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Activist Elliott tells Southwest Air mechanics it still wants CEO's ouster, memo says
Activist financier Elliott Investment Management told among Southwest Airlines' leading unions it still wishes to replace CEO Robert Jordan, according to a union memo seen , even after the provider promised to shake up its board. Elliott, which owns 10% of Southwest's typical shares, met with the Aircraft Mechanics Fraternal Association on Sept. 12, the memo to members said. The union represents about 3,000 mechanics at the Dallas-based airline. Its vision of a Southwest turn-around is one where Robert Jordan does not stay as CEO, the memo said. The union likewise stated the hedge fund desires Gary Kelly, who is executive chairman, to leave faster than his scheduled departure date. The meeting happened two days after Southwest said 6 directors would step down in November and Kelly would retire next year, but that it stayed committed to Jordan. The board revamp was revealed after the carrier and hedge fund met last week. The hedge fund now owns adequate Southwest stock to call a. unique conference and take the next actions to shake up the board. and management. In August, Elliott determined 10 director. candidates it might nominate to the 15-member board. Other Southwest financiers have met with Elliott and a few of. the hedge fund's director candidates in the last couple of days. At. these conferences, the hedge fund underscored its desire to change. Jordan and get an earlier departure for Kelly, a financier. knowledgeable about the conferences stated. Jordan prospered Kelly as CEO. in 2022. Elliott has pressed hard for the replacement of Jordan and. Kelly, blaming them for the airline's struggles. It wants the. carrier to be more competitive in the market and has actually been. convening with unions to enhance support for its campaign. In the conference with the mechanics union, the hedge fund. insisted that Jordan be changed, the memo said. It likewise. advocated the departure of other magnates, it included. Elliott declined to comment. Recently, it called the. planned board modifications unmatched and praised the board for. starting to acknowledge the degree of modification that will be. required at Southwest. Southwest did not instantly react to an ask for. comments. The airline company last week said it would select four brand-new. independent directors in the future and would possibly. consist of up to 3 candidates proposed by Elliott. Nevertheless, the business expressed confidence in Jordan, saying. there was no much better leader to successfully perform its. method to progress the airline company and boost sustainable. investor worth. Southwest has actually been struggling to discover its footing after the. pandemic, in part due to Boeing's aircraft delivery. hold-ups and industrywide overcapacity in the domestic market. It prepares to offer designated and extra-legroom seats to. draw in premium travelers, and begin overnight flights. It will. present details to financiers on Sept. 26. The mechanics union stated Elliott noted the proposed board. overhaul was not part of a worked out offer however rather announced. by the airline and presented to the hedge fund. Jordan informed personnel recently that the Sept. 9 conference with. the hedge fund was efficient. He said the company looked. forward to continuing to work with Elliott toward a. collective resolution in the near future. Southwest has an excellent strategy, Jordan stated, adding the board. and business governance modifications would assist the business return. to the high level of financial efficiency that we - and our. shareholders - expect. The mechanics union said Elliott has actually hired consulting firm. Gephardt Group to examine Southwest's current technique to. labor relations. Southwest has actually also been trying to rally its workers and. financiers.
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ConocoPhillips CEO requires US to end 'crazy' LNG license time out
ConocoPhillips CEO Ryan Lance on Tuesday contacted the U.S. government to end this. insane LNG (license) time out and enable the nation to lead the. liquefied gas industry. The White House implemented in January a pause on licenses to. give time for the Department of Energy to take a tough look at. the environmental and economic impacts of the industry. The. pause temporarily stopped approvals for exports from LNG. projects. A federal judge in July obstructed President Joe Biden's. administration from continuing to stop briefly the approval of. applications to export LNG. You got ta stop this insane LNG pause from going. forward, Lance said throughout the Gastech conference in Houston. We definitely need permitting reform, and we need more. facilities..
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Alaska Airlines, Hawaiian can close merger offer, DOT says
The U.S. Transportation Department stated on Tuesday it had consented to enable Alaska Airlines to close on its $1.9 billion acquisition of Hawaiian Airlines, after the providers consented to keep crucial Hawaiian paths and embrace customer protections. The Justice Department in August chose not to obstruct the offer that was announced in December by Alaska, the fifth-largest domestic U.S. airline company, to Hawaiian, the 10th-largest provider. The carriers said on Tuesday that they anticipate to close the deal in the coming days. DOT stated Alaska and Hawaiian consented to safeguard the worth of regular flyer rewards, keep existing service on secret Hawaiian routes to the continental United States and inter-island areas, make sure competitive access at the Honolulu airport and offer travel credits or frequent leaflet miles for disturbances that are the fault of the airline. The contract followed weeks of discussions in between Alaska and DOT, which had sought extensive concessions that went beyond what remains in the contract revealed on Tuesday. Alaska stated on Tuesday that the dedications line up with plans it announced at the time it signed the deal and do not effect the synergies of the offer, which will boost competition and broaden choice for consumers. The providers need to ensure clients can transfer miles without penalty and the combined provider can not decrease the value of HawaiianMiles miles and should maintain, or boost status for HawaiianMiles members in Alaska's Mileage Plan program.
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Biden won't block possible strike at East Coast ports, administration official states
U.S. President Joe Biden does not mean to invoke a federal law to prevent a port strike on the East Coast and Gulf of Mexico if dockworkers fail to protect a new labor contract by an Oct. 1 due date, an administration official stated on Tuesday. The International Longshoremen's Association, negotiating on behalf of employees at three dozen U.S. ports from Maine to Texas that manage about half of the nation's seaborne imports, warned once again on Tuesday that its members are prepared to quit working in 2 weeks. Their existing six-year arrangement with the United States Maritime Alliance (USMX), which includes employers like Maersk's. APM Terminals and SSA Marine, ends on Sept. 30. U.S. presidents can intervene in labor conflicts that. threaten nationwide security or safety by enforcing an 80-day. cooling-off duration under the federal Taft-Hartley Act, forcing. employees back on the task while settlements continue. We have actually never conjured up Taft-Hartley to break a strike and are. ruling out doing so now, the Biden administration official. told Reuters. We motivate all celebrations to remain at the bargaining table. and negotiate in excellent faith. Talks in between the ILA and USMX have actually stalled over problems. varying from salaries and benefits to terminal automation. Time is running out to get a new master contract arrangement. settled with USMX, ILA stated in a statement. USMX on Friday stated it is prepared to return to the bargaining. table, warning that a strike would be costly and harmful to. both sides. The National Retail Federation on Tuesday led a group of. 177 trade associations representing merchants like Walmart. , makers, farmers, automakers and truckers in. getting in touch with Biden to help reach a resolution. Last summer, Biden dispatched Acting Labor Secretary. Julie Su to assist work out an important contract offer in between U.S. West Coast seaport companies and their union workers, following. labor disruptions at some hectic California port terminals. Both sides had accepted keep talking after their July 1,. 2022, deadline because the COVID pandemic freight boom was jamming. up important supply chains and stoking inflation. Their June 2023 offer protected a 32% pay increase for employees. and was anticipated to be a template for labor talks on the East. and Gulf coasts.
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Colombia might default on payment of external financial obligation, official says
Colombia is at threat of stopping working to fulfill its foreign debt repayments since a special congressional committee has not reached a quorum, avoiding it from carrying out a specific procedure that is needed to make payments, the director of public credit said on Tuesday. In addition to the threat of defaulting on payments, it is likewise decreasing the dispensation of credits from multilateral lending institutions like German state bank KfW, Jose Roberto Acosta told reporters. The committee should fulfill to authorize or reject bond issues, along with contracting external loans. Though the government can disregard the decision, operations to pay debt remain stuck up until the committee convenes. The requirement to permit the government to release bonds abroad and sign contracts with multilateral loans that are needed to continue honoring the payment of credits and debt service has been taken into consideration, Acosta stated. Given that there have been 6 conferences without quorum, Colombia is at high risk of defaulting, he said.
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Energy Transfer LNG pipeline continues to burn in La Porte, Texas
Energy Transfer said a fire at its natural gas liquid (NGL) pipeline in La Porte, Texas, which began on Monday, was still burning on Tuesday and a. state regulator said it would probably keep burning into the. afternoon. The enormous fire on Monday early morning knocked out power to. thousands of homes and organizations and prompted an evacuation of. the area. No serious injuries were reported and the pipeline was. separated by midday for recurring item to burn off, the business. stated. The fire happened at a valve station on a 20-inch (50.8-cm). pipeline utilized to bring NGLs, according to Energy Transfer. NGLs. can be utilized as inputs for petrochemical plants or burned for. space heating and cooking, to name a few uses. Law enforcement agencies have actually started an examination. into the reason for the event, Energy Transfer said. The Texas Railroad Commission (RRC), which manages. the state's oil and gas industry said its inspectors were on the. site of the event and will begin their investigation as soon as. emergency officials have deemed the scene safe. Energy Transfer continues to blow down the remaining. gas in the pipeline area which might last into this. afternoon, RRC added. Affected land owners were being taken care of and have actually been. supplied with lodging at area hotels, Energy Transfer stated,. adding that this will continue up until evacuation orders are. lifted.
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Canada's Forest Biofuels to invest $1.35 bln at Port of Louisiana for renewable fuels plant
Canadian eco-friendly fuel business Forest Biofuels announced on Tuesday a financial investment of $1.35. billion at the Port of South Louisiana to develop a sustainable. natural gas (RNG) plant and ultragreen hydrogen facility. The Toronto, Ontario-headquartered company utilizes waste. biomass to produce sustainable biofuel, which can then be utilized. in transportation, heating and electrical power generation. The new center will be located at the Globalplex center. at the Port of South Louisiana, the company stated in the release,. with the very first stage of commercial operations set to begin in. 2028. RNG's ecological advantages consist of the decrease of. natural gas use and recording climate-warming emissions that. would otherwise be released into the environment. Nevertheless, RNG is more expensive than natural gas, which is. likewise experiencing a period of continual low rates, presently. down about 12% so far into the year. Phase 1 of the Woodland job could see the removal of. 210,000 tonnes of co2 yearly, and phase 2 could. remove almost 660,000 tonnes, storing them underground. The privately held business did not reveal any financial. details of the offer or capacity of RNG that it would have the ability to. produce. To further support the task, the Louisiana Economic. Development would offer a plan worth $250 million in. rewards to Forest Biofuels, which includes. performance-based grants and the comprehensive workforce. development options, the company said.
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Italy approves decree to offer around 14% stake in Poste Italiane
Italy approved on Tuesday a. decree permitting the Treasury to offer a stake of as much as 14% in. postal service Poste Italiane, Prime Minister Giorgia. Meloni's workplace said in a declaration. Under the decree, the state plans to keep more than 50%. stake in Poste, the declaration stated. The Treasury straight owns a 29.3% stake in the postal. service, while another 35% stake is held through state lending institution. Cassa Depositi e Prestiti (CDP). Rome would pocket more than 2 billion euros ($ 2.22 billion). from the sale of approximately 14% of Poste, which is currently worth. 16.5 billion euros. The government has been delaying approval of the decree for. months, following resistance from ruling and opposition celebrations. along with trade unions to planned loosening of the state's grip. on essential civil services. At first Meloni's federal government had planned to lower its. stake in the postal service to as low as 35%. Federal government critics argue that debt interest savings stemming. from any sale would be lower than the dividends paid by Poste. gradually. The group - a significant company in Italy with over 120,000. employees - strategies to pay 6.5 billion euros in dividends. in between 2024 and 2028, up from the 3.8 billion euros it. distributed over the previous 5 years.
Sources: Egypt's GASC purchases Russian wheat in a private deal
Three sources with knowledge of the matter said that Egypt's state grain buyer bought Russian wheat this week in a deal outside the traditional tendering process.
Two sources claim that the General Authority for Supply Commodities, (GASC), purchased 430,000 metric tonnes of Russian wheat for shipment in October.
GASC refused to comment, but said it receives daily offers and evaluates them.
Three sources confirmed that GASC obtained the wheat via an intermediary company from Russian grain dealer United Grain Company. OZK didn't immediately respond to our request for comment.
The intermediary was also cited by two other sources as having purchased the cargoes at $233 per ton. One source said that the intermediary originally purchased the cargoes for $231 per metric tonne. These prices were not clearly stated if they included shipping charges.
Egypt, the world's largest wheat importer, is trying to benefit from lower global prices by securing more grain. It uses this grain to subsidise bread for tens and millions of Egyptians.
Last month, it was reported that Egyptian President Abdel Fattah al-Sisi had personally ordered GASC to conduct its largest ever tender in august. This meant that more than half GASC’s needs were sought at one time. GASC was only able to achieve 7% of their target because prices were higher than expected.
Also reported this month, GASC was in talks with suppliers for the purchase of 30 cargoes or up to 1,8 million tons of wheat, from sellers such as Russia.
Egypt has struggled with high inflation for the past two decades and needed support from the International Monetary Fund (IMF) and Gulf allies in order to deal with a currency crisis.
In order to reduce spending, the country in North Africa has taken austerity measures. This includes raising the price of bread subsidised for a decade.
Supply Minister Sherif Farouk said this month the country remained confident of securing its target of around 3.8 million tons of wheat by the end of 2024, via a combination of tenders, direct purchases and government-to-government agreements.
Farouk, a reporter on Monday, said: "We have the green light to engage directly in negotiations to get the best possible price." Reporting by Sarah El Safty and Olga Popova; editing by Jason Neely, Mark Potter and Mark Potter
(source: Reuters)