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Russia increases diesel exports in November by 3% despite sanctions and infrastructure damage
Data from market sources, LSEG and other sources showed that Russia's seaborne gasoil and diesel exports increased 3% from October to 2.37 million metric tonnes in November despite the recent U.S. Sanctions and infrastructure damages caused by drones. The market sources said that exports of ultra low-sulphur fuel via Primorsk - Russia's biggest outlet for diesel shipments - grew 39.3% on a month-to-month basis to 1.221 millions tons, as major producers carried out seasonal and unplanned maintenance. Exports from Russia's south ports, on the other hand, fell dramatically as a result of drone attacks against infrastructure and refineries in the region. Tuapse, a Russian Black Sea port, suspended fuel exports in November 2 following Ukrainian drone attacks against its infrastructure. This forced the refinery on site to stop crude processing. Diesel exports at Novorossiysk (another Black Sea port) fell by one-third to 0.64 millions tons, due to unexpected maintenance at Lukoil Volgograd's refinery, and temporary suspensions of loading following drone and missile attacks. Overall diesel volumes in November were not affected by the U.S. sanctions against Russia's two largest oil companies, Lukoil & Rosneft. LSEG data shows that Turkey was the largest buyer of Russian gasoil and diesel in November. Imports increased 10% on a month-to-month basis to 1,06 million tons. The shipment to Brazil has also increased to 190,000. This is up from 74,000 tonnes in October. Shipping data shows an increase in the number of ship-to-ship transfer near Port Said (Egypt) and Limassol (Malta), totaling nearly 0.5 millions tons. These cargoes' final destinations are still unknown. LSEG data show that several tankers transporting about 270,000 tonnes of diesel from Russian port have yet to declare the ports where they discharge their cargo. (Reporting in Moscow, Editing by Emelia Matarise Sithole)
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ASD, the industry association, says that Europe's aerospace-and-defence turnover will increase 10.1% to $378 billion by 2024.
The aerospace and defence industry in Europe grew rapidly in 2024. Turnover increased 10.1%, reaching 325.7 billion euro ($378.04billion), and employment reached a record high of 1.1 million direct jobs, Camille Grand said, secretary general for the industry group ASD, on Tuesday. Grand, a reporter, said that the defence sector led the way with a turnover increase of 13.8%, to 183.4 billion Euros, due to higher spending and increased efforts to boost security prompted by the conflict in Ukraine. The civil aeronautics sector grew 6%, to EUR129.1 Billion, aided by the recovery of air traffic and the demand for fuel efficient aircraft. However, supply-chain bottlenecks, and labour shortages, persisted. The space sector increased its turnover by 3.1%, to EUR13.2billion. ASD reported that the aerospace and defense sector, which comprises more than 4,200 companies, supports nearly 4.2 millions jobs in Europe and 779 billion euro of economic activity. Micael Johansson, ASD's President, urged the European Union (EU) to adopt a civil aeronautics industrial strategy and maintain defence investment. He warned that Europe’s leadership in high tech sectors "cannot simply be taken for granted". ASD reported that R&D expenditures reached EUR25,2 billion, an increase of 9.4%. However, Europe is still behind its global competitors in terms of innovation.
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Maritime body: Russian-flagged oil tanker reports an attack near Turkey coast
The Turkish maritime authority reported on Tuesday that a Russian-flagged oil tanker, sailing from Russia to Georgia with a cargo of sunflower oil, was attacked near the Turkish coast. However, its 13 crew members escaped unharmed. The vessel MIDVOLGA-2 reported being attacked 80 miles (130km) off the Turkish coastline but did not request assistance. It was heading towards the Sinop port in Turkey, according to the Maritime Affairs Directorate. NTV, a broadcaster in the United States, did not give any additional details but said that the attack was carried out by a kamikaze-style drone. When asked about the latest attack by a Turkish official, he said that "the necessary message was conveyed to all the relevant parties including the Ukrainian authorities," without going into further detail. Two Ukrainian tankers were hit by drones on Friday as they approached a Russian port in the Black Sea to fill up with oil for export. Kyiv was trying to put pressure on Russia's oil industry. Tayyip Erdoan, the Turkish president, said that Monday attacks on Black Sea commercial ships were unacceptable. He issued a warning to all "related sides." The NATO-member Turkey has maintained friendly relations with Kyiv as well as Moscow during the entire war. It has offered military support to Ukraine, but refused to join Western sanctions against Moscow. The country has hosted three rounds in Istanbul of peace talks with warring parties and offered repeatedly to host a meeting between leaders, saying that the war must end now. Ankara also asked for the safety of navigation in the Black Sea where it shares maritime border with Russia and Ukraine. (Reporting and editing by Bernadette B. Baum, Thomas Derpinghaus and Daren Butler)
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Holcim increases recycling of building materials with three deals
Holcim announced on Tuesday that it had acquired three companies in Britain (Britain), France (France) and Germany which use recycled demolition material. This is the latest acquisition by the Swiss cement manufacturer as it moves towards circular construction. Holcim closed the acquisitions of Thames Materials in London, a recycler and demolisher of construction materials, as well as a majority stake of A&S Recycling in Hanover, Germany. Holcim has agreed to purchase a recycling company in the northwest of France that recycles construction demolition materials. The name was not disclosed. CEO Miljan Gutovic stated that the deals were part of Holcim’s strategy to expand its circular construction. This involves recycling concrete, bricks, and metal into new building materials. Holcim aims to recycle 20 millions tons of demolition materials a year, by 2030. This is a market that's growing as customers are looking to reduce their carbon footprint and increase profit margins. The company will recycle 5.6 million tonnes in the first nine-months of 2025. This is 20% more than the previous year. Gutovic stated in a press release that "the future of construction will be circular, and I am looking forward to realizing this future with our new colleagues." (Reporting and editing by Miranda Murray, with John Revill)
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Maritime body: Russian-flagged oil tanker reports an attack near Turkey coast
The Turkish maritime authority reported on Tuesday that a Russian-flagged oil tanker, sailing from Russia to Georgia with sunflower oil loaded aboard, was attacked near the Turkish coast. However, its 13 crew members were not injured. The Maritime Affairs Directorate reported that the vessel MIDVOLGA-2 had been attacked 80 miles (129 kilometers) off the Turkish coastline, but it did not request assistance. It was heading towards the Sinop port in Turkey. The report did not give any other details. Last Friday, Ukrainian drones targeted two tankers that were sanctioned in the Black Sea, as they approached a Russian port with oil bound for foreign markets. Kyiv was trying to put pressure on Russia's huge oil industry. Tayyip Erdoan, the Turkish president, said that Monday attacks on Black Sea commercial ships were unacceptable. He issued a warning to all "related sides."
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Maguire: Hybrids are helping to sustain US demand for clean cars despite cuts in subsidies
After the federal subsidies were scrapped, the first month's data on electric vehicle sales in America raised concerns about a U turn and a return of transportation based on fossil fuels. Climate trackers are encouraged by the continued sales of hybrid electric vehicles, which continue to be robust despite Washington's sharply reduced support for the EV industry. The U.S. electric vehicle industry is likely to be more negative than ever, as sales of plug-in vehicles are likely to remain low in the short term, now that the $7.500 tax credit has been eliminated. Even without federal assistance, the demand for low-emission vehicles is still high in the United States. BIG PLUNGE The October sales figures painted a picture that the EV industry was in turmoil and there was little interest in electric vehicles without government assistance. Argonne National Lab (ANL) data shows that sales of battery-electric vehicles (BEVs), which are electric cars with batteries, were at just over 75,000 units. This is 47% less than September's total, and the lowest number since January 2023. The sales of plug-in hybrid EVs dropped 19% in the previous month, and also reached a near three-year low. A wider look at the sales data of both types of vehicles reveals a sharp increase in BEVs and PHEVS prior to the subsidy reductions, which has in turn accentuated the decline seen since. The combined sales of BEVs, PHEVs and hybrids in the first 10 month of this year reached a new record of 1.3 millions units. This is a 4% increase from the same period of 2022. From January to October 2024, the total sales of BEVs and PHEVs reached a record 1.3 million units, an increase of 4%. The loss of the tax credit still leaves car dealers in a quandary over how to fill the subsidy hole and reduce any perceived rise in EV price compared to the prices faced by buyers prior to October. HYBRID HOPES Contrary to the sharp declines in BEV and PHEV sales in the previous month, hybrid electrics saw a 6% increase in October compared to the month prior, reaching 159 431 units. This was the highest HEV monthly sales total since July and brought the total HEV sales from January to October to a new record of 1.64 million units. This year-to date sum was 25% higher than all plug-in vehicles sold so far in 2025. It helped HEVs cement themselves as the most popular part of the EV eco-system, despite BEV sales growing faster since 2019. The updated EV sales figures for November are due in the next few weeks. They will reveal a continued weakness of new plug-in EVs, as buyers and dealers try to close the gap between the prices. These weak sales figures could be interpreted in a way that indicates a further shrinkage in the U.S. electric vehicle market, and also a sign the the clean car industry is unable compete without federal assistance. The purchase volume of hybrid electrics will provide a better indication of the demand for clean cars in the United States. These vehicles are priced similarly to those with combustion engines and allow cost-conscious consumers to reduce their fuel dependence at a lower price. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Wall Street Journal, December 2,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Costco sued the U.S. Government to make sure it gets a refund if the Supreme Court rejected President Donald Trump’s request for broad authority to impose tariffs. Apple has appointed Amar Subramanya, a veteran researcher and AI expert, as its new vice president. He replaces John Giannandrea. The Trump administration agreed to buy a stake in xLight, a startup that is developing free-electron lasers. These lasers are seen as a key component to creating faster computer chips. Warner Bros Discovery is preparing to receive a second round bids in an auction which could end in the next few days or weeks. Netflix has made a cash-based offer. Shopify has announced that it has fixed issues with logging into the online shopping platform which affected thousands of customers as well as several small businesses during Cyber Monday. Federal Aviation Administration (FAA) sent letters to airlines asking for information on the steps taken to comply with an order issued in early November to reduce flights into 40 major airports.
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China Vanke bonds drop as developer wants to delay bond repayment by one year
China Vanke bonds fell on Tuesday, after the developer sought to defer a bond repayment for one year. China Vanke, formerly the top homebuilder in China by sales, has been trying to avoid default after a prolonged real estate slump that has affected all of its main competitors. Shenzhen Stock Exchange suspended trading early after a yuan bond with a maturity date of May 2028 dropped by as much as 22 per cent to 23 par value. The developer's exchange traded bonds are all at similar prices. Three sources said that Vanke had asked bondholders of a 2 billion Yuan ($283 millions) bond due to mature on December 15, whether they could delay principal and interest payments till the same date next year. They said that the coupon would remain at 3 percent during the extension. China Vanke, a company owned by Shenzhen Metro to the tune of 30%, has declined to comment. This would be the first time a developer has requested a delay for an onshore bond. The company announced the extension last Monday without revealing how long it wanted to delay. The proposal must be approved by 90% of bondholders at a meeting scheduled for December 10. The market is divided over whether bondholders would approve the plan. According to one source, bondholders are unlikely to approve a loan without collateral, or if the principal and interest payments were made in a straight-forward, unsecured manner. A second source stated that investors were clearly not happy with the plan for extension, but it may still be approved after stakeholders reach a compromise. As the matter is confidential, we have not named the person. Bloomberg was the first to report on Monday that an extension plan had been announced. Reporting by Beijing and Shanghai Newsroom, Editing by Christopher Cushing & Sonali Paul.
Sri Lanka is still reeling from the trauma and loss caused by the deadly cyclone which killed hundreds
Nawaz Nashra remembers wrapping her daughter in a sheet and running from their central Sri Lankan home as a landslide hit, triggered by the deadly cyclone which killed 410 in the worst flooding in a decade.
Nashra, her sister and the pregnant woman who lived with them spent 20 minutes on Friday night scrambling their way down the steep hillside of Alawathugoda, often knee-deep in the mud. They eventually reached a mosque located at a lower elevation, where they stayed the night.
She said, "It was pitch black... We could only hear the sound of thunder." "The house adjacent to ours collapsed while we watched." It was too late to warn anyone.
Residents returned to the area on Tuesday with long poles in hand, searching for bodies and digging through the mud.
In recent days, deadly storms have devastated large areas of Indonesia, Malaysia, and Thailand, claiming hundreds lives.
Kandy, where Alawathugoda lies in Sri Lanka's south-east region, has seen 88 people die - the most of any South Asian country. 150 are still missing. Over 20,000 people were moved into 176 shelters.
Officials said that 336 people are still missing in the country and 1.2 millions have been affected. Hundreds of police and army personnel searched through areas hit by landslides for bodies.
On Tuesday, authorities used bulldozers to remove mud and trees from roads to make it easier for fuel and food to reach the affected areas.
Officials said that work was underway to restore communications links and electricity which had been cut off after strong winds snapped the transmission lines.
A village neighbourhood about 3 km (2 miles) from Nashra’s house also showed signs of being hit by landslides. Houses were partially damaged, and phones, furniture, books and clothes were visible in the slush.
"They say to leave, but where are we going? The temple is nearby, but it only has one bathroom that can accommodate 100 people. "The facilities are not sufficient," said Manjula Jaalath (43), a local resident.
(source: Reuters)