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New York Times Business News - September 29,
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. As officials rushed to fix a border inspection kiosk outage, passengers arriving at major Canadian airports on Sunday reported being stuck on planes and in terminals crowded with people waiting for immigration. The U.S. president Donald Trump will hold a meeting with four of the top leaders in Congress at the White House, on Monday. This is the day before the deadline for averting a shutdown. On Sunday, Mayor Eric Adams announced that he was abandoning his stumbling campaign for a new term. This decision radically changed the race for the leadership of the largest city in the United States just five weeks prior to Election Day. Police said that a stowaway found dead inside the wheel wells of an American Airlines flight at Charlotte Douglas International Airport, North Carolina after its arrival from Europe. (Compiled Bengaluru Newsroom)
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Wall Street Journal, September 29,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch for the accuracy of these stories. Danish biotechnology firm Genmab has agreed to purchase cancer treatment developer Merus, listed on Nasdaq, for approximately $8 billion in cash. U.S. president Trump and congressional leaders will hold last-minute discussions just as Republicans are preparing for a shutdown of the government by mid-week, which could include a new round of firings. Hegseth, the Defense Secretary, will address senior officers and enlisted members of the military at a gathering that will be held on Tuesday. Due to the introduction of artificial intelligence, and automation, Deutsche Lufthansa will cut 4,000 administrative positions by 2030. This will be mainly in Germany. Russia launched over 600 drones, and dozens missiles, at Ukraine Saturday night and early Sunday morning. This was one of the biggest aerial attacks in the war while the United Nations General Assembly is still in session.
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Two dead, 17 missing after Typhoon Bualoi strikes Vietnam
After Typhoon Bualoi struck Vietnam on Monday, two people were killed and 17 more missing. Houses were damaged and power lines knocked down as the storm brought huge swells and flooding rains before losing strength as it moved towards Laos. Bualoi moved along the northern central coast of the country before it made landfall on Monday morning, causing eight-metre waves, according to the National Weather Agency. The government's disaster agency reported that one person was killed after being trapped in floodwater in Hue, while another died from a falling branch in Thanh Hoa Province. According to the agency, 17 fishermen are missing after two fishing boats were hit by huge waves off Quang tri province. Another fishing boat also lost contact with the other during the storm. Nguyen Thuan Vinh, 45, said in Nghe An Province as he cleaned up the debris: "I have seen many storms and this one is by far the strongest." Vinh's neighbors said that they were up all night protecting their homes even though the power went out in their apartment building. Ho Van Quynh, a resident of Ho Van Quynh said: "I was afraid that the strong winds would pull the door off." The weather agency reported that by 11:00 a.m. (0400 GMT), typhoons were moving across Nghe An Province into Laos. Maximum wind speeds had weakened to 74 km/h, from 117 km/h at the time of landfall. Bualoi, according to a disaster management report, has damaged 245 homes, submerged nearly 1,400 acres of rice and other crops and cut off several areas. The report does not mention any major damages to industrial property, although there are several large factories near or in Bualoi’s path including those owned and operated by Foxconn (or Luxshare), Formosa Plastics, Vinfast, Formosa Plastics, etc. The government evacuated over 28,500 people before the typhoon hit, and hundreds of flights were delayed or cancelled as four airports closed in central provinces. Authorities have warned that heavy rains could cause severe flooding and landslides. According to the weather agency, rain was expected to reach 500 millimetres in some parts of the country from Sunday night to Tuesday. Vietnam's long coastline, which faces the South China Sea and is often affected by typhoons, makes it prone to these storms. Last week, Bualoi caused at least 10 deaths in the Philippines. Reporting by Khanh Vu from Hanoi, and Thinh Nguyen from Nghe An. Editing by John Mair.
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This week in Asian Football
Discussion points on Asian football this week: KASHIMA THROWNAGOYA TO MAINTAIN LEADER IN JAPAN Kashima Antlers defeated Nagoya Grampus by 4-0 on Sunday to maintain a four-point advantage over Vissel Kobe, the defending champions in Japan. Kashima won the match after Elber and Leo Ceara scored in the first 20 minutes. Homare Tokuda then scored two goals in the last 2 minutes. Kobe won 2-1 over Shimizu S-Pulse thanks to a goal from Gotoku Sakai in stoppage time. LEONARDO DOUBLE PUTS SHANGHAI BACK ON TOP OF CHINA Shanghai Port, the defending champions of the Chinese Super League, moved back to the top with a 3-2 victory over Wuhan Three Towns in the Chinese Super League on Friday. Leonardo equalised in the 85th minute before scoring seven minutes into extra time to help Port take advantage of Chengdu Rongcheng’s 3-3 draw against Zhejiang FC. Chengdu lost a three-goal lead at halftime in Hangzhou. Yago Cariello equalized for the hosts after 10 minutes of stoppage time. Chengdu now sits second, two points back from Port, with four matches remaining. JEONBUK'S LEAD OVER SEOUL IN KOREA NARROWS AFTER DRAWING WITH THEM Jeonbuk Motors' lead in the K League was trimmed by two points on Saturday, as Gus Poyet’s team were held to a 1-1 draw with FC Seoul. Meanwhile, Gimcheon Sangmoo defeated Pohang Steelers 2-0 despite having 10 players. Yeon Jeun's own goal in the 96th minute denied Jeonbuk three points. However, Jeonbuk still has a 15-point lead. Gimcheon won after Lee Dong Hee's dismissal in the 42nd minutes gave the army the upper hand. After the break, goals from Lee Dong Gyeong and Won Ki Jong sealed the victory. AL-NASSR DOWN CHAMPIONS AL-ITTIHAD TO MOVE TWO POINTS CLEAR Al-Nassr, which is currently leading the Saudi Pro League, defeated Al-Ittihad by a 2-0 score on Friday. Al-Ittihad's Laurent Blanc lost his job after the defeat. Al-Nassr now has a two-point lead over Al-Qadsiah in second place, which won 1-0 at home against Al-Fateh. Al-Ittihad drops to third, a further one point behind. They are now level with Al-Taawoun and Neom on nine points after the first four matches of the new season. (Reporting and Editing by Peter Rutherford, Michael Church)
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South Korea now allows Chinese tourists to enter the country without a visa
South Korea started offering visa-free entrance to Chinese tourist groups Monday. It hopes that this measure will help boost its economy and improve relations with its Asian neighbor. In the pilot program, which will run until June next year, groups of at least three tourists from mainland China can stay for 15 days without a visa. This action is in anticipation of China's National Day holiday from October 1-8 as well as South Korean holidays at the same time. South Korean businesses are looking to take advantage of the increase in demand. Shilla Duty Free organised a Chinese Cruise Tour and Baedal Minjok, a food delivery app, is now offering payment options through Alipay and WeChat Pay. The program, announced in March 2013, follows China's decision, made last November, to grant visa exemptions to South Koreans up to 30 days. Last time South Korea allowed mainland Chinese visa-free entry, it was between December 2017 and March 2018 during the Pyeongchang Olympics. The new administration in South Korea, led by President Lee Jae Myung, hopes to improve ties between China and South Korea during the expected visit of President Xi Jinping to South Korea in late October for an Asia-Pacific Summit. (Reporting from Jihoon in Seoul and Joe Cash, Beijing; Additional reporting provided by Hyunjoo Ji; Writing by Josh Smith and Editing by Edwina gibbs.)
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As Typhoon Bualoi hits Vietnam, one person is dead and 12 others are missing
The typhoon Bualoi, which brought heavy rains and huge waves, made landfall early Monday morning in central northern Vietnam. At least one person died and 12 others were missing. According to the National Weather Forecast Agency, as of 0800 (0100 GMT), the typhoon had moved over Nghe An Province. Maximum wind speeds were down to 88 km/h from 117 km/h when it first made landfall. Bualoi moved along the coast of the country for several hours before it made landfall. According to the National Weather Agency, the waves were as high as 8 metres. State media reported that one person drowned after being swept away by floodwaters in Hue, and 12 fishermen are missing after four fishing boats were sunk off the coast of Quang Tri Province due to huge waves. Four airports in the central provinces had been closed, and hundreds of flights were delayed or cancelled. Authorities have warned that heavy rains could cause severe flooding and landslides. According to the weather agency, rain was expected to reach 500 millimetres in some parts of the country from Sunday night to Tuesday. Vietnam's long coastline, which faces the South China Sea and is often affected by typhoons, can be dangerous. Typhoons are usually formed east of the Philippines where, last week, at least ten people were killed after Bualoi struck. (Reporting and editing by John Mair; Khanh Vu)
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China Oil Port to Ban Shadow Fleet
According to a notice from the terminal operators of a major oil-port in East China's Shandong Province, they plan to implement measures to stop shadow fleet vessels visiting and to limit visits by old tankers. The measures will come into effect on November 1 and ban ships older than 31 years old, as well as vessels with fake International Maritime Organization (IMO) numbers. Traders said that this would be a direct attack on the so-called shadow fleet, which transports oil in violation of Western sanctions. The notice was issued by four terminal operators in Huangdao Port, last week. It came a month after an oil terminal at Dongjiakou Port, near Huangdao, had been designated by the United States as receiving Iranian crude oil transported by ships under sanctions. Huangdao, as well as Dongjiakou, are both located in the larger Qingdao Port area. This is the main Chinese entry point for Iranian Oil. China, Iran's largest oil client, has repeatedly defended oil transactions with Iran, and opposed unilateral Western sanction. NO IMMEDIATE REACTION Qingdao Shihua has not commented on the incident yet, nor have any of the three other companies been contacted. The new risk-rating regulations for tankers appear to be a preventative step, driven by rising U.S. pressure on sanctions, even though this isn't explicitly stated in the notice," said Emma Li. She works as a China analyst at tanker tracking company Vortexa Analytics. Li said that the impact of this is likely to be minimal, as Huangdao plays a relatively minor role in handling tankers with high risk compared to other Shandong port. According to the document we reviewed, vessels with invalid or expired certificates issued by various international agencies and those who have a history of pollution or accidents in the past three years are also barred from calling. Terminal operators will also introduce a scoring system to rate the level of risk for vessels: the older the ship, the lower its score. A vessel rated at 55 or less will not be allowed to anchor if the terminal operator gives it a 100-point score. Document shows that the scoring system takes into consideration the classification society of a vessel and its pollution liability coverage. Terminal operators include Qingdao Haiye Oil Terminal Co., Qingdao Shihua Crude Oil Terminal Co., Qingdao Gangxin Oil Products Co. and Qingdao Lixing Logistics Co.
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French court opens new trial 16 years after AF447 Air Disaster
The French Court of Appeal will start a new trial Monday against Air France and Airbus, 16 years after the crash of a jetliner into the Atlantic that killed all 228 passengers. In 2023, a lower French court cleared the two companies of corporate murder following a landmark public trial on the June 1, 2009 disappearance of Flight AF447 en route between Rio de Janeiro and Paris. French investigators discovered that after a two-year hunt for the A330 black boxes, pilots mishandled temporary data loss from iced up speed sensors, and sent the jet into a free fall or aerodynamic stall, without responding. The trial, which took place more than a century later, also revealed discussions between Air France (now Airbus) and the sensor manufacturers about the growing problems of the "pitot sensors" that produce speed readings. A Paris judge, after nine weeks of evidence gathered by Airbus, listed four negligent acts by Airbus. He also found one act of negligence on the part of Air France. However, the French criminal code did not allow him to prove a definitive connection between the two. The prosecution appealed and demanded a two-month new trial, which would include a fuller presentation of the evidence rather than just focusing on legal issues. The AF447 tragedy has been one of the most discussed in aviation, and it led to a variety of changes both technical and training. The prosecution has argued that Airbus failed to adequately train pilots and reacted too slow to the increasing number of speeding incidents. Both companies deny any criminal wrongdoing. However, the previous trial revealed bitter divisions among two of France's leading companies about the relative roles played by pilots and sensors in the country’s worst air accident. The maximum fine for corporate murder is only 225,000 euros, but prosecutors think a new trial can have a cathartic impact on families who were angry about the previous verdict and vowed to continue fighting for criminal liability. The chief executives of Airbus, a part of the Franco-Dutch Air France KLM, and Air France are expected to give statements at the opening hearing on Monday, starting at 11:30 am local time (1130 GMT). (Reporting and editing by Alistair Bell; Tim Hepher)
Lufthansa cuts 4,000 jobs and targets higher profitability
The German airline group announced on Monday that it would cut 4,000 administrative positions by 2030, and also set higher profit targets. It is seeking to increase efficiency through automation and digitalisation.
Lufthansa announced its first capital markets day for six years that it now expects to achieve an adjusted EBIT of 8-10% by 2028. This is up from the previous goal of only 8%. It also aims at adjusted free cash flows of over 2.5 billion euros ($2.9billion) per year.
Last week, it was reported that Lufthansa intended to reduce about 20% of non-operational employees.
The company stated that the reductions would be made in Germany, in consultation with its social partners.
The group plans to increase its fleet by 230 aircraft and improve the returns of its airlines through a deeper level of cooperation. $1 = 0.8527 Euros (Reporting and editing by Kirsti Knolle, David Goodman and Ozan Ergenay in Gdansk)
(source: Reuters)