Latest News
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Denmark's DSV to raise around $5.5 bln for Schenker acquisition
Denmark's DSV stated on Thursday it is raising over 37.3 billion Danish crowns ($ 5.51. billion) by releasing new shares to partially fund the. acquisition of Schenker. DSV last month had actually accepted buy Schenker, the logistics arm. of German state rail operator Deutsche Bahn, for 14.3 billion. euros ($ 15.76 billion) in an offer that would make it the world's. greatest logistics business. Deutsche Bahn's supervisory board on Wednesday approved the. sale of Schenker to DSV, fending off union opposition and. pushback from rival bidder CVC. Deutsche Bahn set up Schenker for sale in 2015 to. concentrate on its core train company in Germany and minimize. its debt. The sale is anticipated to be completed in the course of. 2025 after all regulative approvals have been received, Deutsche. Bahn had actually said.
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Rumours of Stellantis-Renault merger are 'pure speculation', states Stellantis CEO
Rumours of a. merger in between Stellantis and Renault are. pure speculation, said Stellantis CEO Carlos Tavares on. Thursday as he visited among the FrenchItalian car manufacturer's. hubs in eastern France. Speaking at an occasion in Paris, Renault CEO Luca de Meo. meanwhile declined to talk about what he referred to as rumours. Italian newspaper Il Sole 24 Ore reported today that. talk of a tie-up has ended up being more consistent, with economies of. scale seen as a possible solution to managing the intense. competitors faced by conventional car manufacturers. Stellantis on Monday cut its 2024 earnings projection and warned. it will burn through more cash than expected as it tries to. revive its U.S. business. Shares in Europe's No. 2 car manufacturer have toppled more than. 55% given that March, the worst efficiency amongst European autos. stocks, slashing 47 billion euros ($ 52 billion) off the. company's appraisal. Speculation about a Stellantis and Renault tie-up also emerged. early this year, with an Italian media report that the French. government - which is Renault's largest investor and likewise has. a stake in Stellantis - was studying prepare for a merger in between. the two groups. Tavares and De Meo are both attending the Paris Motor Program. opening on Oct. 14. Asked what he would talk about with Tavares at. the event, De Meo replied: I will welcome him, as always.
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US retailers prepare for the holidays by preparing their shipping plans.
As the U.S. East Coast port strike and Gulf Coast port strike continues, major retailers such as Levi Strauss and Costco have been preparing alternative shipping plans in order to make sure that goods are delivered on time during the holiday season. Container ships waited in long lines outside U.S. port facilities on Thursday, as the largest dockworker strike for nearly 50 years entered its third day. This prevented unloading of goods and threatened shortages of bananas, auto parts and other products. Sky Canaves, an analyst at eMarketer, says that retailers account for half of the container shipping volume. Walmart, IKEA and Home Depot are among those who heavily rely upon East Coast and Gulf Coast port, according to Sky Canaves. Levi, a denim manufacturer that imports most of its product from Asia via the East Coast in the United States, has said it has made alternative plans. These include shifting routes to the U.S. West Coast and prioritizing specific ports. Levi isn't the only one to use this strategy. Costco said it had contingency planning in place, including pre-shipping certain products to get holiday goods in early and preparing for different ports. In an interview on Wednesday, CEO Chris Peterson said that Newell Brands - which produces cleaning products like Rubbermaid buckets, garbage cans, and mops - contacted retailers such as Walmart and Lowe's to offer to increase production in the event of a shortage. Peterson, CEO of Atlanta-based Newell, said that the company manufactures the majority of Rubbermaid products in America, while other companies may be held up at ports. He said that the retailers would "let us know if we need to rush in and assist." Peterson stated that the manufacturer could increase production by 50% in the near future. He said, "We have safety stocks built up." He said that the company's capacity could be increased by 20% in the medium- and long-term. CHALLENGES IN SUPPLY CHAIN The East Coast is the main port of entry for coffee into the United States. Prices are rising and shipments have been disrupted. Folgers coffee maker J.M. Smucker has strategies in place for addressing potential supply chain challenges. These include confirming how much inventory is already available and ready to be shipped to retailers. They also adjust production plans to maximize the manufacturing of finished goods. Michael Ashley Schulman is the chief investment officer of Running Point Capital Advisors. He added that, depending on the length of the strike, retailers and auto dealers may have to reduce their holiday sales because they will not have enough stock. Linda Bolton Weiser, D.A., stated that Mattel and Hasbro, two of the largest toy manufacturers, have limited exposure, as they import most of their products from China through West Coast ports in particular Los Angeles. Davidson. Walmart, the largest retailer in the world by sales, said that it had prepared for any disruptions to its supply chain. It also maintained additional sources of supplies to ensure that it always has key products on hand. Local media reported that some consumers bought extra toilet paper and paper towel products, out of fear for shortages. Most of the paper products, however, are made in the United States. Nakia is an associate in Manhattan at Target who refused to reveal her last name. She said she noticed that shoppers were buying extra tissue, paper towels and canned foods. The shelves of the store were stocked. Conagra Brands CEO Sean Connolly stated that he expected the company to be in a position to handle any disruptions with minimal impact, as they had planned ahead and worked with their suppliers. A Tapestry spokesperson said that a modest strike wouldn't result in significant increases to costs or transit times as we have been pulling volumes forward throughout the summer, and we already received our holiday stock. Home Depot, like Nike, said that it was closely monitoring the situation. Birkenstock refused to comment, while Best Buy and Target as well as the Dollar chains did not respond immediately to requests for comments.
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Swiggy gets shareholder nod to use arrangement to upsize IPO fresh concern, sources state
SoftBankbacked Indian food delivery company Swiggy received shareholders' approval to utilize a provision that will allow it to increase the size of fresh concern in its IPO to 50 billion rupees ($ 595 million) from 37.5 billion rupees, people familiar with the matter informed Reuters on Thursday. India's red-hot IPO market has actually currently seen around 250 companies raise over $9 billion so far this year, more than double the amount raised in the exact same duration in 2015, based on LSEG data. Swiggy's existing investors will sell shares worth 66.64 billion rupees, which stays unchanged. With the boost of the fresh concern, its initial public offering size will increase to $1.4 billion from $1.25 billion. Swiggy's original IPO size eked out NTPC Green Energy's $1.2. billion public offering filing to be the largest in the country. this year. Swiggy did not right away respond to a Reuters request for. remark. The Bengaluru-based company had actually submitted its draft documents for. the IPO recently, reported to be targeting a. appraisal of $15 billion. Among its investment strategies is the growth of its. quick-commerce business called 'Instamart', where rivals. consisting of Zomato and Zepto race to shipment everything. from groceries to higher-margin electronics in 10 minutes. Swiggy also takes on Zomato in the food delivery area.
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Canada - Oct 3
The following are the top stories from selected Canadian newspapers. Reuters has actually not confirmed these stories and does not attest their precision. THE GLOBE AND MAIL - The head of Canada's banking regulator Peter Routledge stated that threats to banks from anti-money-laundering issues have increased in prominence for the banking regulator as it gets a. deeper understanding of the vulnerable points in monetary. institutions' defences. - Oil-sands mining business will not be forced to pay more. to ensure cash will be available to ultimately clean up websites,. under modifications to Alberta's security-payment rules slated for. release this week. NATIONAL POST - Port of Halifax senior vice-president Paul MacIsaac said. that a couple of container ships have currently been diverted to Halifax. and more are expected quickly, after dockworkers at more than 30. ports from Texas to Maine have been on strike since Tuesday,. stopping the flow of about half of America's ocean shipping. - Bank for International Settlements has warned supply. shocks in the international economy might become the new typical and. reserve banks ought to adjust monetary policy accordingly.
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Airline companies warn of hit to Irish economy from Dublin passenger cap
A passenger cap at Dublin Airport is set to damage Ireland's economy and damage strategies to expand the country's dominant airport into an international aviation hub, Irish airline company bosses and the airport's CEO alerted on Thursday. The number of guests at the airport, which carries around 80% of the country's air guests, was capped at 32 million when coordinators approved the building and construction of a second terminal in 2007, in part to prevent local roadway congestion. The airport on Thursday cautioned it was on course to overshoot that by a million guests this year after a record September, regardless of having minimized passenger numbers across the year by roughly 650,000. Airline companies fear this year's overrun could be clawed back through a matching cut in capacity in 2025. While a preparation application has been lodged to lift the cap to 40 million, the process is widely anticipated to take years, prompting executives to call on the federal government to take action. The federal government has consistently stated that it has no powers to intervene in the preparation procedure. Let's not make Ireland the chuckling stock of Europe, Ryanair Group CEO Michael O'Leary stated at a news conference, adding the factors for the cap had actually lapsed. The roadway traffic is not a problem, and for that reason our company believe this limitation must be raised. Conor McCarthy, founder and chairman of the nation's main regional airline Emerald Airlines, said in an interview that at least one of its paths was at danger as an outcome of the cap, which was avoiding the airport from taking advantage of a. 320-million-euro ($ 353 million) 2nd runway. It is Ireland's version of Brexit: we get the golden. goose and kill it in front of everyone, McCarthy told Reuters. McCarthy, who had key functions at Ryanair and AirAsia before. establishing Emerald Airlines and maintenance company Dublin Aerospace,. prompted the government to exempt transfer passengers from the cap. Aer Lingus, part of the International Airlines Group. that likewise owns British Airways, has been promoting. Dublin as an alternative to London Heathrow for British and. Irish travelers crossing the Atlantic. It has actually likewise alerted of. damage to the economy. Things are going to get worse before they get better,. Dublin Airport Authority employer Kenny Jacobs stated. The coming. months will see the traveler cap beginning to bite more strongly. Ryanair prompted the federal government to direct regulators to release. more slots, stating Dublin was losing traffic to Belfast, Italy. and Poland. Eamonn Ryan, a previous leader of the Green Celebration who is. minister for environment and transportation, has stated the DAA should. abide by the cap. O'Leary accused the government coalition celebration of dragging. its feet, a charge Ryan has actually denied. It's totemic for the Greens. They don't wish to be seen to. be doing anything for aviation, O'Leary stated.
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Swedish union files suit against Tesla over labour conflict
Swedish trade union IF Metall has submitted a lawsuit versus Tesla declaring the business failed to notify employee representatives of work environment changes, which is mandatory under the nation's labour laws, union authorities said on Thursday. It was IF Metall's 2nd lawsuit this year declaring that the U.S. electrical lorry maker was in breach of Sweden's. Co-Determination Act that states business should inform. labour unions of significant changes. The first case has yet to be decided by the courts. The U.S. group headed by billionaire Elon Musk is at the. centre of a year-long disagreement in Sweden over its refusal to sign. a cumulative bargaining agreement and therefore enable IF Metall to. work out earnings and other conditions on behalf of employees. Tesla did not instantly react to ask for comment. The automobile maker has said it provides as good, or better, terms. than those demanded by the union, and has actually found methods to stay in. operation and enhance its Swedish market share, including by. utilizing non-union staff. IF Metall in its newest claim stated Tesla had reorganised. its branch in the Swedish city of Umea without notifying the. union, according to court files submitted on Wednesday and. acquired through a freedom of information request. According to IF Metall, Tesla phased out its entire sales. organisation in Umea without informing the union and likewise. outsourced other parts. The conflict started in October 2023 when a group of Tesla. mechanics went on strike, followed by more than a lots unions. that announced action in sympathy, consisting of dockworkers,. electrical experts, upkeep crews and cleaners. Tesla's service centre in Umea has had among the highest. numbers of striking workers, according to union officials, however. sales staff did not participate.
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Foreigners leave Lebanon as Israeli offending intensifies
A growing variety of countries left citizens from Beirut on Thursday as Israel's battle of the Lebanese capital heightened and governments worldwide advised their people to go out. Israel has sent its troops into southern Lebanon after two weeks of intense airstrikes, in an escalating dispute that has drawn in Iran and threats attracting the United States. Israel's military bombed the heart of Beirut on Thursday, after Israeli forces suffered their worst losses on the Lebanese front in a year of clashes with the Iran-backed group. Dozens of Greeks and Greek Cypriots boarded a Greek armed force aircraft at Beirut airport, a lot of them children clutching soft toys and school bags. In the cramped conditions onboard, some had fun with glow sticks, while others slept on their moms and dads' laps as the plane left behind the smoking city listed below. The airplane dropped off 38 Cypriots at Larnaca airport in Cyprus, about 200 km (124 miles) west of Lebanon, and continued on to Athens, where 22 Greek nationals disembarked. We were trapped, there was no other way to leave because Middle East aeroplanes are complete and the earliest flight you can get remains in 10 days, Giorgos Seib told Reuters on the runway at an airport outside Athens after landing. Every day the scenario gets worse and we do not understand what will occur tomorrow. Migrants in Lebanon have been rushing to leave and governments from China to Europe have actually prepared plans to get their people out. Russia organised an unique flight from Beirut on Thursday for the member of the family of Russian diplomats. Australia said it has actually organised numerous airline seats for its people to leave. This week, life in Lebanon ended up being too distressing for many as Israel's military prompted locals of more than 20 towns in the south to leave their homes instantly. Nearly 2,000 individuals have been eliminated over the previous year, consisting of 127 kids, the nation's health minister Firass Abiad stated on Thursday. It was very hard, really terrible I have actually never ever lived through anything like that before, Clea Rita Barsamian, a. 21-year-old hospitality management trainee who had actually been studying. in Lebanon for two years, stated shortly after landing in Larnaca. INJURY At Turkey's southern Tasucu port in Mersin, Gretchen, an. American person who lived in Beirut for five years, said she. arrived on a routine industrial ferry due to the fact that flights in Beirut. were cancelled over the last few days. We are constantly hearing artillery and shelling and it. was just excessive, she stated after disembarking. I simply desired. to leave right away. Many wish to return to Lebanon, where they have actually developed their. lives. Others are too traumatised to say. Gigi Khalifa, a Libyan Cypriot, transferred to Lebanon 4 years. ago so her two children could learn Arabic. The battle was very close, it was really traumatic, she. stated, her voice breaking in the arrivals hall of Larnaca aiport. I simply feel bad, you know? For all those people left. behind. My pals, my kids' pals. I do not understand if we will. ever see them once again.
Exxon's deal with unions at Port Jerome refinery to enable job-cutting plan to continue
Energy major Exxon Mobil can move ahead with a strategy to cut tasks at its Port Jerome refinery in northern France after getting a majority arrangement this week with unions, a business spokesperson stated on Thursday.
Employees at the petrochemical side of the refinery have actually been on strike since mid-May to try to safeguard tasks at the plant.
Exxon said on Monday it had reached an arrangement with 2 of the 4 trade unions representing staff at the plant, CFE-CGC and CFDT, after negotiations minimized the number of task cuts in France to 608 from 677.
The business stated in a news release that those offers had enabled it to acquire a majority contract and that it might now present its draft Employment Protection Strategy to the French government for approval.
The bulk contract will allow management to concentrate on implementing the project, a company representative informed Reuters, without elaborating on a timeline for the job suffices contained.
The other unions representing employees at the plant, CGT and Force Ouvriere, refused to sign the strategy and said they would extend the strike at the petrochemical side of the refinery.
For the CGT, the struggle will continue until the installations are taken apart. We have actually sent an alternative job to the authorities, asking to compel Exxon Mobil to keep the activity or, failing that, to discover a purchaser, a CGT representative informed Reuters.
Exxon has two refineries in France that represent about 30% of the country's capacity.
So far, the strike action has been restricted to chemical workers after Exxon said it would close down its steam cracker and close chemical production at the site this year.
Contacted , the CGT said it currently did not strategy to extend the movement to the oil processing systems.
(source: Reuters)