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Sources say that Amazon paid 180 million Euros to Italy to end the tax and labour probe
Sources with knowledge of this matter confirmed on Friday that an Italian unit of the e-commerce giant Amazon had paid compensation to delivery staff and removed a monitoring system, ending an investigation into alleged tax fraud. In July 2024, the logistics services unit of the group was accused by the authorities of circumventing tax and labour laws. It relied on limited liability companies or cooperatives to supply it with workers. The group also avoided VAT tax, and reduced social security payments. Milan's prosecutors confiscated 121 million Euros from the unit at the time. Two sources confirmed that the group had paid the Italian tax agency around 180 million euro ($209.83m) as part of an overall settlement worth 1 billion euros involving 33 companies which were targeted by similar investigations conducted in Milan. They added that these include Italian units DHL, FedEx and Ups as well as the Italian supermarket chain Esselunga. Il Sole 24 Ore was the first to report on this settlement. The paper and sources reported that under the agreement, the companies which were being investigated also agreed to hire directly more than 50,000 employees who had previously been hired indirectly via the cooperatives. $1 = 0.8579 Euros (Reporting and writing by Emilio Parodi; editing by Alvise Armilini)
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India's IndiGo cancels 500 flights. New Delhi and Mumbai are hard-hit as the crisis worsens
IndiGo, India's largest carrier, will cancel 500 flights in India on Friday, and all departures out of New Delhi will be grounded. The crisis has deepened at the airline, which admitted that it had not planned for new flight duty times imposed by pilots. In its fourth day of crisis, the airline has lost over 60% of market share, and thousands passengers are stranded in various parts across the country. This is the largest challenge the airline has ever faced. Airport sources informed that IndiGo intends to cancel 104 flights from Mumbai, 102 from Bengaluru and 92 from Hyderabad. Airport sources familiar with the development declined to name them because they weren't authorised to disclose information. Delhi airport has announced that all IndiGo flights have been cancelled for today. A source estimated this number at 235. IndiGo informed the regulator that its operations will be fully restored on February 10th. IndiGo asked for an exemption from certain provisions that limit the number of hours a pilot can work at night. Indigo stated that the disruptions were primarily due to "misjudgments and planning gaps" when implementing new pilot duty regulations which increased the mandatory amount of rest per week by pilots from 12 hours to 48, starting November 1. The old rule allowed six night landings per week. IndiGo shares fell nearly 3% Friday, bringing their weekly decline to 10.3%. IndiGo's performance in terms of on-time delivery dropped further to 8.5% Thursday, from 19.7% Wednesday. The airline cancelled more than 250 flights on Thursday and around 150 on Wednesday. (Editing Aditya Kahra, Kate Mayberry and Michael Perry; Editing Michael Perry).
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Sources say that India's IOC and BPCL purchases Russian oil in Jan-loads which is compliant with sanctions
Trade sources familiar with the situation said that Indian Oil Corp. and Bharat Petrol Corp. placed orders in January for the loading Russian oil from nonsanctioned providers due to the widening discount. BPCL said it had purchased four cargoes: two of Russian Urals, and one of CPC. Urals were sold at a discounted price of $6 to $7 per barrel compared to Brent. They said that India's largest refiner IOC has also purchased some cargoes from Russia for loading in January. IOC has consistently purchased Russian oil cargoes that comply with sanctions since Washington imposed sanctions against top Russian oil producers Rosneft Lukoil and in October. BPCL, however, skipped the December-loading purchases of Russian oil. Kazakhstan supplies the majority of oil sold through the Caspian Pipeline Consortium system (CPC). Russia also sells oil through CPC. BPCL and IOC didn't immediately respond to a comment request. The other state refiners, including Hindustan Petroleum Corp, Mangalore Refinery & Petrochemicals Ltd and HPCL-Mittal Energy Ltd have also stopped purchasing Russian oil. Nayara Energy, a company owned in part by Rosneft and exclusively processing Russian crude oil, has been the sole supplier of Russian oil since other suppliers withdrew following British sanctions and EU sanctions. Reliance Industries Ltd., the operator of the largest refining complex in the world, said that it would process any parcels arriving after November 20, under its agreement with Roneft, at its Indian-focused refinery. (Reporting and editing by Tom Hogue, Michael Perry, and Nidhi verma)
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Noem: US travel ban now includes more than 30 countries
U.S. plan to increase the number of countries that are covered by their travel ban from 30 to more than 30. Homeland Security Secretary Kristie Noem told reporters on Thursday that the U.S. plans to expand its travel ban beyond 30 countries. Noem was asked in an interview with Fox News "The Ingraham Angle" if the Trump administration would increase the number of countries listed on the travel ban to 32. She said, "I will not be specific about the number but it is over 30 and the president continues to evaluate countries." In June, the President signed a proclamation The bans apply to both immigrants and non-immigrants, such as tourists, students and business travelers. Bans are imposed on both immigrants and nonimmigrants such as students, tourists and business travelers. Noem didn't specify which countries will be added to the new list. Why should we let people from this country come to the United States if there is no stable government, if their country cannot sustain itself, and unless they can tell us about these individuals and help us vetting them? Noem said. Previously, it was reported that the Trump Administration is considering Ban on citizens from 36 additional countries According to a cable from the State Department, this is preventing certain peoples from entering the United States. The administration's migration measures have escalated since the introduction of the list. Shooting of two National Guard Members Washington, D.C., was the scene of a protest last week. Investigators have determined that the shooter was an Afghani national who entered the U.S. through a resettlement programme in 2021, under which officials of the Trump administration have claimed there was not enough vetting. Trump promised to " Permanent pause He did not name any or define the term "third world countries" but he said that "migration from all Third World Countries". Before that, officials at the Department of Homeland Security claimed Trump had ordered an Widespread review of asylum claims Green Cards were issued to citizens from 19 countries under the presidency of Democratic President Joe Biden. Since taking office again in January, Trump prioritizes immigration enforcement. He has sent federal agents to the major U.S. Cities and turned away asylum seekers on the U.S. Mexico border. His administration has often highlighted its deportation drive, but has not placed as much emphasis on efforts that would reshape the legal immigration. (Reporting and editing by Jasper Ward in Toronto, Leslie Adler, and Ryan Patrick Jones)
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US FAA selects Peraton as the new head of air traffic control
The Federal Aviation Administration announced on Thursday that it had selected Peraton, owned by Veritas Capital and a national-security company, to be the project manager for a $12.5 billion effort to revamp the U.S. aging air traffic control system. After decades of complaining about airport congestion, technological failures, and flight delays, Congress approved in July a plan worth $12.5 billion to overhaul the system and increase controller hiring. Peraton is the only integrator that will manage this massive project, and it will deliver it on schedule without causing any disruptions to air traffic, according to the FAA. The FAA chose Peraton over IBM and Parsons, a joint bid, as one of two firms it had confirmed in September. In a press release, FAA Administrator Bryan Bedford stated that "we are taking bold actions to ensure our system of air traffic is the envy around the globe." This month, he will update the House and Senate Committees on air traffic control reform. The FAA stated that the contract, which is a first of its kind, was structured to reward performance and encourage smart funding. Sean Duffy, Transportation Secretary, has stated that he would like an additional $19 to $20 billion in funding from Congress to reform air traffic control. According to a report from 2023, the FAA's communication system has been out of date for years and it is difficult for the agency to get spare parts for some systems. The report outlined aging FAA facilities that have leaking roofs and heating and air-conditioning systems, as well as outdated surveillance radars. These must be replaced soon at a cost in the billions of dollars. A separate report last year said that 51 of the 138 FAA air traffic control telecommunications systems were not sustainable. The FAA announced that Peraton would begin working on initial priorities, such as setting up of a new digital control center and transitioning from copper to modern fiber infrastructure. Chris Sununu (CEO of Airlines for America) praised this effort in a press release. Sununu stated that it was time to replace antiquated equipment such as floppy discs, copper cables and paper strips with 21st century technology and equipment. The Transportation Department announced that the system upgrade will be completed within three years. Its goal is to "reduce downtime, improve efficiency, strengthen safety, and support the future growth of national airspace", the department said. A report released in October showed that the FAA's 15-billion dollar "Next Gen" overhaul of air traffic control project, which began more than 20 years ago, had been plagued by delays and cost overruns, as well as being less ambitious than originally envisioned. (Reporting and editing by Leslie Adler, Clarence Fernandez, and David Shepardson)
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Saluda Medical shares plummet on Australian market debut
Saluda Medical shares listed on the Australian Securities Exchange fell nearly 45% in their debut at the Australian Securities Exchange on Friday after raising A$231,000,000 ($152.67,000,000) through its initial public offer. Saluda is a U.S. medical device company that develops neuromodulation treatments to treat chronic neurological conditions. The company sold 87.1 new CHESS depositary interests at A$2.65, which valued the company at approximately A$775 millions at listing. In the first few trading minutes, the stock fell almost half its value to A$1.48. Saluda was founded in Sydney, Australia in 2010. The FDA-approved Evoke Spinal Cord Stimulation (SCS) System is a closed-loop system that uses neural biomarkers to measure and adapt therapy in real-time. Saluda made its debut after GemLife Communities Group IPO of A$750 Million in early July. This was the largest 2025 listing in Australia and surpassed Virgin Australia's A$685 Million offering at the end of June. (1 Australian dollar = 1.5131 dollars) (Reporting and editing by Alan Barona in Bengaluru)
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Irish media reported that drones were spotted near Zelenskiy's flight path from Dublin.
Local media reported that an Irish navy ship saw up to five drones near the flight path for Ukrainian President Volodymyr Zelenskiy as he arrived in Ireland on Monday to make a state visit. Irish Times reported that the sighting caused a major alert due to fears of an attempted interference with the flight path. The Irish Times cited unnamed sources who said that the aircraft was not in danger, despite its arrival a little early. The Ukrainian delegation arrived on Monday late and left late the following day, as part of an effort to drum up support for Kyiv in Europe as Russia continues its war against Ukraine. Ukrainian media reported that Dmytro Litvyn was an adviser to Zelenskiy. He said that Ukrainian officials had been informed of the drones but took no action. Lytvyn is quoted as saying "The host country is responsible for the security." According to their data there were drones. However, this did not impact the visit. There was no need to change the visit. Recent drone flights originating from unknown origins have disrupted airspace operations across Europe. Ursula von der Leyen, President of the European Commission, has called these incursions hybrid warfare. The Journal website first reported that drones were spotted at Dublin Airport. They said they arrived at the exact location where Zelenskiy’s plane had been expected to be, at the exact time it was due to pass. The authorities said they were conducting investigations to determine if the drones had taken off from a ship or landed on land. Both news outlets reported that they were first seen northeast of Dublin at a distance of around 20 km (12miles) from the airport. Ireland's Defence Forces stated that it could not comment on any specifics about any alleged incident for operational security purposes. A spokesperson stated that "However, Defence Forces Support to the Security Operation, led by An Garda Siochana, was successfully deployed through multiple means, ultimately leading to a successful and safe visit," (Reporting and editing by Timothy Heritage Ron Popeski Stephen Coates).
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CANADA CRUDE-Western Canada Select trades at steepest discounts ever since March
The difference between the West Texas Intermediate benchmark futures and Western Canada Select futures, which is North American benchmark, has narrowed slightly on Thursday. However, it remains larger than ever before. CalRock reported that WCS for Hardisty, Alberta delivery in January settled at $12.85 per barrel, which is lower than the U.S. benchmark WTI. This compares to $13 Wednesday. The WCS discount on increased Canadian oil production has recently increased after spending most of the year in historically tight levels. This is largely due to the Trans Mountain expansion pipeline which has provided additional export capacity for Canadian oil producers. According to government statistics, the oil-producing province Alberta has set a record for production in 2024 with an average of 3.98 million barrels per day. The first 10 months of the year 2025 have been 3.8% higher than the same period of last year. * Oil prices fell globally on Thursday as investors waited for the Federal Reserve's interest rate cut. Meanwhile, the stalled Ukraine talks dampened expectations that a deal would be reached to restore Russian oil supplies. (Reporting from Amanda Stephenson, Calgary; Editing done by Maju Sam)
FT reports that Visa will be moving its European headquarters from London to Canary Wharf.
The Financial Times reported Friday that Visa's European headquarters will be moving to London Canary Wharf.
The report stated that Visa will lease 300,000 square foot at One Canada Square over a period of 15 years. It also added that the company would rent 11 floors in the building it plans to occupy by 2028.
Visa and Canary Wharf Group have not responded to our requests for comment.
Canary Wharf struggled to keep tenants after the COVID-19 epidemic. Now, the area is enjoying a recovery as more companies encourage their staff to return to work.
JPMorgan Chase announced last week a plan to construct a tower at the Canary Wharf Financial District, which will contribute 9.9 billion pounds (13.2 billion dollars) to the local economy over the next six years - this includes the construction costs - as well as create 7,800 new jobs.
(source: Reuters)