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Philippine rescuers continue to search for survivors after the fire on a Palawan ferry
Rescuers in the Philippines re-opened on Friday their search for survivors after a ferry caught fire off the west coast of Palawan province, killing at least five. More than 80 people are still missing. The rescue operations were complicated because of the thick smoke that was still coming from the burning vessel. This prevented responders?from boarding, Cayabyab said, the spokesperson for the Philippine Coast Guard. Cayabyab reported that the number of missing people was reduced from 86 to 84 after the authorities confirmed that two passengers?originally listed in the manifest? were not on board. 43 people were rescued. Richard Marceliano (one of the survivors) told GMA News he saw "a small amount of smoke" that quickly became a raging flame and spread throughout the ferry in seconds. He and other passengers floated in the water for nearly two hours before being rescued. The Coast Guard deployed five vessels, including divers, to the area. Meanwhile, army rescue boats, fishermen, and resort owners have continued to help in the search, which began on Wednesday night. Cayabyab confirmed that a larger Coast guard?vessel will also be deployed. The cause of the fire is still unknown. MARINA, citing the accounts of survivors, released a statement stating that two consecutive explosions could be heard within the ship. This sparked a fire. According to the manifest of the vessel, it was carrying 117 passengers, including 17 crew, on a trip from Baseco, Manila, to Coron, an?popular tourist attraction in Palawan, known for its diving spots and 'island-hopping attractions. According to the Coast Guard, the ferry also carried five motorcycles, a electric vehicle, forklifts, pickup trucks, and cargo goods.
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Can Africa seize the moment to compete for critical minerals? Andy Home
Africa could transform itself as global competition increases for essential minerals. Although the continent has a large amount of energy transition metals like copper, manganese and cobalt but it is still far from its full potential. According to the Brookings Institution, Africa's share in global mineral revenue is only 10%, even though it has 30% of the world’s reserves. It's possible that there are still more hidden riches underground. According to the Center for Strategic and International Studies, the U.S. think tank, only 10% of global exploration will be focused on the continent by 2024. As Africa moves to the forefront of the global resource war, the West will be competing with China for the control of metals, which are essential components for both green technologies, and AI data centers. Can Africa seize the metallic moment? In order to do this, the continent will have to break away from a long tradition of resource exploitation on its part by foreign powers. The European colonisation of Africa in the late 19th century and early 20th century laid the foundations of unequal trade relationships based on the extraction of materials for export markets. This pattern persists today. Africans have sacrificed blood, sweat, and tears to build rubber plantations in Belgian Congo, goldfields in South Africa, or copper mines in what is now Zambia. But foreign investors reap the rewards. Many African governments now realise that the global demand for critical metals presents a unique opportunity to alter the terms of the resource trade. Let's Build a Smelter Building more processing capacity is one way African nations can capture more value in mining. Indonesia is a leader in the world. The country will ban nickel ore exports in 2020 and force miners to invest into smelters. This strategy has proven so successful, that Indonesia is the dominant producer of nickel in the world, and exports a variety of nickel products including refined metals with high purity, as well as sulphate, which is used by battery manufacturers. African countries have taken notice. Zimbabwe has implemented export controls on lithium. Guinea has done the same for bauxite. The Democratic Republic of Congo also has restrictions on cobalt and on copper. According to a report published in June by the World Bank and CRU, there are "vast" barriers to starting a successful business. To make a low margin business profitable, you need the right power supply, infrastructure and logistics. You also need to have the right technical capacity. These factors may even be more important than mineral reserves themselves. Look at Angola. Angola is building a smelter for aluminium at Barra do Dande, despite not having bauxite or the ability to convert it into alumina - the intermediate product used in the smelting procedure. The project has a deep sea port that is suitable for handling raw material and a strategic position?inside a free trade zone. This allows it to take advantage of shared infrastructure, favorable business rates, and reliable electricity supplies. CORRIDONS OF POWER Angola is also at the end one of the biggest infrastructure projects in Sub-Saharan Africa - a project that will have a huge impact on the region's efforts to limit the external power of the continent. The Lobito Corridor is a combination of new and existing rail lines that will link the central African Copperbelt to the Angolan Port of Lobito. Both the U.S.A. and Europe are heavily backing this ambitious project. The strategic importance of this is immense The Lobito Corridor is a Western shipping alternative for the Chinese-built TAZARA rail line that runs from Zambia to Tanzania's port of Dar es Salaam. TAZARA is a transit route used by a large amount of copper and cobalt in the region as they begin their long journey towards a Chinese port. Chinese companies operate and own some of the largest cobalt and copper mines in the region, launching a supply-chain that leads to Chinese electric vehicles and humble air conditioner units. The Lobito Corridor represents a direct challenge against this dominance. The project reduces the time it takes to transport goods from Congo's mining areas to the sea to one week. This helps to reduce risks for potential private sector investment. China responded by committing to spend $1.4billion to renovate TAZARA which it funded in the 1970s. In the end, both Congo and Zambia could benefit from competing rail corridors. GROWTH CONDUCTORS However, the Lobito Corridor promises more than just a quick exit route for Africa’s metals. The 1,800-kilometre (1.120-mile route) is designed to create agricultural, metals, and technology hubs. Western partners are investing in the project not only in hard infrastructure, but also what the European Union calls "soft connectivity". This means trade facilitation, vocational and technical training, as well as a focus on local employment. In Angola the results are already visible, since the railway infrastructure is being simply upgraded, rather than constructed from scratch as it will be in Zambia by 2030. Upgrades provide immediate economic opportunities in the local economy. Angolan agricultural products from Huambo Province, the farming heartland of Angola, are now accompanying Congo's cobalt and copper on their way to Lobito. Angola exports its first avocados into Europe thanks to a trade logistics platform funded by the EU and a EUR50 million investment programme for sustainable agricultural chains. The Lobito Corridor can be a way to escape Africa's resource-trap. If they are primarily export-oriented, building processing plants may not necessarily bring wealth to the local economy. The Congo's copper is now mostly in high-purity, refined metal. However, the country exports it almost exclusively to China for conversion into manufactured goods. This must change if Africa wants to get a bigger share of its mineral revenue. HISTORIC MINERS How to manage the traditional workforce is perhaps the biggest challenge that African countries face in converting their mineral wealth into sustainable economic growth. Around 10 million people in Africa are involved in small-scale and artisanal mining. Many more depend on this for their subsistence. Africans have been engaged in mining for thousands years. Small-scale collective operations were the norm, especially in rural areas where employment opportunities are low. Women and children are still willing to participate in this dangerous job. The environmental impact is devastating and fatalities are not uncommon. ASM, although called "artisanal", is more often compared to slave labour. The ground?ore is sold by middlemen for a fraction its real value. ASM is often used as forced labour in conflict zones, such as the eastern provinces of Congo and certain Sahel-based countries. Africa's historical miner operate in a dark "zone" thanks to laws from colonial era declaring such "native operations" illegal. Many Western companies are hesitant to buy metals that contain ASM ore, and this is understandable. Multiple efforts are being made to "formalise" ASM, by integrating its workforce into the official mining industry. The biggest is in Congo. This country has been long targeted by activists for its "blood cobalt". Kinshasa tried, and failed before, to find ways to merge its "illegal", underground miners with the official sector. The new scheme, launched by Eurasian Resources Group, promises better results thanks to new controls on cobalt exports, and increased powers for the mining regulator Entreprise Generale du Cobalt. Irony?is, if the West is interested in Congo's cobalt but does not want to depend on Chinese operators, they need to look to the ASM sector. The metal must be accompanied by guarantees that human rights violations have not been committed. Everyone has an interest in bringing Africa's original miner back from the cold. For Africa, this may be the most powerful lever to change a bloody history of exploitation. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. 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Texas Stock Exchange captures the first primary equity listings from NYSE
The Texas Stock Exchange, which is a relatively new trading venue in New York, scored another win on Thursday by convincing three energy partnerships to move their primary listing from the New York Stock Exchange. According to the latest announcements by Energy Transfer, USA Compression Partners, Sunoco LP, SunocoCorp LLC, and Sunoco LP, the primary listings of these companies will be moved to the TXSE at the beginning of October. Texas Capital Bancshares, a Texas-based company, announced last month that two of its ETFs were leaving the NYSE to join the TXSE. This was another victory for the TXSE, which started trading in July. James Lee, Chairman and CEO of TXSE described the announcements "a watershed moment for capital markets." He also said that the announcements were "the beginning of an even larger trend which will reshape listings in the United States." He added that the combined market capitalization for all of the entities moving their primary listing to TXSE is nearly $100 billion. Analysts of market structure believe that the ability of TXSE, to challenge the NYSE and Nasdaq in a meaningful way will depend on its ability to translate state efforts to position itself as a business friendly alternative into a number of these switches. One analyst who requested anonymity said, "That's not as simple as it sounds." He cited his firm's policy on public comments about market structure. Previous attempts to achieve this goal have not been successful. Despite the fact that trading occurs on many platforms, NYSE and Nasdaq continue to control the primary listings. This has been the case for decades. These exchanges are the ones that capture the largest share of trading volume, listing fees, data charges and other revenue sources. They have maintained this edge by offering perks such as the ability for listed executives to ring closing or opening bells, or host events at their exchange facilities. TXSE hopes to divert corporate board attention from the marketing benefits of the two incumbents and their massive liquidity by focusing on business-friendly regulatory and legislative initiatives in Texas. Many companies have already moved their corporate headquarters from California to Texas. This includes the Elon Musk-controlled businesses, such as Tesla, SpaceX, and ExxonMobil. They cite a Texas law that was passed in 2025, which 'enhanced' legal protections against shareholder litigation. These giants, to date, have not shifted their primary listings from the TXSE. Companies that list on TXSE are also required to be incorporated in Texas, so as to take advantage of the laws and regulations. The NYSE and Nasdaq both have their own Texas offices?in response to TXSE’s efforts to 'win listings. TXSE has Wall Street investors like BlackRock, Citadel Securities, and Charles Schwab. This list also includes Kelcy Warr, a Texas billionaire, who according to a SEC filing had a substantial stake in TXSE Group as of 2025. He is the executive chairman of Energy Transfer.
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Trump administration wants to eliminate the grace period for H-1B visa holder after job loss
According to a government announcement posted on Thursday, the Trump administration is proposing to eliminate a grace period of 60 days that allowed certain immigrants to remain in the U.S. and find a new employer after losing their jobs. This includes skilled workers on H-1B visas. According to the proposed rule change published by the U.S. Department of Homeland Security in the Federal Register, those with H-1B visas and certain other temporary work permits would be required to leave the United States as soon as they finish their employment. This could cause a major blow to American tech companies who rely heavily on foreign employees. This is the latest move by U.S. president?Donald Trump since he returned to office in January of 2025 to limit legal immigration. His administration also increased visa fees for skilled workers, and paused visa appointments in U.S. mission around the world while it implemented a new training programme. DHS said in its proposal that the changes could cause some disruptions, but the jobs would be given to American workers. It added that in some cases, immigrants who have left their jobs could potentially apply again if they are petitioned by their employers. The notice stated that "DHS assumes" that employers will either hire U.S. citizens who are equally qualified or file an I-129 petition based on the workforce requirements. The 60-day grace is in place since 2017 and gives foreign workers the time they need to secure another U.S. position or take care of their affairs, such as selling a house or taking children out of school before leaving. Gabriel Chin is a professor of law at the UC Davis School of Law. He said that many H-1B workers and their families had been living in Davis for years. "I don't see any legitimate reason for forcing them to leave just because they changed jobs." VISAS ARE ESSENTIAL FOR TECH COMPANIES H-1B visas were established in 1990 by the?Congress and are particularly important for tech companies that want to hire talent from India or China. They allow them to fill positions where there may be a shortage of qualified U.S. employees. Top H-1B sponsors include consulting firms like Deloitte and PwC, as well as outsourcing companies like Tata Consultancy Services and Infosys. Lawyers at Berardi Immigration Law, which specializes on business-related immigration issues, stated that the move "would sharply compress the time HR teams need to manage layoffs, and offboarding of foreign national employees." Todd Schulte is the president of FWD.us. An immigration advocacy group. The change will also affect holders of E-1 international traders visas, E-2 commercial vehicle operators visa holders, L-1'short-term employment for managers or executives with international?companies, O-1 visas to people who have "extraordinary abilities" in sports,?sciences, or the arts, and TN visas for professional workers. This would also include H-1B1 visa holders from Singapore, Chile and E-3 visa holders in Australia. Before the rule can be finalized, it will go through a public comment period of two months.
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GasBuddy reports that the average US diesel price has crossed $6 per gallon for first time.
The?U.S. The?U.S. Oil futures are now back above $100 per barrel due to the intensifying?conflict' between the U.S.A. and Iran. Brent crude oil futures reached their highest level since the middle of May on Thursday. West Texas Intermediate futures settled at $102.48 and Brent settled at $107.63. Patrick De Haan, GasBuddy's analyst, said on the social media site X that "every?truck, delivery, package, and grocery run... just got a lot more expensive." He said that the record diesel prices would have a negative impact on the American economy. They will likely cause inflation to rise up and down the supply chain. According to fuel?tracker, prices are up about $2.30 since a year ago. According to the U.S. Energy Information Administration (EIA), diesel inventories currently stand at 106.3 million barrels, 13% below their five-year average. Stocks increased?last weekend as refiners are running their plants full-tilt due to high refining margins.
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A coach crash has killed several people in a Swiss Alpine village
Police said that a bus crash occurred in the Alpine village Susch, in eastern Switzerland. Police?in Graubuenden posted a message on X about the dispatch of emergency response teams to the scene of the accident. A spokesperson for the General 'Dutch Association of Travel Companies' (ANVR) confirmed to Dutch media, acting as spokesperson for tour company OAD that a serious accident involving an OAD bus had occurred and that 48 passengers were aboard. We cannot yet say how many people have been killed or injured. She told Dutch newspaper De Telegraaf that she could not yet confirm the number of people killed or injured. Could not?immediately contact ANVR? for comment.
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US FAA chief meets with airline CEOs on plan to reduce flight delays
The head of the Federal Aviation Administration (FAA) met with the CEOs of U.S. passenger airline companies on Thursday to discuss the FAA's plans to use advanced software for a re-organization of flight schedules to improve 'flight management. FAA Administrator Bryan Bedford has met with top executives of American Airlines, United Airlines Delta Air Lines Southwest Airlines and other airlines to discuss the plan for the agency to start rolling out the SMART system this month. Bedford told reporters at the end of August that "it's going be transformational." We'll be able to make better decisions if we have more effective decision-making tools. The system uses predictive analytics. It is intended to be used to reschedule cancelled flights more efficiently. Later, its use could be extended to other tasks like strategically coordinating flight schedules and trajectory before departure. Bedford will also testify separately next week before a U.S. House Appropriations Subcommittee about the progress of the $12.5 Billion overhaul of 'air traffic control. The FAA is asking for another $10 billion to make further improvements. The FAA awarded a 12-year, $875 million contract to Air Space Intelligence in June for a system called Strategic Management of Airspace, Routes, and Trajectories (SMART). This system uses data to analyze airline scheduling, weather, airport capacities, airspace conditions, and operational constraints in order to predict traffic flow and identify potential conflicts before they happen. By strategically coordinating flight schedules and trajectory before takeoff, the system can prevent major delays and congestion. The FAA has struggled for years to solve the problem of congestion. The agency, citing concerns about congestion, ordered the airlines to reduce 300 flights per day at Chicago O'Hare through October 2027. In June, FAA extended the flight cuts at Newark Airport and other airports in the New York area. Airlines for America, which is the industry's main trade group and organized the meeting, has praised FAA SMART, stating that it will "have a positive impact on American travelers" by reducing cancellations and delays across the nation. United CEO Scott Kirby stated, "Using smart to open the airspace in an intelligent manner has the potential of significantly reducing delays and cancellations when weather events occur."
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Descartes reports that the monthly US container import volume reached its third highest level ever in August.
The U.S. ocean containers imports for August were the third highest monthly total in history as consumer demand held steady despite uncertainty about a possible U.S. Descartes Systems Group, a provider of supply chain technology, said that the U.S. and Israel war against Iran was causing a rise in inflation as well as a change in trade policy. In August 2026, the U.S. container imported volumes were 2.6 million 20 foot equivalent units (TEUs), which is more than 3% above August 2025. This figure was almost 22% higher than pre-pandemic August 2019 according to Descartes. Container shipping's usual peak season arrived a few months earlier than usual this past year, after some importers rushed to get their goods in before the new U.S. tariffs were implemented. These replaced those that had been overturned in court. Volumes are expected normalize over the course of the year. "The wider?trade climate remains unsettled," said Descartes, citing the ongoing disruptions around the Strait of Hormuz, the Red Sea, and the Panama Canal as a result of drought and the expanded U.S. Tariffs which rattled supply chain and increased transportation costs. According to Drewry's World Container Index, spot off-contract rates from Shanghai to Los Angeles, the busiest U.S. port for container shipping, were $7,352 per container 40 feet on Thursday. Imports of China in August totaled 884 318 TEUs, an increase of 1.7% over the previous year. Descartes reported that China accounted for?34% (or 884,318 TEUs) of the total container imports during August. Plastics, furniture, and bedding were among the top three categories. Analysts and economists?view container exports as a gauge of the health of the?U.S. Consumers are the engines of the economy. Nearly half of the global container volume is accounted for by retailers, such as Walmart and Amazon.com.
Sydney Airport flight disruptions due to a shortage of air traffic controllers
The 'federal agency in charge of managing Australia's aviation traffic, said that a shortage of air traffic control staff caused delays and flight cancellations at Sydney Airport Friday morning. Investigations are continuing into recent near misses.
Airservices Australia?said if it was required to enact Air Traffic Flow Management measures at Sydney Airport due to "role constraints" and to "safely manage aviation demand."
ATFM measures were lifted by 8:15 am (2215 GMT Thursday), after the conditions had improved. However, delays of up to 10 minutes could still be expected for the remainder of the morning.
Airservices acknowledged that the ATFM measures could have caused some disruptions to airline schedules, and it is working with airlines in order to minimize delays and impact on passenger travel.
The agency announced that it would recruit more air traffic controllers, and make it easier for them to call in additional staff when needed.
Six Qantas flight were cancelled and some Qantas flights experienced delays exceeding an hour. Sydney Airport's site did not give a specific reason for the delays. A spokesperson directed inquiries to Airservices Australia.
Airservices Australia CEO Rob Sharp, along with other senior executives, are scheduled to appear before a Senate Committee later on Friday to examine the state of Australia’s aviation sector. The committee is also examining its ability to provide reliable and affordable service to?regional regions.
A report last week -- citing both internal records and an audio recording -- stated that a number of air traffic controllers who were on duty at the time two Qantas planes nearly collided in Sydney Airport, July 2016, had been "flagged" as being at high risk for fatigue.
According to reports, one shift manager described the staffing situation in his department as "a little insane."
This was the first incident of six near misses that occurred at Sydney Airport in a period of a month. The global shortages have prompted heightened scrutiny on the air traffic control staffing. The Australian Transport Safety Bureau has begun an investigation into the near-misses to see if they share common safety issues, or if there are contributing factors.
(source: Reuters)