Reuters was first to report that the Mexican state energy company Pemex has received a settlement worth more than $30 million from Vitol, including a $23 million cash payment, over a graft scandal that halted deals with the Swiss-based trader, documents showed.
Business
US to ban Chinese tech in cars
The US is planning to ban certain hardware and software made in China and Russia from cars, trucks and buses in the US due to security risks.
Officials said they were worried that the technology in question, used for autonomous driving and to connect cars to other networks, could allow enemies to “remotely manipulate cars on American roads”.
There is currently minimal use of Chinese or Russia-made software in American cars.
But Commerce Secretary Gina Raimondo said the plans were “targeted, proactive” steps to protect the US.
“Cars today have cameras, microphones, GPS tracking, and other technologies connected to the internet,” she said in a statement.
“It doesn’t take much imagination to understand how a foreign adversary with access to this information could pose a serious risk to both our national security and the privacy of US citizens.”
Chinese officials said the US was broadening “the concept of national security” to unfairly target Chinese firms.
“China opposes the US’s broadening of the concept of national security and the discriminatory actions taken against Chinese companies and products,” said Lin Jian, spokesman for China’s Foreign Ministry, in a statement.
“We urge the US side to respect market principles and provide an open, fair, transparent, and non-discriminatory business environment for Chinese enterprises.”
The proposal, which will now enter a comment period, is the latest from the White House aiming to limit China’s presence in the car manufacturing supply chain.
The White House has also raised tariffs on electric cars, batteries for electric vehicle and a range of other items. It has separately banned the import of Chinese-made cargo cranes, warning of cyber-security risk.
The US launched an investigation in February examining the cyber risks from so-called connected cars.
The prohibitions on software would go into effect with model year 2027, while the hardware rules would be effective three years later, giving the industry more time to re-work their supply chains.
John Bozzella, president and chief executive of Alliance for Automotive Innovation, which represents big car companies, said that though there was “very little technology – hardware or software in today’s connected vehicle supply chain that enters the US from China” the rule would force some firms to find new suppliers.
“I’ve said this in other contexts, but it applies here too: you can’t just flip a switch and change the world’s most complex supply chain overnight,” he said.
“The lead time included in the proposed rule will allow some auto manufacturers to make the required transition but may be too short for others,” he said.
He said association would continue to share its perspective as the final rules are developed.
Continue Reading
DealsEnergy
02 October 2023, 12:41 pm 1 minute
Market Impact
In return, Pemex has lifted its three-year ban on business with the world’s largest independent commodities trader, according to the settlement, the terms of which have not previously been reported.
Article Tags
Topics of Interest: DealsEnergy
Type: Reuters Best
Sectors: Business & FinanceCommodities & Energy
Regions: AmericasNorth America
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
Business & Finance
14 August 2024, 8:15 pm 1 minute
Reuters was first to report that billionaire investor William Ackman built new stakes in sportswear company Nike during the second quarter. A regulatory filing reviewed by Reuters showed that Ackman’s hedge fund Pershing Square Capital Management owned roughly 3 million shares of Nike, amounting to a roughly 0.19% ownership. Nike’s stock, which has tumbled 26% since January, rose 4% in after-market trading.
Market Impact
Nike’s stock, which has tumbled 26% since January, rose 4% in after-market trading.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Regions: Americas
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
CommoditiesEnergy
07 June 2024, 7:28 pm 1 minute
Reuters was first to report that Norwegian pipeline operator Gassco suffered an outage of gas exports to Britain that pushed Europe’s benchmark gas price to its highest level this year. Reuters revealed that the outage was caused by problems onboard an offshore platform, and later also broke the news when the flow of gas resumed after five days.
Market Impact
Norway in 2022 overtook Russia as Europe’s biggest gas supplier after Moscow’s invasion of Ukraine, meeting roughly a quarter of the continent’s demand and making any outages at Norwegian fields a possible trigger for higher prices.
Article Tags
Topics of Interest: CommoditiesEnergy
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Europe
Countries: Norway
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
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Business bosses welcomed an upbeat tone from UK Prime Minister Sir Keir Starmer and chancellor Rachel Reeves as they sought to rebuild momentum behind the government’s agenda to boost economic growth at Labour’s annual conference.
In a speech on Monday, Reeves promised the government would unveil a new industrial strategy and highlighted steps ministers had already taken to try to boost growth, including plans to streamline the planning system and remove a ban on new onshore wind farms.
Her speech came after grumbling from some executives that ministers had been too negative about the UK’s economic and fiscal position, and too slow to unveil detailed policies ranging from an industrial strategy to the finer points of the government’s worker rights reform.
Shevaun Haviland, director-general of the British Chambers of Commerce, said Reeves’s speech “was a vital moment to lift the tone and for the chancellor to champion the critical importance of economic growth, increased exports and investment”.
“Businesses will be keen to get more detail,” she added, including on potential tax rises.
Rain Newton-Smith, boss of the CBI business lobby group, said companies would be “reassured to hear that while the government won’t duck difficult decisions, they will be taken in the context of a return to long-term sustainable growth”.
A record 500 business people attended a sold-out “business day” at Labour’s conference on Monday.
Attendees paid £3,000 per ticket, and some said the event had a significantly less “VIP” feel than last year.
Last year 200 attendees sat at round tables with shadow ministers but at Monday’s event, the furniture was removed to make space for more seats.
Reeves’s speech in the main conference hall was live streamed into the business day venue, and the chancellor and Starmer subsequently participated in question and answer sessions with executives and company advisers, moderated by WPP’s former UK president Karen Blackett and Google’s UK boss Debbie Weinstein.
Several attendees said they learned little from the discussions and noted that in a break from last year, there were no private sessions with Labour’s top team. Most acknowledged that it was difficult for ministers to give any details on tax or spending plans ahead of Reeves’s Budget on October 30.
But business people welcomed the government’s positive tone towards private enterprise.
“Wealth creation is the number one mission,” said Starmer, as he reiterated his call for business to “partner” with the government to remove economy-wide barriers to growth such as skills development as well as sector-specific challenges.
He told executives that if they were struggling to get a response from the government or find the right person to talk to they should contact his office directly.
Business secretary Jonathan Reynolds continued Labour’s enthusiastic wooing of business, which the party courted extensively before the July 4 general election.
“I want you to invest in the UK and make a profit,” said Reynolds after taking questions from executives.
Deputy prime minister Angela Rayner, whose trade union ties are a cause of concern for some executives, also spoke briefly at the business day.
Business applauded Reeves’s pledge to publish a detailed industrial strategy.
It was vital that ministers move “without delay” to confirm the details of the strategy, said Stephen Phipson, chief executive of the manufacturers’ lobby group Make UK.
Labour’s pitch to business has centred around nurturing economic and political stability as a foundation for growth, but some executives have become impatient at the lack of progress in implementing the government’s plans since July 4.
“We need to see some detail,” said one industry leader at the business day. Others complained about the government’s warnings of a tough Budget involving potential tax rises.
Some attendees noted wryly the background music in the venue where the business day was held included Adele’s “Water under the bridge”, which contains the lyrics: “If you’re gonna let me down, let me down gently; don’t pretend that you don’t want me.”
But other attendees said that while they wanted to see rapid progress on Labour’s agenda to boost growth, it was too early to judge the government.
One said ministers were “damned if they do and damned if they don’t”, because businesses favour the government taking time to consult on any reforms, but also want policies to be implemented rapidly.
Business & Finance
05 October 2023, 3:48 pm 1 minute
Reuters exclusively reported that Canadian miner Lundin Mining was in talks with Japanese trading houses and large miners to sell between 40%-50% stake in its Argentina copper-gold mine. Lundin’s incoming CEO Jack Ludin told Reuters in an exclusive interview that the company is planning to make an announcement next year. Ludin shares turned positive and rose as much as 4.2% soon after.
Market Impact
Copper miners have been under stress as a tepid demand in China and macro-economic uncertainty has put the commodity price under pressure, with the industry anticipating possible production cuts. Analysts are expecting that the low price could force copper miners to cut costs and even consider M&A deals.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Commodities & EnergyFinancial Services
Regions: North America
Countries: Canada
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
Commodities
14 August 2024, 11:02 pm 1 minute
Reuters was first to report that workers at BHP’s Escondida copper mine in Chile, the world’s largest, would go on strike after failing to reach an agreement with the company. The stoppage has potential to have a lasting impact, reminiscent of the last major Escondida walkout in 2017, which hit BHP’s copper production and pushed up global prices of the metal, used to make wiring and nearly every single electronic device.
Market Impact
The stoppage has potential to have a lasting impact, reminiscent of the last major Escondida walkout in 2017, which hit BHP’s copper production and pushed up global prices of the metal, used to make wiring and nearly every single electronic device.
Article Tags
Topics of Interest: Commodities
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Americas
Countries: Chile
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
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