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GE Aerospace CEO Culp advocates tariff-free regime for aviation industry
GE Aerospace CEO Larry Culp stated on Tuesday that he advocated a re-establishment of a tariff-free régime for the aerospace sector under the 1979 Civil Aircraft Agreement, when he met U.S. president Donald Trump. Culp told in an interview that the administration "understood the company's view" and added that the zero-duty system has allowed the U.S. Aerospace industry to generate a $75 billion trade surplus each year. Culp said: "I've argued it would be good for our country." Trump's trade conflict has caused the most uncertainty in the aerospace industry since COVID. The trade war has led to the breakdown of decades-old duty free status for the aerospace industry, which puts aircraft deliveries on hold. GE Aerospace customers are struggling to forecast their business accurately due to the uncertainty. Howmet Aerospace, one of GE Aerospace's most important suppliers, has warned it could halt some shipments in the event that tariffs are implemented. Culp stated that the company had not experienced any interruptions in delivery from Howmet. The Pittsburgh-based provider is currently working on a new high-pressure turbo blade for the Leap 1A engines, which GE Aerospace and France's Safran SA produce in a joint-venture. He said, "That ramp is doing very well here in 2025." GE Aerospace is facing supply chain issues, which has led to a decrease in engine deliveries during the last year. Airbus announced last week that it was having problems with engine deliveries because CFM was "significantly lagging behind." Culp stated that the company was "well aligned with" the European planemaker’s needs for this coming year. However, he added that the tariffs had created supply chain risk. Tariffs will cost GE Aerospace over $500 million in tariffs this year. To reduce the impact, GE Aerospace is making better use of available trade programs and foreign trade zones. The company is using cost controls as well as a tariff surcharge in order to protect its margins. The trade-induced uncertainty in the economy has also affected travel demand. Travel spending is softening and there's a risk that airlines will start to delay their engine orders. Culp stated that other airlines would step up if a particular airline decided to stop its deliveries. He said that there are many other people who would step in and take their position. (Reporting and editing by David Evans; Rajesh Kumar Singh)
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Denmark spends $600 million to buy surveillance vessels in response to Russia
Troels Poulsen, the Danish Defence Minister, said that Denmark would spend approximately 4 billion crowns (614 million dollars) to build and purchase 26 navy vessels. These vessels will be used for patrolling, oil-spill response, and surveillance of underwater cables. The Baltic Sea countries are on alert following a series of power outages, telecom links, and gas pipelines, since Russia invaded Ukraine in 2022. This includes sabotage to the Nord Stream pipelines. Russia has denied that it is behind the outages. NATO has increased its military presence by adding aircraft, frigates and naval drones. The so-called "shadow fleet" - Russian vessels that move grain, oil and arms around without following sanctions - has caused concern. "The threats that we face on the sea are much more severe and different than they were just a few short years ago. Poulsen stated that we must respond to the threat of Russia while technology is developing at a lightning pace. With the agreement on the Naval Plan, we are initiating a number of urgent procurements which are the first steps in enabling Danish naval defence to counter a broader range of threats. After spending on defence was drastically cut for more than 10 years, Denmark allocated 190 billion Danish crowns to its military in a period of 10 years. The Nordic country aims to protect subsea cables and pipelines used for energy transmission and production, as well as to increase protection against possible threats to marine environments in Danish waters by the Russian shadow fleet. The ministry announced that in addition to the 26 vessels purchased, Denmark would also acquire drones and systems of sonar, which could monitor and identify any unwanted underwater activity. The government stated that it aimed to build many of the ships in Denmark in collaboration with NATO allies but did not provide any further details. $1 = 6.5142 Danish crowns (Reporting and editing by Timothy Heritage, Louise Rasmussen, Jacob GronholtPedersen)
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Jordan purchases 60,000 metric tonnes of wheat at tender, traders claim
In an international auction held on Tuesday, Jordan's state grain buyer bought about 60,000 metric tonnes of hard milling whey from optional origins. They said that it was estimated to have been purchased from CHS trading house at a cost of $261.70 per ton, including freight (c&f), for shipment in second half July. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. Traders reported that these other trading firms participated in the tender on Tuesday, with their offers for a ton c&f. They were: Cargill, Al Dahra, Ameropa, Buildcom, and Farm Sense. Traders have received information that Jordan will be issuing a new tender for 120,000 tonnes of wheat in the next few days. The deadline for submission of offers is April 29. Shipments are anticipated to take place in different combinations during the months of June and September. Jordan purchased around 60,000 tonnes of wheat in its previous tender on April 15 at an estimated $263 per ton c&f, for shipment during the second half August. On Wednesday, a separate tender for up to 120,00 tons of animal feed barley from Jordan will also be closed (Reporting and editing by Tomasz Janowowski).
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Maguire: China reaches new clean energy milestones in Q1 2025
China's electricity system set several records for clean energy production during the quarter from January to March 2025. This has cemented the country's leadership in the world of clean electricity. According to Ember, the energy think-tank, the total clean electricity generated in China for the first quarter was 951 terawatts hours (TWh). This was the highest total for the first quarter ever recorded, up 19% compared to the same period of 2024. It also exceeded the growth rate of clean energy in other major markets including Europe and the United States. The increase in clean production also helped to lift its share of China’s generation mix from 34% to a new record for the quarter January-March, compared to 34% during the same period last year. SOLAR SHINES The wind farms in China were the largest source of clean energy during the first quarter of 2025. Their 307 TWh generated a record share of 13% of the total power generation. Solar farms, however, have seen the biggest overall increase in output since the first quarter of 2024. Total solar generation has increased by 48%, to 254 TWh. Solar generated a record-breaking 10% of the total electricity. Solar and wind energy assets generated more electricity during January-March than hydro dams, for the first ever. This ensures that renewable sources of energy continue to grow their share in China’s generation mix. The first quarter 2025 saw a 7% increase in hydro power production compared to the same period of 2024, at 226 TWh. Nuclear output increased by 13% at 117TWh. FOSSIL CUTTS China's utilities have been able to lower output of coal and natural-gas plants from January to March compared to the previous year, thanks to a sharply increased supply of clean energy. The coal-fired electricity output, which is still China's biggest source of power, has fallen by 4% since the first quarter of 2024. It now stands at 1,421 TWh. Coal's share in the mix of generation fell from 63% to 58%. The output of gas-fired plants also fell by 4%, to 67 TWh. Total fossil fuel production was also down by 4%, to 2,445TWh. GLOBAL TRENDS Clean power production in China is growing at a faster rate than in any other major market. In the United States, clean energy generation increased by just 6% from January to March of the previous year. Meanwhile, in Europe clean power production decreased by 5%. This year's pace of growth follows China's 15 percent expansion in clean-generation in 2024. That was more than twice the 6% increase posted by Europe and the United States in the same year. China's lead in clean generation over Europe and the United States is set to grow further in the months to come as China's massive solar farms increase overall clean output until its annual peak around the month of July or August. The use of fossil fuels in China is also expected to increase as summer approaches, due to the increased demand for air-conditioning systems that consume a lot of power. China's clean power generation will continue to grow, as the production of solar and hydroelectric dams will peak in the summer. These are the opinions of the author who is a market analyst at.
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After a sharp rise in the Rhine's water level, ships can increase their loads
Commodity traders reported on Tuesday that rain over the Easter weekend has raised Rhine water levels. This allows vessels to carry more cargo even though the river remains too shallow for normal sailings. Traders said that the extreme lack of rainfall in March and April led to low water levels, which hampered April shipping along the entire river south of Duisburg, Cologne and the chokepoint at Kaub. The traders reported that in the northern regions of Duisburg, vessels could sail up to 80% full as opposed to only 50% last week. Rain in southern Germany has raised the water level at Kaub, allowing ships to carry 1,400 tons of cargo. This is up from 870 tons in April. The vessels are now more than half-full. Traders said that the forecast rain in Rhine River catchment areas could lead to further improvements. In shallow water, vessel operators charge surcharges to compensate for not fully loading the vessels. This increases costs for cargo owners. The cost of shipping cargo increases when it is shipped on multiple vessels rather than one. The Rhine is a major shipping route for grains, minerals and ores. It also carries coal, oil products including heating oil, as well as other commodities. German companies will face production and supply problems in the summer of 2022, after a heatwave and drought caused Rhine water levels to drop unusually. Reporting by Michael Hogan Editing David Goodman
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Maguire: China sets new clean energy milestones in Q1 2025
China's electricity system set several records for clean energy production during the quarter from January to March 2025. This has cemented the country's leadership in the world of clean electricity. According to Ember, the energy think-tank, the total clean electricity generated in China for the first quarter was 951 terawatts hours (TWh). This was the highest total for the first quarter ever recorded, up 19% compared to the same period of 2024. It also exceeded the growth rate of clean energy in other major markets including Europe and the United States. The increase in clean production also helped to lift its share in China's generation mix from 34% to a new record of 39% during the quarter of January to March, compared to 34% for the same period last year. SOLAR SHINES The wind farms in China were the largest source of clean energy during the first quarter of 2025. Their 307 TWh generated a record share of 13% of the total power generation. Solar farms, however, have seen the biggest overall increase in output since the first quarter of 2024. Total solar generation has increased by 48%, to 254 TWh. Solar generated a record-breaking 10% of the total electricity. Solar and wind energy assets generated more electricity during January-March than hydro dams, for the first ever. This ensures that renewable sources of energy continue to grow their share in China’s generation mix. The first quarter 2025 saw a 7% increase in hydro power production compared to the same period of 2024, at 226 TWh. Nuclear output increased by 13% at 117TWh. FOSSIL CUTTS China's utilities have been able to lower output of coal and natural-gas plants from January to March compared to the previous year, thanks to a sharply increased supply of clean energy. The coal-fired electricity output, which is still China's biggest source of power, has fallen by 4% since the first quarter of 2024. It now stands at 1,421 TWh. Coal's share in the mix of generation fell from 63% to 58%. The output of gas-fired plants also fell by 4%, to 67 TWh. Total fossil fuel production was also down by 4%, to 2,445TWh. GLOBAL TRENDS Clean power production in China is growing at a faster rate than in any other major market. In the United States, clean energy generation increased by just 6% from January to March of the previous year. Meanwhile, in Europe clean power production decreased by 5%. This year's pace of growth follows China's 15 percent expansion in clean-generation in 2024. That was more than twice the 6% increase posted by Europe and the United States in the same year. China's lead in clean generation over Europe and the United States is set to grow further in the months to come as China's massive solar farms increase overall clean output until its annual peak around the month of July or August. The use of fossil fuels in China is also expected to increase as summer approaches, due to the increased demand for air-conditioning systems that consume a lot of power. China's clean power generation will continue to grow, as the production of solar and hydroelectric dams will peak in the summer. These are the opinions of the author who is a market analyst at.
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Documents show that Vietnam cracks down on fraudulent US exports
According to a document reviewed, the Vietnam trade ministry issued a directive to crackdown on illegal transshipment of goods into the United States or other trading partners in order to avoid high U.S. Tariffs. In the directive, dated April 15 and in effect that day, the ministry said that trade fraud would likely increase due to growing tensions caused by U.S. Tariffs. It said that if fraud was not prevented it would "make it more difficult to avoid the sanctions that countries would apply to imported products" The directive didn't name specific countries from which transshipment fraud could originate. Vietnam imports almost 40% of its goods from China, and Washington has accused Beijing of using Vietnam as a hub for transhipment to avoid U.S. duty. The Trump administration has imposed "reciprocal tariffs" of 46% on Vietnam. These are currently paused, but if they were to be applied, it could severely undermine a model for growth that relies heavily on exports into the United States, and huge investments by foreign manufacturers in the country. The directive instructs officials from the Trade Ministry, Customs, and other agencies to intensify their supervision and inspection of imported goods in order to determine their origin. "Especially imported raw materials that are used for production and exported". The Vietnamese Trade Ministry's document stated that new stricter procedures will be implemented for inspecting factories and supervising the release of labels "Made in Vietnam". "Especially for enterprises where the number of certificates of origin applications has suddenly increased," it said. The directive instructs officials to take "specific measures" to prevent illegal transshipment when necessary. The directive was released after an urgent meeting of the Vietnam government office in early April, just hours after U.S. president Donald Trump announced duties.
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Environmental lawyers are ready to take on Trump's deregulation of energy
Environmental groups in the United States say they're hiring lawyers and getting ready for a legal battle with the Trump administration, which is attempting to bypass federal regulations regarding oil, gas, and coal development. The preparations are a test of the Trump administration’s strategy, which has been relying on executive orders and emergency powers to cut down what they see as obstacles to an increase in fossil fuel energy. Trump has issued an executive directive directing agencies that they must sunset all existing energy regulations by the end of next year. In a separate memo, he said agencies could repeal certain regulations, without consulting the public. Federal officials also informed companies via email that they could seek exemptions from clean air regulations. They exempted several companies from mercury and toxic air limits. A controversial oil pipeline tunnel was fast-tracked in the Great Lakes. Attorneys and policy experts have said that these actions are a test of existing law. This includes provisions of the Administrative Procedure Act of 1947, which requires agencies to publish notices of final and proposed regulations, and to allow public comment. In an interview, Dan Goldbeck said, "They are really kicking it up a notch now." Goldbeck is the director of regulatory policies at the conservative think-tank American Action Forum. "They're trying to push a few of these legal doctrines to see if it can be implemented into a new policy frame." Earthjustice, an environmental group, said that it was hiring lawyers to prepare for a legal challenge against some of Trump's actions. It said that the organization currently has 10 positions open for lawyers and plans to add to its stable of 200 lawyers this year. Earthjustice, along with other groups, say that they are ready to file a lawsuit as soon as Trump's agencies implement his directives. This includes his order to sunset federal energy regulations. Sambhav Sankar is Earthjustice's senior vice president of programs. He said that the proposal by President Trump was almost comically illegal. "If any federal agency tries to do this, we will see them in court." Nevertheless, the groups say that it is important to wait until the administration acts on Trump's orders. David Bookbinder is the director of law, policy and environmental integrity at the Environmental Integrity Project. The White House has not responded to a question about possible legal challenges by environmental groups. Bookbinder, of EIP, said that the Interior and Commerce Departments gave environmental lawyers a target last week when they proposed a new rule allowing agencies to approve projects that destroy the habitats for endangered species. He said, "This is in a sense what we've been looking forward to - not the big announcements from the White House." Zach Pilchen, senior attorney at Holland & Knight and former member of the Trump and Biden Administrations, says that it may be more difficult to challenge the exemptions from mercury and toxic air pollutants for coal-fired plants. Trump relied upon a provision in the Clean Air Act, passed by Congress back in 1990. This allows the president to exempt some sources from the law for reasons of national security or if mitigation technology isn't available. Pilchen said, "This is new territory." "That provision has not been tested, and it may be difficult to challenge in court." He stated that the Clean Air Act contains a judicial-review provision governing lawsuits involving actions taken by the Environmental Protection Agency Administrator, but does not mention specific actions taken by the President. Earthjustice's Sankar stated that his organization anticipates having to challenge the actions of the administration repeatedly in the coming years. He cited the government's refusal to comply with a U.S. Supreme Court ruling that ordered it to facilitate the return of a Salvadoran deported by mistake and currently held in a notorious El Salvador prison. Sankar said that, "normally, in impact litigation, after you win, the government will change its behavior in similar cases in order to conform to the precedent." He added that he didn't expect the administration to continue to follow precedent. (Reporting from Nichola Groom, Los Angeles; Valerie Volcovici, Washington; Editing by Marguerita Choy)
Moscow takes control over properties of Western business
Kremlin has been taking possessions of some Western companies in Russia through decrees signed by President Vladimir Putin and court orders related to claims over halted projects or blocked funds amidst Western sanctions.
Below is a list of the companies impacted up until now.
AGROTERRA
Russia took companies of farming group AgroTerra and put them under momentary management in April, including some backed by Dutch investment companies.
AMEDIA
Putin signed a decree moving Amedia's former assets to state management in September 2023, after the Norwegian publisher left control of its Russian printing houses to Russian journalist Dmitry Muratov in April 2022.
CARLSBERG
The Russian state took control of Danish beer company Carlsberg's stake in regional brewer Baltika Breweries in July 2023, putting it under short-lived management of the government property firm.
COMMERZBANK
A Russian court bought in June that Commerzbank assets worth 94.9 million euros ($ 105.4 million) be granted in damages to a pipeline company in northwest Russia.
Practically all of the properties involved had actually currently been seized by court order.
DANONE
The Russian state took control of the French yoghurt maker's. Russian subsidiary in July 2023 and brought it under momentary. control of the federal government home agency.
Putin removed it from temporary management in March, ahead. of a disposal of its Essential Dairy and Plant-based company in. Russia later that month.
DEUTSCHE BANK
A Russian court in May seized approximately 238.6 million euros. ($ 259.4 million) in securities, realty and savings account of. Deutsche Bank, together with its Russian subsidiary and Deutsche. Bank Innovation Center.
FORTUM
In April 2023, Putin signed a decree that established. control over Fortum's Russian system that runs power plants in. the country.
FRAPORT
Putin signed a decree in December 2023 to put St. Petersburg's Pulkovo Airport under the momentary management of a. Russian holding company, taking control from German airport. group Fraport, Qatar's sovereign wealth fund Qatar Financial investment. Authority and investors from other Gulf states.
JPMORGAN CHASE
JPMorgan Chase stated on May 2 that its possessions in Russia may. be seized after lawsuits in Russian and U.S. courts. It said the. worth of claims and orders to freeze properties surpassed its. offered assets in Russia.
A Russian court purchased in April the seizure of funds in. JPMorgan accounts after state-owned bank VTB sued to. regain its funds blocked abroad, while JPMorgan sued VTB in a. quote to block the effort.
LINDE
A Russian court ordered on Aug. 14 that properties of Linde's. British system worth some $1.15 billion be frozen in a conflict. over a gas processing plant.
OMV
Under decrees from December 2023, Austrian oil and gas. business OMV's stakes in the Yuzhno-Russkoye field and in the gas. extraction Achimov jobs are to go back to freshly developed. Russian business and sold to Gazovyye Tekhnologii. OMV's possessions will then be sold to joint stock business SOGAZ.
RAIFFEISEN
A Russian court froze the shares in Raiffeisen's local arm,. obstructing the sale of the Russian system, the Austrian bank said on. Sept. 5.
ROLF
On Feb. 21, a Russian court ordered that ownership of shares. in Rolf, an automobile dealership owned by a Cyprus-based company, be. turned over to the Russian state, Russian news firms. reported, after it was put under momentary state management. in December.
UNICREDIT
St Petersburg arbitration court bought in May that. UniCredit's assets, accounts and home, and shares in two. subsidiaries be taken as part of a lawsuit over an aborted gas. task including the Italian bank.
UniCredit said the seizure affected just a fraction of its. Russian system's properties, not the entire subsidiary.
UNIPER
The Kremlin on April 2023 took action against Unipro, the. Russian division of German utility Uniper that has 5 power. plants in Russia, presenting external management and a brand-new CEO.
WINTERSHALL DEA
Under decrees from December 2023, Wintershall Dea's stakes. in the Yuzhno-Russkoye field and in the Achimov tasks are to. revert to freshly developed Russian companies and offered for sale. to Gazovyye Tekhnologii, formalising the loss of control that. BASF and Wintershall Dea had actually flagged since January. 2023.
Wintershall Dea is a joint endeavor in between BASF and Russian. billionaire Mikhail Fridman's investment company LetterOne.
(source: Reuters)