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Sources say that Chinese autonomous driving company Momenta has filed for Hong Kong IPO.
Two people familiar with the matter have confirmed that Chinese autonomous driving developer Momenta filed a confidential application for an initial public offering in Hong Kong. Sources said Momenta has joined a growing number of Chinese companies that are looking to make their debut in the Asian financial centre, having opted out New York due to increased tensions between the U.S. and China. Reports in September indicated that Momenta considered moving its IPO from New York to Hong Kong, after the approval granted by China's securities regulatory authority to list in the United States expired in June. The details of the Hong Kong IPO plan, including its size and timing, was not immediately available. Momenta, backed by investors like Toyota Motor of Japan and Bosch, a German auto parts manufacturer, has not responded to comment requests. Hong Kong Exchanges and Clearing Ltd. (HKEX), Hong Kong's exchange operator declined to comment. Sources could not be identified as the information is confidential. Hong Kong's stock exchange has enjoyed its best year of new listings since the year 2021. Dealogic data shows that a total of $32 billion was raised by mid-November. This is up 200% compared to a year ago. Momenta, a Chinese company that provides advanced driving assistance features similar to Tesla's technology for self-driving cars, can help drivers navigate city traffic while under the supervision of a human driver. (Reporting and editing by Emelia Sithole Matarise; Staff Reporting)
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Maguire: Hybrids are helping to sustain US demand for clean cars despite cuts in subsidies
After the federal subsidies were scrapped, the first month's data on electric vehicle sales in America raised concerns about a U turn and a return of transportation based on fossil fuels. Climate trackers are encouraged by the continued sales of hybrid electric vehicles, which continue to be robust despite Washington's sharply reduced support for the EV industry. The U.S. electric vehicle industry is likely to be more negative than ever, as sales of plug-in vehicles are likely to remain low in the short term, now that the $7.500 tax credit has been eliminated. Even without federal assistance, the demand for low-emission vehicles is still high in the United States. BIG PLUNGE The October sales figures painted a picture that the EV industry was in turmoil and there is little interest in electric vehicles without government assistance. Argonne National Lab (ANL) data shows that sales of battery-electric vehicles (BEVs), which are electric cars with batteries, were at just over 75,000 units. This is 47% less than September's total, and the lowest number of monthly sales since January 2023. The sales of plug-in hybrid EVs dropped 19% in the previous month, and also reached a near three-year low. A wider look at the sales data of both types of vehicles reveals a sharp increase in BEVs and PHEVS prior to the subsidy reductions, which has in turn accentuated the decline seen since. The combined sales of BEVs, PHEVs, and hybrids in the first ten months of this year reached a new record of 1.3 millions units. This represents a 4% increase from the same time period in 2022. From January to October 2024, the total sales of BEVs and PHEVs reached a record 1.3 million units, an increase of 4%. The loss of the tax credit still leaves car dealers in a quandary over how to fill the subsidy hole and reduce any perceived rise in EV price compared to the prices faced by buyers prior to October. HYBRID HOPES Contrary to the sharp declines in BEV and PHEV sales in the previous month, hybrid electric vehicle purchases in October increased by 6% from the month prior, reaching 159 431 units. This was the highest HEV monthly sales total since July and brought the total HEV sales from January to October to a new record of 1.64 million units. This year-to date sum was 25% higher than all plug-in vehicles sold so far in 2025. It helped HEVs cement themselves as the most popular part of the EV eco-system, despite BEV sales growing faster since 2019. The updated EV sales figures for November are due in the next few weeks. They will reveal a continued weakness of new plug-in EVs, as buyers and dealers try to close the gap between the prices. These weak sales figures could be interpreted in turn as a further shrinkage in the U.S. electric vehicle market, and a sign the clean car industry is unable compete without federal assistance. The purchase volume of hybrid electrics will provide a better indication of the demand for clean cars in the United States. These vehicles are priced similarly to those with combustion engines and allow cost-conscious consumers to reduce their fuel dependence at a lower price. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. 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 You can find us on LinkedIn.
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The German LNG import terminals
Germany is putting into operation import terminals for natural gas liquefied as part of efforts to replace Russian gas piped after Moscow's invasion in Ukraine in 2022. Deutsche Energy Terminal, a state-appointed terminal, said that the Brunsbuettel Terminal received its floating storage regasification units, the Hoegh Gannet and the FSRU Excelsior, back on 24 November after upgrades. Wilhelmshaven 2 restarted their FSRUs Excelsior in preparation for the upcoming winter months. DET, the company in charge of Wilhelmshaven 1 & 2, has announced that it will run a new auction for LNG landing capacities in December. It had so far been unable to fill a number of slots. The company has already fed 59 terawatt-hours into German grids this year. The following are details about the developments on the sites: MUKRAN In cooperation with Norway’s Hoegh Evi’s FSRU Neptune, the terminal on Ruegen Island in the Baltic Sea is operated by private company Deutsche ReGas. It supplies onshore grids LNG from Gascade's OAL Link. The company wants to restart a FSRU and restore its full capacity of 13,5 billion cubic meters by 2027. ReGas launched a bid round to expand Mukran’s capacity, offering 5 billion cubic meters per year additional from 2027-2043. In September, the company signed long-term agreements for regas capacity with Norwegian incumbent Equinor and chemical producer BASF. The company reported that it regasified 8,35 TWh in October and November, taking the lead over each of the three other LNG terminals. LUBMIN ReGas, Hoegh and Gascade plan to turn the Baltic Sea Port, an early precursor of Mukran into a green hydrogen and ammonia production and import terminal. Gascade will connect with customers. WILHELMSHAVEN Utility Uniper launched Germany’s first FSRU operations, Wilhelmshaven 1 on the North Sea, in 2022. Uniper has plans to build a 200-MW electrolyser that will be powered by local wind energy and a land based ammonia reception terminal. DET began commercial operations at Wilhelmshaven 2 via the Excelerate Energy operated FSRU Excelsior on August 29, 2008. In October, maintenance was also carried out. DET will hold another auction on December 9-10 to fill some of the regasification slots that were not filled in November 25-26. DET and the Hanseatic Energy Hub have agreed to work together on the construction of an FSRU at the Elbe River Onshore Terminal. DET stated that it will begin the inspection, planning, and execution of the project, but added the terminal won't be ready for operation until the second quarter 2026. Uniper and EnBW, a sector competitor of Uniper's, will be the primary customers. Before the latest developments, DET had cancelled temporary contracts with HEH over unresolved disagreements related to construction schedules or payments. HEH intends to build a terminal at Stade for LNG, synthetic natural gas and bio-LNG in 2027. BRUNSBUETTEL In September, the Hoegh Gannet ship was temporarily removed for repairs and upgrades. The ship was returned to its North Sea port on November 24, after the upgrades were completed. Brunsbuettel was the first to benefit from this project, which was chartered initially by RWE's trading arm, and then handed over to DET. The state has approved the support of 40 million euros (about $46.4 million). The terminal could begin operations by the end of 2026 when an adjacent, newly-opened ammonia terminal is also expected to start.
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Nigeria's Defence Minister quits amid rising violence
The office of President Bola Tinubu announced that Nigeria's Defence Minister had resigned citing health issues. This comes as the West African nation faces an increase in mass kidnappings, which has brought the spotlight to the government's attempts to combat rising violence. Mohammed Badaru Abubakar's departure, which had not been announced in the public eye in recent weeks after Tinubu had declared a state of emergency due to attacks and mass kidnappings carried out by Islamist militants, was announced on Monday evening. In a report published on November 25, the United Nations reported that since mid-November, at least 402 persons have been kidnapped in northern Nigeria. Analysts warn that economic hardships and poor governance fuel insecurity. Over 200 students who were abducted over a week earlier from a Catholic School are still missing. The Nigerian authorities are not providing many details on the rescue effort. Tinubu’s national security advisor met with school and church officials during his first high-profile visit to the school. He promised to return the students safely. Tinubu ordered the recruitment and enlistment of 50,000 new police officers. He also increased the army's enlistment. VIP police were redeployed to frontline duty, while forest guards were deployed to flush out the armed gangs known as bandits. Tinubu's meeting with retired General Christopher Musa, former chief of defence, on Monday night sparked speculation among security analysts about his potential replacement for Abubakar. Cheta Nwanze is a partner at SBM Intelligence, a consultancy. She said that insecurity was spreading into Nigeria from the Sahel. Nwanze said that the change of personnel was not enough. A fundamentally new approach to security, one that is based on community trust, must be adopted. This should address both internal governance issues and regional threats. Donald Trump, the U.S. president, has been closely monitoring Nigeria's treatment of Christians. He threatened military action last month over this issue. Nigeria claims that claims of persecution against Christians are inaccurate and ignore efforts to protect religious freedom. Washington is considering counterterrorism actions, including engagement and sanctions, according to a senior U.S. State Department Official on November 20. (Reporting and Writing by Ahmed Kingimi; Editing by Alexander Smith).
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Sri Lanka is still reeling from the trauma and loss caused by the deadly cyclone which killed hundreds
Nawaz Nashra remembers wrapping her daughter in a sheet and running from their central Sri Lankan home as a landslide hit, triggered by the deadly cyclone which killed 410 in the worst flooding in a decade. Nashra, her sister and the pregnant woman who lived with them spent 20 minutes on Friday night scrambling their way down the steep hillside of Alawathugoda, often knee-deep in the mud. They eventually reached a mosque located at a lower elevation, where they stayed the night. She said, "It was pitch black... We could only hear the sound of thunder." "The house adjacent to ours collapsed while we watched." It was too late to warn anyone. Residents returned to the area on Tuesday with long poles in hand, searching for bodies and digging through the mud. In recent days, deadly storms have devastated large areas of Indonesia, Malaysia, and Thailand, claiming hundreds lives. Kandy, where Alawathugoda lies in Sri Lanka's south-east region, has seen 88 people die - the most of any South Asian country. 150 are still missing. Over 20,000 people were moved into 176 shelters. Officials said that 336 people are still missing in the country and 1.2 millions have been affected. Hundreds of police and army personnel searched through areas hit by landslides for bodies. On Tuesday, authorities used bulldozers to remove mud and trees from roads to make it easier for fuel and food to reach the affected areas. Officials said that work was underway to restore communications links and electricity which had been cut off after strong winds snapped the transmission lines. A village neighbourhood about 3 km (2 miles) from Nashra’s house also showed signs of being hit by landslides. Houses were partially damaged, and phones, furniture, books and clothes were visible in the slush. "They say to leave, but where are we going? The temple is nearby, but it only has one bathroom that can accommodate 100 people. "The facilities are not sufficient," said Manjula Jaalath (43), a local resident.
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Russia increases diesel exports in November by 3% despite sanctions and infrastructure damage
Data from market sources, LSEG and other sources showed that Russia's seaborne gasoil and diesel exports increased 3% from October to 2.37 million metric tonnes in November despite the recent U.S. Sanctions and infrastructure damages caused by drones. The market sources said that exports of ultra low-sulphur fuel via Primorsk - Russia's biggest outlet for diesel shipments - grew 39.3% on a month-to-month basis to 1.221 millions tons, as major producers carried out seasonal and unplanned maintenance. Exports from Russia's south ports, on the other hand, fell dramatically as a result of drone attacks against infrastructure and refineries in the region. Tuapse, a Russian Black Sea port, suspended fuel exports in November 2 following Ukrainian drone attacks against its infrastructure. This forced the refinery on site to stop crude processing. Diesel exports at Novorossiysk (another Black Sea port) fell by one-third to 0.64 millions tons, due to unexpected maintenance at Lukoil Volgograd's refinery, and temporary suspensions of loading following drone and missile attacks. Overall diesel volumes in November were not affected by the U.S. sanctions against Russia's two largest oil companies, Lukoil & Rosneft. LSEG data shows that Turkey was the largest buyer of Russian gasoil and diesel in November. Imports increased 10% on a month-to-month basis to 1,06 million tons. The shipment to Brazil has also increased to 190,000. This is up from 74,000 tonnes in October. Shipping data shows an increase in the number of ship-to-ship transfer near Port Said (Egypt) and Limassol (Malta), totaling nearly 0.5 millions tons. These cargoes' final destinations are still unknown. LSEG data show that several tankers transporting about 270,000 tonnes of diesel from Russian port have yet to declare the ports where they discharge their cargo. (Reporting in Moscow, Editing by Emelia Matarise Sithole)
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ASD, the industry association, says that Europe's aerospace-and-defence turnover will increase 10.1% to $378 billion by 2024.
The aerospace and defence industry in Europe grew rapidly in 2024. Turnover increased 10.1%, reaching 325.7 billion euro ($378.04billion), and employment reached a record high of 1.1 million direct jobs, Camille Grand said, secretary general for the industry group ASD, on Tuesday. Grand, a reporter, said that the defence sector led the way with a turnover increase of 13.8%, to 183.4 billion Euros, due to higher spending and increased efforts to boost security prompted by the conflict in Ukraine. The civil aeronautics sector grew 6%, to EUR129.1 Billion, aided by the recovery of air traffic and the demand for fuel efficient aircraft. However, supply-chain bottlenecks, and labour shortages, persisted. The space sector increased its turnover by 3.1%, to EUR13.2billion. ASD reported that the aerospace and defense sector, which comprises more than 4,200 companies, supports nearly 4.2 millions jobs in Europe and 779 billion euro of economic activity. Micael Johansson, ASD's President, urged the European Union (EU) to adopt a civil aeronautics industrial strategy and maintain defence investment. He warned that Europe’s leadership in high tech sectors "cannot simply be taken for granted". ASD reported that R&D expenditures reached EUR25,2 billion, an increase of 9.4%. However, Europe is still behind its global competitors in terms of innovation.
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Maritime body: Russian-flagged oil tanker reports an attack near Turkey coast
The Turkish maritime authority reported on Tuesday that a Russian-flagged oil tanker, sailing from Russia to Georgia with a cargo of sunflower oil, was attacked near the Turkish coast. However, its 13 crew members escaped unharmed. The vessel MIDVOLGA-2 reported being attacked 80 miles (130km) off the Turkish coastline but did not request assistance. It was heading towards the Sinop port in Turkey, according to the Maritime Affairs Directorate. NTV, a broadcaster in the United States, did not give any additional details but said that the attack was carried out by a kamikaze-style drone. When asked about the latest attack by a Turkish official, he said that "the necessary message was conveyed to all the relevant parties including the Ukrainian authorities," without going into further detail. Two Ukrainian tankers were hit by drones on Friday as they approached a Russian port in the Black Sea to fill up with oil for export. Kyiv was trying to put pressure on Russia's oil industry. Tayyip Erdoan, the Turkish president, said that Monday attacks on Black Sea commercial ships were unacceptable. He issued a warning to all "related sides." The NATO-member Turkey has maintained friendly relations with Kyiv as well as Moscow during the entire war. It has offered military support to Ukraine, but refused to join Western sanctions against Moscow. The country has hosted three rounds in Istanbul of peace talks with warring parties and offered repeatedly to host a meeting between leaders, saying that the war must end now. Ankara also asked for the safety of navigation in the Black Sea where it shares maritime border with Russia and Ukraine. (Reporting and editing by Bernadette B. Baum, Thomas Derpinghaus and Daren Butler)
Metro Pacific Tollways issues $342 million in maiden bonds at the Philippine Stock Exchange
Metro Pacific Tollways Corp, the operator of Philippine toll roads, announced on Tuesday that it had listed its first 20 billion peso ($341.63m) peso-bond issue on the Philippine Dealing & Exchange Corp.
The company stated that the bonds were sold as three series, with fixed rates of 5.5443 percent for three years to be due in 2028, 5.879% cents for five years to be due in 2030, and 6.3069 cents for ten years to due in 2035.
Metro Pacific Tollways reported that the offer had been more than three-fold subscribed compared to a base of 15 billion pesos.
The proceeds will be used to construct and maintain toll roads including the Manila Cavite Expressway (MCX) and Cavite Laguna Expressway (CVE), as well as for new corporate investments and general purposes.
Philippine Rating Services Corp has rated the bonds PRS Aaa, with a stable outlook.
BPI Capital Corp. and First Metro Investment Corp. were joint issue managers. BDO Capital, China Bank Capital PNB Capital, Security Bank Capital and Security Bank Capital also acted as joint underwriters and lead bookrunners. $1 = 58.5430 Philippine Pesos (Reporting and Editing by Louise Heavens, Yantoultra Ngui)
(source: Reuters)