyft reported a core adjusted earnings of $129.4 millions in the second quarter. This was above the average expectation of $124.5. It predicted current-quarter core profits of $125 to $145 millions, which is largely in line Wall Street estimates. (Reporting from Akash Sriram, Bengaluru. Editing by Sriraj Kulluvila.)
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Lyft predicts positive bookings for European expansion and new partnerships
Lyft announced on Wednesday that its current quarter gross bookings were above the market's expectations, showing a steady demand for their ride-hailing service as it expands into Europe. The company has recently completed the nearly $200 million purchase of European mobility platform FreeNow. It also signed a contract with China's Baidu for the introduction of the robotaxis from the search engine giant in the region. Lyft announced Wednesday a partnership with United Airlines, which will launch later this summer. This partnership allows the airline's customers earn rewards for all Lyft trips. Lyft’s entry into Europe, which includes partnerships with DoorDash and Chase, positions the company for further collaborations in international markets. According to LSEG data, Lyft expects gross bookings for the third quarter to range between $4.65 and $4.80 Billion, which is well above the estimated $4.59 Billion. Uber Technologies, a larger rival that offers food, grocery and ride-hailing services globally, released an optimistic forecast for the third quarter earlier in the day. This was due to its efforts to increase engagement across its unified platforms. The company said that it is in discussions with private equity firms and bankers to finance the deployment and use of robotaxis, and it has 20 partnerships for self driving technology. Ride-hailing services are shifting their attention to smaller and medium-sized cities that are dependent on cars to reach new markets and increase revenue. Lyft reported a core adjusted earnings of $129.4 millions in the second quarter. This was above the average expectation of $124.5. It predicted current-quarter core profits of $125 to $145 millions, which is largely in line Wall Street estimates. (Reporting from Akash Sriram, Bengaluru. Editing by Sriraj Kulluvila.)
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Oil loadings in western Russian ports could increase in August, despite steady Urals oil diffs
The differential between Brent and Urals crudes remained unchanged on Wednesday. However, oil loadings in Russia's western port this month could increase after two refineries reduced their output following the Ukrainian drone attacks. In August, Russia will increase oil loadings at Primorsk and Novorossiisk by nearly 2 million barrels a day, which is about 200,000 more than the previous estimate. Four industry sources say that Indian refiners await government instructions on whether they should continue to buy Russian oil, after the United States imposed new 25% tariffs on Indian products over New Delhi’s energy ties to Russia. Four industry sources said that a restart of Iraqi Kurdish oil exports through Turkey's Ceyhan Pipeline is not imminent. This was despite the fact that Iraq's oil ministry had been quoted as saying he anticipated a resumed soon. PLATTS WINDOW On Wednesday, there were no bids or offers made on Urals, Azeri BTC Blend or CPC blend in the Platts Window. * EXPLAINER: Where can India turn to for oil in place of Russian oil? Mark Porter (Reporting and Editing)
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Lenders appoint receiver for major Nigerian power firms, notice shows
An announcement in the local media stated that lenders have appointed a Nigerian receiver to KEPCO Energy Resources, its subsidiary Egbin Power and other major players in the energy sector. This has added to the financial concerns of the industry. KEPCO is 70% owner of Egbin Power - Nigeria's largest electricity generator. The announcement comes at a time when the electricity sector is facing a cash crunch estimated at $2.01 billion. A trustee appointed Kunle Ogunba as receiver/manager of KEPCO on June 19th. The companies have denied the notice, and stated that the matter is in court. According to court documents seen by, the companies asked for a court order to stop the appointment. After the privatisation of the power sector in Nigeria more than 10 years ago, many firms have struggled. This has raised concerns over the future of the private sector, particularly for upgrading the power grid in the country and adding renewable energies. After the privatisation of 2013, many companies were purchased using loans. Banks are now focusing more on recovering debts than lending money. This has led to a new debate on the viability of Nigeria’s electricity market, government support and the ability of private companies to succeed. $1 = 1,523.75 Naira (Reporting and editing by Chijioke Ahuocha, Kirsten Doovan, Sandra Maler).
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Source: VP Vance's meeting with Epstein to discuss the fallout has been cancelled.
The Vice President JDVance's home hosted a dinner for senior officials to discuss the Trump administration. handling A source with knowledge of the case said that the trial of Jeffrey Epstein has been cancelled after the news about it was leaked. CNN first reported the dinner. A Vance spokesman said that it was not planned. William Martin, Vance's spokesman, said that there was no meeting at the residence of the vice president to discuss Epstein strategies. Since weeks, the Trump administration has been trying to minimize the political fallout of the Epstein probe amid public pressure to be more transparent about its handling files related to a convicted sex criminal's case. Donald Trump promised that if he were reelected, he would make public all files related to the case of the disgraced financier. The Justice Department announced in July that the Epstein client list, which was previously touted, did not exist. This angered Trump's supporters who demanded more information. (Reporting and editing by Franklin Paul, Margueritachoy, Diane Craft, and Nandita BOSE in Washington)
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Sudan: UAE bans Sudanese planes landing at airports
Sudan's Civil Aviation Authority, a state-run news agency, reported that the United Arab Emirates had banned Sudanese aircraft from landing on its airports. This is the latest tension between the two nations. Sudanese authorities said that the UAE had also prohibited a Sudanese aircraft from departing from Abu Dhabi Airport. Sudan's authority expressed surprise at the reported decisions and said that it would be contacting airlines to reprogramme the reservations of passengers departing and arriving from the Gulf Country. Abu Dhabi authorities didn't immediately comment on Sudanese statements. Sudan cut diplomatic ties with the UAE last May. The Gulf nation was supplying advanced weapons to the Rapid Support Forces, a paramilitary group that fought in the devastating civil war in Sudan which began in April 2023. The UAE has denied these charges repeatedly. Reporting by Jaidaa T. Taha, Nafisa. Eltahir, and Yomna. Ehab. Editing by Gareth Jones & Mark Heinrich.
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US grants exemption to self-driving Zoox cars, ends probe
The National Highway Traffic Safety Administration announced Wednesday that it had certified Amazon.com’s self-driving Zoox units for demonstration use, and ended an investigation into whether the vehicles met federal requirements. In 2022, the U.S. Auto Safety Agency began an investigation to determine if the self-driving cars without traditional driving controls met federal safety standards when the company certified the vehicle. Zoox applied in June for an exemption to some requirements, and NHTSA granted that request. The agency said all purpose-built Zoox vehicles now on the road in the United States were operating under an exemption granted by the agency. The Trump Administration in June announced that it would move more quickly on requests for self-driving vehicle exemptions. This was after General Motors' and Ford's proposals to deploy vehicles with no steering wheel and brake pedals were lingering and eventually withdrawn. Zoox must remove any existing statements stating that the vehicle is compliant with federal motor vehicle standards. In May, Zoox announced that it would recall 270 driverless cars after an unoccupied roboticaxi was involved in a crash on April 8, with a car in Las Vegas. In certain driving scenarios, the Zoox Automated Driving Systems "may make an incorrect prediction when another vehicle approaches slowly perpendicularly" and stops. In these scenarios the Zoox vehicle might not be able avoid a collision. Zoox suspended operations for a few days while it conducted a safety assessment of the incident. A software update was developed to resolve the problem. In April, after Zoox had issued a recall for 258 Zoox cars over brake problems, the NHTSA concluded its investigation. Remind your software to be updated . The investigation was opened in May 2024 after two rear-end crashes that injured motorcyclists when the automated vehicles unexpectedly braked. (Reporting and editing by Franklin Paul, Margueritachoy and David Shepardson)
Executive says Turkish Airlines has prepared a binding offer to buy Spain's Air Europa
Turkish Airlines still has a strong interest in purchasing a stake in Spanish carrier Air Europa, and is preparing a legally binding offer. A company executive stated this during a earnings call held on Wednesday.
"We will be presenting a binding proposal very soon." We are not yet at that stage. "We will make public the decision and approval of the board as soon as it is made," said the executive.
Turkish Airlines' investor relations and financial executives answered questions during the earnings call.
The executive stated that the primary reason for interest in the Spanish carrier was that it complements Turkish Airlines' flight network, which has a strong presence throughout Latin America and Iberia.
Lufthansa renounced its bid to acquire a stake in Air Europa on Tuesday after Air France-KLM announced that it was pulling out of the deal last week.
Earlier reports stated that the process was delayed due to disagreements among members of the Hidalgo Family, who own Air Europa, as well as concerns expressed by interested airlines about the structure of this deal.
Air Europa, a Spanish airline that connects Madrid to large Spanish cities throughout Europe and Latin America and flies across Spain, is looking to raise money to pay back a government-issued loan.
In June, the Turkish flag carrier announced that it had begun non-binding discussions over an Air Europa potential investment. (Reporting and editing by Ezgi Erkoyun, Ceyda Kaglayan)
(source: Reuters)