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Japan and Europe continue to have near-historical lows in coffee stocks
According to the Coffee Trading Academy, green coffee stocks in Japan, Europe, and the United States, the two largest coffee-consuming regions in the world, were near historic lows in February, despite the recent weakness of coffee prices. Japan's stock was 2.21 million 60 kg bags. This is a little different from January, and also from last year. It is still far below the 5-year average of 2.75 millions bags for this time of the year. CTA cited data from the European Coffee Federation to say that green coffee stocks in Europe were 6.8 million bags at the end of February. This was 7.5% less than January and 8% below the same period last year. European stocks could reach 14 million bags by mid-2022. "High carry costs are one of the reasons that discourage stock building in an inverted market," said Ryan Delany, CTA's founder and chief analyst, referring the fact the spot prices are higher. He said that European stocks were around 4.5 millions bags below the average of the past 10 years and around 3.5million bags below the average for the last five years. Analysts claim that the relatively low stocks in major coffee-consuming regions make the market susceptible to price fluctuations in the event of a logistical breakdown or weather-related disruptions in important production regions like Brazil or Vietnam. The market is closely following the Middle East situation with the Hormuz Strait, and the Suez Canal. Stocks are low, and the coffee flow heavily depends on maritime transport," Gustavo Matias said at Matias Coffee Trading. He added that transportation costs had increased. Matias said the market was currently "split" on the price direction. One side is looking at the large Brazilian crop that will be coming up and the other side, the tight coffee flow in the short term. (Reporting and editing by Hugh Lawson; Marcelo Teixeira)
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After US airport security workers get paid, absences drop sharply
Transportation Security Administration said absences among the nation’s 50,000 security agents fell'sharply' on Monday, as workers received their paychecks after six weeks of working without a paycheque. Major?airports which had experienced multi-hour lines reported that operations were largely back to normal. Homeland Security Department reported that the absence rate dropped to 8.6% from 12.4% on Friday. Atlanta had the highest number of absenteeism reported on Monday, with 29%. Other airports with high absence rates include Baltimore, New Orleans and John F. Kennedy in New York, Philadelphia, Houston's two airports, Baltimore, New Orleans and Houston. The TSA experienced a surge in security lines as a result of the weeks-long congressional standoff. In some cases, these lines topped four-hours long. This is the longest TSA line in 25 years. Last week, hundreds of U.S. Immigration agents and Homeland Security Investigations (HSI) officers were deployed at 14 U.S. Airports to help with security screening. The White House said that they would stay in place until normal operations were resumed. The President Donald Trump signed a memo on Friday ordering TSA workers to get paid even though Congress still hasn't ended the 46-day partial government shutdown. U.S. Department of Homeland Security confirmed that workers began receiving their pay on Monday. DHS reported that most TSA agents received retroactive pay on Monday, which included at least two?two-week checks. It plans to give workers the rest of a partially missed paycheck since the shutdown began as soon as possible. Since mid-February, more than 500 airport security guards have quit. Tens of thousands?other DHS employees are still unpaid. The airports are coping with an increase in school spring break travel, which is about 5% higher than last year. Democrats in Congress halted funding for DHS, demanding that immigration rules be changed after agents in Minneapolis killed U.S. Citizens Renee Good and Alex Pretti. After weeks of squabbling, the Senate finally passed a bipartisan compromise bill that would pay TSA employees. The Republican leadership in the U.S. House rejected this legislation on Friday, passing a measure to fund DHS as a whole. David Shepardson is the reporter.
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Top EU diplomats visit Bucha in commemoration of 2022 massacre
On Tuesday, the European Union's top diplomatic representative Kaja 'Kallas' and a number of EU foreign ministers visited Bucha to mark the fourth anniversary since a massacre. They expressed their support for Ukraine in its demand for Russian accountability for the atrocities that were 'committed' there. Ukrainian officials claim that Russian forces killed hundreds of people in Bucha soon after the beginning of the 2022 invasion. Kallas, along with around a dozen EU Foreign Ministers and other senior European Officials made the trip to Bucha amid tensions in the EU over EU Aid for Ukraine. Kallas, who returned to Kyiv from the trip, said: "This morning we were reminded what's at stake." "There's no more stark example of Russia’s brutality than the events in Ukraine." Zelenskiy urged partners to focus on the "war in Ukraine" despite the impact of the U.S./Israeli war against Iran. "You know that images from Bucha have been compared with the horrific scenes in the Second World War. But there is a big difference," he explained. He added that the difference in treatment of Nazism and the sanctions imposed on Russia for the war on Iran was not a good reflection on the world leaders today. Peace talks on the end of the war in Ukraine are suspended because of the Middle East conflict. Officials in Kyiv expressed concern that weapons could be diverted from Ukraine due to Western military resources being stretched. KALLAS: EUROPE WILL STAND BY THE UKRAINE. Europe is now the primary backer of Ukraine in its fight against a larger and better equipped Russian army on a 1,200-kilometre (746-mile) frontline. Hungarian PM?Viktor Orban has blocked a 90 billion-euro ($103 billion) EU Loan for Ukraine due to a dispute about Russian oil transit through Ukraine's Druzhba Oil Pipeline. Hungary also blocks progress in talks on Ukraine's EU accession. Kallas stated that European ministers must work for Europe, not Russia. This was in response to a phone call leaked by a Russian and a Hungarian foreign minister discussing EU sanctions 2024. She said, "We must not fund Russia but confront it." The Ukrainian officials will use the senior EU officials' visit to increase accountability for war crimes. Sybiha stated that eight countries had confirmed their willingness to join an expanded partial agreement for the Special Tribunal?for the Crime of Aggression against Ukraine, a planned, international criminal court. He expressed his hope that this number would increase. "Perhaps, more than anywhere else in the world, we feel that the future of Europe and Europe's safety are decided here - right now - in Ukraine," said Sybiha. "The frontline of the current conflict is also an issue of international law, and values that we all share." Moscow has stated that it will not recognise the tribunal special and any country joining will be viewed as an act of hostility.
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Russian oil tanker starts discharging cargo at Cuba's Matanzas Terminal
Shipping data revealed that a Russian-flagged oil tanker with 700,000 barrels of crude oil docked at Cuba's Matanzas Oil Terminal?on Tuesday. This was the first significant oil shipment to the island after President Donald Trump's Administration cut off the fuel supply. Under U.S. sanction, the Anatoly Kodkin vessel entered Cuban waters late Sunday, not far from Guantanamo's U.S. Navy Base. This was despite U.S. restrictions imposed on oil supplies from Russia to Cuba. The U.S. claimed that it allowed the tanker's crude oil delivery for humanitarian reasons. LSEG data shows that the?Aframax fuel tanker entered Cuba’s largest fuel storage area under mostly clear skies with light winds. CELEBRATIONS - A CAUSE TO CELEBRATE Arrival of 250-meter tanker for many Cubans who were exhausted after?months blackouts was a cause of celebration. Marino Galvez (66), a Matanzas resident, said, "This is like discovering water in the desert." He watched the ship from Matanzas' waterfront boulevard early. According to President Miguel Diaz Canel, Cuba hasn't received an oil tanker for three months. This has exacerbated the energy crisis, which has further weakened its already deteriorated electrical grid, healthcare, public transport, and farming. The crude oil, once it is fully refined and discharged, should allow the Cuban government to breathe a little more, despite increasing pressure from the Trump administration. According to an estimate posted on social media, it will take 25-35 days for the oil to be processed and distributed in Cuba. The ship carries Russian Urals crude oil, which is medium-sour and suitable for Cuba's aged refineries. The Foreign Ministry said that about 40% of the cargo will be converted into fuel oil for the island's power plants. The remaining 35% of the cargo will be refined into diesel fuel for power generation, transportation and gasoline. OIL ON DECK After capturing Venezuelan president?Nicolas Maduro, the U.S. halted Venezuelan oil exports. Trump threatened to impose punishing tariffs against any country that shipped crude oil?to Cuba. Mexico, along with Venezuela, stopped its shipments. Dmitry Peskov, Kremlin spokesperson, said on Monday that further Russian shipments will follow. "The desperate situation in which Cubans find themselves, we cannot remain indifferent to this. So, we will continue working on this." The Trump administration said Monday that it would examine any further oil shipments made to Cuba "case by case". Anatoly Koodkin was not the only tanker that had been stuck in the middle of the Atlantic for weeks. Another tanker called the Sea Horse also carried Russian diesel, but it was rerouted from Cuba to Venezuela. The White House has softened the blanket ban on Cuban oil exports. It's unclear whether Sea Horse or other tankers originally bound for Cuba are going to try and discharge their cargoes at Cuban ports. Reporting by Ayose Naranjo in Matanzas, additional reporting by Marianna Pararaga in Houston, and Dave Sherwood at Havana. Writing by Dave Sherwood. Editing by Aida Pelaez-Fernandez & Tomaszjanowski.
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NTSB raises questions on driver assistance systems, lack of regulations
The National Transportation Safety Board criticized on Tuesday the lack of regulations by government on driver assistance systems and raised concerns about claims made by automakers. The 'NTSB' is holding an hearing to determine probable cause for two fatal crashes that involved Ford Motors BlueCruise, a hands-free advanced driving assistance system. Thomas Chapman, NTSB member and board member, expressed his disappointment with the National Highway Traffic Safety Administration. He said that the agency had shown "a lack of leadership" by failing to address the issues surrounding the deployments of driver assistance systems. The 2024 rear-end accidents involved Ford Mustang Mach-Es of the 2022 model, operating in the partial 'automation mode. NTSB members have repeatedly asked if sufficient safeguards were included in driver assistance systems that perform some tasks, but require drivers be attentive and prepared to take over other tasks. Jennifer Homendy, chair of the NTSB, said that automakers should be cautious about making claims about automation as the solution for the deaths that occur on US roads. roads. Homendy added that "humans are not well-suited to automate monitoring tasks, and they can easily become complacent." In a perfect scenario, the (NHTSA), would establish minimum performance standards for safety technologies. NHTSA has not yet commented. Both the 'NTSB' and the 'NHTSA" have been investigating BlueCruise since 2025 to answer questions about the system limitations, and to assess drivers’ ability to respond. Ford claims BlueCruise, an advanced hands-free?system, operates on 97% U.S. highways and Canadian highways without intersections or traffic lights. In recent years, the NTSB has opened several investigations into advanced driver assistance technologies. This includes Tesla's Autopilot. Tesla, the electric car manufacturer, agreed in December 2023 to recall 2,000,000 vehicles and install new safety measures for its Autopilot driver-assistance system. (Reporting and editing by David Shepardson)
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Due to operational restrictions, renewable energy producers in Brazil have reduced their operations.
Companies have reported that Brazil's renewable sector is experiencing severe headwinds. Major?power generators are scaling back their operations and cutting jobs because of generation restrictions imposed by the?national grid operator on wind and solar power plants in 2023. Atlas Renewable Energy owned by Global Infrastructure Partners under BlackRock and Newave Energia co-owned with Gerdau as well as French company Voltalia are some of the companies that have adjusted their operations to ensure financial stability. No one has revealed the number of layoffs, but they have confirmed that changes are being made to adapt to the market's challenges. The crisis is a crucial moment for Brazil's solar and wind sectors. These sectors have grown to be important pillars in the country's electrical matrix. The country has been able to consume more clean power and protect itself from disruptions in supply when external shocks such as the war with Iran affect the availability of fossil-fuels used in the production of electricity. The National Electric System Operator began limiting the output of solar and wind power stations more severely after a 2023 power outage. These restrictions, which do not regulate battery storage for integration with power stations, have resulted in significant financial losses. Some plants were forced to stop production altogether. Atlas Renewable Energy reported revenue loss of approximately 25% at certain facilities. Manoel André, the vice president of regulatory affairs for the company in Brazil, said, "You build your business on a certain volume of energy and then you find it impossible to achieve." Voltalia has announced plans to cut its global workforce by almost 10%, including Brazil, in order to undergo a wider?transformation. The company said that new investments in Brazil depend on regulatory stability and?long-term returns. Newave Energia recently?launched a solar project at Goias and stressed the importance of efficiency and resource optimization in the face of the volatile climate. The outlook for the broader sector remains bleak. Manufacturers such as GE have shut down their operations and companies like Acciona are exiting Brazilian renewables by 2024. Atlas, along with other companies, such as France's Engie and others, have stopped new investment in solar projects. The companies say that the biggest problem is the lack of clarity regarding potential 'compensation. Congress passed a bill last year that?ordered the reimbursement of a part of the outstanding loss, but only retroactively. The law needs to be regulated. Government efforts to address challenges such as transmission upgrades and possible battery storage auctions are still in the early stages. Leticia Fucuchima reported, and Manuela Andreoni edited, David Gregorio, Andrea Ricci, and Andrea Ricci.
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Spiegel reports that Lufthansa is considering grounding 40 planes because of the Iran war.
The escalation of the Middle East conflict has led to an employee meeting, reported the Spiegel newspaper on Tuesday. The Handelsblatt had initially reported that the airline group considered 'grounding 20 planes earlier on Tuesday. It also cited a'meeting of employees. Spiegel reported that this was a?part of two crisis management packages. Spiegel reported that in the event of further escalation of the conflict, a second package of possible measures would be to ground 40 aircraft. This would amount to a?loss of capacity of around 5%. Spohr told Spiegel that no decision has been taken yet but admitted the 4% capacity growth planned for 2026 is 'likely not realistic. Lufthansa refused to comment.
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Brazilian Petrobras will increase jet fuel prices by up to 55%, according to airline reports
Abra Group, which owns the airline Gol in Brazil, announced on Tuesday that Petrobras, the state-owned oil firm, will increase jet fuel prices starting April 1 by approximately?55%. The move follows a rise in global oil prices linked to the U.S./Israeli war against Iran. It could put pressure on Brazil's airline sector just as Gol and Azul are recovering from debt restructurings. Petrobras, the world's largest oil company and the one responsible for the majority of refinery activity in South America, is responsible for the bulk of the airline operating costs. The oil giant adjusts the jet fuel price at the start of every month, based on factors such as global oil prices or foreign exchange rates. Petrobras didn't immediately respond to an inquiry for comment. HIGHER FARE The Middle East conflict has caused a'surge in jet-fuel prices, which has forced airlines to increase fares and reassess their financial forecasts. Abra's Chief Financial Officer Manuel Irarrazaval stated that Petrobras will increase prices in April, but that it would be "moderate", compared to the global price surge. He added that Abra's monthly pricing strategy helps airlines control costs. He acknowledged, however, that Abra (which also controls Colombia's Avianca) needs to increase prices by around 10% for each $1 per gallon increase in jet fuel prices. Last week, Azul announced that it would reduce its capacity domestically by 1% to offset higher fuel prices. GOVERNMENT RESPONSE The newspaper Folha de S.Paulo announced on Monday that the Brazilian government will announce a package?of?measures?to soften the impact on local carriers of 'higher oil prices,? including a credit line to purchase fuel and tax reductions. The Brazilian Ports and Airports Ministry didn't immediately respond to an inquiry for comment.
War Risks Insurers Win Appeal on UK Ruling on Jets Lost in Russia
Chubb, Fidelis, and Lloyd's have been granted permission to appeal a London Court ruling in favour of the world's largest aircraft?leaser AerCap regarding jets that are stuck in Russia due to its war against Ukraine. London's High Court decided in June that AerCap could recover just under $1 billion from "war risk insurers", though that was less than what it sought to recover of roughly $2 billion.
After the court heard one of the largest insurance disputes ever heard in London, the court ruled in favor of leasing companies.
The appeal hearing is expected to last five days. The lawsuit was centered on?almost 150 jets and engines with a value up to $4.7 billion. However, settlements, including the one made during the first day of the trial in October 2024, whittled down the number.
AerCap, Dubai Aerospace Enterprise (also known as DAE), Merx Aviation, KDAC Aviation Finance, Falcon, and Genesis were the main claimants against insurers such as AIG, Lloyd's, Chubb, and Swiss Re. KDAC settled all of its claims during the trial. AerCap and DAE, as well as other lessors, have disclosed settlements periodically. (Reporting and editing by Barbara Lewis; Sam Tobin)
(source: Reuters)