Latest News
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Italy sells digital payments unit PagoPA for up to 500 million euros to Poste, the state mint
The mint announced on Friday that Italy's Treasury had?agreed? to sell PagoPA (which handles digital payments to public administrations) to the state mint, and the Poste Italiane, backed by the Italian state, for up to 500 millions euros (586 million dollars). Italian banks have expressed concern about the deal in recent months because it could increase competition among smaller lenders who are already struggling to keep up with rapid changes in payments. The mint did not provide any further information. Sources have previously stated that lenders voiced their concerns to the Treasury about Poste using PagoPA?to bolster its position in digital payments where it has an already significant presence and competes directly with banks. The deal, which was struck to satisfy the concerns of the Italian antitrust authority and the banks, gives 51% ownership of PagoPA over to the mint. Poste, a Milan-listed company, will hold the remaining 49%. Apple, Alphabet-owned Google and PayPal are among the global players that have increased their competition with banks in terms of payments. Poste is now a financial conglomerate that has expanded beyond its core postal services into mobile services, energy, insurance, and investment products. PagoPA is expected to be a major player in Rome's 'plan' to create a digital wallet via the IO app. It allows users to store official documents including digital credentials and pay public entities.
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The new airline group formed by the Volaris and Viva merger will have lower fleet costs.
Executives from both companies said that the proposed merger?of Mexican low-cost carriers Volaris Aerobus and Viva Aerobus aims at putting the new 'airline group' in a stronger position to negotiate its most expensive costs, including acquiring & renting aircraft. Exclusively reported on Thursday, Volaris confirmed that the two airlines were close to an agreement. "Reducing aircraft ownership costs is a significant opportunity, as they are the biggest expense - even more than fuel," Viva's CEO Juan Carlos Zuazua told analysts in a conference call. He added that "major global carriers, such as Viva and Volaris, operate with up to 60% less ownership costs than their Latin American counterparts." Both airlines fly exclusively Airbus aircraft and have similar routes. The new group, Grupo 'Mas Vuelos', will trade under the Volaris brand and Viva as separate brands. This would make it Mexico's biggest domestic airline by far. Volaris shares jumped nearly 17% following the call, putting them on track to have their best day ever. According to the agreement, both companies will merge in a merger on equal terms. Volaris CEO Enrique Beltranena admitted that his carrier represented approximately 60% of the enterprise value, while Viva contributed 40%. Volaris had a higher net debt. He said that when you convert enterprise value to equity value the relative equity contributions are much closer. REGULATORY HUNDLES AHEAD Analysts pressed executives repeatedly on the regulatory process to clear the deal. The two Mexican carriers accounted for 69% of all passengers carried in the period from January to October. Aeromexico was the next largest airline, and is expected to be against this merger. Beltranena stated, "We are confident in the merits of the transaction." Beltranena said, "We prefer not to speculate right now on the outcomes or potential outcomes or conditions or remedies" stipulated the regulator. Mexico's government disbanded its independent anti-competition regulatory agency, Cofece. Its powers were transferred to a new organization controlled by the Economy Ministry.
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Union Pacific begins regulatory review of $85 billion coast to coast rail merger
Union Pacific and Norfolk Southern filed a nearly 7,500-page merger request with the U.S. Department of Justice on Friday. Surface Transportation Board (STB) will now have 30 days to review the plan and request more information. It can also propose some initial remedies. The filing opens up a formal response window for all stakeholders, including shippers and labor unions as well as rival railroads and consumer advocates, to comment on the $85 billion deal. In July, analysts and executives in the industry were surprised by the merger agreement between Union Pacific and Norfolk Southern. The analysts said that a merger proposal like this, which was publicly supported by President Donald Trump, could have been subject to 'tougher antitrust scrutiny in previous administrations. Public disclosures reveal that Union Pacific was one of the companies who contributed to Trump's White House Ballroom Project. Both sides confirm that UP Chief executive Jim Vena met Trump in the Oval Office to discuss the merger in September. Vena and Trump said that creating a single East West railroad aligns with President Trump's vision to "make America Great Again." Todd Dubner from KPMG, the consulting firm, said: "This is an innovative deal that could reshape how goods are transported in the U.S. from coast-to-coast if it can pass regulatory hurdles." Plan Draws Opposition From Competitors This proposal has been met with strong opposition by competitors in a consolidated industry. The?U.S. market is dominated by four Class I freight railroads. Four Class I freight railroads dominate the?U.S. UP and NS claim that a single-line service would remove the East-West barrier, especially the expensive and time-consuming Chicago interchanges. This would, they say, reduce the number of handoffs and improve transit times. It would also help rail compete better with long-haul trucks. Vena, from Union Pacific, said that he was confident of the approval. We will be left behind if we do not move. That's not for me. Vena stated that the benefits of this deal are indisputable. BNSF is owned by Warren Buffett and Berkshire Hathaway. The company said that the merger would reduce shipper choice and increase rates. BNSF CEO Katie Farmer stated that the company was still reviewing the filing, and would have more information soon. However, she added that it "doesn't change BNSF’s opposition to proposed?merger." She said that the transaction posed a serious threat to the U.S. consumer and economy because of its long-term harms. Canadian Pacific Kansas City, (CPKC), has also criticized this deal in the past. Its CEO said that the company is not interested in any further consolidation. Anthony Hatch, a independent analyst, says that the future of rail consolidation is still uncertain. CSX, BNSF, and Canadian Pacific may eventually join forces to respond to the UP-NS offer, depending on the concessions made by the STB, such as market access, or operational advantages. He said that if these railroads gain enough market access via the STB process they might decide to remain independent. If not, they could be outmatched and forced to merge unless they merged. It is still too early to tell. CSX will review the STB filing and participate in the STB to ensure that it is well positioned for competition, the company stated. Hatch stated that the UP-NS merger is the first major merger of railroads reviewed under the STB framework, adopted in 2001. This requires railroads prove a merger enhances competition, not just preserves it, and shows clear public interest benefits. Sabrina Valle reported from New York, and Nick Zieminski edited the story.
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Union Pacific begins regulatory review of $85 billion coast-to-coast rail merger
Union?Pacific filed a merger application of nearly 7,000 pages with the U.S. Department of Justice on Friday. Surface Transportation Board (STB) will now have 30 days to review the plan and request more information, or make initial "remedies" as it evaluates the creation of the nation's only coast-to-coast railroad. The filing opens up a formal response window for all stakeholders, including shippers and labor unions as well as rival railroads and consumer advocates, to comment on the $85 billion deal. In July, analysts and executives in the industry were surprised by a merger agreement between Union Pacific and Norfolk Southern. The analysts said that such a merger proposal, which was publicly supported by President Donald Trump, had been subject to more intense antitrust scrutiny in previous administrations. Public disclosures reveal that Union Pacific was one of the corporations?that contributed to Trump’s White House Ballroom Project. Both sides confirm that UP Chief executive Jim Vena met Trump at the Oval Office to discuss the'merger' in September. Vena and Trump said that creating a single East West railroad aligns with President Trump's vision of "making America great again." CONSOLIDATION This proposal has been met with strong opposition by 'competitors' in an industry that is already highly concentrated. The U.S. freight market is dominated by four Class I railroads, with Union Pacific and BNSF dominating the west and Norfolk Southern and CSX in the east. UP and NS claim that a single-line service would remove the East-West barrier, especially the expensive, time-consuming Chicago interchanges. This would, they say, reduce the number of handoffs and improve transit times. It would also help rail compete better with long-haul trucks. Jim Vena, CEO of Union Pacific, said that he was confident about the approval of this deal by regulatory authorities. We will be left behind if we do not move. That's not for me. Vena stated that the benefits of this deal are indisputable. BNSF is owned by Warren Buffett, whose Berkshire Hathaway company has billionaire status. Buffett has argued that the merger will reduce shipper options and increase rates. He also warned it would create a "railroad of such immense scope" it could undermine competitiveness along key corridors. Canadian Pacific Kansas City, (CPKC), has also criticized this deal. Its CEO said that the company is not interested in more consolidation and questioned whether a transcontinental merger of such?scale would serve the public interest. Anthony Hatch, a independent analyst, says that the future of rail consolidating is still fluid. CSX will review the Friday filing, and BNSF, Canadian Pacific, and UP-NS could 'eventually' pair up to respond to the UPNS bid depending on the competitive concessions, the market access, or the operating?advantages that the STB grants. If these railroads are able to gain enough market access via the STB process, then they might decide that they want to remain independent. But if not, they could be outmatched, unless they merge. CSX will review the STB filing and participate in the STB to ensure that it is well positioned for competition, the company stated. Hatch stated that the UP-NS merger is the first major merger of railroads reviewed under the STB framework, adopted in 2001. This new STB framework requires railroads prove a merger enhances competition, not just preserves it, and shows clear benefits to the public, Hatch added. (Reporting and editing by Nick Zieminski in New York, Sabrina Valle from New York)
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Baku container throughput to increase 37% by 2025, says port chief
Eldar Salakhov, the port's chief, said that the Baku International Sea Trade Port will have handled 37% fewer containers in 2025 than it did the year before. He said that by the end of this month, container throughput would reach 105,000 20-foot equal units (TEU) compared to 76,775 in 2024. The port is a key hub of the Middle Corridor (also known as Trans-Caspian Transport Route), which connects China to European countries via Kazakhstan?Azerbaijan?, Georgia?and Turkey. About 38%-40% (or more) of the cargo handled in the port is Chinese import and transit freight. Salakhov said that the 100 000 TEU milestone highlights Azerbaijan’s increasing transit role in light of rising East-West cargo flow. Salakhov told???? on Thursday that the 100,000 TEU mark highlights Azerbaijan's growing transit role amid rising East-West cargo flows. Ilham Aliyev signed a decree in February 2025 that merged the Baku Port with Azerbaijan Railways. This merger is expected to support the growth of container volumes. This move was intended to improve operational efficiency and centralise the management of transport and logistics systems. "We have already seen concrete results from the decision - the synchronisation between port and rail operations has increased cargo handling without needing major additional investments," Salakhov stated. He said that preliminary estimates suggest the port could have a container throughput of more than?110,000 in 2026. Baku's port was opened in 2018. It has a capacity of 15 millions tonnes of cargo a year. This includes 100,000 TEU containers. Salakhov stated that the effective container handling capacity of the company is estimated to be 150,000 TEU as a result of efficiencies gained and without major new investments. Salakhov stated that the port is currently working on an expansion phase of its first development, which envisages a container throughput of over 260,000 TEU with the hope of attracting foreign investment in order to almost double that. He did not give a timeline for the next stages.
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Three people are killed by a knife-wielding assailant in Taipei. The attacker dies after he is chased by police.
The premier revealed that three people died and five were injured after a knife-wielding assailant went on a rampage in central Taipei,?Friday. He then died during a police pursuit, after falling from a high building. Premier Cho Jung Tai said that the man had thrown smoke bombs in Taipei's main station and then run to a subway station nearby?in a bustling shopping district?, attacking people along the way. Cho, a reporter, said that the deceased suspect attacker had a criminal record and outstanding warrants. His house was also searched. Taiwan is a country where violent crime is rare. "We will examine his background and related relationships to understand his motivations and determine whether there are any other connected factors," he said, identifying only the man by his lastname, Chang. Cho said that besides?smoke bombs, he probably had petrol?bombs, which appeared to be burning at the scene. He was also wearing what looked like body armor and a mask. It appears that he deliberately threw smoke-bombs and used a long knife in order to attack the public without discrimination." (Reporting and editing by Alex Richardson, Alison Williams and Ben Blanchard)
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What plans do shipping companies have for the return of Suez Canal to sea?
After two years of "disruptions" due to security concerns in the Red Sea, major shipping companies are developing strategies to return to the Suez Canal. Since November 2023 they have rerouted vessels to longer and more expensive?routes? around Africa, after Houthi forces in Yemen attacked commercial ships, in solidarity with Palestinians in Gaza during the war. Some companies are exploring resumption of operations after a ceasefire agreement was reached in October, but security is still a major concern. Here are the latest developments: MAERSK, the Danish shipping company, announced on Friday that one of their vessels had successfully navigated through the Red Sea and Bab El-Mandeb Strait 'for the first time in almost two years. Maersk has said that it does not have immediate plans to reopen the entire route. It is also not considering changing the East-West network back to the Trans-Suez Corridor. However, it considers this feat as a "step-by-step approach" in resuming the passage. CMA CGM According to a schedule posted on its website, the world's third largest container shipping line will begin using this passage in January for its India-U.S. service, INDAMEX. HAPAG - LLOYD The CEO of the German shipping company said earlier in December that the return of shipping to the Suez Canal would take place gradually and would require a period of 60-90 days for logistics to be adjusted and to avoid sudden congestion at ports. Requests for comment from the world's fifth largest container company were not immediately answered. Hapag-Lloyd & Maersk had called for caution back in November and said they were watching the situation to see if there was any evidence of increased security. WALLENIUS ?WILHELMSEN A spokesperson for the Norwegian Car Shipping Group said that they are still assessing their situation and won't resume sailing until certain conditions have been met.
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Croatian JANAF is expecting to sign a MOL oil transport deal in January
A JANAF board-member told regional 'N1' television on Friday that the Croatian pipeline operator JANAF is expecting to sign a new agreement for oil transport with Hungarian oil company MOL by?mid January. Vladislav Veselica stated that MOL had requested that the contract reflect the prices for transporting larger volumes of oil than before. MOL has accused JANAF of breaking the contract. This would end months of discussions. The existing agreement, which expires December 31, sees JANAF transport?2.1 millions metric tons crude oil annually to MOL's refining plants in?Hungary?and Slovakia. The Croatian firm has offered to increase volumes as Hungary attempts to reduce its reliance on Russian crude oil via the Druzhba Pipeline. Veselica stated that MOL had requested higher volumes of crude oil for the first time. The request ranged from 2 to 11 millions tons. "We are preparing an offer that we will present to MOL within the next few days." MOL had asked if JANAF could supply enough oil to its refineries and accused the company repeatedly of violating the terms of the contract. JANAF has denied that it has violated the terms of its contract, and said that MOL has used?its pipeline at a significantly lower level than expected. MOL's representative was not available to comment immediately.
US Army Corps of Engineers: Dakota Access pipeline should be operated as usual
The U.S. Army Corps of Engineers released a much-anticipated 'Environmental impact statement for the Dakota Access Pipeline on Friday. It recommended that the oil pipeline operations?continue... with some conditions.
The EIS is a document that must be produced by the DAPL operator Energy Transfer to assess the environmental impact of federal actions. This represents a victory for Energy Transfer, and a significant step towards the end of a long-running court battle between Energy Transfer, the company, and the Native American tribes who are fighting to close the pipeline.
The 'document' recommends that DAPL continue to operate, if safeguards such as groundwater monitoring and fish tissue residua analyses, water & sediment sampling as well as new leak detection technologies are implemented.
In 2022, a U.S. Court ordered that the federal government conduct a more thorough EIS on the crude pipeline route of 1,800 km (1,100 miles). This was in response to the dispute between Energy Transfer, and tribes citing water quality concerns as the pipeline crosses Lake Oahe just half a mile from the Standing Rock Sioux Reservation.
While the review was being conducted, the pipeline continued to operate. It is the largest oil pipeline coming from the Bakken oil basin and can transport 750,000 barrels per day of oil from North Dakota to Illinois.
The USACE recommendation has not been implemented. (Reporting and editing by Paul Simao in Houston, Georgina McCartney from Houston)
(source: Reuters)