Latest News
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UPS adds air conditioning to delivery trucks in the hottest US zones
According to United Parcel Service and Teamsters Union, which represents its drivers, the company will retrofit 5,000 boxy brown trucks with air conditioners in areas where it is hotter. UPS has committed to adding 28,000 air-conditioned trucks in its national contract. Teamsters announced late Monday that the 5,000 retrofits would help speed up this process and provide drivers with some relief from scorching heat in summer. By June 1, 2026, the first 2,000 vehicles to be retrofitted under this agreement will have been prepared. The union announced that all 5,000 Teamsters delivery trucks will have air conditioning by June 1, 2027. These trucks will then be dispatched to Teamsters' hot delivery areas, mainly in the South and Southwest. A new pilot program will evaluate heat relief strategies and upgrade 100 package cars with air conditioning venting into the cargo area. "We're eager to begin testing A/C for the cargo compartment. It is inarguably the hottest area of package cars," said Karla Shumann, secretary and treasurer of Teamsters Local 104, Phoenix, as well as chair of the heat committee. (Reporting and editing by Aurora Ellis in Los Angeles, Lisa Baertlein from Los Angeles)
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-Palliser calls on LG Chem's board to be refreshed, saying that it could boost shares
Palliser Capital urges LG Chem to buy back its shares and refresh its board. It argues that these changes and others could increase the share price by more than twofold. James Smith, founder and chief investment officer of Palliser, said that investors view the South Korean chemical firm as a struggling company in petrochemicals, and dismiss its battery business. This was stated at the 13D Monitor Active Passive Investment Summit held in New York. LG Chem's shares, despite their strengths, have fallen 20% in the past 12 months. They have also lagged behind its peers. Smith said, "This is insane, crazy, ridiculously cheap." Smith cites a lack in trust and alignment with LG Chem's shareholders as well as poor allocation of capital for the steep gap between its current $14 billion valuation and what it could be at $53billion. Investors also criticised its 2020 decision of spinning off its battery business to a new company named LG Energy Solutions. Some analysts claimed that this had a negative impact on the Korean Capital Markets more generally. Smith has praised the recent steps taken, such as the sale of water filters and a non-core polarizers business in the past two years. However, he believes that they are not sufficient. It is time to refresh the board with new experts who have experience in LG Chem's advanced materials, electric vehicle and life sciences sectors. He said that the current directors lack experience in capital allocation and business management. Smith also urges the company to continue monitoring and maintaining appropriate levels of net-debt as well as to purchase back shares. Smith has made previous investments in Japan, including real estate company Tokyo Tatemono, and rail company Keisei Electric Railway. (Reporting and editing by Margueritachoy)
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Russia sends first oil to Georgia's new refinery, Urals Diffs steady
According to LSEG data and industry sources, the differential between Urals crude oil and other grades was unchanged on Tuesday. Meanwhile, Russia delivered a first cargo of oil to the newly constructed Kulevi oil refining plant in Georgia earlier this month. According to LSEG, and a trader the tanker Kayseri transported 105,340 metric tonnes of Siberian Light Oil grade from the Russian Black Sea Port of Novorossiisk, to the Kulevi Oil Terminal, on October 6, 2006. The Danube Refinery of MOL, a Hungarian oil-and-gas company, is gradually reopening its units following an early Monday morning fire in one of the crude unit's. PLATTS WINDOW There were no bids or offers reported on Tuesday in the Platts window for Urals, Azeri BTC Blend or CPC blend crude. The Kazakhstan Chevron Tengiz Oilfield, which is the largest in the country, has undergone maintenance, and it will be finished on October 24, said Energy Minister Erlan Akenzhenov on Tuesday. Viktor Orban, Hungary's prime minister, said that he had held discussions with MOL leaders after an overnight fire at MOL’s Danube Refinery. He added that the fuel supply of Hungary was secured. (Reporting and Editing by Susan Fenton, Krishna Chandra Eluri).
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The weather balloon could be to blame for the cracked windshield of a United Airlines flight mid-flight
The National Transportation Safety Board chair said Tuesday that it is possible a weather balloon cracked the windshield of United Airlines' jet at 36,000 feet and caused an emergency landing. WindBorne Systems released a statement on Monday night stating that they believe one of their balloons hit United Flight 1093 (a Boeing 737 MAX) on Thursday, over Utah. Jennifer Homendy, Chair of the NTSB, said that the board has received the report and is reviewing it in the course of its investigation. She stated that the incident, "in the wrong circumstances could have been really disastrous for the aircraft and the people on board." The incident raised fears that damage may have been caused by debris from space. Previous government studies suggested that the risk of debris hitting jets while in flight was very low. The multi-layered structure of the aircraft windshields prevents cabin pressure loss in case it is damaged during flight. United reported last week that the flight from Denver, with 134 passengers on board and six crew members, declared an emergency. The flight was diverted to Salt Lake City safely. The passengers were transferred to Los Angeles on another plane later in the day. Homendy stated that the NTSB is currently reviewing technology which tells aircraft what objects are in flight. WindBorne has reported that it has launched more than 4,000 balloons and filed notice for each launch with the Federal Aviation Administration. The company stated that they are in close contact with the FAA regarding this issue. We immediately implemented changes to reduce time between 30,000-40,000 feet. The balloon company intends to use "live data flight to avoid planes autonomously, even if they are at an altitude that is not standard." We are actively developing new hardware to reduce the impact force and its concentration. Bill Berkrot and David Shepardson edited the report.
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Sources say that Iberdrola and Endesa have agreed to extend the Almaraz nuclear power plant.
Two people with knowledge of the process confirmed on Tuesday that Iberdrola Endesa Naturgy have agreed to request an extension to the Almaraz nuclear power plant's life and are working to submit a formal request for the Energy Ministry. The country's plans to shut down all its nuclear reactors in 2035 were re-ignited by a major blackout that occurred in April. According to the current plan, the phase out will begin in 2027 when the Almaraz plant (west Spain) closes its first reactor. The second reactor of the plant is scheduled to close in 2027. Three companies are the owners of Almaraz, with Iberdrola holding a 53% stake, Endesa 36%, and Naturgy 11%. All declined to comment. All three parties have previously expressed support for a review on the nuclear phase out calendar. Iberdrola & Endesa are owned by Enel (the Italian energy giant), with Naturgy & EDP owning minority stakes. Nuclear energy's fiscal framework has always been a major issue. The nuclear industry has urged policymakers repeatedly to lower taxes that they claim are preventing the plants from competing. The government set certain conditions for opening a discussion on the review. These include that it must guarantee security of supply and safety, as well as that it should not burden taxpayers.
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Ambipar bankruptcy filing in Brazil cites 'irregularities'
Ambipar, a Brazilian waste management firm, filed for bankruptcy late Monday night, citing signs that a former executive was engaging in irregular activities. This move added to the concerns on corporate debt markets. According to a regulatory filing made public on Tuesday, Ambipar filed its bankruptcy in Rio de Janeiro and its U.S. listed subsidiary Ambipar Emergency Response, filed for Chapter 11 in Texas. Ambipar stated that it filed the documents after "discovering evidence of irregularities of the Finance Department in contracting swap operations and the sudden resignation of the previous Chief Financial Officer." Joao De Arruda, former CFO of Ambipar, resigned from the position last month after just over a full year. Ambipar stated that during his tenure, swap contracts were "transferred from Bank of America and Deutsche Bank, then amended with a new rule which introduced a speculative component." The attorney for Arruda did not respond immediately to a comment request. Ambipar's bankruptcy adds to corporate debt problems Market rumble In recent weeks, the bankruptcy of auto parts retailer First Brands Subprime lenders Tricolor Investor sentiment is fragile, even though several analysts have characterized the cases as idiosyncratic or resulting from lapses of risk control. Jamie Dimon, CEO of JPMorgan Chase, said last week there were likely to be a number of changes. More "cockroaches", in the credit market In reference to auto bankruptcy, he warned that there may be more problems ahead. The central bank has maintained its benchmark interest rate at 15%, despite growing fiscal concerns. Ambipar stated that its bankruptcy protection was urgently needed after Deutsche Bank requested additional loan guarantees, prompting creditors to demand early repayment. In a Monday filing, Bank of New York Mellon (acting as trustee for bondholders) listed unsecured claims of approximately $328 million related to Ambipar's green bonds 2031 and 2033. Deutsche Bank and Bank of New York Mellon both declined to comment. The company that manages waste received an injunction to stop creditors from demanding payment sooner. As the company said, such demands could create a "financial gap of more than 10 billion reals" ($1.85billion), since one creditor requesting immediate repayment can set off a cascade effect. Due to issues with governance, Ambipar's stock, which has lost 96% of its market value this year, has been removed from the indexes at B3, the operator of Sao Paulo's stock exchange. The stock fell around 30% on Tuesday in Brazil. UBS analysts in a report published late September said that the company, which was pursuing international expansion at the time, had struggled to manage its increasing financial complexity and integrate newly acquired assets amid management turnover. UBS said that recent events had exposed the weaknesses in UBS' governance and balance sheet strength. As of 2023, according to Ambipar, 57% (or its net revenue) came from Brazil. Another 15% was from Latin America. 25% of Ambipar's revenues were from North America. Reporting by Luciana Magialhaes, in Sao Paulo; Ananya Palyekar, Manya Saini, and Tatiana Bautzer, in Bengaluru; and Hugh Lawson, Nick Zieminski, in New York.
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Police say that a mass shooting at Atlanta Airport was averted.
Police said that on Tuesday, a Georgia man was arrested at Atlanta's airport after a tip-off from his family. The tip was that the man planned to "shootup" the terminal. Billy Joe Cagle (49), of Cartersville, Georgia about 50 miles north of Atlanta, was detained shortly before 10 am on Monday after he was spotted "checking out the crowd" at a busy terminal at Hartsfield-Jackson Atlanta International Airport. Atlanta Police Chief Darin Shierbaum confirmed this. The airport is one of the busiest in the world. Cagle was stopped on his way back to the flatbed truck, where police claimed he was carrying an AR-15 assault weapon and ammunition. The truck was parked in front of the terminal. Schierbaum told a Monday press conference that "we did avoid a catastrophe". Schierbaum stated, "I believe he was heading back to his truck to get the weapon." "And it was very likely that he would use this weapon in the terminal, which is crowded." Schierbaum reported that Cagle's parents called the police on Monday morning, after he posted on Facebook that he would be heading to the airport to "shoot it up." Police said that Cagle's family had informed authorities of his mental health crisis. Cagle had already arrived at the airport, and was looking around when the police recognized him from his photo and arrested him. The suspect faces charges of making terroristic threat, criminal attempt at aggravated assault and possession of firearms during the commission or a crime. The police said that he had a prior drug conviction. Cagle was held in the Clayton County jail on Tuesday, without a bond. His first court date was set for Wednesday. There was no immediate information about whether he had an attorney.
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Starlink's rival Eutelsat suffers a first-quarter hit due to weak video sales
The French satellite operator Eutelsat announced on Tuesday that its first-quarter revenues were lower than expected, as the decline in video sales offset a strong demand for government service in Ukraine. The company's data shows that revenue from video, government and connectivity services decreased 1.2% on an annual basis, to 283 millions euros ($330) for the quarter ending in September. This was lower than the 295 million euro average forecast by analysts. Eutelsat recorded a 10.5% drop in revenue for the video business. This division provides satellite broadcasting to more than a billion people worldwide and represents around half of its total revenue. The group stated that this was due to both a decline in the market for video and the negative impact of sanctions on Russian channels. The company stated that sanctions are expected to impact the company by around 16 million Euros this year. Eutelsat operates and owns a constellation consisting of more than 600 Low Earth Orbit satellites (LEO), which provide broadband internet through its London-based subsidiary OneWeb. The European government's desire to develop satellite services at home has led them to seek out these satellites. They are currently the only LEO constellations available, aside from Elon Musk Starlink. The firm still struggles with slow sales growth due to its declining video business. The government services segment grew the fastest again this quarter. Revenues rose 18.5% compared to a year earlier, reaching 52.4 million Euros, which was in line with expectations. Eutelsat has confirmed its financial targets for the year and over the long term.
Airbus inaugurates new China assembly line while treading a tightrope in the trade
Airbus will open its second assembly line in China this week with little fanfare, just days after it secured a foothold in the United States, as it navigates a tightrope of divided trade powers.
Airbus will be able to manufacture more of the popular A320neo family single-aisle aircraft in Tianjin, near Beijing, after adding a second production line just a few days ago in Mobile, Alabama.
The expansion this week will be relatively low-key, with no Western media permitted. This is in contrast to the high-profile ceremony that took place 15 years ago at Tianjin, which involved 600 guests.
Airbus has declined to comment.
Sources in the industry said that earlier this month, the two ceremonies held back-to-back in Mobile and Tianjin had been planned to avoid a difficult trade climate between China & the United States.
Airbus announced its overseas expansion plans for 2022 and 2023. Since then, Washington and Beijing are engaged in a trade war that has lasted months. Airbus and other European companies have been anxious not to offend either of these trade powers.
Airbus depends on U.S. components to assemble its jets in China, Europe and the United States.
Airbus is also negotiating the sale of up to 500 aircraft to China. This goal was first reported in April. According to sources, it's likely that only a portion of the order will be secured to coincide with the expansion of the Tianjin factory.
Industry sources confirmed a Bloomberg report that Boeing is negotiating an agreement to buy 500 planes. However, the deal has been bogged down in back-and forth discussions about trade.
Airbus will increase capacity in order to support a higher production rate of its A320neo jet family, which is expected to reach 75 aircraft per month by 2027. The industrial plan includes doubling capacity in Mobile and Tianjin. (Written by Tim Hepher, edited by Tomasz Janowski and Alexander Smith).
(source: Reuters)