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Ex-Atlantia CEO faces up to 18 years in prison for Genoa bridge collapse, according to prosecutors
The Italian prosecution sought on Tuesday a sentence of 18-1/2 years in prison for the former Atlantia CEO Giovanni Castellucci, over the fatal 2018 collapse of an autobahn bridge in Genoa, a port city located to the northwest. The prosecution is continuing its closing arguments for the three-year case involving 56 defendants. These include employees and executives from the company responsible for the maintenance of the bridge and the Transport Ministry. Castellucci has already been in prison in Rome for six years, after a fatal accident in 2013, on a viaduct located in southern Italy. Atlantia's Autostrade per l'Italia unit, which operates the Morandi Bridge in Genoa (Aspi), collapsed the bridge during the height of summer holidays on August 14, 2018. The collapse killed 43 people and exposed the crumbling state of Italy's infrastructure. They face charges that range from multiple manslaughter, to false statements. All of them have denied the allegations. In 2022, the judge closed the case against Autostrade and SPEA, its maintenance subsidiary. The collapse of the bridge sparked a dispute that led to the sale in 2021 of Atlantia’s controlling stake in Autostrade. The collapse of the bridge was caused by the rupture of load-bearing cable inside the ninth pillar's stay, which had been eaten away over the past 51 years by a highly corrosion atmosphere. The prosecution claimed that the collapse of the building was due to years of inadequate, faulty or omitted maintenance in order to delay necessary repairs as long as possible and continue to pay dividends. Lawyers for the defence said that the collapse of the stay cable 9 was due to a construction defect which was not detectable and was unavoidable. Experts from civil parties said that structural problems had been previously identified in cables 10, 11, and then reinforced. It was therefore foreseeable that cable 9 could have experienced similar issues. In the months to come, after the prosecutors and civil plaintiffs present their closing arguments the defence lawyers of all defendants will present them. The first-instance decision is not expected to be handed down before spring 2026.
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Canada's Horizon Aircraft selects Pratt & Whitney engines for its hybrid aircraft
Horizon Aircraft announced on Tuesday that it has purchased the PT6A engine from Pratt & Whitney Canada for its hybrid vertical-takeoff aircraft. The Canadian firm, Cavorite X7, will incorporate the engine that powers thousands of commuters, agricultural and business aircraft around the world into its Cavorite aircraft. Horizon, a U.S.-based air-taxi firm, is betting on hybrid electric technology. Horizon also plans to manufacture the aircraft for emergency services, defense companies and commercial operators. Brandon Robinson, CEO of Brandon Robinson, said that hybrid aircraft have many advantages over all-electric designs. They can use warm air from the engine to de-ice and heat the cabin. He said that the aircraft's battery can be recharged en route in minutes. This allows for a complete charge to occur during landing. Cavorite X7 is capable of carrying up to 7 passengers, and can travel up to 880 km. Horizon plans on having certified aircraft in production before 2030. EVTOL companies, such as air taxi operators are racing to get approvals, build their supplier base, and launch their vehicles on the market to meet the demand for more efficient, sustainable urban transportation. Pratt & Whitney Canada, a subsidiary of the U.S. defense contractor RTX, is based in Canada. According to LSEG, Horizon Aircraft's market value is approximately $150 million based on its Monday closing price. (Reporting from AnshumanTripathy in Bengaluru, Editing by Sahal Muhammad)
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Azerbaijan and Kazakhstan are considering increasing oil transit via BTC by 7 million tonnes by 2027. Minister says
Azerbaijani Minister of Energy Parviz Shahbazov announced on Tuesday that Azerbaijani and Kazakhstan were considering a 7 million metric ton increase in oil transit through the Baku, Tbilisi, Ceyhan pipeline by 2027. Since 2023, BTC has transported 3.4 million tonnes of Kazakh crude oil to the global market. Opportunities are being considered to raise annual transit volumes to 7 million tons by 2027," Shahbazov told the 21st meeting of the Azerbaijan-Kazakhstan intergovernmental commission on trade and economic cooperation. Azerbaijan exported 18.4 million tonnes of oil via the Baku, Tbilisi and Ceyhan pipeline in January-August. This is a 5.3% decline from the previous year. Azeri BTC crude cargoes were found to contain organic chloride in July. This caused several days of delays in loading from Turkey's Ceyhan Terminal. Kazakhstan intends to export 1.7 millions tons of oil via BTC by the year's end, which is the same as 2024. BP operates the Azeri Chirag and Guneshli Oilfields. The BTC pipeline runs through Georgia into Turkey. Azerbaijan shipped 24.6 million tonnes of oil in the first eight month of this year, with 74.7% of that going through the BTC. This is according to the statistics committee of the country. Data showed that the volume of transit oil imported from other countries such as Kazakhstan and Turkmenistan via the BTC dropped to 2.887 millions tons from 3.584million tons during the same period in 2024. (Reporting and editing by Emelia Sithole Matarise; Nailia Bagirova)
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Europe's airline chiefs demand more support to meet green goals
The chief executives of Europe's airline companies called on the European Union to provide more support for green jet fuel, and for subsidies for its production. This year, the EU started requiring airlines use more sustainable aviation gasoline. The minimum blend mandate is set to increase to 6% in 2030. Luis Gallego said, "We have mandates, but we do not have sustainable aviation fuel," at a Tuesday press conference for the trade group Airlines for Europe. The group includes CEOs from Ryanair, easyJet, Air France-KLM and Lufthansa, as well as British Airways owner IAG. The CEOs stated that they would like more assistance from the European Commission to create a functional SAF market, as well as increased subsidies to encourage production of this fuel. SAF is currently three to five time more expensive than jet fuel. Kent Jarvis, CEO of easyJet, said: "If SAF were the same price as Jet Fuel, we would not need mandates." Willie Walsh, director of the airline trade group IATA, had earlier claimed that the oil industry was causing airlines to pay more through SAF surcharges. (Reporting by Joanna Plucinska; Editing by Kirsten Donovan)
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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
Contentious COP29 deal reveals climate cooperation tearing at edges
When COP29 President Mukhtar Babayev stepped to the podium at the closing conference of the Baku climate summit on Sunday morning, wishing to clinch a hardfought arrangement on worldwide environment finance, he brought with him two speeches.
One was crafted around a hoped-for offer being struck, while the other for the possibility of a summit-collapsing deadlock, according to 2 sources familiar with the matter who talked to Reuters on condition of anonymity.
Yes, we had actually prepared various variations of the speech for numerous situations, however as we stepped onto the phase, we were positive in our success, said among the sources, an authorities in the COP29 presidency. In the end, Babayev managed to gavel through the $300 billion financing strategy to assist developing countries cope with the soaring costs of global warming over the next years before critics had time to object, allowing him to read the more favorable speech. He applauded the arrangement as a development and shamed the offer's. skeptics as wrong, even as a lot of the climate deal's intended. recipients knocked it as woefully inadequate.
Babayev's preparation for various results at the divisive. summit in the Caspian Sea country of Azerbaijan showed what. numerous in the audience had already known before it began: the Baku. environment talks were never going to go efficiently.
Expectations for an offer were depressed by worries of a. looming U.S. withdrawal from global environment cooperation,. geopolitical chaos, and an increase of isolationist politics that. had shunted environment change off much of the world's top. top priorities list. Those challenges loomed large in Baku and will continue to. overshadow global climate efforts in the months ahead as Brazil. gets ready for next year's much broader conference in the Amazon. rain forest city of Belem - where the world will plot a. years-long course for steeper emissions cuts and structure. durability in the fight versus environment change.
Multilateralism as a whole is under threat, stated Eliot. Whittington, chief systems change officer at the Cambridge. Institute for Sustainability Leadership. Indeed, the UNFCCC is probably the brilliant area-- showing that. even in the face of exceptionally hostile geopolitics and on. fundamentally difficult concerns, an offer can be made, he stated,. describing the U.N. body sponsoring the annual environment top. But the slow rate of progress, with worldwide emissions still. increasing, has actually raised stress and calls for reform.
This is something that requires to be looked at, when simply a. handful of countries, based upon their own financial interests, can. nearly wreck the whole process, Sierra Leone Environment. Minister Jiwoh Abdulai informed Reuters.
TRUMP RESULT
Among the most significant factors clouding the negotiations in Baku. was the looming return of environment skeptic Donald Trump as. president of the U.S., the world's greatest economy, biggest. historical emitter of greenhouse gases, and leading producer of oil. and gas.
Trump, who takes workplace in January, has pledged to withdraw. the U.S. from the worldwide Paris Arrangement on environment modification, as. he did during his very first 2017-2021 term in the White House, and. has actually called environment change a hoax. Mediators at the Baku conference stated that while the U.S. delegation had helped in developing the climate financing. deal, the nation was not able to take a prominent management. role like it has in past environment tops, and it could not. offer assurances the next administration would honor its. promises.
With the United States, well, the citizens have voted and. that's the way it is. What they're going to do, we do not understand,. South African Environment Minister Dion George said. U.S. officials at the COP29 conference sought to assure global. partners that market forces, existing federal subsidies, and. state mandates would make sure continued renewable resource. implementation even if Trump disengages from the global process.
The war in Ukraine and rising dispute in the Middle East,. meanwhile, have diverted global attention to security and energy. accessibility, and led lots of governments to tighten their purse. strings, experts stated. That made getting a bigger climate financing number hard,. observers to the talks stated.
Even preserving climate finance at present levels in the. current political environment is a substantial battle, stated Joe. Thwaites, senior supporter on international environment finance at. the Natural Resources Defense Council, an environmental group.
The agreement to offer $300 billion every year by 2035 would. in theory triple abundant nations' previous dedications to. provide $100 billion by 2020. That earlier objective was reached in. complete only in 2022, and expires in 2025. The objection of rich nations to provide more cash and. the pressure to conclude even a weak deal ahead of more. political turbulence ended up being a major source of disappointment for. the Least Developed Nations and small island states, who told. the Baku conference they felt sidelined in the negotiations. At one point in the summit's final stretch, negotiating blocs. representing both groups walked out of talks in demonstration,. delaying a deal by hours.
We came in excellent faith, with the safety of our neighborhoods. and the wellness of the world at heart, Tina Stege, the. environment envoy for the Marshall Islands, said at the closing. plenary.
Yet, we have actually seen the extremely worst of political opportunism. here at this COP, playing games with the lives of the world's. most vulnerable people.
India's envoy, Chandni Raina, used her time to roundly. reject the environment finance offer gaveled through by Babayev.
We are disappointed in the result which plainly highlights. the hesitation of the industrialized country celebrations to fulfil. their obligations, she told the summit. Environment advocates said that, while the deal is better than an. outright impasse, the rifts exposed by the conference in addition to. the loss of rely on the procedure amongst poorer countries will. position an issue for Brazil as it gets ready for COP30.
I think this is a hazardous chalice for Belem, and it's going. to be approximately Brazil how they're going to bring back the trust, said. Oscar Sorria, director of the Common Initiative, a think tank. focused on international financial reform.
(source: Reuters)