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Tanure, a Brazilian tycoon, enlists Rothschild & Co to negotiate Braskem's bid
Two people with knowledge of the matter said that Nelson Tanure, a Brazilian businessman, has hired Rothschild & Co. as an advisory firm to help him conduct negotiations for his bid to buy Braskem, Latin America's biggest petrochemical company. Tanure's offer to purchase the controlling stake of Braskem from conglomerate Novonor in late May led to exclusive talks between the two companies. Tanure, which is known for its investments in companies that are undergoing financial restructurings, must also negotiate with the banks who hold Braskem shares as collateral to Novonor’s outstanding debts. They will also need to negotiate with Petrobras, Braskem’s second largest shareholder, and with other oil companies. Tanure Rothschild refused to comment. Newspaper O Globo was the first to report Rothschild's engagement with the Brazilian businessman. Tanure told a reporter in a recent interview that he has begun talks with banks and other key players about the deal, but has not yet revealed his offer. Tanure also stated that he wanted to keep Novonor as an minority shareholder, and give Petrobras a larger role in Braskem. (Reporting and editing by Alistair Bell; Luciana Magnhaes)
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Source: Mitsubishi Corp is in negotiations for an $8 billion US Shale acquisition.
A person familiar with this matter told me on Monday that Mitsubishi Corp was in negotiations to buy the U.S. Shale Production and Pipeline assets of Aethon Energy Management. The price is estimated at $8 billion. If the deal is struck, the Japanese conglomerate would gain a significant natural gas operation near the U.S. Gulf Coast and the energy export infrastructure being developed there. The source said that talks between Mitsubishi and Aethon were ongoing. She cautioned, however, that no transaction was guaranteed and spoke under condition of anonymity in order to discuss confidential discussions. The assets are operated and owned by the U.S.-based energy investment firm Aethon. However, other money managers RedBird Capital Partners as well as Ontario Teachers' Pension Plan in Canada also have significant stakes. Aethon, RedBird and other companies declined to comment. OTPP didn't immediately respond to a request for comment. Mitsubishi was not reachable outside normal Japanese business hours. Aethon's upstream assets, which are centered on the Haynesville Shale Formation in Louisiana and East Texas constitute one of the biggest privately owned U.S. Gas producers. Reports in November indicated that Aethon is exploring options for its operation, which includes more than 1,400 mile (2,250 km), of pipelines, across the Haynesville Basin and Wyoming, where Aethon has some production assets. Bloomberg News reported earlier Monday that Aethon and Mitsubishi were in talks, citing sources familiar with the issue.
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Sources say that Boeing's top executive Pope visited Air India's headquarters to discuss the plane crash.
Two sources say that the head of Boeing Commercial Airplanes Stephanie Pope met with the chairman of Air India in India on Monday. The companies are trying to determine the cause of the fatal Boeing 787 Dreamliner crash last week. One source said that Pope met Air India Chairman N. Chandrasekaran in Gurugram near the New Delhi airport. He was accompanied by Boeing India President Salil Gupte. Details of the discussion were not immediately available. The discussions took place four days after an Air India flight bound for London crashed seconds after takeoff in Ahmedabad, India. All but one of the 242 passengers on board were killed. According to Boeing's website, Pope is responsible for the design, production, and delivery of advanced aircraft to Boeing customers worldwide. One source said that the Dreamliner is fitted with GE engines. Russell Stokes, GE Aerospace CEO for Commercial Engines and Services and Vikram Rai its South Asia Chief, met Chandrasekaran Monday. Boeing declined to comment in a press release on Pope's meeting with Air India and his visit to the country, but stated that it was "focused" on helping its customer and supporting their investigation. GE and Air India didn't immediately respond to requests for comments. Sources declined to name themselves as the meetings took place in private. Boeing's new management has been trying to improve the public's perception of the company and gain trust after a series safety and production crisis. Air India has ordered more than 200 Boeing planes, including 20 787s, and is Boeing's largest customer. (Reporting and editing by Aditi Kalra, Aditya Shah)
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India plane crash victim flew home to bury father
Lawrence Christian flew to India to bury the father he had lost. His family is waiting for him to be buried a week later. Christian, 30, was a British citizen and one of 242 passengers aboard the Air India Boeing 787-8 Dreamliner that crashed in London last week, just seconds after it took off from Ahmedabad. His mother Ravina, who was sitting with her daughter Rinal at home in Ahmedabad and sobbing uncontrollably, said that when he sat in the plane he saw me on a video call. The last thing that he said is that he would call me when he lands. The worst aviation accident in a decade claimed the lives of all but one passenger. Around 30 people were killed on the ground. Ravina Christian's husband Daniel died in May from heart-related complications. Their son was the sole breadwinner for the family. Salvina Christian said, "We've lost everything. The three of us are left here." Everything has disappeared, including our strength, pride and dignity. "We have lost the light in our home." The family waited to receive Christian's body. The doctors at Ahmedabad’s largest government hospital rely on dental records and samples of DNA to identify the deceased. Imitaz Sayed, one of these people, is waiting to learn if Sayed Javed, his brother's spouse, son, aged six, and daughter, aged four, have been identified. The four passengers were in India to celebrate Eid with their family and visit their mother. They are presumed dead, but the pilot says that he has not given up hope they could have survived. There is still hope within. Everything is possible. He said outside the hospital that it is God who decides whether someone lives or dies. Reporting by Sunil Kataria, Sudipto Ganuly, Writing by Shilpa jamkhandikar and Editing by Alison Williams
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Sources say that Boeing's top executive Pope visited Air India's headquarters to discuss the plane crash.
Two sources say that the head of Boeing Commercial Airplanes Stephanie Pope met with the chairman of Air India in India on Monday. The companies are trying to determine the cause of the fatal Boeing 787 Dreamliner crash last week. One source said that Pope met Air India Chairman N. Chandrasekaran in Gurugram near the New Delhi airport. He was accompanied by Boeing India President Salil Gupte. Details of the discussion were not immediately available. The discussions took place four days after an Air India flight bound for London crashed seconds after takeoff in Ahmedabad, India. All but one of the 242 passengers on board were killed. According to Boeing's website, Pope is responsible for the design, production, and delivery of advanced aircraft to Boeing customers worldwide. One source said that the Dreamliner is fitted with GE engines. Russell Stokes, GE Aerospace CEO for Commercial Engines and Services and Vikram Rai its South Asia Chief, met Chandrasekaran Monday. Boeing, GE, and Air India have not responded to comments immediately. Sources declined to name themselves as the meetings took place in private. Boeing's new management has been trying to improve the public's perception of the company and gain trust after a series safety and production crisis. Air India has ordered more than 200 Boeing planes, including 20 787s, and is Boeing's largest customer. (Reporting and editing by Aditi Kalra, Aditya Shah)
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Cyprus is asked to assist Portugal and Slovakia in evacuating their citizens from the Middle East
Cyprus received requests from Portugal and Slovakia to help evacuate their citizens from the Middle East. Cypriot foreign minister Constantinos Kombos announced this on Monday. Kombos, a reporter, said that there were two requests in progress. This depends on their ability to get their civilians into neighbouring countries via road. Last week, Cyprus activated an evacuation mechanism that would assist third-country nationals if necessary. Hermes, the airport operator of Hermes, has confirmed that dozens flights from the Middle East have been diverted to Larnaca and Paphos airports following the suspension of most flights to and out of Israel after the conflict between Israel and Iran began. Many foreigners are looking for ways to leave Israel after Iranian missiles hit residential areas of Israeli cities. The Croatian ambassador to Israel said on Monday that 28 citizens of Croatia expressed their desire to be evacuated.
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Naval agencies report a surge in shipping disruption around Hormuz following Israeli attacks against Iran
Naval forces reported on Monday that electronic interference with commercial ship-navigation systems has increased in recent days, particularly around the Strait of Hormuz, and the wider Gulf. This is having a negative impact on vessels travelling through the area. After four days of fighting, Israeli civilians suffered casualties after Iranian missiles hit major Israeli cities. Israel's Prime Minister said that his country is on its way to eliminating the "threats," posed by Iranian nuclear and missile facilities. Conflict Tehran has threatened to close critical airports in the past Strait of Hormuz Retaliation against Western pressure. The closure of the Strait could impact on global oil prices and trade. The JMIC Information Centre of the U.S.-led Combined Maritime Force, which is multinational and U.S. led, said that it continues to receive reports about electronic interference coming from the area of Port of Bandar Abbas in Iran. These interferences continue to intensify in the Gulf and are affecting the entire region. This disruption affects the ability of vessels to accurately transmit data via automated Identification Systems (AIS), creating operational and navigational difficulties for maritime traffic. The AIS system is widely used by merchant ships around the world. The UKMTO maritime agency had issued an earlier warning on Monday, which pointed out an increase in interference with navigation in the Gulf of Oman and Strait of Hormuz. However, no one was identified as being the source of this interference. Last week, Greek authorities asked their merchant fleet to log all Travelling is a great way to discover new places. Through the Strait Greek operators are amongst the largest tanker providers around the world. "The regional level of threat remains high as both Iran and Israel continue to strike. The JMIC stated that the maritime threat level remained elevated. (Reporting and editing by William Maclean, Alex Richardson, and Ahmed Elimam)
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UN Ocean Conference announces financial deals
Third U.N. The third U.N. Here are some of the announcements made during the past week. EIB and ADB The European Investment Bank, Asian Development Bank and other development banks have announced that they plan to invest 3.5 billion euros (3 billion dollars) by the end decade to prevent plastic pollution from reaching the ocean. The Development Bank of Latin America and the Caribbean said that it would invest $2.5 billion in investments between 2025 and 3025 to protect the oceans and support sustainable marine economic activity. GUINEA The World Bank and AFD, the French Development Bank, have mobilized 119 million Euros in Guinea in order to improve living conditions for coastal and rural communities facing climate change. NORTH AFRICA The AFD has provided 2 million additional euros to continue work on the preservation of Mediterranean coastal eco-systems in North Africa through 2029. COSTA RICA A total of 1.8 millions euros was allocated to strengthen Marine Protected Areas (MPAs) in the Mediterranean and Costa Rica. SWEN CAPITAL Partners Swen Capital Partners, a leading investment firm, announced that it raised 160 million euro for its SWEN Blue Ocean 2 Fund. It also said it aimed to raise 300 million euro for the largest ocean impact fund in the world. The fund will support start-ups who are interested in supporting ocean biodiversity. Reporting by Simon Jessop, Editing by Emelia Matarise.
Travel disruptions around the world are increasing demand for premium insurance
As flight delays, cancellations and other disruptions are on the increase, businesses and leisure travellers are becoming more discerning about the type and level of insurance that they purchase.
Travel disruptions have increased around the globe since 2019. This is due to COVID-19, extreme temperatures, volcanic eruptions or military conflicts, as well as computer problems, fires, and jet safety issues.
Air traffic controller shortages in the U.S. and outdated technology have led to significant disruption. In May, equipment failures, runway construction, and staffing shortages led to flight cancellations, delays, and diversions at Newark Liberty Airport, one of New York City's main airports.
Israel launched an attack on Iran last Friday, forcing airlines to cancel or divert tens of thousands flights in order to avoid a conflict.
Many insurance policies have a variety of exclusions.
According to nine interviews conducted with travel executives, insurers and analysts, travellers are increasingly opting for higher-end policies that come at higher prices to protect themselves.
Duncan Greenfield Turk, CEO Global Travel Moments in London, said: "We are in a time that is quite unstable, so people cancel more often than before."
According to Allianz Partners, German insurers, European tourists increased their travel insurance purchases for this summer by 3 percent compared to last year.
Squaremouth, which is the largest travel insurer in the U.S.A., saw a global increase of 34% in "Cancel for Any Reason" coverage.
Travel for Allianz Partners CEO Anna Kofoed said that British and U.S. tourists are willing to pay more to protect their vacation.
According to InsureMyTrip, data shows that from January to April 2024, 32% more travelers worldwide requested a quote for travel insurance.
Businesses seek travel advice
As a result of President Donald Trump's announcements on immigration restrictions, including stricter visa vetting and travel bans, there has been an increase in demand for tailored travel advice.
World Travel Protection, a global company that advises on travel risks and provides advice to businesses, has reported an increase in U.S. citizens being detained by U.S. border officials who inform them their documents are no longer valid due to changes in visa rules.
Frank Harrison, WTP's regional director of security for the Americas, said that WTP worked with U.S. Government representatives to assist these individuals in returning home.
Harrison stated that "we're seeing an increase in the number of organizations who come to us to ask how to navigate within the U.S. business landscape."
According to Steven Diehl, CEO of CIBT which offers non-legal immigration and visa guidance, the number of inquiries from companies looking to better prepare employees for travel in the U.S. has increased by 50% since November.
HIGH-END PRODUCTS OF INSURANCE EMERGE
Parametric insurance is one of the newer areas of business. It pays out compensation after an "trigger event" such as a delay in a flight without the need for a claim.
In some countries, parametric insurance has been a big hit during the COVID-19 epidemic. More insurers have started to offer this product in the last few months.
Mawdy, the Irish unit of Spanish insurer Mapfre, found that when instant compensation is included in travel insurance packages, about 11% more customers choose higher-tier policies.
This burgeoning industry has also attracted the attention of travel destinations.
Marriott Bonvoy offers weather insurance for villa rentals and waterparks at the time of booking. This automatically pays out in case it rains.
Sensible Weather is one such provider. It reported that its weather guarantee was added to 30% theme park bookings, and 10% of bookings for higher-valued accommodation, when it offered them in 2024.
Squaremouth launched in March a new cruise insurance product that includes benefits like coverage for missing a port of call or being confined to a cruise ship.
"Everyone wants to make it clear that every trip (...) will have different concerns, whether it is hurricanes, blizzards, or what is happening with air traffic control," said Suzanne Morrow CEO of online insurance broker InsureMyTrip. (Joanna Pluncinska in London and Henry Gale, Doyinsola in New York. Editing by Josephine Mason & Elaine Hardcastle).
(source: Reuters)