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Diana, which owns a roughly 14.8% stake in Genco, had offered to buy the company for $20.60 a share in cash

Diana Shipping DSX -0.54%decrease; red down pointing triangle said its offer to acquire Genco Shipping & Trading GNK 1.17%increase; green up pointing triangle was rejected by Genco’s board without engaging with the bidder.

Diana, which owns a roughly 14.8% stake in Genco, had offered on Nov. 24 to buy the company for $20.60 a share in cash, representing a 15% premium to Genco’s closing price on Nov. 21.

The offer “was flatly rejected by the Genco Board without any engagement with Diana,” the company said Tuesday. “Despite taking more than six weeks to respond to Diana’s attractive offer, the Board refused to enter into any discussions, raise any specific questions or seek any clarification with Diana on the proposal.”

Genco confirmed the board’s rejection, saying Diana’s indicative proposal was significantly lower than Genco’s net asset value. It added that the purchase price was well below the stock’s 10-year high of $26.93.

Genco said its board believes there are significant execution risks, including Diana’s balance sheet and its high leverage profile, as well as the absence of committed financing.

“Given the substantial borrowing and leverage required to complete the transaction, our board sees significant uncertainty in Diana’s proposal or any similar proposal,” Genco said.

Diana’s bid is backed by up to $1.1 billion in financing from DNB Bank and Nordea Bank.

In response to the offer, Genco suggested that it might acquire Diana, but didn’t provide any financial details for a potential bid, including a price or premium, Diana said.

Genco said it had sought to engage with Diana, both directly and through advisers, to explore an alternative transaction under which Genco would acquire Diana.

“Our board believes its proposed transaction structure could create value for Diana and Genco shareholders,” Genco said.

Diana said Genco’s counteroffer showed that the company recognized “the benefits of dry bulk industry consolidation,” but said it was “merely a tactic that serves no purpose other than to dismiss and detract from Diana’s attractive offer.”

Diana Chief Executive Officer Semiramis Paliou said the company was disappointed by Genco’s response but said Diana would welcome a dialogue about the acquisition offer.

Diana said its board was considering all options to advance its offer.

Boeing beats Airbus order numbers for the first time this decade

Demand from countries rushing to buy US aircraft to curry favour with Trump administration boosts aviation group

Boeing secured more orders than its European rival Airbus last year for the first time this decade as countries rushed to buy US aircraft to curry favour with the Trump administration.

The US aviation group, which was also boosted by progress in its 737 Max jet programme, said on Tuesday that it booked 1,075 gross orders in 2025 after cancellations and conversions, compared with 1,000 orders reported by Airbus on Monday. Its official backlog increased from 6,019 at the end of November to 6,130 at the end of December.

Boeing also reported that it delivered 600 commercial aircraft last year, its highest annual total since 2018. Airbus delivered 793 planes in 2025, narrowly beating a reduced target announced in December.

Since 2018, Boeing has been dogged by the fallout from two deadly crashes in Indonesia and Ethiopia involving the 737 Max, its flagship single-aisle aircraft, as well as an incident in January 2024 when a door plug on an Alaska Airlines 737 Max jet blew out in mid-air.

Kelly Ortberg, who took over as chief executive in August 2024, has since shored up the company’s finances, improved industrial relations and stabilised production of the 737 Max.

In September last year, the US Federal Aviation Administration signalled its growing confidence in Boeing’s manufacturing and safety procedures by allowing it to issue its own airworthiness certificates for 737 Max and 787 Dreamliner jets for the first time since 2019 and 2022, respectively. The following month, the FAA raised a production cap it had imposed on the 737 Max programme from 38 to 42 jets a month.

Last month, Boeing announced it had completed its long-awaited $4.7bn takeover of Spirit AeroSystems, a crucial supplier that built the door panel that blew out of the Alaska Airlines 737 Max.

In a memo to employees last week, Ortberg noted the company’s progress but also cautioned more needed to be done, saying “we still have important work ahead of us — perhaps even more than what we accomplished last year”.

Shares in the company were up 2.7 per cent on Tuesday. The stock is up nearly 45 per cent in the last year as investors have bought into the turnaround.

Boeing’s December order numbers were also boosted by Alaska Airlines placing its largest-ever order for 105 Boeing 737s and five 787s, in a move heralded by transportation secretary Sean Duffy last week as evidence that “American manufacturing is back”.

The group also saw demand from countries — often under the threat of steep US tariffs — seeking to ingratiate themselves with the Trump administration by placing record orders for American aircraft.

In May last year, Qatar Airways said it was ordering up to 210 wide-body planes from Boeing, including 130 787 Dreamliners and 30 777X aircraft, in a $96bn deal signed during a visit by Trump to Qatar.

Japan agreed to buy 100 Boeing aircraft as part of a trade deal with the US announced in July, while Korean Air announced it was placing a record order for 103 Boeing passenger jets hours after South Korean President Lee Jae Myung met Trump for trade talks at the White House in August.

Christian Scherer, outgoing chief executive of Airbus Commercial Aircraft, told reporters on Monday it was “undeniable” that Boeing had benefited from “political backing”.

Reeves to unveil £45bn railway upgrade in northern England

But chancellor only committing to ‘planning, development and design work’ worth £1.1bn during current parliament

The UK chancellor is to promise that up to £45bn will be spent on a “transformative” upgrade of northern England’s rail system over the next two decades, with the government claiming it will turbo-charge the region’s economy.

Rachel Reeves will announce on Wednesday the construction of lines, stations and electrified routes as part of Northern Powerhouse Rail, as well as an ambition to build a new connection between Birmingham and Manchester to replace the axed northern leg of HS2.

However, during the current parliament — expected to end in 2029 — the chancellor is only committing £1.1bn towards “planning, development and design work”.

Reeves, the MP for Leeds West and Pudsey, said the government was “reversing years of chronic under-investment in the north”.

“Our transformative plans will create jobs, build homes and unlock opportunities for businesses to invest,” she added.

The plans are a revival of a new rail network first promised by her Conservative predecessor George Osborne more than 10 years ago.

Labour’s version of NPR would begin with electrification schemes in Yorkshire between Sheffield, Leeds and York, as well as a new station in Bradford.

Those would be followed by a new line between Liverpool and Manchester, before further upgrades across the rest of the region.

In addition to NPR, Reeves will set out an intention for a new line between Birmingham and Manchester to replace the axed north-west leg of HS2, although construction would not begin until the mid-2040s.

That route would not be built until after NPR was complete and is unlikely to be to the same specification as the original HS2. However, no government land will be sold off along the route, according to Whitehall officials.

The government has provided no clear delivery timescales on any of the phases, with only the first one likely to begin during this parliament.

People familiar with the plans said the overall contribution from central government of £45bn over 20 years was being presented as a “cap” to avoid concerns about cost overruns that have dogged British infrastructure projects. 

In addition, some local leaders will be asked to contribute further billions towards the schemes, either by raiding their own funds or by borrowing against future projected revenues from higher business rates.

Reeves had repeatedly delayed announcing Labour’s version of NPR since last June as Treasury officials wrangled over costs and northern mayors lobbied for their priorities.

Yorkshire’s leaders last year proposed quicker upgrades, such as electrifying the line between Leeds and Sheffield, which will now form the first phase of the scheme.

The new line between Manchester and Liverpool, while being a top priority for the cities’ mayors, is both more expensive and more complicated.

Manchester in particular had proved a sticking point, with the government nervous that the city region’s mayor, Andy Burnham — a potential leadership rival to Prime Minister Keir Starmer — could derail Wednesday’s announcement at the eleventh hour.

Local leaders had long insisted on an underground station at Manchester Piccadilly for NPR in order to avoid losing prime development land but had struggled to get government agreement.

On Monday they agreed to provide a local contribution towards the difference between an underground or surface design — potentially into the billions of pounds — after the Treasury agreed to allow them a degree of fiscal devolution, potentially involving the retention of business rates.

In the final phase of the plan, a new line may be built from Manchester to the edge of West Yorkshire, but officials said this had not yet been decided.

Manchester airport, which will be on the Manchester-to-Liverpool route and will eventually have a new station as part of the scheme, welcomed the announcement.

Chief executive Ken O’Toole said the plan was “long overdue”, adding that he looked forward to its delivery “at the earliest possible opportunity”.

Netflix preparing all-cash offer for Warner Bros to fend off Paramount

Streaming service could convert terms for celebrated studio as Ellison-led rival appeals directly to shareholders

Netflix is preparing to amend the terms of its nearly $83bn deal to buy Warner Bros Discovery to make it an all-cash offer, in order to fend off Paramount’s hostile bid and speed up the acquisition’s closure.

Revising the terms of the deal is aimed at offering WBD shareholders a quicker and simpler transaction, people familiar with the matter said. The refreshed deal is still under discussion and plans could change, the people warned.

Shares in WBD rose 1.6 per cent on Tuesday after Bloomberg News reported that Netflix could revise the deal terms, suggesting the move was favoured by WBD’s investors. Representatives for Netflix and Warner did not respond to requests for comment. Paramount declined to comment.

Netflix’s original deal, which was agreed in early December, valued WBD’s studio and streaming assets at $27.75 a share, or an enterprise value of $82.7bn, of which $4.50 would be paid in Netflix’s stock.

Almost immediately after Netflix struck its deal, Paramount took its $108bn bid for the entirety of WBD, including its cable television division behind CNN, directly to shareholders and has managed to win some support on the merits of WBD returning to the negotiating table.

Pentwater Capital Management, WBD’s seventh-largest shareholder, threatened to vote down the Netflix deal last week if WBD failed to re-engage with Paramount if it sweetens its bid.

Paramount offered to buy the whole of WBD for $30 a share in cash. The media group, run by David Ellison, on Monday threatened to launch a proxy fight to overhaul WBD’s board and sued the company to force it to disclose financial information behind its decision to opt for Netflix’s deal.

As part of its lawsuit, Paramount said it wanted greater transparency about WBD’s valuation of its cable TV division, known as Global Networks, which will be spun off as part of the Netflix deal, and how the deal shifted debt between the divisions.

Since Netflix’s pursuit of WBD was made public in October, the streaming giant has lost more than a quarter of its value. Netflix’s shares jumped slightly on the news on Tuesday, closing up 1 per cent.

Exports soar as world’s second-largest economy shakes off Trump tariff threat

China has reported a record full-year trade surplus of $1.2tn for 2025, as exports soared despite US President Donald Trump’s trade war.

Exports in goods grew 6.6 per cent in dollar terms in December on a year earlier, according to official data released on Wednesday by the customs administration. That was more than double the average forecast from a Bloomberg poll of analysts of 3.1 per cent and greater than November’s growth rate of 5.9 per cent.

China’s imports rose 5.7 per cent in dollars last month on a year earlier, also far outpacing analyst expectations of 0.9 per cent growth and the previous month’s figure of 1.9 per cent.

The full-year trade surplus exceeded $1tn for the first time, beating last year’s figure of $993bn, as Chinese exporters diverted production away from the US market to other destinations, principally in the EU and south-east Asia.

The December figures also capped a blockbuster year for China’s factories, which captured a growing share of the global market for manufactured goods.

Trump this year threatened tariffs as high as 145 per cent on Chinese goods. Beijing countered with its own levies and imposed restrictions on exports of rare earths — critical minerals needed for global manufacturing — that led the two sides to agree a one-year truce in their trade war at a summit in South Korea in October.

“China’s staggering trade surplus is simultaneously a symbol of its exporting prowess and the weaknesses in its growth model,” said Eswar Prasad, professor of economics at Cornell University.

“The economy’s reliance on exports rather than domestic demand to power growth is a bad omen both for China and the world economy.”