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TNB CEO: Natural gas will overtake coal by 2032 as Malaysia's primary source of energy
Tenaga Nasional Bhd's (TNB) chief executive said that Malaysia would generate more electricity using natural gas by 2032 than it will from coal. Megat Jalaluddin, CEO of TNB, said that the demand for electricity from data centres is expected to stabilize, and the total amount of electricity used in Malaysia will likely be consistent with the projected growth rate of Malaysia's economy of 4%-4.5 percent in 2026. The investment in data centres has stabilized. Jalaluddin stated that the data centre investment is currently growing steadily. Malaysia has been compelled to increase its coal-fired energy output in recent months and import more fuel. According to TNB's presentation, Malaysia expects to import up to 35 million tons of coal per year until 2028. Data from the energy think tank Ember revealed that coal's share of Malaysia's electricity generation increased steadily, from 6% to 43% by 2024, from 6% to 2000. Gas' share, however, fell to 37% by 2024, from 80% to the start of the century. According to a TNB presentation on the subject, coal imports will decline by 2029. This will force Malaysia, which is the fifth largest exporter of LNG, to use more gas to generate electricity and to start importing super-cooled fuels as local gas reserves decrease. Jalaluddin stated that the Southeast Asian nation will add 50% more gas fired power capacity by 2030 in order to meet data centres' increasing consumption. This will allow gas to overtake coal as Malaysia’s main fuel by 2032. Separately Jalaluddin said that he expected Vietnam to begin exporting electricity to Singapore via Malaysia by the end of the decade. "This (Vietnam-Malaysia-Singapore) is basically still a greenfield project, so it will take us a while but we are going to see this happening in this decade," he said, adding that 1 GW to 2 GW of power would be exported through undersea cables. (Reporting and editing by Sudarshan Varadhan and Ashley Tang)
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Australia's Treasury Wine Chair grilled by shareholders, but comfortably reelected
Treasury Wine Estates shareholders grilled chairman John Mullen about the Australian winemaker’s poor performance, his stock decline as well as heavy workload. But he was reelected with a large margin at their annual general meeting held on Thursday. Treasury, one of the top five winemakers in the world by volume, pulled its earnings guidance for 2026, and halted plans for a stock buyback. The company cited weak sales of Penfolds' flagship wines in China, and distribution problems in the U.S. Since the beginning of the year, the stock price has fallen by more than 40%. Institutional Shareholder Services, Australian Shareholders' Association and other proxy advisory firms had advised investors to vote against Mullen's election. They noted that he served as chairman of Qantas, logistics firm Brambles, and on private boards. Can John name anyone else in recent times who has chaired three ASX 100 Companies at the same time? One shareholder asked this question at the meeting. Mullen reacted to the criticism by saying that it was untimely given the leadership vacuum in the company. He added that he had a "complete" commitment to the firm and was dedicating "adequate time" for the organization. He said Treasury was facing a very difficult time with problems in its main markets. It also has no chief executive. Sam Fischer, the new CEO of Treasury, will start on October 27. Former CEO Tim Ford left on September 30, and Tim Ford left in August. He said: "At a moment when the company is experiencing all that it is, they would think that it was in shareholders' interests not to have chairs... That makes me scratch my heads." The majority of shareholders appeared to be in agreement with him, and he won re-election with only 14.5% against. (Reporting and editing by Edwina G. Gibbs in Sydney)
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Trump withholds $40,6 million from California due to truck driver English rules
The Trump administration announced on Wednesday that it would withhold $40.6 million in federal transportation funds from California for failure to comply with rules governing truck driver English proficiency. In August, the U.S. Transportation Department warned California and Washington states that they might lose their funding if they don't adopt English proficiency standards for commercial truckers. Sean Duffy, U.S. Secretary of Transportation, said that California is the only state to refuse to make sure big rig drivers are able read road signs and can communicate with police. In response to the Transportation Department's request, a spokesperson for California Governor Gavin Newsom stated that the state's laws, regulations and standards were identical or had the same effects as federal safety requirements including English language proficiency. The spokesperson stated that California enforces its requirements through the commercial driver's licensing procedures. They also noted that the fatal accident rate for California license holders was nearly 40% less than the national average. The funds withheld were for roadside inspections and traffic enforcement, audits of trucking firms, public education campaigns, and safety audits. The U.S. administration of President Donald Trump has taken several steps to address concerns regarding foreign truckers who don't speak English. In August, Secretary Marco Rubio announced that the United States would immediately suspend the issuance all worker visas to commercial truck drivers. After a fatal accident in Florida and an audit by the government, the Transportation Department released emergency rules last month to restrict commercial drivers licenses for non-U.S. Citizens. In April, Trump issued an executive order that directed enforcement of a rule that required commercial drivers to meet English proficiency requirements in the U.S. The English proficiency standard for truckers is already a long-standing U.S. Law. However, the order reverses 2016 guidance that inspectors shouldn't remove commercial drivers from service if the only infraction was a lack of English. In 2023, FMCSA reported that approximately 16% of U.S. drivers are born outside of the United States. Duffy announced last month that he would launch a separate enforcement against California and require it to stop issuing certain commercial driver's licenses to citizens of other countries. California has 30 calendar days to comply, or the Trump Administration will begin withholding federal highway funds. The first year the Trump administration withholds nearly $160 million and then doubles it. (Reporting and editing by Nia Freed and Jamie Freed; Reporting by David Shepardson)
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J.B. Hunt reports a 12% increase in its quarterly profit due to cost savings
J.B. Hunt Transport Services, a U.S. trucking company, reported on Wednesday a 12% increase in its third-quarter profits. This was due to ongoing cost-cutting initiatives taken in response a downturn in freight in the industry. After-market trading saw a 11% increase in the shares of the company. Since 2022, the trucking industry is in decline, due to excess capacity, declining freight rates and a modest increase in shipment volume. Experts predict that the recession will continue, and that tariffs imposed on U.S. President Donald Trump by Trump's administration will add pressure to the situation. This could delay recovery. The Arkansas-based firm reported net earnings for the third quarter of $170.9 million, or 1.76 cents per share. This is up from $1.49 cents per share a year earlier. According to LSEG, it reported revenues of $3.05billion, which is slightly less than the $3.07billion in the previous quarter but higher than analysts' estimates of $3.03billion. The company reported that the revenue performance was driven by the 1% and the 4% decreases in gross revenue per truckload in the intermodal segment and the truckload segment, respectively. J.B. Hunt reported a 8% drop in load volume in its Integrated Capacity Solutions and Dedicated Contract Services segments, as well as a 1% decrease in its Final Mile Services. Reporting by Abhinav Paramar and Aatreyee dasgupta from Bengaluru, editing by Shailesh Kumar
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Brazil Postal Service Correios wants a $3.7 billion Treasury-backed Loan from banks
The Brazilian state-run Correios postal service is in discussions with a group of banks to obtain a loan worth about 20 billion reals ($3.67 billion), according to its chief executive. This comes as the company looks to improve short-term liquidity. CEO Emmanoel Rondon who assumed the role at the end of September said that the loan was part of a restructuring program which also included a voluntary dismissal plan, the renegotiation with suppliers, and actions to diversify the company's revenue. Why it's important Rondon said at a press briefing that the talks were about a guarantee loan from the Brazilian Treasury. KEY QUOTES "The logistics industry, where Correios is the leading player in Brazil and operates, has undergone a large transformation," Rondon said. He cited a more competitive environment because of the growth of the ecommerce segment, particularly since the COVID-19 epidemic. He added, "Our company didn't adapt quickly to the new reality. This lack of adaptation led to us struggling in terms of results and cash generation, as well as our operation." CONTEXT In the second quarter of 2018, the company reported a net loss amounting to 2.64 billion reais (US$483.4 million), nearly five times higher than its loss in the previous year. This was due to lower revenue, as well as increased administrative and financial costs. ($1 = $5.4612 reais). (Reporting and editing by Matthew Lewis. Additional reporting by Marcela ayres, Brasilia.
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United Airlines expects strong profits in Q4 driven by premium travel demand
United Airlines forecast on Wednesday a profit higher than expected in the fourth quarter, thanks to a robust demand for premium travel as well as improved pricing power. Chicago-based airline American Airlines expects a profit adjusted in the range between $3.00 and $3.50 a share for the quarter ending December. According to LSEG, the midpoint of forecast is $3.25 a share. This compares with an average analyst estimate of $2.86. United's adjusted third-quarter profit was $2.78 per share, exceeding analysts' expectations of just $2.63. The earnings report is released just a week following the rival Delta Air Lines' forecast of record earnings for the December quarter. Since the pandemic, United and Delta consistently outperformed other airlines by focusing on revenue streams with high margins that take advantage of the financial strength and loyalty of corporate and international travelers, as well as premium and corporate passengers. The earnings of U.S. carriers are now more divided. While Delta and United generate most of the profits for the industry, other budget carriers and domestic carriers are struggling with lower demand and increased pricing pressure. United's revenue for the third quarter was $15.2 billion, a 2.6% increase from a year earlier. Premium revenue grew by 6% and loyalty revenue by 9%. (Reporting and editing by Chris Reese; Rajesh Kumar Singh)
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US airline group calls for an end to the government shutdown citing aviation safety risks
The head of an airline trade group in the United States called for an end to the government shutdown after expressing concern about increasing pressure on air traffic controllers who are working without pay. In an interview, Chris Sununu said, "It has to stop now. Every day, the pressures, and risks, get higher." Sununu is the CEO of Airlines for America. The group represents American Airlines, Delta Air Lines, and United Airlines. "You are getting closer to the day when air traffic controllers will only feel financial pressure." The aviation industry is growing increasingly concerned about the impact of a prolonged government shutdown. Since the shutdown began, thousands of delays have been caused by the mounting number of sick calls made by controllers. The Air Line Pilots Association National Air Traffic Controllers Both associations have called for an end to the shutdown as soon as possible. In recent days, more than 13,000 air-traffic controllers and 50,000 Transportation Security Administration (TSA) officers received partial paychecks. They will not be paid the rest of this month if there is no resolution to the standoff. Sununu said that things could get worse. Sununu stated, "I believe it will really hit ahead in about a week-and-a-half, when the first zero paycheck arrives." "Most people are able to survive for a few weeks but after three, it puts a real strain on the system." Sununu is in favor of a continuing resolution that would reopen government, but he acknowledged the Democrats' desire for a healthcare discussion. "I'm not interested in politics." Sununu stated that he was only concerned with the easiest method to ensure the system's resilience. "If for some reason the system grinds to a halt, it's felt worldwide." "Hopefully, they'll see it before we reach that point." During a 35-day government shutdown in 2019, the number of controllers and TSA agents absent increased as they missed paychecks. This led to longer waits at checkpoints. The Federal Aviation Administration had to slow down air traffic in New York to put pressure on legislators to end the standoff. Reporting by David Shepardson, Editing by Mark Porter & David Gregorio
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California Governor vetoes Bill that would have Limited Air Quality Regulation
California Governor Gavin Newsom vetoed this week a bill that would have restricted the regulatory powers for air quality agencies in the ports of Los Angeles and Long Beach - the two busiest ports complexes in the country - which are the main sources of local air pollution. California Senate Bill No. 34 prohibited the South Coast Air Quality Management District, located in the logistic hub counties of Los Angeles Orange Riverside and San Bernardino, from taking any actions that would, for example, impose a limit on the cargo throughput at ports or the number of cruise ship passengers. Newsom, in a Monday veto declaration, said: "With the federal administration directly undermining state and local air pollution reduction strategies and encouraging cooperative action at all level to avoid the worst climate and health impacts."
Daddy of lady killed in South Korea air crash says the disaster boggles the mind
Jeon Jeyoung keeps playing the video of the plane with his child and another 180 individuals on board slamming into a wall and bursting into flames at a South Korean airport.
His child Mi-sook died on board. He still can't believe it.
When I saw the accident video, the aircraft appeared out of control, said 71-year-old Jeon. The pilots most likely had no option however to do it. My child, who is only in her mid-40s, ended up like this. This boggles the mind.
Mi-sook was a warm-hearted kid, he stated. She brought some food and next year's calendar to his house on Dec. 21, which became his last brief moment with her.
She is much nicer than my child, often asking me to go out for a meal, Jeon remembered, showing his last exchanges with his child on his mobile phone.
The deadliest air accident ever in South Korea eliminated 179 individuals on Sunday, when an airliner belly-landed and skidded off the end of the runway, erupting in a fireball at the Muan International Airport.
Jeju Air flight 7C2216, getting here from the Thai capital Bangkok with 175 passengers and 6 crew on board, was seen skidding down the runway with no noticeable landing gear before crashing into navigation devices and a wall in an surge of flames and debris.
Just two individuals - both team members - survived and were being dealt with for injuries.
SORROW AND RAGE
Authorities called out the names of a few of those eliminated in the crash, triggering a surge of grief and rage amongst the guests' families collected in the airport's arrival location.
They screamed, wept and collapsed on the floor of the terminal where their enjoyed ones had been because of return home.
Criminal activity scene investigators gathered saliva swaps from households to run DNA tests to recognize the victims.
Jeon's daughter had been on her way home after taking a trip with buddies to Bangkok for the Christmas holiday. She leaves behind a devastated family, including a hubby and teenaged daughter.
The water near the airport is not deep. Here are softer fields than this cement runway. Why couldn't the pilot land there rather? Jeon stated.
Fire authorities reported that the effect of the crash had left the plane almost entirely ruined.
Through collision twice and explosion, most of the guests were shaken off the aircraft, though 2 team members fortunately endured at the tail end, said Yeom Dong-bu, a Muan firemen who was dispatched to the scene.
I utilized to deal with ambulances so I have actually seen this sort of terrible things like auto accident, however not on this scale, he added.
Mi-sook was identified by her fingerprints, and her household is trying to find a funeral home near her town of Gwangju to transport her body there.
She was practically home, so
(source: Reuters)