Latest News
-
Cold storage REIT Lineage trims personnel, WSJ reports
Cold storage property investment trust Family tree Inc is cutting staff after a blockbuster initial stock offering in the U.S. in 2015, the Wall Street Journal reported on Tuesday, pointing out a company declaration. The Novi, Michigan-based company did not disclose the number of tasks or types of roles impacted by the layoffs, according to the report. Lineage did not right away respond to a Reuters request for remark. Lineage, backed by personal equity firm Bay Grove Capital, debuted last July at $82 per share, above the offer cost of $78. each, offering the company an appraisal of $19.2 billion. It had raised $4.45 billion in its U.S. initial public. offering, making it the greatest stock market launching internationally in. 2024. The company deals with food and drink companies such as. Kraft Heinz, Darden Restaurants and Walmart. for the storage, managing and motion of frozen and. disposable food all over the world.
-
US airline industry lobbying group chief retiring at end of year
The longtime head of the trade group Airline companies for America who assisted U.S. airline companies win $ 54 billion in federal COVID relief funds will retire at the end of the year. Nick Calio, a former assistant to President George W. Bush, has headed the prominent airline company lobbying group considering that 2011 that includes American Airlines, Delta Air Lines, United Airlines, FedEx and Southwest Airlines . He has actually likewise promoted more funding for air traffic controllers and coped the Biden administration over regulative efforts. Congress approved $54 billion in 3 rounds covering much of U.S. airline company payroll expenses for 18 months during the pandemic. Calio also safeguarded airlines' actions to survive as passenger traffic dropped. In 2015, Calio urged the Biden administration to take swift action to attend to a long-standing air traffic controller lack and obsolete centers and technology. Business as usual isn't sufficing, Calio stated in a speech in Washington in 2015. It is an immediate problem. It's easy to overlook perhaps on a day-to-day basis, however we need to come up with a strategy to address it. President Joe Biden and Transport Secretary Pete Buttigieg have actually consistently sparred with airline companies, while Airlines for America and some providers last year encouraged a U.S. appeals court to obstruct USDOT's brand-new guideline on in advance disclosure of airline company fees pending a full evaluation. The Federal Air travel Administration is still about 3,000 controllers behind staffing targets and has about 10,600 licensed controllers. In June, the FAA once again extended cuts to minimum flight requirements at overloaded New york city City-area airports through October 2025, pointing out a shortage of air traffic controllers. Airlines have effectively combated against many propositions in Congress over the last few years, including one to need sensible. baggage charges, a mandate for airline-caused delay settlement or. another that might seriously damage the lucrative airline credit. card service.
-
UN Shipping chief: Unregulated tanker fleet poses greater risks
The head of United Nations' shipping agency, said Tuesday, that the safety risks posed to seafarers and the environment by unregulated oil tanks are increasing. The shadow fleet is a term used to describe hundreds of ships that are being used to transport oil by Russia, in violation with international sanctions imposed against it due to the Ukraine War, and by oil exporters like Iran and Venezuela, who have been hit by U.S. sanction. Since the United States announced its new sanctions package, Jan. 10, at least 65 oil tanks have anchored in multiple locations this week, including near the coasts China and Russia. Arsenio Dominguez, Secretary General of the International Maritime Organization(IMO), said at a press conference that the risk of environmental impact and safety of seafarers is increasing as the shadow fleet increases. We can see this in the different incidents and accidents that have occurred. Dominguez said that he could not comment on the sanctions but his main concern was about old tankers which "put people onboard and the environment at risk". "The more ships look to... avoid the IMO requirements, we will experience situations like those we experienced in the last half of 2024." In recent months, there have been several incidents of collisions with shadow fleet vessels and their breakdown. Dominguez stated that an IMO meeting will be held in March to follow up on a 2023 resolution aimed at enhancing the scrutiny of ship-to -ship oil transfer in open waters - a risk often associated with shadow fleet tanks which conduct such transfers without regard for safety. He also said that he met with smaller countries which provide flags for shadow fleet tanks. To ensure that commercial ships comply with international safety and environmental standards, they must be registered or flagged with a specific country. Sources in the shipping industry say that many smaller flag registries do not enforce compliance regulations and sanctions. Dominguez stated that "substandard shipping... has been on the agenda of IMO for many, many years." (Reporting and Editing by Ros Russel)
-
Colonial shuts pipeline due to prospective fuel leakage
Colonial Pipeline, the biggest improved products pipeline operator in the United States, said on Tuesday it was responding to a report of a potential fuel release in Paulding County, Georgia which one of its mainlines was briefly shut down. Teams were on the scene coordinating reaction efforts, the business stated. The pipeline that was shut was Line 1, which transfers about 1.5 million barrels of fuel a day and runs from Houston to Greensboro, North Carolina. It is one of Colonial's 2 mainlines that connects Gulf Coast refineries with markets throughout the southern and eastern United States through more than 5,500 miles (8,850 km) of its pipeline system. Colonial Pipeline did not offer information on the estimated period of the blackouts. The U.S. Department of Transport Pipeline and Hazardous Products Security Administration (PHMSA) did not instantly react to a request for remark. Paulding County Constable's Office stated there was no notice to 911 relating to a gas leak.
-
Iraq, UK agree on trade bundle worth approximately $15 billion, defence deal
Iraq and Britain have actually concurred on a trade package worth up to 12.3 billion pounds ($ 14.98. billion) and a bilateral defence deal, the Iraqi and British. prime ministers stated in a joint statement on Tuesday. The offer, imagining more than 10 times the overall of. bilateral sell 2024, was revealed after a meeting in between. Iraqi Prime Minister Mohammed Shia al-Sudani and British. equivalent Keir Starmer at the latter's Downing Street workplaces. It includes a 1.2-billion-pound job in which. British-made power transmission systems will be utilized for a grid. interconnection task between Iraq and Saudi Arabia, too. as a 500-million-pound plan to update the Al-Qayyarah air base. in northern Iraq. A water facilities project by a UK-led consortium. that will assist provide tidy water in dry southern and western. Iraq is likewise part of the offer, the statement said. The project. would be worth approximately 5.3 billion pounds in UK exports. Sudani and Starmer also signed a defence offer that. establishes the basis for a new period in security cooperation. Sudani said earlier that the UK-Iraqi security deal would develop bilateral. military ties after in 2015's statement that the U.S.-led. coalition established to combat Islamic State would end its work in. Iraq in 2026. The Iraqi premier started a main visit to the United. Kingdom on Monday in the middle of historical geopolitical shifts in the. Middle East. Iraq is attempting to avoid becoming a conflict zone as soon as. once again amid a period of regional turmoil that has actually seen Iran's. allies Hamas degraded in Gaza and Hezbollah damaged in Lebanon. throughout wars with Israel, and Bashar al-Assad fell in Syria.
-
Jordan purchases estimated 60,000 T wheat in tender, traders say
Jordan's state grains purchaser acquired about 60,000 metric lots of difficult milling wheat to be sourced from optional origins in a worldwide tender on Tuesday, traders stated. It was thought to have been purchased from trading house CHS at an estimated $267.60 a heap cost and freight (c&& f) for delivery in the 2nd half of March, they said. Reports show assessments from traders and further price quotes of prices and volumes are possible later. Traders reported these estimated deals from some other trading houses participating in Tuesday's tender, all per heap c&& f: Cargill $275.50, Viterra $286, Al Dahra $276, Aston $280,. Buildcom $273.27, Olam $275.50, Ameropa $269.94 and Cereal Crops. $ 300. Traders stated they received indications that Jordan will. concern a brand-new tender in the coming days to purchase 120,000 lots of. wheat. Offers are expected to be submitted on Jan. 21, with. shipment in the full month of April and complete month of May. A different tender from Jordan seeking 120,000 tons of animal. feed barley closes on Wednesday.
-
Private equity financier Adebayo Ogunlesi joins OpenAI's board
ChatGPT maker OpenAI said on Tuesday private equity veteran Adebayo Ogunlesi, who is presently the CEO of Worldwide Infrastructure Partners (GIP), has joined its board. Ogunlesi, 71, will be encouraging OpenAI on securing access to the infrastructure needed for advancing its synthetic intelligence advancement, OpenAI said in a statement. Established in 2006, GIP is a PE company focusing on infrastructure that handles more than $100 billion in possessions and has a portfolio including Britain's Gatwick airport, the Port of Melbourne and significant overseas wind projects. BlackRock acquired GIP last year for $12.5 billion. AI facilities has actually been front-and-center in the AI race, as technology companies' capability to advance their AI is directly based on their ability to shore up massive calculate infrastructure, through specialized information centers that connect thousands of chips together in clusters. In 2025 alone, huge tech firms consisting of Amazon, Microsoft, Alphabet, Meta and Apple are projected to spend over $200. billion on capex-- practically double of what they paid out in. 2021, the year before OpenAI's generative AI chatbot ChatGPT. debuted. In recent months, OpenAI has been pushing the U.S. federal government to embrace helpful policy that will allow the. U.S. to remain ahead of China in the race for the nascent. technology. There's an estimated $175 billion being in global funds. awaiting investment in AI jobs, and if the U.S. does not. draw in those funds, they will flow to China-backed. jobs-- enhancing the Chinese Communist Celebration's international. impact, the company composed on Monday in a set of policy. proposals.
-
Brazil says Meta hate speech policy modifications do not fit with local law
Brazil's federal government stated on Tuesday it is seriously concerned about Meta Platforms' recently revealed modifications to its hate speech policy, adding that it thinks they do not adhere to the nation's. legislation. Facebook owner Meta last week reduced curbs on conversations. around controversial subjects such as immigration and gender. identity, while also ditching its fact-checking program in the. United States. The Brazilian government bought the social media company,. which likewise owns Instagram and Threads, to describe its strategies,. which President Luiz Inacio Lula da Silva had formerly identified. very serious. Meta in a letter to the South American country reiterated. that changes to the fact-checking program for now would just. use to the U.S., and stated that modifications to its community. standards were limited to the hate speech policy. The relocation, the company included the document shared by. Brazil's federal government, was focused on securing higher liberty of. expression. The workplace of Brazil's lawyer general (AGU) in a separate. declaration stated that some aspects of the Meta document trigger the. federal government severe concern, highlighting the changes to the. hate speech policy, which use to Brazil. AGU and other ministries understand that the present terms. of usage, along with the changes now informed by Meta, do not fit. with Brazil's legislation and are not sufficient to safeguard. basic rights, it added. Brazil will hold a public hearing later today to discuss. the topic with professionals.
LME on last lap to authorize Hong Kong as location for metal storage
The London Metal Exchange ( LME) is concluding its process for authorizing Hong Kong as a. place for its global metals warehousing network, which the. exchange thinks about to be a gateway to mainland China.
Approving warehouses in China, the world's biggest customer. of commercial metals, to store metal traded on the LME has been. a tactical goal because Hong Kong Exchanges and Clearing (HKEx). bought the LME in 2012 for $2.2 billion. However the LME. has failed to get regulatory permission.
Growth might suggest an increase to LME trading volumes if. effective, but market sources stated global warehouse. companies stressed over the inflated expenses of storage in Hong Kong. are not likely to rush to list storage facilities in the area.
The application to list Hong Kong as an LME delivery point. has actually been sent and assessed, and we are delighted to validate. that it pleases all of the policy criteria, the LME informed. Reuters.
The final stage of the application procedure, which involves. input from the relevant LME metal advisory committees, is now. underway and we plan to officially communicate next actions in early. 2025.
Last approval is required from the LME's Executive Committee. and Board of Directors.
Policy requirements consist of the place having the ability. to be a conduit for the passage of metal to ultimate. usage points and connections to international trade. routes to allow access to other customer nations, a file on. the LME's site said.
Approval likewise requires the place to be politically and. financially stable, commercially practical, fiscally. suitable, legally sound and exempt to corruption.
Other requirements state LME storage facilities must remain in areas. of net consumption, which Hong Kong is not, and away from. surrounding areas of production for that particular metal, the. file stated. But it unlocks to mainland China, an internet. customer of industrial metals.
Currently the LME has 465 approved warehouses in 32. places across the United States, Europe and Asia storing. metals such as aluminium, copper, zinc, lead, tin and nickel.
(source: Reuters)