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Households of employees killed in Baltimore bridge collapse sue freight ship owner, operator
The families of the 6 workers who passed away in the March collapse of the Francis Scott Key Bridge in Baltimore submitted claims on Friday versus the owner and operator of the cargo ship that struck the bridge. The claims submitted in Maryland federal court by the families of Carlos Daniel Hernandez Estrella, Alejandro Hernandez Fuentes, Miguel Angel Luna, Dorlian Ronial Castillo Cabrera, Maynor Yasir Suazo Sandoval and Jose Mynor Lopez seek unspecified damages from the registered owner of the ship, Grace Ocean Pte Ltd, and its manager, Synergy Marine Group, declaring they negligently permitted the ship to depart Baltimore when they understood it was afflicted by mechanical problems. Julio Cervantes Suarez, another employee who endured the bridge's collapse, submitted a separate claim on Friday against the companies, likewise seeking unspecified damages for his injuries. Cervantes remained in his truck when it fell into the river from the bridge, according to his lawsuit. Darrell Wilson, a representative for the business, said in a. declaration that the filing of the claim was anticipated ahead of. a September due date however declined to discuss its benefits. We do eagerly anticipate our day in court to set the record. directly, Wilson stated. Craig Sico, one of the attorneys representing Maynor Yasir. Suazo Sandoval's family, said the lawsuits were submitted as part of. a collaborated effort in between the victims' families. It's our belief that the crew of the Dali could foresee. this event taking place, Sico told Reuters in an interview. The U.S. Department of Justice submitted a suit on Wednesday. against the companies over the catastrophe, accusing the companies. of wilfully neglecting or mishandling mechanical problems on the. ship. The department's claim looks for at least $100 million it. says the government invested in reacting to the catastrophe and. clearing the wreck of the Dali ship and bridge particles from the. Port of Baltimore so the waterway could resume in June. In the morning of March 26, the container ship lost. power and crashed into a support pylon, sending out the bridge into. the Patapsco River and killing six people who were working on. the span at the time of the crash. Grace Ocean and Synergy submitted a petition on April 1 in. Maryland federal court to limit their liability from the crash. to today value of the ship and its freight, which they. approximated to be simply over $43 million, according to the. petition. Claimants have until Sept. 24 to come forward. The company that utilized the workers who died in the. collapse, Brawner Builders, also sued Grace Ocean and Synergy on. Wednesday, looking for an undefined sum in damages for the deaths. of its workers and loss of building automobiles and devices. on the bridge. Also on Friday, Ace American Insurance filed a claim. against Grace Ocean and Synergy, seeking to recoup $350 million. it stated it paid to the Maryland Transport Authority after. the bridge's collapse as part of a property insurance plan. Agents for Ace American, now called Chubb, did not. immediately respond to an ask for comment. A spokesperson for Grace Ocean and Synergy did not. right away respond to an ask for talk about the Chubb. suit.
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Kimmeridge to halve stake in Louisiana LNG project after FID, says CEO
Energy financial investment firm Kimmeridge Energy Management plans to decrease its stake in a. Louisiana melted gas (LNG) export project to 51% down. from 100% after it reaches a last investment decision (FID). next year, Handling Partner Ben Dell informed Reuters. In June, Kimmeridge acquired for a concealed quantity. Commonwealth LNG, which is establishing a 9.5 million metric tons. per annum (MTPA) LNG plant in Cameron, Louisiana. The project. has requested but not received a required export license from. the Department of Energy. Our expectation is under financing we will fall to. around 51% stake in Commonwealth LNG, Dell said late Thursday. on the sidelines of the Gastech energy conference in Houston. Dell stated the plan is to increase the equity in the project. by bringing in infrastructure-type financiers who by putting in. their equity will have the impact of diluting Kimmeridge's. general shareholding. U.S. President Joe Biden's administration pause on LNG. export-permit reviews might be over early next year, he stated,. projecting a FID on the project might follow in the fourth. quarter of 2025. My individual view is the within date we can FID is late May,. the outside date is October depending upon what the DOE does and. what they require, Dell informed Reuters. Kimmeridge prepares to invest $1 billion of its own money into. funding the job and has the majority of the debt and equity. partners prepared to go once the task gets allowed, Dell said. Commonwealth LNG intends to market eight of the plant's 9.5. MTPA production capacity and retain the rest for its owners. to trade, he stated. A few of the cash to spend for the plant investment will come. from Kimmeridge's natural gas production service that Dell said. is creating $400 million to $500 million in profits before. interest, taxes, depreciation and amortization (EBITDA). I wish to see us involved in more than one LNG. facility and we will evaluate the shipping, regas and further. downstream to see if we want to take part in that, Dell stated.
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US Postal Service will not hike stamp rates for very first time since 2022
The U.S. Postal Service said on Friday it will not trek stamp costs in January for the first time considering that January 2022 after a series of price walkings in recent years. USPS in July hiked the rate of a first-rate mail stamp to 73 cents from 68 cents and raised overall mailing services item costs by 7.8%. Stamp costs are up 36% considering that early 2019 when they were 50 cents. Our strategies are working and forecasted inflation is decreasing, stated Postmaster General Louis DeJoy. Therefore, we will wait till at least July before proposing any boosts for market dominant services. USPS in November reported a $6.5 billion annual bottom line as first-rate mail fell to the most affordable volume because 1968. Stamp prices are up 36% over the last 4 years because early 2019 when they were 50 cents. USPS has actually been strongly treking stamp costs and remains in the middle of a 10-year restructuring strategy announced in 2021 that aims to get rid of $160 billion in predicted losses over the next decade. We're continue to drive transportation expenses down, DeJoy told Reuters this month, estimating he would cut $1. billion in transportation costs this year. USPS has stated it anticipates its brand-new pricing policy to. generate $44 billion in extra earnings by 2031. Top-notch mail, used by the majority of people to correspond. and pay expenses, is the highest revenue-generating mail class,. representing $24.5 billion, or 31% of USPS 2023 earnings. In 2022, President Joe Biden signed legislation. offering USPS with about $50 billion in financial relief over a. years. DeJoy agreed in May to stop briefly prepared further. consolidation of the postal service's processing network till. at least January after senators raised concerns about the effect. on mail shipments. Last month, USPS stated it is aiming to execute changes. that it estimates will save the company approximately $30 billion over. the next decade.
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Families of workers killed in Baltimore bridge collapse sue freight ship owner, operator
The families of the 6 workers who passed away in the March collapse of the Francis Scott Secret Bridge in Baltimore submitted claims on Friday against the owner and operator of the cargo ship that struck the bridge. The claims submitted in Maryland federal court by the households of Carlos Daniel Hernandez Estrella, Alejandro Hernandez Fuentes, Miguel Angel Luna, Dorlian Ronial Castillo Cabrera, Maynor Yasir Suazo Sandoval and Jose Mynor Lopez look for unspecified damages from the signed up owner of the ship, Grace Ocean Pte Ltd, and its supervisor, Synergy Marine Group, declaring they negligently allowed the ship to depart Baltimore when they knew it was afflicted by mechanical issues. Julio Cervantes Suarez, another worker who survived the bridge's collapse, submitted a separate suit on Friday versus the companies, also seeking unspecified damages for his injuries. Cervantes was in his truck when it fell into the river from the bridge, according to his claim. Darrell Wilson, a spokesperson for the companies, said in a. statement that the filing of the claim was prepared for ahead of. a September due date however decreased to discuss its benefits. We do anticipate our day in court to set the record. straight, Wilson said. Craig Sico, among the lawyers representing Maynor Yasir. Suazo Sandoval, stated the lawsuits were filed as part of a. collaborated effort between the victims' households. It's our belief that the team of the Dali might predict. this incident happening, Sico informed Reuters in an interview. The U.S. Department of Justice submitted a suit on Wednesday. versus the companies over the catastrophe, implicating the business. of wilfully disregarding or mishandling mechanical problems on the. ship. The department's claim looks for at least $100 million it. says the federal government spent in responding to the disaster and. clearing the wreck of the Dali ship and bridge particles from the. Port of Baltimore so the waterway could reopen in June. In the morning of March 26, the container ship lost. power and crashed into a support pylon, sending out the bridge into. the Patapsco River and eliminating 6 individuals who were working on. the span at the time of the crash. Grace Ocean and Synergy submitted a petition on April 1 in. Maryland federal court to restrict their liability from the crash. to the present value of the ship and its freight, which they. estimated to be simply over $43 million, according to the. petition. Claimants have till Sept. 24 to come forward. The company that used the employees who died in the. collapse, Brawner Builders, likewise sued Grace Ocean and Synergy on. Wednesday, looking for an undefined amount in damages for the deaths. of its employees and loss of building cars and devices. on the bridge.
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First Airbus A321XLR shipment due in second-half October, airline company says
The first shipment of Airbus' longestrange narrowbody jet, the A321XLR, is poised to slip into October, obviously missing out on the planemaker's shipment target by numerous weeks. A spokesperson for Spain's Iberia stated in response to a Reuters inquiry that the shipment is prepared for the second half of October. Plane referred questions on the shipment to the airline. In July, it stated it anticipated the A321XLR to be delivered at. completion of the summer, having previously mentioned the third. quarter. The delivery from Hamburg represents a milestone in a strong. competitors between Airbus and Boeing to satisfy demand to. serve longer routes with workhorse narrowbody jets. The A321XLR was launched in 2019 with a preliminary target. for entry to service of 2023 to help airlines open new routes. without the requirement to fill up larger wide-body aircraft. Boeing is. establishing a bigger version of its 737 family, the MAX 10. The launching A321XLR delivery was originally allocated for. Iberia's sis airline Aer Lingus but was changed to the. Spanish network by moms and dad group IAG previously this year. amidst unpredictability throughout a current Aer Lingus pilots' strike. The uncertainty spilled into the paint stores with one. aircraft seen recently in Aer Lingus colours however with an Iberia. logo design on the engine cover throughout screening, according to industry. publication the Irish Air Letter, which expects Aer Lingus to. receive 2 of the long-distance airplanes in the fourth quarter. Airplane said it had actually offered more than 500 of the just recently. licensed A321XLR design however did not give a breakdown by airline company. IAG did not instantly respond to a request for. comment.
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Toronto stocks edge lower as energy, industrials drag
Canada's main stock index slipped on Friday, injured by declines in energy and industrials shares, as financiers paused a day after a large interestrate cut in the United States sustained more comprehensive gains in global markets. The Toronto Stock market's S&P/ TSX composite index was down 83.53 points, or 0.35%, at 23,782.74, however was set to register its second successive weekly gains. The TSX also took cues from Wall Street, where major indexes fell after a dive in the previous session following the U.S. rate of interest cut. Today I think the market (is) just taking a little a. breather, said Allan Small, senior financial investment advisor at Allan. Small Financial Group with iA Private Wealth. I have not truly seen anything that would necessitate caution. The TSX is up 13.6% for the year, buoyed by the Bank of. Canada cutting its rate of interest thrice, along with optimism. over Fed's policy easing. Canada's inflation has reached its reserve bank's target of. 2%, and, like their U.S. counterpart, is now focused on increasing. the country's slowing economy. Investors also examined information on Canada's retail sales, which. increased 0.9% in July from June to C$ 66.38 billion ($ 48.95 billion),. led by higher sales at motor vehicle and parts dealerships. A minimum of nine sectors nursed losses on Friday, led by. Canada's energy sector that fell over 1.6% as it. tracked declines in oil costs. Industrials and healthcare sectors. also decreased considerably. The products sector increased 0.1%, supported by gold. prices that struck a record high. On the composite index, the biggest decliners were Ballard. Power Systems Inc??, TFI International Inc? and Africa Oil Corp?, which fell in between 2.7-4.6%.
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Kimmeridge to reduce stake in Commonwealth LNG after monetary consent, states CEO
Energy investment company Kimmeridge Energy Management plans to offer up to 49% of its stake in a Louisiana liquefied natural gas export task after it reaches a final investment decision next year, Handling Partner Ben Dell informed Reuters. In June, Kimmeridge acquired for an undisclosed amount Commonwealth LNG, which is developing a 9.5 million metric lots per year (MTPA) LNG plant in Cameron, Louisiana. The task has actually requested but not received a needed export license from the Department of Energy. Our expectation is under financing we will drop down to around 51% stake in Commonwealth LNG, Dell stated late Thursday on the sidelines of the Gastech energy conference. President Joe Biden administration's LNG export-permit review pause could be over early next year, he stated, forecasting a monetary investment choice (FID) could follow in the 4th quarter of 2025. My personal view is the inside date we can FID is late May, the outdoors date is October depending upon what the DOE does and what they need, Dell informed Reuters. Kimmeridge prepares to invest $1 billion of its own money into funding the task and has the majority of the debt and equity partners all set to go as soon as the job gets permitted, Dell stated. Commonwealth LNG aims to market 8 of the plant's 9.5 MTPA production capacity and retain the remainder for its owners to trade, he said. Some of the money to pay for the plant investment will come from Kimmeridge's natural gas production service that Dell stated is producing $400 million to $500 million in incomes before interest taxes devaluation and amortization (EBITDA). I would like to see us associated with more than one LNG facility and we will evaluate the shipping, regas and further downstream to see if we wish to take part in that, Dell stated.
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Chinese investment firm to set up textile parks in Pakistan
Chinese investment company RUYI will establish textile parks in Pakistan and will invite around 100 Chinese textile firms to invest in the facilities, a statement from Pakistani Prime Minister Shehbaz Sharif's office said on Friday. The very first park will be inaugurated later on this year and will be completed in 3 years. These parks are anticipated to export items worth $2 billion in the very first phase and another $5 billion in 2nd stage, which will create 300,000 to 500,000 local jobs, the declaration stated. The 2 neighbouring nations have actually long been close allies and Islamabad relies greatly on Beijing for its advancement and financial tasks. The declaration stated the park will work on no carbon automated technology by utilizing solar energy. RUYI already runs a coal power plant in the Sahiwal district of the eastern Pakistani province of Punjab. Beijing has been developing roadway, rail and port facilities in Pakistan as part of its $65 billion investment called the China Pakistan Economic Passage (CPEC) under President Xi Jinping's Belt and Roadway Initiative (BRI).
Italy power costs remain sky high in spite of tidy energy push: Maguire
Electrical energy costs in Italy are the greatest amongst significant European economies, due to a long-lasting reliance on nonrenewable fuel sources for power generation despite development in renewable energy output.
Italy's wholesale electricity rates have actually averaged around 100 euros per megawatt hour (MWh) up until now in 2024, according to energy think tank Coal.
That compares to 69 euros in Germany and 50 euros in Spain, and indicates that Italy's families and companies pay far bigger energy costs than most of their peers across Europe.
FOSSIL REPAIR
High dependence on fossil fuels for electrical energy generation is the main driver behind Italy's high power costs. In 2023, 55%. of Italy's electrical energy originated from nonrenewable fuel sources, Coal information shows.
That compared to 45% in Germany, 39% in the UK,. 25% in Spain and 41% for Europe as a whole.
Up until now in 2024, Italy's power companies have managed to raise. clean power generation to a new record, and have actually cut the share. of fossil fuels in electricity generation listed below 50% for the. very first time, to 47%.
Nevertheless, that fossil generation share still exceeds that of. competing economies, with Europe as a whole recording a 37% average. fossil share this year and Germany a 40% share.
HIGH AND RISING
Italy's fossil fuel generation share is expected to increase. over the rest of the year as tidy power generation. decreases.
The lift in Italy's tidy power output so far in 2024 has. been generally fuelled by a 45% increase in output from hydro dams and. a 18% rise in solar generation.
Along with a 2% rise in wind output, the higher hydro and. solar production assisted lift overall clean electrical power generation. by 20% from January through August from the exact same months in 2023.
In overall, Italy's tidy electrical power generation hit a record. 88 terawatt hours (TWh) during the January to August period,. compared to 73.4 TWh throughout the exact same months in 2023.
However, both hydro and solar generation peak throughout summertime. in Italy, and after that trend progressively lower over the remainder of. the year as snow melt levels drop off and decreased daylight cuts. into solar output.
That means that overall tidy power generation will also. decrease, and will likely stimulate a revival in fossil fuel-fired. output as we head into winter season and the country's primary heating. season.
GAS COST PRESSURE
Italy's power companies mainly count on gas for power. generation, with around 45% of electricity generation coming. from gas-fired plants in 2023.
In contrast, Germany's power manufacturers just depend on. natural gas to create around 15% of electrical power in 2015,. while the average for Europe as a whole was 24%.
What's more, more than 95% of Italy's gas comes from imports. due to steadily decreasing domestic gas production.
Such a high dependence on imported gas implies that Italy's. power companies have been at the mercy of global gas markets. for the lion's share of their power generation fuels.
In addition, Italy's federal government has decided to change gas. supplies from Russia - which was approved by European Union. member states following its invasion of Ukraine in 2022 - with. buy from other providers.
This switch-out of gas from Russia - which was formerly. Italy's single largest gas supplier - with gas from other. providers has actually strained gas market streams throughout Europe, and. lifted overall gas costs.
In addition, Italy has plugged a growing share of its gas. supply space with imports of liquefied natural gas (LNG), which is. significantly more pricey than gas provided through pipeline.
PASSED ON EXPENSES
Much of the higher costs of gas imports have actually been handed down. to Italy's customers in the kind of the higher wholesale. electrical power expenses.
Italy's government has tried to soften the blow of higher. energy prices by reducing sales taxes and supplying subsidies. for the build-out of renewable energy generation capacity.
However with energies on the hook for aggressive boosts in. renewable resource capability as part of a brand-new energy security. decree passed last year, families have borne the force of the. impact from the greater cost of energy imports.
And with power companies set to face high capital costs as. they construct new tidy energy production assets, utilities are. not in any position to cut costs for households at any time soon.
That suggests that Italy's energy customers look set to keep. paying among the greatest rates in Europe for their power and. electricity for the foreseeable future.
<< The opinions expressed here are those of the author, a. columnist .>
(source: Reuters)