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Sources say that the Brazil Development Bank BNDES has sold its stakes in Axia Energia and Petrobras.
Four anonymous sources said that Brazil's BNDES, the state development bank, has sold shares in both Axia Energia and Petrobras this month. BNDES, through its subsidiary?BNDESPar, holds the majority of the equity portfolio. This includes Axia and Petrobras, as well as electric utility Copel and meatpacker JBS. According to one source, BNDESPar has sold Petrobras shares worth around 3 billion?reais (597.75 million dollars) and more than 500 millions reais of?Axia stock this month. This person said that the bank sold 280 million reais worth of Copel shares in May. The total sales for the energy company this year are 1.2 billion reais. BNDES didn't?immediately respond to a comment request. A BNDES source stated, "These stocks were trading at high levels and the bank saw the opportunity to make gains by selling them." Another source said that in the case of Petrobras, the shares purchased did not have voting rights. This means there was no impact on bank strategy and planning. Petrobras declined to comment on the?current negotiations', while Axia refused to comment. BNDES President 'Aloizio Mercadante' said?in September the bank had adopted a strategy of divesting from traditional and mature sectors to?support strategic sectors. However, it said that they did not intend to sell their stake in Petrobras. In March, BNDESPar acted in the capacity of anchor?investor for a capital increase by a number of companies within Simpar. These included truck rental -firm Vamos, Movida, a car rental firm, and JSL, a road logistics company.
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Senator calls on US to finalize regulations banning airline family seating fees
Democratic Senator Ed Markey on Saturday urged the U.S. Transportation Department to finalize rules that would prevent airlines from charging fees for seating families with young children together on a flight, if adjacent seats were available at time of booking. In August 2024, the DOT issued regulations under?former U.S. president Joe Biden after Congress ordered that it write regulations. Markey asked Transportation secretary Sean Duffy for action. Markey noted that the DOT had been unable to act for more than 18 months on this proposal, despite the fact that it was supported by JD Vance (now vice president), a former senator who has now joined the DOT. "Airlines shouldn't be able to force parents to decide between paying more or being separated from their children." Duffy's spokesperson did not comment immediately. Many major airlines have pledged to guarantee family seating at no additional charge. The DOT previously stated that all other large domestic airlines have policies that try to seat families together, but they do not 'guarantee' it. Airlines for America (which represents American Airlines, Delta Air Lines, United Airlines Southwest Airlines and others) did not comment immediately. In 2024, the proposal will prohibit airlines from charging fees for assigning seats to children who sit next to parents on U.S. flight. If it is not possible to offer adjacent seating to multiple children, the airlines will be required to place them in an aisle seat, behind or in front of a parent. If adjacent family seats are not available, the DOT will?require free rebooking or refunds for passengers who choose to skip that flight. If airlines did not comply, they could be subject to civil penalties. Markey cited a variety of other actions taken by DOT in order to reverse Biden's?aviation consumers?rules. In January, DOT announced that it would review its guidance in order to reduce the emphasis on imposing civil penalties against airlines that violate consumer protection laws and?to eliminate Biden's policies that emphasized enforcement. USDOT reversed?some penalties on airlines under the Biden administration in December. This included waiving $11 million from a fine that was imposed by Southwest as part of a $140-million settlement for?operational issues that left more than 2,000,000?passengers stranded in 2022. In November, the DOT retracted a proposal that was issued under Biden and sought to force airlines to compensate passengers in cash when they are responsible for U.S. flights being disrupted. (Reporting and Editing by Franklin Paul, Aurora Ellis and David Shepardson)
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The EU should phase out the low-value package tax rules, say logistics giants
DHL, FedEx, and UPS called on 'European Union Finance Ministers' to implement new?duty regulations on?low value packages? on Friday. They warned of supply chain bottlenecks, and the impact this would have on some medical supplies. These rules are part of an effort to crackdown on cheap Chinese imports, such as those from online retailers Shein or Temu. In a letter dated 22 May, seen by the, three companies said the EU should implement a EUR3 flat rate duty on July 1 but defer "more complicated and unresolved" elements until they were?legally sure and 'operationally viable. The new data requirements, along with other changes mandated by the new rules, resulted in an amount of complexity which could not realistically be implemented before the deadline of July 1. In a letter, Mike Parra, CEO DHL Express Europe and Wouter Roels president of FedEx Europe and Daniel Carrera president of UPS EMEA said that they saw a "real" risk of shipments getting held up at EU border "without a stable and working legal framework". They wrote: "Such disruptions could affect the availability of medical supplies, delay industrial production and create bottlenecks across European supply chains. All?risks which are especially significant in today's geopolitical environment." (Reporting and writing by Tom Sims; Editing by Louise Heavens, Alexander Smith, and Louise Heavens)
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CMA CGM profits drop as Iran War weighs on shipping
CMA CGM, France's largest shipping company, posted a lower core profit for the first quarter on Friday as weaker markets offset a growth in logistics. The outlook remains cautious due to trade uncertainty and the Iran War. CMA CGM, behind the Mediterranean Shipping Company in Switzerland (MSC) as well as Denmark's Maersk, is the third largest container shipping company worldwide. The group's earnings before interest, taxes, depreciation, and amortization (EBITDA), which were $3.09 billion in the previous year, fell to $2.11billion, while its net income, attributable to it, plummeted to $250m from $1.12billion. Total revenue for the?first quarter was $13.23 billion, down from $13.26. Shipping revenue fell 8.5% to $8.02 billion, while logistics revenue grew 6.6% to $4.56 bn. The Iran War has stranded hundreds of vessels, increased fuel and insurance prices, and forced carriers and shippers to use alternative routes and adjust their networks. Rodolphe Saade, Chairman and CEO of CMA CGM, said in a statement that the Group had a resilient performance during the first quarter 2026. This was attributed to the strength of the Group's shipping activities and its diversification. This month, a CMA CGM container vessel was attacked while it was transiting the Strait of Hormuz, causing injuries to crew members and damage to the vessel. Another vessel left the Gulf. CMA CGM stated that it had set up alternative routes to ensure cargo could continue to move to and from Gulf Countries despite the restrictions. It remained cautious, however, as the Iran 'war, oil prices and freight rates, and trade uncertainty all weighed heavily on its visibility. (Reporting and editing by Louise Heavens, Alexander Smith and Zakarya Méliani)
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Swiss sanctions against Russia and Belarus are in line with EU actions
The Swiss government announced on Friday that it had expanded its sanctions against Russia and Belarus, adopting portions of the latest package of measures from the European Union in response to Moscow's conflict in Ukraine. The Federal Department of Economic Affairs (FDEA)?said that the new listings will take effect at 11 p.m. on May 22. Further 115 individuals and companies will be subject to asset freezing and a 'ban' on making funds available. Sanctioned individuals are also barred from entering Switzerland or transiting through it. The department stated that the newly listed targets included people and 'entities connected to Russia's energy and military-industrial complex, as well as 'individuals involved in the deportation and indoctrination Ukrainian children. It said that '60 more companies, some of which are based in a third country, will be subject to tighter export controls, with the aim of blocking the supply of 'critical goods for Russia’s military industry.
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Carney emphasizes importance of Alberta following separation vote announcement
The Prime Minister, Mark 'Carney, stressed the importance of?Alberta to Canada on Friday. This comes a day after this oil-rich province held a non-binding vote on whether or not its residents wanted to stay in Canada. Carney's largely symbolic move could be a major challenge for him, as he is trying to promote national unity in the face of U.S. Tariffs and Donald Trump's talk about annexation. Carney told reporters that "Canada is one of the best countries in the world, but we can do better. We're working together with Alberta to make it better." "We are renovating the nation as we go." Carney said that Alberta's central position is crucial. He did not mention the referendum announcement. The'separation' advocates are upset with Justin Trudeau's environmental policies, which they say has undermined the oil and gas industries of the province. Carney?took over in March 2025 and?then rolled back a number of Trudeau?s green measures. (Reporting and editing by David Ljunggren, Deepa Babington and Promit Mukherjee)
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State media reports that Syria has signed a deal with CMA CGM for the operation of two dry ports.
Syria's General Authority for Borders and Customs (GABC) has signed an agreement with French shipping and logistics group CMA CGM to operate two dry ports in the free zones around Damascus. The agreement covers the management and operations of the dry ports in support of logistics and trade. The deal coincided with the launch a trial freight rail linking Syria's main maritime access port,?Latakia, to Adra, after a 14-year stop due to the Syrian Civil War. CMA?CGM did not immediately respond to a request for comment. This agreement is a follow-up to a separate contract signed by CMA CGM in May 2025, under which the company secured a 30-year deal for modernising and operating Latakia Port. Rodolphe Saade is a Franco-Lebanese with Syrian roots. He has family ties in Syria. The European 'Union' restored full application to its 1977 'cooperation agreement' with Syria on May 11, ending a partial ban imposed in 2011, due to human rights infringements under Bashar al Assad. This move, which follows Assad’s?fall? in December 2024 as well as the lifting of the majority of EU economic'sanctions? in 2025 is intended to support Syria's 'economic recovery' and signal renewed EU involvement with the country. (Reporting and editing by Louise Heavens, Sybille De La Hamaide and Zakarya Melani)
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Sources say that Trafigura will withdraw LME copper stocks ahead of the US tariff ruling
Two industry sources have confirmed that Trafigura, the commodity trader, plans to remove large amounts of copper from London Metal Exchange's warehouses in New Orleans. They cited a U.S. Tariff decision expected late in June. Trafigura, a Swiss company, declined to comment. The traders have moved large volumes of copper into the United States to prepare for possible import taxes that could increase shipping costs. The threat of import levies has increased the value for existing copper stocks, as holding copper in the United States allows customers to lock in supplies at pre-tariff rates. After a review, the United States will likely decide by late-June whether to impose tariffs on copper metal imports. U.S. US IMPOSED A 50% TARIFF ON COPPER LAST SEASON. This was part of a larger levy imposed on semi-finished products made from copper. Copper stored in LME-registered warehousing in the United States is usually kept in free trade zones or bonded areas, which means it hasn't entered the U.S. formally and isn't subject to import duties unless brought into the domestic market. LME data shows that more than 30,000 tons of copper was cancelled or marked for delivery in New Orleans, Louisiana on Thursday. LME data doesn't identify the companies responsible for inventory movement, but two sources who refused to be named said that the company was Trafigura. The total cancellations for Thursday exceeded 50,000 tons. The majority of the remaining 22,000 tons were stored in LME warehouses located in Kaohsiung. The total amount of cancelled LME copper stock is 391,900 tonnes, or nearly 30%. Total stock of 'copper' in approved warehouses by Comex The 574,864 metric tonnes is an increase of more than 550% from the February 2018 order by President Donald Trump to conduct a Section 232 Investigation, a process that is designed to 'determine if a product enters the U.S. In sufficient quantities, the product could threaten national security. Since February last year, traders are withdrawing copper from LME storages Shanghai Futures Exchange Industry sources say that the best way to export to the United States is to use a container. (Reporting and editing by Barbara Lewis; Additional reporting by Eric Onstad, Pratima Deai, and Polina.
Gulf businesses reel after Iran strike triggers regional closures
Iran's retaliatory attacks across the Gulf have caused the most widespread disruption of business in the region since the pandemic. They forced airport closures, stopped port operations, and sent shockwaves to financial markets.
Three people were killed in the United Arab Emirates and loud bangs could be heard in Dubai and Abu Dhabi on Sunday. The attacks came in response to the joint U.S./Israeli attack against Iran. This region has built its reputation over decades as a reliable business hub. The attacks in the United Arab Emirates killed three people and there were loud bangs heard in Dubai and Abu Dhabi for the second day on Sunday.
The strikes were a dramatic increase for Dubai. Its modern identity is built on its isolation from conflicts in the region. The emirate, which began as a fishing village in the 1970s, used oil revenues to build airports, ports and trade centers before pivoting to luxury tourism, financial services and real estate by the 1990s. Vijay Valecha is the chief investment officer of Century Financial. He said that regionally, there are mixed effects across Gulf economies.
The increased oil price provides a fiscal cushion to producers like Saudi Arabia and Qatar. This increases revenues and liquidity. Trade, logistics, and tourism in the UAE would be affected if regional sentiment or shipping risks weakened.
STOCK MARS FALL Gulf stock exchanges fell dramatically when trading began on Sunday. Saudi Arabia's index dropped more than 4% to open, and closed down by?2.2%. Oman lost 1.4%, and Egypt 2.5%. Both of these losses were a reduction from earlier losses. Kuwait's exchange has taken the unusual step to suspend trading until further notice. The UAE's markets will reopen on Monday after a weekend shutdown. Mohammed Ali Yasin is the chief executive officer of Ghaf Benefits in Abu Dhabi. He said that markets will remain 'fragile and volatile' as long as military operations are ongoing. In such situations, international institutional investors tend to put initial pressure on the markets by selling stocks. Local investors will then try and mitigate the drop in stock prices by selecting the top performing stocks.
Iran's attacks targeted hotels, ports, and military installations across the Gulf. Both Abu Dhabi's Zayed International Airport and Dubai International Airport sustained damage. One civilian was killed and eleven others were injured. An aerial intercept also caused a fire at a berth in Dubai's Jebel-Ali Port. Emaar Properties, a Dubai-based developer and Majid Al Futtaim, a retailer in the UAE are two of its biggest companies. ADIA and Mubadala, which manage vast sovereign wealth pools, have attracted global hedge funds and major international banks. RAMADAN NETWORKING This disruption occurred at a time when the Gulf business calendar was particularly sensitive. The attacks occurred during Ramadan when corporate iftars, and suhoors (the communal meals that break the fast and start the day) are some of the most important networking events in the region. According to emails seen by, gatherings organized?by Dubai airline Emirates, Abu Dhabi energy firm Masdar, Mubadala, education firm GEMS and the Department of Government Enablement have been cancelled or delayed.
The loss of Ramadan networking season is a significant but less visible cost for a region that relies on relationships to conduct business. The Fairmont The Palm Hotel was set ablaze, and the Burj al?Arab was damaged. The Fairmont was recently sold to Kuwait's Arzan Investment Management for $325million - an agreement seen as a sign of surging Gulf tourism demand. This damage is one of the more stark symbols of what the strikes have done to the region's booming economy. Following the strikes, the United States, UK, and European Union updated their travel advisories to the Gulf, urging citizens not to travel unless it is absolutely necessary. On Sunday, major transit airports in the region, such as Dubai, Abu Dhabi, and Doha, Qatar, were closed or severely restricted.
In the near future, staff at major international firms are expected to adhere to local guidelines on working from home. The UAE federal labor authority has advised companies to implement remote work arrangements until March 3. They have also urged them to keep employees away from open areas except for vital roles that require physical attendance.
(source: Reuters)