Latest News
-
Uber board accused of cutting corners in compliance leading to sexual harassment lawsuits
Shareholders sued the board of Uber Technologies 'on Monday, accusing management and directors of allowing the ride-sharing firm to cut corners in compliance matters. This led to thousands of lawsuits by victims of sexual harassment and assault. Shareholders led by a Detroit pension fund filed a lawsuit in federal court in San Francisco alleging that board members ignored repeated internal and external warnings regarding Uber's alleged failure?to?address sex abuse by drivers?aswell as violations of the federal disability law. Uber's reputation was "irredeemably" damaged, according to the lawsuit. The board of directors were informed that less than 40% users believed?the company took safety seriously. The complaint said that Uber is a "serial offender" when it comes to compliance. The derivative lawsuit seeks to??order directors to reimburse Uber as a result of their alleged breach of fiduciary duty and violation of federal securities laws. Dara Khosrowshahi, the chief executive of Uber, is one of the defendants. Uber did not immediately respond to a request for comment. Reporting by Jonathan Stempel, New York; Editing and proofreading by Mark Porter and Bill Berkrot
-
Exxaro, a South African company, is working on cheaper rail transport to move more manganese.
Exxaro Resources, a South African miner, said Monday that it wants to 'transport more manganese by rail instead of road in order to reduce costs and improve efficiency at its newly-acquired assets. Exxaro CEO Ben Magara stated that the company, along with its competitors, were working together with Transnet, a state-owned firm in freight transport, to increase freight capacity. Transnet is opening up parts of its network for private investment. Exxaro reported that hauling manganese via road costs?37% higher than rail. Exxaro said that logistics costs accounted for 43% for the free-onboard costs of?the bulk minerals. Johan Meyer, Exxaro's head of metals, told analysts that they would be working with Transnet in order to issue more rail. Exxaro is primarily a coal mining company, but it has completed the acquisition of?multiple?South African Manganese assets valued at 10.6 billion rand (645.68 millions dollars) in March as part of its diversification away from fossil fuel. MANGANESE IS ESSENTIAL TO ENERGY TRANSITION. South Africa is the largest exporter of manganese, with 42% of all global shipments. The metal is mainly used in the steelmaking process. Manganese is also used in increasing quantities in batteries, which are essential in renewable energy applications. Transnet has a chronic underperformance that is blamed for undercapitalisation, cable theft and vandalism. Some exporters have been forced to reduce their output while others choose the more expensive option of trucking. Exxaro’s new Tshipi Borwa Manganese Mine exports?3.5 millions metric tons per year, with the majority of them going to China. The miner stated that 46% of manganese was transported by road to the?ports, in a capital market presentation. "We have to make sure we have a long-term strategy that says, Can we not put all the trains on rail?" Meyer said.
-
There are some flights to the Middle East that have resumed but there is still disruption.
Some airlines have resumed flights to certain parts of the Middle East, as diplomatic efforts intensify to resolve the conflict that erupted after U.S. and Israeli strikes on Iran. However, many carriers continue to suspend flights, causing global travel disruptions. The following is a list of the current status of flights by alphabetical order. AEGEAN AIRLINES The largest Greek airline has cancelled flights between?Thessaloniki and Tel Aviv up until June 26. Flights to Dubai and Erbil are cancelled until September 30, and flights from?Baghdad and?Baghdad?until August 31. AIRBALTIC AirBaltic, a Latvian airline, has canceled flights to Tel Aviv and Dubai until the 28th of June. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June. Air France-KLM Air France suspends its Tel Aviv, Beirut and Dubai flights until July 5, and until June 30, respectively. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 9. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai and Riyadh?until August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18. The airline plans to resume New York JFK to Tel Aviv flights on September 6 while Boston-Tel Aviv, which was scheduled to launch in late October, will now be delayed. FINNAIR Finnair has cancelled all flights to Doha until October 2 while continuing to avoid airspace in Iraq, Iran Syria and Israel. The airline will resume its Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the return of its flights to Doha until 1 August and to Riyadh till 8 August. Flights from Amman, Bahrain, Amman, Dubai, Tel Aviv and Dubai are suspended until the end of summer. They are expected to resume on October 25. When it resumes, the airline plans to reduce its services to Dubai and Doha to just one flight per day, while dropping Jeddah from its list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 31, and Doha-Tokyo until September 1. Polish Airlines has cancelled all flights to Riyadh and Beirut until 30 June. LOT will begin operating its winter route from Dubai in October. LUFTHANSA GROUP Lufthansa has announced that it will resume Tel Aviv flights as soon as July 1. ITA Airways also confirmed they would resume Tel Aviv flights as of July 1. SWISS delayed the return of flights to August, and Brussels Airlines suspended their operations until October 24. The suspension of Dubai flights by Lufthansa SWISS and ITA Airways continues until September 13th. Lufthansa has suspended all flights to Abu Dhabi and Amman until 24 October. Eurowings, a low-cost carrier, has suspended flights from Tel Aviv to Beirut and Erbil until July 9; to Dubai, Abu Dhabi, and Amman until Oct 24. ITA Airways also extended its suspension of flights to Riyadh through July 31. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier has delayed its planned launch of Tel Aviv and Beirut indefinitely and no new dates have been determined. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines In response to a?higher level of demand, the carrier has extended the suspension of its Singapore-Dubai flights until August 2. It also added services on Singapore-London Gatwick as well as?Singapore -Melbourne from late March through October 24. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights to Dubai, Bahrain, Beirut, and Erbil, until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, Boleslaw LaSocki). Matt Scuffham and Alexander Smith edited by Susan Fenton, Milla Nissi-Prussak Jonathan Ananda Joe Bavier, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heaven, Bernadette Hogg, Romolo Tosiani.
-
Heatwave to spread across the UK, breaking June records
The temperatures in Britain will likely 'break records for June this week. This prompted authorities to issue a rare heat alert, as the 'heatwave that has been sweeping across western Europe is spreading northwards. The country's forecaster stated on Monday that the mercury could reach 39 degrees Celsius (102.2 degree Fahrenheit) in the middle of this week. This would be part of a 4-day heatwave, which will easily surpass the record set for June at 35.6 C, back in 1957, and then matched again?in 1976. Met stated that the heatwave could cause temperatures to rise above 39 C at some locations. The highest temperature recorded in Britain was 40.3 C, and it occurred in July 2022. The heatwave in June follows a record breaking May when the country's hottest day of the month reached 35.1 C. The UK Health Security Agency issued its second heat-health alert, following a similar one in 2022. It warned that even healthy people could be at risk of death, and urged the elderly to exercise extra caution. Met Office stated in a statement released on Monday that humidity is a factor which makes this heatwave more dangerous. Heat stress will be a problem for everyone. Heat alerts were issued for parts of northern Spain and France due to high temperatures. In France, three elderly people died as a result of high temperatures. In England and Wales, hospitals, schools and train stations will be prepared for the impact of extreme heat. In the past, people were advised to stay home rather than travel and some schools closed early. The temperature in Britain is expected to drop to 32 C on Friday. (Reporting and editing by William James; Sarah Young)
-
Russian attacks continue but Ukraine grain rates are lower, says ASAP Agri consultancy
The grain freight rates in Ukraine are down despite the 'ongoing Russian attacks' on Black Sea ports, ASAP Agri said on Monday. They cited a seasonal decline in cargo flow. Last week, officials and industry executives told? Last week, industry executives and officials told? The Ukrainian Navy said Monday that a Russian drone?hit a Turkish dry cargo vessel, causing an extensive fire on board. Ukraine is a major grain exporter in the world, and its Black Sea port handles more than 90% of its exports. ASAP Agri stated that as Ukraine closes its 2025/26 summer-july export season, the historically low cargo flow at this time makes it difficult for shipowners to increase freight rates. It said that "Shipowners have been trying to get the market going and are proposing higher freight rates ahead of the grain season." Charterers still have the upper hand, however, because of the availability of tonnage in the Black Sea and the sharp decline in bunker costs, and can negotiate rates that are close to their expectations, it said. ASAP Agri reported that freight charges for grain shipments from Ukraine have decreased by approximately $1 per metric tonne in both the Coaster segment and Handysize segment. According to the Ukrainian Economy Ministry, the country has?exported 36 million tons of grains so far this year compared with 40 millions at the same time last season. Ukraine has already begun the new grain harvest for 2026. Officials have stated that it can export around 43 million tons of different grains during the new season 2026/27. (Reporting and editing by Tomaszjanowski)
-
Freeport LNG, Texas will take in more natgas after the train was shut down on Friday.
Freeport LNG’s export -plant in Texas is on track to 'take in more natural... gas on Sunday and on Monday 'after one of...its three liquefaction _trains _shut down on. Friday. According to a report from the company and data provided by financial firm LSEG. Freeport's liquefied gas export plant is closely watched by the global market because its shutdown and restart has caused huge price swings. U.S. Gas prices typically drop when Freeport shuts down because demand for fuel at the plant decreases. However, prices rise when the liquefaction train restarts in Freeport as the demand for fuel increases. This is what happened on Monday, with U.S. Gas Futures trading around 2% higher than their previous two-week highs due to a rising LNG intake. Freeport officials were not available to comment immediately. Freeport informed Texas environmental regulators on Saturday that the liquefaction train 2 had been shut down due to a problem with a system of compressors. LSEG data revealed that gas flows into Freeport would remain at 1.9 bcfd Monday, just as they were on Sunday. This is after dropping down to 1.3 bcfd Friday and Saturday. This compares to an average of 1.8 bcfd over the previous seven days. Three liquefaction plants at Freeport are capable of converting?2.4 billion cubic feet per day of gas into LNG. A billion cubic feet of natural gas can supply 5 million U.S. households for one day. (Reporting and editing by Louise Heavens, Scott DiSavino)
-
Heatwave in the UK breaks June records
The temperatures in Britain will likely break records for the month of June this week. Authorities have issued a rare "extreme heat" warning as a heatwave that has been sweeping across western Europe moved northwards along the English Channel. The weather forecaster in the country said that the mercury could reach '39 degrees Celsius (102.2 Fahrenheit) in the middle of this week. This is part of a 4-day heatwave, which will easily surpass the record set in June 1957 at 35.6 C and then matched in 1976. Met stated that the heatwave could cause temperatures to rise above 39 degrees in certain places. The highest temperature recorded in Britain is 40.3 C in July 2022. The heatwave in June follows a record breaking May when the country's hottest day of the month reached 35.1 C. The UK Health Security Agency issued its only'second heat-health alert' since the first one in 2022. It warned that even healthy people could be at risk of death and urged the elderly to exercise extra caution. The?Met Office stated in a statement released on Monday that humidity is a factor making the heatwave more dangerous. Heat stress will be a threat to everyone. Heat alerts were issued for parts of northern Spain and parts of France due to temperatures expected to reach?42 C. In England and Wales, hospitals, schools and train stations will be prepared for the impact of extreme heat. In the past, people were advised to stay at home and avoid travelling. Some schools also closed early during heatwaves. The temperature in Britain is expected to drop to 32 C on Friday. (Reporting and editing by William James; Sarah Young)
-
Former Spanish transport minister sentenced to 24-years for corruption
The Spanish Supreme Court sentenced Jose Luis Abalos, former Transport Minister to a total of?24?years for corruption. This is the first in a string of scandals that have affected the ruling Socialist Party. Abalos has been convicted for crimes such as criminal organisation, bribery and embezzlement, in addition to 'influence peddling', all of which were linked to the rigging public contracts, including face masks, during the COVID-19 Pandemic. Koldo Garca, his aide, was sentenced 19 years in prison. Victor de Aldama, a businessman, received a?four-and-ahalf-year prison sentence. However, the court suspended it in recognition of the fact that he had helped uncover the scheme. The condition was that he not commit a re-offence, submit biannual activity reports, and complete one year of community service. The trial is one of many graft cases that involve the entourage?of?Prime Minster Pedro Sanchez. He was one of Europe's few remaining leftist leaders who took power in 2008 by ousting the corrupt centre-right government on the promise to clean up politics. Sanchez is being criticized by his allies but has not been named as a suspect in any of these cases. He says that the cases are part of an effort to remove him.
Argentina's Railway Privatization Dreams Face a Long Road Ahead
Argentina, a global food supplier, is planning to boost its grain and mineral exports through privatization, and a modernization program of its railway network. Industry leaders claim that this will reduce freight costs in regions located far from ports by half. The first tender will be for the Belgrano Cargas, which runs the three biggest freight train lines in the country. The initiative, which will be launched in early 2019, could increase production of global commodities like soybeans and corn. It also includes copper and lithium. The project could also help transport sand from Vaca Muerta in Argentina's Southwest. The privatization of the network was part of Javier Milei’s plan to move struggling state-owned companies to private ownership and to attract investment in order to replenish depleted reserves after years of economic crises.
LESS FREIGHT BY TRAIN THAN IN 1970
The railway system will face a huge challenge after decades of neglect. The volume of freight transported by train today is less than in 1970, despite the fact that agricultural production has almost doubled during the same time period, said Alejandro Nunez.
Three lines, spanning nearly 8,000 km (5,000 miles), transport 7.5 million tonnes of cargo annually. 60% of that is agricultural products and derivatives. On some occasions, the trains are so slow on the dilapidated track that they can easily be hijacked. Derailments occur frequently. Further 11,000 km (6,800 mile) of line will be offered for tender. Currently, these lines are completely out of service. The majority of cargo is transported by road in Argentina. Rail freight accounts for only 5%, which is a tiny fraction compared to the 20% of cargo transported in Brazil or the 40% in the U.S.
According to the Foreign Minister Pablo Quirno, improving the railways is vital for the government to achieve its goal of increasing annual exports to $100 billion within seven years. Argentina's total exports for this year are $71.5 billion.
Privatization could help reduce the cost of transporting goods to and from the main ports in and around Rosario. According to Gustavo Idigoras of the grain export chamber CIARA CEC, transporting cargo from Salta in northern Argentina to Rosario costs more per ton than shipping it from Rosario directly to Vietnam.
It will be expensive to upgrade the rails. Nunez estimated that an investment of $800 million was needed to upgrade infrastructure. Grupo Mexico transportes (GMXT), the company that operates Mexico's biggest rail network as well as several freight lines within the U.S. is a likely bidder, according to a source who has direct knowledge of the situation but declined to give their name. Source: GMXT will invest $3 billion if they win the tender due to the size of the upgrade required.
According to local media, an agricultural consortium consisting of Bunge Global Inc., Cargill Inc. and Asociacion de Cooperativas Argentinas, as well as Aceitera General Deheza SA, has expressed interest in bidding.
The companies' representatives declined to comment.
EXPANDING FRONTIER
Alfredo Sese is the technical secretary for the transportation commission of the Rosario Stock Exchange. He believes that lower freight costs can help to expand the agricultural frontier of the northern part of the country. Rosario is more than 300 km away from where at least half of Argentina’s agricultural production occurs. Sese estimates that a ton of goods transported by truck will cost between 7 and 9 cents per km, while rail transport costs less than five cents. A modernized railroad could be more beneficial to farms that are further away. The mining industry in Argentina could also be benefited. Argentina is the No. The country is the world's No.
Roberto Cacciola is the president of Argentine Chamber of Mining Companies. He said that "the mining industry requires logistical solutions to allow it supply projects and move its production." (Reporting and additional reporting by Maximilian Heath, writing by Leila Mill, editing by Rosalba Gregorio and David Gregorio; Reporting by Lucila Sgal, Additional reporting by Maximilian Heath, Writing by Leila Mller
(source: Reuters)