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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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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)
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Qantas Flight lands safely in Auckland after Mayday Call
Qantas Airways has confirmed that the fire alarm which prompted a pilot to call for help before safely landing at Auckland Airport on Friday, was most likely a false alert. In a statement, the airline stated that the pilot of the Boeing 737 requested an emergency landing when he received intermittent information about a possible fire in the cargo hold. The company said preliminary investigations had shown that there was no fire inside the cargo hold in front, and engineers will inspect the aircraft to find out the cause. A spokesperson confirmed that there were 156 passengers aboard the flight from Sydney, New Zealand to Auckland. According to the airline, all passengers had left the aircraft. Auckland Airport said in a press release that emergency services had been on standby for an aircraft arriving in Auckland that reported problems earlier that morning. The airfield has returned to normal, but there could be slight delays in departing or arriving flights. Reporting by Praveen menon; Additional reporting in Wellington by Lucy Craymer; Editing Jamie Freed
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Canada Post workers strike across the country
The Canadian Union of Postal Workers reported that Canada Post employees went on strike nationwide on Thursday, after the Canadian Government demanded the company undergo transformation. The union announced that "all CUPW members working for Canada Post will be on strike immediately in response to the government's attacks on our postal services and workers." Canada Post has not responded to our request for comment immediately. Canada Post was told by the Canadian government to make changes in its operations earlier on Thursday. The company faces structural challenges that, along with outdated restrictions and stagnant negotiations between management and labour, have limited the ability of the company to adapt and caused mounting losses. This situation is not sustainable. Canada Post is insolvent and bailouts will not solve the problem. Canada Post must undergo a transformation to protect its services and ensure its survival, the government stated in a press release. The Canadian Chamber of Commerce, in response to the strike called for the return of bargaining tables for good faith negotiations. Reporting by Dheeraj Kaur and Gursimran K in Bengaluru, Editing by Alan Barona
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Trump announces new US tariffs for heavy trucks, drugs and cabinets
Donald Trump announced on Thursday a new round punishing tariffs. He said the United States would impose 100% tariffs for imported branded drugs and 25% tariffs for all imports of heavy-duty trucks. Trump said that he will also start charging a 30 percent tariff on upholstered furnishings next week. He said that the new tariffs on heavy-duty trucks were meant to protect manufacturers against "unfair competition from outside" and said that the move would be beneficial for companies like Paccar's Peterbilt, Kenworth and Daimler Truck's Freightliner. Trump has launched a number of national security investigations into the possibility of new tariffs being imposed on a variety products. He said that the high import levels were to blame for the new tariffs on furniture, kitchens and bathrooms. Trump cited national security concerns over U.S. production as the reason for the "FLOODING". The U.S. Chamber of Commerce asked the Department of Commerce not to impose any new tariffs. It noted that the top five sources of imports are Mexico, Canada and Japan. Mexico is the leading exporter of heavy-duty trucks and medium-duty trucks in the United States. According to a study published in January, imports of these larger vehicles from Mexico had tripled since 2019. Trump's pledge to reduce inflation in particular for consumer goods like groceries, as well as higher tariffs on commercial vehicle could increase transportation costs. Tariffs may also impact Chrysler-parent Stellantis, which manufactures heavy-duty Ram truck and commercial vans for Mexico. Volvo Group, a Swedish company, is building a heavy-truck plant in Monterrey in Mexico. It will begin operations in 2026. According to the U.S. International Trade Administration, Mexico has 14 manufacturers, assemblers, and suppliers of buses, trucks and tractor-trailers, as well as two engine manufacturers. It is the world's largest exporter of trucks, with 95% going to the United States. Trump said that "we need our truckers to be strong and financially healthy for many reasons but most importantly, we need them for national security purposes." Mexico, which opposes new tariffs, told the Commerce Department that in May, all Mexican trucks exported into the United States contain on average 50% U.S.-content, including diesel engines. Mexico reported that the United States imported heavy vehicle parts worth $128 billion from Mexico in 2010, which accounted for 28% of all U.S. imports. The Japanese Automobile Manufacturers Association is also against new tariffs. They claim that Japanese companies have reduced exports to the United States while they have increased U.S. medium- and heavy duty truck production. Reporting by Ismail Shakil, Editing by Caitlin Feast and Lincoln Feast.
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Report: China shipyards orders are strong despite US port charges on China vessels
A new report by the Center for Strategic and International Studies shows that global shipping companies continue to place commercial vessel orders with Chinese shipyards despite the U.S. targeting these ships with port charges aimed at countering China’s maritime dominance. According to CSIS's analysis of S&P Global's data, released on Wednesday, Chinese shipyards took 53% of global ship orders in terms of tonnage for the first eight-month period of 2025. CSIS reported that the fees were on par with the full-year levels of 2023 before the U.S. Trade Representative launched the China maritime investigation, which paved the path for the port charges. Brian Hart, fellow at the China Power Project of CSIS and author of the report, said that "Shipping Companies are largely continuing with business as usual." "At this point, it does not appear that these policies will result in a significant move away from China." China's share in global ship orders based on tonnage has jumped from 67% to 73% by 2024. This suggests that shipowners are trying to lock down contracts before possible USTR restrictions take effect. From October 14, ships that are built in China, or are operated or owned Chinese entities will be required to pay a fee when they arrive at their first US port. Analyst estimates predict that this fee will rise every year until 2028. The U.S. is attempting to boost domestic shipbuilding in order to counter China's increasing naval and commercial power. It's a big task to catch up with China’s state-supported shipsyards. Analysts in the military and industrial sectors said that last year, U.S. shipyards produced fewer than ten commercial vessels, while China built well over 1,000. China has risen to No. 1 in the world over the past two decades. China has risen to the No. 1 spot in the world and its largest shipyards are involved with both commercial and military projects. The U.S. Navy fiscal year 2025 plans said that U.S. shipbuilding had experienced a near total collapse. It called for a long-term revival of this industry to support Navy shipbuilding. CSIS reported that MSC, the world's largest containership operator, has placed orders for 12 vessels to be constructed in China after USTR announced port fees in April of this year. MSC of Switzerland, along with Hapag-Lloyd and Maersk, as well as CMA CGM have taken China-linked vessels off U.S. routes, thus limiting or eliminating the new fees. HSBC analysts say that COSCO Shipping, a Chinese shipping company, is the most exposed to port fees in 2026 with an estimated $1.5 billion. Donald Trump has been a champion for U.S. Shipbuilders. He seeks alliances and investment from powerful countries like South Korea. (Reporting and editing by Marguerita Choy in Los Angeles)
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).
(source: Reuters)