{"id":80626,"date":"2024-08-27T00:00:00","date_gmt":"2024-08-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/27\/today-volt-inks-a-contract-for-3k-e-trucks-libyas-eastern-govt-may-shut-down-oil-production\/"},"modified":"2024-08-27T00:00:00","modified_gmt":"2024-08-27T00:00:00","slug":"today-volt-inks-a-contract-for-3k-e-trucks-libyas-eastern-govt-may-shut-down-oil-production","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/27\/today-volt-inks-a-contract-for-3k-e-trucks-libyas-eastern-govt-may-shut-down-oil-production\/","title":{"rendered":"TODAY: Volt inks a contract for 3k e-trucks + Libya\u2019s eastern gov\u2019t may shut down oil production"},"content":{"rendered":"

Good morning, nice people. <\/strong>While the regional logistics news front appears calm, there\u2019s some cause for alarm on the international trade front as Canada puts China in its crosshairs and Libya\u2019s oil production faces a near complete halt. Let\u2019s dive right in across the Atlantic.<\/p>\n

<\/a>THE BIG LOGISTICS STORY ABOARD- The trade war with China widens to Canada: <\/strong>Canada will slap a 100% tariff on Chinese EVs and a 25% tariff on Chinese steel and aluminum from 1 October, mirroring a similar move<\/a> by the US and the EU. Tariffs will apply to all EVs shipped from China including Tesla vehicles. Canadian Prime Minister Justin Trudeau stated that these measures are intended to protect Canadian industries in response to China's state-directed policy of over-capacity. \u201cActors like China have chosen to give themselves an unfair advantage in the global marketplace,\u201d Trudeau said. <\/p>\n

What\u2019s happening with Tesla? <\/strong>Import volumes in Vancouver port spiked 460% y-o-y in 2023 when Tesla began shipping Shanghai-made EVs to Canada. Company shares closed down 3.2% in response to the decision, with analysts speculating there might be a financial impact if the company is forced to export vehicles to Canada from its higher-cost production base in the US. <\/p>\n

The story made headlines in the international press:<\/strong> Reuters<\/a> | AP<\/a> | Bloomberg<\/a> | CNBC<\/a> | The NewYork Times<\/a> | ABC<\/a> | Wall Street Journal<\/a> <\/p>\n

ON A RELATED NOTE- It\u2019s a decisive trade decision week for the Chinese EV tariff hike in the US. <\/strong>Green industry manufacturers are bracing for final implementation plans by the Biden-Harris administration for tariff hikes this week, Reuters<\/a> reports. The proposed tariffs \u2014 which include quadrupling duties on Chinese EVs to 100% and doubling tariffs on semiconductors and solar cells to 50% \u2014 have raised alarm among US manufacturers who fear the move could stifle the US\u2019s green transition. US companies have urged the administration to postpone implementation of the tariffs, scrap them, or reconsider the increase.<\/p>\n

Fighting on both fronts: <\/strong>The US placed 63 Russian and 42 Chinese firms on its trade restriction Bureau of Industry and Security (BIS) list due to their alleged support of Russia\u2019s military, Reuters<\/a> reports. US suppliers must now obtain a license before shipping goods to the targeted companies and the US looks to further \u201crestrict the supply of both US-origin and US branded items to Russia and Belarus,\u201d according to a statement<\/a>.<\/p>\n

China\u2019s Ministry of Commerce has said it <\/strong>strongly opposes the move<\/a><\/strong>, saying the decision undermines the international trade order and impedes normal economic exchange and it will take the necessary action to safeguard the \u201clegitimate rights and interests\u201d of Chinese firms.<\/p>\n

Tensions have been building:<\/strong> The US launched a probe into China\u2019s maritime, logistics, and shipbuilding sectors back in April, alleging \u201cunfair, non-market policies and practices,\u201d according to a statement<\/a>. The investigation was launched after five national US labor unions petitioned the government to look into China\u2019s policies and practices in the sectors.<\/p>\n

The story also grabbed ink in <\/strong>The New York Times<\/a><\/strong>.<\/strong><\/p>\n

<\/a> <\/p>\n

\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- <\/strong>UK airlines halt flights to Tel Aviv<\/strong>: <\/strong>British Airways has canceled flights between the UK and Tel Aviv\u2019s Ben Gurion International Airport until at least Thursday amid rising tensions between Israel and Lebanon\u2019s Hezbollah militant group, The National<\/a> reports, citing a statement from an airline spokesperson. UK airline Virgin Atlantic has extended its Tel Aviv flight suspension until 25 September after a security and safety assessment.<\/p>\n

It doesn\u2019t stop there: <\/strong>Jordan\u2019s flag carrier Royal Jordanian suspended flights to Beirut on Sunday \u201cdue to the current situation,\u201d without saying when flights will resume, Reuters<\/a> reports. German airline Lufthansa extended its suspension of flights to Lebanon until 30 September, NNA<\/a> reports. The airline also extended its flight suspension to Tel Aviv and Tehran until 2 September. Lufthansa is set to resume flights today to Jordan\u2019s Queen Alia International Airport and Iraq\u2019s Erbil International Airport, after suspending flights<\/a> last week.<\/p>\n

<\/a>#2- <\/strong>Libya\u2019s eastern government says that all oil fields<\/strong> are shutting down and production <\/strong>and exports will be suspended<\/strong>, Reuters<\/a> reports. The country produced 1.18 mn barrels per day in July, the newswire reports, citing figures by the Organization of the Petroleum Exporting Countries. The closure of eastern oil fields would leave one functioning oilfield in southwestern Libya with a capacity of 130k bpd. No timeline for the oil field closures has been provided. <\/p>\n

Background:<\/strong> Libyan factions are engaged in a struggle to control the country\u2019s central bank and oil revenues, Reuters explains. Recent tensions escalated following attempts by political groups to remove Sadiq al-Kabir, the head of the Central Bank of Libya (CBL), leading to mobilization by opposing armed factions. On Monday, the Tripoli-based CBL announced it had halted its operations both domestically and internationally \"due to extraordinary disruptions.\" The central bank is the sole internationally recognized repository for Libya's oil revenues, which are crucial for the country\u2019s economy.<\/p>\n

MARKET REAX- <\/strong>Oil prices surged 7% on Monday in response to the production halt and widening tensions in the Middle East<\/strong> before easing in early morning trading today<\/strong>, Reuters<\/a> reports. Brent crude futures fell USD 0.32 this morning trading at USD 81.11 a barrel by GMT 01.54, while US West Texas Intermediate fell USD 0.36 trading at USD 77.06 a barrel.<\/p>\n

\n

HAPPENING THIS WEEK-<\/p>\n

UK-Egypt trade and investment in the spotlight: Our friends at HSBC<\/strong>, together with the Egyptian-British Chamber of Commerce (EBCC) and UK Export Finance (UKEF), will host a webinar<\/strong> this week to discuss how to support infrastructure reforms<\/strong>, potential partnerships in Egypt, and ways to support and connect companies around the world. The webinar takes place Thursday (29 August) from 12-1pm CLT \/ 1-2pm UAE. <\/p>\n

Want to attend? <\/strong>You can sign up here<\/a><\/strong>.<\/strong> <\/p>\n

The webinar is a scene-setter for the Egypt-UK Investment and Opportunities Forum in <\/strong>London<\/strong> on Monday, 16 September. <\/p>\n

Infrastructure is a key part of the forum. <\/strong>The gathering \u2014 which follows on from a June<\/a>infrastructure mission<\/a> \u2014 will focus on promoting trade and investment in infrastructure, with an emphasis on green hydrogen and renewables as well as sectors including the auto industry, food processing, and tech.<\/p>\n

Networking:<\/strong> The forum will include both open panels and pre-arranged business-to-business networking. It will also give attendees the chance to meet with government officials and industry leaders. GAFI will be on hand to deliver an economic update. <\/p>\n

Want to join them in London? <\/strong>Register your interest in attending the event here<\/a>.<\/p>\n

\n
\n
\n
\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

***<\/strong>YOU\u2019RE READING EnterpriseAM Logistics, the essential MENA publication for senior <\/strong>execs who care about the industry that connects producers and retailers to global markets. <\/strong>We\u2019re out Monday through Thursday by 9:15am in Cairo and Riyadh and 11:15am in the UAE.<\/p>\n

EnterpriseAM Logistics is available without charge <\/strong>thanks to the generous support of our friends at Hassan Allam Utilities and Transmar.<\/p>\n

Were you forwarded this email? <\/strong>Tap or click here<\/a> to get your own copy of Enterprise Logistics.<\/p>\n

Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on logistics@enterprisemea.com<\/a>.<\/p>\n

DID YOU KNOW <\/strong>that we also cover Egypt<\/a>, Saudi Arabia<\/a>, the UAE<\/a>, and the MENA<\/a>climate industry<\/a> ?
***<\/strong><\/p>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

Saudi Arabia will host the <\/strong>Saudi Warehousing and Logistics Expo<\/a><\/strong> on Monday, 2 <\/strong>September to Wednesday, 4 September in Riyadh. <\/strong>The event will bring together leaders in the supply chain, warehousing, and logistics industry from across the Kingdom to discuss investments, trade, geopolitical risks, and localized manufacturing.<\/p>\n

Egypt will host the <\/strong>Egypt International Airshow<\/a><\/strong> on Tuesday, 3 September to Thursday, 5 <\/strong>September in El Alamein.<\/strong> The event will host a range of discussions touching on industrialization, digitalization, and globalization in the regional commercial aviation sector. During the event, aircrafts and innovative aerospace products, and services will be showcased.<\/p>\n

Saudi Arabia will host <\/strong>SkyMove MENA<\/a><\/strong> on Tuesday, 10 September and Wednesday, 11 <\/strong>September in Riyadh.<\/strong> The event will gather global industry stakeholders, experts, and service providers to discuss challenges in the regional aviation industry.<\/p>\n

The UAE will host the <\/strong>Intelligent Transport Systems World Congress<\/a><\/strong> from Monday, 16 <\/strong>September to Friday, 20 September in Dubai. <\/strong>The Congress is expected to welcome 20k participants to explore innovations in smart mobility and transportation technology.<\/p>\n

Saudi Arabia will host the <\/strong>Saudi Maritime and Logistics Congress<\/a><\/strong> on Wednesday, 18 <\/strong>September and Thursday, 19 September in Dammam. <\/strong>The event will gather international industry leaders in the maritime sector to discuss a range of topics including interconnected logistics, supply chains, digitalization, decarbonization and workforce development.<\/p>\n

Check out our full calendar<\/strong> at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":80627,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18],"tags":[145,314,32,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-aviation","tag-libya","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"80ab9834-1926-4c6e-9e38-8263077d9db0","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/8\/2330.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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