Latest News
-
US Judge dismisses certain claims in Uber sexual abuse lawsuits
The federal judge who oversees more than 2,300 lawsuits that seek to hold Uber responsible for passengers sexually harassed or assaulted by drivers has dismissed certain key claims. On Tuesday, U.S. District Court Judge Charles Breyer rejected certain fraud and product liability allegations in San Francisco. His decision on 20 "bellwether cases" against Uber could serve as a model for similar lawsuits against the San Francisco-based company. A trial has been scheduled for December 8 On Wednesday, lawyers for passengers didn't immediately respond to comments. Uber's lawyers and Uber themselves did not respond immediately to similar inquiries. The ads for "Designated Drivers" promoting Uber's safe alternative to drunken driving, should have made it clear that people who are intoxicated, particularly women, and late at night face a higher risk of sexual assault from drivers. Passengers also stated that app notifications with Uber driver names, photos, and "star ratings", should have revealed drivers' criminal records and prior misconduct. Breyer's 37-page ruling dismissed fraud claims that were based on advertisements saying "Don't drive drunk, call Uber" and "Stay Safe Tonight." Use Uber. The judge stated that reasonable consumers would see these ads as a simple encouragement to use Uber rather than driving drunk. He also stated that Uber's app notifications could "form a deceptive plan to obfuscate serious harm" if women accept rides from drivers who have a history of misconduct. Uber has said that it does not intend to withhold information fraudulently, and no passengers have claimed they rely on app notifications. Breyer dismissed the claim that Uber's application was defective, because it did not prevent pairings between drivers and passengers at high risk. He refused to dismiss claims of product liability based on an app that did not have a matching feature for passengers and drivers. The judge dismissed other claims previously in bellwether cases. Uber's U.S. Safety Report for 2021-2022 said that it had received 2,717 reports of the most serious categories sexual assault and misconduct. Uber said that only 0.1% (or 1.8 billion) of all trips made in the U.S. during those years were reported as safety incidents. These included "minor" incidents such as verbal arguments or complaints about driving. In re Uber Technologies Inc. Passenger Sexual Assault Case, U.S. District Court Northern District of California No. 23-03084. (Reporting and editing by David Gregorio in New York, with Jonathan Stempel reporting from New York)
-
The US price bubble is deflated by the copper glut caused by the tariff threat
The U.S. President Donald Trump’s 50% tariff on the metal has caused a record-high premium in the United States. This is expected to decrease over the next few months, as traders who anticipated the tax will work their way through the system. An investigation that began in February led to the tariffs. Commerce Secretary Howard Lutnick stated they would likely be implemented by August 1, or even sooner. Analysts had predicted that the levy will be 25%. That was enough to cause stockpiling, which led to a 25% increase in the copper price traded on COMEX from the beginning of January until Monday. Trump's announcement Tuesday pushed prices up to a record of $5.6820 per lb, or $12,526 per metric ton. This is a premium over $2,920 for a ton compared to the current price at the London Metal Exchange which is currently around $9600. The market uses this as its global benchmark. Tom Price, Panmure Liberum's analyst, said: "Once the Trump-related noise subsides, we expect U.S. Copper prices to fall. They will converge with LME Prices as U.S. Consumption is deferred." Tom Price said that the U.S. demand for copper was weak, and predicted a drop of 16% this year to 1.32 millions tons compared to last year. The uncertainty over tariffs has hampered economic growth. The latest data from the U.S. Manufacturing sector, which is a major driver of demand for copper, shows that it has contracted. The U.S. inventory is very high. Analysts at Macquarie estimated that U.S. imports of copper totaled 881,000 metric tonnes in the first six months of the year, compared to a requirement of approximately 441,000 tons. This implies a build-up of 440,000 tonnes of excess inventory, consisting of 107,000 tonnes of visible COMEX stock and 333,000 of unreported stocks or purchases pulled forward through the industrial supply chain. As US stocks rise, London Metal Exchange Stocks fall The excess copper has been shipped to COMEX-approved warehouses. COMEX's stock of 221,788 short tonnes or 201 metric tons on July 7 had risen by over 127,000 short tons (135%) since late March, when shipments of copper from around the globe began arriving in U.S. port. The LME is the source of most copper exported to the United States. In late June, stocks had fallen by 66% since mid-February, to almost 90,000 metric tonnes, the lowest level since August 2023. . The copper that is shipped to the U.S. can be stored in U.S. Free Trade Zones, which means it won't have to clear customs. This makes it easier to ship. Copper stored in COMEX, which operates on a tax-paid basis will be harder to ship but not impossible. Duncan Hobbs said that there is no reason why copper cleared by customs cannot be reexported. He was the Research Director for commodity merchant Concord Resources. There would have to be some kind of financial incentive like a reduction in the COMEX premium. The LME is a good option for those who want to sell excess metal. However, it would be difficult to do so in the United States, as LME warehouses tend not be in free-trade zones, and they typically store metal that has been duty-free. Metal that has been cleared by customs can be stored and sold at the LME, but the price must be high enough to cover the duty already paid. Sources in the industry say that the Administration could create exemptions for specific countries. This would reduce the COMEX premium and add to the uncertainty. According to Trade Data Monitor, Chile was responsible for 70 percent or almost 646,000 metric tonnes of U.S. imports of copper last year. Chile is also a country with a surplus in trade, which makes it an attractive exemption. Citi analyst Tom Mulqueen expects, for example, that Canada, Chile, and Mexico will "secure a rate of less than 25% as key partners" in the future. The traders who tried to get ahead of the tariff now have some of the most costly copper in the entire world. It could be difficult to sell if the premium does not hold. (Reporting and editing by Veronica Brown, Barbara Lewis and Pratima Deai)
-
Bulgarian prosecutors investigate gas deals with Turkey
Sofia's city prosecutor announced on Wednesday that it had investigated a gas deal in 2023 between Bulgargaz, Bulgaria's state-owned gas company, and Botas of Turkey. The office also searched the former energy minister's home. Bulgargaz signed a 13 year deal with Botas in 2023 that allowed Bulgargaz the use of Turkey's LNG Terminals for cargo shipments. These would then be transported to Bulgaria via Botas’s gas network. Zhecho Stankov, Minister of Energy, said in May that Bulgargaz was still in debt because it had to pay for capacity it didn't use. Bulgargaz paid Botas 600 million leva ($359 millions) so far. The prosecutor's office stated that "currently, procedural and investigational actions are being conducted to collect and verify the evidence." The prosecutor's office said that the house of a single individual was searched. The investigation is focused on the contract between Bulgargaz EAD, a Bulgarian energy company and Botas in Turkey. It also examines the circumstances of its conclusion and if the contract has caused harm to the state. The website novinite.com reported that former energy minister Rosen Hristov who signed and negotiated the deal said his home had been searched, and investigators had taken away his laptop and phone. In his statement, he denied all wrongdoings and claimed that the investigation was political motivated. Botas was unable to provide any comment on the investigation. The deal with Botas is part of an effort to diversify Bulgaria's gas supply and find cheaper sources. Bulgaria was totally dependent on Russian Gas until 2022.
-
Sources: Saudi Aramco and Commonwealth LNG in negotiations for an offtake agreement
Four people said on Wednesday that Saudi Aramco, the oil giant, is in discussions with Commonwealth LNG about buying liquefied gas from its Cameron, Louisiana facility, to help it strengthen its position in super-chilled fuel markets. Two people have said that the talks are about 2 million tonnes per annum. Aramco as well as Commonwealth LNG have not responded to comments immediately. Aramco wants to increase its LNG portfolio, which is expected to grow by 50% globally by 2030. This is especially true in the United States where LNG capacity will almost double within the next four-years. Rio Grande LNG, NextDecade and other U.S. companies have already signed agreements with Aramco.
-
After mysterious explosions, the Greek tanker fleet increases ship inspections in Russian ports
Six Greek shipping and security companies report that Greek shipping companies visiting Russian ports have boosted their vessel's defences following a series mysterious explosions in the last few months which damaged tankers connected to Moscow's oil trading. Two Greek sources who are familiar with the strategy say that the measures include underwater inspections of foreign objects by divers. The West has imposed sanctions on Russia for its involvement in the war in Ukraine. Separately, the Group of Seven major countries has capped the price of oil exported by Moscow at $60 per barrel. This is the lifeline of the Russian economy. A large amount of Russia's crude oil is exported now by a "shadow fleet" (or unregulated fleet) of tankers. However, shipping data indicates that Greek-owned vessels, which are part of the largest tanker fleet in the world, also carried Russian crude. Greek shipping companies maintain that transporting Russian crude oil within the G7 cap is a legal trade. The explosions that occurred on at least six ships this year, which called in Russia's Baltic Sea Port of Ust-Luga, and its Black Sea Port of Novorossiysk, have shaken the market. One of the Greek sources who refused to be named due to the sensitive nature of the issue said that vessels waiting outside Russian anchorages or other zones would move their position at different times in order to make it less predictable. Crews were alert to any movement around their ship. Two other sources said that remote underwater inspections of the hulls and other measures were being considered. No official results have yet been released from the various investigations into these incidents, but security sources claim that some of the explosions were probably caused by limpet mines. These are magnetized mines that attach to targets. Three sources who advise the industry but are not directly involved with the investigation said that they were looking into the possibility of Ukrainian teams being involved in some blasts. This is because Kyiv has objected to Greek ships transporting Russian oil. Ukraine has not commented on these incidents before. Both its military intelligence agency, and its security services declined to comment about this story when contacted. The latest incident occurred on 6 July, when the Eco Wizard LPG tanker (liquefied petrol gas) experienced a series blasts in Russia's Ust-Luga Port. The transport ministry in Moscow said that a small leak of ammonia liquid occurred while the tanker was loading. A dive inspection was scheduled. Stealth Gas, a Greek-based company, declined to comment. Other sources claimed that the explosion was caused by an explosive device. An explosion damaged the Greek oil tanker Vilamoura earlier last week as it was sailing near the coast of Libya. According to TMS Tankers, an external explosive device was most likely responsible for this incident, citing a preliminary investigation. When asked about the investigation that was launched in January after the tanker Seacharm suffered damage in a February blast, the Greek authorities refused to comment citing the classified nature of the information. The Italian authorities who opened a terrorist investigation at the time into the damage caused to another tanker called the Seajewel have not provided any updates since. MEDITERRANEAN CONNECTION According to the data analysis, four of the tankers which suffered explosions this year had Greek operators, with another one located in Cyprus. The incident was the first in many years to involve non-military ships in the central Mediterranean. Corey Ranslem of Dryad Global's maritime cyber defence and risk information company, Dryad Global in Britain, said that vessels with Russian port callers were "increasingly exposed to sabotage" by state-sponsored or proxy actors amid the Russia-Ukraine crisis. Ranslem stated that "despite the relative stability of the Mediterranean compared to other high-risk areas like the Red Sea," vulnerabilities still exist during transit and at anchorages where there is less oversight, such as in Libya. Ellie Shafik is the head of intelligence at UK-based maritime risk management firm Vanguard Tech. She said that patterns of activity and likelihood of involvement indicated "Ukrainian actors or those with state-aligned interests" may have been involved in certain incidents. She said that the strategy appears to be covert maritime sabotage using limpets mines. This method will ensure engine room flooding and immobilization, without causing total destruction to the vessel or casualties among the crew. The nature of this sabotage indicates professional military capabilities. (Reporting and editing by Rachel Armstrong, Tomaszjanowski, and Renee Maltezou; additional reporting by Yannis Soulieotis and Tom Balmforth; Emilio Parodi, Gleb Stolyarov, and Yannis Souliotis);
-
Maguire: Turkey's clean energy growth is bad for the gas market bulls
Turkey is one the fastest growing power markets in the world, and natural gas and LNG exporters have targeted the country as an important potential growth market. They may be disappointed by the rapid expansion of Turkey's clean energy supplies. Solar capacity has increased dramatically in Turkey, and last month solar electricity production surpassed gas-fired electricity for the first time. The country's very first nuclear plant will be starting up production within the next few months. Turkey has also deployed utility-scale battery systems to store excess power from wind farms and solar farms, which can be dispatched at times of peak demand. It aims to achieve 80 gigawatts hours (GWh), or storage capacity for batteries by 2030. The combination of increasing clean energy supplies and expanding storage capacity is likely to limit Turkey's usage of gas and fossil fuels for power production. Gas market bulls may need to look elsewhere to find growth potential. GROWTH PATH The World Bank's data shows that the Turkish economy has grown by 4.7% per year on average since 2019. This is four times faster than the Eurozone and almost twice as fast as the global economy during the same period. Data from Ember show that the country's demand for electricity jumped 14% between 2019 and 2024. This is in stark contrast with the 5% decline in demand in the European Union during the same period. According to Ember, the Turkish electricity demand is primarily driven by government spending on infrastructure, heavy industry, and manufacturing. The total will reach 340 Terawatt Hours (TWh), in 2024. Re-shoring certain heavy industries, such as steel and cement production in Germany, has also contributed to the increase of energy consumption in Turkey over the past few years. GAS CUTS Gas-fired power generation in Turkey has been declining for the last three years despite this steady increase in power usage. According to Ember, coal-fired power plants are the largest source of electricity in Turkey. They accounted for 36 percent of the country's electricity supply last year. The key to the coal industry's survival has been cheap shipments coming from Russia. Since 2022, when it was sanctioned for its invasion of Ukraine, Russia has had difficulty finding willing buyers. In order to ensure that Turkey's electricity suppliers continue to purchase coal, Russian coal exporters discounted their prices in comparison with other coal vendors. As a result, they have gained a majority share of Turkey’s coal purchases starting 2022. Data from commodity intelligence firm Kpler show that Russia has provided roughly 88% (or more) of Turkey's imports of coal so far in 2025. This compares to an average of 24% between 2018 and 2021. The steady supply of coal has led to a reduced demand in Turkey for natural gas, which is more expensive. Gas-fired power plants supplied only 19% the electricity in Turkey last year. Solar farms (7%) followed by wind farms (11%) as the next biggest electricity sources in Turkey. On the Rebound? The Turkish gas-fired electricity generation has risen by 52% in the first half 2025 compared to the first half 2024. This has given gas market bulls reason for optimism. The recent gas-fired electricity generation peaks are still below the previous production spikes. This suggests that Turkey's energy firms remain cautious about over-relying on gas to produce electricity. Solar power continues to grow, with the output of solar and wind farms reaching a record 30 percent share in electricity last month. The first of four reactors planned for Turkey's first Nuclear Power Plant is expected to begin production in the next few months. Once the Akkuyu power plant is operational, it will supply utilities with clean energy that can be used on demand instead of coal or gas power to balance system needs. Global Energy Monitor (GEM) reports that nearly 90% of 13,000 megawatts of new capacity is coming from clean sources. Nuclear plants are the single largest source of new capacity being developed in the near future, with 4,800 MW. GEM data indicates that solar farms, with 1,336MW, and wind farms, with 2,460 MW, represent the second largest share of capacity. Clean energy sources will make up more than half the total capacity of Turkey's electricity firm once completed, with only 890 MW new gas and 700 MW new coal capacity. This leaves very little room for natural gas to make a sustained contribution to the Turkish energy mix even if Turkey's growth in power demand continues to exceed that of regional and international peers. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
-
Traton reports slight increase in Q2 delivery but US tariffs weigh
Traton, a German truck manufacturer, reported on Wednesday that second-quarter deliveries were up 1% year on year in spite of the uncertainty surrounding U.S. tariffs. Volkswagen's subsidiary, International Motors, reported a 10% rise in sales of 17,600 vehicles after a fire in a supplier plant during the previous quarter. The U.S. Market faces continued uncertainty about the impact of tariffs on imports and economic forecasts, according to a press release. It also noted that sales for the unit in the first half of the year had decreased by 2%. Traton shares were up 2.4% by 1028 GMT. Fabio Hoelscher of Warburg Research said that Traton’s two most important segments - Scania and MAN - were above estimates and grew sequentially. Hoelscher said that Traton's comments from the pre-close call for the second quarter continue to indicate a weaker 3rd quarter, and the guidance is still optimistic given the current economic conditions. German automakers are pushing for a With President Donald Trump, we will replace the 25% tax on imports of cars and auto parts to the United States. This is a heavy burden on consumers. Demand In their key markets.
-
British Airways wants the UK to be added to China's Visa Waiver Scheme
An executive at British Airways said that the company would like Britain to be added to China's list of countries eligible to receive its 30-day visa free scheme in order to increase demand following its suspension of Beijing flights last summer. China has steadily extended its 30-day visa-free scheme. In June, 55 countries were included. The policy does not cover Britain, even though British passport holders were eligible for a 240 hour transit visa-free period last year. Neil Chernoff told the media in Shanghai that the airline was working with the UK Government and the China Government to see if they could get the UK involved with this programme. I think we could improve the demand by doing that. British Airways, along with other foreign airlines, suspended its flights to Beijing on October 1. They are struggling due to a ban of flying over Russian airspace as well as a slower-than-expected recovery in Chinese travel following the pandemic. The longer flights around Russia result in higher fuel costs and crew costs. Also, aircraft utilization is lower. This puts Chinese carriers at a competitive disadvantage with airlines who can fly over Russia. Chernoff stated that "in a country like China, where they are not under the same restrictions as we are in the UK, their flight times will be shorter, and therefore, they'll have a better product." British Airways, who still fly daily to Shanghai and Hong Kong is constantly evaluating if it should bring back the Beijing route. Chernoff stated that the demand has not kept up with the increasing supply of vaccines since pandemic. Chernoff, speaking at an event to celebrate the 20th anniversary British Airways' Shanghai route, said that there was no timetable for when the direct flights between London Heathrow and Beijing would resume. The British Foreign Office didn't immediately respond to an inquiry for comment. British Airways and China Southern have a joint venture. On Wednesday, British Airways announced that it would deepen the partnership by allowing both parties to collect and redeem frequent flyer points. Reporting by Casey Hall and Sophie Yu. Mark Potter edited the article.
How US buyers of critical mineral bypass China's Export Ban
According to records from customs and shipping, at least one Chinese company is involved in this trade. China is the largest supplier of antimony, gallium and germanium used in semiconductors, telecommunications and military technology. Beijing banned the export of these minerals to America on December 3, following Washington's crackdown against China's chip industry.
The shift in trade flows highlights the struggle for vital minerals, and China's struggle for enforcement of its curbs. It is competing with the U.S. to achieve economic, military and technology supremacy.
Trade data shows that U.S. shipments are being rerouted via third countries, a problem which Chinese officials have admitted.
Three industry experts, including two executives from two U.S. firms who claimed to have obtained restricted minerals in China recently, confirmed this assessment.
Customs data shows that the U.S. imported 3,834 tons of antimony oxides between December and April from Thailand and Mexico. This was almost three times more than the previous years combined. Thailand and Mexico meanwhile shot up to the top three markets for Chinese antimony exports this year according to Chinese data until May. In 2023, which was the last year of exports before Beijing began to restrict them, neither country made it into the top 10. According to RFC Ambrian consultancy, Thailand and Mexico both have one antimony smelter. The latter was only reopened last April. According to RFC Ambrian, neither country has significant quantities of antimony.
The U.S. is on track to import antimony, germanium, and gallium at the same or higher levels than before the ban. However, prices will be higher.
Ram Ben Tzion is the co-founder and CEO at Publican's digital platform for vetting shipments. He said that although there were clear signs of transshipment in trade data, it was not possible to identify companies involved.
He said, "We're seeing a pattern and it's consistent." He added that Chinese companies were "super-creative" in their efforts to bypass regulations.
In May, China's Commerce Ministry stated that "unspecified" overseas entities "colluded" with domestic lawbreakers to circumvent its export restrictions and that stopping this activity was vital to national security. It did not respond to any questions regarding the change in trade flows that occurred since December.
Similar questions were not answered by the U.S. Commerce Department or Thailand's Commerce Ministry, nor Mexico's Economy Ministry.
The U.S. does not prohibit American buyers from buying antimony, germanium, or gallium of Chinese origin. Chinese companies can export the minerals to other countries than the U.S. with a valid license.
Levi Parker, founder and CEO of U.S. based Gallant Metals told us how he gets about 200 kg gallium per month from China. He did not name the parties because of the possible repercussions.
Firstly, agents who buy in China purchase material from the producers. He said that a shipping firm then routes the packages via another Asian nation, with re-labeling as art supplies, iron, or zinc.
Parker stated that the workarounds weren't cheap or perfect. Parker said that he would love to import 500kg regularly, but that he was concerned about the risk of attracting scrutiny. Chinese logistics companies are "very cautious" due to this.
BRISK TRADE
Thai Unipet Industries is a Thailand-based branch of Chinese antimony manufacturer Youngsun Chemicals. According to previously unreported records, the company has done brisk business with the U.S. over recent months. According to 36 bills recorded by ImportYeti, Export Genius and ImportYeti, Unipet shipped 3,366 tonnes of antimony-based products from Thailand to America between December and may. This was about 27 times more than the volume Unipet transported in the same time period last year.
They do not always indicate the origin of raw materials. The records do not provide specific proof of transshipment. Thai Unipet could not be reached for a comment. A person answered when I called the number for the company listed on the shipping record. She said that the number did not belong to Unipet. No response was received when I mailed my questions to Unipet’s registered address. Youngsun Chemicals - Unipet's parent company - did not respond to any questions regarding the U.S. shipment.
Unipet's U.S. shipments were purchased by Texas-based Youngsun & Essen. Before Beijing's antimony trioxide ban, Youngsun Chemicals imported the majority of its antimony from Youngsun Chemicals. Jimmy Song, the president of Youngsun & Essen, did not respond to questions regarding imports.
China launched a major campaign against the transshipment of minerals and their smuggling in May.
Offenders may be fined and banned from exporting in the future. James Hsiao of the Hong Kong-based law firm White & Case said that serious cases could also be classified as smuggling and lead to jail sentences exceeding five years.
He said that Chinese laws are applicable to Chinese companies even when transactions take place overseas. Hsiao said that in cases of transshipment the Chinese authorities could prosecute sellers who failed to do enough due diligence to identify the end-user.
For those willing to risk it, there are big profits to be made overseas where the shortages of gallium, antimony, and germanium have sent prices to record highs.
China's antimony and Germanium exports are still lower than before the restrictions.
Ben Tzion, a Beijing-based economist, says that Beijing must now ensure that its export control regime is effective.
"While all of these policies are in place, the enforcement of them is a totally different scenario," said he.
(source: Reuters)