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US puts pressure on EU to "deliver" on non-tariff commitments
On 'Friday, the United States called on the European Union to relax its laws that place a?responsibility? on large companies for the environmental and social?impact? of their global supply chain. The United States claimed the EU had promised such measures wouldn't hamper EU-U.S. commerce. U.S. U.S. Now it's up to the EU. "Under the Framework Agreement, EU pledged to?ensure that its Corporate Sustainability due Diligence Directive (CSR) and Corporate Sustainability reporting Directive (CSR) 'does not impose undue restrictions on the transatlantic trade", Puzder wrote. "Extraterritorial Provisions harm American businesses and workers but not only the U.S. will suffer." According to Puzder, EU laws require that large companies, including U.S.-based firms, operating in the EU disclose their environmental and societal impacts, as well as working conditions, across their supply chain. According to a spokesperson for the European Commission, the EU and U.S. continue to work together on non-tariff and tariff issues. The spokesperson stated that the EU had explained its non-tariff rules and stressed its willingness to work with the U.S. in order to increase trade wherever possible. The spokesperson added: "We have always been clear that our rules framework and regulatory autonomy are not negotiable." Washington also wants the EU to amend the Carbon Border Adjustment Method (CBAM), a system that imposes fees on goods imported without meeting EU standards for carbon emissions. New pressure is being applied as U.S. officials and EU officials focus on non-tariff obstacles after the tariff commitments made in July 2025 have taken effect. Three sources familiar with the talks said that they expect joint statements to be released in the fall covering the non-tariff components of the Turnberry Agreement. Brussels has already weakened some of the policies that Washington criticised over the last year, including its anti-deforestation laws and methane emission rules. Sources familiar with EU policy said that the bloc did not plan to make any further concessions. SUSTAINABILITY RULES Last year, the EU also reduced its corporate sustainability regulations, known as CSRD or CSDDD after being pushed by businesses and governments, including those of the U.S.A. and Qatar. Changes agreed in December restricted the scope of Corporate Sustainability Due diligence Directive (CSDDD), and delayed the deadline for compliance by two years, to mid-2029. Corporate Sustainability Reporting (CSRD), a directive that requires companies to disclose their environmental and social impact, will only apply to firms with more than 1,000 workers, compared to the original threshold of over 250 employees. U.S. firms, such as ExxonMobil, had sought more extensive changes including an exemption of foreign firms. A statement that accompanied Puzder's blog post stated: "While the United States recognizes some positive changes in the December 2020 Sustainability Omnibus (Sustainability Omnibus), these reforms did not fully address U.S. concern regarding these directives."
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South Africa's Traxtion Bets on Regional Rail Reforms and Mineral Boom
Traxtion, the South African rail service provider, is positioning itself for a?profitable regional mineral boom as well as sweeping reforms on the continent which are opening up freight rail networks to private firms. Traxtion announced in December a rolling stock investment program of 3.4 billion rands ($210 million), to increase its capacity and help support rail reforms in a region which exports important minerals such as copper and lithium. This investment includes the purchase of 46 locomotives, 920 wagons. Holley said: "The fact we announced this investment shows our confidence in the direction in which the rail freight industry is heading, both in South Africa and the region." South Africa has opened its state-owned rail freight?network up to private operators via an open-access system. This allows them to run trains on state-owned infrastructure to increase capacity, efficiency, and private investment. Traxtion also operates in other mineral-rich nations, such as Angola and the Democratic Republic of Congo. They are opening their freight rail networks up to private firms through concessions to increase commodity exports. Trafigura has been awarded a 30-year contract in Angola for the Lobito Corridor Railway, and the DRC gave Mota-Engil the concession to upgrade the rail infrastructure connecting Congolese mines with?Lobito. A $1.4 billion Chinese-backed contract is revamping the TAZARA rail link between Tanzania and Zambia, while Zimbabwe has a $533,000,000 rail modernisation program with China Railway International Group. Holley stated that the regional rail policy environment needs to be improved to allow private operators to raise funds and create an interconnected network of?interstates, in order to increase efficiency and lower costs. He added that "this consolidation of the open-access policy in the region represents a fundamental change in the way freight will be moved."
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US puts pressure on EU to "deliver" on non-tariff commitments
The United States called on the European Union to ease laws that place a'responsibility' on large companies for their global supply chain environmental and social impact. They argued the EU had promised such measures wouldn’t hamper EU-U.S. commerce. U.S. U.S. Now it's up to the EU to deliver. "Under the Framework Agreement, EU committed to 'ensure' that Corporate Sustainability Due Diligence directive and Corporate Sustainability Reporting Directive 'does not pose unnecessarily restrictions on transatlantic commerce'," Puzder wrote. The U.S. will not be the only one to suffer from extraterritorial laws. "Those who suffer will be Americans." According to the EU laws, Puzder, large companies in Europe, including U.S.-based firms, are required to disclose their environmental, social, and working conditions impacts. A spokesperson for the European Commission did not respond immediately to a question?for comments. Washington also wants the EU to amend the Carbon Border Adjustment Method (CBAM), a mechanism that imposes fees on goods imported without meeting the bloc’s carbon emission standards. After the tariff agreements agreed on in July 2025 came into effect, U.S. officials and EU officials are now focusing their attention on non-tariff obstacles. Three sources familiarized with the talks said that they expect joint statements to be released in the fall covering the non-tariff components of the Turnberry Agreement. Brussels has already'softened' some of the policies that Washington criticised over the last year, such as its anti-deforestation laws and methane emission rules. Sources familiar with EU policy said that the bloc did not plan to make any further concessions. SUSTAINABILITY RULES Last year, the EU also reduced its corporate sustainability regulations, known as?CSRD and?"CSDDD?, after being pushed by businesses and governments, including those of the U.S. The changes agreed in December restricted the scope of Corporate Sustainability Due Diligence Directive (CSDDD), to the largest companies, and extended the deadline for compliance by two years until mid-2029. The 'Corporate Sustainability reporting Directive (CSRD)', which requires companies report their environmental and social impact, will only apply to firms that have more than 1,000 employees. This is a change from the original threshold of over 250 employees. ExxonMobil and other U.S. firms had asked for broader changes including an exemption for all foreign firms. A statement that accompanied Puzder's blog post stated: "While the United States recognizes some positive changes in the December 2020 Sustainability Omnibus but those reforms have failed to address U.S. concern regarding these directives."
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Sources say that the Sheskharis terminal in Russia's Black Sea halted loadings following a drone attack.
Three sources familiar with the matter confirmed that the suspension of crude oil exports was due to a drone attack on Friday. This added to the disruptions at one of the country's main export outlets. Sheskharis, Russia's largest oil export facility in the Black Sea, handles approximately 700,000 barrels of crude oil per day. The shutdown of the Sheskharis terminal adds pressure to Russia's energy infrastructure, which has been repeatedly attacked in recent months. On Friday, the administration of Novorossiysk sent out a new drone alert to residents. This indicates that there is a continuing threat in the port area. A source said that a tanker, which was scheduled to load crude oil at the port, left early Friday morning for the 'open sea' after a drone attempted attack on the terminal. The source said that as a result, the port stopped receiving crude oil at the terminal and suspended loading of crude because the storage tanks were full. Sources could not be identified due to?the sensitive nature of the issue. The disruption comes after a period in which export volumes were high. According to a source familiar with export data, crude loadings from Novorossiysk were close to 1,000,000 bpd by July, and about 800,000 bpd by June. Novorossiysk exports?Russian Urals crude oil, Kazakhstan's KEBCO mixture and?Siberian Light Oil. The suspension comes after a series disruptions in oil exports out of Russia's Black Sea coast. Last month, Ukrainian drone attacks temporarily stopped loadings at the Caspian Pipeline Consortium terminal near Novorossiysk. This reduced exports of CPC Blend and affected supplies to major customers, including Turkey.
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Boeing's Wisk Sale is unlikely to spark another divestment Round
Analysts said that Boeing's announcement that it was selling Wisk 'Aero this week is less of a sign 'of a wider breakup' than an attempt to "shed" a struggling non-core business which had become a distraction for the aerospace giant's efforts to turn around. Boeing CEO Kelly Ortberg had previously stated that he planned to sell non-essential components of the company, including its subsidiaries, in order to stabilize the balance sheet and focus more on its core business -- commercial aviation, defense and space. Since 2024 when the portfolio review was completed, only two major sales have taken place: Jeppesen, a digital aviation services provider, for $10,6 billion in 2025, and Monday's purchase of Wisk, drone manufacturer Insitu, and airspace-services company SkyGrid, for a nearly 20% share in Archer Aviation. The Archer stake, which Boeing will not receive until the deal is closed, is only worth a little over $1 billion according to its Thursday night share price. The company received a much-needed cash injection to stabilize its balance sheet by selling Jeppesen, but the sale of Wisk was a risky distraction and a way to offload risks. The development and certification of 'air taxis' and similar aircraft took a lot longer and cost more money than the advocates expected. They must still prove that they are viable commercially and overcome significant regulatory hurdles. Aboulafia stated that Wisk cost Boeing time and money, but there was no obvious payoff. Boeing sold Wisk Aero to other major electric vertical lift-off and landing (eVTOL), but they declined the sale. This deal is a win-win situation Boeing and Archer have agreed to a?collaboration and technology-sharing deal that will allow Boeing to use Wisk's autonomous-flight core technology for its current and future commercial aircraft programs. Brian Yutko said that the deal was a win-win for both parties. Yutko served as CEO of Wisk from May 2025 until he assumed his current position at Boeing. Archer brings together complementary autonomy capabilities and electric aviation technologies developed over many decades. Boeing's equity stake in Archer allows us to maintain market exposure and gain strategic upside. We can also continue to integrate these technologies into our products and sharpen our focus on our core commercial, defence and services businesses. Archer Aviation CEO Adam Goldstein said on X that the share price of Archer was up 24% as of Thursday. This is a significant increase since the announcement of the deal. While some critics saw 'Boeing’s equity stake in the deal as a sign that the company wanted to?offload risk, Archer Aviation Chief Executive Adam Goldstein stated on X: "the deal structure shows that Boeing understands the value of this combination ..." Aboulafia, and other industry experts, said that Boeing is now focused on increasing its jetliner production rather than pruning its portfolio. (Reporting and editing by Kate Maybery in Seattle, with Dan Catchpole reporting from Seattle)
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The Danube's record low levels have revealed sunken World War Two shipwrecks
Two World War II German warships have surfaced in Eastern Serbia due to a record-low water level that exposed sandbanks and stranded vessels. The rusty hulls of boats that were submerged since 1945 are now visible. Further north, in Novi Sad, many small vessels docked at marinas still remain stranded. Ljubisa Karali, a local fisherman from Prahovo said: "This is a first, the wrecks that we are heading toward right now have never before been so visible." "They have always been submerged. What we are?seeing is utterly unparalleled." The'record-breaking heatwaves' that have swept across Europe this summer caused severe drought in some parts, including the Rhine and Danube. The Danube temperatures in Serbia were at a maximum of 28 degrees Celsius. "A record was broken in terms of the?Danube discharge." Jelena Jerinic, of Serbia's Hydrometeorological Service, said: "We hope that this is the minimum.?Rain is forecast upstream, which should improve the situation." She warned that biodiversity along the river is also threatened. High (water) temperature, combined with low water volume, can accelerate the proliferation of bacteria and microorganisms, while reducing dissolved oxygen. (Reporting from Fedja Grulovic, Marko Djurica, Ivana Skularac, editing by Chizu Nomiayama)
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Oil spillage off Oman is threatening to cause a disaster as two slicks are seen in the Gulf
Satellite imagery and video confirmed that two slicks appeared in Iranian waters. The Caroline Bezengi tanker is currently leaking Russian crude in a marine protected area, creating a massive oil spill that some estimate to be 2,000 square kilometers. The Caroline Bezengi case is not linked to the Iran War. Two new slicks have been detected in the Gulf. Near DOLPHIN SHAPED ISLAND Images from Copernicus Sentinel-2 satellites show that a slick is visible near the southern tip Qeshm Island. This large island shaped like a dolphin lies in the Strait of Hormuz, close to Iran's coastline. Wim Zwijnenburg is an environmental researcher and open-source researcher for the Dutch peace organization PAX. He said that the dark color in some parts of the slick was fuel oil heavy, while the lighter, diluted slick spanned around 160 km. In a video that was posted on 11 August and confirmed by the, dark, bubbling liquid washing up on the beaches at?Suza, Qeshm Island contrasted with the turquoise waters surrounding it. John Amos, CEO at SkyTruth which uses satellite images to detect oil spills called it "a major event". Satellite images showed that a second slick was spotted in the Gulf near Sirri Island, a smaller island located about 100 km southwest from Qeshm. This is where some Iranian offshore oil production takes place. Satellite imagery of Qeshm Island and Sirri Island were taken on August 10, respectively. A DRY BULK CARRIER HAS BEEN ATTACKED Samir Madani said that the Qeshm island slick was likely caused by a leak on the Minoan Pioneer dry bulk ship. The Liberia flagged vessel is a co-founder of TankerTrackers.com, an online monitoring service. Sources from maritime security said that the Minoan Pioneer, while passing through the Strait of Hormuz in an alleged Iranian attack on 3 August, was struck by an unknown projectile near Oman's coast. One seafarer has gone missing. One maritime security source said that the same leak may have affected Qeshm Island. Esmaeil BAQAEI, a spokesperson for Iran's Ministry of Foreign Affairs said on X in a posting that oil pollution had?reached Qeshm Island, and that preliminary evidence "indicates a bulk carrier from abroad as the source". Could not independently confirm either slick's cause nor identify the chemicals involved. Sources involved in the salvage of the 'Minoan Pioneer', who refused to be named due to the sensitive nature of the matter, said on Friday that the tugboat sent to secure the vessel grounded could not reach it because the Iranian authorities had to grant permission. The Iranian Mission at Geneva has not responded to an immediate comment request. The conflict in this region has complicated efforts to assess and clean-up spills in Gulf waters, according to Brian Barnes, assistant professor of research and satellite oceanographer at the University of South Florida. The longer the oil leaks into the environment, the greater the damage it can cause to ecosystems and coastlines. (Reporting from Nilo Tabrizy and Jonathan Saul, in London; Catherine Cartier, in Winston-Salem North Carolina; and Renee Maltezou, in Athens. Additional reporting by Emily Giles. Editing by Jason Neely.
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Data shows that Turkey has cut its Russian oil imports due to Black Sea export disruptions, which have slowed down supplies.
According to traders and LSEG shipping data, Turkey cut oil purchases in Russian ports by 30% in July. It is expected to further reduce them in August as a result of Ukrainian drone attacks that disrupted the exports to Russia's Black Sea Terminals. In July, Ukraine intensified its attacks on?Russia?s Black Sea Terminal. This led to an export suspension of one week from the CPC terminal as well as unstable loadings at Novorossiysk. Caspian Pipeline Consortium oil loadings were reduced by 5 percent in July. Turkey condemned attacks on Russian-linked tankers that were?close to the waters of its Black Sea. They said they were alarming, and affected navigational safety and commerce in the area. In July, Turkey, which is one of the largest buyers of CPC Blend oil, Kazakh KEBCO oil, and Urals oil grades from Russian ports, only received 900,000 tonnes of oil, down from 1.2 million in June. LSEG data shows that just over 300,000 tonnes of this oil was supplied by the 'Black Sea, compared with 600,000 in June. According to LSEG, Turkey will receive 200,000 tons worth of oil in August from Russia's Black Sea port. Two tankers are expected to deliver KEBCO Kazakh oil to Turkey. However, no CPC?Blend oil or Urals oil is planned for this month. Data may be updated at a later date. Turkey diversifies its supply to offset the 'negative effects of the Black Sea Crisis, traders said. They added that in August, the state will import rare oil from Brazil and Guyana. Since the middle of the last month, loadings of the CPC pipeline have been disrupted. This is in addition to the supply disruptions linked to the U.S. and Israeli war against?Iran. The Financial Times reported on Wednesday that Ukraine had halted drone attacks?on non Russian oil tankers using Russia’s Black Sea CPC Terminal after a request by U.S. Vice-President JD Vance.
Safran, a jet engine manufacturer, raises its targets after a record-breaking first-half profit
French jet engine maker Safran raised financial targets after posting stronger-than-expected ?first-half profits on Tuesday, driven by demand for spare parts on the widely ?used engines it supplies jointly ?with GE Aerospace.
The French company said that aftermarket demand was a major factor in its record operating margin for the first half of 2018.4%.
CFM, by far the largest jet engine manufacturer in the world by number of engines sold, reaps maintenance profits on its CFM56 jets, which continue to power thousands of aircraft despite the recent LEAP being used for narrow-body plane deliveries.
Safran's?mid-year operating profit increased 29% to EUR3,24 billion ($3,68 billion), while revenues rose 19% to EUR17.57 milliards. The sale of spare parts for civil engine grew 27.9%.
Analysts expected an average operating profit of EUR3,06 billion on revenues of EUR17.47?billion.
The shares of the French company dropped slightly in early trading.
Safran's core Propulsion Division, which accounts for just over half of the company's'sales', reported a 28% increase in earnings to EUR2.25billion, while Equipment & Defense grew 29% to EUR907million.
Aircraft Interiors has continued its gradual turnaround, with a profit up to EUR54 million from EUR27 millions.
Safran has raised its target percentage for revenue growth in the full year to "mid teens" from "low to mid teens".
Safran has also raised its prediction for growth of LEAP engine deliveries from 15% to "high teens".
GE Aerospace raised its revenue and profit forecasts for 2026 last week, driven by the demand for engine equipment and services.
Safran noted that the Middle East and supply chains were to be kept under review, but also stated that the LEAP engine production exceeded 500 units for a fourth consecutive quarter.
Olivier Andries, CEO of the company, said that it continues to seek out new suppliers wherever possible.
In defence, questions remain over the future of Safran's fighter-engine joint venture with Germany's MTU Aero Engines after the collapse ?of the Franco-German-Spanish FCAS fighter.
Andries stated that the venture is funded through September, and the future of it will depend on the paths taken by each country in the future.
(source: Reuters)