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Trump Administration considers further $12 billion cut to clean energy funding
According to a list seen by, the U.S. Government is considering canceling an additional $12 billion of clean energy funding. This includes awards for auto manufacturing, carbon capture and other projects. Two major direct air capture hubs, one of which involves the oil company Occidental, are on the list. They received billion-dollar awards under the former president Joe Biden's administration. The list also includes $500 million Last year's award General Motors will convert its Lansing Grand River Assembly Plant to a new facility Michigan Stellantis will invest $335 million to convert the Belvidere Assembly Plant into EVs. Illinois Stellantis will receive $250 million to convert its mid-size electric trucks. Indiana Transmission Plant in Kokomo will produce EV components. The Department of Energy has announced that it will cancel financing of $7.56 billion for hundreds of energy-related projects, claiming they would not generate enough returns for taxpayers. DOE officials weren't immediately available to comment. Occidental GM, and Stellantis have not responded to comments immediately. Russell Vought, White House budget director, said last week in a post to X that the administration will terminate nearly $8 billion of climate-related funding for 16 Democratic-led States including California and New York. (Reporting from Valerie Volcovici, Washington; additional reporting by Chandni in Bengaluru and Nichola in Los Angeles, and David Shepardson, Washington; editing by Chris Reese, Nichola Williams and Nichola Williams.
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Tesla launches lower-cost Model Y to revive sales
Tesla launched a new, more affordable model of its Model Y SUV, starting at just $39,990. The electric vehicle maker is trying to combat falling sales and a shrinking market share in the face of increasing global competition. Elon Musk, the CEO of Tesla, has been promising mass-market cars for years. However, last year, he cancelled plans to build a new $25,000 electric vehicle, as first reported. Musk announced late last year that the vehicle will be priced below $30,000, including U.S. electric tax credits. The credit was terminated at the end last month in the United States. Prices jumped by about $7,500. This helped boost quarterly sales, which reached a record. However, it is expected that the pace of sales will drop for the remainder of the year unless an affordable car can be found. The desire to purchase the car is high. Musk stated in July that people simply don't have the money to purchase it. The more affordable the car is, the better. Tesla posted two videos on X this weekend, igniting interest among fans. The first video features headlights peeking out from the darkness. Another shows what appears to be a spinning wheel for a few moments, followed by the U.S. date format of October 7. The CRUCIAL PLAN FOR $1 TRILLION PAYMENT Musk originally promised that production would begin by the end June. Tesla said that in July it had only produced "first builds" and would not be ready for customers until the end of the year. Tesla is already struggling with the slowing of sales due to its aging product line. Competition has increased rapidly, particularly in China and Europe where Musk's extreme right-wing political views have undermined brand loyalty. Tesla introduced a new version of its Model Y earlier this year. It featured improvements such as a rear-screen touchscreen and light bars. Musk has shifted the focus of his company to artificial intelligence and robotaxis, with a particular emphasis on humanoid robotics. Tesla has announced that it will introduce more affordable vehicles to its lineup, but hasn't provided any details. According to sources, the EV manufacturer also plans on releasing a stripped down version of its Model 3 midsize car. The board of Tesla has set several milestones for the company, including a $1 trillion compensation package for Musk. One of these is delivering 20,000,000 vehicles in the next decade. (Reporting from Abhirup Roy and Akash Sriram, in San Francisco; editing by Peter Henderson and Richard Chang, Srirajkalluvila, and Alan Barona.)
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Owners of Chinese-built vessels face US port fees and costs of $3 billion.
The U.S. will begin charging port fees to certain vessels that have links to China in one week. This move is expected to cost the 10 largest carriers $3.2 billion over the next year, as President Donald Trump tries to counter China's increasing dominance on high seas. S&P reported in a recent report that "while some observers believe that the October 14th deadline may be extended - or even scrapped - as part of wider negotiations, the uncertainty already has carriers unsettled, adding another layer to geopolitical risks for fleet deployment strategies." Trump's administration has said that fees levied on ships owned, built or operated by Chinese entities would help fund the revival of U.S. shipbuilding. The U.S. Congress is moving forward with a law that will direct long-term funding. It has strong bipartisan support. The U.S. trade representative sent out an update to ship owners late last week informing them that it is their responsibility, and not the agency's, to determine if fees are applicable. USTR stated that the onus of determining whether a vessel is liable for the fee lies with the ship owner, and not CBP. The website Pay.gov of the Department of the Treasury also stated that fees are to be paid online, and not at the ports of entry. The higher of $23 per tonnage net or $154 for 20-foot equivalent capacity will be charged to non-Chinese ship operators. Alphaliner, a maritime data and technology provider, said that both fees can only be imposed five times per year on a vessel. USTR has lowered fees significantly from its initial proposals. It also exempted a number of U.S.-based companies and extended timelines for the fees on LNG carriers. USTR also increased fees for non-U.S. made roll-on/roll off auto carriers, with some exceptions. Alphaliner estimates that the Chinese carrier COSCO and its OOCL Fleet are most vulnerable to these fees. COSCO's fees may be up to $1.53 billion in the next year, which is nearly half the $3.2 billion that was projected for the top ten cargo carriers. CMA CGM and many other carriers, such as France's COSCO, have said that they re-deployed Chinese built ships to avoid fees. Beijing responded. Premier Li Qiang has signed a declaration pledging to counter any discriminatory actions on Chinese ships and crews. Trump and Chinese president Xi Jinping will meet at the Asia-Pacific Economic Cooperation summit (APEC), scheduled to take place in South Korea from late October until November 1. In the United States, fewer than ten commercial vessels were built in shipyards last year. China's shipyards, which produce both commercial and naval vessels, produced well over 1,000. Reporting by Lisa Baertlein, Los Angeles; additional reporting by Gus Trompiz, Paris; editing by David Gregorio
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Zelenskiy: Russia uses tankers to spy on them and sabotage
On Tuesday, Ukrainian President Volodymyr Zelenskiy accused Russia of using oil tanks for intelligence gathering and sabotage. In a Telegram post, Zelenskiy said that his country, after being briefed by Ukraine's chief of foreign intelligence, was cooperating in this matter with its allies. "At the moment, Russians use tankers to not only earn money for war but also for reconnaissance, and even sabotage. "It is possible to stop it," he added. Zelenskiy, in a video message he gave later that night, said that foreign intelligence chief Oleh Ivashchenko had described in his report the way Russia used tankers from its shadow fleet to "conduct destabilising and sabotage operations in Europe." He said that recent cases of drones launched from tanks are an example. "We share this information with our partners, and it's important that they respond to Russia in a real way." Reporting by Yuliia Dsya. Max Hunder wrote the article. Mark Potter, Ron Popeski, Mark Porter and Mark Potter) edited the work.
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The price of crude oil has increased despite the costlier shipment to India
The differentials between Urals crude and Brent for the date of February weakened on Monday due to rising shipping costs from Russia to India. This was driven by an increase in cargoes coming from Primorsk and Novorossiisk. Industry sources say that the current freight costs to transport Urals from the Baltic port of Primorsk to India for Aframax tanks rose from $6-6.5 millions for one-way trips in late August to middle September. The traders reported that the prices of Urals at western Indian ports remained constant. The exact plans for October remain unknown, but they expect Urals to continue exporting from western Russian ports at a level similar to September. Sources in the trade said that traders offering Russian oil are now asking Indian refineries to pay for their products in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers. PLATTS WINDOW There were no bids or offers reported on Tuesday in the Platts window for Urals, Azeri BTC Blend or CPC blend crude. Nikolai Gorban, the head of CPC, said that this year's oil pumping target has been reduced to 74 millions metric tons.
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Sources say Boeing will win EU conditional approval for $4.7 billion Spirit deal
People with direct knowledge said that Boeing will receive EU antitrust approval of its $4.7 billion purchase of Spirit AeroSystems. Remedies to address EU concerns are expected to include the sale of some of Spirit AeroSystems' businesses. Boeing announced the agreement in July of last year. It aimed to streamline operations and improve the quality control years after the spin-off of the airline supplier. The people who spoke to Boeing said that Boeing's remedies for EU competition concerns are expected to be the same as those announced by the companies at the time of acquisition agreement. Spirit has sold its Europe-focused, loss-making activities to Airbus. It also divested of operations in Prestwick (Scotland), Subang (Malaysia), and Belfast, which support Airbus programs, as well those in Belfast, which do not. The European Commission (EC), which is the EU's enforcer of competition, will make a final decision on October 14. Boeing and Spirit AeroSystems have declined to comment. The British Competition Agency cleared the deal in August without any conditions. Boeing has considered purchasing its former subsidiary for some time. Analysts say that despite working with Airbus in Europe and other companies, the company has not been able to flourish independently. Boeing is trying to solve a corporate and industrial crisis which has affected one of its key suppliers. Reporting by Foo Yan Chee Editing Mark Potter
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Report says global renewable energy output has overtaken coal for the very first time.
A report from the think tank Ember revealed that renewable energy sources produced more electricity globally than coal for the first time during the first half 2025. This was due to rapid growth in China, India and other developing countries, the report showed. Most scientists believe that reducing coal power generation, since it emits twice as much carbon dioxide as the gas-based generation, will help to meet global climate goals. Ember reported that renewables such as solar and wind power provided 5,072 Terawatt Hours (TWh), or electricity, globally between January to June. This was more than coal's 4,896 terawatt hour supply. "We're seeing the first signs that a turning point is near," said Malgorzata Motyka. She's a senior analyst for Ember. Solar and wind power are growing at a rate that is fast enough to satisfy the growing demand for electricity in the world. The global electricity demand increased by 2.6% or 369 TWh during the first half 2025, compared to the same period of 2024. This was more than offset by an increase in solar energy output (306 TWh) and wind power output (97 TWh). China and India were the main drivers of this shift. The Ember report stated that China, as the largest electricity consumer in the world, has reduced its fossil fuel generation by 2%, while its solar and winds generation have grown by 43%, respectively. The report shows that India has seen a 29% and 31% increase in wind and solar power generation, respectively. This helped reduce the country's coal and gas consumption by 3.1%. During the same time period, fossil-fuel production increased in the United States as well as the European Union, due to a stronger demand and a weaker hydro- and wind power output. The report stated that in the U.S. coal-fired electricity generation increased by 17%, while gas-fired generation decreased by 3.9%, and in Europe, gas-fired energy generation increased by 14%, while coal-fired generation increased by 1.1%. The climate-change-skeptic U.S. president Donald Trump signed executive orders earlier this year aimed at increasing coal production. Last month, Trump also pledged his support for coal-fired electricity plants.
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Sources say that the tanker rates for Russian crude oil to India have risen due to increased seaborne exports.
Sources in the industry said that tanker freight rates to ship Urals crude oil from Russia's western port to India increased further at the end of September and in early October. This was in response to a dramatic increase in loadings in August. Indian refiners are continuing to import Russian oil, despite the punitive U.S. duties on Indian goods after India refused to stop importing Russian oil. The increase in crude exports to Russia's west ports of Primorsk (Ust-Luga), Novorossiisk and Ust-Luga from August was 500,000 barrels a day, a record. This is due to unplanned refinery repairs. The sources reported that the freight costs for transporting Urals to India from the Baltic port of Primorsk or Ust-Luga for loading in late October have risen to $7 million, compared to $6-6.5 for one-way trips from late August to mid-September. The rates for similar shipments out of the Black Sea port Novorossiisk, on Suezmax tanks, which carry about 140,000 metric tonnes, increased to around $6.2-6.5million, compared to roughly $6 million one month earlier. According to sources, both Greek shipowners and "shadow fleet" tanks are involved in the transport of Urals from Russian port. The Greeks who worked are still working. "No one has left the markets," said one trader. On October 1, the Group of Seven finance ministers announced that they would increase pressure on Russia, targeting those who continue to buy Russian oil at higher prices and those who facilitate circumvention. In early October, France detained the tanker Boracay which was loaded with 100,000 tonnes of Urals crude oil sourced from Primorsk by Rosneft. The cargo was destined for India’s Vadinar Port. The detention by France of a tanker suspected to be part of Russia's "shadow Fleet" is part a new European approach designed to stop revenue from funding Moscow's military campaign in Ukraine. This was announced by President Emmanuel Macron. The Russian President Vladimir Putin called the French boarding of a tanker an act of piratery. (Reporting by ; Editing by Emelia Sithole-Matarise) Freight rates are still high compared to the levels of January 2025, when shipping costs between Baltic ports and India ranged from $4.7 million to $4.9 million for each voyage. (Reporting and Editing by Emelia Matarise Sithole)
Staffing shortages at air traffic control for the second day cause delays
The Federal Aviation Administration announced in a Tuesday notice that staffing problems at air traffic control are affecting flights for the second day running.
FAA reported that some flights are being delayed at airports such as Nashville and Newark. Newark airport is experiencing delays of up to 30 minutes for arriving flights due to staffing problems.
The FAA reported that there were staffing problems at the Atlanta Air Route Traffic Control Center, and it said they could reduce arrivals per hour in Chicago O'Hare.
The severe weather also impacts flights in the United States.
A total of 13,000 air traffic control officers and approximately 50,000 Transportation Security Administration (TSA) officers are still required to report for work during the shutdown. However, they will not be paid. Instead, controllers will receive a partial pay on October 14.
Sean Duffy, Transportation Secretary, said that since the start of the shutdown last week the FAA has seen an increase in sick leave. In some areas the staffing for air traffic has also been reduced by half.
We'll make sure that the airspace is safe if we don't use controllers. Duffy told Fox News' "Fox and Friends" Tuesday that they would slow down traffic.
FlightAware is a website that tracks flights. It reported Tuesday that more than 2,300 flights were delayed, including 200 in Nashville or about 20% of their flights.
The number of controllers and Transportation Security Administration (TSA) officers absent during the 35-day shutdown in 2019 increased as employees missed paychecks. This led to longer waits at checkpoints. The authorities were forced to reduce air traffic in New York to put pressure on legislators to end the standoff.
(source: Reuters)