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Survey shows that Europe is losing its hold on American travellers and wooing Chinese and Indian travellers.
According to a study published by the European Travel Commission on Wednesday, Chinese and Indian tourists will'make up' for any potential slowdown of growth by U.S. travelers to Europe in this year. International arrivals are expected to increase by 6.2%. The strong dollar and the economic strength in North America are driving the slowdown of the boom in American travel to Europe after the pandemic. A study by the European Travel Commission, an industry group, showed that Americans are less likely to travel to Europe in 2026 than they were in 2025. This trend is driven by geopolitical instabilities and worsening economic conditions. The number of travelers from the Americas is expected to grow by only 4.2%. Cirium's data shows that bookings between October 7th and the end of January from Europe to the U.S. fell by 14.2% compared to last year, while bookings to Europe from the U.S. dropped by 7.3%. The European travel market is stable despite a waning interest among core American travellers. In a recent statement, Miguel Sanz, the head of the European Travel Commission, said that Europe continues to be a reliable destination. It is well-positioned to meet evolving travel demands, including those for flexible journeys and experiences-driven trips. According to the survey, travel spending in Europe will have increased by 9.7% by 2025. This is consistent with reports by Europe's major carriers including Lufthansa, Air France-KLM and others that bookings have been steadily increasing for their premium products, while bookings in economy cabins on transatlantic flights are down. Air France-KLM will report its full-year 2025 results on Thursday. (Reporting and editing by Jan Harvey; Additional reporting in New York by Doyinsola Oladipo; Editing by Joanna Plucinska)
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Leader of the busiest US port says: 'Exports look dismal'
The Port of Los Angeles is the busiest U.S. ocean gateway. Exports fell by 8% in January, to the lowest output monthly in almost three years. Seroka, after the Port of Los Angeles handled 104.297 20-foot equivalent unit (TEU) of loaded export containers in January, said that "exports to China are?dismal". The aggressive tariffs of President Trump have disrupted global trade. Retaliatory trade duty from China and other countries has hit U.S. farmers and exporters particularly hard. Soybean Seroka stated that shipments to China from the Port of Los Angeles dropped by 80% in the past year. He also said that trade between the two countries did not improve after discussions held on the sidelines of the Asia-Pacific Economic Cooperation Summit. The United States exports very little to China today, according to Chad Bown. Bown is a senior fellow of the Peterson Institute of Economics. He added that shipments of beef, corn, crude oil, and coal from the United States to China will also be down in 2025. Seroka reported that the number of TEUs imported into the Port of Los Angeles in January was 421,594, a decrease of 13% from the unusually high result the previous year. Imports for February are relatively flat in comparison to a year ago. He said that imports would slow down in March due to factory closures in China for the Lunar New Year holiday. Seroka still expects the total volume of goods at the port in the first quarter to be less than 10% lower than the previous year's quarter when U.S. Importers were hurrying to import before President Donald Trump's tariffs against countries such as China went into effect. I don't think the economy will fall off a cliff after that. And even though the holiday sales were lower than we had hoped, "I do not see a dire scenario," Seroka said. He was referring to the lackluster U.S. retail sales in December that indicated a possible weakness in the consumer spending that drives 70% of the country's economic activity. (Reporting and editing by Chris Reese, Nick Zieminski, and Lisa Baertlein)
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US releases an additional $77 Million in frozen New York Tunnel funding
New York Governor Kathy Hochul announced on Tuesday that the Trump administration had'released' another $77m in federal funding frozen for the $16bn Hudson Tunnel Project. The political battle over this critical infrastructure was continuing. New York and New Jersey sued the U.S. Department of Transportation after it withheld funding of $205 million for the project from October 1. The funding freeze caused construction to stop, putting 1,000 workers out-of-work. Release of $30 Million On Friday, the remaining $107 million was released. USDOT spokesperson said that the agency was?following court orders'. The Gateway Development Commission overseeing the project said Tuesday that the construction was halted. It is working to "get the workers back to the job so some construction can resume as soon as possible." Sources claim that Republican President Donald Trump promised to unfreeze funds last month in exchange for Democratic support?to rename Washington Dulles Airport, and New York Penn Station, after him. Democrats strongly criticized the idea. The Hudson Tunnel Project aims to construct a new commuter train tunnel between Manhattan and New Jersey, and repair an old tunnel that is used daily by over 200,000 passengers and 425 trains. Hudson Tunnel needs emergency repairs frequently to prevent travel disruptions on the country's busiest passenger rail line. Trump said on Monday on social media that he was opposed to the project and worried about cost overruns in the billions. Trump stated that "Gateway would be equally financially?catastrophic to the region unless hard work is done and proper planning undertaken NOW in order to avoid insurmountable future cost overruns." Hochul told reporters that she had called Trump Monday, after his tweet and informed him that the project was not facing any cost issues. Hochul, urging the administration to not impact future funding, said: "It's urgent that we build this underground tunnel. Imagine if this tunnel failed. The U.S. District Judge Jeannette Vargas had ordered that the Federal?Government release funds to the project in the first week of this month. Under then-Democratic President Joe Biden, the project received federal funding of about $15 billion. So far, nearly $2 billion has already been spent. (Reporting and editing by Nia William; David Shepardson)
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Minister: Czechs offer limited amounts of oil to Slovakia via Druzhba Reverse flow
Karel Havilicek, Czech Economy Minister, said that the Czech Republic is now offering a small amount of oil to Slovakia via an eastward flow through 'the Druzhba Pipeline' after westward flows from Ukraine were stopped following an attack last month on the pipeline. After expanding a?alternative supply route, the Czech Republic stopped using Russian supplies through Druzhba in 2013. They have also mentioned the possibility of reversing flow from the Czech section of the pipeline into Slovakia. Havlicek said to? Havlicek told? Havlicek wrote in a message that he was ready to start immediately preparing technical and investment measures and supply (larger quantities) within a year. Slovakia and Hungary 'kept buying Russian Energy after Russia invaded Ukraine. But oil flows through the Druzhba in?Ukraine were halted on January 27 due to a 'Russian attack which Ukraine claimed hit the pipeline infrastructure. Hungary and Slovakia asked Croatia to allow Russian oil to be shipped through its port and pipeline. Slovak refineries and Hungarian refineries have used this alternative supply to a limited extent. Croatia said on Tuesday that it would be willing to increase oil deliveries but not if it was Russian. (Reporting and editing by David Goodman, Jan Harvey, and Jan Lopatka)
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Documents show that Epstein attempted to create a web of powerful connections across the Middle East.
The U.S. Department of Justice's documents reveal that embattled financier Jeffrey Epstein attempted to create a network of powerful political figures and businessmen in the Middle East. DP World announced that Sultan Ahmed Bin Sulayem resigned from his position as chairman and chief executive. Two sources who have direct knowledge of the matter said that the decision was made after Bin Sulayem’s name appeared on the Epstein files and his relationship with a late convicted sex offender came under increased scrutiny. Bin Sulayem and Epstein exchanged emails in which they discussed sexual relationships between Bin Sulayem and women Epstein had helped him meet. Bin Sulayem informed Epstein in an email dated November 9, 2007 that he met a woman of this type in New York. He did not identify her and said they had no sexual relations. He wrote: "Yes, after many attempts over several months, we were able to meet in NY," adding that it was a miscommunication because "she only wanted some BUSINESS!" I only wanted some PUSSYNESS!" Dubai's ruler also issued on Friday a decree that appointed a new chairman of Dubai's Ports, Customs and Free Zone Corporation, which was one of the many roles Bin Sulayem had held. I was able review independently only some Epstein files relating Bin Sulayem but was unable determine what exactly led to Bin Sulayem's departure from DP World, although sources stated, without giving further details, that the documents were the reason. Bin Sulayem has not responded to any requests for comments on his departure. DP World declined comment. COOKING TOGETHER Epstein described Bin Sulayem in an email exchange as funny, trustworthy, and a foodie. Epstein went on to say Bin Sulayem is a Muslim who does not drink alcohol and prays 5 times a day. A photograph, which was included in an email but is now publicly available, shows Epstein and Bin Sulayem cooking together and looking relaxed. Epstein did not provide the full name of who he sent it to. Bin Sulayem did not comment publicly on Epstein’s description of his relationship or the emails he sent about it. It is not criminal to be named in a file. Bin Sulayem was questioned by DP World financial backers about his past after the U.S. Congress pointed out that Bin Sulayem’s name appeared on files released by U.S. Department of Justice. Bin Sulayem didn't respond to these concerns publicly. British International Investment and Canada's second largest pension fund, both UK-based development finance agencies, said they would stop investing in DP World because of Bin Sulayem alleged ties with Epstein. We are horrified by the allegations that have emerged in the Epstein case A spokesperson for BII said, "Files regarding Sultan Ahmed Bin Sulayem", without specifying which allegations he meant. We will not make any new investments in DP World until they have taken the necessary actions. La Caisse, a Canadian pension fund, said that it would "pause additional capital deployment along with the company" until DP World clarified and took "the necessary steps". In a press release issued after the leadership change at DP World on Friday, BII praised DP World's decision. It said that it was looking forward to "continuing our partnership to advance development of key African Trading Ports". La Caisse stated that "the company took appropriate measures" as well as its intention to "move swiftly to work with DP World’s new leadership in order to continue our partnership for port projects throughout the world". Bin Sulayem didn't immediately respond to a question from La Caisse asking him for a comment about the actions taken by BII. DP World declined to comment. Contacts Network The DOJ's large collection of documents, including emails and text messages, shows that Epstein used his wealth to establish relationships with influential people in finance, politics, academia, and business all over the world. The report was unable determine whether Epstein's advice was taken into account by his contacts in the Middle East. Epstein attempted to give advice to Qatari political and business figures, according to the DOJ documents examined by. This was during the blockade of Qatar imposed by Saudi Arabia and the United Arab Emirates in 2017-21. Qatar had denied the accusations. Epstein, in an exchange with Sheikh Jabor Jasim Al Thani of the ruling family and Qatari businessman Jabor Yousuf Jassim al Thani, urged Qatar "to stop kicking and arguing...let's let the heat go down a little". He stated that "the current Qatari team is weak" and that "FM's lack of experience is evident." Qatar's Foreign Minister at the time was Sheikh Mohammed bin Abdulrahman Al Thani. He is now both Prime Minister and Foreign minister. Sheikh Mohammed is yet to comment publicly on Epstein’s portrayal. Qatar's International Media Office declined to comment on the exchange when asked about it. The office handles media requests from the Prime Minister. No response was received to a request sent via email to three Qatari companies where Sheikh Jabor holds the position of chairman, nor to a text message sent to someone who, according the documents?released? by the DOJ?, is employed in Sheikh Jabor?s office. Epstein encouraged Doha to establish ties with Israel in order to remain in good standing with Donald Trump who was in his first term of office as U.S. President. Epstein suggested that the Gulf State either recognize Israel or donate $1 billion to an anti-terrorism fund. Qatar stayed true to its independence. In 2021 the countries that had been blocking Doha restored their ties. The Trump administration has also strengthened its ties with Qatar. Discussion on SAUDI ARAMCO's IPO Epstein talked about Saudi Aramco’s initial public offering through dozens of emails. Epstein warned in an email exchange on September 10, 2016 with a person called?Aziza alahmadi and former Norwegian diplomat Terje Rod-Larson, that Aramco's initial public offering could expose Saudi Arabian assets to seizure and lawsuits. Saudi Aramco refused to comment on the emails. Alahmadi was not available for comment, and it was impossible to determine her role in Epstein's actions. Epstein, in an email dated 16 October 2017 and sent to Alahmadi as well, suggested that China be given the option to purchase a $100 billion stake in Aramco, rather than pursuing a conventional IPO. Epstein said this would allow for liquidity, while limiting their exposure to the public markets. Saudi Aramco refused to comment on the emails. Roed Larsen didn't immediately reply to an email sent via his attorney asking for comments. The DOJ documents show that Epstein also had a presence in Egypt. In some emails, Epstein was asked for help by a member of the Mubarak family - the wife Gamal Mubarak. This request came in 2011 after the ouster of the former president and the subsequent legal problems. The emails did not specify what type of assistance was requested and it was impossible to determine whether Epstein tried to intervene on behalf of the family. One lawyer was emailed for comment and another was texted. Both represented Gamal Moubarak. No immediate response was received.
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SBU: Ukraine strikes oil terminal in Russia’s Krasnodar and chemicals plant in Perm
Ukraine's SBU said that drones had 'hit' the Taman oil terminal, located in southern Russia's Krasnodar region, and a chemical plant in the Perm area near the Ural Mountains. Kyiv has intensified its 'long-range attacks on strategic Russian targets. This includes oil facilities, which have powered the war machine of Moscow during the four-year long war. Officials from the SBU confirmed that the attack on the Taman terminal is the second on the facility since January 22. Ukraine's General Staff reported separately that the terminal was struck on Sunday. SBU drones attacked Metafrax Chemicals in the Perm region in Russia, about 1,600 km away from Ukraine. The facility was described by the official as one of Russia's and Europe's largest methanol producers. The attacks took place ahead of the 'new round' of U.S.-mediated negotiations between Ukraine and Russia, which began Tuesday in Geneva. These talks are not expected to yield any significant results. Reporting by Tom Balmforth, Dan Peleschuk and Gareth Jones; Writing by Dan Peleschuk. Editing by Gareth Jones.
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Hungary and Slovakia search for reserves after Croatia warns against Russian oil requests
On?Tuesday?, a dispute?over oil deliveries to central Europe escalated after Croatia warned against Hungary and Slovakia offering additional Russian supplies. Since the 1960s, the vast Druzhba Pipeline from Russia to Ukraine has provided a vital lifeline for both countries. However, it has been closed since January 27, 2019. Ukraine claimed that this was because of a Russian attack against the pipeline. However, Hungary and Slovakia accuse Kyiv intentionally preventing supply. POLITICAL CLASH The standoff occurs as Hungarian Prime Minister Viktor Orban is trailing in the polls, ahead of an April 12 election where he could lose power after 16 years. Orban is a vocal opponent to Ukraine's bid for membership in the European Union. Hungary and Slovakia, on the other hand, have maintained good relations with Russian president Vladimir Putin during almost four years of conflict in Ukraine. After their request Monday that Croatia help supply seaborne Russian crude oil via the Adria pipe - also called the JANAF pipeline - Ante Susnjar, Economy Minister said this route could import more petroleum but suggested it should not come from?Russia. "A barrel purchased from Russia might?appear to be cheaper for some countries, but it helps fund wars and attacks against Ukrainian people," Susnjar wrote in a blog post on X. MOL, the Hungarian oil firm, did not reply to questions sent via email. Slovakia confirmed Tuesday that it had requested Croatia and Hungary jointly to secure Russian oil via the Adria Pipeline. EMERGENCY RESERVES Hungary and Slovakia are also in talks about releasing emergency supplies from their own stocks. According to EU law, they must hold 90 days worth of supply. A spokesperson for the European Commission said that there were no immediate risks to the security of supply. He added that Brussels had also been in touch with Ukraine about the timeline for the repair of the Druzhba Pipeline. Although there are EU sanctions against seaborne Russian crude oil imports following the war, Hungary and Slovakia have exemptions that would allow them to source Russian crude seaborne if their pipeline supply is disrupted. After the Ukraine's westward flow was halted, Czech Economy Minister Karel Havilicek said that his country would be able to offer small amounts of oil -to Slovakia via an eastward flow through the Druzhba Pipeline. US Sanctions The U.S. does not prohibit European countries from importing Russian oil, but Washington's recent measures against top Russian exporters Rosneft or Lukoil may complicate plans involving them using Croatia's Omisalj port or the 'Adria' pipeline. U.S. sanctions against Serbia's majority Russian refiner NIS, for instance, prevented the operator of the 'pipeline' from delivering crude in late last year. The U.S. Treasury Department’s Office of Foreign Assets Control issued a temporary license to the refiner allowing it resume operations. Reporting by Kate Abnett and Jan Lopatka; Editing by Inti landauro, Jan Harvey and Jan Harvey.
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Accounts show that Access World Logistics is under pressure due to an arbitration claim.
Accounts seen by show indicate that an arbitration case filed in Hong Kong, against the owners, of the global?logistics firm Access World, could cause financial risk for the group, with ripple effects on international metal markets. In a statement filed in 'Access World's accounts?last October, it was stated that "a material uncertain exists which?may -cast doubt on the group?s ability to continue as a?going concern". It linked this to an arbitration claim of $14.8 million filed against Global Capital Merchants. Access World, a major logistics player that owns and rents warehouses for metals, including copper, has not revealed who made the claim or why. Access World's stock under the London Metal Exchange warrant, a document that confers ownership, exceeded 260,000 metric tonnes at the end January. This is about 20% of total?LME. If the Access World subsidiary loses the arbitration, it will be liable to pay the claim. The squeeze may also make the Access World subsidiary unable to pay the rent for the warehouses that they lease. This could cast doubt on the fate of the metals stored there. LME's warehouse agreements protect metals at LME-registered sites, according to the LME. The exchange responded to a comment request by saying that only the warehouse company was allowed to keep LME metal in an LME-approved warehouse. This would be in the case of non-payment of rent or other charges. Five metals industry sources claim that such facilities are still locked by their owners, since they have contracts with the warehousing companies who lease them, and not the LME. It is hard to predict the impact that such actions could have on metals pricing and liquidity, but Glencore, Access World’s former owner who sold?the firm in 2022, may be affected, as it continues to use their storage facilities and remains its largest client. The company responded to a comment request by saying that the cases were not connected to Access World’s business and would not have any material impact on Glencore. Access World had to sell some of its warehouses to pay for the rent of warehouses that it leased, including in New Orleans by '2024. Last year it fell behind in rent payments at the Port of Johor Malaysia. Port of Johor has not responded to any requests for comments.
Accounts show that Access World Logistics is under pressure due to an arbitration claim.
Show reports that an?arbitration suit filed in Hong Kong by the owners of the global?logistics firm Access World could cause financial risk for the group. This could have a ripple effect?throughout international metals markets.
In a statement filed in October by Access?World's?accounts, it was stated that "a material uncertainity exists which may cast doubt on its ability to continue as a continuing concern". It linked this to a $14.8million arbitration claim made against Global Capital Merchants.
Access World, a major logistics player that owns and rents warehouses for metals, including copper, has not revealed who made the claim or why. It did not reply to a comment request.
Access World's London Metal Exchange warrants - which confer?ownership-- totaled more than 260,000 metric tonnes at the end January. This is about 20% of LME.
If Access World loses an arbitration case, some of its subsidiaries could be named as guarantors and held liable. They may also find themselves unable to pay the?rent for warehouses that they rent, causing them to doubt the fate of the metals there.
LME claims that its warehouse agreements protect the metals stored in LME registered facilities.
The exchange responded to a comment request by saying that only the warehouse company was allowed to keep LME metal in a warehouse approved by the LME, and then only in the case of non-payment of rent or other charges.
Five metals industry sources claim that such facilities are still locked by their owners, since the contracts they have with warehousing companies who lease them, and not the LME.
It is hard to estimate the impact on metals pricing and liquidity of such actions, but Glencore's former owner Access World, which sold it in 2022, may be affected, as it continues to use Access World storage facilities and remains its largest client.
The company responded to a comment request by saying that the cases were not related to Access World and would not have any material impact on Glencore.
Three people with knowledge of the situation said that Access World had to sell some warehouses to pay the rent on warehouses it leased, including in New Orleans by 2024. Last year it fell behind in rent payments at the Port of Johor Malaysia.
Port of Johor has not responded to any requests for comments.
(source: Reuters)