Latest News
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FedEx and Advent-led consortium secures more than 89% of InPost's shares in the takeover offer
InPost, a Polish parcel locker operator, announced on Friday that FedEx International, Advent International as well as other InPost shareholders had offered 89.81% of its shares. InPost?reported in a press release that the minimum acceptance threshold of 80% shares had been reached. The consortium agreed in February to purchase InPost for approximately EUR7.8 Billion ($8.95 Billion)?in a cash-only offer of EUR15.60 per equity share. After the transaction is completed, InPost's shares will be removed from Euronext Amsterdam. It is one of Europe's biggest networks of automated parcel lockers. The company operates in nine countries, including Poland. The company will continue to be known as InPost and keep its headquarters and management structure in Poland. Since 2021, the shares of 'its company have been under pressure due to intense competition in its home market and heavy investment expenditure?to support rapid growth.
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Major US airlines reject Air China's bid to schedule more US flights
Air China has been criticized by a group of major US airlines for its plans to schedule additional flights between Beijing and New York, Washington, as part of the President Xi Jinping meeting with Donald Trump. Airlines for America, which represents American Airlines, Delta Air Lines and United Airlines, opposed the request. US carriers are effectively prohibited from flying to China from the US eastcoast because they can't access Russian airspace. Chinese carriers, however, have the ability to fly some US flights. US Airlines said that adding two flights to the schedule would allow Chinese carriers to request additional regular flights, and they should be classified a 'charter flight. The US Transportation Department has proposed that in October 2025 Chinese airlines be banned from flying over Russia on routes between the United States and China. They claim the shorter flight times this practice allows puts American carriers at an unfair disadvantage. The proposal was withdrawn after it faced opposition from US agencies. USDOT and an attorney for Air China did not comment immediately. US airlines have long been critical of the decision to let Chinese carriers use Russian airspace to fly on US routes, because it allows them to reduce their flying time. It also burns less fuel and lowers costs. In its filing, released on Friday, the airline group said that Chinese carriers offer "shorter and less expensive routes?to and from China, as well as more economical flights?from and to the United States." In retaliation to Washington's ban on Russian flights over the US in March 2022, after Ukraine invaded, Russia has banned US airlines as well as many other foreign carriers. Chinese airlines are not banned, and they have used this advantage to gain market share over non-Chinese carriers in international routes.
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Brazil Police seize devices from former iFood Employee in Trade Secrets Probe
According to the investigator, Brazilian police conducted a search and seizure this week on a former iFood worker who was suspected of downloading confidential commercial data before leaving the company to 'join rival 99Food. This case is the latest in a larger investigation into allegations of corporate espionage within Brazil's multi-billion dollar delivery industry. Competition has increased since the entry Chinese-backed platforms Keeta and 99Food owned by ride-hailing company DiDi Global. Angelo Lages is the 'police inspector in charge of the investigation, who led the operation on Wednesday. He said that the purpose of the search is to collect electronic devices to conduct forensic analyses and determine what has happened to the data. 99Food stated that it takes these reports seriously and does not tolerate the use illegally obtained data. It also said the person targeted by this operation is not a member of its staff. Theft of Information Alleged According to the industry group Abrasel, iFood is owned by Dutch investment company Prosus and controls about 80%. Last year, it processed orders totaling about $20 billion. iFood, in recent months, has publicly accused rivals of attempting to gain confidential business information by paying third-party firms for paid consultations and former employees. iFood stated that this week's operations were the result of a complaint they filed involving a?alleged theft by a former worker of confidential and strategic commercial information. They also added that they are pursuing legal measures in order to protect their data and partners. Inspector Lages stated that the former employee resigned iFood by 2025, after informing them he was joining 99Food. He also noted that a later internal review revealed the download of strategic files just before his departure. According to Lages, the former employee informed officers that he was no longer employed by 99Food. He is now working as an independent consultant. Investigators also want to know if other individuals or companies had access to this information. ANTITRUST DISSPUTES Cade, Brazil's antitrust regulator, is currently dealing with a number of competition disputes. Keeta accused 99Food using exclusivity clauses and contract provisions which allegedly made it harder for restaurants operating across multiple platforms. Separately iFood asked Cade earlier this year to examine the expansion strategies Keeta's and 99Food's, alleging that they rely heavily on subsidies and sustained losses in order to gain market shares.
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Virginia tightens restrictions on data centers amid political backlash
Abigail Spanberger, the Governor of Virginia, said that as a result of increasing political backlash against'server warehouses and technology developed in them, Virginia is tightening its environmental, commercial, and permitting controls. Virginia, the state with the highest concentration of data centres in the world, has unveiled plans that include a ban on non-disclosure contracts and clean energy mandates for the projects. This move is in line with a series of similar measures taken by the governors of New York, Texas, and Pennsylvania recently to curb the rapid expansion of data centres, which are increasingly being built?to train artificial intelligence and deploy it. Spanberger said at a press briefing that Virginia's "Data Center Accountability Framework", which was announced in April, is intended to ease public concerns about the secrecy surrounding data centers' development and their impact on energy bills and the environment. "Community members demand action," Spanberger said. Data centers with a capacity of 25 megawatts and above would be exempt from the ban on non-disclosure contracts. The governor also said that data centers would be given incentives to develop solar and wind backup generators instead of diesel or natural gas-fired ones to help power their operations. The state legislatures will have to approve a part of the framework next year.
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Bloomberg reports that Aramco has halted October crude oil deliveries to certain European refiners following a pipeline attack.
Bloomberg News reported that Saudi?Aramco informed at least two European refinery?customers on Friday that they would not receive any crude?oil in the next?month due to an attack on Saudi Arabia’s main pipeline into the Red Sea. The report stated that European refiners usually buy Saudi crude under term contracts that guarantee monthly deliveries, but Aramco informed its customers that the next month's delivery will not take place. Saudi Arabia informed European customers earlier that some crude cargoes will be cancelled due to a 'drone attack' which shut down its East-West pipeline, damaged three pumping station and disrupted oil loading at the Red Sea Port of Yanbu. Orlen, a Polish refinery, has sought alternative crudes after the disruption. According to traders, Orlen purchased North Sea grades in order to replace disrupted Saudi imports. Could not verify the information. Saudi Aramco didn't immediately respond to a comment request outside of regular business hours. Bloomberg reported that Aramco is working to 'partially restart the pipeline in days and return it back to full capacity within six weeks. Saudi Aramco also increased crude exports from the Gulf via ship-to-ship transfers off Oman's Sohar port to offset volume losses due to reduced Red Sea shipments.
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London's marine insurance companies expand high-risk zone in the Black Sea as shipping attacks increase
According to a recent advisory, London's marine insurers have widened their high-risk area for the Black Sea as the conflict between Ukraine and Russia escalates. The Black Sea is an important route for the shipment of grain, crude oils and refined products. Russia, Ukraine, Bulgaria, Georgia and Romania all share its waters. In the last two months, Russia and Ukraine have intensified their attacks on each others' commercial shipping, escalating their five-year war. The Joint 'War Committee' (JWC), which is made up of syndicate members in the Lloyd's Market Association, and representatives from the London Insurance Company market, provides guidance to underwriters on insurance premiums. The JWC expanded its reporting requirements for the Black Sea to include the entire Black Sea area this week. "The coastal waters of Russia, Ukraine, and the Baltic States were already listed," Neil Roberts said in a note that accompanied the advisory on Thursday. Roberts is the head of marine and aviation at the LMA, and the secretary of the Joint War Committee. "However voyages in the territorial waters of neighboring countries still do not require notification." In recent weeks, war risk premiums have risen dramatically as a result of the attacks on dozens of ships in the Black Sea.
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The small English club Oxford Utd apologizes for the 'United 93 clothing line'
Oxford United, a third-tier English club, has withdrawn its clothing line featuring the slogan "United 93%" and apologized for not knowing 'its historical context. United 93 is the callsign of one of the hijacked passenger jets in the 9/11 Al Qaeda attack on the United States. The merchandise was meant to be a nod to the club's founding date of 1893. A club statement stated that the range was released "without an understanding of its historical context and associated associations." "It should not have been sold and we take full responsibility for failing to do proper due diligence. We have immediately removed the collection and are reviewing our processes to make sure that nothing similar happens again. We would like to record our'sincere apologies' for this mistake and any?offence that may have been caused. After being hijacked by terrorists on September 11, 2001, United Airlines Flight 93 crashed into rural Pennsylvania in Shanksville. All 44 passengers and crew were killed. The 2006 documentary "United 93" chronicled the tragic events of the plane's flight towards the US Capitol Building.
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Malaysian regulator will ask publicly traded firms to submit El Nino plans and is looking for deeper Middle East relations
Malaysia's Securities Commission will ask companies how they are preparing for El Nino, as it is concerned that businesses in the country may not be prepared for its effects. Forecasters warn of a super El Nino that could bring heat and drought to Southeast Asia. Conditions that are hotter and drier can affect crop yields, straining water supplies. This poses a risk to Malaysia's palm oil industry. "We are going to write to all major companies and ask: What is your El Nino Plan?" Mohammad Faiz said in an interview during an investor roadshow held in the UK. "And we'll then?have a conversation with them next to see if it worked or failed." Since a while, a number of regulators have required that companies disclose information about climate and weather impact. However, requests for specific events are typically not made public, even when they're made. Mohammad Faiz stated that the initiative will test whether climate-risk disclosures by companies translate into effective preparation. He argued many firms have not "seriously" considered how they would deal with drought, because Malaysia has historically abundant water resources. Separately he stated that the commission was?exploring closer ties with regulatory?in the Middle East in order to deepen Islamic financial links and channel more funds into Southeast Asia. In a first step regulators will examine the differences between how different jurisdictions classify stock as being compliant with Islamic Law, or Sharia. In July, Malaysia's Securities Commission signed an agreement that allows companies seeking dual listing to use one prospectus and a set of submission documents starting this month. Mohammad Faiz stated that Sarawak Energy is one of the IPO candidates which the commission encourages to consider a dual listing in order to achieve a higher valuation. He claimed that the company could reach a market valuation of $10 billion. Sarawak Energy didn't?respond to an?request for comments outside of office hours. Mohammad Faiz, when asked if AirAsia is on the regulator's watch list, said that he "neither confirmed nor denied" this. He added that the government has hired?consultants who will review the carrier's financials, though he wasn't aware of any plans to?takeover. AirAsia has not responded to a request for a comment. Tony Fernandes, AirAsia co-founder, said that the company had not been in contact with the government and that they did not require any bailout or rescue. Mohammad Faiz, speaking of the plans for the stock exchange, said that the government planned to increase the capitalisation of Bursa to 6.3 trillion Ringgit ($1.55 trillion), from the current 4.5 trillion Ringgit.
Mexican cartel leader captured and killed after romantic tryst
Mexican authorities reported on Monday that they received a tip regarding the romantic relationships of drug lord Nemesio seguera, which led them to his hideout in Jalisco's small town where he died. This was the first report of the ambush in Mexico.
Authorities said that at least 62 people were killed in the raid early Sunday morning on Oseguera (also known as "El Mencho") and the violence that followed. This included 25 members of the National Guard Military Police and 34 suspected gang?members.
Early on Monday, President Claudia Sheinbaum said that the situation is normalizing and that roadblocks are under control.
Mexico deployed 2,000 troops to Jalisco and the region is the home of the notorious Jalisco New Generation Cartel. Both Mexicans and tourists living in the coastal towns of the state were concerned about the rapid spread of violence throughout Mexico.
Oseguera’s death is a major blow to CJNG, an extremely diversified criminal organization, and a win for Mexico’s government, after President Donald Trump pressed Mexico to take action against the cartels. The victory may lead to more violence in Mexico, a country that has already been plagued by years of murders and disappearances caused by organized crime.
"Unfortunately, this is not the first instance we've experienced this. But this time, it does seem a little more worrying, because there's been no successor to these cartels," said Fabiola cortes, a teacher in Mexico City. "We hope our president protects us and does something to help us. Fear is all over the streets."
Oseguera was Mexico's most wanted cartel leader. He was the brains behind the Jalisco New Generation Cartel - a rival of the notorious Sinaloa Cartel. The U.S. offered a reward of $15 million for information that led to his arrest.
Mexican officials emphasized that they led the operation. The U.S. provided intelligence which helped Mexican authorities pinpoint the exact location where the cartel boss was found.
There was no involvement of U.S. troops in this operation. "What there was was an information exchange," said President Sheinbaum.
MILITARY OPERATION LED TO RETALIATORY SURGE IN VIOLENCE
According to Mexico's Defense Ministry, Oseguera was killed in a helicopter following an injury sustained in a military action by Mexican Special Forces in a forested area near the town of Tapalpa located in the western state of Jalisco.
Ricardo Trevilla, the Defense Minister, said that information provided by a confidante to one of Oseguera’s romantic partners allowed officials to plan quickly the raid on the compound of the crime boss the next day.
During the raid Oseguera’s gunmen opened fire on security forces. The conflict then moved to a complex of cabins in a wooded area where Oseguera was injured, along with two bodyguards. Trevilla stated that the three were transported to Mexico City by helicopter but they did not survive.
Trevilla, at the daily press conference of the President, said: "Unfortunately they died on their way." He cried as he offered condolences for the families of fallen officers.
Officials added that they found rifles with grenade launchers as well as rocket launchers and shells for mortars at the site where the raid took place.
Omar Garcia Harfuch, the Minister of Security, said that at least 70 arrests were made in seven states.
In protest at the killing of Oseguera, suspected cartel members burned down vehicles and businesses on Sunday. They also blocked roads and caused travel disruptions.
According to the Defense Ministry, Oseguera’s right-hand and top financial official known as “El Tuli” organized attacks in Jalisco. He was also killed by security forces when they tried to arrest him.
According to Trevilla, the cartel operative offered a reward of 20,000 pesos ($1,160) for the death of military personnel.
Garcia said that authorities are closely watching for any reaction or reorganization within the cartel which could lead to further violence. He said that several of the leaders of this criminal group were already under surveillance.
A TOURISM IMPACT IMMEDIATE
On Sunday, the flare-ups forced airlines to cancel flights. By Monday morning, shares of Mexican airline Volaris as well as airport operators GAP and ASUR had fallen by more than 4%. Aeromexico said on Monday that it would gradually resume flights. Air Canada announced on Tuesday that it would resume flights into the popular Puerto Vallarta resort and flights into Guadalajara, Jalisco's capital.
Ryan Davis was one of the many foreign tourists who were shocked by the violence in Puerto Vallarta on Sunday. It was surreal to be avoiding burning cars on the road while going to the airport, he said.
Unverified video footage of a Pemex station allegedly showing intense shooting and fighting. The state oil company Pemex has said that its operations are running normally, and fuel is available nationwide. Mexican conglomerate Femsa reported more than 200 incidents in its gas stations and stores.
Kimberley Sperrfechter is an emerging markets economist with Capital Economics. She said that the immediate impact of the unrest would be to?hit tourism. But if it continues, the electronics and semiconductor production in Jalisco could also be at risk.
Jalisco, in addition to being a hub of electronics manufacturing, is also a major producer of avocados, eggs, and berries. It was the birthplace and home for tequila.
She added that "beyond its macro implications, this killing shows Mexico's Government is doing all it can to appease the Trump Administration ahead of the USMCA review in 2018," referring to the U.S., Canada, and Mexico free trade agreement.
Donald Trump, the U.S. president, called on Mexico on Monday to intensify its efforts against drug cartels. "Mexico needs to step up its efforts against Cartels and Drugs!" He wrote on social media.
The U.S. is pushing Mexico to take more action against drug trafficking. However, Mexican authorities also have long called for the U.S. do more to restrict the illegal sales that are a major source of weapons that are used by the cartels to operate on its soil. According to U.S. data, about 70% of the illegal arms found in Mexico originated from the U.S.
(source: Reuters)