Latest News
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Uber board accused of cutting corners in compliance leading to sexual harassment lawsuits
Shareholders sued the board of Uber Technologies 'on Monday, accusing management and directors of allowing the ride-sharing firm to cut corners in compliance matters. This led to thousands of lawsuits by victims of sexual harassment and assault. Shareholders led by a Detroit pension fund filed a lawsuit in federal court in San Francisco alleging that board members ignored repeated internal and external warnings regarding Uber's alleged failure?to?address sex abuse by drivers?aswell as violations of the federal disability law. Uber's reputation was "irredeemably" damaged, according to the lawsuit. The board of directors were informed that less than 40% users believed?the company took safety seriously. The complaint said that Uber is a "serial offender" when it comes to compliance. The derivative lawsuit seeks to??order directors to reimburse Uber as a result of their alleged breach of fiduciary duty and violation of federal securities laws. Dara Khosrowshahi, the chief executive of Uber, is one of the defendants. Uber did not immediately respond to a request for comment. Reporting by Jonathan Stempel, New York; Editing and proofreading by Mark Porter and Bill Berkrot
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There are some flights to the Middle East that have resumed but there is still disruption.
Some airlines have resumed flights to certain parts of the Middle East, as diplomatic efforts intensify to resolve the conflict that erupted after U.S. and Israeli strikes on Iran. However, many carriers continue to suspend flights, causing global travel disruptions. The following is a list of the current status of flights by alphabetical order. AEGEAN AIRLINES The largest Greek airline has cancelled flights between?Thessaloniki and Tel Aviv up until June 26. Flights to Dubai and Erbil are cancelled until September 30, and flights from?Baghdad and?Baghdad?until August 31. AIRBALTIC AirBaltic, a Latvian airline, has canceled flights to Tel Aviv and Dubai until the 28th of June. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June. Air France-KLM Air France suspends its Tel Aviv, Beirut and Dubai flights until July 5, and until June 30, respectively. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 9. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai and Riyadh?until August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18. The airline plans to resume New York JFK to Tel Aviv flights on September 6 while Boston-Tel Aviv, which was scheduled to launch in late October, will now be delayed. FINNAIR Finnair has cancelled all flights to Doha until October 2 while continuing to avoid airspace in Iraq, Iran Syria and Israel. The airline will resume its Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the return of its flights to Doha until 1 August and to Riyadh till 8 August. Flights from Amman, Bahrain, Amman, Dubai, Tel Aviv and Dubai are suspended until the end of summer. They are expected to resume on October 25. When it resumes, the airline plans to reduce its services to Dubai and Doha to just one flight per day, while dropping Jeddah from its list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 31, and Doha-Tokyo until September 1. Polish Airlines has cancelled all flights to Riyadh and Beirut until 30 June. LOT will begin operating its winter route from Dubai in October. LUFTHANSA GROUP Lufthansa has announced that it will resume Tel Aviv flights as soon as July 1. ITA Airways also confirmed they would resume Tel Aviv flights as of July 1. SWISS delayed the return of flights to August, and Brussels Airlines suspended their operations until October 24. The suspension of Dubai flights by Lufthansa SWISS and ITA Airways continues until September 13th. Lufthansa has suspended all flights to Abu Dhabi and Amman until 24 October. Eurowings, a low-cost carrier, has suspended flights from Tel Aviv to Beirut and Erbil until July 9; to Dubai, Abu Dhabi, and Amman until Oct 24. ITA Airways also extended its suspension of flights to Riyadh through July 31. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier has delayed its planned launch of Tel Aviv and Beirut indefinitely and no new dates have been determined. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines In response to a?higher level of demand, the carrier has extended the suspension of its Singapore-Dubai flights until August 2. It also added services on Singapore-London Gatwick as well as?Singapore -Melbourne from late March through October 24. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights to Dubai, Bahrain, Beirut, and Erbil, until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, Boleslaw LaSocki). Matt Scuffham and Alexander Smith edited by Susan Fenton, Milla Nissi-Prussak Jonathan Ananda Joe Bavier, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heaven, Bernadette Hogg, Romolo Tosiani.
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Heatwave to spread across the UK, breaking June records
The temperatures in Britain will likely 'break records for June this week. This prompted authorities to issue a rare heat alert, as the 'heatwave that has been sweeping across western Europe is spreading northwards. The country's forecaster stated on Monday that the mercury could reach 39 degrees Celsius (102.2 degree Fahrenheit) in the middle of this week. This would be part of a 4-day heatwave, which will easily surpass the record set for June at 35.6 C, back in 1957, and then matched again?in 1976. Met stated that the heatwave could cause temperatures to rise above 39 C at some locations. The highest temperature recorded in Britain was 40.3 C, and it occurred in July 2022. The heatwave in June follows a record breaking May when the country's hottest day of the month reached 35.1 C. The UK Health Security Agency issued its second heat-health alert, following a similar one in 2022. It warned that even healthy people could be at risk of death, and urged the elderly to exercise extra caution. Met Office stated in a statement released on Monday that humidity is a factor which makes this heatwave more dangerous. Heat stress will be a problem for everyone. Heat alerts were issued for parts of northern Spain and France due to high temperatures. In France, three elderly people died as a result of high temperatures. In England and Wales, hospitals, schools and train stations will be prepared for the impact of extreme heat. In the past, people were advised to stay home rather than travel and some schools closed early. The temperature in Britain is expected to drop to 32 C on Friday. (Reporting and editing by William James; Sarah Young)
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Russian attacks continue but Ukraine grain rates are lower, says ASAP Agri consultancy
The grain freight rates in Ukraine are down despite the 'ongoing Russian attacks' on Black Sea ports, ASAP Agri said on Monday. They cited a seasonal decline in cargo flow. Last week, officials and industry executives told? Last week, industry executives and officials told? The Ukrainian Navy said Monday that a Russian drone?hit a Turkish dry cargo vessel, causing an extensive fire on board. Ukraine is a major grain exporter in the world, and its Black Sea port handles more than 90% of its exports. ASAP Agri stated that as Ukraine closes its 2025/26 summer-july export season, the historically low cargo flow at this time makes it difficult for shipowners to increase freight rates. It said that "Shipowners have been trying to get the market going and are proposing higher freight rates ahead of the grain season." Charterers still have the upper hand, however, because of the availability of tonnage in the Black Sea and the sharp decline in bunker costs, and can negotiate rates that are close to their expectations, it said. ASAP Agri reported that freight charges for grain shipments from Ukraine have decreased by approximately $1 per metric tonne in both the Coaster segment and Handysize segment. According to the Ukrainian Economy Ministry, the country has?exported 36 million tons of grains so far this year compared with 40 millions at the same time last season. Ukraine has already begun the new grain harvest for 2026. Officials have stated that it can export around 43 million tons of different grains during the new season 2026/27. (Reporting and editing by Tomaszjanowski)
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Freeport LNG, Texas will take in more natgas after the train was shut down on Friday.
Freeport LNG’s export -plant in Texas is on track to 'take in more natural... gas on Sunday and on Monday 'after one of...its three liquefaction _trains _shut down on. Friday. According to a report from the company and data provided by financial firm LSEG. Freeport's liquefied gas export plant is closely watched by the global market because its shutdown and restart has caused huge price swings. U.S. Gas prices typically drop when Freeport shuts down because demand for fuel at the plant decreases. However, prices rise when the liquefaction train restarts in Freeport as the demand for fuel increases. This is what happened on Monday, with U.S. Gas Futures trading around 2% higher than their previous two-week highs due to a rising LNG intake. Freeport officials were not available to comment immediately. Freeport informed Texas environmental regulators on Saturday that the liquefaction train 2 had been shut down due to a problem with a system of compressors. LSEG data revealed that gas flows into Freeport would remain at 1.9 bcfd Monday, just as they were on Sunday. This is after dropping down to 1.3 bcfd Friday and Saturday. This compares to an average of 1.8 bcfd over the previous seven days. Three liquefaction plants at Freeport are capable of converting?2.4 billion cubic feet per day of gas into LNG. A billion cubic feet of natural gas can supply 5 million U.S. households for one day. (Reporting and editing by Louise Heavens, Scott DiSavino)
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Heatwave in the UK breaks June records
The temperatures in Britain will likely break records for the month of June this week. Authorities have issued a rare "extreme heat" warning as a heatwave that has been sweeping across western Europe moved northwards along the English Channel. The weather forecaster in the country said that the mercury could reach '39 degrees Celsius (102.2 Fahrenheit) in the middle of this week. This is part of a 4-day heatwave, which will easily surpass the record set in June 1957 at 35.6 C and then matched in 1976. Met stated that the heatwave could cause temperatures to rise above 39 degrees in certain places. The highest temperature recorded in Britain is 40.3 C in July 2022. The heatwave in June follows a record breaking May when the country's hottest day of the month reached 35.1 C. The UK Health Security Agency issued its only'second heat-health alert' since the first one in 2022. It warned that even healthy people could be at risk of death and urged the elderly to exercise extra caution. The?Met Office stated in a statement released on Monday that humidity is a factor making the heatwave more dangerous. Heat stress will be a threat to everyone. Heat alerts were issued for parts of northern Spain and parts of France due to temperatures expected to reach?42 C. In England and Wales, hospitals, schools and train stations will be prepared for the impact of extreme heat. In the past, people were advised to stay at home and avoid travelling. Some schools also closed early during heatwaves. The temperature in Britain is expected to drop to 32 C on Friday. (Reporting and editing by William James; Sarah Young)
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Former Spanish transport minister sentenced to 24-years for corruption
The Spanish Supreme Court sentenced Jose Luis Abalos, former Transport Minister to a total of?24?years for corruption. This is the first in a string of scandals that have affected the ruling Socialist Party. Abalos has been convicted for crimes such as criminal organisation, bribery and embezzlement, in addition to 'influence peddling', all of which were linked to the rigging public contracts, including face masks, during the COVID-19 Pandemic. Koldo Garca, his aide, was sentenced 19 years in prison. Victor de Aldama, a businessman, received a?four-and-ahalf-year prison sentence. However, the court suspended it in recognition of the fact that he had helped uncover the scheme. The condition was that he not commit a re-offence, submit biannual activity reports, and complete one year of community service. The trial is one of many graft cases that involve the entourage?of?Prime Minster Pedro Sanchez. He was one of Europe's few remaining leftist leaders who took power in 2008 by ousting the corrupt centre-right government on the promise to clean up politics. Sanchez is being criticized by his allies but has not been named as a suspect in any of these cases. He says that the cases are part of an effort to remove him.
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The Ukrainian Economy Ministry proposes a 30% increase in rail freight rates
The Ukrainian economy ministry has proposed to increase state railway 'Ukrzaliznytsia ''s freight rates by 30% starting August '1'' in order to stabilize the company's finances. However, steelmakers and farmers have warned that this may make them less competitive. Rail remains an important part of Ukraine’s logistics network. It carries both freight and passengers. The government is under pressure to increase its cash flow as it tries to restructure debt. Ukrzaliznytsia's CEO Oleksandr Ptsovskyi said this month that his firm must?increase its tariffs this year by at least 45 percent to restore its finances. In a weekend note, the economy ministry stated that the proposed increase of 30% is expected to generate more revenue for Ukrzaliznytsia and to increase the financial capacity of the company to partially cover its funding shortfall by 2026. The Ministry will consult with the industry, but it has?the right to implement an increase on its own. The company described the tariff increase of 30% as a "compromise", however, steelmakers and agricultural producers were against the rise in freight rates. They said it could reduce their competitiveness on foreign markets. Pertsovskyi stated that an increase of 45% in tariffs would cover approximately half of the projected cash shortage for the company, which is $587 million. In the note, the ministry did not indicate whether additional tariff increases would be possible to reach "the 45% level". Ukrzaliznytsia stated that a decision regarding a future tariff increase starting January 1, "will be taken separately." Even with a higher rate, it's not enough Rail company says that the increase in tariffs alone would not be enough to stabilize its finances. However, if it is approved, it will allow it to resume support from international financial institutions and introduce additional optimisation measures. Ukrzaliznytsia said that the new tariffs will only increase the transport costs by a small amount - $3.2 per metric tonne?of ore, and $3.6 per tonne of grain when transported along the full route of up to 466 miles (750 km). The planned tariff increases were opposed by major shippers, who claimed that the increase could threaten 300,000 steel industry jobs and lead to the closing of key companies. The agriculture and metallurgical sectors in Ukraine, among others, say that the rate increase would be a major competitive disadvantage to Ukrainian exporters, at a time when the country is desperately trying to maintain industrial output, exports and jobs, as well as foreign currency revenue. (Reporting and editing by Thomas Derpinghaus and Alexandra Hudson.
Exxaro, a South African company, is working on cheaper rail transport to move more manganese.
Exxaro Resources, a South African miner, said Monday that it wants to 'transport more manganese by rail instead of road in order to reduce costs and improve efficiency at its newly-acquired assets.
Exxaro CEO Ben Magara stated that the company, along with its competitors, were working together with Transnet, a state-owned firm in freight transport, to increase freight capacity. Transnet is opening up parts of its network for private investment.
Exxaro reported that hauling manganese via road costs?37% higher than rail. Exxaro said that logistics costs accounted for 43% for the free-onboard costs of?the bulk minerals.
Johan Meyer, Exxaro's head of metals, told analysts that they would be working with Transnet in order to issue more rail.
Exxaro is primarily a coal mining company, but it has completed the acquisition of?multiple?South African Manganese assets valued at 10.6 billion rand (645.68 millions dollars) in March as part of its diversification away from fossil fuel.
MANGANESE IS ESSENTIAL TO ENERGY TRANSITION.
South Africa is the largest exporter of manganese, with 42% of all global shipments. The metal is mainly used in the steelmaking process. Manganese is also used in increasing quantities in batteries, which are essential in renewable energy applications.
Transnet has a chronic underperformance that is blamed for undercapitalisation, cable theft and vandalism.
Some exporters have been forced to reduce their output while others choose the more expensive option of trucking.
Exxaro’s new Tshipi Borwa Manganese Mine exports?3.5 millions metric tons per year, with the majority of them going to China. The miner stated that 46% of manganese was transported by road to the?ports, in a capital market presentation.
"We have to make sure we have a long-term strategy that says, Can we not put all the trains on rail?" Meyer said.
(source: Reuters)