World Business Report State of emergency in Panama
US banana giant Chiquita has laid off around 5,000 workers following a month-long strike as part of nationwide industrial action. Workers are protesting against new social security laws lowering pensions. In 2023, Panama exported $273m of bananas, making it the 13th largest exporter of bananas in the world. What do the layoffs mean for Panama and the wider banana industry?
In Africa, the Economic Community of West African States (ECOWAS) celebrates its 50th anniversary amid recent exits from prominent member states. David Harper looks at the latest market developments from Shein, Temu and Nissan.
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Reuters
an hour ago
- Reuters
LNG Canada produces first liquefied natural gas for export, sources say
HOUSTON, June 22 (Reuters) - The Shell-led (SHEL.L), opens new tab LNG Canada project has produced the first liquefied natural gas for export from its facility in Kitimat, British Columbia, two people familiar with the startup of the plant told Reuters on Sunday. "At 4 a.m. local time LNG Canada started producing its first LNG," one of the sources told Reuters. The facility is the first large-scale Canadian LNG project to begin production and also the first major facility in North America with direct access to the Pacific coast, significantly reducing sail time to Asian markets. When fully operational it will have a capacity to export 14 million metric tonnes per annum (mtpa), according to company statements. LNG Canada did not immediately respond to a request for comment. The super-chilled gas is being produced from the facility's Train 1, which has capacity of 5.6 mtpa, and the first LNG cargo is expected to be shipped by the beginning of July, the two sources said. Only a portion of the processing plant is operating, according to the two people. Train 1 has had difficulties with one of its lines and will only produce at half its capacity until the problem is solved, one of the sources said. LNG tanker Gaslog Glasgow is approaching LNG Canada's Kitimat port, according to LSEG ship tracking data. The vessel is expected to arrive on June 29 and will be loaded with LNG, the sources said. The LNG Canada project is a joint venture between Shell Plc (SHEL.L), opens new tab, Petronas ( opens new tab, PetroChina ( opens new tab, Mitsubishi Corporation (8058.T), opens new tab and Kogas ( opens new tab. Once the facility enters service, Canadian gas exports to the U.S. will likely decline, traders said, as Canadian energy firms will have another outlet for their fuel. For now, the U.S. is the only outlet for Canadian gas. Canada exported about 8.6 billion cubic feet per day of gas via pipelines to the U.S. in 2024, up from 8.0 bcfd in 2023 and an average of 7.5 bcfd over the prior five years (2018-2022), according to data from the U.S. Energy Information Administration. That compares with a record 10.4 bcfd in 2002.
BBC News
4 hours ago
- BBC News
Hopes ahead of ECOWAS 67th meeting, end of Tinubu tenure as Chairman
President Bola Ahmed Tinubu go host di 67th ordinary session of di Economic Community of West African States in Abuja. Delegates from member states Ecowas begin land for di Banquet hall of di state house, for di meeting on Sunday. Dis meeting dey happun six months afta di one wey happun for December 2024 and e go also mark di end of Tinubu two-year tenure as Chairman of ECOWAS. Na during di last meeting di bodi bin approve di exit of Mali, Burkina Faso, and Niger from di regional bloc. Nigeria ministry of Foreign Affairs bin announce say di summit aim na to deepen regional economic integration, address security challenges, and advance economic cooperation across ECOWAS member states. Dis 67th Ecowas summit go bring togeda West African leaders to discuss pressing issues, including democratic governance, regional stability, and ongoing efforts to reintegrate Sahelian states wey bin commot di bloc. Meanwhile, di West Africa Economic Summit (WAES), wey President Tinubu bin hold bifor di 67th ECOWAS summit focus on how to boost trade and investment cooperation across West Africa. Di programme see attendance from different West African leaders, including di Presidents of Ghana, Liberia, Sierra Leone, Senegal, The Gambia, Benin, Togo, and Guinea-Bissau. WAES dey aim to get ogbonge outcomes and deliverables wey go help fast-track West Africa integration agenda, wey dey key for regional peace, security, and prosperity. President Tinubu bin dey re-elected on 7 July, 2024, for a second term aft aim first tenure wey wey bin strat for 9 July, 2023. Military takeovers in West Africa and ECOWAS main challenge "Di recent wave of instability and military takeovers in our region no be just security concern—na economic emergency. We must defend democracy as a prerequisite for prosperity", dat na statement from Ghana president John Mahama during di West Africa Economic Summit for Abuja. Di president wey tok through Ghana finance minister during di WAES on Saturday, say economic integration and trade no fit thrive for atmosphere wey political instability dey. Mahama describe di recent wave of military coups in West Africa as no be just a threat to democracy but "economic emergency" wey undermine di region growth prospects. "Trade no fit flourish wia democracy dey retreat. Investment no dey land wia governance dey broken. "Let West African leaders recommit to constitutional order—no be as abstract ideal, but as a practical requirement for growth. We no fit unlock trade while our region dey locked in conflict," di president tok.
Scottish Sun
18 hours ago
- Scottish Sun
Watch moment iconic car maker enters space race after successfully launching reusable rocket
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THIS is the spectacular moment one of the world's largest car manufacturers successfully launched a reusable rocket. Sign up for Scottish Sun newsletter Sign up Honda R&D - the research and development arm of Honda Motor - landed a rocket for the first time on Tuesday - after it reached an altitude of nearly 1,000 feet. 4 The moment Honda's experimental reusable rocket launches Credit: Honda 4 The rocket's ascent Credit: Honda 4 The rocket touches down after nearly a minute in the air Credit: Honda The experimental reusable rocket reached an altitude of 890 feet during its test flight - staying aloft for 56.6 seconds. It landed just 14.6 inches from its target touchdown point at the carmaker's test facility in northern Japan, according to Honda. Weighing in at 2,890 pounds when fully fuelled (1,984 pounds dry), the rocket is 20.7 feet tall and measured 2.8 feet in diameter. Honda's rocket has become the first prototype rocket outside the US and China to pull off a flight like this. The company said the launch and landing test demonstrated "key technologies essential for rocket reusability, such as flight stability during ascent and descent, as well as landing capability". The Japanese car manufacturer first revealed in 2021 that it had been working on a rocket engine for at least two years. After six years of development, this successful test marked a major step in Honda's push into space innovation. But Honda is not alone in the race beyond Earth. Other car makers like Geely, GM, Hyundai-Kia, Toyota and Venturi are partnering with space tech companies. Unlike Honda and Venturi that have developed rockets or space vehicles, Toyota has been involved more in robotics and space exploration tech. Vid shows supersonic test launch in bid for 1hr cross-Atlantic flights in 5yrs Geely, GM and Hyundai-Kia are partnering with aerospace firms or investing in space tech startups - rather than independently developing rockets yet. It comes after talk of a merger between car rivals Nissan and Honda collapsed in February. But the door to collaboration remains wide open. Nissan's CEO Ivan Espinosa said in March that the company is "very open" to partnerships. The company's chief performance officer, Guillaume Cartier, said Nissan had "never stopped" talking with its Japanese rival, confirming that the two continue working towards a potential partnership. Espinosa, who officially took over on April 1, said his company faces up to five simultaneous crises - including a damaged brand, low morale and the execution of a sweeping turnaround. Speaking at a company event, he said: "The way we are seeing partners is broadly, not only thinking about cars but how to push Nissan into the next era of technology." Toshihiro Mibe has been the CEO of Honda Motor Co. since 2021.
