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Norway explores sale of Norwegian Air's remaining stake
Norwegian Air announced on Tuesday that the Norwegian government had begun to explore the possibility of selling its remaining 6.26% share in the airline. In a press release, the airline stated that the Ministry of Trade, Industry and Fisheries was considering selling up to 65.582,436 company shares, which is equivalent to about 6.26%. Norwegian Air stated that if the buyer and seller are satisfied with the price and demand of the offer, they may sell their entire stake in the company. The company said that the price of the offering would be determined by an accelerated bookbuilding procedure and in Norwegian crowns. Norwegian Air shares closed Tuesday at 14.06 crowns before the announcement. The government stake in Norwegian Air would be worth approximately 922 million Norwegian Crowns (91 million dollars) at that price. Last month, the Norwegian government announced that it would convert half of the loan given to Norwegian Air in response to the pandemic crisis into a 6.37 percent stake in the airline. At the time, the government stated that it would consider divesting its remaining stake in the airline based on the developments of the company and the market.
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Sources say that Trump's job cuts have hampered the NOAA team responsible for reopening ports following hurricanes.
Two sources familiar with this matter say that the Trump administration's widespread reductions in federal staff have left a Florida-based emergency response team, which reopens U.S. port after storms or accidents, unstaffed during hurricane season. Sources said that the closure of the National Oceanographic and Atmospheric Administration Navigation Response Team, located in Fernandina Florida, one of six locations across the country, could result in slower response times and more port closures this summer if hurricanes hit the U.S. Southeast. Teams are responsible for deploying survey vessels into ports to identify underwater hazards which must be removed to reopen the shipping. They have proven to be crucial after major storms such as those that hit the Gulf Coast recently, or disasters such as the collapse of the Francis Scott Key Bridge, Baltimore, in 2024. Former NOAA Administrator Richard Spinrad has been in touch with the agency and said, "I am aware that the Florida Navigation Response Team is out of commission this hurricane season due in part to staffing reductions." Retired rear Admiral Tim Gaulladet who served as NOAA administrator under the first Trump administration, said that he was aware that the Florida office is no longer staffed and that other offices are less able. NOAA didn't respond to specific questions about the Florida NRT or the reduced staffing of the NRT, but it did say that the agency will be prepared for this hurricane season. NOAA's Jasmine Blackwell, a spokesperson for the agency, said that in the event of a maritime disaster or hurricane affecting ports, NOAA would mobilize one or several Navigation Response Teams after receiving a formal request from the U.S. Coast Guard. NRT also has locations in Connecticut, Maryland and Mississippi. Washington state is another location, as well as Galveston, Texas, a major oil-industry port. According to archived images, the NRT home page was updated in March, removing both the Florida and Galveston locations. NOAA has not responded to inquiries about other locations or employees. The American Pilots Association didn't directly comment on these cuts, but they said that they would ensure that their members - harbor pilots, who guide commercial vessels in and out U.S. port - will continue to perform this function, and that both ship captains as well as harbor pilots will have the resources needed to protect maritime commerce. A SEASON ABOVE THE AVERAGE NOAA's National Weather Service forecast in May a hurricane season above average from June 1 to November 30 with 6-10 hurricanes. Ken Graham, its director, stated at the time that he didn't expect NOAA job cuts to have an impact on hurricane response. Sources said that the agency has been stretched thin by staff cuts of around 1,000 employees or 10%. Tom Fahy is the legislative director of the National Weather Service Employees Organization. The cuts will result in the first-ever loss of round-the-clock weather forecasting staff at some U.S. offices and a 40% staffing shortage in certain key areas like Miami-Dade, Key West and Florida. He said that at least six NWS offices had also stopped their routine launch of weather balloons twice a day to collect data for the weather models. He said that the employees' resilience had been stretched to breaking point. NOAA is rearranging staff in order to maintain services, but a series of simultaneous weather events, such as tornadoes, hurricanes and wildfires, could put the staff at its limit and render it impossible. He said, "This is like Whac-a-Mole for forecasters." "We will be hard-pressed to maintain the service standard that the public has come to expect." (Reporting and editing by Alistair Bell; Additional reporting by Lisa Baertlein, Valerie Volcovici).
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I've seen Hell: The global crisis of seafarer abuse
The maritime shipping industry employs 1.8 million seafarers The young seafarers who are lured to dangerous jobs and then abandoned The practice of relying on flags of comfort is fraught with danger By Katie McQue They searched the ship. Pawar said that after two days they had found 450 kg of cocaine in the tank. Pawar, along with the rest of his crew, were held in Trinidadian jails and interrogated for 15 days. Later, the captain and second-in-command of the ship were prosecuted. Pawar, then 20 years old, was not charged with any crime because he had no knowledge about the smuggling operation. Pawar was held at an immigration centre for four months, before he was sent back to India. His farmers parents scrambled for money to get him back home. Pawar had already borrowed $2,400 for recruitment fees to begin what he believed would be a promising career in the sea. He said, "I felt bad." "I never thought I would be in jail before this happened." Pawar is just one of the thousands of young sailors who are lured into dangerous and illegal maritime work by recruitment scams, or false job offers. Many are left unpaid, trapped on abandoned vessels or detained for many months. ABANDONED AT SEA Around 1.8 million sailors are responsible for the majority of world trade and 90% of all energy. They are often exploited and forced to work in dangerous conditions, with limited recourse. They are also at greater risk of being abandoned, as shipowners fail to pay wages, cover costs for repatriation, or provide necessary support. According to the International Transport Workers' Federation, abandonment incidents reached a new record in 2024. According to ITF representatives, many more cases are likely to go unreported. This is especially true when seafarers find themselves stranded and without the internet or the ability to contact authorities. The problem only gets worse. ITF data released in May revealed that the number of vessel abandonments has increased by nearly 33% this year to 158, up from just 119 in 2024. ITF has provided assistance to more than 1,500 seafarers. The practice is largely attributed to opaque company ownership and the use of flags-of-convenience, where ships are registered under countries that have the most lax labor laws and oversight. According to the ITF, popular flags of comfort include Panama, Liberia and UAE. The Maritime Labour Convention of 2006 (also known as the Seafarers' Bill of Rights) sets global standards of conditions at sea. However, it is largely up to the flag states and the local port authorities to enforce the convention. Josh Messick is the executive director of Baltimore International Seafarers' Center. The organization provides assistance to seafarers who dock their vessels at the Port of Baltimore, United States. The center also inspects ships to look for signs of non-compliance with the MLC. "Their time is incorrectly logged." They are not paid for overtime. He said that in a few short months, these workers can lose thousands. Chirag Bahri is the operations manager for the International Seafarers' Network. Welfare & Assistance Network. TRAPPED IN DEBT The seafarers who were interviewed for this article said that they had to pay illegal fees to secure a job, which could be thousands of dollars. These fees are banned by the International Labour Organization and can lock workers into debt bondage. They become more vulnerable to abuse, and less likely report violations. According to industry insiders, the rise of unregulated companies that manage vessels for owners has also led to abuse. Cris Partridge said that these companies are run by people who lack technical expertise. He is the managing director of Myrcator Marine & Cargo Solutions, a consultancy based in Abu Dhabi. "They charge a huge fee, take advantage of suppliers and let the ships fall apart." The UAE is home to many global shipping companies but it hasn't ratified MLC. Vinay Kumar is a second Indian engineer who has worked on merchant ships. He joined the crew of an UAE tanker in 2019. Kumar claimed that when the company got into financial difficulties, they stopped paying salaries. He and four other crew members were stuck on the tanker for 21 months, three miles off of the coast of Dubai. We didn't have fuel to run the air conditioner or cook. "We took showers with sea water," said he. "We were slaves." The crew was forced to rely on charity for survival after a month without electricity. The vessel ran aground in January 2021 during a storm. The men were only allowed to return home after the sale of the ship, and with 70% of the wages they owed. Kumar replied, "I'm not going to the sea again." "I've seen hell.
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The aerospace sector warns that new US tariffs may put the safety of air travel and supply chains at risk
The group of major U.S.-based and international aeropsace companies warned on Tuesday that new tariffs on commercial aircraft, jet engine and part imports could have unintended or dangerous consequences for air safety. The Commerce Department opened a Section 232 investigation last month that could lead to even higher tariffs for imported planes and engines, as well as parts. Aerospace Industries Association (AIA), which represents Boeing and Airbus as well as RTX and GE Aerospace, urged Commerce Department to extend the public comment period by 90 days, and not impose any new tariffs until at least 180. They called for further consultations with the industry regarding "any Section 232 Tariffs" to ensure that they accurately reflect national-security concerns and don't put aviation safety and supply chain at risk. Airlines and manufacturers are lobbying Donald Trump for the restoration of the tariff-free regime that existed under the Civil Aircraft Agreement from 1979, which allowed the U.S. industry to enjoy a $75 billion trade surplus each year. (Reporting and editing by David Shepardson)
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At Rome's airport, an energy storage system using EV batteries has been launched
The largest energy storage system in Italy, based on batteries from electric vehicles, was inaugurated at Rome's Fiumicino Airport on Tuesday to reduce carbon emissions. The two companies released a joint statement stating that the system, called "Pioneer", was developed by Italian utility Enel in conjunction with airport operator ADR. It is the largest system of its kind to be found in Europe. The solar farm Enel built in Fiumicino, Italy in January will use this to store the energy. Storage systems are needed by Italy as it expands its renewable energy projects. This will allow the country to have energy when the sun, wind or other sources of energy are not available. Enel, ADR and Stellantis said that 'Pioneer,' using material supplied by automakers Nissan and Mercedes, will transform 762 battery modules and packs, which can no longer be used in vehicles, into a battery energy storage system of 10 megawatts-hours. This is about the same amount of electricity needed to run 3,000 U.S. households for one day. According to Enel, and ADR the system is expected to reduce CO2 emissions around 16,000 tonnes over ten year. (Written by Alvise Armelli. (Editing by Francesca Landini, Mark Potter and Mark Potter.)
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Merz, Germany's Merz, says that a court ruling won't stop immigration crackdown
The German Chancellor Friedrich Merz stated on Tuesday that the court's ruling against the expulsion of three Somali asylum-seekers by border police could limit, but not stop his government’s immigration crackdown. He said that people would continue to face rejection at the German border. Berlin's administrative court ruled on Monday that the return of three Somalis who are not named to Poland, after they arrived at a station in eastern Germany by train, was illegal. In a decision that Merz’s interior minister challenged, it said that, under the Dublin Regulation of the European Union, Germany was required to determine which country would be responsible for processing their claims before sending them home. The ruling was a blow to Merz's government. Merz won the election in February promising a crackdown against migration. This policy has been criticized by German opposition parties and caused concern in neighboring countries. Merz, a representative of the local government, said that Merz believed "the ruling may have further limited the scope for maneuvering here". "But there is still scope." "We know we can still refuse people." He said: "We will do this, of course, within the frameworks of European law. But we will do it also to protect the public safety and the order in our nation and to ease the burden on the cities and municipalities." The migration issue is one of the biggest concerns for German voters. A backlash against the new arrivals contributed to the rise in popularity of the far right Alternative for Germany party (AfD), which finished second in the February election. This marks a major shift from the "Refugees Welcomes" culture of Germany during Europe's migration crisis in 2015, under Merz’s conservative predecessor Angela Merkel. Merz's government issued a directive in May ordering the rejection of undocumented migrants and asylum seekers at Germany's border. Critics from both sides have seized upon the ruling of Monday as proof that Merz's immigration policy is unworkable. Alice Weidel, co-chief of the AfD, said at a press event that Germany's immigration policy is fundamentally flawed. She said: "Let AfD become the government and we will quickly end this nonsense, and we will deport all illegal immigrants from this country. We'll do it decisively and firmly." The Left party warned Merz that anyone who ignores the rights refugees puts everyone's rights at risk. Justice Minister Stefanie Husbig, from Merz’s coalition partner Social Democrats (a party which has taken a more lenient stance on immigration), said that the court's decision must be followed. She said: "It's becoming obvious that it won't be easy to convince judges that these rejections were legal." The ruling on Monday invalidated the government's claim that it could cite threats to order and security as a reason for rejecting asylum applications. Merz's Government argues that the infrastructure and health care system is being overwhelmed. Alexander Dobrindt, Interior Minister of Austria, defended the expulsions. He said he would justify the ban on entry and present the case as an isolated one. He told reporters: "I've made it clear to you several times that I am overwhelmed and see this as overburdening." Reporting by Friederike Hiene, Matthias Williams; writing by Matthias Williams; editing by Timothy Heritage, Aidan Lewis and Timothy Heritage
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Airlines stick to net zero target despite green fuel doubts
The global airlines concluded a two-day conference on Tuesday, sticking to their target of zero net emissions by 2050. However, they expressed new concerns about the availability and cost of new fuels and planes. The International Air Transport Association (IATA), which represents 350 airlines, has said that achieving the target will cost carriers $4.7 trillion or $174 billion per year. At least some of this amount is likely to be passed along as higher fares. IATA has avoided reopening the sensitive net zero debate despite earlier signs that airlines were becoming more sceptical. Instead, IATA bosses have pointed out a small window of opportunity for the industry. They increased their criticism, accusing energy companies of adding arbitrarily high charges to Europe and planemakers who have not delivered efficient jets in time. Willie Walsh, Director General of IATA, said: "We have plenty of time to reach our goal but we need more action from all the stakeholders in the value chain." Walsh warned in April that the agenda for net zero emissions was slipping off track, with comments that seemed to be intended to spark discussion. Walsh stated on Tuesday that there was no discussion of a delay in the goal at this week's New Delhi annual meeting. Plant-based aviation fuels are at the heart of industry sustainability efforts. The current supply of aviation fuels only covers a small fraction of the airlines' needs. Airlines have urged governments to increase their efforts. Marie Owens Thomsen, Chief Economist at IATA, said: "It is obvious that the oil companies do not produce (enough SAF). After a wave of investments in Europe, the energy industry claims that there is enough SAF available for now. However, some analysts and executives claim markets are oversupplied. Carl Nyberg Senior Vice President Renewable Products Commercial at SAF manufacturer Neste said: "Contrary what some say, we believe there is an oversupply in the SAF marketplace currently." Nyberg stated that he thought the problem was more about price. The cost of SAF ingredients is around three times higher than fossil jet fuel. Walsh, however, said that many airlines in the world are unable to obtain SAF without having it imported over long distances. This would defeat the goal of reducing emission. FuelsEurope, the European industry association, did not reply to a comment request. 'WANING ENTHUSIASM' The tone of the meeting changed just four years after industry leaders committed to stepping up their plans to combat climate change in response to mounting pressure from environmental and regulatory groups. Patrick Healy is the group chair of Cathay Pacific. He said, "There's some skepticism about energy transitions in general and you might even say that enthusiasm has waned." The falling price of jet fuel will cushion the worst effects of global tensions. Rob McLeod of Hartree Partners' energy risk solutions department urged airlines that the fuel savings could be used to increase investment in SAF, to address the concerns about funding the transition. The tariff war waged by U.S. president Donald Trump has cast a dark shadow on the outlook of the travel industry, as it has increased operating costs and impacted demand. The decarbonisation effort will be aided by new fuel-efficient jets. Production delays at Boeing and Airbus forced carriers to fly older planes. Healy stated that "everyone is realizing it's much more complex than we thought just a few short years ago." The summit was hosted by IndiGo budget airline and celebrated India's rise as one of the most exciting aviation markets. Prime Minister Narendra modi, who was in attendance for the first time as a leader of a country, said that India's airlines were ready to continue buying after "placing orders for more than 2,00 new jets." Southwest Airlines, a pioneer in low-cost travel, was also welcomed as a new member of the IATA. Southwest Airlines has long been a symbol of a rebellion against traditional airlines. However, analysts claim that as the costs increase, Southwest is now more like its major full-service competitors. (Reporting and editing by Mark Potter.)
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Chair of FERC says Trump will nominate Swett as FERC chief
The current head of this panel announced on social media that U.S. president Donald Trump would nominate Laura Swett to be chair of the Federal Energy Regulatory Commission. Swett, a Vinson & Elkins energy lawyer, represents pipelines and power companies before FERC. He has also served as an advisor to a Republican chair and a Republican commissioner at the independent agency. Mark Christie, a Republican chairman, announced in a late Monday post on X that he would remain in office after the 30th of June for a couple of weeks. Swett's confirmation must be approved by the Senate which is controlled Trump's Republican colleagues. Her term ends in June 2030. The White House didn't immediately respond to an inquiry for comment. FERC regulates power grids, liquefied gas projects, and the interstate transport of oil and gas. Currently, it has four members. Trump said that he wanted to build pipelines from Pennsylvania's huge gas fields to the Northeast. States have opposed the projects. Williams Cos, an energy company, said in a statement last month that it is working with state and federal regulators to revive the two natural gas pipelines previously canceled from Pennsylvania to New York. Williams cancelled the Northeast Supply Enhancement pipeline in 2024, after years of battling for permits with New York regulators. Reporting by Timothy Gardner, Editing by Chizu nomiyama
Ancora Holdings and ISS proxy advisors support each other in the fight against Forward Air
Institutional Shareholder Services has lent their support to Ancora Holdings in its campaign to remove three long-serving Forward Air directors. The proxy advisory firm has urged investors to refrain from voting on the reappointment of the trio.
Ancora's activist investor campaign, which has lasted for nearly a year, to sell Forward Air, is given a major boost by the recommendation of a report issued by ISS. This will influence how money managers, such as BlackRock, Vanguard, and others, vote at Forward Air’s annual shareholder meeting on June 11.
The ISS report reviewed by Sunday comes less than a month after Ancora (which owns approximately 4% of Forward Air) launched a campaign to "withhold votes" to force Chairman George Mayes out and two other for their roles in a unpopular acquisition and accelerate a sales.
This month, eleven directors will be voting.
ISS advised shareholders to vote for the other nominees of the company and not Mayes (Javier Polit) and Tucker (Laurie).
A company policy may require a director's resignation if he or she receives less than 50% support from shareholders in a vote.
Forward Air's representative did not respond immediately to a comment request.
Ancora targets the trio because they supported Forward Air's purchase of Omni Logistics by Forward Air in January 2024. This acquisition was made without shareholder consent.
The ISS report stated that "in light of the urgent need for a well run strategic review process coupled with governance failures relating to the value-destructive Omni purchase, there is a strong case for change." Withholding votes "should send a clear message to the board about the expectations of shareholders for a timely and thorough process".
Ancora, Irenic Capital, and Alta Fox Capital Management investors have all urged Forward Air conduct a review of its strategic direction and to consider selling to a strategic buyer. The freight forwarder announced in January 2025 that it would be conducting a strategic review.
In a joint statement, Ancora CEO Fred DiSanto, and Ancora Alternatives president James Chadwick stated that the ISS report should "serve as a warning to the Board" about the importance of completing a thorough yet expeditious process to maximize the value of a sale to any one or more interested parties in acquiring Forward Air.
Forward Air's stock price has fallen from $121 at the end of 2021, to $16.78 today, largely due to the Omni purchase bringing with it increased debt and no promised cost savings, as well as investor loss of confidence. (Reporting and editing by Christopher Cushing; Svea Herbst Bayliss)
(source: Reuters)