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Spain fines Airbnb $75 Million for unlicensed listings
The Consumer Rights Ministry announced on Monday that Spain fined Airbnb 64 million Euros ($75 million) for advertising unlicensed rental homes. Spain's leftist Government, along with city councils and some regional authorities, have been crackingdown on tourism rentals using sites such as Airbnb.com and Booking.com. Many in?Spain accuse these sites of creating excessive tourism and driving housing costs up by limiting the supply. Airbnb did not respond immediately to a request for comment after it'removed 65,000 listings in July that were deemed by the Ministry as violating its rules. The fine is a judicial penalty that can be appealed. The ministry issued a statement saying that the fine is equivalent to six-times the profit Airbnb made from the illegal listings. It was also the second highest fine the ministry had imposed in violation of consumer rights. Consumer Rights Minister, Pablo Bustinduy, told reporters. Ryanair received a 108 million euro fine in 2024 for charging an extra fee on cabin baggage. The European Commission stated earlier this year the fines levied by Spain on Ryanair, and other budget airlines, were in violation of regulations. The ministry stated that the fine for Airbnb was aimed at helping to tackle Spain's housing crisis. Bustinduy stated in a statement that "there are thousands of families who live on the edge due to housing costs, while?a few people get rich off business models which drive people away from their homes."
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Wisconsin Judge faces trial for stopping courtroom detention of migrant during Trump crackdown
A Wisconsin judge is scheduled to go on trial Monday for allegedly helping a migrant in her courtroom avoid an immigration arrest. This case will test President Donald Trump's attempts to punish those who allegedly obstructed his mass deportation campaign. Hannah Dugan is scheduled to make her opening statements on Monday. She faces federal charges that she hid a person and obstructed federal proceedings. Dugan has pleaded guilty to the charges brought by Trump's?Justice Department. The unusual trial of a judge in office reflects tensions about the Trump administration's immigration enforcement tactic, which includes placing federal agents inside courthouses for arrests. The Justice Department has instructed prosecutors to conduct investigations into activists and officials that it believes are hindering immigration operations. The case against Dugan is based on an incident that occurred in Milwaukee, Wisconsin on April 18, when a group from Immigration and Customs Enforcement and several other agencies were planning to arrest a Mexican migrant who was scheduled to appear before Dugan in his Milwaukee courtroom for domestic violence charges. ALLEGED DIVERSION OF Federal Agents Indictment: Dugan diverted agents from hallway where law enforcement was planning to arrest Eduardo Flores Ruiz after hearing. The indictment also claims that Dugan escorted Flores Ruiz and his lawyer out of the courtroom after they had privately discussed his case. Flores Ruiz was arrested after a short pursuit outside the courthouse. Dugan has been suspended by Wisconsin's highest court from his judicial duties while the case is being resolved. The prosecution must prove that Dugan corruptly acted to prevent Flores Ruiz from being arrested. In court filings they cited 'witnesses' who described Dugan as "visibly angered" when she discovered ICE agents outside her courtroom, and falsely telling police they?needed a judicial order to make an arrest. JUDGE SAYS HER POLICY WAS FOLLOWED According to court documents, Dugan's lawyers plan to tell jurors that she complied with courthouse policies directing a supervisor to be alerted to the presence of ICE agents. She also acted in good faith following two previous immigration arrests at the courthouse which sparked controversy. The Trump administration has eased restrictions on immigration enforcement operations in local courthouses, as part of an effort to deport millions migrants living illegally within the U.S. Some judges and advocates have condemned this practice. They claim it discourages people from seeking justice and undermines public trust in the system. (Reporting and editing by Scott Malone, David Gregorio and Andrew Goudsward)
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Greg Abel, Warren Buffett's successor, has steadily risen at Berkshire
Greg Abel's elevation to Berkshire Hathaway's CEO will mark the end of the career of a native Canadian who impressed the legendary investor with his commitment to the culture of the company, his long-term outlook, and ability to manage money. Buffett announced Abel's promotion as chief executive officer during Berkshire Hathaway's annual meeting in Omaha, Nebraska last May. Many people were surprised by the announcement. They thought that the 95-year old billionaire would never leave the conglomerate which he has been running since 1965. Abel was unaware of the announcement. Abel's promotion was expected in May 2021 when Charlie Munger, the late Berkshire vice chairman, revealed that Abel would be the board's pick to become CEO. Buffett will continue to be chairman. Abel, who is 63 years old, joined Berkshire when it purchased MidAmerican Energy in 2000. Later, the unit, now named Berkshire Hathaway Energy, became one of the biggest power providers in central and western United States. Abel is a vice-chairman of Berkshire since 2018. He oversees the non-insurance business of the company, including BNSF Railroad, chemical, energy, and industrial companies, and retailers like Fruit of the Loom, and See's Candies. Ajit Jain is still a vice-chairman at Berkshire and oversees the insurance business. Investors have long considered Jain as a potential CEO candidate. Buffett, however, has stated that Jain does not want the position. Berkshire declined to comment through Buffett’s assistant. They noted that Buffett had discussed Abel's character, abilities and dedication to Berkshire in a letter he sent to shareholders on Nov. 10. Buffett and Abel declined to be interviewed. However, the company is still a small one. A management shake-up has been announced Abel will take over a few weeks after that. Abel will hand over direct control of Berkshire’s 32 consumer products, services and retailing companies to Adam Johnson will continue to run the NetJets Luxury Plane Unit. Nancy Pierce, who had previously been the chief operating officer at GEICO was also promoted by Berkshire to become CEO of GEICO. Todd Combs is replaced He was also one of Buffett's Portfolio Managers and now he is a Director at JPMorgan Chase. Berkshire has also appointed a new Chief Financial Officer and its first in-house General Counsel. Michael Ashley Schulman of Running Point Capital, El Segundo in California, said that Abel will be bringing "trusted lieutenants" and "fresh talent" to Berkshire, to balance continuity and modernization. BUFFETT CALLS ABEL A "GREAT MANAGER" Abel worked in Des Moines, Iowa. This is about 135 miles east of Omaha where Berkshire will remain. He is also more hands-on than Buffett but has stated that he will honor Berkshire’s culture, which allows operating businesses to run autonomously. Abel has been described by many Berkshire managers as "knowledgeable, compassionate and with an excellent capacity to listen." His public image is more like a blank canvas. Abel is lacking in his boss's ability to entertain and give advice with a silver tongue. Buffett appeared in TV shows "All My Children," "The Office," and Heinz Ketchup Bottles. He also lent his face to Coca-Cola bottles, Heinz Ketchup bottles, and rubber duckies. In a letter he wrote in November, Buffett described Abel as "a great leader, a tireless employee, and an honest communicator." Wish him a long tenure." FOR HOCKEY FANS, AN ICES BUCKET Abel grew up in Edmonton, Alberta. He is a hockey enthusiast and graduated from the University of Alberta in 1984. Trained in accounting, he joined PricewaterhouseCoopers and later moved to geothermal energy firm CalEnergy. He joined MidAmerican Energy as a manager in 1992, and was promoted to chief executive in 2008. He was able to benefit from the ability of MidAmerican Energy, which is unusual among utilities, for it to retain earnings and reinvest them in its business to boost growth instead of paying shareholder dividends. Buffett prefers that his companies invest in new businesses or themselves. This freedom allowed Abel to buy the Nevada utility NV Energy, and Alberta electric transmission company AltaLink. It also helped Abel expand aggressively in renewable energy. Berkshire Hathaway Energy?controls also a large U.S. residential brokerage. Abel has nearly $170 million in Berkshire stock. This is a lot for a CEO, but some investors think he should have more. Abel could become a billionaire in 2022 after Berkshire purchased his 1% share in Berkshire Hathaway Energy. He also showed a willingness to have fun. In 2014, Abel accepted the Ice Bucket Challenge in order to raise awareness about Lou Gehrig's Disease, also known as amyotrophic-lateral sclerosis. Abel gave a thumbs-up to the camera after a Berkshire Hathaway Energy worker soaked him in water. (Reporting and editing by Nick Zieminski in New York. Reporting by Jonathan Stempel)
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EU expands Belarus sanctions to include hybrid activities
The European Union (EU)?on Monday widened its sanctions against?Belarus to include actions that are viewed as undermining democracy, rule of law and overall security within member states. The sanctions are in response to the repeated disruptions of air traffic by meteorological balloons that have been launching into Lithuanian airspace from Belarus. The EU Council stated that "the new 'criterion' will allow the EU impose restrictive actions against those who plan, direct or engage in foreign information manipulation, interference and support." The EU will be able also to target unauthorised entry on the territory of a member country," the report added. Last week, Lithuania declared a "state of emergency" and requested that parliament authorise military support for border guards and police after a wave of smugglers balloons from Belarus disrupted the air traffic. Belarus has denied responsibility for the balloons, and accused Lithuanian provocations. (Reporting and writing by Andrew Gray, Lili Bayer and Louise Breusch Rasmussen; editing by Bart Meijer).
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ROI-US squeeze on Venezuela oil won't create global crunch: Bousso
The United States tightening its grip on Venezuelan oil exports may strangle the country’s crude production and cut off President Nicolas Maduro’s main economic lifeline. However, it will only have a limited impact on global markets. Last week, the U.S. Coast Guard seized a supertanker in mid-ocean that was carrying Venezuelan crude to Cuba. This marked a significant step up in Washington's anti-Caracas campaign as the U.S. Military continues to expand its largest presence in the Caribbean region since the?Cuban missile crisis. Last Thursday, the U.S. reported that it was preparing to intercept additional ships carrying Venezuelan oil. Washington also imposed new sanctions against Maduro, his family, six crude tanks and shipping companies associated with them. The military chokehold in Venezuela aims to prevent the shipment of Venezuelan crude oil through an expanding "dark Fleet" - ships that are unregulated, uninsured and sanctioned. They are also heavily used by Russia and Iran. According to an analysis of LSEG's data, there are already at least a dozen crude oil tankers in Venezuela's exclusive maritime economic zone. Many of these are now at high risk of being seized. CRUDE REALITY Venezuela's oil sector is already feeling the pressure. It is likely that the state-run oil company PDVSA depleted its inventories to prepare for tighter restrictions. Kpler, an analytics firm, has calculated that Venezuelan crude exports will drop to 702,000 bpd in December, the lowest level since May. There are signs that Asian buyers want to get deeper discounts on Venezuelan crude in order to compensate for the increased trading risk. According to the International Energy Agency, tighter restrictions also resulted in a decline in Venezuelan crude oil production. It fell by approximately 150,000 bpd from a month ago to 860,000 bpd. This follows several months where production was hovering around 1 million bpd. The decline is partially due to declining exports. This means that output could further decrease if exports were restricted as Venezuela's stockpiles filled up. In addition, the production of Venezuelan oil could be drastically reduced if U.S. import restrictions prevent the import of naphtha or diluents which are essential for extraction and processing. More than two thirds of Venezuelan?oil is heavy grade, which is tar like when extracted. The oil is reduced in viscosity by using naphtha. This allows it to be transported through pipelines to terminals and tanks. Venezuela's six refining facilities can produce naphtha, but they have been in disrepair for years. This has led to the upstream oil sector becoming heavily dependent on imports. Kpler reports that the Venezuelan imports for naphtha, chemicals and other products will drop to 39,000 barrels per day in December. This compares to 54,000 barrels per day in November and to 89,000 in October. However, it is difficult to predict how production will be affected by the naphtha shortages. Venezuela has imported large quantities in recent years, which may have been partially stored. Venezuela's production is at risk if imports of naphtha drop. The U.S. has carved out a portion of Venezuela's heavy crude production. Despite the increasing tensions, this is unlikely to happen. President Donald Trump’s administration issued Chevron, the second largest U.S. producer, a special license to continue operating their joint ventures in Venezuela’s Orinoco Belt, which produces around 250,000 bpd. Chevron exports roughly 150,000 bpd crude oil from Venezuela to the U.S. Gulf Coast where refineries built decades ago were designed to process heavy grades of crude oil from Mexico, Canada, and Venezuela. Estimates suggest that Venezuela's oil output could fall by 300,000 - 500,000 barrels per day due to lower exports and production limitations. The figure is unlikely to make much difference on the current well-supplied oil market. It faces a glut of crude next year. The production of heavy crude in Canada and the Gulf of Mexico would more than make up for any shortfalls. Both countries produce this type of oil. Installing a U.S. friendly government, which will remove sanctions against Caracas, could result in a rapid increase of oil production. Venezuela has the largest oil reserves, with 303 billion barrels. The increasing tensions in Venezuela have already had a significant impact on its oil industry. However, these effects will not reverberate around the globe - unless the Maduro government falls, which would trigger a rush by western energy giants to return to the oil-rich country. Subscribe to my Power Up newsletter to receive my weekly column, plus additional energy insights and links trending stories in your mailbox every Monday and Thursday. Subscribe to my Power Up Newsletter here. You like this column? 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At least 37 people have been killed by flash floods in Morocco's Safi Province
Authorities in Morocco said that at least 37 people were killed by flash floods caused by torrential rainfall in the province of Safi on Morocco's Atlantic coast. In a press release, the company said that 14 people are still receiving medical treatment, including two in intensive care. The heavy rains on Sunday caused a flood in the old city of Safi. They also washed away cars, and cut many roads around the city, which is located about 300 km (205miles) south of Rabat, the Moroccan capital. Residents assessed the damage to their homes and cleaned them as schools were suspended on Monday. Local media shared videos of flooded streets, cars and authorities using boats to rescue people in the old city. Safigoud.com, a local news website, posted a video showing a woman being rescued from floodwaters after she became trapped near an old gate in the 'Safi Old Town. Authorities reported that at least 70 homes and businesses were flooded. After seven years of drought, which emptied many of the country's main reservoirs, Morocco is now experiencing heavy rain and snowfall in its Atlas Mountains. (Reporting and editing by Timothy Heritage, Ahmed Eljechtim)
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Philippines protests China's actions in South China Sea that have injured Filipino fishermen
The Philippines announced on Monday that it would protest against the Chinese Coast Guard's "harassment" and "endangerment of Filipino fishermen last week in a South China Sea Shoal. Manila's Coast Guard said that two fishing boats were damaged and three Filipino fishermen injured when Chinese coast -guard -ships cut anchor lines and fired water cannons near Sabina Shoal, on Friday. The Philippines expressed alarm at the actions of China’s coast guard. It said that the use of dangerous manoeuvres, such as water cannons, which cause injuries and damage to property "cannot justify". The Philippines' maritime council issued a statement saying that "the?Philippines" would take the appropriate diplomatic action and express its strong opposition to these actions. It also demanded China stop such aggressive acts. According to information provided by the Foreign Minister, the Presidential Press Officer Claire?Castro informed reporters that the Philippines would be filing a demarche at the Chinese Embassy on Monday. China's Foreign Ministry nor its Embassy in Manila did not respond immediately to an inquiry for comment. China's coast guard announced on Friday that it had ejected multiple Philippine vessels from the area and taken "control" measures. The Philippines called the Chinese statement "deeply disturbing". The council stated that it was "calling on the CCG to act responsibly and adhere to international standards in order to place the preservation and safety of civilians above any actions which sow fear or endanger civilians." The United States, as a signatory to the Treaty of Washington, has condemned China's use water cannons on its ships and the cutting off of anchor lines for Filipino fishermen. In a press release, U.S. State Department deputy principal spokesperson Tommy Pigott stated that "we stand with our Philippine allies in their fight against China's increasingly dangerous and provocative tactics towards its neighbors which undermine the?regional stabilty". The Escoda Shoal is located in the exclusive economic zone of the Philippines, 150 km (95 mi) west from Palawan province. China claims nearly the entire South China Sea. This waterway supports a commerce of more than $3 trillion annually. Beijing's claims extend into Brunei and Indonesia's exclusive economic zones, as well as Malaysia, the Philippines, and Vietnam. China has rejected the 2016 ruling of an international arbitral court that Beijing's broad claims were not based on international law. (Reporting and editing by David Stanway; Mikhail Flores)
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The oil tanker rate will remain strong until 2026, as the sanctions that have been imposed on ships for hire are removed
Shipping sources claim that the cost of shipping oil will remain high during the first half 2026, as the global fleet is aging and an increasing number of vessels face Western sanctions. However, rates may be capped in the second half. In recent weeks the cost of shipping crude oil for very large crude carrier (VLCC) vessels has risen by about $130,000 a daily due to OPEC's and its allies' high demand. Moreover, the number of ships available has decreased due to sanctions imposed on some vessels for transporting oil from Iran and Venezuela. Jan Rindbo is the chief executive officer of the Danish shipping group Norden. The international sanctions against Russia and the diverting of shipping from the Red Sea because of attacks by the Iran supported Houthi militia has?disrupted' shipping routes. This forces vessels to make longer journeys to transport crude oil to refineries. According to Omar Nokta of Jefferies, a U.S. investment banking firm, Omar Nokta estimates that the VLCC fleet will be used 92% next year, which is the highest level since 2019. This compares to 89.5% last year. Fleet utilisation measures how much of a tanker fleet is being used versus sitting idle. In recent years, major oil companies have been undergoing stringent testing to ensure that older tankers are not used as much after 15 years. This is because their efficiency has declined and they now face greater safety concerns. Lars Barstad said that nearly 44% of global VLCC fleets are older than 15 and almost 18% of supertankers within this segment have been sanctioned. Market assessments predict that deliveries of new tankers by shipping companies will increase in the second half of 2026. This should limit rates. Richard Matthews, head of research at shipbroker Gibson, said: "Scheduled tanker deliveries will be at their peak since 2009. He said that while the overall vessel supply would improve in 2011 as more ships are delivered by shipyards, it will be more geared towards product (refined) oil tankers. SHADOW FLOAT DOMINATES The "shadow fleet", which operates outside Western standards and scrutiny, is a major concern for shipping and oil companies. These vessels have all been sanctioned. Shadow fleet vessels tend to be old, their ownership opaque and they do not have the top-tier coverage that major oil companies and ports require. Jan Dieleman is the president of Cargill?Transportation. "I don’t believe anyone who imposed sanctions wanted this result." According to Lloyd's List Intelligence, the total fleet of tankers that work with oil sanctioned from Russia, Iran, and Venezuela includes 1423 vessels, 921 of which are under U.S. or EU sanctions. Lloyd's List Intelligence showed that 702 of the 1,423 vessels are crude oil tanks, and 148 of them are not sanctioned. According to estimates on the market, there are around 9,000 crude and fuel tanks in the non-sanctioned fleet. Cargill's Dieleman stated that the outlook for tanker prices could quickly change if more vessels, for instance, resumed their voyages through Red Sea. (Reporting and editing by Jonathan Saul, Jeslyn Lerh)
Gulf stocks follow global losses as investors wait for key US data
Investors were waiting for a series of delayed U.S. data that will provide a much-anticipated reading on the?largest? economy in the world.
Investors and the Federal Reserve are operating with limited visibility because a 43-day U.S. government shutdown has delayed economic data releases.
The Fed cut rates last week by?25 basis point for the third consecutive meeting, but indicated that further reductions were?unlikely? in the near future as they awaited clearer data.
U.S. monetary policies shifts?have an impact on Gulf markets where most currencies pegged to the US dollar.
Dubai's benchmark stock index fell 0.8% due to losses in all sectors. ?Emaar Properties fell 1% while?Gulf Navigation Holding plummeted 9.7%.
Saudi Arabia's benchmark index fell by 0.7%. All sectors were in the negative, but finance, utilities, and materials led the way. Saudi Arabian Mining Co, the largest lender in Saudi Arabia by assets, declined 1.2%, while Saudi National Bank lost 1.1%.
Scientific and Medical Equipment House rose however 2.2% on Monday after it announced that it had signed a distribution agreement with China's Guangdong Biolight Meditech Co.
The benchmark?Abu Dhabi index fell 0.1% due to a drop of 1.4% in Alpha 'Dhabi Holding, and a decline of 1.2% in Abu Dhabi Ports Co.
AD Ports plans to launch a mandatory cash tender offer for the acquisition of a?additional stake in Alexandria Container and Cargo Handling, which would give them majority ownership in one?of Egypt?s largest container terminal operators.
Qatar's benchmark index fell 0.6% with all of its constituents falling into the red. Qatar National Bank, which is the largest lender in the region, eased by 1% while Qatar Fuel Co fell 0.8%.
(source: Reuters)