Latest News
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Poland's LPP raises its 2026 margin forecast after posting a fourth-quarter profit that beat expectations
LPP, Poland's largest fashion retailer, reported a net profit for the fourth quarter that exceeded analysts' expectations. This was due to a combination of?higher revenue and lower costs. Reserved, the company's budget chain, and Sinsay are among its brands. The net profit for the quarter rose 58.7% compared to last year, reaching 714 million Zlotys, as opposed to a median polled forecast of 582 million Zlotys. The company reported that the 10.1% decrease in operating costs per sq. m. was a result of lower rental costs for new Sinsay Stores, cost control and logistics automation. LPP's sales grew by double digits in the fourth quarter, both in Poland and abroad. Total revenue rose nearly 14% from 6.46 billion to 6.46 zlotys. LPP, Poland's largest fashion retailer is expanding rapidly in Europe and Central Asia. This strategy is focused around its budget brand,?Sinsay. It aims to compete against fast-fashion retailers. The retailer has also increased its 'profitability outlook for 2026 by increasing its estimated gross margin from 55.0% to 55.5% and its expectations for core and net profit margins to 22-34% and 9-10%, respectively. LPP has warned, however, that the geopolitical tensions in the Middle East could affect its performance for this year. They note the increase in fuel prices, as well as transport and distribution expenses.
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As a cyclone hits Australia's Pilbara mining centre, iron ore and LNG ports close.
The operator of the ports said that a tropical cyclone had struck the Pilbara region off the coast, causing the closure of key iron ore and LNG ports. Pilbara Ports reported that operations were shut down at the ports of Ashburton and Cape Preston West as well as Dampier and Varanus Island due to strong gales caused by Tropical cyclone Narelle. This system is a category 3. The operator stated that the forecast indicated category 4 by the afternoon of Thursday. Chevron and Mineral Resources use the Port of Ashburton for exports. Rio Tinto is a major user for iron ore and industrial salt. Varanus Island is operated by oil and gas producer Santos. Port 'Hedland remains open, as the world's biggest?export?point?for iron ore. Reporting by Christine Chen, Sydney; Editing and production by Muralikumar Aantharaman and Christopher Cushing
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US House committees to examine sweeping aviation safety changes
On Thursday, two U.S. House Committees will?consider sweeping aviation reform legislation in order to 'address the 50 recommendations made after a collision that occurred between a U.S..Army Black Hawk helicopter and an American Airlines regional.jet on January 20, 2025. The accident resulted in the deaths of 67.people. In an analysis reviewed by, the?National Transportation Safety Board stated that the revised ALERT Act requires largely implementation of its recommendations made after a year-long investigation. The bill will be discussed by the House Armed Services and Transportation and Infrastructure Committees. It establishes the requirements for aircraft and helicopters to have collision mitigation technology. It also addresses the FAA safety culture and improves air traffic control procedures and training. Last month, despite the pleas of lawmakers and the relatives of those who died in the American Airlines crash, the worst aviation accident to hit the United States since 2001, the U.S. House did not 'pass' a separate aviation law after the Pentagon withdrew their support. The ROTOR ?Act had been passed unanimously ?by the U.S. Senate in December and would have required aircraft operators to equip their fleets with a safety system known as the Automatic Dependent Surveillance-Broadcast, or ADS-B, by the end of 2031. The bill failed to receive the two-thirds vote needed to pass the House under the fast-track legislation. Last month, the NTSB said that an earlier version ALERT didn't meet their recommendations. The House committees are now considering a bill that would mandate the installation of airborne collision-avoidance?systems on aircraft by the year 2031, and the use of ADSB. The bill also requires that the Reagan National Airport, which is home to America's busiest airport, be reviewed for its ability to handle current traffic. The ROTOR act, passed by the Senate, would also 'boost oversight over commercial jet and helicopter flight routes and traffic near commercial airports. The House will likely hold a meeting with the Senate to resolve any differences between the ALERT Act and the House if it passes. The FAA has tightened the rules for helicopter safety and banned the use of the sighting system, mainly to maintain a safe separation between aircraft and helicopters near airports. (Reporting and editing by Himani Sarkar, Tom Hogue, and David Shepardson)
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Two Russians killed in Kharkiv and infrastructure damaged on the Danube by Russian attacks
Officials have confirmed that two Russians were killed in the northeastern Ukrainian city of Kharkiv, and its surrounding area. A strike on Izamil's Danube port damaged energy infrastructure as well as port facilities. In a Telegram statement posted early Thursday morning, prosecutors in Kharkiv Region said that a woman who was injured in an assault on Kharkiv died in hospital. Nine people were reported injured by strikes in two districts of the city, which is a target for Russian forces and located 30 km (18km) away from the border. The prosecution also claimed that a Russian drone had killed a driver in his vehicle in a neighborhood?closer the border. Local officials in Izmail, a town on the Danube in southwest Ukraine, said that the port and energy facilities had suffered damage. Vyacheslav gladkov, regional governor of Belgorod Region in Russia, stated that Ukrainian drones killed an 18 year old man riding a motorcycle near the border in a nearby village and a 'woman driving her car in Graivoron. Belgorod is?often attacked by Ukrainian forces during the four-year war between Kyiv and?Moscow. Sergei Sobyanin, the mayor of Moscow, said that 17 Ukrainian drones were intercepted on Wednesday and destroyed as they made their way into the capital. It is not uncommon for Russian drones to target the capital, and their number can vary widely. Could not independently verify the reports. (Reporting and editing by Ron Popeski, Michael Perry).
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As the big energy conference winds down, chaos at Houston's airport leaves attendees scrambling
The massive security queues at Houston's airport are a major concern for many people who will be returning home on Thursday or Friday. George Bush Intercontinental Airport is a victim of the partial shutdown. This has caused staffing shortages in some airports across the nation. Social media videos show long lines with travelers sleeping on the floor, and wait times of up to four hours. The lines at the Terminal E TSA checkpoint were long but moving on Wednesday morning. Houston, America's fourth largest city, has been the scene of the world's biggest energy conference for the past week. The worst travel problems have always been caused by the congestion on the multi-lane highways that surround Houston. Many attendees are now scrambling for another way home. Many rebook out of Houston’s smaller William P. Hobby Airport is a popular choice; some rent cars and drive to Dallas or San Antonio where the lines are shorter. Michael Gullo was due to return to Ottawa from Houston on Wednesday. He and a co-worker decided to cancel the flight on Tuesday night, and instead rebook out of Austin. They rented a car to drive the 2-1/2 hours to the airport in Ottawa Wednesday afternoon. Gullo explained, "We had to be home tonight and we weren't sure if that was possible from Houston." One attendee at the conference, who declined to be identified, stated that they considered driving to Dallas instead of flying back to Mexico City, but decided it would take just as much time. They considered switching airlines or departing from Hobby Airport which has a shorter waiting time. Even the leaders of multi-billion dollar companies are not immune from chaos. Pedro Pizarro of Edison International, the CEO of a utility company, said he had considered changing his travel plans to Hobby but decided to go with George Bush Intercontinental. Pizarro’s busy travel schedule should give him a status that will help him avoid the longest lines when he leaves Houston. As he waited in line at the conference for an afternoon cup of coffee, Pizarro said that a private jet wasn't in his plans. "I always fly commercial," said he. (Reporting from Amanda Stephenson, Nathan Crooks, and Liz Hampton in Houston. Additional reporting by Evan Garcia. Editing by David Gregorio.)
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UK authorizes military to board Russian Shadow Fleet Tankers
Keir starmer, the British prime minister, said that he had 'given permission for military personnel to board and hold Russian ships. His government believes they are part of an alleged network of vessels which allows Moscow to export oil despite Western sanctions. The decision comes as other European nations are intensifying their efforts to disrupt Russia’s shadow fleet of oil tankers that Moscow uses to fund its four year war against Ukraine. Starmer said he had approved more aggressive actions against the vessels, because Russian President Vladimir Putin would likely be "rubbing his hand" at the sharp rise in oil price caused by the U.S. and Israel war against Iran. Starmer stated in a press release that "we're going to?after his?shadow fleet even harder. Not only will we keep Britain safe, but we'll starve Putin's war-machine of the?dirty profits' which fund his barbaric campaigns in Ukraine." Downing Street announced that British law enforcement and military officials are preparing to board Russian vessels which do not surrender, are armed or use "high-tech, pervasive surveillance" to avoid capture. Downing Street has said that criminal charges may be brought for violations of the sanctions legislation against owners, operators, and crew once the ships have been boarded. The shadow fleet is a way for Russia to continue exporting oil despite the Western restrictions that were imposed in 2022 after it invaded Ukraine. The European Union's efforts to maintain pressure on Russia have been undermined by the U.S. administration of President Donald Trump, which gave countries a 30 day?waiver? to purchase sanctioned Russian goods currently stranded in the sea. This was done to stabilize global energy markets that were roiled by the war in Iran. Starmer announced the decision before attending the Joint Expeditionary Force Summit on Thursday in Helsinki, where Britain is expected to call for greater coordination regarding the seizure of shadow fleet vessels. The UK has imposed sanctions on 544 Russian Shadow Fleet vessels. The vessels occasionally pass through the Channel which separates Britain from France. Britain estimates that about three quarters of the crude oil transported by Russia is transported on these ships. Shadow fleet vessels are often opaquely owned and raise concerns about the environmental risks. They include old, poorly regulated tankers that can be prone to leaks, mechanical failures, and spills. Andrew MacAskill reports.
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US Postal Service wants to temporarily increase prices by 8% in order to cover fuel costs
The U.S. The U.S. USPS needs the Postal Regulatory Commission's approval for this temporary price increase. The surcharge, it said, will be a "bridge" to a permanent mechanism that will reflect the market conditions for prices of competitive products. This comes as USPS warned they could run out money as early as October. The increase will not affect first-class stamps. USPS reported that FedEx and UPS have imposed fuel surcharges between 25% and 28% on ground and air delivery since the beginning of the 'Iran War. This is due to the sharp increase in oil prices, including a rise in diesel and jet fuel. USPS stated that "transportation costs are increasing and our competitors have responded with a number surcharges." "We have avoided surcharges, and this charge is about one-third less than what our competitors charge just for fuel." USPS expects the surcharge will be in effect until January 17, next year. At that time, the agency will decide if a long-term solution is needed. U.S. Postmaster-General David Steiner said to Congress this month that increasing the price of first-class mail stamps from 78 cents to $1 or 95 cents would help them cut their losses and generate more revenue. Steiner says that stamp prices have increased by?46% from early 2019 when they were only 50 cents. However, they are still 'far lower than other countries. Since 2007, USPS has reported net losses totaling $118 billion as its most profitable product - first class mail - has dropped to its lowest level since the 1960s. Reporting by David Shepardson, Washington. Editing by Franklin Paul, Matthew Lewis and Matthew Lewis.
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Tecpetrol estimates that Bolivia will need to import gas in five to six years to meet its local demand.
Tecpetrol CEO Ricardo Markous stated on Wednesday that Bolivia's natural gas?producer may have to start importing gas from its neighboring countries within five - or six years - in order to?meet a local /demand. Markous, speaking at the CERAWeek energy summit in Houston, said that Bolivia's gas production has dropped to 35 million cubic metres per?day compared with 65 million cubic metres per?day the previous year. Tecpetrol is TotalEnergies’ partner in the Ipati Aquio block in Bolivia. This block is a?contract with the state energy company YPFB. Markous stated that the area currently produces 6 million cubic metres per day. This is down from 11 millions cubic meters per days. Argentina's gas producers have started selling to Brazil after reversing a pipeline that was used to supply Bolivian gas to their neighbors. Markous stated that the same pipeline could be used to deliver Argentinean gas to 'Bolivia if parties reached agreements on 'transport tariffs. To offset the decline in domestic production, Bolivia will have to?complete a long exploration period of?deep wells. "Given Bolivia's past, that will be very difficult", he said. Marianna Paraga, David Gregorio and David Gregorio contributed to the reporting.
In Bangladesh, 24 people are killed when a bus falls into a river as it is boarding ferries
Officials said that at least 24 people died when a bus carrying 40 passengers fell into the Padma River while attempting to board a ferry.
The accident happened on Wednesday, when the bus lost its control as it approached a ferry in Rajbari District. This is about 100 km from Dhaka. According to the Fire Service, the Police and Civil Defence, the bus flipped and fell nearly 30 feet (9 meters) into the river.
Fire Service official Talha bin Zasim stated that rescuers recovered 22 bodies from the submerged bus. These included six men, eleven women, and five children.
He said that 24 people had been confirmed dead, including 2 women who died after being rescued.
The search and rescue effort was led by four fire service units and 10 divers, with the support of the coast guard, army, police and local authorities.
Officials are concerned that more passengers may still be missing. In Bangladesh, hundreds of people are killed in ferry and road accidents every year. (Reporting and editing by Tom Hogue; Ruma Paul)
(source: Reuters)