Latest News
-
Virgin Music CEOs at Universal take aim at critics of the Downtown Music deal
The Virgin Music Group, a division of Universal Music Group, reacted to critics on Thursday of the $775 million deal that it made with Downtown Music. They said the deal created a company which would provide a variety of services for independent labels. The European Commission will announce its decision on the 22nd of July whether it approves the deal, with or without concessions, or if there are any concerns. Virgin Music is Virgin's global independent music unit. Universal is the largest music company in the world. Downtown is a music publisher with a large number of businesses that assist musicians in collecting royalties. Impala, a group of independent European labels, has criticised the acquisition. They claim that it will further consolidate Universal's position in European music markets as well as strengthen its control over independent labels. Virgin will enhance Downtown Music's businesses FUGA and Curve Royalties as well as CD Baby, Downtown Music Publishing, Songtrust, and Downtown Music Publishing after the acquisition. The two co-CEOs denied that these services would become restricted or closed. Virgin Music Group co-CEOs Nat Pastor & JT Myers wrote to their staff in a Thursday note. They denied what they called suggestions that Universal’s market share has "skyrocketed", since it acquired EMI in 2012. Pastor and Myers stated that the independent sector has seen a substantial increase in its market share, while UMG has not. Also, they rejected the idea that Virgin would use Downtown's customers to give Universal a competitive advantage. "We are proud to report that we have not received a single complaint about misuse of customer information since we started this business," wrote Pastor and Myers. (Reporting and editing by Peter Graff.)
-
Spain adds Wizz air to its probe of low-cost airlines over cabin baggage fees
Wizz Air, a low-cost airline in Europe, confirmed Thursday that the Spanish Ministry of Consumer Affairs was investigating it for practices like charging extra for larger cabin luggage. Five other airlines have already been fined a total of 179 million Euros ($211 million) by the ministry. The Spanish court suspended fines for three airlines, Ryanair, Norwegian Air, and IAG's Vueling. This was done while the case is being reviewed by the courts following legal challenges brought forth by these carriers. EasyJet and Volotea, a privately-owned airline, were also fined. According to the ministry, it could take several months for the latest case to be resolved. Wizz Air's spokesperson confirmed that the airline is the subject of an investigation, but declined to elaborate. Instead, the spokesperson referred to a statement regarding a larger European Parliament initiative to stop airlines from charging for hand baggage. A rule like this would limit the current freedom of business and choice for customers, and make flying more expensive. The Spanish Ministry has stated that the airlines have violated their customers' rights when they charge for larger carry-on luggage, seat selection, and printing of boarding passes. They also claim to have done so by refusing cash payment at check-in, or on board purchases. During the legal proceedings, it was allowed for the five airlines that were already under investigation to continue charging passengers for larger bags and seats. Ryanair and the industry group ALA say the fines are unjustified as these practices are widespread in the European Union. Reporting by Corinn Pons and Sarah Young. Editing by Susan Fenton, Lisa Shumaker.
-
Lula visits Cristina Kirchner, former Argentina President Cristina Kirchner under house arrest
Luiz Inacio Lula Da Silva, Brazil's President, visited Cristina Fernandez de Kirchner in her apartment in Buenos Aires on Thursday after participating in Mercosur talks. She is currently serving a six year sentence for corruption. Lula, a leader of the left, did not have a private meeting with Javier Milei. Milei is a libertarian right-wing president who has called Lula a "communist." and "corrupt." During Lula's visit to Argentina and the Mercosur trade summit, Brazil assumed the rotating presidency. Milei had taken office after Milei was elected. Kirchner served as president of Argentina between 2007 and 2015, but began her sentence last month for taking part in a fraud scam that diverted public road projects to an ally during the time she was president. The Supreme Court of Argentina upheld the sentence in June, and Fernandez is also barred from holding any office. Supporters of Kirchner have rallied in recent days outside her apartment to try and catch a glimpse when the prominent opposition leader appears on her balcony. Lula, like Kirchner, said that the corruption conviction he received in 2017, for which he spent 19 months in jail, was a result of political persecution. Lula stated on the social media website X, that he had called Kirchner and expressed his support. He also spoke with her about the importance of "staying strong in this difficult time." Lucila Sigal reported. (Writing by Leila Mill; editing by Aurora Ellis.
-
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)
-
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)
-
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)
-
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
-
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.
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).
(source: Reuters)