Latest News
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Orlen Poland and Poczta Polska join forces on courier services
Orlen, a Polish refiner owned by the Polish government, signed a deal with Poczta Polska on Friday to create a network of over 30,000 parcel pick-up and drop-off locations. Poczta Polska would use the infrastructure of Poczta Polska to combine Orlen Paczka's parcel lockers with the infrastructure of the refiner. Orlen CEO Ireneusz Fafara stated in a press release that "this project with Poczta Polska represents a natural step toward building a strong domestic logistics operator." Poczta Polska initially will acquire a minor stake in Orlen Paczka. Orlen Paczka will eventually have the option to buy all the shares of Poczta Polska. The combined entity will directly compete with the market leader InPost. Allegro, an e-commerce company, has also been increasing its competition as it expands its network of lockers. Orlen Paczka has over 14,000 service points including 7,000 automated parcel locks, while Poczta Polska operates a network with more than 20,000 points including post offices and retail partners.
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Canadian natgas manufacturers cut production amid record low prices
Companies and analysts have reported that some natural gas producers are cutting production aggressively to reduce a glut of fuel, which this week sent prices into negative territory. The daily spot price at the Alberta Energy Company's (AECO) storage facility averaged minus five cents per million British Thermal Units on Thursday after trading at record-low levels of minus eighteen cents earlier this week. According to LSEG data, the benchmark has averaged $1.03/mmBtu in 2025. Analysts expect the prices to continue to decline as pipelines are congested, in part due to increased production from producers in Alberta and British Columbia. This has not yet been absorbed by new terminals for liquefied gas exports. This means that producers have to choose between shutting down wells temporarily or drilling and paying for the transport of the excess gas. Negative prices force temporary shut-downs of wellheads. Martin King, RBN Energy analyst, said that we are currently seeing some gas supply reductions. This may continue until the end the month. Advantage Energy CEO Mike Belenkie refused to reveal exactly how much production has been curtailed by his company in response to current market conditions. However, he said that the shutdowns were more than his company had ever done before. The Calgary-based producer Due to low gas prices, the dry gas production was strategically reduced in late 2024 through early 25. Belenkie, in an interview with The Daily Telegraph on Thursday, said: "These are the lowest sustained prices that we've ever seen. Therefore our shut-ins would be the most aggressive." We're trying our best to ensure that we close in every penny we can, to avoid paying for the market to take our otherwise valuable product. Not Easy to Do According to Jefferies, the U.S. investment bank, Western Canada's gas storage is still at last year's record highs. This is due in part to an increase in production by producers anticipating increased demand from the start-up of LNG Canada this summer. According to Jefferies U.S. Investment Bank, gas storage in Western Canada is still at record levels, largely due to the increased production from producers anticipating an increase in demand following the start-up of the LNG Canada plant this summer in British Columbia. Despite the slow ramp-up, this facility has not been able to reduce the glut of supply. RBN's King said that both planned and unplanned maintenance of TC Energy's NGTL and Great Lakes Gas Transmission systems have caused bottlenecks and trapped supply in Alberta. TC Energy stated in an email that it would not comment on the market dynamics. Requests for comments from other prominent Western Canadian gas producers were not immediately responded to. Belenkie, from Advantage Energy, said that shutting down wells carries contractual, marketing and operational risks. This is why the market has not yet been balanced by reducing production enough. He said that there should be no dry gas wells in operation today anywhere in the country. It is not easy to close down. Reporting by Amanda Stephenson, Calgary; Scott DiSavino, New York. Editing by Marguerita Chy.
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Malaysia requests zero tariffs on furniture, automotive parts and aerospace components from the U.S.
A Malaysian official from the trade ministry said that Malaysia had asked the United States for consideration of zero-tariff rates on furniture, automotive, and aerospace exports. The official clarified that Washington had also agreed to give Malaysia tariff exemptions for products not produced in the United States. This includes cocoa and palm oils. A decision is expected to be made next month. Donald Trump, the U.S. president, announced on Thursday a new set of tariffs for imported goods. These include a tariff of 50% on imported bathroom vanities and kitchen cabinets as well as a tariff 30% on upholstered furniture. Malaysia and the United States have agreed to a tariff agreement after Washington levied a 19% tax on Malaysian imports. Anwar Ibrahim, Malaysia's Prime Minister, said on Facebook that both countries are working to reach a deal ahead of Trump's planned visit to Kuala Lumpur in October for the summit of the Association of Southeast Asian Nations.
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Norway's DNO won't use newly opened pipeline to Kurdistan in Iraq
DNO, a Norwegian company, said that it has no immediate plans of shipping oil via the Iraq-Turkey pipe, which is set to resume after a suspension of two years. Instead, DNO will continue to supply directly to Iraq's semiautonomous Kurdistan region. On Thursday, two Iraqi officials from the oil ministry said that the pipeline linking Iraq's Kurdistan to Turkey would resume its operations on Saturday after a tripartite deal between the federal government and the Kurdistan Regional Government. DNO, which is the largest international oil company in the KRG and did not sign the agreement because it wanted to know more about how the outstanding debts will be paid. DNO's shares dropped 1.9% on the Oslo Stock Exchange shortly after opening. In a press release, Executive Chairman Bijan Mossavar Rahmani stated that "DNO is delighted that the exports of crude oil from Kurdistan Region will now flow into international markets." He added, "We have chosen not to directly engage in exports for the time being and will continue to offer our oil to our customers on a cash-and carry basis, monthly, at a price per barrel in the low 30s USD." DNO is the operator of the Tawke license, which includes Tawke and Peshkabir. It holds 75% of the license, while its partner Genel Energy owns the remaining 25%. DNO reported that DNO and Genel would be left with 30,000 barrels per day of oil after they deliver 38,000 bpd for exports to the Kurdistan Regional Government. Even though DNO hasn't signed the tripartite accord, its buyers can still ship their oil through the export pipe. "We understand that our buyers have made their own arrangements for placing oil purchased from us in the export pipeline. This is a step we welcome, as it supports the greater export project," Mossavar Rahmani added. (Reporting and editing by Barbara Lewis; reporting by Nerijus Adomiaitis)
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Wall Street Journal, September 26,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The Trump Administration plans to ask that chip manufacturers manufacture in the U.S. the same amount of semiconductors as their customers import overseas. Donald Trump announced a new round of tariffs that will be implemented next week. These include 100% tariffs for branded drugs, and 25% on heavy duty trucks. Activist investor Land & Buildings owns a 2% stake of Six Flags, and intends to pressurize the theme park operator to sell or spin off its real estate. Intel, a chipmaker, has approached Taiwan Semiconductor Manufacturing Company to discuss manufacturing investments or partnership opportunities. U.S. regulators have begun examining unusual patterns of trading in the shares of more than 200 companies who adopted crypto-treasury strategy. They are concerned about high volumes of trading and rapid stock price gains that occurred before companies announced their crypto strategies. Amazon has agreed to pay fines of $2.5 billion and reimburse Prime subscribers for the false claims made by the Federal Trade Commission that it had deceived customers in order to increase subscriptions.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. The Board of Directors co-opted Matthieu Chanel as an additional director. His appointment will be ratified at the next general meeting. PostNL NV Dutch postal and logistic company priced 300 million euro notes due October 2030. These will be issued at a 99.884 price and have a coupon rate of 4.000% per year. The proceeds of the sale will be used to finance general corporate needs, including refinancing. Marie Brizard Wine and Spirits SA In the first half, the French wine and spirit company reported net revenues of 86.6 million euro and EBITDA at 5.9 million euro. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index................................................ Top 10 STOXX sectors................................... Top 10 EUROSTOXX sectors......................Top 10 Eurotop 300 sectors..................... Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... survey of world bourse outlook......... European Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report.....
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Turkish Airlines has agreed to purchase 225 Boeing aircraft, subject to engine negotiations
Turkish Airlines announced on Friday that it had ordered 75 Boeing B787 planes and completed negotiations to buy 150 737-8/10MAX planes. The news broke after President Tayyip Erdoan met with the Turkish Prime Minister on Thursday. Donald Trump, President of the United States He said that he believes Turkey will stop buying Russian oil. He may also lift U.S. Sanctions on Ankara to allow it to buy American F-35 Jets. Turkish Airlines announced to the Istanbul Stock Exchange that it had decided to buy 75 B787-9/B787-10 aircraft from Boeing. This includes 50 firm orders and 25 options. The delivery of these aircraft is scheduled to take place between 2029 and 2030, it said. Rolls-Royce Aerospace and GE Aerospace are currently in negotiations with regards to engines, spare engines and engine maintenance for the planes. Turkish Airlines has also announced that it has completed negotiations with Boeing for the purchase of 150 additional aircraft consisting of 100 firm orders and 50 options, all 737-8/10MAX models. The company said that orders for the 737-8/10 MAX aircraft would be placed subjected to successful discussions with the engine manufacturer CFM International. The company said that "with these orders, we aim to have our entire fleet consisting of new-generation planes by 2035. This will improve operational efficiency, and support an average annual growth of around 6%," it added. (Reporting and writing by Can Sezer, Daren Butler, Kim Coghill).
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Source: US investor Stonepeak plans to raise $4 billion in a second Asia infrastructure fund.
A source familiar with the plan revealed that Stonepeak, an American investor, is looking to raise up to $4 billion for the second Asia-focused Infrastructure Fund. Investors seeking lucrative returns on long-term investments are driving a new wave of investment in the region. Stonepeak is expected to reach $1 billion or a quarter its target by the end this month. This will be four months after the launch of the fund in May. The source declined to give her name as the details were not made public. The fundraising comes a year after Stonepeak closed its first Asia focused fund for $3.3 billion. This shows rapid capital deployment and investor interest in this asset class. Stonepeak's spokesperson, who began investing in Asia and managed $76.3 billion of assets worldwide in 2019, declined to comment about the fundraising. As a result of geopolitical uncertainty and climate change targets in Asia, many countries are looking to increase infrastructure spending to maintain economic growth and living standard. According to the Asian Development Bank, if developing Asia wants to maintain growth momentum, eliminate poverty and combat climate change, it will need to spend $1.7 trillion per year between 2023 and 2030 on infrastructure. Global investors have said that they are increasingly targeting new sectors in Asia, including data centres and logistics, which offer exciting investment opportunities. Hajir Naghdy is the senior managing director of the firm and its head for Asia and the Middle East. He said that cold storage logistics has become an important focus area for Stonepeak due to changing diets. He said that a "multi-decade trend" of rapid urbanisation in Asia has created an opportunity for infrastructure investment across generations. Other global investors are also increasing their firepower on Asia. KKR began fundraising for its third pan-Asia Infrastructure Fund, but did not reveal the size target, according to filings made with the U.S. Securities and Exchange Commission. KKR's third pan-Asia infrastructure fund is expected to be larger than the $6.4 billion it raised last year for its Asia Infrastructure Fund, according to a source familiar with the fundraising plan. KKR has declined to comment. If successful, Stonepeak and KKR's fundraising efforts would add $10 billion to the region in terms of deployable capital. Preqin data shows that the available capital in the Asia infrastructure sector was $30 billion at the close of last year. STABLE ASSETS KKR uses private equity strategies for businesses that have a higher risk profile but behave like infrastructure companies, according to Andrew Jennings. In July, KKR, which has about 30 infrastructure-focused investment staffers in Asia, struck a deal to buy ProTen, one of Australia's largest broiler chicken growers, from pension fund Aware Super. Jennings explained that the goal is to look for assets that are steady and stable, and that can provide a yield as well as some capital growth. I Squared Capital entered Asia in 2012. It plans to hire around 10 people in the region in the next two-three years. A new office will be opened in Seoul in the near future, according to senior partner Harsh. Energy transition, digital infrastructure, and logistics are the long-term growth drivers for this U.S. infrastructure investor. Energy Infrastructure Partners, a Swiss-based company, opened its first Asia office at Singapore in June. It will raise capital and invest in energy transition assets, and initiate deals on markets such as Australia, Japan and Korea. Peter Schumers, partner and cohead of investment at the firm, said: "We view Singapore as a launchpad to build relationships, deploy funds, and ultimately originate investments in some the region's advanced markets." (Reporting and editing by Sumeet Chaterjee, Thomas Derpinghaus and Yantoultra Wu)
Air Canada cabin crew on strike, forcing hundreds of flights to be grounded
Air Canada's flight attendants, who are unionized, walked out of their jobs early Saturday morning as contract negotiations with the country's biggest carrier failed. This could cause travel disruptions for over 100,000 passengers.
In a post on social media, the union that represents more than 10,000 Air Canada Flight Attendants confirmed the strike in an early morning posting.
Currently, flight attendants are only paid for the time they spend on the plane. The union wanted to compensate them for the time spent waiting at the airport and helping passengers board.
Air Canada, based in Montreal, said that it expected to cancel 500 flights by Friday's end during the busy summer travel period. Around 100,000 people were expected to be affected by the cancellations on Friday.
As the airline gradually winds down its operations, flight attendants will likely picket major Canadian airports on Saturday, where passengers had already tried to secure new bookings in the previous week.
Freddy Ramos (24), a passenger at Canada's biggest airport, Toronto, said that Air Canada had rebooked him to another destination after his flight earlier in the day was cancelled because of a labor dispute.
He said that "probably 10 minutes before boarding our gate was changed, then cancelled, then delayed, and then again cancelled."
Air Canada Rouge, its low-cost subsidiary, carries about 130,000 passengers per day. Air Canada has the most flights into the United States of any foreign carrier.
Canadian businesses, reeling from an ongoing trade dispute with the United States, have urged the government to enforce binding arbitration for both sides. This would put an end to the strike.
Air Canada asked the minority Liberal Government of Prime Minister Mark Carney, to order both parties into binding arbitration, despite the Canadian Union of Public Employees (which represents the attendants) saying it was against the move.
According to the Canada Labour Code, the Jobs Minister Patty Hajdu has the right to request that the Industrial Relations Board of Canada impose a binding arbitration to protect the economy.
Hajdu has repeatedly called on the two sides to come back to the table.
Air Canada has offered to compensate flight attendants at half their current hourly rate for work they are currently not paid.
The carrier offered flight attendants a 38% total increase in compensation over four years with a 25% rise in the first year. However, the union deemed this offer insufficient.
Analysts at financial services company TD Cowen urged on Friday that the carrier "extend an olive branch in order to end this impasse" and that investors were concerned that any labor cost savings would be outweighed by the loss of earnings during the airline's crucial quarter.
The note stated that "We believe it is best for AC to reach labor peace." Not compromising on negotiations could be a Pyrrhic win.
(source: Reuters)