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EU, US Rush to Clinch Final Details and Lock In Trade Deal
(Bloomberg) -- The European Union dodged an imminent trade war with the US this week, but markets and a growing chorus of critics have dispelled early hopes that the deal will bring a sense of stability back to transatlantic relations. Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy The euro fell to a five-week low of $1.1527 on Tuesday, having fallen about 1.8% since the trade deal was announced. That's after the common currency had surged to a near three-year high last week on the prospect of an agreement with the US. The EU over the weekend agreed to accept a 15% tariff on most of its exports, while the bloc's average tariff rate on American goods should drop below 1% once the deal goes into effect. Brussels also said it would purchase $750 billion in American energy products and invest $600 billion more in the US. 'The free trade principles that have underpinned transatlantic prosperity since the end of World War II are being systematically dismantled,' Karin Karlsbro, a Swedish member of the European Parliament's trade committee, said in a statement. 'The risk of European economic and political marginalization grows with each concession made.' German Chancellor Friedrich Merz, who initially cheered the deal as having 'succeeded' in avoiding a trade conflict and enabling the EU to safeguard its interests, seemed to sour on the accord. 'The German economy will suffer significant damage from these tariffs,' he told reporters Monday. 'I'm pretty sure this won't be limited to Germany and Europe. We'll also see the consequences of this trade policy in America.' French Prime Minister Francois Bayrou was also critical, saying on social media: 'It's a dark day when an alliance of free peoples, united to affirm their values and defend their interests, opts for submission.' The EU and US will seek to clinch a non-legally binding joint statement by Aug. 1 that will expand on some of the elements negotiated over the weekend, according to a senior EU official. Once the statement is finalized, the US will begin lowering its tariffs on specific sectors, in particular for cars and car parts, which currently face a 27.5% levy. The two sides will then start work on a legally binding text, said the official, who spoke on the condition of anonymity. The content and legal form of this document aren't clear, but it would require the support of at least a qualified majority of EU countries and possibly the European Parliament. The EU official said that reaching a consensus on the legal text could take a long time; many trade accords require years of negotiations. The EU won't start implementing the terms it agreed to — such as lowering tariffs on US products — until after this legal text is approved, according to the official. 'The agreement removes some tail downside risks but is short on details, which will need to be thrashed out over the coming weeks, risking new volatility,' Oliver Rakau — chief Germany economist at Oxford Economics — said in a note. 'Uncertainty is likely to remain elevated.' European Commission President Ursula von der Leyen said that the US agreed to bilaterally lower tariffs to zero on certain strategic products, including aircraft and component parts, certain generics, semiconductor equipment and some agricultural products. One potential sticking point in negotiations will be EU metal exports, which currently have a 50% tariff rate. The EU is pushing for a quota on metals that would lower the levies on a certain volume of goods, while anything above that would pay the 50% rate, according to the EU official. 'Uncertainty remains regarding all the details concerning the European steel industry,' said Axel Eggert, director-general of the European Steel Association. EU ambassadors will meet on Tuesday to discuss the trade situation. Discussions are ongoing on whether some goods, such as wine and spirits, would be exempt from the 15% tariff rate, the EU official said. Another possible issue is the EU's promise to purchase $750 billion of American energy imports over three years, an integral part to securing the deal. Yet it's hard to see how the EU attains such ambitious flows over such a short time frame. Total energy imports from the US accounted for less than $80 billion last year, far short of the promise made by von der Leyen to Trump. Total US energy exports were just over $330 billion in 2024. The EU's pledge to invest an additional $600 billion in the US is just as problematic. The investment is just an aggregate of pledges by companies and not a binding target as the European Commission can't commit to such goal, said the EU official. The uncertainty from the trade war has weighed on EU economic forecasts, with the commission in May cutting its GDP growth expectations for the year to 1.1%. It projected a 1.5% rate in November. Despite the critics, the commission, which handles trade matters for the EU, insists this was the only course of action. 'This is clearly the best deal we could get under very difficult circumstances,' Maros Sefcovic, the EU's trade chief, told reporters on Monday. --With assistance from Michal Kubala, Arne Delfs, John Ainger, David Goodman and Julien Ponthus. (Updates with currency move in the second paragraph.) Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Elon Musk's Empire Is Creaking Under the Strain of Elon Musk ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Barnsley sign West Ham midfielder Kelly
Barnsley have signed West Ham United midfielder Patrick Kelly on a three-year deal. The 20-year-old, who has joined on a free transfer, spent last season on loan at Doncaster Rovers and made 30 appearances in League Two as they won the title. The Northern Ireland Under-21 international started his career with Coleraine before joining the Hammers in June 2022. "He's had a brilliant grounding at youth international level and has already tasted success in a promotion-winning team, which will stand him in good stead," Reds boss Conor Hourihane told the club website. The League One side start the new season with a trip to relegated Plymouth on Saturday. Transfers - July 2025
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Vietnam's Construction Equipment Market to Double by 2030 - Vietnam Construction Equipment Market Strategic Assessment & Forecast Report 2025-2030
Vietnam's Construction Equipment Market, with a 2024 size of 2,575 units, is projected to grow at a CAGR of 11.25% to 4,881 units by 2030. Tariffs moderately impact the market, particularly from U.S. imports. Earthmoving equipment, notably excavators, leads the market driven by infrastructure investments. Chinese brands, especially SANY, hold significant presence. The market is shifting towards sustainable options, influenced by eco-friendly initiatives. A $25 billion government infrastructure investment will spur growth. Labor shortages and rising material costs pose challenges. Key players include Caterpillar, Komatsu, and Hitachi. Vietnamese Construction Equipment Market Dublin, July 29, 2025 (GLOBE NEWSWIRE) -- The "Vietnam Construction Equipment Market - Strategic Assessment & Forecast 2025-2030" report has been added to Vietnamese Construction Equipment Market was sized at 2575 Units in 2024, and is projected to reach 4,881 Units by 2030, rising at a CAGR of 11.25%. KEY HIGHLIGHTS Earthmoving equipment accounted for the largest market share in the Vietnam construction equipment market in 2024. Excavators in the earthmoving segment accounted for the largest share in 2024. The country's investment in renovating its public infrastructure drives the growth of the country's earthmoving market. The sales of construction equipment are expected to grow at a steady pace in 2024 due to growing investment in public infrastructure, including the transport sector. In 2024, the weakening of Vietnam's local currency, the Dong, was expected to further impact the sales of heavy equipment, including crawler excavators, in the Vietnamese industry. The depreciation of the Vietnamese currency will impact the cost of excavators, as Vietnam majorly depends on imports. In 2024, the country's government planned to invest over USD 25 billion in public infrastructure projects. Chinese manufacturers have a strong market presence in the Vietnam construction equipment market. In 2024, SANY held the strongest industry share among Chinese players in Vietnam. Liugong has established its third subsidiary in Southeast Asia, with the official opening of Liugong Vietnam Company in Hanoi. The government allows the duty-free import of crawler excavators. The country relies on imports of construction machinery, including excavators from China, the U.S., Japan, and Korea. In 2023, Vietnam and Singapore signed an MoU (Memorandum of Understanding) to work together on eco-friendly and digital economic initiatives. This agreement will support the launch of new infrastructure projects aimed at achieving net-zero emissions. VIETNAM CONSTRUCTION EQUIPMENT MARKET TRENDS & DRIVERS Rising Focus on Compact and Electric Construction Equipment in the Vietnam Construction Equipment Market The Vietnamese construction industry is shifting toward sustainable and electrified solutions. The industry is transforming to use electric construction equipment instead of traditional Internal combustion engine (ICE). The electric construction equipment market is driven by several factors, such as favorable government initiatives and a growing demand for eco-friendly construction projects. However, an important challenge is the high price of electric construction machinery, including electric crawler excavators. To align with the global net-zero emission target, construction equipment manufacturers are focusing on capitalizing on the lithium-ion battery technology in electric excavators and other electric-powered equipment to reduce their carbon footprint. Introduction of Dual Excavators in the Vietnam Construction Equipment Market Due to Their Flexible Uses XCMG, a Chinese multinational company, introduces dual-use diggers and ordinary peach shovels in excavators. It has the advantage of being able to work for multiple purposes at a time, such as a chain hoe and wheel hoe, by switching between the chain and the tires. This equipment is widely used in the construction and manufacturing industries in the country. In 2023, XCMG launched dual excavators that were extremely flexible, cost-efficient, and easy to transport. Chinese companies have recently gained a good industry share due to their innovative products, low prices, and excellent after-sales services. The introduction of dual excavators supports the growth of Chinese companies in the Vietnamese industry. Rise in Infrastructure Investment Projects In 2024, the Vietnam government planned to invest over USD 25 billion in various public infrastructure projects globally. Nearly 65% of the total investment was allocated to the transport sector, which will promote smooth transit and create new development space for localities and regions across the country. The government relies on three investment channels, such as domestic, foreign, and private, for its infrastructure projects. A large amount of the investment is planned for the transport sector, as investment in the transport industry will reduce business logistics costs and increase the competitiveness of businesses and the economy. The Vietnamese government planned 34 major infrastructure projects across 46 provinces in 2024. In addition, the government also planned five railway projects, two airports, and several road, highway, and ring road construction projects in the Hanoi Capital region, Ho Chi Minh City, etc. Such projects are projected to support the growth of the Vietnam construction equipment market. Growing Investment in Renewable Energy Sector The country will face a surge in power demand and consumption over the coming decade, according to the Institute of Energy of Vietnam (IEV). The government expects power consumption to grow 10%-12% annually by 2030. Therefore, the government increases its focus on renewable energy resources to fulfill the growing power demand. The country has high potential to generate solar energy, according to the World Bank. In 2023, the country generated 17,000 MW of solar energy, which was expected to grow in 2024 due to various government initiatives providing tax benefits and subsidies for installing solar power generation units. INDUSTRY RESTRAINTS Shortage of Skilled Labor in Vietnam Ho Chi Minh City is experiencing a significant shortage of skilled labor. This shortage is impacting various industries, making it challenging for businesses to recover production and expand their markets. Despite efforts to recruit workers, many companies are struggling to find enough qualified employees. FDI companies in Nghe An, a province in central Vietnam, are struggling to find highly skilled workers as new factories become operational. The province has a significant labor force, yet many workers are migrating to places with better opportunities. High labor turnover, partly due to low wages and inadequate infrastructure, exacerbates the issue. To address this shortage, companies need to improve the working conditions and offer competitive benefits. The demand for skilled labor is expected to surge further by 2025. Increase in Building Material Prices Hampering the Vietnam Construction Equipment Market In 2024, there was a surge in iron and steel prices in the Vietnamese market. The prices of building materials, including iron and steel, increased by 30%-40% in 2024, which pushed up the overall price of real estate projects in the country. In 2024, other construction materials, such as asphalt, saw a price increase of 9%-10%, while the cement price increased by 3%-5% in the Vietnamese market. The increase in building material prices has made real estate prices higher, which adversely impacts the demand among low-income populations. The sharp increase in prices of building materials is due to a mismatch between demand and supply. In 2024, the demand for building materials increased exponentially due to rising government investment in infrastructure and housing projects across the country. VIETNAM CONSTRUCTION EQUIPMENT MARKET VENDOR LANDSCAPE Komatsu, Volvo CE, Hitachi Construction Machinery, SANY, and Caterpillar are the front runners in the Vietnam construction equipment market. These companies have strong market share and offer diverse sets of equipment in the Vietnamese industry. Yanmar, Kubota, Manitou, Liu Gong, Takeuchi, and JLG are niche players in the Vietnam construction equipment market. These companies offer low product diversification and have a strong presence in the country's market. JCB, Kobelco, Sumitomo, HD Hyundai Construction Equipment, CNH Industrial N.V., Tadano, and Zoomlion are emerging in the Vietnam construction equipment market. These companies are introducing new technologically advanced products to challenge the share of market leaders in the country's market. Kato Works, Airman, Terex, and Shantui have low product diversification in the Vietnam construction equipment market; these companies are lagging in adopting new technologies used in construction equipment. Prominent Vendors Caterpillar Komatsu Volvo Construction Equipment Hitachi Construction Machinery (HCM) Liebherr SANY Xuzhou Construction Machinery Group Co., Ltd. (XCMG) JCB Kobelco Zoomlion Heavy Industry Science & Technology Co., Ltd. Hyundai Construction Equipment Other Prominent Vendors JLG CNH Industrial N.V. Yanmar Liugong Machinery Co., Ltd. Shantui Construction Machinery Co., Ltd Takeuchi SDLG Manitou Sumitomo Construction Machinery Co. Ltd. Kato Works Co. Ltd. Terex Corporation Tadano Bobcat AIRMAN Distributor Profiles Tin Quang Equipment JSC VITRAC Marubeni Heavy Equipment Co., Ltd. JCT Vietnam Multico Equipment Vietnam Co., Ltd UMAC Vietnam Key Attributes: Report Attribute Details No. of Pages 150 Forecast Period 2024 - 2030 Estimated Market Value in 2024 2575 Units Forecasted Market Value by 2030 4881 Units Compound Annual Growth Rate 11.2% Regions Covered Vietnam Key Topics Covered: 1. Research Methodology2. Research Objectives3. Research Process4. Introduction4.1 Market Coverage4.2 Report Scope5. Market at a Glance5.1 Market Overview5.2 Market Snapshot6 Executive Summary7 Market Landscape7.1 PESTEL Analysis7.2 Economic Scenario7.3 Market Dynamics7.4 Geographic Analysis7.5 Import & Export Trend Analysis7.8 Supply Chain Analysis8 Segmentation8.1 By Type8.1.1 Earthmoving Equipment (Volume & Value)8.1.1.2 Excavators8.1.1.3 Backhoe Loaders8.1.1.4 Wheeled Loaders8.1.1.5 Other Earthmoving Equipment (Skid-Steer Loaders, Track Loaders, Bulldozers & Trenchers)8.1.2 Road Construction (Volume & Value)8.1.2.1 Road Rollers8.1.2.2 Asphalt Pavers8.1.3 Material Handling (Volume & Value)8.1.3.1 Cranes8.1.3.2 Forklifts & Telescopic Handlers8.1.3.3 Aerial Platforms8.1.4 Other Equipment (Volume & Value)8.1.4.1 Dump Trucks8.1.4.2 Concrete Mixers8.1.4.3 Concrete Pump Trucks8.2 By End-user8.2.1 Construction8.2.2 Manufacturing8.2.3 Mining8.2.4 Other End-users (Waste Management, Agriculture, Oil & Gas Extraction, Power Generation, Disaster & Water Management)9 Technology Development10 Competitive Landscape10.1 Competitive Landscape Overview10.2 Prominent Vendors10.3 Other Prominent Vendors10.4 Distributor Profiles11 Report Summary11.1 Key Insights11.2 Abbreviations11.3 Exhibits11.5 Database11.6 Global Reach11.7 OfferingsFor more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Vietnamese Construction Equipment Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
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Boskalis - Allseas consortium awarded large offshore natural gas pipeline project in Taiwan
Queen of the Netherlands Papendrecht, 29 July 2025 Boskalis and Allseas are pleased to announce that their 50/50 consortium has been awarded a large contract by CPC Corporation Taiwan for the second offshore gas pipeline from Yongan to Tongxiao (YT2). The total contract value is approximately EUR 1.2 billion. This landmark energy project is intended to support the acceleration of energy transition in Taiwan and improve the gas supply capacity in northern Taiwan. Under the contract, the consortium will design, construct, install and pre-commission the new YT2 36-inch offshore natural gas pipeline, which will run approximately 232 kilometers parallel to the existing YT1 pipeline, connecting the Yongan LNG terminal in the Southwest with the Tongxiao transfer station in the Northwest. The comprehensive scope of work includes trenching, pipeline installation with 34 crossings over existing and future infrastructure and assets, backfilling and two landfalls. Within the consortium, Boskalis will be responsible for the landfalls and associated microtunnelling activities, as well as nearshore and offshore trenching, backfilling, and the installation of rocks for the 34 pipeline crossings. For these activities, Boskalis will deploy two large hopper dredgers, a large backhoe dredger, and a subsea rock installation vessel. Allseas will carry out the pipeline installation and pre-commissioning, including the pre-lay installation of concrete mattresses. For these activities, Allseas will deploy two of the most advanced pipelay vessels in the industry. This project demonstrates Boskalis' and Allseas' commitment to supporting the development of critical energy infrastructure and reinforces their leading position in the offshore sector. By delivering this project in close cooperation with CPC Corporation Taiwan, the consortium will play a key role in enhancing the reliability and security of natural gas supply for the region. Project execution is scheduled to commence in 2026, with completion anticipated in 2028. FOR FURTHER INFORMATION Martijn L.D. Schuttevâer press@ T +31 786969310 This press release can also be found on our website Attachments Press release Boskalis Award CPC YT2 290725 Queen of the NetherlandsError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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CNOOC Limited Brings On-stream Dongfang 1-1 Gas Field 13-3 Block Development Project
HONG KONG, July 29, 2025 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces today that Dongfang 1-1 Gas Field 13-3 Block Development Project has commenced production. The project is the first high-temperature, high-pressure, low-permeability natural gas project offshore China. It is located in the Yinggehai Basin, with an average water depth of approximately 67 meters. The main production facility is a new unmanned wellhead platform and it utilizes the existing processing facilities of the Dongfang gas fields for development. A total of 6 development wells are planned to be commissioned. The project is expected to achieve a peak production of approximately 35 million cubic feet of natural gas per day in 2026. The existing facilities are used to connect the Dongfang 1-1 gas field and Dongfang 13-2 gas field. CNOOC Limited has thereby successfully established an integrated offshore gas production network in the Yinggehai Basin. It will facilitate the stable and reliable supply of natural gas in the region, providing strong support for the economic and social development of Guangdong, Hong Kong, and Hainan. CNOOC Limited holds 100% interest in this project and is the operator. — End — Notes to Editors: More information about the Company is available at *** *** *** *** This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations. *** *** *** *** For further enquiries, please contact: Ms. Cui LiuMedia & Public RelationsCNOOC LimitedTel: +86-10-8452-6641Fax: +86-10-8452-1441E-mail: mr@ Mr. Cheng YaoEver Bloom (HK) Communications Consultants Group LimitedTel: +852 5540 0725Fax: +852 2111 1103Email: View original content to download multimedia: SOURCE CNOOC Limited
