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Kenyan public transport operators end their strike after the government reduces diesel prices
Kenyan public transportation operators have called off a strike that was scheduled to begin next week after President William Ruto announced Friday the government will cut diesel prices by over 4%. This week, public transporters went on a two-day walkout to protest the increase in fuel prices following the Iran War. This brought the economy to a halt in Nairobi's capital and led to clashes between protesters, police and other citizens that resulted in four deaths and 30 injuries. In a televised address?on Friday?, Ruto stated that he had ordered the price of diesel to be reduced by 10 Kenyan Shillings ($0.0772)?per litre during the June-July cycle in order to provide further relief to consumers. Last week, the government increased diesel prices for the May-June price cycle by 23.5%, to 242.92 "Kenyan" shillings per litre. However, they were reduced by 10 shillings by Monday, in response to the strikes. After Ruto announced the new cut, the leaders of the transport industry, who were standing with him as he addressed Kenyans, called off the strike for next week. Fuel price cut to deal further harms public finances Ruto stated that his government spent a minimum of?28,1 billion Kenyan shillings between April and June to reduce fuel costs. Kenya's already strained finances will be further impacted by the additional cut. Kenya's total debt service reached 71.2% in fiscal 2024/25, up from 50% four years earlier. Ruto is a re-election candidate in 2027 and has been the target of several protests over high living costs. In 2024, nationwide protests forced him to pull $2.7 billion of proposed tax hikes. He nevertheless said Kenya had been shielded from the worst of surging global crude prices by government-to-government fuel supply deals ?his government first struck with Middle ?Eastern governments in 2023. "Through the government-to-government fuel ?supply framework, we have secured guaranteed fuel supplies, despite global supply chain disruptions, ensuring uninterrupted fuel supply availability across the country," he said.
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Zelenskiy: Ukraine has attacked a Russian oil refinery at Yaroslavl
Ukrainian forces attacked a Russian oil refinery near the Ukrainian border, about?700 km (435 mi) away, said President Volodymyr Zelenskiy on Friday. This is the latest of a series strikes by Kyiv against oil facilities in Russia. He said that the Defense Forces of Ukraine had operated overnight against targets near the Yaroslavl Oil Refinery, which is about 700 kilometers from his territory. Ukraine has intensified their attacks on Russia in order to disrupt Russia's?oil?industry? and reduce revenue that Moscow uses to fund the war in Ukraine. The Iran conflict has led to a rise in global energy prices and the lifting of sanctions on Moscow’s oil sales. Kyiv is also adopting a tactic whereby it hits the same facility?several more times. According to the Ukrainian Defence Ministry, on X, Ukraine has hit 11 Russian oil 'facilities' this month. This includes?one? of Russia?s largest refineries Kirishi. Official data and sources said this week that virtually all major oil refineries located in central Russia have been forced to stop or reduce fuel production following recent drone attacks by Ukraine. Zelenskiy said, "We are bringing the conflict back to Russia and that is only fair." (Reporting and editing by Toby Chopra; Anna Pruchnicka)
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Sources say that RPT-Bharti seeks UK support for raising BT stake
Three people with knowledge of the matter have said that the Indian conglomerate Bharti Enterprises 'is looking to increase its stake in BT just below the threshold which would require them to make a takeover bid for the British Telecoms Group. The group, led by Sunil Bharti Mittal (a billionaire founder), is seeking UK government approval to increase its stakes in the London listed company. These people spoke on condition of anonymity as the matter was private. One person said that it could increase its stake up to 29.9% in order to gain a greater economic?exposure with BT, but did not intend to pursue a complete takeover. Bharti's spokesperson said that the company is "pleased" with its current shareholding of 24,95% and has no plans at this time to increase it. Cabinet Office of the UK government declined to comment. BT referred all questions?to Bharti and the UK government. Bharti's decision to increase its stake above 25% will be reviewed by the UK government in accordance with the National Security and Investment Act. This Act gives the government more say on deals that may affect national interests. In 2024, the group acquired a 24.5% stake from Altice's Patrick Drahi. This made it a strategic shareholder of BT. Bharti stated at the time that it supported BT's management team and "ambitious transformation program" to achieve long-term, sustainable growth. LSEG data shows that BT shares are up 55% since Bharti acquired the stake. According to LSEG, Bharti Televentures holds the stake. BHARTI DOES NOT PLAN TO BID FOR ALL OF BT Bharti owns Bharti Airtel, a brand that operates in 17 countries throughout South Asia and 'Africa. At the time of the acquisition, Bharti said that it had no intention of bidding for the entire BT company, the former British state monopoly and the largest broadband and mobile telecommunications provider. Mittal, the founder and chairman Bharti Enterprises and Gopal Vittal Vice Chairman & Managing Director Bharti Airtel joined the BT Board in September as non-independent, non-executive non-executive members. After a thorough national security assessment, the UK approved the purchase of BT's London-listed shares at the end 2024. This was after assurances from the telecoms firm. The UK government announced that BT had established a 'national security committee' to oversee the "strategic activities" it performed which affected or were in relation to the national security of the country.
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French and Benelux stocks: Factors to watch for on May 22
Here are some company news and stories that could impact the markets or individual stocks in France and Benelux. COMPAGNIE DES ALPES Compagnie des Alpes, a French ski resort operator and leisure park operator, reported that its EBITDA for the first half of 2013 rose?5.0% from 327.7 millions euros to 380.59 millions euros. QUALITY SA: Quadient, a global automation platform provider, reported a first-quarter revenue of 243 million euros. AIR FRANCE-KLM, Airbus Air France-KLM, Airbus and other airlines announced on 'Thursday that they would appeal to the French Supreme Court after an appeals tribunal found them guilty on Thursday of corporate manslaughter over the Rio-Paris crash 17 years ago. Pan-European market data: European ?Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX ?sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 ?Eurotop 300 ?sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main ?stock markets: Dow Jones............... Wall ?Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris ?items............ World Indices..................................... survey of ?world bourse outlook......... European ?Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report..... ($1 = 0.8610 euros) (Gdansk Newsroom)
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Media report power outages in Ukraine's Zaporizhzhia area, controlled by Russia
Kommersant reported that the?Russian-installed governor Yevgeny Balitsky said Friday that emergency blackouts were occurring in the 'Russia-controlled region of Ukraine's Zaporizhzhia. According to Kommersant, he did not provide any further details but said that critical infrastructure worked as usual. Vladimir Saldo said in Telegram that nine areas were cut off from the grid following drone attacks. Local authorities reported on Telegram that in the early morning hours of Friday, Russian defence systems worked to repel drone attacks over Moscow and the Yaroslavl Region?in the north. Sergei Sobyanin, the Mayor of Moscow, said in Telegram that four drones heading for Moscow had been downed, and that emergency services had been deployed. He did not provide any further details. Local governors said that there were no casualties reported in the areas of Yaroslavl or Leningrad. The drones also targeted the large?Russian infrastructure for energy in all three regions earlier this week. Interfax, citing the?defence ministry, reported that Russia had downed 217 drones in total?overnight. Ukrainian police reported on Telegram that eleven people, including a 13-year old boy, were injured by Russian drone and shelling attacks in Ukraine's Sumy region. Could not independently verify the reports of military activities. (Reporting and editing by Kim Coghill, Kate Mayberry and Jekaterina Glubkova from Tokyo)
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The US Congress proposes to make daylight saving time permanent.
Under a proposal from the U.S., daylight saving time will be in effect all year round. The House of Representatives advanced a proposal on Thursday that revived an idea that Americans tired of biannual time changes have supported for years but has failed to gain traction in Congress. The 'House Energy and commerce?Committee' voted 48-1 for the Sunshine Protection Act. This would implement the change in a five-year transport bill. The supporters of the change say that the time shift leads to sleep disorders, increased workplace injuries and car accidents. They believe that brighter evenings will also spur more economic activity in winter. Donald Trump, President of the United States, praised the voting on social media. He said it was "time for people to?stop worrying? about the clock, not to mention the amount of work and money spent on this ridiculous, two-yearly production." The measure faces resistance from Republican?Tom Cotton, among others. Cotton said that it would cause absurdly late sunrises in winter and force many children to attend school in darkness. States could opt out of the law. Vern Buchanan has proposed the idea each year since 2018 and again this year. The idea is popular in Florida, where the legislator's home state, because it allows more evening hours to be played on sports fields and golf courses. The U.S. Senate voted unanimously for the measure in March 2022, but the House never voted on it. Frank Pallone is a New Jersey Democrat who said that permanent daylight savings time was "better for the safety of New Jersey residents and would boost its tourism industry." Stop changing the clocks two times a year. Since the 1960s, daylight saving time has been implemented in nearly all the states of the united?states. The use of year-round daylight savings?time began during World War II and was reinstated in 1974 to reduce energy consumption. It was unpopular, and it was repealed the following year. (Reporting and editing by Cynthia Osterman; David Shepardson)
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Sources say that an official has warned the US to stop immigration and customs processing in'sanctuary cities' airports.
Sources say Homeland Security Secretary Markwayne Mullin warned privately that authorities could "stop processing international travellers?and cargo" at'major U.S. airports' in'sanctuary cities' that refused to cooperate with Trump administration immigration crackdown. Mullin publicly threatened to stop processing international travelers at airports such as Denver and Philadelphia in April, during a funding dispute with the Department of Homeland Security. He privately informed travel executives that the Department could choose to do so in Los Angeles, New York City, Newark, Seattle, and San Francisco. The Atlantic reported Mullin's remarks to travel executives earlier and cited sources as saying that the move was likely to occur sometime after the end of?the?FIFA World Cup? in the United States, in July. DHS has declined to comment. Airlines for America represents the major passenger and cargo carriers. The group said that reducing the customs staffing at major airports "would have a devastating impact on the airline and tourism industry, causing significant operational disruptions to carriers, passengers and international cargo flow." U.S. Travel represents major airline chains, hotel chains, car rental?firms, and other companies. They said that "for domestic and international inbound travel, we urge governments at all levels to implement policies that encourage the free and efficient movement of legitimate travelers." Transportation Secretary Sean Duffy stated at a U.S. House of Representatives hearing on Thursday that he did not know about Mullin's comments and did not show support. Duffy said: "We shouldn't shut down air travel in states that don't agree with our politics." Last year, more than 50 million international passengers arrived at three of the major New York Airports. (Reporting and editing by Cynthia Osterman; David Shepardson)
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Waymo suspends Atlanta operations and freeway rides amid safety fixes
Alphabet Waymo announced on Thursday that it had'suspended' its robotaxi service in the United States, and paused?operations? in Atlanta, Georgia as it updated its software to improve performance in construction zones and on flooded roads. The suspension comes at a time when other companies, such as Amazon's Zoox and Tesla, are stepping up their efforts in this sector. Waymo's spokesperson stated in an email that "we have temporarily paused the freeway operation as we integrate technical?learnings? into our software. We expect to resume these routes soon." Waymo offers freeway trips in San Francisco and Los Angeles. The company said that it was improving and evaluating its performance in certain construction zones, but street operations were not affected. After a Waymo robotaxi that was not occupied stopped in floodwater on Wednesday, the company also paused its service in Atlanta offered through a partnership with Uber. This pause comes after Waymo recalled?about 3,800 roboticaxis earlier this month in the United States, due to safety concerns. Reporting by Abhirup in San Francisco, and Nathan Gomes from Bengaluru. Editing by Shilpi.
InPost announces that FedEx's $9 billion buyout will open on May 26,
InPost, a Polish parcel locker company, announced on Friday that the consortium of FedEx International, Advent International and InPost investors will make a?buyout offer worth EUR7.8 billion (USD9 'billion). The offer is valid from May 26 until July 27.
The company stated in a'statement' that regulatory clearances for the deal have already been received in China, Israel and Italy. InPost's shareholders support the all-cash?bid for a takeover announced in February, unanimously recommended by InPost board. For the deal to be completed, however, 80% must be?tendered.
The EUR15.60 bid per share would allow U.S. FedEx to increase its reach in Europe while building a European parcel locker champ.
After the transaction is completed, InPost's stock will be delisted from?Euronext Amsterdam.
InPost announced that two extraordinary general meetings would be held to inform the shareholders of the offer.
(source: Reuters)