Latest News
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EU lobby group demands tighter emission standards for corporate vehicles
Transport & Environment, an environmental group, said that the European Union should require companies to include environmentally friendly vehicles into their fleets and exclude plug-in hybrids and low-emission cars from quotas. After long negotiations, the European Commission announced in December that EU states would introduce new 'zero- and low emission quotas' for corporate cars and vans starting in 2030. T&E requested in a paper that targets were set for zero-emission cars, which includes fully electric and hydrogen-powered models, to account for a share of?69% in corporate fleets by the year 2030. This is up from 45% according to current estimates. They also asked that plug-in hybrids and low-emissions vehicles be excluded. The group claims that real-world emissions from plug-in hybrids - which can be powered by electricity or fuel - are higher than the values shown in regulatory tests, particularly as drivers of company cars receive fuel cards but have no incentive to charge their batteries instead of using combustion engines. The current proposal is estimated to double the number of plug-in hybrids sold by corporations in just four years. A GROUP SAYS TIGHTER REGULATIONS COULD HELP THE EU MEET TARGETS T&E reported that the EU could reach more than half its EV sales target by 2030, and would also support automakers by tightening rules for cars purchased by large corporations. The paper said that the EU'should stick to a plan of abolishing subsidies for petrol and Diesel company cars which, it claims, amount to over 42 billion euros (49,5 billion dollars)?annually and limit tax incentives to EVs manufactured in Europe to support domestic carmakers. In a press release, T&E Clean Fleets manager Sofie Grande said that it was in the interests of the European car industry to get this right. T&E reported that the?Commission’s current proposal could lead to an extra 1.2 million sales of?EU electric cars by 2030. However, it would mainly leverage already existing trends, and fall short of current trajectories for Belgium,?Denmark?, Finland?, Luxembourg?, Netherlands?, Portugal?, and?Sweden?, T&E stated. The company's ambitious targets for corporate fleets (which account for 60% of all new cars sold and 90% of vans) would bring that number up to 1.9 millions, the company said.
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Gulf markets gain after US court reverses Trump tariffs and US-Iran nuclear talks
The major Gulf stock exchanges rose on 'Monday morning, following global peers. This was after the U.S. supreme court struck down Trump's import taxes. The U.S. Supreme Court?ruled on Friday?to?overturn the tariffs?, which Trump implemented under a national emergency law, a ruling that is seen as having a significant impact on global trade dynamics. Trump announced a temporary increase in tariffs on U.S. imported goods globally from 10% to 15%. The preparations for the third round of nuclear talks between Iran and the United States also helped to ease investor concerns over a possible escalation of tensions in the region. Saudi Arabia's benchmark indices edged up by 0.2% after a near-2% drop in the previous session. Al Rajhi Bank gained more than 1% after Thursday's sharp decline of 2.9%, its worst performance in almost five months. Saudi Aramco, the energy giant, fell 0.1%. Sources in the trade reported that Saudi Aramco sold a number of shipments to?U.S. The company sold several shipments of ultra-light crude oil from its $100 billion Jafurah gas plant to?U.S. Dubai's main stock index rose?1.3%, in a rally that was led by Emaar Properties and its 2.1% increase. Emirates Central Cooling Systems Corporation rose 2.3% following the?award of a contract for the design?of its fifth district-cooling plant in Dubai's Business Bay. Abu Dhabi's index increased?0.5% thanks to a 1.2% rise in the Abu Dhabi Commercial Bank. Qatar's index also rose 0.5%. This was mainly due to the banking sector, with a 1% increase in Qatar National Bank, the largest lender in the region. (Reporting and editing by Amna Mariyam)
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Wall Street futures and the dollar drop on Trump tariff tumult
Wall Street futures, and the dollar, slid Monday due to confusion about U.S. Trade Policy. This was after President Donald Trump's new 15% tariff as a result of the Supreme Court ruling against his sweeping approach on trade levies. Gold rose along with other'safe-haven' currencies such as the Japanese and Swiss Francs. European stock futures fell as investors tried to understand the implications of the global economy, but shares in Hong Kong rose on the assumption that U.S. Tariffs on China may fall. The U.S. Supreme Court ruled against Trump's emergency tariffs Friday. This led the president to announce a 10% rate for the rest of world on Saturday, and then increase it to 15%. "The tariff landscape has become more uncertain than ever before. Uncertainty is bad news for any market or economy," said Rodrigo Catril. He is a senior FX Strategist at NAB. "Unless common sense prevails we could enter a circular procedure where new tariffs announced are then possibly overturned only to have new tariffs announced and we do it again." S&P 500 Futures dropped 0.5%, and Nasdaq 'futures fell 0.6%. The U.S. Stock Markets will also be tested by Nvidia's earnings later this week. This chip designer accounts for almost 8% in the S&P 500 Index. The dollar dropped 0.21% against the yen, to 154.76. Meanwhile, the euro rose by 0.23% to $1.1800. The dollar fell 0.34% against the Swiss franc, while gold rose 0.6% to $5134 per ounce and silver rose by 2% to $86.23 an ounce. AVERAGE TARIFF RATES DROPS There was no clear indication of when new tariffs were to be implemented, what would be excluded, and whether all countries would face a 15% tax. Some countries, such as the UK and Australia had tariff rates of 10% under the old rules, while other Asian countries had higher rates. Yale Budget Lab reported that the overall average tariff rate will be 13.7% following Trump's announcement Saturday. This is down from the 16% before the Supreme Court ruling, which was the highest since 1935. The statement said that the 15% tariffs would expire 150 days after the 1974 Trade Act, under which they were imposed. If this is the case, then the average rate will fall to 9.1%. The STOXX 600 Index fell 0.19% in Europe, while the DAX index in Germany dropped 0.36%. Britain's FTSE 100 was down 0.1%. Tomas Hildebrandt is senior portfolio manager for?Evli, in Helsinki. He said: "Trump will be?Trump. He won't abandon the America first mantra. And he will continue to push the limits so long as he remains in power." "There may be some relief to some European exporters but the Trump administration's tough anti-European attitude isn't going away." The MSCI Asia Index, which excludes Japan, rose by 0.83%. Hong Kong's Hang Seng Index rose 2.53%, partly because of expectations that China would face lower tariffs following the ruling. Goldman Sachs analysts said China could see a drop of 6.6 percentage points in its tariff rate. Japan's Nikkei closed for the holiday, but futures prices fell by 0.4%. Brent crude oil fell 1.1%, to $70.97 per barrel. This reversed some of the gains made last week after Trump announced that the U.S. would strike Iran in response to a massive build-up of forces across the region. On Thursday, further U.S.-Iran discussions are planned. The yield on the 10-year U.S. Treasury fell by one basis point, to 4,077%. Prices and yields are inversely related. (Reporting from Harry Robertson, London; and Wayne Cole, Sydney; Additional reporting provided by Danilo Masoni. Editing by Lincoln Feast & Susan Fenton).
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Chad closes its border with Sudan following clashes that killed five soldiers
Two sources said that Chad closed the eastern border of its country with Sudan on Monday, after weekend clashes involving Sudan's civil conflict killed five Chadian soldiers. The conflict in Sudan, between the 'Sudanese Army and the paramilitary Rapid Support Forces (RSF), which began in April 2023 has occasionally spilled into Chadian territory causing deaths and damage to property. An official in Chad reported that on Saturday, clashes between RSF fighters and militias loyal to the Sudanese government took place near Tine. Five soldiers and three civilians were killed and?12 others injured. Border guard officers in Tine confirmed that five soldiers had died and said that additional security measures are needed to protect civilians from the Chadian side. Two sources who spoke under condition of anonymity as they were not authorized to speak to the media said that more Chadian soldiers were being deployed in the area. The government of Chad announced on Monday that it would close the border until further notice due to "repeated violations and incursions committed by forces involved in Sudan's war." A government statement stated that the move was taken to "prevent any risk of?conflict spreading on our soil, protect our fellow citizens, refugee populations and guarantee the stability and territorial integrity of our nation." Sudan's army, and the RSF did not respond immediately to requests for comments. According to local authorities and security sources, two Chadian soldiers were killed by a drone last year. However, it was not clear who launched the attack. Ahmat Yacoub, from the Center for Studies for the Development and Prevention of Extremism (a think tank), said: "One thing's for sure, whether we like it or not, Chad appears to be a party to the conflict." (Reporting and writing by Mahamat Ramadane, Editing by Ros Russel)
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Johnson Matthey accepts a 26% price reduction on Honeywell deal due to underperformance of catalyst unit
Johnson 'Matthey agreed on Monday to?cut? the sale price of its business catalyst technologies to Honeywell by 26 percent as its profitability declined. This sent its shares down more than 17%. The British chemical company expects to now sell the unit, which designs and produces catalysts for sustainable aviation fuels, fertilisers, and paints at 1.33 billion pounds ($1.80billion) instead of the previously agreed upon 1.8 billion pounds. The companies said that the revised terms reflect 2025/26 unit performance, which includes deferred sustainable solution licensing projects and lower catalyst profitability on a difficult market. Johnson Matthey reported a 60% decline in profits for its unit when it announced half-year results in November. Johnson Matthey shares fell 14.3% to 1,975 pence at 0810 GMT, and if the losses continue, they will have experienced their steepest drop in a single day for more than four year. "NOT A OPTIMAL RESULT" Johnson Matthey is selling its catalysts business as part of its business strategy to streamline its operations and focus on its core business related to platinum-group metals processing and emission-reduction products. The analysts at Jefferies said that "while the revised consideration was not the optimal outcome, it is still better than the weekend reports that?Honeywell considered terminating the agreement" Bloomberg reported on Saturday that the U.S. conglomerate may be considering walking away completely from the deal. Johnson Matthey anticipates returning around 1?billion pound to shareholders after the completion of the deal. This is down from the 1.6 billion pound in net proceeds that was originally expected. The companies extended the deadline for a deal to July 21 from February 21. A possible further extension could be made to August 21, if there are still unresolved antitrust issues. The transaction is expected to close by the end August.
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Groupa Azoty’s Polyolefins submits debt restructuring plan before planned Orlen transaction
Azoty announced on Saturday that the Polish chemical company Grupa Azoty’s GA Polyolefins has proposed a debt restructuring to its creditors through Poland’s National Debt Register. This is a necessary step towards stabilizing their?finances?ahead a planned acquisition of energy group Orlen. The plan is part of a deal, which was launched in late 2014, that allows the unit renegotiate its debt repayments to avoid bankruptcy after failures with installation at its flagship polymer project halted production. Key Details * As of November 28, the arrangement covered claims that were undisputed, totaling?around 6.1 zlotys (about $1.75 billion). The new proposals include selected liabilities of more than 6 billion Zlotys. The exact amount depends on the creditor group. * If approved by the restructuring court and adopted, creditors will recover approximately 17% of their claims. Orlen’s propane loan to Polyolefins will not be recovered in cash and instead, it will be converted into series H shares through a capital increase of 101.7 million zlotys. * Orlen will contribute 1.02 billion zlotys towards the financing of the restructuring, which is linked to the offer to purchase the business. * The agreement covers approximately 1.98 billion zlotys of liabilities owed by Azoty Group companies, including around 0.79 billion zlotys due to the parent. Azoty stated that the final terms of the agreements may change, as they require court approval and creditor voting.
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Goldman raises Q4 oil price outlook on lower OECD stocks
Goldman Sachs has raised their Brent and West Texas 'Intermediate Crude Forecasts for the Fourth Quarter of 2026 by $6 each to $60 and $56, respectively. They cited lower OECD stock levels, while continuing to assume that there will be no 'Iran-related disruption in supply and maintaining a view of a surplus. It now expects Brent oil to average $64, up from $56 before, and WTI oil to average $60. As the U.S. prepared for a third nuclear?talks with Iran, fears of escalating violence were eased. Brent crude futures traded at $71 a bar at?0641 GMT while U.S. WTI futures were at $65 a barrel. In a Sunday note, 'Goldman' said that its $60 Brent forecast reflected a gradual fading away of a $6 premium estimate assuming geopolitical tensions would ease - and a $5 decrease in the fair price for rising stocks within OECD. The bank kept its forecast for 2026 of 2.3m barrels per day, assuming that there would be no major disruptions in supply and no peace between Russia and Ukraine. The bank's 2026 surplus is a result of a 0.2 million bpd downward revision to the supply and demand due to a slightly slower growth in Asia. Due to production shortfalls in Kazakhstan, Venezuela and Iran, the bank has downgraded their 2026 outlook for supply. However, it has upgraded its expectations for supply in the Americas as well as core OPEC 'countries that have spare capacity. The bank expects OPEC+?to begin gradually increasing production?in second quarter 2026 given that OECD inventory has not built up. Goldman expects a downside risk of $5 for Brent, and $8 for WTI, for the fourth quarter?of 2026, if sanctions relief for Iran and Russia increases landed stock and releases higher supply?in the long term. The firm expects WTI and Brent to be at $66 and $70 by December 2027, respectively. This is due to a slowing of supply and a solid demand. (Reporting from Pablo Sinha, Bengaluru; Additional reporting by Swati verma; Editing and proofreading by Thomas Derpinghaus).
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Saudi Aramco has sold its first Jafurah condensate cargoes, according to sources, to US firms and India
Saudi Aramco, the state energy company, has sold several cargoes of ultra-light crude oil from Jafurah's $100 billion gas plant to U.S. refiners and an Indian refining company as it prepares to ship its first cargo this month. The Jafurah Project, which is estimated to contain approximately 229 trillion standard cubic feet of gas and 75 billion barrels condensate in total, is at the heart of Aramco’s ambitions to increase its gas production to become a global player and expand its offering of light crude grades. Sources said that U.S. giant Chevron purchased two Jafurah Condensate cargoes, which will be loaded later this month or in March. Exxon Mobil Corp. and Indian Oil Corp. bought cargoes, which they plan to lift next month. They added that the cargoes sold for a premium of $2 to $3 per barrel over Dubai's quotes, on a free-onboard basis. First cargo likely to be sent to South Korea Two sources have said that the first shipment of Chevron will likely go to its joint venture refiner in South Korea, GS -Caltex. The second cargo could be headed to Thailand to Star Petroleum Refining. Aramco Exxon IOC SPRC and SPRC have not responded to comments immediately. GS Caltex had no immediate comment. Chevron refused to comment. Jafurah could be the largest shale-gas project outside of the U.S., and it is expected to reach sustainable production levels of 2 billion cubic foot per day by 2030. A source said earlier that Aramco would be able to export between four and six cargoes of Jafurah Condensate of 500,000 barrels per month through the eastern port of Yanbu. earlier. Condensate can be used to make petrochemical feedstock, naphtha or other refined products. It can also be blended with crude oil to be distilled in refineries. According to an initial crude assay, the Jafurah Condensate contains 0.17% sulfur and has a?API gravity of 49.7°. The assay revealed that about 40% of its output was 'petrochemical feedstock, naphtha', mostly the heavier grades, and the remainder was gasoil or kerosene.
US Ambassador urges Portugal to purchase F-35s and join the top-tier air force
The U.S. Ambassador to Portugal has called on Lisbon to replace its F-16 fighter planes with Lockheed Martin's F-35. He said that the stealth aircraft would allow for interoperability between Europe's "top-tier" air forces. John Arrigo, the U.S. ambassador to Portugal, told CNN Portugal on Sunday evening that he would use his business expertise to help Portugal increase its defence spending from 2% to NATO's target 5% by 2035.
Arrigo said, "F-35 fighters are the best - they're fifth-generation stealth aircraft that will get them (the Portuguese Air Force), into the Champions League in the EU," Nuno Melo, the Portuguese Minister of Defence, said in November the selection process had not yet begun for the replacement fighters.
Arrigo noted that more than 900 F-35s are in service or ordered across Europe, and that the F-35 was the best choice for interoperability. He also mentioned that 25 percent of the plane is made from European components. In relation to China, Arrigo said that the Trump administration did not push Portugal to choose Washington or Beijing, but rather decouple itself from China. The U.S. promoted "de-risking" by ensuring cybersecurity, and screening investment.
After the bailout of 2011-14, Chinese companies expanded their operations in Portugal when lower asset prices attracted foreign investors.
Portugal received a 78-billion euro bailout from the EU in May 2011, after soaring borrowing rates during the Eurozone debt crisis cut Portugal off from'markets. But it had to accept harsh austerity measures that sparked a recession.
China Three Gorges owns 21.4% of the utility EDP. China?State Grid has 25% of the grid operator REN. Hong Kong-listed Fosun holds 20% of bank Millennium BCP, and 85% of Fidelidade. Arrigo stated that the U.S. views itself as Portugal's "best ally, but wants to keep any adversary at arms sway."
Portugal joined China's Belt and Road Initiative (BRI) in December 2018. Arrigo stated that Lisbon's relationship with the U.S. will "flourish", if Lisbon leaves, like Italy in 2023. (Reporting and editing by Kate Mayberry; Sergio Goncalves)
(source: Reuters)