Category: 3. Business

19 November 2025 – Arcadis (EURONEXT: ARCAD), a global leader in sustainable design, engineering, and consultancy solutions, has been awarded a major new, global Architecture and Design collaboration with Shell Global Solutions International

Building on a trusted relationship with Shell spanning more than 75 years, this new five-year framework agreement will see Arcadis deliver integrated workplace architecture and design services across Shell’s global real estate portfolio, covering EMEA, the Americas and Asia-Pacific.

Through this partnership, Arcadis will provide a single point of delivery for Shell’s Architecture, Design, Engineering and Branding needs, supported by its Global Excellence Centres and multidisciplinary design expertise. Around 60 Arcadians – scaling up to more than 100 specialists – are expected to work on the program, leveraging AI-enabled processes and digital tools alongside engineering and technical excellence to deliver consistently and at scale.

The agreement reflects Shell’s ambition to build strategic collaborations at a global level, standardising processes and designs, and ensuring streamlined delivery. By simplifying project delivery and improving replication across its assets, Arcadis aims to help Shell achieve quality, efficiency, and flexibility to meet future business needs.

This latest contract builds on Arcadis’ decades of collaboration with Shell, including environmental remediation and consultancy programs and mobility infrastructure. By uniting technical expertise, global reach and safe and local delivery, Arcadis aims to help Shell create workplaces that foster collaboration, efficiency, sustainability and wellbeing.

Hendrik-Jan Bakhuizen, Global Account Leader for Shell at Arcadis, said: “Our relationship with Shell is built on trust, innovation and safe delivery. From environmental consultancy and decommissioning to mobility and energy transition, we have adapted to Shell’s evolving needs.

“This new relationship now brings our Architecture and Urbanism expertise into the heart of Shell’s architecture and workplace design, helping shape sustainable, innovative, and future-ready spaces across the globe.”

Alan Brookes, CEO, Arcadis, said: “This agreement is about more than workplace design; it reflects the evolution of a longstanding relationship that spans multiple decades.

“By combining Arcadis’ global delivery capabilities with our deep understanding of Shell’s ambitions, we are helping to reimagine the future of work environments and develop solutions aimed at supporting people and communities, while seeking to reduce environmental impact. It demonstrates the value of working as ‘One Arcadis’ to support Shell at scale, wherever they operate.”

The framework is set to run from January 2026 for an initial five-year term, with a potential two-year extension.

HANOI, Vietnam — China is replacing its diesel trucks with electric models faster than expected, potentially reshaping global fuel demand and the future of heavy transport.

In 2020, nearly all new trucks in China ran on diesel. By the first half of 2025, battery-powered trucks accounted for 22% of new heavy truck sales, up from 9.2% in the same period in 2024, according to Commercial Vehicle World, a Beijing-based trucking data provider. The British research firm BMI forecasts electric trucks will reach nearly 46% of new sales this year and 60% next year.

Heavy trucks carry the lifeblood of modern economies. They also contribute significantly to global emissions of carbon-dioxide: In 2019, road freight generated a third of all transport-related carbon emissions.

Trucking has been considered hard to decarbonize since electric trucks with heavy batteries can carry less cargo than those using energy-dense diesel. Proponents of liquefied natural gas have viewed it as a less polluting option while technology for electric heavy vehicles matures.

Liquefied natural gas, or LNG, is natural gas cooled to a liquid fuel for easy storage and transport.

China’s trucking fleet, the world’s second-largest after the U.S., still mainly runs on diesel, but the landscape is shifting. Transport fuel demand is plateauing, according to the International Energy Agency and diesel use in China could decline faster than many expect, said Christopher Doleman, an analyst at the Institute for Energy Economics and Financial Analysis.

Electric trucks now outsell LNG models in China, so its demand for fossil fuels could fall, and “in other countries, it might never take off,” he said.

The share of electrics in new truck sales, from 8% in 2024 to 28% by August 2025, has more than tripled as prices have fallen. Electric trucks outsold LNG-powered vehicles in China for five consecutive months this year, according to Commercial Vehicle World.

While electric trucks are twice to three times more expensive than diesel ones and cost roughly 18% more than LNG trucks, their higher energy efficiency and lower costs can save owners an estimated 10% to 26% over the vehicle’s lifetime, according to research by Chinese scientists.

“When it comes to heavy trucks, the fleet owners in China are very bottom-line driven,” Doleman said.

Early sales were buoyed by generous government incentives like a 2024 scheme for truck owners to trade in old vehicles. Owners can get up to about $19,000 to replace older trucks with newer or electric models.

Investments in charging infrastructure are also boosting demand for electric trucks.

Major logistics hubs, including in the Yangtze River Delta, have added dedicated charging stations along key freight routes. Cities like Beijing and Shanghai have built heavy-duty charging hubs along highways that can charge trucks in minutes.

CATL, the world’s largest maker of electric vehicle batteries, launched a time-saving battery-swapping system for heavy trucks in May and said it plans a nationwide network of swap stations covering 150,000 kilometers (about 93,000 miles) out of China’s 184,000 kms (about 114,000 miles) of expressways.

The surge in sales of electric trucks is cutting diesel use and could reshape future LNG demand, analysts say.

Diesel consumption in China, the second-largest consumer of the fuel after the U.S., fell to 3.9 million barrels per day in June 2024, down 11% year-on-year and the largest drop since mid-2021, partly reflecting the shift to LNG and electric trucks, according to the U.S. Energy Information Administration.

“The rise of China’s electric truck sector is one of the more under-reported stories in the global energy transition, especially given its potential impact on regional diesel trade flows,” said Tim Daiss of APAC Energy Consultancy.

LNG truck sales peaked in Sept 2023 and March 2024 after China eased transport restrictions imposed during the COVID-19 pandemic, said Liuhanzi Yang of ICCT Beijing. By June 2025, sales had slipped 6% as electric trucks gained ground.

Shell’s 2025 LNG Outlook projects that demand for imported LNG in China, the world’s largest LNG importer, will continue to rise partly due to LNG trucks. It also suggests LNG trucking might expand to other markets, such as India.

China’s electric trucks are already cutting oil demand by the equivalent of more than a million barrels a day, estimates the New York-based research provider Rhodium Group.

But Doleman views LNG as a “transitional step” unlikely to be seen apart from in China, where a vast pipeline infrastructure, abundant domestic gas production and byproducts like coke oven gas created conditions conducive to LNG-fueled trucking not seen elsewhere.

China’s is planning new emission standards for vehicles that will limit multiple pollutants and set average greenhouse gas targets across a manufacturer’s fleet. This will make it “almost impossible” for companies relying solely on fossil-fuel vehicles to comply, Yang said.

A 2020 ICCT study found LNG-fueled trucks cut emissions by 2%-9% over 100 years but can be more polluting in the short run due to leaks of methane, a potent planet-warming gas that can trap more than 80 times more heat in the atmosphere in the short term than carbon dioxide.

Modern diesel now nearly matches LNG in air-quality performance.

Already the world’s largest exporter of passenger cars, China is turning its sights to the global electric truck market.

Chinese automakers have kept costs down and sped up truck manufacturing while ensuring different parts work seamlessly together with in-house production of most key components, from batteries to motors and electronics, said Bill Russo, founder and CEO of the Shanghai-based consultancy Automobility Limited.

China’s hyperactive delivery industry, particularly urban freight trucks, has been an early proving ground for these vehicles, he noted.

In 2021-2023, exports of Chinese heavy-duty trucks including EVS to the Middle East and North Africa grew about 73% annually while shipments to Latin America rose 46%, according to a McKinsey & Company report. The share of electrics is expected to grow, though limited charging infrastructure could pose a challenge.

China’s Sany Heavy Industry says it will start exporting its electric trucks to Europe in 2026. It is has already exported some electric trucks to the U.S., Asian countries like Thailand and India, and the the United Arab Emirates, among others.

In June, Chinese EV maker BYD broke ground in Hungary for an electric truck and bus factory, with an eye toward a mandatory European target of cutting carbon emissions from new trucks by 90% by 2040 compared to 2019 levels.

Prices of zero-emission trucks in Europe must roughly halve to become affordable alternatives to diesel, according to another study in 2024 by McKinsey.

Volvo told The Associated Press that it didn’t comment on competitors but welcomed “competition on fair terms,” while Scania did not respond.

“Things are shaking up,” Daiss said. ___

The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

Network Rail

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East West Rail

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East West Rail

One scoop to start: The UK government is seeking to line up bankers to run a sales process for British Steel after taking control of the steelworks earlier this year.

And another thing: Paramount’s David Ellison held preliminary talks with Saudi Arabia’s sovereign wealth fund and other big Gulf investors about backing his company’s effort to buy Warner Bros Discovery, according to people briefed on the matter.

In today’s newsletter: 

• Elliott shakes up the gold industry

• Oracle becomes a proxy for OpenAI 

• AkzoNobel’s big US deal 

Elliott takes aim at a new gold-mining giant

Times are anything but golden at miner Barrick Mining, despite bullion having soared to record highs of more than $4,000 an ounce as investors flock to the precious metal as a safe haven amid economic jitters. 

Mining projects, such as Mali’s Loulo-Gounkoto, have gone awry. Barrick’s swashbuckling boss Mark Bristow was shown the exit in September after repeatedly missing production and cost targets. 

Now, activist hedge fund Elliott Management has built a large stake in the gold miner, the FT revealed on Tuesday. 

Elliott’s position, which puts it among Barrick’s 10 largest investors, could have the effect of making market rumours of a break-up at the world’s second-biggest gold producer a reality. 

Barrick’s board had discussed splitting the group in two, separating the higher-growth North American operations from those in higher-risk territories across Africa and Asia, Reuters reported last week. 

Barrick stands out as the laggard in a sector that has been on an almighty bull run in recent times. 

The market value of Barrick has more than doubled over the past year to about $63bn. But its shares are up less than 55 per cent over the past five years, compared with 232 per cent and 144 per cent gains for rivals Kinross Gold and Agnico Eagle, respectively. Barrick’s share rose by 2 per cent on Tuesday.

Elliott was encouraged by the possibility of Barrick considering a break-up, the people said, but the hedge fund’s exact demands and engagement with the company couldn’t be established.

The Florida-based hedge fund, founded by Paul Singer in 1977, is well acquainted with the mining sector, having built positions in mining giant Anglo American and Kinross. 

Bristow, a larger-than-life former South African army officer with a penchant for game hunting, was replaced on an interim basis by Barrick veteran Mark Hill, who reports to chair John Thornton, the former Goldman Sachs executive. 

Barrick’s remedy is to double down on its North American business, with Hill highlighting a new Nevada gold mine that he’s said could be the biggest this century. Meanwhile, Barrick’s emphasis on improving operational performance and value creation suggests an openness to a break-up. 

If that’s what Elliott wants, it may have a low bar to clear in convincing Barrick to act.  

Oracle’s $300bn AI bet garners investor scepticism 

Two months ago, Oracle inked a $300bn deal with OpenAI that sent its shares soaring and briefly turned the company’s founder Larry Ellison into the world’s richest person. 

But the software group has shed $315bn in value since announcing that deal as investors begin to question its expensive push into artificial intelligence.

It turns out what’s beneath the AI hype is massive and uncertain spending commitments that could weigh on the finances and balance sheets of the tech giants that used AI-fuelled bets to become stock market darlings. 

Oracle has fallen by a quarter over the past month amid a broader pricking of a bubble in AI optimism.

Now Oracle is in many ways a bellwether for the world’s most important investment theme. Alphaville’s Bryce Elder examines how Oracle’s AI commitments have turned it into the public market’s proxy for OpenAI, the world’s most valuable private company. 

The deep dive highlights critical issues (accompanied with charts) that the market is now digesting. There are a few points in particular that stood out to DD.

First, 58 per cent of Oracle’s outstanding contracts are concentrated in a single client: OpenAI. 

Second, Oracle is forecasting negative free cash flow for the next five years due to significant commitments to invest in AI infrastructure.

And third, the cost to buy protection against Oracle’s debt has recently surged to a three-year high.

In hushed voices, many top financiers have told DD that a plethora of circular AI spending deals in the tech industry all lead to OpenAI. While that remains true, many roads also lead to Oracle’s balance sheet.

M&A bankers watch paint deals dry

In broad brush strokes, the dealmakers that framed the $25bn merger between AkzoNobel and Axalta were not painting on a blank canvas.

Nearly a decade ago in 2017, the two companies had also discussed a tie-up in talks that were ultimately unsuccessful. 

But the paintings and coatings industry is undergoing another round of dealmaking, including Carlyle’s recent acquisition of BASF’s coatings unit.  

That set the stage for Tuesday’s announcement that Amsterdam-listed AkzoNobel — maker of Dulux paint — and the New York-listed Axalta would merge in a stock deal to create a business with a $25bn enterprise value.

AkzoNobel shareholders will own 55 per cent of the combined company, with Axalta investors taking 45 per cent. As part of the deal, AkzoNobel will pay a cash dividend of about €2.5bn to its shareholders

The combined group will have a single listing in the US, where companies garner higher multiples. However, it will maintain dual headquarters in Amsterdam and Philadelphia.

There are other similarities between current events and 2017. Earlier that year AkzoNobel had seen off the activist hedge fund Elliott and fended off an unwanted takeover approach from the large US competitor PPG Industries.

Once again, the Dutch company faces an activist shareholder on the register in the form of Cevian Capital, which took a stake earlier this year as AkzoNobel sought to boost performance.

And there remains the risk of an interloper. Eight years ago Japan’s Nippon Paint gatecrashed Axalta and Akzo’s takeover talks.  

As Lex writes: “The new guard has a chance to paint a rosier picture this time round.”

Job moves 

• Jeff Bezos has co-founded an AI start-up called Project Prometheus, and is the company’s co-chief executive officer, The New York Times reports.

• Tikehau Capital has appointed Daniele Germano as co-head of Italy. Germano was previously at BNP Paribas Real Estate Investment Management.

• ICR has appointed Donna Anderson to the firm’s governance and shareholder advisory practice as senior adviser. She joins from T Rowe Price, where she was global head of corporate governance.

• Simpson Thacher & Bartlett has hired Michelle Cheh as a partner in the firm’s private funds and funds transactions practices in Hong Kong. She joins from Kirkland & Ellis.

• Ropes & Gray has hired Amanda Morrison as co-leader of its global private capital transactions practice. She rejoins the firm after three years at Advent, where she was general counsel and chief legal officer.

Smart reads

Big data centre Tech companies are turning to Wall Street to fund massive AI infrastructure projects, The Wall Street Journal reports. And virtually everyone in finance wants in on the boom.

Uninsured The deterioration of life insurer PHL Variable Insurance shows the perils of one of private equity’s biggest plays in recent years, Bloomberg reports. PHL policyholders may be left holding the bag.

Bait and switch Oracle co-founder Larry Ellison is scaling back his academic research centre in Oxford. The tech billionaire has cut initiatives at the eponymous Ellison Institute of Technology and senior figures have left in recent months, the FT reports.

News round-up

Meta wins US case that threatened split with WhatsApp and Instagram (FT)

Judge rules Purdue Pharma must pay $7bn in bankruptcy settlement (FT)

Microsoft and Nvidia to invest up to $15bn in OpenAI rival Anthropic (FT)

Fund managers warn AI investment boom has gone too far (FT)

Callaway sells stake in Topgolf driving range unit to private equity (FT) 

Amundi to take 10% stake in ICG as it pushes into private credit (FT) 

The start of passenger services on the new East West Rail line will be delayed until at least 2026 with no start date confirmed, the operator has said, partly due to a row over guards on the trains.

Passenger trains were supposed to come into service between Oxford and Milton Keynes this autumn, the first stage on the new railway along the Oxford-Cambridge arc where the government hopes for rapid economic growth.

However, the operator, Chiltern Railways, has yet to formally notify authorities of the start of services – meaning trains on the flagship project will not be timetabled for several months.

The track and infrastructure has been completed and passenger trains have been leased but stand idle. More than a year has elapsed since Network Rail finished work on the line and the first test trains ran, and freight trains are running on the route.

A looming row over how trains are staffed is understood to be the main stumbling block. An existing agreement is understood to only allow Chiltern to operate trains without guards on certain parts of its network.

Both the RMT union, representing guards, and Aslef, representing train drivers, formally oppose any extension to driver-only operated trains on the UK railway – a position that is likely to have been reinforced by the recent knife attack on a train in Cambridgeshire.

Unions said Chiltern only recently notified them of plans to run the East-West trains without guards. An RMT spokesperson confirmed that Chiltern management had written spelling out the plans and the union was seeking talks. Aslef said it was approached last month but was awaiting the outcome of the RMT negotiations.

The single new station so far built on the route, Winslow, has also yet to be completed. Work is continuing.

A Chiltern Railways spokesperson said: “We are working with the Department for Transport, trade unions and other industry partners to deliver the first stage of East West Rail for customers and businesses.

“As well as creating nearly 100 new permanent jobs at Chiltern, this new service will deliver immense benefits across the region, so we are eager to ensure that these benefits are realised for the community as soon as possible.”

A DfT spokesperson said: “We are supporting Chiltern Railways as they work closely with unions and other industry partners to get services on the first phase of East West Rail up and running as soon as possible.”

The transport secretary, Heidi Alexander, said East West Rail would be a “catalyst for growth, more jobs and opportunity, and this project will make rail travel faster, greener and more reliable for millions of passengers … laying the foundations for long-term prosperity in one of the UK’s most dynamic regions.”

East-West Rail will eventually be a critical component of the Oxford-Cambridge corridor that ministers have earmarked as “Europe’s Silicon Valley”, delivering economic growth and tens of thousands of new homes, including a possible new town on the route at Tempsford.

The phased opening of the railway will next involve upgrades to the line from Milton Keynes and Bletchley to Bedford, and then a new line built east of Bedford to Cambridge.

The full opening is also likely to be pushed further back into the 2030s after the government confirmed changes to the scope and route to allow more trains and another station to serve the planned Universal theme park near Bedford.

The East West Railway Company building the multibillion-pound line said it hoped to run up to five trains per hour, with up to 70% more seating across the route, due to greater forecast demand.

Its chief executive, David Hughes, said the updates “reflect our commitment to listening to communities while designing a railway that delivers long-term benefits for the region. Our latest proposals better reflect what matters most to people and will deliver better outcomes for passengers, local communities and the environment”.

Computer-Aided Design (CAD) is the go-to method for designing most of today’s physical products. Engineers use CAD to turn 2D sketches into 3D models that they can then test and refine before sending a final version to a production line. But the software is notoriously complicated to learn, with thousands of commands to choose from. To be truly proficient in the software takes a huge amount of time and practice.

MIT engineers are looking to ease CAD’s learning curve with an AI model that uses CAD software much like a human would. Given a 2D sketch of an object, the model quickly creates a 3D version by clicking buttons and file options, similar to how an engineer would use the software.

The MIT team has created a new dataset called VideoCAD, which contains more than 41,000 examples of how 3D models are built in CAD software. By learning from these videos, which illustrate how different shapes and objects are constructed step-by-step, the new AI system can now operate CAD software much like a human user.

With VideoCAD, the team is building toward an AI-enabled “CAD co-pilot.” They envision that such a tool could not only create 3D versions of a design, but also work with a human user to suggest next steps, or automatically carry out build sequences that would otherwise be tedious and time-consuming to manually click through.

“There’s an opportunity for AI to increase engineers’ productivity as well as make CAD more accessible to more people,” says Ghadi Nehme, a graduate student in MIT’s Department of Mechanical Engineering.

“This is significant because it lowers the barrier to entry for design, helping people without years of CAD training to create 3D models more easily and tap into their creativity,” adds Faez Ahmed, associate professor of mechanical engineering at MIT.

Ahmed and Nehme, along with graduate student Brandon Man and postdoc Ferdous Alam, will present their work at the Conference on Neural Information Processing Systems (NeurIPS) in December.

Click by click

The team’s new work expands on recent developments in AI-driven user interface (UI) agents — tools that are trained to use software programs to carry out tasks, such as automatically gathering information online and organizing it in an Excel spreadsheet. Ahmed’s group wondered whether such UI agents could be designed to use CAD, which encompasses many more features and functions, and involves far more complicated tasks than the average UI agent can handle.

In their new work, the team aimed to design an AI-driven UI agent that takes the reins of the CAD program to create a 3D version of a 2D sketch, click by click. To do so, the team first looked to an existing dataset of objects that were designed in CAD by humans. Each object in the dataset includes the sequence of high-level design commands, such as “sketch line,” “circle,” and “extrude,” that were used to build the final object.

However, the team realized that these high-level commands alone were not enough to train an AI agent to actually use CAD software. A real agent must also understand the details behind each action. For instance: Which sketch region should it select? When should it zoom in? And what part of a sketch should it extrude? To bridge this gap, the researchers developed a system to translate high-level commands into user-interface interactions.

“For example, let’s say we drew a sketch by drawing a line from point 1 to point 2,” Nehme says. “We translated those high-level actions to user-interface actions, meaning we say, go from this pixel location, click, and then move to a second pixel location, and click, while having the ‘line’ operation selected.”

In the end, the team generated over 41,000 videos of human-designed CAD objects, each of which is described in real-time in terms of the specific clicks, mouse-drags, and other keyboard actions that the human originally carried out. They then fed all this data into a model they developed to learn connections between UI actions and CAD object generation.

Once trained on this dataset, which they dub VideoCAD, the new AI model could take a 2D sketch as input and directly control the CAD software, clicking, dragging, and selecting tools to construct the full 3D shape. The objects ranged in complexity from simple brackets to more complicated house designs. The team is training the model on more complex shapes and envisions that both the model and the dataset could one day enable CAD co-pilots for designers in a wide range of fields.

“VideoCAD is a valuable first step toward AI assistants that help onboard new users and automate the repetitive modeling work that follows familiar patterns,” says Mehdi Ataei, who was not involved in the study, and is a senior research scientist at Autodesk Research, which develops new design software tools. “This is an early foundation, and I would be excited to see successors that span multiple CAD systems, richer operations like assemblies and constraints, and more realistic, messy human workflows.”

Linklaters advised The Hongkong and Shanghai Banking Corporation Limited (HSBC) on the launch of its Tokenised Deposit Service (TDS) in Singapore, marking a significant milestone in the bank’s expansion of blockchain-based payment capabilities across Asia following its initial launch in Hong Kong SAR.

The service enables 24/7 real-time instant settlement of cross-border transactions between Hong Kong SAR and Singapore, facilitating efficient treasury operations and effective cash flow management – especially vital to manage liquidity in a volatile foreign exchange and interest rate environment. This service builds on Singapore’s role as a leading international treasury hub, where corporates are accelerating the adoption of digital treasury models.

The Linklaters team was led by Head of Singapore Financial Regulation and Asia Head of Fintech Peiying Chua, and supported by associate Alcander Seah.

Linklaters’ partner Peiying Chua commented: 

“This transaction exemplifies the convergence of traditional banking and cutting-edge digital solutions. We are proud to support our client in delivering a service that not only enhances operational efficiency but also sets a new benchmark for cross-border financial innovation in Asia.”

Linklaters is at the forefront of the digital assets space and has worked on many market-firsts in the region, including advising a Singapore-based blockchain platform on its token offering, Zilliqa, creating the first Singapore-based unicorn ICO with a market capitalisation of over US$1bn after issuance, and the world’s first blockchain-based fractional bond trading platform (BondbloX).