Latest News
-
Abu Dhabi's ADQ acquires majority stake in Aramex
After completing an offer, the Abu Dhabi sovereign wealth fund ADQ announced on Tuesday that it now holds a 58% share in logistics company Aramex. ADQ now holds a majority stake in Aramex, thanks to a 35.31 % stake that was acquired through the tender offer by unit Q Logistics. Previously, Abu Dhabi Ports Group held a 22.69 % stake. Q Logistics announced in January that it was interested in acquiring up to 100% shares of Aramex, not already owned by Abu Dhabi Ports. Aramex offers logistics and transport services including domestic and international express deliveries via road, air, and sea. The latest takeover was launched by ADQ's Q Logistics Holding at a price per share of 3 dirhams ($0.8169). The final number of shares tendered will be announced on 28 March, ADQ stated. ADQ, which was founded in 2018, has a wide range of assets including Etihad Airways, the state airline of Abu Dhabi and Abu Dhabi Ports Company.
-
Wall Street Journal, March 11,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Alimentation Couche-Tard reaffirmed its plans to acquire Seven & I, and stated that there was uncertainty as to whether the 7-Eleven business owner's new plan would deliver value to investors. Rocket Mortgage has agreed to purchase real estate brokerage Redfin for $1.75 billion. San Diego-based Illumina has reduced its financial forecasts for this year and cut $100 million from spending due to China's ban on sales of the gene-sequencing machine. Eric Schiele, a leading dealmaker at Kirkland & Ellis is leaving the firm to lead the global mergers & acquisitions practice of Paul Hastings, in New York. Beacon Roofing Supply has begun discussions with QXO about a possible combination where Brad Jacobs would buy Beacon's company for approximately $7,7 billion. The collision between a tanker and a container ship, which was carrying jet fuel to the U.S. Military, caused multiple explosions on both vessels. Both crews were forced to abandon their ships.
-
Financial Times – March 11,
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Container ship strikes tanker in North Sea carrying jet fuel for the US Navy OpenAI signs $12bn contract with CoreWeave NHS England plans to cut central staffing by 50% Marco Rubio: Ukraine must make territorial concessions to reach a peace agreement View the full article A container ship struck an anchored tanker that was carrying jet fuel to the U.S. Military in the North Sea, triggering explosions. The 37 mariners aboard the vessel were rescued. OpenAI has signed a contract worth nearly $12 billion with CoreWeave. The company will also take a stake of the cloud computing provider to boost the group before its anticipated $35 billion public offering. The government is tightening its control over NHS England's top management. As part of any peace agreement, Ukraine will have to accept Russian control over some territory. This was the statement made by U.S. State Secretary Marco Rubio on Monday at the start of negotiations between Washington and Kyiv. (Compiled by Bengaluru Newsroom)
-
Panama Canal considers pipeline for gas transport with an eye towards Asian clients
Canal administrator Ricuarte Vaquez announced on Monday that the Panama Canal is looking into the construction of an LPG pipeline across the trade passage. Japan was identified as the top client for U.S.-sourced gas. Why it's important After a court decision last year, the canal, which is one of the busiest passages for maritime trade in the world, wants to diversify its operation. A drought has limited crossings, and officials plan to build a nearby reservoir. Japan is the largest LPG consumer in the world, and uses the fuel both for domestic use and industrial purposes. KEY QUOTE Vasquez said after a press conference that "we're exploring the possibilities of rolling out an infrastructure with a capacity up to one million barrels per daily (bpd), however, the market is larger." Vasquez stated that "meeting the growing demand for gas through Panama" is a top priority but also a complex task. CONTEXT The move is a response to the escalating tensions that have been sparked between the U.S.A. and Panama by U.S.President Donald Trump's claims regarding reclaiming of the Panama Canal. Despite the pushback by Panamanian President Jose Raul Mulino, who rebuffed Trump's claim, the U.S. president and officials have praised a recent deal, led by U.S. company BlackRock, to purchase the majority of the ports business from Hong Kong conglomerate CK Hutchison. This includes its assets near Panama Canal. By the Numbers Vasquez said that initial studies indicate "possible capacity of traffic through the Panama Canal (of LPG in a decade) could reach 2,000,000 bpd." What's Next? Vasquez stated that the canal anticipates making a decision on the pipeline within the next year. The canal is already set to receive $8 billion worth of infrastructure and sustainability investments over the next ten years. (Reporting and writing by Elida Moreno, editing by Lincoln Feast.
-
Australia shares hit a seven-month low, dragged down by banks. Qantas falls on the ex-dividend.
The Australian share market fell to a near seven-month-low on Tuesday. This was due to a decline in financial stocks. It followed a global drop in equity prices after uncertainty over tariffs imposed on the U.S. by President Donald Trump raised concerns of a possible recession in Australia. Qantas also fell as it began trading ex-dividend. The S&P/ASX 200 Index fell 1.5%, reaching 7,843.80 at 2356 GMT. This is its lowest level since 2024. U.S. stocks fell overnight. The S&P 500 registered its largest one-day decline since December 18, 2024 and the Nasdaq, which is heavily loaded with tech, dropped 4.0% as fears of recession in the largest economy in the world grew. Financial stocks, the most heavily weighted sub-index of the benchmark index, dropped as much as 1,9%, reaching their lowest level since the 8th October 2024. The "Big Four" lenders in the country are down between 0.1% to 1.9%. Qantas Airways' share price fell by as much as 10%, putting it on course to have its worst session in March 2020. The airline was trading ex-dividend. Iron ore prices fell amid worries about U.S. Tariffs, and China's promise to reduce crude steel production this year. This clouded the demand outlook. Rio Tinto, one of the sector's heavyweights, and Fortescue both fell 0.5% and 1.7% respectively. Oil prices fell by 0.1% as fears that U.S. Tariffs on Canada Mexico and China would slow economies in the world and reduce energy demand. The gold stocks fell as much as 4.5 percent, marking their weakest session in 2024. After removing its CEO, PolyNovo's stock fell by about 10%, reaching its lowest level since 30 October 2023. After discussions last week with the executive, the decision was made after media reports about the bullying of the CEO by the chairman of the company. The benchmark S&P/NZX50 index for New Zealand was down 0.7% to 12,423.12 point.
-
After storm, the Bahia Blanca grain terminal in Argentina is nearing normal operation.
A port board member said that activity at Argentina's Bahia blanca commercial grain port has begun to normalize after a severe thunderstorm disrupted operations last Friday. Port officer: The terminals will be fully operational again on Tuesday. The port city of Bahia Blanca is located southwest of Buenos Aires and is Argentina's second largest grain terminal, but it still lags behind Rosario Port Conglomerate in Santa Fe Province. Bahia Blanca was hit by a torrential downpour of more than 300 millimeters (11.8 in) in just a few short hours, resulting in severe flooding and causing the deaths of at least 16 people. The city, located about 600 km (400 miles), suffered severe structural damage. In an interview, Dolores Valdemoros said that the port is expected to be fully operational tomorrow (Tuesday), because grain trucks have already entered. "Ships have begun to enter." "They are testing to make sure everything is working," she said. Many ships in Argentina, which is a major global grain exporter, complete their loading at Bahia Blanca, after passing through Rosario. According to port data, in January 980,460 tons of grain was loaded at Bahia Blanca.
-
CERAWEEK - BlackRock CEO Fink claims nationalistic US policies will stoke inflation
BlackRock CEO Larry Fink stated on Monday that nationalistic policies will increase inflation in the United States, including deporting workers. Speaking at the CERAWeek Conference in Houston, the head of U.S. Investment Management Company added that the markets are discounting the inflation and that there will be additional cost increases within the next six-to-nine months. He said: "I believe that if we are all becoming more nationalistic, and I don't say that that is a bad thing. You know, that resonates with me, that will have an elevated inflation." Fink believes, for instance, that mass deportations can lead to problems in agriculture. Are we going to be able to harvest it now? He said. "I have even told the members of Trump's team that we will run out of electrical workers to build AI data centers. "We just don't enough." Trump's administration has been criticized for its stance on immigration. Threatening hefty tariffs Industry groups have warned that the import cost of goods from certain trade partners could be dramatically increased. What are you prepared to tolerate if I bring up these issues in Washington? Fink said. Fink said.
-
Trump Administration aims to cancel sales of oil reserves and support small nuclear
U.S. Energy Sec. Chris Wright announced on Monday that he planned to work with Congress to cancel previously mandated sales of the Strategic Petroleum Reserve in order to deal with low stockpiles. Congress mandated the sale of 100 million barrels from the reserve. This is the largest stockpile in the world for emergency crude oil. A 7 million barrel sale was set up for fiscal years 2026-2027 and subsequent sales until 2031. Wright said in an interview during the CERAWeek Conference that "anything with Congress is harder, and it takes time." Wright stated that it would take between five and seven years, or $20 billion, to replenish the reserve. Joe Biden, the predecessor of Donald Trump and Joe Biden, sold almost 300 million barrels out of the SPR. This was its biggest sale since Russia invaded Ukraine 2022. Wright stated that due to ongoing maintenance problems, it takes longer to refill the reserve than sell from it. Wright said that he would not request $20 billion in oil purchases at once from Congress, as he was working with lawmakers on the purchase of oil. Wright wants to increase U.S. LNG exports. In his speech to Congress, Trump emphasized a $44 billion Alaska LNG proposal. Trump said Japan, South Korea, and other countries wanted to partner with the United States on a "giant" natural gas pipeline, claiming that they would each invest "trillions." The Alaska LNG project requires an 800-mile gas pipeline from Alaska's northern region to Asia. No final investment decisions have been made. Wright said that all options are available to support the project, including a possible loan guarantee by his department's Loan Programs Office (LPO). Wright added that the administration would look into every possible way to help get such a project built, including diplomacy, and possibly a loan guarantee that could be used to finance it at a cheaper rate than banks. U.S. U.S. If the Trump Administration uses the LPO to build Alaska LNG, this would be a significant policy shift from his first term in office when he didn't use the LPO much. Biden used the LPO frequently and signed legislation that increased its financial assistance to hundreds of millions of dollars. Wright downplayed the regional opposition against new natural gas pipelines, saying that he didn't expect it to stop the construction of new projects. Everyone wants lower energy costs. "Everyone in New York and everyone in New England," said he. Trump signed a declaration of emergency on his first day as president, aimed at expanding federal powers in order to push big projects such as generators, transmission, and pipelines to meet the rising demand for power. Wright, who was appointed energy secretary after stepping down as board member of the small modular reactor Oklo, also said that the administration would likely provide financial and regulatory assistance to the new nuclear technology, but did no elaborate on how. There are currently no commercial small modular reactors. (Reporting and editing by Nia William; Timothy Gardner)
US designates Yemen's Houthis a 'terrorist group'
The U.S. State Department announced on Tuesday that it had implemented the designation of Yemen’s Iran-aligned Houthi Movement as a “foreign terror organization” after U.S. president Donald Trump's request for this move earlier in the year.
Marco Rubio, U.S. Secretary for State, said that "the Houthis’ activities threaten the safety of American civilians, personnel, and regional partners in the Middle East as well as the stability of the global maritime trade."
He added that "the United States will not tolerate any country who engages with terrorist groups like the Houthis under the pretense of legitimate international business."
Trump reclassified the Houthi Movement as a terrorist organization abroad in January. This will result in harsher economic sanctions in response to the attacks it has made on commercial ships in the Red Sea, and U.S. Warships that are defending this critical maritime region. (Reporting and editing by Ros Russell, Susan Heavey, Daphne Psaledakis)
(source: Reuters)