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Baker Hughes, an energy technology provider, has entered into a framework agreement with NextDecade, a liquefied natural gas (LNG) company, to supply gas turbine and refrigerant compressor technology for trains four through eight of the Rio Grande LNG facility in Texas, US. As part of the agreement, Baker Hughes will also deliver maintenance services for these equipment packages. The Rio Grande LNG facility is being developed on a 984-acre site in Brownsville, Texas. It will produce low-carbon intensive LNG and is considered to be the largest privately funded infrastructure project in Texas. NextDecade is advancing the commercialisation of Rio Grande…

(Bloomberg) — Supply Lines is a daily newsletter that tracks global trade. Sign up here. Most Read from Bloomberg President Donald Trump downplayed a sharp market selloff spurred by worries that his tariff agenda will drag the world’s largest economy into a downturn, saying he did not foresee the US going into a recession. “I don’t see it at all. I think this country’s going to boom,” Trump said Tuesday at the White House. Trump added that markets “are going to go up and they’re going to go down. But you know what, we have to rebuild our country.” Trump’s…

Fast-food giant McDonald’s has named Jill McDonald as its first chief restaurant experience officer as part of a reshuffle in its executive team. Currently leading McDonald’s international division, comprising Europe, Canada and Australia, Jill McDonald will oversee operations, supply chain, franchising, development, design, delivery and the company’s innovation lab. Her team will include executives managing McDonald’s global beef, chicken and beverage businesses. The burger giant is revamping its operations and development teams to expedite the introduction of new menu items and technology. McDonald’s CEO Chris Kempczinski was quoted by the Wall Street Journal: “Recent efforts to develop new sandwiches, including…

Direct Line’s (DLG.L) boss landed a bumper payday in 2024 despite spiralling prices for customers and hundreds of job cuts, as he oversaw a sale of the company to insurance giant Aviva (AV.L). Adam Winslow was given a £7.8 million pay package for last year as the company prepared for the takeover. The executive joined struggling Direct Line in March 2024, having previously worked as Aviva’s UK and Ireland boss. By the end of the year, the blockbuster £3.7 billion takeover by his old firm had been agreed, which will also see Aviva take over the Churchill and Green Flag…

(Bloomberg) — The Bank of Canada is likely to cut interest rates for a seventh straight meeting on Wednesday as the country braces for a trade war that will plunge the economy into recession unless there’s a swift resolution. Most Read from Bloomberg Economists and markets expect policymakers led by Governor Tiff Macklem to cut the policy interest rate to 2.75%, the lowest level since September 2022. The uncertainty posed by US President Donald Trump’s tariff barrage will likely compel the central bank to keep cutting in order to stem economic damage. Without the trade war, a stronger-than-expected rebound in…

Nordic construction company Peab has secured a Skr280m ($27.6m) contract to build new test facilities and offices for BAE Systems Hägglunds in Örnsköldsvik, Sweden. This construction contract highlights the ongoing expansion of BAE Systems Hägglunds, a defence industry company with a 100-year connection in the municipality. The contract includes additional options for call-offs amounting to Skr330m. The partnership between Peab and BAE Systems Hägglunds commenced with a first-phase agreement, focusing on project optimisation, quality assurance, and risk management. The second phase is now underway, with a contract being finalised for construction. The project will be a turnkey contract in partnership…

US-based Arevon Energy, a renewable energy developer, has secured a financial close of $509m for the 430MWdc [megawatts defined conditions] Kelso 1 and 2 Solar projects located in Scott County, Missouri. The $509m funding for Kelso 1 & 2 consists of a $245m bridge loan, a $172m construction loan and $92m in credit assistance. The Canadian Imperial Bank of Commerce acted as administrative agent, left lead arranger and bookrunner. The deal marks Arevon’s eighth project financing since October 2023, bringing the total funding secured to more than $3.7bn. The Kelso Solar projects are two-phase solar facilities developed by Arevon, which…

Beata Zawrzel / NurPhoto via Getty Images Shares of firms with ties to cryptocurrencies fell along with the price of digital assets on the latest moves by President Donald Trump. The crypto market was impacted by Trump’s decision to set up a federal bitcoin strategic reserve without planning to buy more. Comments by Federal Reserve Chair Jerome Powell that the central bank would take a wait-and-see approach to future interest-rate cuts while weighing the impact of Trump’s tariffs also were affecting cryptocurrencies. Shares of Strategy (MSTR) and other companies tied to cryptocurrencies sank along with the price of digital coins…

FPT, an IT services provider, has partnered with Pertamina, Indonesia’s state-owned oil and natural gas corporation, to implement advanced AI technology aimed at optimising asset inspection and maintenance. The collaboration was formalised during the state visit of Vietnam’s Communist Party General Secretary H.E. To Lam to Indonesia. Under the agreement, FPT will leverage its AI expertise to enhance asset reliability and workplace safety within Pertamina’s operations. The initiative will deploy AI solutions developed by FPT and Pertamina Marine Engineering on offshore platforms operated by Pertamina Hulu Energi Offshore Southeast Sumatra. These solutions will utilise drone-collected data to detect anomalies, leaks…

(Bloomberg) — The selloff in US equities accelerated Monday, with major averages tumbling to their worst day this year, as investors braced for a slowdown in the Amerian economy. Most Read from Bloomberg The tech-heavy Nasdaq 100 Index plunged 3.8% for its worst day since October 2022. The S&P 500 Index sank 2.7%, teetering closer to a correction after sliding 8.6% from its Feb. 19 peak. The broader index closed below its 200-day moving average for the first time since November 2023, snapping a streak of 336 sessions above the closely watched threshhold. Its fall of 5% from its high…