Latest News
-
United CEOs will attend White House event to push for an end to the shutdown
Sources say that the CEOs of American Airlines, United Airlines and Continental Airlines will be attending a White House roundtable this Thursday to push for an end to a 30-day government shut down after a spike in flight delays attributed to air traffic controllers' absences. United CEO Scott Kirby, American CEO Robert Isom, Vice President JDVance, Transportation Secretary Sean Duffy and Airlines for America CEO Chris Sununu will be joined by Air Line Pilots Association president Jason Ambrosi, and other participants at a roundtable to discuss the impact of the government shutdown, which has forced 13,000 controllers in the air traffic control system and 50,000 Transportation Security Administration agents to work without being paid, according the sources. United confirmed Kirby's attendance. American, Delta and Southwest declined to comment immediately. Airlines have repeatedly called for an end to this shutdown, citing safety concerns. The meeting takes place as the government shutdown worsens existing staffing shortages. More than 63,000 Air Traffic Controllers and Transportation Security Administration Officers are forced to work without pay. The shutdown has caused a surge in unscheduled absenteeism, which threatens to cause disruptions that are similar to the ones that ended a government shutdown in 2019. Duffy reported that 44% of Sunday's delays and 24% of Monday's delays were due to air traffic controller absences. This compares to an average 5% before the shutdown. After missing their first paycheck, hundreds of air traffic controllers took second jobs in order to pay bills. Airlines and other companies are also donating food at airports to TSA agents and federal workers. Even before the shutdown, many air traffic controllers were working six-day weekends and mandatory overtime to meet their staffing targets. The 2019 35-day government shutdown ended when a surge in absences from controllers and TSA agents successfully pushed Washington to reopen. (Reporting and editing by Lisa Shumaker; Reporting by David Shepardson)
-
Gulf South Pipeline Co. invites commitments to Texas Gateway Project
Gulf South Pipeline Company LLC (a subsidiary of Boardwalk Pipelines LP) announced Thursday a binding season for the Texas Gateway Project. It invited firm commitments from its customers to reserve capacity on its planned new network. Boardwalk announced in a recent press release that the Texas Gateway Project will connect Gulf South's current network with new pipelines and gather natural gas at the Texas hubs of Katy and Carthage. According to the press release, gas will be delivered in Southwest Louisiana, near Gillis, to meet a growing demand. The project, it said, will provide increased liquidity, security of supply and flow assurance to LNG exporters, electricity utilities, industrials, and natural gas producers. Boardwalk Pipelines' president and CEO, Scott Hallam said that the project would provide low-cost access to LNG markets around the world while also supplying industrial and power needs in Gulf Coast Region. Gulf South secured a contract with a long term user at terms that would allow it to progress the project. It will also use the open season to gauge additional interest. It added that the project would add at least 1,450 million Dth/day (1,45 billion Cf/d) to Southwest Louisiana. The project includes a new 155 mile pipeline as well as upgrades to the existing Index 129 pipe in southeast Texas. The new line will begin at the Carthage Header, and extend all the way to Beauregard Parish in Louisiana. The release stated that it will include new compression facilities and metering equipment, adding the November 1, 2029 target date. (Reporting by Anjana Anil in Bengaluru; Editing by Jan Harvey)
-
Hungary prepares for tighter US sanctions against Russian oil
The government of Hungary has proposed legislation to amend the law on stockpiling imported crude oil and crude products. This will allow it to designate "standby" filling stations that can provide fuel in an emergency to users who are critical to supply. The amendment was made after an incident at the main refinery on the Danube of Hungarian oil company MOL, which forced it to reduce its capacity. It also comes before U.S. sanction against Russian oil giants Lukoil or Rosneft that will take place next month. The sanctions put Hungary at risk of being dependent on Russian crude oil imports. According to the text published on the website of the government on Thursday by the Energy Ministry, "the Government may by decree order standby fuel stations in an emergency, setting the priority of fuel supply". The law would come into effect on 1 January 2026. A spokesperson for the government was not available to comment further on the bill. The text states that "in the event of a supply crisis, users who ensure the smooth operation of the nation can get fuel from a standby network of filling stations." The amendment ...-, which reduces the administrative burden as well, is meant to create legal and financial conditions. It added that the amendment does not apply to retail buyers. Viktor Orban, Prime Minister of Hungary, said that the country was looking for a way around U.S. sanctions against Russian oil companies. Orban's chief staff announced earlier Thursday that he will meet U.S. president Donald Trump in Washington on November 7, where he hopes to discuss a way forward for a U.S. and Russia meeting, as well as seek an exemption from energy sanctions. According to MOL, the Danube refinery processes a large amount of Russian crude that is delivered through the Druzhba Pipeline. International Energy Agency data revealed that it effectively covered Hungary's demand for oil-based products.
-
Chinese Airlines return to profit with summer surge but challenges remain
The peak summer season in China helped the three largest airlines in China to post their first quarterly profit for a year. However, the recovery may be short-lived as the oversupply continues drag down the domestic market. Air China, the flag carrier of China, reported a net profit for the third quarter of 4,14 billion yuan (US$581.22 millions), a drop of 5.16% compared to last year. According to a stock market filing, the airline has also announced plans to conduct a private placement of A-shares to raise up 20 billion yuan to pay off debts and replenish its capital. China Eastern, which is the first customer of the C919 narrow body jet produced in-house, has turned a profit after three-quarters of losses. This compares to a loss of 2.63 billion dollars during the same period last year. China Southern released its results on Monday. The company reported a profit for the third quarter of 3.84 billion Yuan, up from 3.19 billion Yuan in the previous year. Analysts expect that the country's top three airlines could turn a profit by 2025, thanks to the summer performance. The recovery of Chinese companies has been slower than that of their international counterparts because the Chinese economy has slowed down and fierce competition within China between high-speed trains and airlines has led to a rise in fares. Data from VariFlight revealed that during the National Day holiday week, the average one-way fare increased by 10% on an annual basis to 910 Yuan. Flight frequencies and fares are now falling as the market moves into low season. According to data from aviation platforms, the average fare for domestic flights was 768.3 Yuan between October 13 and 19, 12% less than a month ago. Due to frictions between China and the United States, data show that international capacity is at approximately 85% of its 2019 level. However, North American services are still at less than a third of their pre-pandemic level. $1 = 7.1230 Chinese Yuan Renminbi (Reporting and editing by Jamie Freed in Shanghai, Brenda Goh in Beijing)
-
Clear payment for wheat delayed at Egyptian ports
Mostakbal Misr, Egypt's grain buyer of state, said on Thursday that several shipments of wheat which had been held up for weeks in Egyptian ports because payment problems were now cleared to be unloaded after the issues were resolved. Since early October, eight vessels carrying approximately 200,000 metric tonnes of wheat were stranded due to delays with the clearing of letters of credit. The delay caused delays in unloading and increased costs for shipowners. Mostakbal Misr stated that the payment issues for wheat cargoes which were delayed in Egyptian port had been quickly resolved. As of Wednesday night, the issue has been resolved. Ships are now slowly unloading. The agency stated that the issue with payment was due to new regulations implemented by Egypt's Central Bank, which tightened the verification procedures for letters-of-credit and checked the origin of imported products. It said that, "While Mostakbal Misr wasn't involved in the delays, we worked quickly with the central banks and suppliers to resolve the issue as soon as possible." Egypt is one of the largest wheat importers in the world. It relies heavily upon wheat imports to complement its domestic harvest. The grain is then used to make subsidised bread that is consumed by tens and millions of Egyptians each day. (Reporting and editing by Mohamed Ezz; Sarah El Safty, Michael Hogan)
-
US Judge reduces Standing Rock verdict to $345 Million
Greenpeace was awarded $667 million in damages by a jury in North Dakota, but the judge reduced that amount to $345 million on Wednesday. The judge did this because of Greenpeace's role in the protests against Dakota Access Pipeline construction. After determining that some of Greenpeace's damages were excessive or duplicative, State District Judge James Gion reduced the amount Greenpeace is owed to Energy Transfer by almost half. Greenpeace's interim legal counsel, Marco Simons said that the group believes "the remaining claims are unfounded legally" and that the case has always been about wealthy corporations using the court system to intimidate their critics and silence protesters who threaten their business model. Energy Transfer stated in a press release that it is "pleased to see that Greenpeace remains responsible for its actions" and that it plans to appeal the decision of reducing its damages. Dakota Access, a project located near the Standing Rock Indian Reservation, began in 2016, and was completed in 2017. The construction of the pipeline that transports approximately 40% of North Dakota's Bakken oil was met by fierce protests from environmental and tribal advocacy organizations who claimed it would poison local water supplies and exacerbate climate changes. Energy Transfer, a Texas-based company, first sued Greenpeace at a federal court located in North Dakota back in 2017. It accused the group of spreading lies about the project and paying people to disrupt construction. In March, the jury in North Dakota delivered its verdict, which included damages for defamation and trespassing. Greenpeace sued Energy Transfer in The Netherlands in February, under a European Law aimed at curbing lawsuits brought to harass or silence activists. This lawsuit is still ongoing. Blake Brittain reported from Washington, Edwina Gibbs edited by Paul Simao and Edwina Simao.
-
DP World to invest $5 billion in infrastructure in India
DP World, a Dubai-owned port and logistics company, has committed to investing an additional $5 billion into India in order to strengthen its integrated network of supply chains. The company announced this in a Thursday statement. The statement also added that this investment is on top of the $3 billion that UAE-based DP World already invested in India in the last three decades. In January 2024 the company signed memoranda with the Gujarat state government in India, worth $3 billion, for the development of new terminals, ports and economic zones. The company announced that the latest investment pledge, made at India Maritime Week in 2025, will support both domestic and export trade. "This new investment, combined with strategic partnerships reaffirms our commitment to advancing India’s maritime and logistic industry and cementing India's position in the global trade," said Group Chairman and CEO Sultan Ahmed bin Sulayem. DP World has more than 200 locations in India. According to the statement, the new investments and partnerships will help expand the company's footprint. (Reporting by Federico Maccioni. Elwely Elwelly is the writer. Mark Potter (Editing)
-
Enterprise Products' quarterly profit drops on lower margins, but buybacks to $5 billion are boosted
Enterprise Products Partners announced a lower-than expected quarterly core profit Wednesday as its liquids and natural gas businesses were weaker than expected. However, the company's petrochemicals business and refined products were stronger. Enterprise said that its board also increased the authorized size for its common unit purchase program from $2 billion to $5 billion, leaving $3.6 million in remaining capacity. The company described this authorization as "multi-year program" that offers an additional method to return capital to the investors. The company purchased 80 million dollars worth of units in the first quarter. UBS analyst Manav gupta called buyback update a "positive", but the "amount of the miss" could keep the stock at some pressure. In premarket trading, Enterprise shares were down 1.6% to $30.62. Enterprise has moved record volumes across its network. Natural gas pipeline throughput increased by 8% to 21.0 trillion British Thermal Units (Btus), and pipeline volumes equivalent rose 7% to 13.9 million barrels. These gains were offset with lower sales margins. LPG loading fees also decreased after contract renewals. LSEG data shows that adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), was $2.41billion in the third quarter. This missed analysts' expectations of around $2.50billion. The company spent $2 billion on capex in the first quarter. This included $1.2 billion on growth projects, $583 millions for Occidental Petroleum’s gas gathering system and $198 in sustaining capital expenditures. The company now expects growth in 2025 to be at the upper end of its range of $4,000 billion-$4.5billion. Elvira Scotto, an analyst at RBC Capital Markets, said that Enterprise's "steady balance sheet and steady cash flow can handle planned capex expenditure". Reporting by Arunima and Katha in Bengaluru, editing by Krishna Chandra Eluri
Why is Trump threatening to take over the Panama Canal?
Freshly inaugurated U.S. President Donald Trump is pressing to take back the Panama Canal, the world's second busiest interoceanic waterway, spurring concerns that the United States could attack the Main American country.
Trump argues that Panama has actually broken a promise of neutrality made when the United States moved the canal to Panama in 1999, falsely declaring that China is operating it.
The canal is operated by the Panama Canal Authority, an autonomous firm overseen by the Panamanian federal government.
WHY IS THE CANAL SECRET FOR THE U.S?
The Panama Canal is an 82-km (51-mile) synthetic waterway that connects the Pacific and Atlantic Oceans, and crucial to international trade circulations. It saves ships thousands of miles and weeks of travel. Before it was built, ships had to make the long journey around the stormy tip of South America in order to take a trip by sea between the 2 oceans.
Over two-thirds of all freight passing through the canal today stems from or is destined for the United States.
The U.S. completed building of the canal in the early 20th century, a job begun by France that declared the lives of over 25,000 employees.
Following pressure from anti-colonial movements, the U.S. signed treaties in 1977 approving Panama control and sovereignty over the canal zone and ensuring its permanent neutrality. These worked in 1999.
A modification to among the treaties shows that the right interpretation of the treaty commitments mandates that Panama and the United States should protect the canal versus any threat to the program of neutrality.
Permitted action under the treaty consists of taking unilateral actions to safeguard the canal versus any threat as defined by either nation, according to the 48-year-old accord.
However the treaty's language likewise forbids some U.S. actions.
This does not mean, nor shall it be translated as, a. right of intervention of the United States in the internal. affairs of Panama, according to the text, adding that any U.S. action must ensure that the waterway remains open, protected and. available.
Over the past couple years, an extreme dry spell exacerbated by. climate change reduced water levels at lakes feeding the canal,. forcing constraints on transits and vessel drafts, raising. expenses and waiting times.
The passage limitations were raised late last year, but the. waterway has not yet seen typical traffic return as many. shippers, particularly bulk carriers and melted natural gas. tankers, have continued taking alternative paths.
WHAT IS CHINA'S PARTICIPATION?
In his inaugural address, Trump duplicated claims that Panama. has actually ceded control of the canal to China. He has likewise stated. Chinese troops are stationed at the canal, without providing. proof.
Both Panama's federal government and the Chinese government turn down. those assertions.
CK Hutchison Holdings, a Hong Kong-based business,. has for more than 20 years operated the ports of Balboa and. Cristobal at the canal's Pacific and Atlantic entrances. The. publicly listed business is not economically connected to the Chinese. federal government, though Hong Kong firms undergo state. oversight.
Other ports are run by companies from the U.S., Taiwan and. Singapore.
China's economic influence has actually been growing in Latin. America, fueling concerns in Washington that the resource-rich. area will tilt to Chinese interests rather than those of the. United States.
Panamanian President Jose Raul Mulino has asserted that the. canal is and will continue to be Panamanian.
Panama's authorities just recently announced an audit on CK. Hutchison's operated ports, stating they are investigating the. firm's compliance with concession arrangements.
CK Hutchison's regional arm did not respond to a Reuters. request for comment, but said in a declaration it has actually paid the. state hundreds of countless dollars throughout its concession and. that its manpower is 99.9% Panamanian.
CONFLICT OVER TOLLS
Trump has actually consistently complained that the costs credited. ships to use the canal are too high, and has accused Panama of. imposing unjust tariffs on U.S. goods.
American ships are being severely overcharged and not. dealt with relatively in any way which includes the United States. Navy, Trump said in the address.
Between the fiscal years ended in 2020 and 2023, the canal's. toll earnings increased almost 26% to $3.35 billion. In the. fiscal year ended last September, the canal balanced out less vessel. traffic with a water additional charge, which it combined with slot. auctions that increased to as much as $4 million per vessel.
The canal's charges are not separated by a ship's flag,. country of origin, or destination. The United States does not. have a relevant commercial fleet under its flag, and U.S. military ships enjoy concern passage.
Mulino stated the tariffs are thoroughly and transparently. examined according to demand.
Delivering professionals and freight movers state tolling cost increases. have been applied over the last few years by other crucial waterways amid. need spikes and geopolitical conflicts.
WHAT'S NEXT
Trump's hazard is currently impacting Panama's financial obligation ranking. U.S. investment bank JPMorgan reduced its suggestion on. the nation's bonds over hazards to the canal, a crucial source of. nationwide earnings.
U.S. Secretary of State Marco Rubio is set up to visit. Panama in the coming days in his very first foreign journey since taking. the post. Immigration will be a focus of the journey.
Mulino, who took workplace last year, has taken a harder line. on migration than his predecessor, accepting U.S.-funded. deportation flights from Panama and installing barbed wire at. the Darien Gap, an unsafe jungle route lots of migrants pass through. from South America on their method to the U.S. border.
(source: Reuters)