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UPS offers voluntary buyout packages for its US drivers
UPS, the parcel giant, announced on Thursday that it would offer voluntary buyouts for its full-time U.S. driver as part of its largest network reconfiguration ever. This includes a massive overhaul which will result in 20,000 job cuts and the closure of 73 facilities. In April, the Atlanta-based firm announced a plan to reconfigure its network in response to a decrease in deliveries from Amazon.com and in response President Donald Trump’s tariffs. In a press release, the company stated that this buyout package was in addition to retirement benefits like pensions and healthcare. The Teamsters union which represents approximately 330,000 UPS workers was the first to announce buyout plans. They called them "illegal violations" of the National Contract, where UPS had committed itself to creating 22,500 new jobs. Sean O'Brien is the general president of the union. He said: "Our members can't be bought and we won't allow them to sell out." They must honor their commitments. "They must keep their promises." UPS has stated that it will adhere to its contract with union. (Reporting and editing by Shreya biswas in Bengaluru, Abhinav parmar in Bengaluru)
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Royal Mail strikes three-year wage deal with union
International Distribution Services announced on Thursday that Royal Mail and Communication Workers Union (CWU), had reached an agreement on a pay deal for three years. Royal Mail has been struggling with strikes by workers, competition, and a loss of market share. CWU (the largest union in the UK Royal Mail) has been on strike multiple times between 2022 and 2023. Both workers and businesses are struggling with the rising inflation. IDS reported that the CWU would issue a ballot in which it will recommend accepting and approving an agreement containing a basic pay increase over a period of three years, consisting of a 4.2% rise in 2025 and a 2% raise in 2026, linked to inflation. If the ballot results in a yes, then the increase is retroactively applied to 1 April 2025. IDS has agreed to be taken over by Kretinsky, a Czech billionaire in May 2024. The deal was finalized in December, after Britain obtained commitments from Kretinsky that he would protect the company's more than 500 years of history and the futures of thousands of employees and customers. EP Group announced that Kretinsky would become chairman of Royal Mail in late June. The CWU didn't immediately respond to a comment request. (Reporting by Chandini Monnappa in Bengaluru; Editing by Shreya Biswas)
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Russian missile strike on Odesa port infrastructure kills two, Kyiv says
Ukrainian officials reported on Thursday that a Russian airstrike in Odesa, a southern Black Sea port, on Wednesday killed two people, and injured six others, including two foreigners. Odesa is the hub of Ukraine's seaports, and 90% of its exports to foreign markets are sent through it. This includes millions of tonnes each of metals and grain. "Today an Iskander rocket hit one of the docks at the Odesa port." On Telegram, Oleksiy Kuleba, the deputy prime minister of Ukraine, said that people were unloading metals from a foreign ship flying the flags of Sao Tome and Principe at the time. He said that berthing facilities, such as those for bulk carriers, cranes at ports, cars, and warehouses, had been damaged. Kuleba confirmed that two people had been killed, a docker mechanic and a driver of a truck. Six other people, including two Syrians and crew members of a civilian vessel were also injured. Andrii Sybiha, Ukrainian Foreign Minister, said on Telegram that "this is not an isolated event; it is rather part of Russia’s targeted campaign against Ukraine’s economy and agricultural sector, as well global food security, and freedom of navigation." Russia has been attacking Ukrainian port infrastructure regularly and intensified its strikes since Ukraine began exporting through the maritime corridor on the Black Sea's western coast. Moscow claims its attacks aim to impede Ukraine's military efforts. Ukraine has created a Black Sea shipping corridor following the collapse in 2023 of the U.N.-backed Black Sea Grain Export Initiative, which included Russia and ensured safe passage for grain ships. Odesa has exported 101 million tonnes, including 78.5 millions tonnes of grain. (Reporting and editing by Alex Richardson, Philippa Fletcher and Philippa Richardson; Pavel Polityuk and Dan Peleschuk)
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After accident, freight shipping on the Mosel River in Germany is blocked
Authorities in West Germany said that freight shipping on the Mosel River has been halted after a passenger vessel damaged a lock. The Moselle, also known as the Moselle River in France, is a major transit route between Germany and France for grains and rapeseed. A police spokesperson confirmed that the transit was stopped after an accident damaged a lock on Wednesday between Koblenz-Trier. The spokesperson stated that vessels cannot pass through the Sankt Aldegund Lock in either direction. WSA, the river navigation authority, said that technical experts were inspecting the lock on Thursday. It was not possible to comment yet on the extent of the damage or how long it will affect shipping. In a press release, German Federal Transport Minister Patrick Schnieder announced that he would visit the accident scene later on Thursday. Schnieder stated, "I will do all I can to restore the lock's operation as quickly as possible." After an accident damaged a Mueden lock, south of Koblenz in December, the river was closed for inland waterways traffic. It reopened only in February, after extensive repairs. WSA's Eric Oehlmann stated that initial indications indicate the concrete structure of the lock and its drive mechanism was not damaged by the accident. He said that technicians are assessing if it is possible to resume a limited lock operation for waiting vessels to pass. Oehlmann stated that "if not, we'll find another solution. For example, emergency locks with temporary barriers to control water have proven effective." During the winter shutdown, a temporary lock allowed ships to pass. Oehlmann stated that "despite the accident, shipping on the Moselle won't come to a standstill completely." (Reporting and editing by Jane Merriman, Gus Trompiz).
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FAA lifts ground stops at Ottawa and Montreal Airports
A spokesperson for the U.S. Federal Aviation Administration said that ground stops had been lifted at international airports of Ottawa and Montreal following a bomb threat which briefly stopped departing flights on Thursday. Ottawa Macdonald-Cartier International Airport announced on X it was investigating a possible security incident. It warned that the airport's operations could be disrupted and urged travelers to check flight status. In a press release, NAV Canada, the air traffic control manager in Canada, said that they were made aware of threats to bomb several of their facilities. The company said that employees in the affected areas were evacuated safely and that there may be delays for travelers. Ottawa Police Service said that they were also investigating a security issue at Ottawa Airport on X. The Montreal airport officials were not available to comment immediately. Reporting by Brendan O'Brien, David Shephardson and Bhargav Asharya from Chicago; editing by Doina chiacu
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Maguire: US tariff deal with Vietnam will expand trade, but there are obstacles.
The United States-Vietnam tariff agreement will lead to a rise in the trade volume between the two countries. It will also have an impact on the mix of energy sources that power the rapidly growing Vietnamese economy. In a post on social media, U.S. president Donald Trump highlighted U.S. SUVs as potential beneficiaries of the deal. Meanwhile, U.S. energy companies will hope that Vietnam will become a major growth market for LNG. In the short term, however, both sellers of bulky passenger trucks as well as expensive super-chilled gasoline may be disappointed. Vietnam's economy is still heavily reliant upon cheap coal to generate domestic electricity and on nimble motorbikes for transportation. As long as Vietnam continues to impose a 20% tariff on its main export market, the profits of corporations will be squeezed and the economy may lack the money to purchase the expensive goods that the U.S. hopes to sell. Here are some key data points about vehicle ownership, energy generation and manufacturing output that can be used to monitor the trade and energy trends following tariff agreements. 2 WHEELS BETTER THEN 4 Many Vietnamese may want to own the SUVs President Trump wants to sell, but the vast majority of vehicles are motorcycles. Motorcycles make up over 90% of all vehicles registered in Vietnam. World Bank data reveals that the motorcycle ownership rate is 518 per 1000 people while the car ownership rate is 22 per 1000. Car sales in Vietnam are expected to increase sharply as the economy grows. This is good news for global auto exporters. The narrow streets of the country and limited parking in cities make it difficult to find space for a small vehicle. The U.S. SUV market will be a tough one for U.S. automakers hoping to gain traction in Vietnam. China, the world's largest car manufacturer, as well as Japan and South Korea, already have strong presences in Vietnam. COAL CRUTCH The energy-intensive manufacturing industry of Vietnam has also encouraged U.S. LNG sellers to be optimistic about Vietnam's potential for growth. There are several reasons why Vietnam's appetite for LNG will only continue to grow modestly. First, coal is a cheaper fuel than imported natural gas, which costs more. Over half of the country's coal imports come from China, a neighbour and top coal exporter. According to the Energy Institute, the production of natural gases in the country has been steadily declining over the last decade because the gas fields are being depleted. By 2024, it will be 40% lower than in 2015. Ember data shows that the combination of a coal-based power system and declining natural gas reserves have squeezed gas out of electricity. The gas share is now between 7% and 9%, compared to 12 to 15% by 2022. According to Global Energy Monitor, the reduced gas consumption has slowed down gas infrastructure development. No gas power plants are currently being built in Vietnam. GEM data show that there are around 4 gigawatts of LNG import capacity in construction and another 17 GW under so-called "pre-construction", which is what is driving LNG exporters' optimism. There are also 53 GW in pre-construction of wind power and 5 GW utility-scale solar. These projects are driven by clean energy policy set by the government, with support from civilians who desire lower pollution. Solar panels and solar components are also produced in large quantities by the country, allowing utilities to install clean energy equipment more quickly than with any other source. It is possible that this could discourage future interest in expanding gas handling capacity in Vietnam, despite U.S. hopes of higher LNG exports. MANUFACTURING DRIVER The fast-growing sector of manufacturing in Vietnam will have a major impact on the country's power needs and mix. According to Ember, the rapid expansion of production lines in the last decade has resulted a more than doubled total electricity demand between 2014 and 2024. The need to compete with other manufacturers in China and abroad has put pressure on power companies to keep their energy prices low. This has led to a stronger grip of coal on the power sector in Vietnam, as well as a rapid adoption of low-cost home-made solar system. In the future, gas imports from China will increase as its heavy industry, including producers of chemicals, plastics, cars and other products, continues to grow. Most manufacturers rely on electricity, not gas, for their power. Future growth will be driven by coal and renewables. These are seen as being more cost-effective than building new gas stations. Since 2022, the country has increased production of cables and components for the power sector as part of a global shift to production outside China. This has helped to accelerate the drive for electrification at the lowest possible cost, but may also limit Vietnam’s demand for LNG and expensive U.S. imports. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Hived, a UK-based delivery startup, raises $42 Million to expand its network
Hived is a UK parcel delivery startup that uses AI to manage its network. It announced on Thursday it had raised $42 Million in funding from investors. The money will be used to expand operations throughout the UK over the next 2 years. The Series B funding round was led by Japanese venture capital firm NordicNinja, and included Wex Venture Capital and Marunouchi Innovation Partners. Hived has signed retailers such as John Lewis, Uniqlo and Zara for online deliveries. The company is among a number that use electric vehicles to meet the demand for low-emission deliveries. Murvah Iqbal, Hived CEO, said that the new funding would be used to expand Hived’s delivery network beyond London. She stated that Hived would begin serving southern UK cities later this year before rapidly expanding to the rest the country. She said, "We plan to cover 80% the UK in the next two-years." "That's where we are headed." She added that the company will also decide whether it wants to physically expand into other markets, or instead license out its technology. Hived developed its own postcode based on the volume of customers and their demand using AI. Iqbal explained that the same system collects data about deliveries, which is then used to mentor drivers. She said, "Everyday a driver receives some feedback that will help them perform better." (Reporting by Nick Carey, editing by Barbara Lewis).
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Sources: Telecom Italia secured a 750 million euro state-backed loan
Two sources familiar with this matter said on Thursday that Telecom Italia is expected to receive a 750 million euro syndicated loan ($884 millions) backed by Italy’s export credit agency SACE. Sources who asked not to be identified said that the five-year loan provided by a group of banks would benefit from a 70 percent guarantee under SACE’s Archimede program. The finalisation is expected as soon as this month. Archimede is a programme designed to help Italian companies invest in strategic areas such as digital transformation or green transition. According to the Treasury’s multi-year budget revealed in April, it envisages an exposure maximum of 60 billion euro through 2029. Of that, 10 billion euros were already assumed by SACE. The latest data from the government showed that despite the phase-out of emergency state aid programmes in response to the COVID pandemic and the subsequent phasing-out of several guarantee schemes, Italy still helps firms obtain funding through a number of guarantee schemes totalling more than 13% GDP. EU accounting rules say that public guarantees don't increase the national debt unless they are used by banks who benefit. TIM will utilize the funds to upgrade its infrastructure and enhance digital services in accordance with EU and national digital goals. SACE and Telecom Italia declined to comment. TIM, Italy's largest telecommunications company and heir to the former phone monopoly, sold its fixed-line infrastructure last year for 18.8 billion euro to a consortium headed by the U.S. fund KKR, which included Italy's Treasury. The agreement, which aims to reduce the debt of the company and streamline its operations, helped TIM improve its credit rating. It remains below investment grade. Poste Italiane, a financial conglomerate backed by the Italian government, has replaced Vivendi as TIM's largest shareholder this year. It now holds a stake of 24.8%.
The PMIs show growth in the Gulf's major bourses
Investors awaited the U.S. jobs report to get clues as to how soon the Federal Reserve will lower borrowing rates.
Saudi Arabia's benchmark index of stocks rose by 0.4%. Most sectors, including finance, materials, and energy, were in the black.
Saudi Aramco, the oil giant and Saudi National Bank's largest lender, added 0.6%.
Saudi Basic Industries, which is the best performing company in the index, increased by 1.3% and Fawaz Abdulaziz Al Hokair & Company climbed 7%.
A survey released on Thursday showed that the expansion of Saudi Arabia's private non-oil sector activity increased in June due to a strong client demand as well as a spike in hiring.
The Riyad Bank Saudi Arabia Purchasing Managers' Index, which is adjusted for season, rose from 55.8 in May to 57.2 this month. This puts it above the 50 point line that indicates growth.
The Abu Dhabi benchmark Index rose by 0.2%. This was boosted by the 4% gain of Presight AI, and a 3.2% increase in Space42.
Dubai's benchmark index rose 0.6% on the back of gains in the real estate, utilities, and industrial sectors. Emaar Properties rose by 1.5%, while tolls operator Salik grew by 1.7%.
A survey on Thursday showed that the UAE's private non-oil sector grew steadily during June, even though regional tensions affected demand and firms increased output to clear backlogs.
Qatar Gas Transport added 0.5% to the benchmark index while Qatar Islamic Bank lost 0.7%.
Market attention will now turn to an important U.S. employment report that is due later today. This could justify imminent Federal Reserve rate cuts. Futures indicate a 25% chance of a Fed rate cut in this month.
The decisions of the U.S. central bank have an impact on the monetary policies in the Gulf region, since most currencies are pegged to U.S. dollars. (Reporting and editing by Md. Manzer Hussain)
(source: Reuters)