Latest News
-
Tropical cyclone in Northern Territory leaves thousands of Australians powerless
On Sunday, thousands of people in Australia’s Northern Territory, including the capital Darwin, were left without power after a tropical storm brought destructive winds overnight. Fina, an extremely severe tropical cyclone of category three, moved away from Darwin on Sunday, clocking wind gusts of 205 kph. It had passed the city on Saturday night as "severe tropical storm", according to the Bureau of Meteorology. Fina brought back painful memories for residents of Darwin (population around 140.000), of Cyclone Tracy which destroyed much of the city in 1974 and killed 66 people. It was one of Australia’s worst natural disasters. Lia Finocchiaro, the chief minister, said that about 19,000 people lost power because of Fina. The storm also damaged property and submerged roads but did not cause any injuries. Finocchiaro, in a Darwin-televised media conference, said that the cyclone had seen a united territory prepared for what lay ahead. As crews began assessing damage, authorities urged residents in Darwin, a garrison city located in the north, to avoid power lines that had fallen. Darwin International Airport, closed as a precaution on Saturday due to Fina, announced on Sunday that it would "work to reestablish its operations as soon it is safe". According to the Weather Bureau, Category 3 tropical cyclones are two levels below the most dangerous rating. They usually cause damage to structures, trees, and crops, and power outages. In March, the ex-tropical storm Alfred, which hit Queensland in neighbouring Australia, closed schools and left hundreds of thousands without power.
-
Reeves freezes rail fares for UK budget
Rachel Reeves, British Finance Minister, said Sunday that she will freeze rail fares in her budget plan to be presented on Wednesday. She hopes to help millions who are struggling with rising costs of living. Reeves' budget is expected to include tax increases, but those who use the railways regularly will find some relief from the frozen fares. Treasury said that the freezing of rail fares would also help to limit inflation. A Treasury statement said that this is the first time rail fares in 30 years have been frozen. It will also cover season tickets for commuters, off-peak return between major cities, and peak returns to commuters. The statement stated that the move would save commuters hundreds on their season tickets and freeze travel costs. It will also support the growth of town centres throughout the country.
-
Britain introduces $2 billion package for EVs
The British government will introduce a package worth 1.5 billion pounds ($2 billion) to speed up the switch to electric cars, according to reports. This includes an additional 1.3 billion pounds to fund a grant program to purchase new electric cars. Since its launch in July of this year, the Electric Car Grant Scheme has helped over 35,000 drivers switch to an electric vehicle by reducing upfront costs up to 3,750 pound. According to the government, an additional 200 millions pounds will be included in the budget due on 26 November to speed up the deployment of chargepoints throughout Britain. In order to achieve a goal of net-zero emissions of greenhouse gases by 2050 in Britain, the country wants to phase out new petrol and diesel vehicles by 2030. The demand for EVs is stagnant, with consumers citing the high upfront costs of EVs as their main obstacle. The Conservative Party, the opposition party, criticised this move. Richard Holden is the Conservatives' Transport Policy Chief. He said: "Under Labour, ordinary families face increased taxes and spiralling prices, but the government gives discounts on new electric vehicles." This is the type of tone-deaf spending that we have come to expect from this Labour Government. Reporting by Elizabeth Piper Editing Mark Potter
-
After US warning, several international airlines have cancelled flights to Venezuela
Three international airlines canceled flights from Venezuela on the morning of Saturday. The U.S. Federal Aviation Administration had warned major airlines about a "potentially dangerous situation" while flying over the nation. Flightradar24, the official website for Simon Bolivar International Airport, and Brazil's Gol and Colombia's Avianca all reported that three international airlines canceled their flights from Caracas, Venezuela, on Saturday. Aeronautica Civil de Colombia stated in a press release that there are "potential risks", when flying in Maiquetia, "due the deterioration in security conditions and the increased military activity in this region." TAP confirmed that it has canceled flights for Saturday and Tuesday. The company said that the decision was made after receiving information from the United States Aviation authorities, which indicated that safety conditions were not guaranteed in Venezuelan airspace. Iberia, a Spanish airline, also announced that it would cancel its flights to Caracas starting Monday. Iberia's scheduled flight to Madrid on Saturday from Venezuela's capital was cancelled. Iberia's spokesperson said that the company would assess the situation and decide when flights will resume to Venezuela. On Saturday, Copa Airlines and Wingo continued to operate their Maiquetia flights. The U.S. FAA's notice noted the "worsening situation in security and increased military activity around Venezuela", and warned that threats could be a danger to aircraft of all altitudes. In recent months there has been an enormous American military buildup, including the largest aircraft carrier of the U.S. Navy, as well as at least eight warships and F-35 planes. Flightradar24 reports that the Latam Airlines flight scheduled to depart for Bogota on Sunday has been cancelled. (Mayela Armas, Caracas; Corina Pons and Ana Cantero at Madrid; Sergio Goncalves at Lisbon; Ana Cantero writing and editing; Diane Craft and David Gregorio).
-
Defence Minister: Eindhoven Airport closed due to drone sightings
In a Facebook post, Dutch Defence Minister Ruben Brekelmans stated that the suspension of air traffic at Eindhoven Airport in the southern Netherlands on Saturday night was due to the multiple sightings of drones. Brekelmans stated that "counter-drone equipment has been ready for action". "An investigation continues." On Saturday, the Dutch defence ministry said that the Dutch military had fired weapons on drones seen above Volkel Air Force Base, located about 40 kilometers (25 miles northeast of Eindhoven). Eindhoven is both a civil and a military airport. Brekelmans stated that all types of air traffic had been suspended. When asked if the origin of the drones was known, the ministry of defence had no further comment. In recent months, drones and other airspace intrusions have caused significant disruption throughout Europe. In September, three Russian military jets violated Estonian airspace for twelve minutes and more than 20 Russian drones invaded Polish airspace. Since then, drones, whose origins are largely unknown, have disrupted the airspace operations of Europe. Ursula von der Leyen, President of the European Commission, has described these incursions as "hybrid war".
-
After US warning, several international airlines have cancelled flights to Venezuela
Three international airlines cancelled flights from Venezuela on Sunday after the U.S. Federal Aviation Administration on Friday warned major airlines of a "potentially dangerous situation" while flying over the nation. Flightradar24, the official website of Maiquetia International Airport, and Brazil's Gol and Colombia's Avianca cancelled their flights leaving Caracas Saturday. Aeronautica Civil de Colombia stated in a press release that there are "potential risks", when flying in the Maiquetia region "due the deterioration in security conditions and the increased military activity in this area." Iberia, a Spanish airline, also announced that they would cancel their flights from Caracas until further notice. The flight from Venezuela's capital to Madrid scheduled by the Spanish company on Saturday has departed. Iberia's spokesperson said that the company would assess the situation and decide when flights to this country could resume. On Saturday, Copa Airlines and Wingo continued to operate their Maiquetia flights. The U.S. FAA's notice noted the "worsening situation in security and increased military activity around Venezuela", and warned that threats to aircraft could be present at any altitude. In recent months there has been an enormous American military buildup, including the largest aircraft carrier of the U.S. Navy, as well as at least eight warships and F-35 planes. Flightradar24 reports that the Latam Airlines flight scheduled to depart Bogota on Sunday is also cancelled. Reporting by Mayela Aras from Caracas, Corina Pons in Madrid and Ana Cantero at Caracas. Editing by Diane Craft.
-
Officials say that the fire on a container ship in Los Angeles has been'substantially contained'.
The Port of Los Angeles announced on Saturday that a fire on a cargo vessel, which sent smoke billowing throughout the second-most populous U.S. City, had been "substantially confined" after several hour. The shelter-in-place order for two neighborhoods in the city has been lifted. There have been no injuries reported. A fire started on the dock of the One Henry Hudson in San Pedro, Los Angeles at around 6:30 pm local time. Officials said that fire crews and members of the ship's crew continued to suppress the fire on Saturday after the vessel had been towed from its berth in the Yusen Container Terminal. Los Angeles Fire Department reported that marine units continued to cool the exterior of the ship. ABC affiliate TV footage showed streams of water being shot by firefighting vessels on the sides of the ship and containers that were on fire. The fire and explosion that occurred on Friday caused concern about the burning of hazardous materials. The fire quickly forced the evacuation of all 23 crew members, as it disrupted crane and power operations. Officials have issued shelter-in place orders for Los Angeles' communities of San Pedro, Wilmington and others. These orders were lifted Saturday. Officials also removed the work restrictions for the terminals of Los Angeles' port. Fire officials had earlier reported that four of the seven container terminals in the port were operating again. According to LSEG, the One Henry Hudson is a Panama-flagged ship that arrived in Los Angeles from Tokyo's Shinagawa Port on Wednesday. Rich McKay reported from Atlanta, with additional reporting by Rajveer S. Pardesi, Rishabh J. Jaiswal and David Gregorio in Bengaluru.
-
Portugal claims that only three of Europe's largest airlines expressed interest in TAP privatisation
Parpublica, the state-owned holding company of Portugal, announced on Saturday that it had only received three expressions interest for a minority stake of TAP's flag carrier. All were from Europe's biggest airlines, and none came from outside of the EU. This was far below what government expectations had been. British Airways' owner IAG and Air France-KLM, as well as Germany's Lufthansa, had announced they had submitted formal expressions of interests. Portugal restarted its long-delayed TAP privatisation in July. It aims to sell a 44.9% share to an airline that can boost the company's international scale and competitiveness. A further 5% will be offered to TAP staff. In July, Prime Minister Luis Montenegro stated that the government expects major airlines from outside of the European Union to be interested in TAP's planned privatisation. He cited the carrier's potential. The deadline for airlines formally expressing interest in the project closed at 1700 GMT on Saturday. Parpublica announced in a press release that it had until 12 December to evaluate whether interested airlines met the criteria. These include at least one year's revenue of more than 5 billion euro in the past three years, and financial capability. Offers that are not binding must be submitted by the middle of March, followed by offers that include a price and a TAP strategic plan. Privatisation is expected in the second half 2026. TAP's main assets are its connections with Brazil, Portuguese-speaking African nations and the United States, all from Lisbon, the hub that the government is keen to maintain and expand. Bernstein analysts estimated TAP's stake of 44.9% at 700 million euros, based on an airline valuation totaling 1.5 billion euros. This represents a premium of roughly 25-30% over European peers. They justified this by citing TAP's potential strategic advantage.
US automakers, homebuilders and materials are hit by Trump's trade war
The latest trade war escalation by Washington has put pressure on the shares of U.S.-based companies. Earnings in many sectors are expected to be affected, including those in automakers, retailers, and raw materials.
Donald Trump has imposed 25% tariffs for imports from Mexico, Canada and the United Kingdom. The tariffs cover more than $900 billion in annual U.S. exports to Mexico and Canada.
Trump doubled the duties on Chinese imports from 10% to 20% in order to punish Beijing for the U.S. overdose crisis. The duty is on top of the 25% tariffs that were imposed in his first term.
China responded by imposing additional tariffs between 10%-15% on some U.S. exports as of March 10. Canada and Mexico, meanwhile, were ready to quickly retaliate.
The main Wall Street indexes fell on Tuesday, with the biggest declines coming from stocks that are sensitive to economic conditions such as banks and airlines. On Monday, the S&P 500 index suffered its worst day this year after U.S. Tariffs were confirmed.
AUTOMOBILES
S&P Global estimates that the new duties on imported cars from Mexico and Canada will cost U.S. automakers 10% to 25% of their EBITDA.
S&P Global stated in a report that Trump's tariffs of 25% on steel and aluminum imports would increase costs for industry. The steel and iron industries accounted for 15 percent of the net shipments in 2024.
Analysts at J.P.Morgan also expect that automakers will bear the direct costs of tariffs on Canada, Mexico and some suppliers, dealers, and consumers.
They said that this could cost General Motors $14 billion (or virtually all the earnings before taxes and interest it is guiding to worldwide this year) or Ford $6 billion (or about 75% of its EBIT globally this year).
Ford has three factories in Mexico. According to Mexico's AMIA, it exported less than 196,000 vehicles to North America during the first half 2024. Of these, 90% went to the U.S.
According to a Barclays report published in November, Stellantis produces 39% of North American vehicles either in Mexico or Canada. General Motors, Ford Motor, and Ford Motor Canada each produce 36%, and 18% respectively.
Three GM plants are located in Canada. They produce the Chevrolet Silverado heavy duty truck, as well as the V8 engine with dual clutch transmission.
Ford and General Motors shares have fallen by 2.8 and 5.8% respectively on Tuesday.
HOME BUILDERS
The new tariffs are likely to increase costs for U.S. builders who import raw materials from neighboring countries.
Tuesday, the PHLX housing index, which had fallen by about 4.8% this year so far, dropped 1.2%.
S&P Global stated that tariffs on products like appliances, electronics and cabinets from Mexico and China could increase the price of building a house.
It said that the building materials industry is experiencing margin pressure due to higher costs for commodities, labor, and freight. The new tariffs may further impact margins.
AEROSPACE SUPPLIERS
According to the Aerospace Industries Association, Canada is the U.S.’s top exporter and third largest importer of aerospace products.
Tariffs may increase costs for suppliers who are already under pressure and for their customers, such as Boeing. Boeing shares fell 6.4%.
Canadian manufacturers also produce landing gear and engines for Boeing, Airbus and General Dynamics Gulfstream.
Mexico's aerospace hubs, Queretaro & Chihuahua are growing rapidly, and are attracting major suppliers like Honeywell.
Steelmakers
According to data from the American Iron and Steel Institute, steel imports will account for approximately 23% of U.S. consumption by 2023. The largest suppliers are Canada, Brazil and Mexico.
In 2024, Canada's abundant hydropower resources, which aid in its metal production and export, accounted nearly 80% for U.S. imports of primary aluminum.
Alcoa, the aluminum producer, said that Trump's plan of imposing a tariff on imports could cost around 100,000 U.S. workers and wouldn't be enough for it to increase production in this country. Its shares dropped 3.1%.
Shares of U.S. Steel and Nucor fell between 5% to 8%.
Airline Tickets
The S&P Composite 1500 Passenger Index fell 6%, and was heading towards its worst day for more than a month.
Michael Ashley Schulman is the chief investment officer of Running Point Capital. He said that as retailers and other businesses warn customers about tariff-related price increases, they feel less able to spend on holidays and vacations.
Businesses may reduce corporate travel to keep costs down and margins high. (Reporting and editing by Arpan Varrahese, Shilpa Majumdar and Shilpa Varghese in Bengaluru. Kanchana Chakravarty and Shivansh Tiwary are based in Bengaluru.
(source: Reuters)