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Maricarmen Abascal has died. She was the evicted Spanish 80-year-old who was at the heart of Spain’s housing protests.
The tenants' union in Madrid announced on Wednesday that Maricarmen Abacal, the 87-year old woman whose eviction had sparked protests over housing conditions in Spain, was dead. Abascal’s?eviction has sparked protests in Spain over the last couple of weeks. This included activists camping out on one of Madrid’s main squares and calls for action to tackle a growing housing crisis. These protests, along with the rejection by parliament of last week's decrees intended to?limit evictions?and limit rent pressures?, led Prime Minister Pedro Sanchez?to call for an early election on?November 29, Sanchez wants to change the narrative of the political debate from the handling of the migrant crisis by his government in Spain's North African Enclave Ceuta, and the corruption cases involving the Socialist Party of Spain and his family. He is now focusing on the housing crisis. Angel Victor Torres is Spain's Minister of Territorial Policy. He lamented this news. He said that Maricarmen was a symbol for what many families were going through, both elderly and young, who struggled to get their own home or stay there.
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US ends review of data privacy for US Airlines without Penalties
According to a memo seen on Monday, the US 'Transportation Department' has concluded a review conducted during Biden's tenure of?airlines? data privacy practices without imposing any penalties. This is despite complaints from lawmakers that carriers had failed to safeguard or misuse information. USDOT did not comment on Monday but in a memo dated 4 September, it said that they had evaluated the privacy of data for the 10 largest airlines and found "no violation" of the applicable laws or policies. In?March 2024, the then-Transportation Secretary Pete Buttigieg opened a review on how US Airlines collect and use passengers' information. Senator Ron 'Wyden has urged USDOT addressing privacy concerns. "DOT claims that merely having a policy and training on privacy is enough, despite evidence of privacy violations." Wyden and Shontel brown said in August that the Drug Enforcement Administration was paying airline employees Millions of dollars were spent to get some data on 'Americans. They alleged that a database owned jointly by major US airlines sold passenger records without warrants and court oversight to government agencies such as the IRS. In a memo, the department said that US airlines shouldn't set pricing based on personal data. It reminded airlines that they have a responsibility to "protect?passenger?data, adhere?to published privacy policies and prevent unlawful discrimination when it comes to dynamic pricing practices." Sean Duffy, Transportation Secretary, said last year that he would investigate any personalized pricing. Delta Air Lines denied using AI to set individual prices.
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Manishi Raymondchaudhuri: The thaw in the Sino-Indian relationship will be a major test for economic growth
India wants to move out of China's shadow and improve diplomatic relations. But the more it pushes the more its dependency on China, its wealthier neighbor, becomes apparent. Xi Jinping, the Chinese president, and Indian prime minister Narendra Modi met in New Delhi in December. It was Xi's very first trip to India in seven years. Both leaders agreed to repair the damage caused by the deadly hand-to -hand clashes that occurred in 2020 along their shared, but poorly defined Himalayan border. Since the two Asian giants agreed last year to end their military standoff, there are other signs of warming relations. Since the COVID-19 epidemic in 2020, direct flights between Indian cities and Chinese 'cities' have been resumed. Visa services in China are also expanding. These measures are only a first step. Handshakes and plane rides will not solve the problem of long-standing trade dependency and strategic distrust. The economic relationship between the two Asian giants remains profoundly asymmetric. According to the World Bank, China's share in global manufacturing value added was 28% by 2025. This is far greater than India's 3%. India's export situation is also lopsided. China's 16.3% of global merchandise exports by 2025 will be a massively greater share than India's 1.7%. India will import goods from China worth $116 billion dollars more than it exports in 2025. In August of this year, India's deficit was already at $91 billion. It was on course to surpass the record set last year. CAPTIVE SUPPLY CHAINS It's not just that India imports from China more. Many of these imports are essential to Indian industry. The three largest import categories are electrical and electronic equipment (EEE), machinery and chemicals. These goods are used as intermediates by Indian manufacturers. India imports more from China the more it exports. The dilemma is illustrated by smartphones and generic drugs. India has made great progress in expanding pharmaceutical production and assembling electronic devices, but many of the inputs and components needed by both sectors are still sourced from China. This dependence has broad strategic implications. Beijing's introduction of export licensing requirements for seven heavy rare Earths in April 2025, exposed India's automotive manufacturing and defense sectors to vulnerabilities. India's manufacturing problems are not all due to foreign competition. According to the latest Economic Survey, India's R&D spending in 2024 was just 0.64%, which is significantly lower than its?Asian counterparts, partly due to private sector underinvestment. The problem is compounded by the shortage of skilled workers. Foxconn's decision to withdraw Chinese staff from their Indian iPhone factories by 2025 showed how advanced manufacturing is dependent on foreign expertise. INDIA'S FIXES New Delhi is trying to correct the imbalance. India has recently eased restrictions on Chinese foreign direct investments (FDI), allowing them to own up to 10% of Indian companies. The government announced simultaneously that it would expedite the clearance of investment proposals within 60 days in five high-tech areas, provided they were structured as joint ventures and had majority Indian ownership. India's exports to China increased by 40% from April to August. The increase in exports is largely due to industrial machinery, automotive components and printed circuit boards as well as smartphones and other electronic products. The export boom should not be misinterpreted as a fundamental change in the relationship. India's electronic growth is still heavily dependent on Chinese imports. Smartphone manufacturing, India's largest export success story, is still only 18-20% local. The AI boom in Northeast Asia is generating positive spillovers to the subcontinent. Indian firms are picking up sub-components from Chinese tech giants who are facing a surge in hardware demand. This dynamic, however, reinforces the importance of Chinese supply chains. TRUST DEFICIT IS PERSISENT In order for China-bound FDI to reach India and for technology transfer to take place, it is important to answer the question: What does India have to offer? China is not taking up the bait. The obvious answer to this question is 'access to a large, young market with a low-cost labor pool'. Also, New Delhi has various incentives for industrial growth, including tax breaks, payouts linked to production, and capital subsidies. China's pressure to its leading companies, which includes EVs, batteries and solar energy equipment as well as electronic equipment, shows how Beijing protects its most sophisticated capabilities. The 3,800 km (2,400 miles) of disputed border in Himalayas continue to cast a cloud over the relationship. The two countries have agreed to a gradual, multi-year stabilisation plan. Diplomats met in Beijing last August and pledged a "fair settlement that is reasonable for both parties". However, there does not appear to be a resolution imminent. Both governments seem willing to expand economic cooperation for the time being. India's challenge does not just lie in reducing its imports from China. The challenge for India is to use a renewed engagement with China to develop its own domestic capabilities. The relationship between Asia's largest economies until then will be a one-sided affair. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Alaska LNG savings justify billions of investment, developer claims
Alaska LNG's developer claimed that the project would be competitive with US Gulf Coast competitors because it will have access to stranded natural gas and shorter shipping routes into Asia. This is despite some analysts' concerns about the massive infrastructure costs of 'the project. Tim Fitzpatrick said in an email sent to the project developer Glenfarne on Sunday that the cost to ship gas from Alaska's North Slope to Asia would be at least 60% cheaper than the Gulf Coast. The project would transport gas from Alaska's north slope through an 800-mile pipeline, to a plant that exports liquefied gas in southern Alaska. The question is whether the lower shipping costs are worth the billions needed to build infrastructure. The estimated cost for the project is $44,5 billion to $54,5 billion. This translates into?roughly $2 billion to $2.7 million per million tons of LNG capacity (MTPA). This is significantly more than other Gulf Coast projects that have recently been approved. The developer Glenfarne claims that this comparison is inaccurate because it does not include the costs of the pipelines and treatment infrastructure required to bring the North Slope gas stranded to the market. Fitzpatrick stated that the delivery costs for the?Alaska Liquefied Natural Gas project are about $1.4 billion each MTPA. Since the Russian invasion of Ukraine, US LNG projects have been approved at an average price of $1 billion or less per mtpa. Glenfarne says that the project's competitiveness is best measured in terms of delivered LNG costs, rather than upfront expenditure. Fitzpatrick stated that the company has so far identified customers for 13 millions tons of LNG per year and needs 16,000,000 tons per annum to support project finance. Trump said on Friday that South Korea would help finance the LNG project in Alaska as part of an investment package worth $200 billion for US projects. Seoul, however, quickly indicated that the role of South Korea in the Alaska LNG project was not yet determined.
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US FAA: Boeing 737 MAX software bug poses no safety concern
Federal Aviation Administration'said Friday that a panel of experts determined that a'software glitch in certain Boeing 737 MAX Flight Computers pose no safety concerns, clearing the?way for approval of a broader version?of a bestselling narrow body jet. This decision will remove a long-delayed obstacle to the certification of the MAX 10 – the largest variant in the 737 MAX Family – which had been delayed by years. This should ease the concerns of airlines who fly the MAX 7 which also uses the same software and was certified by FAA in august. The FAA stated that the decision by the Corrective action Review Board?that?met in Seattle on?Friday was based on "pilots retaining full control of?aircraft, and the indications given to the flight crew were clear and unambiguous." The FAA announced earlier this week that it would delay?certification for the MAX 10 until an analysis was completed of the software problem, which could prevent pilots?from?accessing automated guidance during a landing scenario. Aviation officials believe that the MAX 10 could now be certified by the end of this month. Southwest Airlines could have also been affected by the issue, as the MAX 7 aircraft that was just certified uses the same software. The MAX 10 was also ordered by Alaska Airlines, United Airlines, and other large airlines. Jefferies stated in a research report that the MAX '10 can be certified by the end of this year. Boeing has estimated nearly 1,500 MAX 10s are on order. The FAA stated that one software version could increase pilot workload when a pilot "aborts" a landing, then applies power and climbs for another 'landing attempt. A FAA official stated that Boeing would issue a bulletin on how to recognize the situation and what to do in it. The FAA will then issue a Special Information Bulletin about Airworthiness to US airlines and foreign regulators so they are aware of Boeing’s bulletin. While the analysis was in progress, major US airlines chose not to use this version of the software.
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Zimbabwean businessman Chivayo who was close to the ruling elite killed in helicopter crash
Wicknell 'Chivayo', his wife, and other victims were killed in a helicopter crash on Wednesday, according to Emmerson Mnangagwa. Mnangagwa said in a statement to X on Thursday he is "in deep grief and shock", and Kenyan President William Ruto, who posted a different post on the same day, called Chivayo a friend and expressed his sadness at his death. Chivayo, who has cultivated close relationships with Mnangagwa, and other African leaders by posting pictures on social media, also displayed luxury vehicles, designer clothes and lavish gifts. Zimbabwe's The Herald reported that investigations?into this crash are currently underway and a statement detailing the findings will be made in due course. The police did not comment on the cause of the accident, but Paul Nyathi, the spokesperson for the authorities said that DNA tests were being conducted because the bodies had been severely damaged. Chivayo was often cited by critics as an example for a small, elite class who benefited from contracts with the government under Zimbabwe's ZANUPF party. He denied accusations of corruption. Chivayo spent several years in prison after being convicted of money laundering in 2005. He was arrested for?the alleged misuse of a $5.6million advance payment linked to a solar energy project in 2018. But a magistrate struck off the 'case in 2023 citing delays by the prosecutors. Mnangagwa again attracted scrutiny in 2024 after describing his company as Starlink’s exclusive partner in Zimbabwe. This prompted the telecommunications regulator, to clarify that it was only one of many approved resellers.
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Israel's Netanyahu: Flydubai co-pilot underwent radical Islamist endoctrination
Israel's Prime Minister said that the co-pilot who attempted to crash a plane by stabbing the captain had been radicalized and clearly suicidal. The flydubai flight FZ1073, which flew from Dubai to Tel Aviv on Wednesday, was spared disaster after the injured captain managed to open the cockpit door and allow passengers to subdue their attacker. The plane with more than 170 passengers on board was landed at Tabuk Airport in Saudi Arabia by a reserve crew. We know that he was radicalized by islamists. In an interview with Fox News, Israeli Prime Minister Benjamin Netanyahu stated that this appears to be what we gather from his personal data. According to two Israeli security officials, Israel's initial assessment is that the copilot, who Israel identified as an Omani, likely acted alone. However, the investigation is still ongoing. Flightradar24, a flight tracking website, reports that the plane plunged more than 14,000 feet during the incident while it was flying from the United Arab Emirates towards Israel. Netanyahu said, "It was obvious that the copilot was suicidal." Netanyahu stated that it appeared likely that the man was planning to bring down the aircraft. He said that "the Islamist traits, the radicalization found in his past, is a pretty good clue." But again, I haven't made any final conclusions. "But that's what we know now," he said. The United Arab Emirates have begun investigations to determine the circumstances and motives, and to determine "whether or not the incident was linked to terrorist activities or purposes or involved any prior planning or directions", according to the UAE's state news agency. ATTACKER IDENTIFIED AN OMANI NATIONAL Yossi Shelley told the Israeli envoy in the UAE that it was still too early to make any conclusions and that no motive had yet been established. A second Israeli official stated that Israel did not receive all of the information requested from Saudi Arabia and that Israeli intelligence services Mossad, and Shin Bet were also investigating the incident. Saudi Arabia's media office has not responded to requests for comment immediately, nor have they made any statements about their investigations. Netanyahu identified the attacker's nationality as Omani. Omani authorities are yet to comment. We have restrictions that state that you cannot have pilots who are from countries without diplomatic relations with Israel. Netanyahu said that it was clear that he had been able to do so. In an interview with Fox News Netanyahu stated that the attacker is being investigated in Saudi Arabia, and that he believes he will be sent to the UAE. When asked if there were any signs of Iranian involvement in the conflict, Netanyahu replied that it was still too early to tell. Israel has not made any official statements about Iranian involvement. Two Israeli security officials claimed that Israel has not yet identified any Iranian involvement. Israel Defence Minister Israel Katz stated on Wednesday that Israel’s preliminary information indicated the co-pilot intended to crash the aircraft, describing him?as a terrorist. Netanyahu, however, only described it as "a serious incident". The permanent Iranian mission at Geneva has not responded to the request for comment. SECURITY FEARS AHEAD OF ISRAELI ELSTION Israel's security was a major issue in the campaigning for the first elections since the Hamas attacks of October 7, 2023. In February, the US and Israel launched attacks against Iran, in a conflict which quickly spread to the Gulf of Aden and Lebanon where Israel is fighting Iran-backed militant Hezbollah. Both Netanyahu and Indian PM Narendra Modi have described the captain of flight FZ1073, an Indian, Smit Machchhar, as a hero. The Indian Embassy in the UAE reported on X that the pilot was doing well. Israel also praised passengers who subdued the attacker. Yaniv Haun, one of those who incapacitated an attacker, described running to the cockpit when the plane nosedived. "We pulled out the assailant, I pulled out. "We took control after I got him out. I lifted the yoke, steering control, and straightened out the plane a little," he told reporters on his return to Israel.
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Canada fast tracks oil pipeline to diversify economy and divert away from US
Canada will speed up the approval process of a new proposed crude oil export pipeline that would run along its west coast. The project could generate over C$20 billion in GDP annually, according to Prime Minister Mark 'Carney. The pipeline announced in July is an important part of Carney’s plan to diversify the US economy and lessen the impact of President Donald Trump’s tariffs. Carney stated that Ottawa will officially list the Pacific Link Pipeline as a?project of national interest', allowing it to proceed through a single regulatory review process at the federal level. Ottawa, he said, aimed to finish the process by September 1, 2020. He told reporters at Fort McMurray in Alberta, the hub of the oil sands sector, that a pipeline to the West Coast was part of his mission to transform the economy and double non-U.S. imports within the next decade. Ottawa claims that the 1 million barrels a day project will create 140.000 jobs, generate more than C$20 billion per year in GDP and C$100 Billion in government revenues by 2060. Canada currently has just one east-west oil export pipeline in Canada, the 890,000-barrel-per-day Trans Mountain pipeline. The pipeline expansion was completed in 2024. However, it is already operating at full capacity. Since years, Canada exports more than 90% its crude oil to the United States through pipelines. A new oil export pipe could make Canada the world's largest energy supplier, as Asia’s top importing countries look for oil outside of the Middle East following the Iran conflict. Trans Mountain Corp, a government-owned company, will build the pipeline in conjunction with Pembina Pipeline Corp. Alberta estimates that it will cost between C$35,2 billion and C$43.7billion. The federal government will own the majority of the shares, followed by the government of Alberta. The federal government and the government?of Alberta will own a majority of the shares. Environmentalists and Indigenous groups have opposed previous oil pipeline projects across Canada. This has led to the cancellation of certain projects, and cost overruns or construction delays in others.
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)