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DP World will build two new terminals along the UAE's east coast to reduce reliance on Hormuz
DP World announced on Wednesday that it would build two new container terminals at Fujairah, a city on the eastern coast of the United Arab Emirates. The Gulf state is working to reduce its?dependence? on the Strait?of Hormuz due to the Iran War. The Dubai-based company said that the 'development' will expand DP World UAE capacity and gateway networks, giving customers more choice, flexibility and connectivity on regional and global trade routes. The development, once operational, will increase DP World’s total container handling capability in the UAE from 19.4 million Twenty-foot Equivalent Units (TEUs), to nearly 22 million TEUs. It will also significantly expand general cargo and RoRo (Roll on-Roll off) capabilities. The U.S. - Iran conflict began on February 28. Since then, thousands have died. Iran's restrictions against energy shipments to Gulf?states has contributed to global inflation. Shipping data revealed that vessel crossings through the Strait of Hormuz fell further on Tuesday as Tehran's "near-total" blockade of this key waterway continued, and security concerns persisted amid the ongoing attacks from?the United States? and?Iran. FUJAIRAH EXPANSION DP World has reached an agreement with Fujairah Ports Authority on a 50-year-concession to build two new terminals. This will create "a new deepwater trade gateway along the UAE’s east coast" whose ports are now the UAE’s main trade route since the closure of the strait. Al Rugaylat Container and Multi-purpose Terminal is designed to handle 2.5 million TEUs annually, as well as general cargo of 1.7 million tons and 190,000. The Dibba General Cargo Terminal will have a capacity for 3.6 million tonnes per annum. DP World is one of the largest port and logistic operators in the world. They did not disclose the financial details of the investment but said that the project would be developed in phases and construction should take 24 to 30 months. The gateway will be able handle "the newest generation" of ultra-large container vessels. It will be connected to DP World's flagship Jebel Ali port located inside the Strait of Hormuz through its inland logistics network. Jebel Ali handled 15,6 million TEUs out of a total 56.1 million TEUs for the group.
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US politicians promote aviation and space business at Farnborough Airshow
U.S. politicians fought with European counterparts for investment from aerospace, defense, and space companies as the industries boomed. The number of U.S. government and private companies exhibiting at the show has increased by 21% since the previous event in 2024. Now, the U.S. accounts for around a third. Nine U.S. Senators, several Governors and other local officials and state officials attended. Gareth Rogers is the chief executive officer of the Farnborough International Airshow. As global tensions increase, governments are increasing their?defence expenditures. Meanwhile, the aerospace supply chain is spending more to keep up with thousands of plane orders for Boeing, Airbus, and Embraer, which will take years to complete. The space industry is also benefiting from more satellite and space launches. Some states, such as Kansas and Alabama, held parties in London for potential investors. Meanwhile, dozens of booths were set up at the airshow, promoting their attributes to prospective companies, including low taxes and regulations, competitive energy costs, and a skilled workforce. Aerospace Industries Association (AiA), a U.S. industry trade group, stated that the U.S. aerospace and defense industry will generate $1 trillion in business activity by 2025. This represents 1.6% of U.S. GDP, which supports more than 2.1 millions American jobs. U.S. officials cite the greater pay in North America, which is about 40% higher than the average national salary. The push comes as trade tensions are at an all-time high. Trump's administration has threatened to impose new tariffs on the aerospace sector, but delayed their implementation pending new negotiations. UK AND EU INCREASE SUPPORT FOR THE INDUSTRY The U.S. The?U.S. will also be facing stiff competition. The European Union will increase defence spending by 8.6% in 2026 to a new record of EUR454million ($518.10million). European countries also create new programs that aim to increase aerospace investments and jobs. The British government announced a PS600 ($802.50) package of support for the UK Aerospace Industry on Wednesday. This includes PS500 million?for aerospace research?and?technology projects?and a new PS100?million aerospace supply chain fund?working with industry partners such as Airbus, Rolls-Royce?, GKN Aerospace? and Safran?. The UK wants the market value of this sector to double by 2035. Virginia Governor Abigail Spanberger stated that her state has made efforts to develop a highly skilled workforce. She also said the state had invested hundreds of million dollars in order to provide sites for aerospace companies who wish to expand or construct. "We don't want to get complacent when we look to the future, because technologies are constantly changing," Spanberger said. He noted that Virginia is home to significant aerospace and defence companies and the Pentagon. Cleveland Mayor Justin Bibb cited the aerospace industry, NASA research center and manufacturing workforce in northeast Ohio as potential benefits. "The cost of doing business in Cleveland is a great deal more affordable than in Silicon Valley, the coast or the South," Bibb stated.
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Nigeria launches $532 Million Bond to boost Power Sector
Nigeria launched ?a 729 billion naira ($531.93 million) government-guaranteed ?bond on Tuesday aimed at reducing legacy ?debts in the ?power sector ?and ?improving liquidity across the country's electricity value chain. The Nigerian power sector has been struggling for years due to chronic liquidity shortages and tariff shortfalls. Inadequate investment, mounting debts across the electricity supply chain and inadequate investments have all contributed to a reduction in generation and distribution capacity. Taiwo Oyedele, Finance Minister and Coordinating Ministry of the Economy, said that the power sector bonds are part of the Presidential Power Sector Debt Reduction Program, which aims to "address verified liabilities" owed to generation companies and gas suppliers, as well as other industry participants. Oyedele, speaking at an investor forum held in Abuja said that the bond issuance demonstrated the government's commitment towards market-based reforms aimed at putting the Nigerian Electricity Supply Industry on a more stable financial footing. The minister stated that the 501 billion naira Series 1 bond was fully subscribed, and it has already recorded its first scheduled repayment. Oyedele stated that the second tranche will help settle outstanding obligations with?additional?power generation companies,?gas?suppliers, and?service?providers. This will improve plant availability, operational stability, and market liquidity.
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Paris wheat prices soar as Russia restricts night operations in Novorossiysk Port
The price of European wheat soared on Wednesday due to renewed drone attacks and the closure of Novorossiysk, the major Russian grain export hub, overnight. Benchmark 'September' milling wheat traded on Paris-based Euronext was up 4.5% at 1530 GMT, to 245.25 Euros per metric ton. Chicago wheat increased by 4% at the same time. Three grain industry sources reported on Wednesday that Russia has temporarily banned vessel movements into and out of Novorossiysk port between midnight and 5 a.m. due to drone attacks by Ukraine. The port is operating as normal outside of the nighttime restrictions, and grain shipments are not affected. A French trader stated that "the closure of Novo makes people nervous because they don't know when it will end, even though it is temporary and only overnight." Prices of wheat have increased in recent weeks following attacks by Ukraine and Russia on grain ships, port infrastructure and other facilities in the Black Sea Sea of Azov. The Ukrainians have focused their attacks on Novorossiysk on the oil terminals and not on the large grain terminals. A German trader stated that "any major disruption in?wheat shipments at Novorossiysk will have a severe impact on the global market." Russia announced on Wednesday that it had 'hit the Ukrainian cities of Odesa & Chornomorsk and port infrastructure, as well as vessels which?it claimed were supporting the Ukrainian army. The harvest in Europe was moving quickly. Traders estimated that about half of the crop had been harvested, but heatwave damage would likely reduce output. According to a German trader, the decline in annual production is between 600,000 and 1 million tonnes. Euronext data on Wednesday showed that non-commercial participants increased their net long positions in Euronext milling wheat futures, options and contracts to 111 938?contracts from 23 588 the previous week. (Reporting from Sybille De La Hamaide and Michael Hogan, Hamburg; editing by Tasim Zaid)
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Industry sources claim that Russia has banned night vessel movements at the port of Novorossiysk.
Russia has temporarily banned vessel movements into and out of the port of Novorossiysk between midnight and 5 am. Three grain industry sources told Reuters on Wednesday that the ban was imposed because of Ukrainian drone strikes. Sources said that the order was verbal, and no official document has been sent to shippers. The port continued to operate as usual outside of the nighttime restrictions, and grain shipments were not affected. The Transport Ministry or the Port's Administration did not reply to a comment request. Novorossiysk, Russia's largest port in terms of volume, handles up to a third of Russia’s grain exports. The ban comes after traffic restrictions were introduced earlier in the month on the Kerch Strait and the Sea of Azov. Novorossiysk?ships also oil, metals, and goods in containers. A government order issued on July 21 prohibited vessels from anchoring at areas without air defences in the ports of Kavkaz and Azov, both in the Sea of Azov. Novorossiysk has been identified as a possible destination for grain destined to?export and which is being?diverted? from the Sea?of Azov. Euronext's September wheat futures rose 4.5% after the news of the closure. (Reporting and Editing by David Goodman).
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Saudi Flynas orders 25 more Airbus jets
Saudi Arabian budget airline Flynas confirmed a?order on Wednesday for 25 more Airbus aircraft, joining a wave by other airlines in the kingdom who are expanding their fleets to support Saudi Arabia’s tourism and economic diversification objectives. Flynas has now committed to a total of 235 Airbus aircraft. This order highlights Saudi Arabia as one the fastest growing markets in the aviation industry. The airline 'confirmed' orders for a further?five Airbus A330 900 widebody jets, and 20 A321neos. Flynas has increased its A321neo A330neo order to 56 jets and their A330neo A330neo commitment from 20 to the latest deal. The agreement comes after a series major Saudi aircraft purchase, including Riyadh Air’s order for '34 widebody 'aircraft from Airbus or Boeing. Flynas operates a fleet consisting of 67 Airbus aircraft. This includes two A330-300s and 61 A320neos. (Reporting and writing by Shivansh Tiwary. Editing by David Goodman, Matt Scuffham and Maria Rugamer)
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Russia claims it has struck Ukrainian ports
On 'Wednesday, Russia announced that it had attacked the Ukrainian cities of Odesa & Cronomorsk. It said it was targeting port infrastructure and vessels which it claimed were supporting the Ukrainian army. The Russian defence ministry reported that the latest strikes targeted a dry cargo ship unloading at Chornomorsk Port, as well a military 'cargo store' and fuel and lubricant storage tanks. The ministry said that it also struck loading and'storage facilities' at Odesa as well as a 'dry-cargo ship' and a bulk carrier transporting cargo for the Ukrainian military to Odesa. The ministry also added that Russian drones had hit three warehouses where Ukrainian 'drones' were being stored. Could not independently verify the content of this statement. Russia and Ukraine, nearly 4-1/2 years into the war, have increased military 'activity around -the Black Sea, and Sea of Azov. Each side has attacked dozens of ships, including oil tankers, cargo vessels, and other types of vessels. Reporting by Mark Trevelyan, Editing by Ros Russel.
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Maersk suspends services via Chornomorsk Fishing Port in response to Russian attacks
Maersk, a shipping group from Denmark, announced on Tuesday that it has halted service via Ukraine's Chornomorsk Fishing Port. This announcement was made after Russia intensified their attacks on Kyiv’s maritime export routes. Maersk is the second major?company this month to cease operations out of Chornomorsk after Ukraine's largest grain exporter Kernel Holding stopped operations last week at the city's principal port due to Russian attacks. Maersk, in a press release, said that despite not mentioning the Russian strikes directly, due to current?situations affecting their operations, they were unable to provide service to Ukraine through?Chornomorsk Fishing Port. Our service via the Chornomorsk Fishing Port has been temporarily suspended. Maersk did not respond immediately to a comment request. Russia repeatedly attacked Ukraine’s maritime export routes throughout the?war. However, the attacks on cargo ships and deepwater port facilities that handle a large portion of the country's grain have increased in recent weeks. Moscow claims its attacks are directed at infrastructure that stores military cargo and fuel. The Ukrainian Infrastructure Ministry said that the Black Sea deepwater port Chornomorsk and other ports in the Greater Odesa region continue to operate. It said that the Chornomorsk fishing port is operated by a separate operator. Maersk announced that a vessel scheduled to unload at the Fishing port?would instead be diverted to Romanian's Constanta. All other import shipments intended for Chornomorsk would also be diverted. Analysts and traders say that Ukraine, which accounted for 6% of the world's wheat exports as well as 11% of corn exports, has lost a third its ability to export grain through its Black Sea ports because of Russian drone and missile attacks. Ukraine is also 'hitting vessels on the Sea of Azov and Black Sea in an attempt to isolate Crimea from Russia and undermine its war effort. (Reporting from Anna Pruchnicka, Gdansk; additional reporting by Stine Jacobsen, Copenhagen; editing by Kirsty Donovan).
Uber and Lyft won court ruling on NYC law that requires notice before terminating drivers
Federal judge rules that New York City can't prohibit?Uber Technologies or Lyft from deactivating their drivers without prior notice. The novel law, he says, is unconstitutional. U.S. District Judge Gregory Woods, in Manhattan, said in a written ruling on Tuesday that New York City's new law benefits only a small number of drivers and interferes with ride-hailing firms' rights to monitor the safety of their platforms.
Woods wrote that "Uber and Lyft will likely succeed in proving that the law only protects a small class of drivers, and does not advance broader economic or social interests which the Constitution requires for allowing 'the severe impairment of contracts. The judge issued an injunction to prevent the city from enforcing the law. It was scheduled to go into effect on July 28.
In a statement released by a Lyft spokesperson, the company said that it was "pleased" the court acknowledged the "serious safety issues at the core of this challenge."
Uber's spokesman Josh Gold added: "The opinion highlights that driver fairness can and must go together with rider safety."
New York City Law Department has not responded to comments immediately. The law was one of the first in the 'U.S. after the New York City Council overruled a veto from former mayor Eric Adams. Adams had said that the new law would create a costly and unwieldy bureaucracy in order to 'handle claims of wrongful deactivation.
Ride-hailing companies must give drivers a 14-day notice before they are deactivated from their apps. However, there is an exception made for "egregious misconduct." They may also rehire deactivated drivers since 2019 because they did not receive this notice.
In lawsuits filed a few days apart, Uber and Lyft claimed that the law violated their constitutional rights to due process and free speech. They said that the law would undermine their goodwill and reputation while allowing unsafe drivers to continue on the roads, including those who have been accused of sexual misconduct.
(source: Reuters)