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Sources say Valero is overhauling the FCCU at Tennessee refinery.
Valero Energy Corporation is overhauling its gasoline-producing Fluidic Catalytic Cracking Unit (FCCU) in Memphis, Tennessee, according to people familiar with the plant's operations. Valero's spokesperson was unavailable to comment on the refinery operation Thursday. Sources said that the 65,000 bpd FCCU and the 12,000 bpd unit of alkylation were shut down over the weekend for an overhaul. Sources said that the overhaul should be completed by November 1. Sources claim that the refinery's flaring gas recovery unit and hydrotreater were also taken off production to change a catalyst. The FCCU converts gas oil to unfinished gasoline using a fine powder silica catalyst. Alkylation units are used to convert refinery byproducts into liquids that boost the octane of unfinished gasoline. The flare gas collection unit collects the gases that would have been burned in the refinery’s safety flare system and uses them as fuel for boilers. In order to comply with U.S. Environmental Rules, hydrotreaters remove sulfur from motor gasoline using catalysts and hydrogen. (Reporting and editing by Himani Sarkar, Chris Reese, and Erwin Seba)
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Embraer CEO: 100 commercial aircraft deliveries expected per year by 2028
Embraer's CEO said that the Brazilian planemaker expects to achieve 100 commercial aircraft deliveries annually in 2028. He added that supply chain problems will likely prevent Embraer from reaching that milestone sooner. As part of its recovery after the industry crisis caused by the pandemic, the world's third largest planemaker increased annual deliveries. It expects between 77-85 commercial jet deliveries in 2019, up from 73 last year. Embraer's CEO Francisco Gomes Neto warned that supply-chain snags could limit Embraer's production plans. The company last delivered 100 commercial jets annually in 2017. In an interview with a newspaper on Wednesday, he stated that "2026 is still going to be a challenging year in terms of commercial jet production." "In 2027 we will resume our strong growth plans, and in 2028 I expect we will be hitting 100 commercial planes per year." Embraer faced delays in the supply of engines for its E2 jets last year. Gomes Neto stated that while the situation has improved since then, Embraer is still facing problems with GE Aerospace engines and fuselage parts for its E1 jets. He said that the "delivery" outlook range we have provided the market with has allowed us, despite the challenges of the supply chain, to deliver on what we promised. "Embraer's growth will continue. Our production slots for 2026, 2027 and partially 2028 are almost completely filled. We have orders that need to be delivered, a backlog and we are nearly out of production slots for 2026, 2027 and 2028. "The challenge is now delivering the aircraft." He made his remarks after Embraer announced on Wednesday a firm order of 50 E195E2 aircraft for low-cost airline Avelo Airlines. This was the first U.S. contract for E2 jets. The deal increased Embraer's backlog, and highlighted a solid demand. The company had already received orders from customers such as Japan's ANA, Scandinavian Airlines SAS and U.S. airline SkyWest for E1 jets. Gomes Neto stated that more E2 orders could be placed this year as a number of sales campaigns are currently underway. Gomes Neto said that E1 jets which are almost exclusively used in the U.S. marketplace will not be expected to generate new sales by 2025. Gomes Neto, Embraer's CEO, said that despite the Avelo contract and the 10% U.S. tax on Brazilian-built aircraft Embraer does not plan to establish a U.S. assembly line for the E2 commercial jet. He said that any possible plant would depend on a rush of new orders. The firm had preferred to focus on its campaign to remove the tariff by focusing on the benefits it provides to U.S. customers and suppliers. Gomes Neto stated, "We prefer to present Embraer’s overall business case. Over the next five-year period, our plan is for us to import $21 billion dollars from the U.S. while exporting $13 billion." Embraer produces both generations of commercial aircraft at its Sao Jose dos Campos factory in Brazil on a hybrid production line. Gomes Neto stated that "creating a new product line would require an enormous investment which would result in a significant depreciation, making the product less competive." "If we sold thousands of aircraft and received orders for hundreds, yes, it would not be possible to do all of it (in Brazil). A second line could then be located nearer to the major customers. "But that's just not the case at this time," he said. The company has assembly lines in Florida for executive jets and pitched a $500-million line for the C-390, if the U.S. decides to buy the military cargo plane. Reporting by Gabriel Araujo, Mexico City Editing Brad Haynes and Rod Nickel
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Oracle's record-breaking surge shows AI's growing influence in the market
Wall Street's AI trade has driven the market to new highs in 2018. Oracle's share price gains have given investors yet another reason to support the trade. Oracle shares rose 36% Wednesday, after the company cited a surge in demand from AI firms to use its cloud services. This surge boosted its market value from $822 billion to $922.25 billion, surpassing Walmart WMT.N, JPMorgan Chase JPM.N, and Eli Lilly LLY.N. Oracle, Broadcom and Palantir have all seen gains this year, despite some pullbacks due to fears that the rally was becoming too hot. The "Magnificent 7" megacap trade, which led stocks higher during this bull market for most of the time, has faltered this year due to the decline in Apple and Tesla shares. Peter Tuz of Chase Investment Counsel, Charlottesville, Virginia, said: "When people began to worry about AI and infrastructure growth slowing, Oracle came out with a number which surprised everyone and fuelled the fire of this whole subgroup." This is a sign that the AI industry as a whole has taken the lead in terms of equity markets. Oracle has become one of Wall Street’s 10 most valuable corporations. Nvidia is a leader in AI as are Microsoft, Alphabet, and Amazon. Nvidia, the AI chip giant, became the most valuable company ever in 2018. It surpassed Microsoft and Apple, who many investors believe are lagging behind in the race for dominating emerging AI technology. Nvidia stock has dropped about 2% in price since the company's uninspiring forecast of August 27. However, its market value is still $4.3 trillion at Wednesday's closing. Investors have begun to show caution about the AI market, which has led to a stabilization of tech shares. The technology sector has risen by more than 16% in 2025. Oracle's stock market value of $922 billion following Wednesday's surge is just behind Berkshire Hathaway, at $1.06 trillion. Tesla, on the other hand, has a $1.12 trillion valuation. Oracle announced four multi-billion dollar contracts on Tuesday. It took advantage of a shift in industry spending led by OpenAI and xAI to spend aggressively to secure the massive computational capacity required for the AI race. Oracle, Broadcom and other AI-related companies now account for almost 30% of S&P 500. AI-related companies have also contributed the most to the recent gains of the benchmark index. According to LSEG data, gains in shares of Nvidia and Microsoft, Broadcom, Meta Platforms Alphabet, Amazon Palantir Technologies, Oracle, Broadcom and Meta Platforms have accounted together for about half of S&P 500’s 11% rise so far in 2025. Apple is the only exception. In the last five trading days, nine out of the 10 Wall Street companies that were most actively traded on Wall Street had AI as a common theme. Nvidia tops the list with $29 billion in average daily trades, according to LSEG. The AI stock craze has expanded beyond the tech sector, with shares in utilities and power equipment companies soaring. These companies will be required to meet the exploding energy demand that is needed to fuel this technology. AI-driven excitement has helped non-tech stocks such as GE Vernova, Constellation Energy, Vistra and the industrial firm GE Vernova to make massive gains over the last year. AI's enthusiasm has helped to drive the U.S. Stock market's valuation above historic levels. According to LSEG Datastream, the S&P 500 trades at more than 22 times expected earnings for its constituents. This is its highest valuation since four years. This compares with an average P/E ratio of 18.6 over the past decade. According to LSEG Datastream, the forward P/E of Tech has risen to 28 times its 10-year average. Oracle stock is up by nearly twofold year-to date after Wednesday's price surge. Other large tech stocks are also experiencing huge increases. Palantir's shares had surged 120% by 2025, while Broadcom was up nearly 60%. Chuck Carlson is the chief executive officer of Horizon Investment Services, based in Hammond, Indiana. He said, "I was surprised by the size of the Oracle jump. It shows that the AI industry still has a great deal of life and money to invest."
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Trump's nominee for India says that the US and India are not far apart on tariffs.
The nominee of Donald Trump to be ambassador to India, who is a Republican, said that Washington and New Delhi "are not that far apart" when it comes to tariffs. Sergio Gor, an aide to Trump who is director of the White House Presidential Personnel Office and was confirmed by the Senate, stated that "we're not too far apart" on a tariff deal. Gor: "I think that it will be resolved within the next few days." U.S.-India relations have been affected by Trump's Trade War. Talks on lower tariffs collapsed after India, which is the fifth largest economy in the world, refused to open its vast dairy and agricultural sectors. The bilateral trade between India and the United States is valued at more than $190 million each year. Trump imposed tariffs on India's imports at first of 25%, but then increased them to 50% as punishment when New Delhi bought more Russian oil. Trump said Tuesday that his administration continues negotiations to address India's trade barriers and he will talk to Modi. This is a sign of a new beginning after weeks of diplomatic tension. Gor responded to the question of whether he would push to have the Quad summit, which includes India, Australia, Japan, and the United States take place on the scheduled date later this year. "Without giving exact dates, the president is committed to continuing to meet with Quad and strengthening it." India was expected to host the Quad Summit in November, with an explicit focus on China's security. However, a source familiar with the situation said this month that Trump had not yet scheduled a visit to India.
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GE Vernova sells Proficy to TPG at $600 million and shifts its focus to grid software
GE Vernova announced on Thursday that it would sell its Proficy Industrial Software unit to TPG, a private equity firm for $600,000,000 and reinvest those proceeds into grid software. Proficy, which represents about 20% of GE Vernova’s electrification-software revenue, allows manufacturers to monitor and optimize their production. Revenue from electrification software in 2024 will be $7.55 billion. The company spun off last year from GE has been working on reducing rising costs due to inflation and tariffs. In April, the company forecasted a $300-400 million cost increase by 2025. It said that it would raise prices and streamline its operations to protect margins. GE Vernova also invests in its supply chain. In January, it announced a $600,000,000 upgrade of its U.S. facilities over two years in order to meet the rising global demand for electricity. After the announcement of the deal, CEO Scott Strazik stated that "Indirectly we will reinvest in the grid software business". The Proficy transaction is expected to be completed in the first half 2026. TPG will own and control the company, while GE Vernova will retain a seat on the board as an observer. GE Vernova anticipates receiving additional proceeds from the sale in future, depending on different outcomes and conditions. Christopher Dendrinos, analyst at RBC Capital Markets, stated that the company is monetizing software assets with a high value but are likely undervalued. The shares of the energy equipment provider dropped 3.2% to $622.77. Reinvesting in other areas is a strategic move. Dendrinos said that manufacturing is in high-demand and there are many opportunities to reinvest into these core business lines. The deal will establish Proficy's software division as a separate business. TPG Capital would invest in Proficy, TPG's U.S.-based and European private equity platform. (Reporting and editing by Tasimzahid and Pooja Deai in Bengaluru, and Sumit Saha based in Bengaluru)
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After the Doha attack, an adviser said that the UAE president's Gulf trip seeks coordination.
His diplomatic advisor said that the tour by Sheikh Mohammed bin Zayed Al Nahyan of the United Arab Emirates to Gulf countries was meant to coordinate positions following Tuesday's Israeli assault on Hamas leaders at Doha. Anwar Gargash wrote in a blog post that "the President's Gulf Tour reflects a profound conviction in strengthening cooperation and coordination, and reinforcing a concept of a shared destiny." Israel tried to kill Hamas leaders on Tuesday in an airstrike in Qatar's capital. This escalating military campaign in the Middle East prompted a wave of international condemnation. Sheikh Mohammed is the first head-of-state to visit Doha since the attack. He has also visited Bahrain and Oman. Qatar's official news agency announced earlier Thursday that Doha would host an urgent Arab-Islamic Summit next Sunday and on Monday to discuss Israel's attack. The UAE's Foreign Ministry condemned Benjamin Netanyahu's remarks about Qatar in a separate press release. It stressed that any attack against a Gulf State was an attack against "the collective Gulf Security Framework." On Wednesday, Netanyahu warned Qatar to "either expel Hamas representatives or bring them to justice because if we don't do it, then you will". He also accused Qatari of providing safe-haven and funding to Hamas. Doha responded with a harsh rebuke. The UAE is a major oil exporter and regional hub for trade and commerce with diplomatic influence across the Middle East. In 2020, the Abraham Accords, negotiated by the United States, led to a normalisation agreement between Israel and the UAE. This opened the door to close economic and security ties, including defence cooperation.
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Judge ends the rambling trial of a man accused of attempting to kill Trump
The criminal trial for the man accused of attempting to assassinate U.S. president Donald Trump started off with a scuffle on Thursday when a federal court judge cut short a long opening statement by defendant Ryan Routh. Routh is representing himself and the proceeding aims to highlight the growing prominence of political violence within the U.S. Aileen Cannon, a U.S. district judge in Florida, stopped Routh from presenting to a jury only minutes after Routh had covered topics such as the origins of the human race, the settlement of America's West and international conflict. Routh told Cannon that the case was meaningless, and he sent the jury outside the courtroom. Routh said he would like to talk about non-violence. Cannon warned Routh earlier that she would not tolerate an argument which "would make a mockery out of the dignity in the courtroom." Routh, who is 59 years old, has pleaded guilty to five federal counts, including the attempted assassination a prominent presidential candidate. He could face a life sentence in prison. The trial started the day after Charlie Kirk, a right-wing activist who was an influential Trump ally and had been shot dead at Utah Valley University during a political event. This marked the latest example of political violence to occur in the U.S. Trump faced two assassination efforts during his presidential campaign for 2024 that sent him back into the White House. U.S. prosecutors claim Routh concealed himself with a rifle at the Trump International Golf Club, West Palm Beach in order to kill Trump while he was golfing on the course September 15, 2024. John Shipley, prosecutor at the time of his opening statement, said that "Last Year, defendant Ryan Routh was determined to ensure that Americans could not elect Donald Trump president of the United States." "So, the defendant decided that he would take away the choice from American voters." According to court documents, a Secret Service agent saw Routh and his rifle poking their way through a fence. The agent opened fire and Routh fled without firing a single shot. The same afternoon, he was arrested after being stopped on a Florida highway by police. Shipley claimed Routh had planned to kill Trump for weeks, driving from Hawaii to North Carolina to West Palm Beach with stolen plates and six cell phones in the family car. Shipley said that Routh stayed in a truckstop for a little over a month and tracked Trump's movements, visiting the golf course 17 times. This incident occurred two months after Trump had been shot in the ear at a Pennsylvania campaign rally last July. The gunman was killed on the spot. Routh had led a erratic and difficult life as a roofing contractor. He had advocated democracy in Taiwan and Ukraine. In 2023, he was interviewed about a quixotic idea to send Afghan refugees to Ukraine to repel Russia's invasion. In July, he said to Cannon that he would not allow a "random" stranger to represent him and defend himself. Two of his former public defenders now serve as standby attorneys to help with logistical concerns. Investigations have revealed that the United States has experienced the highest sustained rise in political violence in decades, which began during Trump’s first presidential campaign in 2016. Other high-profile incidents include the shooting of Steve Scalise in 2017, a senior Republican House of Representatives member, during a congressional baseball match, and the assault by Trump supporters on the U.S. Capitol on January 6, 2021. Recent political violence has also targeted Democrats. An arsonist set fire to the home of Pennsylvania Governor Josh Shapiro in April while his family was there. In June, an assailant posing a policeman in Minnesota killed state legislator Melissa Hortman along with her husband. He also shot state senator John Hoffman and his spouse. Trump has put his stamp on the U.S. Justice Department that is prosecuting this case by firing officials who are deemed to be insufficiently loyal. The Routh Trial begins. It is a strange coincidence that it will take place in the same courtroom and before the same judge as the criminal case against Trump for illegally retaining classified documents after his first term. Cannon, who Trump nominated as his 2020 nominee, dismissed the case before it went to trial. Cannon displayed flashes anger towards Routh over the three-day jury selection process. She rejected Routh's proposed questions, which included topics such as pro-Palestinian activist activism and war in Ukraine. (Reporting and editing by Andy Sullivan; Bill Berkrot, Nick Zieminski, and Andy Sullivan)
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After talks with the US energy chief, EU has decided to stick to its 2028 Russian gas withdrawal.
After a meeting on Thursday with U.S. Secretary of Energy Chris Wright, EU Energy commissioner Dan Jorgensen stated that the EU will stick to its deadline for phasing out Russian oil imports by 2028. The EU is currently negotiating legal proposals that will completely phase out the imports of Russian gas and oil by January 1, 2028. A ban on short-term contracting will be implemented next year. However, it faces pressure from both the United States and Russia to stop Russian energy imports earlier. As part of the new sanctions against Moscow, EU Commission President Ursula von der Leyen stated on Wednesday that the EU is considering a quicker phase-out for Russian fossil fuels. Jorgensen confirmed that Wright and he did not discuss sanctions during their meeting in Brussels last Thursday. He said that Jorgensen was focused on getting the EU countries to approve the phase-out of 2028 - separate from any EU sanctions. He said, "This is an ambitious plan." He said: "I am happy to do anything else that can be done at the same time that puts pressure on Russia." A White House official revealed that U.S. president Donald Trump told European leaders to stop buying Russian oil last week in order to end the conflict in Ukraine. Jorgensen refused to comment on whether Wright asked the EU to stop using Russian oil and gas faster. Wright, speaking to reporters following the meeting in Brussels, said: "Our goal is deploying American energy exports around the world... This point strikes home in Europe where I'm today. Nearly 50% of the imported natural gas comes from Russia." We're working to reduce that number to zero. The biggest contributor to that has been the energy exports of the United States. We will continue this and stop all Russian energy imports to the EU. Jorgensen stated that they agreed Europe needed to move as quickly as possible in order to achieve this. They had discussed "several different ways" to make it happen. Jorgensen explained that the EU's phase-out plan by 2028 was designed to "avoid price increases and future supply issues", adding that it would force Europe to purchase more U.S. Liquefied Natural Gas. (Reporting by Kate Abnett, Writing by Mathias de Rozario, Editing by Susan Fenton)
Industry worries EU carbon border tax will penalise British green energy
British wind and solar farms exporting power to continental Europe could face CO2 costs from 2026 even though they do not produce any emissions unless the UK and European Union can agree changes around the EU's carbon border tax.
The charges, set out in a little-noticed clause of the CO2 levy law, might hit profits of renewable resource tasks in the UK, add to already-high EU power rates and even cause greater emissions, market sources and experts told .
It's an issue on both sides, stated Adam Berman, deputy director of market group Energy UK.
( It) disincentivises tidy power in the UK at the moment in which we're trying to increase provision of clean power, and it's. going to increase (power) prices in northern Europe.
The Carbon Border Adjustment Mechanism (CBAM) will impose a. CO2 emissions fee on imports to the EU of steel, cement,. aluminium, fertilisers, electrical energy and hydrogen, unless the. exporting nation has equal CO2 prices policies.
Under its present style, the CO2 fee for power would be. determined using a default value based on average and historical. power generation emissions. The British energy market states. that will unjustly penalise renewables.
It is a problem that we understand and one that we. have actually raised, that the UK has actually raised, with the EU, Catherine. Stewart, the UK Treasury's deputy director for trade policy,. told an occasion in Brussels last month.
A European Commission representative said it would continue. talks with all nations, consisting of the UK, on the design of the. carbon levy before finalising its application from 2026.
The additional cost of the charge might make it uneconomic to. export excess tidy power from Britain to Europe at specific. times when need is weaker, renewables generation is high, and. power prices are low, experts stated.
Analysis from Aurora Energy Research study, shared with ,. showed as much as 3 gigawatt hours (GWh) of eco-friendly power. generation, enough to power up to 2,000 homes a year, could be. curtailed by 2030 if the charge shows a disincentive to exporters.
You are including a tax on exporting, so this basically. reduces the revenue margin each time you want to export, said. Pranav Menon, GB Power & & Renewables Lead at Aurora.
In 2030, the carbon border charge could knock 5% off the price. British eco-friendly tasks can make for their power, Aurora. stated.
Decreased access to cheap British electrical power could increase. wholesale power rates by as much as 4% in markets like Ireland and. Northern Ireland's Integrated Electricity Market which import a. lot of power from the UK, the Aurora analysis revealed.
If European countries increase coal and gas power generation to. comprise the shortage, CO2 emissions might even increase - by as. much as 13 million tonnes a year, comparable to emissions of 8. million cars, an earlier analysis by AFRY suggested.
A European Commission representative said eco-friendly power. exports will be able to prevent the CO2 charge if they can comply. with specific requirements and prove their origin.
But market figures state that might be tough.
Most of the electrical power (throughout interconnectors) is traded. anonymously ... so it's nearly difficult to show what. that carbon material is, said Pieter-Jan Marsboom, items and. services supervisor at UK-Belgian power interconnector Nemo Link.
UK ELECTION
British and EU diplomats have quietly begun going over the. concern, but the extremely political nature of any post-Brexit deals. between the 2 implies no progress is anticipated before the UK. general election on July 4.
Some market groups are already in talks with the Labour. Celebration, which surveys suggest is on course to conveniently win the. election, in the hope that it would push in government for a. deal with Brussels on the CO2 levy.
The Labour Celebration did not react to ask for comment.
One alternative would be to link the EU and UK carbon markets,. excusing UK power manufacturers from the tax.
The very best method to handle the (CBAM), and to stop the UK. exporters paying a tax to the EU that might otherwise go into. the UK budget, would be by having (carbon market) connecting, stated. UK power generator SSE'S Group Head of Policy and Advocacy. Alistair McGirr.
Up until now, neither Brussels nor London has actually leapt at that concept.
Previous UK climate change minister Graham Stuart told . in March that the two sides might examine the possibility of. connecting under their post-Brexit Trade and Cooperation Agreement.
The European Commission spokesperson stated the bloc is open. to linking its carbon market with others, but this must stem. from a mutual dream from both parties.
This stays to be checked out, the representative said.
(source: Reuters)