Latest News
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EU Naval Mission says LPG-laden Tanker is on Fire Off Yemen
In a press release, Aspides, the European Union naval force, said that the LPG-laden vessel MV Falcon, was on fire off the coasts of Yemen on Saturday after its crew reported an explosion which forced them to abandon ship. Aspides stated that the cause of explosion was not clear but it most likely an accident based on initial indications. Aspides said that at least 15 percent of the Cameroon flagged vessel was on fire. Aspides warned vessels to maintain a safe distance because the tanker, which was loaded with liquefied gas, could explode. Aspides stated in a press release that "the fire onboard is growing." "MV Falcon is a navigational danger." "Everyone in the area should exercise caution." The 26 crewmembers were being rescued by an operation. Two merchant ships sailing in the area have recovered 24 seafarers so far. Two merchant vessels, one of which was the MV Veda took the seafarers rescued from the ship to Djibouti escorted a Greek frigate. Aspides reported that two crew members have been reported missing. Ambrey, a British security company, said that the MV Falcon was traveling from Oman's Sohar Port towards Djibouti. The explosion happened as the ship was sailing 113 miles south of Aden, Yemen. According to maritime security sources, neither unmanned aerial vehicles nor missiles had been detected. Ambrey stated that the tanker did not match the profile of the Houthi militants in Yemen who are Iran-aligned. According to the Houthi news agency Saba, an official in the Houthi Defence Ministry said that the group has no connection with the incident. Since 2023, Houthi militants claim to have carried out numerous attacks against vessels in the Red Sea in solidarity with Palestinians in response to Israel's Gaza war. The attacks disrupted the flow of trade through the Red Sea, the Suez Canal and one of the busiest shipping routes in the world. Reporting by Enas Al Alashray and Muhammad Al Gebaly; Editing by Jan Harvey, Barbara Lewis and Renee Maltezou
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At least 15 people are killed in a bus crash that occurred in the northeastern region of Brazil
In a statement, the Brazilian Federal Highway Police reported that a bus accident occurred in Pernambuco in northeastern Brazil on Friday evening. The driver of the bus lost control and caused the crash. Accident occurred just before 8 pm. The driver lost control, went into the opposite lane and hit rocks along the side of highway. He then crashed with a sand embankment, overturned, and collided. According to the Federal Highway Police, the Federal Highway Police is investigating the causes of the accident. According to the police list, there were 30 passengers aboard. So far, half have been confirmed as dead, 11 women and 4 men. Total number of injuries has not been revealed. The driver suffered minor injuries. According to the statement, he underwent a test of breathalyzer, and received a normal result. The police said that there were indications some passengers might not have worn seat belts during the accident. (Reporting by Rodrigo Viga Gaier. (Writing by Luciana Magnalhaes Editing Marguerita Choy.
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Fire at Dhaka Airport cargo terminal causes flight delays and diversions
Officials said that flights out of Bangladesh’s main airport on Saturday were either delayed or diverted after a large fire broke out at the cargo terminal. Talha Bin Zassim, an officer with the Fire Service and Civil Defence Media Cell said that 36 firefighting units were working to put out the flames. Airport official Masudul Hasan informed reporters that operations at Dhaka’s Hazrat Shahjalal International Airport have been suspended. He added that all aircraft were safe. The cause of the fire was not immediately known. The problem affects both domestic and international flights. Air Arabia from Sharjah, United Arab Emirates, diverted a flight from Delhi bound for Dhaka to Chittagong and IndiGo from Delhi bound for Dhaka to Kolkata. Officials said that a Cathay Pacific plane from Hong Kong circled in the air after it failed to land at Dhaka Airport. The fire service, army, navy and air force all worked together to put out the fire. This is the third fire in Bangladesh reported this week. The fire that broke out at a Bangladeshi garment factory and adjacent chemical storage facility on Tuesday killed four people. At least 16 people Others were injured. Another fire destroyed a building of a Chittagong export processing zone garment factory on Thursday.
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Security firm reports that a tanker with a Cameroon flag issued a distress call to Ahwar in Yemen.
Ambrey, a British maritime security company, said that a tanker flying the flag of Cameroon issued a distress signal on Saturday following an explosion aboard as it passed around 60 nautical miles south-southeast of Ahwar in Yemen. The cause of explosion is unclear. Ambrey confirmed that it had received radio communications from the crew indicating their intention to abandon ship. A search and rescue effort was in progress. Ambrey said that the vessel was traveling from Oman's Sohar Port, to Djibouti. The tanker is not thought to have been linked to the Houthis, Yemen's Iran aligned militia. Since 2023 they have attacked numerous vessels in the Red Sea, targeting vessels they believe are linked to Israel as a show of solidarity with Palestinians in response to Israel's Gaza war. The attacks disrupted the flow of trade through the Red Sea, the Suez Canal and one of the busiest shipping routes in the world. Reporting by Enas Al Gebaly and Muhammad Al Gebaly, Editing by Jan Harvey & Barbara Lewis
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Sky News reports that Heathrow is considering WPP boss Jansen to be chairman.
Sky News reported that Philip Jansen, former CEO of BT Group and now chairman of marketing services group WPP is in advanced discussions with Heathrow’s board of directors and shareholders about becoming the chairman of the airport. The report cited sources to say that Jansen was the clear frontrunner of the shortlisted candidates. An announcement could be made within weeks, if discussions are successful. Could not verify the report immediately. Heathrow Airport didn't immediately respond to an inquiry for comment. Sky News reported in July that the British aviation hub had been working with headhunter Russell Reynolds Associates on recruiting a successor for Paul Deighton who assumed the position in 2016. Deighton’s term as chairman would have ended on April 30th, 2025 after nine years. Due to recent board changes, and the relatively new appointments of leadership, Deighton was asked to extend his tenure. Deighton stated in the annual report of the company that "I have... accepted to extend my role for a limited time as Chair to ensure continuity and security on the HAHL Board throughout this period transition". Sky News reported that Jansen’s experience as CEO of BT Group – a regulated company – from early 2019 until the end of 2024 was a key factor in his selection as he preferred candidate. According to his WPP profile, the executive began his career with Procter & Gamble and has held leadership positions at Sodexo Group and Telewest. He also worked at MyTravel, Travis Perkins and Sodexo Group. Rhea rose Abraham, Bengaluru reporter; Jan Harvey, editor
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China Eastern Airlines resumes flights as China and India restore air connections
China Eastern Airlines, a state-owned airline, will resume Shanghai to Delhi flights on November 9, according to the website of the airline. This comes as China and India resume their direct air links after a five year diplomatic freeze. According to the airline's ticketing platform, flights will be operated three times per week, on Wednesdays. Saturdays and Sundays. China Eastern Airlines didn't immediately respond to a request for comment sent via email. The Indian Foreign Ministry announced earlier this month the resumption of commercial flights between India and its neighbours after a 5-year-long freeze. The announcement came after Indian Prime Minister Narendra Modi visited China for the first time in seven years to attend a regional security summit of the Shanghai Cooperation Organisation. Both sides discussed how to improve their trade relations, and Modi expressed concern about India's growing bilateral trade deficit. The Indian and Chinese foreign ministers did not respond immediately to requests for comments on the Shanghai-Delhi flight. IndiGo, India's largest airline, announced previously that it would begin daily non-stop flight between Kolkata and Guangzhou. Guangzhou Baiyun International Airport, a state-backed airport, said that when IndiGo announced its plans to expand direct flights between Guangzhou (China) and Delhi (India), it would encourage airlines like IndiGo to offer more routes. After deadly clashes on their Himalayan border, the two countries suspended direct flights in 2020. This led to a long-lasting military standoff. (Reporting and editing by Tom Hogue; Amy Lv and Colleen howe)
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Ship tracking data shows Sinopec diverts supertanker away from US-sanctioned ports
According to Chinese consultants and ship tracking data, the latest U.S. sanction on a major Chinese crude terminal has forced Sinopec to divert one supertanker from its route and to ask certain plants to reduce crude processing rates. LSEG data revealed that a supertanker transporting oil to the Chinese Port of Rizhao, in Shandong Province, changed its destination at the weekend after U.S. sanctions were imposed on Friday on an import terminal located there. JLC Consultancy estimated that Sinopec’s October runs could drop by 3.36% compared to earlier plans, and may be around 5.16 million barrels a day. Sinopec has not responded to comments immediately. LSEG data revealed that the supertanker New Vista chartered by Sinopec’s trading arm Unipec, originally scheduled to discharge in Rizhao, on Sunday, has changed its destination to Ningbo or Zhoushan, for arrival on 15 October. New Vista is capable of carrying 2 million barrels and currently carries Abu Dhabi's Upper Zakum crude. The U.S. Treasury listed the Rizhao Shihua crude oil terminal, which is half owned by a Sinopec logistic unit, in a series of sanctions, including ships that transport Iranian crude and liquefied petrol gas. The U.S. announced that the terminal in Lanshan, in Shandong Province, a major Chinese oil refinery hub, had been sanctioned because it received Iranian oil aboard vessels sanctioned by the U.S. According to analysts and industry executives, one-fifth (or a fifth) of Sinopec’s crude oil imports passes through the Rizhao Terminal.
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Aeromexico, backed by Apollo, seeks a valuation of up to $2.9 Billion in US IPO
Grupo Aeromexico announced on Friday that it was aiming for a valuation up to $2.92billion in its U.S. Initial Public Offering, as the Mexican airline looks to go back public after more than two years. Aeromexico, based in Mexico City, and its existing shareholders seek up to $234.5 millions by offering 11,7 million American depositary shares priced between $18 and 20 each. After a successful bankruptcy reorganization, mature companies are often looking to return to the public markets. Aeromexico filed Chapter 11 bankruptcy in 2020, with $2 billion of debt. The pandemic had a major impact on travel demand. Aeromexico, which emerged from bankruptcy in 2022, is now backed by the alternative asset manager Apollo Global as well as U.S. carrier Delta. PAR Investment Partners, a private investment fund, intends to buy $25 million worth of Aeromexico stock in a simultaneous private placement. The price per share will be 95% of the IPO. Aeromexico was one of the first names to be used in the United States. IPO pipeline Publicly File paperwork In May 2024, LATAM Airlines, based in Chile Return to the Homepage After a $456,000,000 IPO, the New York Stock Exchange will be open in July 2024. PUBLIC MARKETS RETURN The legacy airline, founded in 1934 under the name Aeronaves was nationalized in 1959 by the Mexican Government. In 1971, it began operating under the name "Aeromexico". Aeromexico had been owned by the state for many decades, until 2007 when an investor group led by Citigroup bought it for $250 million. Bidding war Saba Family - The full-service carrier first went public in 2011, and traded on the Mexican Stock Exchange until 2022. Delisted As part of its bankruptcy restructuring. Aeromexico is a low-cost carrier that competes with Volaris, a low-cost airline focused on leisure and business passengers. Barclays, Morgan Stanley J.P. Morgan, and Evercore are all joint book-running managers. Aeromexico intends to list at the New York Stock Exchange using the symbol "AERO." (Reporting and editing by Anuj T. in Bengaluru, Arasu Kanagi Basil; Shrey Biswas).
UK companies flag over $1.2 bln in labour costs from increase in national insurance coverage, wages
British business have flagged an boost of 973.5 million pounds ($ 1.23 billion) in labour expenses associated to an increase in employers' social security contributions and minimum incomes following Finance Minister Rachel Reeves' maiden budget in October.
They also expect the increase in National Insurance coverage Contributions (NIC) and the minimum salaries to fuel inflation.
Here's what some companies across sectors have stated so far:
RETAILERS
British merchant Pets in your home Group stated it anticipated expenses to increase by about 18 million pounds in fiscal 2026 due to increased NIC.
British bicycle and car items merchant
Halfords Group
projection its future costs to increase by around 23 million pounds in financial 2026 due to greater employer social security contributions.
Tile seller
Topps Tiles
stated it estimated a 4 million pound expense impact on a yearly basis from April 2025, out of which 2 million would impact the 2025 fiscal year.
Home enhancement merchant Kingfisher, which employs more than 78,000 individuals, stated the boost in NIC would cost it about 31 million pounds in fiscal 2025/26.
British grocery store chain Sainsbury's, which uses around 150,000 individuals, stated it was dealing with headwinds of 140 million pounds from the national insurance change.
Marks & & Spencer stated the national insurance boost would cost it around 60 million pounds in its next financial year, which begins in April. A 6.7% increase in minimum wage will add another 60 million pounds.
Asda, Britain's third-largest supermarket, stated the national insurance modification would cost it 100 million pounds next year and alerted it would most likely be inflationary to some degree.
Primark-owner Associated British Foods stated the national insurance coverage modification would cost the clothes merchant, which employs 40,000 individuals in the UK, 10s of millions of pounds, though the rise in the base pay was prepared for.
Cooking area and joinery retailer Howden Joinery said the anticipated annualised expense effect of higher contributions to companies' nationwide insurance coverage and the increase in the nationwide minimum wage was around 18 million pounds.
LOGISTICS
International Circulation Solutions, the owner of Royal Mail, which employs nearly 130,000 individuals in Britain, said changes to the NIC will cost around 120 million pounds a year.
TELECOM
BT, a company of more than 100,000 people, stated the NIC change would increase its expenses by close to 100 million pounds next year, about 0.5% of its total expense base.
PUBS & & RESTAURANTS Bar group Mitchells & Butlers flagged the NIC & modification to increase its expense to 23 million per year. It also stated the minimum wage walking would include another 42 million every year. JD Wetherspoon, a significant British
bar operator that utilizes more than 40,000 people, stated its annual expenses would boost by about 60 million pounds in 2025, with its NIC increasing by an estimated two-thirds. British pub group Young & Co's Brewery, which uses about 7,700 & people, cautioned that increasing NIC and minimum salaries will increase its yearly expenses by about 11 million pounds, starting April. HOMEBUILDERS Persimmon anticipates costs from a hike in nationwide insurance
to be about 5 million
pounds over the next year. Vistry also estimated a 5-million-pound effect in fiscal year 2025 from the boost in
company NIC. OUTSOURCERS Serco Group stated the UK federal government's nationwide insurance tax changes would increase its direct
labour expenses
by around 20 million pounds per year which it was checking out ways to balance out these costs. Mitie Group anticipates NIC-related costs to have to do with 60 million pounds, but the business approximates that it would be able to recuperate 35 million pounds of
those expenses through contractual healings and industrial settlements in financial 2026. SERVICE PROVIDERS Office providers Restore Plc which employs almost 2,700 people, stated it estimates about 3 million pounds in costs from the NIC change and base pay walking.
Veterinary providers CVS Group, which uses more than 8,800 people, stated it approximates an expense effect of about 8 million pounds in 2026 from the NIC modifications. British rail market services provider Tracsis likewise said the NIC modification and base pay boost are expected to effect 2025 core earnings by about 500,000 pounds. Legal and expert providers Knights Group stated it expects a yearly expense impact of about 2 million pounds in financial 2026 due to the NIC boost. Business healing and residential or commercial property services consultancy Begbies Traynor estimates the NIC modifications to
increase employment costs by about 1.25 million pounds per annum . British legal and professional services group Gateley stated it was anticipating the NIC changes to affect its expenses by about
1.8 million pounds in fiscal 2026. Equipment rental professional VP Plc stated it approximated the NIC and wage walkings would cost the group about 4 million pounds in the next financial year. Expert property companies Kinovo said it anticipated a cost of effect of about 500,000 pounds from the NIC and wage increase. CHEMICALS British chemicals maker Johnson Matthey said the effect of the boost
in UK employers' NIC on the group would be in about the mid-single digit millions. MAKER Genuit Group anticipates the NIC and minimum wage walkings to add almost 5
million pounds to its expense base in 2025. Structural steel company Severfield stated it estimates the NIC trek to
increase costs
by 2 million pounds per annum starting financial 2026. MEDIA COMPANY Media production company Zinc Media anticipates the NIC modifications to increase its expense base by about 400,000 pounds each year.
(source: Reuters)