Latest News
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FedEx CFO John Dietrich will step down
FedEx announced 'on Monday that Chief Financial Officer John Dietrich will step down, effective June 1, after the parcel company completes the spin-off of FedEx Freight as a publicly listed company. Claude Russ will serve as interim CFO while the board searches for Dietrich’s successor. Dietrich's tenure will last until July 31. FedEx announced the spin-off of its trucking division, in December 2024. This was part of a restructured operation to concentrate on 'its core delivery business. The divestiture should be complete by June 2026. FedEx also confirmed on Monday its adjusted profit projection for the fiscal period ending May 31,?between $19.30 to $20.10 per shares. FedEx Freight is the leading provider of less than truckload (LTL),?services, in the U.S. The company expects its average revenue to grow between 4% and 6% over the next few years. FedEx's third-quarter results were a bit above analysts' expectations last month, thanks to its high-margin Express segment, which is time-sensitive and has higher margins. Increased volume -and- stronger pricing - helped it achieve the most profitable peak period in its history.
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Minister: TPAO will begin buying shares in foreign firms.
Alparslan bayraktar, the Energy Minister of Turkey, said that TPAO, Turkey's upstream oil and 'gas company will'start acquiring shares' in foreign companies as part 'of Ankara’s 'plans 'to develop international partnerships 'to boost its energy exploration. TotalEnergies, a French oil company, announced earlier that it had signed a preliminary agreement to explore 'Turkey’s Black Sea waters in search of hydrocarbons. This is the 'fifth such accord signed by Turkish firms with oil majors this year. "We will soon turn a new page, too." Bayraktar did not elaborate on the fact that TPAO will be entering a new field by purchasing shares in companies overseas. He said that the agreement between TotalEnergies and Ankara would allow both companies to carry out exploration in Angola. Ankara also aims to expand its operations in Libya, Pakistan in the upcoming months. Turkey is pushing to develop its own resources through international partnerships. One of these partnerships includes a partnership with Exxon. This will boost the security of supply and help Turkey become a regional supplier. Reporting by Tuvan Gumrukcu and Can Sezer, Editing by Chizu Namiyama
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Former Brazil spy chief arrested in the United States by ICE
ICE reported on Monday that former 'Brazilian intelligence chief Alexandre Ramagem was 'detained in the United States by ICE. He fled Brazil in September after being convicted of plotting a coup against President Jair Bolsonaro. Ramagem was sentenced to more than 16 years for his involvement in a plot that aimed to overturn Luiz Inacio Lula's victory in the 2022 elections over Bolsonaro. Ramagem's attorneys did not respond immediately to a comment request. He has maintained his innocence for a long time. Paulo Figueiredo - a Bolsonaro ally living in the 'U.S. - said on X, that Ramagem had been arrested for 'a minor traffic offense. Could not verify his arrest or whether it was in relation to Brazil's extradition request. Bolsonaro is a leader of the far right. The case against him, which he brought to light, was used by Donald Trump last year as a reason for imposing steep tariffs on Brazilian products. Trump's response did not derail the case. It ended in September of last year, with 29 convictions. Bolsonaro, for example, is currently serving a sentence of 27 years. Trump lifted most of the tariffs that he had imposed. Ramagem, the head of Brazil’s intelligence agency under Bolsonaro's administration from 2019 onwards, was accused of investigating former President's critics and providing information that would help him discredit Brazil’s electoral system. Reporting by Ricardo Brito and Eduardo Simoes from Brasilia, with additional reporting by Andre Romani from Sao Paulo. Writing by Manuela Andreoni. Editing by Brad Haynes.
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Sources say that Chevron and Shell will sign agreements in Venezuela for oil and gas fields.
Three sources said that Chevron is expected to sign an agreement on Monday to return the Loran field to Venezuela, and to participate in a new extra-heavy crude area in Venezuela's main oil regions. Shell will sign a contract to operate the Loran field. Three sources close to the preparations said that Shell will sign a contract for the Loran gas field. The agreement is part of a series of changes and expansions since the U.S. launched a $100 billion plan to rebuild Venezuela's energy industry after it captured President Nicolas Maduro. Sources said that the agreements, which have not yet been finalized, will be signed in the presence of the acting president Delcy Rodriquez by the oil ministry and the state-owned PDVSA. Chevron, Venezuela's oil minister and other companies did not respond to our requests for comments. Shell refused to comment but had told investors in the past that Loran, which extends into Trinidad and Tobago's Manatee oil field, was a good investment. Sources told us earlier this month that Shell was in advanced discussions with Venezuela's Government in recent weeks about developing oil and gas in South America, including Loran. Sources said earlier this month that Shell had signed preliminary agreements in March with Rodriguez's government to advance the Dragon project, as well as the Carito onshore crude oil and gas areas. Chevron has been in parallel discussions to relinquish Loran. Loran is a field that?it explored years ago and confirmed had more than 7 trillion cubic foot of reserves, but which it did not develop. The U.S. giant is now focusing on expanding Petropiar - its main oil project in Venezuela - into the nearby Ayacucho 8, in the vast Orinoco Belt. Reporting by Sheila Dang and Marianna Pararaga; Editing and production by Julia Symmes Cobb, Paul Simao
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Sources say that the freight rates for Russian Urals crude oil are expected to ease in April.
According to calculations and data from sources, the freight rates for shipping Russia’s flagship Urals crude to India in April weakened, giving exporters an additional $8 per barrel. The Iran War has caused a'surge' in energy prices that has kept benchmark oil prices above $100 per barrel. Urals, the company’s key Indian market, is now trading at a higher price than the North Sea benchmark. The spike in freight prices last month increased exporters' costs, and reduced the benefits of higher crude oil prices. The rates eased in April as the ice conditions at Russia's Baltic port improved and the availability of tankers on the global market increased following the suspension of shipping through Strait of Hormuz. According to traders' calculations and data, the drop in transportation?costs of Urals cargoes sent to India in late April and May could be between $3 and 8 per barrel, depending on where the cargo is loaded and its size. Drone attacks from Ukraine could threaten supplies and revenues coming out of Russia's western port. Early April, Russia's exports increased from March levels. However, the ports of Novorossiisk & Ust-Luga still operate below capacity. Sources said that freight costs for Urals cargoes transported?from the Baltic port of Primorsk to India?stand?at?about 16 million dollars for Aframax tanks carrying 100,000 tons. This compares to roughly $20 million to $23 million per one-way trip?in March. Transport costs for Urals shipments to India from the Black Sea port of Novorossiisk on Suezmax tanks carrying around 140,000 tonnes have also decreased, dropping from $20 million to $21 millions per voyage last month. The majority of Urals shipments is currently handled by shadow fleets that are trying to avoid Western restrictions. This is because Greek shipowners are still cautious to work with Russia, due to the sanctions. (Editing by Mark Potter).
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Sources: Telecom Italia selects Goldman Sachs and Evercore to review Poste's bid
Two sources familiar with this matter have confirmed that Telecom Italia has appointed 'Goldman Sachs' and 'Evercore’ as advisers to review the cash-and-shares offer from the state-backed conglomerate Poste Italiane in order to take??the phone???group private. Telecom Italia declined comment. Goldman Sachs, Evercore and Telecom Italia were not available to comment immediately. Poste, a state-backed conglomerate, announced last?month a bid of 10.8 billion euros to take TIM 'private' and create a digital champion in the country. This would strengthen control by the state over assets that deal with critical data for households and corporations. Poste would gain control over TIM's network of data centres and its cybersecurity unit,?Telsy. This deal would expand Poste's digital services role for consumers, government, and large companies. TIM's Board met on Monday and appointed advisers to determine whether Poste's offer adequately reflects TIM's value. Poste, a company that offers services in logistics, financial, payment, broadband, and insurance, forecasts a yearly benefit of?700 millions euros from the combination. This is TIM's largest investor, with 27%. This holding will drop to around 20% when TIM converts its outstanding special shares into ordinary stock in May. The financial conglomerate?amassed its stake last year by buying tmost from France's Vivendi. (Reporting and editing by Gavin Jones, Elvira pollina)
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Uber driver sexual assault case to be tried again after $8.5 Million verdict
Uber will return to court Tuesday after a setback in its first trial before a federal juror to address a second woman's claim that she was sexually abused by a driver booked via the Uber app. The jury trial in Charlotte, North Carolina, expected to last three weeks, is a test of whether the recent $8.5m verdict in Arizona, was an accident or a warning sign for Uber, as it faces over 3,300 lawsuits similar to those in Arizona. The verdicts in both cases could be used to determine the value of any remaining lawsuits, or a possible settlement of all cases. The anonymous plaintiff alleges that her Uber driver grabbed her inner leg just before 2 am in Raleigh, North Carolina in March 2019 and asked him if he can "keep it with me." This prompted her to leave the vehicle. Uber, which is no stranger to safety issues, hasn't denied the occurrence of the incident, but has claimed in court documents that it was a software firm and not a common carrier like a taxi company that had a legal obligation to?protect its passengers under North Carolina laws. Uber claims that even if a plaintiff can prove otherwise, it is not responsible for the actions taken by an independent contractor. Uber has been plagued by the question of whether its drivers are Uber employees or independent contractors. This has legal implications that have lasted for the majority of the company's existence, both in the U.S. The company has been plagued by lawsuits, and policymakers have not reached a consensus. Charles Breyer will preside over the North Carolina trial. Breyer is normally based in San Francisco, and is currently overseeing Uber's mass litigation. Uber's spokesperson stated in a Friday statement that the incident at the North Carolina trial had never been reported to either the company or the?law enforcement agencies and was only brought to light after the plaintiff filed suit. "Sexual abuse is a horrifying crime which we take extremely seriously." The spokesperson stated that we remain committed to investing in technology, policies and partnerships which strengthen safety, prevent harm and support survivors. The lawyers for the plaintiff have not responded to our request for comment. Oklahoma resident claimed that an Uber driver from Arizona harassed her and then sexually assaulted her in 2023 during a trip. In February, a jury found that the driver had been acting as an agent of Uber and held the company accountable for his actions. The jury awarded her $8.5 million as compensatory damages, but refused to award punitive damages. The plaintiff's attorneys had asked for more than $140,000,000 in damages. Uber asked Breyer who presided over the trial to throw out or order a "new trial". Uber also faces more than '500 other cases in California state courts that make similar claims. In September, the?company won the first trial in state court cases. A jury found it negligent, but not significant, that the company had failed to implement measures to protect the plaintiffs' safety. Reporting by Daniel Wiessner, Albany, New York. Editing by Alexia Garamfalvi, and David Gaffen.
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NATO allies reject Trump's Strait of Hormuz Blockade
NATO allies announced on Monday that they will not be 'involved' in President Donald Trump’s plan to close the Strait of Hormuz. Instead, they propose to intervene once the fighting has ended. This move is likely to anger Trump and increase tensions within the alliance. Trump said that the U.S. military would work with other countries in order to block all maritime traffic on the waterway after weekend talks failed. The U.S. Military later clarified that the blockade would only affect ships heading to or leaving Iranian ports. Since the beginning of the war in February, Iran has blocked the Strait to all ships except its own. It is trying to secure a permanent control over the strait and collect levies on ships that use it. "The Blockade is about to begin." "Other Countries will be involved in this Blockade," said Trump on Truth Social Sunday. NATO allies, including Britain and France, said that they would not get involved in the conflict by participating in the blockade. Instead, they are working on an initiative to reopen the waterway where a quarter of the world's oil supply normally passes. The refusal of the US to take part in the alliance is another source of friction between Trump and his opponents. Trump has already threatened to withdraw from NATO, and is considering removing some U.S. soldiers from Europe following several countries' refusals to allow U.S. planes access their airspace for an attack on Iran. CONSIDERABLE SUBSTANCE PRESSURE BBC reported that British Prime Minister Keir starmer said, "We don't support the blockade." He said, "My decision was very clear that no matter what pressure there is, and it's been considerable, we won't be dragged into war." Diplomats reported last week that NATO Secretary General Mark Rutte informed European governments of Trump's desire for concrete commitments to be made in the near term to secure the Strait of Hormuz. Rutte stated on April 9 that NATO could have a role to play in the Strait of Hormuz if all 32 members agreed on the formation a mission. Many European countries have stated that they are willing to help in the Strait, but only if there is an end to hostilities lasting and an agreement between Iran and Europe on not attacking their ships. Emmanuel Macron, the French president, said on X that France would organise a meeting with Britain and other nations to create a multi-national mission to'restore navigation' in the Strait. Macron stated that "this strictly defensive mission, separate from belligerents will be deployed as soon as the situation allows." According to a French diplomatic insider, a meeting could be held as early as Thursday in Paris and London to develop plans for the mission. Source: The initiative, which involves about 30 countries including Gulf countries and India, as well as Spain, Italy and the Netherlands, is aimed at establishing rules for safe passage, and coordination of military vessels in order to escort oil tankers. The source added that the military ships would not be belligerent but would instead provide reassurance. Iran and the U.S. were informed about the mission, but would not play a direct role. According to a senior European official, Britain is working on ways to lower insurance premiums once the fighting stops. Hakan Fidan, the Turkish Foreign Minister, said that the Strait of Hormuz must be reopened diplomatically. He added that creating a multinational force to supervise it would be difficult. At a July summit in Ankara, he called on NATO to reset their ties with Trump. Reporting by Sam Tabahriti and John Irish; writing by Charlie Devereux, Editing by Keith Weir & Peter Graff
Sources: Petrobras is in the initial stages of talks with Mubadala to purchase back Brazil refinery.
Two sources familiar with the matter said on Monday that the Brazilian'state-run oil company Petrobras has begun direct negotiations with Abu Dhabi’s sovereign wealth fund?Mubadala to repurchase Brazil's Mataripe refinery. Luiz inacio Lula da silva said last month Petrobras will repurchase the refinery that was sold under the previous administration of Jair Bolsonaro. Petrobras announced that it would 'analyze a possible deal' after Lula made his remarks.
Sources said that a deal could be signed by the end of this year. Mataripe is Brazil's second-largest refinery but only operates at 60% capacity. Petrobras plants are running at maximum capacity to boost local production.
Petrobras plans to increase its refining capacity 'have become more urgent after the U.S./Israel conflict with Iran caused global prices of diesel to soar, 'impacting Brazilian consumers because the country is dependent on foreign 'diesel. Brazil imports approximately a quarter its total diesel requirements.
Lula is 'concerned about the rise in fuel prices ahead of an October presidential election, in which he will seek to win a fourth term.
Petrobras declined to comment immediately. Mubadala refused to comment. Reporting by Rodrigo Viga Gaier, Writing by Andre Romani & Fabio Teixeira ; Editing by Natalia Siniawski & Inigo Alexander
(source: Reuters)