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US ends investigation into 2,000,000 Nissan vehicles without seeking recall
The U.S. Auto Safety Agency closed on Wednesday a seven-year old investigation of 2.03 million Nissan Motors vehicles for issues related to rear suspension arm failure, without seeking a vehicle recall. In 2018, the National Highway Traffic Safety Administration opened an investigation that covered Nissan Altima 2013-2018 and Nissan Maxima 2016-2018 vehicles. This was upgraded to a engineering analysis in 2019. The investigation examined whether corrosion could cause the lower control arm in the rear suspension system to separate from the chassis, posing a safety risk. Nissan made a change to the design of the lower control arm in January 2018. This was done to increase the durability. Nissan didn't immediately respond to a request for comment on Wednesday. NHTSA stated that it had reviewed approximately 1,300 reports on the issue. A small number of complaints indicated they were in near-collisions. One complaint stated that a vehicle had made physical contact with an object by bumping into a trailer hitch on a truck. The agency stated that "Nissan admits that cracks can develop on control arms that are affected due to normal stress loads and that the salts used for road snow and ice treatments may cause corrosion which accelerates the crack's progression." The majority of reports were from states in the U.S. salt belt, which are prone to corrosion. Vehicles had traveled an average of over 113,000 miles (181,856 kilometers) when they failed. There have been no reported injuries. Nissan's 2019 customer satisfaction campaign saw more than 47,000 cars repaired with new parts. Some vehicles also received an extended warranty of up to 10 years. NHTSA stated that further investigation was not warranted due to the declining trend in reports, Nissan's countermeasures and their extended warranty coverage. (Reporting from Abhinav Paramar in Bengaluru, and David Shepardson at Washington; Editing and proofreading by Shreya Biwas and Marguerita Chy)
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Macquarie, a Macquarie company in Australia, has acquired stakes at UK airports
Macquarie Group, Australia's largest financial services company, announced on Wednesday that it had acquired from Ontario Teachers' Pension Plan stakes in the airports of Bristol City, Birmingham City and London City for an undisclosed sum. The investment bank has purchased a 55% share in Bristol Airport, 26.5% in Birmingham Airport, and 25% in London City Airport. Sky News broke the story of this deal, which is for London City Airport - the fifth largest airport in London - earlier this month. Macquarie said that through the investment it is committed to support the airports which serve more than 25 million passengers per year over the long-term by expanding their routes networks and further improving passenger experience. Macquarie announced that the deal for London City Airport has reached financial closure. The acquisitions of the other two airports will be completed by the fourth fiscal quarter in 2025.
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FAA overtime costs are on the rise as hiring is slow, according to a report
A report released by the National Academies of Sciences on Wednesday revealed that the Federal Aviation Administration has seen its overtime costs for air traffic control increase more than 300 percent since 2013, due to hiring restrictions and an incorrectly allocated workforce. According to the report, the FAA air traffic controllers in 2024 will have logged 2.2 millions hours of overtime, costing them $200 million. The report also stated that "overtime usage may be due in part to inefficient scheduling by the controllers at the facilities." Since 2013, the average number of hours worked per air traffic control officer has increased by 308%, or 126 per year. In the report, it was also stated that despite an increase of 4% in air traffic, controllers spent less time on managing positions. In a 2024 report, an independent FAA panel that assessed the risks of fatigue among controllers called for mandatory periods of rest after raising "serious concern." The FAA has only hired two-thirds the number of air traffic controllers that its staffing models call for, as the staffing dropped by 13%. In many places, controllers are required to work six-day weeks and must work mandatory overtime. The FAA stated that it would analyze the study, its recommendations, and note it is on schedule to hire at least 2,00 controllers in this year. The Trump administration is seeking at least $20 billion for modernizing air traffic control. This includes new airport equipment that will prevent near-misses and incentives to increase air traffic controller recruitment and retention. By 2024, almost a third (32%) of air traffic control centers had fallen below their staffing targets by 10%, and 22% were 15% below. This was due to hiring constraints, which included two government shutdowns as well as the COVID-19 epidemic. The National Academies' report stated that the FAA "should critically evaluate its models, improve them when possible, and go back to its current practice of adjusting staffing targets to reflect facility-specific issues."
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Ambassador says US is working to evacuate Israeli citizens who wish to leave.
U.S. Ambassador Mike Huckabee stated in a Wednesday post on X that the United States was working to evacuate U.S. Citizens who wish to leave Israel. This includes arranging cruise ship departures and flights. Huckabee stated that the U.S. Embassy in Jerusalem is working on evacuation arrangements. He urged Americans to sign up with the State Department’s Smart Traveler Program for regular updates. "Urgent notice! US citizens who want to leave Israel - US Embassy @usembassyjlm will be working on cruise ship departures & evacuation flights. Huckabee said that you must enroll in STEP (Smart Traveler Enrollment Program). The State Department didn't immediately respond to an inquiry for comment. Uncertain was the number of Americans who wanted to leave Israel, or if the U.S. Military would help with evacuation flights. Donald Trump, the U.S. president, has changed his position from calling for an end to the war between Iran and Israel that has been raging for five days to suggest the United States could join in. According to Israeli authorities, Iran has launched around 400 missiles towards Israel since Friday. Of these, 40 of them have penetrated the air defences and killed 24 people.
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Constellium: Clearing the fog in supply chains for plane suppliers
Constellium, a maker of aluminium products, said that Airbus's efforts to resolve supply chain issues which affected demand last year have helped improve visibility for aviation suppliers. Airbus has been unable to increase production due to bottlenecks, particularly in the engine supply chain. However, the jet manufacturer still maintains a delivery date of 2025. Constellium, the largest supplier of aluminum for planes in the world, has seen its aerospace business suffer a drop in volume since last year. At the Paris Airshow, Philippe Hoffmann said, "Things have become more reassuring. We are less in the fog at an industrial level." Hoffman added that Boeing will also accelerate its deliveries after it integrates Spirit AeroSystems. He added that increased deliveries from the two global aircraft manufacturers, as well as a reduction in current inventories, would likely boost demand throughout the supply chain over the next two to three years. Hoffmann said that the longer-term outlook for aluminum in aerospace is healthy. Airbus has orders for models such as its A320 single aisle jet which are aluminium-intensive. Reporting by Gus Trompiz. Mark Potter edited the article.
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Serbia wants to renew gas agreement with Russia at the 'best possible price'
In an interview given on Wednesday, the head the state gas company said that Serbia was working on a gas deal with Russia. It will receive the best price available in Europe. Dusan Bjatovic, head of Srbijagas said that Europe, like Serbia, would be forced to return to Russian gas in order to meet its energy requirements at a reasonable price. Serbia was one of the few remaining Russian gas consumers in Europe last year, with around 3 billion cubic meters. It is seeking to join the European Union. This week, the EU proposed a legally-binding ban on the imports of Russian natural gas and LNG by the end 2027. Bajatovic stated that the new contract would begin in September and last for either three or ten years. The price issue is resolved. Bajatovic stated that the price would be excellent, and it would be the lowest in Europe. He refused to provide details as commercial negotiations were still ongoing. Bajatovic stated that the future of gas markets would be determined by Russia, the United States and China, both as major producers and consumers, and Europe will have to accept it. It's mathematics. "You cannot solve the equation for gas supplies to Europe with acceptable prices without Russian gas", he said at the sidelines of Russia’s main economic event in St Petersburg. Most Western CEOs have shunned the conference because of the conflict in Ukraine. Bajatovic said he supported the idea that U.S. investors buy the Nord Stream pipeline beneath the Baltic Sea. The Nord Stream was damaged by explosions back in 2022, and since then hasn't delivered any gas. (Reporting and editing by Mark Trevelyan, David Evans, and Gleb Bryanski)
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Keep your distance from Iran when passing through the Hormuz Strait
Shipping sources reported on Wednesday that commercial ships were sailing near Oman, and maritime agencies are advising them to avoid Iran's water around the Strait of Hormuz. The conflict between Israel, and Iran is at risk of escalating. Iran has threatened in the past to close down the Strait of Hormuz in response to Western pressure. The closure of the Strait of Hormuz could affect trade and global oil prices. Ships sailing to Hormuz have taken the latest precaution to reduce risks. They are now sailing near the coast of Oman for most of their journey. The Gulf of Oman has a width of 200 miles (320 kilometers) and borders Oman, Iran, the United Arab Emirates, and Pakistan. Its territorial waters are 12 miles. The narrowest point of Hormuz is 21 miles (33 kilometers) wide. Two shipping lanes, in each direction, are only 2 miles (3km) wide. According to data from the MarineTraffic platform, a larger group of ships were sailing closer to Omani waters on Wednesday. Most Iranian-flagged boats were also sailing in Iranian waters. The Greek Shipping Ministry issued a statement Tuesday stating that "Greek-flagged ships should sail away from Iranian waters when they are in the Persian Gulf or Strait of Hormuz, and Gulf of Oman, as much as possible." Ayatollah Ayatollah Khamenei, Iran's supreme leader, said Wednesday in a statement that was read out by a TV presenter that his country would not accept the call of Donald Trump for a unconditional surrender. This is his first public comment since Israel bombarded Iran on Friday. Iran responded with deadly bombardments across Israel. In recent days, electronic interference with commercial ship-navigation systems has increased around the Strait of Hormuz. Analysts report that the average earnings of supertankers, which can carry up to 2 million barrels per day, have risen in recent weeks to $50,000 from $20,000 just a week earlier. The Combined Maritime Forces JMIC Information Center, a multinational U.S.-led organization, said in an alert that "the regional threat level continues to be significant, as both Iran and Israel continue their strikes." It added that the maritime risk level was elevated. QatarEnergy instructed its tankers on Tuesday to stay outside the Strait of Hormuz, and only enter the Gulf the day before loading. This was in response to military strikes by Israel and Iran near the Strait of Hormuz. Reporting by Jonathan Saul and Renee Maltezou; Editing by Rod Nickel
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US Senate committee votes on FAA nominee June 25,
The U.S. Senate Commerce Committee is set to vote on Donald Trump's nomination for the Federal Aviation Administration head. This comes as the agency struggles with safety concerns and a persistent shortage of air traffic control officers. Bryan Bedford, the CEO of Republic Airways, has been critical of the FAA leadership and culture. He told the Senate Commerce Committee that he will hold Boeing "accountable" for delivering a safe, high-quality plane. Boeing declined to make a comment. Bedford revealed he spoke with Elon Musk on February 25, who, according to documents published Wednesday, said that he wanted to hire a "technologist to run the FAA." Bedford disagreed with Musk and suggested that the FAA could "hire or contract competent technology help." Bedford stated that Musk believed the FAA's biggest problem was the lack internal development and software tools. Musk did not respond immediately to requests for comments. Sean Duffy, Transportation Secretary in Paris this week, gave the strongest indication that the Trump administration was moving towards lifting the cap of 38 planes per month on Boeing's 737 MAX Production imposed in January 2020 after a midair emergency involving a 737 MAX 9 lacking four key bolts. Duffy told CNBC that Boeing is on the right track. "I want the FAA to move when Boeing is ready to expand its capacity." After a midair collision between an American Airlines jet and a U.S. Army chopper on January 29, near Washington Reagan National Airport, calls to modernize our nation's air-traffic control system increased. The 67 passengers on the plane died. The FAA has facilities that are at least 50 years old. These aging systems have caused delays on numerous occasions. Newark Airport has been plagued by technology issues that have delayed hundreds of flights. Flights have been delayed by a persistent controller shortage. Many controllers work six-day weekends and mandatory overtime. About 3,500 air traffic control positions are not enough to meet the FAA's target staffing levels. Rod Nickel edited the Rod Nickel Reporting by David Shepardson
LME's new Hong Kong storage facilities are attracting a lot of interest in metal deliveries, according to the CEO.
According to the CEO of the London Metal Exchange, there is a strong demand for metal delivery before the new warehouses open in Hong Kong next month. This is partly due the tightness of the copper market.
The LME approved the construction of three new warehouses in Hong Kong last month, bringing the total up to seven. This is part of its efforts to increase its presence in this city, which is the gateway for the world's largest metals consumer - China.
Hong Kong's high costs have led to questions regarding the viability and cost of new storage facilities in comparison with other Asian sites like Korea or Malaysia.
Matthew Chamberlain, Chief Executive Officer of LME, said on the sidelines at the International Derivatives Expo: "They can place metal in the warehouses but it will not show on our numbers because the location won't be live until July 15th."
My understanding is that there is a great deal of interest to get some metal into there before then."
Since Hong Kong Exchanges and Clearing acquired the LME, in 2012, obtaining approval for warehouses to store LME traded metal in China has been a major strategic objective.
Chamberlain stated that the exchange, which is the oldest and largest industrial metals market in the world, would like to open warehouses on the mainland of China but this would be subject to approval from the Chinese authorities.
But ultimately, it is up to the mainland policymakers whether they want LME storage warehouses.
He said that Hong Kong had a wide range of locations for different types of clients, including several close to the northern border of Shenzhen, and the mainland.
Chamberlain stated that "they'll be in a position to serve Chinese metal owners, who want, for example to put copper into an warehouse, truck it just across the border to the new territories and put it into a storage facility,"
This is a very important topic right now, with the tightening of copper. This will enable people to attack those backwardations with greater effectiveness.
The fall in stocks at LME-registered storage facilities has created a premium or backwardation for contracts with shorter maturities.
Copper Stocks
(source: Reuters)