The Golden Pass liquefied natural gas terminal under construction in Sabine Pass, Texas, on Feb. 5. (Callaghan O'Hare/Bloomberg) The Trump administration extended a permit for a major U.S. liquefied natural gas export project March 5 as the president seeks to follow through on a pledge to supply Asia and other nations with the fuel. The ...more
(John Sommers II for Transport Topics) Chinese billionaire Li Shufu’s Zhejiang Geely Holding Group Co. has obtained a syndicated loan to refinance borrowings related to its 2018 acquisition of a stake in Volvo AB, according to people familiar with the matter. The 2.4 billion-euro ($2.5 billion) three-year facility was signed on Feb. 25, the people ...more
BP will look to divest its lubricants unit, which operates under the Castrol brand and could potentially be worth about $10 billion. (Waldo Swiegers/Bloomberg) Saudi Aramco is considering a potential offer for lubricant assets being sold by BP Plc, as the Middle Eastern company pushes for acquisitions that deepen its reach in oil consuming countries, ...more
President Donald Trump and Howard Lutnick in the Oval Office on Feb. 10. (Al Drago/Bloomberg) President Donald Trump is set to announce changes to the tariffs on Canada and Mexico he slapped on earlier this week, with potential relief for automobiles and other sectors, Commerce Secretary Howard Lutnick said March 5. “What he is thinking ...more
The Port of Long Beach in California. (Kyle Grillot/Bloomberg) Global shipping executives gathered this week in Long Beach, Calif., for a major annual conference, expecting to discuss market trends and supply chain challenges. Instead, they found themselves in crisis mode. On March 4, President Donald Trump upended decades of mostly free trade with the two ...more
The company did not set a specific target date for its driverless launch but said the program will involve continuous autonomous truck runs between Houston and San Antonio while hauling cargo for shippers. (Bot Auto) Autonomous trucking startup Bot Auto announced that it intends to begin its first driver-out commercial freight operations this year with ...more
VW on March 5 presented the compact ID. EVERY1 concept car that will cost around €20,000 ($21,000) — its lowest-priced EV yet. (Volkswagen AG) Volkswagen AG became a global car giant thanks to the Beetle, an affordable model for the masses. Now, the German automaker is finally unveiling a budget car for the electric-vehicle age ...more
A lab employee examines biodiesel samples at a soybean processing facility. (Rory Doyle/Bloomberg) Iowa biodiesel plants are operating at minimum or completely stopping production amid uncertainty over the future of renewable fuel and tax credit policies. “These are tough times for Iowa’s biodiesel producers, and it’s frustrating to watch plants sit idle when we know ...more
There are 7.8 million tons of outstanding corn sales to Mexico for the current marketing year. (Abbie Parr/Associated Press) With China and Canada already hitting back against President Donald Trump’s tariffs and concerns over more retaliation in the works, agriculture traders are now watching for potential cancellations on crop contracts that would put nearly 8 ...more
(Alex Brandon/Associated Press) President Donald Trump is granting a one-month exemption on his new tariffs on imports from Mexico and Canada for U.S. automakers, amid fears that the trade war could harm U.S. manufacturers. The announcement comes after Trump spoke with leaders of the “Big Three” automakers — Ford, General Motors and Stellantis — on ...more
