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Activist Elliott tells Southwest Air mechanics it still wants CEO's ouster, memo says
Activist financier Elliott Investment Management told among Southwest Airlines' leading unions it still wishes to replace CEO Robert Jordan, according to a union memo seen , even after the provider promised to shake up its board. Elliott, which owns 10% of Southwest's typical shares, met with the Aircraft Mechanics Fraternal Association on Sept. 12, the memo to members said. The union represents about 3,000 mechanics at the Dallas-based airline. Its vision of a Southwest turn-around is one where Robert Jordan does not stay as CEO, the memo said. The union likewise stated the hedge fund desires Gary Kelly, who is executive chairman, to leave faster than his scheduled departure date. The meeting happened two days after Southwest said 6 directors would step down in November and Kelly would retire next year, but that it stayed committed to Jordan. The board revamp was revealed after the carrier and hedge fund met last week. The hedge fund now owns adequate Southwest stock to call a. unique conference and take the next actions to shake up the board. and management. In August, Elliott determined 10 director. candidates it might nominate to the 15-member board. Other Southwest financiers have met with Elliott and a few of. the hedge fund's director candidates in the last couple of days. At. these conferences, the hedge fund underscored its desire to change. Jordan and get an earlier departure for Kelly, a financier. knowledgeable about the conferences stated. Jordan prospered Kelly as CEO. in 2022. Elliott has pressed hard for the replacement of Jordan and. Kelly, blaming them for the airline's struggles. It wants the. carrier to be more competitive in the market and has actually been. convening with unions to enhance support for its campaign. In the conference with the mechanics union, the hedge fund. insisted that Jordan be changed, the memo said. It likewise. advocated the departure of other magnates, it included. Elliott declined to comment. Recently, it called the. planned board modifications unmatched and praised the board for. starting to acknowledge the degree of modification that will be. required at Southwest. Southwest did not instantly react to an ask for. comments. The airline company last week said it would select four brand-new. independent directors in the future and would possibly. consist of up to 3 candidates proposed by Elliott. Nevertheless, the business expressed confidence in Jordan, saying. there was no much better leader to successfully perform its. method to progress the airline company and boost sustainable. investor worth. Southwest has actually been struggling to discover its footing after the. pandemic, in part due to Boeing's aircraft delivery. hold-ups and industrywide overcapacity in the domestic market. It prepares to offer designated and extra-legroom seats to. draw in premium travelers, and begin overnight flights. It will. present details to financiers on Sept. 26. The mechanics union stated Elliott noted the proposed board. overhaul was not part of a worked out offer however rather announced. by the airline and presented to the hedge fund. Jordan informed personnel recently that the Sept. 9 conference with. the hedge fund was efficient. He said the company looked. forward to continuing to work with Elliott toward a. collective resolution in the near future. Southwest has an excellent strategy, Jordan stated, adding the board. and business governance modifications would assist the business return. to the high level of financial efficiency that we - and our. shareholders - expect. The mechanics union said Elliott has actually hired consulting firm. Gephardt Group to examine Southwest's current technique to. labor relations. Southwest has actually also been trying to rally its workers and. financiers.
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ConocoPhillips CEO requires US to end 'crazy' LNG license time out
ConocoPhillips CEO Ryan Lance on Tuesday contacted the U.S. government to end this. insane LNG (license) time out and enable the nation to lead the. liquefied gas industry. The White House implemented in January a pause on licenses to. give time for the Department of Energy to take a tough look at. the environmental and economic impacts of the industry. The. pause temporarily stopped approvals for exports from LNG. projects. A federal judge in July obstructed President Joe Biden's. administration from continuing to stop briefly the approval of. applications to export LNG. You got ta stop this insane LNG pause from going. forward, Lance said throughout the Gastech conference in Houston. We definitely need permitting reform, and we need more. facilities..
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Alaska Airlines, Hawaiian can close merger offer, DOT says
The U.S. Transportation Department stated on Tuesday it had consented to enable Alaska Airlines to close on its $1.9 billion acquisition of Hawaiian Airlines, after the providers consented to keep crucial Hawaiian paths and embrace customer protections. The Justice Department in August chose not to obstruct the offer that was announced in December by Alaska, the fifth-largest domestic U.S. airline company, to Hawaiian, the 10th-largest provider. The carriers said on Tuesday that they anticipate to close the deal in the coming days. DOT stated Alaska and Hawaiian consented to safeguard the worth of regular flyer rewards, keep existing service on secret Hawaiian routes to the continental United States and inter-island areas, make sure competitive access at the Honolulu airport and offer travel credits or frequent leaflet miles for disturbances that are the fault of the airline. The contract followed weeks of discussions in between Alaska and DOT, which had sought extensive concessions that went beyond what remains in the contract revealed on Tuesday. Alaska stated on Tuesday that the dedications line up with plans it announced at the time it signed the deal and do not effect the synergies of the offer, which will boost competition and broaden choice for consumers. The providers need to ensure clients can transfer miles without penalty and the combined provider can not decrease the value of HawaiianMiles miles and should maintain, or boost status for HawaiianMiles members in Alaska's Mileage Plan program.
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Biden won't block possible strike at East Coast ports, administration official states
U.S. President Joe Biden does not mean to invoke a federal law to prevent a port strike on the East Coast and Gulf of Mexico if dockworkers fail to protect a new labor contract by an Oct. 1 due date, an administration official stated on Tuesday. The International Longshoremen's Association, negotiating on behalf of employees at three dozen U.S. ports from Maine to Texas that manage about half of the nation's seaborne imports, warned once again on Tuesday that its members are prepared to quit working in 2 weeks. Their existing six-year arrangement with the United States Maritime Alliance (USMX), which includes employers like Maersk's. APM Terminals and SSA Marine, ends on Sept. 30. U.S. presidents can intervene in labor conflicts that. threaten nationwide security or safety by enforcing an 80-day. cooling-off duration under the federal Taft-Hartley Act, forcing. employees back on the task while settlements continue. We have actually never conjured up Taft-Hartley to break a strike and are. ruling out doing so now, the Biden administration official. told Reuters. We motivate all celebrations to remain at the bargaining table. and negotiate in excellent faith. Talks in between the ILA and USMX have actually stalled over problems. varying from salaries and benefits to terminal automation. Time is running out to get a new master contract arrangement. settled with USMX, ILA stated in a statement. USMX on Friday stated it is prepared to return to the bargaining. table, warning that a strike would be costly and harmful to. both sides. The National Retail Federation on Tuesday led a group of. 177 trade associations representing merchants like Walmart. , makers, farmers, automakers and truckers in. getting in touch with Biden to help reach a resolution. Last summer, Biden dispatched Acting Labor Secretary. Julie Su to assist work out an important contract offer in between U.S. West Coast seaport companies and their union workers, following. labor disruptions at some hectic California port terminals. Both sides had accepted keep talking after their July 1,. 2022, deadline because the COVID pandemic freight boom was jamming. up important supply chains and stoking inflation. Their June 2023 offer protected a 32% pay increase for employees. and was anticipated to be a template for labor talks on the East. and Gulf coasts.
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Colombia might default on payment of external financial obligation, official says
Colombia is at threat of stopping working to fulfill its foreign debt repayments since a special congressional committee has not reached a quorum, avoiding it from carrying out a specific procedure that is needed to make payments, the director of public credit said on Tuesday. In addition to the threat of defaulting on payments, it is likewise decreasing the dispensation of credits from multilateral lending institutions like German state bank KfW, Jose Roberto Acosta told reporters. The committee should fulfill to authorize or reject bond issues, along with contracting external loans. Though the government can disregard the decision, operations to pay debt remain stuck up until the committee convenes. The requirement to permit the government to release bonds abroad and sign contracts with multilateral loans that are needed to continue honoring the payment of credits and debt service has been taken into consideration, Acosta stated. Given that there have been 6 conferences without quorum, Colombia is at high risk of defaulting, he said.
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Energy Transfer LNG pipeline continues to burn in La Porte, Texas
Energy Transfer said a fire at its natural gas liquid (NGL) pipeline in La Porte, Texas, which began on Monday, was still burning on Tuesday and a. state regulator said it would probably keep burning into the. afternoon. The enormous fire on Monday early morning knocked out power to. thousands of homes and organizations and prompted an evacuation of. the area. No serious injuries were reported and the pipeline was. separated by midday for recurring item to burn off, the business. stated. The fire happened at a valve station on a 20-inch (50.8-cm). pipeline utilized to bring NGLs, according to Energy Transfer. NGLs. can be utilized as inputs for petrochemical plants or burned for. space heating and cooking, to name a few uses. Law enforcement agencies have actually started an examination. into the reason for the event, Energy Transfer said. The Texas Railroad Commission (RRC), which manages. the state's oil and gas industry said its inspectors were on the. site of the event and will begin their investigation as soon as. emergency officials have deemed the scene safe. Energy Transfer continues to blow down the remaining. gas in the pipeline area which might last into this. afternoon, RRC added. Affected land owners were being taken care of and have actually been. supplied with lodging at area hotels, Energy Transfer stated,. adding that this will continue up until evacuation orders are. lifted.
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Canada's Forest Biofuels to invest $1.35 bln at Port of Louisiana for renewable fuels plant
Canadian eco-friendly fuel business Forest Biofuels announced on Tuesday a financial investment of $1.35. billion at the Port of South Louisiana to develop a sustainable. natural gas (RNG) plant and ultragreen hydrogen facility. The Toronto, Ontario-headquartered company utilizes waste. biomass to produce sustainable biofuel, which can then be utilized. in transportation, heating and electrical power generation. The new center will be located at the Globalplex center. at the Port of South Louisiana, the company stated in the release,. with the very first stage of commercial operations set to begin in. 2028. RNG's ecological advantages consist of the decrease of. natural gas use and recording climate-warming emissions that. would otherwise be released into the environment. Nevertheless, RNG is more expensive than natural gas, which is. likewise experiencing a period of continual low rates, presently. down about 12% so far into the year. Phase 1 of the Woodland job could see the removal of. 210,000 tonnes of co2 yearly, and phase 2 could. remove almost 660,000 tonnes, storing them underground. The privately held business did not reveal any financial. details of the offer or capacity of RNG that it would have the ability to. produce. To further support the task, the Louisiana Economic. Development would offer a plan worth $250 million in. rewards to Forest Biofuels, which includes. performance-based grants and the comprehensive workforce. development options, the company said.
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Italy approves decree to offer around 14% stake in Poste Italiane
Italy approved on Tuesday a. decree permitting the Treasury to offer a stake of as much as 14% in. postal service Poste Italiane, Prime Minister Giorgia. Meloni's workplace said in a declaration. Under the decree, the state plans to keep more than 50%. stake in Poste, the declaration stated. The Treasury straight owns a 29.3% stake in the postal. service, while another 35% stake is held through state lending institution. Cassa Depositi e Prestiti (CDP). Rome would pocket more than 2 billion euros ($ 2.22 billion). from the sale of approximately 14% of Poste, which is currently worth. 16.5 billion euros. The government has been delaying approval of the decree for. months, following resistance from ruling and opposition celebrations. along with trade unions to planned loosening of the state's grip. on essential civil services. At first Meloni's federal government had planned to lower its. stake in the postal service to as low as 35%. Federal government critics argue that debt interest savings stemming. from any sale would be lower than the dividends paid by Poste. gradually. The group - a significant company in Italy with over 120,000. employees - strategies to pay 6.5 billion euros in dividends. in between 2024 and 2028, up from the 3.8 billion euros it. distributed over the previous 5 years.
What we know of the sinking Mike Lynch's Superyacht
Seven people were killed in the sinking of an luxury yacht off the coast of Sicily on August 19, including British tech mogul Mike Lynch, Hannah, and Jonathan Bloomer, a Morgan Stanley executive.
What we know so far about the incident.
STORM VIOLENT
The Bayesian (a 56-metre-long superyacht with a British flag) was anchored near Porticello in Palermo when it went down during a sudden and severe weather event.
The prosecutor Raffaele Cammarano stated that the event most likely was a "downburst", which is a strong downward wind at sea. It's not a waterspout, because it involves rotating winds similar to a tornado.
The coast guard stated that given the weather forecast it was not a problem for the Bayesian to be moored off shore rather than sheltering in port. A yacht that was anchored near the Bayesian survived the storm without damage.
Lynch's spouse, who owned the Bayesian, was one of 15 survivors. Surviving survivors were discovered on a liferaft.
THREE CREW MEMBERS UNDER INVESTIGATION
Three crew members are currently under investigation by prosecutors in Termini Imerese near Palermo: Captain James Cutfield and ship engineer Tim Parker Eaton.
The suspects are suspected of manslaughter or shipwreck. However, being investigated in Italy doesn't imply guilt. It also does not mean that formal charges will be filed. The investigation will take time, and salvaging the shipwreck is required by prosecutors.
According to MarineTraffic, the Bayesian sent out its last signal via the Automatic Identification System (AIS), just before it sank at 0206 GMT. The vessel is lying on its back at a depth around 50 meters (164 feet) and now lies on its right.
Ambrogio Carttosio, the chief prosecutor of Termini Imerese, said that a red flare was launched into the sky to alert rescue services. This occurred at 0238 GMT - more than 30 min after the boat went down.
PUZZLING
The rapid descent of the Bayesian undersea has confused seafarers and naval engineers who claim that the vessel should not have taken so many hours to fill with enough water to sink.
Some have suggested that portholes, window or other openings were left open or broken by the storm. This allowed water to enter.
Former captain Stephen Edwards, who has a Linkedin account, wrote that the yacht could tilt up to 90 degrees depending on whether or not its keel is down. It would still return to a vertical position.
He stated that the "Downflooding angle", which is the angle at which water can enter the vessel through the engine room, or ventilation ducts was between 40 and 45 degrees. Once exceeded, the yacht would be "in serious danger".
Experts have questioned whether the yacht's keel had been up while moored, possibly compromising its stability. Edwards, however, said that the operating rules of the boat did not require the keel to be down when at anchor.
The keel, a stabilising structure similar to a fin under the hull of a boat, can be raised in order to reduce its depth when the boat is in shallow water or harbours. It could, in Bayesian terms, reduce the yacht’s surface below the water from 10 to 4 meters.
UNSINKABLE
Perini Navi is an Italian luxury yacht builder. The 72 metre (236 foot) tallest mast in the world was featured on this yacht.
Giovanni Costantino said that the Perini yacht is "one of most safe boats in the World" and virtually unsinkable.
He claimed that the sinking occurred because of a series of human mistakes, as the storm had been predicted. His assertions were partly based on the Automatic Identification System.
Costantino stated that if the crew had closed all the doors and hatches and started the engine and lifted the anchor and lowered the keel, the yacht would not have been damaged.
I was unable to confirm the claims of his.
The captain and crew members haven't spoken out publicly about the tragedy and all attempts to contact them have failed.
(source: Reuters)