Category: 3. Business

  • IMO Guidance on the Carriage of Biofuels Blends

    IMO Guidance on the Carriage of Biofuels Blends

    Whilst these Interim Guidelines (MEPC.1/Circ.917) are not mandatory, they will be considered by flag Administrations and their Recognized Organizations in the acceptance of carriage of biofuel blends.

    The Interim Guidance states the maximum blend ratio (by volume) of biofuel and MARPOL Annex I cargoes (petroleum derived oils) permitted to be carried by a “bunker ship” has increased from 25% to 30% biofuels, provided that:

    • The “bunker ship” is an oil tanker, as defined in Regulation 1.5 of MARPOL Annex I, that is certified under MARPOL Annex I to carry, transport and deliver fuel oil for use by ships.
    • All residues or tank washings have been discharged ashore unless the oil discharge monitoring equipment is approved for the biofuel blend(s) being shipped. 

    If the above requirements are met, the International Oil Pollution Prevention Certificate does not need to be modified.

    For bunker ships carrying more than 30% biofuels

    The provisions of MARPOL Annex II (Regulations Controlling Carriage of Noxious Liquid Substances in Bulk) and Chapter 17 of the International Code for Construction and Equipment of Ships Carrying Dangerous Chemicals in Bulk (IBC Code) apply.

    For biofuel-carrying ships other than bunker ships

    25% or less
    Biofuel blends and MARPOL Annex I cargoes with 25% (by volume) or less biofuel are to be considered a MARPOL Annex I cargo and are required to comply with MARPOL Annex I.

    More than 25%
    Biofuel blends and MARPOL Annex I cargoes with more than 25% (by volume) biofuel are to be regarded as MARPOL Annex II products and must comply with the requirements set out in Chapter 17 of the IBC Code. 

    Approved biofuels
    The Interim Guidelines set out the approved biofuels in the context of MARPOL Annex II and are indicated in the MEPC.2/Circular, Annex 11 as:

    • tert-Amyl ethyl ether
    • Ethyl alcohol
    • Fatty acid methyl esters (FAME)
    • Vegetable fatty acid distillates.

    How Lloyd’s Register can help

    Our Fuel Oil Bunker Analysis and Advisory Service (FOBAS) offers a range of services to ship operators for the safe adoption of drop-in biofuels and synthetic fuels through its comprehensive fuel quality assessment programme, support with the onboard fuel management, operational risk assessment and NOx emission measurement. 

    For further information

    If you would like more details or need support with these requirements, please contact fobas@lr.org.

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  • Population structure in a fungal human pathogen is potentially linked to pathogenicity

    Population structure in a fungal human pathogen is potentially linked to pathogenicity

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  • Thomson Reuters Announces $1.0 Billion Share Repurchase Program

    Thomson Reuters Announces $1.0 Billion Share Repurchase Program

    TORONTO, August 15, 2025 – Thomson Reuters (TSX/Nasdaq: TRI), a global content and technology company, today announced that it plans to repurchase up to $1.0 billion of its shares. Purchases of shares will occur under a new normal course issuer bid (NCIB) that has been approved by the Toronto Stock Exchange (TSX).

    Under the new NCIB, up to 10 million common shares (which represents approximately 2.22% of the company’s issued and outstanding common shares as of August 12, 2025) may be repurchased between August 19, 2025 and August 18, 2026.

    Under the NCIB, shares may be repurchased in open market transactions on the TSX, the Nasdaq Global Select Market (Nasdaq) and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX and/or Nasdaq or under applicable law, including private agreement purchases or share purchase program agreement purchases if Thomson Reuters receives, if applicable, an issuer bid exemption order in the future from applicable securities regulatory authorities in Canada for such purchases. The price that Thomson Reuters will pay for common shares in open market transactions will be the market price at the time of purchase or such other price as may be permitted by the TSX. Any private agreement purchases made under an exemption order, if applicable, may be at a discount to the prevailing market price. In accordance with TSX rules, any daily repurchases (other than pursuant to a block purchase exception) on the TSX under the renewed NCIB are limited to a maximum of 91,026 shares, which represents 25% of the average daily trading volume on the TSX of 364,105 for the six months ended July 31, 2025. Any shares that are repurchased are cancelled. 

    From time to time when Thomson Reuters does not possess material nonpublic information about itself or its securities, it may enter into a pre-defined plan with its broker to allow for the repurchase of shares at times when Thomson Reuters ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with Thomson Reuters’ broker will be adopted in accordance with applicable Canadian securities laws and the requirements of Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, as amended. 

    Thomson Reuters has historically maintained a disciplined capital strategy that balances growth, long-term financial leverage, credit ratings and returns to shareholders through dividends and share repurchases. The NCIB provides the company with a flexible way to provide returns to shareholders who choose to participate by selling their shares. 

    Decisions regarding any future repurchases will depend on certain factors, such as market conditions, share price and other opportunities to invest capital for growth. Thomson Reuters may elect to suspend or discontinue share repurchases at any time, in accordance with applicable laws.

    Thomson Reuters

    Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com. 

    SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Certain statements in this news release, including, but not limited to, statements regarding the company’s plans to repurchase up to $1.0 billion of its common shares, are forward-looking. The words “will”, “expect”, “believe” and similar expressions identify forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond the company’s control and the effects of them can be difficult to predict. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.

    CONTACTS

    Media
    Gehna Singh Kareckas
    Senior Director, Corporate Affairs
    +1 613 979 4272
    gehna.singhkareckas@thomsonreuters.com

    Investors
    Gary Bisbee, CFA
    Head of Investor Relations
    +1 646 540 3249
    gary.bisbee@thomsonreuters.com

     

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  • Online fashion retailer Shein’s UK sales leap by a third to more than £2bn | Shein

    Online fashion retailer Shein’s UK sales leap by a third to more than £2bn | Shein

    Shein, the online fast-fashion retailer founded in China, increased sales in the UK by about a third to more than £2bn last year, overtaking the British rival Boohoo and closing in on Asos.

    The company, which had been considering a £50bn float on the London Stock Exchange but is expected to list in Hong Kong, said profits rose 56% to £38.2m last year on which it paid £9.6m corporation tax, according to accounts filed at Companies House this week.

    Shein, which sells mainly fashion but has also moved into other products including toys and beauty, said it had benefited from the opening of two new offices in King’s Cross and Manchester, the launch of a pop-up shop in Liverpool and a Christmas bus tour across 12 cities in the UK.

    The strong trading figures are likely to increase pressure on the chancellor, Rachel Reeves, to tackle the “de minimis” rule that has underpinned the rise of the fast-growing online specialists Shein and Temu.

    Reeves pledged to review the rule, which allows overseas sellers to send goods valued at £135 or less direct to British shoppers without paying any customs duty, after criticism by major retail bosses including Simon Wolfson at Next and Simon Roberts at Sainsbury’s.

    Earlier this month, Graham Bell, the chief executive of B&Q, said the rule was “killing the high street more than anything”.

    The rapid rise of Shein, which bought the Missguided online brand from Mike Ashley’s Frasers Group in 2023, has piled pressure on UK online fashion retailers including Asos and Boohoo as well as low-price high street specialists such as Primark.

    Fears of China’s retailers and manufacturers dumping goods in the UK have grown since the US in May revoked its own de minimis exception for Chinese-made goods, under which parcels with a value of less than $800 (£600) shipped to individuals had been exempt from import tax. It recently announced plans to scrap the tax break for items from all countries later this month.

    The EU said in February it would phase out its exemption on customs duties for low-value parcels.

    Founded by the entrepreneur Chris Xu, Shein is headquartered in Singapore and runs most of its operations from China but sells all its goods outside the country and has recently begun manufacturing in other countries including Turkey and Brazil.

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    The retailer, which has almost trebled the number of its UK employees to 91 in the past year, reached a valuation of $100bn in an April 2022 fundraising round, making it the third-most-valuable startup in the world.

    However, expectations of the valuation have been slashed in the past year amid changes to US import rules and concerns about conditions in its supply chain.

    The failure of Shein representatives to reassure a committee of UK MPs at a hearing earlier this year that its products did not include cotton produced in the Xinjiang region of China, which has been linked to forced Uyghur labour, prompted an MP to accuse one of “wilful ignorance”.

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  • WTTC Unveils First Wave of Heavyweight Speakers for Landmark 25th Global Summit in Rome

    WTTC Unveils First Wave of Heavyweight Speakers for Landmark 25th Global Summit in Rome

    The world’s biggest names in Travel & Tourism set to take to converge in the Eternal City

    London, UK: The World Travel & Tourism Council (WTTC) today revealed the first wave of headline speakers for its milestone 25th Global Summit in Rome, which includes a glittering line-up of some of the most influential figures shaping the future of the sector. 

    From the 28 – 30 September, the Eternal City will play host to a gathering of global business leaders from across business, government, and media, as the Global Summit returns to Europe in partnership with the Italian Ministry of Tourism, ENIT (the Italian national tourist board), the Municipality of Rome, and the Lazio Region.

    Taking place at the iconic Auditorium Parco della Musica, the event will set the stage for high-impact debates and bold commitments on the issues defining Travel & Tourism. 

    From the game-changing potential of AI to shaping the future of a sector that generates 10% of global GDP.

    The first confirmed speakers include:

    • Minor Hotel Group, Founder & Chairman, William E. Heinecke
    • Virtuoso, Founder & CEO, Matthew Upchurch
    • Trip.com Group, CEO, Jane Sun, CEO
    • TBO.Com, Co-Founder, Gaurav Bhatnagar
    • Diriyah Company, Group CEO, Jerry Inzerillo
    • MSC Cruises, Executive Chairman of Cruise, Pierfrancesco Vago
    • Arsenale Spa, CEO, Paolo Barletta
    • IC Bellagio, CEO – Sole Founder, Andrea Grisdale
    • The Bicester Collection, Chair & Global Chief Merchant, Desiree Bollier
    • Marriott International, CEO, Anthony Capuano
    • Visit California, President & CEO, Caroline Beteta
    • Google Inc, Head of Retail & Travel, EMEA Partnerships Solutions, Christie Travers-Smith 
    • InterContinental Hotels Group, Global CEO, Elie Maalouf
    • Amadeus, President: Travel, Decius Valmorbida Menezes
    • VFS Global, Founder, Founder & CEO, Zubin Karkaria

    Other speakers include:

    • Indian Hotels Company, CEO, Puneet Chhatwal
    • Microsoft, Global Managing Director – Travel, Transport & Hospitality Industry, Julie Shainock
    • OMRAN Group, CEO, Hashil Al Mahrouqi
    • Terme & Spa Italia, President & Owner, Massimo Caputi

     During the Global Summit, WTTC’s current Chair, Greg O’Hara, Founder and Senior Managing Director of Certares Management LLC (“Certares”) will pass the torch to Manfredi Lefebvre, Chairman of Heritage Group and co-chair of luxury travel company Abercrombie and Kent – one of the most recognised names in Travel & Tourism.

    Julia Simpson, WTTC President & CEO, said: “We’re thrilled to have such a distinguished group of speakers already confirmed for our Global Summit in Rome.

    “The Eternal City provides a perfect backdrop for a Summit where the world’s Travel & Tourism leaders will gather to innovate, collaborate, and drive a decade of exceptional, sustainable growth.”

    Minister of Tourism, Daniela Santanchè, who will also be addressing delegates at this year’s Global Summit said: “The names confirmed so far reaffirm the absolute prestige of the world’s largest tourism event: the WTTC Global Summit will be a historic moment that will offer enormous opportunities in favour of large investments in Italy, so much so that a special focus with Invitalia is dedicated precisely to this issue”.

    Greg O’Hara, Founder & Senior Managing Director, Certares, and WTTC Chair, added: “The WTTC Global Summit has evolved into the most influential gathering in Travel & Tourism, bringing together the people and ideas that shape our sector’s future. Rome will be a launchpad for the next decade of growth, innovation, and collaboration. 

    “I’m honoured to host my final Summit as Chair alongside such an extraordinary line-up of leaders, as we work together to ensure Travel & Tourism continues to drive prosperity and connect cultures around the world.”

    Manfredi Lefebvre, Executive Chairman of AKTG, Abercrombie & Kent and Crystal Cruises and WTTC Chair-Elect, added: “As we gather in the heart of Rome, we are reminded that the future of Travel & Tourism is not just about destinations, but about the connections we forge and the experiences we create together. This summit marks a pivotal moment for our industry; it is an opportunity to embrace innovation and resilience, ensuring that we not only thrive but also leave a lasting legacy for future generations.”

    More speakers and headline sessions will be announced in the coming weeks, with the programme set to tackle the most pressing challenges and exciting opportunities for a sector that generates millions of jobs, drives economic resilience, and connects communities across the globe.

    For updates, the latest agenda, and to register interest in attending, please visit WTTC.

    Download press release.

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  • Ethio Telecom and Huawei Complete North Africa’s First Live Deployment of GigaAAU FDD Tri-Band Massive MIMO

    Ethio Telecom and Huawei Complete North Africa’s First Live Deployment of GigaAAU FDD Tri-Band Massive MIMO

    [Addis Ababa, Ethiopia, August 15, 2025] Ethio Telecom and Huawei have made history in North Africa with the region’s first-ever deployment of a GigaAAU FDD tri-band Massive MIMO site. This groundbreaking solution significantly improves Ethio Telecom’s network both in terms of performance and user experience, and serves as a major catalyst for the region’s digital economy.

    Ethio Telecom’s GigaAAU FDD tri-band Massive MIMO site

    The operator’s live network statistics show that the solution is performing well. 4G traffic has grown by 70%, indicating the network is comfortably meeting increasing demands. Moreover, the average network speed perceived by users has gone up by an impressive 68%. The users now enjoy smooth video streaming, immersive online gaming, and fast file downloads, even during peak hours.

    Huawei’s GigaAAU FDD tri-band Massive MIMO solution supports 720W transmit power, the highest in the industry. It employs cutting-edge Real Wide Bandwidth and Compact Dipole technologies to integrate three bands (1.8 GHz, 2.1 GHz, and 2.6 GHz) into a single AAU, enabling one-time tri-band deployment without increasing antennas. To handle complex traffic and interference, the solution utilizes enhanced intelligent beam scheduling and intelligent beamforming to achieve dynamic beam movement with users and intelligent interference avoidance, boosting network speeds per user by 20% to 30%. The solution also features “0 bit 0 watt” energy saving, with off-peak power consumption near zero. So far, the solution has been tested and deployed live on more than 20 networks around the world, earning significant recognition from telecom operators.

    Ethio Telecom has been pressing ahead with digital transformation for years with the support of Huawei, all the while strengthening network competitiveness through innovation. On a previous successful deployment, both companies implemented North Africa’s first FDD BladeAAU solution to address network capacity challenges arising from limited antenna installation space. Now, with the commercial rollout of the GigaAAU FDD tri-band Massive MIMO site, the two-party collaboration continues to deliver impactful results, furthering Ethio Telecom’s digital journey and offering users enhanced digital services.

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  • A milestone in the transformation: Volkswagen delivers the 1.5 millionth all-electric ID. model

    A milestone in the transformation: Volkswagen delivers the 1.5 millionth all-electric ID. model

    “1.5 million ID. models delivered – this clearly shows that Volkswagen is a pioneer in the field of electromobility,” said Martin Sander, Board member for Sales, Marketing and After Sales. Almost exactly five years ago, in September 2020, the first electric vehicles from Volkswagen’s all-electric ID. family were delivered. Volkswagen now tops the registration statistics in the electric segment not only in Germany but also in Europe. “This confirms that our portfolio contains the vehicles our customers need. As a company, we are on the right path. Volkswagen remains a trailblazer in the ramp-up phase of electromobility,” Sander explained.

    In the company of Kai Grünitz, member of the Board of Management responsible for Technical Development, and Minister President Olaf Lies, Sander handed over the key to the anniversary vehicle to a customer from Vechta in Lower Saxony. “The ID.7 embodies the strength of Lower Saxony and is proof of the state’s ability to transform,” underlined Lies, whose official car during his tenure as Lower Saxony’s Minister for Economic Affairs was an ID.7 built in Emden.

    The plant in East Frisia is a prime example of Volkswagen’s transformation. In recent years, the Group has invested over one billion euros in converting it into an exclusively electric vehicle manufacturing facility. Aside from Zwickau and Gläserne Manufaktur Dresden, Emden is the only Volkswagen plant worldwide dedicated solely to electric vehicles. Further ID. models are rolling off the production lines in Hanover and Chattanooga (USA), as well as in Foshan, Changsha and Anting (all China).

    The ID. family has grown steadily since its launch in 2020, with the compact model ID.3 – Volkswagen’s first vehicle developed exclusively as an electric car – being followed a year later by the SUV ID.4 (2021) and its coupé version ID.5 plus the electric bus ID. Buzz. The most recent additions to the ID. family are the ID.7 and the ID.7 Tourer, which came out in 2024. The ID.7 Tourer was the electric vehicle with the highest number of registrations in Germany in the first half of 2025. “The entire Volkswagen team can take pride in these statistics,” Minister President Lies said.

    Board Member for Sales Martin Sander still believes there is a need for political action to accelerate the ramp-up of electromobility: “A clear message and specific government incentives are needed if we are to reduce skepticism among private buyers and boost demand in this group.” Currently, the vast majority of new electric vehicles are registered to commercial customers who receive other tax breaks.

    Volkswagen is pressing ahead with its electric mobility campaign by launching new ID. models: the production version of the compact ID. 2all costing under 25,000 euros will be launched in 2026, to be followed one year later by the production version of the ID. EVERY1, an entry-level model costing around 20,000 euros. Sander: “The goal is clear: Volkswagen wants to make electromobility accessible to everybody – affordable, reliable and sustainable.”

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  • White & Case advises Hyva on sale of global cranes business to Mutares

    White & Case advises Hyva on sale of global cranes business to Mutares

    Global law firm White & Case LLP has advised Hyva, a leading provider of transport solutions for commercial vehicles, and its parent JOST Werke SE (JOST), on the sale of Hyva’s global cranes business to private equity investor Mutares.

    Hyva’s cranes division designs, manufactures and services truck-mounted cranes, with manufacturing and assembly facilities in Italy, Brazil and China and a global network of sales and distribution offices and generates annual revenue of approximately €100 million.

    The divestment follows JOST’s earlier acquisition of Hyva and forms part of its strategy to focus on integrating Hyva’s core portfolio. The divestment is expected to close during the fourth quarter of 2025, subject to the implementation of the legal carve-out of the crane business in multiple jurisdictions and customary closing conditions.

    The White & Case team which advised on the transaction was led by partners Stefan Bressler (Frankfurt & Hamburg) and Thilo Diehl (Frankfurt) and included partners Thilo Wienke (Düsseldorf), Sebastian Stütze, Bodo Bender (both Frankfurt), Orion Berg (Paris) and Alan Bao (Beijing), local partners Mathias Bogusch and Alisa Preissler (both Frankfurt) and associates Fabian Mayer (Berlin), Maximilian Eichhorn, Enno Miedtank (both Hamburg) and Qianru Hong (Shanghai).

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  • China’s Ant Group says Bright Smart deal on track following report of delay

    China’s Ant Group says Bright Smart deal on track following report of delay

    BEIJING/HONG KONG (Reuters) -China’s Ant Group said relevant procedures regarding its acquisition of Bright Smart Securities & Commodities Group are moving forward as planned, in response to a report that said the deal may face higher regulatory scrutiny and could be delayed.

    Shares of Bright Smart dropped as much as 26.2% to HK$10.26 on Friday after the Wall Street Journal reported on Thursday that the deal could be delayed as more mainland Chinese regulators contemplate reviewing the proposal.

    Hong Kong-based Bright Smart also said in a filing on Friday that it had noticed media reports suggesting a possible delay of the acquisition and that the relevant procedures with regard to the deal with the relevant authorities were progressing as planned.

    Ant agreed to buy a 50.55% controlling stake in Bright Smart Securities for HK$2.81 billion ($359.37 million), according to a filing by the brokerage in April.

    Ant was founded by billionaire Jack Ma and is 33% controlled by Alibaba. It operates China’s ubiquitous mobile payments app Alipay.

    Chinese authorities pulled the plug on Ant’s $37 billion IPO in Shanghai and Hong Kong in 2020 and cracked down on Ma’s business empire soon after a speech in Shanghai in October that year accusing financial watchdogs of stifling innovation.

    That subsequently led to a forced restructuring of Ant and a nearly $1 billion fine by Chinese regulators. Ant is in the process of securing a financial holding company licence, which, once obtained, could facilitate the revival of its IPO goal.

    ($1 = 7.8192 Hong Kong dollars)

    (Reporting by Ziyi Tang, Ryan Woo and Donny Kwok)

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  • Perplexity AI Seeks $20B Valuation For Google Chrome Bid

    Perplexity AI Seeks $20B Valuation For Google Chrome Bid

    Perplexity AI, a developer of an AI-powered search engine, is preparing for a new funding round aimed at a $20 billion valuation, according to Business Insider. This capital could support the company’s recent $34.5 billion unsolicited bid to acquire the Google Chrome browser.

    This prospective valuation represents a $2 billion increase from Perplexity AI’s last valuation of $18 billion, which was established during its July 2025 fundraise. The company’s valuation has surged by 3,746% since January 2024, when it was valued at $520 million.

    The unsolicited $34.5 billion offer for Google Chrome was made as the browser remains central to an ongoing Google antitrust case. A US district court judge is expected to issue a ruling in the coming days, which could potentially mandate Google to divest the browser to mitigate its market dominance in web searching.

    Interest in acquiring Google Chrome extends beyond Perplexity AI. OpenAI, the developer of the AI model ChatGPT, has also reportedly expressed interest in purchasing the browser. Additionally, Apollo Global Management and Yahoo are potential contenders for acquiring Google Chrome.

    Perplexity AI has demonstrated substantial growth, achieving an annual recurring revenue of $80 million. The company currently serves 22 million monthly active users, according to data from DemandSage. Perplexity AI has already launched its own AI browser, named Comet.

    The competition in artificial intelligence is now extending into the web search market. OpenAI announced plans in July 2025 to release a web browser intended to challenge Google Chrome. Web browsers, including Chrome, have been targets for hackers. In October 2024, the Lazarus Group exploited a Chrome vulnerability via an NFT game. Preceding this, in June 2024, hackers leveraged a Chrome plugin to compromise Binance accounts.

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