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Atalanta coach Gasperini has said he will not be renewing his contract
Gian Piero Gasperini, the Atalanta head coach, said on Saturday that he did not plan to extend his contract at the Serie A team. However, he added that he was still open to the possibility of extending the current deal up until 2026. Gasperini was appointed Atalanta's coach in 2016. In his nine-year tenure, Gasperini has transformed the club from a midtable side into a Champions League regular. Atalanta, led by the 67-year old, won the Europa League last season after a 3-0 win over Bayer Leverkusen. Gasperini has a contract that runs until June 2025, with the option of extending it an additional year. Gasperini responded to reporters when asked if Atalanta could qualify for the Champions League in this season. The team is third in Serie A, with 51 points after 25 matches. "Rightly, as was said, there is a beginning, and a end. We'll decide at the end the year if we want to continue or stop. There will certainly be no continuity." There will no longer be any renewal or continuity." Gasperini began his coaching career as a youth coach with Juventus. He then moved to Atalanta, after a second stint in Genoa. Gasperini guided Genoa to Serie A promotion in 2007, after a 12-year hiatus from the top flight. Gasperini has also coached Inter Milan and Palermo.
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Buffett's Berkshire records record profits on insurance and investments
Berkshire Hathaway, the company owned by Warren Buffett, posted its third consecutive record operating profit on Saturday. This was boosted by an increase in investment income and underwriting profits in its insurance business. Berkshire’s huge cash stake ended 2024 with a record of $334.2 billion. This was twice as much than a year before. Buffett stated in his annual letter to Berkshire investors that Berkshire prefers to invest in business than to hold cash. He also claimed that his Omaha-based conglomerate, though it posted lower earnings in 53% of the 189 businesses it operates, "did better than expected." He attributed part of the improvement to higher yields for U.S. Treasury Bills, as well as improvements at Geico, the car insurance company, which benefitted from better pricing and tighter subwriting, while accident loss rates declined. Thomas Russo of Gardner Russo & Quinn, a firm in Lancaster, Pennsylvania that has held Berkshire shares since the 1980s, said: "Those were amazing numbers." "You saw the power of Berkshire Insurance operations and investments." Operating profit increased 27% from $37.35 to $47.44 in 2024. The fourth-quarter operating profits also reached a new record. They increased 71%, to $14.53 Billion, or $1,010 for each Class A Share, from $8.48 Billion a year ago. This was due to gains from its insurance operations as well as foreign currency fluctuations. The value of Berkshire’s Apple, American Express, and other stock holdings increased, resulting in a quarterly net income of $19.69 billion or $13,695 for each average equivalent share. Net income for the year totaled $89 Billion. Buffett believes that net results are misleading, as they include gains and loss on investments which Berkshire does not intend to sell and has sometimes not sold. Berkshire increased its cash stake by a large amount in 2024, mainly due to the sale of 143.4 billion dollars of stocks. This included 62% of Berkshire’s Apple holdings and one third of its Bank of America stake. Berkshire is a net seller for nine quarters in a row. Berkshire will spend just $2.9 billion on repurchasing stock by 2024. Since last May, it has not repurchased any stock since February 10. Berkshire has a number of other businesses, including the BNSF railroad and industrial parts and chemicals companies. It also owns a large real estate company and retail brands like Dairy Queen ice-cream, Fruit of the Loom lingerie and See's candy. (Reporting and editing by Bernadettebaum and Diane Craft in New York)
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Guyana's oil production fell to 620,000 barrels per day in January, the government reports
The Natural Resources Ministry reported on Friday that Guyana's oil production average fell to 620,000 barrels a day in January, down from 656,000 in December. This is the lowest monthly number since August. Three floating installations are controlled by a consortium that includes Exxon Mobil, Hess, and CNOOC from China. The average oil production of Guyana increased from 391,000 barrels per day in 2023 to 616,000 last year following upgrades at the facilities and production ramp up on one of group's vessels Prosperity which started operations late in 2023. The report of the ministry did not go into detail about the fall. In January, the government reported revenue of $230 millions from royalties and the share of oil production exported by the country. Guyana expects to earn $2.5 billion from the oil industry in 2025. This is a slight decrease from 2024, due mainly to lower crude prices. This week, a fourth vessel produced by SBM Offshore left Singapore for Guyana. Exxon announced earlier this week that it is expected to start production in the third quarter. This will increase the consortium's capacity to 940,000 bpd. Guyana's economy grew 43.6% last year as both oil production and exports increased. This was the fifth consecutive double-digit year for growth. Last year, Latin America's new oil producer became the fifth largest crude exporter in the region after Brazil, Mexico and Venezuela. It was also identified as a major contributor to the global oil supply increase. The government is pushing for the shift to natural gas as it pushes the energy executives and officials in Georgetown. (Reporting and writing by Kemol Kings, editing by Nia William)
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The timeline of underwater sabotage suspected incidents in the Baltic Sea
After a series of power outages, telecom links and gas pipelines since Russia invaded Ukraine 2022, the Baltic Sea region has been on high alert. The NATO military alliance increased its presence by adding aircraft, frigates and naval drones. A number of investigations are underway, but no suspects were brought to court. FEBRUARY: FINLAND - GERMANY TELECOM CANAL On February 21, the police of Sweden and Finland said they were investigating the suspected sabotage a undersea cable of telecoms in the Baltic Sea. The Swedish coast guard sent a vessel to where the damage was done. Investigators say that no suspects have been identified so far. Cinia, the Finnish operator, said that it detected problems with its C-Lion1 cable connecting Finland and Germany "sometime" before. It also confirmed that it received confirmation of damage to the cable even though data traffic continued. This was the third time within a short period of time that the C Lion1 cable had been damaged. It was previously completely severed back in November and December 2024. The European Commission announced that it would spend nearly a billion Euros to improve cable surveillance and create a fleet emergency repair vessels. JANUARY: SWEDEN - LATVIA CABLE A fibre optic cable undersea connecting the west coast Latvia to the Swedish island Gotland failed on 26 January, triggering an investigation from NATO and local authorities. Sweden seized the Maltese flagged bulk vessel Vezhen and boarded it on suspicion of gross sabotage. Navigation Maritime Bulgare, a Bulgarian shipping firm, said the anchor of the Vezhen had fallen to the seabed during high winds. It may have hit the cable but denied any sabotage. On February 3, a Swedish prosecutor concluded that the breach was accidental and released the vessel. POWER AND INTERNET CABLINGS FOR DECEMBER, 2024 On December 25, four telephone lines and the Estlink 2 underwater power cable, which connects Finland to Estonia, were damaged. Finland has seized the Cook Islands Eagle S tanker, on suspicion that it was responsible for the damage caused by its anchor dragging. The ship is also believed to be part of an "shadow fleet", which circumvents sanctions against Russian oil. The Kremlin has said that the seizure of the ship is not a big deal to them, and Russia previously denied any involvement in such incidents. The Finnish police reported on December 29, that they found tracks in the water where they suspect the Eagle S damaged the cables. Later, investigators recovered an anchor believed to be from the ship. The Finnish court rejected the request of Caravella LLC FZ based in the United Arab Emirates to release the ship. BALTIC TELECOM CABLES: NOVEMBER 20, 2024 On November 17 and 18 two undersea fiber-optic communication cables, located at a distance of more than 200 km (about 100 nautical miles) in the Baltic Sea, were cut. This raised suspicions about sabotage. The investigators focused on the Chinese bulk carrier Yi Peng 3. An analysis of MarineTraffic showed that the coordinates of the ship matched the time and location of the breaches. After a diplomatic standoff lasting a whole month, China finally allowed investigators and representatives from Germany along with those from Sweden, Finland, and Denmark to board the Yi Peng 3 on December 21, 2018. BALTICCONNECTOR PIPE AND CABLES - OCTOBER 20, 2023 The Balticconnector subsea pipeline that connects Finland and Estonia was cut by the Chinese container ship NewNew Polar Bear, according to Finnish investigators, when it dragged its anchor in early October 2023. The Estonian Police suspect that the ship also damaged telecoms cables linking Estonia with Finland and Sweden between October 7-8 before it hit the gas pipeline while on its way to St Petersburg, Russia. Estonian authorities claim that China did not fulfill its promise to Finland and Estonia regarding the investigation. SEPTEMBER: NORD STREAM BLASTS On September 26, 2022, explosions damaged Nord Stream 1 & Nord Stream 2 which were built by Gazprom across the Baltic Sea to supply natural gas to Germany. Sweden's investigation found explosive residue on several recovered objects, confirming that it was an intentional act. However, Sweden and Denmark ended their investigations in 2024 without naming any suspects. Western officials suggested that Moscow had blown up its own gas pipelines. This interpretation was rejected by Russia which blamed the United States of America, Britain, and Ukraine for these explosions which have largely cut off Russian gas from the European Market. These countries deny involvement. In August 2024 Germany requested that Poland arrest a Ukrainian dive instructor who was accused of being a member of a team which blew up pipelines. Poland claimed that the man fled the country before being detained. Reporting by Anne Kauranen, Essi Lehto, Nerijus Adomiaitis, Johan Ahlander, Stine Jacobsen, Andrius Sytas, Anna Ringstrom, Simon Johnson, and Agnieszka Oleniska in Gdansk. Editing by Andrew Cawthorne Timothy Heritage Alex Richardson David Evans
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Sources say that CPC Blend oil loadings were revised to 1.67 million bpd for February.
Two sources familiar with the loading schedule said that Black Sea CPC blend oil exports have been revised upwards to 1.67 millions barrels per day in February from 1.42million bpd previously due to increased supply from Kazakh fields. Caspian Pipeline Consortium (CPC), a pipeline operator who ships CPC Blend from Kazakhstan to Russia’s Black Sea Terminal in Yuzhnaya Ozereyevka said earlier this week that CPC pipeline capacity had been reduced after a drone attacked its pumping station. Sources and calculations show that CPC Blend oil loadings at CPC terminal will be about 6,000,000 metric tons or 1,67,000,000 bpd in February, which is 18% more than the previous plan. Sources confirmed that the most recent version of the loading schedule was approved with no restrictions or cancellations for the oil producers in Kazakhstan to supply oil into the CPC system. One source said, "It is very likely that they will reach 6 million tonnes this month." Kazakhstan's oil production was estimated to be at a record-high earlier this week. Sources said that the additional oil loadings are mainly from Tengizchevroil, which is led by Chevron and has announced a recent increase in production after a planned maintenance in late 2024 or early 2025. The sources stated that it was not clear whether CPC can maintain a steady flow in March, and continue to allow Kazakh oil exporters to increase their output. CPC Pipeline declined to comment on their operational activities and export planning. CPC pipeline carries more than 1% daily supply of crude oil from Kazakhstan, Tengiz oilfields on the Caspian Sea's northeastern coasts and Russian producers. It stretches 1,500 km (939 mi) long. The CPC is owned by the Russian government, Russian oil company Lukoil and KazMunayGas, a Kazakh state-owned company. David Evans, reporting; David Evans, editing
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Russian port agency reports that a cargo ship headed from Russia has a leak in the Sea of Azov
The Russian port agency reported that a Liberian-flagged cargo vessel carrying corn from a Russian to Turkey port is trying to stop the water leakage after it sustained a crack earlier this week in the Sea of Azov. The vessel Pavel Grabovskiy was loaded with 2,939 tonnes of corn. The vessel, Pavel Grabovskiy, was loaded with 2,939 tons of corn. In a statement released by Rosmorport on Thursday, it was stated that water was being pumped from the damaged ballast tanks and additional equipment to pump water would be arriving soon. Rosmorport sent a statement to the media on Friday stating that there were no injuries, oil spills or pollution of the waters. Shipping data revealed that it was unclear what caused the crack on the vessel, which was constructed in 1979. Vi-Za Star Shipping, a Turkish company based in Istanbul, declined to comment when contacted on Friday. A government letter obtained by revealed that Russia had ordered military divers inspecting ships in its ports after four suspected oil tankers visited terminals recently. In the last month, explosions have damaged three oil tankers in the Mediterranean and one off the western coast of Russia. Ship tracking data and shipping source said that all four vessels had visited Russian ports recently. Reporting by Jonathan Saul and Gleb Stolyarov; editing by Susan Fenton.
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Parry leads Kenya Open with 65 shots.
John Parry of England carded a bogey free 65 on Friday, giving him a tournament score 14 under par and a one-shot lead after the second round at the DP World Tour Kenya Open held at the Muthaiga Golf Club. Parry is the only player to have not dropped a shot since the start of the tournament. His 63 on the Thursday was a superb score. Hebert from France, who had a 66 during his second round, leads the leaderboard halfway through the event. South African Jayden Schper (69), who is currently in third place, is five shots behind Parry and Hebert. They are both nine shots under par, and have put some distance between them and the rest of the pack. Hebert advised that "conservative play is the best way to enjoy this course." The greens have become firmer and the pins on the front nine are more difficult, especially for those who don't play from the fairway. It was harder (on Saturday) than yesterday. Parry has already won one tournament on the DP World Tour in this season, the Mauritius Open. (Reporting and editing by Christian Radnedge.)
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How many US agencies have been affected by Trump's and Musk's job cuts?
Elon Musk is one of Donald Trump's closest advisors. Together, they have launched a massive campaign to reduce the 2.3 million federal employees. They have fired more than 10,000 workers in a chaotic and unprecedented effort. Layoffs were targeted primarily at employees who had been working in their current positions for less than one year. These workers have fewer protections on the job than those with longer tenure. About 75,000 workers also accepted buyouts offered by the Trump administration. The Trump administration is yet to provide a number of people that it has terminated. Reporters have gathered some details about the recent layoffs in federal departments and agencies. Internal Revenue Service A senior executive told employees on Thursday that the Internal Revenue Service would be firing 6,000 people, according to someone familiar with the situation. A source said that the IRS will lay off around 6,700 workers, mostly those hired during the Biden administration to combat fraud by wealthy taxpayers. Republicans opposed the expansion claiming it would result in harassment of ordinary Americans. The tax collection agency employs approximately 100,000 people. Department of the Interior Sources said that around 2,300 employees were laid off by the Interior Department. This included about 800 workers from the Bureau of Land Management. The Bureau of Land Management manages millions of acres of federal land for uses such as oil and gas exploration, timber harvesting, recreational activities, and cultural preservation. The department oversees 500,000,000 acres (202.3,000,000 hectares) in public land, including dozens national parks. Department of Agriculture People familiar with the plans say that the U.S. Forest Service is letting go 3,400 probationary staff, which equals 10% of their workforce. The U.S. Department of Agriculture announced on Tuesday that several employees who were working for the federal government on its response to the H5N1 bird flu outbreak had been accidentally laid off and that they are now trying to reverse those layoffs. Sources said that workers at the National Institute of Food and Agriculture (which supports agricultural science and technological research) and the Economic Research Service (which produces reports and statistics on the farm economy) were also fired. It is unclear how many people will be laid off from the Agriculture Department. The department employs almost 100,000 employees. Department of Health and Human Services A source said that 45% of newly hired employees at the Centers for Disease Control and Prevention who were still on probation were laid off. According to the Associated Press, nearly 1,300 CDC employees were fired. This represents one-tenth (10) of the agency’s staff. According to an internal email, the National Institutes of Health laid off 1,165 people, mainly probationary employees. STAT News also reported that FDA workers were laid off. It is not known how many FDA employees lost their jobs. More than 80,000 people work for the Department of Health and Human Services. This department oversees the CDC and NIH, as well as Medicare and Medicaid. STAT News reports that around 5,200 have lost their job. Department of Veterans Affairs The Department of Veterans Affairs has laid off more than 1,000 employees. This department provides health care and other benefits for millions of veterans. After the Democratic U.S. She said Senator Tammy Duckworth expressed concerns on X. Patty Murray, another Democratic Senator, stated that about 30 employees were rehired by an agency which operates a Pacific Northwest Hydroelectric Dam, after 200 employees had been fired, causing a public outcry regarding the reliability of power supply. The Department employs over 450,000 people, and supervises more that 1,500 healthcare facilities. Department of Energy The Department of Energy announced on Wednesday that 700 workers had been laid off. According to sources, up to 2,000 workers were informed that they would be laid off. Managers were instructed to give evidence as why certain employees should be rehired. Sources say that on February 14, 325 employees were notified that they would be laid off by the National Nuclear Security Administration. This is an Energy Department Office that manages and safeguards the U.S. arsenal of nuclear weapons as well as dangerous nuclear material around the globe. The Energy Department announced on Sunday that fewer than fifty workers were eventually sacked from the agency after an uproar in the public and an attempt by the administration, to hire some of these employees back. The Energy Department employs approximately 14,000 people and contracts with 95,000 others. ENVIRONMENTAL PROTECTION AGENT The Environmental Protection Agency fired 388 probationary staff. The Environmental Protection Agency, which enforces environmental laws such as the Clean Air Act, has announced the firing of 388 probationary employees. FEDERAL AVIATION Administration Sean Duffy, Secretary of Transportation, said that the FAA has fired over 300 of its 45,000 employees. This comes as concerns about air traffic safety are raised in light of recent plane crashes. Department of Education A letter obtained by has revealed that at least 160 new hires have been informed of their termination from the Department of Education. Trump has asked for the dissolution and termination of the entire Department of Education, including its 4,400 staff. However, Congress must approve. The federal department, while local and state governments are responsible for most education issues in the United States provide billions in grants and loans for higher education. It also provides funding for students who have disabilities or are economically disadvantaged. The department enforces civil right laws. CONSUMER FINANCIAL HEALTH BUREAU The Consumer Financial Protection Bureau (CFPB), which was responsible for protecting consumers against banks, debt collection agencies, and other financial companies, has been shuttered in large part after the Trump Administration ordered that it cease all activities. People familiar with the situation said that between 140 and 200 probationary or so-called "term" employees of the agency have been terminated. GENERAL SERVICES ADMINISTRATION Sources claim that 100 General Services Administration employees received termination notices. More than 12,000 employees work for the independent agency that manages government real estate and oversees government contracts. Office of Personnel Management Sources said that all probationary employees of the Office of Personnel Management (which handles the human resources of the U.S. Government) were terminated in a group meeting of around 100 people. Small Business Administration In a letter obtained by, the Small Business Administration fired at least 45 probationary staff. The agency employs thousands of people and provides support to small businesses. (Reporting and editing by Scott Malone, Deepa Babington, and Joseph Ax)
Shipping firm executive says port strike on US East Coast will cause supply chain problems from the start.
The French container carrier CMA CGM's North America CEO warned on Wednesday that a strike by dockworkers on Oct. 1, at ports along the U.S. East Coast, Gulf of Mexico and the Caribbean Sea would disrupt the flow of cargo into the country. The International Longshoremen's Association represents 45,000 dockworkers at 36 ports, including New York/New Jersey and Savannah, Georgia. The union has promised to stop working if a new contract is not in place by the expiration of its current six-year labor agreement on September 30th at midnight.
George Goldman said, "The moment you shut the door, everything starts to back up," on a webcast by the Port of Los Angeles.
He said that "one day is not enough" to close a port.
CMA CGM belongs to the United States Maritime Alliance, an employer group that negotiates with the ILA. Ports that could be affected are responsible for about half of U.S. imported goods. Retailers, manufacturers, and other ocean carriers are worried about cargo being stuck in idled facilities. They have moved some cargo to West Coast ports to avoid this. Sea-Intelligence analysts, a Copenhagen-based firm that provides shipping advice, estimate that it will take between four and six days to clear a strike-related backlog.
Sea-Intelligence stated that a two-week strike may mean ports will not be able to return to normal operation until 2025.
Experts in transportation said that goods from Europe, India, and other countries that depend on direct routes over the Atlantic Ocean will be affected most.
Imports into the busiest U.S. West Coast port are also surging. This is because CMA CGM and Maersk, as well as other large container carriers have also been stocking up on Halloween costumes and holiday apparel in anticipation of any possible labor action. Manufacturers have also been stocking up on solar panel and other goods that could be subject to tariff increases.
In August, the Port of Long Beach recorded its busiest month for 113 years, with a volume jump of nearly 34% compared to the previous year, and boosted by a 40% increase in imports.
Los Angeles, the neighboring port, reported a volume increase of 16% in August. This was largely due to an 18% rise in imports.
Gene Seroka is the executive director of the Port of Los Angeles. He said that it was difficult to quantify the increase in cargo from other ports. Los Angeles, however, can still handle around 1.2 million 20 foot equivalent units per monthly, as opposed to the 960 597 TEUs processed in August.
Seroka replied, "We can handle the cargo."
(source: Reuters)