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Vietnam prepares for flight reductions from April, after China and Thailand ban jet-fuel exports
Vietnam's authorities warned that the aviation industry should prepare for possible flight reductions in April, after China and Thailand stopped exports of jet-fuel due to the?Iran war. This increased the likelihood of shortages. Vietnam imports 60% of its jet-fuel needs from China and Thailand. Documents from the aviation regulator, and importers, seen by. In a document sent on March 9, the Civil Aviation Authority of Vietnam warned that there was a risk of jet fuel shortages in the months to come for Vietnamese airlines. The report said that airlines should review their plans and, in particular, domestic routes. It also instructed airport operators to provide additional parking spaces for Vietnamese carriers, "in the event they are forced to reduce operations due to a lack of aviation fuel." The document also showed that Singapore has reduced its supplies to Vietnam. Petrolimex, a major importer, and Skypec, a major supplier, both viewed separate documents by. Both said they could only guarantee jet-fuel supplies for March. They warned that April contracts might not be met by suppliers. Skypec asked the regulator to limit air travel to only essential domestic routes, if the conflict continues. All documents were released after China asked its refiners to refuse new exports in the early part of this month. This was before a ban on refined fuels exports that began March 11. Thailand banned the export of fuel oil to all countries, except Myanmar and Laos, on March 6. The regulator, ministry and two importers did not respond to comments. Vietnam Airlines, VietJet and other major airlines in Vietnam declined to comment. DIPLOMATIC EFFORTS MADE According to Chinese customs data, Vietnam was the third largest buyer of aviation fuel from China in last year's figures after Australia and Japan. The Southeast Asian nation has raised the issue both with China, its principal supplier, as well as Thailand. According to a Vietnamese news portal, Le Hoai Trung, the Foreign Minister, asked his Chinese counterpart Wang Yi, for close coordination, "to ensure energy safety," during a long-planned meeting in Hanoi. The Chinese summary of the meeting did not mention energy security. State media reported that Pham Minh Chinh, the Prime Minister of Vietnam, asked Thailand on Friday to assist in addressing the shortage at a meeting he had with the Thai Ambassador in Vietnam. Requests for comment from the foreign ministers of Vietnam, China and Thailand were not immediately responded to. In its document, the Vietnam Aviation Authority noted that "in this context it is hard to find new suppliers." The report also said that Vietnam's two refineries were under pressure to expand their production of other oil-based products, which made it difficult for them increase their jet fuel output. The report also noted that even if fuel supply stabilizes, the rising prices of fuel will disrupt the industry. According to a March document sent to the aviation regulator, local?airline Sun PhuQuoc Airways intends to "adjust" flight schedules in the coming months because of the volatility in?fuel prices. The company has not responded to a comment request. The documents show that Petrolimex, Skypec and other companies have also indicated the increase in jet fuel prices and the consequent 'limitation of credit lines. They have urged the banks to provide more flexible financing till market conditions normalise. LSEG data show that front-month jet-fuel paper swaps are currently trading in Singapore at $157 a barrel, which is more than 1.5 times the price of pre-conflict levels.
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Dubai Media Office reports that a fire breaks out near Dubai International Airport following a drone attack.
The 'Dubai Media Office' said on Monday that authorities are?dealing?with a??fire? resulting??? from a drone attack near the Dubai International Airport. They added that there were no reported injuries. Dubai authorities stated that the drone attack had hit a fuel tank, and civil defence teams are working to control the fire. Gulf Arab states have been subjected to more than 2,000'missile and drone attacks' since the U.S. and Israeli war against Iran began on February 28. These include U.S. military bases and diplomatic missions, but also vital Gulf oil infrastructure and ports, airports and hotels, as well as residential and office buildings. The United Arab Emirates - which normalised its relations with Iran's arch enemy Israel in 2020 - has been the most affected by?the attacks. All Gulf Arab countries have been affected and have condemned Iran.
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Sources: China relaxes BHP iron-ore ban for a week
Sources said on Friday that China will ease the ban on BHP's Jimblebar Fines, an iron-ore product, until next week. This comes only one day after Beijing tightened restrictions on its third largest supplier. China Mineral Resources Group (the state-run iron ore purchaser) told domestic steelmills they could take "delivery of Jimblebar fins already at port for around a week," said three sources who were familiar with the matter, but on condition of anonymity because of the sensitive nature of the issue. Steelmakers and traders are excluded from the exception. CMRG?barred? steelmakers and traders? from purchasing Jimblebar?fines in September and has progressively increased its restrictions. Most recently, this week, it is negotiating the terms of BHP’s 2026 supply agreement. Iron ore prices reached a two-month high on Friday as traders feared further bans could limit the iron ore supply at ports. The temporary reprieve highlights CMRG's?challenge? in lowering prices, when its primary tool is to remove supply from the market. One of the sources said that "the move is to reinin iron ore price rally." CMRG and BHPB did not respond immediately to requests for comments outside of normal working hours. Louise Heavens, News (reporting)
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Honda's $15,7 billion writedown on EVs is painful but China problems loom in the future
Honda's $15 billion write-down of its electric vehicles business is more than just a painful reversal in its U.S. strategy. It also shows that it will face even greater challenges from China where it faces an ever-widening technology gap. The second largest automaker in Japan announced on Thursday that it will restructure its electric vehicle business, primarily in the U.S., and write off some Chinese operations. This could cost an estimated?2.5 trillion dollars. It also said that it would report its first loss as a publicly listed company in nearly 70 years. It announced that it would cancel the three battery-powered models planned for the U.S. where demand for electric vehicles has plummeted since President Donald Trump cut subsidies. Honda sold 84,000 battery-powered vehicles last year, just 2.5% of its 3.4 million global vehicle sales. According to Christopher Richter, an automotive analyst at CLSA, the scale of the write-down reflects Honda's massive investments in research and production capacity, as it sought to sell more EVs. He said that the automaker should have acted faster to halt this investment when Trump returned to power. He said, "They took far too long to think about this." "They cancelled these projects almost on the eve before they were released." Honda unveiled its first two concept models of the "Honda 0 Series" in Las Vegas, including the Saloon Sedan, in January 2024. It had planned to launch the first vehicle in the series this year in North America. These plans have now been scrapped. The company has cancelled the three models which were to be produced in the U.S. The company will experience cash outflows up to 1.7 trillion Japanese yen as part of the financial hit. This is largely because of the costs of compensating its suppliers. Seiji Sugiura is a senior analyst with Tokai Tokyo Intelligence Laboratory (the research arm of Tokai Tokyo Securities) and he wrote to clients that he was "shocked by the scale" of this writedown. This decision was made at a time when it was very difficult, before mass production and after significant budgets were already committed. It was an extremely tough call. Honda is now pivoting to hybrids in America?and will be looking to strengthen its lineup and cost-competitiveness in India where it believes it could expand. CHINA'S PERFORMANCE SIGNS DEEPER EV TRUUBLES Honda may be putting behind them the worst, but fixing their China business could prove to be a greater challenge. The automaker said it was unable to compete with the newer Chinese companies, primarily because of their shorter development cycles, and?their strengths in software-driven cars, including advanced driver assistance systems. Honda said that in a competitive environment that was so difficult, it had been unable to produce products that were more cost-effective than those of the newer EV manufacturers. This resulted in a decrease in competitiveness. Vincent Sun, senior analyst at Morningstar said that there is uncertainty regarding Honda's ability to meet the technology challenge in the long-term. He said, "The move raises concerns about Honda's long-term technological competitiveness." Honda launched several battery-powered vehicles in China, the largest auto market in the world, but only sold 17,000 of them last year. This is just 2.5% of the 677,000 cars it sold there and just a fifth of the global total of electric vehicles. Analysts said that Sony Honda Mobility - the joint venture between Honda and Sony Group to develop the Afeela sedan - could also pose a risk. Honda announced on Thursday that the direction of its joint venture is being discussed but no decision has been made.
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US airline CEOs call on Congress to resolve the standoff and pay airport security personnel
Chief executive officers from major U.S. Airlines urged Congress to act quickly on Sunday to end the?29-day partial shutdown of the government that has forced 50,000 airport?security?officers to work without being paid, warning this could further disrupt U.S. airline travel. Travel at major airports has been disrupted by the absence of Transportation Security Administration (TSA) officers in the past week. This is alarming as spring break travel continues. In an open letter sent to Congress, the CEOs of American Airlines and United Airlines, as well as those from Southwest Airlines, JetBlue Airways, Alaska Air, Delta Air Lines and other airlines, wrote that "too many travelers have to wait in painfully long lines at checkpoints." First, the leaders must immediately reach an agreement on funding for Homeland Security. They added that they needed to take action so the problem would never happen again. A 43-day shutdown of the government in fall 2017 caused widespread flight disruptions. The FAA then ordered 10% flight cuts at major airports. "Once again, air travel is the political ball amid another government shut down," wrote the CEOs. The group of airline executives, which includes senior executives from cargo carriers such as FedEx, UPS, and Atlas Air, called for legislation that would ensure critical government aviation staff are paid during future shutdowns. Both parties of the Senate failed to reach an agreement on funding the TSA last Thursday, despite the fact that the TSA reported last week the resignation of more than 300 officers since the shutdown began. Homeland Security Department funding expired on February 13, after Congress failed in its efforts to reach an agreement on immigration enforcement reforms requested by Democrats. "We're going to make it through this." Sean Duffy, U.S. Transport Secretary, said on Fox News Channel "Sunday Morning Futures" that he believes Democrats will come to their senses. Duffy hopes that Democrats will not wait for Americans to be hurt or killed before putting your security before those who have entered the country illegally. The airlines are anticipating a record spring travel period. 171 million passengers will fly during this period, an increase of 4% over the same two-month period in last year. Some airports, like Houston Hobby, New Orleans, and Newark, reported security lines that exceeded two hours last week as TSA absences increased. On Saturday, Newark announced it was experiencing longer than normal delays. The CEOs wrote: "Americans in your districts and home states are tired of the long lines, travel delays and cancellations that result from a'shutdown after shutdown. Airports are closing security checkpoints, and raising money to pay TSA employees for food and other necessities while they work without pay. Reporting by David Shepardson, Additional reporting in New York by Gertrude Chavez Dreyfuss; Editing and Jamie Freed by Diane Craft and Jamie Freed
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Iraq claims Kurdish authorities refuse to allow it to send oil through their pipeline
The Iraqi 'oil ministry' said that the Kurdistan Regional Government?refused it to use a pipeline for an alternative route for crude shipments disrupted by?the Iran _conflict. It accused authorities in Kurdistan of placing irrelevant conditions. Senior Kurdish officials told authorities that they would welcome the Iraqi government using the pipeline. However, Baghdad must first lift its "dollar embargo", which he called on the region. "We want to make a deal." "We want to help Iraq, and bring relief? to the markets. But this embargo has got to end first," said the official. Sources told The Daily Mail on 8 March that oil production in Iraq's southern oilfields has fallen 70%, to just 1.3 million barrels per day, as the Iran conflict has effectively closed off the Strait of Hormuz. Iraq's Oil Ministry sent a letter to the Kurdistan Regional Government in early March asking for permission to pump 100,000 barrels of crude oil per day from the Kirkuk oilfields to Turkey's Ceyhan Energy Hub through the Kurdistan Pipeline Network, according to two oil officials last week. The Kurdish official stated that they were pressing to end what he said was a ban on the region’s banks being able to access dollars for importing goods through its borders and airports. Kurdish officials claim that tensions have increased with Baghdad after the federal government implemented a new electronic system to monitor imports and revenue. The KRG views this as a move undermining their autonomy and control over trade. Iraq's Oil Ministry said that the?Kurdistan Regional Government’s Ministry of Natural Resources had "set up a number conditions unrelated to crude oil exports." Reporting by Muhammad Al Gebaly; Editing by Andrew Heavens
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After a terminal attack, an Indian vessel leaves Fujairah in the UAE
India's Government said that an Indian flagged vessel, loaded with 80.800 metric tonnes of Murban oil from the United Arab Emirates, left Fujairah on Sunday. This was a day after sources reported that'some loading operations were suspended' at the UAE port. Sources said that oil loading operations in the UAE's Fujairah, a major hub for bunkering and crude export, have resumed following a Saturday drone attack and fire. However, it is unclear whether the operations are back to normal. India's Ministry of Petroleum and Natural Gas stated that the vessel, Jag Laadki was loading oil at Single Point Mooring when Fujairah Terminal was attacked. The statement stated that the vessel and all Indians on board were safe. Fujairah is outside the Strait of Hormuz and the "outlet" for UAE Murban crude oil. This volume is equal to 1% of global demand. Since the United States, Israel and other countries began a bombing on Iran in February, Tehran has stopped traffic through the Strait. The strait runs past its coast. Around 20% of the world's oil and seaborne natural gas are supplied through it. A spokesperson for the Indian foreign ministry said that India has sought safe passage to 22 of its vessels, which are stranded in the Strait of Hormuz west of Iran. This comes after Iran granted a few Indian ships a rare exception to their blockade. Two Indian flagged LPG carriers carrying 92,712 tons of LPG each, Shivalik Nanda De, and headed to India, both crossed the Strait of Hormuz Saturday. The ships are expected to arrive in Mundra, India on March 16, and Kandla, India on March 17. (Reporting and editing by Aide Lewis in Mumbai, Vibhuti sharma)
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US airline CEOs call on Congress to resolve the standoff and pay airport security personnel
The CEOs from major U.S. Airlines urged Congress to act quickly on Sunday to end the 29-day partial shutdown of the government that has forced 50,000 security officers at airports to work without being paid, warning it could disrupt U.S. air travel. Travel disruptions at major airports due to the absence of Transportation Security Administration? officers have been occurring for the past week. This is alarming, as spring break travel continues. In an open letter addressed to Congress, the CEOs of American Airlines, United Airlines, Delta Air Lines, Southwest Airlines, JetBlue Airlines, Alaska Air, and other airlines wrote: "Too many travellers are waiting in extremely long and painfully slow lines at checkpoints." First, they should come together to agree on funding the Department of Homeland Security. They added that they needed to take action so this problem would never happen again. A 43-day shutdown of the government caused widespread flight disruptions last fall. The FAA then ordered a 10% cut in flights at major airports. "Once more, air travel is the political football amid another government shut down," wrote CEOs. The group of airline executives, which includes senior executives from FedEx, UPS, and Atlas Air, called for legislation that would ensure critical government aviation staff are paid during future shutdowns. Both parties of senators failed to succeed in their competing attempts on Thursday to fund the TSA. The TSA reported last week that over 300 officers had quit since the shutdown started. Homeland Security Department funding expired on February 13, after Congress failed in its efforts to reach an agreement on the immigration enforcement reforms that Democrats demanded. The airlines are anticipating a record spring travel period. 171 million passengers will fly during this period, an increase of 4% over the same period last year. Some airports, like Houston Hobby,?New Orleans, and Newark, reported that security lines were longer than two hours last week as TSA absences increased. On Saturday, Newark also said it experienced higher-than-normal delay. The CEOs wrote: "Americans in your districts and states are tired of the?long queues at airports?, travel delays?and flight cancellations? caused by shutdowns after shutdowns? Some airports have closed security checkpoints, while others are raising money to pay TSA workers for food and other necessities. (Reporting and editing by Jamie Freed; David Shepardson)
Trump's trade battle with China in 2025
U.S. president Donald Trump targeted China, the top economic rival with a cascade tariff order on billions in imported goods. The orders were aimed at narrowing an enormous trade deficit, bringing manufacturing back and crippling the trade of fentanyl.
The reverse chronological timeline below shows the U.S. - China trade war in this year.
U.S. trade representative Jamison Greer said that after China announced it would expand its rare earth export controls, the U.S. had reached out to China via phone but Beijing declined. China calls the new U.S. Tariffs hypocritical and defends its export controls.
Trump re-starts the trade war on October 10, imposing additional tariffs of 100% on China’s U.S. bound exports and new export controls by November 1, including "any critical software". This ends an uneasy truce between both countries that was reached in August.
Trump has said that there is no reason for him to meet Chinese President Xi Jinping, but he also did not cancel the meeting. They are expected to meet again in South Korea, on the sidelines the Asia-Pacific Economic Cooperation Forum later this month.
Trump says that the United States may also impose export controls for Boeing parts in response to China's export restrictions on rare earth minerals.
China has launched an antitrust investigation against U.S. chip manufacturer Qualcomm for its acquisition of Israeli chip designer Autotalks.
China Announces
Port fees
On Oct. 14, the U.S. will begin charging port fees for vessels owned, operated, constructed, or flying the flag of America. This is a response to U.S. charges on ships with ties to China that began on the same date.
October 9 - China expands
Export controls
The government has tightened its control over rare earths by including five additional medium to heavy elements as of Nov. 8 and adding extra scrutiny to semiconductor users.
Grab and dominance
The critical minerals that are key to the energy transformation
Trump Administration Proposals
Ban
Chinese airlines are preventing American airlines from flying above Russia on routes between the United States and China, claiming that the shorter flight times put American carriers at an unfair disadvantage.
Trump hopes to discuss soya beans with Xi, but warns that the U.S. could halt a significant share of its imports from China.
U.S. lawmakers demand a broader ban on chipmaking equipment going to China following a bipartisan report that found Chinese chipmakers purchased $38 billion worth of sophisticated gear in the past year.
Trump's October 1st statement
Soybeans
When he meets Xi, this will be a main topic of conversation. China has drastically reduced U.S. purchases of soybeans, a move Trump has called a negotiating tactic.
Greer said that around 55% of tariffs applied to Chinese imports is a "good state-of-the-art" but the U.S. wanted bilateral trade to be more free. However, she did not indicate any immediate moves towards lowering Trump’s tariffs.
U.S. Treasury Sec. Scott Bessent said aircraft engines, parts and chemicals could be a powerful tool for the United States to use in negotiations with China.
The first time since 2019 that a group of U.S. House of Representatives lawmakers visited China to talk, is on September 21. The group said to Premier Li Qiang that both the largest economies in the world need to "break the ice" and increase engagement.
September 19 - Trump & Xi have a phone call. Trump says they made progress in a TikTok deal and will meet in South Korea in six weeks to discuss illicit drugs, trade and Russia's conflict in Ukraine.
China has said so
Welcome to the new year
Commercial negotiations on TikTok according to market rules.
China announces that it will review TikTok’s technology exports, and its intellectual property licensing. It calls the framework agreement reached "win-win".
15 September - U.S. & China reach a framework deal to transfer TikTok under U.S. control. This decision will be confirmed by Trump and Xi in a phone call later this week.
Bessent states that the Trump administration won't impose tariffs on Chinese products over Russian oil imports, unless European countries first impose tariffs.
September 14 - Bessent, China's Vice Premier He Lifeng and the Spanish government lead a fourth round in Madrid of discussions to discuss trade relations as well as TikTok’s impending divestiture deadline.
Trump and his administration ask the G7, EU, and NATO to put pressure on China to impose tariffs between 50% and 100% in order to stop Russian oil revenues.
U.S. and China extend tariff truce by another 90 days.
August 10 - Trump asks China to quadruple their soybean purchases from the U.S., as the expiration date of the trade truce is approaching on August 12.
U.S. begins issuing licenses to Nvidia for exporting H20 chips to China on August 8.
Bessent is "optimistic", according to Bessent, about the future.
After two days of discussions in Stockholm, U.S. officials and Chinese officials agreed to extend their 90-day truce on tariffs. The talks were described as constructive by both sides, but there was no significant breakthrough.
U.S. Commerce secretary Howard Lutnick announced that Nvidia will resume sales of their advanced AI H20 chip to China in the U.S. rare earths negotiations, reversing an export ban by the U.S. in April.
Trump threatens to impose an additional 10% on countries that he says are aligning themselves with "Anti-American Policies" of BRICS. This includes China.
Bessent reports that the U.S. has resolved its issues with China regarding rare earth minerals, magnets and shipments into the U.S.
On June 11-12, some Chinese rare earths producers will begin receiving export licenses. Trump claims that the trade truce has been re-established.
The U.S.A. and China have a second round of negotiations in London, and they reach an agreement on a framework.
June 5, Xi and Trump have a phone call lasting an hour.
Trump claims that China has violated the Geneva agreement to reduce tariffs and Chinese restrictions on vital minerals exports. China denies the accusation and says that U.S. has introduced a number of "discriminatory restrictive measures" against China.
The U.S. will begin "aggressively," revoking Chinese student visas on May 28-29. The order also instructs a wide range of companies to cease shipping semiconductors, software design and aviation equipment into China.
Beijing and Washington have trade talks in Geneva over the weekend, May 10-12. Both sides issued a joint declaration agreeing to a 90 day pause in tariffs.
Tariffs between the U.S. and China were reduced to 10%, from 125%. China has also agreed to remove non-tariff measures that have been imposed on the United States by China since April 2.
Nvidia reveals that U.S. officials informed them that their H20 chip will require an export license for China.
China raises its levies to 125% on U.S. imports, calling the Trump tariff strategy "a joke". It also said it would ignore any future U.S. "numbers games with tariffs".
China announced that it would immediately limit imports of Hollywood movies on April 10.
China increases levies on U.S. imported goods to 84%. It also added 12 U.S. firms to a list of companies that are prohibited from exporting dual-use products, and six more to the "unreliable entity" list. This allows Beijing to take punitive measures against foreign entities.
The U.S. has increased tariffs on Chinese imports from 84% to 125%. China warns citizens not to travel to the U.S.
April 8: The U.S. increases tariffs on all Chinese imports from 34% to 84%.
April 4: China announces that it will impose retaliatory duties of 34% on U.S. imports starting April 10, and that export restrictions on rare earths will be implemented. About 30 U.S. companies, mostly involved in the defence industry, were subject to restrictions.
Beijing has also suspended shipments of sorghum and poultry and bone meals from certain U.S. companies.
Trump increases global trade friction by imposing "liberation day tariffs" on April 2. He announced a 10% baseline for all imports as well as significantly higher duties against some countries. Trump will impose 34% tariffs on all Chinese products, which will take effect on the 9th of April.
From May 2, the Trump administration will also end duty-free access to low-value shipments of goods from China and Hong Kong (known as "de minimis exemptions").
China retaliates with a 10-15% levied on U.S. agricultural exports. This affects about $21 billion of U.S. imports. Beijing has also placed export and investment restrictions on 25 U.S. companies, citing national security concerns. It also banned the import of genetic sequencers made by U.S. medical device maker Illumina.
March 4 - U.S. increases tariffs by 20% on all Chinese imports due to fentanyl.
China responds to the U.S. companies with a variety of measures, including Google, farmers and Calvin Klein's owner.
Beijing will also begin imposing levies on February 10 of 10% for some autos and crude oil, and 15% for imports of US coal and LNG. Beijing also restricted the exports of five metals that are used in defence, clean-energy and other industries.
Trump imposes a 10% tariff on all goods imported from China, and 25% on those imported from Mexico and Canada to demand that they reduce the flow of illegal immigrants and fentanyl into the U.S.
January 21: A day after taking the oath of office, Trump threatens a 10% punitive tariff on Chinese imports citing the fentanyl coming from China. Reporting by Liz Lee, Shi Bu and Jacqueline Wong; Editing by Ronojoy Mazumdar and Jacqueline Wong
(source: Reuters)