Latest News
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German Minister wants to tie bonuses for Deutsche Bahn to targets
The new German transport minister has said he wants to tie bonuses to the struggling national 'rail operator' meeting government targets. In an interview with 'newspaper Bild am Sonntag published on Sunday, Steffen Bielger said: "It would have a tangible impact on bonuses paid to managers at Deutsche Bahn if the government targets are not met." Transport experts believe that the problems of Deutsche Bahn are due to decades of 'underinvestment' in infrastructure despite an increase in rail usage, as well as 'its status as a JSC aiming to make a profit while providing a public service. Bilger, who was appointed last month and is now in charge of the network, has said that he wants to improve punctuality. He said, "The figures so far are totally inadequate." It will take some time. According to the current agreement, the long-distance train punctuality is supposed to reach 70% by 2029. This is up from around 60% during the first half this year. He said, "There won't be 100% in the near future." "I don’t believe it exists in any other country in Europe." (Written by Dave Graham, edited by Andrea Ricci).
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Turkish Minister: NATO Article 5 is the same as NATO Article 4 in Turkey, Pakistan and Saudi Arabia defense pact
Hakan Fidan, Turkish Foreign Ministry, said that the Article 5 Mutual Defence Agreement of NATO is the same as a defence pact between Turkey, Pakistan and Saudi Arabia. The accord does not target Iran, he added. Fidan said that Turkish President Tayyip Erdoan wanted the alliance to expand and that Egypt, among other countries, was a possible candidate for membership. The regional powers have signed the "Mecca Joint Defence Agreement", bringing together Sunni Muslim U.S. Allies who are alarmed by a regional conflagration which has seen Iranian missiles fire on Gulf oil exporters. In a statement released jointly, the parties said that the agreement was intended to increase 'collective deterrence' against any acts of aggression. It also stipulates that any armed attack on any of the three countries would be considered an attack on them all. Fidan told the Anadolu News Agency that the new alliance wasn't aimed at Iran or other countries, but was rather "a general pledge" to support the security of the three allies. Fidan said that in consultations, the allies will decide what level, format, and form of support they want to receive in the event that an attack occurs. However, he added that no country is considered a threat if a member state has not been attacked. The Turkish army is the second largest in NATO. It has stated that it was open to expanding to other countries of the region and not to replace existing alliances. "NATO is an alliance of 32 nations. "We have?started as three countries, and we must take very modest but concrete steps," said he. He added that efforts to finalise this pact have been underway for the past two years and eight months. He said that an alliance would include a similar committee of ministers to NATO, as well as a Saudi Arabia-based general secretariat. However, operational details will be decided at the first meeting of the committee. "Our President's Vision is that we do not remain limited to just three countries. We grow and bring all (regional countries)?under one roof," he added, adding Egypt may join the pact after certain technical issues are resolved. Turkey, Saudi Arabia and Pakistan, as well as?Egypt, have formed a group in recent months to discuss regional issues, including the war against Iran. Turkey said that the group, dubbed R4, aims to strengthen its partnership by using concrete mechanisms. Fidan said that Turkey should also be part of an international coalition in order to protect Red Sea shipping from Houthi attacks, because Ankara's interest is shipping safety. Tuvan Gumrukcu, Susan Fenton, and Topra Chopra edited the article.
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Berkshire reduces cash stake, as buybacks increase and reports higher profit
Berkshire Hathaway started reducing its huge?stockpile in the second quarter. It invested billions of dollars in stocks, including 'Alphabet, and purchased billions more of its own. Conglomerate announced on Saturday that it repurchased $4.5 Billion of its own shares in the second quarter, and another $3.3 Billion in July. This is an acceleration of repurchases begun in March after a two-year break. Between?April to June, it bought more than $20 billion in stocks. This marked the end of 14 consecutive quarters where stocks were sold at a loss. Berkshire added $10 billion to its already large investment in Alphabet, the parent company of Google and YouTube. Berkshire finished June with $364.7 Billion in?cash. This is down from $380.2 Billion a month earlier. The second-quarter operating profits rose by 16%, to $12.98 Billion, or $9.068 per class A share. This compares with $11.16 Billion a year ago. The results were boosted by higher earnings from the BNSF Railroad, manufacturing, retail and service operations and foreign currency fluctuations. From $12.37 billion, net income has more than doubled to $25.67 billion or $17.928 per class A share. The year-ago results included a writedown of $3.76 billion for Berkshire’s stake in Kraft Heinz,?a packaged food company. This was the second quarter since Greg Abel, Berkshire's new chief executive, succeeded Warren Buffett as chairman. Investors and analysts are eager to learn how Buffett's management of Berkshire Capital differs from Abel's. Buffett had trouble deploying cash towards the end of his 60-year tenure at the head of the Omaha, Nebraska based conglomerate. The pace of stock repurchases has a similar pace to Buffett's peak pace in the early part of this decade. Berkshire’s largest year for stock buybacks occurred in 2021 when it purchased $27 billion worth of stock.
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Radev, Radev: Bulgarian airspace was affected by a drone explosion
In a statement released by the Bulgarian Prime Minister, Rumen Radev, he said that a drone had entered Bulgarian airspace via Romanian airspace and exploded near the village of Kardam. He said that the drone had entered Bulgarian airspace around 0810 local time (0500 GMT). It then landed in a field of sunflowers near the border to Romania. The explosion'site' is located 1,000 metres (3,281 ft.) away from Bulgaria's compression station on the 'Trans-Balkan Gas Pipeline', which stretches between Turkey and Ukraine. It's also 200 meters from Romania's 'compressor'station. Western governments are increasingly linking drone incursions to the Russia-Ukraine conflict. This has increased the frequency of these attacks and prompted NATO members to beef up their security measures. Radev stated that the surveillance and security along the Bulgaria-Romania border will be enhanced. He said that the site of the explosion was cordoned off, and that the exact type of drone would be determined after the remains of the drone and the site are examined. Radev said that it was confirmed by the fact that drones are still difficult to detect and identify. Radev also noted that the delivery of high-precision Radars to the Bulgarian Army had been delayed and vowed to take action. Reporting by Renee Maltezou, Stoyan Nennov and Philippa Fletcher; editing by Barbara Lewis and Philippa Lewis
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China closes its ports before Typhoon Dolphin reaches Japan's Okinawa
Typhoon Dolphin hit Japan's southern Okinawa Prefecture Saturday, injuring six people and cutting power to over 50,000 buildings. China closed ports and stopped ferries as it prepared for the storm's arrival on its eastern coast. Authorities reported that five elderly people in Okinawa, including three who fell because of strong winds, sustained non-life-threatening wounds. Another person was injured by strong winds in Kagoshima Prefecture. Kagoshima was affected by nearly 39,000 buildings without power, while Okinawa was only impacted by just over 12,000. Domestic airlines ANA and Japan Airlines cancelled flights from and to Okinawa. The maximum sustained wind speed was 162 kph (89.9 mph), with gusts up to 216 kph. In Japan, the two main areas that are expected to be affected by the earthquake and tsunami are Okinawa island and Amami Island in Kagoshima Prefecture. Dolphin is a typhoon of orange category, the second highest level, in China. Concerned about the 'risk of flooding and land slides,' authorities raised the level of emergency response for Dolphin to a level?III. This is the second lowest level. According to China's National Meteorological Center, the typhoon will most likely make landfall between Zhoushan City in Zhejiang Province and Fuding City in Fujian Province and is expected bring winds of up to 85 mph (38-45 m/s) near its center. Ports and airports are unable to operate. Through August 12, eastern China, including Shanghai and neighboring provinces, is expected to experience rain and strong winds. Forecasters predict that some areas in eastern Zhejiang may receive up to 600 mm (23.6 inches) of rain. Zhejiang has raised its coastal typhoon warning to the highest level. It has also halted all port operations, and suspended 162 passenger routes. Fujian has also suspended ferry routes. Ningbo Lishe International Airport in Zhejiang announced that it would cease operations at 11:30 pm (1530 GMT) Saturday, and will suspend all flights on Sunday. Shanghai's Yangshan port was cleared of ships by Friday evening, and some rail services will be suspended in the Yangtze River Delta from Sunday. The government reported that 78 international flights in Taiwan were cancelled due to the typhoon. The weekend was set to bring heavy rains in the northern part of the island, but authorities hadn't ordered any evacuations. China ordered ships passing through the Taiwan Strait to obey its traffic control instructions due to the typhoon. Taipei called the measures "ridiculous" and said that Beijing had no right to restrict the access to international waters. China claims Taiwan, a democratically-governed island. Both Taipei, and Washington, reject this claim.
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China closes its ports before Typhoon Dolphin reaches Japan's Okinawa
Typhoon Dolphin slammed Japan's southern prefecture of 'Okinawa' on Saturday. It injured 'five people' and cut power to '14,000 buildings'. Meanwhile, China closed its ports and ferry routes in preparation for the storm's arrival on their east coast. As of 0300 GMT the storm was located about 160 km (99 mi) northwest of Kume Island, Okinawa. It was moving north at a speed of 15 kph (9mph), according to the Japan Meteorological Agency. Okinawan government officials reported that five elderly people sustained non-life-threatening wounds, three of which were caused by the wind. ANA and Japan Airlines cancelled flights into the region. The sustained maximum wind speed of the typhoon was 162 kph (89.9 mph), with gusts up to 216 kph. Okinawa, and Amami Island in Kagoshima Prefecture will be the most affected areas in Japan. China National Meteorological Centre says Typhoon Dolphin is expected to land along China's east and south coast between late Sunday and Monday. It will most likely be between Zhoushan in Zhejiang Province and Fuding in Fujian province. Near its center, it is expected to bring winds between 85-101 mph (38-45 m/s). Through August 12, eastern China, including parts of Shanghai, and the neighbouring provinces will be affected by rain and strong winds. Forecasters predict that some areas in eastern Zhejiang may receive over 600 mm of rain. Zhejiang has raised its coastal typhoon warning to the highest level and suspended 162 passenger ferry services. Ningbo Lishe International Airport, Zhejiang, has announced that it will cease operations at 11:30 pm (1530 GMT) Saturday and all flights will be suspended on Sunday. Yangshan Port in Shanghai was cleared of all vessels by Friday evening, and some rail services?in the Yangtze River Delta will be suspended on Sunday. The government announced that 63 international flights in Taiwan were cancelled due to the typhoon. The weekend was set to bring heavy rains in the northern part of the island, but authorities hadn't ordered evacuations as of Saturday. China ordered ships to obey its traffic control instructions due to a typhoon in the Taiwan Strait. Taipei called the measures "ridiculous" and said that Beijing had no right to limit access to international waters. China, who claims strategic strait, too, as it views Taiwan, a democratically-governed territory, as its own. Both Taipei as well as Washington deny this claim.
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Taiwan says China's order to control traffic in the Taiwan Strait when a typhoon hits is 'ridiculous.'
Taipei has called China's attempts to implement traffic controls on ships heading into the Taiwan Strait when Typhoon Dolphin hits "ridiculous". Beijing does not have any right to restrict access to international waters. China, which claims democratically governed Taiwan as its territory, also claims a strategic strait that is used by billions of dollars in trade every year. Both Taipei, and Washington, reject this claim. Chinese state media announced on Wednesday that, due to the approaching typhoon and starting Thursday night, all ships entering the Taiwan Strait from the south must adhere to traffic control measures. It said that all vessels must adhere to the requirements, select'safe waters to shelter against the storm and follow the instructions given by the maritime management authorities on site to ensure safety at sea. The statement made by the relevant Chinese Communist department reflects ignorance, disregard and a violation of international norms and order. It's utterly absurd!" In a late-Friday statement, the Taiwan Mainland Affairs Council stated that it was utterly ridiculous! The Chinese Communists should not interfere in Taiwan's internal affairs, it said. Taiwan's Coast Guard released a statement at the same time stating that it had not detected "abnormal movement" by Chinese vessels nor had any shipping company reported "broadcast interference". The Coast Guard said that merchant and cargo ships passing through the area should ignore any Chinese broadcasts and report incidents immediately. The typhoon will make landfall on China's east side late Saturday or early Sunday. China's military?operates almost every day in the Strait. Taiwan's government rejects Beijing’s claims of sovereignty, saying that only the island's citizens can decide its future. (Reporting and editing by Edwina G. Gibbs; Ben Blanchard)
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US Postal Service reports $2.5 billion quarterly loss
U.S.?Postal Service announced a $2.5 billion loss for?the third fiscal quarter. This is nearly $600 millions less than the same quarter last. They also urged Congress to take a number of?actions?to address their mounting financial crisis. U.S. postmaster general David Steiner has said that legislation passed by the Senate to add dozens new ZIP codes will cost the cash-strapped USPS $800 million. He also said the agency wants approval for a new stamp price increase in January, rather than wait until July 2027. Steiner stated that without the action of?Congress in this year's budget, "our plans will certainly include changes to service, such as taking a look at service levels, closing thousands unprofitable postal offices and raising prices." He warned in June: "We are running out of money." Steiner stated that we are borrowing money from the?retirement fund of our employees to continue operating. He urged Congress to compensate for its losses and implement other reforms. USPS hired restructuring advisors in March to address its financial problems. Steiner stated that the key question was whether USPS should deliver to 170 millions addresses six days per week. This costs $3.4 billion annually and 70% of these routes are losing money. Around 58% of the 18,000 Post Offices in the USPS also lose money. The Postal Service has suffered net losses in excess of $120 billion over the past decade. This is because the most profitable product - first class mail - has declined sharply due to the move towards digital communication, while the agency still has to maintain expensive nationwide delivery operations. USPS announced in May that it would suspend non-essential spending on travel, office products and consultants. Postal Service announced in May that it would suspend payments to employers for a federal pension plan and raise the price of stamps for first-class mail from 78 cents to 82, starting July 12. By suspending employer pension contributions, you can save up to $15 billion by 2030. (Reporting and editing by Chris Reese, Aurora Ellis and David Shepardson)
Australia investigates the near-miss collision between two planes at Sydney Airport
The Australian 'Transport Safety Bureau' was informed that a Jetstar A320 and a 'Qatar Airways Boeing 777' narrowly avoided colliding on the tarmac of Sydney airport on Sunday.
The regulator reported that the Jetstar flight crew was taxiing to take off for Gold Coast in Queensland when they saw an aircraft tug towing a Qatar Airways plane very close by on a cross-taxiway.
The Transport Safety Bureau said that "both aircraft were abruptly stopped" in a press release.
The regulator reported that a cabin crew member of the Jetstar aircraft was injured and that the connection between the nose gear of the Qatar Airways plane and the aircraft tug had been damaged.
Jetstar, Australia's budget airline, also said that it was looking into the incident.
In a press release, a Jetstar spokesperson stated that "our?aircraft?was following Air Traffic Control's instructions when the pilots had to?brake strongly after another aircraft approached in close proximity."
Qatar Airways didn't immediately respond to an?ask for comment.
Airservices Australia, the government agency responsible for Sydney Airport, had implemented "departure spacing" because of a roster problem with air traffic controllers.
Airservices Australia didn't immediately respond to our request for a comment.
(source: Reuters)