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Sources: Russian oil terminals attacked by terrorists unable to receive shipments for a second week
According to industry sources, Russia's Baltic oil hubs in Ust-Luga, and Primorsk, are unable to process shipments after a series Ukrainian drone attacks. This has prompted the country's refineries?to 'find alternative routes' for 'export'. At least five attacks on Ust-Luga occurred in a span of 10 days, causing damage to the port infrastructure. Sources claim that the restrictions on exports, as well as disruptions in large refineries, could lead to a drop in oil production in Russia. Since March 22, traders said that refineries have been unable?to deliver diesel fuel for export to Primorsk,?leaving them without their most viable export route. One industry source said that diesel fuel hasn't been accepted at Primorsk since the 22nd of March. They have promised to resume receiving deliveries to the system. Refiners are forced to use more expensive rail routes to reach other export terminals, according traders. In the last week, refineries that normally deliver fuel oil to Ust-Luga considered shipping their shipments to 'Vysotsk' further north on the Gulf of Finland coast or to Taman along the Black Sea Coast. Vysotsk, say?traders, has a lower?handling capability and shipping to Taman requires a larger number of rail cars. This week, Finnish maritime officials said that the number of vessels shipping from?Primorsk or Ust-Luga was down sharply to just "individual ships" as opposed to a weekly average between 40 and 50. Mark Porter (Reporting)
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Sweden releases oil tanker suspected to be source of oil spill
The Swedish Coast Guard announced on Friday that they had released an oil tanker, believed to be a part of the Russian shadow fleet. They suspect this is what caused a 12 km long oil spill near the island of Gotland. The tanker was believed to be a part of a fleet shadow tankers which Moscow used to fund their four-year conflict against Ukraine. Sweden and other European nations have intensified their efforts to disrupt this fleet. Russia has branded these actions as hostile. Swedish Coast Guard reported that the tanker Flora 1 was captured off Sweden's southern coast. The tanker had been seized by the Swedish Coast Guard off Sweden's?southern coast. MarineTraffic data shows that a ship departed from Primorsk, Russia with an unknown destination. The coast guard has said that the oil spill will not reach shore. The Swedish Prosecution Authority stated that it had interrogated two crew members and informed them of suspicions of environmental crimes. The individuals had not been arrested. The Prosecution Authority stated that "the spill occurred in Sweden's Economic Zone, meaning the investigative actions we can take are limited." We have done the necessary interviews and will not be taking any coercive action 'due to the suspected crime. The authority announced that it had begun?an investigation?into a possible environmental crime. The authority said that it believed the vessel was listed on the EU sanctions, and added?that the flag status of the vessel is unclear. The 'Russian shadow fleet', which consists of old, poorly-insured tankers that evade the sanctions, is a serious security and environmental concern, said Carl-Oskar Bohlin, Swedish Minister for Civil Defence, on X. He specifically mentioned the?Flora 1 as part of his remarks. The government takes the incident very seriously, even if it's not a major spill.
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Ethiopia announces resolution of debt with China
Ethiopia's Finance Ministry announced on Friday that it had reached an agreement on debt treatment with China, reaffirming both nations' commitment to progress within the G20 Common Framework in order to formalise bilateral deals. Ethiopia is facing mounting legal challenges as bondholders plan to sue the Government following the resistance of bilateral creditors to a preliminary agreement to restructure Ethiopia's $1 billion Eurobond. Ethiopia could be unable to emerge from default on its external debt due to the dispute. In a Facebook post, the finance ministry stated that a resolution was reached at a meeting held in China between?Ethiopian finance ministers and Chinese finance minsters. The discussions included "debt restructure, implementation of existing projects, and financing opportunities" as well as plans to develop a new Bushoftu International Airport. The statement said that the two sides had reached an agreement on debt treatment, and had reaffirmed their commitment?to work constructively within the G20 Common Framework parameters towards signing the?bilateral deal. Ethiopia announced that in 2021 it would restructure its debts under the G20 initiative after its finances had been severely affected by COVID-19 pandemic. The East African nation defaulted in 2023 on its $1 billion Eurobond due to a missed coupon payment of $33 million. Reporting by Nairobi Newsroom; Writing by Elias Biryabarema, Editing by Bate Fels)
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Trump wants to privatize US airport security operations
On 'Friday, President Donald Trump proposed that the Transportation Security Administration, the federal agency created in the wake of 'the September 11, 2001 attacks, begin the process of privatizing the airport security operations. The White House budget proposes to cut the TSA budget of $52 million. Small airports would be required to enroll in a TSA-funded program that pays for private screeners. TSA employs?about 50 000 federal employees to handle screening in nearly all U.S. Airports. Budget documents stated that airports using the program had shown savings when compared with?federal screen operations. Major U.S. Airports have been experiencing massive disruptions in recent weeks after Transportation Security Administration (TSA) security?officers were not paid since mid-February due to a budget dispute. Trump has not nominated anyone to replace David Pekoske as the Transportation Security Administration's head. He fired him on his first official day and never appointed a successor. The White House demanded funding cuts for the TSA of $247 million last year. They claimed that the TSA had consistently failed audits and implemented intrusive screening methods that violate Americans' dignity and privacy. This budget cut represents a 3-4% reduction in?TSA personnel levels, with the majority of the staff being located at the exit lanes. The remaining 2% is for transportation security officers who are spread out across 435 airports. As air travel has increased in recent years, the Biden administration has increased the size and staff of the TSA. It now has more than 60,000 employees. The TSA screened 904 millions passengers in 2024. This was a record and a 5% rise over 2023.
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United Airlines introduces tiered fares for premium cabins
United Airlines announced on Friday its plans to "introduce" a new tier-based fare structure in premium cabins this year. United announced that it would offer base, standard, and flexible fare options in the premium cabins of its long-haul international flights, transcontinental U.S. flights, and selected Hawaii flights. These fares will join United's existing basic, flexible, and standard fares for economy cabins. According to the new tier fare structure, customers can choose from a range of benefits, including free seating and extra checked baggage, in the standard category. Tickets in the flexible category, however, are fully refundable, and include all the same benefits as standard tickets. United Airlines announced last month a "broad aircraft and interior overhaul" centered on premium seating. The airline is pushing forward with its long-term plan, despite warnings that oil prices could remain above $100 per barrel until 2027. It also revealed plans to reduce some flights. Since the COVID outbreak, big U.S. airlines have built their business around corporate accounts, loyalty-program participants, and premium travelers. They bet that these customers will be slower to pull back on fares when they rise. United Airlines said that it would launch the new categories this month in certain markets and expand them to include additional long-haul flights, transcontinental U.S. flights and longer Hawaii routes later this year. Andrew Nocella said that the new tiered options would give customers greater choice, and allow them to find a fare with the benefits they desire - whether it's great value, extra perks or maximum flexibility. (Reporting and editing by Alison Williams in Bengaluru, Sneha S. K. in Bengaluru)
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Canadian Finance Minister discusses supply chain integrity at meeting in China
The Canadian finance minister stated on Friday that he had discussed supply chain integrity with his counterparts in China during a meeting aimed at boosting trade. Ottawa is under scrutiny from the United States over its labour laws. The Finance Minister Francois Philippe Champagne told reporters the meeting was primarily focused on the financial sector, but also included trade in energy and pork. Canada is working to increase its overall exports to China by 50% by 2030. Champagne stated that "Canada places a high priority on the 'integrity of supply chains' and that our trade should be conducted according to 'international standards. The U.S. Trade Representative's Office announced in March that it had launched a second round of Section 301 unfair trading practice investigations of 60 economies including Canada. This was due to the failure to act on what they called forced labor. China is Canada's second-largest trading partner, with bilateral trade worth C$120 billion (US$86.1 billion). According to the official Chinese summary of Champagne's Friday meeting with Vice Premier He Lifeng, the two have agreed to hold a high-level financial and economic dialogue in the second part of this year. Champagne said that Stellantis had not been in contact with the automotive sector, despite reports that they were discussing building 'electric vehicles' in Canada with Zhejiang?Leapmotor Technology. ($1 = 1.3934 Canadian dollars)
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Japanese LNG tanker crosses Strait of Hormuz
Mitsui O.S.K., the co-owner of the tanker, confirmed that a liquefied gas tanker owned by Japan had crossed?the Strait of Hormuz. Lines announced?that a Japanese-owned LNG tanker had crossed the Strait of Hormuz on Friday. Mitsui O.S.K. confirmed that the crew members of the Panama flagged ship "SOHAR LNG" are safe. Lines spokesperson refused to reveal when the ship crossed the Strait or whether any negotiations were required. Asahi reported earlier on the crossing. Until the U.S. and Israel?attacks against Iran began in February, leading to an effective closure of the Strait?, the Strait was the route used by about a fifth?of global oil and liquefied _natural_ gas supplies. Japan was especially dependent, as 90% of its oil imports and 6% of its LNG imports passed through the Strait. DOZENS JAPANESE VEHICLES ARE STANDARDIZED According to the Japanese transport ministry, as of Friday morning, 45 Japanese-owned or operated ships were stranded in the Strait because they couldn't cross it. TBS reported that among the?tankers were 12 crude oil tanks, 12 tankers with chemical or refined products, 9 car carriers, and 6?LNG tanks. Mitsui O.S.K. Lines said last month that one vessel it owns and operates suffered a minor damage in the area. No one was injured and the cause of the incident was not known. The vessel tracking data showed that a container ship belonging to the French shipping group CMA CGM also passed through the Strait on Thursday. Since the beginning of the Iran War, Chinese ships and Indian-flagged tankers have passed through the Strait. (Reporting and editing by Tomasz Januaryowski and Barbara Lewis; Additional reporting and reporting by Katya Glubkova)
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Zelenskiy accuses Russia 'of Easter escalation,' after massive attack kills 2
Officials said that a large-scale daytime Russian strike on Ukraine killed at least two people, as part of a "Easter escalation" as Moscow changes tactics to avoid Ukrainian air defenses. Since the start of the war, more than four-years ago, Russia has carried out most major drone and missile attacks at night. It has sent drones and missiles in the daytime on several occasions over the past few weeks. One strike, which took place on March 24, set a new record for 'the number of weapons that were used. Telegram said that drones killed one person each in the central Zhytomyr region and Kyiv on Friday. Volodymyr Zelenskiy, President of X, said: "Essentially, Russians have only intensified their strikes. They have turned what should have been a silence in the sky into an Easter escalation." Zelenskiy had proposed earlier this week that strikes be halted for the Easter holidays. He also said Ukraine would reciprocate, if Russia stopped its attacks on energy sector. Moscow rejected the idea. The purpose of these strikes during the day is obvious. "Russia is deliberately trying increase the number civilian casualties, disrupt life, cause fear and damage Ukraine's Infrastructure," said Prime Minister Yulia Shvyrydenko on X. VETERINARY CLINIC HIT BY STRIKE Ukraine's Air Force announced on Telegram that it has destroyed 515 of the 542 drones, and 26 of the 37 missiles fired by Russia. Air Force spokesperson Yurii Ihnat told state television on Friday that "we can see the enemy using new routes, drones they are continually modernising and new tactics." The strike in Kyiv's region damaged a veterinary hospital, along with private homes, residential buildings, and administrative buildings. Mykola Kalashnyk, the governor of Kyiv region, said that around 20 animals had been killed. Authorities reported that 18 buildings, including houses, were destroyed in Zhytomyr and more than 100 others were damaged. Poland's military has said that it scrambled its fighter jets despite the fact that there is no evidence of any violation of Polish airspace. According to Oleh syniehubov, the governor of Kharkiv's northeastern region, over two dozen people have been injured in missile, drone and bomb attacks during the past 24 hours. Kharkiv mayor Ihor Terekhov stated that "the current series of strike has been the most intense and heavy since the start the war, if not since the beginning the year."
Trump's trade battle with China in 2025
U.S. president Donald Trump has targeted China as his top economic rival with a cascade on tariffs that are worth billions of dollar. He is trying to reduce a trade surplus, bring back lost manufacturing and cripple fentanyl traffic.
In reverse chronological order, here are the key events of this year in U.S. China trade war:
November 24 - Chinese president Xi Jinping makes a surprise call to his U.S. counterpart, just weeks after their meeting in South Korea at the end of October.
Xi told Trump that their countries must maintain momentum and "enlarge the list for cooperation and reduce the list for problems."
Trump does not go into detail, but says that they also talked about fentanyl and soybeans. Trump wrote on Truth Social that they had also discussed fentanyl, soybeans and other farm products. He did not elaborate.
China has announced that it will continue to expand access to and investment opportunities for U.S. firms, especially in the services sector.
On November 10, China suspends for a full year the port fees it charges vessels with ties to the United States, as well sanctions imposed on U.S. affiliates in the South Korean shipbuilder Hanwha Ocean. This comes after Washington suspended its punitive actions resulting from Section 301 investigations of China's maritime and shipbuilding industries. China will adjust its list of drug precursor chemicals and require export licenses for certain chemicals going to the U.S. Sources say that the FBI director visited China to discuss law enforcement and fentanyl issues.
China lifts its ban on exports of gallium, antimony and germanium to the U.S.
China suspends the export controls it implemented on October 9. These include expanded restrictions on lithium battery materials, super-hard materials, and rare earths equipment and materials. Industry insiders claim that Beijing has begun to form a new licensing regime for rare earths, which could speed up shipments. China has announced that it will reinstate the soybean import licenses of three U.S. companies and lift its suspension on U.S. logging imports beginning November 10.
China starts modest purchases of U.S. agricultural products on November 6, including two cargoes each of wheat and sorghum. An agriculture business association reports that China's COFCO held a signing ceremony for soybean purchases.
November 5 - Beijing will suspend retaliatory duties on U.S. Imports starting November 10, including farm products duties up to 15%. However, it will keep levies at 10% in response to Trump's "Liberation Day tariffs". Imports from the United States still face a 13% tariff, but China will ease its measures against U.S. entities and drop some curbs on optical fibres.
After talks between Trump and Xi in South Korea, the United States and China reach a new trade truce on October 30. Trump agrees on a reduction in tariffs as a result of Beijing's crackdown on the illicit fentanyl market, and resuming U.S. purchases of soybeans. Beijing claims that the United States has also promised a one-year delay on plans to ban Chinese firms from using its technology.
The two leaders will decide the framework of a trade agreement after Scott Bessent, Treasury Secretary and Jamieson Greer met with He Lifeng, Vice Premier and chief trade negotiator in China.
The U.S. State Department describes Chinese sanctions against the Hanwha Ocean as "coercion", thereby undermining relations between Washington and Seoul.
Greer and Bessent criticize China's increased rare earth export controls, citing them as a threat to global supply chain. Bessent promises to tighten up control over strategic sectors in order to combat China. Apple CEO Tim Cook pledges China investment boost.
On October 14, both nations start collecting port fees on each other's vessels. China, however, exempts the ships that it has built. Five Hanwha Ocean units with ties to the United States are sanctioned as threats against its security and sovereignty.
Bessent confirms that plans for the Trump-Xi meeting are still on track.
Trump announces new levies on China imports, including 100% additional duties. He also introduces export controls for "any critical software" starting November 1. In response to China's restrictions on rare earth exports, Trump threatens to impose export controls on Boeing parts.
Trump does not cancel his plans to meet Xi but says there is no need. China opens antitrust investigation against U.S. Qualcomm for the purchase of Israeli chip designer Autotalks. China will start charging port fees to U.S.-linked vessels from October 14 in response the similar U.S. charges on China-linked vessels.
China tightens its grip on minerals critical to the world economy. The United States is planning to prohibit Chinese airlines from flying above Russia on U.S. routes. This would be detrimental to U.S. carriers.
Trump declares that the major topic of discussion at Xi's meeting will be soybeans. He calls China's sharply decreased U.S. purchases as a tactic in negotiations.
Greer, September 30: Tariffs of around 55% on Chinese imports is a "good status quo", but the United States wants freer trade.
Bessent: Chemicals, aircraft engines and components offer U.S. leverage in China negotiations.
Visitor U.S. legislators tell Premier Li Qiang to increase engagement between China and the United States.
Trump and Xi have a telephone conversation on September 19, during which Trump claims they made progress in a TikTok pact, and that they agreed to meet face to face to discuss illicit drugs, trade and the Ukraine War. China welcomes TikTok commercial talks.
September 15 – Both sides reach agreement on a framework to transfer TikTok under U.S. control. The U.S. has pledged to refrain from imposing more tariffs against Chinese products over Russian oil imports, unless European levies are first imposed.
September 14th - Bessent, China's He, and Bessent, Spain, discuss the trade and TikTok divestiture by September 17th.
Both nations extend the tariff truce by 90 days on August 11.
August 10 - As the trade truce expires on August 12, Trump urges China quadruple U.S. soya purchases.
As part of the talks on rare Earths, the United States lifts its April ban and starts issuing Nvidia licenses for exports to China of advanced AI H20 chip technology.
After two days of discussions in Stockholm, U.S. officials and Chinese officials agreed to extend the 90-day truce on tariffs. However, they did not make any major breakthroughs.
Bessent: Both sides have resolved issues regarding rare earth minerals and magnetics bound for the United States.
June 9-12: Framework agreement reached at London round of negotiations, and some Chinese rare earths producers start to receive export licenses. Trump claims that a trade truce has been re-established.
June 5, Xi and Trump have a telephone conversation lasting an hour.
Trump claims that China has violated the Geneva agreement to roll back tariffs, and relax restrictions on exports of critical minerals. China denies this and accuses the U.S. instead of "discriminatory restrictive curbs".
May 28-29, United States threatens Chinese students with revocation of visas while ordering certain companies to stop shipping goods to China.
May 10-12: First round of trade negotiations in Geneva agrees on 90-day pause for tariffs. U.S. tariffs are reduced to 30% from 145% on Chinese goods, while China reduces tariffs to 10%. China will also cancel non-tariffs measures taken since April 2.
Nvidia, a chipmaker, says U.S. officials informed it that China sales of H20 chips would require an export license.
China raises its tariffs on U.S. goods to 125%, calling Trump's strategy "a joke", and indicating that it will ignore further U.S. "numbers games with tariffs".
China imposes controls on exports of dual use items to 12 U.S. firms and designates another six as "unreliable" entities.
The United States has increased tariffs on Chinese imports from 84% to 125%. China warns its citizens to avoid U.S. travel.
Tariffs on Chinese imports are raised to 84% from 34% by the United States on April 8.
April 4: China imposes retaliatory duties of 34% on all U.S. imports starting April 10, and limits exports for some rare earths.
Trump announces tariffs of 10% on all imports, and higher rates on some goods, including a 34% levy on China starting April 9.
From May 2, the U.S. will no longer allow low-value shipments of goods from China and Hong Kong to be duty-free.
March 3-4, 2019 - From March 4, 2019, the United States will double its fentanyl tariffs to 20% on all Chinese imports. China retaliates with 10% to 15% tariffs on U.S. agricultural exports and $21 billion of exports. It also clamps export and investment restrictions on 25 U.S. companies.
China responds to the U.S. business with measures that target U.S. companies, including 15% tariffs on U.S. LNG and coal, and 10% on crude oil as well as some autos starting February 10. China responds with measures targeting U.S. businesses, as well as 15% levies on US coal and LNG from February 4, and 10% for crude oil and some autos starting February 10.
Trump imposes a 10% penalty duty on China's goods, along with a 25% tax on Mexico and Canada to pressure the United States into curbing the flow of illegal immigrants and fentanyl.
(source: Reuters)