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City of London sees a 50% increase in cycling in just two years
The number of cyclists in London's City has increased by over 50% in just two years. New cycle paths, dockless bikes and improved air quality have all contributed to this increase. Official data shows that in October 2024 there will be 139,000 cyclists per day in the Square Mile. This is London's historic financial district. In 2022, this number was 89,000. The City of London Corporation released a press release stating that there were nearly twice as many bicycles as cars on London's streets at any given time. The increase in cycling coincides with a reduction of motor vehicle traffic (down 5% since 2022) and an improvement in air quality in the region. In 2024, the number locations that exceeded nitrogen dioxide targets fell to two from 15. Since 2003, London has a congestion fee that aims to reduce vehicle traffic. In recent years, the air quality in London has improved thanks to an Ultra Low-Emission Zone that imposes a tax on vehicles with high emissions. New paths and routes have encouraged cyclists, as has the rapid growth of dockless cycle hire schemes, whose use in the city has quadrupled from 2022. One in six bikes are now "Lime" or "Forest" bicycles. The City of London has seen a greater increase in cycling than the central London region, which has increased by 12% in that time. (Reporting and editing by William James, Sarah Young)
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Taiwan's MFIG offers to purchase up to 65,000 metric tonnes corn
European traders reported on Monday that Taiwan's MFIG buying group had issued an international tender for up to 65,000 metric tonnes of animal feed corn, which could be sourced in the United States, Argentina or Brazil. They said that the deadline for submitting price offers to the tender is on Tuesday, April 29. MFIG is seeking price offers for a consignment yellow corn weighing between 40,000 and 65,000 tons, at a premium to the Chicago corn contract of September 2025. Traders said that if corn comes from the U.S. Gulf region, Brazil, or Argentina then shipments are needed between June 20 and September 9. Shipments from the U.S. Pacific Northwest Coast or South Africa are required between July 5 and 24. Traders said that due to concerns over poor quality, Argentine Corn will only be accepted if the price is at the lowest offered, and at least four cents per bushel lower than the next cheapest offer of other origins. The last report corn tender On March 26, the MFIG Group purchased approximately 65,000 tons feed corn, which was expected to come from the United States. (Reporting and Editing by Louise Heavens, Michael Hogan)
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Maguire: The clever US state that thrives under Trump
Louisiana has been overshadowed for years by its showier neighbour Texas. Texas boasts a bigger economy and population, and has dominated Washington DC policy makers and the international stage. The Bayou State, however, is undergoing a renaissance that could lead to it becoming the most dynamic and influential Gulf Coast hub in the coming decades. This could be attributed to its development plan that can be described as being everything to everyone. Louisiana, as the primary exit point for U.S. gas exports, is also a major cheerleader of President Donald Trump's "drill, baby, drill" mantra. It is home to the most important natural-gas basins in the United States. A new steel plant worth billions of dollars is being planned by the state. This was announced at a White House event earlier this year, which marked a return to traditional manufacturing in the United States. Louisiana's smokestack industry, which includes century-old refineries and chemicals, is also at the forefront of a carbon capture drive. This has made Louisiana a major player on the clean energy front. Louisiana has a number of industries that are suited to the 21st-century needs of America, including a hydrogen industry leader, a battery sector, and a growing presence in data centers. DEFT MESSAGING AND A CAPTIVE Audience Louisiana's progress has been driven by its willingness to reuse the old and add the new. This philosophy is not limited to brick and mortar industries, but also includes marketing pitches and mission statements. Projects that were marketed under the Biden Administration as driving the energy transition are now marketed to boost energy security and create jobs, which is more appealing to the Trump administration. Businesses that reduce emissions from chemical plants and those that are positioned to be leaders in the carbon capture and storage (CCUS) sector, which is expected to grow rapidly over the next few decades, are among these businesses. Louisiana is a leader in CCUS, but it's not just a paper position. The state has more than 60 carbon-capture projects. These include 13 CO2 pipelines as well as several ammonia plants and hydrogen plants which intend to use CO2 for a feedstock. Air Products, a producer of industrial gas, is building a complex dedicated to expanding hydrogen applications in the state. This could include the fertilizer and the steel producers who are heavy users of natural gas. AMERICAN MADE According to Kpler, trade intelligence firm, the liquefied gas industry has already established Louisiana, as its primary hub. Approximately two-thirds (or $30 billion) of U.S. exports of LNG will depart via state terminals. Louisiana's share in LNG trade is expected to increase further when the Plaquemines LNG Export Facility reaches full capacity at the end of the year. Gas developers also boost extraction from Louisiana fields. This is especially true of the Haynesville Basin, which has less impurities in its gas than other large deposits. It's therefore ideal for converting it to LNG and exporting it. The flurry in extraction activity has also sparked growth in ancillary service sectors in the state. This includes the production and maintenance of pipeline equipment. Louisiana is also home to other businesses and industries. In the last year, manufacturers such as Hyundai Steel, Ice Industries (a manufacturer of steel rails for solar panels) and PSS (an industrial equipment maker) have announced plans to open new plants in the State. Social media giant Meta will spend $10 billion on a data center of 4 million square feet in the state. Meanwhile, Procter and Gamble announced recent expansions to its Rapides Parish production facility. Chemical and plastics manufacturers are expanding in the state in hopes that the current push for factory production to be reshored to the U.S. will spark a higher demand for industrial components. COST PRESSURE The state's growing natural gas supply - which will be delivered via a new pipeline from the Permian basin to Louisiana's industrial hub in 2026 – is also attracting industries that need abundant power sources. Louisiana is currently enjoying a competitive advantage due to its lower than average electricity prices for industries. According to the data portal Electricchoice.com, Louisiana's cost of commercial electricity is 16% lower than the national average at 10.7 cents per Kilowatt Hour. This rate is lower than that of Florida, Georgia and Mississippi, as well as Michigan and Pennsylvania, states which also compete with Louisiana for the business of manufacturing and technology companies. Any significant increase in industrial gas usage - whether for LNG exports, or local businesses that use gas to power or process - will likely put upward pressure on energy prices going forward. Meta's massive data center, as well as the other businesses moving or expanding to the state will likely increase the overall energy demand. Local power providers are better equipped to meet demand for energy than others, thanks to the growing supply of natural gas in the state and plans to expand nuclear generation. This could help Louisiana to emerge from Texas' shadow - where stretched grids and volatile prices are commonplace - and become a critical hub for America’s future industrial and energy needs. These are the opinions of the author who is a market analyst at.
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China warns that CK Hutchison ports deal should not be avoided by avoiding antitrust review
China's top regulator of the market said that it is closely monitoring CK Hutchison’s plans to sell most of its port operations to a BlackRock led consortium, and that parties should not attempt to avoid a review of antitrust. As trade tensions between the United States and China intensify, the sale of the Hong Kong conglomerate's two ports on the strategically significant Panama Canal has become a highly political issue. In a recent statement, the State Administration for Market Regulation stated that "no concentration of undertakings will be implemented without prior approval. Otherwise, legal liability may be incurred." The statement was made in response to an article published by the Wall Street Journal on April 16, 2008. MSC, which is a part of BlackRock, held discussions about moving forward with the bulk deal until the disputes over the Panama ports were resolved, according to the report, citing sources familiar with the issue. Reports added that the deal is divided into two parts, each with a different ownership structure - one component for the Panama ports, and another for everything else. Donald Trump, the U.S. president, has said repeatedly that he wants the canal to be returned. He has also hailed this deal as "reclaiming" the waterway. Chinese state media have, however, criticised the planned sales as a betrayal. Trump said that American military and commercial vessels should be allowed to travel freely through the Panama Canal as well as Suez Canal. CK Hutchison, owned by Li Ka-shing, announced last month that it would be selling its 80% stake in the port business. This includes 43 ports across 23 countries. Enterprise value of the business, including debt, is $22.8 billion. Sources have confirmed that PSA International in Singapore, which holds the remaining 20%, is looking to sell its stake. The Hong Kong conglomerate owns interests in 53 ports. The deal excluded ports in Hong Kong or mainland China. Reporting by Beijing Newsroom; Editing and proofreading by Edwina G Gibbs
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Trump: US ships should have free access to the Panama and Suez Canals
Donald Trump, the U.S. president, said that American commercial and military ships should be able to travel freely through the Suez Canal and Panama Canal. Trump wrote in a Truth Social post that he had asked Marco Rubio, the Secretary of State, to "immediately take care of this situation and memorialize it." The Panama Canal is the narrowest part between North America and South America. It allows ships to travel more quickly between the Atlantic Ocean and Pacific Ocean. The Panama Canal carries 40% of the U.S. container trade each year. Panama took control of this strategically important waterway in 1999 after the U.S. finished construction in the early 20th Century. Trump has repeatedly said that he wants "to take back" the canal. He told reporters before assuming office in January that he wouldn't rule out the use of economic or military force to gain control over canal. (Reporting and editing by Daniel Wallis, Matthew Lewis, and Jasper Ward from Washington)
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An explosion in Bandar Abbas, Iran, has injured at least 47 people
State media reported that a large explosion struck Shahid Rajaee Port in southern Iranian city Bandar Abbas, causing at least 47 injuries. The explosion occurred just as Iran was about to begin a third round nuclear talks with United States in Oman. However, the cause of this explosion wasn't immediately known. The explosion of containers in the Shahid Rajaee Port wharf caused this incident. "We are currently evacuating the injured and transferring them to medical centers," said a local crisis-management official on state television. Initial estimates by Fars News Agency indicate that 47 people have been injured. The semi-official Tasnim News Agency added that port activities were suspended in order to put out the fire. They also said that due to the large number port workers, "many people are probably injured or killed by the incident." Iranian media reported that the blast caused windows to shatter within a range of several kilometers. Footage shared online showed a mushroom cloud following the explosion. In 2020, the same port was hit by a massive cyberattack which caused massive backlogs in the waterways and on the roads leading up to the facility. The Washington Post reported that Iran's arch enemy Israel was behind the incident in retaliation to an earlier Iranian cyberattack.
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Sources: TikTok owner considers data center in Brazil
Three people with knowledge of the matter said that ByteDance is considering a large investment in a Brazilian data center to harness the abundant wind power on Brazil's northeast coast. Two sources, who requested anonymity in order to discuss confidential negotiations, said that the company was in discussions to partner with renewable power producer Casa dos Ventos in developing a facility at the Pecem Port Complex in the state Ceara. Discussions are taking place as Latin America’s largest economy tries to position itself as the global hub for a fast-growing industry of data centers, by leveraging its abundant renewable energy. According to one source, initial discussions are centered on a data center of 300 megawatts (MW), but the project may eventually be expanded to 900MW in a subsequent phase. According to a second source, the total demand could be as high as 1 gigawatt. Brazil would become a key part of the Chinese firm's Western Hemisphere operations. ByteDance, a Chinese company, announced in February that it would invest $8.8 Billion in Thailand data centers over a five-year period. TikTok has declined to comment on the plans for Brazil. Pecem has been considered as a potential location for Brazilian data centres due to the nearby landing stations of submarine cables and the concentration in renewable energy generation. Casa dos Ventos has requested grid connection in Pecem for a project to build a datacenter. TotalEnergies and Casa dos Ventos have partnered on wind power in 2022. The Brazilian national grid operator ONS initially refused it because of stability concerns due to the high demands placed on such facilities. Two sources claim that the Brazilian Mines and Energy Ministry has begun evaluating the possibility of increasing grid capacity to support data center projects at Pecem and in other areas. TikTok, as well as the Ministry of Culture and Tourism, did not respond immediately to a comment request. ByteDance was not reachable. Casa dos Ventos refused to comment on ByteDance's talks, but stated in a press release that it was "committed" to turning the Pecem Port into a hub of technological innovation and energy transformation. The company is building the largest data center in the country and a green hydrogen project that will be powered with renewable energy. The company stated that it was evaluating partnerships with companies who can help implement both projects. (Reporting from Leticia Fucuchima, Sao Paulo; Marcela Ayres, Bernardo Caram and Brenda Goh at Shanghai; Fabio Teixeira at Rio de Janeiro. Editing by Marguerita Chôy.
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Vehicle Carriers Seek Relief from Wide US Port Fees
Three sources said that operators of hulking cars carriers were seeking relief from U.S. trade representative's surprise plan that would levy port charges on all foreign-built vessels in this segment, including the 20 vessels that guarantee transportation for the U.S. Military during a national emergency or war. USTR announced these fees on April 17, as part of a continuing effort to charge certain China-linked vessels calling at U.S. port fees in order to fund domestic shipbuilding and counter China's dominant position on the high seas. The fees were a shock to the industry because they did not only target ships built in China or owned by Chinese companies. According to two lawyers who asked to remain anonymous for fear of reprisals, the fees on vehicle carriers would affect the 20 U.S. flagged and U.S. crewed vehicle carriers that are admitted to the U.S. Maritime Security Program, which supports Washington's readiness. These fees would also impose massive costs on customers of vehicle carriers, who are already suffering from the 25% auto tariffs that President Donald Trump imposed. As the levies weren't mentioned in the USTR port fees proposal of February, vessel carriers did not have an opportunity to provide feedback. One of the lawyers said, "The fee for the car carrier came out of nowhere." Both parties said that the USTR had overreached, because the fees were levied on ships that are made in countries not included in the Biden administration’s fast-tracked investigation which found that China unfairly dominates global maritime, logistic and shipbuilding sectors. The World Shipping Council warned that on April 18, the new fees would affect almost all car carriers and could have unintended effects. WSC has declined to provide any further comment. Attorneys and an industry group have asked to meet with USTR in order to express their concerns. USTR has not yet commented on whether it will meet with representatives of vessel carriers. USTR will begin charging foreign-built vehicles carriers $150 per car they can carry. This fee will be implemented on October 14, 2014. The USTR plans to charge foreign-built vehicle carriers $150 for every car the ship has capacity to carry, beginning on October 14. MILITARY RISK? Vehicle carriers are essential to the U.S. Military's readiness, as they can transport large items such as aircraft, tanks and helicopters. American Roll-On Roll-Off Carrier Group of Florida, an operator of vehicle carriers under the U.S. flag, is a part of Wallenius Wilhelmsen Group. Liberty Global Logistics is a New York-based provider. Wallenius Wilhelmsen and ARC did not respond immediately to Wallenius's request for comment. Maersk Line Ltd., the U.S. division of the Danish container shipping company, which is part of MSP, has said that it is reviewing USTR's most recent information and is preparing for various scenarios. Port fees are not charged to operators of container ships, tankers, and other vessels that fall within the MSP. Alphaliner data shows that there are currently 1,466 vehicle carriers in use. Alphaliner reported that only 39 of these ships were constructed in the United States. (Reporting and editing by Peter Graff, Mark Potter, and Lisa Baertlein)
Brent prices collapsed, causing Russian Urals to fall to their lowest level since 2023
Calculations based on trader's data show that the Russian Urals oil price fell to its lowest level since 2023, as Brent international benchmark prices plummeted amid the escalating tensions in the U.S.-China following the tariff policy announced last weekend.
Weaker Urals will have a negative impact on Russia's oil revenue - the mainstay of Moscow's budget. Oil and gas revenue is down at a time when Russia and the United States are negotiating a ceasefire in Ukraine.
Brent futures fell $2.43 or 3.7% to $63.15 per barrel at 1009 GMT. They continue to drop from last week, and are now at their lowest level since 2021.
According to data, the price of Russian Urals oil for cargoes loaded from Primorsk and Novorossiisk port dropped to $53 per barrel on Friday. If Brent prices continue to fall until the close of the markets, the Russian grade could drop as low as $50 on Monday.
According to data and calculations, if this is the case, it would be the lowest price for Russian Urals since March 2023.
Two traders say that lower prices of Russian oil will also help the oil sellers fix their tankers, as more western shipowners are able to enter the market because the prices are below western price caps.
Calculations showed that the price of uranium is likely to drop $10 per barrel below western prices on Monday.
The Group of Seven countries, including the United States of America, Canada, Britain and Italy, France and Germany, imposed a $60 cap per barrel in late 2022 on the sale of Russian crude oil free-onboard. This was done to limit the revenue that Russia receives from oil exports by sea. After reaching a high in early March, the cost of shipping Urals crude oil from the Baltic port of Primorsk to India averaged $7 million for a one-way shipment. Reporting by ChizuNomiyama; Editing by ChizuNomiyama
(source: Reuters)