Western Europe

Three sources familiar with the matter confirmed that Marex Group had acquired the warehousing company Edgemere Terminals. The company did not have enough money to comply with the new capital adequacy regulations of the London Metal Exchange. Last week, the LME sent an email to its members to inform them that Edgemere Terminals has moved to 155 Bishopsgate in London where Marex, a commodities broker and financial service firm, is located. Edgemere declined to comment. Edgemere has been approved by the LME. Last year, the LME raised its capital adequacy requirement to five million pounds ($6.46million) from the previous one...

Transilien SNCF Voyageurs, France's national rail operator, confirmed Monday that it would suspend the deliveries of trains from Alstom SA to Paris' RER system. The company cited high failure rates and poor manufacturing. Alstom was not available to comment immediately on the 4.2% decline in its shares at 1412 GMT. These orders are part of a 2027 framework agreement between SNCF Voyageurs, Alstom and Ile-de-France Mobilites. This authority regulates public transport operators in Paris and its surroundings. 166 RER NGs are currently in production. Transilien SNCF Voyageurs said in an emailed message that the failure rate of Alstom's RER New...

Heathrow Airport in Britain defended the decision to close Europe's busiest international airport on Friday, as the blame-game intensified following an 18-hour shutdown that cost airlines millions of pounds and left thousands of passengers stranded. National Grid and Heathrow both agreed that this was a rare event. The airport had to defend the closure of the airport after the head of National Grid told Financial Times that there was still enough power in the network to keep the airport powered throughout the crisis. Heathrow reported that the fire in a nearby power substation on Thursday night forced it to close...

Richard Mansell won the Singapore Classic Sunday with a birdie on the final hole. This was his first DP World Tour win on his 104th try. He beat Keita Nagajima by just one stroke. The Englishman Mansell shot a six-under-66 in the final round of the tournament to finish 16 under in a tight competition. Adrien Saddier from France and England's Tom McKibbin finished two strokes back to share third place. When asked about the long wait for his title, Mansell responded with emotion: "God I wish it came earlier." It's a great feeling. It makes all those near misses,...

The British police said that there were no signs of foul play in the fire. shut down Heathrow Airport confirmed the incident on Friday but said that the counter-terrorism unit is leading the investigation given the serious nature of the incident. Massive flames and black smoke plumes shot into the air west of London on Thursday at 2300 GMT as a fire engulfed an electrical substation a mile-and-a-half from the airport. This forced the abrupt closure of Europe's most busy hub and caused global flights to be disrupted. The London Metropolitan Police Service (Met) issued a statement saying that "while...

Experts say that the closure of Heathrow Airport in Britain will affect the global aviation network for days and cost tens or even hundreds of millions of dollars. They also question why there was no better contingency plan at the hub. The experts were shocked at the magnitude of the power outage. It was unprecedented since the Icelandic Ash Cloud of 2010. They tried to estimate how much it would cost and the extent of its repercussions. A fire in a nearby substation knocked out both the main power and backup power at the airport. Eurocontrol reports that Heathrow handles...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Heathrow Airport in London will be closed for the entire day due to a power outage GB Energy invests 110 million pounds in clean energy - European military power work on a 5-10 year plan for replacing US in Nato Accenture warns that Elon Musk’s Doge-led crackdown on spending is hitting revenue View the full article London Heathrow Airport has been forced to shut until midnight due to a "significant" power outage caused by a fire in...

Donald Trump's plan for a revival of U.S. shipbuilding by charging massive fees to China-linked ships visiting American ports has caused U.S. inventories to soar and is fueling uncertainty in an already troubled agricultural market as exporters struggle to locate ships to ship goods overseas. Trump is working on an executive order which would use funding from the U.S. trade representative proposal to levy up to $1.5million in fines on ships from China or vessels that are part of fleets with ships from China. These potential port fees have restricted the availability of ships required to move agricultural, energy, mining...

Twelve anti-corruption campaigners filed a complaint with the French Financial Prosecutor against logistics group Bollore, and its former CEO. They accused them of using their connections and influence peddling to secure lucrative African Port concessions. The first step to a possible criminal prosecution in France is filing a complaint. The complaint of the campaigners, who demand restitution, claims that Vincent Bollore and the Bollore Group used their connections with leaders in West Africa for several decades to secure contracts and create a vast business network. According to the review of the complaint, "corruption and favouritism" were used to secure port...

Data shows that a second tanker subject to U.S. sanction is moored at the Syrian port Banias, and could deliver a cargo of diesel from Russia. This comes as Moscow and Damascus are strengthening their ties. Moscow supported former Syrian autocrat Bashar al-Assad for more than 10 years of civil war, but now wants to improve its relations with Ahmed al-Sharaa as it wants to keep the two Russian military bases in Syria. According to LSEG, the Barbados flagged Proxima with approximately 30,000 metric tonnes of diesel left Primorsk back in February. It is currently drifting near Banias as it...

DP World, a Dubai owned ports and logistics firm, reported a 28 percent fall in its annual profit on Friday, partly because of higher finance costs. It also highlighted global trade uncertainty and geopolitical risk as clouding the outlook. DP World announced that the profit attributable by owners after accounting for items separately dropped from $820 to $591 millions a year ago. In a statement, Chairman and CEO Sultan Ahmed bin Sulayem stated that "while the year started on a good note, global trade is still in flux because of ongoing geopolitical issues." DP World's revenue rose by 9.7%, to...

The majority of jet fuel onboard Stena Immaculate's cargo, which is US-flagged, was intact and did not leak, Stena Bulk, the vessel owner, said on Wednesday. On Monday, the Portuguese flagged Solong container vessel crashed into a tanker transporting jet fuel to the U.S. Military. The British police arrested Solong’s captain a day later on suspicion of gross negligent manslaughter. Stena Bulk Chief Executive Erik Hanell said, "There is no fire on the Stena Immaculate any more." In the next 24 to 48 hours, we will have a clearer picture of the entire salvage operation. Hannell stated that two of...

Here are some issues that Russia and the U.S. are discussing during talks to pave the way for the end of the war in Ukraine. ENERGY INFRASTRUCTURE On March 18, President Vladimir Putin accepted a proposal from U.S. president Donald Trump that Russia and Ukraine cease attacks on the other's infrastructure energy for 30 days. Volodymyr Zelenskiy, the president of Ukraine, said that Ukraine would support this proposal. The proposed 30-day blanket truce was not reached, as the U.S. and Ukraine both wanted. Since then, both sides have reported that they continue to strike their energy facilities. NUCLEAR PLANTS According...

Venture Global Inc, a U.S. developer of LNG, has requested permission from federal regulators to start operations at its Calcasieu Pass export facility and TransCameron pipe project. This is the final step to moving into commercial operations. The U.S.'s second largest LNG exporter has told the Federal Energy Regulatory Commission that it believes it can produce at the design capacity of the plant after making significant progress with remedial work. Calcasieu Pass is confident that it has completed all the required paperwork Documentation demonstrating readiness to begin service of the remaining facility," the FERC filing stated. According to the filing,...

The UK gave its approval to a new road tunnel worth 10 billion pounds ($13 billion) for the River Thames, located in southeast England. This is the latest in a series of infrastructure projects to boost a stagnant economy. Since it was elected in 2017, the Labour government of Britain has placed speeding up planning to deliver new energy projects and transport projects as a priority. It also supports expansions at London's Heathrow Airport and Gatwick Airport. Heidi Alexander, Minister of Transport, granted approval for the Lower Thames Crossing consisting of 23-kilometre (14.5 mile) long roads and a tunnel, according...

Shell's annual report, published on Tuesday, said that the outcome of a Russian prosecution asking Shell to pay Gazprom 1,5 billion euros ($1.62billion) for alleged unpaid deliveries of gas in 2022 was "uncertain". Shell had a number of projects in Russia, before Moscow sent troops into Ukraine to conduct what they called a "special military operation" in February 2022. Shell had a stake on the Pacific Island of Sakhalin, which is controlled by Kremlin Gazprom. Shell left Russia after Russia took control of the plant as a result of sanctions imposed by Western countries. This meant that Shell had ended...

Transmission system operator (TSO), the country's TSO, said that the flow of electricity, which traditionally runs from north to southern, will reverse from 2029, due to a projected increase in industrial activity to the north. Svenska kraftnat, which presented its latest market analysis, said that the majority of Sweden's wind and hydro power is located in the north and is traditionally sent to southern Sweden where electricity consumption was highest. "But as most of the new electricity-intensive industries are established in northern Sweden, this means a reduced electricity surplus," Daniel Gustafsson, head of power system at the TSO said in...

Colonial Pipeline, on Monday, asked the U.S. Federal Energy Regulatory Commission (FERC) to reject shippers’ protests about proposed changes in how it moves gas. Colonial argued that the modifications were in line with the industry's practices and within Colonial’s authority. Exxon Mobil and Chevron Corp, as well as BP Plc and other oil majors, filed protests last week with FERC after Colonial requested the regulator's permission to stop shipping multiple grades of gasoline simultaneously and to reduce its total number of grades on the pipeline. Colonial, the system that transports gasoline along the East Coast of the United States from...

Here are some issues that Russia and the U.S. are addressing in their talks to pave the way for the end of the war in Ukraine. ENERGY INFRASTRUCTURE On March 18, President Vladimir Putin accepted a proposal from U.S. president Donald Trump that Russia and Ukraine cease attacks on the other's infrastructure energy for 30 days. Volodymyr Zelenskiy, the president of Ukraine, said that Ukraine would support this proposal. The proposed 30-day blanket truce was not reached, as the U.S. and Ukraine both wanted. Since then, both sides have reported that they continue to strike their energy facilities. NUCLEAR PLANTS...

The fire that raged at an oil depot hit by a drone in southern Russia for the fifth day on Sunday, according to the regional administration, continued to burn as firefighters attempted to put out the flames at the facility, which delivers Russian crude into the Caspian Pipeline. Russia accused Ukraine of being responsible for the drone attack that took place on 19 March, claiming Kyiv violated a ceasefire proposed on attacks against energy sites. The depot is only a few kilometers away from the Kropotkinskaya Pumping Station of the Caspian Pipeline Consortium, which was also struck by a drone...

On Sunday, Parisians will vote on whether 500 additional streets in the French capital should be pedestrianised. The referendum is part of a new initiative by the left-leaning city hall in order to reduce car use and improve air pollution. It is the third referendum of this kind in Paris within a few years. The first was in 2023, when a ban on electric scooters was approved. Last year, a decision to triple parking fees for large SUVs came into effect. "For 25 years, we have gradually reclaimed public space to allow for pedestrian traffic and gentle traffic. We also...

BP and Apollo Global Management announced on Friday that they had agreed to sell a $1 billion stake in a company invested in the TANAP pipeline connecting Azerbaijan with Turkey. Murray Auchincloss, BP's CEO, is leading a $20 billion waste disposal programme that will run through 2027. BP wants to reduce its spending on renewables and increase expenditure on oil and natural gas. BP aims at reducing net debt from the current level of around $23 billion to between $14 and $18 billion. The TANAP pipe is part of a system that transports gas from the Shah Deniz field in...

Hapag-Lloyd, a container shipping company, said that its net profit dropped nearly 19% between 2024 and this year. U.S. Tariffs and Houthi militants attacks on ships in the Red Sea are threatening the outlook. The fifth largest container ship in the world said that President Donald Trump's policies on tariffs were impacting demand. In addition, the timing of operators returning to the Red Sea will be crucial for the operational performance by 2025. The economic and geopolitical climate remains fragile. "In this context, earnings in 2025 are expected to be lower than they were in 2024," said he. He said...

Hapag-Lloyd, the container shipping liner, reported a 18.9% lower net income for 2024. It also proposed an 11.4% reduction in its dividend compared to 2023. The company cited lower interest revenue and higher tax expenditures. Rolf Habben Jansen said that the key earnings figures for 2020 were likely to be lower than those for 2024. He attributed this to the uncertainty surrounding volatile freight rates and significant geopolitical shifts. The economic and geopolitical climate remains fragile. "In this context, earnings in 2025 are expected to be lower than they were in 2024," said he. He said that the company, which...