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Maricarmen Abascal has died. She was the evicted Spanish 80-year-old who was at the heart of Spain’s housing protests.
The tenants' union in Madrid announced on Wednesday that Maricarmen Abacal, the 87-year old woman whose eviction had sparked protests over housing conditions in Spain, was dead. Abascal’s?eviction has sparked protests in Spain over the last couple of weeks. This included activists camping out on one of Madrid’s main squares and calls for action to tackle a growing housing crisis. These protests, along with the rejection by parliament of last week's decrees intended to?limit evictions?and limit rent pressures?, led Prime Minister Pedro Sanchez?to call for an early election on?November 29, Sanchez wants to change the narrative of the political debate from the handling of the migrant crisis by his government in Spain's North African Enclave Ceuta, and the corruption cases involving the Socialist Party of Spain and his family. He is now focusing on the housing crisis. Angel Victor Torres is Spain's Minister of Territorial Policy. He lamented this news. He said that Maricarmen was a symbol for what many families were going through, both elderly and young, who struggled to get their own home or stay there.
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US ends review of data privacy for US Airlines without Penalties
According to a memo seen on Monday, the US 'Transportation Department' has concluded a review conducted during Biden's tenure of?airlines? data privacy practices without imposing any penalties. This is despite complaints from lawmakers that carriers had failed to safeguard or misuse information. USDOT did not comment on Monday but in a memo dated 4 September, it said that they had evaluated the privacy of data for the 10 largest airlines and found "no violation" of the applicable laws or policies. In?March 2024, the then-Transportation Secretary Pete Buttigieg opened a review on how US Airlines collect and use passengers' information. Senator Ron 'Wyden has urged USDOT addressing privacy concerns. "DOT claims that merely having a policy and training on privacy is enough, despite evidence of privacy violations." Wyden and Shontel brown said in August that the Drug Enforcement Administration was paying airline employees Millions of dollars were spent to get some data on 'Americans. They alleged that a database owned jointly by major US airlines sold passenger records without warrants and court oversight to government agencies such as the IRS. In a memo, the department said that US airlines shouldn't set pricing based on personal data. It reminded airlines that they have a responsibility to "protect?passenger?data, adhere?to published privacy policies and prevent unlawful discrimination when it comes to dynamic pricing practices." Sean Duffy, Transportation Secretary, said last year that he would investigate any personalized pricing. Delta Air Lines denied using AI to set individual prices.
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Manishi Raymondchaudhuri: The thaw in the Sino-Indian relationship will be a major test for economic growth
India wants to move out of China's shadow and improve diplomatic relations. But the more it pushes the more its dependency on China, its wealthier neighbor, becomes apparent. Xi Jinping, the Chinese president, and Indian prime minister Narendra Modi met in New Delhi in December. It was Xi's very first trip to India in seven years. Both leaders agreed to repair the damage caused by the deadly hand-to -hand clashes that occurred in 2020 along their shared, but poorly defined Himalayan border. Since the two Asian giants agreed last year to end their military standoff, there are other signs of warming relations. Since the COVID-19 epidemic in 2020, direct flights between Indian cities and Chinese 'cities' have been resumed. Visa services in China are also expanding. These measures are only a first step. Handshakes and plane rides will not solve the problem of long-standing trade dependency and strategic distrust. The economic relationship between the two Asian giants remains profoundly asymmetric. According to the World Bank, China's share in global manufacturing value added was 28% by 2025. This is far greater than India's 3%. India's export situation is also lopsided. China's 16.3% of global merchandise exports by 2025 will be a massively greater share than India's 1.7%. India will import goods from China worth $116 billion dollars more than it exports in 2025. In August of this year, India's deficit was already at $91 billion. It was on course to surpass the record set last year. CAPTIVE SUPPLY CHAINS It's not just that India imports from China more. Many of these imports are essential to Indian industry. The three largest import categories are electrical and electronic equipment (EEE), machinery and chemicals. These goods are used as intermediates by Indian manufacturers. India imports more from China the more it exports. The dilemma is illustrated by smartphones and generic drugs. India has made great progress in expanding pharmaceutical production and assembling electronic devices, but many of the inputs and components needed by both sectors are still sourced from China. This dependence has broad strategic implications. Beijing's introduction of export licensing requirements for seven heavy rare Earths in April 2025, exposed India's automotive manufacturing and defense sectors to vulnerabilities. India's manufacturing problems are not all due to foreign competition. According to the latest Economic Survey, India's R&D spending in 2024 was just 0.64%, which is significantly lower than its?Asian counterparts, partly due to private sector underinvestment. The problem is compounded by the shortage of skilled workers. Foxconn's decision to withdraw Chinese staff from their Indian iPhone factories by 2025 showed how advanced manufacturing is dependent on foreign expertise. INDIA'S FIXES New Delhi is trying to correct the imbalance. India has recently eased restrictions on Chinese foreign direct investments (FDI), allowing them to own up to 10% of Indian companies. The government announced simultaneously that it would expedite the clearance of investment proposals within 60 days in five high-tech areas, provided they were structured as joint ventures and had majority Indian ownership. India's exports to China increased by 40% from April to August. The increase in exports is largely due to industrial machinery, automotive components and printed circuit boards as well as smartphones and other electronic products. The export boom should not be misinterpreted as a fundamental change in the relationship. India's electronic growth is still heavily dependent on Chinese imports. Smartphone manufacturing, India's largest export success story, is still only 18-20% local. The AI boom in Northeast Asia is generating positive spillovers to the subcontinent. Indian firms are picking up sub-components from Chinese tech giants who are facing a surge in hardware demand. This dynamic, however, reinforces the importance of Chinese supply chains. TRUST DEFICIT IS PERSISENT In order for China-bound FDI to reach India and for technology transfer to take place, it is important to answer the question: What does India have to offer? China is not taking up the bait. The obvious answer to this question is 'access to a large, young market with a low-cost labor pool'. Also, New Delhi has various incentives for industrial growth, including tax breaks, payouts linked to production, and capital subsidies. China's pressure to its leading companies, which includes EVs, batteries and solar energy equipment as well as electronic equipment, shows how Beijing protects its most sophisticated capabilities. The 3,800 km (2,400 miles) of disputed border in Himalayas continue to cast a cloud over the relationship. The two countries have agreed to a gradual, multi-year stabilisation plan. Diplomats met in Beijing last August and pledged a "fair settlement that is reasonable for both parties". However, there does not appear to be a resolution imminent. Both governments seem willing to expand economic cooperation for the time being. India's challenge does not just lie in reducing its imports from China. The challenge for India is to use a renewed engagement with China to develop its own domestic capabilities. The relationship between Asia's largest economies until then will be a one-sided affair. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Alaska LNG savings justify billions of investment, developer claims
Alaska LNG's developer claimed that the project would be competitive with US Gulf Coast competitors because it will have access to stranded natural gas and shorter shipping routes into Asia. This is despite some analysts' concerns about the massive infrastructure costs of 'the project. Tim Fitzpatrick said in an email sent to the project developer Glenfarne on Sunday that the cost to ship gas from Alaska's North Slope to Asia would be at least 60% cheaper than the Gulf Coast. The project would transport gas from Alaska's north slope through an 800-mile pipeline, to a plant that exports liquefied gas in southern Alaska. The question is whether the lower shipping costs are worth the billions needed to build infrastructure. The estimated cost for the project is $44,5 billion to $54,5 billion. This translates into?roughly $2 billion to $2.7 million per million tons of LNG capacity (MTPA). This is significantly more than other Gulf Coast projects that have recently been approved. The developer Glenfarne claims that this comparison is inaccurate because it does not include the costs of the pipelines and treatment infrastructure required to bring the North Slope gas stranded to the market. Fitzpatrick stated that the delivery costs for the?Alaska Liquefied Natural Gas project are about $1.4 billion each MTPA. Since the Russian invasion of Ukraine, US LNG projects have been approved at an average price of $1 billion or less per mtpa. Glenfarne says that the project's competitiveness is best measured in terms of delivered LNG costs, rather than upfront expenditure. Fitzpatrick stated that the company has so far identified customers for 13 millions tons of LNG per year and needs 16,000,000 tons per annum to support project finance. Trump said on Friday that South Korea would help finance the LNG project in Alaska as part of an investment package worth $200 billion for US projects. Seoul, however, quickly indicated that the role of South Korea in the Alaska LNG project was not yet determined.
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US FAA: Boeing 737 MAX software bug poses no safety concern
Federal Aviation Administration'said Friday that a panel of experts determined that a'software glitch in certain Boeing 737 MAX Flight Computers pose no safety concerns, clearing the?way for approval of a broader version?of a bestselling narrow body jet. This decision will remove a long-delayed obstacle to the certification of the MAX 10 – the largest variant in the 737 MAX Family – which had been delayed by years. This should ease the concerns of airlines who fly the MAX 7 which also uses the same software and was certified by FAA in august. The FAA stated that the decision by the Corrective action Review Board?that?met in Seattle on?Friday was based on "pilots retaining full control of?aircraft, and the indications given to the flight crew were clear and unambiguous." The FAA announced earlier this week that it would delay?certification for the MAX 10 until an analysis was completed of the software problem, which could prevent pilots?from?accessing automated guidance during a landing scenario. Aviation officials believe that the MAX 10 could now be certified by the end of this month. Southwest Airlines could have also been affected by the issue, as the MAX 7 aircraft that was just certified uses the same software. The MAX 10 was also ordered by Alaska Airlines, United Airlines, and other large airlines. Jefferies stated in a research report that the MAX '10 can be certified by the end of this year. Boeing has estimated nearly 1,500 MAX 10s are on order. The FAA stated that one software version could increase pilot workload when a pilot "aborts" a landing, then applies power and climbs for another 'landing attempt. A FAA official stated that Boeing would issue a bulletin on how to recognize the situation and what to do in it. The FAA will then issue a Special Information Bulletin about Airworthiness to US airlines and foreign regulators so they are aware of Boeing’s bulletin. While the analysis was in progress, major US airlines chose not to use this version of the software.
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Zimbabwean businessman Chivayo who was close to the ruling elite killed in helicopter crash
Wicknell 'Chivayo', his wife, and other victims were killed in a helicopter crash on Wednesday, according to Emmerson Mnangagwa. Mnangagwa said in a statement to X on Thursday he is "in deep grief and shock", and Kenyan President William Ruto, who posted a different post on the same day, called Chivayo a friend and expressed his sadness at his death. Chivayo, who has cultivated close relationships with Mnangagwa, and other African leaders by posting pictures on social media, also displayed luxury vehicles, designer clothes and lavish gifts. Zimbabwe's The Herald reported that investigations?into this crash are currently underway and a statement detailing the findings will be made in due course. The police did not comment on the cause of the accident, but Paul Nyathi, the spokesperson for the authorities said that DNA tests were being conducted because the bodies had been severely damaged. Chivayo was often cited by critics as an example for a small, elite class who benefited from contracts with the government under Zimbabwe's ZANUPF party. He denied accusations of corruption. Chivayo spent several years in prison after being convicted of money laundering in 2005. He was arrested for?the alleged misuse of a $5.6million advance payment linked to a solar energy project in 2018. But a magistrate struck off the 'case in 2023 citing delays by the prosecutors. Mnangagwa again attracted scrutiny in 2024 after describing his company as Starlink’s exclusive partner in Zimbabwe. This prompted the telecommunications regulator, to clarify that it was only one of many approved resellers.
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Israel's Netanyahu: Flydubai co-pilot underwent radical Islamist endoctrination
Israel's Prime Minister said that the co-pilot who attempted to crash a plane by stabbing the captain had been radicalized and clearly suicidal. The flydubai flight FZ1073, which flew from Dubai to Tel Aviv on Wednesday, was spared disaster after the injured captain managed to open the cockpit door and allow passengers to subdue their attacker. The plane with more than 170 passengers on board was landed at Tabuk Airport in Saudi Arabia by a reserve crew. We know that he was radicalized by islamists. In an interview with Fox News, Israeli Prime Minister Benjamin Netanyahu stated that this appears to be what we gather from his personal data. According to two Israeli security officials, Israel's initial assessment is that the copilot, who Israel identified as an Omani, likely acted alone. However, the investigation is still ongoing. Flightradar24, a flight tracking website, reports that the plane plunged more than 14,000 feet during the incident while it was flying from the United Arab Emirates towards Israel. Netanyahu said, "It was obvious that the copilot was suicidal." Netanyahu stated that it appeared likely that the man was planning to bring down the aircraft. He said that "the Islamist traits, the radicalization found in his past, is a pretty good clue." But again, I haven't made any final conclusions. "But that's what we know now," he said. The United Arab Emirates have begun investigations to determine the circumstances and motives, and to determine "whether or not the incident was linked to terrorist activities or purposes or involved any prior planning or directions", according to the UAE's state news agency. ATTACKER IDENTIFIED AN OMANI NATIONAL Yossi Shelley told the Israeli envoy in the UAE that it was still too early to make any conclusions and that no motive had yet been established. A second Israeli official stated that Israel did not receive all of the information requested from Saudi Arabia and that Israeli intelligence services Mossad, and Shin Bet were also investigating the incident. Saudi Arabia's media office has not responded to requests for comment immediately, nor have they made any statements about their investigations. Netanyahu identified the attacker's nationality as Omani. Omani authorities are yet to comment. We have restrictions that state that you cannot have pilots who are from countries without diplomatic relations with Israel. Netanyahu said that it was clear that he had been able to do so. In an interview with Fox News Netanyahu stated that the attacker is being investigated in Saudi Arabia, and that he believes he will be sent to the UAE. When asked if there were any signs of Iranian involvement in the conflict, Netanyahu replied that it was still too early to tell. Israel has not made any official statements about Iranian involvement. Two Israeli security officials claimed that Israel has not yet identified any Iranian involvement. Israel Defence Minister Israel Katz stated on Wednesday that Israel’s preliminary information indicated the co-pilot intended to crash the aircraft, describing him?as a terrorist. Netanyahu, however, only described it as "a serious incident". The permanent Iranian mission at Geneva has not responded to the request for comment. SECURITY FEARS AHEAD OF ISRAELI ELSTION Israel's security was a major issue in the campaigning for the first elections since the Hamas attacks of October 7, 2023. In February, the US and Israel launched attacks against Iran, in a conflict which quickly spread to the Gulf of Aden and Lebanon where Israel is fighting Iran-backed militant Hezbollah. Both Netanyahu and Indian PM Narendra Modi have described the captain of flight FZ1073, an Indian, Smit Machchhar, as a hero. The Indian Embassy in the UAE reported on X that the pilot was doing well. Israel also praised passengers who subdued the attacker. Yaniv Haun, one of those who incapacitated an attacker, described running to the cockpit when the plane nosedived. "We pulled out the assailant, I pulled out. "We took control after I got him out. I lifted the yoke, steering control, and straightened out the plane a little," he told reporters on his return to Israel.
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Canada fast tracks oil pipeline to diversify economy and divert away from US
Canada will speed up the approval process of a new proposed crude oil export pipeline that would run along its west coast. The project could generate over C$20 billion in GDP annually, according to Prime Minister Mark 'Carney. The pipeline announced in July is an important part of Carney’s plan to diversify the US economy and lessen the impact of President Donald Trump’s tariffs. Carney stated that Ottawa will officially list the Pacific Link Pipeline as a?project of national interest', allowing it to proceed through a single regulatory review process at the federal level. Ottawa, he said, aimed to finish the process by September 1, 2020. He told reporters at Fort McMurray in Alberta, the hub of the oil sands sector, that a pipeline to the West Coast was part of his mission to transform the economy and double non-U.S. imports within the next decade. Ottawa claims that the 1 million barrels a day project will create 140.000 jobs, generate more than C$20 billion per year in GDP and C$100 Billion in government revenues by 2060. Canada currently has just one east-west oil export pipeline in Canada, the 890,000-barrel-per-day Trans Mountain pipeline. The pipeline expansion was completed in 2024. However, it is already operating at full capacity. Since years, Canada exports more than 90% its crude oil to the United States through pipelines. A new oil export pipe could make Canada the world's largest energy supplier, as Asia’s top importing countries look for oil outside of the Middle East following the Iran conflict. Trans Mountain Corp, a government-owned company, will build the pipeline in conjunction with Pembina Pipeline Corp. Alberta estimates that it will cost between C$35,2 billion and C$43.7billion. The federal government will own the majority of the shares, followed by the government of Alberta. The federal government and the government?of Alberta will own a majority of the shares. Environmentalists and Indigenous groups have opposed previous oil pipeline projects across Canada. This has led to the cancellation of certain projects, and cost overruns or construction delays in others.
Leasing design behind Europe's EV drive at danger of breakdown
Low resale values for electrical vehicles have pushed the leasing firms that drive Europe's. automobile market to double rates over the last 3 years and some. are threatening to quit business altogether if regulators. force them to go electric too fast, industry executives say.
The dive in rates for electrical vehicle rents comes as cuts in. aids for brand-new EVs in key markets such as Germany are hitting. sales and risks stalling Europe's electrical shift, just when. Brussels wants to step on the accelerator, the executives say.
If we were pressed really, really hard, that everything has to. be electrical too soon ... my shareholders will state 'we do not want. to take the risk' and we 'd run out the market, stated Tim. Albertsen, CEO of Ayvens, one of Europe's largest vehicle. leasing firms. Let's be honest, without us, who will take the. risk?
Ayvens, which is bulk owned by French bank Societe. Generale, has a fleet of 3.4 million vehicles, of which. about 10% are EVs.
Leasing business play a critical function in Europe as 60% of. new cars and trucks of all fuel types are rented, according to computations. by environmental group Transport & & Environment based on information. from market research firm Dataforce.
When it comes to EVs, the percentage is estimated to be as. high as 80%.
According to data provided to Reuters by Dataforce, in the. 16 European markets where it can identify fleet registrations -. consisting of Germany, Britain, France and Spain - 60% of new EVs go. to corporate fleets and industrial purchasers. Professionals state those. buyers almost exclusively utilize leases and about half of the. remaining sales to private purchasers are likewise leases.
In markets with no EV subsidies for private purchasers, the. dominance of corporates is even more pronounced. In Britain and. Belgium, for instance, individuals represented just 23% and 8%. of brand-new EV purchases respectively in 2023, Dataforce stated.
The price of a lease is created to represent the. depreciation of a lorry over the normal three-year lease. duration, based on approximated resale prices, or residual worths.
But if pre-owned costs end up being lower than. expected when the lease ends, renting firms take a monetary. hit when they get the lorry back.
For numerous factors - from Tesla's price cuts to. concerns about charging facilities and battery life to the. increase of more budget-friendly Chinese EVs - pre-owned electrical cars and truck. rates have actually been sliding in Europe because striking a peak in. October 2022.
According to figures offered to Reuters by information company. Autovista, resale worths for EVs in Germany in early July were. 24% below pre-pandemic levels and 30% lower in Britain.
That's in stark contrast to pre-owned gas designs, which. remained about 15% more costly in both markets.
People have become more accepting of utilized EVs, however they've. got to be cheap, stated Gary Cambridge, a partner at secondhand vehicle. dealership Cambridge Motors in London. If they're costly, people. do not want them.
RATES MORE THAN DOUBLE
Leasing business approached decreased to provide. specific details about any losses on EV agreements from the depression. in recurring values. Indications of the electric pain have actually appeared in. disclosures by some rental business.
Hertz has actually reported writedowns of about $150 million. for the approximately 20,000 EVs it has been selling at greatly. decreased rates while Sixt stated lower recurring worths. for EVs cut its 2023 revenues by 40 million euros ($ 44 million).
Bart Beckers, deputy CEO at Arval, the leasing business owned. by French bank BNP Paribas, said losses from low EV. resale values were currently restricted in number, given EVs are. just a small portion of their overall portfolio.
However the amounts are not irrelevant, he told Reuters. Like other leaders in the market ... (Arval) has been required. already to increase rates due to the fact that of lower residual worths.
Like Ayvens, EVs just make up about 10% of Arval's fleet of. 1.7 million lorries.
Some car manufacturers have actually supplied money payment to leasing. business for dropping EV worths, market executives say. Reuters reported in May that Tesla has actually used discount rates and. other ways to alleviate losses to renting companies, including. Ayvens, though CEO Albertsen declined to state what they were.
However the executives say leasing business still bear the danger. for EV resale worths, which is why costs have actually climbed.
Leasing companies approached declined to give. specifics about price increases for EVs as the subject is delicate.
In Germany, Europe's biggest car market, information supplied to. Reuters by German think-tank CAR Center Automotive Research study program. that EV leases have jumped in the last 3 years.
In August 2021, a lease for a 45,000 euro EV expense 284 euros. per month, well listed below the 473 euros for a comparable. fossil-fuel model. Now, the cost for the EV has more than. doubled to 621 euros while the fossil-fuel automobile has fallen to 468. euros.
German EV sales fell 16.4% in the very first half of 2024 after. the government quickly axed subsidies for customers in December. and that decrease has struck the total EU trend.
Sales of fully electrical cars in the EU rose to 14.6% of. new car sales in 2023 from 6.1% in 2020 but that slipped to. 14.4% in the very first half as EV sales increased a warm 1.3%.
COMPULSORY SALES TARGETS?
Albertsen at Ayvens stated the business was now renting EVs for. longer than combustion-engine automobiles to decrease resale dangers.
It has also started to lease EVs out once or twice more at. a more affordable rate and keep them in its portfolio longer,. perhaps as much as 8 years, he said.
Such is the issue about possible losses, RVI Group, a. company based in Stamford, Connecticut that provides insurance coverage. guaranteeing a specific residual value for an asset, opened an. workplace in Europe last year to field protection inquiries.
Wei Fan, RVI's executive vice president for guest. vehicles, said he 'd seen more requests from Europe in the past. 3 years - all from leasing business and banks - than in the. previous 14 years worldwide.
He stated he expected EV rate volatility to continue for the. next five to ten years as the electrification procedure plays out.
Leasing firms state they are worried, however, that an. European Commission assessment on how to speed up EV adoption. by business fleets could lead to mandatory EV sales targets,. as this would increase the resale risks they currently deal with.
The bigger the share of EVs in their portfolios ends up being,. the larger this problem is going to be, said Richard Knubben,. director general of Leaseurope, an umbrella body in Brussels. that lobbies on behalf of cars and truck leasing and rental groups.
The European Commission's Greening corporate fleets open. public consultation, which included looking at possible measures. to accelerate EV adoption, ended on July 8.
Brussels-based Transportation & & Environment( T&E) desires the. Commission to mandate that Europe's big corporate fleets and. renting business go 100% electric by 2030.
Stef Cornelis, T&E's electrical fleets programme director,. said forcing fleets to amaze would result in more secondhand cars. for consumers and accelerate the EV shift.
A Commission spokesperson stated the assessment was implied to. identify substantive market imperfections that call for action however. was not geared at evaluating support for any type of initiative.
The bad performance of Green and centrist parties in. European elections in June has actually raised concerns about the fate. of the EU's 2035 restriction on fossil-fuel vehicles, so it is uncertain. whether the Commission would promote a 100% required.
However renting companies are taking the danger seriously.
Leaseurope said an EV required would considerably harm. renting companies and Arval's Beckers states that, at a minimum,. it would need to raise future lease rates even more.
Put simply, costs would go up, he said. That would. dissuade business fleets from continuing to lease.. ($ 1 = 0.9154 euros)
(source: Reuters)