Latest News
-
FAA delays flights as shutdown enters Day 31
Federal Aviation Administration delayed flights on Friday at airports in Austin and Newark, as staffing issues continue to cause delays and the government shutdown enters its 31st week. The FAA reported that there were staffing problems at nine FAA facilities on Friday, and said this was likely to cause delays in flights later for Houston and Dallas airports. Flight delays averaged 61 minutes in Nashville, 50 minutes in Austin and 101 minutes in Newark. FlightAware, a tracking website for aviation, reported that 2,200 U.S. flight delays and 300 cancellations had occurred as of 12:25 p.m. ET. On Thursday, there were 1,250 canceled flights and 7,300 flight delays in the United States. Sean Duffy, the U.S. Transportation secretary, said that he expected more flight delays to occur in the next few days. Duffy told Fox News' America's Newsroom that there would be more disruptions to the airspace this weekend, and the following week. Staffing shortages in air traffic control caused delays on Thursday at Orlando, Dallas/Fort Worth, and Washington, D.C. The shutdown forced 13,000 air-traffic controllers and 50,000 Transportation Security Administration (TSA) officers to work for free. Delta Air Lines and United Airlines, Southwest Airlines, and American Airlines have all called for Congress to pass a temporary funding bill so that the government can reopen, and to continue discussions on healthcare policy disagreements. Transportation Department officials said that the shutdown caused flight delays because of air traffic controllers' absences. The airlines have repeatedly called for an end to this shutdown, citing safety concerns. The shutdown has worsened existing staffing shortages and threatens to cause widespread disruptions. Even before the shutdown, many air traffic controllers were working six-day weekends and mandatory overtime. (Reporting and editing by Andrea Ricci; David Shepardson)
-
Staff of the Border Force patrolling UK waters are planning a strike over pay
The union that represents British Border Force employees announced on Friday, more than 120 staff members who patrol Britain's waterways in "sometimes harrowing" roles plan to go on strike on November 14, to protest pay and working conditions. Most of the UK Border Force's 10,000 staff members work in ports and airports across the UK and abroad. The website of the agency does not provide a breakdown showing how many people are employed to patrol the waters in the UK. The union representing Britain's Public and Commercial Services said that the government started a review of the issue six years ago, addressing the need for standardisation in pay and roles. However, despite long discussions the concerns of the members have not been addressed. The UK interior ministry didn't immediately respond to an inquiry about the planned stoppage of one day or the status on the review. The union stated that workers are involved in dangerous tasks such as patrolling for illegal entry or smuggling into the UK and boarding vessels to inspect them, responding to incidents including small boats with asylum seekers, and boarding vessels for inspection. The Labour Party of British Prime Minister Keir starmer, which is trailing in the polls, has promised to crush the gangs that traffic migrants into Britain via small boats. Nigel Farage’s Reform UK party, a populist party with a strong political agenda has also made illegal immigration a key issue. In a statement, PCS General Secretary Fran Heathcote stated that "this strike sends a message clear to the Home Office": We will not accept further delays or inadequate proposals. Heathcote said, "We are prepared to escalate the situation if needed." (Reporting and editing by Muvija m; Alexander Smith).
-
Buffett will send a letter to his children and shareholders as well as Abel's annual letter, according to WSJ
The Wall Street Journal reported on Thursday that Buffett's assistant said Warren Buffett would release a letter on November 10 to his children and Berkshire Hathaway's shareholders. Greg Abel, who will become Berkshire Hathaway's chief executive in February, will write Berkshire Hathaway's annual shareholder's letter. Buffett will step down from his role as chief executive officer at the end this year. He will, however, remain chairman. Abel is a vice chairman of Berkshire but has taken on additional responsibilities since Buffett announced a management change during Berkshire’s annual meeting held May 3. Buffett plans to join other directors in the audience, and not on stage, for next year's meeting. Berkshire has not responded to any requests for comment since Friday. The Omaha-based conglomerate, which will announce its third-quarter results this Saturday. Buffett's letter of November 10, to his children Susie and Howard, and to shareholders is not clear. Buffett sent letters to his family in November 2023, and again in November 2024. In these letters he discussed estate planning. He also expressed gratitude for the opportunities that the U.S. offers. He announced four donations to family charities. Howard Buffett will eventually become the non-executive Chairman of Berkshire. New York Newsroom reported the story.
-
Portugal announces that the sale of TAP Airlines has cross-party support
The government of Portugal expects that the partial privatisation process for flag carrier TAP will proceed smoothly. This is due to a rare political consensus across parties and interest shown by Europe's biggest airlines, Infrastructure Minister Miguel Pinto Luz stated on Friday. He stated that the centre-right minority government initially wanted to offer 100% of TAP but settled for 49.9% when the two major opposition parties threatened to stop any larger sale. This led to a “broad consensus” in parliament with the extreme right Chega and Socialist parties. He told a committee of parliament that "dialogue and mutual respect is always the best way for politics." To ensure transparency, the sale of the property will be reviewed and monitored by an independent commission as well as a working group within the parliament. Portugal has relaunched its long-delayed TAP privatisation in July. The aim is to sell a stake of 44.9% to a carrier that can bring global scale and competition, plus an additional 5% for TAP staff. Airlines interested in TAP are required to submit a formal "manifestation" of interest by November 21, and non-binding bids by the end the year. Lufthansa and Air France-KLM have expressed interest in purchasing TAP. British Airways and IAG, the owner of British Airways, also met with the government last year.
-
KLM signs two-year contract with unions of ground staff
Dutch airline KLM announced on Friday it had reached a deal with five unions that represent ground staff in The Netherlands for a two-year agreement that included pay increases, bonuses and improved retirement options. The Collective Labor Agreement (CLA), which is retroactive to March 1, this year and ends on February 28, 2027, will be in effect. This includes a salary increase of 3.25 percent in total as well as a one-time payment of 500 euros ($583) net in December 2025, and 250 euros in January 2026. KLM has also agreed to permanentize the 80-90-100% scheme, which allows older workers to work 90% of their working hours and still accrue full pension. "We are happy that we reached an agreement with all five unions. We have reached solid agreements with KLM on remunerations, career development and productivity. The agreement came amid ongoing labor unrest in KLM. Two major unions, FNV and CNV, had rejected the September deal with other unions and continued to organize strikes.
-
Tanzania opposition claims hundreds of deaths in protests against voting
Tanzania's main Opposition Party said that hundreds of people were killed this week in protests against elections throughout the country, while the government claimed it was restoring the order following "isolated" incidents. The United Nations has confirmed credible reports that at least ten people have been killed in protests across three cities. This is the first estimate of fatalities made public by any international body since the vote on Wednesday. The government hasn't responded to any requests for comment or released any estimates of casualties. Could not independently verify these figures. Since Wednesday, protesters have been taking to the streets in anger over the exclusion of the two main challengers to President Samia Hassan from the race. They also criticized what they called widespread repression. Police have been accused of using tear gas and firearms to disperse some protests, according to witnesses. The police have imposed a curfew overnight in Dar es Salaam's commercial capital over the last two nights, after burning down government offices and other structures. Since Wednesday, internet access has been interrupted. HIGH SECURITY PRESENCE On Friday, the military and police patrolled Dar es Salaam's streets to prevent people from moving without a valid excuse. The government has extended the order for civil servants to work from home. John Kitoka, a spokesperson of the CHADEMA Party which was banned from the elections for refusing to adhere to a code and whose leader was arrested in April for treason, said that the party has documented 700 deaths based on the accounts of health workers. He said that protests were still ongoing in several cities on Friday, but they had diminished in others due to heavy security deployment. He said: "We want the protests continue until we get our electoral reforms." Hassan faces a challenge in the unrest. He was praised for his easing of repression after taking office 2021, but has faced criticism more recently from opposition parties and activists following a series arrests and allegations of abductions. Hassan denies allegations of widespread human rights abuses. She claimed that she ordered an investigation last year into reports of abductions. However, no official findings were released. Thursday, the electoral commission announced provisional results of the election. Hassan won a majority in several constituencies. GOVERNMENT : "NORMALICY WILL RETURN" The first direct comments from her government on the unrest were made on Friday by the Foreign Affairs Ministry in a broadcasted message to diplomatic missions on state television. In the message, it was stated that "due to isolated incidents where law and order were violated, the government has increased security and taken other precautionary steps." The statement added that the security measures are temporary, but necessary. Normalcy is expected to return soon. Seif Magango, spokesperson for the U.N. Human rights office, told reporters in Geneva that there are credible reports of 10 deaths in Dar es Salaam and Shinyanga. He urged the protesters to remain peaceful and called for security forces to "refrain from excessive or unnecessary force". A Dar es Salaam local, who requested anonymity for safety, said that a family had lost a member when a protester was mistakenly shot outside a hospital. No one from the police department responded to our requests for comment. In a joint statement released on Thursday, two members of the European Parliament’s foreign affairs committee called the election a fraud, saying that it "took place in an atmosphere of intimidation and fear". The article was written by Vincent Mumo Nzilani, George Obulutsa and edited by Aaron Ross. Ros Russell and Andrew Heavens.
-
ITA Airways will resume flights from and to Tel Aviv on January 1, 2019.
Italy's ITA Airways has announced that it will resume direct flights to Tel Aviv on January 1. This will restore connections with Rome's Fiumicino airport, the main airport. According to the statement, the company, which is part of the Lufthansa Group, will operate at first two daily routes between Tel Aviv and the rest of Europe. The route is "of strategic importance to ITA Airways, and it represents a significant move for Italy. It further strengthens the commercial, cultural, and social ties between Italy and the United States." Hamas has reached a fragile truce with Israel this month, brokered by U.S. president Donald Trump. The deal is being tested periodically by violent outbreaks, as part of the conflict that was sparked by the October 7, 2020 attack by the militants group. As a result, several airlines have suspended flights in the past two years.
-
Asia spot prices stable on ample stocks and tepid Demand
The Asian spot price of liquefied gas held steady in this week's market, despite a tepid global demand and healthy stocks. Average LNG price for delivery to North-east Asia in December Industry sources estimate that the price per million British Thermal Units (mmBtu) was $11.10, a slight drop from $11.20/mmBtu in the previous week. Arturo Regalado is Kpler's senior LNG analyst. He said that while Asian LNG prices were supported by higher European prices last week, this week's gains were limited by weaker Asian fundamentals. He said that he expects Asian LNG prices to remain stable next week due to the fact that weaker industrial gas demand and lower gas-fired usage in China combined with higher than average Japanese LNG inventories for December will cap any upside. The data from the Ministry of Industry shows that the LNG stocks of the major Japanese electric utilities increased to 1.97 million tonnes for the week ending October 26 compared with 1.84 million tons in October last year. Martin Senior, Argus' head of LNG prices, added that supply expectations were also confirmed this week by the cooling-down cargo declaration at the Golden Pass U.S. export terminal and Shell's announcement of the impending start of the second LNG Canada train. In Europe, S&P Global Commodity Insights estimated its daily Northwest Europe LNG Marker for cargoes to be delivered in December ex-ship at $10.126/mmBtu. This is a $0.53/mmBtu reduction from the December price at Dutch TTF hub. Spark Commodities estimated the November price to be $9.907/mmBtu. Regalado said that the abundance of LNG and pipeline supply helped to keep prices down, while the warmer weather and increased wind output also kept gas-fired generators in check. Last week, hedge funds and institutional investors began selling TTF futures, reinforcing that the bullish sentiment in the EU Gas market has collapsed, according to independent gas analyst Seb Knastle. The U.S. arbitrage for the front month to Northeast Asia via Cape of Good Hope has now been closed, and is marginally pointing towards Europe rather than Asia. However, the arbitrage through Panama remains open, according to Spark Commodities analyst Qasim Afghanistan. He added that LNG freight rates have risen to $61,250/day in the Atlantic, and to $41,250/day in Pacific. Harikrishnan Nair, Harikrishnan Chow and Emily Chow contributed to this report.
New horizons however same old problems for LME warehousing: Andy Home
The London Metal Exchange ( LME) has actually just listed the Saudi Arabian port of Jeddah as a great delivery area for copper and zinc. This addition to the LME's global delivery network, which ends up being reliable three months after the approval of the very first warehouse, is the first new listing considering that Amsterdam in 2018. The exchange is likewise checking out the possibility of including Hong Kong to the list, no doubt hoping that its owner Hong Kong Exchanges and Cleaning (HKEx) can assist overcome the Chinese authorities' historic resistance to LME warehouses.
New areas might provide a booster for a warehouse network that has seen capacity contract and the variety of operators decline over the last ten years.
Nevertheless, old issues continue.
There was a 253-day line to load aluminium out of LME warehouses in Malaysia's Port Klang at the end of June, the longest waiting time considering that November 2016.
The LME storage organization likewise remains extremely concentrated with 4 dominant operators, a prospective problem when among them is dealing with an unsure future.
SHRINKING SPACE
Total LME signed up storage capability at the end of June was 3.3 million square metres, down from 4.3 million three years ago.
The pace of net shrinking slowed to 44,000 square metres over the last year and the downtrend shows indications of bottoming out. The number of registered storage facilities grew by 15 units to 468 after being up to a multi-year low in June 2023.
The three-year decline in registered capacity reflected a. duration of low exchange stocks as combined called for and shadow. off-warrant stock fell below one million metric tons over. the second half of 2022.
Stocks have considering that increased to 2.3 million since completion of May,. although inflows have actually been securely concentrated on simply a. handful of places. Russian aluminium has built up in the South Korean port of. Gwangyang, while non-Russian aluminium has been dumped in Port. Klang. This year's heavy inflows of both lead and zinc have. mostly ended up at Singapore warehouses.
All 3 places have bucked the trend of declining. storage capacity over the in 2015 and ISTIM UK Ltd's. extra 11 warehouse systems at Port Klang were the single. biggest part of the wider year-on-year increase.
SIGN UP WITH THE QUEUE
Rent-sharing is the common measure behind this year's. big deliveries of metal into the LME system. Such offers enable. the entity that calls for the metal to make a piece of the future. rental earnings.
The purchaser of that metal might be naturally hesitant to. pay rent to a prospective competitor but the only method to leave. the contract is to physically fill the metal out and provide it. to another warehouse business.
The bigger the initial warranting, the higher the. potential for a line. ISTIM warehouses in Port Klang received. 652,525 tons of aluminium in May. The cancellations started practically. instantly as buyers looked to move their metal. ISTIM had. 505,050 tons awaiting physical load-out by the end of June.
It's an echo of the 2010s, when the LME's load-out issues. triggered user outrage and drew the unwelcome attention of U.S. regulators, who would like to know why it would take 702 days to. take physical delivery from LME warehouses in Detroit.
Subsequent reforms to the LME system imply that such. self-perpetuating super-queues are no longer possible. What we. get now are what the exchange calls functional lines.
Which might not be much convenience for those late to the. aluminium logjam in Malaysia. They're not likely to see their. metal up until this time next year.
DOMINANT FOUR
ISTIM's capability to draw in such big tonnages to its. warehouses has actually made it a dominant presence in the LME delivery. system. The company was keeping 55% of all necessitated LME stocks. at the end of June.
The other 3 major gamers are Access World, C. Steinweg. and the Pacorini Group. In between them they were saving 92% of. total stock at the end of June and they presently account. for 344 of the overall 468 systems listed internationally.
This is likewise a throw-back to the last decade, when Metro. International, then owned by Goldman Sachs,. industrialised the queue model and constructed a dominant LME storage. position in Detroit.
Access World, gotten by Glencore in 2010, did the. exact same in the Dutch port of Vlissingen, creating a load-out. line of 771 days at one phase.
Smaller sized operators struggled to contend then, and clearly. they still do. Numerous who signed up with the LME warehouse company in. hope of getting a piece of the line action in the 2010s have. considering that withdrawn.
The variety of LME-registered warehouse operators has. declined from 36 to 25 over the last five years and that. consists of 9 that use LME services in a single location.
STORAGE FACILITY FOR (RE) SALE
The unsure status of Access World highlights the problems. that can be caused when LME stocks are focused in such a. small swimming pool of warehouse operators.
Glencore believed it had actually offered the business to Global Capital. Merchants (GCM), a company registered in the British Virgin. Islands, in 2022. Nevertheless, Access World is back on the sales block after the. purchasers stopped working to make full payment and Glencore is reportedly. hunting for new prospective owners.
Gain access to World warehouses held practically 12% of LME on-warrant. stocks at the end of June.
A DECADE OF REFORM
The LME, to its credit, has invested a great deal of time and effort. attempting to ravel the numerous wrinkles in its delivery system,. which - like whatever else on the 147-year-old exchange - is. rather unique from what you would discover in any other futures. market.
The queues have actually never ever truly disappeared however several tweaks. of the rule-book have at least constrained them and the amount. of cash that can be made from them.
The exchange has actually likewise massively boosted transparency around. its delivery network. A day-to-day registered stocks report has been. supplemented with month-to-month updates on off-warrant stocks, stocks. by warehouse operator and, obviously, queue length. This column. has actually drawn heavily on all of them.
Yet, simply just how much more efficient is the LME's shipment. network after a decade of reform?
A restricted number of operators still appear to control the. on-warrant storage service and 253 days is still a long time to. wait to get your metal.
The viewpoints expressed here are those of the author, a. columnist
(source: Reuters)