2025-09-18 20:49

Shipping companies express concerns over UN emissions deal US opposes deal, threatens tariffs and restrictions IMO confident in deal adoption despite some opposition LONDON/ATHENS, Sept 18 (Reuters) - A group of top shipping companies including leading Greek players said on Thursday they want changes to a United Nations deal tabled for adoption in October that seeks to cut marine fuel emissions, adding complications to the draft accord after U.S. opposition. Global shipping accounts for nearly 3% of the world's carbon emissions, and the proposed deal is crucial to speed up decarbonisation through a bigger regulatory framework. Sign up here. The group - including some of the world's biggest oil tanker companies such as Cyprus-based Frontline and Saudi Arabia's Bahri - said they had "grave concerns" about the so-called Net-Zero Framework proposed for adoption next month at the U.N.'s International Maritime Organization environmental committee. "As it stands, we do not believe the IMO NZF will serve effectively in support of decarbonising the maritime industry ... nor ensure a level-playing field as intended," the companies told Reuters in a joint statement on Thursday. "We believe that critical amendments to the IMO NZF are needed, including the consideration of realistic trajectories ... before adoption can be considered." In April, countries struck a draft agreement that would impose a fee on ships that breach global carbon emissions standards. The United States has told countries to reject the deal or face tariffs, visa restrictions and port levies, sources told Reuters in September. The joint statement said it was essential that any accord avoided "excessive financial burdens and inflationary pressure to the end-consumer". IMO Secretary-General Arsenio Dominguez said he was confident the deal would be adopted next month. "I base that on the track record of the organization, on the co-operation that we all have, the understanding that we still have some challenges and some concerns particularly to address," he told a Capital Link shipping conference in London on Tuesday. Greek Shipping Minister Vassilis Kikilias told Dominguez during London International Shipping Week earlier this week that improvements were required. "The minister underlined that he shares the shipping industry's concerns," the shipping ministry said in a statement. Sources have told Reuters that it was unclear whether the deal could go through if opposition increased or if there were abstentions by IMO member countries. About 90% of the world's trade is conducted by sea, and emissions are set to soar without an agreed mechanism. The statement was also co-signed by Capital Group, TMS Group, Centrofin, Marine Trust, Trust Bulkers, Common Progress, Dynacom, Dynagas, Emarat Maritime, Gaslog, Hanwha Shipping, Angelicoussis Group, Seapeak and Stolt Tankers. (This story has been corrected to say that the co-signatory in the joint statement is Stolt Tankers, not Stolt-Nielsen, paragraph 15) https://www.reuters.com/sustainability/boards-policy-regulation/top-shipping-players-want-overhaul-un-ship-fuel-emissions-deal-2025-09-18/

2025-09-18 20:32

BARRANQUILLA, Colombia, Sept 18 (Reuters) - Colombian state-run energy company Ecopetrol is set to exceed its 2025 goal of drilling 10 oil wells by between 20% and 40%, the company's vice president for hydrocarbons, Rafael Guzman, said on Thursday. The company drilled six wells in the first half of the year, two of which were successful, it has said. Sign up here. "I think we will do more than the planned 10, I think it could be 20% to 40% more than that figure," Guzman told Reuters on the sidelines of the Acipet energy conference in the Caribbean city of Barranquilla. Ecopetrol's daily production is slightly above the upper end of the company's 2025 target of 750,000 barrels per day, at 751,000 bpd. "It's going really well to meet our goal, which is between 740,000 barrels and 750,000 barrels," Guzman said. "We've had some difficulties in the area that have limited production, but we have mostly overcome and shown the potential." Ecopetrol also hopes to find, within the next 18 months, partners to operate five oil fields, Guzman added, explaining the company has been allowing in partners with capital for investment under production-sharing deals. Those agreements - like one signed with Canada's Parex Resources last year that will bring $268 million in investment - help increase output and reserves without upfront investment by Ecopetrol, he said. "We have had multiple offers, there is interest in companies with these schemes. It's a way to rehabilitate and re-develop some fields that we have," Guzman said. One such joint venture, the Sirius project with Brazilian state-run oil firm Petrobras (PETR3.SA) , opens new tab in Colombia's Caribbean waters, now will require 120 authorizations from communities in the area, up from 116, a source at Ecopetrol told Reuters. The area holds an estimated 6 billion cubic feet of gas and investment could reach some $5 billion. It is expected to come online between 2029 and 2030, though longer consultations could hamper the process. Ecopetrol hopes to replace 100% of oil reserves this year, Guzman added, meaning that for every barrel produced, Ecopetrol adds a barrel to its reserves. https://www.reuters.com/business/energy/ecopetrol-beat-2025-drilling-goal-may-best-output-target-executive-says-2025-09-18/

2025-09-18 20:25

S&P up 0.48%, Nasdaq up 0.94%, Dow up 0.27% Intel jumps as Nvidia takes $5 bln stake in co Small-cap Russell 2000 index rises Sept 18 (Reuters) - (This Sept 18 story has been corrected to fix the date of the previous Russell 2000 closing high in paragraph 5) Wall Street's main indexes posted record-high closes on Thursday, a day after the U.S. Federal Reserve delivered a quarter-point interest rate cut, while chipmaker Intel rose after Nvidia decided to build a stake in the company. Sign up here. Intel (INTC.O) , opens new tab clinched its biggest daily gain since October 1987, jumping 22.8% after Nvidia (NVDA.O) , opens new tab said it would invest $5 billion in the struggling U.S. chipmaker. Peer Advanced Micro Devices (AMD.O) , opens new tab slipped 0.8%. Nvidia rose 3.5%, recovering losses from Wednesday when a report said Chinese tech firms might stop buying its chips. The moves boosted a broader semiconductor (.SOX) , opens new tab index up 3.6%, and also lifted the tech-heavy Nasdaq and the S&P 500 technology sector (.SPLRCT) , opens new tab up 1.36%. Seven of the 11 S&P 500 sectors gained. Meanwhile, the small-cap Russell 2000 index (.RUT) , opens new tab notched its first record high close since November 2021, closing at 2,467.70 points. Small-cap companies are likely to perform better in a low interest-rate environment. On Wednesday, Fed Chair Jerome Powell emphasized that the softening jobs market was a priority and indicated more reductions could follow at upcoming policy meetings. "We are looking for support for economic growth and justification of stretched valuations and the prospect of lower interest rates helps that," said Sam Stovall, chief investment strategist at CFRA Research. The Dow Jones Industrial Average (.DJI) , opens new tab rose 124.10 points, or 0.27%, to 46,142.42, the S&P 500 (.SPX) , opens new tab gained 31.61 points, or 0.48%, to 6,631.96 and the Nasdaq Composite (.IXIC) , opens new tab gained 209.40 points, or 0.94%, to 22,470.73. The biggest S&P sector decliners were consumer staples (.SPLRCS) , opens new tab and consumer discretionary (.SPLRCD) , opens new tab stocks. New data showed that the number of Americans filing new applications for unemployment benefits fell last week, but the labor market has softened as both demand for and supply of workers have diminished. The rate cut is expected to add to Wall Street's recent rally, boosted by monetary policy easing hopes and a revival of AI-linked stock trading. Investors are pricing in about 44.2 basis points in cuts by end-2025, data compiled by LSEG showed. Among stocks, CrowdStrike (CRWD.O) , opens new tab gained 12.8% after at least nine brokerages raised their price target on the stock. Shares of Darden Restaurants (DRI.N) , opens new tab fell 7.7% after the Olive Garden parent reported weak quarterly results. Advancing issues outnumbered decliners by a 1.87-to-1 ratio on the NYSE, and by a 2.5-to-1 ratio on the Nasdaq. The S&P 500 posted 31 new 52-week highs and eight new lows while the Nasdaq Composite recorded 156 new highs and 42 new lows. Volume on U.S. exchanges was 19.30 billion shares, compared with the 16.67 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/sp-500-nasdaq-futures-hit-record-highs-after-fed-cuts-rates-intel-soars-2025-09-18/

2025-09-18 20:17

FedEx international export volume fell due to US tariffs on China Domestic delivery volume grew, helping to offset tariff impact End of de minimis exemption for China, Hong Kong reduced quarterly revenue by $150 million FedEx says trade policies are a $1 billion 'headwind' this year Sept 18 (Reuters) - FedEx (FDX.N) , opens new tab reported quarterly profit and revenue above Wall Street estimates, as cost-cutting and strength in domestic deliveries helped offset weaker international volumes after the U.S. ended tariff exemptions on low-value, direct-to-consumer shipments. Shares of Memphis-based FedEx climbed 5.5% in extended trading on Thursday after surprising Wall Street. Analysts had expected profit per share to fall due to the end of "de minimis" exemptions, which allowed shipments valued under $800 to enter the U.S. duty-free. Sign up here. While total international average daily export volume fell 3%, overall average daily volume including domestic parcels rose 4% for the quarter, and revenue per package increased by 2%. FedEx has been working on slashing billions of dollars in operating costs by parking planes, closing facilities and merging some of its units. It has a $1 billion cost-saving plan for this fiscal year ending in May 2026. Those efforts helped shelter profits. Closely watched operating margin increased to 6% from 5.2% during the quarter, which saw a 5% jump in domestic average daily delivery volume, fueled by U.S. consumer spending resilience despite worries about inflation and rising joblessness. FedEx reported an adjusted profit of $912 million, or $3.83 per share, for the first quarter ended August 31, up from $892 million, or $3.60 per share a year earlier. Analysts on average had expected a profit of $3.59 per share, according to data compiled by LSEG. Its quarterly revenue of $22.24 billion also beat analysts' estimate of $21.66 billion. Global tariffs, particularly related to the end of the de minimis exemption for China and Hong Kong, cut first quarter revenue by $150 million. That is expected to repeat every quarter this year, Chief Customer Officer Brie Carere said. Combined with other revenue pressures and expenses, trade policies represent a $1 billion headwind for the year, she said. That "is predominantly an impact of top line revenue reduction, because China to the U.S. is a very profitable lane for us," Carere said. FedEx forecast 2026 earnings per share largely below analysts' estimates. It expects full-year adjusted earnings in the range of $17.20 to $19.00 per share, marginally below analysts' average estimate of $18.21 at the midpoint. The U.S. on May 2 ended the century-old "de minimis" exemptions for packages from China and Hong Kong. Those shipments accounted for about three-quarters of roughly 1.4 billion packages that entered the United States each year under the program. The U.S. ended exemptions for all other countries on August 29. FedEx said it completed $500 million of share repurchases in the quarter and is on track to spin off its freight segment by June 2026. https://www.reuters.com/business/fedex-forecasts-2026-earnings-below-estimates-amid-us-tariff-impact-2025-09-18/

2025-09-18 19:40

Until Trump, no president had tried to fire a Fed official Legal battle jeopardizes Fed's longstanding independence Supreme Court has often backed Trump in emergency rulings WASHINGTON, Sept 18 (Reuters) - President Donald Trump's administration asked the U.S. Supreme Court on Thursday to let him move ahead with firing Federal Reserve Governor Lisa Cook - a move without precedent since the central bank's founding in 1913 - in a legal battle that imperils the Fed's independence. The Justice Department asked the justices to lift U.S. District Judge Jia Cobb's September 9 order temporarily blocking the Republican president from removing Cook, an appointee of Democratic former President Joe Biden. Cobb ruled that Trump's claims that Cook committed mortgage fraud before taking office, which Cook denies, likely were not sufficient grounds for removal under the law that created the Fed. Sign up here. "This application involves yet another case of improper judicial interference with the President's removal authority - here, interference with the President's authority to remove members of the Federal Reserve Board of Governors for cause," the Justice Department said in the filing. Cook took part in the Fed's highly anticipated two-day meeting in Washington on Tuesday and Wednesday in which the central bank decided to cut interest rates by a quarter of a percentage point, as policymakers responded to concerns about weakness in the job market. Cook was among those voting in favor of the cut announced on Wednesday. Congress included provisions in the law that created the Fed to shield the central bank from political interference. Under that law, Fed governors may be removed by a president only "for cause," though the law does not define the term nor establish procedures for removal. No president has ever removed a Fed governor, and the law has never been tested in court. Cook, the first Black woman to serve as a Fed governor, sued Trump in August after the president announced he would remove her. Cook has said the claims made by Trump against her did not give the president the legal authority to remove her and were a pretext to fire her for her monetary policy stance. Trump's bid to fire Cook reflects the broad view of presidential power he has asserted since returning to office in January. So long as the president identifies a cause for removal, that is within his "unreviewable discretion," the Justice Department said in Thursday's filing. "Put simply, the President may reasonably determine that interest rates paid by the American people should not be set by a Governor who appears to have lied about facts material to the interest rates she secured for herself - and refuses to explain the apparent misrepresentations," the filing stated. The administration urged the court to act immediately and issue an "administrative stay," which would allow Cook to be removed temporarily while the justices take the time they need to decide the Justice Department's formal request. Cook's lawyers quickly opposed any immediate action, saying Trump has "no urgent or compelling need" to fire Cook. "Temporarily removing her from her post would threaten our nation’s economic stability and raise questions about the Federal Reserve’s continued independence - risking shock waves in the financial markets that could not easily be undone," her lawyers said in a filing. The Fed did not immediately respond to a request for comment. It has previously said it would abide by a court's decision, and in the meantime Cook would remain in her job. RIPPLE EFFECT Concerns about the Fed's independence from the president in setting monetary policy could have a ripple effect throughout the global economy. The Cook legal battle has ramifications for the Fed's ability to set interest rates without regard to the wishes of politicians, widely seen as critical to any central bank's ability to function independently to carry out tasks such as keeping inflation under control. Trump this year has demanded that the Fed cut rates aggressively, berating Fed Chair Jerome Powell for his stewardship over monetary policy as the central bank focused on fighting inflation. Trump has called Powell a "numbskull," "incompetent" and a "stubborn moron." The administration has repeatedly asked the Supreme Court this year to intervene to allow implementation of Trump policies impeded by lower courts. The Supreme Court, which has a 6-3 conservative majority, has sided with the administration in almost every case it has been called upon to review this year. For instance, the Supreme Court has allowed Trump to proceed with the removal of various officials serving on federal agencies that had been established by Congress as independent from direct presidential control. But in a May order in a case involving Trump's dismissal of two Democratic members of federal labor boards, it signaled that it viewed the Fed as distinct from other executive branch agencies. The Supreme Court said the Fed "is a uniquely structured, quasi-private entity" with a singular historical tradition. 'BEST READING' Trump on August 25 said he was removing Cook from the Fed's Board of Governors, citing allegations that, before joining the central bank in 2022, she falsified records to obtain favorable terms on a mortgage. In blocking Cook's removal, the judge found that the 1913 law only allows a Fed governor to be removed for misconduct while in office. The mortgage fraud claims against Cook relate to actions prior to her Senate confirmation in 2022. The U.S. Court of Appeals for the District of Columbia Circuit in a 2-1 ruling on Monday denied the administration's request to put Cobb's order on hold, ruling that she likely was denied due process in violation of the U.S. Constitution's Fifth Amendment. "Before this court, the government does not dispute that it provided Cook no meaningful notice or opportunity to respond to the allegations against her," Judge Bradley Garcia wrote in an opinion joined by Judge J. Michelle Childs. Both judges were appointed by Biden. Judge Gregory Katsas, a Trump appointee, dissented. "The President notified Cook of the charges against her and waited five days for her to respond before removing her," the Justice Department said in Thursday's filing. "Having declined to bring any defense to the President's attention or to dispute any material facts, Cook cannot complain about insufficient process." Trump and his appointee William Pulte, the Federal Housing Finance Agency director, have claimed that Cook inaccurately described three separate properties on mortgage applications, which could have allowed her to obtain lower interest rates and tax credits. Trump's Justice Department also has launched a criminal mortgage fraud probe into Cook, and has issued grand jury subpoenas out of both Georgia and Michigan, according to documents seen by Reuters and a source familiar with the matter. A loan estimate for an Atlanta home purchased by Cook shows that she had declared the property as a "vacation home," according to a document reviewed , opens new tab by Reuters, information that would appear to undercut the allegations against her. Thursday's filing made no mention of that information or other reporting by Reuters that the property tax authority in Ann Arbor, Michigan, said she had not broken any property tax rules for the home there. https://www.reuters.com/world/trump-asks-us-supreme-court-allow-firing-fed-governor-lisa-cook-2025-09-18/

2025-09-18 19:20

US energy demand up for first time in two decades Energy dept seeks info for using authorities and funds Green energy critic says dozens of coal plants won't retire WASHINGTON, Sept 18 (Reuters) - The Trump administration on Thursday launched an effort to speed development of power plants and transmission lines as artificial intelligence boosts demand, even as it orders fossil fuel plants set to shut for good to keep operating. The Department of Energy, or DOE, is requesting information from stakeholders including utilities and regional transmission managers on near-term investment opportunities, readiness of projects, expectations on growth in power demand, and constraints that it says it can address. Sign up here. U.S. President Donald Trump on his first day back in office in January issued an order declaring an energy emergency as artificial intelligence, data centers, and electric vehicles are boosting power demand for the first time in two decades. The DOE has ordered several coal and natural gas plants that had planned to shut to keep operating, the latest U.S. move supporting fossil fuels. Trump claims that rapid adoption of solar and wind power has made U.S. electricity unstable and expensive, justifying his bid to end most subsidies for them. Reliability has improved in Texas, the U.S. grid with the most renewable energy, however. The Speed to Power program will help the DOE determine how to use funding programs and national emergency authorities to expand power generation and the grid. The DOE has billions of dollars in funds and financing through departments including its Loan Programs Office. In July, the DOE axed a $4.9 billion loan guarantee for a transmission line that was meant to send power from wind and solar energy projects in Kansas to cities in the Midwest and East. Also on Thursday, the Federal Energy Regulatory Commission took actions aimed to boost grid security. FERC approved and proposed rules to reduce the risks of the supply chain, cyber attacks and electrical grid disruptions caused by extreme cold, which can sometimes lead to blackouts. Green energy opponents say that coal plants that have been slated to retire during Trump's second term will be needed. Tom Pyle, president of the American Energy Alliance, predicted that 38 coal plants that are scheduled to close through 2028 would remain open, either on Trump orders or voluntarily. The U.S. Energy Information Administration said in July that in the first three months of 2025 power plants burned about 20% more coal than they did during that quarter in 2024. https://www.reuters.com/legal/litigation/us-launches-effort-speed-power-grid-projects-ai-2025-09-18/