Latest News
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The pilots' union gives Lufthansa more time to settle pensions dispute and avoid a possible strike
According to a letter sent to members by the German pilots' union VC on Saturday, Lufthansa has been given more time to settle a pensions dispute. This will prevent a strike for the moment. In the letter of Friday, it was stated that the employer would be asked to make an offer again, and with a deadline. The talks have been going on since May. It said that it would "grant management enough time" to do this so, for the moment, no industrial action should be expected. However, it did not specify how much time management would receive. Lufthansa avoided a strike after VC members voted for it in a ballot held at the end September. The union wants higher employer contributions for the 4,800 employees in the cockpit of Lufthansa's core brand and its cargo subsidiary, LufthansaCargo. (Reporting and writing by Ilona wissenback in Frankfurt, Sarah Marsh in Berlin, Rod Nickel).
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On the anniversary of a deadly roof collapse, Serbia witnesses tens of thousands of protests.
A year after the roof of a railway station collapsed, killing 16 people in Serbia's second largest city, tens of thousands protesters marched through the streets on Saturday. They were angry about alleged corruption as well as a perceived lack of accountability. The anger at the lack of prosecutions for those responsible for the collapsed roof has shook President Aleksandar Vucic’s grip on power. Witnesses said that protesters streamed in Novi Sad (a northern city), where the tragedy occurred, either by car, bus or foot. Some had walked long distances. One of Novi Sad’s main boulevards, which was crowded with people, was awash in protesters. Many of the protesters were young. They observed 16 minutes silence, one for each victim. This began at 11:52 am (1052 GMT) when renovations to the roof led to its collapse on November 1, 2024. The protesters wore white flowers, held large red hearts with the names of those who died in the train collapse and placed wreaths at the station. The black-clad father of one victim, in tears, stared at the name of his daughter, amongst others, affixed to the perimeter fence of the station for hours. No violence was reported, unlike during some summer protests when tear gas and stun grenades were used by riot police to disperse rallies. "WE SAY THIS IS ENOUGH" "This is an enormous tragedy for the Serbians." "We cannot bring them back, but we can feel their pain and say enough," said Sladjana BURMAZ, a 51 year old economist from Valjevo in central Serbia. She said: "These people weren't killed by accident. Their deaths were caused by a bad system, poor politics... Justice would be served, if the responsible parties were held accountable." Vucic published on Instagram a picture of himself holding a candle in a church at a ceremony to commemorate the victims of this disaster in Belgrade. Vucic wrote: "Let their names serve as a reminder to all that the human life is more important than any divisions in society." He added that the government had declared Saturday a national day of mourning. Students, academics, and leaders of the opposition are leading a protest movement that accuses Vucic, and his populist, nationalist party, of being responsible for corruption, poor public services, nepotism, and restrictions on media freedoms. They deny these accusations. RAPPORT INDEPENDENT TO EUROPEAN PARLIAMENT Last week, an independent commission made up of professors and judges as well as technical experts who investigated the tragedy reported its findings to the European Parliament. The report revealed that high-level corruption at the state level led to low construction standards and unqualified subcontractors being hired. Such accusations have been denied by government officials. Vucic, as well as Parliament Speaker Ana Brnabic, recently said that the collapse of the roof could have been a terrorist act. The prosecution has indicted senior officials of the state on charges that they endanger public safety. However, a court still needs to confirm this indictment. This prevents a trial. Reporting by Ivana Skularac, editing by Mark Heinrich
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Berkshire Cash sets record profit, signals caution before Buffett's exit
Berkshire Hathaway said on Saturday it was cautious in the markets. It let cash reach a record of $381.7 billion, even though profits rose. This is its final financial report before Warren Buffett steps down as CEO. Buffett's conglomerate has sold more shares than it purchased for the 12th consecutive quarter. Its $283.2 billion portfolio of equity holdings includes Apple and American Express. Berkshire did not buy back any of its stock either, marking the fifth consecutive quarter that it hasn't done so, despite its stock price being significantly below the market. Net income increased 17% to $30.8 billion. Lower insurance losses helped increase third-quarter operating profits by 34%, exceeding analyst expectations. Revenue grew by just 2% - slower than the growth rate of the U.S. overall economy. Berkshire stated that economic uncertainty and waning confidence in consumers have been drags. This has slowed down sales growth for the Clayton Homes homebuilder, and reduced revenue from Fruit of the Loom clothing, Squishmallows toys, and Jazwares. Berkshire isn't keeping up, said CFRA Research analyst Cathy Seifert. She has a "hold rating" on Berkshire. Investors will find it difficult to find a catalyst that can move this stock. BUFFETT READY TO BOW OUT; ABEL to take over Buffett, 95 years old, has been building up cash as he prepares for his end-of-year departure as CEO after six decades. The legendary investor will be succeeded by Vice Chairman Greg Abel (63), though Buffett remains chairman. Abel is more of a hands-on manager compared to Buffett. The Omaha, Nebraska-based Berkshire has a lot of cash. He could pay the conglomerate its first dividend since 1967. Berkshire plans to spend $9.7 billion in cash to purchase Occidental Petroleum’s OxyChem chemical business. The transaction was announced on October 2. James Shanahan of Edward Jones, who in September upgraded his Berkshire rating from "buy" to "buy", said that the company's refusal to spend more cash during the current market rally was disappointing. He said that if you think stocks, even your own, are too expensive, you will eventually be right. But you can be wrong a long time. That's what happened in this case. NET INCOME RISES, HELPED BY GAINS ON STOCKS The operating profit of $13,49 billion, or $9,376 for each Class A share, increased from $10.09billion a year ago. More than two fifths of the growth was due to currency fluctuations. The results were boosted by the absence of major disasters like hurricanes. Geico, the car insurance company, reported lower profits because it spent more on advertising to obtain new policies. As interest rates fall, insurance will face a headwind. This was also the case in the third-quarter. BNSF increased its profit by 6% in the first quarter of this year, citing "lower fuel costs" and "improved productivity". Berkshire Hathaway Energy's 9% decline in profit was due to legal costs from wildfires as well as higher costs for natural gas pipelines in Britain and Northern Powergrid. Berkshire continues to evaluate how the One Big Beautiful Bill Act, signed by U.S. president Donald Trump in July, might impact its renewable energy project viability. The net income of $30.8 billion, or $21,413 for each Class A share, increased from $26.25 billion the year before. Net results include gains or losses on stocks Berkshire does not sell. Buffett thinks that such results do not help him understand his company. STOCK PRICES LAGS in the Broader Market Investors are selling Berkshire stock in response to their concerns about the company's future and pending changes in management. Berkshire stock has dropped 12% since Buffett announced he was stepping down on May 3. It is now 32 percentage points behind the Standard & Poor 500. Berkshire will be 11 percentage points below the index by 2025. "Impatient Investors feel that Berkshire needs to deploy its money urgently and are casting their nets in other directions," said Tom Russo. Tom Russo is a partner of Gardner Russo & Quinn, a $10 billion investment firm in Lancaster, Pennsylvania. Russo owns Berkshire shares since 1982, and he said that Berkshire is "extremely well positioned" over the long-term. He said that Berkshire would not deploy capital if it didn't add intrinsic value to each share. Knowing what guides Berkshire allows investors to make an informed decision. Conglomerate has close to 200 companies that include Dairy Queen, See's Candies and chemical and industrial businesses. Since 2016, it hasn't made any major acquisitions since paying $32.1 Billion for Precision Castparts, a maker of aerospace parts. Shanahan stated that "Abel is a great opportunity."
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Shooting on Greek island Crete leaves two dead and 10 injured
In a shooting that took place in a village in Crete, Greece on Saturday, a man and woman were both killed. At least 10 other people were injured. A senior police official called it a family vendetta. The police have not released any immediate information on the suspect shooter who opened fire at the village of Vorizia. Unknown to the first police official, a second said that an explosion occurred on Friday evening at a building site in which a bomb had been placed. Both police officials spoke under condition of anonymity. Crete is a place where violent feuds have been fought between families in the past over disputes fueled by revenge, insults and hurting honour. The second official confirmed that Greece's top officials in the police, including the chief of the force and the leader of the unit combating organised crime, would be heading to Crete this Saturday. Reporting by Yannis Soulieotis, Renee Maltezou and Peter Graff.
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The UK's Port of Dover delays the new EU border controls for tourist traffic
The Port of Dover in Britain has put on hold the rollout of new biometric border controls for car passengers that are part of the European Union, as the French authorities have not yet given their approval. The EU began implementing its long-delayed Entry/Exit System last month for all non EU citizens, including British tourists. This automated system requires travellers to register their passports at the border, and have their fingerprints and photographs taken. The process for British travellers who use the Port of Dover or the Eurotunnel Terminal at Folkestone, or the Eurostar Terminal at St Pancras International will be completed at the border, before they leave the UK. From October 12, the Port of Dover has been subject to EES inspections for freight and coach traffic. The planned start of the tourist traffic checks on Saturday has been postponed. The French authorities are guiding us as to the date of activation. Doug Bannister is CEO of Port of Dover. Bannister, who spoke last month about the traffic checks in peak summer season, said that he was confident they would not cause congestion but warned that it would take six time longer to process every car.
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Indian temple stampede kills nine, injures several
Government officials reported that a stampede early Saturday morning at a temple located in the southern Indian state of Andhra Pradesh resulted in at least nine deaths and several injuries. According to Pawan Kalyan the deputy chief minister of the state, the stampede happened as people crowded into Sri Venkateswara Swamy Temple in Srikakulam, on Ekadashi. Hindus regard this day as auspicious. In a press release, Kalyan stated that "an inquiry will be conducted" into the tragic event. He added that the temple is run by private individuals. Nine people were killed, he said. Anam Ramanarayana Reddy, minister of state, said that 25,000 people crammed into the temple which could only accommodate 2,000. This led to the crush. District officials were also instructed to give medical attention to those injured. Swapnil Pundkar, collector and magistrate for Srikakulam District, said that 18 injuries had been reported. Two critically injured patients were transferred to a tertiary hospital for treatment. In a recent post, Narendra Modi, the Prime Minister, said that the government would pay compensation to the families of those who died and 50,000 to those injured. $1 = 87.8950 Rupees (Reporting and editing by Clarence Fernandez; Ashwin Manikandan, Rishika Sadam)
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Indian temple stampede kills nine, injures several
An official from the state of Andhra Pradesh in southern India said that a stampede early Saturday morning killed nine people and injured several others. According to Pawan Kalyan the deputy chief minister of the state, the stampede occurred as Hindus crowded into the Sri Venkateswara Swamy Temple in Srikakulam, on Ekadashi. In a press release, Kalyan stated that "an inquiry will be conducted" into the tragic event. He added that the temple is run by private individuals. Nine people were killed, he said. Anam Ramanarayana Reddy, minister of state, said that 25,000 people crammed into the temple which could only accommodate 2,000. This led to the crush. District officials were also instructed to give medical attention to those injured. In a recent post, Narendra Modi, the Prime Minister, said that the government would pay compensation to the families of those who died and 50,000 to the injured. $1 = 87.8950 Rupees (Reporting and editing by Clarence Fernandez; Ashwin Manikandan, Rishika Sadam)
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Hoi An, Vietnam's ancient city, is working to rebuild tourism following devastating floods
After days of torrential rainfall that led to widespread flooding and deadly floods, residents of Vietnam's UNESCO listed ancient town of Hoian began cleaning up Saturday. Residents of Hoi An said they'd never seen flooding on this scale. Shop owners and residents worked to repair furniture and restore power as the water receded. They hoped to reopen soon and welcome tourists back. Restaurant owner Dang Quoc Dat (40) said, "Everything got swept away in the floodwaters causing major damage." Dat continued, "What was left were broken pieces of furniture that needed to be replaced... But I am determined to overcome this obstacle alongside other business owners from the town." According to Vietnam's disaster management agency, the central region was hit by heavy rains, causing flash floods and land slides that resulted in at least 29 deaths and five people missing. It said that nearly 100,000 people are still without power and 22,000 homes remain under water. Vietnam has not yet released official estimates on the financial damages caused by its deadly storms, which occur during the storm season, from June to October. Small business owners reported losses of hundreds of millions dong. We have to try, it's our livelihood. "Giving up is not an option," Dao Thi diu, 38, owner of a painting shop. Authorities have warned that heavy rainfall is forecast for central Vietnam. Some areas are expected to receive more than 700 millimetres of rain, which could cause river levels to rise, triggering new flooding. Reporting by Thinh Nguyen from Hoi An and Phuong Nguyen from Hanoi. Editing by Muralikumar Anantharaman.
NTSB sanctions Boeing over release of 737 MAX investigation details, flags to DOJ
The National Transportation Safety Board stated early on Thursday it was sanctioning Boeing for revealing nonpublic information of the ongoing examination into a 737 MAX midair emergency situation and referring its conduct to the Justice Department.
The NTSB stated Boeing had actually blatantly violated the agency's. investigative policies by offering non-public investigative. information to the media and speculating about possible causes. of the Jan. 5 Alaska Airlines door plug blowout.
The relocation by Boeing has actually further deepened the stress. between the crisis-hit planemaker and government agencies at a. time when it is trying to prevent criminal charges being brought. by the U.S. Department of Justice (DOJ) ahead of a July 7. due date.
The NTSB stated Boeing would maintain its status as a party to. the examination into the Alaska Airlines incident, however it. would no longer have access to the information the agency. produces during its probe.
The planemaker will not be enabled to ask concerns of. other participants at an investigative hearing on August 6-7,. whereas other individuals at the hearing will be enabled to do. so.
As a party to numerous NTSB investigations over the past. years, couple of entities understand the guidelines much better than Boeing, the. NTSB stated.
The NTSB said Boeing had actually breached a contract with the. company throughout a media instruction about quality improvements at its. commercial airplanes division on Tuesday in Washington state.
A Boeing executive provided investigative information. and gave an analysis of factual information formerly. launched, the company said. Both of these actions are. forbidden by the party arrangement that Boeing signed.
The NTSB, which will subpoena Boeing to appear at the. investigative hearing in August, also said it would refer. Boeing's recent conduct to the DOJ.
Boeing did not react right away to an ask for comment. outside normal organization hours.
DOJ SCRUTINY
In May, the DOJ stated Boeing had broken a 2021 settlement. arrangement with district attorneys that protected it from criminal. prosecution over its interactions with the Federal Air travel. Authority prior to deadly MAX crashes in 2018 and 2019 that. eliminated 346 people.
Even before the NTSB sanctions, U.S. prosecutors were. suggesting criminal charges be brought against Boeing after. discovering it broke the deferred prosecution arrangement that. needed it to upgrade its compliance practices, . reported on Sunday.
Given that Boeing is under investigation by the U.S. Department of Justice in relation to its Deferred Prosecution. Agreement ... the NTSB will be coordinating with the DOJ Scams. Department to provide information about Boeing's current unapproved. investigative info releases in the 737 MAX 9 door plug. examination, the agency stated.
The DOJ has a different criminal probe into limit 9. door plug emergency. In February, the NTSB said the door panel. was missing out on four key bolts.
The NTSB stated on Thursday that after it had actually discovered of. the unauthorized release of information, Boeing offered the. company with a records of the media rundown.
The transcript exposed that Boeing offered non-public. investigative details to the news media that NTSB had not. validated or authorized for release, the NTSB said.
Boeing offered viewpoints and analysis on elements it. suggested were causal to the accident, it added.
It is the latest stress between Boeing and the NTSB. In. March, NTSB Chair Jennifer Homendy stated at a U.S. Senate hearing. that Boeing had failed to provide the names of staff members on its. 737 MAX door team for 2 months, drawing criticism from. lawmakers. Boeing then rapidly provided the names.
The NTSB stated on Thursday that Boeing had actually portrayed its. investigation to media as a search to locate the person. accountable for the door plug work.
The NTSB is instead concentrated on the possible cause of the. mishap, not positioning blame on any individual or evaluating. liability, the agency stated.
The criticism of Boeing followed Homendy said on Tuesday. that railroad operator Norfolk Southern threatened the. board, looked for to make evidence and failed to offer. documents during its examination of a 2023 Ohio derailment.
(source: Reuters)