Latest News
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US Postal Service signs multi-year agreement with DHL unit
The U.S. The U.S. DHL eCommerce, a division of the German logistics giant DHL Group said that the deal would help the company grow in the U.S. over the next few years. David Steiner, Postmaster-General of the United States, said in an exclusive interview that DHL has the opportunity to "play in the largest market on the planet." He said that DHL would have to "invest a lot of capital" to build an end-to -end network or partner with someone who has the last mile capability, like USPS. DHL eCommerce will handle pickups and sortation at its 19 U.S. hubs, before USPS completes the "last mile" for all deliveries. DHL eCommerce Americas' CEO Scott Ashbaugh stated that the deal will help the company grow in the United States, and "target slightly heavier parcels." He said that the company may add more hubs in the United States. Ashbaugh stated that the company expects to roughly double its business by 2030. The USPS is in dire need of cash and has been warned that it could run out as early as February. Amazon.com announced last month that it had reached an agreement with the U.S. Postal Service on package deliveries. Reporting by David Shepardson
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Swiss Police say knife attack on station is terrorist act
Police said that a knife attack on a Swiss train station, which left three people injured, was an act terrorism. They arrested a suspect, who had been previously reported for spreading Islamic State propaganda. The police said that they had arrested a dual Swiss-Turkish citizen, 31 years old, who was from Winterthur. This is a city located north of Zurich. The attack occurred at approximately 0630 GMT. Mario Fehr, the security director for the canton of Zurich described the attack. He called it "a vile act of terrorism?which was I believe handled very well by police who were able?to prevent something even worse happening." Fehr, at a recent press conference, praised the teacher who protected her students by standing in front of them. Fehr stated that there were "many brave people", including the teacher, who "behaved exemplary". The Zurich cantonal Police commandant Marius Weyermann stated that the suspect was previously reported to police in 2015, for spreading propaganda by the hardline militant group Islamic State. Weyermann stated that the motive behind this act should be found in radicalization and extremism. The Swiss newspaper Blick reported that it had?obtained a video of a man running from?the concourse at?Winterthur Station shouting 'Allahu akbar, an Arabic phrase which translates to "God the greatest". The video was not independently verified. According to police, the three victims were receiving medical care. The police reported that one person was stabbed to death in the leg. Another was stabbed to death?in neck. A third man was stabbed?in thigh. Weyermann reported that the injured were transported to hospitals, and the third person required emergency surgery due to his injuries. Reporting by John Revill, Ludwig Burger and Aiden Lewis.
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Federal regulator suspends review of Union Pacific and Norfolk Southern's $85 Billion merger
The U.S. Surface Transportation Board announced on Thursday that it had paused its review of Union Pacific's and Norfolk Southern's $85billion merger application, as it sought a?larger?amount of information from the companies. In morning trading, shares of Union Pacific dropped 4.2% while Norfolk's fell 5.4%. STB, who has exclusive jurisdiction for railroad mergers, said that the companies' merger request had been accepted but that proceedings, including environmental review, were put on hold. The Department of Justice may provide non-binding legal advice. The STB stated that "Several aspects of revised application are unclear or underdeveloped, and need to be supplemented at this stage." After an initial proposal?was sent in January, the companies submitted a revised application in April to merge and create a coast-tocoast U.S. Freight Rail Operator. A coalition of business organizations, rival railroads, and organized labor unions have all been against the deal. They claim that it will stifle competitiveness and increase costs for consumers, manufacturers, and farmers. The board has asked railroad operators to provide additional information by July 27, including projections of market share, downstream merger effects and enhanced competition. The board stated that "given the relatively narrow procedural question, completeness", the issues raised by the commenters did not warrant the rejection of the revised application. The STB will review the evidence for a year and determine if the transaction is in the public's interest. It will then make a decision. The merger was originally planned to be completed by April of next year. However, this may have been delayed because the board might not reach a decision before September 2027. Union Pacific and Norfolk Southern have not responded to the request for comment. Walter Spracklin, an RBC analyst, wrote that a delay would not affect the likelihood of the deal being completed. He also said that he views Thursday's report as "neutral" to sentiment. Reporting by Aishwarya and Apratim in Bengaluru. Additional reporting by Rashika, Diti Pujara.
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Airport chief: US military aircraft affecting Israeli commercial activity
Ben-Gurion International Airport near Tel Aviv is operating at only one-third capacity because of the presence of U.S. fuelling aircraft. This could lead to heavy flight cancellations in summer, according to the head of Israel Airports Authority. Director general Sharon?Kedmi told Kan's Reshet Bet that the military activities at the airport are limiting 70% of airport activity. He said, "We only use one-third the operational capacity of the airport." "We have reached the limits of our abilities." We will cancel some flights in the next few days. He added that foreign carriers would not be able to return in the near future, and up to 3 million passengers' flights will be cancelled. Dozens of U.S. Ben-Gurion is currently home to a number of?U.S. The loss could be in the billions of Shekels The U.S. Embassy in Jerusalem asked the State Department to comment on this, but they did not respond immediately. Kedmi said to the station that the authority had lost 700 million shekels (about $248 million) in the past two months. If the situation continued, the loss could reach billions. He said that 18 million passengers were expected to pass through the airport but "right away it looks like we will not exceed 15 millions." We have no idea when the U.S. Military's activities will cease at the airport. Kedmi stated that "we are in a state of constant flux." Shmuel Zaka, head of the Civil Aviation Authority, was quoted by Israeli media as saying that U.S. aircraft were causing delays for foreign airlines and affecting civilian flights at Ben-Gurion. According to reports, he told Israel's Transport Minister that Ben-Gurion had?turned into an airfield with limited civilian activities" and was "harming local carriers." The media reported that Israeli carriers had moved their aircraft overseas at the beginning of the Iran War and have not returned. Reporting by Steven Scheer, Editing by David Holmes.
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French regulator warns crypto companies that do not have EU licenses will be prosecuted
France's top market regulator warned crypto companies that they could be blacklisted if they did not obtain an EU license?to operate before the end of June. This is because the EU has begun to implement tighter regulations for crypto. According to the European Union's MiCA crypto rules, crypto companies must obtain a license by June 30 in order to continue to operate within the bloc. European regulators warned that firms without licences must have "orderly dismantling plans" in place. The rules, which were agreed in 2023, ?bring regulatory oversight to the multi-trillion-dollar crypto industry's operations in Europe, even as U.S. ?President Donald Trump's administration has eased regulation for the crypto sector in the U.S.. "It's becoming very, very ?urgent to finalise the licences applications," Marie-Anne Barbat-Layani, president of ?the French markets regulator, AMF, ?told journalists on Thursday. Barbat-Layani stated that crypto companies who have not obtained licences before the EU deadline will be placed on a blacklist and face enforcement actions, including prosecution if they continue to search for EU customers without authorization. According to MiCA, cryptocurrency companies must?apply to regulators of individual EU countries for licenses, which can be used as a passport to operate across the 27-nation EU. Last year, regulators were concerned by differences?in the way countries?were?applying the rules. The speed at which Malta granted licences drew scrutiny from the European 'Securities Markets Authority' (ESMA). Barbat-Layani confirmed that France would be willing to block passporting of licenses granted by another country if they did not agree with their decision. This was first reported by? In September,?first reported that France would be prepared to block the passporting of licences granted by other countries if it did not?agree with their?decision. She said that this was not what the regulator wanted, because it would be a "serious failure collective". (Reporting and editing by John O'Donnell, Elizabeth Howcroft)
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Source: RWE Germany is considering raising stakes in Amprion
RWE, Germany’s largest power producer, may consider buying additional?shares of?power network operator Amprion, according to a source familiar with the situation. RWE holds a 25,1% stake in Germany’s second largest electricity grid, through RWE Akjaios Holding. This joint venture is with the US private equity firm Apollo. The person said that the joint venture 'could purchase the Amprion share held by AEBG. This is backed by AEVWL and five pension funds. RWE declined to comment on what was discussed. AEGB refused to comment on the story, first reported by Handelsblatt. Amprion?did not immediately respond to an?ask for comment. Handelsblatt, citing sources familiar with the matter, reported that AEBG 'holds a 16,5% stake in Amprion. RWE has already signed a preliminary agreement for purchase. In February, sources said that Amprion's largest owners were considering selling their stakes to new investors. (Reporting and editing by Madeleine Chambers, Sabine Wollrab and Christoph Steitz)
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FAA expects Boeing MAX 7 certification this summer and sees production increases
The 'head of the Federal Aviation Administration' said Wednesday that he expected the Boeing 737 MAX 7?to be certified this summer, and the MAX 10 - the larger version - to be approved by the end of?the?year. Bryan Bedford, FAA Administrator, said at an aviation conference in Washington that he expects Boeing to increase production of the 737 MAX again in the next ninety days. He said that the FAA backed Boeing's decision of increasing production from 42 planes per month to 47 planes. Bedford stated that it was important to the country for Boeing to be successful. "We're absolutely fine with 42-47 and I expect that in another 30,-60,90 days we will see continued rate increases." The FAA approved Boeing's request to increase 737 MAX production from 38?planes a month to 42?planes a month in October. This will end the current cap of 38?planes imposed since January 2024. The company plans to increase production to 52?jets per month by the end of next year after opening a fourth 737 line in Everett Washington. The MAX 7 is the shortened version of two existing types, the MAX 8 & 9, which have already accumulated thousands of flight-hours. Boeing's MAX 7 and MAX 10 models have been delayed in their certification due to a?engine-deicing problem. Boeing has also experienced delays in the certification of its widebody 777X aircraft. Boeing CEO Kelly Ortberg stated on Wednesday that he was "pretty sure" there would be no hiccups during the final phase of flight testing for certifying the new 737 MAX anti-ice engine system. The production cap was implemented after the mid-air cabin explosion incident in 2024 involving a brand new Alaska Airlines 737 MAX aircraft. Bedford added that Boeing has a "lot more transparency" and is doing a better job of integrating quality into the frames. Bedford explained, "Instead of waiting until things are problematic before engaging us, this allows us to work together to identify potential problems as well as solutions that can be integrated into the quality system." (Reporting and Editing by Bill Berkrot.)
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United Airlines CEO rejects consolidation after American rejection
United Airlines CEO Scott Kirby stated on Wednesday that the carrier will not pursue airline consolidation in the near future. This comes after American Airlines rejected his proposal for a possible merger. Kirby, speaking at a Bernstein Investor Conference, said that he has long believed that the "big deal"?United was pursuing was the only one which made economic sense. But he added that such a deal would require a partner who was willing to do it, which "we clearly don't" have. "I don't believe that United at least will participate in any sort of consolidation in the near future," said?Kirby. Kirby stated that he approached American in April about a possible merger. American refused to engage. He had previously been reported to have raised the possibility of a merger with American in a late-February meeting with U.S. president Donald Trump. Robert Isom, American's CEO, has rejected a proposed merger with United Airlines as being anti-competitive. He said that American was focused on rebuilding the Chicago hub, increasing revenue, and developing partnerships. This could include a deeper relationship with Alaska Airlines. When asked about speculation from investors that?United might pursue a smaller transaction after failing to secure larger transactions,?Kirby referred to the idea as "idiotic" stating that this was "definitely the plan." Kirby also refuted speculation regarding JetBlue, saying that he didn't see how United could increase JetBlue’s margin enough to make the deal work. Kirby said that he was increasingly confident United could achieve double-digit margins before tax next year as the easing of 'oil prices' and a resilient demand helped it recover more from higher fuel costs. He said United had been on track to achieve double-digit profit margins before the Iran War drove fuel prices up.
Data shows that Russia sent its first LNG tanker eastward along the Arctic this year.
LSEG data on Thursday showed that a liquefied gas carrier had left a Russian outlet to sail eastwards towards 'Asia. This is the first 'tanker of the year to'set sail along the Northern Sea Route, as navigation opens earlier than normal.
Russia is hoping to increase trade with Asia through this route. It sees it as an alternative to the Suez Canal and other routes, particularly in the Middle East, during times of increased security risks.
Data shows that the ice -class carrier 'hristophe De Margerie' departed with a shipment from Arctic LNG 2, which has been sanctioned by the 'United States over Ukraine.
Double hulls and reinforced propellers are common features of Ice-class 'tankers.
The first tanker, with a cargo of Yamal LNG Plant, left via this route in the third last month of June.
The Northern Sea Route runs from Murmansk, near the border of Russia and Norway, eastwards towards Bering Strait in Alaska.
The route is physically difficult, but it could reduce sea transport times from?Europe to?Asia during a period when Russia's trading with Western countries has reached its lowest levels since the end of the Cold War following Moscow's deployment of troops in Ukraine in '2022.
The sea ice that covers the North Pole is at its largest in the month of March after the winter. It then thaws down to its annual minimum in September. Scientists have linked the shrinking ice in recent decades to climate change. (Reporting and Editing by David Holmes).
(source: Reuters)