Latest News
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US FAA equips its airport vehicles with Transponders
The Federal Aviation Administration announced Wednesday that it would'spend $16.5m to install transponders on its airport vehicles following a fatal accident in March between an Air Canada Express plane and a firetruck at New York LaGuardia Airport. The fire truck lacked a transponder which would have sent its location to the?air traffic controller. Last month, the Port Authority of New York &?New Jersey (which oversees LaGuardia Airport and other airports in the area) announced that it would add transponders on its vehicles which?operate near runways. The FAA intends to immediately start equipping its 1,900 vehicles in 264 airports with surface awareness technology. Transponders are used by air traffic controllers to identify and track vehicles in the runways and taxiways. FAA Administrator Bryan Bedford stated that the devices are "helpful in preventing dangerous runway accidents and we're closing a critical visibility gap?on our nation's taxiways and runways by accelerating deployment of this technology." The National Transportation Safety Board reported last month that the 'ground surveillance system' at LaGuardia did not alert drivers when they were near the runway. The FAA has noted that airports are able to use federal funds for 'equipment of vehicles with transponders. More than 50 airports already have expressed an interest. (Reporting and Editing by Franklin Paul, David Gregorio, and David Shepardson)
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NTSB: US airlines need to improve their pilot training in the event of smoke in the cockpit
After a 2023 smoke-in cockpit incident, the?National Transportation Safety Board recommended on Wednesday that pilots be better prepared for such emergencies. The?board cited a Southwest Airlines flight in December '2023 of a 737 MAX after a bird flew directly into the engine. Smoke quickly filled the cockpit. The NTSB warned that if such an incident occurred during nighttime or under instrument meteorological conditions the results could be disastrous. Southwest has not yet commented. The NTSB reported that the Southwest flight crew had difficulty seeing the instruments and items on the checklist as the visibility decreased within seconds. The pilots put on oxygen masks and completed emergency procedures. They declared an emergency, returned safely to the airport, and declared an emergency. The 139 passengers on board were not injured. The NTSB stated that passenger airlines do not have to simulate realistic smoke in cockpit training, even though the Federal Aviation Administration is notified of near-daily in-flight emergencies caused by smoke in the cockpit. The NTSB stated that "existing training is often verbal discussions of a smoke-event rather than immersive simulations involving reduced visibility and?elevated work load". The board recommended the FAA work closely with industry in order to "develop realistic, standardized smoke-in cockpit simulation training for pilots" and integrate that training into its guidelines for overseeing "airline training programs." The FAA decided not to take any immediate action in 2024 after convening a board of review to?consider the concerns regarding Boeing 737 MAX engine, including the '2023 incident. A bird strike caused smoke to fill the passenger cabin of a Southwest flight departing Havana in March 2023. Boeing published a bulletin in February 2024 to alert flight crews about possible flight deck and cabin impacts associated with severe engine failure. (Reporting and editing by David Shepardson)
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Carney will visit Calgary this Friday to announce a deal on industrial carbon pricing, sources claim
A source from the Alberta government and an industry insider with knowledge of this plan said on Wednesday that Canadian Prime Minister Mark Carney would 'visit' Calgary on Friday in order to announce details about a new agreement with Alberta regarding industrial carbon pricing. A third source familiar with the deal said that Canada and Alberta, its largest oil-producing province, are close to a deal which will increase the cost of credit in the industrial carbon market of the province to C$130 per metric ton by the year 2040. The Globe and Mail reported the credit cost and date agreed upon on Wednesday. Alberta frozen?its headline carbon price for industrial use in May 2025. Credits on its market are currently trading between C$20 to C$40 per metric ton. Experts say this is too low for polluters to be motivated to invest in technology to reduce emissions. Sources who weren't authorized to reveal the plans said Carney would visit the oil and gas?city, for the first since November when he agreed with Premier Danielle Smith to work together in order to boost investment in energy production. The sources said he ?will announce the new industrial carbon pricing plan, aimed at strengthening Alberta's pollution pricing regime while also clearing the path for Alberta's plan to propose a one-million-barrel-per-day crude oil pipeline to British Columbia's northwest coast. Third source: The agreement will include escalating price floors for carbon to ensure Canada's large emitters continue to be incentivised to reduce their emissions each year. Source: The agreement will see Alberta's carbon headline price increase to $100 a metric ton by next year, compared to the current $95 a metric ton. It will then rise to $130 per ton in 2030, and then escalate 1.5% each year beginning in 2036. The Prime Minister's Office did not confirm that the visit had taken place. Environmentalists want Alberta's carbon credit market price to reach C$130 in 2030 and not?2040. They have claimed that a shorter timeframe would encourage companies make immediate efforts to lower their emissions. Alberta and the oil and natural gas industry have been lobbying to delay the implementation date. They argue that a carbon price regime which puts Canada's oil sands industry at a disadvantage will slow down the growth of oil sands production at a time when the country wants to increase its energy exports while reducing its dependence on the U.S. The federal government said that?its approval for a new pipeline is dependent on Canadian oil companies investing in emission reductions through carbon 'capture technology. Adam Waterous, the executive chair of Canada’s fifth largest oil company, Strathcona Resources told reporters on Wednesday that companies would not invest in pipelines until the government lifted an existing ban on oil tanks off Canada’s northwest coast, and addressed other barriers. Reporting by Amanda Stephenson, Calgary; Editing and production by Aurora Ellis and David Gregorio
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Carney will visit Calgary this Friday to announce a deal on industrial carbon pricing, sources claim
A source from the provincial government and an industry insider with knowledge of the deal said on Wednesday that Canadian Prime Minister?Minister?Mark Carney would visit Calgary on Friday in order to announce details of a new agreement with Alberta regarding industrial carbon pricing. The Globe and Mail reported first that Canada and its main oil-producing Province of Alberta were on the verge of a deal which will increase the?effective credit cost of the industrial carbon market in the province to C$130 per metric ton by the year 2040. Alberta froze its industrial carbon price headline in May last year. Credits in the market trade for between C$20 and C$40 per metric ton, which experts say is too low to encourage polluters to invest in emissions reduction technologies. Sources who weren't authorized to reveal the plans said that Carney would visit the oil and gas city for the very first time since November when he agreed with Premier Danielle Smith of Alberta to boost energy production investment. They said he will announce the new industrial carbon ?pricing plan, which is aimed at strengthening Alberta's pollution pricing regime while also clearing the path for Alberta's plan to propose a new one-million-barrel-per-day ?crude oil pipeline to British Columbia's northwest coast. Environmentalists want to see Alberta's industrial carbon price reach C$130 in 2030 and not 2040. They argue that a shorter timeframe would encourage companies to take immediate steps to reduce emissions. Alberta and the oil-and-gas industry are lobbying for an earlier implementation date. They argue that a carbon pricing system would put Canada's oil sands industry at a competitive disadvantage, and slow the growth of oil sands production. This is at a time when the country wants to increase its energy exports while reducing its dependence on the U.S. The Prime Minister's Office spokesperson refused to confirm the visit.
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Traders say that the exports of Russian ESPO Blend crude oil from Kozmino will increase by 1.5% in May.
Three sources familiar with the plan say that Russia will increase 'ESPO Blend oil' loadings at its Far East Kozmino Port to 4.3 million metric tonne a month in May from 4.1 million metric tonne a month earlier. Calculations showed that ESPO loadings at Kozmino would increase by 1.5% per day in May compared with April. The planned amount is equal to 1,04?million barley per day. Since last summer, oil exports from Kozmino?have been increasing, and now stand at?around 1?million barrels per day, due to the increased capacity of the port and pipeline system, traders reported. Transneft, the operator of the Eastern Siberia-Pacific Ocean pipeline, said that it would expand the pipeline to Asia in order to increase exports through Kozmino. RIA reported this on 'Tuesday citing Transneft vice president Sergei Androninov. RIA reported that Transneft planned to finish the expansion in 2029. The ESPO Blend is the flagship oil grade of Russia for Asian markets. Russia is trying its best to increase?oil?exports to the East, as European countries have reduced their energy purchases from 2022. (by journalists in MOSCOW, edited by Kiro Donovan).
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FedEx to split freight units in two equal shares
FedEx announced on Wednesday that it would give its shareholders a share of the trucking company it is selling for every two shares they hold in the parcel delivery firm. FedEx Freight will be listed as an independent company at the New York Stock Exchange under the symbol "FDXF" on June 1. FedEx Freight is the U.S.'s largest provider of "less-than truckload" services. The company lists its list at a moment when the rate for truckloads has improved, and federal regulators have severely restricted commercial driver licenses for non-citizens. Most trucking executives, however, have stated that they have yet to witness a meaningful improvement in the demand. FedEx Freight announced?last week that it is expecting a 12% operating margin in 2026 on revenue projected at $8.7 billion, and an adjusted operating profit of $1.1 billion. Marshall Witt, FedEx Freight’s finance chief, said last month that FedEx Freight’s average revenue growth will be between 4% and 6% over the next few years. Core profit is also expected to rise between 10% to 12% per year. FedEx Freight is in competition with XPO, 'Saia' and Old Dominion Freight Line. FedEx Freight assets are not fully appreciated by FedEx, according to analysts. FedEx Freight will pay its parent FedEx a dividend in the amount of $4.1 billion as part of the spin-off. This is before its separation on June 1. (Reporting from Nandan Mandayam, Bengaluru. Editing by Leroy Leo.)
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Officials say that Russia launched a massive drone attack against Ukraine and killed three people.
Officials said that Russia launched a drone attack against Ukraine during the day on Wednesday. The attack targeted?critical infrastructure and killed at least three people in western Ukraine. NATO member Poland was also prompted to?scramble its fighter jets. HUR, Ukraine's military intelligence service, said that the drone attack was intended to overwhelm Ukrainian air defenses and warned of missile attacks in the future. The attack could last a long time, according to the report. "Russia is continuing its strikes, and doing so brazenly. They are deliberately targeting our rail infrastructure and civil sites in our cities," said President Volodymyr Zelenskiy on Telegram. "It's important to resist every attack with resilience." It's important to stand up for Ukraine and not be silent about Russia’s war." This was the first major attack since a ceasefire brokered by the United States between Ukraine and Russia that ended on Monday. The Polish army reported that Poland had scrambled its fighter jets in response to Russian air strikes against Ukraine. Zelenskiy reported that at the beginning of the attack more than 100 Russian drones entered Ukrainian airspace. There was no immediate data on the scale of the attack. HUR reported that Moscow targeted critical infrastructure, essential services, and government buildings in major cities. WESTERN UKRAINE: ATTACKS The governor and police reported that three people died and six others were injured in Rivne region, located to the northwest. Khmelnytskyi, a neighboring region, was also attacked, said its governor, adding that 3 people were wounded. The acting mayor of Lutsk said that explosions were also heard in the city located in the northwest. Serhiy Beksrestnov, a defence adviser, said that the strike showed how the use of drones has evolved by Moscow. The tactics have changed from attack to attack. He said that this time a large number of drones was moving between 5km and 10km from the Belarus border to overwhelm Ukraine's air defences and get to the western areas. Since the beginning of its invasion, Russia has carried out most major missile and drone strikes at night. It has, in recent months, sent more drones and missiles at daytime. Regional officials reported that Russian drones also targeted the southern cities Kherson and Odesa where nine people were injured. Moscow has denied 'intentionally' attacking civilians, but it is known that thousands have been killed during the conflict. It also claims that strikes on civilian infrastructures are justified if they reduce Ukraine’s fighting ability. Kyiv's long-range attacks against Russia's energy sector have intensified in recent months, though at a lesser scale. (Reporting from Anna Pruchnicka, Gdansk; additional reporting by Yuliia Dyesa, Kyiv; Editing by William Maclean).
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Snam is on course to reach its 2026 goals after quarterly gains in core profits
Gas grid operator Snam in Italy said that it was "fully on track" for its 2026 goals after posting a 1.8% increase in its quarterly core profit. It added that tensions in the Middle East, Ukraine and elsewhere had no significant impact on their business. Snam's first-quarter earnings (EBITDA), i.e. before interest, taxes, depreciation, and amortization, were 775 million euros, which was in line with the company's consensus estimate of 771 millions euros. The results reflected the growth in revenues regulated, mainly in the gas infrastructure business, as well as changes within the group. It has now fully consolidated the terminal for liquefied gas offshore the Tuscan city Livorno. Snam stated that the adjusted net profit dropped?7.6%, to 375 millions euros. This was slightly higher than the 363 million euro consensus provided by Snam. The reason for this is due to increased depreciation,?amortisation? and financial charges. The group has confirmed its financial targets for?2026, which include a?adjusted EBITDA of approximately 3.1 billion euro and?adjusted?net profit above 1.45 billion euros. Gas storage level was 50% as of end-April.
Financial Times - April 3
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy.
Headlines
- Denmark's Maersk buys Panama Canal railway
Deutsche Bank's asset management manager fined 25 Million Euros over greenwashing scandal
Steve Buck is named as the new Chief Financial Officer of Thames Water
Greencore signs 1.2 billion pound deal with Bakkavor, a UK rival in the ready-meal market
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Canadian Pacific Kansas City and Lanco Group, based in the United States, have sold the Panama Canal Railway Company (PCRC) to a Danish Maersk unit. Maersk is one of the largest container shipping groups in the world.
German prosecutors fined DWS asset manager 25 million euros (27.30 millions dollars) after a long investigation found the firm guilty for greenwashing or misleading statements about their environmental and social investment credentials.
Thames Water, Britain's largest water provider, has appointed former British Gas finance director Steve Buck to its position of chief financial officer. Buck will help implement the turnaround plan for the company that is heavily in debt.
Greencore, a British convenience food company, has agreed to purchase Bakkavor for 1.2 billion pounds (1.57 billion dollars) in order to create the largest manufacturer of convenience foods in Britain.
(source: Reuters)