Latest News
-
Teamsters union re-opposes Union Pacific Norfork Southern Deal
Teamsters said that it opposed the merger of U.S. freight railways Union Pacific and?Southern on Wednesday. In a joint press release, union presidents representing 20,000 employees at both railroads stated that they will not support any?deal? that does not protect the lives and livelihoods of workers. Since its announcement, the proposed merger has been criticized by unions and other railroads. It aims to create the first coast-tocoast railroad in America and reduce delays and handoffs. Teamsters claimed that executives from both railroads had failed to protect jobs or address?other concerns. It's time that Union Pacific and Norfolk Southern get serious and do the right thing by their members. The Teamsters said that until they do so, it will do all in their power to stop this "harmful merger". In November, Union Pacific and Norfolk Southern's shareholders approved the $85 billion merger. Over 99% voted in favor. Surface Transportation Board is expected to receive applications from both railroads this week. In October, Senators John Hoeven, Amy Klobuchar, and other bipartisan senators urged the Surface Transportation Board to closely examine the proposed merger due to concerns over long-term competition. This included the impact on agricultural producers. BNSF Railway, owned by Berkshire Hathaway, has also expressed its'strong opposition to this merger,' urging shippers and other stakeholders, including labor, to express?their disapproval to the Surface Transportation Board. SMART-TD - the largest railroad union in the United States - backed the merger proposal after securing job protection guarantees for its members. This was a change of stance from its previous stance, which had been to oppose the deal due to concerns over job security, access infrastructure and competition. Union Pacific issued a statement saying that "every employee who had a unionized job at the time the merger took place will still have it." Norfolk Southern didn't immediately respond to an inquiry for comment. (Reporting and editing by Alan Barona in Bengaluru, Abhinav Paramar from Bengaluru)
-
Austria's Raiffeisen names former executive Hoellerer as new CEO
Michael Hoellerer, the former Chief Financial officer of Raiffeisen Bank International, was announced as the new CEO for Austrian lender Raiffeisen Bank International on Wednesday. Hoellerer replaces Johann Strobl who will continue managing the business until then as CEO and will step down from the board of management at the end his mandate in February 2027, according to a bank statement. Strobl has been the CEO of RBI since March 2017. In October, RBI undertook It is reorganizing its board in order to sell off its Russian business to a local buyer, in the hopes that the Russian government will lift the block on the repatriation by the bank of billions of dollars in profits. The U.S.,?European Union and other countries are also pressuring it to reduce its Russian activities. The largest Western bank is?Russia. On Wednesday, it announced that Andreas Gschwenter will be given a three-year extension of his?mandate to serve as chief information officers from July 2026. RBI said ?Hoellerer, who served as the bank's ?CFO between 2020 and 2022 and is currently CEO of RBI's largest ?shareholder, RLB Niederoesterreich-Wien AG, will also take over responsibility for RBI's group-wide retail business from Strobl. (Reporting and writing by Alexandra Schwarz Goerlich in Vienna, Linda Pasquini from Gdansk, editing by Paul Simao).
-
Sarajevo improves air quality following ranking as most polluted city
Sarajevo authorities issued a warning on air quality and imposed a?ban on some cars and trucks after it was ranked 'as 'the?world’s most polluted cities on the previous two evenings by Swiss monitoring firm IQAir. After several days of fog, smog and fog that blanketed Sarajevo's population of 350,000, the cantonal government of Sarajevo took action to improve the quality of air. The city banned trucks over 3.5 tonnes and cars or trucks that did not meet the standards of?the European Union and construction in open areas was prohibited. The city also prohibited public gatherings. Experts say that the major sources of pollution are around 40,000 households who use primarily firewood and coal for winter heating and transportation. Anes Podic, from the?environmental organization Eko Akcija said that only 500 households received gas stoves as a result of international aid. He added that there were 180,000 registered vehicles in Sarajevo. 'TEMPERATURE INVERSION' In a valley surrounded with mountains and hills, the city has suffered for years from a phenomenon called temperature inversion, which pushes pollutants and colder air from cars and fossil fuels nearer to the ground. It can last for days when mixed with fog. According to the World Bank, Bosnia has among the highest levels in Europe of fine particulate (PM2.5) pollutants, which are caused by the burning of solid fuels for home heating, and the transport sector. Enis Krecinic is an expert from the Hydro-Meteorological Institute of Bosnia’s autonomous Bosniak-Croat Federation. He said that over 100 days of the year, PM2.5 levels were exceeded. According to?data from the World Health Organization, Bosnia has the highest mortality rate in the world due to?air pollution. According to the World Bank, PM2.5 air pollution is responsible for 3,300 premature deaths each year and a loss of more than 8% in GDP. Aida Forto is a lung specialist who said that long-term air pollution exposure, especially fine particulates, can cause lung cancer. This is especially dangerous for pregnant women and children as well as the elderly.
-
Airbus A320s subject to inspections by regulators following a fuselage defect
The European Safety Authorities issued preliminary instructions to airlines on Wednesday, requiring them to inspect the fuselage panels of dozens of A320 family jets. This was after Airbus slowed deliveries due to a production issue at a Spanish supplier. According to a proposed directive by the European Union Aviation Safety Agency, airlines are required to inspect the thicknesses of certain panels at the front of aircraft within six months. This can be done sooner if these panels have already been repaired. The inspection order covers 177 aircraft in service, plus another 451 planes that are still in various stages of production within Airbus. EASA stated that the inspections are designed to address "potentially dangerous conditions" on panels with a combination of the wrong thickness and a history previous repairs. Airbus had prepared its own technical instruction and provided airlines with a timeline for solving the problem. Sources in the industry said that some airlines were still reluctant to accept new deliveries until panels had been replaced. Others have demanded compensation or improved warranty terms. Airbus refused to comment on any commercial discussion. After the panel defect slowed deliveries in November, Airbus lowered its 2025 target for delivery by 4%. This is around 790 aircraft. According to industry sources, deliveries were 'below average' in the first half December but have increased in recent days. Airbus, which has a long history of increasing deliveries in the last days of the calendar year, refused to comment ahead of the full-year report due on January 12. (Reporting and editing by Kirsten Doovan; Tim Hepher)
-
UN chief Guterres urges maximum restraint in Yemen after separatist advance
The United Nations Secretary General Antonio Guterres urged all parties in Yemen on Wednesday to exercise maximum restraint following an advance by southern separatists, which risks rekindling the 10-year-old Civil War?after a long lull. He said that the operating conditions in areas controlled by the Iran-aligned Houthi movements - Yemen's capital Sanaa, and the densely populated north - had also become unsustainable. The separatist Southern Transitional Council (STC), backed by the United Arab Emirates in the past, claims to have taken control of the eastern provinces Hadhramaut?Mahra, and now has a firm grip on all provinces within the former state of?South Yemen. The STC is an important member of the coalition that fights alongside the internationally recognized government against the Houthi movement. Guterres said: "I urge everyone to show maximum restraint and de-escalate tensions. Then, we can resolve our differences through dialogue." "This includes regional stakeholder, whose positive engagement and coordination to support UN mediation efforts is essential for ensuring our collective security interests." Guterres said. Guterres has just returned from Saudi Arabia and Oman and condemned the Houthis for continuing to arbitrarily detain 59 U.N.?staff. He called for their unconditional and immediate release. "In recent weeks, Houthi authorities de facto referred three of my colleagues to a special criminal court. This referral should be revoked. The charges were brought 'in connection with their performance of official duties at the United Nations. He said that these charges should be dropped. The United Nations has consistently rejected Houthi allegations that U.N. personnel or U.N. operations were involved in spying. Guterres stated that "we must be allowed to do our work without interference." "Despite the challenges, we are committed to providing lifesaving support to millions in Yemen." He said that nearly two thirds of Yemen's population, or 19.5 million people, need humanitarian aid.
-
Data shows that the largest port in Venezuela is where tankers depart with Venezuelan oil products.
According to internal documents and ship tracking data from PDVSA, at least 'two' tankers containing Venezuelan methanol - and petroleum -coke - left the OPEC nation's largest port on Wednesday. Since the United States first imposed sanctions against Venezuela in 2019, it has not targeted oil byproducts and petrochemicals exports. Since the United States first imposed energy sanctions on Venezuela in 2019, it has not targeted exports of oil byproducts or petrochemicals. After a cyberattack this week that affected PDVSA's central administrative systems, the cargoes are being shipped. (Reporting and editing by Julia Symmes Cobb; Marianna Pararaga)
-
US Postal Service seeks new revenue streams to stave off cash crunch in 2027
The U.S. The U.S. U.S. Postmaster-General David Steiner said he hoped Amazon.com would participate in the process of seeking bids for 18,000 USPS Delivery Destination Units that will allow "last mile" deliveries to customers from a wider range. Steiner, in his first interview after taking over the USPS leadership, said that this could add billions in revenue. The Postal Service delivers more than 170 millions U.S. addresses every week, and the last mile is the most expensive. Steiner added that it is also very expensive for FedEx, UPS, and Amazon. "We have a precarious cash situation." He said that we would be out of money in 12 to 24 months. Steiner stated that the USPS free cash and spending rate would leave them "basically out of money" by early 2027. Steiner, the new USPS leader who was appointed in July by the White House after it ousted the previous postal chief, said that the USPS needed significant legislative and administrative reforms following a $9 billion annual loss reported in November. Steiner stated that one of the priorities is to convince Congress to remove the $15 billion borrowing cap it imposed many years ago. Government Accountability Office reported on Wednesday that USPS has suffered net losses of $118 billion in the last seven years, as its first-class mail – its most profitable product – has dropped to its lowest volume ever. Congress approved legislation in 2022 that would provide USPS with financial relief of about $57 billion. Postal service does not have a 'luxury of time' Amazon did not comment immediately on Wednesday but said earlier in the month that it was in talks with USPS regarding its future relationship. It is also considering its options prior to its current contract expiring in October. However, Amazon expressed concern about the auction after nearly a full year of negotiation. We are in the process of negotiating to extend this contract. Steiner told the group that they would be going out on the market to test the market. There's one thing that I'm absolutely sure of: If we keep doing things the same way, we'll be dead in a year. I've got to test the market to see if this price is fair. USPS currently sells?about 1,7 billion units from its last mile distribution. However, it has the capacity to deliver 3.5 to 4, billion. It generates $5.5 to $6 billion annually from these deliveries. USPS has received significant interest from many companies. We had to act quickly and in a dramatic way. Steiner stated that we do not have the luxury of a lot of time. He said that the fate of USPS and Amazon are linked and added that Americans receive Amazon packages from the Postal Service 1,7 billion times per year. There is no doubt in my mind that the U.S. Amazon would not be where it is today without the U.S. Steiner stated that they wanted to continue the relationship at a fair cost. (Reporting and editing by Franklin Paul, Alexander Smith and David Shepardson from Washington)
-
Source: Inocea Group, UK, is interested in acquiring GNYK (German warshipbuilder) from Germany
A person familiar with the matter has confirmed that Inocea Group, a British marine, defence and industrial company, is in negotiations to buy German Naval Yards Kiel. This shows the growing demand for military assets fuelled by rising geopolitical tensions. Interest in GNYK suggests a bidding war, as the CEO of Germany’s TKMS announced last week that the world’s largest non-nuclear sub manufacturer was considering a bid to acquire the company headquartered at the same port city – Kiel. Under pressure from governments, a swollen order book, and?increasing military spending?, defence companies and investors in Europe are expanding their industrial capacity. According to its website, Inocea Group's founders Alex Vicefield, James Davies and their family are the sole owners and control of this company. It has offices in London,?Monaco and other locations. Inocea's spokesperson said that the group is constantly evaluating?ways to improve its?strategic positioning in shipbuilding through organic growth and M&A. The spokesperson stated that "This approach is consistent with our recent expansion into Finland and the United States and growth of our Canadian businesses." GNYK CEO Rino brugge said the company is always open to strategic partnerships with international companies, but declined to reveal the identities of "potential suitors". GNYK is a part of the family owned CMN Naval Group, a French shipbuilder that specializes in yacht and naval construction. It employs about 400 people directly. It does not reveal its financial results. The Baltic Sea location of the shipyard places it near?NATO’s eastern flank, and major regional shipping lanes. Access to the Kiel Canal provides a logistical advantage as it links?the Baltic to the North Sea. Oliver Burkhard, TKMS' CEO, said in a statement last week that the group would decide on a GNYK acquisition as part of their?expansion drive. This already included MV Werften being acquired by TKMS in 2022. Inocea's core business is to buy, build, invest and operate companies in the maritime, defence and energy sectors. Davie Shipbuilding is owned by Inocea. (Reporting and editing by Anousha Saoui, Christoph Steitz, Tom Kaeckenhoff and Tomaszjanowski; Additional reporting by Mathieu Rosamain;
Brazil's Supreme Court affirms Indigenous land rights in violation of Congress
The majority of the Brazilian Supreme Court on Wednesday reaffirmed Indigenous land rights protections, limiting attempts by Congress in order to limit recognition?of reservation. This ruling is likely to ignite tensions between the top court and legislators.
Six of Brazil's 10 Supreme Court Judges voted in favor of establishing Indigenous Land Rights as constitutional clauses that can never be removed by legislators, according to Deborah Duprat. She is a former federal prosecutor and has worked on Indigenous Rights issues for decades.
She added, "It is an important message for Congress."
Four Supreme Court Justices have yet to?give their opinion on the matter, but their votes do not block the majority's decision. Although the 1988 Brazilian constitution recognized Indigenous rights to ancestral territory, the process for demarcating these lands has taken decades. Indigenous advocates claim that hundreds of communities are still waiting for formal recognition. Many of them are entangled in violent disputes over land.
A powerful farm lobby, backed by a conservative majority in Congress, has been increasing its resistance to Indigenous land claimants over the past few years. In 2023, lawmakers passed a bill to limit the protections of Indigenous lands whose communities could not prove that they were occupying them when the constitution came into effect. Proponents claim that the cutoff date will protect landowners against claims they didn't know when they bought their property.
The Senate amended the constitution to align it with the law of 2023 as the Supreme Court was preparing to rule this month on the constitutionality of the law. This constitutional?amendment is expected to be passed by the lower house of Brazil’s Congress. Some Supreme Court justices have already argued, in their votes this week, that this section cannot be amended as it protects the fundamental rights. Justice Flavio Dino wrote that the legislative branch cannot suppress or reduce the rights of Indigenous peoples under any pretext. This would be a violation of the fundamental principles of democracy. (Reporting and editing by Gabriel Araujo and Brad Haynes; Paul Simao, Gabriel Araujo and Fernando Cardoso)
(source: Reuters)