Latest News
-
Traders say that sanctions force Russia to dump its naphtha in STS transfer and storage hubs.
Traders and LSEG data show that Russia has increased its naphtha exports to STS and port storage hubs, as key buyers reduce imports due to?Western sanction pressure. Since the European Union's full embargo against Russian oil products went into effect in February 2023?,?most? of?Russian naphtha is being directed towards the Middle East and Asia. India and Taiwan were among the largest Asian buyers. However, recent U.S. sanction have caused both countries to withdraw. According to LSEG, Taiwan hasn't imported Russian naphtha from the beginning of 2026. This compares with 2.7?million tonnes in 2025. Shipping data showed that traders were avoiding Russian cargoes by sending tankers with a total of 180,000 tons of naphtha, among others, to the port of Mailiao, Taiwan. India imported approximately 200,000 tons of Russian naphtha per month on average in the past year. However, its purchases have nearly halved since buyers say they will only accept cargoes from non-sanctioned parties. According to LSEG, out of 'three cargoes' loaded in Russia's Baltic Ust-Luga Port in December, two -- with a total weight of around 100,000 tons -- have been discharged in India since early February. The third shipment, weighing 23,000 tons, is still awaiting discharge. The U.S. president Donald Trump ordered in December a blockade of all sanctioned oil tanks entering or leaving Venezuela. Venezuela uses naphtha as a diluter to make its heavy oil transportable. LSEG data indicates that one tanker originally destined for Venezuela has drifted in the port awaiting orders. Another 60,000-ton shipment was redirected to Oman. Shipping data indicates that as major buyers have withdrawn from Russian supplies traders are increasingly turning to STS?operations near Port-Said in Egypt as well as storage hubs located in Singapore,?Fujairah, United Arab Emirates, and Malaysia. Market sources stated that barrels stored in storage can be blended with other products and sold to Asian?and African markets. The traders also report an increase in the shipments of naphtha from Russian ports to Brazil, Togo and other countries, where it is mainly used as a gasoline blend, although some volumes are also stored and reexported.
-
US Attorney says that office will not prosecute firms who cooperate in criminal investigations
The U.S. attorney in Manhattan announced on Thursday that federal prosecutors will increase incentives for companies who cooperate with criminal investigations. This includes promises to not prosecute these companies. Jay Clayton's comments?at? an industry conference coincide with the Justice Department's decision to scale back corporate crime enforcement, and focus on immigration and drug case under the Trump Administration. Clayton, who spoke at the Securities Enforcement Forum in New York, said that companies need to be aware of specific benefits to working with U.S. authorities to root out criminals. This includes granting companies non-prosecution agreement (NPAs) -- deals which Democrats have criticized before. He said: "Our approach will be to get an NPA as soon as possible signed that calls for continuing cooperation." Andrew Thomas, Co-Chief of Office's Securities and Commodities Fraud Task Force, explained that the initiative will be implemented by the U.S. Attorney's Office of the Southern District of?New?York with an initial conditional agreement where prosecutors refuse to?prosecute these firms. He said that the change would result in a faster recovery of funds by victims. Clayton, a Trump appointee, said that the new approach to collaboration would also benefit shareholders. He was the head of the Securities and Exchange Commission (a civil regulator) during Trump's presidential first term, and focused at that time on retail investors. Clayton stated that he continues to prioritize white-collar crimes involving retail investors. He also noted a focus on small-cap stocks and private funds, as well as misconduct on prediction markets. Clayton said "yes" when asked if he expects to see prosecutions for these so-called event contract. Clayton also criticised the past enforcement of Foreign Corrupt Practices Act, a 1977 act that prohibits companies operating in the United States. Bribing foreign officials is prohibited. Last year, the Justice Department suspended enforcement of the law and then resumed it in a "plan for a scaled-back" approach. Clayton said the law put the U.S. in a disadvantage compared to other countries, and that it penalized companies rather than targeting individuals. Clayton stated, "I loathe corruption by foreign officials." "I dislike the FCPA in its current form." Reporting by Chris Prentice, Editing by Chizu nomiyama and Diane Craft
-
US Postal Service faces cash crunch and reports quarterly loss of $1.25 billion
The U.S. The U.S. Postal Service reported on Thursday a "net quarterly loss" of $1.25bn as it continues to face liquidity issues. Operating revenue in the three months ended December 31 was down 1.2% at $22.2 billion compared to 2024 when it had a quarterly profit of $144 million. Officials called for policymakers on Thursday to reform the Postal Service Civil Service Retirement obligation, give USPS greater flexibility in pricing and increase its 15 billion statutory debt limit. David Steiner, Postmaster General of USPS, said on Thursday that the company has formed a team which will review all aspects to cut costs and capital expenditures. He cited its "dire" financial situation. USPS reported net losses of approximately $120 billion between 2007 and 2012 as the volume of first-class mail fell to its lowest level since the late 1960s. Steiner warned in December that the agency's cash situation is precarious and without reforms, it could run out of money in 2027. Steiner stated that if the agency continues to operate in its current manner, it will be dead within a year. USPS launched an online platform last month to accept proposals for accessing its last-mile network. This opened up more than 18,000 delivery units at destination and local processing centres nationwide to a wider range of customers, which could raise much needed funds. Steiner reported Thursday that more than 1,200 individuals and companies have asked to participate in the bidding. USPS delivers more than 170 millions U.S. addresses every week, and the last mile is the most expensive part. The last mile can be very expensive for other companies such as FedEx, UPS, and Amazon. Steiner, the new postal chief who was appointed in July after the White House ousted the previous leader, said that privatizing USPS would "never be feasible". "There is no one in the private sector who would want to privatize the Postal Service." Delivery of mail is a very expensive endeavor. Reporting by David Shepardson, Washington; editing by Chizu Nomiyama & Diane Craft
-
Uber fined $8.5 Million in a key trial for driver sexual assault
Uber was ordered to pay $8.5 million by a federal jury in Phoenix on Thursday after it found the company liable in a lawsuit brought by a woman alleging she had been sexually assaulted. This verdict could have a significant impact on thousands of similar cases filed against Uber. The case was brought by Jaylynn Dean and it was the first trial of over 3,000 similar lawsuits filed against Uber in U.S. Federal court. Bellwether trials test legal theories, and can help determine the value of claims in order to reach a settlement. Dean, a?resident of Oklahoma, filed a lawsuit against Uber in 2023. This was one month after the alleged assault she suffered?in Arizona. She claimed Uber knew 'about a wave sexual assaults by its drivers but failed to take basic actions to improve safety for its riders. Such assertions have dogged the company for years, attracting headlines and congressional attention. (Reporting and editing by Alexia Garamfalvi, Ethan Smith, Diana Novak Jones)
-
US Attorney says it won't prosecute companies who cooperate with criminal investigations
The U.S. attorney in Manhattan said on Thursday that federal prosecutors will increase incentives for companies who cooperate during criminal investigations. This includes?promises to not prosecute them. Jay Clayton's comments at an "industry" conference come as the Justice Department scales back corporate crime enforcement under the Trump Administration and focuses on immigration and drug cases. Clayton, who spoke at the Securities Enforcement Forum held in New York, said that companies need to be aware of specific benefits to cooperating with U.S. authorities in eradicating?wrongdoers. This includes offering companies so-called Non-Prosecution Agreements, or NPAs - deals that Democrats have criticised in the past. He said: "Our approach is to sign an NPA as soon as possible, which calls for "continued collaboration." Clayton, an appointee by President Donald Trump, said that the new approach to?cooperation' would also benefit shareholders. He was the head of the Securities and Exchange Commission (a civil regulator) during Trump's initial presidential term and focused at that time on retail investors. He said that retail investors remain among his top priorities in white-collar crimes, and that he is also keeping an eye on misconduct involving small-cap stocks as well as private funds, prediction markets, and other areas. He said yes when asked if the so-called "event contracts" would be prosecuted. Clayton also criticised the past enforcement of the Foreign Corrupt Practices Act. This 1977 law prohibits U.S.-based companies from bribing officials abroad. Last year, the Justice Department suspended enforcement of the law and then resumed it in a scaled-back manner. Clayton criticised the law, saying it put the U.S. in a disadvantage compared to other countries. It also penalized companies rather than targeting individuals who were wrongdoing. Clayton stated, "I detest corruption by foreign officials." "I dislike the FCPA in its current form." Reporting by Chris Prentice; editing by Chizu Nomiyama
-
HIF Global to save significant capital expenditure on Brazil's $4 billion hydrogen plant
HIF Global's Latin America Chief Executive said that the company expects to see a significant reduction in costs for its green hydrogen plant in Brazil, and hopes to secure funding for the first of four modules by the middle of next. Victor Turpaud, an interviewee, said that the 'e-fuels manufacturer' had?put up a price of $4 billion for the plant at Port of Acu in Rio de Janeiro, Brazil. However, they expect to reduce capital expenses by installing four modules in order to meet demand, rather than doing it all at once, and optimizing the installation process. Turpaud stated that "we have managed to reduce capital expenditure significantly." "We are now below $1 billion per module and continue to optimize until we reach well below $1. billion." Each module will produce 220,000 tons of methanol per year by splitting water molecules with electrolyzers and then combining this gas with carbon from industrial operations in the area. Methanol can be converted into e-fuels that, according to their supporters, are carbon-neutral and offer an alternative to existing fossil fuels such as gasoline. Turpaud stated that the site at Port of Acu is in the process of obtaining a permit for producing eKerosene, also known as E-sustainable Aviation Fuel (eSAF). While eSAF is still expensive to produce the costs are falling rapidly and Brazil could be a major producer and consumer, he said. Turpaud stated that electricity was not a viable option for decarbonizing air travel. Turpaud said, "The only way to decarbonize the huge aviation industry is by using SAF." Turpaud said that Turpaud believes the uncertainty over the rules and regulations governing decarbonization in transport?sectors - including shipping - is slowing down progress globally. He said that it is more difficult for an offtaker who does not know what the requirements of the other party are to agree to a long-term purchase contract for fuel for decarbonization. HIF Global is currently working on securing carbon dioxide supply agreements with companies that provide electricity and other businesses. Turpaud stated that "this year, we are focusing on closing these contracts so we can begin a financing program by the middle next year."
-
Senators demand that the US disclose whether FAA administrator has sold stake in airline
Three Democratic U.S. Senators asked the Transportation Department on Thursday if the head?of the Federal?Aviation Administation has sold his shares of Republic Airways, and if he would be forced to forfeit any gains if he did not sell the stake by the required divestment deadline. Bryan Bedford, FAA Administrator at the time, said in December that he hadn't divested his shares but would continue to remain a recusant on issues that might impact the airline’s finances while he worked to sell his holdings. Senator Maria Cantwell said Bedford, who was previously CEO of Republic Airlines, violated his ethics agreement because he hadn't completed the sale of shares, despite having agreed to do so by October 7. Cantwell said, along with senators?Tammy Duckworth, and Ed Markey in a letter that was seen by, that the DOT'should initiate appropriate disciplinary or correctional actions?to deal with Mr. Bedford’s noncompliance. They also said: "A failure to hold senior DOT officials accountable in this case could send the message that they can ignore their ethical commitments with no consequences." The FAA stated that it would directly respond to senators. DOT didn't immediately respond to a comment request. In the letter, Bedford was also told that he "could receive a windfall of millions?of dollar by holding on to his Republic shares for months after his divestment deadline." Bedford, at the time of confirmation, reported that he held Republic shares worth between $6 million and 30 million dollars. Republic completed its merger with Mesa Air Group on November 25. Bedford said to the Senate Commerce Committee that he thought he followed the rules in asking for an extension and relied on the advice of career ethics officials. Bedford stated in December that they were waiting for new shares to be issued, at which time the company would divest them as soon as possible. Cantwell had earlier released an 8 December letter from the Office of Government Ethics stating that Bedford had failed to comply with the ethics agreement, and had requested an amendment in order to extend the timeframe for divestiture. OGE stated that the request was not up to the standard required for an amendment.
-
Trump unveils TrumpRx Website on Thursday
The White House announced that President Donald Trump will unveil "TrumpRx.gov" on Thursday night. This website is intended to give consumers discounted access to prescription drugs and to be a key part of his efforts to reduce drug prices in the U.S. Sixteen of the biggest drug manufacturers in the world have joined forces to create a new global alliance. Deals with "most-favorable nation" In exchange for exemptions from U.S. Tariffs,?the Trump Administration will lower drug prices in the United States. These agreements will lower the?prices for Medicaid and cash-paying customers via TrumpRX. Those deals include Agreements with obesity drug makers Eli Lilly and Novo Nordisk will slash prices on?popular GLP-1 diet drugs. According to the government, these drugs would cost between $149-$350 per month for Americans on average. Karoline Leavitt, White House spokesperson, said in a X post that the direct-to consumer?website will be "state-of-the-art" and "will help save millions of Americans' money." The exact website functionality and how much money consumers will be able to save are not yet known. U.S. patients pay much more for prescription drugs, sometimes nearly three times as much, than in other developed nations. Trump has been pressuring drugmakers?to lower prices to levels that are paid abroad. Pfizer Inc. AstraZeneca Merck GSK and Pfizer Inc. are among the other drugmakers who have signed these deals.
US watchdog reviews high failure rate of FAA air traffic training
In response to a chronic shortage of air traffic controllers in the United States, the Office of Inspector General of U.S. 'Transportation Department announced on Thursday that it would open a?a??probe into high failure rate among air traffic control training trainees. The Trump administration has promised to act to combat a chronic shortage of air traffic control personnel. About 3,500 air traffic control positions are not filled by the FAA. The FAA's air-traffic control training academy is facing serious problems. Many of its trainees are working six-day work weeks and mandatory overtime. Inspector General said that "attrition, retirements and 'program washouts' are severely affecting the overall success in increasing the number certified controllers." The failure rate among trainees was over 30% by 2024. The training academy faces many challenges, including a lack of qualified instructors, limitations in training capacity, outdated curriculum and high failure rates.
FAA and USDOT did not comment immediately.
This week, Congress approved funding for 2,500 new controllers to be hired this year. The inspector general reported that U.S. Transportation secretary Sean Duffy announced in February a campaign to “supercharge” controller hiring. This resulted in over 10,000 applications. OIG reported that more than 8,300 applications were sent to the FAA Academy, resulting in 600 trainees. The FAA academy graduates are given more training in?air traffic towers after they leave the academy. In December, the FAA noted that a 43-day government shutdown had hampered training efforts. The FAA said in December that a 43-day government shutdown had hurt training efforts and noted the high washout?rate.
Duffy has taken several steps to "boost the controller staffing." The FAA offers controllers under 56 who are eligible for retirement a lump-sum payment of 20% of their base pay per year that they continue to work. The FAA increased the starting salary for candidates who attend the FAA Training Academy by 30% and has shortened the time to hire by more than four months. David Shepardson, Washington; Chris Reese, Chizu Nomiyama and Chizu Shepardson are responsible for reporting.
(source: Reuters)