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Oil falls after loadings resume at key Russian export hub
The oil prices dropped in the early Asian trading on Monday, wiping out the gains of last week, as loadings were resumed at Novorossiysk, the major Russian export hub, after a suspension of two days at the Black Sea Port that was hit by an attack from Ukraine. Brent crude futures fell 58 cents or 0.9% to $63.81 per barrel at 0050 GMT. U.S. West Texas Intermediate crude futures traded at $59.50 per barrel, down by 59 cents or 1.0% since Friday's closing. The benchmarks both rose by more than 2% to close the week on a modest note. Exports at Novorossiysk, and the Caspian Pipeline Consortium's terminal in the vicinity, were suspended, which affected the supply of the global equivalent of 2%. Two industry sources and LSEG data confirmed that oil loadings resumed at the port of Novorossiysk on Sunday. Ukraine's increased attacks on Russia's infrastructure for oil remain a concern as further disruptions are possible. On Sunday, the General Staff of Kyiv announced that it had attacked the Novokuibyshevsk refinery located in Russia's Samara Region. Toshitaka Takawa, an analyst with Fujitomi Securities, said that investors are trying to assess how Ukraine's attack will affect Russia's oil exports over the long-term, as well as locking in profits following last Friday's rally. "Overall the perception of an oversupply due to OPEC+'s production increases is still there," he added, adding that WTI will likely stay around $60, fluctuating in a $5 range. Investors also monitor the impact of Western Sanctions on Russian trade and supply flows. After November 21, the United States banned deals with Russian oil firms Lukoil, and Rosneft to encourage Moscow into peace talks on Ukraine. Donald Trump, the U.S. president, said on Sunday that Republicans were working on legislation to impose sanctions against any country that does business with Russia. He also said that Iran could be added to this list. Earlier in the month, OPEC+ decided to raise December production targets by 137,000 barrels a day, just as they did for October and November. The group also agreed to put a stop to the increases during the first quarter next year. Baker Hughes, an oil services company, reported on Friday that the number of oil rigs in the United States increased by 3 in the week ending November 14. (Reporting and editing by Yuka Obayashi)
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Zelenskiy seals air defence and warplane deal in France
On Monday, Ukrainian President Volodymyr Zelenskiy will likely seal deals with France for the supply of warplanes, missiles and air-defense capabilities. He is looking to strengthen his army's ability to fight Russia on a long-term basis. Zelenskiy has been in Paris to meet with French President Emmanuel Macron. In recent weeks, Russia has intensified its drone and missile attacks against Ukraine. Moscow also reported a sharp increase in ground gains in the southeastern Zaporizhzhia area. "An historic agreement was also prepared with France. There will be a substantial strengthening of our combat aircraft, air defence and other defence capability. This will happen on Monday, according to the schedule of the visit," Zelenskiy wrote in a Sunday post on X. Since several weeks, there have been discussions about how France can provide more military assistance for Kyiv’s air defences. This is despite the political and budgetary instabilities in Paris which has raised doubts over what France can do. Macron promised last month that he would offer additional Mirage fighter planes after originally promising to deliver six. He also pledged to provide a new batch Aster 30 surface to air missiles produced by the European group MBDA for the SAMP/T batteries of Kyiv's air defence batteries. According to two sources briefed in the matter, Kyiv will get more out of Monday's trip. The agreement could be a 10-year strategy aviation agreement, which would signify the delivery to Kyiv multi-role Rafale combat aircraft made by Dassault. The bulk of the aircraft would come from French stock, but the majority will be purchased in the long term as part of Ukraine's effort to increase its fleet to 250 planes over the next 25 years, including the U.S. F-16, and Sweden's Gripen. The rigorous training program for pilots of the future would require a lot of time. Two sources have said that Monday may also see more SAMP/T systems being ordered, either from French stock or via long-term orders for next-generation systems including missiles and antidrone systems. Sources said that it was unclear how these deals would finance. Macron's office stated that the goal of the media briefing was to "put French expertise in the arms industries at the service to Ukraine's defense" and to "enable Ukraine to acquire the systems needed to respond to Russian aggression". According to the schedule of the French presidency, which did not provide any specifics, Zelenskiy is scheduled to attend a morning briefing with various manufacturers including Dassault before signing a contract and a letter-of-intent later that day. In the afternoon, a separate forum will bring together Ukrainians and French companies working in the drone industry to discuss how they can work together. France and Britain have pushed to create a coalition of 30 countries that are willing to send assets and troops to Ukraine or its western border once a peace agreement with Russia has been agreed. The key objective is for Ukraine to receive enough long-term economic and military aid to maintain its army so that it can deter future Russian attacks. (Reporting and editing by Mark Heinrich; John Irish is the reporter)
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Pentagon claims it has struck another suspected drug ship in the Pacific, killing 3
Pentagon: The United States carried out a second attack on a suspected drug-trafficking boat on Saturday in the eastern Pacific, killing three of the people on board, according to the Pentagon. In a social media post, the U.S. Southern Command said that intelligence confirmed the vessel's involvement in illicit narcotics trafficking, transiting on a known narcotrafficking route and carrying narcotics. Joint Task Force Southern Spear struck the boat in international waters, according to an announcement. This latest operation marked the 21st attack by the U.S. Military on drug boats since early September, in what they have called a justifiable effort to stop the flow of drugs into the United States. Pentagon figures show that the strikes killed over 80 people. Human rights groups, lawmakers in the U.S. Congress and U.S. ally countries have raised concerns about the legality. The Trump administration claims it has legal authority to conduct the strikes. The Justice Department has provided a legal opinion which justifies the strikes and asserts that U.S. Military personnel who perform the operations are not prosecutable. (Reporting and editing by Sergio Non, Edmund Klamann and Joseph Tanfani)
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Sources: Airbus will win the bulk of the major Flydubai jet orders
Airbus is likely to win the largest share of the major order for jets from flydubai during the Dubai Airshow. This will break Boeing's grip over the fast-growing low-cost carrier, according to people familiar with the situation. They said that the European planemaker is close to a deal with flydubai to sell around 100 A321neos. Flydubai has also been in discussions to order a smaller number of 737 MAXs from Boeing. Airbus could get 100 jets out of this deal, but the final split will depend on the outcome of negotiations that are expected to last until the end as the industry meets for its summit from November 17-21. Airbus and Boeing declined comment. Flydubai did not respond immediately to requests for comments. The airline has 175 MAX aircraft in its fleet, or 30 Boeing 787s on order. Leading Global Customer Airbus' deal to sell the 737 MAX to one of the world's largest customers, who has bought the aircraft exclusively from Boeing up until now, will further consolidate Europe's leadership in the most sought-after narrow-body jet market. Sources said that Flydubai will continue to maintain a fleet roughly balanced based on Boeing orders made earlier. The airline previously stated that it is looking to place the largest aircraft order it has ever placed, indicating it will purchase more than 175 MAX jets it ordered in 2017. Sources said that if options were included in the negotiations this week, the airline would be able to secure hundreds of new aircraft. Reports on Friday indicated that Airbus would be expected to take a piece of the business from the budget airline for the first ever. Boeing Commercial Airplanes' CEO Stephanie Pope stated on Sunday that the company would focus primarily on discussions with airlines regarding its path to recover from a number of corporate crises rather than maximising orders at this year's show. Analysts predicted that Airbus would win the Dubai Airshow following a May visit by U.S. president Donald Trump to the Gulf, which accelerated the announcement of significant Boeing orders that are usually announced at the Middle East Aviation expo. Airbus announced on Sunday that it expects the aircraft fleet in the region to double by 2044 to 3,700 planes. (Reporting and editing by Alex Richardson; Additional reporting by Ahmed Elimam, Federico Maccioni and Federico Maccioni)
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Boeing wants to improve relations with customers over the 777X delays
Boeing will not use this week's Dubai Airshow to announce new orders, but rather to outline the certification path for its long-delayed mini-jumbo 777x programme. Boeing announced last month a new delay, and took a $4.9billion charge for its biggest twin-engined aircraft, pushing delivery to 2027, which is seven years later than initially planned. Stephanie Pope, CEO of Boeing Commercial Airplanes, said that she would not be placing orders in the next 2 to 3 days. Pope said, "It is about being transparent and engaging with our customers. We will highlight the progress...and any concerns or issues they may have." Pope spoke after the head host airline Emirates, the largest customer of the jet, said Aviation Week that he was "miffed", to learn about the delays from the media. When asked about the comments during a pre-show press briefing, Pope did not comment directly on discussions between Emirates, but stated that it was "unacceptable for me to have any of our clients be surprised and our focus is being as transparent as we can". Pope confirmed that Air Current's report that Boeing has won regulatory approval for the next and most crucial phase of certification trials, the 777X, was correct. She told reporters that demand for jetliners remains high. Boeing is leading this year's race for orders against Airbus, after an influx of orders coincided with the visit by U.S. president Donald Trump to the Gulf in May. Analysts predicted a quieter-than-usual Dubai Airshow. Sources in the industry have stated that flydubai is expected announce an order at the event. However, Airbus will win part of business from the airline, which was previously a Boeing-only carrier, following back and forth negotiations leading up to this show. Last year, the CEO of the carrier said that it would place a record order after buying 175 Boeing aircraft in 2017. (Reporting and editing by Tim Hepher)
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German top minister travels to China for dialogue with China on trade tensions
Lars Klingbeil, German Vice-Chancellor and Finance Minister, said that dialogue with China was key to finding solutions to pressing problems such as supply chain uncertainty and Chinese excess capacity. He made this statement on Sunday before his visit to China. The visit coincides with Germany's reevaluation of its trade policy toward China. It is accelerating the policy of "derisking" following Beijing's recent restrictions on rare earths, semiconductors and other products. Klingbeil, speaking in Berlin just before departing to Beijing, said that "access to raw materials critical and the reduction in Chinese overcapacity of sectors like steel and electric mobility is of great importance for Germany's economy and employment." He added, "We don't shy away from the competition but it has to be fair." Klingbeil is the first German minister to visit China. After Beijing only confirmed one of the meetings he requested, Foreign Minister Johann Wadephul decided to postpone his trip planned for October's end. CHINA AND GERMANY WILL DISCUSS THE UKRAINE WAR Klingbeil noted that Russia's war against Ukraine would also be discussed, and that it has grave consequences not only for Europe, but for stability worldwide. Klingbeil stated that "China has a crucial role to play in ending this war."
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Airbus predicts Middle East regional aircraft will more than double in 2044
Airbus' regional aircraft fleet in the Middle East is expected to double by 2044 to 3,700 planes, a senior official revealed on Sunday. Airbus's Head of Marketing for Africa and the Middle East, Grainne Van den Berg, told a recent press conference that the European planemaker anticipates Middle East passenger traffic to grow at a rate of 4,4% per year over the next 20 years. Van den Berg said that Airbus expects services in the region will double by 2044 to $29.9 billion. The forecast was made ahead of the Dubai Airshow - the Middle East's largest aviation event, which takes place from November 17-21. Airbus, one of the competing planemakers in the race to win orders from Boeing, believes that widebody aircraft will account for 42% (the highest percentage globally) of the total demand by 2044. Gabriel Semelas, Airbus' President for Africa and Middle East, said that the Middle East was a major force in global aviation. The forecast fleet expansion, especially when it comes widebody aircraft, is significant. Semelas said, "This region will become the hub for long-haul travel in the future." Reporting by Federico Maccioni in Dubai and Ahmed Elimam, writing by Menna al-Din in Cairo and editing by Andrew Heavens and Alexander Smith.
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Boeing aims to stabilize the industry before increasing production
Boeing's top executive in jet manufacturing said that the company aims to stabilize aircraft production levels at present before moving on to new industrial milestones, while implementing safety and quality improvements. Boeing Commercial Airplanes' CEO Stephanie Pope said it was still too early to predict when Boeing will increase 737 jet production to 47 per month. The regulators had recently cleared Boeing to achieve 42 per month following the lifting of temporary output limits. Pope told a press conference ahead of the Dubai Airshow that "getting it right at (the correct) pace is more important than speeding up." PRODUCTION MILESTONES Boeing received approval last month to increase 737 production to 42 planes per month. This is a reduction of the 38-plane limit in place following a mid-air explosion in 2024 caused by missing bolts on a door plug. This incident exposed Boeing's widespread safety and product quality failures. The U.S. aircraft manufacturer is producing 42 jets per month, and is close to reaching 8 a monthly production rate for the 787 model. Pope stated that his initial focus was to stabilize at these two rates. This would include meeting six targets set with the Federal Aviation Administration. These included keeping track of supplier shortages and work out-of sequence. Pope stated that the trend of such industrial errors is declining. Pope replied that he could not define when the milestones of 10 per month for the 787 and 47 a monthly for the 737 would be achieved. "We'll increase the rate when the system allows it." NEW 'NORTH LINE' AT EVERETT FACTORY Boeing, after decades of producing the 737s in its Renton plant, south of Seattle is now setting up a "North line" at its vast wide-body Everett facility, north of Seattle to increase production of the narrow body jet. Pope said that this will not be necessary until Boeing takes its next step to pre-Covid levels, which are 52 per month. Pope responded that "my near-term goal is to focus on one rate reduction at a time." She added that the extra capacity was part of a plan to "meet the demand and market for our products in the long-term". Boeing is far behind Airbus in terms of industrial performance, largely due to the success of Airbus' A321neo. It also has a number of safety and production mishaps with its 737-series that produce most of the cash for the company. Airbus produces 63 A320neo jets per month, and plans to increase that number to 75 in 2027. However, some suppliers doubt whether this goal is realistic. Analysts believe that the production plans for both companies are crucial as Boeing attempts to repair its finances, and Airbus tries to build up an arsenal for the next-generation of aircraft. (Reporting and editing by David Goodman, Alex Richardson and Tim Hepher)
Hair dye and nail art are allowed! Japanese companies relax their rules to win workers' loyalty
Hinako, 22, moved to Tokyo in 2011 and chose to work at Don Quijote a discount retailer because it didn't really care about the colour of her hair.
Mori, who was wearing ash blonde hair with dark and light blue streaks at the time of her interview, likes to change the colour of her hair every six weeks.
She had a very different experience when she worked for a Japanese convenience store chain which required black or dark brown locks.
"One day, I dyed my hair blonde. Mori said that the next morning, she was told either to wear a wig of use spray-on color. It was very stressful."
RETAILERS RELEASE RULES
In response to Japan's tight labor market, many companies have followed in the footsteps Don Quijote. A Pan Pacific International Group company. Three years ago, it relaxed its hair and nail varnish rules. Now nearly a quarter have brightly colored hair. If brown hair is added, then 55% of their employees do not have black hair.
Fuji Yakuhin has, for instance, eliminated a number of rules that apply to non-pharmacists. The drugstore chain now allows all hair colours, nail art and heavy makeup. It also allows for any type of ring, while previously only wedding bands were allowed. Tokyu Store, the supermarket operator, has also relaxed restrictions on hair colors, hair styles and accessories, as well as nail polish, piercings, and nail varnish.
Japan Inc. has gradually relaxed its dress code over the last two decades. The "Cool Biz", a campaign by the Ministry of Environment in 2005, encouraged people to ditch their jackets and ties during summer months.
Since then, the summer dress code has become more relaxed, uniforms for department store employees are no longer mandatory, and white gloves for cab drivers have been made optional.
Smaller companies are more likely to be affected by the latest changes in hair colour, nail varnish and accessories. They face greater labour shortages and have less flexibility to offer wages that are competitive.
Some big listed companies have relaxed their dress codes for this year. Japan Airlines joined Skymark Airlines and Tokyo Metro, a budget airline in the United States, to allow employees to wear sneakers at work.
LABOUR CRUNCH PRESSURE
According to OECD statistics, Japan's population of working age has fallen by 16% from its peak in 1995. This has led to fierce competition among employers for employees.
A survey shows that two-thirds (67%) of Japanese companies believe the labour shortage has a significant impact on their business. According to Tokyo Shoko Research, it was the main cause of Japanese bankruptcy in April-September. The number of failures reached their highest level for a first half period in 12 years.
This gives young people more control, at least in terms of part-time employment.
According to a survey conducted by Mynavi, a job information and recruitment company in April, two-thirds believe that students should have the option to decide how they want to look when working part-time. One third of students said that they had withdrew job applications due to dress codes.
Shota Miyamoto is a researcher for Mynavi. "Students don't only want to gain experience and earn money. They seem to be looking for something more - a feeling of comfort or freedom," he said. He added that they didn't expect the same from full-time employment.
Many companies are not comfortable with the Western style of facial or multiple piercings. Tattoos, which are traditionally associated with yakuza (the Japanese mafia), should be covered up by workers so that they don't intimidate their customers.
Many of the traditional Japanese giants have yet to adopt these new changes. Sumitomo Mitsui Banking Corp., for example says that it does not have policies regarding hair or nail varnish, but employees are generally aware of the fact that they shouldn't make waves with their appearance. (Reporting and editing by Edwina G. Gibbs; Satoshi Sugiyama)
(source: Reuters)