Latest News
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Pakistan bans violent Islamist group for the second time in 4 years
The government of Pakistan announced that it had banned a violent Islamist group under its anti-terrorism laws on Thursday. This comes days after five people died in a clash between the group and police during an anti-Israel protest. The government of Pakistan said that the cabinet had approved the ban. Many Pakistani governments have been troubled by the violent and large-scale street protests of Tehreek-eLabbaik Pakistan, a far-right group. The radical Sunni Muslim movement founded in 2015 has been focusing on actions that it considers to be blasphemous. In 2016, it became a political movement that used blasphemy as a rallying call. After violent protests, the Imran Khan government banned the party in 2021. The government issued a statement by the Shehbaz Shairif office that said the ban would be lifted in six months if the group stopped using violence.
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US warns that flight disruptions could increase as the shutdown drags on
Transportation Secretary Sean Duffy, along with Republican leaders in Congress, warned on Thursday that flight delays could increase as the government shutdown enters its third day and controllers are not paid for their first paycheck. The government shutdown will force 13,000 air traffic control officers and 50,000 Transportation Security Administration agents to work without pay. The first full pay for controllers is not due until Tuesday. I can't promise that your flight will arrive on time. I can't promise that your flight won't be cancelled. Duffy told a Capitol Hill Press Conference that it would depend on the air traffic controllers showing up to work every day. He said that last week, the absence of air traffic controllers was responsible for 53% flight delays, compared to 5% in normal times. House Speaker Mike Johnson stated that the Federal Aviation Administration did not have the resources to pay air-traffic controllers. He called on Democrats pass legislation to reopen government. On Thursday, the Senate will consider a bill to pay essential employees during the shutdown. Democrats are demanding that Republicans approve new healthcare subsidies to help people purchase insurance under the Affordable Care Act. The debate about the shutdown has shifted to the air traffic control system, with both sides blaming each other. Both unions and airlines are calling for a swift end to the shutdown. Johnson: "Football lovers, if you're stuck in an airport this weekend as your team is about kickoff you can blame Democrats." In 2019, the number of controllers and TSA agents absent increased during a 35 day shutdown as workers missed their paychecks. This resulted in longer wait times at checkpoints. The authorities were forced to slow down air traffic in New York City and Washington. This put pressure on legislators to end the standoff. Even before the shutdown, many air traffic controllers were working six-day weekends and mandatory overtime to meet their staffing targets.
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Air Canada is betting on new U.S. routes out of Toronto despite the trade tensions
Air Canada will rely on the corporate market to expand service at Toronto's central airport. This includes new routes to the United States. The move is intended to boost cross-border travel, despite the trade tensions between Canada and the United States. Mark Galardo, the Chief Commercial Officer of Canada's biggest carrier, told reporters at Billy Bishop Toronto City Airport that new service would be offered from Canada's economic capital and largest city to New York City, Boston, Washington, and Chicago. Canadians are cancelling their travel plans to the United States due to President Donald Trump's trade war. Airlines like Air Canada, United Airlines and others have cut capacity on some U.S. bound leisure flights. Statistics Canada's latest September data shows that the number of Canadian residents returning to Canada and the number of non-residents who returned to Canada has declined by 16% compared to the same month last year, the eighth consecutive decrease.
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Central Europe's refining companies are watching the impact of US sanctions against Russian oil giants
Slovnaft - a Slovak refiner that processes a large amount of Russian crude oil and belongs to Hungary's MOL Group - said Thursday it would be analyzing the impact of U.S. sanctions against Russian oil companies on its operations. Donald Trump, the U.S. president, imposed sanctions against Russia on Wednesday for the first times in his second term. He targeted Lukoil, and Rosneft in an effort to press Moscow into a ceasefire agreement in Ukraine. This move has pushed up the price of oil and raised questions for Hungary, Slovakia and other EU countries that are the largest buyers of Russian crude oil. Potential HEADACHE for Refineries and Banks Last year, the MOL group of Hungary's oil and gas industry had problems obtaining supplies when Ukraine, through which the Druzhba pipe carrying supplies ran, sanctioned Lukoil. MOL has signed agreements to purchase the crude oil volumes affected at the Belarus-Ukraine borders to ensure that the flow of crude oil continues. MOL didn't immediately comment Thursday on the U.S. Sanctions, which are expected to come into effect in late November. Slovnaft, MOL's Slovak subsidiary, said: "As it is a brand new situation we need to first familiarise ourselves with the exact language of the new U.S. Sanctions and analyse their potential impact on our operations." Slovnaft will process 4.8 million tons of oil by 2024. Of this, 662,000 tons are non-Russian. MOL refines around 8,000,000 tons of oil in its Danube Refinery in Hungary. Slovak, Hungarian and other government offices did not respond to any questions. Vaclav Bartuska said that compliance departments in certain banks would have a headache for weeks to come. He was the former energy envoy of the Czech government and ambassador to Britain. Expect delays/cuts to deliveries of Russian oil. Iwona Wiesniewska of the Center for Eastern Studies in Warsaw estimates that around 80% (or more) of Russian production faces sanctions today, which makes it harder to find alternatives. Already, refineries are making changes in order to process more non-Russian crude oil. Wisniewska stated that "losing access to Russian oil does not mean the end of the business for the Hungarian refining plant -- but it definitely means a change in operating conditions." (Reporting from Jason Hovet in Prague, Marek Stezycki and Kuba Stzycki at Warsaw and Krisztina And Anita Komuves at Budapest. Mark Potter is the editor.
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Google invests in a US gas-powered plant that captures carbon dioxide for Midwest data centres
Google announced on Thursday that it had entered into the nation's first corporate agreement for the purchase of electricity from a U.S. plant that uses carbon capture and storage. The deal is to fuel the company's data centers located in the Midwest. Big Tech's plans for expanding technologies such as generative artificial intelligence that will require huge amounts of electricity have clashed with the reality of a U.S. grid that is running out of supplies. In recent months, companies such as Google have made a number of announcements to fund the construction of new and expanded plants in the United States. Google has recently made deals to purchase electricity from advanced nuclear power plants, geothermal energy and hydropower. Google is working with PJM Interconnection - the largest U.S. grid that covers the world's biggest concentration of data centres - to accelerate the connection of power sources. Google's latest agreement to purchase power involves a 400 megawatt power plant being built in Decatur, Illinois by Low Carbon Infrastructure, a privately owned company. In the early 2030s, it is anticipated that power will be produced using carbon capture. This involves trapping around 90% of CO2 emission and injecting it underground. Google has not disclosed the financial terms of this deal. Low Carbon Infrastructure stated that the project financing is expected to reach a final investment decision by the first half 2026. Michael Terrell, Google's head of Advanced Energy, explained that the concept of natural gas-fired electricity, which captures and stores carbon dioxide, had been absent from the equation. Terrell stated, "We have been focusing on developing all these new clean technologies that are available 24/7. This is a very important piece of the puzzle." It's an important technology the world needs. The Broadwing project is being built on an industrial site owned by Archer Daniels Midland, a company that has been injecting carbon dioxide into the ground from ethanol production. Jonathan Wiens is the CEO of Low Carbon Infrastructure. He said, "Broadwing shows that carbon capture today can be commercially feasible." The companies say that the construction is expected to take four years, and will create 650 jobs for union workers and 100 positions in construction management and support. The carbon sequestered on the site will be permanently stored in wells 5,000 to 7,000 feet (1 524-2 2,133 m) below ground. ADM can also purchase electricity from this operation. It will deliver power to the Midcontinent Independent System Operator (MIDSO), which covers 15 Midwest States and multiple Google data centres. Google and Low Carbon Infrastructure have said that they intend to pursue CCS facilities elsewhere in the U.S. but they did not reveal specific locations or timeframes. The International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change have promoted carbon capture and storage as a way to reduce emissions in heavy industry and power plants that use fossil fuels. Critics have however questioned the cost, scalability, and long-term efficacy of carbon capture and storage. (Reporting and editing by Marguerita Chy)
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Freeport LNG Export Plant in Texas to receive more natgas Thursday following unit outage
Freeport LNG, a U.S. liquefied gas company, had planned to receive more natural gas at its Texas export plant on Thursday. This was a sign that a liquefaction track that was shut down on Wednesday would likely be back in operation, according to data provided by financial firm LSEG, and a filing made with the state's environmental regulators. Freeport LNG is closely monitored by the global market because its operation can cause large price fluctuations. Gas prices in the United States typically fall when flows to Freeport decrease due to a lower demand for fuels from the export facility. Prices in Europe usually rise due to the drop in LNG supply available on global markets. The Freeport plant outage was a factor in the 1% decline in futures prices on Wednesday in the U.S. In Europe, prices were unchanged for reasons that are not necessarily connected to the plant. Freeport informed Texas environmental regulators on Thursday that Train 2 of its three liquefaction train was shut down due to an issue with the compressor system. Freeport officials had no comment to make on the latest power outage. LSEG reported that the amount of natural gas flowing into Freeport on Thursday was expected to reach 1.9 billion cubic feet per day. This is up from 1.2 bcfd Wednesday, and an average of 1.8 bcfd for the previous seven days. Three liquefaction plants at Freeport can convert about 2.4 billion cubic feet per day of gas to LNG. A billion cubic feet of natural gas can supply five million U.S. households for one day. Reporting by Scott DiSavino, Editing by Susan Fenton & Chizu Nomiyama
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Sources say that China's state oil companies have suspended their Russian oil purchases due to sanctions.
Multiple sources confirmed on Thursday that Chinese state oil giants had suspended their purchases of Russian oil shipped by sea after the United States imposed new sanctions against Rosneft, one of Moscow's largest oil companies, and Lukoil. Refiners in India, which is the biggest buyer of Russian crude oil by sea, will be reducing their imports of the oil from Moscow to comply with U.S. sanction imposed on the Kremlin for its invasion of Ukraine. The sharp decline in demand for oil from Russia's largest two customers will strain Moscow's oil revenue and force top importers around the world to look for alternative supplies, pushing up global prices. Sources say that PetroChina, Sinopec CNOOC, Zhenhua Oil and Sinopec are not interested in buying Russian oil on the sea, at least for the near future, due to concerns about sanctions. Four companies have not responded to comments immediately. China imports about 1.4 million barrels per day of Russian oil by sea. Most of this is purchased by independent refiners including small operators, known as teapots. Estimates for purchases by state refiners are also widely varied. Vortexa Analytics estimated that Chinese state-owned firms would buy less than 250,000 barrels per day of Russian oil in the first nine months 2025. Consultancy Energy Aspects placed it at 500,000 barrels per day. Unipec (the trading arm of Sinopec) stopped buying Russian oil last week, after Britain blacklisted Rosneft, Lukoil and shadow fleet vessels, along with Chinese entities, including a major Chinese refining company, according to two sources. Traders said that Rosneft, Lukoil and other oil companies sell their products to China via intermediaries rather than directly dealing with the buyers. Some traders stated that independent refiners would likely pause their purchases to evaluate the impact of the sanctions, but they would continue to purchase Russian oil. Before Wednesday's announcement of sanctions, the price for November-loading ESPO Crude had fallen to a premium per barrel of $1 compared to ICE Brent. This was a significant drop from previous trades made in early October, which were at a $1.70 markup. China imports about 900,000 barrels per day of Russian oil via pipeline. All of this oil is sent to PetroChina. Traders said that India and China will likely turn to alternative sources of oil, which is expected to drive up the price for non-sanctioned Middle East, African and Latin American oil.
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Union Pacific beats quarterly profit estimates on strong coal volumes
Union Pacific beat Wall Street expectations for the third quarter profit on Thursday, thanks to strong volumes of food grains and coal as well as improved pricing. After U.S. president Donald Trump signed executive order aimed at boosting coal production, there is optimism about demand for coal transportation, which benefits railroad operators like Union Pacific. Union Pacific reported that the results included merger costs of 41 million dollars, or $0.07 per diluted share. The company's shares were marginally lower in premarket trading. Union Pacific announced in July that it would acquire Norfolk Southern, a rival freight railroad company. The $85 billion acquisition will create the first coast to coast freight rail operator. Tariffs imposed by Donald Trump have led to a slowdown of the freight market and consumer markets in the United States, which has affected railroads like Union Pacific. Donald Trump, the U.S. president, responded positively to the deal. It is still subjected to regulatory approval by the Surface Transportation Board. The companies plan to submit a merger application to STB by January 31, 2019. North American railroads have struggled to meet the demands of shippers and their increasing pressure on service reliability. The third-quarter revenue from the bulk segment of its business, which includes coal and food grain shipments, increased by 7%, to $1.93billion. Intermodal shipments, or the transport of goods using two or more modes of transportation, brought in $1.5 billion of revenue, down 3%. According to LSEG data, the West Coast Railroad operator reported a quarterly profit of $3.08 per share compared to analysts' expectations of $2.99. The company reported a total operating income of $6.24 Billion, which was higher than the estimated $6.25 Billion.
Royal Mail strikes three-year wage deal with union
International Distribution Services announced on Thursday that Royal Mail and Communication Workers Union (CWU), had reached an agreement on a pay deal for three years.
Royal Mail has been struggling with strikes by workers, competition, and a loss of market share.
CWU (the largest union in the UK Royal Mail) has been on strike multiple times between 2022 and 2023. Both workers and businesses are struggling with the rising inflation.
IDS reported that the CWU would issue a ballot in which it will recommend accepting and approving an agreement containing a basic pay increase over a period of three years, consisting of a 4.2% rise in 2025 and a 2% raise in 2026, linked to inflation.
If the ballot results in a yes, then the increase is retroactively applied to 1 April 2025.
IDS has agreed to be taken over by Kretinsky, a Czech billionaire in May 2024. The deal was finalized in December, after Britain obtained commitments from Kretinsky that he would protect the company's more than 500 years of history and the futures of thousands of employees and customers.
EP Group announced that Kretinsky would become chairman of Royal Mail in late June.
The CWU didn't immediately respond to a comment request. (Reporting by Chandini Monnappa in Bengaluru; Editing by Shreya Biswas)
(source: Reuters)