Latest News
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Slovnaft, a refiner in Croatia, says that Janaf has failed to deliver the contracted oil
Slovnaft - the Slovak division of Hungary's MOL group - said that it had not received an oil shipment contracted for Thursday by Croatia's Janaf, causing uncertainty about its plans to diversify from Russian crude. Janaf has not yet commented, but it previously denied having problems supplying Slovnaft. Slovnaft mainly processes Russian oil. The exemption from EU sanctions which allowed the company to export to the Czech Republic products derived from these deliveries expired in June. This increased its need for diversification. Slovnaft released a statement saying that "Janaf, operator of the Croatian pipe-line system, failed to solve the necessary logistical task." The latest shipment of Arab Light crude, 58,000 tons, was supposed to arrive on the 6th of November. But Janaf has not been able to complete the necessary tasks. Slovnaft expressed its hope that Janaf will quickly find a solution for the logistical problem, and urged the Croatian firm to fulfill its contractual obligations immediately.
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U.S. Shutdown sends airlines into a panic as travel chaos looms
U.S. Airlines scrambled on Thursday to rejig their schedules and answer a flood customer questions after the U.S. cut flights at some of America's busiest airfields. This was the latest travel disruption caused by the government shutdown. Sean Duffy, Transportation Secretary, said on Wednesday that he would make drastic cuts to the budget due to safety concerns arising from the shutdown of government. This shutdown is the longest ever in U.S. History. It has forced 13,000 air traffic control operators and 50,000 security screening workers to work without pay. Airlines estimate that at least 3,2 million passengers have been affected by staffing shortages. According to industry sources, the first round, which involves a 4% reduction in scheduled flights, could take place as early as this Friday. Cuts will increase to 5% by Saturday, 6% by Sunday and up to 10% next week, if the shutdown continues. Tom Fitzgerald, TD Cowen, said: "This is an unstable situation, but the impact we think is more manageable ...," than headlines suggest. The timing of the end of the shutdown remains the most important factor." In premarket trading most airline stocks were down, but Frontier Group was up 1% following its positive profit forecast from Wednesday. CUTBACKS THREATEN HOLIDAY TRAVEL The drastic plan could cause holiday travel plans to be thrown into chaos by millions of Americans if the government does not reopen. This is one of the biggest ripple effects of the longest government shutdown in history. "They might have some flexibility in pricing, but if the shutdown continues for a long time, that will have a negative impact on the overall market," said David Morrison senior analyst at Trade Nation UK. Flyers seeking clarification on their travel plans bombarded social media platforms such as X with questions about United Airlines, American Airlines, and Southwest Airlines. One X user responded to United's announcement of flight reductions by saying, "Please issue all cancellations a minimum of a week before Thanksgiving." "Don't wait for people to know if they are able to fly home on holiday." Federal Aviation Administration will likely issue an official order to reduce flights later today. This move is intended to relieve pressure on controllers. The FAA has a shortage of about 3,500 employees, and many are already working six-day work weeks and mandatory overtime. Carriers have said they will still try to minimize disruptions for their customers, and are working on rebooking. United CEO Scott Kirby stated that the airline would focus its reductions on regional flights and domestic routes outside of the hub. The carrier also expects to rebook a large number of affected passengers. Southwest Airlines, the country's largest carrier, has said that it will evaluate how the changes will impact its schedule, and will inform customers as soon as it can. Frontier Airlines CEO Barry Biffle stated on Wednesday that there was a period of low demand in November. He added that flight reductions may even improve the carrier's revenue per unit.
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Norway Police end Oslo Airport drone investigation citing lack evidence
The Norwegian Police announced on Thursday that they have closed their investigation into the suspected sightings of drones in Oslo Airport in September. They cited insufficient evidence to prove that drones were present. Oslo and Copenhagen airports were closed for several hours between September 22 and 23 after drones reported in the area caused the closure of the airspace. In recent months, drones have caused significant disruption in Europe. They forced the temporary closure of airports across several countries. Some officials blamed these incidents on Russian "hybrid war". Moscow denies any involvement in the incidents. Norwegian police confirmed that they interviewed airport staff and reviewed surveillance footage as part of an investigation, but the investigation was unable "to confirm or deny if drones were observed on the evening of September 23." Danish police reported that in the days after the Oslo and Copenhagen attacks, five smaller airports, both civilians and military, closed temporarily. Unidentified drones had also been observed near military facilities. Danish police confirmed on Thursday that the investigation is still underway in Denmark into the drone sightings near Copenhagen Airport. (Reporting and editing by Terje Sollvik and Conor Humphries; reporting by Louise Breusch Rasmussen)
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SoftBank-backed Metropolis raises $1,6 billion to expand beyond AI parking lots
Metropolis Technologies has raised $1.6 Billion in new capital for its expansion into other sectors, such as retail, gas stations and restaurants. This funding round includes a $500,000,000 Series D equity round, led by LionTree. The company was valued at $5 billion. SoftBank Vision Fund and Vista Equity Partners were also involved in the round. Los Angeles-based company secured a $1.1billion syndicated loan led by J.P. Morgan backed by cash flow from its parking operations. In an interview, Chief Executive Alex Israel stated that the new capital would be used to hire and accelerate technical talent, speed up product development and deploy recognition and payment automation technology in new verticals such as drive-through restaurants and gas stations. Israel's goal is what he calls the "Recognition Economy," in which a customer can trigger a transaction by simply showing up. This will save time. Metropolis, founded in 2017, has grown rapidly by acquiring businesses and integrating technology. This includes the $1.5 billion acquisition of parking services provider SP+ for private ownership in 2024. It acquired Oosto, a biometrics firm and vision analytics company backed by SoftBank for $125 million. Metropolis operates more than 4,200 parking lots in 40 countries. The company claims to be profitable and processes $5 billion worth of transactions annually from its 50 million customers. Metropolis uses license plate readers and cameras to identify cars whose owners are enrolled in its system. This allows them to enter or exit parking lots with no need to stop and pay. The company will sell the same technology in the hospitality sector to automate payment and check-ins and charge businesses via software subscriptions. Other retail automation initiatives have been challenged. Amazon, for example, has reduced its "Just Walk Out", checkout-free system, in its Fresh supermarkets, citing costs and complexity. However, it continues to licence the technology to other third parties.
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US airlines scramble as the government orders flight reductions
U.S. Airlines scrambled on Thursday to rejig their schedules and answer a flood customer questions after the U.S. cut flights at some of America's busiest airfields. This was the latest travel disruption caused by the government shutdown. Sean Duffy, Secretary of Transportation for the Department of Transportation, announced on Wednesday that he will order drastic cuts to air traffic control due to safety concerns arising from the shutdown. The longest shutdown in U.S. History has forced 13,000 air traffic control agents and 50,000 Transportation Security Administration (TSA) agents to work for free. Airlines estimate that at least 3,2 million passengers have been affected by staffing shortages. According to industry sources, the first round, which involves a 4% reduction in scheduled flights, is expected to take place as early as this Friday. Cuts will increase to 5% by Saturday, 6% by Sunday and up to 10% next week, if the shutdown continues. CUTBACKS THREATEN HOLIDAY TRAVEL The drastic plan could cause holiday travel plans to be thrown into chaos by millions of Americans who are travelling for Thanksgiving. This is one of the biggest ripple effects of the longest government shutdown in history. David Morrison is a senior market analyst with Trade Nation in the UK. He said: "The longer it goes on, there will be more disruption and ultimately fewer passengers flying." "They might have some flexibility in pricing, but if the shutdown continues for a long time then it will have a negative impact on everything." Federal Aviation Administration (FAA) is expected to issue the official order for flight cancellations on Thursday. This move is intended to relieve pressure on controllers. The FAA has a shortage of about 3,500 employees, and many are already working six-day work weeks and mandatory overtime. Flyers seeking clarification on their travel plans bombarded social media platforms such as X with questions about United Airlines, American Airlines, and Southwest Airlines. Russ Mould said that this would mean lost revenue and a possible hit to profits. In a business with a high operational focus, even small changes to the top line could have a big impact on the bottom line. Carriers have said they will still try to minimize disruptions for their customers, and are working on rebooking. United CEO Scott Kirby stated that the airline would focus its reductions on regional flights and domestic routes outside of the hub. The carrier also expects to rebook a large number of affected passengers. Southwest Airlines, the country's largest carrier, has said that it is evaluating the impact of the schedule cuts on its business and will inform customers as soon as it can. Frontier Airlines CEO Barry Biffle stated on Wednesday that there was a period of low demand in November. He added that flight reductions may even improve the carrier's revenue per unit.
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Telecom Italia CEO welcomes consolidation by rivals
Telecom Italia, Italy's former monopoly phone company, said that it would welcome any consolidation of the country's telecommunications market. This is true even if the competitors make the initial move. When asked about the possibility of a tie-up between rivals Iliad Wind Tre, Chief Executive Pietro Labriola said: "We welcome any type of market consolidation which will make the market balanced and rational." Labriola stated that "whoever it is who proceeds with market consolidation in Italy, will be a positive sign for us." The number of mobile operators on one of Europe's most highly competitive telecoms markets would be reduced from four to three. Iliad, a French telecoms company, failed to reach an agreement with the Italian government earlier this year to merge its Italian operations with state-backed TIM after trying to buy Vodafone’s operations in Italy in 2024. Fastweb, a Swisscom company, bought the Italian operations of Vodafone after Iliad entered Italy's telecoms markets in 2018.
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Russian seaborne diesel exports fall in October, data shows
According to LSEG and market sources, Russia's seaborne gasoil and diesel exports dropped 4% from September to 2.37 million metric tonnes, due to seasonal and unplanned refinery shutdowns that reduced fuel production. Market sources reported that exports of ultra low-sulphur fuel via Primorsk fell 5.7% on a month-to-month basis to 0.906 millions tons. LSEG data shows that Turkey remained the top buyer of Russian gasoil and diesel, with imports increasing 1%, to 1.0 millions tons. The shipment to Brazil dropped 73%, to 74,000 tonnes. According to LSEG, Brazil increased its diesel imports due to the shrinking Russian supply. Brazil imports roughly 20% of the diesel it consumes. Shipping data showed that Morocco, Tunisia and Senegal were also amongst the top importers last month of Russian gasoil and diesel. The traders also noted an increase in diesel shipments to and from Russian ports near the Limassol Port, the Laconian Gulf, and Port Said Anchorage. This could be a sign of recent U.S. Sanctions having an effect. LSEG data show that several tankers transporting around 100,000 tonnes of diesel from Russian port have yet to declare the destination. (Reporting from in Moscow. Mark Potter is the editor.
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Pirates board a Malta-flagged product tanker off Somalia; crew safe, manager claims
Sources in maritime security said that pirates boarded the Malta-flagged tanker, off the coast of Somalia. The vessel's manager confirmed the safety of the 24 crew members. ttacks Armed assailants have attacked vessels in the past few days, raising concerns about shipping routes in a part of the world where vital energy and goods travel to global markets. A "security incident" occurred on the Hellas Aphodite Thursday morning as it was traveling from India to South Africa. Its Greek manager Latsco Marine Management did not provide any details. Ambrey, a maritime security company, said earlier that pirates in a skiff opened fire on the vessel. Sources in maritime security said that the pirates also fired a rocket propelled grenade on the tanker. An official of maritime security company Diaplous stated that the crew members took refuge in "citadel", a fortified safe-room, and remained there. The European Union's maritime forces in the area have been asked to provide assistance. A request for comment from the EU's ATALANTA naval mission was not immediately responded to. Latsco Marine Management issued a statement saying that "all 24 crew members are safe and well and we remain in contact with them." The company also said it activated its emergency response teams and coordinated with authorities in order to ensure continued safety and welfare for the crew. Sources in maritime security said that on Monday, the first suspected Somali pirate incident since 2024 occurred when armed attackers fired at a commercial vessel near Mogadishu after trying to board the vessel. Reporting by George Obulutsa and Renee Maltezou; Editing and production by Alexander Winning, Gareth Jones and Jonathan Saul
Financial Times - Aug 20
The following are the top stories in the Financial Times. Reuters has actually not confirmed these stories and does not attest their accuracy.
Headings
- Labour provides green light to London City Airport expansion
- Ashtead safeguards potential $14 mln pay offer for chief
- Estée Lauder issues gloomy outlook as chief Fabrizio Freda announces retirement
- UK media regulator on hiring spree amid pressure to bolster online security
- Mike Lynch among missing after yacht sinks off Sicily
- Carl Icahn struck by SEC disclosure charges after brief seller attack
Overview
- The Labour federal government has given the green light to enable London City Airport to broaden its passenger numbers by more than a 3rd, in among its very first significant choices meant to improve development given that taking office last month.
- Devices rental business Ashtead has protected a. prepared pay deal of approximately about $14 million for president. Brendan Horgan, in spite of advisory companies urging investors to. vote versus such excessive remuneration.
- Estée Lauder has actually released a bleak outlook due to. ongoing weakness in China, as the U.S. charm group revealed. its president Fabrizio Freda prepares to retire after nearly. 15 years.
- Britain's interactions regulator Ofcom is ramping up. employing for its online security labor force as issues rise that the. regulator does not have adequate powers to suppress the sort of. misinformation that stimulated recent violent discontent in the UK.
- Mike Lynch, among the UK's best-known tech business owners,. is among those missing after a high-end private yacht sank off the coast. of Sicily in bad weather condition.
- Carl Icahn, one of Wall Street's most popular activist. financiers, and his company Icahn Enterprises LP (IEP) have. agreed to settle U.S. regulatory charges that they stopped working to. reveal the billionaire had promised company securities as. security for individual loans.
(source: Reuters)