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Senators criticize US Transport chief for road trip funded by corporate donors
Two Democratic U.S. Senators on Tuesday criticized Transportation Secretary Sean Duffy's road trip, which was filmed for a web series and paid for by donors of the companies that his department regulates. "Your vacation was paid for by Boeing and Toyota, United Airlines, Enterprise, Shell and Royal Caribbean Group", said Kirsten Gillibrand. She is the top Democrat in a Senate Appropriations Subcommittee. She pointed out that USDOT regulates these companies and other donors. Gillibrand told a budget meeting that "this road trip does not smell right." "I don't think that it is right, and you should explain to Americans why you are taking a trip that has been paid for by the companies you regulate." Similar concerns were raised by Democratic Senator Patty Murray. Duffy attacked both Democratic Senators for accepting their own political donations. Murray said that USDOT is responsible for determining whether Toyota will be required to carry out a safety recall. Toyota has declined to comment. Both Senators noted that a rise in 'oil prices during U.S.-Israeli War on Iran may prevent some Americans from going on road trips this summer. Murray pointed out that the cost of?jet fuel has risen dramatically this summer, making flights more expensive. Duffy defended his trip by saying that no taxpayer funds were used, and the trip was approved by an official of career ethics. He explained that the trip was part of a celebration of the 250th anniversary of the United States and an attempt to encourage people to go on road trips. The trip was filmed over a period of 24 days and included a visit to?the White House in Washington, Fenway Park Boston, St. Louis' Gateway Arch, and Philadelphia and Montana. Duffy stated that the sponsors of the event "nobody gets anything from me." Duffy said that Congress directed him to promote tourism and travel. Duffy, who is a father of nine and a former reality television star, also served as a member of Congress, claimed that the show did not pay him or his family any salary or production royalty. The road trip was a series of one- or two-day trips that took place over an eight-month span, as well as during his children's spring break. The five-part series will be available on YouTube. Citizens for Responsibility & Ethics in Washington filed a complaint alleging that the situation may have violated federal rules on gifting and travel. The group asked the Office of Inspector General of the Transportation Department to investigate. The group also pointed out that a Toyota car is prominently displayed in a series promotional video. (Reporting and editing by David Shepardson)
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US charges seven Chinese executives with illegal shipping container cartel
Officials from the Department of Justice announced on Tuesday that the 'United States' has charged seven Chinese executives, and four of the world's largest shipping container companies, with conspiring to limit supply in order to raise the price of containers, during the COVID epidemic. DOJ stated that the companies?manufactured about 95% standard dry -shipping containers in the world and conspired between November 2019 and?January 2024 to limit output and fix prices. The DOJ said that the scheme led to a 'U.S. Consumers paid more and waited longer for goods due to the pandemic. Stanley Woodward, Associate Attorney General at the time of announcing the case, said that these manufacturers took advantage of the pandemic and their market position to squeeze the supply chain. The?DOJ reported that one of the executives was arrested in France, April this year, by a 54-year-old marketing director for Singamas Container Holdings Ltd. Singamas didn't immediately respond to an inquiry?for comment about?the accusations.
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NERC claims that strong resource additions will boost US summer grid preparedness, but risks remain
In a report released on 'Tuesday, the North American Electric Reliability Corp. said that resource additions of record proportions had strengthened 'U.S. Grid readiness is a must for?the summer, despite the fact that risks are still high in certain areas. NERC's Summer Reliability Assessment reports that the addition of new bulk power system resources includes a'substantial influx' of solar, battery and a few?new gas-fired generators. The report did warn that grid reliability could be challenged by increased 'demand,' rapid growth of large load, low wind output, and the overlap of spring maintenance outages with early summer heat. NERC warned that the early summer heat and drought will increase reliability risk in several regions. In 2025, there were six regions at a high risk of a supply shortage in the event of abnormal summer weather conditions. By 2026, this risk is reduced to three regions and one locality. The growth in load?has been significant with an increase of 11 Gigawatts from 2025. This is a continuation of the 10 GW increase?in 2025 which doubled the growth from 2023-2024. Grid reliability will continue to be challenged by the 'rapid increase in demand,' especially during summer peak months. Reporting by Pooja menon in Bengaluru, Editing by Mark Porter
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Algeria purchases wheat for shipment to two ports, traders claim
Traders in Europe said that the state grain agency of Algeria, OAIC, is believed to have purchased milling wheat Tuesday as part of an international tender which sought a limited'shipment' only to two ports. Initial estimates put the volume at about 200,000 tons. The requirement to only unload wheat?in two port tenders - Mostaganem or Tenes - from the OAIC signals that a relatively low purchase will be made. Initial estimates of the purchases reported ranged from $284-$285 per ton for shipment to Mostaganem, and $292 per ton (c&f), for Tenes. The cost of shipping to smaller ports was cited as a reason for the high prices. The reports reflect the assessments of traders, and future estimates on prices and volume are possible. Wheat was wanted for shipment from several regions, including Europe, during the following periods: July 1-15; July 16-31; August 1-15; August 16-31; September 1-15 and 16-30. The wheat is shipped a month sooner if it's sourced from South America or Australia. Algeria is an important customer for wheat imported from the European Union and in particular, France. Black Sea wheat is now a major player on the Algerian market, while French wheat was excluded from recent tenders due to political tensions between France and Algeria. Reporting by Michael Hogan from Hamburg, and Gus Trompiz from Paris. Editing by David Goodman.
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Department of Energy: US PJM Grid can reduce data center power consumption in emergency situations
The U.S. Department of Energy announced that PJM, which spans a total of '13'states in the Mid-Atlantic region and the Midwest, has the power to shut down data centers within its footprint. According to a DOE directive issued on Monday, PJM can direct transmission operators to stop powering data 'centers as a?last resort to avoid rolling blackouts. * The DOE stated that a "statutory emergency" exists in the (PJM) region due to an increase in demand and a "shortage" of electric power, as well as a "shortage" of facilities for generating electric power. * PJM is implementing a number of reforms to manage a demand that has 'outpaced the supply' and threatened grid stability.
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FAA concludes investigation into airline compliance regarding shutdown flight cuts
The Federal Aviation Administration informed Congress on Monday that it had 'closed' its investigation of airlines who did not adhere to the required flight reductions at 40 major airports in 2025. It has also decided against seeking any fines. Bryan Bedford, FAA administrator, said that in response to written questions from Senators seen by that agency, after sending letters of investigation on apparent noncompliance to airlines the agency determined "all but one were in substantial compliance with the restrictions." Bedford said that one unnamed airline was not in compliance and received an administrative warning. In November, the FAA announced that it would gradually reduce domestic flights by 10% at the 40 airports with high traffic during the 43 day government shutdown. Safety concerns were cited. Airlines for America (which represents American Airlines, Delta Air Lines United Airlines Southwest Airlines, and others) did not comment immediately. On November 12, the FAA decided to freeze its cuts at 6%, as disruptions began to decline dramatically with the end of federal shutdown. The FAA reduced the required reductions to 3%, before lifting them completely. Cirium, a firm that provides aviation analytics, found that airlines failed to adhere to the flight reduction requirements. On the last full day, they canceled only 0.25% flights in 'those 40 airports, which is less than the normal cancellation rate and less than the 3% required. The FAA can seek fines of up to $75,000.00 for each flight that exceeds the limits. Flight cuts were originally implemented by the agency to minimize disruptions in travel caused by a shortage of air traffic control during the shutdown of federal government, when many of these controllers stopped showing up for work due to not being paid. After the October 1st shutdown, thousands of flights were cancelled and delayed due to the absence of air traffic control. (Reporting and editing by David Shepardson)
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Four US LNG ships sailing to China following Trump-Xi Summit
According to data provided by financial firm LSEG four liquefied gas (LNG),?vessels are sailing from the U.S. to China and should arrive in June. This is the first U.S. cargo of LNG to depart the U.S. for China directly during President Donald Trump's 2nd term. Trump visited Beijing last week for a meeting with Chinese President Xi Jinping. Trump said to Fox News in May 2014 that China wanted to buy oil, LNG, and other goods from United States. China, in the past, was the largest gas importer. The U.S. is the biggest gas producer, consumer, and exporter. China still imposes a 25% tariff to U.S. LNG after levies were imposed on Chinese goods by the U.S., and this is the biggest obstacle to a revival in LNG trade between China and the U.S., according to S&P Global's May 15 report and May 12 factbox. Four vessels are currently heading from the U.S., to China. It is possible that one of them will arrive in China. According to LSEG, the Umm Al Hanaya ship left Cheniere Energy's Sabine Pass Export Plant in Louisiana on 5 May. The Id'Asah vessel, Al Sene vessel and Lamail vessel all left Venture Global's Plaquemines Plant in Louisiana from 8-18 May. The four vessels are expected to arrive at China's Tianjin Port between June 15-28. Cheniere and Venture Global are the largest and second-largest U.S. producers of LNG, respectively. GAS PRICES ARE RISING AROUND WORLD In 2023, the U.S. will surpass Australia and Qatar as the largest LNG exporters in the world, as rising global prices have fueled demand for cheaper U.S. Gas. Gas prices in the world have risen in recent years because of supply disruptions linked to Russia's invasion of Ukraine in 2022 and Iran's war in 2026. Iran, in response to U.S. bombings and Israeli attacks, effectively closed the Strait of Hormuz, and attacked Qatar's LNG facilities. This resulted in the loss of around 10 billion cubic foot per day (bcfd), or about 20% of the world's LNG supply. Comparatively, the U.S. is able to convert about 19 bcfd per day of gas into LNG. Gas prices have reached a six-week-high near $17 for a million British thermal units (mmBtu), at the Dutch Title Transfer Facility (TTF) in Europe, and a four week-high near $19 at the Japan-Korea Marker. Gas in the U.S. is cheaper, as it produces enough fuel to meet both domestic and international demand. The Henry Hub benchmark price in Louisiana was trading at a high of $3 per mmBtu, a record for the past seven weeks. (Reporting and editing by Nick Zieminski, Scott DiSavino)
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Airbus targets 10% savings on costs due to global uncertainty and supply problems
Airbus Europe has cut back on non-industrial spending by 10% as supply chain issues and global uncertainty continue to affect its core business. They said that the clampdown will only affect activities related to the headquarters and planemaking division, but not production. The clampdown has been in place for several weeks, and is part of the LEAD project launched in 2024 to reduce costs. Sources said that the new "cost-containment" measure aims to reduce the use of outside contractors, which are traditionally a major resource for the largest planemaker in the world. Airbus, based in Toulouse, declined to comment. This previously unknown move is in line with efforts made by Western companies in order to reduce spending due to the economic uncertainty?and costs associated with the Iran war, and other trade tensions. Review of company statements from the United States and Europe, published on Monday, revealed that companies are facing a bill at least of $25 billion due to soaring energy costs and fracturing supply chains. Airbus CEO Guillaume Faury said last month to analysts that the war had not caused any immediate disruptions, but the group was concerned about the impact that higher oil prices could have on the price of derivative products. A problem with fuselage panel for A320 series planes had already disrupted financial planning late last year. 'BUILDING STRESS' Airbus has also been involved in a dispute with Pratt & Whitney over the delivery of engines. Sources said that the concerns over the integration and supply of parts of defunct aerostructures by Spirit AeroSystems continue to affect A350 part production. Aircraft deliveries - which drive profits - fell 16% in the quarter, as seasonal patterns were amplified by supply pressures. Airbus's new cost-reduction initiative, according to industry sources, has highlighted the challenge ahead of catching up with deliveries. Airbus aims to increase deliveries by 10% this year, to 870 aircraft. Cirium data shows that Airbus has delivered 27 aircraft this month. Rob Morris, an aviation analyst, said: "I don't see any acceleration. That's the problem." "They're building stress in the system, if they want to make 870 delivery." Faury informed analysts in April the vast majority A320 family aircraft that were affected by defective panels from a Spanish manufacturer would be delivered before the end of the month. (Reporting and editing by Emelia Sithole Matarise; Reporting by Tim Hepher)
Hong Kong listings a target for foreign firms as IPOs rebound
?At least 10 companies, including those from Indonesia, South Korea, and Singapore, have applied for Hong Kong IPOs this year, and others are considering it, according to an executive at the Hong Kong Stock Exchange. The market's robust IPO growth is attracting global?firms.
LSEG data shows that although foreign companies raised a lot less money than domestic firms - 110 Chinese firms and Hong Kong firms raised a total of $36.4 billion in '2025 - the listings by 10 global companies would make this the best year since 2020 for international debuts. According to Johnson Chui, the head of global issuer service at Hong Kong Exchanges and Clearing Ltd. (HKEX), who runs the city’s stock exchange, foreign listing hopefuls come from sectors such as technology, consumer and financials.
He said that the pipeline is a mixture of first-time IPOs and concurrent dual listings as well as sequential dual listings.
Chui said, "We believe that this is a start of the structural change for the next phase of international companies listing in Hong Kong." He added the appeal of the City had expanded beyond companies with China-exposure.
He said, "The nexus has broadened." In the past, it was more about whether you had business in Greater China. There are now many successful companies who have no presence in this area of the world. According to LSEG 'data, the Hong Kong exchange was the top IPO market in the world last year, with $37.4bn raised through 115 deals. The bourse has been unable to attract large foreign listings, but it is now redoubling its efforts in an effort to increase the flow of foreign capital. Syngenta Group, a Swiss-based seeds, agrochemicals and chemicals company, plans to list up to $10 billion of shares in the second half this year. This move, according to sources reported in February, will likely boost HKEX’s ability to attract large-ticket listings.
Separate sources confirmed that while Chui didn't give any details on foreign IPO hopefuls he was aware of Engine Biosciences and NiKang Therapeutics, two international biotech companies from Singapore.
Sources familiar with plans of the two companies said that the discussions were preliminary and could change. The sources declined to be identified as the matter was confidential. Engine Biosciences refused to comment. NiKang did not respond.
PIPELINE IPO
Malaysian logistics company Teleport said it was considering Hong Kong as a venue for an IPO. "Our long-term plan includes a listing on the stock exchange," said CEO Pete Chareonwongsak. "We're keeping our options open."
Separately, LSEG's data compiled on 4 May showed that 12 foreign companies could be in Hong Kong’s 2026 IPO pipeline. These included U.S. Blockchain infrastructure firm Blockdaemon and Malaysian branding for logistics group Capital A.
HKEX announced that seven international companies will list in Hong Kong by 2025. According to LSEG, foreign companies have raised $22 billion in 156 transactions since 2000. This is a small fraction of the total market.
The current pipeline, unlike the previous wave of 15 years, which was led by consumer brands such as Prada, Samsonite and others, is more diverse in terms of sector, geography, and listing structure.
Citigroup's Asia Head of Equity Capital Markets Kenneth Chow stated that Hong Kong offers "the largest possible universe" for investors. This includes hedge funds, global?funds and Chinese institutions, as well as retail buyers.
George Wu, a partner at DLA Piper, said that mining companies were being drawn to the region because China is driving demand for strategic minerals. Clifford Chance Capital Markets partner Jean Thio stated that Hong Kong has built a system which rivals Nasdaq, in terms of listed companies, analyst coverage and comparable markets in industries like biotech and AI.
Chui, HKEX's Chui, said: "We believe Hong Kong is the best listing venue for international companies with an Asian connection."
(source: Reuters)