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Azeri BTC's daily oil exports for November are expected to increase by 3% m/m.
The differential between Brent and Urals crudes dated on Wednesday remained unchanged, but the Azeri BTC plan for exports from Turkey's Ceyhan Port in November was set at 15,3 million barrels compared to the 15.4 million barrels exported in October. Calculations showed that Azeri BTC crude exports would increase by approximately 3% per day in November compared to October. Alexander Novak, Deputy Premier of Russia, said that the country has gradually increased its oil production. It was very close to achieving the output quota set by OPEC+ last month. PLATTS WINDOW There were no bids or offerings reported on the Platts Window for Urals, Azeri BTC Blend or CPC blend crudes on Wednesday. According to sources, the U.S. delayed sanctions against Serbia's Russian owned NIS oil company that runs Serbia's sole oil refinery for a week, until October 15. The Nova Ekonomija portal in Belgrade reported this on Wednesday. (Reporting and editing by Kirsten Doovan)
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Brazil will not be introducing free public transportation soon, the chief of staff to the president says
Rui Costa said that the Brazilian president's chief of staff has no plans for the government to eliminate the public transport fares in Brazil this year or the next. This comes a day after Brazil's finance minister confirmed the results of studies assessing ways to fund the sector. Costa told a local radio station that there was no plan for this or next year. "I would like to be clear that the president has only asked for studies." A government source said that there were doubts about the logistical and the political feasibility of this proposal. Source: President Luiz inacio Lula da So has asked his economic team for an evaluation of the possible implementation of the measure. However, he is not in a hurry and doesn't intend to make it a part campaign promise. Costa said that the studies would be presented to President Obama so he could assess if the project was feasible and from where the money would come. If it is viable, the announcement will come at the right time. In an interview this week with Record TV, Finance Minister Fernando Haddad stated that the proposal will be included in Lula’s policy platform in Brazil next year when it holds its general elections. Haddad stated that "(Lula), knows this issue is very important for workers, environmental protection, and urban mobility." Investors' fears that the initiative might have negative fiscal consequences have caused the finance minister's comments to influence Brazilian markets. Reporting by Lisandra Parguassu, Writing by Fernando Cardoso, Editing by Rod Nickel
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ADNOC to pay out $43 billion as dividends to its subsidiaries by 2030
Abu Dhabi National Oil Company announced on Wednesday that six of its publicly listed subsidiaries would distribute 158 billion Dirhams ($43.02billion) in dividends between 2030 and 2035. ADNOC stated that the target amount is almost double the 86 billion dollars in dividends that the six subsidiaries collectively paid since ADNOC Distribution was listed in 2017 via an initial public offer. ADNOC has raised billions by selling stakes to its subsidiaries. It aims to be the top three petrochemical company in the world and top five gas company. Last year, it established the international investment arm XRG to help achieve these goals. ADNOC Gas and ADNOC Logistics & Services will also join ADNOC Drilling to pay quarterly dividends, providing more frequent returns for investors. ADNOC announced the news at an investor presentation of its listed subsidiaries. This was the first event that the group held. ADNOC Gas also announced that it had signed a 20 year gas supply contract with Ruwais LNG, valued at 147 billion Dirhams ($40 billion), to provide feedstock to the new LNG plant. The plant is expected to start production in 2028. It will more than double ADNOC’s LNG capacity. ADNOC said the merger between ADNOC and OMV, petrochemical companies Borouge and Borealis to create Borouge Group International is expected to be completed in the first quarter 2026. ADNOC and OMV have secured financing from global banks to finance the deal worth 56.6 billion Dirhams. This includes the acquisition of Nova Chemicals. ADNOC reported that BGI's deal with the companies will generate annual benefits worth 1.8 billion dirhams. The new entity will be the fourth largest polyolefins company in the world.
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Airbus delivered 507 jets during the first nine months
Airbus announced on Wednesday that it has delivered 507 aircraft in the first nine-month period. The fourth quarter will see 313 additional planes being delivered to meet the full-year goal of 820. In a sign that engine supply has improved, the world's biggest planemaker confirmed that it delivered 73 jets to customers in September. This was a record number for this month. Airbus' spokesperson confirmed that the number of gliders - or fully assembled aircraft waiting to be powered - had decreased from the peak of 60 reported earlier this year. However, the spokesperson did not provide a new estimate. The drop in gliders and the jump in September deliveries, from 50 last year to just 25 this month, suggest that the arrival of engines has accelerated in recent weeks after being affected by the recent strike at CFM supplier as well as the competing demand for spare engine from airlines. (Reporting and editing by Kirsten Doovan; Tim Hepher)
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Ryanair, a major Boeing customer, will see 737 production reach 48 units per month in April.
Ryanair, a major Boeing customer, said that it is confident that the U.S. aircraft manufacturer will be granted permission to increase the monthly production rate for its flagship 737 to 42 by October and to 48 by March orApril next year. Boeing, Boeing's biggest European customer, has repeatedly had to cut its growth forecasts because of delays. Boeing is currently working to stabilize production following a mid-air blowout panel on a new 737 MAX that occurred in January 2024. This exposed widespread quality and safety issues. Michael O'Leary is the Chief Executive Officer of Ryanair Group. His team regularly meets with Boeing management. He said he felt "fairly confident," that the U.S. Federal Aviation Administration will approve an increase in production monthly from 38 to 42 aircraft in October. RYANAIR - 'Pretty Confident' about progress at Boeing Will the FAA allow them to move to rating 48 next March or April? That would be a big jump. He said in an interview that he was "pretty confident" this would happen. After the panel explosion, the FAA capped 737 MAX output at 38 per months in early 2024. On September 26, it said that Boeing has not requested a rate hike, but if they did, FAA safety inspectors on site would do extensive reviews. Boeing stated earlier in the month that there were no supply chain issues that would prevent it from increasing monthly 737MAX production to 42 by the end of the year. Boeing's other major concern is when the MAX 7 and MAX 10 will be approved by regulators. Ryanair has placed 150 MAX 10 firm orders. Will they be able to get the MAX 7 or MAX 10 certified by 2026? Boeing tells us that they are now confident in the certification process. O'Leary, while praising recent achievements at Boeing and expressing his gratitude for them, said that there are no guarantees. He said, "We're confident but there is still a chance that it will be disrupted." Corina Pons is the reporter. Conor Humphries wrote the article. David Latona, Mark Potter and Mark Potter (Editing)
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As the shutdown continues, airlines prepare for a third day of flight delays
The major U.S. carriers are bracing themselves for a third consecutive day of delays as the U.S. Federal Aviation Administration continues to face staffing problems for air traffic control as the stalemate regarding funding for the government continues. Nearly 10,000 flights were delayed on Monday and Tuesday. Many of these delays were caused by the FAA slowing down flights due to air traffic controllers absences in facilities all over the country, as the shutdown entered its eighth day. The air traffic control shortages during the shutdown are more severe than during the last major government funding halt in 2019, which occurred during U.S. President Donald Trump's second term. Maryland Governor Wes Moore, along with congressional Democrats, called on Wednesday for an end to the airport shutdown at Baltimore-Washington International Airport. They noted that air traffic control officers and Transportation Security Administration agents are working without being paid. Moore, a Democrat from Maryland, stated that President Trump was unable to "close a deal" in order to keep the federal government open. Kwiesi mfume (Democrat) called for supplemental laws that would pay air traffic control during a shut down. He said that people are starting to be concerned about flying, and as a country we shouldn't get to this point. During a 35-day government shutdown in 2019, the number of controllers and TSA agents absent increased as they missed paychecks. This led to longer waits at checkpoints. The authorities were forced to reduce air traffic in New York. This put pressure on legislators to end the standoff quickly. They are not paid. During the shutdown of the federal government, 13,000 air traffic control officers and 50,000 Transportation Security Administration (TSA) officers still have to report for work. The controllers will receive a partial pay on October 14, for work done before the shutdown. Moore stated, "Our BWI employees are still here." Moore said, "They do it because they are patriots." They do it because they understand the importance of their work. Sean Duffy, Transportation Secretary, said that since the FAA shutdown began last week there has been a slight rise in sick leave. Staffing in certain areas of air traffic has also decreased by half. Air traffic control shortages have been a problem in the U.S. for over ten years. Many controllers were working six-day work weeks and mandatory overtime even before this shutdown. About 3,500 air traffic control positions are not enough to meet the FAA's target staffing levels.
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Container traffic at Rotterdam's port is disrupted by a strike by lashers for higher wages
On Wednesday afternoon, the largest seaport in Europe, Rotterdam, went on strike for 48 hours to demand higher salaries. Meanwhile in the neighbouring Belgian port's main port Flemish harbourpilots were protesting pension reforms. The FNV union said that all workers of International Lashing Services (ILS) and Matrans Marine Services (Matrans Marine Services), the two lashing firms active in the Dutch ports, stopped working at 3:15 pm (1310 GMT), and will continue their strike to the same time Friday. The FNV stated that during the two-day strike, no container ships can be unloaded or loaded at the port while lashers are securing the ship's cargo. Niek Stam, FNV's spokesman, said: "Without lashers, the entire port grinds to an halt." The Rotterdam Port Authority said that the strike would certainly affect traffic but it is too early to estimate its impact. International Lashing Services and Matrans Marine Service were not available for immediate comment. Port authorities in Belgium have reported that the maritime traffic at Antwerp-Bruges was severely disrupted for four days by Flemish harbourpilots who were protesting federal pension reforms. The port of Antwerp, which normally processes 60-80 ships per day, only processed 31 vessels on February 2, with some delayed or stranded, and others headed to other destinations.
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Ryanair CEO: airline is on track to recover from last year's 7 percent fare decrease
Michael O'Leary, the Chief Executive of Irish budget airline Ryanair, told reporters in Madrid that it believes it will recover its 7% decline in fares from 2024 during this financial year. "The traffic has exceeded the target...Fares are expected to rise by 7% over the course of the year," O'Leary stated, adding that this summer's prices were "pretty close" to those of the summer of 2023. The CEO stated that the full-year results will depend on the pricing of the company's third-quarter, which includes Christmas, and the fourth-quarter, for which the company currently has "very little visibility". He said that the economic weakness in Britain, France and Germany was causing price sensitivities. This led consumers to switch to Ryanair over flag carriers such as British Airways or Air France. O'Leary stated that "there is less demand to travel across the Atlantic to America at the moment - (U.S. president Donald) Trump alienated people. More people are choosing to holiday in the Mediterranean or Europe and this has been good for Ryanair's businesses." (Reporting and writing by Corina Poons; editing by Kirsten Doovan)
Feeding Gaza: Traders run onslaught of bullets, bombs and kickbacks
Mohammed describes a shipment job from hell.
I get screwed on every delivery, the Gazan trader informed . He stated he has to hand over more than $14,000 for each truck of food he brings into the besieged enclave to pay sky-high transport expenses, kickbacks to intermediaries and security from looters. That's up from $1,500-$ 4,000 before the war began in October.
It's hardly worth my while. But I require food, my neighbours require food, the whole of Gaza requires food.
Mohammed said he doesn't like it, but he's required to hike prices of some fresh food like dairy items, fruit and chicken to 10 times their normal worth just to break even, though he understands this puts them out of reach of many hungry Gazans.
He and 17 other individuals interviewed , most of them traders and aid employees in Gaza with direct knowledge of the supply situation, described a chaotic system that frequently makes it too hazardous or costly for entrepreneur to import food, even as aid agencies alert of the growing risk of famine.
A lot of the people requested their complete names be withheld to speak freely about delicate matters, with traders like Mohammed saying they feared reprisals by regional gangs or being blacklisted by the Israeli armed force for speaking up.
The bulk of the cash spent on importing food goes on swelling trucking costs, according to the people talked to.
Chauffeurs in Israel have increased their rates by as much as threefold due to the fact that of attacks by Israeli protesters on trucks heading towards Gaza, they said. Cargoes likewise frequently have to wait for days, either near their departure points in the occupied West Bank or the Kerem Shalom border crossing from Israel into southern Gaza to be examined by Israeli soldiers and authorized to go into the enclave, they included, even more increasing expenses.
Once the items finally make it into Gaza, the sources told , the hairiest part of the journey begins.
Another trader, Hamuda, who imports pickled vegetables, poultry and dairy products from the West Bank, stated he either pays off regional criminal gangs or employs his own armed males to stand on top of the cargoes and fend off looters.
It's anywhere from $200 to $800 for this. It's worth it for a cargo that can be worth as much as $25,000, he stated. The guys I. hire are pals or relatives, I require about 3-5 per truck.
Meanwhile, none of the private-sector goods have made it to. northern Gaza, where aid firms state appetite is most intense,. because the Israeli armed force has closed that location off to their. commercial deliveries, all eight traders said.
2 help workers validated the only food readily available in. northern Gaza is help, with no industrial items for sale. The. Israeli military didn't talk about the accessibility of food for. sale in the north, a location dominated by Gaza City and its. environs.
The military, which manages coordination of aid in Gaza,. says it lets enough food in from Israel and Egypt for the entire. population. It acknowledged aid agencies face troubles in. transporting food once it has entered through crossing points. consisting of Kerem Shalom, without defining what the obstacles. were.
Dispersing help in Gaza is a intricate job considered that it is. an active war zone, a spokesperson told . Israel is. dedicated to allowing humanitarian help to get in Gaza for the. advantage of the civilian population ... it will facilitate it. while sticking to operational factors to consider on the ground.
The military stated Palestinian militant group Hamas, Gaza's. ruling group, was exploiting humanitarian infrastructure for. its military needs, without elaborating.
Hamas denied exploiting help and stated it doesn't interfere. with food deliveries. It validated that traders were employing. armed guards to protect their deliveries however stated none of those. males were linked to Hamas.
Our utmost goal is to relieve the suffering of our. people, said Hamas federal government spokesperson Ismail al-Thawabta.
' TOTAL BREAKDOWN OF LAW'
Getting food to the Gaza Strip's mostly displaced population. of 2.3 million has been beleaguered by bureaucracy and violence since. war broke out on Oct. 7, when a Hamas attack on towns in. southern Israel activated an Israeli bombardment and invasion. that has desolated the seaside area.
There are two main tracks of food entry: global help,. which is largely U.N. or U.N.-distributed products of. non-perishables, like rice, flour and tinned items and has made. up the bulk of imports throughout the war; and business. shipments, which include fresh fruit and vegetables important to fending off. malnutrition.
The Israeli military enabled commercial food deliveries from. Israel and the occupied West Bank to resume in May after its. assault on Gaza's southernmost city of Rafah - an essential gateway. from Egypt - considerably decreased the flow of U.N. help to the. ravaged Palestinian territory.
, which reported the business resumption, is likewise. the first news outlet to information the occurring expenses and mayhem. faced by Gazan traders that have actually hindered their efforts to import. fresh food for sale in the enclave's markets and stores.
Attacks on food trucks have risen given that Israel introduced its. May 7 Rafah offensive, which has actually deepened the chaos in Gaza by. scattering the 1.5 million individuals who had been sheltering in. tent camps there, according to the traders and help employees.
The U.N. materials that are still getting through to Gaza,. via Kerem Shalom or northern crossings, are even more vulnerable. to criminal gangs because, unlike personal businesses, U.N. agencies can't pay for armed protection, according to 6 aid. employees associated with coordinating food shipments. One approximated. that about 70% of the food trucks were being assaulted.
We are faced with a near total breakdown of law and. order with truck chauffeurs being routinely threatened or. assaulted, Philippe Lazzarini, head of U.N. relief company. UNRWA, told . Far a lot of trucks have actually been looted.
The difficulties faced by aid agencies imply the commercial. track has started to comprise a bigger proportion of food going into. Gaza, though the circulation remains erratic, according to the 8. traders interviewed.
They stated private-sector supplies has made up between 20. and 100 trucks a day - each carrying up to 20 tonnes of food -. because the Rafah assault was released. During this period,. Israeli military information reveals approximately 150 aid and commercial. food trucks a day have gone into in overall.
That is well short of the 600 trucks a day that the U.S. Company for International Development says is needed to attend to. the threat of famine.
The business food being available in is likewise costly, and little. replacement for global help that has actually already been spent for. by donor countries and organizations, according to the 6 aid. workers.
Some items have actually increased at least 15-fold in expense, said. Majed Qishawi, of the Norwegian Refugee Council in Gaza. Fundamental. items ... have actually disappeared from the market since of an extreme. drop in aid and commercial trucks arriving.
ISRAELI PROTESTERS ATTACK
Traders explained a long and perilous process to provide. food from their providers in Israel and the West Bank to their. designated destinations in Gaza, a 100-mile journey at the majority of, with. difficulty looming far before items reach the war-torn enclave.
Numerous Gaza-bound freights, transferred by Israeli drivers. or by Palestinian drivers who have consent to work in Israel,. were obstructed or assaulted by Israeli protesters in May in a spree. of violence which triggered Washington to sanction one involved. group with links to Israeli inhabitants. The protesters stated they. were preventing supplies from getting to Hamas.
Israeli drivers in specific have actually hiked their transportation. costs due to the fact that of the attacks - in some cases by 3 times, stated. another trader, Samir. A $1,000 trip can cost $3,000.
Cargoes then often get stuck in lines of trucks before they. can enter Gaza, with long waits costing importers about $200 to. $ 300 per day per truck, he added.
The hold-ups are triggered by a general stockpile in getting food. into Gaza, according to the 18 sources interviewed who also. consist of Palestinian and Western officials.
couldn't individually verify the logjam at the Gaza. border as Israel mostly bars reporters from Gaza and its. crossing points.
The traders and help employees stated that for two weeks at the. start of June, the Israeli military suspended all entry for. industrial items while a stockpile of humanitarian aid was. cleared. One trader shared a text message from an Israeli. military planner for materials into Gaza on June 9 informing. him that industrial circulations were on hold up until additional notice,. though could not confirm its credibility.
The industrial track opened up again around the Muslim Eid. al-Adha vacation start on June 15, individuals said.
BRIBES & & DEFENSE RACKETS
Once food cargoes are permitted to cross into Gaza, the items. are filled onto different trucks with regional drivers to be. dispersed to vendors in the enclave, the traders stated.
They are now in a battle zone.
Stretches of road in Rafah and the southern city of Khan. Younis that were thought about relatively safe before the Rafah. invasion are now infamous for attacks, the traders stated.
Three of the help workers stated truck lootings were an everyday. occurrence while Hamuda, the trader, approximated that about 6. times as many trucks are being raided now compared to. before the Rafah attack.
Some trucks are attacked for freights bring rarer. commodities such as meat or fresh fruit, Hamuda stated. Lots of. others are assaulted by gangs who have actually secretly organized to. smuggle items inside food shipments, specifically tobacco.
One Gazan trader shared a photo of cigarettes smuggled. inside a hollowed-out watermelon, though couldn't validate. its credibility.
Another challenge is continuous Israeli operations, according to. the traders who stated they have no military official to contact. in genuine time while their trucks are inside Gaza.
If a road is closed by combating or bombardment, they have no. method of figuring out a safe option, or relaying this. information to their motorists who are typically outdoors mobile phone. protection, they added.
3 traders said that last month they started paying larger,. better-connected Gazan entrepreneurs who have routine coordination. with the Israeli military to protect the entry of their cargoes. and protection for their trucks to their destinations.
The traders, who decreased to recognize the middlemen, stated. this service alone can cost approximately $14,000 to get the goods to. their location safely.
One of the traders, Abu Mohammed, stated he had to weigh up. just how much he could offer his cargo for. After treking my prices to. make up for the transportation costs, possibly I make a couple of. hundred dollars. Perhaps I break even, he said.
I also run the risk of losing everything, he added. If the delivery. is ransacked, my cash's been lost..
(source: Reuters)