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Egypt increases domestic fuel prices for the second time in this year
The official gazette of Egypt announced that Egypt increased prices on a variety of fuel products Friday. This is the second price increase in this year. It's part the government's policy to reduce subsidies and alleviate a budgetary deficit. After a nearly 10% increase, the price of a variety of petroleum products has increased by 10.5% to 12.9%. Get 15% off in April . Egypt said recently that it hoped this would be the final major increase in fuel prices if global markets remain stable. Diesel, the most widely used fuel in Egypt, was raised from 15.50 Egyptian pounds to 17.50 Egyptian pounds. The International Monetary Fund stated in March that Egypt was committed to reducing its energy subsidies, and bringing the domestic prices to actual costs by December. This is part of efforts to reduce an enormous current account deficit. The government has said that it will continue to subsidise the diesel fuel, even if this means raising prices for other fuels to cover the subsidy. IMF loan of $8 billion has forced the government to reduce fuel, food and electricity subsidies. Egypt's current accounts grew by 12% in the second quarter. The deficit was $2.2 billion According to the central bank, imports of oil-based products have risen to $500 million, up from $400 million just a year ago. Gasoline prices rose by up to 12.9% depending on the grade. For example, 80 octane gas increased to 17.75 pounds, 92 octane to 19.25 pounds, and 95 octane to 21 pounds.
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BHP's China Jimblebar ore stocks are rising as trade talks stall amid contract negotiations, say sources.
Sources said that stocks of BHP's iron ore have piled up in major Chinese ports at the highest level in three months. Trade has stalled because the miner is still in negotiations with China's government-run buyer to secure a new contract. Sources claim that China Mineral Resources Group (CMRG), a subsidiary of BHP, told steel mills last month to stop buying BHP's Jimblebar Fines. Two sources said that inventories of Jimblebar Fines in some Chinese ports had risen to around 2.6 millions metric tons by October 14. This was the highest level seen since July. They also added that the stock-building pace increased from late September. According to one source, the number of Jimblebar Fines in stock at the Caofeidian Port, located in North China, which is among China's busiest ports for the handling of this key steelmaking component, has increased by 26% since the end of September to 800,000 tonnes as of October 13. CMRG has not responded to an 'emailed request for comments. Due to the sensitive nature of the issue, all sources requested anonymity. Jimblebar fines is a medium-grade cargo used by mills to produce sinter ore, which in turn is processed into hot metals for crude steel. BHP is the owner and operator of the Jimblebar Mine in Western Australia. Two sources claim that some mills cannot take delivery of Jimblebar Fines cargoes they have purchased earlier and which were offloaded in Chinese ports. CMRG, which was established in 2022, aims to centralise the purchasing of iron ore in the largest steel-making consumer in the world and negotiate better terms with miners. Two sources confirmed that CMRG is still negotiating with BHP on their contract for 2026. BHP's spokesperson responded to an inquiry by email: "We are currently in commercial negotiations...we do not know of a BHP-wide product ban." The spokesperson said, "Overall demand has been healthy for iron ore due to strong steel production. We continue to enjoy strong relationships with customers in China." Jimblebar fines' temporary shortage has not yet supported prices, as other products like Rio Tinto’s flagship Pilbara product could substitute the cargo and its trading volume was relatively small. The price of iron ore has fallen by almost 2% this month, mainly due to concerns about the prospects for a growing supply and a falling demand. (Reporting and editing by Florence Tan, Muralikumar Aantharaman and Melanie Burton; Additional reporting in Melbourne by Melanie Burton)
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Hackers hack into airport systems in Canada and the US to criticize Trump, praise Hamas
According to news reports and officials, hackers took control of the public address system at four airports on Tuesday, three in Canada, and one in the United States. They broadcast messages that praised Hamas and criticized President Donald Trump. According to the Kelowna Royal Canadian Mounted Police, an "advertising streaming service" was compromised at the Kelowna Airport International in British Columbia. Unauthorized content was shared. The RCMP declined to give further details and said that it is working with other agencies on the investigation. According to a spokesperson for the airport, hackers broadcast messages and music in a foreign tongue over the PA system of Victoria International Airport (British Columbia). A spokesperson for the airport said that hackers had accessed the PA system through third-party software. The airport then switched to an in-house system to regain full control. The Canadian Centre for Cyber Security has assisted the RCMP and the airport with their investigation. In a Wednesday social media post, U.S. Transportation Sec. Sean Duffy revealed that hackers also took over the PA system of Harrisburg International Airport. He said that the U.S. Federal Aviation Administration (FAA) and airport officials were investigating this breach. The FAA didn't immediately respond to our request for comment. Hackers also breached flight information screens and the public address system at Windsor International Airport, Ontario on Tuesday evening. They displayed "unauthorized announcements and images," according to officials. According to a statement from the airport, the breach involved a "cloud software provider" that the airport uses. "Our systems returned to normal soon after," the airport said. These four airports are feeder airports. The busiest airport, Kelowna served just under 2 million passengers in 2024. This compares to more than 25 millions travelers that passed through Vancouver International Airport, British Columbia's biggest airport. (Reporting from Seattle by Dan Catchpole; editing by Sonali Paul.)
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New York approves power lines for Micron's $100 Billion Semiconductor Plant
On Thursday, Governor Kathy Hochul said that the New York State Public Service Commission had approved a new underground transmission line linking an existing Clay Substation to Micron Technology's proposed megafabrication facility in Onondaga County. Hochul's release stated that the two-mile 345-kilovolt cable is an important piece of infrastructure in Micron's $100 billion investment planned in Central New York. This investment will be the largest private investment ever made in the history of the state. Micron expects to create 9,000 jobs directly through the project over the next 20 years. Hochul stated that the project will transform Central New York. "We are moving forward quickly with all due speed, deliberation and speed," Hochul added. The approval of the transmission line follows an agreement signed in 2022 between Micron, the chipmaker and New York State when Micron selected the area for its advanced manufacturing facilities. The megafab is expected to produce up to one-fourth of all U.S. semiconductors by 2030. The commission also approved the environmental and construction plans of the first phase of project, which includes the eastern expansion and installation of equipment connecting the Micron facility to the Clay substation.
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CSX exceeds its quarterly forecasts on the basis of higher intermodal volumes and merchandise pricing
CSX's third-quarter revenue and profit were above Wall Street expectations on Thursday, as improved intermodal volumes and increased pricing in merchandise offset the impact of lower coal prices. The railroad operator saw its shares rise 3% after the announcement. The East Coast Railroad Company has been hampered by the weakness of the coal market due to the lower demand for energy as consumers switch to natural gas. In a recent earnings call, COO Mike Cory stated that "our domestic coal business continues with steady trends throughout the year." After President Donald Trump signed an executive order earlier this month to increase coal production and benefit railroad operators, the demand for coal is expected rise. LSEG data show that CSX's adjusted per-share profit was 44 cents. This is higher than the average analyst estimate of 42 cents. The company's revenue for the quarter ending September 30 was $3.59 billion, slightly higher than analysts' estimates of $3.58. CSX reported that the quarterly revenue fell 1% over the previous year, primarily due to lower export coal prices, a decrease in merchandise volume, and higher merchandise pricing. These factors were partly offset by an increase in other revenues and a growth in intermodal volumes. The quarter-over-quarter decline in coal revenue was 11%, despite a 3% decrease in total volume. The Jacksonville-based company, which forecasts fiscal year 2025 capital expenditures of $2.5 billion excluding hurricane reconstruction spending, has set a target for the amount. CSX drafted interline and Intermodal earlier this year. Service agreements BNSF Railway & Canadian National Railway Peer Union Pacific announced that it would be acquiring rival Norfolk Southern in July. $85.9 billion deal. If approved, the tie-up could create the first coast to coast single-line freight rail network in the United States. (Reporting and editing by AnshumanTripathy in Bengaluru, AatreyeeDasgupta from Bengaluru)
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Spirit Airlines will lay off another 365 pilots as part of restructuring
Spirit Airlines announced on Thursday that it would lay off 365 pilots, and reduce the status of 170 others in the first quarter 2026. This is part of the company's restructuring efforts. Spirit Airlines, the ultra-low cost airline that filed for bankruptcy in August for the second consecutive year, said it would reduce its network by 2026 in order to achieve profitability in 2027. The company stated that as part of its ongoing restructuring it is taking further steps to align the staffing within our organization with previously announced capacity reductions and smaller operating fleet sizes. Spirit Airlines is planning to reduce its fleet by almost half. 100 aircraf It will not accept its commitment Buy 52 Airbus Planes with 10 other options. The company also said that it plans to adjust its staffing levels based on volume across all of its maintenance stations. It will close the maintenance stations in Baltimore and Chicago, as well as its warehouse operations. This closure is set to take place from January 1, 2026. The company previously furloughed 330 pilots, and plans to furlough 270 more pilots in November. The company has also decided that it will furlough 1,800 flight attendants - about one third of its cabin staff - effective December 1. Spirit stated in a filing in which it said that furloughs will save the company an estimated $211 million. Reporting by Rajesh Singh in Chicago, and Doyinsola Oladipo in New York. Editing by Diane Craft and Deepington Babington.
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Wall Street is over; Zions raises concerns about regional banks
Wall Street fell on Thursday as signs of weakness among regional banks frightened investors who were already on edge due to the U.S. - China trade tensions. Zions Bancorporation shares fell after the regional lender disclosed an unexpected loss in two loans made to its California division. This added to investor anxiety about hidden credit pressure as lenders navigate economic uncertainty while interest rates are still relatively high. Western Alliance's slump also fueled concerns about regional banks after it announced it had initiated a lawsuit for fraud against one of their borrowers. Investors were watching the S&P 500, which recently reached record highs. They also watched for developments between Washington DC and Beijing following their trade war that escalated last Thursday. U.S. president Donald Trump has announced that he will impose 100% tariffs against China on November 1. He also promised other trade measures to punish the second largest economy in the world after China imposed restrictions on rare earth mineral exports. Tom Hainlin is an investment strategist with U.S. Bank Wealth Management, Minneapolis. TSMC, world's leading manufacturer of advanced semiconductors and a strong advocate for artificial intelligence, has a positive outlook on spending. Even so, AI-related heavyweights like Tesla, Meta Platforms, and Palantir lost ground. Salesforce's shares soared after it forecast revenue of over $60 billion by 2030, which was above Wall Street expectations. Wall Street has reached record highs in this year due to optimism about AI and the expectation of interest rate reductions by the U.S. According to LSEG, the S&P 500 is up 12% in 2025 and valued at a high 23 times expected earnings. This is a five-year record. The robust earnings of major U.S. Banks this week provided fresh signs of economic strength at a moment when official macroeconomic data is still delayed because the government shutdown continues. According to LSEG, analysts expect S&P500 aggregate earnings to increase 9.2% during the third quarter. This compares with an expected 8.8% growth two weeks earlier. After Travelers Companies reported quarterly revenue that was below expectations, the S&P 500 Insurance Index fell sharply. Marsh & McLennan, an insurer, reported flat operating margins as well as a slowing of growth in the risk and insurance businesses. Its stock price also dropped. The preliminary data shows that the S&P 500 fell 42.10 points or 0.63% to 6,628.96, and the Nasdaq Composite dropped 105.77 or 0.47% to 22,564.31. The Dow Jones Industrial Average dropped 298.48, or 0.65% to 45,954.83. The Philadelphia Fed Business Index fell 12.8 points in October, while economists polled estimated an increase of 8.5. Fed Governor Christopher Waller stated that he supports an additional rate cut in October, due to mixed readings about the state of job market. Hewlett Packard Enterprise fell after the company's annual revenue and profit forecasts were below Wall Street expectations. J.B. Hunt's shares soared after it reported its third-quarter profit.
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United Airlines views the US shutdown as a risk to travel confidence
United Airlines Scott Kirby cautioned on Thursday that a prolonged government shutdown could have a negative impact on bookings and flight operations. A political impasse over funding for the government has led to a third week of shutdown, which is amplifying an existing shortage of air traffic control. The shutdown has at times slowed down air traffic in certain cities. In recent days, more than 13,000 air-traffic controllers and 50,000 Transportation Security Administration (TSA) officers received partial paychecks. They will not be paid the rest of this month if there is no resolution to the standoff. Kirby stated that the shutdown has had no measurable effect as the vast majority of air traffic controllers continue to show up for work. He added that the Federal Aviation Administration's improved communication and coordination is helping airlines. Kirby predicted that as the shutdown continues, people will lose confidence in the government’s ability to resolve this standoff. This would impact travel bookings. He told analysts during an earnings call: "I hope that our politicians can figure out how they can get together, compromise and do something." United's share price fell by about 6% during the afternoon trading as fears about the shutdown and its pricing power overshadowed an optimistic outlook for earnings. CAPACITY ADJUSTMENT PLAN The Chicago-based airline has forecast a stronger-than-expected profit in the fourth quarter as it expects rising travel demand and improved pricing power to produce the highest quarterly revenue in the company's history. The company's revenue for the third quarter fell short of Wall Street expectations due to operational problems at Newark Airport as well as lower unit revenue in domestic and international markets, which is a proxy measure of pricing power. In the third quarter, the airline's unit revenues declined by 3.3% on an annual basis in the domestic market and 7.1% for international routes. Conor Cunningham of Melius Research said that United's capacity increases in the mid- to high single digits across all regions hurt its unit revenues. United has plans to solve its capacity issue. Andrew Nocella, Chief Commercial Officer of United Airlines, said that the company would adjust its summer capacity in the coming year. This will include reducing seats during the holiday period for the Fourth of July. It expects its transatlantic capacity to remain flat or even negative during the third quarter of 2026. Nocella said to analysts, "We...remain focused on refinements that we can make to our network and commercial strategy to build a higher margin." (Reporting and editing by Nick Zieminski.)
Gazprom is blamed by the president of Moldova for the energy crisis
The President Maia Sandu accused Gazprom on Thursday of creating an energy crisis in Moldova. She said the Russian energy giant refused to supply gas via an alternative route, if fuel stopped flowing through Ukraine by the end of the year.
Since Kyiv announced that it would not renew its contract with Gazprom at the end of December, Moldova's 2.5 million residents have been preparing themselves for prolonged power outages.
Russia provides Moldova with around 2 billion cubic meters of gas each year via Ukraine. This is piped to the breakaway region of Transdniestria which uses the gas to generate cheap power, which it sells to government-controlled Moldova.
"The problem is simply that Gazprom refuses to fulfill the contractual terms, and supply gas through another route." Sandu, Moldova’s pro-Western President, said at a press conference that the route and volumes were available.
"To call them by their proper names, they have an opportunity to create an Energy Crisis in Moldova. "This is yet another lesson to us: don't have a single source of energy that can blackmail us at every turn," Sandu said.
She said that the government of Transdniestria, a small former Soviet Republic trying to join the European Union was looking at how it could supply natural gas to Transdniestria, and encouraging the country to pay for the cost.
Transdniestria, the government of Moldova and Chisinau have agreed that in 2022 all Russian gas received in Moldova will flow to the breakaway region which does not traditionally pay for fuel.
The unrecognised, separatist enclave is home to a power plant which provides most of the power for government-controlled areas of Moldova at a fixed and low price.
The power plant may stop working without gas, and Moldova and Transdniestria could face blackouts lasting hours. This is the same situation that Ukraine has been experiencing for the past two years because of constant Russian missile strikes.
Sandu said that her government will propose "a variant" on how Transdniestria would receive gas if Gazprom stops deliveries of gas from January 1.
Chisinau said that a possible alternative route for Moldova would be to ship Russian natural gas via TurkStream to Turkey, and then through Bulgaria or Romania.
How to Pay
Both Moldova and Transdniestria declared states of emergencies due to the possibility of gas supply disruptions.
Sandu stated that the main issue was payment for fuel to be provided to Transdniestria. He added: "The left-bank of the Dniester region will have to pay the gas that Moldova supplies to the Transdniestria region."
She added, "The question now is how will the left bank be able pay for the gas."
Transdniestria used to be an industrial region of Moldova prior to the collapse of Soviet Union in 1991. After the split, both the region and its population were left impoverished and deprived of market opportunities, and they were cut off from Russia, which was a supporter. (Writing and editing by Alexander Smith; Pavel Polityuk)
(source: Reuters)