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Telecom Italia files complaint against KKR-backed FiberCop over network tariffs
Two sources have confirmed that Telecom Italia has filed a 'complaint' with a Milan court regarding new landline tariffs set forth by KKR-backed 'FiberCop, which purchased TIM’s telecoms network in 2024. The dispute centers on the terms governing TIM’s access to fixed-line assets that it sold to a KKR led consortium as part a broader restructuring aimed to reduce TIM’s debt by EUR14billion. Two people who are familiar with the matter, on condition of anonymity, said that the court complaint was filed as part of a fast track procedure. A first hearing in the case is scheduled for early July. Third person stated that the new tariff scheme entails dozens or millions of euro in extra costs each year for TIM. It now pays to use grid it used to own. TIM refused to comment. FiberCop'said that in a written statement that it would file its defense within the 'court-set deadlines. It maintained that its conduct.was fully appropriate, and that TIM s actions are unfounded. FiberCop operates Italy's largest landline telecommunications network. It is owned 37.5% by U.S. Investment firm KKR and 16% by the Italian Treasury. NETWORK SALES As part of the network sale in 2024, TIM signed a contract with FiberCop that governs TIM's access FiberCop landline assets. Under this agreement, TIM 'buys' capacity to be sold to end users, and pays around EUR2 billion per year. The people stated that TIM requested the court to order FiberCop to follow the tariff scheme set out in the agreement. They did not provide any further details. FiberCop revised its pricing framework after Italy's Telecoms Watchdog AGCOM classified it as a Wholesale-Only Operator and set out lighter regulations in a resolution dated March 16. The ruling by?AGCOM removes the previous cost-based price controls in most of Italy and replaces them with a fair, reasonable, and objective pricing assessment. This gives FiberCop more flexibility when setting tariffs. FiberCop stated that TIM's lawsuit does not'suspend AGCOMs ongoing tariff review or impose pricing conditions', which are under the authority?s remit. After a six-month period of transition, the new pricing will be implemented on September 16, 2026. Existing regulated prices will remain in place up until that date. (Reporting and editing by Gavin Jones. Valentina Za, Keith Weir, and Elvira pollina)
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US Postal Service asks Congress for help because it is running out of money
U.S. Postmaster General David Steiner said to Congress on Wednesday that the financially struggling agency had a broken business?model and needed help from legislators to re-energize its.operations. "The bottom line is that we're out of money." Steiner said in his written testimony to a U.S. Senate Committee that they were borrowing money from the retirement funds of their employees to continue operating. He warned it would run out of funds if it didn't stop deferring payments. Congress must act to fix the Postal Service's broken business model. Steiner wants Congress compensated for "money-losing" operations and to make other reforms. Steiner announced in March that the Postal Service would be hiring restructuring advisors to help it address its financial problems. Steiner stated that the USPS should continue delivering?to 170 millions addresses six days a weeks, at a cost of $3.4 billion per year. Steiner also said that 70% of these routes are losing money. Around 58% of the 18,000 Post Offices in the US also lose money. Since 2007, the Postal Service reported net losses totaling about $120 billion. This is because the Postal Service's most profitable product - first class mail - has declined sharply due to the shift from paper communication to digital, while the agency still has to maintain costly nationwide delivery operations. USPS announced last month that it would halt non-essential expenditures on consultants, office supplies, and travel. Steiner explained in a memo that the move was made "to protect our core?operations" and to ensure we could continue to meet all essential responsibilities. The Postal Service announced last month that it would suspend payments to federal pension programs by employers and raise the price of first class mail stamps to 82c from 78c, starting July 12. The Postal Service will save $2.5 billion by stopping employee contributions to pensions through September 30, and up to $15 billion between 2030. Reporting by David Shepardson, Editing by Chizu nomiyama
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European countries have specific regulations for heat conditions
According to the Climate Monitor, temperatures in Europe have risen up to 18 degrees Celsius above normal seasonal levels. Authorities haven't said how long this heatwave will last. Meteorologists attributed it to an Omega block, which is a weather pattern trapping hot air over a period of days. The following are the current working conditions in Europe for heat conditions, grouped by country. BELGIUM Heat-stress rules for the workplace are based on Wet Bulb Globe Temperatures (WBGT). The action thresholds are 29 C (for office/light work), 26 C (for moderate work), 22 C (for heavy work), and 18 C in the case of very heavy work. Employers must take action if these levels are exceeded by providing cooling, ventilation, additional breaks, and drinks. FRANCE France does not have a temperature limit that must be reached before work can stop. The French Labour Code instead requires employers to ensure employee safety and health by maintaining suitable temperatures. The French National Institute for Safety and Health at Work (INRS) warns that even though the Labour Code does not mention a maximum temperature, it is dangerous to work in an environment with temperatures above 30 C. GERMANY Germany gives employers a high level of freedom even in high temperatures. According to the Federal Institute for Occupational Safety and Health, there is no legal requirement for employers to maintain a certain temperature at work. Employers must, however, take steps to reduce heat depending on the temperature. They should also take into account factors like humidity, physical requirements of the job, breaks and clothing. When the temperature rises to 30 C or more, it is possible to take measures like closing the blinds, ventilating in the mornings, installing fans, or starting the work earlier. When temperatures exceed 35 C, there are stricter rules. For example, breaks can be taken in cooler rooms, or wear heat-protective clothing in industries such as steelmaking. No national law requires that?work stop when temperatures reach a certain threshold. There is a mixture of heat-risk protocols and regional and local ordinances as well as income-support regulations when work is suspended. Regional ordinances require the temporary suspension of outdoor activity from 12:30 pm to 4:00 pm in areas where forecasters have predicted a high risk level for workers engaged in intense physical activities and exposed to the sun. This ordinance will be activated in 18 of Italy's twenty regions by 2025. It will affect more than 2.3 millions employees. No single maximum temperature is used as a trigger in the United States, but 35 degrees Celsius is considered a general threshold. Government wage support is available to workers if they are forced to stop or reduce their work because of heatwaves. POLAND The Polish rules for working in hot weather are a combination of general safety obligations as well as specific mitigation measures. Employers are required to provide access to water, other drinks, air-conditioned or cooled rest areas, extra breaks, and protection from direct sun. Employers may also reduce working hours, implement rotation systems, or in extreme cases, relieve employees of their duties. Workers may stop working if they feel that their health or lives are in danger. They will still be paid. When temperatures are above 28 C or 25 C outside, or when heat exposure exceeds defined physiological thresholds, employers must provide free drinks. In high-temperature areas, additional protections are required. This includes access to cooled rest?spaces when indoor temperatures exceed 30 C because of industrial processes. PORTUGAL No legal temperature limit exists for the suspension of work. However, employers are required to keep workplace temperatures as close as possible between 18 C and 25 C. In addition, the regulations state that workers who are exposed to extreme temperatures at work should take appropriate measures to correct them. The Spanish Labour Ministry has stated that employees have the right to adjust their working conditions when severe weather alerts are issued. This includes the ability to modify or reduce working hours if orange or red warnings appear. The thresholds that trigger such alerts are different in each region, depending on the local conditions. If workers are unable to reach their workplace, they can take up to four paid days off. Companies may also use temporary layoffs on the grounds of force majeure. (Reporting and editing by Matt Scuffham, Tomasz Klyve Gudbrandsen and Joao Manual Mauricio; Editing by Matt Scuffham).
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Exxon Mobil Antwerp refinery will stop production from June 29 to July 3 due to a strike
The company's Press Office announced on Wednesday that Exxon's oil refinery in the 'Belgian Port' of Antwerp will stop production from June 29 until July 3, due to a striking action. ABVV Petroleum union stated on its website that workers at the refinery oppose a plan of cutting 35 jobs from a total of 735. According to the union, staff are also protesting about their deteriorating conditions of work and fewer options for early retirement despite ExxonMobil making higher profits because fuel prices have risen. The union stated that the job cuts were part of a wider reorganization, which will result in a 20% reduction in the number of employees in the country. Exxon Mobil stated?on their website in 2018 that the refinery's production capacity is?about 320 000 barrels per day. The refinery treats different types of crude and produces LPG as well as?petrol and other fuel oils. Exxon Mobil's adjusted earnings for May 1 exceeded estimates, but its net income fell to the lowest level in five year due to supply disruptions worldwide caused by Iran War. (Reporting and editing by Inti Kar-Gupta; Inti Landauro)
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Sources say that Russia has asked Kazakhstan for gas to alleviate shortages.
Four industry sources said that Russia and Kazakhstan are in discussions to import 50,000 metric tons of AI92 to alleviate a 'domestic shortage' caused by refinery failures and unscheduled maintenance. As of late June, the shutdowns at several large refineries in central Russia following Ukrainian drone attacks had reduced gasoline production by about 25% on an annual basis. The Russian Energy Ministry declined to comment immediately. Erlan Akkenzhenov, Kazakhstan's energy minister, said earlier that Astana hadn't received a formal request for gasoline from Moscow. The Russian government is considering measures for stabilizing the market. These include fuel export restrictions and higher subsidies for refiners. This is an unusual move for one of world's largest fuel exporters. In this?month, Moscow has allowed refineries in the country to produce gasoline and Diesel for the domestic market at lower quality standards. Russia is also planning to import gasoline by sea, highlighting the seriousness of the situation. Kazakhstan is a relatively smaller?fuel producer than Russia. Sources said that supplies will not be significant. Sources said that Kazakhstan has an excess of gasoline, but the maintenance work at the Atyrau Refinery between June 26 and July 20 will reduce the available reserves. Kondensat, a refinery in Kazakhstan that processes gas?condensate produced by the TANECO refinery in Russia and which has quotas on fuel exports, is one possible source. According to Kazakhstan's fuel-and-energy analytical centre, Kondensat exports 15,207 tons AI-92 and AI 95 gasoline to?Georgia by May 2026. TANECO, owned by Tatneft in Russia, halted all crude processing after a drone strike on 12 June, which could limit the feedstock available to Kondensat. According to a?source from Kazakhstan, gasoline deliveries could be made to Russia in exchange for Russian jet-fuel. According to industry sources, Kazakhstan will face a shortage of jet fuel in July because of?rising demand?, maintenance at Atyrau?and lower Russian imports. Russia, Kazakhstan and Belarus are all members of the Eurasian Economic Union. This union allows for duty-free hydrocarbons and establishes annual indicative balances in fuel trade. Reporting by. Mark Potter (Editing by Mark Potter).
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Binance vows that it will remain in Europe despite a license setback
Binance, the crypto platform, plans to remain in the European Union, and will make another push to get permission to operate, said a senior executive, after their application under a 'new licence regime' failed. This threatened access to millions of users. Binance will not leave Europe, said?Gillian?Lynch after the company's failed bid to obtain a license in Greece for services like crypto trading within the EU. She said, "We might just need to take a different route in order to be approved." "If Greece is not an option, I am looking at alternatives." Binance is now on a collision course with European regulators. The company only has a week to obtain a license before the current permit to operate in Europe expires. This would force it to shut down its EU operations. Binance, according to two people familiar with the process, has met with regulators in Ireland and Greece. However, they have encountered resistance. Officials were concerned by the company's history of money laundering penalties, its international structure and their perception of a risk-taking culture. The regulators in all three countries either declined to comment or didn't respond. The letters sent to regulators show how one of the largest crypto companies in the world has struggled with regulatory resistance and obtaining an EU license. Lynch stated that Binance didn't know why they were denied approval, and previously thought the Greek regulator intended to grant a license. She said Binance contacted four to five regulators, but had only submitted one application - to Greece. Lynch, when asked about Binance's previous problems, said that Binance had invested heavily in compliance and internal control, had employed approximately 1,500 compliance personnel, and did not have any outstanding issues with its application. Regulatory Concerns Binance's inability to obtain an EU license?before June 30 raises doubts about its future?in the EU. The EU's new crypto regulations will be tested to see if authorities can enforce what amounts to a complete ban. The European Securities and Markets Authority (ESMA) said on Tuesday that crypto firms without a license must "take immediate measures to wind up their EU activities in a timely manner". MiCA (the EU's groundbreaking crypto regime) came into effect last year. Firms have until the end of June to get an authorisation to serve customers in all 27 member states. Binance claims to have more than 300 millions customers worldwide, but has declined to disclose how many of those are in the EU. Sensor Tower estimates that the app was downloaded over 4 million times last year in the EU, with France, Germany, and Spain accounting for most of those downloads. Sources who spoke on condition of anonymity said that regulators assessing Binance’s bid were concerned with the backgrounds of senior executives, and the exchange’s track record in money laundering controls. They viewed these as being inadequate. One source cited the influence of Binance founder Changpeng Zhao who stated in a podcast from February that he was the ultimate beneficial owner. Another source cited Binance's global complex structure. Lynch said Zhao is "100% removed" (from the company). Binance had previously struggled to gain regulatory approval in other countries. It has been told to leave Japan and the UK after it operated there without a license. Its primary licence is in the United Arab Emirates. Zhao, also known as CZ, pleaded guilty in 2023 to violating U.S. money laundering laws. This was part of a $4.3 Billion settlement after a long investigation. Donald Trump, the U.S. president, pardoned him last year after he served almost four months. Binance, according to U.S. authorities, has violated anti-money laundering laws and sanctions laws by failing to report over 100,000 suspicious transactions that were linked to groups designated as terrorist organizations in Washington. REGULATORS COLLABORATE Under MiCA crypto firms can submit an application through a single national regulator, and then use this as a passport to sell services across the bloc. One source said that regulators in Latvia, Ireland, and Greece worked closely together to ensure a "consistent" approach to Binance’s application. Several regulators are concerned that inconsistent enforcement may undermine efforts to supervise a multi-billion dollar industry. They warn this could destabilise the markets, facilitate illegal finance and harm investors. Eleanor Hughes, Binance's general counsel, said that Binance believed it met MiCA requirements. While national regulators issue licences, ESMA can discuss applications. Reporting by John O'Donnell and Elizabeth Howcroft. Francesco Canepa, Lefteris papadimas. (Editing by Tommy Reggiori Wilkes. ElisaMartinuzzi, Mark Potter and Mark Potter.
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Andy Home: The ROI-Congo pivots to the west under the cover of cobalt control
The ambitions of the Democratic Republic of Congo in cobalt are?becoming more and more clear. Export restrictions have been used by the world's biggest producer of strategic metals, which are used in everything from stealth bombers to mobile phones, to reduce excesses and raise prices. Kinshasa is trying to shift its focus away from Chinese operators and towards the United States, as it gains more control of its cobalt industry. This rebalancing is accompanied by a renewed effort to integrate the artisanal and smaller-scale mining sector (ASM), a minefield of ethical issues for Western cobalt purchasers, into official sectors. MOVING MARKETS Congo has restricted cobalt exports from February of last year. A full ban was replaced by a quota-based system in October. Shipments only started picking up again early this year due to teething problems with the new administrativesystem. China's import numbers are still very low. According to the World Bureau of Metal Statistics which collects customs data, the largest buyer of Congolese Cobalt imported only 5,000 metric tonnes between January and April. This is down from nearly 200,000 tons during the same period in 2025. The stock surplus built up by previous years' Congolese production has cushioned the supply shock. Cobalt metal prices have been flat so far this year. However, at $26 per lb they are more than twice as high as before Congo stopped exports in early last year. Supply chain tensions are increasing. The price of cobalt hydrxide, the form in which the metal is shipped by Congo has continued to rise, and it now trades at the same level or even higher than the?metal prices this year. According to Ying Lu of Project Blue consultancy, this price inversion is reshaping supply chains as refineries use more metal to make sulphate - the type cobalt that battery manufacturers use. This may not just be a temporary glitch. Project Blue says that this shift in pricing suggests the market is charging a premium for cobalt units originating from the DRC. Securing Access As U.S. investments increase in Kinshasa, China's refiners will find it more difficult to secure access to Congo cobalt. The Congo's mineral wealth, especially cobalt, was the foundation of the U.S.-brokered agreement with Congo and Rwanda last June to end years' hostilities. Recent announcements indicate that the deal is beginning to work. Virtus Minerals - which describes itself as an U.S. critical minerals platform - bought the privately held Chemaf cobalt and copper mines in may and hopes to resume full operations following years of uncertainty. The Congo's Entreprise Generale du Cobalt has signed a Memorandum of Understanding with Trafigura, a trading house in the United States and EVelution for the supply of the latter's new proposed cobalt refinery. The Lobito Atlantic Railway is another U.S.-backed project that links the Congolese Copper Belt with the Angolan Port of Lobito. Western operators now have a viable alternative to the Chinese-backed TAZARA rail, which carries goods to the Tanzanian port at Dar es Salaam. ARTISANAL ARTISANAL ARTISANAL ARTISANAL ARTISANAL ARTISANAL ARTISANALL 'GOLDSTANDARD' EGC must ensure that ASM it provides to its Western partners are ethically pure. Illegal mining in Congo and the cobalt markets has been a problem for many years. Kinshasa tried to integrate its shadow mining industry before, but with limited success. A new venture between the EGC and Mercuria, a trading house, aims to "establish" a "Gold Standard", for responsible ASM mining at the Kasulo site. If Congo is to reduce its dependency on China by opening up new markets in the United States, it must assure Western consumers that they are not purchasing "blood cobalt". More Power This year, events have conspired in a way that will increase Congo's influence on the cobalt markets. Sherritt International’s Canadian refining operation is under serious scrutiny after the latest round of U.S. Sanctions forced the company's joint venture operations in Cuba to be discontinued. Ambatovy's nickel-cobalt operations are being sold to a new owner after a cyclone knocked them out in February. The nickel refineries in Indonesia, another non-Congo cobalt source, are under pressure due to reduced mining quotas, and problems with sourcing the sulphuric acids they need. The Congo, which is already responsible for 70% of the global mining supply. This power is being used to redefine the cobalt markets and the strategic position of the country in the global race for critical minerals. Andy Home is a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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German expert panel recommends social media ban for children under 13
A government-appointed panel of experts has recommended that Germany consider banning under-13s from having their own social media accounts, imposing child safety measures on 'platforms, and introducing parental duties to prevent "digital negligence". According to a document released on Wednesday, the commission has submitted 56 "recommendations" to the Family Ministry for a strategy for protecting children and young people online. This includes the option of banning social media for those under 13 years old. The government has welcomed the recommendations, which will be discussed in the political arena. In a press release, German Minister of Family Affairs, Senior Citizens, Women and Youth Karin Prien said: "I believe the proposal to impose a legal age limit on the use of social media is the best way forward in terms of the independent use." The panel proposed tiers of protection for those aged 13-16, 16-18, and 17-19 years old, in order to protect young people against online risks, without completely excluding them. The commission proposes that instead of a uniform age limit, restrictions should be based on the risk assessment of each platform and based upon specific service- or function-specific requirements. Many countries, including Australia, France and Canada, as well as Spain, Slovenia, Greece, Canada, and the United Kingdom, have banned social media to protect their youth. The ruling conservatives and Social Democrats in?Germany have already?spoken out for access restrictions. They see fake news and AI-generated images as threats to children and young people. Politicians are also concerned that radical forces target young people at a very young age.
FedEx drops on margin concerns, as investors consider freight impact
FedEx shares fell 6% on Wednesday before the bell, as lower margins in the core delivery segment sparked investor concerns about the company's transition following the spinoff?of?its highly profitable trucking division.
FedEx spun off its FedEx Freight trucking division earlier this month in an effort to focus more on its delivery business. Investors are scrutinizing the slimmed down company to boost profits and reduce cost.
FedEx Federal Express' operating margin fell from 8.4% to 7.7% as employee salaries, benefits and outsourced transportation costs increased.
The U.S. Logistics firms, including UPS and FedEx, have seen their volume drop due to the changing U.S. Trade Policies. Meanwhile, the Iran War has increased fuel prices.
Volumes have also been affected by the loss of duty-free treatment "de minimis", which was previously available for low-value ecommerce shipments that were tied to China-linked discounters, such as Shein and Temu.
J.P. Morgan analysts said that FedEx may experience an overhang while the market sorts through all the moving parts of the Freight spinoff, and then shifts to a year-end reporting period.
FedEx executives stated on a call after earnings that fuel surcharges offset the rising costs.
FedEx, an indicator of global trade, has forecasted?annual earnings between $16.90 and $18.10 for each share as its fiscal year aligns with the calendar from its previous year-end in May.
Analysts still haven't developed models to compare the new forecast with just its delivery operations.
Morgan Stanley analysts stated that it would be difficult to judge numbers for the next few quarters due to the noise, but they will focus on fundamental debates.
FedEx is trading at 14.68 times its projected 12-month earnings, slightly more than UPS at 14.05
(source: Reuters)