Latest News
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Commuter train derails near Barcelona, driver dead, 20 injured
According to a Catalonia Regional Government source and several local media outlets, the commuter train derailment occurred on Tuesday after a containment?wall?fell onto the track due to heavy 'rain near the Spanish City of Barcelona. The driver was killed, while around 20 other people were injured. The accident occurred just two days after the high-speed collision and derailment that killed 42 people near Adamuz, in southern Cordoba Province. Emergency services officials said that twenty ambulances and 38 firefighter units were dispatched along with the site in Gelida, on the outskirts Barcelona. The suburban train derailed in a region that has been plagued with underfunded rail services, and many incidents. Spanish rail operator Adif reported on X that a train axle came off the track in a separate incident on Tuesday night. (Reporting from Joan Faus and Sergio Goncalves, Editing by Aislinn laing and Jamie Freed).
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The US military has seized another Venezuelan-linked tanker off the Caribbean coast
The U.S. Military said that it had seized an?oil tanker linked to Venezuela on Tuesday in Caribbean. This is the seventh apprehension of this kind since the start of U.S. president Donald Trump's campaign for a month to control Venezuelan oil flows. In a statement, the U.S. Southern Command, which oversees nearly a dozen ships and thousands of soldiers in the Caribbean, stated that it had apprehended Motor Vessel Sagitta without incident. The statement said: "The arrest of another tanker that was operating defying President Trump's quarantine established for?sanctioned ships in the Caribbean shows our determination to ensure that only oil leaving Venezuela is oil that has been?coordinated correctly and lawfully." Trump's foreign policy in Latin America has been focused on Venezuela. He initially wanted to remove Venezuelan President Nicolas Maduro. Trump, after failing to find a diplomatic resolution, ordered U.S. forces to fly into Venezuela to capture him and his spouse in a daring overnight raid on January 3, 2019. Trump said that the U.S. planned to control Venezuela's resources for oil indefinitely, as part of a $100 billion plan to rebuild Venezuela's decrepit oil industry. The vessels that have been intercepted previously were either under U.S. sanctions or were part of a shadow fleet of ships which disguised their origins in order to transport oil from major sanctioned producer -- Iran, Russia or Venezuela.
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Petrobras, Brazil's gas company, to purchase five tankers and multiple vessels worth $521 million
Petrobras, the state-owned oil company in Brazil, and its logistics subsidiary Transpetro signed contracts on Tuesday with shipyards to build 'five gas carriers, 18 barges, and 18 pushers for a total of 2.8 billion reals ($521million). At an event held in the southern state of Rio Grande do Sul, Brazil, the companies officially sealed their deal. The ceremony was attended by Brazilian President Luiz Inacio Lula Da Silva, who is committed to boosting Brazil's shipbuilding industry. Petrobras said that a shipyard in Rio do Grande do 'Sul would build five tankers worth 2.2 billion reals to transport liquefied gas (also known as cooking gas) and derivatives. The tankers have a total capacity of 14000 cubic meters. The?state-run company added that the first gas tanker will be delivered in 33 months from when construction starts, and new deliveries will occur every six months thereafter. Transpetro, a Brazilian company, will operate the remaining barges and shovels. Shipyards from two other Brazilian states are expected to build the rest. In a statement, Magda Chambriard, Petrobras' Chief Executive Officer said: "With these contracts we are preparing Petrobras to grow?our production over the next few years and boost the recovery of?the national shipbuilding industry." ($1 = 5,3761 reais). (Reporting and writing by Fernando Cardoso, Sao Paulo. Editing by Lisa Shumaker.)
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US Postal Service bids for last-mile delivery to increase revenue
The U.S. The U.S. Postal Service announced on Tuesday that it will launch an online platform for 'proposals to access its last-mile network. This would allow a wider range of customers to raise funds by opening up more than '18,000 destination delivery units nationwide and local processing centres to a broader audience. USPS had warned that it would run out of money as early as 2027. U.S. postmaster general David Steiner said last month he hoped Amazon.com, and other major retailers, would bid in the auction. Steiner stated that this could add millions of dollars to USPS's revenue. Amazon didn't immediately respond to a comment request on Tuesday. The US Postal Service delivers to over 170 million U.S. address six days a weeks, and the last mile is the most expensive part. The last mile can be very expensive for other companies such as FedEx, UPS, and Amazon. "We definitely?have a?precarious cash situation. Steiner stated in December that we would be out of money within 12-24 months. USPS currently sells about 1.7 billion capacity units from its last mile distribution. However, it has the capacity to deliver 3.5 to 4 billion. These deliveries generate $5.5 to $6 billion annually in revenue. Donald Trump, the Republican president, called USPS "a tremendous loser for our country" in February last year. He said that he would consider merging USPS with the U.S. Commerce Department. Democrats claimed this move would violate federal law. Steiner, the new postal chief who was appointed by the White House in July, said last month that privatizing USPS would be "never feasible." "There is no private company that would be interested in the Postal Service...? The delivery of mail is an unbelievably expensive endeavor." He said that the idea of merging USPS and Commerce "never really made sense from a commercial point of view." Government Accountability Office said USPS has lost $118 billion in net profits since 2007. First-class mail, its most profitable product, is at its lowest level since 1967. In 2022, the U.S. Congress approved legislation that would provide USPS with financial relief of about $57 billion. Reporting by David Shepardson, Washington; Abhinav Paramar, Bengaluru. Editing by Matthew Lewis.
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Huawei criticises EU's plan to phase out high-risk technology
According to a draft proposal published by Brussels on February 2, the EU intends to phase out equipment and components from high-risk providers in critical sectors. This move has been criticised by China’s Huawei which will be one of those companies affected. The European Commission's revisions of the EU Cybersecurity Act are a response to a growing number of cyber-attacks and ransomware, as well as concerns about foreign interference, espionage, and Europe's dependence on non EU technology suppliers. The executive arm of the 27-nation bloc, the Commission, has not named any companies or nations. Europe, on the other hand, has been increasing its scrutiny of Chinese technology. Germany appointed an expert committee to reassess its trade policy towards Beijing. It has also banned the use Chinese components in future telecoms networks. The U.S. has banned the approval of new telecoms gear from Huawei and its Chinese rival,?ZTE, in 2022. It has also urged European allies follow suit. NEW MEASURES CREATE MORE SAFETY, TECH SOVEREIGNTY, EU SAYS Henna Vikkunen, EU's tech chief, said in a press release that "with the new Cybersecurity package we will have the means to better protect and combat cyber attacks." Huawei has echoed criticisms made by the Chinese Foreign Ministry. Huawei's spokesperson stated that "a legislative proposal to restrict or exclude non EU suppliers based on their country of origin, instead of factual evidence and technological standards, violates EU basic legal principles such as fairness, nondiscrimination and proportionality as well as WTO obligations." She said, "We will closely follow the development of the legislative processes and reserve all our rights to protect our legitimate interests." New measures will be applied to 18 sectors that were identified by the Commission. These include detection equipment, connected vehicles and automated systems, energy storage and supply systems, water delivery systems, drones, and counter-drones systems. Cloud services, medical devices, surveillance equipment and space services are also classified as crucial. In 2020, the EU will adopt a "5G security toolbox" to reduce the use of vendors perceived as high-risk such as Huawei due to concerns over sabotage or espionage. Some countries are still using this equipment because of its high cost. According to the proposals made on Tuesday, mobile operators have 36 months after the publication of a list of high-risk suppliers to phase out certain components. The phase-out period for fixed networks including fibre-optic cables and submarine cables as well as satellite network will be announced later. "This is a significant step towards securing European technological sovereignty, and ensuring greater'safety for everyone," Virkkunen stated. Restrictions on suppliers from countries that are deemed to be cybersecurity risks will only take effect after a formal assessment of risk initiated by the Commission, or at least three EU member countries. All measures will be based upon market analyses and impact assessments. Connect Europe, a lobby group for the telecoms industry, warned that these proposals would add to the burden of the industry and result in additional regulatory costs ranging into the billions. Before it can become law, the updated Cybersecurity Act will need to be negotiated in the next few months with EU governments and European Parliament. (Reporting and editing by Joe Bavier, Mark Potter, and Foo Yunchee)
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Amtrak receives $2.4 billion in funding to hire 2,500 new air traffic control officers as part of a US budget deal
Bipartisan funding agreement announced by U.S. legislators?Tuesday funds 2,500 air traffic control officers and $2.4 billion for U.S. passenger rail Amtrak while cutting funds for high-speed train and?electric vehicle charging? The funding agreement includes $514 millions to subsidize rural air services, also known as the Essential Air Service Program. This is in contrast to the White House's proposal to reduce the program by half. It also increases annual funding for modernizing air traffic control towers to $824 million. The budget bill includes $2 million for an independent study of the airspace around Washington, D.C. after a crash in January 2025 between a U.S. Army chopper and American Airlines passenger plane that killed 67 and revealed'significant flaws in aviation safety. Federal Aviation Administration has a shortage of about?3,500 controllers, many of whom work six-day weekends and mandatory overtime. Congress approved $12.5 billion last year to modernize an aging U.S. Air Traffic Control System, but Transportation Secretary Sean Duffy is asking for another $19 billion. It also redirects $879 millions in funds for electric vehicle charging networks approved by then-President Joe Biden, to other infrastructure priorities and cuts $928 in high-speed train grants. The bill also provides $100 million in supplemental funding for transit agencies located in 11 U.S. host cities of the FIFA World Cup 2026 and $94 millions for transportation assistance related to the 2028 Olympics. The bill rejects also a funding reduction proposed by the White House for the Transportation Security Administration. They had requested a 3-4% decrease in?TSA personnel levels, with half of that amount going to staffing the exit lanes which allow people to enter public areas after leaving secure areas of an airport. The budget includes $300,000,000 to fund exit-lane personnel. (Reporting and editing by Andrew Heavens, Peter Graff, and David Shepardson from Washington)
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Sources say that Kazakhstan's Tengiz Oil Field will remain closed for 7-10 more days.
Three industry sources have said that oil production in Kazakhstan's vast Tengiz field, which is one of the largest in the world, may be stopped for 7-10 days after it shut down on Sunday. This would cut crude exports through the Caspian Pipeline Consortium. Tengizchevroil, the operator of Tengiz-Korolevskoye Field, announced on Monday that production had been halted due to problems with power supply. According to KazMunayGas, the state-owned KazMunayGas, a fire had broken out on January 18 at two turbine transformers located at GTES-4, the power station for this field. One source stated that "TCO's production is down until the end of the week but this could continue until February." Three sources said that, due to the incident?TCO already cancelled five cargoes totaling 600,000-700,000.00 metric tons of CPC Blend crude scheduled to be shipped out from CPC's terminal at Black Sea in January and Feb. Chevron, the largest shareholder of TCO, did not respond immediately to a comment request. Sources spoke on condition of anonymity. TCO's press service responded to an inquiry Tuesday by confirming that production has temporarily been suspended at?Tengiz & Korolevskoye, as a "precautionary measure". They did not specify the cause of fire or when production will resume. Source: Other producers are raising output. One source familiar with the data stated that the fall in Tengiz's oil production has not yet affected Kazakhstan’s overall production, as other producers have increased their extraction. Kazakhstan's crude oil production dropped by 35% between December and the first 12 days in January due to restrictions on CPC exports. According to the source, the output of two huge Caspian fields, Kashagan & Karachaganak began to increase rapidly in the days following. Kashagan's average daily production increased by 28% to 197,000 barrels between January 1-12 and January 1-19, while Karachaganak saw a 21% increase to 156,000 barrels. Tengiz's production increased by 6% in the period to 360,000 barrels a day. The press offices of Karachaganak Petroleum Operating, and NCOC did not reply to requests for comments. The source stated that "NCOC, KPO and CPC are partially compensating the Tengiz shut down. But in a few days CPC will start to reduce throughput." Kazakhstan exports the majority of its oil through CPC. However, due to damage at the marine terminal located in Yuzhnaya Ozereyevka to the infrastructure, some crude is redirected into the Baku-Tbilisi Ceyhan (BTC), and then to Germany via Druzhba. ExxonMobil, KazMunayGas, and Lukoil are also project partners. KazMunayGas holds 20% of TCO while ExxonMobil has 25%. (reporters in MOSCOW; additional reporting by Robert Harvey, LONDON. Editing by Guy Faulconbridge & Jan Harvey).
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EU to phase out high-risk technology targets Huawei and Chinese companies
According to a draft of a proposal released on Tuesday by the European Commission, the European Union intends to phase out equipment and components?from high risk suppliers in critical industries. This move is expected to impact Huawei and other Chinese technology companies. The revisions of the EU Cybersecurity Act are a response to an increase in cyber attacks, ransomware, and concerns over foreign interference, spying, and Europe's dependency on technology from third-country suppliers. The Commission of the 27-nation bloc did not mention any country or company. Europe has however been hardening their stance towards the use Chinese equipment. Germany, for instance, appointed an expert committee to rethink its trade policy toward Beijing and ban the use Chinese components in future 6G networks. The United States has banned the approval of new telecommunications gear from Huawei and ZTE by 2022, and encouraged Europe to follow suit. NEW MEASURES CREATE MORE SAFETY, TECH SOVEREIGNTY, EU ?SAYS In a press release, EU tech chief Henna Vikkunen stated that the Cybersecurity Package would allow the EU to not only better protect its critical supply chains (information and communication technology), but also combat cyber attacks in a decisive manner. China's Foreign Ministry, in response to an earlier report on the plans, called the restriction of Chinese firms without legal basis "naked protectionionism". It urged the EU provide a fair and transparent business environment that is non-discriminatory for Chinese companies. The new measures are applicable to 18 sectors that were identified by the Commission. These include detection equipment, connected vehicles and automated vehicles (including autonomous and connected cars), electricity supply systems, storage of electricity, water supply system, drones, and anti-drone systems. The list also includes medical devices, surveillance technology, semiconductors, and cloud computing services. In 2020, the Commission adopted a "toolbox" of security measures to limit the use of high-risk vendors like Huawei because of concerns over possible sabotage and espionage. Despite the high costs, some countries are still unable to remove high-risk devices. The Commission's proposal on Tuesday stated that mobile telecom operators would have 36 months to remove key components from high-risk vendors after the publication of this list. Later, the phase-out period for fixed networks including fibre optics, submarine cables and satellite networks will also be announced. "This is a?important step to ensuring our European technological sovereignty and ensuring a higher level of safety for everyone," Virkkunen stated. The draft proposal stated that restrictions on suppliers from countries with cybersecurity concerns would only be implemented after a risk analysis initiated by either the Commission or three EU member states. Any measures would be taken based on a market analysis and an impact assessment. Before the updated Cybersecurity act can become law, it will need to be approved by EU countries and European Parliament within the next few months. (Reporting and editing by Joe Bavier; Foo Yunchee is the reporter)
United Airlines is optimistic about the strong demand for premium travel
United Airlines released a positive outlook on Tuesday for the current quarter as well as the entire year. This was boosted by a strong demand from high-income travelers and corporate travelers.
Moreover, the Chicago-based airline also exceeded expectations in terms of profit for the quarter ending December. After-hours, its shares rose by about 4.3%.
United's earnings reports highlights how U.S. Airlines are increasingly relying upon premium cabins, business travel, and loyalty programs to grow profits, even though competition and price-sensitive travelers continue to pressure economy class fares.
This shift has allowed carriers to stabilize their revenue, offset rising costs and justify continuing investment in aircraft and upgrades of the cabins aimed at higher-yielding passengers.
In a?statement, United CEO Scott Kirby stated that "our results are built upon winning more and brand-loyal consumers."
United reported that premium revenue rose by 9% from the previous year's December quarter, while loyalty revenue grew by 10%.
Delta Air Lines, the rival airline, announced 'last week that revenue from premium cabins surpassed revenue from main cabins for the first quarter. Growth in higher-end seats'more than offset the declines in economy seating. Atlanta-based airline Delta Air Lines has stated that nearly all its seat growth in the near future will come from premium cabins.
Low-cost and ultra low-cost carriers that rely on price-sensitive tourists have been struggling with poor profitability and excess capacity. This has led to consolidation and retrenchment. Allegiant announced plans to purchase Sun Country Airlines. Spirit Airlines filed for bankruptcy.
UNITED RECORDS RECORD REVENUE
United Airlines said that, despite a $250 million drop in pre-tax earnings for the December quarter it had still achieved its highest revenue quarter ever and earned more per seat than any other quarter in the year.
The airline said that this momentum will continue into 2026. It reported that the week ending on January 4, 2019 saw the highest revenue in the history of the airline from tickets flown, and a record-breaking week for ticket sales and bookings.
United predicted a first-quarter adjusted income of $1 to $1.50 a share. According to LSEG, the midpoint of this range, $1.25 is higher than analysts' average estimates of $1.13.
United's 2026 adjusted earnings are projected to be between $12 and $14 per share. This compares with the analysts' average estimate, which is $13.16.
The adjusted earnings per share for the fourth quarter was $3.10, exceeding analysts' estimates of $2.94. Total revenue increased 4.8% to $15.4 Billion.
The company will hold a conference call on Wednesday morning with analysts and investors to discuss its financial performance. (Reporting and editing by Rod Nickel, Jamie Freed and Rajesh Kumar Singh)
(source: Reuters)