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Azerbaijan and Kazakhstan are considering increasing oil transit via BTC by 7 million tonnes by 2027. Minister says
Azerbaijani Minister of Energy Parviz Shahbazov announced on Tuesday that Azerbaijani and Kazakhstan were considering a 7 million metric ton increase in oil transit through the Baku, Tbilisi, Ceyhan pipeline by 2027. Since 2023, BTC has transported 3.4 million tonnes of Kazakh crude oil to the global market. Opportunities are being considered to raise annual transit volumes to 7 million tons by 2027," Shahbazov told the 21st meeting of the Azerbaijan-Kazakhstan intergovernmental commission on trade and economic cooperation. Azerbaijan exported 18.4 million tonnes of oil via the Baku, Tbilisi and Ceyhan pipeline in January-August. This is a 5.3% decline from the previous year. Azeri BTC crude cargoes were found to contain organic chloride in July. This caused several days of delays in loading from Turkey's Ceyhan Terminal. Kazakhstan intends to export 1.7 millions tons of oil via BTC by the year's end, which is the same as 2024. BP operates the Azeri Chirag and Guneshli Oilfields. The BTC pipeline runs through Georgia into Turkey. Azerbaijan shipped 24.6 million tonnes of oil in the first eight month of this year, with 74.7% of that going through the BTC. This is according to the statistics committee of the country. Data showed that the volume of transit oil imported from other countries such as Kazakhstan and Turkmenistan via the BTC dropped to 2.887 millions tons from 3.584million tons during the same period in 2024. (Reporting and editing by Emelia Sithole Matarise; Nailia Bagirova)
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Europe's airline chiefs demand more support to meet green goals
The chief executives of Europe's airline companies called on the European Union to provide more support for green jet fuel, and for subsidies for its production. This year, the EU started requiring airlines use more sustainable aviation gasoline. The minimum blend mandate is set to increase to 6% in 2030. Luis Gallego said, "We have mandates, but we do not have sustainable aviation fuel," at a Tuesday press conference for the trade group Airlines for Europe. The group includes CEOs from Ryanair, easyJet, Air France-KLM and Lufthansa, as well as British Airways owner IAG. The CEOs stated that they would like more assistance from the European Commission to create a functional SAF market, as well as increased subsidies to encourage production of this fuel. SAF is currently three to five time more expensive than jet fuel. Kent Jarvis, CEO of easyJet, said: "If SAF were the same price as Jet Fuel, we would not need mandates." Willie Walsh, director of the airline trade group IATA, had earlier claimed that the oil industry was causing airlines to pay more through SAF surcharges. (Reporting by Joanna Plucinska; Editing by Kirsten Donovan)
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Belgium general strike disrupts public transport in Brussels
The general strike in Belgium that took place on Tuesday caused the majority of planes to be grounded at both main airports, and also disrupted public transportation in Brussels. The protest was part of a larger series this year that has been against government proposals to reform the pension system and labour market. A spokesperson for the airport confirmed that all flights scheduled to depart and land from Brussels International Airport were cancelled on Tuesday after the staff of the security company providing X-ray scanning walked out. According to the website, all flights have been cancelled at Charleroi Airport, located 60 km (40miles) south of Brussels. The Gare du Nord station in Brussels was packed with thousands of people who wanted to take part in a large demonstration which would cross the centre of the city. In a social media post, the public transport operator STIB revealed that the majority of underground, bus, and tram lines in Brussels were affected by the strike. The police reported that fires were set early Tuesday morning on several of the city's major boulevards. This caused further traffic disruptions in the city. The local media reported that several protesters were arrested by police. Strikers supported by Greenpeace, Oxfam and the main unions in the country are against the federal coalition headed by Prime Minister Bart De Wever. The coalition announced a number of reforms aimed at cutting government spending. Thierry Bodson said, "What really motivates us is pensions", on Tuesday, the French-language national radio station RTBF. Bodson said that the reform will not only decrease incomes for future retirees, but also create uncertainty because it changes how state pensions calculations are calculated. According to its website, FGTB has over 1.5 million members. De Wever of the nationalist New Flemish Alliance became Prime Minister in February. He now leads a coalition dominated by right-wingers. He pledged to cut deficits without increasing taxes, but faces challenges when finalising the budget for next year. (Reporting and editing by Charlotte Van Campenhout, Olivier Holmey and Inti Landauro)
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Greek strike against labour reforms disrupts transport, services
Workers walked out of work on Tuesday in protest at planned labour reforms, which include an extension of hours for the private sector. The walkout was the second in a month by the main unions of Greece's public and private sectors, GSEE, and ADEDY. It coincided with a vote on reforms proposed by the conservative government this week. As lawmakers debated this bill, thousands of striking workers including journalists, teachers and hospital doctors rallied and marched through central Athens. Protest rallies in major cities were planned across the country. The new draft law will allow private employers to ask their employees to work up to thirteen hours a day, instead of the eight currently required. The draft law also allows employers to be more flexible with short-term hires and changes the rules for distributing annual leave. According to the government, this bill allows employees to work up four days per week. According to the Labour Minister, it also protects employees from being terminated if they refuse overtime work and extends their benefit. Unions, however, say that it is a violation of workers' rights in a country with undeclared employment and low wages compared to other EU countries. This is despite the fact that pay has increased and unemployment has decreased after a crippling debt crisis between 2009 and 2018. Eurostat's data reveals that the purchasing power of Greeks is among the lowest within the European Union. According to Eurostat, the country has the largest share of EU employees who work more than 45 hours per week. The opposition parties demanded the withdrawal of the bill. "The 13-hour workday cannot be a reality." It's slavery, said Effie Achstsioglou of the New Left Party. (Reporting and editing by Renee Maltezou, Louisa Gouliamaki)
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Thyssenkrupp renegotiates unit TKMS guarantees worth 10 billion euro before spinning off
According to a prospectus released ahead of TKMS’ separate listing, the warship manufacturer TKMS has renegotiated its terms for project guarantees with parent Thyssenkrupp. This indicates tougher conditions, as TKMS prepares itself for a standalone future. Thyssenkrupp announced that it would spin off 49% TKMS by October 20. The prospectus, published late Monday, is the latest in ongoing restructuring efforts of the German conglomerate to highlight the increasing value of defense assets. Thyssenkrupp is an engineering and steel group that has issued so-called "parent company guarantees" worth approximately 10 billion euros ($11.56billion) to TKMS. These are crucial in protecting the division's order. The prospectus stated that Thyssenkrupp has charged a fixed fee of 85,000 Euros per guarantee provided to TKMS. This resulted in relatively stable costs for TKMS in 2022-2024 between 13,3 Million Euros and 15,3 Million Euros. Thyssenkrupp sees the spin-off as a key step in its strategy to unlock shareholder values and provide TKMS with access to capital markets. TKMS HAS SECURED 2.5 BILLION EUROS IN BANK GUARANTEES The TKMS spin off prospectus stated that "in connection with the spin off, the terms of existing PCGs were renegotiated. This resulted in fixed annual fees payable by us to Thyssenkrupp AG, which are expected to increase year over year." The new terms will be implemented in the year 2025, which begins in October. The number of projects covered by the guarantee was not immediately known. TKMS will not be relying on such guarantees in the future, but instead will seek to reach other agreements with its clients and banks. TKMS announced that it has secured bank guarantees worth approximately 2.5 billion euros, which will cover its requirements for the next year up to September 2027. Jefferies, a brokerage firm, estimates that TKMS's shares could be worth around 36.55 euro each based on a 2.3-billion-euro valuation.
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EasyJet's shares rise after traders cite a report on bid interest
The shares of budget airline easyJet rose as high as 11.5% Tuesday. Traders cited a report from Italian media about possible interest in the company by global container shipping firm MSC. In an email, a representative of the Mediterranean Shipping Company denied any involvement in the matter. EasyJet didn't immediately respond to our request for comment. EasyJet's stock rose nearly 6% in the last half-hour of trading, which is still its biggest one-day gain since August 2024. The volume of shares traded in London's first half hour was greater than the previous two trading days combined. The shares have fallen 11% this year compared to a European travel and leisure index that has dropped 2%. Reporting by Amanda Cooper in London, Elvira pollina in Milan and Alun John in London; Editing by Adam Jourdan and Alun John, Kirsten Doovan
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Greek strike against labour reforms disrupts transport, services
Workers walked out of work on Tuesday in protest at planned labour reforms, which include an extension of hours for the private sector. The walkout was the second in a month by the largest unions of the Greek public and private sectors. It coincided with a debate and vote on the draft bill for reforms that the government has submitted to parliament. At noon (09.00 GMT), striking workers including journalists and hospital doctors are expected to join other protesters in marching to the parliament. The proposed law gives employers more flexibility in hiring short-term workers and changes the rules for annual leave. The bill, according to the government, will make the labour market more flexible and effective. It also protects employees from being fired for refusing to work overtime. Labour unions, however, say that it violates workers' rights and abolishes the eight-hour day, and strips them of negotiating power, in a country with low wages compared to other EU countries. This is despite wage increases, and a lower unemployment rate after a crippling debt crisis between 2009 and 2018. Eurostat data show that the purchasing power of Greeks is among the lowest within the European Union bloc. In a joint statement, ADEDY, GSEE and other unions in the public and private sectors of Greece said that, "Instead to boosting workers' wages and reinforcing services, the Government chooses legislation for work for multiple employers and grueling working hours." (Reporting and editing by Kate Mayberry; Renee Maltezou)
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China takes action against US-linked units in S.Korea Shipbuilder Hanwha
The Chinese Commerce Ministry announced on Tuesday that China had taken countermeasures to protect five subsidiaries of the South Korean shipbuilding company Hanwha Ocean with ties to the United States. The ministry issued a statement saying that it is against the law for individuals and organisations in China to engage in transactions, collaborations or activities related to these entities. The statement stated that "Hanwha Ocean’s U.S. related subsidiaries have assisted and backed the U.S. Government's relevant investigation activities, thus jeopardizing China's sovereignty and security as well as its development interests." Hanwha didn't immediately respond to an inquiry for comment. China exempts its own ships from the additional fees. U.S. president Donald Trump The administration of announced plans earlier this year to charge fees on ships linked to China to loosen Beijing’s grip on global maritime and boost U.S. Shipbuilding. China responded last week by saying that it would impose port fees on vessels linked to the United States on the day before U.S. fees are implemented. China has said that U.S. actions targeting its maritime, logistic, and shipbuilding industry are a grave violation of international law, as well as fundamental norms in international relations. Reporting by Liz Lee, Yukun Zhu and Kim COghill; Editing by Jacqueline Wong & Kim COghill
Ryanair sees fares down 5-9% in July-September quarter
Ryanair expects average fares to fall between 5% and 9% year on year in the three months to the end of September, but reservations have strengthened in current weeks, group president Michael O'Leary said on Thursday.
In July, O'Leary stated fares might fall by over 10% throughout the period, the 2nd quarter of Ryanair's financial year, however in August he stated the fall was likely to be closer to 5%.
It's prematurely to state where it will finish up, however it will be someplace in between 5% and 9%, O'Leary informed investors at Ryanair's annual basic meeting. We hope it will be toward the lower end of that range.
In current weeks as the schools have actually returned, we have seen a conditioning of reservations and the pattern I think is decently favorable, he said.
Speaking with reporters before the AGM, O'Leary stated average fares for the remainder of the year were most likely to be down somewhere in between 5% and 10%, but later on stated his 5-10% quote was a recommendation to the July-September quarter and that the airline company had no visibility beyond that.
O'Leary told reporters in London in August that balance fares may be down 5%- ish on an annual basis in the 6 months to the end of March.
(source: Reuters)