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Board overseeing Washington Dulles Airport to vote on $19.9 Billion overhaul plan
Washington Dulles Airport's board of directors will vote Wednesday on a $19.9-billion overhaul plan. This includes $3.75-billion to build new underground tunnels and replace the slow vehicles that transport passengers along tarmac. In a summary posted on Monday, Metropolitan Washington Airports Authority stated that the $6.2 billion renovation of the main terminal of the Washington area's primary international airport is scheduled to begin late in 2027. The Metropolitan Washington Airports Authority said the construction of new?tunnels will begin in early 2020, to remove "People Mover' vehicles and extend to a new concourse. Construction of one new concourse planned would not be finished until at least 2039. Prior approval was given for $4.4 billion. Last month, President Donald Trump revealed the $22 billion plan. The $19.9-billion proposal that will be voted upon does not include the massive new parking garage and transportation center. This announcement is just the latest of a number of major projects Trump announced around and in the U.S. Capital. Plan includes 5,000,000 square feet of renovated or new airport space. This plan is one of the biggest airport renovations in U.S. history. It will be funded largely through municipal bonds. Many have asked how the plan will impact flight costs. Airport authority approved separate $7 billion capital plans?for Dulles. Dulles airport was the largest U.S. airport with the highest passenger traffic growth last year. In 2025, the?airport handled 29 million passengers total, an increase of 6.4%. This fall, it will get ?a new 435,000-square-foot (40,412-square-meter), 14-gate concourse serving United customers. Trump's Dulles project is the latest major reconstruction project in Washington. Dulles Airport is located about '25 miles (40km) from Washington, D.C. Eero Saarinen, a Finnish architect, designed the terminal building of the airport. It is a unique structure with a roof that slopes upwards on both sides. Reporting by David Shepardson, Editing by Mark Porter & David Gregorio
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US railroad Union Pacific made money by charging fuel costs for the Iran war to cover its costs.
U.S. railroad Union Pacific collected more than $91.1 million in fuel surcharges during the second quarter compared to what it paid for fuel, a filing made with the Surface Transportation Board and first reported by. These excess surcharges increased Union Pacific's profits, highlighting criticisms from some shippers who believe that surcharges intended to recoup the rising costs of petroleum due to U.S.-Israeli war against Iran can be excessive. The only U.S. transport companies to report fuel costs as well as fuel surcharge revenues to regulators is railroads. This rare insight provides a unique look at how fuel surcharges improve company profits. Union Pacific says its fuel surcharge increases are in line with industry standards. STB filings revealed that only Norfolk Southern, CSX, and BNSF had excesses of $3.6 and $8.4 millions respectively during the second quarter. Union Pacific stated that fuel surcharges were a part of the total cost they negotiate with their customers. They also take this into consideration when choosing Union Pacific. Union Pacific reported last month that fuel surcharges increased earnings by 14 cents per share during the second quarter. Based on the number of shares outstanding, this amounts to $83.2 millions in profit. NORFOLK NORTHWEST MERGER Union Pacific seeks regulatory approval for the $85 billion purchase of Norfolk Southern in order to create the first railroad operator that spans?the entire continental United States. According to the company, the merger will result in a 36% market share on carloads. This estimate does not include the double count of interline shipments. The Stop the Merger -Coalition includes six state attorneys general as well as rival railroads, unions, and groups representing agricultural and chemical industries. They claim that creating a railroad which has a 50% share of the domestic rail freight market would decrease competition and increase shipping costs, ultimately affecting consumers. The coalition didn't immediately respond to an inquiry about the surcharges. In a STB filing made this month, BNSF-owned by Berkshire Hathaway said that only Union Pacific would benefit from the proposed merger. The company noted that the resulting firm "will have all the incentives and opportunities to apply UP’s long-standing high-price strategy on a nationwide scale." BNSF declined comment. U.S. transportation industry charges fuel surcharges based on benchmarks like the Department of Energy On-Highway Diesel Fuel Price and a proprietary formula known as a “trade factor.” Surcharges are a long-standing practice that has survived legal challenges and regulatory scrutiny for decades. "Rail fuel charges have increased 43 cents per?mile overall since March, and are now above the previous record set in September 2008. This is not a mistake," said Kyle Henzel. He's the president and chief operating officer of shipping platform Ship.com. There's usually a delay of up to 2 months between changes in fuel prices and surcharges on railroads. The March fuel surcharge for this year, for instance, was based off the January diesel prices, before the Iran War began. Union Pacific's STB filing revealed that in the first quarter it collected fuel surcharges of $607.6 millions, which was $34.8 million more than what it had paid for fuel. Union Pacific's fuel costs were $56.4 million higher than the surcharge revenue in both the first and second quarters. Union Pacific is the only major railroad that reported fuel surcharges exceeding?fuel prices for the first half 2026. Union Pacific and BNSF competed for dominance in the west of the United States. STB filings show that BNSF surcharges for the first half of this year were $658.1 million less than fuel costs. The company's STB documents showed that Union Pacific generated $2.3 billion in fuel surcharges last year. This was $48 million more than it spent on fuel. (Reporting and editing by Timothy Gardner and Rod Nickel; Additional reporting and editing by Sabrina Valle and Lisa Baertlein)
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Soybeans are on the rise as crude oil prices jump and there is a strong soybean crush
Analysts said that the Chicago Board of Trade soybean futures rose on Monday, as higher crude oil and a stronger crush rate of soybeans supported the market. Wheat prices fell after investors took profits on last week's gains. However, the continued disruption of Russian and Ukrainian exports via the Black Sea helped to support the market. The corn and soybean futures rose as well, boosted by caution about U.S. crop yield prospects ahead of a closely followed Midwest tour scheduled for this week. Chicago Board of Trade futures for soybeans, the most active contract, rose by 23-1/2 cents a bushel to $12.16. CBOT corn climbed 6-1/4 -cents a bushel to $4.89 1/2. National Oilseed Processors Association (NOPA) data shows that NOPA members crushed 216.647 millions bushels of soybeans last month. This is up by 1.1% compared to the 214.340 bushels in June, and 10.7% compared to the 195.699 bushels crushed a year ago. NOPA data shows that the total was based on a daily crushing rate of 6.989 millions bushels per day. This is down from 7.145million bushels?per day one month earlier. After the USDA cut its official forecasts for corn and soya yields last week, traders are waiting to see the results of the 'Pro Farmer field trip this upcoming week. The heavy rains that fell in the Midwest region last week have also led to uncertainty about whether certain crops will be affected by excessive moisture. After Monday's closing, the USDA will release its weekly crop ratings. These ratings provide a snapshot of field conditions. Chinese demand?continued support soybeans. Last week, traders reported that China has already purchased approximately 7 million metric tonnes of U.S. soya beans. The Chicago Board of Trade's most active wheat contract fell by 1/4 cent, to $6.89-1/4 a bushel. The recent attacks by Russia and Ukraine on shipping have curtailed shipments at Russia's major grain export hub, Novorossiysk. The disruption has caused the market to shift its attention away from the ample global?supplies, which were highlighted by the U.S. Department of Agriculture last week in a world crops?report -- and towards a possible shortage in export availability. According to traders, the number of cargoes arriving at Russia's Black Sea port has decreased while Ukraine relies on western neighbours such as Romania for shipments. Ukrainian authorities reported on Monday that a Russian attack had targeted the port infrastructure in Ukraine's Izmail District on the Danube River. Reporting by Heather Schlitz, Chicago; Additional reporting from Gus Trompiz, Paris; Ella Cao, Lewis Jackson and Subhranshu Sahu in Beijing; Editing and production by Subhranshu Sahu and David Goodman
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AirBaltic bondholders in Latvia agree to waive two interest payments
AirBaltic's bondholders agreed to allow the airline to?skip interest in?August?and November?as it?seeks?fresh investment?, the Latvian state-controlled airline announced on Monday. Holders of over 75% of the EUR380 million ($440 millions) in bonds issued by the airline with a coupon of 14.50%, voted to add the interest to principal rather than receive cash payments. The holders waived the?minimum liquidity requirement' until November. The company stated that "the approved resolutions ensure continuity of airBaltic operations. Passengers can book future travel with confidence. LSM, the national broadcaster, reported that Latvian Prime Minister Andris Kuulbergs stated that bondholders have not approved of the entire business plan proposed by the airline. He did not provide any details. He said that his government would ask the parliament to consider additional support for the airline. For example, converting its EUR50million bondholding into equity. AirBaltic announced last week that it is seeking approval from bondholders to raise EUR225 Million in interim financing for near-term liquidity requirements. The company is also proposing an even broader restructuring, whereby bondholders will swap part of their EUR380 million in debt for equity and the rest with up to EUR125 millions of new debt. The airline also said that other unspecified obligations will be converted into equity. According to the revised business plan, AirBaltic will reduce its fleet of Airbus A220-300 aircraft from 54 at present, to 36 by the end of 2026, and then gradually expand it to 40 by 2030. The plan, on a longer term basis, envisages a recapitalisation via EUR225?millions of new debt as well as EUR100?millions of fresh equity. Last month, Raman Singla, Fitch Ratings' director of ratings, said that airBaltic would need to deal with a projected cash outflow in 2026 of EUR156 million to continue to operate?as planned. Singla stated that the capital structure of the airline, which includes leased planes and "very costly" bonds due in 2020, is "not sustainable to our view".
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Russia's Far East will test drones and unmanned vehicles for trade with China
A Russian regional official stated that self-driving vehicles and drones could be used to transport goods between China and Russia's Far East. The brisk trade across the border has prompted a search for?new forms of cargo transportation?to avoid congestion. The Amur region of Russia, which?shares? a long border between China and Russia, is developing trial programmes with Chinese authorities in partnership, said the deputy chairman of the regional government, Pavel Puzanov. He was speaking at a business conference in Kazan. China is providing a lifeline for Russia's economy after it was sanctioned following the invasion of Ukraine by Russia in February 2022. It has bought Russian coal and gas, as well as selling its neighbour everything from cars to electronic goods. Rapid growth puts pressure on existing infrastructure and border checkpoints. PROJECTS INCLUDE DRONE BRIDGE OVER BORDER RIVE In one of the trials, the 'drone bridge' will be built between Blagoveshchensk in Russia and Heihe in China. Both cities are located across the Amur River. Puzanov stated that the drones would be used to transport high-margin goods such as electronic components up to 50 kg. According to a presentation at the forum, a second project developed by Russian autonomous driving company Navio would allow Chinese trucks without drivers to transport heavy freight between two cities. According to a presentation made at the forum, cross-border tests with a safety pilot in the cabin will be conducted in 2027. Fully autonomous operations are possible by 2028. The Chinese ambassador to Russia Zhang Hanhui stated that the trade between China and Russia rose by 26% from January to July. This could be a record-breaking year. Chinese data from January showed that China's trade with Russia in 2025 had dropped from a record high in 2024, and was the lowest it has been in five years. In 2027, passengers will be able to travel between Blagoveshchensk, Russia and Heihe, China, in just five minutes, without border checks. Reporting by Alessandra Prente and Helen Popper; Editing by Helen Popper and Alessandra Prente
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Germany's BASF CEO: Low river levels are preventing BASF from fully supplying some products.
The low water levels of the Rhine River have made it impossible for a German chemical company, BASF, to supply certain products, according to CEO Markus Kamieth. A prolonged drought is threatening to harm Germany's economy. Kamieth stated that although the drought has not had a significant impact on financial results, the risk that production will be disrupted is increasing every week. Despite the challenges, 'Kamieth' said that the situation was under control. He added that the group had been'significantly better prepared for extreme weather conditions than in 2018 when the Rhine water levels were depleted due to?drought. "Everything remains within manageable boundaries and, in comparison to?2018 this is a much smaller challenge for BASF," Kamieth said on the sidelines at the groundbreaking ceremony for an expansion of a rail and road terminal at the company's headquarters in Ludwigshafen. On Monday, the water level gauge at the Chokepoint of Kaub near Koblenz was around 6 cm (2.36 inches), well below the previous low of 25 cm (9.84 inches) set in 2018. Early August, analysts said that the Rhine's record low levels could halt German growth and drag Europe's largest economy back to stagnation. This is just when it was showing signs of a long awaited recovery. In order to maintain supplies at its main plant in Ludwigshafen - which gets about 40% of its raw materials from the river -?the company relies more and more on trucks, rail transport and low water vessels. Reporting by Patricia Weiss, Writing by Friederike Weine and Linda Pasquini, Editing by Ludwig Burger & Helen Popper
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Madison Air Solutions buys German fan manufacturer ebm papst for $5.4 billion
Madison Air Solutions announced on Monday that it will acquire German fan manufacturer ebm papst for $5.4 billion. This deal will expand its air quality business and ventilation. Madison Air is a part of billionaire Larry Gies Madison Industries. It specializes in indoor air quality and ventilation equipment for data centres and cleanrooms. Madison Air wants to expand its technology portfolio and strengthen its position in?Europe. Ebm-papst stated that the deal will?allow them to tap a booming U.S. market for data centres, where cooling systems are in high demand as operators deploy more powerful servers and chips. The deal gives us access to U.S. Capital Market, which can give us strategic options, CEO Klaus Geissdoerfer said. Madison Air will benefit from the technology and customer base of ebm papst, especially in Europe and Asia. This acquisition will help it to expand its business beyond North America. Ebm-papst, a major supplier of fans, motors and ventilator systems for air conditioning and refrigeration. The company stated that it would retain its headquarters and key R&D, production, and research operations in Mulfingen. Ebm-papst had a turnover of EUR2.24billion ($2.6billion) for the 'fiscal year that ended in 'March. Geissdoerfer aims at growing the core business up to EUR3.4billion by 2030.
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Iran threatens to escalate if US fails to honour the deal within a few weeks
Iran will escalate tensions along the Strait of Hormuz, and beyond, as well as launch an attack, if U.S. does not fully implement an interim peace deal in a few weeks. The official said that if the U.S. fails to meet this deadline and diplomacy fails then Tehran will launch a "timely" and "precise" military strike against the U.S. Naval Blockade of the Islamic Republic. In recent weeks, diplomatic efforts to bring Tehran back to the table and Washington to resume talks in accordance with a June agreement have failed. Iran's Foreign Minister has stated that the Strait?of Hormuz won't reopen until first the U.S. returns to the agreement, and the U.S. Treasury?Secretary warned of an unprecedented economic isolation for Iran. "Within a few weeks, Iran has set a deadline for the U.S. to implement all of the provisions of the agreement." The official said that this was a condition for future negotiations with the U.S. The official added that mediators would be sharing details about Tehran's deadline to Washington and other regional states. The official stated that "Iranians must be prepared for tensions to rise in the Strait of Hormuz, and other parts of the region. Iran will be ready to take difficult decisions and to act," Tehran's official stated that it was changing its strategy from defence to offense as it "lost confidence" in diplomacy with Washington. The official stated that "it is proven that the U.S. will not commit to a ceasefire and is unlikely to do so. Putting pressure on the enemy or relying upon mediators is unrealistic." (Reporting and editing by Michael Georgy, Andrew Heavens, and Parisa Hafezi)
Fuel shortages in Russia force Russia to receive Indian gasoline cargo
Three industry sources and LSEG data revealed that at least one cargo of fuel?from India? has entered the Russian domestic market as Moscow tries to alleviate fuel shortages caused by a?Ukrainian drone swarm on refineries.
Russia has taken a number of measures to help support its domestic fuel market following repeated Ukrainian attacks against oil refineries that caused shortages and price spikes. These measures include the import of gasoline by rail from Belarus and Kazakhstan, as well as a ban on fuel sales.
In July, Deputy Prime minister Alexander?Novak announced that Russia would import oil products in order to stabilize the domestic market.
Sources said that an Oman-flagged ship loaded 68,000 metric tons of fuel at the Port Said Anchorage as part of a ship to vessel transfer from the tanker Agni which was loaded in India's Vadinar Port.
Shipping data revealed that the tanker unloaded its cargo in early August at Vitino, a Russian Arctic port.
Sources said that the gasoline was being transshipped to domestic buyers via rail and that shipments had already begun.
Industry sources have previously said that traders sold Russia gasoline produced from Indian refiner Nayara Energy.
LSEG data indicates that 'at least two additional gasoline cargoes are expected to arrive in Russian ports over the next two weeks.
Last week, it was reported that Russia began seaborne imports from Asia of diesel into its Far East port. Reporting by Mark Potter Mark Potter (Editing by Mark Potter).
(source: Reuters)