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China claims that the Trump visit is a 'preliminary deal'
China's 'commerce ministry' described the tariff, aircraft and agricultural deals as "preliminary". This was in response to Donald Trump's visit this week. Trump left Beijing Friday, after two days of talks between President Xi Jinping and Trump that were filled with pageantry and warm words but with limited details on tangible outcomes in trade and investment. The ministry announced on its website that the two parties had agreed to create an investment board and?a trade panel to negotiate reciprocal tariff reductions on specific products, as well as larger cuts on unspecified goods, including agricultural products. Beijing also said that both sides will work together to resolve issues of non-tariff tariff barriers and market access. "FINALISED?AS SOON as possible" The ministry stated that the U.S. will "actively promote" the resolution of China's longstanding concerns about?the automatic removal of aquatic products from China, the export of bonsai plants in growing media to America, and the recognition of Shandong Province as a region free of avian flu. The Chinese side also pledged to actively resolve U.S. concerns about the registration of beef plants and poultry meat exports from certain U.S. States to China. The ministry didn't identify any companies, or give details about volumes, values or timelines. China released its first public statement on Saturday, describing the results of trade talks held this week in Beijing & Seoul. This comes amid concerns about what Trump's 'first state visit' to China has achieved. Trump said that China had?agreed' to buy 200 Boeing planes, but analysts questioned this lack of timeline. The Commerce Ministry confirmed "arrangements" on "Chinese aircraft purchases from the United States" and U.S. assurances regarding the'supply of aircraft parts and engines to China", but did not elaborate. The statement said that discussions were ongoing and the agreement would "finalised as quickly as possible". Reporting by Eduardo Baptista. Mark Potter (Editing by Mark Potter).
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In Thailand, a freight train collision with a bus has resulted in at least eight deaths and 32 injuries
Rescue officials and the deputy transport minister reported that at least eight people died and 32 others were injured after a train struck a bus in Bangkok and ignited a fire. Officials said that firefighters and rescue crews responded to the incident as fires consumed the bus and vehicles nearby near the Airport Rail Link station in Makkasan. They added that the crash involved motorcycles and cars. According to preliminary reports, the bus was stopped "on the tracks" at a red signal, which prevented the crossing barriers from closing. Deputy Transport Minister,?Siripong, Angkasakulkiat, told reporters that the preliminary reports indicated the bus had been parked?on the track?, and therefore, prevented the crossing barriers from being closed. He added that the train, which was carrying containers, could not stop in time to prevent colliding with?the bus. Eight people died and 32 were injured. The wounded are being treated at various hospitals. "All eight of the dead were on that bus," he stated. Social media videos showed the train dragging several vehicles and the bus along the tracks. The bus was stuck in a red-light situation, and so couldn't move. Wanthong Kokpho said that cars were also "blocked" and could not move forward. The fire broke out immediately. The damage would have been worse if this was a normal workday. Officials said that rescue teams pulled injured victims out of the wreckage while fire crews battled with water hoses. They said that the fire had been brought under control and that crews were cooling down the area and venting gas while continuing to search for survivors. Authorities are investigating what caused the incident. According to the World Health Organization (WHO), Thailand's roads are among the deadliest in the world due to a lack of enforcement of safety standards. Reporting by Orathai Shriring, Panarat Thepgumpanat, and Tananchai K. Keawsowattana. Editing by Louise Heavens & Joe Bavier
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One dead in Comoros as clashes erupt over rising fuel prices
By Abdou Moustoifa MORONI, 16 May - Five people were injured and one person killed in clashes between protesters on the comorian island of Anjouan and security forces, as unrest over fuel price increases spreads throughout the archipelago. The prosecutor stated in a Saturday statement that the Public Prosecutor's Office of Mutsamudu informed the public about a tragic incident which occurred in Anjouan in the Mpage region, and resulted in the death of a person, as well as five other injuries. After a meeting with the mayor of Mirontsy, and the 'fishermen association' which had been on strike since Wednesday in protest at rising fuel prices, there were clashes. In Mutsamudu (the capital of Anjouan), roads were blocked by stones. A judicial investigation was opened to determine what caused the death. The unrest is a result of a wider strike that began on Monday, after the government increased gasoline and diesel prices by 46% each. Citing the "Middle East" conflict as the reason for the increase. The strike by transport workers and shopkeepers has paralysed the public transportation system in Moroni. According to the National Human?Rights?Commission,?39 people were detained since the beginning of the strike. In an effort to reduce tensions, the government announced "cuts" to official travel and a reduction of 40% in customs fees. (Reporting and editing by Abdou Moostifa)
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The rising cost of diesel fuel from the Iran war is straining US school budgets
The rising cost of diesel since the onset of 'the Iran war' is draining budgets already stretched by U.S. schools districts. It makes it expensive to transport students and run generators. Schools from Yakima Washington to Waco Texas are using emergency funds reserves to keep buses running. Interviews reveal that officials in remote Alaska are scrambling to secure enough fuel to run the lights. Trevor Greene, Superintendent of Yakima said: "It is more than a straw on a camel's...back. It's like a big haystack." The U.S. and Israeli war against Iran has had many knock-on effects, including the disruption of around one-fifth of world oil supplies. Fuel prices have risen at the fastest rate ever since the beginning of the war in late February. This spike has impacted economies all over the world. The spike has been so painful in the U.S. that it is a liability for Donald Trump in November's midterm elections, when the Republican Party is trying to hold onto a slim majority in the U.S. Congress. According to the American School Bus Council, U.S. bus operators consume more than 800 millions gallons of diesel per year. According to a new analysis by Samsara, a fleet management software provider, the cost to operate school buses in the United States has increased 67% since December. This is equivalent to an annual increase of $1.8 billion. James Rowan is the executive director of Association of School Business Officials International. He said that while districts can budget for higher costs in advance, the rapid swings in price make it difficult to do so accurately. "Even districts who have been able absorb costs through temporary measures or reserves this year may not have the same flexibility in the future." A survey of 188 U.S. School Districts, commissioned by AASA, and conducted in the week of May 4, revealed that close to a third are taking money from other funds to pay for their higher fuel costs. According to the survey results, school officials are looking for ways to cut costs. They consolidate bus routes, enforce anti-idling, change fuel buying practices, delay maintenance, and reduce administrative expenditure and staffing. "TREMENDOUSLY UNDERFUNDED" Yakima School district executives in Washington State said that the price of diesel they pay has recently increased by 64% on an annual basis to $6.30 per gallon. Greene said that at this price, the district's 60 buses would require an additional $213,000 in fuel costs per year. This is roughly equivalent to the salaries of two teachers. That is a big burden in an agriculture-dominated school district that has a poverty rate of 86%, and which is already "tremendously underfunded," he said. Jacob Kuper, district CFO, said that the district will instead buy its 30,000 gallon diesel tank in small quantities on days of low prices, rather than filling it. This is because it's "limping through the end" of the year. Christopher Mills of Thief River Falls Public Schools, in northwestern Minnesota said that diesel costs associated with transporting up to 800 students have increased around 30% since Iran's war began. Mills stated that the district was working to minimize direct impact on classrooms. "But if prices continue to rise, we may be forced to reduce support services for students." Even oil-rich Texas schools have not been spared. Waco Independent Schools District, which has over 80 buses, and average round-trip routes of 60 miles per day on average, reported an increase in diesel prices by 84% in early April. PRESSURE-PACKED Yupiit school district in Southwestern Alaska uses diesel generators to power the community and classrooms, not buses. Scott Ballard, Superintendent of the Yupiit District School Board in Akiachak, said during a phone interview that if they couldn't produce electricity then we wouldn't be able to run our school. The district, which has 550 students in it, is icebound most of the time, leaving a small window for fuel purchases. Ballard explained that leaders are now faced with a tough choice: Do they lock-in a price nearly 66% higher than the previous year, or do they gamble on prices falling? We're under a lot of pressure. Some of the biggest school districts in the United States are partially protected from fuel price fluctuations. Paul Quinn Mori is the president of the New York School Bus Contractors Association. He said that the district in New York City, which has the largest population in the country, outsources approximately 60%?of pupil transport. This arrangement often transfers fuel price changes from the district to the contractors. Los Angeles Unified, the second largest school district in the country, has been moving towards diesel-powered vehicles for many years. A district spokesperson revealed that 70% of its 1,300 bus fleet runs on batteries or alternative fuels. A spokesperson stated that "rising diesel prices continue impacting Los Angeles Unified’s transportation budget. However, the district has taken active steps to reduce dependence on fossil fuels by investing in clean transportation." (Reporting and editing by David Gregorio; Lisa Baertlein)
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In April, Iraq exported 10,000,000 barrels of crude oil through the Strait of Hormuz.
Basim Mohammed, Iraq's new Oil Minister, told a?press?conference on Saturday that the country exported 10 million barrels?of?oil via the Strait?of Hormuz?in?April. This is down?from 93 million barrels per month before the Iran War. Oil prices have risen sharply since the Iran war closed the 'Strait of Hormuz. Iraqi crude oil exports via the Kirkuk-Ceyhan pipeline resumed in march, after Baghdad agreed to restart the flow. Mohammed said: "We currently export 200,000 barrels via Ceyhan, but we plan to increase that to 500,000 barrels". Iraq 'plans to engage OPEC in order to boost its production - and export capacity. 'The minister stated that Baghdad aims at a?production capacity of 5 million _barrels a day.
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New York's Long Island rail strikes halt the busiest commuter route in US
A union statement said that about 3,500 workers from the New York Long Island Rail Road (LIRR), who failed to reach an agreement on wages, went on strike Saturday. This halted the busiest commuter train system in the United States. The Long Island Rail Road is operated and owned by the state’s Metropolitan Transportation Authority (MTA). It serves nearly 300,000 passengers per day. In a press release, the International Brotherhood of Teamsters union stated that a group of five unions had launched a strike. This was 'the first strike in 32 years. The union said that the workers went three years without receiving raises in the course of the bargaining. Mark Wallace, President of the Brotherhood of Locomotive Engineers & Trainmen, said: "This strike wouldn't have happened if MTA and LIRR had offered our members the terms that the government repeatedly recommended." We hope LIRR takes action soon to prevent further?disruptions of hundreds of thousands New Yorkers. When they are ready, they know where to find us: on the street. After the unions requested that he intervene, President Donald Trump signed an executive order in January to appoint another emergency?board for mediation to avoid a stoppage of work at the Long Island Rail Road. Trump had initially named a board to end the labor dispute in September of last year. (Reporting and editing by Tom Hogue in Bengaluru, Mihika Sharma, Shubham Kalya)
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Berkshire purchases Delta and Alphabet, while shedding Amazon, UnitedHealth Visa, Mastercard, and Visa
Berkshire Hathaway announced a $2.65 billion investment into Delta Air Lines on Friday, as well as a small stake in Macy's. It also said that it had sold many of its smaller stock holdings such Amazon.com and UnitedHealth Group. These changes were made as part of the portfolio reshuffle that took place in the first quarter following the promotion of Greg Abel, who succeeded Warren Buffett at Berkshire. Berkshire announced in a regulatory filing that they also tripled their stake in Alphabet (parent company of Google), which is now one of the largest investments in common stocks. Berkshire has also increased its stake in New York Times to 9%. The filing included a list of?Omaha-based Berkshire’s U.S. listed stock holdings at March 31. This represented?most? of the $288 billion equity portfolio. Berkshire purchased $15.94 billion in stocks and sold $24.09 Billion of them between January and March. Abel is likely to have been the one who directed the majority of stock sales. According to previous disclosures, Abel inherited the equity portfolio of Berkshire, including that of Todd Combs. Combs was a Buffett protégé who joined JPMorgan Chase in December. Abel stated in February that he managed 94% of Berkshire stock holdings while Ted Weschler, the investment manager, handled 6%. Berkshire held an 11% stake in Delta Airlines, but sold it along with similar percentage stakes in American Airlines, Southwest Airlines, and United Airlines early in the pandemic, in April 2020. Buffett stated at the time that the aviation industry had undergone a "world-wide change". Delta is considered to be one of the best-run U.S. large airlines. After-hours, its shares rose by 3.2%, likely reflecting the 'approval stamp' that investors perceive from Berkshire. The Atlanta-based carrier did not immediately respond to a comment request. Macy's stock also gained a boost after-hours, with a 5.9% increase following Berkshire's announcement of a stake in 3 million shares worth $55 millions.
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Carney announces Alberta Carbon Pricing Deal that could pave the way for new oil pipeline
Canada's Prime Minister Mark Carney and Alberta's premier on ?Friday signed a deal on industrial carbon pricing, ?part of a broader agreement meant to pave the way ?for ?construction of a 1-million-barrel-per-day crude oil pipeline to British Columbia's northwest coast to start by September 2027. Calgary's deal will raise the cost of carbon credits in Alberta's industrial market from C$95 to C$130 (94.59 USD) per metric ton in 2040. This is a measure to give oil companies a financial incentive for reducing pollution. It is unlikely that it will satisfy oil executives, who are concerned about the impact of any industrial carbon pricing on the industry, especially since the United States does not have a carbon price. Carney was in the city of oil and gas for the first time since November when he met with Alberta Premier Danielle Smith to discuss a plan to increase investment, including funding a new pipeline. Carney said that Canada's carbon markets and incentives to boost?low-carbon oil output will attract the private sector. He said, "I believe there will be a great deal of interest." U.S. COMPETITION WORRIES Alberta frozen its headline industrial carbon prices in May 2025. It cited the need to "keep its companies competitive" in light of the threat that President Donald Trump's Tariffs pose. Alberta's carbon credits trade between?C$20 to C$40 per metric ton. Environmental?experts claim that this is too low a price to encourage polluters into investing in technology to reduce emissions. The plan announced on Friday includes an escalating carbon floor price to ensure that Canada's major emitters are continually encouraged to reduce their emissions. Alberta's carbon price will increase from C$100 to C$130 per ton in 2020, then by 1.5% each year beginning in 2036. Environmentalists had called for a faster timeframe. Tim Weis is the director of industrial decarbonization for Pembina Institute. The 'deal' ensures that Alberta will raise its carbon price in time, as other provinces must do. This is a condition Carney had set before he would allow his government to fast-track a new crude oil export pipeline. For the first time, the agreement provides a start date for a new crude export pipeline if governments meet their legal obligation to consult Indigenous People. Alberta plans to submit a proposal to build a second West Coast oil pipeline by July 1, according to the province. HURDS REMAIN Carney and Alberta agreed that a new pipeline would be contingent upon the oil industry building an carbon capture and storage project. However, under the agreement, the project could be phased-in over time, and the resultant?emission reductions would be less than what the companies who originally proposed the proposal pledged to achieve in 2022. The Oil Sands Alliance, which is made up of Canada's largest oil sands companies, has refused to pay for the carbon capture project. The group said on Friday that it did not support changes to Alberta's carbon tax system. British Columbia, as well as any First Nations that might be affected by this route, would have to approve of the pipeline. B.C. Premier David Eby has said that his government will not allow the oil tanker ban to be lifted off the northwest coast of B.C.
Air Canada's labor agreement could reshape the pay of North American airline crews
The latest blow to airline compensation systems that do not pay fully for cabin crew's hours of work is a crippling strike by Air Canada Flight Attendants that halted thousands of flights due to unpaid wages and unpaid overtime. The union representing more than 10,000 Air Canada Flight Attendants announced on Tuesday that they had reached a tentative agreement to end unpaid work. Analysts believe that any gains made could have a positive impact on upcoming contract talks in North America.
According to a union representative, the agreement would pay flight attendants an hour before narrowbody jet flights and 70 minutes for larger widebody planes, at half their normal hourly rates in year one. This rate will rise to 70% by year 4.
Air Canada had previously offered to pay half the fare for 45 minutes of travel time for narrow-body jets and 60 minutes of travel time for wide-body aircraft.
The deal may also increase structural costs in an industry that is cyclical. The second largest operating cost for airlines is labor.
The four-day walkout that stranded over 500,000 passengers reflects unrest among U.S. carriers where flight attendants are not allowed to leave their jobs until the National Mediation Board gives permission. Last year, cabin crews from American, Southwest and Alaska Airlines rejected contract agreements because they didn't address their concerns over unpaid work. United Airlines flight attendants voted against a tentative labor agreement worth $6 billion last month, because it did not include compensation for the time spent on the ground prior to and after flights.
Before returning to negotiations in December, the union of Chicago's airline is conducting a survey among its members. United and the union didn't immediately respond to comments.
Cabin crews are paid for a certain number of hours. However, the majority of their compensation is given when planes are moving, ignoring important tasks such as boarding, deplaning and other ground operations.
The unions claim that this is a significant amount of unpaid work. In the past, airline workers were able to secure concessions in contract negotiations because the industry was suffering due to economic downturns and pandemics.
Flight attendants are resentful due to a rise in inflation, stagnant salaries, and an increased workload. This has fueled their demands for pay reform.
The Air Canada strike is a positive for all negotiations. "It defined the problem of unreasonable expectations for flight attendants working without pay", said Sara Nelson. She is the international president of Association of Flight Attendants - CWA, which represents over 55,000 flight attendants on 20 airlines including United.
The striking flight attendants inspire workers everywhere.
Nelson spoke to Wesley Lesosky on Monday, the head of Air Canada’s flight attendants' union, in order to coordinate positions. Representatives of both unions confirmed this.
Shanyn Elliott is an Air Canada Rouge flight hostess who said that when she began her job in 2017, she would take long-haul flights for extra money as the C$23 (16.60) per hour wage she earned did not cover living expenses.
Elliott, the head of the strike committee of Air Canada flight attendants in the Canadian Union of Public Employees, added that frequent delays following the pandemic resulted in longer working hours.
Michael Rousseau, CEO of Air Canada, said that the industry must review its compensation model. In an interview he stated that the Canadian carrier had accepted the concept for ground pay and added other airlines would likely examine their own models.
Rousseau said, "I think that the industry needs to look more closely at this in time." "We should all be open to changes."
American and Alaska compensate their attendants for the time spent boarding in their new agreements. American's flight crews are now compensated for the time between flights.
These gains were made after Delta Air Lines - whose flight attendants do not belong to a union - instituted boarding compensation for cabin staff at half their hourly wage in 2022, when they tried to organize.
COSTS ARE RISING
The cost of operating airlines would be increased if passengers were charged for time spent on the plane and for boarding.
American Airlines' new contract with flight attendants is estimated to cost an additional $4.2 billion in five years. Last month, the company blamed its underperformance on margins in part to increased labor costs.
Matthew Lee, an analyst at Canaccord Genuity, estimates that the proposed wage increases at Air Canada could result in additional costs of up to C$140 millions. Air Canada's wages have increased by about 26% in the past year.
A weak passenger flow to the U.S. is a problem for the airline, as are the strained relations between Canada and America. This has led to a 40% drop in profit quarter-over-quarter.
Analysts warn that if you hold the line with costs, it could lead to industrial peace. John Gradek is a McGill University lecturer on supply networks and aviation. He said, "The movement has begun."
(source: Reuters)