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Media report that Russian railcar and tanks maker reduces working week for civil staff
The company's media service announced to Russian media that the company will be reducing its civil-sector workforce from five days per week to four due to weakening demand. Sources and companies say that the move is being made as Russia's largest industrial companies, such as automakers, mining, and metallurgical firms, put employees on furlough, or cut staff, as war economy slows down, domestic demand stagnates, and exports dry-up, according to sources. Uralvagonzavod, despite temporary fluctuations on the railcar market and its diverse production, continues to operate in a stable manner, the company stated, without specifying the number of employees affected. Uralvagonzavod belongs to the state-owned conglomerate Rostec. When asked to comment on the reported change, it did not reply. Railway freight volumes in Russia dropped 6.7% on an annual basis between January and September to 830.2 millions metric tons. (Reporting and editing by Louise Heavens; Additional reporting by Darya Corsunskaya, Anastasiya Lirchikova, and Gleb Stolyarov)
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The first direct flight from Riyadh to Moscow operated by Saudia has landed in the Russian capital amid warming relations
Saudia's first direct flight from Riyadh, Saudi Arabia, to Moscow, Russia, landed in the Russian capital Friday amid warming relations between the two oil-producing countries. Saudia announced that it will be offering three direct flights per week from Sheremetyevo Airport in Moscow to visitors, businesspeople and government officials. In August, Flynas launched direct flights between Riyadh's Vnukovo Airport and Moscow. Flynas will also launch a direct flight between Jeddah (the gateway for pilgrims to Mecca) and Moscow, in December. The relationship between Russia and Saudi Arabia is close. Last year, Russian President Vladimir Putin thanked Saudi Arabian Crown Prince Mohammed bin Salman's help in organizing the largest U.S.-Russian Prisoner Swap since the Cold War. Since 2015, when Mohammed bin Salman (also known as MbS) visited Russia for his first visit, the two men have developed a strong personal relationship. The relationship between the two leaders has been instrumental in helping them to reach and maintain an OPEC+ deal. (Reporting and editing by Sharon Singleton.)
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LMEWEEK - LME examines amending warehouse storage rules
Matt Chamberlain, Chief Executive of the London Metal Exchange (LME), said that the LME is looking at a market consultation for amendments to the rules of the 450 warehouses it has around the globe. The LME has been introducing queue-based rent caps (QBRC), which limit rental income for registered warehouses at 80 days following the notice given by the owner of the metal to take delivery. The rule has unintended effects. The rule has unintended consequences. Traders who have contracts to deliver metal beyond 80 days can cancel warrants and get free storage. Meanwhile, consumers cannot access metal stored in warehouses that are overcrowded. Chamberlain, speaking ahead of LME Week in London, an annual gathering of metals companies from around the world, said: "We understand that there are different views about how certain things, such as load-out rates and rents, work." "We have very active discussions with stakeholders...and if it makes sense to take specific ideas to market, whether they are suggested to us by them or developed in-house, we will put those into a consultation when the time is right." It was reported in early this year that LME planned to consult on its storage rules. One alternative to QBRC is to specify percentages of metals that must leave the warehouse or be loaded within a specified period. They said that other changes could include the banning of "rent deals", which allows warehouses to share their rental income with companies who deliver metal to them. Rent deals do not require the firm to retain ownership of the metal, but it still receives a portion of the rent for as long as the metal remains in the warehouse. The fees are paid by new owners. Queues re-appeared last summer despite these measures, raising new concerns about the system's effectiveness. Hong Kong Exchanges and Clearing Ltd. owns the LME. (Editing by Kirsten Donovan, Kirsten Desai and Pratima Deai; additional reporting by Eric Onstad)
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MOL will increase its deliveries to Serbia following US sanctions against NIS refinery
Hungary's MOL oil company will increase its deliveries to Serbia following U.S. Sanctions on the NIS Refinery, Hungary’s Foreign Minister Peter Szijjarto announced in a Friday statement. Thursday, the United States imposed sanctions against Serbia's Russian owned oil company NIS. This prompted Croatia to reduce crude supplies. There are also concerns that Serbia's only refinery could cease operations in a few weeks. Szijjarto stated that "as MOL is an important player in Serbia's crude and fuel supply, our Serbian friends are able to rely on MOL for increased supply." He added that the increase would not be enough to replace the absence of shipments from Croatia. Szijjarto didn't provide any details on the increase in supply planned or the delivery method. MOL stated in a press release that "despite our limited options due to logistical issues, we remain committed to maintaining the security of supply (in Serbia)." MOL Serbia is investing in increasing storage capacity, enhancing its local presence and supporting stable operations and growth of the retail network to ensure that customers have reliable access to imported gasoline. NIS provides around 80% or more of Serbia's demand for diesel, gasoline and jet fuel. It also supplies 90% or even more of the heavy fuel oil and jet fuel. Serbia has limited options to import crude oil at large scale without access to the JANAF pipe from Croatia's Adriatic Sea. A pipeline linking Hungary and Serbia could be built as early as next year. All of Serbia's crude petroleum needs According to the Foreign Minister, this pipeline will be able to transport up to 4-5 millions tonnes of Russian crude oil through Hungary to Serbia every year. In recent years, the relationship between Serbia and Hungary has grown stronger. Both leaders, Viktor Orban, Prime Minister of Hungary, and Aleksandar Vucic as President of Serbia, have strong ties with Russia. (Reporting and editing by Deepa Babyington, Anita Komuves)
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What can airports to do prevent drone intrusions?
In recent weeks, drones have disrupted the airspace in Europe. This has caused airport closures and flight cancellations. As tensions between the West and Russia have increased over the war in Ukraine, finger-pointing has occurred. However, Moscow denies any involvement. Investigators are still collecting evidence. Governments and regulators face pressure from the public to find solutions. Why are Drones a growing problem at airports? Monitoring service Enigma has detected at least 18 drones in Denmark, Sweden Norway and Germany since September 16. Many, but not all, were in close proximity to airports. Since 2005, drone incursions in Britain have affected airports such as Gatwick and Heathrow. However, this year there has been an increase in the number of incidents. The data shows persistent activity for several weeks and possibly coordinated incursions at specific dates, said an Enigma spokesperson without providing any further details. Airport drone spottings have been particularly disruptive. Airport closures are costly and affect the entire aviation system, causing delays across Europe. Ourania Georgoutsakou said that the increasing number of incidents would "speed up" the implementation of protocols in order to minimize disruptions within an "overstretched, fragmented European Airspace". Protocols include frequency checking, monitoring and jamming. Both civilians and investigators have been trying to determine what types of drones were flying, their capabilities and who was controlling them. Chief executive of Dyami Eric Schouten, a security advisory firm, said that the chaos caused by recent incidents could be an indication of hybrid warfare tactics. Ursula von der Leyen, President of the EU Commission, said that recent drone incidents and other violations of airspace show Europe is now facing hybrid warfare. It must respond to this with measures beyond traditional defense. She stated that Russia's goal is to "sow a division" in Europe. What technology do airports have to fight back? On the market are a variety of technologies, such as microwaves, lasers, and missiles. The capabilities range from drone detection to jamming frequencies used by drones and shooting down. What is the challenge? The challenge? The European Aviation Safety Agency will issue guidance in 2021 on how to deal with drone disruptions. Some national governments have also imposed restrictions on drone flights. Airports purchased counter-drone devices from companies such as Dedrone Thales and DJI Aeroscope. However, the majority of these tools only offer detection technology. Germany's federal government is proposing a law that would allow police to shoot drones down if necessary after drone sightings disrupted Munich Airport earlier this month. However, introducing lasers or missiles to shoot down drones within civilian airspace has its own set of safety concerns. These include the potential for damage to civilian aircraft as well as wider infrastructure. You must be certain that the object is hostile. Then you can intervene. "There are many ifs and buts," explained Dutch drone expert Wiebe De Jager. He warned that most drone alarms are false alarms. Experts say that any major action would require a clearer policy from the government. For now, airports will mainly stick with detection tools. WHAT'S NEXT? Experts predict that drone incursions will increase in frequency across Europe. Airports aren't the only places where drones could cause disruption. Drones can also target prisons, seaports and nuclear facilities. Experts said that although the disruptions highlighted the vulnerabilities, the recent incursions will bring greater clarity and action by authorities. They will also force more coordination between sectors and more countermeasures. Stijn Willekens is the Chief Executive of Active Drone Security Solutions. "I hope that it does really shake things up," he said. (Reporting and editing by Joe Brock, Mark Heinrich, Ilona wissenbach, Toby Sterling; reporting by Joanna Plucinska).
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Handelsblatt reports that Germany has ordered over 600 short-range Air Defence Systems.
The Handelsblatt reported Friday that the German government intends to order over 600 Skyranger 30-short-range air defence system from Rheinmetall by the end of this year. It cited sources in the defence ministry and the industry. Handelsblatt reported that the contract for the turrets and vehicles, in this instance the Boxer wheeled armored vehicle produced jointly with the Franco German defence company KNDS is worth more than nine billion euro ($10 billion). Boris Pistorius, the German Defence Minister, said last week that Germany will begin the procurement of Skyranger tanks within the next few months. So far, 19 Skyranger tanks have been ordered. In Europe, air defence is a hot topic amid growing concerns that Russia may be behind the increasing number of drone incursions into the airspaces of Ukraine's European Allies. The Kremlin denies any involvement. When asked by a reporter about the 600-tank order, a German Defence Ministry spokesperson said: "I do not want to discuss numbers." A Rheinmetall spokesperson said that questions regarding the report should be directed to the German Army, but added that the company was preparing to increase production significantly due to the high interest Skyranger has received from multiple countries. The spokesperson stated that the current goal is to sell at least 200 units a year. Rheinmetall said it will supply Ukraine with Skyranger 35 Systems, which feature a 35mm mounted gun, following a three-digit-million-euro order funded by an EU nation with proceeds from Russian assets frozen, the company announced in a Separate statement On Friday, Skyranger, a mobile air defense system developed by the German defence giant, is designed to protect against low-flying items. Germany relied heavily on the Gepard tank anti-aircraft for short-range air defense of up to 3 km. This weapon has become very famous during the Ukraine war. Berlin retired their Gepards to save money in 2010.
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DHS: US awarded $4.5 billion border wall contract, DHS reports
Department of Homeland Security announced on Friday that the federal government had awarded 10 construction contracts totaling $4.5 billion to add 230 miles of border barrier along the Southwest U.S. Border. According to the company's statement, these contracts will add hundreds more miles to its border security system, which includes steel barriers and waterborne barriers as well as patrol roads, lighting, cameras, advanced detection technology and lights. BCCG Joint Venture was awarded seven of the ten contracts in September by DHS and Customs and Border Protection. The Smart Wall will mean more miles of barrier, more technology and greater capability for our agents. CBP Commissioner Rodney Scott stated in the statement that this is how to take control of your border. DHS Secretary Kristin Noem granted two waivers to CBP for nine miles of Smart Wall within its San Diego Sector, and approximately 30 miles for New Mexico in the El Paso Sector. "To cut through the bureaucratic redtape and expedite construction of the Smart Wall," a statement stated. The waivers' necessity was not immediately apparent. These waivers can be used to circumvent certain laws, whether they are environmental or otherwise. (Reporting and editing by Nick Zieminski; Doina Chiacu)
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Comex silver heading back to London after record spot prices
Silver, which flooded the United States in the early part of this year because of fears about tariffs on imports, is likely to return to London's physical market where shortages of metal have driven the spot price over U.S. Futures. Silver was shipped to the United States by traders who wanted to avoid possible tariffs. This is because it was included on a list of critical minerals for the United States in September. The move is part of an effort to secure domestic supply chain for key metals. Silver spot was around $50.10 an ounce Friday after reaching a record of $51.22 per ounce Thursday. Comex silver futures were at last $48.1. Analysts said that the price difference is large enough for traders to profitably bring silver to London. At a Macquarie briefing, Ryan Mangan, Macquarie's head of global bulks and metals trading said that there was a shortage of silver in London. However, 500 million ounces of silver were sitting on the Comex exchange doing nothing. Comex silver inventories The 526.1 million troy-ounces is close to the record of 531.9 millions ounces set on October 3. Adrian Ash, the head of research for online marketplace BullionVault, said that "so much silver has gone to the U.S. there is now nearly four years worth of domestic supply stockpiled." "In London, the lease rates are just over 11%. This is incredible." Silver lease rates are the costs of borrowing silver, and they are an indicator for demand. A precious metals trader said that they are high due to low liquidity in London, as a result of a recent surge in demand for silver-backed exchange traded funds. This was on top of the previous flows into the U.S. In India, the effect of the London market's tightness can be seen. Kotak Mahindra Asset Management Company has temporarily stopped new lump-sum investments into its silver ETF to protect investors. Next week, the metals market will hear from the U.S. investigation into possible tariffs on imports of critical minerals ordered by U.S. president Donald Trump in April. The government shutdown may delay any decisions. Tai Wong, a metals trader who is independent, said: "I don’t think the market would send back too much unless tariff implications were very clear." Ashitha Shivaprasad reported from London, Polina Devtt contributed additional reporting and Pratima Desai edited the article.
Tesla and Musk sued by shareholders for Robotaxi claims
Elon Musk, Tesla and other companies were accused of securities fraud by investors who claimed that they had concealed the risk associated with the self-driving cars, such as the Robotaxi.
The class action lawsuit was filed in federal court in Austin, Texas on Monday night after Tesla's robotaxis were shown to speed, brake suddenly, drive over a curb and enter the wrong lane. They also dropped passengers in the middle multilane highways.
Tesla's stock price dropped 6.1% in two days of trading after the test. Shareholders accused Tesla of exaggerating the effectiveness of its self-driving technology and inflating the company's business prospects.
The lawsuit is seeking unspecified damages from April 19, 2023 to June 22, 2025.
Tesla did not respond to a comment request on Tuesday. (Reporting and editing by Giles Elgood in New York. Reporting by Jonathan Stempel)
(source: Reuters)