CMA CGM, Renault, and Volvo pool resources for new electric van company: Renault Group and Volvo Group have inked binding agreements to kickstart a new company where they will each initially hold equal ownership stakes and invest EUR 300 mn apiece over a three year timeframe, according to a company statement. CMA CGM has inked a non-binding letter of intent to join the company through a EUR 120 mn investment via its green energy fund, Pulse. The new venture will roll out a new generation of electric vans starting in 2026, as it looks to meet the growing demand for decarbonization in the logistics sector, the statement said.

US trade deficit shrinks in August to almost three-year low: The US trade deficit shrank 9.9% m-0-mk to USD 58.3 bn in August, reflecting a drop in American demand for foreign products and increased oversea shipment of goods, Bloomberg reports. Imports declined by 0.7%, which includes a decline in capital goods such as cell phones and consumer goods, the outlet writes. Exports increased 1.6% and were boosted by a rise in shipments of capital and consumer goods. Adjusted for inflation, the trade deficit reached USD 83.9 bn, the smallest since March, according to Bloomberg.

The exports boost might not last too long, though: The increased exports may be short-lived due to a high USD making US goods and services expensive for overseas customers.

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  • Italian prosecutors are seeking a fraud trial for several individuals, including a former Eni executive who is now the head of a UK oil company, who are accused of attempting to defraud Eni in a 2019 oil cargo agreement involving the White Moon shipment. (Reuters)
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