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L'Oreal and Dyson are the latest companies to seek refunds on Trump tariffs
?French beauty company L'Oreal, British vacuum maker Dyson, and contact lens manufacturer?Bausch + Lomb are the 'latest' corporations to file a lawsuit for'refunds' of tariffs paid as part of President Donald Trump's trade emergency measures. This comes days after the U.S. Supreme Court ruled that the duties were illegal. These cases were filed in the U.S. Court of International Trade on Monday, joining a long list of notable companies that have sued following Friday's landmark decision. This week, the global transportation company FedEx as well as U.S. skincare company Sol 'de Janeiro filed complaints. Court documents reveal that more than 1,400 importers, including tiremaker Goodyear and big-box retailer Costco, have already filed lawsuits. Trade lawyers are expecting a new wave of lawsuits, as companies attempt to recover 'billions' of dollars in duties. A lower court must still work out the recovery process, but it could take several months or even years to resolve. Penn Wharton Budget Model's economists say that up to $175 billion of U.S. tax collections could be refunded after the Supreme Court ruled on Friday, 6-3, that Trump exceeded his authority in using the International Emergency Economic Powers Act, a sanctions -law, to impose duties on imported goods. The companies that have filed suit represent only a small fraction of those that are eligible. L'Oreal's case is filed by L'Oreal Travel Retail Americas. This division sells beauty products at duty-free shops and other travel-related stores. L'Oreal and Dyson were listed as the importer of record for IEEPA tariffs. Bausch + Lomb, Sol de Janeiro, and Bausch + Lomb also filed documents. L'Oreal didn't say how much it wants to be refunded. Companies did not respond immediately to requests for comments. In the same way as in other cases, U.S. Customs and Border Protection and its commissioner Rodney Scott, along with the United States of America, were named defendants. CBP and White House didn't immediately respond to comments.
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US LNG dominance to continue growing ten years after first cargo
The United States has grown rapidly in the 10 years since the first cargo of ultra-cooled fuel was exported from Louisiana. Analysts and executives in the industry predict that U.S. LNG capacity records will double within five years. The question is whether the world market will be able absorb these supplies, which are already showing signs that it's saturated. Shell's CEO Wael Sawan stated earlier this month, that the LNG market was growing at an annual rate of?3%. This is faster than the growth of the gas industry. Cheniere Energy exported its first LNG cargo on February 24, 2016, from Sabine Pass, a facility in Louisiana. This marked a new beginning for the U.S. LNG Industry, which would eventually surpass the likes of Qatar and Australia. Alaskan LNG cargoes were previously exported in small quantities. According to LSEG data and EIA, the United States now processes around 18 billion cubic foot of natural gas per day into LNG. This makes it the world's largest LNG supplier. The measurement of gas at the wellhead takes place in cubic feet, while LNG is measured by metric tonnes. The U.S. Energy Information Administration stated in a Tuesday statement that "LNG exports increased from the United States for several reasons including abundant natural gas supplies and reserves, flexibility of LNG export contracts and relatively low feedgas prices." The EIA said that the expansion of LNG infrastructure in the U.S. was boosted by an increase in international demand, particularly from Europe after Russia invaded Ukraine. EIA reported late last year LNG exporters have announced plans to increase U.S.?liquefaction capability up to 28,7 bcfd in 2029 from 11.4 bcfd when 2024 began. Cheniere and Venture Global LNG are two of the three largest LNG producers in the world. Cheniere has said that it has invested $50 billion over the last decade in expanding its two export facilities and hopes to double production to 100 million tonnes per year by the mid-2030s. "At the close of 2016, our operational capacity was about 9 mtpa." "Today, it is about 52 mtpa, and growing, as we continue bringing Corpus Christi Stage 3 train online," Cheniere said in an email on Tuesday. Venture Global did no immediately respond to a comment request. Curtis Williams, Houston Reporting Nick Zieminski Editing
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Source: Carney was aware of South Bow's Keystone XL plans prior to the White House meeting.
Sources familiar with the issue said that Canadian Prime Minister Mark Carney knew about the plans of 'oil company South Bow to resurrect parts of the canceled Keystone XL Pipeline?to the United States, when he brought the idea up to U.S. president Donald Trump last October. Sources said that South Bow, the Canadian company responsible for the Keystone XL pipeline cancellation, may revive some of the existing line as part of an expansion project aimed to transport more Canadian oil into the United States. Carney raised the prospect of reviving Keystone XL, an oil pipeline that runs from Alberta to the United States as part of Carney's efforts to ease tensions between the two countries. Carney was being pressed by Canadians to deal with the painful U.S. Tariffs on autos, steel and other goods. He asked Trump in October if he would be interested in a Keystone project that had Canadian support. South Bow at that time said it was "moving on" from Keystone, but supported efforts to increase transportation of Canadian oil. Carney knew then that South Bow had been in 'talks' with potential U.S. Partners to revive a?part of Keystone XL, a source familiar with the issue said. The source stated, "He was certainly aware that there might be private sector interest." The source refused to give their name in order to speak openly about the issue. Source: The Canadian government has no involvement in the South Bow proposal. However, energy will be a major part of negotiations when the CUSMA is reviewed. A spokesperson from Carney's Office declined to comment and referred questions to the Department of Natural Resources of Canada. Charlotte Power, a spokesperson for Natural Resources, stated in an email reply: "Canada has the energy that the world needs. As the federal government prepares to review the CUSMA, we are actively engaging?industry?leaders and provinces?and territories?to ensure that our negotiating positions reflect Canada's economic interests. In an email, a spokesperson from Calgary-based South Bow confirmed that the company was evaluating a plan that would?leverage its existing infrastructure in Canada and permit corridors to connect with crude oil pipelines? in the U.S. The spokesperson did no specify which infrastructure they might use, or with what companies they would partner south of the border. Bridger Pipeline, a U.S. firm, recently submitted a proposal to Montana regulators. The proposal describes the construction of a 645-mile pipeline (1,038 km) that would begin near the U.S. Canada border in Phillips County, Montana and travel through Guernsey County, Wyoming. Bridger stated in his application that the purpose of the new pipeline would be to transport as much as 550,000 barrels of Canadian crude oil per day to the U.S. Market. Bridger declined comment. (Reporting and editing by Caroline Stauffer in Calgary, Amanda Stephenson)
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Sources say that Transneft, a Russian oil pipeline company, has cut off its intake of pipeline oil after a drone attack on a key pumping station.
Two sources with knowledge of the situation on Tuesday said that Russia's monopoly oil pipeline Transneft has cut crude intake by around 250,000 barrels every day following a drone attack from Ukraine on a pumping station servicing major oil hubs and ports on Monday. This reduction in oil exports could worsen Russia's problems, as it struggles with lower shipments of its key products to India and Turkey due to stricter Western sanctions designed to force Moscow to reach a peace agreement with Ukraine. Since the end of January, Russia has also suspended its remaining oil exports to Europe. These include refineries in Hungary or Slovakia. According to Ukrainian security officials and industry sources, Ukrainian drones attacked the Kaleykino Station in the Volga Region of Tatarstan on Monday. The station serves the Druzhba Pipeline, which carries Moscow's crude oil to Eastern Europe and Russia's western ports. One source said that the Transneft cut mainly affected shipments of Tatarstan's Tatneft producer. Key Pumping Station The drone attack caused an fire at the station. It has the capacity to pump around 1 million barrels a day. It is located near Almetyevsk, in Tatarstan. This is more than 1,200 kilometers (750 miles), from the Russia-Ukraine frontier. Kaleykino, a major oil transportation hub in West Siberia, is located at this location. It was built in the 1970s and is an important junction for mixing and pumping oil. Kaleykino is a major hub for supplying western ports, including Novorossiisk, Primorsk and the Druzhba Pipeline. It is an important hub to deliver fuels to Russian refineries. Sources in the oil industry said that the extent of damage is still being assessed. However, if it is severe, this could have a negative impact on Russian oil exports including volume and quality. One of the witnesses said that two?50,000 metric-ton tanks caught fire in the attack. Transneft & Tatneft didn't?respond immediately to requests for comment. Almetyevsk's administration claimed that Russian air defences shot down drones in the district. The debris ignited a fire within an industrial area. The report did not mention any damage to the Druzhba Pipeline or provide details. The attack, which is 'the latest Ukrainian strike along the route', could increase tensions between Ukraine, Hungary, and Slovakia. Both countries have accused Kyiv for trying to "block oil flow through the pipeline" to their refineries. Since January 27, Ukraine has suspended the shipment of Russian oil into Hungary and Slovakia. This is after a Russian drone attack on pipeline equipment was reported by Kyiv. Hungary on Monday blocked EU sanctions against Moscow and a large loan for Kyiv, straining Europe’s pro-Ukrainian agreement on the eve the fourth anniversary of the war. Mark Potter edited this article.
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Source: Ukraine hasn't given a date for Druzhba resume, despite Slovakia reporting a delay
Ukraine hasn't?made an?official announcement about resuming?oil?delivery via the Druzhba?pipeline, a Ukrainian source of energy?told, after Slovakia reported that Kyiv?had pushed?back?the resumption?of supplies to February 26, The source, who asked to remain anonymous due to the sensitive nature of the issue, said that "there was no official position on the Ukrainian side." The Slovakian economy ministry had earlier stated that Kyiv had informed Transpetrol, the operator of its oil pipeline system in Slovakia, that the resumption?of Druzhba delivery had been delayed another day until February 26. The Slovakian government announced the Druzhba Pipeline Outage on 13th February, long after Russian oil shipments via Slovakia and Hungary were stopped last month. Kyiv claimed that a Russian drone strike hit pipeline equipment in western Ukraine. Slovakia expected that flows would resume soon after the public announcement. It, along with Hungary and other countries, has blamed Ukraine. The European Commission's Ursula von der Leyen stated on Tuesday that Ukraine is being asked to speed up its repairs. She made this remark at a Kyiv briefing marking the fourth anniversary. Prime Minister Robert Fico announced on Monday that Slovakia's electricity grid operator will refuse to supply emergency electricity to Ukraine until oil flows resume through the pipeline. Ukraine has proposed "alternative transit routes" to ship oil into Europe while pipeline repairs are being carried out. The?Slovak Republic has said that blackmailing of electricity?supplies is not acceptable, and that stopping the emergency supply would have no impact on its power system. Reporting by Jason Hovet and Alan Charlish from Prague and Warsaw. Editing by Barbara Lewis and Mark Potter.
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Spirit Airlines signs deal with lenders for a smaller airline to emerge from bankruptcy
Spirit Airlines, a low-cost airline in the United States, announced?on?Tuesday that it had reached an agreement with its lenders which will allow it to emerge from bankruptcy before late spring or early summer. Spirit Aviation Holdings, the parent company of the?airline, filed for bankruptcy a second time this August, citing declining cash reserves and mounting loss. Spirit now has a more clear path to survival, despite the challenges, after months of uncertainty and creditor disputes, as well as failed mergers and acquisitions. The carrier is 'racing' to reduce costs and secure liquidity to avoid a liquidation that could wipe out South Florida's biggest airline, as warned by its 'pilots' union. Spirit said it expected to emerge as a leaner carrier focused on routes and times of highest demand. It also expects further cuts in high-cost aircraft leases and an improved use of its remaining Airbus Fleet. The company expects its total debt and lease obligations to shrink from $7.4bn before the filing of the emergence to approximately $2.1bn after. This deal may raise the hope that Spirit will find a way to exit through acquisition. Frontier Group had shown interest in Spirit, but it didn't result in a deal. Marshall Huebner, a lawyer with Davis Polk and Spirit's representative, stated that the latest restructuring agreement would allow Spirit to consider "potential industry transactions" after it stabilizes. Spirit Airlines has announced that it will focus its network on peak demand periods. It will increase aircraft usage 'on peak' days, while reducing off-peak flights and adjusting the capacity for seasonal fluctuations. The airline also plans to expand its premium seating options, including Spirit First, Premium Economy and 'Free Spirit', as well as enhance its co-brand and 'Free Spirit" loyalty programs, to encourage repeat business and maintain its low-fare position. Spirit's problems are due in part to a more difficult?environment? for discount airlines. This includes excess capacity, tepid leisure travel demand, and increased fare pressure from legacy carriers who flood the market with cheap seats.
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Trump's tariff pivot can benefit Brazil's Embraer and US airlines, as well as the aerospace industry
The Trump administration's revised tariff regime, which was implemented on Tuesday, will benefit Brazilian planemaker Embraer as well as U.S. airlines and the commercial aerospace industry. Aviation attorneys and executives in the industry have urged caution as the White House's policy shifts continue to create uncertainty. According to the annex of President Donald Trump's Executive Order authorizing the tariff, commercial aircraft, engines, and?aerospace components?will be exempted from the temporary 10% worldwide import duty. He later announced that the levy would increase to 15%. It was announced as a replacement for tariffs which were struck down by the U.S. Supreme Court on Friday. The global exemption for aerospace is more generous than the tariff concessions that were already granted to major industry exporters in the U.S. as part of earlier trade agreements, such as the European Union (EU), Britain, Japan and Canada. Trump imposed a 50% tariff on Brazilian goods in July 2017 to combat what he called a witch hunt against the former president Jair Bolsonaro. However, he spared aircrafts from the harshest penalties. Even so, U.S. Importers of Embraer regional and business jets faced a 10% duty. The exemption of aircraft from Trump's new tariffs is a big boost for Embraer, as it helps to reduce the disadvantage that Embraer had against private jets made by Bombardier, Canada, and Dassault France, which were able to enter the U.S. without paying duty. Katie DeLuca of Harper Meyer in Florida, who is a private aviation lawyer, said, "It is actually quite encouraging and good news for our business," during a webinar on Monday organized by the National Business Aviation Association. It is a good time to announce the new Praetor variant, as the Brazilian planemaker confirmed an earlier report on Tuesday. This is the first evolution in the Praetor Family, which was introduced in 2018. Embraer declined to comment but had previously called the 10% tariff "manageable" but "harmful". Alaska Airlines announced in July last year that two regional E175 jets were delivered after a brief delay. The carrier announced on Monday that the next E175 deliveries were scheduled for this summer, "so that we can understand how tariffs settle." SkyWest Airlines and American Airlines have not responded to immediate requests for comments. Both airlines ordered Embraer E175 regional aircraft. The TARIFF CONCERN STILL LOOMS Dave Hernandez, an attorney and U.S. Business Aviation specialist with Vedder said the new tariffs were a win for Embraer. However, he cautioned that the Trump administration is conducting separate investigations on Brazil's commercial aerospace and trade practices. The U.S. tariffs imposed on the materials used in aircraft parts continue to increase costs for aviation. Hernandez stated that while it's good that aircraft, engines and parts are not subject to Section 122 tariffs there is still a concern that steel and aluminum tariffs will increase the final costs of aircraft,?engines and parts. Experts said that the change creates a window where aircraft, previously subject to tariffs such as pre-owned business planes, can be imported "duty-free" into the largest market for private aviation in the world. Industry sources have said that U.S. Airlines could also benefit from the new exemption in order to accelerate the import of Embraer Regional Jets. Tobias Kleitman is the president of TVPX in the U.S., which offers trustee and customs service. The question is, how long will this window last? Kleitman said in the NBAA webinar that it was a "stunning change". The move comes at a time when the Commerce Department is examining risks to U.S. security posed by imported goods as part of an investigation called Section 232. This could be used to impose tariffs on imported parts, engines, and planes. Alex Krutz is the managing director of Patriot Industrial Partners, a U.S. aerospace, defense and consulting firm. He said that he didn't expect the 232 inquiry to lead to blanket tariffs against aerospace given its exclusion and prior exemptions in trade agreements for aircraft and parts. Krutz, former assistant secretary of manufacturing for the U.S. Commerce Department, said: "I believe it is recognized that aerospace is an exporter." Reporting by Allison Lampert, in Montreal; David Shepardson, in Washington; and Gabriel Araujo, in Sao Paulo. Editing by Joe Brock & Jamie Freed.
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Seven people killed in an air ambulance crash in India’s Jharkhand State
Officials said that all seven people aboard a 'Beechcraft' air ambulance died on Monday in Jharkhand state, India. This included two crew members, one patient, and his relatives. The Directorate General of Civil Aviation announced on Monday that the Beechcraft C90 operated by?Redbird Airways? took off from Ranchi, but changed its flight path because of weather conditions. The regulator stated that the aircraft lost radar and communication contact. Keerthishree G., the deputy commissioner for Chatra district where the crash took place during a storm, said: "We've removed the bodies and sent the post-mortems and further investigations." The regulator announced that a team from India's Aircraft?Accident Investigation?Bureau had been dispatched for an investigation. Separately, India's Directorate General of Civil Aviation announced on Tuesday that it would be imposing a?stricter safety directive for non-scheduled operations following an investigation of recent incidents. It cited lapses in training and standard operating procedures. The new measures include mandatory?public disclosure of safety records, increased cockpit data and voice recording audits, harsher penalties for violations, and enhanced oversight over aircraft maintenance and weather related decision making. Officials said that the Beechcraft aircraft carried two pilots, as well as two medical professionals and a patient, Sanjay Kumar. He was also accompanied by two of his family members. Mohinder Kaur said that both pilots had experience and were competent, adding the incident is being investigated by the relevant agencies. Reporters were told by relatives of Kumar that he had been injured in an?fire' and initially was being treated in Ranchi. Vijay Sau's older brother said, "His condition has gotten worse and we are taking him to Delhi via air ambulance." According to experts, most air crashes are caused by a combination factors. It can take a year or more to investigate. ANI, citing the state-owned operator Pawan Hans, reported that in a separate incident, a helicopter in South Asia - one of the fastest-growing aviation market in the world - was forced to'make an emergency landing on the sea near Andaman and?Nicobar?Islands. It said that all seven people aboard were rescued without revealing any details as to?the cause of incident. ? holds a minority stake. Last month, the?Learjet45 charter aircraft that crashed killed all five passengers, including the deputy chief Minister of India's richest state, Maharashtra, and two of his staff. Reporting by Sakshi Jahan and Aleef Jhan; Editing and production by Kevin Buckland and Saad Sayeed. Hugh Lawson.
Telecom Italia sees 5-6% rise in core profit, announces share buyback
Telecom Italia, on Tuesday, announced that it would begin a share-buyback program of up to 400 million euros (471.48 mln). The company forecasted a 5%-6% increase in core profit this year. It also reported 2025 earnings which were in line with the expectations.
The buyback will be the first form?of?shareholder compensation since 2022 when Italy's largest telecoms operator suspended dividend payments while embarking on a?complex restructuring centered on the sale of fixed-network assets.
Earnings before Interest, Tax, Depreciation and Amortisation After Lease Costs (EBITDA AL) increased 6.5% to 3.7 billion Euros this year, boosted by growth both in its domestic operations as well as in Brazil, according to a?consensus provided by the company.
TIM promised to reward investors with half the money from the sale of Sparkle, its subsea cable unit worth 700 million euros. The remaining 18.8 billion euros were used to pay off debt.
TIM stated that the'share buyback' was subject to?the completion of a?Sparkle sale later in the year. ($1 = 0.8484 euros)
(source: Reuters)