Latest News
-
Striking Boeing union presses CEO to 'truly engage' after employees' health coverage cut
Boeing's largest union on Tuesday advised brand-new CEO Kelly Ortberg to get more involved in contract negotiations to end a strike by around 33,000 U.S. West Coast employees, after the U.S. planemaker cut off their healthcare advantages. In August, the previous Rockwell Collins manager took over the reins of Boeing, which has been rocked by multiple crises this year, including the strike that has hit production of Boeing's. strongest-selling 737 MAX jets. Boeing was not instantly. available for comment. It's time for the new CEO to truly engage at the. proposal-based level and to take the reins from his subordinates. who are fumbling crucial choices like this one, said Brian. Bryant, president of the International Association of Machinists. and Aerospace Workers, which represents the striking workers. There is no reason the health advantages question might not. have actually been punted on to enable more time for negotiations at the. table, Bryant added in a statement about the benefits which. ended on Tuesday. Talks between Boeing and the IAM's District 751, which is. working out the deal, broke off recently and it is unclear. when discussions will resume. Boeing employees in the Seattle location and Portland,. Oregon, strolled off the job on Sept. 13 in the union's first. strike because 2008, halting production of three business. aircraft designs and including financial stress to the planemaker. The union is looking for a 40% pay increase and the restoration. of a defined-benefit pension that was taken away in the agreement. a decade ago. Boeing last week made an enhanced deal to the striking. workers that it referred to as its best and last, which would. provide workers a 30% raise over 4 years and bring back a. performance reward, but the union said a survey of its members. found that was insufficient.
-
Indexes end down as Iran launches missiles at Israel; defense shares rise
U.S. stocks ended lower, with the Nasdaq losing more than 1%, on Tuesday as investors grew more cautious after Iran fired rockets at Israel. Iran launched the salvo of ballistic missiles in retaliation for Israel's project against Tehran's Hezbollah allies. In action, U.S. President Joe Biden directed the U.S. military to aid Israel's defense and shoot down rockets targeted at Israel, the White House National Security Council said. While the more comprehensive market fell, shares of energy companies increased in addition to U.S. oil costs, which settled up 2.4%. Shares of Exxon Mobil got 2.3%. Defense stocks likewise rose, consisting of Northrop Grumman , which rallied 3%, and Lockheed Martin, up 3.6%. The S&P 500 aerospace and defense index climbed to a record high. Utilities were up 0.8%. Airline company shares fell, consisting of Delta Air Lines, which was down 1.6%. Investors played it safe following the Middle East news, however indexes ended off their lows of the day. If we do see further escalation I could see continued market weak point since we just don't know how far this is going to go, stated Peter Tuz, president of Chase Financial investment Counsel in Charlottesville, Virginia. The level of threat has increased. The marketplaces have actually had a. good year and people can get frightened out of the marketplace depending. on what occurs over the next couple of weeks. The Dow Jones Industrial Average fell 173.18. points, or 0.41%, to 42,156.97, the S&P 500 lost 53.73. points, or 0.93%, at 5,708.75 and the Nasdaq Composite. dropped 278.81 points, or 1.53%, to 17,910.36. On Monday, the three major U.S. indexes scored strong. gains for September and for the quarter. CBOE's market volatility index, Wall Street's worry gauge,. increased. Data launched early on Tuesday revealed U.S. task openings. rebounded in August, while the Institute for Management Supply's. ( ISM) report revealed production activity stood at 47.2 in. September, versus price quotes of 47.5. Investors were also cautious ahead of U.S. jobless claims. information on Thursday and regular monthly payrolls on Friday. Traders are pricing in a 38% chance that the Federal Reserve. will decrease rates of interest by 50 basis points in November, up. from bets of around 35% on Monday however below 58% a week back,. CME Group's FedWatch Tool revealed. The U.S. central bank on Sept. 18 cut rates by 50 basis. points, starting a brand-new reducing cycle. Investors also kept track of a port strike on the East Coast and. the Gulf Coast, stopping the circulation of about half the nation's. ocean shipping. The strike that began on Tuesday is not expected to. trigger international supply issues as deep or serious as during the. COVID-19 pandemic, however still develops more economic unpredictability. for Fed policymakers to examine. Decreasing concerns surpassed advancing ones on the NYSE by a. 1.32-to-1 ratio; on Nasdaq, a 2.36-to-1 ratio preferred decliners. The S&P 500 published 51 new 52-week highs and 2 new. lows; the Nasdaq Composite taped 75 new highs and 137 new. lows. Volume on U.S. exchanges was 13.16 billion shares,. compared with the 11.98 billion average for the full session. over the last 20 trading days.
-
Restoring power to parts of rural US after storm will take weeks, energies state
Restoring power to parts of the rural United States might take numerous weeks after Cyclone Helene decimated stretches of the southeast electrical grid, electrical utility officials said on Tuesday. Helene, which barreled north after making landfall in Florida on Sept. 26, ripped away countless miles of transmission lines and power poles in hard-to-reach parts of the country, members of the National Rural Electric Cooperative Association stated on a call. I have actually been in this organization for 38 years, and I have actually never ever seen anything like it, stated Dennis Chastain, who is chief executive officer of Georgia Electric Subscription Corporation. It is destruction that's difficult to describe. Local electric cooperatives, which are owned by their clients, cover more than half of the country's landscape. Georgia's transmission supplier for the state's electrical co-ops had 166 distribution stations out during the peak of the storm. In South Carolina, Helene wiped out at least 2,000 power poles, stated Michael Couick, who heads that state's association of co-ops. In an area around the Blue Ridge Mountains, energy workers are trying to rebuild 7,300 miles of transmission line, which is a length that might nearly cover the size of earth, Couick said.
-
Indexes end lower as Iran launches rockets at Israel; defense shares rise
U.S. stocks ended lower, with the Nasdaq losing more than 1%, on Tuesday as financiers grew more careful after Iran fired missiles at Israel. Iran introduced the salvo of ballistic rockets in retaliation for Israel's campaign against Tehran's Hezbollah allies. In action, U.S. President Joe Biden directed the U.S. military to help Israel's defense and shoot down rockets targeted at Israel, the White Home National Security Council said. While the wider market fell, shares of energy companies increased together with U.S. oil rates, which settled up 2.4%. Defense stocks also rose, including Northrop Grumman and Lockheed Martin. The S&P 500 aerospace and defense index reached a record high. Utilities were also up. Airline shares fell, consisting of Delta Air Lines. Investors played it safe following the Middle East news, but indexes ended off their lows of the day. I hope we do not see further escalation, however if we do see even more escalation I might see ongoing market weak point because we just don't know how far this is going to go, stated Peter Tuz, president of Chase Financial investment Counsel in Charlottesville, Virginia. The level of threat has actually increased. The markets have had a. excellent year and individuals can get scared out of the market depending. on what takes place over the next couple of weeks. On Monday, the 3 major U.S. indexes scored strong. gains for September and for the quarter. According to preliminary data, the S&P 500. lost 54.01 points, or 0.94%, to end at 5,708.47 points,. while the Nasdaq Composite lost 279.35 points, or 1.54%,. to 17,909.82. The Dow Jones Industrial Average. fell 171.76 points, or 0.41%, to 42,158.39. CBOE's market volatility index, Wall Street's worry gauge,. increased. Information launched early on Tuesday showed U.S. job openings. rebounded in August, while the Institute for Management Supply's. ( ISM) report showed production activity stood at 47.2 in. September, versus estimates of 47.5. Investors were likewise mindful ahead of U.S. out of work claims. data on Thursday and monthly payrolls on Friday. Traders are pricing in a 62.2% possibility that the. Federal Reserve will lower rates by 25 bps at its November. conference, the CME Group's FedWatch Tool revealed. Bets on a bigger. 50 bps cut stand at 37.8%. Financiers also were keeping an eye on a port strike on the. East Coast and the Gulf Coast, halting the circulation of about half. the country's ocean shipping. The strike that started on Tuesday is not expected to. cause global supply issues as deep or serious as during the. COVID-19 pandemic, but it still develops more financial. unpredictability for Fed policymakers to evaluate.
-
Indexes fall as Iran launches missiles at Israel; defense stocks up
U.S. stocks fell, with the Nasdaq losing more than 1%, on Tuesday as financiers grew more mindful after Iran fired missiles at Israel. Iran introduced the salvo of ballistic missiles in retaliation for Israel's project against Tehran's Hezbollah allies. In response, U.S. President Joe Biden directed the U.S. military to help Israel's defense and shoot down missiles focused on Israel, the White House National Security Council said. While the wider market fell, shares of energy business rose together with oil prices. Exxon Mobil was up 2.2%. Defense stocks also increased, including Northrop Grumman and Lockheed Martin. The S&P 500 aerospace and defense index climbed up more than 1% to a record high. Energies were up 0.7%. Airline shares fell, consisting of Delta Air Lines, which was down 1%. This highlights the scenario of this market in the truth that there are a myriad of threats out there, whether that's. slowing work in the U.S., the geopolitical stress in. Ukraine, the Middle East, said Walter Todd, primary financial investment. officer at Greenwood Capital in Greenwood South Carolina. And the market appears extremely mispriced for any flare-up of. any of those risks. ... It's vulnerable to shocks like this. On Monday, the 3 significant U.S. indexes scored strong. gains for September and for the quarter. The Dow Jones Industrial Average fell 83.68. points, or 0.2%, to 42,246.47. The S&P 500 lost 43.34. points, or 0.75%, at 5,719.14 and the Nasdaq Composite. dropped 244.42 points, or 1.34%, to 17,944.75. CBOE's market volatility index, Wall Street's fear gauge,. leapt 2 points to 18.74 after hitting a three-week high. of 20.73 earlier in the session. Data launched early on Tuesday revealed U.S. job openings. rebounded in August, while the Institute for Management Supply's. ( ISM) report showed manufacturing activity stood at 47.2 in. September, versus estimates of 47.5. Financiers were likewise cautious ahead of U.S. unemployed claims. information on Thursday and regular monthly payrolls on Friday. Traders are pricing in a 62.2% probability that the. Federal Reserve will reduce rates by 25 bps at its November. meeting, the CME Group's FedWatch Tool revealed. Bets on a larger. 50 bps cut stand at 37.8%. Financiers likewise were keeping an eye on a port strike on the. East Coast and the Gulf Coast, halting the flow of about half. the nation's ocean shipping. The strike that started on Tuesday is not expected to. trigger international supply problems as deep or severe as throughout the. COVID-19 pandemic, however it still creates more economic. unpredictability for Fed policymakers to assess. Decreasing concerns outnumbered advancers on the NYSE by a. 1.36-to-1 ratio; on Nasdaq, a 2.53-to-1 ratio preferred decliners. The S&P 500 posted 51 brand-new 52-week highs and 2 new. lows; the Nasdaq Composite tape-recorded 60 brand-new highs and 118 new. lows.
-
At least 6 dead in suspected terror attack in Tel Aviv
A minimum of 6 individuals were killed and 9 injured in a thought shooting and stabbing fear attack in Tel Aviv on Tuesday, Israeli police said. They stated 2 terrorists began a killing spree on the Tel Aviv light rail and continued foot before being eliminated by civilians and inspectors using personal handguns. There has been no claim of responsibility but Israeli Financing Minister Bezalel Smotrich stated they were Palestinians from the West Bank city of Hebron. The hardline Smotrich stated he will demand of the cabinet that members of the suspects' families be deported to Gaza and their homes destroyed. The attack took place minutes before Iran introduced a barrage of rockets at Israel. Television video footage revealed gunmen leaving at a light rail station and opening fire. Israel's MDA ambulance service said it received a report at 7:01 p.m. (1601 GMT) of people hurt by gunfire. Medics and paramedics provided on-site treatment to a number of injured people with varying degrees of injuries, consisting of some who were unconscious, MDA said.
-
Major oil companies offer contracts to Guyana
The National Procurement and Tender Administration Board of Guyana said that major energy companies submitted bids on Tuesday for a 12-month contract to market the government's portion of crude oil produced in the nation. The board reported that 27 bids were received including Shell, TotalEnergies and Chevron as well as bids from ADNOC, Gunvor, Vitol, PetroChina, CNOOC, Eni, PetroChina, Gunvor and Vitol. Exxon Mobil and a consortium of companies control all the oil and gas production in this South American nation through three projects. The government has a share of the output under a production-sharing agreement. Since the start of production in 2019, refiners have welcomed Guyana's light, sweet crude grades. These include Liza, Unity Gold, and Payara. In order to meet the demand in Europe, more exports were sent to Europe last year. Bidders could make proposals for the marketing of crude oil from one project or several projects. According to the copy of the tender that was seen by, the contract will start next month and the government plans to deliver their portion of production in 1 million-barrel shipments. The tender stated that Guyana will receive and deliver approximately 23 cargoes for marketing in a 12-month period. However, the final number will depend on the production rate. JE Energy, a trading firm, is marketing the government’s share of the crude produced by the Liza 1 Project, while BB Energy, a firm, markets the government’s share for the Liza 2 and Payara Projects, following a tender similar to last year. (Reporting and writing by Kemol King, Ahmad Ghaddar)
-
Sources say that LME will approve Hong Kong as a warehouse by the end of 2024.
Three sources familiar with the matter have confirmed that the London Metal Exchange (LME), which is the world's largest metals exchange, will approve the expansion of their global metals warehouse network to Hong Kong by the end of the year. This opens the door for mainland China. Since Hong Kong Exchanges and Clearings (HKEx) purchased the LME for $2.2 billion in 2012, registering warehouses to store metals traded on the LME was a strategic goal. LME volumes would be significantly boosted by expanding into Hong Kong. The exchange stated that companies from the region were interested in Hong Kong to store industrial metals, as an alternative to mainland China. The presentation stated that "An LME Warehouse in Hong Kong can be seen as a demonstration of in-depth collaboration between Mainland China Hong Kong." The LME responded to a comment request by saying that it is "actively exploring" listing Hong Kong as a LME warehouse. This is part of its commitment to provide maximum global connectivity to the metals industry. The process of listing a location in a different jurisdiction can take time. However, we are making progress and hope to have a more detailed update at the end the year. The LME has received a lot of positive feedback since HK logistic companies and other stakeholders were informed about this potential development during the LME Asia Week. The LME is working on identifying sites that can rival those who have long benefitted from being close to China, including Singapore Malaysia and Taiwan. All are major storage areas of LME-deliverable materials. A source familiar with the situation said that the LME and Hong Kong authorities were working together to find metal storage space in the port "as temporary measure". The source stated that the goal is to move the trucks from China into the New Territories to make it easier. Three sources confirmed that the exchange was looking at sites in Hong Kong’s New Territory. A second source said that some zinc and copper producers from Southern China near the border and mainland have expressed interest in storing the metal in Hong Kong. Second source: Some locations in New Territories can be used as warehouses for a "reasonable" cost, but infrastructure will need to be built including roads. According to a third source, the LME is requesting that its registered warehouse companies subcontract with local firms. (Reporting and editing by Julian Luk, Veronica Brown, and David Evans).
ICE October raw sugar delivery reaches 1.7 mln tns, states exchange
Deliveries of raw sugar on the expiry of the October contract on the ICE exchange reached 33,506 lots, or roughly 1.7 million metric loads, stated the exchange in an official notice on Tuesday.
ICE's notice verifies initial info from traders on Monday. The exchange stated that most of the sugar provided by traders will be loaded at the Santos and Paranagua ports in Brazil, the world's largest producer and exporter of sugar.
At 33,506 lots, the shipment is the 3rd largest for an October contract ever, according to ICE data compiled by Reuters.
Large deliveries are generally a bearish indication to the market, since they could imply traders could not discover much better offers out of the exchange system, in the physical market.
But some market participants believe Singapore-based commodities trader Wilmar International, which was said to be the sole receiver of all the 1.7 million lots of sugar, may have a good technique by taking delivery.
So, did Wilmar manage a master stroke by taking sugar on the October contract as the marketplace takes a look at a Q1 deficit and possibly prepares for the deficit, or did they find there was a. larger than expected shipment?, said one broker in a note to. customers.
Brazil will have
an uncommon long between-crops period
this season, with mills generally stopping production from. end of October to April, and even May, considering that a historic drought. sped up present crop processing and postponed development of the. 2025 crop.
Some experts approximate there will be a supply deficit in. the very first quarter of 2025 due to that circumstance.
With the move on the October delivery, Wilmar will. likely protected supplies for that period.
Raw sugar futures were up around 1% on Tuesday.
(source: Reuters)