Latest News
-
Southwest CEO expects Boeing MAX 7 certification around August 2026
Southwest Airlines CEO Bob Jordan said on Thursday that the Boeing 737 MAX 7 is expected to be certified around August 2026. The U.S. airline will then'start flying' the small single-aisle aircraft during the first quarter in 2027. Jordan, speaking at an event hosted by the Wings Club of New York City, said that "Boeing had said about mid-summer." "I'd guess that it will be?certified in August 2026." Jordan told analysts he expects the certification of Boeing’s smallest MAX Jet sometime in the first half 2026. The aircraft could enter service by the end of the next quarter. Southwest does not have a MAX 7 in its fleet plan for 2026. Southwest is the MAX 7's launch customer. Boeing has been unable to certify its MAX 7 or MAX 10 models because of a problem with engine de-icing. Boeing has also faced delays when trying to certify the widebody 777X. Boeing's CEO Kelly Ortberg told analysts in the past that he expects certification of the MAX 7 and larger MAX 10 jets to occur by 2026. He did not give a specific date. Boeing referred on Thursday to Ortberg's remarks. The Federal Aviation Administration (FAA) of the United States has announced that it will propose changes in order to speed up certification for new commercial aircraft.
-
US lawmakers call for tougher safety regulations on military helicopters
Cruz-Cantwell Bill proposes stricter safety requirements The Defense Bill allows the Transportation Secretary to grant waivers Families of crash victims demand visibility standards that are enforceable By David Shepardson WASHINGTON, Dec 11 - U.S. lawmakers urged on Thursday to strengthen military heli safety rules in an annual defense bill following the fatal crash of an Army Black Hawk with an American Airlines passenger?jet, which killed 67 people. Ted Cruz, Republican chair of the U.S. Senate Commerce Committee, and Maria Cantwell (top Democrat) filed a joint amendment on Thursday to remove the military helicopter clause from the defense bill, and replace it with tougher requirements that were approved by the committee back in October. The Cruz-Cantwell bill would require aircraft operators by the end of 2031 to equip their fleets with an ?automatic dependent surveillance-broadcast system, also known as ADS-B. Advanced tracking technology allows aircrafts to broadcast their exact position, altitude and velocity. The Cruz-Cantwell Bill also proposes significant safety reforms. These include a heightened oversight of jet traffic, helicopter traffic, and flight routes close to commercial airports. The senators, in a statement released jointly, criticized the proposal included in the defense legislation. After the?collision on January 29, aviation safety in Washington has been questioned. The Army Black Hawk helicopter that was involved in the accident was flying over maximum altitude and at the time, it wasn't broadcasting ADS-B. The Federal Aviation Administration banned the Army's helicopter flights near the Pentagon after a close call occurred in May. The bill requires U.S. helicopters flying training missions to broadcast warnings to commercial aircraft nearby, but it does not specify what type of alerts should be sent. The Defense Department may be able to waive this requirement after completing a risk analysis and addressing the risks to commercial aircraft. Cantwell stated that the defense bill will roll back FAA regulations imposed after the crash. Cantwell stated that the bill "leaves the public less secure". Top Republicans and Democrats in the Senate Armed Services Committees and the House Armed Services Committees have defended this less restrictive provision. They said that any waiver would still require the approval of the Transportation Secretary. The lawmakers of the Armed Services Committees said that these important requirements were critical first steps that will help to make our skies safer. Republican Troy Nehls chairs a House Aviation Subcommittee. He said that the Defense Bill "fails seriously to consider?the safety of DC’s congested airport." Jennifer Homendy, chair of the National Transportation Safety Board, called the helicopter proposal in the defense bill "an unacceptable danger to the flying public." The language of the defense bill is not acceptable to the families of those who died in the collision on January 29. In a press release, they demanded "real, enforceable standards of visibility for all military aircraft that operate near civilian traffic." David Shepardson, Washington reporter; David Gregorio, editor
-
US prepares to seize additional tankers near Venezuelan coast after first vessel taken, say sources
Six sources with knowledge of the situation said that the U.S. was preparing to intercept additional ships transporting Venezuelan crude oil after the seizure this week of a tanker. This is part and parcel of increasing pressure on Venezuelan president Nicolas Maduro. It was the first time that a Venezuelan oil tanker or cargo had been intercepted by U.S. authorities since 2019. The seizure came at a time when the U.S. is executing a massive military buildup on the southern Caribbean and as 'U.S. Donald Trump is pushing for Maduro to be ousted. Sources said that the latest U.S. actions have put shipowners and operators involved in shipping Venezuelan crude oil on alert. Many are now reconsidering whether they will continue to do so in the near future. Sources familiar with the situation, who declined to name themselves due to the sensitive nature of the issue, expect the U.S. to continue to intervene directly in the weeks to come against ships transporting Venezuelan oil, which may have also transported oil from countries that are under U.S. sanction, like Iran. U.S. ASSEMBLES TANKER TARGET LIST: SOURCE PDVSA, Venezuela's oil state company, did not respond to a comment request. Venezuela's government said this week that the U.S. seizure was a "theft." When asked if the Trump administration intended to seize more ships, White House spokesperson Karoline leavitt said she wouldn't speak about future action but that the U.S. will continue implementing the president’s sanctions policies. She said: "We won't stand by while sanctioned ships sail the oceans with black-market oil, whose proceeds will fuel the narcoterrorism and illegitimate governments around the globe." According to a person familiar with the situation, the U.S. is preparing a list of additional sanctioned oil tankers that could be seized. According to two people, the U.S. Justice Department (DoJ) and Homeland Security (HS) had planned the seizures for months. The Maduro government would be financially strained if Venezuelan oil exports were to cease or reduce. They are the primary source of revenue for Venezuela. Treasury Department announced on Thursday that it had imposed sanctions against six supertankers, which, according to PDVSA internal documents and data from ship monitoring, "recently loaded crude oil in Venezuela", and four Venezuelans including three relatives of Cilia Flores, the first lady of Venezuela. It is not known if the newly sanctioned vessels are among those that will be targeted for interception. The seizure on Wednesday comes after the U.S. In recent months, the U.S. has conducted more than 20 airstrikes against what it claims are drug vessels in both the Caribbean and Pacific. More than 80 people have been killed. Experts claim that the strikes could be extrajudicial illegal attacks. The U.S., however, claims it is protecting Americans against drug cartels which it has labeled as terrorist organizations. According to a U.S. Venezuelan policy source, further ship seizures may be used to tighten the financial screws against Maduro. Maduro claims that the U.S. buildup in military forces is aimed at toppling him and gaining control over the OPEC nation’s oil resources. The U.S. is now focusing on what they call the "shadow fleet" of tankers, which transports oil sanctioned to China as the biggest buyer of crude from Venezuela or Iran. The sources said that a single vessel would often make separate trips for Iran, Venezuela, and Russia. Sources said that the seizure by authorities of the Skipper tanker caused at least one shipper to suspend temporarily the voyages for three newly loaded shipments of Venezuela's flagship export grade Merey totaling nearly 6 million barrels. A Venezuelan oil trader said, "The cargoes had just been loaded and they were about to sail to Asia." The voyages have been cancelled, and now tankers are waiting near the Venezuelan coast because it is safer. Surveillance of Targets One source said that U.S. forces are monitoring the tankers and vessels at sea, as well as those in Venezuelan ports being repaired or loaded. They will wait until they sail into international waters to take action. Another source said that in the weeks leading up to the?seizure' of Skipper - which had been previously sanctioned due to its oil trade with Iran - U.S. forces increased surveillance of waters near Venezuela and the neighboring Guyana. Leavitt, at the White House said that the vessel seized was expected to sail into a U.S. Port where the government plans to seize the oil cargo through a legal process. One source said that the timing of future seizures will partly depend on how fast ports can receive seized vessels to?unload oil cargoes. The shadow fleet of vessels that transports sanctioned oil is largely comprised of old ships, whose ownership is obscure and who sail without insurance. Many ports would be reluctant to accept the vessels. One source said that a U.S. Warship monitored and briefly detained a vessel called the Seahorse in November, because it was under UK and European Union sanctions for its oil trade links with Russia. The vessel then sailed into Venezuela. Legal experts said that while the Venezuelan government called the U.S. seizure "an act international piracy," it didn't fall under this definition in international law. Laurence Atkin-Teillet is a British specialist in piracy, law of the ocean and maritime terrorism. The term "piracy" in this context seems to be a rhetorical or figurative usage, and not a legal one.
-
US sanctions Maduro family and Venezuelan oil tankers
Washington is increasing pressure on Caracas by imposing new sanctions on 'Venezuela. They include curbs on six crude oil tanks and shipping companies that are linked to three nephews of Nicolas Maduro, the wife of the president. The move came at a time when the U.S. is executing a massive military buildup in southern Caribbean, and while U.S. president Donald Trump is campaigning for Maduro to be ousted. Trump announced on Wednesday that the U.S. seized an oil tanker sanctioned by the U.N. off the coast of Venezuela. In a press release, the U.S. Treasury Department said that it had imposed sanctions against six shipping companies involved in?moving Venezuelan crude oil and six crude oil tanks linked to these companies. The U.S. Treasury Department, in a statement, said it imposed sanctions on six shipping companies?moving Venezuelan oil, as well as six crude oil tankers linked to them. According to internal documents of the state oil company PDVSA, the vessels targeted are supertankers which recently loaded crude in Venezuela. Sanctions were also imposed on Franqui Flores (nephew of Venezuelan First Lady Cilia Flores) and Efrain Campo Flores. After their arrests in Haiti, in 2015 as part of a U.S. Drug Enforcement Administration operation, the two were nicknamed "narco-nephews". In 2016, they were sentenced to 18-years in prison for attempting to execute a multimillion dollar cocaine deal. They were then released as part of a prison exchange with Venezuela in 2022. The Venezuelan Communications Ministry, which is responsible for handling press inquiries on behalf of the government, has not responded to a comment request immediately. Wednesday's seizure of Venezuelan oil was the first since U.S. sanctions have been in place since 2019. It is the first action taken by the Trump administration against a Venezuelan-related tanker since he ordered the massive military buildup of the region. Trump has raised the possibility that military intervention could be launched in Venezuela repeatedly, accusing it of sending drugs to the United States. There have been more than 20 U.S. strikes on suspected drug vessels. This has raised concern among legal experts and lawmakers. Reporting by Daphne Psaledakis and Marianna Pararaga; editing by Caitlin Nickel and Rod Nickel.
-
Pacific Northwest evacuated after heavy rains cause widespread flooding
Flooding was caused by heavy rains that soaked the Pacific Northwest on Thursday. This affected a large part of the Pacific Northwest, from Oregon to Washington State and British Columbia. This forced dozens of road closures and widespread evacuations. Meteorologists refer to the atmospheric river as a massive airborne current that funnels dense moisture inland from Pacific Ocean. The storm's brunt fell on the western half of Washington State. Flood watch warnings were issued by the U.S. National Weather Service from the Cascade Mountains up to Puget Sound and for the north-central outskirts of Oregon. The Weather Service reported that the storm dumped up to 10 inches of rain (12.7-25.4 cm) over large swathes of the Pacific Northwest. 72-hour totals reached more than one foot by Thursday on the western flanks the Cascades. The 'worst flooding' was mainly reported along the Snohomish River and Skagit River. Authorities reported that dozens of roads had been closed in Snohomish County northeast of Seattle due to flooding overnight. Emergency teams performed a number swiftwater rescues there on Thursday. Residents of Skagit County who live in low-lying parts of a floodplain that is 100 years old were urged to "evacuate immediately to high ground" because there was major flooding. Washington Governor Bob Ferguson stated on social media that he expected up to 100,000 residents to face evacuation orders. He also predicted rivers would reach historic flood levels. Ferguson declared a state of emergency on Wednesday, urging federal aid to be expedited as the Weather Service predicted the possibility for catastrophic flooding. Vancouver Highways Shut Down Local authorities in British Columbia said that the majority of major highways leading into Vancouver, a Pacific port city, were closed Thursday due to flooding, falling stones and?the danger of avalanches. The British Columbia Transport Ministry, which is the province in which Vancouver, Canada's largest port is located, said that the situation was "evolving and very dynamic". In a press release, it warned that "other provincial roads could be closed without much notice." Five of six highways leading into?Vancouver are closed. However, the main route from Seattle remains open. Vancouver is mainly accessible via a limited railway and highway network that crosses over the Rocky Mountains. This makes it vulnerable to severe weather. A atmospheric river in late 2021 dumped two days' worth of rain on southern British Columbia. This caused floods and mudslides, which killed four people and cut off rail access into Vancouver. The damage was more than C$500,000,000 ($363,35,000,000). Vancouver is a major exporter of resources, such as potash, coal and forestry products. It also exports pork, beef, and hogs. The atmospheric riverstorm was expected to subside on Thursday. However, the Weather Service warned of lingering rainfall that continued to pose an increased flood risk across the region.
-
Lula, Maduro spoke about situation in Caribbean, South America, Brazil's government says
The Brazilian government announced on Thursday that Luiz Inacio Lula da Silva, Brazil's president, spoke with Venezuelan counterpart Nicolas Maduro last month about the situation in South America and the Caribbean. The government reported that the two leaders had a "quick call" on the 21st of November. It added that there was no other development after the call. This was the first time they had called since last year, before Venezuela's presidential election. The?Brazilian Government and international observers challenged Maduro's self proclaimed reelection at the time. The Brazilian newspaper O Globo was the first to report this call on Thursday, citing its sources. The report said that Lula was concerned about the increasing U.S. presence in the Caribbean, as President Donald Trump stepped up pressure on Maduro’s socialist government. In prior talks with Trump, the leftist Brazilian leader?offered to serve as a mediator for negotiations between the U.S. (Reporting and writing by Lisandra paraguassu, editing by Paul Simao).
-
US prepares to seize additional tankers near Venezuelan coast after first vessel taken, say sources
Six sources familiar with this matter told AFP on Thursday that the U.S. was preparing to intercept additional ships transporting Venezuelan crude oil after the seizure a tanker earlier this week. This is part of an effort to increase pressure?on Venezuelan president Nicolas Maduro. This was the first time that an oil tanker or cargo from Venezuela had been intercepted by U.S. authorities since 2019. The U.S. is executing a massive military buildup in southern Caribbean, and U.S. president Donald Trump is campaigning for Maduro to be ousted. Sources said that the seizure had put shipowners and operators involved in the transport of Venezuelan crude oil on alert. Many were reconsidering their plans to leave Venezuelan waters as planned in the next few days. Sources familiar with the situation who declined to name themselves due to the sensitive nature of the issue, said that the U.S. is likely to continue to intervene directly in the weeks to come against ships transporting Venezuelan oil, which may have also transported oil from countries subject to U.S. sanction, like Iran. U.S. ASSEMBLES TANKER TARGET LIST: SOURCE PDVSA, Venezuela's oil state company, did not respond to a comment request. Venezuela's government said this week that the U.S. seizure was a "theft." When asked if the Trump administration intended to seize more ships, White House spokesperson Karoline Leavitt said she wouldn't speak about future action but that the U.S. will continue to implement?the President's sanctions policy. She said: "We won't stand by while sanctioned ships sail the oceans with black-market oil, whose proceeds will fuel the narcoterrorism and illegitimate governments around the world." According to a person familiar with the situation, the U.S. is preparing a list of "several" more sanctioned oil tankers that could be seized. According to two people, the U.S. Justice Department (USJD) and Homeland Security planned the seizures months in advance. The Maduro government would be financially strained if Venezuelan oil exports were to cease or reduce. They are the main source of revenue for Venezuelan governments. The new U.S. strategy focuses on what's called the "shadow fleet" of tankers, which transports oil sanctioned to China, as the biggest buyer of crude from Venezuela or Iran. The sources said that a single vessel would often make separate trips for Iran, Venezuela, and Russia. Sources said that the seizure by the navy of the Skipper tanker caused at least one shipper temporarily to suspend three newly loaded shipments of Merey export grade from Venezuela, totaling nearly 6 million barrels. A trading executive involved in the shipping and dealing of Venezuelan oil said, "The cargoes had just been loaded and were about start sailing to Asia." The voyages have been cancelled, and the tankers are now waiting near the Venezuelan coast because it is safer. Surveillance of Targets One source said that U.S. forces are monitoring the tankers on sea, as well as some vessels being repaired or loaded in Venezuelan ports. They will wait until they sail into international waters before they take action. Another source said that in the weeks leading up to the arrest of Skipper - which had been previously sanctioned by the U.S. government for its oil trade with Iran - U.S. troops had increased surveillance of the?waters near Venezuela and the neighboring Guyana. One source said that the timing of future seizures will partly depend on how fast ports can receive seized ships to unload oil cargoes. The shadow fleet of vessels that transports sanctioned oil is largely old, the ownership is opaque, and they do not have top-tier insurance. Many ports would be reluctant to accept the vessels because of this. One of the sources claimed that a U.S. Warship monitored and briefly detained a vessel called Seahorse in November, before it sailed into Venezuela. Legal experts said that while the Venezuelan government called the U.S. seizure "an act international piracy", it didn't fall under this definition in international law. Laurence Atkin-Teillet is a British specialist in piracy, law of the ocean and maritime terrorism. The term "piracy" in this context seems to be a rhetorical or figurative usage, and not a legal one.
-
Exports of CPC and BTC pipelines in November fell 12% m/m.
Industry sources reported on Thursday that premiums for Azeri BTC crude oil compared to Brent dated fell by 12% between November and October. According to the schedule, Azeri BTC crude exports to Turkey from Ceyhan have been set to 16.2 million barrels, down from 17.0 in December. The traders stated that the lower supply of grade "supported" the differentials. CPC, which is responsible for around 80% of Kazakhstan’s oil exports, suffered a drone attack on November 29th, causing severe damage to one of its three main exporting units. Sources said that exports fell last month from 1.52 million barrels a day to 5.088 metric tons or 1.34 mn barrels a day. PLATTS WINDOW SOCAR sold 650,000 barrels Azeri BTC from Ceyhan between Dec. 29 and Jan. 2, at Brent plus $3 per barrel to Vitol. Traders said that no bids or offers for Urals and CPC Blend were made on Thursday. OPEC data released on Thursday showed that Russian oil production increased in November by 10,000 barrels per day to 9,367 million. This is a modest increase from October. The OPEC+ group, which includes the major oil producing nations, agreed to a moderate rise in output quotas. Reporting by
Berkshire takes $3.8 billion Kraft Heinz write-down, operating profit falls
Warren Buffett’s Berkshire Hathaway announced on Saturday that it had written down its Kraft Heinz stake by $3.76 billion during the second quarter. This is an admission that the investment, which dates back a decade, has not worked out.
Berkshire reported a 4 percent decline in operating profit for the quarter as premiums on insurance underwriting fell. Overall net income dropped by 59% due to the write-downs and lower gains on common stocks. Buffett's company signaled that it is still cautious about the market valuations amid uncertainty over tariffs and economic growth.
For the 11th consecutive quarter, it reported a cash holding of a record $344.1 billion and sold more shares than it purchased. Berkshire had not repurchased its own stock as of mid-July.
Buffett has been the leader of Omaha, Nebraska based Berkshire, since 1965. He plans to retire at the end of this year.
Analyst Kyle Sanders at Edward Jones said that investors are becoming agitated and seeking activity. But nothing is happening. "Buffett will wait and see what happens. He believes the market is overvalued."
The uncertainty about trade policies and tariffs has led to a decline in revenue for most Berkshire consumer businesses.
Jazwares, the company that makes popular Squishmallows toys, saw its revenue drop 38.5% during the first half of the year.
Analysts found the overall results disappointing.
CFRA Research analyst Cathy Seifert said that "Berkshire, and the economy, are at an inflection-point." "I do not think that the market will accept the combination of Berkshire's recent underperformance, the lack of stock-buybacks and the mediocre results."
Seifert and Sanders give Berkshire a "hold" rating.
KRAFT HEINZ
Operating income for the second quarter fell from $11.6 billion to $11.16 Billion, or $7,760 per class A share. This is a drop of $1 billion. The results included $877 millions of currency losses due to the weakening U.S. Dollar.
Net income including gains and losses from stocks like Apple and American Express fell to $12.37 Billion, down from $30.35 Billion. Revenue dropped 1% to $92.52 Billion.
Buffett believes that unrealized gains and losses on investments, such as stocks Berkshire does not plan to sell, are often irrelevant to his understanding of the company. Berkshire wrote down its Kraft Heinz 27.4% stake for $3.76 billion, or $5 billion, after taxes. This was in response to the announcement by Kraft Heinz that it would be considering strategic alternatives including a breakup.
Berkshire had carried Kraft Heinz on its books at above-market value but said economic and other uncertainties, and its longer-term plans to remain an investor, made the gap "other-than-temporary." Berkshire has written down Kraft Heinz twice, the second time in 2019. The first was a $3 billion writedown. Buffett admitted at the time Berkshire had overpaid for the merger between Kraft Foods in 2015 and H.J. Heinz was one of Buffett's biggest investments mistakes.
Kraft Heinz is suffering as consumers prefer healthier private label alternatives. Its 200 brands include Oscar Mayer and Kool-Aid.
Berkshire has another large investment: its 28,1% stake in Occidental Petroleum, valued at $5.3 billion over fair value. However, the company reported that it did not need to write down this amount.
Lagging the Market
Since Buffett announced his resignation as CEO at the end of the year on May 3, Berkshire shares have dropped more than 12% and are about 22 percentage points behind Standard & Poor’s 500. Buffett, who will remain as chairman, will be succeeded by Vice Chairman Greg Abel (63). Analysts say the premium in Berkshire stock due to the presence of Buffett - arguably the most famous investor in the world - has diminished, and growth in the insurance industry, which is a major Berkshire profit centre, may slow.
Lack of new investment has also been a drag. Analysts think Berkshire's BNSF could purchase CSX in order to create a second transcontinental railroad after Union Pacific bought Norfolk Southern on July 29.
Buffett transformed Berkshire in six decades from an ailing textile company that had closed down into a conglomerate worth $1,02 trillion.
Berkshire is the owner of several insurance companies and reinsurers as well as electric utilities and renewable energy companies. It also owns several chemical and industrial businesses and consumer brands like Dairy Queen Fruit of the Loom, See's Candies and Dairy Queen.
BIG BEAUTIFUL BANK
Berkshire stated that the 12% decline in quarterly insurance underwriting profits was primarily due to reinsurance and smaller insurance businesses. Geico, the company's best-known insurer, saw its pre-tax profit increase 2% as a rise in premiums of 5% offset a rise in accident losses that was smaller.
State Farm and Progressive have gained market share from Geico, which has focused on underwriting technology and quality while cutting jobs. Analysts believe that higher tariffs may be a negative for Geico, if auto parts costs rise. This could increase the number of accident claims.
BNSF also cuts expenses. Fuel costs were lower, which helped to boost the quarterly profit by 19%. Revenue and cargo volumes barely changed.
Berkshire Hathaway Energy's energy division posted a profit increase of 7%. Berkshire Hathaway Energy is evaluating how the One Big Beautiful Bill Act signed by U.S. president Donald Trump last month will impact the "economics" and "viability" of their renewable energy, storage, and technology-neutral project.
(source: Reuters)