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Novonor system settles $30.76 million for agreement incompliance with Panama City airport
Panama's Tocumen International Airport stated on Friday that a construction firm controlled by Brazil's Novonor had been bought to pay some $ 30.76 million to the airport for failure to adhere to a. contract to expand one of its terminals. The firm now known as CNO, S.A. was approved a contract to. expand Tocumen's Terminal 2 in 2012, the airport stated in a. declaration. The work suffered repeated delays due to constant. breaches of agreement by the building and construction company, Tocumen said. Tocumen, which is owned by the state, was required to. presume extraordinary expenses as an outcome, it stated. Building had originally been approximated at $679. million, but wound up costing more than $900 million, the. airport said. An estimated $15 million in repair work are likewise now required,. according to Tocumen. CNO previously ran as Construtora Norberto. Odebrecht, S.A. Its parent Novonor was known as Odebrecht before. a corruption scandal involving bribes to authorities throughout Latin. America was discovered.
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Norfolk Southern reaches arrangements with 4 labor unions
Norfolk Southern, in collaboration with BNSF Train, stated on Friday it has reached tentative, fiveyear collective bargaining contracts with 4 labor unions. The agreements offer a 3.5% average wage boost annually over the next five years, more vacation and some enhancements to health care benefits. Subject to ratification, the arrangements cover about 30% of Norfolk Southern's union workforce and come four months in the past the opening of the next collective bargaining round, the business stated. The unions that the company reached arrangements with are the Brotherhood of Train Carmen Division/TCU, the International Association of Sheet Metal, Air, Rail and Transportation Workers - Mechanical Department (SMART-MD) and the Transportation Communications Union/IAM. Norfolk Southern also has actually reached tentative agreements with multiple basic committees of the transport division of WISE.
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Venture Global LNG prepares yourself to begin Plaquemines plant in test mode
U.S. Endeavor Global LNG this week got a vessel filled with imported melted gas and an authorization from a federal regulator to utilize nitrogen at its Plaquemines facility in Louisiana, indications of preparations for a. testmode launch. The license from the U.S. Federal Energy Regulatory. Commission (FERC) was approved on Friday following the arrival of. the totally filled Malta-flagged vessel Qogir, which left from. Norway. Endeavor Global verified on social networks the tanker arrival. in Plaquemines, but declined to offer more information. A. second LNG tanker, the Liberia-flagged Venture Gator, was on. Friday heading up the Mississippi river, according to LSEG data. The company had asked for the permit on Aug. 15,. according to the file. Nitrogen can be utilized to purge a. system prior to the intro of gas into an LNG. facility to then produce the superchilled gas. When the Plaquemines plant comes into full operation,. Venture Global will become the second largest LNG exporter in. the U.S. and the plant will be the 2nd largest U.S. LNG. export facility, with a capacity to produce 20 million metric. tons per year (MTPA). LNG plants under construction, like Plaquemines, use. superchilled fuel to test and cool equipment in preparation for. start-up. After Plaquemines started drawing in small amounts of. gas from U.S. pipelines in late June and mid-July,. experts stated the plant could start turning gas into LNG in test. mode in coming months. As part of its testing procedure, Endeavor Global also looked for. FERC consent in July to introduce gas to a turbine generator. Venture Global has actually stated structure Plaquemines' 2 phases. would require an investment of about $21 billion. Analysts have said they anticipate Venture Global to finish. work on the very first 1.8-billion cubic feet per day (bcfd) phase of. Plaquemines from 2024 to 2026 and the 2nd 1.2-bcfd stage in. 2025-2026. The U.S. is the world's greatest LNG exporter with seven. export plants able to produce about 104.6 MTPA. The export. capacity is expected to increase to some 129.4 MTPA in mid-2025 as. the first stage of Plaquemines and Cheniere Energy's. growth at its Corpus Christi, Texas, plant go into service.
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GRAINS-Soy increases on short-covering, wheat stays weak
Soybeans increased while corn reduced on Friday as traders covered short positions ahead of the weekend while monitoring an inbound heatwave that might threaten some crops in the U.S. Midwest, traders stated. Wheat also dipped as low-cost Black Sea exports continued to loom. Corn on the Chicago Board of Trade settled 2-1/2 cents lower at $3.91 a bushel, down 0.3% for the week, while soybeans wound up 11-1/2 cents to $9.73 per bushel, increasing 1.6% in the week. The most-active soft red winter season CBOT wheat contract settled 7-1/2 cents lower at $5.28 per bushel, down 0.3% for the week. Wheat's wallowing and looking for support at the $5. level, said Chuck Shelby, president of Threat Management. Commodities. A carefully followed study of Midwest production potential customers,. run by ProFarmer, approximated record corn yields this week in top. manufacturers Iowa and Illinois, though crops in Minnesota were. frustrating. After the marketplace closed, ProFarmer stated the U.S. soybean. harvest will be even bigger than the federal government's record. projection, though it anticipated a smaller sized corn crop than the U.S. Department of Agriculture. However, projections anticipate a short wave of 90 degree. Fahrenheit (30 degree Celsius) weather will move into the. Midwest in the next week, which might threaten crops and may be. including assistance to corn and soy futures, traders stated. Reasonably strong need for corn and a series of flash. sales reported to China and unknown purchasers have added a market. floor and suggested recent rate lows have actually stirred some need. Farmers continue to sell old-crop corn and soy to make space. for the upcoming harvest and to produce cash flow, traders. stated. Canada's rail shutdown may still delay loading of some bulk. grain ships at the nation's West Coast ports despite the. federal government's transfer to end a stoppage at the nation's 2 biggest. railroads, traders and analysts said.
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Canada rail shutdown may still delay western grain exports
Canada's rail shutdown might still delay loading of some bulk grain ships at the country's. westcoast ports despite the federal government's move to end a stoppage. at the nation's two biggest railways, traders and experts. said. At danger are more than 20 bulk freight ships at or bound for. British Columbia ports as in-port grain stocks represent simply a. portion of what is set up to load over the coming weeks,. according to delivering industry and government information. Exporters on the planet's leading canola manufacturer and No. 3 wheat. shipper might acquire vessel demurrage penalties totaling tens. of thousands of dollars a day if ships sit idle waiting for. materials, analysts stated. Although employees at Canadian National Railway. returned to deal with Friday, their union said they will strike on. Monday and challenge the constitutionality of the government's. move to end the shutdown. Canadian Pacific Kansas City. has yet to raise its lockout. Thursday's stoppage marked the first time both railroads had. closed down simultaneously. The rail circumstance in Canada stays extremely fluid and. unsure, Mike Steenhoek, executive director at the U.S.-based. Soy Transport Coalition said in a declaration. Rail delays threaten the flow of grain from Canada's. prairies to export terminals just as farmers start to harvest. their crops. If disturbances continue, sales reserved for filling in the. fall are also at risk of being canceled. ( Exporters) might attempt to declare force majeure and go into. arbitration ... or they can rack up the demurrage charges, stated. independent expert Wayne Palmer. There were 20 bulk vessels anchored near or en path to Port. of Vancouver since Aug. 19, earmarked for packing with 638,900. metric lots of canola and 428,200 tons of milling wheat,. according to vessel lineup data seen . Most of the canola was due to be delivered to China, while the. wheat was slated for numerous locations in Asia, South America. and Africa, the data showed. However, the dedications far exceeded industrial stocks in. Vancouver of 217,500 lots of canola and 216,100 lots of wheat as. of Aug. 11, according to the latest information offered from. Statistics Canada. Vessel-lineup information identified another two vessels bound for. Prince Rupert, British Columbia, to be filled with 134,200 heaps. of wheat. Wheat stocks there were simply 11,900 lots, StatsCan. data showed.
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Canadian pipeline operator Trans Mountain names expert Maki as CEO
Canadian pipeline operator Trans Mountain Corp on Friday called insider Mark Maki as its chief executive officer from Sept. 1. Maki is currently primary financial and technique officer and will change Dawn Farrell who will become board chairman. He signed up with the role in 2020 and before that was with Canada's largest pipeline operator Enbridge for 34 years. Maki's visit comes months after the start of the Trans Mountain pipeline expansion, which is anticipated to nearly triple the shipment of oil from land-locked Alberta to Canada's Pacific Coast. The long-delayed task was built at a cost of C$ 34 billion
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Microsoft to host cybersecurity top after CrowdStrike-induced IT blackout
Microsoft stated on Friday it would hold a top in September to discuss steps to enhance cybersecurity systems, after a malfunctioning update from CrowdStrike triggered a worldwide IT outage last month. The conference marks the first huge action by Microsoft to address the concerns that impacted almost 8.5 million Windows gadgets on July 19, interrupting operations across markets varying from major airlines to banks and health care. The occasion will be held on Sept. 10 at Microsoft's. headquarters in Redmond, Washington. The business will welcome. government agents to the event, it said in a blog. The CrowdStrike failure in July provides essential lessons. for us to use as a community, Microsoft stated. The failure raised issues that many organizations are not. well prepared to implement contingency plans when a single point. of failure such as an IT system, or a piece of software within. it, decreases. We eagerly anticipate bringing our perspective to the. conversations with Microsoft and industry and federal government. stakeholders on the need for a more resilient environment, a. CrowdStrike representative said when contacted for a comment. Analysts have stated the interruption has actually exposed threats of. reliance on single-vendor supplying one-stop shop for security. solutions. CrowdStrike, which has lost about $9 billion of its market. value given that the outage, has actually been taken legal action against by investors, who stated. the cybersecurity company defrauded them by concealing how its. inadequate software application screening could trigger the international interruption. Previously this month, Delta Air Lines said it was. pursuing legal claims versus CrowdStrike and Microsoft, after. the outage caused mass flight cancellations and cost the carrier. a minimum of $500 million. CrowdStrike is set up to report its second-quarter. financial outcomes after the U.S. market close on Aug. 28.
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EU decreases Hungary's request for talks with Ukraine over oil sanctions
The European Commission has declined Hungary and Slovakia's demand that it moderate a. assessment procedure with Ukraine over sanctions imposed by. Kyiv on Russian oil manufacturer Lukoil (LKOH.MM), a Commission. representative said on Friday. Commission services have preliminarily concluded that. immediate consultations do not seem necessitated, the. spokesperson said. The representative said Brussels had no sign Ukraine's. sanctions had actually triggered a danger to European security of energy. products, since Russian oil was still streaming through the. Druzhba pipeline that connects Russia, through Ukraine, to the Czech. Republic, Slovakia and Hungary. It appears that the sanctions enforced by Ukraine on Lukoil. do not impact ongoing oil transit operations via Druzhba carried. out by trading companies, as long as Lukoil is not the official. owner of the oil, the representative stated. Slovakia and Hungary - 2 countries that have actually opposed. western allies' military help to Ukraine as it battles Russia's. intrusion - have actually grumbled to Brussels about Kyiv's move to put. Lukoil on its sanctions list, saying it avoided them from. purchasing Russian oil for their refineries, threatening security of. supply. Hungarian Prime Minister Victor Orban's representative did not. instantly respond to an ask for remark. Hungary supplied additional details on the concern to the. Commission this week, which the Commission said it will now. analyse. The Druzhba oil pipeline has remained working following. Moscow's invasion of Ukraine in 2022, even as the EU weaned. itself off most other sources of Russian energy. The southern branch of the pipeline runs through Ukraine to the. Czech Republic, Slovakia and Hungary, and has actually been the primary. source of supply for their refineries for years.
Cycling-France's Bardet declares first yellow jersey in Tour stage one
Romain Bardet claimed the very first yellow jersey of this year's Tour de France, and the very first of his profession, as he won the opening stage of the world's greatest race following a bold carry on Saturday.
The Frenchman, who revealed his retirement for June next year and is twice a Trip podium finisher, attacked 50km from the line and took advantage of sterling, selfless work by his DSM-- Firmenich PostNL group mate Frank van den Broek to cross the line 5 seconds ahead of Belgium's Wout van Aert.
Dutchman Van den Broek, who came 2nd with the same time as his team leader, held his head in a mixture of happiness and disbelief.
I can't believe it, it wasn't premeditated at all, I wished to take the morning breakaway. There was no tension, we desired someone in advance and it was Frank who took off, Bardet said.
I could see that it was going to be challenging in the heat and when I saw that we were simply a minute from the breakaway rider, I said to myself that I might close the gap.
Frank has done an amazing job and this jersey is a shared one. I 'd had this stage in the back of my mind for a very long time. I'm extremely lucky because in the group we have actually written off the general classification, giving me the liberty to ride without pressure.
Defending champion Jonas Vingegaard, who had actually not raced considering that he sustained a collapsed lung on the Tour of the Basque Country in April, finished securely in the bunch along with fellow preferred Tadej Pogacar.
A seven-man breakaway took shape early in a fast and furious start and with 50 kilometres left just France's Valentin Madouas and Jonas Abrahamsen of Norway were left at the front.
Bardet assaulted from a slimmed down peloton and joined the fugitives after picking up his group mate Van den Broek along the way.
The duo dropped Abrahamsen, and after that Madouas, in the penultimate climb of the day as Mark Cavendish, looking for a record-breaking 35th phase win, lost even more ground after being not able to sustain the speed early on.
Ireland's Ben Healy tried his luck solo from the lot but was not able to bridge the gap while Bardet and Van den Broek opened a two-minute lead, which they kept entering into the last descent towards Rimini.
The EF-Education First team, wishing for a stage win with Italian champ Alberto Bettiol, and the Ineos-Grenadiers upped the speed of the peloton however might not put a big adequate damage into Bardet and Van den Broek's lead.
That was up until Visma-Lease a Bike and Lidl-Trek, seeking to set up Wout van Aert and Mads Pedersen for the win, respectively, started drawing in front of the bunch.
The gap dropped to under a minute with 11km left, and to 14 seconds 2 kilometes from the line as they struck the streets of Rimini.
Van den Broek then rode himself into the ground to ensure Bardet would take his 4th stage win on the Trip.
Sunday's second phase is a 199.2 km ride from Cesenatico, the home town of the late Marco Pantani, to Bologna.
(source: Reuters)