Nissan plans to reduce stake in Renault, CEO Espinosa tells Nikkei
TOKYO, June 16 (Reuters) - Nissan Motor (7201.T), opens new tab CEO Ivan Espinosa said that the company plans to reduce the automaker's stake in French partner Renault (RENA.PA), opens new tab, the Nikkei business newspaper reported on Monday.
Selling its entire 5% stake in Renault would raise about 100 billion yen ($640 million) at current share prices, funds Nissan plans to use for new vehicle development amid challenging business conditions, the report said.
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SINGAPORE, June 16 (Reuters) - The costs of chartering tankers to move oil from the Middle East to Asia have climbed and ship bookings have slowed as the Israel-Iran conflict fuels worries of potential disruptions, industry sources told Reuters on Monday. The global benchmark rate for a very large crude carrier (VLCC) moving oil from the Middle East Gulf (MEG) to Japan, known as TD3, rose over 20% on Friday after the tensions broke out, according to LSEG data. On Monday, the MEG-Japan rate for crude held steady at about W55 on the Worldscale industry measure, according to a shipbroker. However, further gains in freight rates were limited as traders, shipbrokers and charterers take a wait-and-watch stance even as market participants said they did not expect the Strait of Hormuz, a key shipping passage, to be shut. "Fixing on Friday from the region all but came to a standstill. Physical marks may therefore not be indicative. Ships inside the gulf are still looking for outbound charters," said Anoop Singh, global head of shipping research at Oil Brokerage. "But the situation remains dynamic, and we expect to hear more on market open today," said Singh. "We have noted a minor increase in freight rates so far, but expect them to rise further as the week progresses," according to Sentosa Shipbrokers. Emril Jamil, senior analyst for crude and fuel oil at LSEG Oil Research, said freight rates will depend on any continued escalation and potential action by Iran on the Strait of Hormuz. About 18 million to 19 million barrels per day of oil and oil products flow through the waterway, which connects the Gulf to the Gulf of Oman. "The war risk premium is expected to remain high in the near-term given the continued exchange of tensions between the two countries. This will exponentially rise if other Middle East oil and gas infrastructure are attacked," said Jamil. He added that cargo insurance premiums could range from an additional $3 to $8 a barrel if there are further attacks. For clean products, freight rates to ship around 90,000 tons of either gasoline, diesel or jet fuel from the Middle East to markets west of the Suez Canal were at $3.3 million to $3.5 million late last week, before the conflict, according to estimates from three shipping sources, but new offer levels have yet to emerge. Some brokers are already giving market indications at $4.5 million levels, according to one Singapore-based trade source. Several shipowners are holding back offering vessels for routes in the Gulf until the situation becomes more clear, which may increase opportunities for voyages from the Far East to the west of Suez and from northwest India, Sentosa shipbrokers said in a note to clients.
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British manufacturers snub US after Trump's trade war
The US has dropped out of the three most desirable markets for British manufacturers for the first time in decades, as Donald Trump's trade war dents confidence in the world's biggest economy. UK industrial leaders now prefer the EU, Asia and the Middle East as their top three 'growth' markets globally, according to trade body Make UK – relegating the Trump's America to fourth spot. It is the first time since Make UK began the survey in 1988 that the US has not been the second most attractive market for British manufacturers. The EU has consistently been ranked in first place. The drop in enthusiasm underlines the extend to which Mr Trump's ongoing trade war has affected how companies now view America as a place to do business. Despite Mr Trump's push to bring more manufacturing jobs to America, just 4pc of companies polled by Make UK – which represents 20,000 businesses – said they would consider setting up a US manufacturing facility. Seamus Nevin, Make UK's chief economist, said: 'There has clearly been an immediate and striking shock to the system as far as the special trading relationship with the US is concerned for manufacturers. 'It remains to be seen whether this is a one off drop in sentiment while trading relations enjoy a reset or, whether this is the first sign of a permanent fracture in relations with manufacturers' biggest market.' The drop in enthusiasm comes despite Sir Keir Starmer having agreed a trade deal with the US last month. The deal, which is yet to come into force, was hailed by the Government as a 'landmark agreement' that would save thousands of jobs and make it easier for British firms to do business across the Atlantic. However, Mr Nevin said: 'Even when the trade deal comes into force, UK goods will now be more expensive and moving forward companies may just decide that it's now easier to turn their gaze towards markets elsewhere where there are fewer barriers to doing business.' UK exports to US fall by £2bn It comes after official data last week showed that UK exports to the US fell by £2bn in April – their largest decline on record. Almost two thirds of companies surveyed separately by Make UK said they expected their US export volumes to drop amid the trade war, while a similar amount said they expected a negative hit to their business more broadly. Almost a third said they were thinking about changing their supply chains and sourcing arrangements. The US president has pitched his tariff blitz as a painful but necessary step to lower America's reliance on overseas imports and encourage inward investment. However, sentiment among US manufacturers has soured too, dropping to its lowest level since the pandemic – according to the US's National Association of Manufacturers. This is despite the repeated promises by Mr Trump that his policies will boost the domestic industry. Make UK also warned of worsening prospects for British manufacturers at home after growth forecasts for the sector were slashed from 1pc to -0.5pc for 2026. As well as the impact of Mr Trump's trade war, companies are facing increased employment costs after Rachel Reeves increased employers' National Insurance (NI) contributions in her October budget, which took effect in April. Mr Nevin added: 'While at first glance the headline numbers may not look too bad, manufacturers are facing a gathering storm of huge uncertainty in one of their major markets, a skills crisis and eye watering energy costs which are providing a harsh reality for many.' In a separate survey released on Monday, a poll showed foreign investors had become significantly less enthusiastic about investing in Britain. The number of investors planning to invest in Britain dropped from 62pc in March to 52pc in May, a separate survey by auditor Ernst & Young found. However, 54pc said they expect the UK's attractiveness to increase in the next three years, in a sign that Donald Trump's policies are encouraging investors to look beyond the US for opportunities.
