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Portugal announces that the sale of TAP Airlines has cross-party support
The government of Portugal expects that the partial privatisation process for flag carrier TAP will proceed smoothly. This is due to a rare political consensus across parties and interest shown by Europe's biggest airlines, Infrastructure Minister Miguel Pinto Luz stated on Friday. He stated that the centre-right minority government initially wanted to offer 100% of TAP but settled for 49.9% when the two major opposition parties threatened to stop any larger sale. This led to a “broad consensus” in parliament with the extreme right Chega and Socialist parties. He told a committee of parliament that "dialogue and mutual respect is always the best way for politics." To ensure transparency, the sale of the property will be reviewed and monitored by an independent commission as well as a working group within the parliament. Portugal has relaunched its long-delayed TAP privatisation in July. The aim is to sell a stake of 44.9% to a carrier that can bring global scale and competition, plus an additional 5% for TAP staff. Airlines interested in TAP are required to submit a formal "manifestation" of interest by November 21, and non-binding bids by the end the year. Lufthansa and Air France-KLM have expressed interest in purchasing TAP. British Airways and IAG, the owner of British Airways, also met with the government last year.
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KLM signs two-year contract with unions of ground staff
Dutch airline KLM announced on Friday it had reached a deal with five unions that represent ground staff in The Netherlands for a two-year agreement that included pay increases, bonuses and improved retirement options. The Collective Labor Agreement (CLA), which is retroactive to March 1, this year and ends on February 28, 2027, will be in effect. This includes a salary increase of 3.25 percent in total as well as a one-time payment of 500 euros ($583) net in December 2025, and 250 euros in January 2026. KLM has also agreed to permanentize the 80-90-100% scheme, which allows older workers to work 90% of their working hours and still accrue full pension. "We are happy that we reached an agreement with all five unions. We have reached solid agreements with KLM on remunerations, career development and productivity. The agreement came amid ongoing labor unrest in KLM. Two major unions, FNV and CNV, had rejected the September deal with other unions and continued to organize strikes.
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Tanzania opposition claims hundreds of deaths in protests against voting
Tanzania's main Opposition Party said that hundreds of people were killed this week in protests against elections throughout the country, while the government claimed it was restoring the order following "isolated" incidents. The United Nations has confirmed credible reports that at least ten people have been killed in protests across three cities. This is the first estimate of fatalities made public by any international body since the vote on Wednesday. The government hasn't responded to any requests for comment or released any estimates of casualties. Could not independently verify these figures. Since Wednesday, protesters have been taking to the streets in anger over the exclusion of the two main challengers to President Samia Hassan from the race. They also criticized what they called widespread repression. Police have been accused of using tear gas and firearms to disperse some protests, according to witnesses. The police have imposed a curfew overnight in Dar es Salaam's commercial capital over the last two nights, after burning down government offices and other structures. Since Wednesday, internet access has been interrupted. HIGH SECURITY PRESENCE On Friday, the military and police patrolled Dar es Salaam's streets to prevent people from moving without a valid excuse. The government has extended the order for civil servants to work from home. John Kitoka, a spokesperson of the CHADEMA Party which was banned from the elections for refusing to adhere to a code and whose leader was arrested in April for treason, said that the party has documented 700 deaths based on the accounts of health workers. He said that protests were still ongoing in several cities on Friday, but they had diminished in others due to heavy security deployment. He said: "We want the protests continue until we get our electoral reforms." Hassan faces a challenge in the unrest. He was praised for his easing of repression after taking office 2021, but has faced criticism more recently from opposition parties and activists following a series arrests and allegations of abductions. Hassan denies allegations of widespread human rights abuses. She claimed that she ordered an investigation last year into reports of abductions. However, no official findings were released. Thursday, the electoral commission announced provisional results of the election. Hassan won a majority in several constituencies. GOVERNMENT : "NORMALICY WILL RETURN" The first direct comments from her government on the unrest were made on Friday by the Foreign Affairs Ministry in a broadcasted message to diplomatic missions on state television. In the message, it was stated that "due to isolated incidents where law and order were violated, the government has increased security and taken other precautionary steps." The statement added that the security measures are temporary, but necessary. Normalcy is expected to return soon. Seif Magango, spokesperson for the U.N. Human rights office, told reporters in Geneva that there are credible reports of 10 deaths in Dar es Salaam and Shinyanga. He urged the protesters to remain peaceful and called for security forces to "refrain from excessive or unnecessary force". A Dar es Salaam local, who requested anonymity for safety, said that a family had lost a member when a protester was mistakenly shot outside a hospital. No one from the police department responded to our requests for comment. In a joint statement released on Thursday, two members of the European Parliament’s foreign affairs committee called the election a fraud, saying that it "took place in an atmosphere of intimidation and fear". The article was written by Vincent Mumo Nzilani, George Obulutsa and edited by Aaron Ross. Ros Russell and Andrew Heavens.
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ITA Airways will resume flights from and to Tel Aviv on January 1, 2019.
Italy's ITA Airways has announced that it will resume direct flights to Tel Aviv on January 1. This will restore connections with Rome's Fiumicino airport, the main airport. According to the statement, the company, which is part of the Lufthansa Group, will operate at first two daily routes between Tel Aviv and the rest of Europe. The route is "of strategic importance to ITA Airways, and it represents a significant move for Italy. It further strengthens the commercial, cultural, and social ties between Italy and the United States." Hamas has reached a fragile truce with Israel this month, brokered by U.S. president Donald Trump. The deal is being tested periodically by violent outbreaks, as part of the conflict that was sparked by the October 7, 2020 attack by the militants group. As a result, several airlines have suspended flights in the past two years.
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Asia spot prices stable on ample stocks and tepid Demand
The Asian spot price of liquefied gas held steady in this week's market, despite a tepid global demand and healthy stocks. Average LNG price for delivery to North-east Asia in December Industry sources estimate that the price per million British Thermal Units (mmBtu) was $11.10, a slight drop from $11.20/mmBtu in the previous week. Arturo Regalado is Kpler's senior LNG analyst. He said that while Asian LNG prices were supported by higher European prices last week, this week's gains were limited by weaker Asian fundamentals. He said that he expects Asian LNG prices to remain stable next week due to the fact that weaker industrial gas demand and lower gas-fired usage in China combined with higher than average Japanese LNG inventories for December will cap any upside. The data from the Ministry of Industry shows that the LNG stocks of the major Japanese electric utilities increased to 1.97 million tonnes for the week ending October 26 compared with 1.84 million tons in October last year. Martin Senior, Argus' head of LNG prices, added that supply expectations were also confirmed this week by the cooling-down cargo declaration at the Golden Pass U.S. export terminal and Shell's announcement of the impending start of the second LNG Canada train. In Europe, S&P Global Commodity Insights estimated its daily Northwest Europe LNG Marker for cargoes to be delivered in December ex-ship at $10.126/mmBtu. This is a $0.53/mmBtu reduction from the December price at Dutch TTF hub. Spark Commodities estimated the November price to be $9.907/mmBtu. Regalado said that the abundance of LNG and pipeline supply helped to keep prices down, while the warmer weather and increased wind output also kept gas-fired generators in check. Last week, hedge funds and institutional investors began selling TTF futures, reinforcing that the bullish sentiment in the EU Gas market has collapsed, according to independent gas analyst Seb Knastle. The U.S. arbitrage for the front month to Northeast Asia via Cape of Good Hope has now been closed, and is marginally pointing towards Europe rather than Asia. However, the arbitrage through Panama remains open, according to Spark Commodities analyst Qasim Afghanistan. He added that LNG freight rates have risen to $61,250/day in the Atlantic, and to $41,250/day in Pacific. Harikrishnan Nair, Harikrishnan Chow and Emily Chow contributed to this report.
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China Aviation Fuel giant to undergo restructuring, says unit
China National Aviation Fuel Group (CNAFG), the dominant jet fuel distributor in China, will be restructured with another conglomerate. This was revealed by its Singapore listed subsidiary. China Aviation Oil (Singapore), CNAF Singapore's unit responsible for importing jet fuel into China, announced in a late-night statement on Thursday that the parent company CNAF will "undergo a corporate restructuring" with another corporate conglomerate. CAO did not provide any further details. China's demand is decreasing for gasoline and diesel due to the electrification of trucks and the use cheaper natural gas. However, demand for aviation fuel has grown significantly as a result of passenger and cargo traffic. Sinochem Group and China National Chemical Corp merged in 2021 to create the world's largest industrial chemicals company.
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Maguire: Taiwan's record gas consumption bucked Asia's clean energy drive
Taiwan's utilities have increased the amount of electricity generated by natural gas this year. This is in contrast to regional and global trends towards increasing clean energy. Data from the energy think tank Ember revealed that in the first eight month of this year, over 87% (the highest ever fossil fuel share) of Taiwan's power supply was generated by fossil fuels. This is the largest fossil fuel percentage for Asia's eighth largest economy. Taiwan's fossil fuel production share is also higher than the average for Asia (62%), and the average global (57%). This means that Taiwan stands out from other major economies when it comes to energy transition momentum, despite its lack of it. TAIWAN'S TERRAIN ILL-SUITED FOR RENEWABLE FARMS Taiwan imports more than 90% its energy, including all the coal, oil and natural gas that it consumes, due to a lack of raw materials. Rooftop solar systems are rapidly being adopted in many areas of the island, despite its mountainous terrain and dense population. Last year, the share of renewable energy in utility-scale electricity production was about 11%. This could rise to 15% by 2025, thanks to the offshore wind projects which began operation in 2018. Taiwan generated up to 25% of its electricity in early 2000's from nuclear reactors, but shut down its last nuclear plant in May because of political pressures and public concerns about safety. Due to the closure of the Maanshan Nuclear Plant and the limited generation capacity from renewable sources, utilities are still heavily reliant on fossil fuels for most of their power generation. UTILITIES BOOST GAS-FIRED GENERATION TO OFFSET COAL DECLINE Despite the fact that fossil fuel electricity production reached new heights in 2018, output from coal-fired plants has been steadily declining since 2019. This year's output is at its lowest level for more than a decade. The closure of old plants has been prompted by public pressure to improve the air quality. For the first time, coal-fired power has provided less than 40% electricity so far this year. In the last five years, utilities have increased the amount of natural gas generated to offset the reduced output from coal and the closure of nuclear power plants. Ember data revealed that the electricity produced by gas-fired power plants from January to August was 89.2 Terawatt Hours. This was a 12% jump from the same time period in 2019 and a 52% increase from 2018. The share of electricity generated by gas-fired power plants has reached a record high this year. TAIWAN'S LNG imports have soared the most among peers Taiwan increased its LNG imports by 35% between 2019 and 2024 to meet the country's ever-increasing needs for gas. This was the highest percentage increase of the five largest LNG importers during that time period. Kpler, a commodities intelligence company, reported that LNG imports reached a new record of 18,000,000 metric tons in the first three-quarters of 2018. This total represents a 7% increase from the same time period last year. China and Japan are the two largest LNG importers, but they have seen a decline in their import volumes so far this season. Taiwan's LNG exports in the three-month period through August reached a record 6.6 million tonnes, a positive sign for LNG markets. Nearly all major importers had reduced their imports. Due to the higher demand for cooling systems that use energy intensive cooling systems in summer, LNG imports could slow down in the next few weeks. Taiwan will continue to be a large LNG purchaser for the foreseeable, given its high dependence on gas during the winter heating seasons. Taiwan's constant need for fossil energy - for both imports and to power its own domestic network - sets it apart from other countries as a laggard in the energy transition. The continued construction of wind farms will eventually push renewable energy sources steadily upwards. Taiwan is likely to remain heavily dependent on fossil fuels and will continue to be a major customer of gas exporters in the future. These are the opinions of the columnist, an author 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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Brazil blasts Amazon tributary as soy frontier advances
The Tocantins river is awash with catfish, peacock bass and other fish during the waxing of the moon. Welton de Franca, like his father and grandfather before him, has spent most of his adult life fishing among the rocks of one of the biggest tributaries of the Amazon Basin. Now, the Brazilian government wants to blow up these missiles. The Brazilian government has given approval to blast through 35 km (22 miles) of rapids and turn this sleepy section of Amazon rainforest into a tropical farm belt expressway. The opening of the Araguaia - Tocantins Riverway to barges all year round could pave the way for the exportation of soy and corn through the Amazon Basin that rivals the Mississippi River. This would reduce freight costs, and solidify Brazil's dominance in the global grain trade. Federal prosecutors are, however, trying to stop the $7.3 billion dollar project, which includes another 110 miles of dredging. They urge courts to take into consideration impacts on riverside community. We can't leave the house without our boats. "We live off the fish", said Franca whose family settled in a river island overlooking rocks when he turned 12. In late September, during a legal hearing on the site, his father and neighbours told three visiting magistrates that they were worried about dangerous boat traffic replacing their fishing. Franca's dad ferry his two grandchildren to school every day. Tauiry neighbors cross the river daily to harvest babassu cocoas. Alberto Akama from the Emilio Goeldi Museum (funded by the government) warns that the biodiversity of the river would suffer as well if the blasting destroys the rare rapids where endangered fish gather and turtles breed, while river dolphins feed. The Brazilian environmental agency Ibama has authorized blasting during the non-sensitive reproductive and migration seasons. The Transport Infrastructure Agency DNIT has said that teams will try to scare away animals from rocks before blasting. The benefits of cleaner and cheaper freight are far greater than any disadvantages, according to advocates such as Governor Helder Barbalho from Para state. He said that the state of Para believed it was possible to reconcile economic development with environmental preservation. The Brazilian government forecasts that the Araguaia Tocantins Riverway will be able to transport 20 million metric tonnes of corn and soya beans each year from northern river ports, reducing long, pollution-filled truck trips. The impact of emissions is however not as simple. Delegations will discuss the issue in Belem, 500 km (300 miles) downstream, during the United Nations COP30 Climate Summit in November. Brazil's primary source of greenhouse gas emissions is deforestation. Each year, vast tracts of Amazon rainforest and Cerrado savannah adjacent to the Amazon are cleared for farms and ranches. The Matopiba area around the Araguaia River and Tocantins River is the fastest-growing farm frontier. This trend can only be encouraged by cheaper shipping. Maria de Sousa is one of many women who work in Tauiry to harvest babassu palms, crack them open, and make flour and cooking oil from the coconut meat. She said that their way of living has already been threatened by farms that are encroaching on their land. She said that neighbors have poisoned the coconut palms in the area as they expand their farms and ranches. This has forced the women to go across the river to fill bags with small coconuts. Sousa said, "If they open up the waterway we won't have the ability to collect coconuts." "They call the babassu a plague, but to us coconut crackers it's survival." The Matopiba grain boom is largely due to new infrastructure built in Brazil's northern rivers ports during the last decade. Thiago pera, a logistics expert, says that river barges can be 60% cheaper than road freight when it comes to medium and long distance shipping. Researchers from the Climate Policy Initiative in Brazil, a think-tank, found that investments in less polluting transport infrastructure, such as rails and waterways, can lead to indirect emissions, by encouraging deforestation for farmland. CPI, for example, found that a proposed grain-export railway, the Ferrograo would reduce about 1 million tonnes of direct emissions, by taking trucks off of the road, but also add 60 million tons in indirect emissions, by expanding Brazil's agricultural frontier. The fear of displacement for the communities who are trying to stop the proposed blasting along the Tocantins river is palpable. Ademar De Souza, a community leader, said: "We will lose space on river to barges carrying iron ore & agricultural goods." "We are not certain about the future." (Reporting and editing by Brad Haynes, Diane Craft and Adriano Machado)
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)