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Belgium general strike disrupts public transport in Brussels
The general strike in Belgium that took place on Tuesday caused the majority of planes to be grounded at both main airports, and also disrupted public transportation in Brussels. The protest was part of a larger series this year that has been against government proposals to reform the pension system and labour market. A spokesperson for the airport confirmed that all flights scheduled to depart and land from Brussels International Airport were cancelled on Tuesday after the staff of the security company providing X-ray scanning walked out. According to the website, all flights have been cancelled at Charleroi Airport, located 60 km (40miles) south of Brussels. The Gare du Nord station in Brussels was packed with thousands of people who wanted to take part in a large demonstration which would cross the centre of the city. In a social media post, the public transport operator STIB revealed that the majority of underground, bus, and tram lines in Brussels were affected by the strike. The police reported that fires were set early Tuesday morning on several of the city's major boulevards. This caused further traffic disruptions in the city. The local media reported that several protesters were arrested by police. Strikers supported by Greenpeace, Oxfam and the main unions in the country are against the federal coalition headed by Prime Minister Bart De Wever. The coalition announced a number of reforms aimed at cutting government spending. Thierry Bodson said, "What really motivates us is pensions", on Tuesday, the French-language national radio station RTBF. Bodson said that the reform will not only decrease incomes for future retirees, but also create uncertainty because it changes how state pensions calculations are calculated. According to its website, FGTB has over 1.5 million members. De Wever of the nationalist New Flemish Alliance became Prime Minister in February. He now leads a coalition dominated by right-wingers. He pledged to cut deficits without increasing taxes, but faces challenges when finalising the budget for next year. (Reporting and editing by Charlotte Van Campenhout, Olivier Holmey and Inti Landauro)
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Greek strike against labour reforms disrupts transport, services
Workers walked out of work on Tuesday in protest at planned labour reforms, which include an extension of hours for the private sector. The walkout was the second in a month by the main unions of Greece's public and private sectors, GSEE, and ADEDY. It coincided with a vote on reforms proposed by the conservative government this week. As lawmakers debated this bill, thousands of striking workers including journalists, teachers and hospital doctors rallied and marched through central Athens. Protest rallies in major cities were planned across the country. The new draft law will allow private employers to ask their employees to work up to thirteen hours a day, instead of the eight currently required. The draft law also allows employers to be more flexible with short-term hires and changes the rules for distributing annual leave. According to the government, this bill allows employees to work up four days per week. According to the Labour Minister, it also protects employees from being terminated if they refuse overtime work and extends their benefit. Unions, however, say that it is a violation of workers' rights in a country with undeclared employment and low wages compared to other EU countries. This is despite the fact that pay has increased and unemployment has decreased after a crippling debt crisis between 2009 and 2018. Eurostat's data reveals that the purchasing power of Greeks is among the lowest within the European Union. According to Eurostat, the country has the largest share of EU employees who work more than 45 hours per week. The opposition parties demanded the withdrawal of the bill. "The 13-hour workday cannot be a reality." It's slavery, said Effie Achstsioglou of the New Left Party. (Reporting and editing by Renee Maltezou, Louisa Gouliamaki)
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Thyssenkrupp renegotiates unit TKMS guarantees worth 10 billion euro before spinning off
According to a prospectus released ahead of TKMS’ separate listing, the warship manufacturer TKMS has renegotiated its terms for project guarantees with parent Thyssenkrupp. This indicates tougher conditions, as TKMS prepares itself for a standalone future. Thyssenkrupp announced that it would spin off 49% TKMS by October 20. The prospectus, published late Monday, is the latest in ongoing restructuring efforts of the German conglomerate to highlight the increasing value of defense assets. Thyssenkrupp is an engineering and steel group that has issued so-called "parent company guarantees" worth approximately 10 billion euros ($11.56billion) to TKMS. These are crucial in protecting the division's order. The prospectus stated that Thyssenkrupp has charged a fixed fee of 85,000 Euros per guarantee provided to TKMS. This resulted in relatively stable costs for TKMS in 2022-2024 between 13,3 Million Euros and 15,3 Million Euros. Thyssenkrupp sees the spin-off as a key step in its strategy to unlock shareholder values and provide TKMS with access to capital markets. TKMS HAS SECURED 2.5 BILLION EUROS IN BANK GUARANTEES The TKMS spin off prospectus stated that "in connection with the spin off, the terms of existing PCGs were renegotiated. This resulted in fixed annual fees payable by us to Thyssenkrupp AG, which are expected to increase year over year." The new terms will be implemented in the year 2025, which begins in October. The number of projects covered by the guarantee was not immediately known. TKMS will not be relying on such guarantees in the future, but instead will seek to reach other agreements with its clients and banks. TKMS announced that it has secured bank guarantees worth approximately 2.5 billion euros, which will cover its requirements for the next year up to September 2027. Jefferies, a brokerage firm, estimates that TKMS's shares could be worth around 36.55 euro each based on a 2.3-billion-euro valuation.
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EasyJet's shares rise after traders cite a report on bid interest
The shares of budget airline easyJet rose as high as 11.5% Tuesday. Traders cited a report from Italian media about possible interest in the company by global container shipping firm MSC. In an email, a representative of the Mediterranean Shipping Company denied any involvement in the matter. EasyJet didn't immediately respond to our request for comment. EasyJet's stock rose nearly 6% in the last half-hour of trading, which is still its biggest one-day gain since August 2024. The volume of shares traded in London's first half hour was greater than the previous two trading days combined. The shares have fallen 11% this year compared to a European travel and leisure index that has dropped 2%. Reporting by Amanda Cooper in London, Elvira pollina in Milan and Alun John in London; Editing by Adam Jourdan and Alun John, Kirsten Doovan
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China takes action against US-linked units in S.Korea Shipbuilder Hanwha
The Chinese Commerce Ministry announced on Tuesday that China had taken countermeasures to protect five subsidiaries of the South Korean shipbuilding company Hanwha Ocean with ties to the United States. The ministry issued a statement saying that it is against the law for individuals and organisations in China to engage in transactions, collaborations or activities related to these entities. The statement stated that "Hanwha Ocean’s U.S. related subsidiaries have assisted and backed the U.S. Government's relevant investigation activities, thus jeopardizing China's sovereignty and security as well as its development interests." Hanwha didn't immediately respond to an inquiry for comment. China exempts its own ships from the additional fees. U.S. president Donald Trump The administration of announced plans earlier this year to charge fees on ships linked to China to loosen Beijing’s grip on global maritime and boost U.S. Shipbuilding. China responded last week by saying that it would impose port fees on vessels linked to the United States on the day before U.S. fees are implemented. China has said that U.S. actions targeting its maritime, logistic, and shipbuilding industry are a grave violation of international law, as well as fundamental norms in international relations. Reporting by Liz Lee, Yukun Zhu and Kim COghill; Editing by Jacqueline Wong & Kim COghill
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Trump's trade battle with China in 2025
U.S. president Donald Trump targeted China, the top economic rival with a cascade tariff order on billions in imported goods. The orders were aimed at narrowing an enormous trade deficit, bringing manufacturing back and crippling fentanyl traffic. The reverse chronological timeline below shows the U.S. - China trade war in this year. China starts collecting port fees for vessels with a U.S. connection on October 14. Ships built in China are exempted. On the same date, the U.S. will also implement an additional port fee for Chinese ships. Beijing claims it informed Washington about its new rare earths control measures before announcing them on October 9. It also says that the issue was discussed at the working level as recently as 13 October. Beijing criticizes the U.S. because it wants to talk while making threats. Scott Bessent, U.S. Treasury secretary, says that plans for Trump to meet Chinese President Xi Jinping on the sidelines the Asia-Pacific Economic Cooperation Forum in South Korea in late October are still on track. He said that there were many meetings between the two countries and they had been in contact over the weekend. U.S. trade representative Jamison Greer said that after China announced it would expand its rare earths export control, the U.S. had reached out to China via phone but Beijing declined. China criticizes the new U.S. trade tariffs and defends their export restrictions. On October 10, Trump re-starts the trade war by imposing additional tariffs of 100% on China’s U.S. bound exports and new export controls for "any critical software" on November 1. This will end an uneasy truce that was reached between both countries in August. Trump has said that there is no need to meet with Xi, but he also did not cancel the plans to meet. Trump says that the United States may also impose export controls for Boeing parts in response to China's export restrictions on rare earth minerals. China has launched an antitrust investigation against U.S. chip manufacturer Qualcomm for its acquisition of Israeli chip designer Autotalks. China will begin charging port fees for vessels owned, operated, constructed, or flown by the United States as a countermeasure against U.S. fees charged on ships with ties to China starting on October 14. China will expand its export controls on rare earths starting November 8, to include five additional medium-to-heavy rare earth elements. It has also increased scrutiny of semiconductor users. This is a further tightening of China's grip and dominance over the minerals that are key to the energy transformation. The Trump administration wants to ban Chinese airlines from flying above Russia on routes between the United States and Russia, claiming that the shorter flight times put American carriers at an unfair disadvantage. Trump hopes to discuss soya beans with Xi, but warns that the U.S. could halt a significant share of its imports from China. U.S. lawmakers demand broader bans for chipmaking equipment exported to China following a bipartisan report that found Chinese chipmakers purchased sophisticated gear worth $38 billion last year. Trump said that soybeans will be a main topic of conversation when he meets Xi on October 1. China has drastically reduced U.S. purchases of soybeans, which Trump called a negotiation strategy. Greer said that around 55% of tariffs applied to Chinese imports is a "good state-of-the-art" but the U.S. wanted bilateral trade to be more free. However, she did not indicate any immediate moves towards lowering Trump’s tariffs. Bessent, a Bessent, says that aircraft parts and engines, as well as certain chemicals, can be a powerful tool for the United States to use in negotiations with China. The first time since 2019 that a group of U.S. House of Representatives lawmakers visited China to talk, is on September 21. The group said to Premier Li Qiang that both the largest economies in the world need to "break the ice" and increase engagement. September 19 - Trump holds a telephone call with Xi, following which Trump says they have made progress in a TikTok deal and will meet face-toface in South Korea in six weeks to discuss trade and illicit drugs, as well as Russia's conflict in Ukraine. China has welcomed the commercial negotiations on TikTok that are in line with market rules. China announces that it will review TikTok’s technology exports, and its intellectual property licensing. It calls the framework agreement reached "win-win". September 15 – U.S. and China agree on a framework to transfer TikTok under U.S. control. This decision will be confirmed by Trump and Xi in a phone call later this week. Bessent said that the Trump administration would not impose tariffs on Chinese products over Russian oil imports, unless European countries imposed tariffs first. September 14 - Bessent, China's Vice Premier He Lifeng and the Spanish government lead a fourth round in Madrid of discussions to discuss trade relations as well as TikTok’s impending divestiture deadline. Trump and his administration ask the G7, EU, and NATO to put pressure on China to impose tariffs between 50% and 100% in order to stop Russian oil revenues. U.S. and China extend tariff truce by another 90 days. August 10 - Trump asks China to quadruple their soybean purchases from the U.S., as the expiration date of the trade truce is approaching on August 12. U.S. begins issuing licenses to Nvidia for exporting H20 chips to China on August 8. Bessent is "optimistic", according to Bessent, about the future. After two days of discussions in Stockholm, U.S. officials and Chinese officials agreed to extend their 90-day truce on tariffs. The talks were described as constructive by both sides, but there was no significant breakthrough. U.S. Commerce secretary Howard Lutnick announced that Nvidia will resume sales of their advanced AI H20 chip to China in the U.S. rare earths negotiations, reversing an export ban by the U.S. in April. Trump threatens to impose an additional 10% tariff against countries that he says are aligning themselves with "Anti-American Policies" of BRICS. This includes China. Bessent reports that the U.S. has resolved its issues with China regarding rare earth minerals, magnets and shipments into the U.S. From June 11-12, some Chinese rare earths producers will begin receiving export licenses. Trump announces that a truce on trade is now back on track. The U.S.A. and China have a second round of negotiations in London, and they reach an agreement on a framework. June 5, Xi and Trump have a phone call lasting an hour. Trump claims that China has violated the Geneva agreement to reduce tariffs and Chinese restrictions on vital minerals exports. China denies the accusation and says the U.S. has introduced multiple "discriminatory" restrictive measures against China. The U.S. will begin "aggressively," revoking Chinese student visas on May 28-29. The order also instructs a wide range of companies to cease shipping semiconductors, aviation equipment and design software to China. Beijing and Washington have trade talks in Geneva over the weekend, May 10-12. Both sides issued a joint declaration agreeing to a 90 day pause in tariffs. Tariffs between the U.S. and China will drop from 145% to 30%, while tariffs between China and the U.S. will be reduced to 10% from 125%. China has also agreed to remove non-tariff measures that have been imposed on the United States by China since April 2. Nvidia reveals that U.S. officials told it that the H20 chip will require an export license for sales in China. China raises its tariffs on U.S. imports to 125%. It calls the Trump tariff strategy "a joke", and says it won't play any more "numbers games" with tariffs. China announced that it would immediately restrict the importation of Hollywood movies on April 10. China increases levies on U.S. imported goods to 84%, adds 12 U.S. firms to a list of companies that are prohibited from exporting dual-use products, and six additional U.S. entities to the "unreliable entity" list. This allows Beijing to take punitive measures against foreign entities. The U.S. has increased tariffs on Chinese imports from 84% to 125%. China warns citizens not to travel to the U.S. Tariffs for all Chinese imports are raised to 84%, up from 34% on April 8. April 4: China announces that it will impose retaliatory duties of 34% on U.S. imports starting April 10, and export restrictions on certain rare earths. About 30 U.S. companies, mostly involved in the defence industry, were subject to restrictions. Beijing has also suspended sorghum and poultry products from certain U.S. companies. Trump increases global trade friction by imposing "liberation day tariffs" on April 2. He announced a 10% baseline for all imports as well as significantly higher duties against some countries. Trump will impose 34% tariffs on all Chinese products, which are set to go into effect on April 9th. From May 2, the Trump administration will also end duty-free access to low-value shipments of goods from China and Hong Kong (known as "de minimis exemptions"). China retaliates with a 10-15% levied on U.S. agricultural exports. This affects about $21 billion of U.S. exports. Beijing also imposes restrictions on exports and investments for 25 U.S. companies, citing national security. It also bans the import of genetic sequencers made by U.S. medical device maker Illumina. March 4 - U.S. increases tariffs by 20% on all Chinese imports. China has responded with a range of measures that target U.S. companies, including Google and farm equipment manufacturers. Beijing will also begin imposing levies on February 10 of 10% for some autos and crude oil, and 15% on the imports of coal and LNG from the United States. Beijing also imposes a 15% tax on imports of U.S. coal and LNG, as well as a 10% duty for crude oil and some autos. The new taxes will be implemented starting February 10. Trump imposes tariffs of 10% on Chinese goods and 25% on those from Mexico and Canada on February 1, demanding that they reduce the flow fentanyl, illegal immigrants and other drugs into the U.S. January 21: A day after taking the oath of office, Trump threatens to impose a 10% duty on Chinese imports. He cites the fentanyl coming from China. Reporting by Liz Lee, Shi Bu and Jacqueline Wong; Editing by Ronojoy Mazumdar, Kate Mayberry and Jacqueline Wong
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Honeywell expects record business jet deliveries over next decade
Honeywell, an aerospace supplier, said Monday that it expects to deliver record numbers of new business aircraft over the next ten years. This is the latest indication that the demand for private air travel has not waned, despite the COVID-19 Pandemic. Private flying recovered earlier than commercial airline's business in 2020 thanks to wealthy travelers who avoided scheduled flights. However, there was doubt about whether they would continue with private air travel after the COVID-19 pandemic ended. According to a report from the U.S. manufacturer of avionics, business jet engines and a variety of other products, private plane deliveries will be higher than they were before the pandemic. This is despite the U.S. led trade war, and geopolitical tensions. Honeywell projects global deliveries of 8,500 business jets valued at $283 billion over the next decade - the highest value in the 34-year-history of the report. The report is released ahead of the largest business jet event in the world, which begins on Tuesday. Ben Driggs of Honeywell Aerospace, Chief Commercial and Strategy Officer, said in an interview that more people were flying business aviation now than before COVID. "Those hours continue to increase at a higher level than 2019 so it appears that people are staying with business aircraft." Bombardier shares have risen on demand as the Canadian company prepares to begin deliveries of its Global 8000 Business Jet, while its U.S. competitor Gulfstream Aerospace is launching a replacement for its super-midsized G280. New business jet deliveries will grow by 5% and 91% of operators plan to fly more this year.
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US and China will implement tit-for -tat fees at ports, threatening further turmoil in the sea
On Tuesday, the United States and China will start charging port fees to ocean shipping companies that transport everything from holiday toys or crude oil. The high seas are now a major front in the global trade war between two of the largest economies. The Trump administration announced early this year that it would levy fees on ships linked to China to weaken the country's hold on the global shipping industry and boost U.S. shipbuilding. A report conducted during the administration of former president Joe Biden concluded that China used unfair policies and practices in order to dominate the global shipping, logistics, and shipbuilding industries. This led to the imposition of these penalties. On October 14, the U.S. will begin collecting these fees. Analysts predict that China's container carrier COSCO will be the most affected by these fees, as it is expected to shoulder nearly half of this segment's $3.2 billion in costs from 2026. China responded last week by announcing that it would also begin imposing its own port charges on vessels linked to the United States, starting Tuesday. Omar Nokta, a Jefferies analyst, noted that 13% crude tankers and 10% of container ships would be affected. In a research report, Xclusiv Shipbrokers Inc. in Athens said that "this tit-fortat symmetry locks two economies into a spiraling maritime taxation which risks distorting the global freight flow." Trump threatened on Friday to impose additional 100% tariffs against China for limiting the export of vital minerals and to put in place new export controls by November 1 on "any critical software". Hours later, administration officials warned that countries who voted in favor of a UN plan to reduce greenhouse gas emissions by ocean shipping, as part of the International Maritime Organization, could face sanctions, bans on ports, or punitive charges for vessels. China has publicly backed the IMO plan. "The weaponisation both of trade and environmental policies signals that shipping is moving from being a non-partisan conduit of global commerce into a direct tool of statecraft," Xclusiv stated. (Reporting and editing by Stephen Coates in Los Angeles, Lisa Baertlein from Los Angeles)
Greek strike against labour reforms disrupts transport, services
Workers walked out of work on Tuesday in protest at planned labour reforms, which include an extension of hours for the private sector.
The walkout was the second in a month by the largest unions of the Greek public and private sectors. It coincided with a debate and vote on the draft bill for reforms that the government has submitted to parliament.
At noon (09.00 GMT), striking workers including journalists and hospital doctors are expected to join other protesters in marching to the parliament.
The proposed law gives employers more flexibility in hiring short-term workers and changes the rules for annual leave.
The bill, according to the government, will make the labour market more flexible and effective. It also protects employees from being fired for refusing to work overtime.
Labour unions, however, say that it violates workers' rights and abolishes the eight-hour day, and strips them of negotiating power, in a country with low wages compared to other EU countries. This is despite wage increases, and a lower unemployment rate after a crippling debt crisis between 2009 and 2018.
Eurostat data show that the purchasing power of Greeks is among the lowest within the European Union bloc.
In a joint statement, ADEDY, GSEE and other unions in the public and private sectors of Greece said that, "Instead to boosting workers' wages and reinforcing services, the Government chooses legislation for work for multiple employers and grueling working hours." (Reporting and editing by Kate Mayberry; Renee Maltezou)
(source: Reuters)