2025-04-01 12:20

SINGAPORE, April 1 (Reuters) - Singapore has designated 17 transport companies as critical firms subject to greater regulatory scrutiny under a new law effective on Tuesday, which authorities have said aims to guard against extreme scenarios involving "malicious actors". The Transport Sector (Critical Firms) Act would give the government tighter control over major Singaporean companies in the air, land and sea transport sectors, with approval required for key leadership changes and when an entity gains control of more than 5% of a firm. Sign up here. The companies include Singapore-listed Singapore Airlines (SIAL.SI) , opens new tab, ground services handling firm SATS (SATS.SI) , opens new tab, aircraft maintenance firm SIA Engineering Company (SIAE.SI) , opens new tab and bus and rail operator SBS Transit (SBVV.SI) , opens new tab. The companies must also inform authorities of events like lawsuits and insolvency that impair their ability to provide essential services, according to the law published in the government gazette. Unlisted companies also designated as critical include Changi Airport Group, public transport operator SMRT Corporation, Jurong Port and PSA Marine. SBS Transit chief executive Jeffrey Sim said the company will continue to work with authorities to align with the law's requirements and "support efforts to safeguard the continuity and resilience of Singapore’s public transport system". Spokespersons for both Singapore Airlines and SIA Engineering Company separately said their companies note their inclusion and "will be in compliance with the act". SATS did not respond to a request for comment. In remarks to parliament in May last year, Transport Minister Chee Hong Tat said the law was designed to guard against "extreme scenarios" in future of malicious actors gaining control and adversely influencing transport companies and jeopardising services. Companies subject to the law were strategically important firms whose services were not readily replaceable due to their significant market shares or expertise, he said at the time. https://www.reuters.com/world/asia-pacific/new-law-subjects-17-singapore-transport-firms-greater-government-scrutiny-2025-04-01/

2025-04-01 12:05

Two of three export moorings shut Move could cut CPC exports by over 50%, traders say CPC exports uninterrupted, Kazakhstan, Chevron say Kazakhstan's oil output exceeds its OPEC+ quota Kazakh oil output at record-high in March, sources say MOSCOW, April 1 (Reuters) - Russia has ordered the Black Sea terminal handling Kazakhstan's oil exports pumped by U.S. majors Chevron (CVX.N) , opens new tab and Exxon Mobil (XOM.N) , opens new tab to close two of its three moorings amid a standoff between Kazakhstan and OPEC+ over excess production. The operator of the Caspian Pipeline Consortium (CPC), which exports around 1% of global oil supply via the Russian terminal, said late on Monday that the two moorings were halted following snap inspections by Russia's transport watchdog. Sign up here. The stoppage could more than halve CPC exports if it lasts for longer than a week, trading sources told Reuters. The Russian order to CPC came just hours after U.S. President Donald Trump said he was unhappy with Russia and the rate of progress in peace talks with Ukraine and threatened to impose secondary tariffs on buyers of Russian oil. RECORD-HIGH OUTPUT Kazakhstan has frequently exceeded its production quotas under a pact among OPEC+ producers, which includes the Organization of the Petroleum Exporting Countries and allies, such as Russia. However, it is finding it difficult to convince the companies operating its largest oilfields to reduce output where they have spent tens of billions of dollars to expand capacity. According to two industry sources, Kazakhstan's oil output reached a record high in March with increased supply from the giant Tengiz oilfield and stable exports via the CPC, further exceeding OPEC+ production quotas. Its oil and gas condensate production reached 8.95 million metric tons in March, or 2.17 million barrels per day (bpd), the sources said. Its energy ministry had reported output in February averaged 2.15 million bpd. Kazakhstan's energy minister stepped down last month after tough discussions on OPEC+ compliance. One OPEC+ source said there is always "a challenge" with Kazakhstan but it eventually gets resolved, referring to its excess output and the CPC moorings closure. CPC said the mooring closures followed an inspection by Russia's transport watchdog, allowing the company to address "violations". CPC did not specify the exact nature of these violations nor say how long the closures were expected to last. It said the inspection was prompted by an oil product spill following the sinking of a Russian tanker in the Kerch Strait in December. FLOWS UNINTERRUPTED U.S. oil major Chevron (CVX.N) , opens new tab said on Tuesday that oil output at its unit in Kazakhstan, Tengizchevroil (TCO), as well as the delivery of oil to the Caspian Pipeline Consortium (CPC) pipeline remain uninterrupted. Kazakhstan's energy ministry also said oil shipments via the CPC are being carried out normally without restrictions. "At the moment there are no restrictions on receiving Kazakh oil into the system of CPC," the Kazakh energy ministry said in a statement. It said loading was being carried out "in normal mode, according to schedule" via the third mooring point, which was still in operation. Separately, three industry sources told Reuters on Tuesday that Kazakhstan will have to start cutting its record high oil production within days due to reduced intake on the CPC. Another source said that repair work at the CPC terminal would take more than a month. A trader said he had not heard of any planned cuts to Kazakh production yet. "One jetty is still loading, there is capacity for storage of five days at port. If the situation is not resolved in five days, then production cuts will be needed," he said. Citing technical outages, Russia has closed the CPC moorings in the past. Operations were suspended in 2022 and 2023 due to damage and storms, interrupting CPC exports and hitting Kazakhstan's output. In February, a Ukrainian drone attack struck a pumping station along the pipeline serving the terminal, according to CPC and Russian pipeline monopoly Transneft (TRNF_p.MM) , opens new tab. The pipeline had been set to export 1.7 million barrels per day (bpd), or approximately 6.5 million metric tons, in April, Reuters reported. It exported more than 63 million metric tons (1.4 million bpd) in 2024. CPC's top shareholders are Transneft (24%) and Kazakhstan's KazMunayGas (KMGZ.KZ) , opens new tab (19%) while U.S. majors Chevron and Exxon Mobil also hold stakes. https://www.reuters.com/business/energy/russian-order-slashes-kazakh-oil-export-capacity-amid-opec-row-2025-04-01/

2025-04-01 12:00

MADRID, April 1 (Reuters) - Tesla's (TSLA.O) , opens new tab new car sales rose 34% in March from the same month in 2024 to 1.983, registration data released by industry group ANFAC showed on Tuesday, though the company's sales during the whole quarter fell 12%. The March increase has partly offset sales declines in the previous two months, ANFAC data showed. Sign up here. Over the first three months, sales of electrified vehicles, a category that includes both EVs and hybrids, were up 47% from the same period a year ago. Tesla faces challenges in Europe with its smaller, ageing lineup, while traditional automaker rivals and Chinese newcomers alike continue to launch new, often cheaper electric models. Tesla CEO Elon Musk has also stirred controversy by courting far-right parties in Europe, which has added to Tesla's sales slump. https://www.reuters.com/business/autos-transportation/sales-new-telsa-cars-rise-march-fall-first-quarter-2025-04-01/

2025-04-01 12:00

HAMBURG, April 1 (Reuters) - The CEO of Aurubis AG (NAFG.DE) , opens new tab, Europe's largest copper producer, remains optimistic for its new financial year, with a strong performance expected partly due to robust demand for metals despite the uncertain economic environment. "For the current financial year we expect continued strong demand for our multi-metal and copper production," Aurubis CEO Toralf Haag said in an advance release of the text of a speech to be delivered to the company’s annual shareholders’ meeting on Thursday. Sign up here. For its current full 2024/2025 fiscal year, he repeated that Aurubis anticipates operating earnings before taxes of between 300 and 400 million euros ($324.24 million to ($432.32 million). This was the forecast given on February 6 when the company posted a rise of about 17% on the year in first quarter pretax earnings, beating analyst expectations. https://www.reuters.com/markets/commodities/aurubis-ceo-remains-upbeat-new-year-2025-04-01/

2025-04-01 12:00

April 1 (Reuters) - India has initiated an anti-dumping probe over imports of low-ash metallurgical coal, or met coke, from Australia, China, Colombia, Indonesia, Japan and Russia at the behest of an industry body, according to a government notification. The Indian Metallurgical Coke Manufacturers Association asked for the investigation into these imports, which have more than doubled over the past four years, due to worries about local companies, the commerce ministry said in a notice dated March 29. Sign up here. The trade body has said there is no difference in the quality of imported and domestically produced met coke, a key steelmaking ingredient, according to the notification. The association also reiterated its demand for anti-dumping duties on imports from the countries mentioned. In December, India, the world's second-biggest producer of crude steel, imposed quantitative curbs with country-specific quotas on imports of low-ash met coke, restricting overseas purchases to 1.4 million metric tons from January to June. However, the curbs have alarmed big steel makers who are concerned about the quality of local met coke. ArcelorMittal Nippon recently sued India over the matter, while a court declined JSW Steel's (JSTL.NS) , opens new tab and Trafigura's requests to allow certain shipments. The reluctance of steel companies to buy from local met coke producers could prompt the government to extend its restrictions beyond June, Reuters reported in February. The commerce ministry, in its notice announcing the probe, has asked interested parties to submit their comments on the matter. https://www.reuters.com/markets/commodities/india-launches-anti-dumping-investigation-met-coke-imports-2025-04-01/

2025-04-01 11:51

KYIV, April 1 (Reuters) - Ukraine, whose power system has been under constant Russian missile and drone attacks, increased electricity imports by 11% to 272 Gigawatt hours in March from February, Ukrainian ExPro consultancy said on Tuesday. ExPro said in a report that 42% of the volume was imported from Hungary, 19% from Slovakia, 18% from Poland and 16% from Romania. Sign up here. Ukrainian officials have said the Russian attacks deprived Ukraine of half of its generating capacity, some of which Kyiv has managed to restore. Last month the United States reached separate deals with Ukraine and Russia to pause their attacks at sea and against energy targets, but both sides have since accused each other of violating the agreements. https://www.reuters.com/business/energy/ukraine-power-imports-rise-11-march-consultancy-says-2025-04-01/