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As the shutdown continues, airlines cancel 1,500 US flights every Monday
The number of flights canceled by airlines in the United States surpassed 1,500 on Monday. This is the fourth day that cancellations have exceeded 1,000, as flight reductions and staffing shortages continue to cause havoc for aviation. FlightAware is a website that tracks flights. As of 8:30 a.m. ET (1330 GMT), more than 1,550 flights had been canceled and 1,400 delayed Monday. More than 1,550 flights were cancelled and 1,400 flights delayed on Monday, after 2,950 flight cancellations and nearly 10,800 delays Sunday. Chicago's November snowstorm also caused disruptions to air travel. Late Sunday, the Federal Aviation Administration announced that it would suspend general aviation traffic in 12 airports due to staffing problems at air traffic control. These include Chicago O'Hare Airport and Reagan Washington National. The record-breaking shutdown has resulted in a shortage of air traffic control staff. On Sunday evening, the U.S. Senate voted in favor of a bill that would end the shutdown. A safety concern with air traffic control has led the FAA to order airlines to reduce 4% of their daily flights at 40 major airports starting Friday. The FAA has mandated that flight reductions reach 6% by Tuesday, and then 10% by November 14th. When will the FAA end the flight reductions required by the government? This is a big question for the airlines. Sean Duffy, Transportation Secretary, has stated that he wants to first see improvements in air traffic control personnel and safety data. (Reporting and editing by David Shepardson)
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BBC Chairman apologises to Trump for his 'error of judgement'
Samir Shah, the BBC chairperson, apologized on Monday for making an "error in judgment" when editing a speech given by U.S. president Donald Trump to be included in a Panorama documentary. This comes after the resignations from BBC's head and director of news. Shah stated that the BBC had acknowledged the Trump edit was misleading and it should have been treated more carefully. The issue was reviewed internally by the BBC earlier this year. However, he said that the broadcaster had not taken any formal action. Shah wrote that it was "clear" the BBC had to champion impartiality. He also assured British legislators that the broadcaster was committed to restoring the public's trust and to making sure its journalism met the highest standards. After further consideration, he stated that the BBC had accepted the fact that the Trump edit "gives the impression of an immediate call for violence". In the letter, he stated that "the BBC would like apologize for this error of judgement." The Panorama programme broadcast one week before the U.S. Presidential election spliced two separate excerpts of Trump's speech, giving the impression that Trump was inciting a Capitol Hill riot on January 20, 2021. This error was included in a report written by a former standards advisor. The report also mentioned BBC failures regarding its coverage of transgender issues, the Israel-Hamas conflict, and other topics. The broadcaster has been criticized for its bias The resignation On Sunday, the Director General of News Deborah Turness and its Director general Tim Davie were both in attendance. Shah acknowledged the criticisms of the Trump edit but he reacted to the suggestion that the BBC was trying to "bury" the allegations or had failed to address any issues. He said that the company had corrected mistakes, changed editorial guidelines, made changes to leadership and taken disciplinary actions. (Reporting and editing by Paul Sandle, Sam Tabahriti)
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Grab, a Singaporean company, invests $60 million in Vay's remote driving business
Grab Holdings is investing $60 million into the Singaporean company Vay Technology. Shares of this firm rose more than 6% on Monday in premarket trading. The company wants to use its ride-hailing service to tap into the autonomous vehicles that are seen as a disruptive force and as a future form of mobility. Anthony Tan, Grab's CEO, said that the future of mobility for Southeast Asia would be a hybrid system that relied on our driver-partners as well as autonomous vehicles and services of remote driving. Grab has said that if Vay meets certain milestones it will invest an additional $350 million within the first 12 months. These milestones include consumer revenues, U.S. city coverage, technology and safety standards and regulatory approvals to operate in additional U.S. Cities. Vay uses "teledrivers", who steer the car to a customer. Then, that person can self-drive. In January of last year, the company launched its first commercial service at Las Vegas. (Reporting and editing by Anil D’Silva in Bengaluru, Zaheer Kachwala)
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Citrus exports to South Africa reach record levels, but farmers worry about US tariffs
Citrus exports in South Africa soared by 22% this year to record levels, due to higher demand, favorable weather, and the introduction of new trees, according to a growers' association. Citrus Growers Association of Southern Africa added that the record-breaking season had been marked by demand for juicing lemons and oranges on overseas markets. In the October-ending season, Spain was the world's second largest citrus exporter. It shipped 203.4 millions 15 kilogramme cartons compared to last year's 165 million. Europe accounts for 36% of South Africa's total citrus exports. The Middle East is second at 19%, and Asia comes in at 15%. North America, Britain and Russia took 9% each of the total shipments by 2024. The CGA didn't give a breakdown of 2025. The report said that a premature end of northern hemisphere citrus supply drove demand, opening the supply window to South African citrus in early 2014. Improving logistics efficiency at ports had also increased exports. Farmers are worried about 2026, even though a U.S. 30% tariff on South African imports had only a small impact because it was implemented at the end of export season. "We are still very concerned about the impact of a 30% tariff on the upcoming 2026 season," stated CGA CEO Boitshoko ntshabele. He added: "That's why a mutually-beneficial trade deal between South Africa and the United States must be finalised immediately." South Africa exports between 5 and 6% of its citrus fruit to the U.S. earning over $100 million per year. The CGA warned that Washington's tariffs could threaten up to 35,000 jobs in the citrus-growing regions of the Northern and Western Cape Provinces which export exclusively into the U.S.
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As Mideast metals flow in, the share of Russian and Indian aluminium on LME stock drops.
In October, the share of Russian and Indian aluminum in London Metal Exchange warehouses fell as nearly 50,000 tons from Australia, Indonesia and the Middle East entered the system. LME data released on Monday showed that the percentage of aluminium stock of Russian origin available in LME warehouses fell to 51% from 59% in September. The share of Indian origin also decreased by one percentage point, to 40%. LME has prohibited metal produced in Russia after April 13, 2024 from its warehouse system. This is to comply with U.S. & British sanctions over Russia's invasion of Ukraine 2022. Metal produced before April 13, 2024 can still be traded but many traders avoid it. Aluminium stocks that are available or on warrant The number of metric tons of Russian origin rose to 256.025 at the end last month, up from 244.025 in September. A LME warrant is an ownership document. The LME, which is the oldest and largest industrial metals market in the world, reported that India's aluminium stocks also increased to 202.350 tons. The influx of aluminium from Australia and Bahrain, Indonesia, Oman, and Qatar, totaling 47,725 tonnes, diluted the share of Russian and Indian material. The share of Russian-origin copper stocks available Last month, the LME stock remained at 14%. The amount dropped to 16,700 tonnes from 18,125 tonnes. Data showed that the share of copper made in China remained at 82% despite the fact that the total amount dropped to 100,400 tonnes from 109 350 tons. At the end of October 2017, 70% of LME nickel stocks were made in China, up from 68% one month earlier. (Reporting and editing by Hugh Lawson; Tom Daly)
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Venture Global reports third-quarter profits on strong LNG demand
Venture Global reported a profit for the third quarter of 2014 on Monday. This was a significant improvement over a loss in the previous year. The increase in production from its Plaquemines plant, located in Louisiana, and strong LNG demand were both factors. Venture Global shares were up 6.4% on pre-market trading. According to preliminary data released by financial firm LSEG, the U.S. was the largest LNG exporter in the world with a record 10.1 millions metric tons of LNG exported in October. According to LSEG, Venture Global was the second-largest exporter of superchill gases in the U.S. last month. It accounted for over 30% of all exports from the country. After Donald Trump took office, the commercial activity in this sector accelerated. Venture Global reported revenue of $3.33 billion for the quarter. This compares to $926 million a year ago. The company reported a net income of $429m for the quarter ending September 30 compared to a loss $347m a year ago. (Reporting from Tanay Dhumal, Bengaluru. Editing by Shailesh Kuber)
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Ten charts showing global trends in energy and emissions since the Paris Treaty: Maguire
The energy sector and its emissions have changed a great deal and a little in the decade following the historic COP21 Paris Agreement, which aimed to reduce global warming. The explosion of renewable energy and the surge in sales of electric vehicles have fundamentally changed the global car and power markets. They've also ushered in a "electrify all" movement across the globe. The global production and use of crude oil, natural gas and coal have also continued to rise to new records. This has led to an increase in energy consumption emissions that will be nearly 10% higher in 2024 than in 2015. Here are 10 charts that show the trends in global energy consumption and power pollution to help you get a better idea of the situation as the COP30 Climate Meetings begin in Brazil. FOSSIL FUELS STILL ROUND THE ROAST Even after the most rapid rollout of renewable energy in a decade, global energy supply remains overwhelmingly dependent on fossil fuels. The Energy Institute reports that fossil fuels still account for 87% of the world's energy supply, owing to a historically high consumption of coal, crude oil and natural gas. Good news for those who support clean energy: fossil fuels are down from 89% of the total in 2015 and will continue to fall. The bad news is that global fossil fuel consumption continues to rise despite the reduction of coal burning in many countries and the acceleration of the shift to electrifying industrial and transport processes. EVER CLEANER ELECTRICITY Solar panels, wind turbines and battery systems have seen record growth, which is boosting the percentage of clean energy in electricity generation. Ember data shows that global clean electricity supply has increased by 22% between 2015 and 2024. Meanwhile, fossil fuel generation has decreased by 11%. In Europe and Latin America, the utility systems generate more than 60% of their electricity from renewable sources. The global average hovers around 40%. RENEWABLES RISING Renewable energy has been a major story in the world's energy systems for the past decade. In the period between 2015 and 2024, there has been a surge of 68% in electricity consumption from renewable sources. This includes electricity networks as well as industrial power systems. Solar power production has risen by nearly 700% since 2015. Wind power has risen by 200%. In the last decade, Asia has been the leader in the deployment of solar and wind technology. By 2024, Asia will account for 45% all renewable energy production. Europe has the second largest renewables deployment, with roughly 20% of the market, followed by North America with 18%. Asia is the largest solar market in the world, with a share of around 60%. Europe and North America follow closely behind. Asia is also the leader in the world for wind energy deployment. Emissions Impact Since 2015, energy emissions have decreased in North America and Europe due to the rapid increase in renewable energy generation around the world, along with the reduction of coal-fired electricity production in many countries. The Energy Institute reports that energy emissions in Asia accounted for 52 percent of total energy emissions in the past year. Since 2015, the United States, Japan, and Germany have all reduced their energy emissions more than any other country. Even though the U.S. and Japan have reduced their emissions from their energy systems, the pollution trend elsewhere has more than offset their collective emission reductions. Data from the Energy Institute shows that China has increased its energy pollution more than 20 of the largest economies have reduced their emissions collectively since 2015. When you consider the rising pollution levels in India, Indonesia, and Vietnam, the global trend of energy pollution is still on the rise. BATTERY BOOM Battery energy storage systems are growing rapidly. This could slow down the future growth of energy emissions, particularly in countries with a large footprint of solar production. Asia is the leader in the deployment of utility scale battery systems. This is largely due to China's position as the world's top battery manufacturer. The United States and Australia have also a large BESS capacity. This should allow utilities to make better use of their solar assets, by charging the batteries during periods when solar production is at its peak and then dispatching them as demand increases. BESS deployment is the next step in the energy transition and will help major power systems meet more of their commitments from the Paris COP a decade back. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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The volatility of crypto treasury tokens is stoked by the pivot towards fringe tokens.
New entrants push into less popular tokens as companies that are focused on stockpiling Bitcoin and other major cryptos come under pressure due to market saturation and a deteriorating sentiment. This is fueling concerns about increased volatility. The number of publicly traded companies investing in cryptocurrency in the hope that they will appreciate is on the rise. This boom has been fueled by President Donald Trump's crypto friendly stance, and the meteoric success Michael Saylor's Strategy. According to DLA Piper, as of September there were 200 digital asset treasury companies, mainly focused on bitcoin, with a combined capitaion of $150 billion. This is up threefold compared to a year ago. Daily, more companies are launched, including penny stocks looking to increase profits. As bitcoin's value falls, companies are increasingly turning to more volatile, esoteric tokens to boost returns. What are the risks for investors? Greenlane, OceanPal, and Tharimmune, for instance, have announced that they plan to stockpile BERA (Bera), NEAR (Near) and Canton Coin respectively. This trend shows how the volatile and speculative worlds of cryptocurrencies are becoming more intertwined with conventional markets, posing potential risks for investors. The risk is higher when DATs expand to less liquid and exotic cryptocurrencies. This was confirmed by Cristiano Ventricelli at Moody's Ratings, senior analyst and vice president of digital assets. Ventricelli said that when markets fall, the pressure on equity for these companies increases. A VOLATILITY PIPELELINE Since April, DATs have been funding token purchases through private placements (PIPEs) - by selling shares to private investors directly - often at a discounted price. Analysis found that at least 40 DATs raised over $15 billion via PIPEs from April to November. Only five were focused on Bitcoin. Bitcoin suffered a loss for the first month since 2018 in October. Public data shows that Winklevoss Capital and Galaxy Digital are among the heavyweight crypto investors who participated in these deals. Also included were Jump Crypto, Pantera Capital DWF Labs DWF Labs DWF Labs Kraken, Pantera Capital and Jump Crypto. While institutional investors may be able to buy tokens directly, the DAT allows them to gain exposure and leverage their returns through regulated public companies. Stock prices are often volatile because PIPEs give companies quick access to cash. However, shareholder dilution as well as the possibility of reselling shares after lockup periods have ended can cause volatility. Analysts say that because DAT companies rely so heavily on PIPEs they are particularly vulnerable to market declines. This was evident when the markets fell on 10 October due to renewed tensions between the U.S. and China. BitMine - which stocks ether - fell by more than 11%, and Forward Industries – which invests into Solana – fell by more than 15%. The stock of Strategy, a company that has made purchases using other methods, dropped by nearly 5%. The hype surrounding DATs has subsided since they first hit the market. Peter Chung is the research director of Presto Research, a crypto-focused firm. He said: "I think it will come back." OceanPal's spokesperson stated that its NEAR purchases allowed shareholders to take advantage of the token's AI-integrated capabilities. Greenlane declined comment. Strategy BitMine and Tharimmune did not respond immediately to requests for comments. Neither did Winklevoss Capital or Galaxy Digital. TRADING BELOW NET ASSET VALUE Investors believed that they could buy more tokens with their credit. Some are trembling as bitcoin's value has fallen and Strategy copies have flooded the market. According to The Block, at least 15 bitcoin treasury firms were trading under the net asset value for their tokens on Friday. Bloomberg reported that Singapore-based 10x Research, which estimates retail investors who are big buyers Strategy and other bitcoin DATs of high-profile, have lost $17 billion in these trades. Some DATs that focus on other large coin are also under pressure. ETHZilla, Forward Industries and other DATs have recently approved share repurchases. This is a common move to support share prices. Michael O'Rourke is the chief market strategist of JonesTrading. He said, "I believe most of these digital assets treasury firms will end up trading at a discounted price to the digital asset." 'ABSOLUTELY DECIMATED' Standard Chartered analysts stated in a note published in September that DAT companies held 4% of bitcoin, 3.1% ether, and 0.8% solana. Their fortunes, therefore, could have a major impact on coin prices. Kyle Samani said that Forward Industries' chairman, Kyle Samani, stated in a press release that the buyback program allows "flexibility" to return capital to investors when they believe their stock is trading below its intrinsic value. He and other DAT executives claim that their success is rooted in the ability to make intelligent investment decisions. In an interview, Samani, co-founder of Multicoin Capital which invested in Forward Industries’ September PIPE, explained that "you're betting on management to go and do interesting things." A spokesperson for ETHZilla said that the company was opportunistically repurchasing its shares when the stock price fell below the net asset value. While it has a large amount of ether on hand, the focus is primarily to put traditional assets onto blockchain. Other DAT companies also look for ways to increase shareholder value. SUI Group which stocks Sui recently launched their own stablecoins. He added that if a DAT simply sits back and buys tokens "long-term, you will be absolutely decimated." Hannah Lang reported; Michelle Price, Rod Nickel and Rod Nickel edited.
Bousso: Trump's sweet spot for oil prices is a 'no-man's-land' for the rest of us.
In recent months, oil prices have fluctuated within a relatively small range between $60 and $70 per barrel. This reflects both concerns over rising supplies of oil as well as trade wars or geopolitical conflict. This may be a sweet corner for U.S. president Donald Trump but it's a "no-man's land" for oil producers. The low end of the range was reached in mid-October. This allowed Trump to carry out his promise to impose severe sanctions against Russia's two largest oil companies, Lukoil & Rosneft. These two giants account for 5% of world output. Trump calculated that escalating the economic war against Moscow wouldn't lead to a severe disruption or price spikes, as the oil market was currently oversupplied. At the same, prices at the current level do not threaten the United States as the top oil producer in the world. In October, the U.S. Energy Information Administration increased its production forecasts by 100,000 barrels a day to 13.5 millions bpd. It also raised output forecasts for next year.
CONFUSION REIGNS ON MARKET DIRECTION
Does the U.S. President have a right to expect that prices will stay rangebound?
What you say depends on whom you ask. The International Energy Agency predicts a massive oversupply next year of nearly 4%, or 4 million barrels per day. This could cause prices to crash, and force many producers into drastic production cuts.
The world's leaders in energy do not appear to be overly concerned. The heads of oil trading companies in Abu Dhabi predicted last week that Brent oil would remain within the $60-$70 range for the next year. Some even suggested that the feared oil oversupply might not be as great as the IEA estimates. This is due to disagreements over demand. While IEA analysts expect consumption to increase by 700,000 bpd in this year, OPEC analysts put growth at nearly twice that rate, at 1.3million bpd. China's massive stockpiles this year for which Beijing has not provided any data have further confused the picture of demand. The lack of visibility of a large part of the oil markets due to the increased use of tankers that violate sanctions to transport Russian oil, Iranian oil, and Venezuelan crude has also clouded the picture of supply.
OPEC+ is clearly hedging their bets. Last week, it called for a modest rise in production in December to 137,000 bpd. This would be followed by a break through the first quarter next year.
MAJOR MUDDLE THROUGH
Western oil majors have signaled that they do not expect to see dramatic changes in prices in the foreseeable future.
Exxon Mobil, Chevron, and ConocoPhillips are among the major U.S. producers of shale oils that plan to increase their output in coming years. Exxon Mobil, the biggest U.S. oil company, increased its production forecast for 2025 in the oil-rich Permian Basin by 100,000 barrels per day, to 1.6 millions boed. It maintained the 2027 output of 2 million boed.
Chevron increased its Permian production in the third quarter, and intends to keep it at 1,000,000 boed over many years. In recent years, these firms have made significant cost reductions to be able to pay dividends and generate profits even when crude oil prices are around $60 per barrel. Oil majors have even indicated that they can continue to repurchase shares at current prices. However, they may need debt markets in order to do this.
SWEET SPOT OR "NO MAN'S LAND"?
Does this mean everyone will be satisfied if the prices stay within today's small band? Hardly.
Many OPEC producers need oil prices to be much higher than the current range for their national finances. Saudi Arabia's fiscal breakeven is $92 per barrel, according the International Monetary Fund.
The current oil price range also poses a problem for the market in general. The supply-demand equilibrium will be in limbo until prices break through the floor of this range. If OPEC's optimistic forecasts of demand do not materialize, a violent price correction could occur.
This is because swing producers, especially U.S. Shale Drillers, won't be forced to drastically reduce production until prices drop below $60 per barrel over a long period of time.
According to a survey conducted by the Federal Reserve Bank of Dallas, existing wells in big shale areas can produce profit at U.S. crude oil prices of between $26 and $45 per barrel.
According to the survey, companies are also planning on drilling new wells between $61-$70 per barrel. Big offshore projects can also generate profits for much lower prices, between $40 and $50 per barrel.
The risk of overproduction will continue to increase if these producers maintain production.
There are certainly signs that drilling activity is slowing down in the U.S. Shale. According to Baker Hughes, the number of rigs operating onshore has decreased by 10% this year.
If the IEA oversupply scenario becomes reality, a larger correction will be required. Oil would need to fall to $50 per barrel for a prolonged period of time to force producers into a sharply reduced drilling activity.
President Trump – and U.S. customers – might be okay with it, but U.S. manufacturers and many OPEC member states would not.
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(source: Reuters)