Latest News
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Financial Times - Nov. 14
The following are the top stories in the Financial Times. Reuters has actually not confirmed these stories and does not vouch for their accuracy. Headings - Homebase falls into administration putting 2,000 jobs at danger - Canadian pension fund purchases UK airports operator for 1.5 billion pounds - Boohoo prompts financiers to reject Mike Ashley's demand to join its board - Brand names told to check 'aggressive' trademarks after UK court judgment versus Sky Overview. - Having a hard time do it yourself chain Homebase has.fallen into administration,. blaming a recession in home enhancements for a collapse that puts. 49 stores and 2,000 jobs at risk. - The Canadian pension investor PSP has actually gotten the UK airports. operator of Aberdeen, Glasgow and Southampton airports for 1.5. billion pounds ($ 1.90 billion) from Ferrovial and. Macquarie, marking the current handle the sector in the middle of a. post-pandemic rebound in travel. - Boohoo has urged investors to vote versus Mike. Ashley's need to be set up on the board of the UK. fast-fashion seller, saying the sportswear tycoon is not. appropriate for such a function. - Big UK brands have been informed they will require to check. aggressive copyright claims after the country's. greatest court discovered that media company Sky acted in bad faith. by registering hallmarks for a large range of items it did. not plan to sell.
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Asia's airline companies blame supply chain concerns for interfered with operations
A siaPacific travel demand has recuperated from the pandemic, but profits at the region's airlines are under pressure from supply chain issues interrupting operations and exposing them to strengthening consumer defense rules, industry executives say. A lack of parts, labour and brand-new aircrafts as the aviation market emerged from the pandemic has accompanied higher-than-expected repair work required on the latest-generation engines. The supply chain concern is the biggest difficulty the market is dealing with, Subhas Menon, the director general of the Association of Asia Pacific Airlines (AAPA) stated at the trade body's annual conference in Brunei this week. Turnaround times for engine maintenance are at record lengths, with airline companies having to cut flights, relocation parts around and lease stop-gap engines or aircrafts to keep operations ticking. Thai Airways CEO Chai Eamsiri stated servicing the Rolls-Royce engines on its Boeing 787 jets utilized to take around three months, however that has blown out to about 6. We need to extend the airplane. We utilized to run 12.5 hours a day, now we have to extend it to 13 plus, he told Reuters on the sidelines of the event. SUPPLY CHAIN AGGRAVATION The heads of significant carriers consisting of Thai Airways, Singapore Airlines, Malaysia Airlines and Kazakhstan's. Air Astana expressed aggravation with maintenance. times and stated federal governments trying to improve customer. protections ought to stop positioning the blame on airlines for. delays. The origin is originating from the supply chain ... However we are. the one facing the consumer, Eamsiri informed the meeting. Malaysia, Australia, Thailand and the Philippines are amongst. the nations beefing up airline company customer protections to need. refund options when it comes to delays and cancellations, as is. the United States, though the rules are not as difficult as EU. guidelines requiring payments to affected guests. Aviation makers have to get their act together, Air. Astana CEO Peter Foster said. Amidst a lack of planes, labour and parts, Malaysia. Airlines suffered a string of service interruptions this year and. cut its network capacity by 20% from September. Malaysia's civil aviation regulator cut the period of the. provider's air operator certificate to one year from 3 years. after an examination. All airlines are wringing the neck of our suppliers,. Malaysia Airlines CEO Izham Ismail told attendees. Engine servicing used to take around 55 days before the. pandemic, today it requires 100 or more, Ismail stated. Representatives of Plane and Rolls-Royce said. independently they were working to deal with supply chain snags,. consisting of enhancing providers' access to financing. AIRFARES FALLING Travel in the Asia-Pacific area, which accounts for around. 32% of international guest traffic, recovered later than other. parts of the world due to a belated lifting of pandemic travel. restrictions, especially in China. In September, guest volumes for 40 Asia-Pacific based. providers balanced 97.5% of the corresponding month in 2019,. according to AAPA data. Airline companies internationally have actually been seeing stable need but. airfares are declining as a post-pandemic travel boom abates and. most planes are back in the skies. Singapore Airlines, seen as a bellwether for the area,. last week posted a 48.5% plunge in interim net profit,. reflecting stiff competition, and flagged its earnings would. remain under pressure regardless of robust travel need.
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Tropical storm Toraji shuts schools, some organizations in Hong Kong
Schools and numerous services shut in Hong Kong on Thursday early morning after authorities issued the 3rd highest tropical storm alerting over night as tropical storm Toraji skirted about 150 km (93 miles) south of the monetary hub. Toraji is expected to deteriorate and move away from Hong Kong with winds moderating gradually throughout the day, the city's. observatory said. The strong wind alert will be reduced to signify 3 from 8 by. 10:20 a.m. (0220 GMT), the observatory said, which will permit. lots of services to resume for the rest of the day. Roads were quiet and damage appeared minimal in the city's. centre. The city's stock market remained open for trading on. Thursday early morning for the first time throughout a tropical cyclone, while the. city's Airport Authority said operations and flights were. running usually. Typically throughout a typhoon 8 signal, transportation is significantly. decreased and individuals are recommended to stay inside. Toraji, which indicates lovely flower that flowers undetected,. normally in the deep mountains of Korea, is among 4 storms. that have emerged at the very same time in the western North Pacific. and South China Sea this month.
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New york city guv to relaunch Manhattan congestion charge strategy, source says
New York Guv Kathy Hochul will reveal on Thursday that the state prepares to restore a blockage charge for driving in parts of Manhattan that she indefinitely put on hold in June, a source informed Reuters. New york city City's blockage pricing program, the first of its kind in the U.S., was at first to have charged a toll of $15. throughout daytime hours for guest vehicles driving in Manhattan. south of 60th Street beginning June 30. Hochul prepares to reveal a modified program that is anticipated. to have a base charge of $9 for automobile, the source said. The strategy was reported previously by media outlet Gothamist. London carried out a comparable charge in 2003. The revised plan will require the fast-track approval of the. U.S. Transportation Department and the new toll is expected to. be carried out before President Joe Biden leaves workplace on Jan. 20. The Metropolitan Transportation Authority is expected to. vote next week to authorize the charge, the source included. A Transport Department spokesperson declined to. remark. Hochul had actually mentioned high inflation and a desire to not hinder. commuters or travelers because of the surcharge for her. decision to stop execution. A representative for Hochul said the governor on Thursday. will reveal the path forward to money mass transit, unclog our. streets and improve public health by minimizing air pollution. A group of five New York House Republicans led by. Representative Mike Lawler advised incoming President Donald Trump. in a letter to kill the charge, asking him to end this ridiculous. congestion rates money grab at last. A Trump. spokesperson did not immediately comment. In the aftermath of the delay, the MTA in June stated it was. putting $16.5 billion in capital projects on hold. MTA has said congestion pricing would cut traffic by 17%,. improve air quality and boost mass transit use by 1% to 2%,. produce approximately $1.5 billion each year and support $15 billion in. financial obligation funding for public transportation improvement. In 2019, state legislators approved the strategy to help fund. enhancements in public transportation utilizing tolls to manage traffic in. New York City City, the most congested of any U.S. city. Congestion rates had been projected to start in 2021 but. the federal government under Trump took no action. It was. approved under Biden in 2023. New York states more than 900,000 vehicles enter the Manhattan. Central Business District daily, which lowers travel speeds to. around 7 miles per hour typically. Riders Alliance Executive Director Betsy Plum said. congestion rates can not take place quickly enough. As soon as the very first. tolls are gathered, we will finally breathe easier..
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Turboprop maker ATR scraps brand-new model to concentrate on existing variety
Turboprop airplane maker ATR stated on Wednesday it would scrap development of a brand-new design created to take off and arrive at brief runways and concentrate instead on its existing portfolio. The French-Italian business, co-owned by Jet and Leonardo, said the choice to halt the brand-new ATR 42-600S Short Liftoff and Landing (STOL) advancement followed an extensive market review and remaining supply chain stress. ATR is the world's biggest producer of local turboprop aircrafts, with a family of aircraft seating 42 to 78 individuals. In 2019, the Toulouse-based manufacturer announced strategies to establish an unique version of its smallest design designed to squeeze in and out of airports with runways as short as 800 metres (2,600 feet), backed by 20 provisionary orders. Customers for the version included Air Tahiti, Papua New Guinea's PNG Air and Irish lessor Elix Aviation Capital, according to previous ATR statements. It said when releasing the project that the brand-new style would unlock access to 500 additional airports, reflecting rapid local economic development in markets such as Asia. But revealing the decision to close the project on Wednesday, ATR said the variety of targeted airports in Southeast Asia that might require such an airplane had actually diminished since of runway extensions or the building and construction of close-by alternative airports. France's Force Ouvriere union said there had been doubts over service plans and advancement costs. It warned of economic losses triggered by the repayment of airline deposits and stated ATR workers had actually been stunned by the choice to stop the task. A spokesperson for ATR could not be grabbed remark. ATR takes pleasure in a strong position in the market for turboprops, which are thought about more efficient than jets over short ranges, and faces minimal competition. ATR turned its attention to the little and nimble STOL variant after market sources stated Plane had blocked plans favoured by its partner Leonardo to build a larger model with 100 seats. In 2022, Brazil's Embraer deserted plans to develop an brand new turboprop aircraft.
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Dow, S&P 500 barely up as inflation data keeps Fed rate-cut hopes undamaged
The Dow and the S&P 500 increased somewhat on Wednesday after October data showed consumer rates increasing in line with expectations, adding support to bets that the U.S. Federal Reserve will cut interest rates in December. The consumer price index (CPI) rose 0.2% in October for the 4th straight month and advanced 2.6% on a yearly basis, the Labor Department's Bureau of Labor Statistics said. Leaving out the unpredictable food and energy parts, the CPI increased 0.3%. in October, conference economists' forecasts. After the report, traders' bets showed a more than 82%. possibility for a 25 basis-point rates of interest cut at the Fed's. December conference, up from 58.7% on Monday, according to CME. group's FedWatch tool. While some Fed authorities sounded more cautious on Wednesday,. Minneapolis Fed President Neel Kashkari informed Bloomberg television that. he was confident inflation was headed down, noting that the CPI. data validates that down course. There's some relief inflation didn't been available in ahead of. expectations. That was an issue entering today's CPI. report, said Angelo Kourkafas, senior investment strategist at. Edward Jones. The truth we got an ideal in-line number assisted. reduce a few of those worries. Nothing we saw today from today's. data refutes a December rate cut. Outperformance in the consumer discretionary sector index. , up more than 1% on the day, was likely due to bets on. rate cuts, according to Kourkafas. Still, Dallas Federal Reserve President Lorie Logan said the. U.S. central bank need to continue very carefully on additional interest. rate cuts to keep from inadvertently re-igniting inflation. St. Louis Fed President Alberto Musalem said the Fed remains in. the last mile of its inflation battle though recent data raised. the risk that progress may slow or reverse, on Wednesday. According to initial data, the S&P 500. gotten 2.98 points, or 0.05%, to end at 5,986.97 points,. while the Nasdaq Composite lost 45.18 points, or 0.23%,. to 19,236.22. The Dow Jones Industrial Average increased 50.22. points, or 0.11%, to 43,960.43. Also suggesting December rate cut bets, U.S. Treasury. 2-year yields fell greatly after the inflation. report. However, the benchmark 10-year yield gained back. ground it lost after the data and increased as high as 4.46% as. investors focused on longer-term expectations that. President-elect Donald Trump's policies could worsen. inflation. Regardless of inflation concerns, financiers are enthusiastic of a. pro-business position and possible tax cuts from the inbound U.S. president. Media outlets predicted on Wednesday that the. Republican politician Party had actually won a majority in the House of. Agents as well as the Senate. The marketplace has already responded rather positively to the. election news, stated Venu Krishna, head of U.S. equity method. and worldwide equity-linked techniques at Barclays. A great deal of the. optimism is baked in but what's not baked in fully is a few of. the unpredictability that features certain substantial policy. postures. But while Krishna sees upside momentum for threat properties from. Republican policies, he said the market is competing with. issues that rates, inflation and valuations are larger. headwinds now than they were in 2016, the last time Trump became. president. In specific shares, Spirit Airlines' shares. plunged on Wednesday after a report the U.S. carrier is. preparing to file for bankruptcy defense, while the company. said it is talking with financial institutions. Shares of EV maker Rivian skyrocketed after Volkswagen. on Tuesday raised its investment in the business by. 16% to $5.8 billion.
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US East Coast and Gulf Coast port unions and employers are still at odds about automation
Both sides reported on Wednesday that despite a new round contract talks held this week, neither side had made significant progress in the crucial issue of automation. This divide must be closed before January 15 in order to prevent a second port-strike that could disrupt the flow of goods across the country as importers, exporters and others prepare for possible upheaval due to President-elect Donald Trump’s threatened tariffs against a wide range of products from China and Mexico. The International Longshoremen's Association is a staunch opponent of automation. They claim that it will destroy jobs. Employers support automation and semiautomation. They say it's crucial for U.S. ports to be competitive and that it can increase cargo volume, which supports jobs. A senior official in the administration of President Joe Biden expressed concern about a possible new work stoppage for next year. The union declined to comment on the matter but did address the issue in a post on Facebook that was removed later, though not before the information was circulated within the shipping industry. The ILA is determined to not surrender any ILA positions, the union stated in a posting. It added that it had ended talks when the employer group insisted on incorporating semi-automation and automation language into its Master Contract proposals. After significant involvement from the White House and Biden administration officials, the ILA ended a three-day walkout on October 3 after it had won a wage increase of 62% over six years through the United States Maritime Alliance. This was the first major strike in the East and Gulf Coast Ports for nearly 50 years. It briefly stopped the flow of half the ocean shipping within the United States. USMX met with the union for two days in this week to try and reach an agreement on a six-year contract before their extended deadline of Jan. 15. USMX released a statement saying that "while we made positive progress on some issues, we weren't able to make any significant progress in our discussions which focused on a variety of technology issues." The employer group stated that it "does not seek technology which would eliminate jobs." The union said that it was "insisting" on a deal that would "move our industry backwards by restricting the future use of technologies that have been in place at some of our ports since nearly 20 years, making the future evolution of the supply chain impossible." A driverless crane is one scenario that could be used to move containers from dock stacks onto trucks. Sources familiar with the negotiations said that union workers in remote areas lower the containers on the chassis so they are firmly placed. Sources said that semi-automation helps terminals handle more containers, which creates jobs. The tentative agreement announced last month will raise the average union wage to $63 per hour from $39 per hour over the course of the contract. This is dependent on the other issues being resolved. Reporting by David Shepardson, Washington; Lisa Baertlein, Los Angeles. Editing by Chizu Nomiyama & Bill Berkrot
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Amtrak briefly stops all trains in between New york city and Washington over power concerns
U.S. traveler railway Amtrak stated Wednesday it was temporarily suspending all train service between New york city and Washington due to the fact that of overhead power concerns in Philadelphia, disrupting the travel plans of countless riders. Amtrak said the suspension because of downed overhead wires blocking the tracks would last till around 3 p.m. ET and trains in service will hold at a station up until service resumes. Amtrak has actually faced numerous major service interruptions in the last six months in New Jersey. Amtrak and NJ Transit stated in August they had actually increased evaluation, assessment and maintenance activities focused on preventing disturbances. About 12 million travelers took a trip in 2023 in between Washington and Boston annual on Amtrak. Amtrak carries about five times as many travelers in between New York City and Washington as airline companies. Separately, Amtrak stated service remained suspended indefinitely in between New york city Penn Station and New Haven, Connecticut, due to a fire east of Penn Station on Tuesday. Customers traveling between New York and New Haven can utilize the Metro-North Railroad to travel between the cities via New York Grand Central Terminal.
Sources say that China's new refinery Yulong has increased the first crude unit's production to 90%.
Trade sources reported that China's new refiner, Shandong Yulong Petrochemical, is running its newly launched 200,000 barrel per daily (bpd), crude unit at about 90%. It plans to begin trial runs on a second unit the same size in early January.
The full operation of the $20 billion complex will help China increase its crude imports, and also boost the production of refined products. This will offset some of this year's declines due to the waning Chinese fuel demand and the thin profits from refining.
The refinery is located on an artificial island in Longkou County of the city Yantai. It's the latest addition to the four large chemical-refining complexes China has built since 2018, as Beijing encourages stronger and bigger manufacturers.
Other companies include Zhejiang Petrochemical Corp., Hengli Petrochemical Corp. and Shenghong Petrochemical.
Yulong Petrochemical currently processes approximately 25,000 metric tonnes of crude per day (or 182,500 barrels per day) at its No. Three sources familiar with the operation of the plant said that Yulong Petrochemical's No. 2 crude distillation (CDU) unit is currently processing approximately 25,000 metric tons a day, or 182,500 bpd. The operating rate was 60-70% at the end of September.
Three sources said that Yulong Petrochemical is planning to begin trial runs in the No.1 crude oil facility by the end of this year or early January.
One source said that Yulong will also be starting up a 1.5-million-ton-per-year ethylene unit. This is one of two units on the site and it's one of largest.
Two other sources confirmed that Yulong was still awaiting an operational license to begin its paraxylene facility (PX), a vital feedstock for polyester fibers. Yulong has a PX production capacity of 3 million tonnes per year.
Yulong Petrochemical, a private aluminium smelter, is owned 51% by Nanshan Group. Shandong Energy Group, backed by the provincial government and based in Shandong Province has 46.1%. Two local companies hold the remainder. (metric ton = 7.3 barrels of crude oil for conversion) (Reporting and editing by Trixie Yap, Chen Aizhu)
(source: Reuters)