Latest News
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D.E. Shaw tosses assistance to Mantle Ridge in Air Products board battle
Hedge fund D.E. Shaw shifted course in its project for modification at commercial gases company Air Products and is now supporting a rival activist's efforts instead of pushing ahead with its own board obstacle, sources familiar with the matter stated on Thursday. D.E. Shaw has stated it no longer plans to nominate its own slate of directors to the company's board and will support a. campaign released by Mantle Ridge, the activist firm run by Paul. Hilal, individuals said. D.E. Shaw did not immediately reply to an ask for. comment. Recently Mantle Ridge signified that 2 previous top. executives at Linde Plc will team up with the company as it looks for. to push for succession preparation for Air Products' octogenarian. President Seifi Ghasemi, reorganizing the board,. improving capital allowance and overhauling the company's. method, individuals familiar with Hilal's method said. The D.E. Shaw choice was first reported by CNBC.
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One killed as passenger train derails in northern Norway, TV2 reports
A passenger train derailed in northern Norway on Thursday, leading to one casualty, Norwegian police said, according to broadcaster TV2. Norway's Joint Rescue Coordination Centre said there were in between 50 to 70 travelers on board, less than the 90 that had first been reported by train operator SJ, based upon ticket sales. A locomotive and a number of train carriages had actually hindered, cops stated on its news notification service. Live TV showed a locomotive lying on its side after sliding down a hillside and numerous train carriages were likewise hindered. The train thwarted in between Bjerka and Mo i Rana in northern Norway at around 1215 GMT, as it was heading towards the city of Bodoe from Trondheim in main Norway, according to the train operator's website.
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Business Products ruling out brand-new Permian oil pipeline, says co-CEO
U.S. energy pipeline operator Business Products is ruling out including a. new crude oil line out of the Permian shale field in West Texas,. coCEO Jim Teague said on Thursday. A wave of consolidation in the top U.S. shale field has. concentrated output in the hands of companies that are appealing. to restrain output so as not to crash prices by overproducing. Teague likewise stated that Business continues to advance its. proposed deepwater oil export job, Sea Port Oil Terminal. ( AREA), but nobody wishes to be (the) first customer to sign. up. Multi-year regulative hold-ups, a loss of commercial backers. and slowing U.S. shale oil production growth has SPOT and 3. competing overseas oil-export jobs having a hard time . A change in crude circulations as many Western countries banned. imports of Russian crude after the country's intrusion of. Ukraine, pushing Russian oil to stream to Asia, likewise has damaged. the outlook for U.S. deepwater export jobs that can load. supertanker straight. Things have actually altered, but my gut feeling is that we'll be. able to get area throughout the goal, Teague said while. speaking at an RBN Energy conference in Houston.
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Oil exports from Russia's western ports to fall 13% in Nov as refinery upkeep ends, sources say
Russia's crude oil exports from its 3 main western ports will come by 13% in November from the previous month to 1.95 million barrels each day (or some 8 million metric heaps) as refinery upkeep season is over, 2 trade sources said on Thursday. Exports from Russia's western ports of Primorsk, Ust-Luga and Novorossiisk are carefully viewed by market participants consisting of the Organization of the Petroleum Exporting Countries ( OPEC) members since they are the most volatile flows and heavily impacted by the domestic refinery intake. Russia has actually kept high oil exports this year, while likewise admitting to oil overproduction, going beyond the amount agreed by OPEC+, which consists of OPEC and allies consisting of Russia. The nation promised to make additional cuts to compensate from the end of 2024. Russia cut crude oil output in September by 28,000 barrels per day (bpd) to about 9 million bpd, OPEC stated, mentioning information from secondary sources such as consultancies. Russian oil loadings from its western ports will drop in November from 2.25 million bpd in October. Russian oil refineries are anticipated to increase runs next month after major seasonal maintenance in September-October. In November Russian oil refining will increase: Russia prepares to take offline simply 1.8 million lots of its refining capability down sharply from 4.4 million lots in October. Lower offline refining capability generally suggests higher refinery runs and less petroleum offered for exports. Yet some Russian refineries are not eager to increase runs even after the end of upkeep due to weak margins, the sources said. Profitability of export sales is still extremely low due to weak (oil products) margins, discount rates for Russian fuel and shipping expenses, one trader associated with Russian oil product sales said. Refinery margins are weak worldwide. Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a slump for an market that had actually taken pleasure in rising returns post-pandemic and highlighting the extent of the current slowdown in global need. If Russian oil refineries choose to keep refinery processing low, more crude oil will be offered for exports next month, the sources said.
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European firm offers support for struggling space sector
The European Space Company revealed procedures on Thursday to accelerate payments to the space market in the face of mounting job cuts, while enforcing higher scrutiny following a raft of expense overruns and delays. Director General Josef Aschbacher announced the strategy after a. council conference of the 22-nation company, a week after Jet. announced 2,500 job cuts mainly in its satellites. business. Profitability has actually been raised as a major concern, Aschbacher. said, pointing out current announcements at Airplane Defence and Area. and Franco-Italian competing Thales Alenia Area. The proposed assistance will consist of increasing the level of. downpayments on brand-new agreements and releasing progress payments. more quickly without waiting for all advancement milestones to. be completed, which of course takes a lot longer, he added. However the proposal likewise includes greater oversight. Aschbacher stated a recently formed Independent Task. Management Authority would be charged with scrutinising new. programmes for expense, schedule and material to ensure they are. realistically prepared. We are working in space technology where we are always. anticipating the unexpected ... We will need to do deal with this,. however at least from a cost and schedule point of view, we would like. more of a conservative manner to make sure that the preparation is. going extremely well, Aschbacher stated. Jet has actually taken a total of 1.5 billion euros of charges on. satellite production losses in recent quarters. Plane and. Thales did not immediately react to ask for comment. Aschbacher informed Reuters recently that Europe's space. market required the muscle to contend internationally, warning Europe. risks falling back in the new space race.
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Agriculture \most troublesome\ area in India-EU free trade talks, German minister says
Agriculture is the the majority of. bothersome area in talks to protect an open market deal in between. India and the European Union, German Economy Minister Robert. Habeck stated on Thursday, suggesting that it would be better to. concentrate on the industrial sector initially. Habeck is in India for a local organization conference and belongs to a. top-level delegation that aims to build much better trade and. organization relations between two of the world's biggest economies. Farming is a troublesome location as there is a huge. variation in the number of individuals working in the farm sector in. India and Germany, he informed press reporters, adding that it was 2% of. the population in Germany compared to about 60% in India. So you can't compare the 2 agricultural systems. If. you were to open the marketplaces totally ... the disruption to. the Indian market will be significant, Habeck stated. It would be quicker, smoother and practical to concentrate on the. commercial sector rather, he said. Although this is not in line with what the EU usually. does, a faster way may be the way forward as clubbing. agriculture, services and industry was making it difficult,. Habeck included. India and the EU agreed in 2022 to relaunch talks on a complimentary. trade agreement, initially aiming to complete talks by the end. of 2023, but have stopped working to make substantial progress on a deal,. with India blaming unreasonable requirements set by the EU as one. of the reasons. The see of the delegation comes at a delicate time for. Germany, whose export-oriented economy faces a 2nd year of. contraction and concerns over a trade disagreement between the. European Union and China that might rebound on German business. Chancellor Olaf Scholz, who is travelling with most of. his cabinet, will hold talks with Indian Prime Minister Narendra. Modi on Friday before commanding the seventh round of. Indian-German federal government assessments. Throughout his last check out to India in Feb. 2023, Scholz said. that he and Modi were committed to sealing an open market offer between India and the EU.
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Canada - Oct 24
These are some of the most important stories in selected Canadian newspapers. These stories have not been verified and we cannot vouch for the accuracy of these stories. THE GLOBE AND MAIL Capital Group Canada, an independent asset manager, has launched a new group of exchange traded funds to better serve advisors who prefer to work with fewer managers that offer a broader range of options. Paper Excellence Group, a Canadian paper manufacturer, has adopted Domtar as the name of its company. After a bitter dispute with a major tenant, the Port of Vancouver called a truce and allowed GCT Global Container Terminals a chance to bid for the operation of an import and export facility. NATIONAL POST The Canadian government of Justin Trudeau will announce a cut in immigration on Thursday. This follows years of increasing immigration targets.
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Indonesia offers to buy rice worth 500,000 t, traders claim
European traders reported on Thursday that the Indonesian state purchasing agent Bulog had issued an international bid to purchase an estimated 500,000 tons of rice. They said the deadline for price proposals is Nov. 1. Price negotiations are expected to continue for several days until a final decision. Bulog cancelled an earlier tender for 340,000 tonnes of rice, traders reported on Thursday. In November and December, rice is needed in Indonesia. The rice can come from Thailand, Cambodia or Vietnam. The tender is part of Indonesia's extensive purchases of rice on global markets in order to cool down domestic prices following a disappointing harvest. The country's Statistics Bureau estimates that Indonesia's rice production in 2024 will be 30.34 millions metric tons. This is down by 2.43% compared to last year. The production decline in January-April was nearly 15% less than in 2023. Indonesia plans to import 3.6 million tonnes of rice to boost the supply this year. In 2025, the country plans to increase its planted area by a large amount. Bulog wants white rice that is 5% broken grade and milled no more than six months old from the 2024 crop, traders say. Michael Hogan, reporting and David Goodman, editing.
Old Rule's third-quarter profits, profit fall on lower freight demand
Old Dominion Freight Line reported a fall in its thirdquarter profits and revenue on Wednesday, injured by lower volumes since of weak freight demand.
Shares of the Thomasville, North Carolina-based less-than-truckload (LTL) carrier, which caters to companies in the retail, production, automotive and health care sectors, were down almost 3% before the bell.
LTL business operate by bring multiple deliveries from various consumers on a single truck, which are then routed through a network of service centers where they get transferred to other trucks with comparable destinations.
Old Dominion managed an overall of 2.2 million tons of shipments in the 3rd quarter, down 3.2% from the year previously.
CEO Marty Freeman stated the company's results show the ongoing softness in the domestic economy.
Experts see this soft need environment to continue for the rest half of the year and anticipate an enhancement in 2025.
The business's total revenue fell 3% to $1.47 billion in the quarter. Earnings per share dropped 7.1% to $1.43.
Its operating ratio, which suggests business expenses as a. portion of profits, deteriorated to 72.7% from 70.6% a year. previously.
The decrease in earnings had a deleveraging impact on many. of our business expenses, which added to the. 110-basis-point boost in our overhead costs as a percent of. earnings, Freeman stated.
The provider said its fall in profits was primarily due to a. 4.8% reduction in LTL lots per day, which reflects a 3.4% decline. in LTL deliveries a day and 1.4% dip in LTL weight per shipment.
(source: Reuters)