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Straits Times
4 days ago
- Business
- Straits Times
While You Were Sleeping: 5 stories you might have missed, May 31, 2025
French President Emmanuel Macron delivering the keynote address at the IISS Shangri-La Dialogue on May 30. ST PHOTO: JASON QUAH While You Were Sleeping: 5 stories you might have missed, May 31, 2025 Macron touts 'positive new' Asia-Europe alliance French President Emmanuel Macron urged Asia and Europe to work together in a new coalition based on common principles to push back against the inevitability of being caught between global superpowers. Singling out the China-US rivalry as the biggest risk confronting the world, the French leader said he wants to be able to cooperate with the US at the same time as compete with but not confront China – while adopting a 'demanding approach' that puts France's interests first. In expanding on the French doctrines of 'strategic autonomy' and 'freedom of sovereignty' to a gathering of global leaders at a pre-eminent security forum in the Asia-Pacific, President Macron sketched out a plausible 'third way' for Europe and the rest of Asia amid significant shifts in the world order and a world beset by multiple crises. 'The time for non-alignment has undoubtedly passed, but the time for coalitions of action has come and requires that countries capable of acting together give themselves every means to do so,' Mr Macron said in his keynote address at the 22nd Shangri-La Dialogue on May 30. READ MORE HERE Trump says China has 'totally violated' tariffs, minerals deal US President Donald Trump said on May 30 that China had violated an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals and issued a new veiled threat to get tougher with Beijing. 'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr NICE GUY!,' Mr Trump said, in a post on his Truth Social platform. Mr Trump said that he made a 'fast deal' in mid-May with Chinese officials for both countries to back away from triple-digit tariffs for 90 days. He said he did this to save China from a 'devastating' situation, factory closings and civil unrest caused by his tariffs of up to 145 per cent on Chinese imports. READ MORE HERE Black eye? That's just from my son, says Elon Musk Billionaire Elon Musk sparked fevered speculation when he turned up with a black eye for his Oval Office farewell with US President Donald Trump on May 30. But the South African-born tech magnate said he had a simple explanation: his son had punched him in the face. 'I was just horsing around with lil' X, and I said, 'go ahead punch me in the face',' 53-year-old Mr Musk told reporters when asked how he got the shiner. 'And he did. Turns out even a five-year-old punching you in the face actually is...' he added, before tailing off. READ MORE HERE Book-fair browser Zelensky picks up title: To Kill A Tyrant Ukrainian President Volodymyr Zelensky and his wife browsed the stalls at a literary fair in Kyiv on May 30 and left with some new reading material - a book entitled To Kill A Tyrant. Mr Zelensky, who has led his country throughout the three-year war with Russia, has repeatedly described Russian President Vladimir Putin as a dictator. He did not reveal if he intended, with his book purchase, to send a message to his Kremlin counterpart. READ MORE HERE 'My greatest dream': Taylor Swift buys back rights to old music Pop sensation Taylor Swift, who was locked in a feud with record executives since 2019 over ownership of her music, has bought back the rights to her entire back catalogue, she said on May 30. 'All of the music I've ever made... now belongs... to me,' she wrote on her website, after years of disputes over her first six albums, a number of which she re-recorded to create copies she owns herself. 'To say this is my greatest dream come true is actually being pretty reserved about it,' she wrote in the letter to her devoted followers. READ MORE HERE Join ST's Telegram channel and get the latest breaking news delivered to you.
New Straits Times
13-05-2025
- Business
- New Straits Times
CIMB: Westports' container throughput projected to rise by 2.5pct
KUALA LUMPUR: Westports Holdings Bhd's container throughput is projected to grow by 2.5 per cent, supported by the introduction of new services from shipping alliances. CIMB Securities said this growth is also driven by the normalisation after Zim Integrated Shipping Services Ltd (ZIM) exited in 2024, along with possible frontloading activities during the 90-day tariff suspension period. "For example, Westports' Asia-Europe trade volume rose 21 per cent year-on-year (YoY) in the first quarter of 2025 (1Q25) following additional new services from Ocean Alliance, and Asia-America trade volume also grew 16 per cent YoY in 1Q25 partially owing to front-loading activities and underlying demand growth. "Meanwhile, its intra-Asia trade volume declined 7 per cent YoY owing to increasing competition following shipping alliance realignments," it said. Westports has revised its 2025 container throughput volume forecast to remain flat YoY, aligning with 2024 levels and lowering its earlier projection of modest single-digit growth. This adjustment reflects growing global trade protectionism and concerns over a potential broader economic slowdown. CIMB Securities expressed a positive view on the port's Dividend Reinvestment Plan (DRP), seeing it as a sustainable and shareholder-friendly way to raise funds. The plan enables Westports to limit its dependence on external borrowings while preserving a strong balance sheet to ensure timely delivery of key infrastructure upgrades. Meanwhile, HLIB Research made slight revisions to Westports' earnings following its annual report updates, adjusting financial year 2025 and FY26 earnings by +0.6 per cent and -7.4 per cent, respectively. It also introduced a financial year 2027 earnings estimate of RM938 million. The firm stated that the tariff increase will enhance the group's cash flow and help partially finance the Westports 2 (WP2) expansion project. HLIB noted that Westports remains optimistic the government will approve a port tariff increase, primarily for the gateway segment, sometime in 2025. It also highlighted that the 5-year DRP will help fund the Westports 2 (WP2) expansion, with management reaffirming its commitment to the 75 per cent dividend payout policy. "WP2 is progressing well with dredging and land reclamation, with construction to start in the first quarter of 2027 and commence operation by the second quarter of 2028," it said.
Yahoo
01-04-2025
- Business
- Yahoo
Tariff backdrop finds ocean rates steady
As President Donald Trump prepares for a Wednesday Rose Garden event to unveil his tariff plan, significant uncertainty remains on key details. Despite Trump's claims of having decided on a course of action, reports suggest the administration is still weighing options. A major point of contention is whether to implement reciprocal tariffs at varying levels for specific trading partners or impose a uniform global tariff on all imports. The administration faces the challenge of reconciling multiple objectives, which include raising revenue through tariffs, increasing domestic manufacturing and using tariffs as leverage to extract concessions from other countries. Adding to the complexity, the pause on 25% tariffs for imports from Canada and Mexico covered by the United States-Mexico-Canada Agreement is set to expire Wednesday. Additionally, federal agencies are due to deliver the president's requested state of trade report Tuesday, which could potentially form the basis for a 60% tariff on firm date in the tariff rollout calendar is April 3, when the U.S. is scheduled to apply a 25% tariff to all automotive imports, barring last-minute changes. The looming tariffs and deadlines have sparked a surge in cross-border trucking as shippers rush to beat the rollouts. A flurry of last-minute air chartering has also been observed for the same reason. The Freightos Baltic Index found Asia-U.S. West Coast container rates decreased 2% to $2,187 per forty-foot equivalent unit for the week that ended on Friday. Asia-U.S. East Coast prices increased by 1% to $3,369 per FEU. Ocean freight is seeing continued strength in U.S. import projections for the start of Q2, suggesting that many shippers are frontloading shipments until the tariff landscape becomes this potential demand strength, trans-Pacific container rates have recently fallen below 2024's floor. Asia-Europe prices are also easing past the previous year's low as this route enters its slow season. To counter falling prices, carriers are implementing start-of-month general rate increases and increasing the number of blanked sailings. The increase in blanked, or canceled, sailings may indicate progress in transitioning to new alliance configurations. However, carriers are also grappling with the effects of fleet growth, as reports show year-on-year scheduled capacity increases on major lanes. Find more articles by Stuart Chirls China blocks terminals deal, BlackRock chief says ports 'will define the future'China port fees need more nuanced strategy, shipping industry tells hearing February freight volumes mixed at Gulf Coast ports China blocks sale of Panama Canal shipping terminals to US investor: Reports The post Tariff backdrop finds ocean rates steady appeared first on FreightWaves.
Yahoo
26-03-2025
- Business
- Yahoo
Trump tariff fears plague ocean container rates
Trans-Pacific ocean container rates have eased post-Lunar New Year, despite volumes estimated to be significantly stronger than a year ago. The latest Freightos Baltic Index pegs rates to the West Coast of around $2,200 per forty-foot equivalent unit and to the East Coast of approximately $3,300 per FEU, more than 20% below 2024 lows. This trend is likely due to increased competition and less effective capacity management from new carrier alliance rollouts, as well as continued fleet growth, said Judah Levine, Freightos head of research, in a release. Asia-Mediterranean rates of around $3,500 per FEU are about 20% lower than post-Lunar New Year 2024, while Asia-Europe rates of $2,565 per FEU) are 20% below the 2024 floor despite ongoing port congestion at European hubs. Without tariff frontloading as a factor, easing demand and new carrier alliances are pushing rates down on these lanes, Levine is bracing for potential disruptions and shifts in trade patterns, he observed, with uncertainty remaining the predominant theme in global commerce. While President Donald Trump has set an April 2 deadline for new tariff announcements, confusion surrounding the White House's trade policy continues to mount. The Trump administration has indicated it will narrow the scope of reciprocal tariffs initially proposed for all U.S. trade partners with tariffs or trade barriers on U.S. exports. Only 15% of countries with a trade imbalance will face reciprocal tariffs, but these account for most U.S. imports and bulk of the trade deficit. The list of targeted countries includes China, Mexico, Canada, the nations of the European Union, as well as potential alternative sourcing partners such as India and Vietnam. Tariff levels will vary based on foreign tariff rates for U.S. exports. Levine noted that despite earlier reports of postponements, Trump stated that global duties on automotive and pharmaceutical imports would be announced soon, possibly before April 2. Additionally, an executive order signed Monday will apply 25% tariffs on top of existing tariffs to goods from any country purchasing oil from Venezuela, potentially impacting China, Singapore, Vietnam and clouding the outlook, the U.S. Trade Representative this week is also holding public hearings on proposed port call fees targeting Chinese-made vessels. American cargo owners, exporters, port labor and ocean carriers have objected, citing major threats to their businesses. Heightened fears of steep U.S. tariffs on EU alcohol imports led the U.S. Wine Trade Alliance to advise members to halt all shipments. However, overall U.S. import demand suggests shippers continue to frontload due to tariff uncertainty. This is reflected in the recent buildup of empty containers at the ports of Los Angeles and Long Beach. Find more articles by Stuart Chirls groups, businesses speak to both sides of proposed US port fees Port Authority of New York and New Jersey signs 33-year lease with APM Terminals Report: Top-secret US plans to attack Houthis accidentally shared with journalistNTSB faults Maryland in Key Bridge collapse, warns dozens of other bridges at risk The post Trump tariff fears plague ocean container rates appeared first on FreightWaves.
Reuters
29-01-2025
- Business
- Reuters
French port group Haropa waits on tariffs after brisk 2024
PARIS, Jan 29 (Reuters) - Trade tensions between Europe, the United States and China are creating an uncertain short-term outlook for France's biggest port operator after brisk activity last year, the state-controlled company said. Haropa, which runs France's biggest container port at Le Havre on the north coast along with river ports on the Seine at Rouen and Paris, saw its volume of maritime trade rise 2.4% in 2024 to 83.19 million metric tons, led by an 18.7% jump for containers. Shipping firms have pointed to buoyant trade in the past year as Western importers restocked after a weak 2023 and disruption to Red Sea traffic was offset by extra vessels on the longer route around southern Africa. But the risk of U.S. tariffs, threatened by President Donald Trump against the EU and other trading partners, and ongoing tensions with China loom over this year. "Our two biggest trade flows remain China for imports and North America for exports," Kris Danaradjou, Haropa's deputy CEO in charge of business development, said. "So any tariff measure or geopolitical development in these regions will impact part of our traffic," he said in a joint interview with Cedric Virciglio, strategy director and head of international affairs. The U.S. is a major part of wine and spirits exports via Haropa, which says it ships more than 1 billion bottles a year as the world's biggest wine and spirits port. "We're still in a slightly cautious period for now, but during the first quarter we should have an initial take on what's going to happen," Virciglio said, referring to EU trade relations with the U.S. and China. Haropa's transhipment volumes last year jumped by more than half, benefiting from its location at the crossing of the Asia-Europe and Europe-North America routes, the executives said. A 5.6% increase in vehicles handled, meanwhile, reflected congestion at other car terminals in northern Europe and some front-loading of imports from China as suppliers sought to avoid EU tariffs on Chinese electric cars, they said. Container and vehicle activity helped offset a decline in cereal exports for Haropa last year as its Rouen hub faced the worst French harvest since the 1980s. here.
