Travel tech firm Navan confidentially files to go public in US
The terms of the offering were not disclosed.
Activity in the U.S. IPO market, which started the year on a slower footing, has shown signs of a sustained revival after a couple of fresh flotations received overwhelming investor support.
Navan, founded in 2015 as TripActions, began as a corporate travel management platform aiming to streamline services offered by traditional players such as American Express (AXP.N), opens new tab and SAP Concur.
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Reuters
an hour ago
- Reuters
Oil climbs on Russia supply risks, ahead of summit
TOKYO/SINGAPORE, Aug 14 (Reuters) - Oil prices climbed on Thursday as investors weighed what impact the U.S.-Russia summit on Ukraine on Friday might have on Russian crude flows, with secondary sanctions looming over Moscow's customers, while a rising supply outlook capped gains. Brent crude futures rose 45 cents, or 0.7%, to $66.08 a barrel at 0631 GMT, while U.S. West Texas Intermediate crude futures gained 44 cents, also up 0.7%, to $63.09. Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency (IEA). Trump on Wednesday threatened "severe consequences" if Putin does not agree to peace in Ukraine. Trump did not specify what the consequences could be, but he has warned of economic sanctions if the meeting in Alaska on Friday proves fruitless. "The uncertainty of U.S.-Russia peace talks continues to add a bullish risk premium given Russian oil buyers could face more economic pressure," Rystad Energy said in a client note. "How Ukraine-Russia crisis resolves and Russia flows change could bring some unexpected surprises." Trump has threatened to enact secondary tariffs on buyers of Russian crude, primarily China and India, if Russia continues with its war in Ukraine. "Clearly there's upside risk for the market if little progress is made" on a ceasefire," said Warren Patterson, head of commodities strategy at ING, in a note. The expected oil surplus through the latter part of this year and 2026, combined with spare capacity from the Organization of the Petroleum Exporting Countries, means that the market should be able to manage the impact of secondary tariffs on India, Patterson said. But things become more difficult if we see secondary tariffs on other key buyers of Russian crude oil, including China and Turkey, he said. Expectations the U.S. Federal Reserve will cut rates in September are also supportive for oil. Traders are almost 100% agreed a cut will happen after U.S. inflation increased at a moderate pace in July. Treasury Secretary Scott Bessent said he thought an aggressive half-point cut was possible given recent weak employment numbers. The market is putting the odds of a quarter-percentage point cut at the Fed's September 16-17 meeting at 99.9%, according to the CME FedWatch tool. Lower borrowing rates would drive demand for oil. Oil prices were kept in check as crude inventories in the United States unexpectedly rose by 3 million barrels in the week ended on August 8, according to the U.S. Energy Information Administration on Wednesday. Also holding oil prices back was an International Energy Agency forecast that 2025 and 2026 global supply would rise more rapidly than expected, as OPEC and its allies increase output and production from outside the group grows.
Reuters
2 hours ago
- Reuters
Key US natural gas trends to track as LNG exports hit new highs
LITTLETON, Colorado, Aug 14 (Reuters) - U.S. exports of LNG have scaled new highs so far this year, rising by over 20% from the same months in 2024 to cement the U.S.' position as the world's largest supplier of the super-chilled fuel. Demand for U.S. natural gas has also climbed to record highs among commercial and industrial users, which has helped lift total U.S. gas consumption by the largest gas users by 5% from the year before to new all-time highs. Gas prices for all major consumers have also increased notably from 2024, but are still holding below previous records scaled around 2022-2023. Below is a breakdown of the key trends and data points covering the U.S. natural gas market so far this year and going forward. Over the first 8 months of 2025, total U.S. LNG exports climbed by 22% or by 12.4 million tons from the same months in 2024 to a record 69 million tons, according to commodities intelligence firm Kpler. Europe accounted for over two thirds of U.S. export volumes, followed by Asia. The top three markets were the Netherlands, France and Spain, which together accounted for 28% of total U.S. LNG shipments so far this year. Europe has accounted for over half of U.S. LNG exports since 2022, when Russia's invasion of Ukraine triggered sanctions on Moscow and disrupted commodities flows to Europe. Declines in European wind and hydro power electricity generation this year have also helped underpin gas use, while several European nations lifted imports of U.S. LNG in an attempt to reduce trade deficits with the U.S. once President Donald Trump returned to office. All told, Europe's imports of U.S. LNG from January through August are up 61% compared to the first eight months of 2024. Higher global natural gas prices - in part due to higher LNG demand from Europe - sparked gas rationing in other regions, especially in Asia where purchases of U.S. LNG have dropped 35% compared to the year before. Declines in gas use across Asia and alongside strong U.S. LNG sales to Europe helped lift the U.S. share of global LNG exports to a record 24.5% so far this year, compared to a 21% share in 2024, Kpler data shows. U.S. LNG export prices averaged $8.34 per thousand cubic feet over the first five months of 2025, according to data from the U.S. Energy Information Administration (EIA). That price was 38% more than in the same months in 2024, and marks the highest average LNG price for that period since 2023. Most major domestic gas consumers have also faced steep price climbs in 2025. Electric power generators - the largest single gas consumers accounting for around 31% of total U.S. gas use - saw prices rise by 52% during January to May compared to the same months in 2024. Industrial gas users, which account for 24% of U.S. gas use, faced a 32% price rise, while residential users (19% of gas use) and commercial users (12% of gas use) saw prices climb by 6% and 8% respectively compared to the year before. The overall average price across all major U.S. gas consumers was 27% higher at around $8.81 per thousand cubic feet. While overall U.S. gas consumption from all major usage segments hit a new high so far this year, rising gas prices have sparked shifts in gas use patterns. The key electric power segment made its first year-over-year reduction to gas consumption since 2021 during January to May. The 4,704 billion cubic feet of gas used by electric power firms was 4% less than during the same months in 2024, EIA data shows, and was a result of higher production from cheaper coal plants and higher supplies of renewable power. All other major gas consumers boosted gas use this year from the year before, although by widely varying degrees. Industrial gas users lifted consumption by 1.5%, while commercial users boosted consumption by 11%. Residential gas consumers - which use gas mainly for heating - lifted use by 11.4% from the year before, although the trend in residential gas use remains downward as more homes boost energy efficiency and install heat pumps that run on electricity. Gas demand from LNG exporters continues to grow at a much faster pace than all other gas use segments, and will remain a key driver of U.S. gas market sentiment and price action. Between 2019 and 2024 gas demand for LNG exports rose by 140%, EIA data shows. That growth rate compared to a 20% rise in demand from the electric power sector, a 2% rise in gas demand from industry, and declines in gas use among residences and offices of 12% and 5% respectively over that same period. Total gas demand from the LNG export sector surpassed that of commercial users in 2021 and was nearly equal to that used by residences in 2024, EIA data shows. Gas demand for LNG exports is on track to surpass the gas demand from residences in 2025, which would mean that the LNG export sector would emerge as the third largest U.S. gas consumer after electric power and industry this year. As a result, even if gas demand from offices and homes continues to decline, sustained strength in U.S. LNG exports has the potential to set the tone for the overall U.S. domestic gas market, and could keep prices trending higher. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab.
The Independent
2 hours ago
- The Independent
Air Canada cabin crew strike: Everything you need to know about the total shutdown
At the peak of the summer season, Air Canada has announced 'a complete cessation of flying' by Friday 16 August due to a strike by cabin crew. Members of the Canadian Union of Public Employees working for the airline are walking out in a long and bitter pay dispute. The shutdown will affect passengers with both Air Canada and its low-cost subsidiary, Rouge. Air Canada says it has offered 'a 38 per cent total compensation increase over four years'. But the union says: 'With respect to Air Canada's latest offer: it is below inflation, below market value, below minimum wage.' The union says it 'received an unprecedented 99.7 per cent strike mandate from its membership.' When Air Canada received the strike notification, it issued a 'lockout notice' – which the Canadian Industrial Relations Board (CIRB) defines as: 'The closing of a place of business or a suspension of work by an employer.' Michael Rousseau, the airline's president and chief executive, said: 'Our only responsible course of action is to provide certainty by implementing an orderly suspension of Air Canada's and Air Canada Rouge's operations through a lockout. 'Unplanned or uncontrolled shutdowns, such as we are now at risk of through a strike, can create chaos for travellers that is far, far worse.' Cancellations began on Wednesday 13 August, with more planned for Thursday. All Air Canada flights are expected to cease by Friday. These are the key questions and answers for passengers. How will the strike affect passengers? Air Canada flies about 120,000 passengers per day in August – more than 3,000 of them to or from the UK. The airline's main British airport is London Heathrow, with additional flights to and from Gatwick, Manchester and Edinburgh. The carrier says: 'Customers will be notified of alternative travel options that are identified for them. However, given other carriers are already very full due to the summer travel peak, securing such capacity will take time and, in many cases, will not be immediately possible.' Air Canada says it 'has made arrangements with other Canadian and foreign carriers to provide customers alternative travel options to the extent possible'. What are my rights if my flight is cancelled? If your flight was due to start in the UK or EU, and is cancelled, Air Canada must find an alternative way to get you to your destination as close to the original timings as possible. The obvious transatlantic replacement would be on British Airways, Air Transat or WestJet between the UK and Canada, if seats are available. Air Canada is also likely to rebook passengers with its Star Alliance partner, United. This might involve flying from the UK to Canada via the US – which would require you to go through the onerous business of getting an Esta permit and clearing the US frontier for the hour or two you will be spending there between flights. While passengers are waiting to be flown where they need to be, they can expect to be provided with hotel accommodation and meals if necessary. If your journey begins in Canada, the Air Passenger Protection Regulations (APPR) apply. For cancellations that are the airline's responsibility, travellers would be entitled to compensation as well as hotels and meals as necessary. But unlike European air passengers' rights rules, the Canadian regulations excuse airlines a duty of care if the cause of disruption is outside its control. According to the APPR, 'a labour disruption within the carrier' is regarded as beyond an airline's control. So there is no entitlement to care. Could travel insurance help? In some circumstances, notably for additional expenses incurred as a result of the strike that cannot be covered by anyone else, you can claim on travel insurance. But you would be expected to approach the airline first before claiming for out-of-pocket costs. For flights from the UK, the airline is responsible for extra costs; from Canada, it is not. Will I get compensation? Possibly for a flight leaving from a UK airport. Under British air passengers' rights rules, there is no consensus that industrial action entitles travellers whose flights are cancelled to claim cash compensation. Canada's APPR holds that strikes are outside Air Canada's control and no compensation is payable. How long will this go on? Hopefully days rather than weeks or months. Air Canada is set to lose tens of millions of dollars each day until the strike ends. But the two sides are a long way apart. The Canadian Union of Public Employees says: 'We have always been available to negotiate. The union was available to continue discussions while it sought a strike mandate – the company never reached out.' The aim of Air Canada's pre-emptive lockout, according to CIRB, is to pressure the union into agreeing to terms and conditions of employment and sign a collective bargaining agreement. The airline hopes that the shutdown will persuade the union to agree to binding arbitration.
