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French unions strike against austerity, pressuring Macron
Teachers, train driver, pharmacists, and hospital staff all went on strike in France, and teenagers blocked high schools as part of a protest day against budget cuts. The unions want the fiscal plans of the previous government scrapped. They also want more public spending, higher taxes for the wealthy and an end to the unpopular rule that made people work longer for a pension. Many metro lines in Paris were scheduled to be suspended throughout the day, except during morning and afternoon rush hours. Some students gathered at the entrance of some schools to block them. A student raised a placard in front of Lycee Maurice Ravel in Paris, France. The message read: "Block Your High School Against Austerity." Social unrest occurs as President Emmanuel Macron, and newly appointed Sebastien lecornu, face a political crisis in order to control finances and bring the second largest economy of the eurozone under control. Workers Angry Over Fiscal Plans According to a source in the Interior Ministry, 800 000 people are expected to participate in protests and strikes. The main unions in the country said that "the workers we represent are furious" in a statement where they rejected the fiscal plans of the previous government, which were "brutal" as well as "unfair". Lecornu, who relies on other parties for legislation to pass, will have to fight a political battle in order to get a budget approved by the parliament for 2026. Francois Bayrou was Lecornu’s predecessor. He was voted out of office by the parliament for his plan to squeeze the budget by 44 billion euros. Lecornu hasn't yet stated what he plans to do with Bayrou’s plans. However, he has said that he is open to compromises. Sophie Binet, the CGT union's chief after meeting Lecornu in early this week, said: "We will continue mobilising as long as there are no adequate responses." "The budget decision will be made on the streets." PROtests Hit Schools, Trains The FSU-SNUipp trade union reported that one in three primary school educators were on strike. Officials said that the strike had a major impact on regional trains, but the majority of high-speed TGV lines in the country will be operating. Protesters blocked traffic near Toulon, a city in the south-east of France. Data from EDF showed that nuclear production was down by 1.1 gigawatts on Thursday morning, after workers reduced power output at Flamanville 1. Confederation Paysanne, the farmers' union has also called for mobilization. Pharmacists have been angry about changes that affect their businesses. The USPO pharmacists union conducted a survey among pharmacies and found 98% of them could close the next day. Early on Thursday, Interior Minister Bruno Retailleau informed reporters that some blockades had been removed by police in the Paris area. He said that up to 8,000 people could "sow chaos" and fight with the police. He said that 80,000 police officers and gendarmes would be on duty throughout the day. There will also be riot units, drones, and armoured cars. Reporting by Zhifan LIu, Makini BRICE, Dominique Vidalon Mathias de Rozario Juliette Jabkhiro Gus Trompiz Writing and editing by Ingrid Melander
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Memo says Spirit will cut flight capacity and jobs by 25%.
Spirit Airlines will cut jobs in November as it plans to reduce its capacity by 25% compared to the previous year, according to an internal memo. This is a further blow to the low-cost carrier. In a memo to employees, CEO Dave Davis explained that the cutbacks are intended to "optimize [our] network in order to focus on our most important markets". The memo stated that "These evaluations are bound to affect the size our teams, as we become an efficient airline." Uncertain is the number of roles which could be affected. According to the memo, the low-cost airline continues to evaluate its fleet size and plans to meet the leaders of the airlines' unions in the next few weeks. CNBC reported earlier on the restructuring plan. Spirit filed for bankruptcy last month, the second time within a year. A previous reorganization had failed to give it a more stable financial foundation. Spirit's financial troubles, along with a rush by U.S. carriers in pursuit of premium travelers, has raised fears that the cheap flight era might be coming to an end for budget-conscious travelers. United Airlines had earlier on Tuesday ruled out the possibility of bidding for Spirit's assets if and when they became available. This is expected to happen as part of Spirit's restructuring. Reporting by Gursimran K. Kaur in Bengaluru and Angela Christy; Editing by Alan Barona, Rashmi Aich
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France prepares for protests and strikes against budget cuts
Teachers, pharmacists, and train drivers are among the workers who will be striking in France on Friday as part of a protest against budget cuts. The unions want more public spending, higher taxes on the rich and the scrapping an unpopular pension change. Social unrest occurs as President Emmanuel Macron, and newly appointed Sebastien lecornu, face a political crisis in order to control finances and bring the second largest economy of the eurozone under control. According to a source in the Interior Ministry, 800 000 people are expected to participate in protests and strikes. Workers Angry Over Fiscal Plans The main unions in the country said that "the workers we represent are furious" in a statement where they rejected the fiscal plans of the previous government, which were "brutal" as well as "unfair". Lecornu, who relies on other parties for legislation to pass, will have to fight a political battle in order to get a budget approved by the parliament for 2026. Lecornu became prime minister after Francois Bayrou was ousted by the parliament last week over his plan to squeeze the budget by 44 billion euros. Lecornu hasn't yet stated what he plans to do with Bayrou’s plans but has said that he is open to compromise. Sophie Binet, the CGT union's chief after meeting Lecornu in early this week, said: "We will continue mobilising as long as there are no adequate responses." "The budget decision will be made on the streets." PROTESTS TO HIT SCHOOL, TRAIN The FSU-SNUipp said that one in three primary teachers will be on strike. The power company EDF announced that some of its employees would be on strike. Officials said that the Metro network in Paris will experience widespread disruptions, and regional trains as well. However, the majority of high-speed TGV lines will continue to operate. Confederation Paysanne, the farmers' union has also called for mobilization. Pharmacists have been angry about changes that affect their businesses. The USPO pharmacists union conducted a survey among pharmacies and found 98% of them could close the next day. BFM TV reported that Interior Minister Bruno Retailleau said 80,000 police officers and gendarmes would be deployed. Retailleau stated that riot units, drones and armored vehicles would be present to combat what he described as possible sabotage or attempts to block different sites in the early morning. He also said that he expected violent troublemakers to attempt to clash with the police. (Reporting by Dominique Vidalon, Mathias de Rozario, Juliette Jabkhiro Writing by Ingrid Melander Editing by Frances Kerry)
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Peru President signss contract to allow Chevron and Westlawn entry
Dina Boluarte, the president of Peru, announced on Wednesday that she had modified a contract for hydrocarbon exploration and extraction. This would allow U.S. companies Westlawn and Chevron to enter the country. The contract formalizes their entry through a consortium run by Texas-based Anadarko (APCFC. UL, a subsidiary company of Occidental Petroleum Corporation. The agreement allows the companies to work in three offshore blocks, Z-61, Z62, and Z63, off Peru's La Libertad area, located north of Lima. Boluarte, at a government palace ceremony, said that the arrival of Chevron - the third largest oil company in the world - sends a clear and strong message. Peru is a stable, reliable and serious country for large-scale investments. She added, "If the exploration confirms that oil and gas deposits exist, we'll be facing a real energy renaissance which will have the potential to guarantee our economic growth for many decades." According to government data, Chevron, Anadarko, and Westlawn each will hold 35% of the consortium. The government announced an initial investment of $100 million dollars in the exploration phase. Executives from the three oil firms and Perupetro, the state regulator, signed off on the contract amendment. Pedro Romero said he is optimistic about this project. In a speech, he stated that "this is a project on which we have worked for years." It is the start of a brand new adventure. Reporting by Marco Aquino, Editing by Richard Chang
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Executive says that holiday season imports are already arriving at the busiest US port.
The top executive of the nation's busiest port said that U.S. retailers had finished importing holiday goods at least one month earlier in an effort to reduce costs associated with President Donald Trump's changing tariff policies. Port of Los Angeles Director Gene Seroka said that "a large amount of holiday cargo is already here and moving through the supply chain." He said that the traditional holiday rush, also known as peak season, which is traditionally driven by retail, happened early. About half of the cargo volume is handled by retailers at the Port Los Angeles. Dockworkers handled 1,019 837 20-foot-equivalent units (TEUs), the highest monthly cargo volume the Port of Los Angeles has ever seen in its 117 year history. The total volume at the Port of Los Angeles in August was 958.355 TEUs. This is down 0.2% compared to a year earlier. Seroka anticipates that import volumes will continue to decline throughout the rest of the year. He said that September will be about 850,000 TEUs. This is 10% less than the previous year. Forecasters say that several trends point to a drab holiday season in 2025. This month, the National Retail Federation (which represents companies such as Walmart and Target) said that it expects container imports will continue to decline throughout the rest of the year, due to the rising U.S. Tariffs. "Shifting Trade Policies Continue to Create Uncertainty for Businesses and Consumers," Mario Cordero said, CEO of Port of Long Beach which borders the Port of Los Angeles. Seroka explained that this is contributing to a slowdown in job growth, and the lingering of inflation. This makes importers and customers a bit more cautious. Retail sales in the United States increased more than anticipated in August. This is the third consecutive month that retail sales have increased, despite a backdrop of price hikes fueled by tariffs. But a PricewaterhouseCoopers survey released this month showed that holiday spending by U.S. consumers is set for its steepest drop since the pandemic as shoppers -- particularly Gen Z -- pull back amid economic uncertainty. (Reporting by Lisa Baertlein in Los Angeles; Editing by Jamie Freed)
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Families of Air India crash victims sue Honeywell and Boeing
Families of four passengers who died in the crash June 12 crash In a lawsuit, the owner of an Air India Boeing 787-8 said that the accident was caused by allegedly defective fuel switches. The U.S. Federal Aviation Administration Has said that the accident which killed 260 people does not appear to be caused by him. The lawsuit filed in Delaware Superior Court on Tuesday blames Honeywell and Boeing, who made the switches, as the cause of the crash that occurred seconds after Flight 171 left Ahmedabad, India, bound for London. Plaintiffs cite a 2018 FAA advisor that suggested, but did no mandate, that operators of various Boeing models, such as the 787, check the locking mechanism on the fuel cutoff switches to ensure they could not accidentally be moved. The Air Accident Investigation Bureau (AAIB), India Report of preliminary investigation The investigation into the crash found that Air India did not perform the recommended inspections and that maintenance records indicated that the throttle control modules, which include the fuel switches, were replaced on the aircraft involved in the accident in 2019 and in 2023. The report stated that "all applicable airworthiness instructions and alert service bulletins on the aircraft, as well as engine" were adhered to. Honeywell and Boeing both declined to comment. The cockpit recording between the two pilots of the jet suggests that, contrary to previous reports, the captain had cut off the fuel flow to the engines. The lawsuit claims that the switches were placed in an area of the cockpit that was more likely to have been accidentally pushed. This "effectively guaranteed" that normal cockpit activities could lead to inadvertently cutting off fuel. Experts in aviation safety told us that this could not happen. Flip Based on their design and location. This lawsuit is the first to have been filed in the United States regarding the crash. The lawsuit seeks damages that are not specified for the deaths suffered by Naavya Dhirubhai, Kuberbhai, and Babiben, all of whom were passengers. Also, 19 passengers and 12 crew members were killed. One passenger survived. The plaintiffs are Indian or British citizens and reside in India or Britain. The preliminary report of Indian investigators appeared to exonerate Boeing, and engine manufacturer GE Aerospace. However, some family groups have criticized the investigators and press for being too focused on pilots' behavior. Legal experts state that, although most accidents are the result of a variety of factors, lawyers who represent victims' families often target manufacturers as they don't have to face the same limitations on liability as airlines. These strategies may also increase the likelihood of bringing a case in U.S. court, which is widely regarded as being more generous to plaintiffs compared to many foreign courts. Paghadal et al v Boeing Co et al is the case at Delaware Superior Court No. N25C-09-145. (Reporting and editing by Les Adler, Marguerita Choy, and Les Adler; Additional reporting in Seattle by Dan Catchpole; Reporting by Jonathan Stempel).
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Colombia asks UN Aviation Agency for global standards on pet protection on planes
After a series of high-profile incidents in which dogs died on planes, Colombia has asked the U.N. aviation agency to adopt global standards for air transporting pets across borders. The representative of Colombia's ICAO said that the country wants to see the organization, which sets international standards for everything from seatbelts to runways, create rules regarding pets in aircraft. The proposal of the South American country, which is supported by about two dozen countries from Latin America and Europe has been made ahead of ICAO’s triennial meeting that runs from September 23 through October 3. "Colombia talks about this because there have been a few instances in our country that negatively affected the health of pets," Mauricio Koppel, a representative from Colombia for ICAO, said on Tuesday. "We found that ICAO does not have a guide that establishes rules and standards for the proper transport of living beings and pets." ICAO can't impose rules to member states but countries who approve of the agency standards tend to adhere by them. The COVID-19 pandemic and the growing pet ownership have led to a surge in demand for "dog first" flights, such as those offered by BARK Air. Virgin Australia announced Wednesday that it will begin allowing small dogs and cats to travel in the cabin of some domestic flights on October 16th. Some airlines will transport pets in the cargo hold instead of the cabin. However, some breeds such as French bulldogs or pugs may be banned because they are at a higher risk of heatstroke. According to the U.S. Department of Transportation, incidents involving injured or deceased animals on airplanes are rare. According to a Colombian ICAO working paper, the increase in pet travel has raised concerns about ventilation and safety containment. In the years 2021 and 2022 there were two cases where dogs died aboard small carriers. Meanwhile, in 2020, the Canadian Kennel Club demanded government reforms after dozens of dogs died on a Ukraine International Airlines flight between Kyiv and Toronto. In 2018, a French Bulldog died in an overhead bin after a United Airlines cabin attendant had ordered its stowing. This incident prompted the United States to pass legislation that prohibits airlines from placing animals in dangerous situations by storing them in overhead compartments. Koppel says that the International Air Transport Association, a lobby group for airlines, has set rules on animal transportation across borders. However, these are not legally binding. Qatar Airways, a Middle Eastern carrier, allows falcons to fly in the cabin. Other countries such as Australia require that dogs and cats be quarantined upon arrival. Koppel stated that there was a gap in the law. IATA stated on Wednesday that their live animal regulations are widely recognized and adopted by regulators around the world as "global benchmarks for safe and humane air transport of animals." The group is in favor of ICAO providing a framework for pet transport to all countries as long as there are no duplications. (Reporting and editing by Jamie Freed in Montreal, Allison Lampert is reporting from Montreal)
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Families of Air India crash victims sue Honeywell and Boeing
Families of four Air India Flight 171 passengers who were killed in the crash on June 30 blamed Boeing and Honeywell for their negligence, and also a defective fuel cutoff switch, which led to the death of 260 people. Flight 171, which was en route from Ahmedabad to London, crashed on June 12 shortly after it took off. The plaintiffs in a complaint filed Tuesday at the Delaware Superior Court said that the locking mechanism on the switch of the Boeing 787-8 Dreamliner may have been turned off accidentally or missed, resulting in a loss in fuel supply and the loss of thrust required for takeoff. The U.S. Federal Aviation Administration warned in 2018 that disengaged locking mechanism on Boeing aircraft could pose a risk. By placing the switch behind the thrust levers "Boeing effectively ensured that normal cockpit activities could result in an inadvertent cutoff of fuel." The complaint stated. "What did Honeywell, Boeing and other companies do to avoid the inevitable catastrophe?" Nothing." Boeing, located in Arlington, Virginia declined to comment Wednesday. Honeywell of Charlotte, North Carolina did not respond immediately to comment requests. Both companies were incorporated in Delaware. This lawsuit is the first to have been filed in the United States regarding the crash. The lawsuit seeks damages that are not specified for the deaths suffered by Naavya Dhirubhai, Kuberbhai, and Babiben, all of whom were passengers. Also, 19 passengers and 12 crew members were killed. One passenger survived. The plaintiffs are Indian or British citizens and reside in either country. The cause of the crash has not been determined conclusively by investigators from India, Britain and America. According to a preliminary report published by India's Aircraft Accident Investigation Bureau, the confusion that occurred in the cockpit prior to the crash was described in a July report. Bryan Bedford, administrator of the U.S. FAA in July, also expressed "high confidence" that mechanical problems or an inadvertent move of fuel control components was not the cause. Boeing incurred legal costs and other costs of more than $20 billion from the two fatal crashes of 737 MAX aircraft that occurred in 2018 and 2019 The most popular plane was grounded for more than 20 months. Paghadal et al v Boeing Co et al is the case at Delaware Superior Court No. N25C-09-145. (Reporting and editing by Leslie Adler; Additional reporting from Dan Catchpole, Seattle; Additional reporting from Jonathan Stempel).
Sunk superyacht most likely to cost insurance companies a minimum of $150 million, professionals state
Insurance companies of the Bayesian superyacht that sank this month, eliminating tech business owner Mike Lynch and six others, could be on the hook for a minimum of $150. million, according to the very first price quotes by industry professionals.
The British-flagged 56-metre-long (184-foot-long) private yacht,. which the professionals estimated cost around $40 million, capsized. and went down on Aug. 19 within minutes of being struck by a. pre-dawn storm while anchored off northern Sicily.
The superyacht's hull was insured versus physical damage by. private yacht insurance coverage provider OMAC and a consortium of insurance companies. consisting of Travelers Companies Inc, Navium Marine and. Convex, Reuters reported recently.
Its defense and indemnity (P&I) insurance coverage, which. usually covers third-party liability claims consisting of for. environmental damage, injury and death, was provided by British. Marine.
The hull was most likely guaranteed for around $40 million, while. the P&I cover would be bigger, insurance coverage sources said.
Our understanding is that the expense of the boat was between. $ 40 and $50 million, so the limit of the hull & & equipment policy. was probably around those values, stated Marcos Alvarez, managing. director, global banks scores at Morningstar. DBRS.
The P&I policy would likely be a number of multiples of the. hull policy, or $200-300 million, Alvarez added, noting it would. also likely cover liability payments even if the captain or team. are discovered to be negligent.
District attorneys in the town of Termini Imerese, near Palermo,. are examining the captain and two other crew members. An. examination does not imply regret or mean official charges will. follow. Prosecutors have said the probe would take time and. need salvaging the wreck.
Oscar Seikaly, CEO of broker NSI Insurance Group, that. offers yacht insurance, estimated the hull value at $40-70. million, but stated P&I cover might not total more than $100. million.
P&I insurance would also cover recovery of the Bayesian,. said Francesco Dubbioso, country supervisor for Italy for insurance company. Alta Signa Europe, who estimated the superyacht's value at $30. million to $40 million.
Reuters is the very first to report the prospective insurance. expenses. OMAC, Travelers and Navium Marine did not right away. respond to Reuters' for remark. Convex declined to comment.
The Bayesian disaster, which has puzzled specialists who said. the boat would have been built to endure a severe storm, adds. to recent problems for luxury yacht insurance providers, who have actually dealt with a raft of. typhoon losses in the past few years.
Premium rates have actually increased by four to 5 times in the past. couple of years in parts of the U.S. and the Caribbean, and. luxury yacht insurers have actually cut the amount of cover they supply due to the fact that. of the threats, Seikaly stated.
As a result, insurance companies have actually increased rates and re-evaluated. their guidelines and risk hunger, according to market. specialists.
In addition to typhoons, insured losses have primarily stemmed. from serious storms, floods, and other weather occasions in North. America, the Caribbean, and Europe, according to a report by. broker Marsh.
Seikaly said four customers had last week been prepared to purchase. boats but changed their minds since of the high cost of. insurance coverage.
Environment modification was also most likely to add to private yacht insurers'. worries, Seikaly included, as it throws up more unanticipated occasions.
Whoever thought a storm in the Mediterranean in the month. of August is going to sink a ship?.
(source: Reuters)