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S.African Transnet signs port equipment agreement with Liebherr
Transnet, a South African logistics company, announced on Thursday that it had signed a 10-year agreement with the German equipment manufacturer Liebherr to supply cranes in order to modernise and upgrade its port operations. Transnet stated that the two parties had also agreed to a 20-year Asset Management Programme, where Liebherr will provide maintenance, repairs, and spare parts for equipment. Transnet, the state-owned company that operates South Africa's port and rail freight network, is struggling to provide adequate service due to underinvestment. Equipment shortages have caused its port operations to be hampered, leading to long backlogs and affecting retailers and exporters. Jabu Mdaki, Chief Executive Officer of Transnet Port Terminals, said: "This strategic partnership empowers us significantly to boost operational efficiency, streamline logistics and reduce long-term operating costs." Transnet has already placed significant orders for Liebherr products, including four STS cranes for Durban's port. It also ordered 48 rubber-tyred (RTG), gantry cranes for Durban and Cape Town terminals.
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Tunnel under the Alps connects Italy and Austria
On Thursday, workers broke through the final thin layer of rock to open an underground tunnel that will become a high speed rail line connecting Europe's north and south. The Brenner Base tunnel, which has been dubbed the longest underground rail link in the world, is at the heart of an EU initiative to move freight from the road to rail to reduce pollution and increase cross-border trade. At the ceremony of breaking the first rock, Italian Prime Minister Giorgia Mello said: "Today we take together a crucial step towards the construction of one the largest infrastructure projects on the continent." "It's a historic moment... for Italy and Austria as well as for Europe in general." It will be the first rail tunnel connecting Austria with Italy. The link is scheduled to open in 2032 - 16 years late compared to the original schedule - and will cost about 8.5 billion euro ($10 billion), 2.5 billion more than budget. When completed, the tunnel will be 55 km long (34 miles). It can be extended to 64 km if it is connected to an existing underground connection into Innsbruck. The journey time from Fortezza, Italy to Innsbruck will be reduced to 25 minutes instead of 80 minutes. The Brenner Pass, one of Europe's most popular mountain passes for freight transportation, is extremely busy. The Alpine Pass is choked with more than 50 million tonnes, 14 million vehicles, and 2.5 million trucks each year. Around 70% of trans-Alpine cargo traffic travels through the Brenner by road. Only 30% is transported by rail. The tunnel hopes to change this imbalance. The new link may not have the impact that was hoped for because Germany hasn't finalised the northern access routes needed to connect with the Brenner Tunnel.
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Two British teens arrested over cyberattack on London Transport
The National Crime Agency in Britain announced on Thursday that two teenagers were charged with a cyberattack against London's public transportation system 2024. In August 2024, Transport for London (TfL), the company that operates London's bus and tube networks, which account for millions of daily journeys in the capital city was targeted. TfL stated at the time of the attack that personal data about customers was accessed. The NCA released a statement in which Thalha Jubair and Owen Flowers were charged with conspiracy to commit unauthorised acts on behalf of TfL under the Computer Misuse Act. Flowers was also charged with crimes relating to California’s Sutter Health System, one of the biggest health systems in the United States. He is accused of conspiring with other people to infiltrate SSM Health Care Corporation’s networks. Investigators at the NCA believe that the TfL hack was perpetrated by members of a hacking group known as Scattered Spider. (Reporting and editing by Sharon Singleton; Sam Tobin is the reporter)
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Sources say that Novatek, a Russian company, redirects the gas condensate from Ust-Luga to Novorossiisk following the shutdown of its complex.
Two sources familiar with the situation said that Novatek, a Russian gas company, delivered about 70,000 tons of gas to the Black Sea port Novorossiisk during the September shutdown of the Ust-Luga complex. An early morning drone attack on the Novatek complex caused an explosion and fire, which led to all operations being shut down for several days, including the loading of fuel. In late August, operations were partially resumed. The Ust-Luga Complex refines stable gas into jet fuel, fuel oil, fuel oil component for ships (fuel oil), and gasoil. After the shutdown of two out of three units, the company had to look for other export routes. Sources said that the condensate formed part of the 140,000-tonne cargo from Novorossiisk loaded on the vessel Tataki, 16 September. The condensate was blended with crude supplied by CenGeo, and exported as Siberian Light - a low sulphur crude grade that is typically shipped from Novorossiisk. According to LSEG data, Tataki has just left for the Suez Canal. It was not immediately known what the final destination of this cargo would be, but a source said that the vessel could be headed to India. Novatek and CenGeo didn't immediately respond to our request for comment.
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SEBI of India dismisses Hindenburg claims against Adani group
The Securities and Exchange Board of India dismissed on Thursday allegations of stock manipulating against billionaire Gautam Adani and his company group made by U.S. Short-seller Hindenburg Research. SEBI began to investigate Adani Group companies in 2023, including Adani Power, Adani Ports and Adani Enterprises after Hindenburg accused the group of using tax havens as well as failing to disclose related party transactions. The conglomerate, while denying wrongdoings, was forced to sell off $150 billion worth of its stock. Since then, the shares have recovered. Adani's spokesperson didn't immediately comment on the SEBI decision. The order was made in two different orders. SEBI stated that the transactions between Adani Group companies and companies flagged up by Hindenburg were not related party transactions, and did not violate disclosure norms or represent market manipulation.
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Sources say that Russia has revised its oil export plans to Novorossiisk and Ust-Luga as Primorsk is facing delays.
Two sources familiar with the schedule said that Russia increased its planned oil loads from the Black Sea port Novorossiisk and the Baltic port Ust-Luga for September due to disruptions at Primorsk. Diversion of oil to western ports that are less damaged may help Russia maintain overall exports despite damage to infrastructure. Moscow is trying to maintain oil sales which are the mainstay of its budget revenues. Drone attacks on Russian refineries caused unplanned shutdowns. This has also led to an increase in seaborne shipping. Ukraine has increased its drone attacks against Russia's oil-and-gas infrastructure since early August, amid frustration with the direction that peace talks have taken. The Kremlin claims the talks are now effectively on hold. Sources said that the outages left more crude oil for export. Sources said that Ust-Luga will now load at least 2 million tonnes or 500,000 barrels each day, instead of the initial 1.5 million tonnes. Port continues to run below capacity due to repairs following the damage caused by drone strikes on August 22nd, 2016 at Unecha Pumping Station. Unecha is crucial for flow to Ust-Luga, and Druzhba. Novorossiisk will load about 750,000 bpd or 3.1 millions tonnes, which is an increase of approximately 350,000 tons over the original plan. The sources said that this is the highest level of exports from the terminal for months. Primorsk's loadings, which were expected to reach 900,000 barrels per day in September, may also be delayed and reduced. After drone attacks disrupted the port's operations, crude and diesel exports resumed in part on Saturday. However, repairs are still ongoing and it is unclear when the port will be fully operational again. According to LSEG shipping information, as of Thursday two Aframax tanks -- Kusto, and Cai Yun, -- that were hit in the strikes remained anchored close to Primorsk. A source noted that the limited availability of tankers makes it difficult to divert volumes from Primorsk towards Novorossiisk. The source stated that it was not simple to adjust a tanker to Russian oil loadings, or to change the destination of a vessel at short notice. (Reporting and Editing by Susan Fenton).
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Aena, a Spanish airport operator, will invest $15 billion over the next five years in upgrading airports.
Aena, the Spanish airport operator, announced on Thursday that it will triple its investment to 12,88 billion euros (15.24 billion dollars) between 2027-2031. The aim is to upgrade terminals in order to accommodate an increase in passenger traffic. The company expects Spanish airports to handle 320 million passengers by 2025. This is a 3.4% rise from the previous year. Record 309 Million The Spanish economy has grown at a rapid pace, thanks to booming tourism. Aena shares dropped 4.7% after the announcement on Thursday. Airport operator anticipates that the volume of passengers will continue to grow in the future. The main airports of Spain Are set to become major hubs of intercontinental connectivity. In a speech delivered on Thursday, Chief Executive Maurici Lucena stated that "Madrid airports and Barcelona airports have reached capacity and require a new round of investment." "They are very busy," he said. In the first eight month of 2018, international arrivals to Spain grew by 5.9%, reaching 75.4 millions. Lucena said that Aena would face both technical and commercial challenges in the years to come, since the company would be undertaking multiple projects simultaneously at airports across Spain while ensuring uninterrupted operation. Aena, which is the largest airport operator worldwide in terms of passengers and has budgeted 3,54 billion euro of investment for the four-year period ending in 2026. According to the company, the Spanish cabinet will review the proposed investment plans on October 15.
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The key to the surprise Air Europa deal in Turkey was control
Turkish Airlines' surprising deal to buy a stake in Spanish airline Air Europa was largely due to the fact that it was willing to share control with Hidalgo's family, according to four sources. This deal is a rare non-European airline's stake in Europe. Airlines are trying to consolidate Europe's fragmented markets and buy smaller struggling operators such as Scandinavia's SAS or Italy's ITA Airways. Sources close to the deal have said that Air France-KLM, Lufthansa and others wanted more control over Air Europa. Turkish Airlines, with its deeper pockets and political support and a desire to expand globally, was willing to accept a smaller stake. Turkish Airlines Chairman Ahmet Bolat announced on Wednesday that the airline had agreed to invest $300 million in convertible debt. This is equivalent to 25-27% of Air Europa. The crux of the talks, previously unknown, is Turkish Airlines' willingness and ability to give up influence to get a foothold with Iberia. This opens up fast-growing and important routes to Latin America. Sources familiar with the deal said that both Air France-KLM and Lufthansa demanded a "path to control" in a few short years, something the Hidalgos refused to do. Source: The Turkish deal "fit better", added the source. Three other sources confirmed that the issue of controlling stake was the reason for both Air France-KLM & Lufthansa pulling out of the deal. Air Europa's estimated value of up to 1,2 billion euros was also deemed too high by one of the sources. Lufthansa has not responded to a comment request. A spokesperson for Air France-KLM said that the carrier pulled out of the deal because it could not reach an agreement with Air Europa's owners Globalia on certain key issues, without commenting if they wanted a majority share. Javier Hidalgo of Globalia, the son Juan Jose Hidalgo's chairman, refused to comment on this story when contacted by. Turkish Airlines' deal is unusual - non-European carriers rarely take stakes in European carriers. This is because European Union regulations prevent them from acquiring majority ownership of an EU airline. Analysts and executives have said that Air Europa has always been a difficult case to navigate from a competition perspective, given British Airways' 20% ownership. The benefits for Turkish Airlines, however, are less about financial gains and more about geopolitics, connectivity and other factors. Neil Glynn is an analyst with Alvarez and Marsal. He said that taking minority stakes can lead to a loss of control and a diminished ability to influence the strategy. Air France-KLM, Lufthansa and other airlines balked at having to balance out so many controlling parties. IAG had previously attempted to buy out Air Europa, but the plan was scrapped last year due to regulatory concerns. Business Strategy or State Plan? Turkish Airlines touts the deal as a chance to expand into its two least penetrated markets, Iberia and Latin America, and link them with their hub-and-spoke system. It also has political weight behind it. Turkish Transport Minister Abdulkadir Uraloglu, who appeared in Seville with the airline this week to promote the deal, said it would fit into a wider "strategy", to connect Turkey to the world. Ahmed Bolat, Turkish Airlines' Ahmed Bolat, told reporters the decision was made as a matter of business even though the Turkish government had the firm's attention. He said that "(Turkish listens and considers the strategies of the state, but its own strategies are developed privately." The Turkish carrier faces few financial obstacles that could threaten its relatively small share. The forecast net debt-to-EBITDAR ratio of the group for 2025 is 1,60. This ratio is similar to Lufthansa or Air France KLM, even though they have weaker balances and less support from their governments. Erdem Kayli is the research director for TEB Investment/BNP Paribas. $1 = 0.8448 euro (Reporting and editing by Adam Jourdan, Susan Fenton, Tim Hepher, Inti Landauro and Andres Gonzalez)
From Boeing to Detroit Three, United States labor unions flex muscle
U.S. planemaker Boeing has prevented a possible strike after reaching a tentative labor offer with a union representing more than 32,000 workers in the U.S. Pacific Northwest, the latest in a series of labor negotiations that brought doubledigit wage boosts in spite of a tight labor market and stubborn inflation.
Here are some sectors and companies that dealt with hard settlements in 2023:
MEDIA. Members of the Writers Guild of America (WGA) approved a new. three-year agreement with major studios on Oct. 9. Movie and. television writers had walked off the job in May over. settlement, staffing and residual payments, to name a few. problems. They went back to work on Sept. 27 after negotiators. reached a tentative contract.
Hollywood stars reached a tentative contract with major. studios on Nov. 8 to deal with the second of 2 strikes that. rocked the show business as authors and performers. required greater pay in the streaming television period. Valued at more than $1 billion, the three-year contract consists of. increases in minimum salaries and a brand-new bonus offer paid by streaming. services, the union stated.
AUTOMOTIVE. General Motors, Ford and Chrysler-owner Stellantis. ratified deals with United Automobile Employee (UAW) members. in November.
The UAW said on Nov. 15 that about 3,900 of its members. working at Mack Trucks validated a new five-year agreement, ending. a month-long strike at the Volvo Group-owned company.
PARCEL SHIPMENT. Teamsters union workers at United Parcel Service. validated a new five-year agreement in August, an offer that raises. pay, eliminates a two-tier wage system for motorists, supplies. another paid holiday and ends forced overtime.
FedEx pilots have actually been involved in a standoff with the. parcel shipment company over salaries and tradition pensions. Pilots. turned down a tentative deal in July and negotiations are continuous.
AIRLINES & & AEROSPACE COMPANIES. Boeing reaches a tentative labor agreement with a union. representing more than 32,000 workers in the U.S. Pacific. Northwest, possibly preventing a strike.
Pilots at several airlines including American Airlines,. Delta Air Lines, United Airlines Holdings,. Spirit Airlines and Jetblue Airways worked out. brand-new job contracts this year.
Members of some unions like the Southwest Airlines Pilots. Association have voted to license a strike if a new agreement. is not reached.
Spirit AeroSystems negotiated a new agreement to end a. strike that caused a week-long work stoppage at its plant in. Wichita, Kansas.
MANUFACTURING. U.S. steel manufacturer Cleveland-Cliffs has actually reached a. tentative contract with the United Steelworkers union on a brand-new. three-year labor arrangement for its Northshore mining operations.
U.S. Steel, which is reviewing several proposals varying. from partial acquisition to a whole buyout, is embroiled in a. tussle with the United Steelworkers union. The company's. unionized employees state they essentially have the power to veto. any deal they do not approve of.
CUSTOMER & & RETAIL. In Las Vegas, countless employees reached contracts with. casino operators and resorts Caesars Home entertainment, MGM. Resorts and Wynn Resorts in November to prevent. strikes that could have maimed tourist in the city.
The Detroit Casino Council reached a tentative agreement for a. brand-new contract covering 3,700 workers at MGM Grand Detroit. run by MGM Resorts, Hollywood Casino at Greektown. run by Penn and MotorCity Gambling Establishment on Nov. 17.
The Detroit Casino Council had actually called the descent on in. its history last month after negotiations that had started in the. summer season did not yield a brand-new contract.
More than 3,000 workers at more than 150 Starbucks. shops in the U.S. held strikes in June, following claims the. business had prohibited Pride Month decorations at some of its cafes.
Employees at numerous Starbucks shops walked off their. tasks during a key advertising event on Nov. 16, requiring. enhanced staffing and schedules.
Thousands of Los Angeles-area hotel staffers went on a three-day. strike in July over improved wages, advantages and working. conditions. Union leaders representing the employees have. threatened additional walkouts.
HEALTHCARE. Kaiser Permanente's healthcare employees voted to validate a brand-new. agreement with the health center chain on Nov. 9, ending a months-long. settlement that led to the biggest tape-recorded strike in the. U.S. medical sector.
More than 7,000 nurses went on a three-day strike in New York. City over staffing levels and pay hikes in January.
Workers at CVS Health and Walgreens Boots Alliance. announced a three-day walkout from Oct. 30, dubbed. Pharmageddon, to improve working conditions and add more. staff.
CANNABIS
Unions representing marijuana employees have actually also increased. pressure on companies in the sector this year.
Workers at Green Thumb Industries' Chicago-area. RISE dispensaries went on a 13-day unjust labor practices (ULP). strike in April, which was the longest ULP strike at a cannabis. merchant in U.S. history.
Labor unions secured brand-new agreement arrangements at multistate. operator-owned cannabis dispensaries in Illinois and in New. Jersey in July.
ENERGY. Unionized workers at Phillips 66's refinery in Roxana,. Illinois, validated a contract with the refiner in late-stage. settlements, averting a prospective strike.
The union had actually remained in talks with the refiner since summer season,. when it declined a business proposal and sought additional. advantages for holiday and getaway hours and pay, to name a few. enhancements.
(source: Reuters)