Latest News
-
FT reports that Canadian pension funds will exit UK's Associated British Ports for over $13 billion in a deal.
The Financial Times reported that two Canadian pension funds plan to sell their stakes at Associated British Ports (ABP). They hope the deal will value the UK's largest ports operator for more than 10 billion pounds ($13.63billion). The newspaper reported that Morgan Stanley was hired by the Canada Pension Plan Investment Board, which owns?34%, and Ontario Municipal Employees 'Retirement System, which owns?33% of ABP to?explore a possible sale of their stakes. The report also said that Hermes Asset Management, which owns 6% of a group, could sell its stake. Could not confirm immediately the report. ABP, CPPIB, and OMERS didn't immediately respond to comments. Hermes was unable to be contacted for a comment immediately. The report stated that a deal could be reached in the second half of the year, but the talks are still 'at an early stage. ABP is the owner of 21 ports across the UK, including Southampton and the Humber, according to their website. They also handle more than one quarter of the port industry's volume. A group of investors took the port operator private in 2006.
-
China's Aerospace Times Feipeng expands globally amid fierce drone competition
Aerospace Times: Chinese civil drone manufacturer?Feipeng? is accelerating their global expansion with a focus in?Southeast Asia and the Middle East as they seek to navigate fierce domestic competition. The domestic Chinese market has become too competitive. Harry Kang said that Feipeng must go overseas. He made the statement on the sidelines at the Singapore Airshow where the company, which is not listed, is exhibiting. China's manufacturers, which are the top drone makers in the world, are testing heavier payloads, while transport companies plan air taxi services with and without crews. This is because the country has loosened airspace restrictions, and it offers incentives for developing a "low altitude economy." At the airshow, Feipeng introduced two new drones: an inspection drone that costs between $180,000 and $200,000. The other is a platform specialized for maritime rescue and forest fire control. It's priced at $40 to $50,000. Kang stated that the company's goal is to increase its overseas sales to 50% within three years. However, the exact timeline will depend on regulatory acceptance and market trust. Feipeng's international expansion began in 2024 when it unveiled its FP-981C Sagittarius freight drone - priced at between $400 and $420,000 – at the Singapore Airshow that year. The company named their drones after 12 zodiac sign to make them familiar and memorable for international users. The company is focusing primarily in Southeast Asia and?the Middle East where there has been a rise in demand. Kang, the company's CEO, said that it had exceeded 100 million yuan ($14.41 millions) in annual revenue for two consecutive year. The company is expanding?into key markets like Indonesia, Malaysia, and Thailand. The company has its sights set on Saudi Arabia, which is the largest market in the Middle East. Kang stated that Indonesia, which is made up of more than 17,000 islands, was a vital market for the company. It has already "partnered" with government agencies responsible for emergency and disaster response, Kang added. He added that the majority of inquiries were from Indonesians at the booth. It's our primary target market for the year." Kang said that despite the fierce competition in the drone industry, the company has a competitive advantage, as its drones are generally cheaper than those of international competitors, thanks to its domestically-sourced supply chain.
-
Bousso: The global push to energy security is highlighted by the tie-up between Japan and Qatar.
Qatar's long term deal to supply Japan’s power giant JERA liquefied gas highlights two themes in the hot market for this super-chilled energy: the race to gain a market share and the global push for energy security. QatarEnergy, Qatar's national gas and oil company, signed a contract on Tuesday to supply JERA (Japan's largest generator of electricity) with 3 million tons per annum (mtpa), starting in 2028. The deal for Qatar is a win-win situation that will help it keep up with its largest competitor, the United States. Qatar has several advantages over other LNG producers, such as lower production costs, and a closer proximity to Asia - the largest and fastest growing LNG market in the world. The Gulf nation's exports to Japan have fallen from a high of 16,7 million tons in 2013, to around 3 million tons over the past few years, as Japanese demand has weakened and other exporters have increased their competition. Qatar has been able to secure a number of major deals, including this new one that will double its LNG shipments. Qatar has also signed deals to supply Malaysia, France, and China, the largest LNG importer in the world. These agreements support Qatar's three massive expansion projects, which are expected to increase Qatar's LNG export capability from 77 mtpa to 110 mtpa by the end of this year and to 142 mtpa by 2030. This explosive growth will help Qatar close the gap between it and the U.S. which, in 2023, became the top LNG exporter. By 2030 the U.S. is expected to have a capacity of more than 200 million tons per year. JAPAN’S UNCERTAINTY ABOUT ENERGY The agreement represents a major shift in Japan's energy policy. The world's second largest LNG importer, Japan, was determined to reduce its reliance on fossil fuels and expensive gas imports at the beginning of this decade. Japan's vulnerability to energy is structural. Japan, the world's 4th largest economy, has been reliant on fossil fuel imports for decades. Japan began importing LNG as early as the 1960s. The fuel became an important part of the country's energy system. After the Fukushima nuclear disaster in 2011, which led to the shut down of many reactors, the consumption of LNG reached a new record high level, 90 million tons, in 2014. It then declined steadily to 66 million tonnes in 2025, as efficiency improvements, renewables and coal restarts along with a declining population eroded gas demand. What explains Japan’s sudden U-turn in LNG policy? Security is the answer. Tokyo has reassessed its access to energy supply due to the geopolitical turmoil of recent years, notably in Russia and the Middle East. In Japan's seventh Strategic Energy Plan, published in February of last year, it was stated that due to international tensions and the uncertainty surrounding the pace of deployment of renewable technologies, the country should be securing long-term LNG contracts, regardless of advancements in renewable technologies. According to the government plan, securing stable LNG supply was "crucial" for ensuring reliable electricity while reducing dependence on inefficient coal-fired plants. The government called LNG-fired plants "a practical measure." According to the plan, Japan's LNG demand in 2040 will range from 53-74?mtpa depending on how quickly other energy technologies are deployed. The new strategy is a radical departure from Japan's earlier approach, which saw the utilities and traders of the country allow several long-term Qatari gas contracts to expire, much to Doha?s frustration, because Japanese buyers placed a high priority on flexibility due to the uncertainty in long-term demand for gas. Qatar's LNG contract terms are rigid, with long-term durations and strict requirements for cargo delivery to certain ports. This means that buyers cannot sell fuels that exceed their actual demand. Most U.S. producers of LNG offer shorter-term contracts that allow for cargo destination flexibility. Japan seems to prefer security over flexibility in a world that is more uncertain, even if global?LNG supply has expanded rapidly. The JERA/QatarEnergy agreement reflects the current tensions in the LNG markets: Net importers face uncertain energy futures while producers want to lock in customers for decades. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
-
US Justice Department removes attorney who told immigration judge, "This job stinks"
According to a source with knowledge of the matter, the U.S. Justice Department removed a government attorney from an assignment in Minnesota, after she told a federal court, "This job stinks," and claimed that immigration authorities failed to follow a court order. Julie Le, an immigration attorney at the U.S. Department of Homeland Security was assigned to the U.S. Attorney's Office for the District of Minnesota. Hundreds of lawsuits were filed in the district court by people who challenged their detention as a result of the Trump administration's immigration enforcement blitz. U.S. district judge Jerry Blackwell ordered her to appear in front of him and another government attorney in a courtroom in St. Paul on Tuesday, to explain why the Administration had not consistently complied with the court's orders in several instances including those directing the release detainees. Le, according to a transcript of a court hearing, told the judge that she "stupidly", volunteered to start working at the U.S. Attorney's Office on January 5, to assist it in addressing?hundreds? of lawsuits filed by people who were swept up in the "Operation Metro Surge", a Minnesota-based operation. What do you want me do? The transcript revealed that she had said. "The ?system sucks. "This job is a sucker." A Justice Department spokesperson stated that the Trump administration is complying with court order "and fully enforcing Federal Immigration?Law", and blamed high caseloads to "rogue judges." According to the source, Le's job was terminated by the Justice Department. Le's remarks were deemed "unprofessional" and "unbecoming" by a spokesperson for the Department of Homeland Security. However, she did not confirm whether Le had returned to her former job. Le has not responded to any requests for comment. Le told the court on Tuesday that she worked day and night to make sure that all court orders were followed. She said that she did not receive proper training from the Justice Department and struggled to make sure U.S. Immigration and Customs Enforcement (which they had not done previously or currently) complied with court orders. According to the transcript, Le said: "Sometimes I wish that you would hold me in contempt so that I could have a full 24 hours of sleep." The U.S. Attorney's Office of Minnesota is under pressure due to a?flood of immigration petitions, and cases that accuse demonstrators of attacking federal agents. Six prosecutors resigned this month, including senior officials, in protest at the way President Donald Trump's government handled the investigation into Renee Good's fatal shooting by an immigration officer. Blackwell was appointed by Democratic President Joe Biden. He said that he "understood the concerns regarding the amount of energy the DOJ is spending, but with respect, you are responsible for some of this because you have not complied with orders." Le shared her concerns with him about the way immigration cases are handled. She said, "I'm not white as you can tell." "My family is at the same risk as anyone else that could be picked up, so I shared that concern and took it to heart." Reporting by Nate Raymond, Washington and Andrew Goudsward; editing by Peter Graff and Cynthia Osterman
-
US Judge to hold Friday hearing in suit for restoration of New York Tunnel funding
A?U.S. A judge will hear the emergency request of?New York?and?New Jersey?to force the restoration funding for the $16 Billion Hudson River Tunnel before the construction stops on Friday. The states filed a lawsuit late Tuesday and asked for a temporary injunction that would prevent the U.S. Transportation Department (USTD) from withholding funds for the rail project between New York City and New Jersey, approved under the presidency of Joe Biden. The lawsuit was filed by New York Attorney General Letitia James, and Acting New Jersey attorney general Jennifer Davenport. They claim that there is overwhelming proof that USDOT suspended funding to punish New York Senate Democratic Leader Chuck Schumer, and House Democratic leader Hakeem Jeffries for refusing to accept President Donald Trump’s budget. U.S. district judge Jeanette Vargas scheduled a hearing on Friday at 1 pm. ET and stated that the Justice Department had to file any opposition to the states' requests by 11 am on Friday. The Gateway Development Commission (which is managing the project) filed a lawsuit on Monday after stating that it would be forced to stop construction by Friday if funding was not restored. This will result in the loss of employment for about 1,000 workers and $2 billion spent. White House and USDOT didn't comment. However, the White House said last week that Democrats were "standing in the way of an agreement for the Gateway Tunnel Project" by refusing negotiations with the Trump Administration on immigration issues. Trump's Republican Administration has repeatedly targeted major transit and infrastructure in Democratic-led States. The Hudson Tunnel, built in 1910 and heavily damaged by hurricane Sandy in 2012, is used daily by more than 200,000 commuters and 425 trains. It produces 10% of America's economy. The project, which has received federal funding of about $15 billion, will involve the repair and construction of an existing tunnel for Amtrak passenger trains and state commuter lines between New Jersey, and Manhattan. Trump, an ex-New York City developer, refused in his first term to approve funding for tunnel project. The Trump administration also tries to kill Manhattan’s congestion pricing program, which aims to reduce traffic and raise billions for mass transportation. (Reporting and editing by Chris Reese, Bill Berkrot, and David Shepardson from Washington)
-
US Justice Department removes attorney who told immigration judge 'this job stinks'
According to a source familiar with the matter, the U.S. Justice Department has removed a government attorney from a Minnesota assignment after she complained to a federal court that her "job stinks" and that immigration authorities failed to follow court orders. Julie Le, an immigration attorney at the U.S. Department of Homeland Security was assigned to the U.S. Attorney's Office for the District of Minnesota when hundreds of lawsuits were filed in the district court by people who had been detained during the Trump administration's immigration enforcement blitz. U.S. district judge Jerry Blackwell ordered her to appear in front of him on Tuesday in a St. Paul Courtroom to explain why administration officials had failed to comply with court orders repeatedly in several cases, including those directing the release detainees. Le informed the judge that she "stupidly volunteered" to begin working at the U.S. Attorney's Office on January 5, to assist it in addressing hundreds of lawsuits which had been received?challenging detention of those people caught up in Operation Metro Surge in Minnesota. What do you want me do? She said. She said. "This job is a sucker." A Justice Department spokesperson said that the Trump administration is complying with court order "and fully enforcing Federal Immigration Law", and blamed high caseloads to "rogue judges." The source said that the Justice Department cut short Le's job, but didn't say if she returned to her former position at the Department of Homeland Security. DHS and Le didn't respond to comments. Le told the court on Tuesday that she has worked day and night to make sure that all court orders are followed. She said that she did not receive proper training from the Justice Department and struggled to ensure U.S. Immigration and Customs Enforcement (ICE) complied with all court orders "which they had not done previously or currently". According to a transcript, Le said: "Sometimes I wish that you would hold me in contempt so that I could have 24 hours of sleep." The U.S. Attorney's Office of Minnesota is under pressure as it deals with a flood of immigration petitions and cases accusing protesters of assaulting federal agents. Six prosecutors resigned this month, including senior officials, in protest at the way President Donald Trump's government handled the investigation into the fatal shooting by an immigration officer of Renee Good. Blackwell was appointed by Democratic President Joe Biden. He said that he "understood the concerns regarding the amount of energy the DOJ is spending, but with respect, you are responsible for some of this by not following orders." Le shared her concerns with him about the way immigration cases are handled. She said, "You can see that I am not white." "My family is at the same risk as anyone else who might be picked up, so I shared that concern and took it to heart."
-
INTERVIEW - President Vucic says Serbia is seeking EU gas deals to reduce Russian supplies.
In a Wednesday interview, Aleksandar Vucic stated that Serbia was diversifying its energy sources away from Russia. The country is already in discussions to purchase natural gas through a European Union buying mechanism. Over 80% of the country's natural gas comes from Russia. The EU is trying to cut down on cash flowing to the Ukraine war chest of President Vladimir Putin. Last year, Serbia was unable to sign a long-term agreement with Russia's Gazprom. A short-term agreement reached in December will expire on March 31. Vucic stated that he understood EU policies towards Russian energy. He said, "We have to adapt our energy policy to certain requests and demands." Vucic, flanked with an EU flag, said in an interview given at the Belgrade presidency that "we will still have large?quantities" of Russian gas. He said Serbia aimed to secure 500 millions cubic metres of natural gas per year, or about a fifth, through the EU's collective gas-buying program, which Serbia joined last year. He said that Serbia already purchases gas from Azerbaijan via Bulgaria. Construction of a pipeline from North Macedonia to Serbia, which would allow Serbia to access liquefied gas from Greece, should begin this year. A pipeline connecting Serbia with neighboring Romania should be completed by 2027. Vucic stated, "This is an important diversification." BALANCE RUSSIA AND THE EU Serbia has a long history of cultural and religious ties with Russia. Moscow is behind Belgrade's opposition to Kosovo's independence, an ex-province in the south of Serbia that was populated primarily by Albanians. Vucic has tried to strike a balance between his relations with the Kremlin, and Serbia's EU bid. Since Russia's full-scale invasion in 2022 of Ukraine, it has become more difficult to maintain this line. Sanctions imposed by the United States on Serbia's NIS oil company, owned by Russians, forced its sale to Hungary's MOL. Vucic has also stated that he is committed towards joining the EU. He claimed that the economy, living standards, and debt levels had all improved. He said: "No doubt that since I'm president, Serbia will be on its EU road." If Serbia wants to become a member of the EU, it has demanded for years that Serbia improve its rule of law and media freedoms as well as root out organized crime and corruption. Critics claim recent reforms in the judicial system would reduce its independence and complicate Serbia's path to EU. Vucic stated that the authorities were ready to "scrutinise", with European institutions, the set of judicial law disputed. Looking for a Legacy Vucic suffered a major political blow in 2024 when the roof of a Novi Sad railway station collapsed, killing 16 people. The tragedy sparked nationwide protests calling for the end of corruption and early elections. Vucic acknowledged that corruption is a serious problem in Serbia, and he is "dissatisfied with" efforts to eradicate the problem. "It's about corruption within?our state-run institutions... including politicians." He dismissed the protests, saying they were a plot of international security agencies, including those in neighbouring Croatia and Albania, to topple the government. But he did not provide any proof. These accusations have been denied by officials from these countries. Vucic’s final and second term ends in 2027. He has announced that he will hold snap elections in this year amid street protests. He did not know what he'd do next but he didn't rule out going back to politics, or running for prime minister. We'll see. "I wish I was less involved in politics, or even not engaged at all. But taking care of my family legacy may require that I be more involved. (Reporting and editing by Alexandra Hudson, Edward McAllister)
-
Merz, a German company, heads to the Gulf region in search of new partners
On Wednesday, German Chancellor Friedrich Merz started a tour to Saudi Arabia, Qatar and the United Arab Emirates to form energy and arms partnerships as Europe's largest and richest economy tries to reduce its dependence on the U.S. Merz, at the beginning of his three-day visit, said that such alliances are needed more than ever in a world where politics is increasingly determined by the major powers. He added that the goal of these alliances is to preserve freedom, safety, and prosperity. He added, "Our partners might not share the same interests and values but they all agree that we need a global order where we can trust agreements and respect each other." The tour is part of an broader German initiative aimed at diversifying global alliances. Merz said, "In a network like this, we can reduce our dependence on one another, minimize risks, and find new opportunities together to benefit us all." Merz stated that he wished to see a deeper level of cooperation between the energy and arms sectors in the Gulf. He also said Berlin would be adopting a more relaxed approach towards exports. Last week, Germany's Economy Minister prepared the ground. QATAR IS ALREADY ONE GERMANY’S LARGEST FOREIGN INVESTORS After the murder of Saudi Arabian Journalist Jamal Khashoggi, in 2018, relations with Saudi Arabia began to deteriorate. Merz stated that while there had been some improvements in the human rights, more could be done. He would discuss this. Gulf States, which have large sovereign wealth funds?, already play a significant role in Germany's economic development. Qatar is one the biggest foreign investors in Germany. It holds stakes in Volkswagen, RWE, and Hapag-Lloyd, among others. Merz said that he would be addressing broader regional issues and calling for peace, stability, and cooperation including normalization with Israel. Merz said that Israel would one day be included in the order and not rejected as a foreign entity. Merz stated that he has three demands for?Iran: Tehran must stop violence against its people, end its nuclear military programme, and cease destabilizing activities throughout the region. Germany is Israel's strongest European ally, but Gulf states have taken different approaches to Iran since the Gaza War. (Written by Madeline Chambers, edited by Bernadette B. Baum)
Sources say that Airbus' production goal is affected by Pratt engine concerns
'Airbus's main aircraft?production goal hangs in balance, as the planemaker is still without a deal with engine manufacturer Pratt & Whitney. Industry sources confirmed this.
They are stuck in a dispute about the allocation of engines to Airbus production lines versus?maintenance shops that service airlines. And they have not yet reached a vital engine supply agreement for 2026 and 2027.
Airbus stated last month that engines from RTX owned Pratt & Whitney were "very,'very late". It had not yet reached an agreement with Pratt & Whitney for this year or next.
Rick Deurloo said at the Singapore Airshow on Wednesday that he is confident of reaching an agreement.
Sources, who spoke on condition of anonymity as the discussions are private, said that a deal is becoming increasingly important as the clock counts down to Airbus' earnings on February 19.
Airbus has declined to comment.
The key question is how the planemaker will achieve its production goal of 75 narrowbody aircraft per month by 2027. This compares to 60 jets a month at present.
About 40% of the A320neo family jets are powered by Pratt and Whitney engines.
It is difficult to estimate the probability of meeting any formal targets when engines are still supplied on a "hand-to-mouth" basis.
Industry sources claim that the company only delivered 19 planes in January compared to 25 in the same month last year.
Bloomberg News reported that Airbus has yet to set a delivery date for 2026 due to engine shortages. (Reporting and editing by Jamie Freed; Tim Hepher)
(source: Reuters)