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• FAA delays flights at Dallas, DC Airports due to air traffic staffing

  As the government shutdown enters its 30th day, the U.S. Federal Aviation Administration has been delaying flights in Ronald Reagan Washington National Airport as well as Dallas Fort Worth International Airport because of staffing problems. Staffing problems are expected to cause delays in Orlando. The FAA reported that flight delays at Reagan were on average 91 minutes and at Dallas 21 minutes. The government shutdown has resulted in tens of thousands flights being delayed or cancelled. The FAA issued a groundstop for Reagan Airport earlier on Thursday due to staffing issues. In the northeast of the United States, bad weather also delays flights. Over 13,000 air traffic control officers and 50,000 Transportation Security Administration agents are working without pay. Sean Duffy, Transportation Secretary, said that air traffic controllers' absences were responsible for 44% of Sunday delays and 24% of Monday delays. This is compared to an average of 5% before the shutdown. Even before the shutdown, many air traffic controllers were working six-day weekends and mandatory overtime. Reporting by David Shepardson, Doina chiacu and Andrea Ricci; editing by Katharine Ricci and Andrea Jackson

• What did Trump and Xi agree on regarding tariffs, export control, and fentanyl

  U.S. president Donald Trump and Chinese president Xi Jinping took steps on Thursday to de-escalate the trade war. They swapped some U.S. duties and tighter export controls in exchange for a pause on Beijing's new restrictions regarding rare earth minerals and magnetic materials and a resumption on its purchases of American soya beans. The agreement extends the delicate trade truce for around a year between China and the United States. Here are the main elements of the Trump-Xi Agreement that was reached at Busan, South Korea. TARIFF REDUCTION ON FENTANYL-RELATED CHINESE GOODS The U.S. is reducing by half the current tariff of 20% on Chinese goods relating to supplies from China of fentanyl precursor chemicals. According to Trump administration officials, the reduction in duties to 10% from the initial duties imposed in Febrary will reduce the U.S. overall tariff rate for Chinese imports by about 57% to 47%. This total includes tariffs of approximately 25% on Chinese imports imposed during Trump's initial term as President, a 10% "reciprocal tariff" imposed in April along with previous "Most Favoured Nation" rates. The 47% tariff is less than the 50% tariffs Trump has imposed on goods from India and Brazil, after adding extra punitive tariffs for political reasons. Canada, which is the biggest buyer of U.S. goods, could face 35% tariffs if Trump follows up on his threat to levy an additional 10% on imports from Canada in response to an Ontario government advertisement that angered him. CHINA'S RARE EARTH EXPORT CONTROLS ARE NOW SUSPENDED FOR ONE YEAR China has agreed to suspend for one year its export controls on rare earth minerals, magnets and other materials that are vital in the manufacture of cars, planes, and weapons. These materials have been Beijing's greatest source of leverage during their trade war with Washington. Export licenses would have been required for products that contained even trace amounts from an expanded list and were intended to prevent their use in weapons. The Chinese move will not affect the controls put in place by the United States in April to counter Trump's "Liberation Day tariffs". This allows Beijing to continue to monitor the sector and maintain some leverage. The U.S. and China held lengthy negotiations during the summer to determine rare-earth screening and shipment procedures that would keep the Chinese metals flowing. These procedures have now been extended. TRUMP ADMINISTRATION EXPORT CONTROLS PUSED The U.S. agreed that for one year, the Commerce Department would pause a massively expanded blacklist of companies who are banned from purchasing U.S. High Technology Goods, including semiconductor manufacturing exports. This global shift is largely intended to prohibit the use of subsidiaries or other linked firms in order to circumvent the controls. The most significant impact would have been on Chinese companies as the new rules would have included companies that were more than half owned by those already listed. This would have led to the ban of U.S. imports for thousands more Chinese companies. CHINA COMMITS PURCHASES OF SOYBEAN Scott Bessent, U.S. Treasury secretary, said China had agreed to buy 12 million metric tonnes of U.S. soya beans in the current marketing season through January and to commit to buying 25 million metric ton in each of the three following years. China stopped purchasing U.S. beans in the fall, and bought none in September. It now sources all its beans from Brazil or Argentina. Beijing gained leverage in negotiations when it added economic pain for U.S. Farmers, an important constituency of Trump. Analysts said that the soybean commitments would only return China to its previous levels of U.S. purchase. The U.S. exported almost 27 million tons soybeans to China in 2024. China had promised to increase soybean purchases as part of the "Phase One", a Trump-negotiated trade agreement that stopped a trade conflict in 2020. However, the COVID-19 pandemic prevented them from meeting their targets. TRUMP ADMINISTRATION PAUSES PORT FEES. The Trump Administration agreed to pause its new port charges for Chinese-built ships. These fees can add thousands of dollars to the cost of each trip to U.S. Ports. The fees were implemented on October 14 to combat China's global leadership in shipbuilding and ocean freight, and to revive U.S. commercial shipping. They also included 100% tariffs on Chinese ship-to shore cranes. These port fees have disrupted cargo flow, causing container prices to rise as shippers try to avoid vessels with a China connection. China has set its own fees for U.S. linked ships, which includes those owned by global shippers that have 25% U.S. equity. COOPERATION AGAINST FENTANYL TRACKERS Bessent reported that China had agreed to provide the U.S. with "substantial" cooperation in order to reduce the flow of fentanyl-precursor chemicals into the U.S. Bessent said on Fox Business Network in the coming week, two working groups will "set objective measures" to reduce flows in order to measure the success of the effort in curbing deadly opioids responsible for the tens thousands of U.S. deaths from overdoses every year. The tariffs were imposed by Trump after he had questioned the Chinese government's promises to assist. They said that they would not lift them until Beijing took concrete steps. China, in a statement released by its Ministry of Commerce only said that both sides had "reached a consensus" regarding the cooperation on counter-narcotics. (Reporting and editing by Paul Simao, Andrea Shalal Doina Chiacu, David Lawder)

• Mercuria transports LME aluminum from Malaysia to New Orleans

  Three sources with knowledge of the matter confirmed that Mercuria was shipping over 30,000 metric tonnes of aluminium to New Orleans from Port Klang, Malaysia. They added that the commodity trading company probably needed the metal because it had customers in the United States. Sources said that the metal was coming from London Metal Exchange-approved warehouses in Port Klang. Aluminium stocks, which stood at 268,325 tons on October 29, were down by 74,700 metric tons or 22 percent since September 22. . Industry sources claim that Mercuria's shipment to the United States of aluminium is part of an overall strategic push to industrial metals as the trader tries to diversify its business beyond the traditional energy sector. Mercuria announced its plans to remove large quantities of aluminum from LME's storage on September 16, 2009. Sources familiar with the situation said that Mercuria will send the aluminium taken from the LME warehouses at Port Klang, to the United States aboard a vessel called Astro Denebola. Mercuria, a Swiss company, declined to comment. Kpler data shows that the Astro Denebola, carrying 32,000 tonnes of aluminium, left Port Klang in October and is expected to arrive at New Orleans on Dec. 9. According to industry sources, the majority of the aluminium stored in the LME warehouses at Port Klang comes from India. Sources from the industry said that some of the metal in the warehouses at Port Klang Exchange was produced in Russia. Since the Russian invasion of Ukraine, in February 2022, Western consumers have shunned Russian aluminum. The U.S. imports large quantities of unwrought aluminum and alloys, more than 3.9 millions tons in the last year according to U.S. Government data. Aluminium is an important material in the construction, power and packaging industries. Industry sources claim that Mercuria holds more than 90% of LME aluminium warrants (title documents conferring ownership) since May. The premium on LME contracts with shorter maturities over those nearer to the LME is due to this holding, according the analysts. . The LME does NOT publish the names of companies that hold large amounts of metal warrants.

• Extra Space Storage's FFO forecasts for 2025 are below expectations due to a slow same-store growth.

  Extra Space Storage, a self-storage facility operator, forecast its core fund from operations for 2025 below Wall Street estimates on Wednesday. This was due to the continued pressure of sluggish growth in same-store sales and a challenging outlook. In after-market trading, shares of the company fell by about 2%. According to data compiled and analyzed by LSEG, Salt Lake City-based real estate trusts expect annual core FFO per share to range between $8.12 to $8.20, which is lower than the average analyst estimate of $8.18. It reported total same store revenues of $673.9 millions for the quarter ending September 30 compared to $675.4 millions a year earlier. Joe Margolis, CEO of the company, said that despite the fact that same-store revenues remained flat, he was encouraged by a gradual improvement in market fundamentals. The company's struggle to regain its pricing power while trying to mitigate the impact of changing occupancy trends in their markets is one of the biggest hurdles. The REIT reported an occupancy rate of 93.7% in the same store for the quarter compared to 93.6% during the same period last. Analysts' estimates of $779.9 millions were exceeded by $858.5 Million. The company's core FFO per share of $2.08 was in line with expectations. Reporting by Abhinav Paramar in Bengaluru, Editing by Alan Barona

• Public Storage raises its profit forecast for 2025 on the strength of property income and acquisitions

  Public Storage, the operator of self-storage facilities, raised its forecast for 2025's funds from operations to include a lower end. The company cited higher property incomes, a solid acquisition program, and an improved profit. The Glendale-based company expects to generate annual core FFO between $16.70 and $17 for each share. This is a significant increase from the previous expectation of $16.45 to 17% per share. Joe Russell, CEO, said: "We have raised our outlook for 2025 for the second quarter in a row based on superior performance in NOI growth and acquisition activity as well as Core FFO per Share growth." According to data compiled and analyzed by LSEG, the company, which rents out storage space on a monthly base for personal or business use, posted core FFO at $4.31 per share in the third quarter that ended September 30. This compares with analyst estimates of $4.24. As of September 30th, 2025, it will own and operate 3,491 self storage facilities in 40 states across the U.S. This makes it the nation's largest operator of self-storage. The third-quarter revenue was $948.9 millions, which is lower than the Wall Street estimate of $1.21billion. (Reporting and editing by Anil D’Silva in Bengaluru, Abhinav parmar from Bengaluru)

• US Coast Guard responds near Galveston to an oil spill

  The U.S. Coast Guard announced on Wednesday that it was responding to a Tuesday oil spill near Galveston in Texas. The Coast Guard released a statement that said, "Coast Guard Houston-Galveston Watchstanders received an approximately 9:50 pm call reporting a discharge of oil by a ship near Pier 32 in the Port of Galveston after an collision with the pier." It added that the source of the spill had been identified and that the Galveston Ship Channel was closed from Gulf Copper Bridge to Pelican Islands Bridge in order to minimize the impact. The Coast Guard stated that the Texas General Land Office, Forestwave Navigation BV and the responsible party are jointly managing the incident, with personnel on the scene. Coast Guard officials said that the Coast Guard is still investigating the volume of the spill and has not yet received any reports of injury or animal impact.

• US to expect more flight delays, as controllers will soon miss their paychecks

  Sean Duffy, the U.S. Transportation secretary, said on Friday that he expected more flights to get delayed. Air traffic controllers will miss their first pay as a government shutdown enters its second week. The government shutdown will force 13,000 air traffic control officers and 50,000 Transportation Security Administration agents to work without pay. The first full pay for controllers is not due until Tuesday. Duffy told Fox News' America Reports that "you'll see more disruption as we approach Tuesday" and "after." Duffy told a press conference in Philadelphia Airport that Federal Aviation Administration’s air traffic control academy would run out of funds within weeks and that some students have already decided to drop out. Airlines prepare for more disruptions. Nick Daniel, President of the National Air Traffic Controllers Association, said during a press conference that controllers face immense stress. Some are even taking on second jobs to pay for their bills. Daniels stated that the shutdown is "an unnecessary distraction" and makes it impossible for employees to focus on their jobs. This, in turn, makes the system less safe. "We didn't start a shutdown. Our elected officials end the shutdown, not us. "Our message is clear: End the shutdown now." The Transportation Department reported that about 6.6% of the flights were delayed on Thursday due to the absence of air traffic controllers. This is slightly higher than the 5% normal but still lower than the 53% experienced in the days prior during the shutdown. The FAA reported that staffing problems at the air traffic control caused delays in travel to New York, Washington DC, Newark, and Houston airports on Thursday. This is slightly higher than the normal 5%, but much lower than 53% of flights delayed during previous days. During a 35-day government shutdown in 2019, the number of controllers and TSA agents absent increased as they missed their paychecks. This led to longer wait times at airport checkpoints. New York and Washington authorities were forced to slow down air traffic. Even before the shutdown, many air traffic controllers were working six-day weekends and mandatory overtime. (Reporting and editing by Leslie Adler, David Gregorio, and David Shepardson)

• US increases facial recognition at border to track non-citizens

  According to a document released by the government on Friday, the U.S. plans to expand its use of facial recognition to track noncitizens who enter and leave the country to combat visa fraud and overstaying. New regulations will expand on a pilot program that allowed border officials to take photos of non-citizens at airports or other points of departure. The regulation is set to come into effect on December 26 and could require that other biometrics such as DNA or fingerprints be submitted. The law also allows border officials to use facial recognition on children under 14 years of age and older people over 79 years, two groups currently exempted. The new border rules are part of a larger effort by U.S. president Donald Trump to crackdown on illegal immigration. The Republican president has increased resources to secure border between the U.S. and Mexico, but he's also taken steps in order to reduce the number people who overstay their visas. Watchdog groups are concerned about privacy issues raised by the growing use of facial identification in U.S. Airports. In a report from 2024, the U.S. Commission on Civil Rights stated that tests showed facial recognition had a higher likelihood of misidentifying Black people and other minorities. In 2023, the Congressional Research Service estimated that 42% of 11 million illegal immigrants living in the U.S. at the time overstayed a Visa. In 1996, the U.S. Congress passed a law mandating an automated entry/exit system. However, it was never fully implemented. The regulation stated that U.S. Customs and Border Protection uses facial recognition to verify all commercial air entry but only for exits in certain locations. CBP estimates a biometric system for entry-exit can be implemented in all commercial seaports and airports within three to five year. (Reporting Ted Hesson, Additional reporting David Shepardson, Editing Chris Sanders and Margueritachoy)

• Sources say that Russia's fourth largest oil refinery has halted a processing unit following a drone attack.

  Two industry sources said on Friday that the fourth largest oil refinery in Russia, located in Ryazan, south-east of Moscow, had halted its primary crude distillation unit following an attack by a Ukrainian drone on Wednesday. Ukraine has intensified its attacks on Russia’s energy infrastructure, as the peace talks that were mediated by U.S. president Donald Trump failed to progress. Local authorities in Russia have reported that such attacks are the cause of fuel shortages in several regions. The Ukrainian General Staff said that Kyiv forces struck the Ryazan Oil Refinery on Thursday. Industry sources in Russia said that the CDU-4 unit was shut down on Thursday, after it caught fire due to a drone attack. The unit has a capacity of 4 million metric tonnes per year or 80,000 barrels a day. This is about a quarter the total plant capacity. The oil company Rosneft that owns the refinery did not reply to a comment request. Sources said that the refinery is still processing oil but in a smaller volume. According to one source, some units adjacent were also shut down, including a vacuum gasoil hydrotreater, catalytic cracker and reformer. In 2024 the refinery will process 13.1 million tonnes of crude oil, resulting in 2.3 millions tons of gasoline, 3.4million tons of diesel, and 4.2million tons of fuel. Reporting by Elaine Hardcastle; Editing by Elaine Hardcastle

• Sources say that the Urals freight rate to India increased in October due to high exports and tighter sanctions.

  Industry sources say that the rate of shipping Urals crude oil from Russia's western port to India has risen sharply since October due to increased exports and sanctions. The U.S. president Donald Trump imposed additional sanctions on Russia's largest oil producers Lukoil, and Rosneft on Wednesday. The European Union also approved its 19th set of sanctions against Moscow on the same day. The EU added 117 vessels, mostly tankers, to its shadow fleet of ships that are linked to Russia. This brings the total up to 558. The crude oil loadings in Russia's western port of Primorsk remained high in October, at around 2.3 millions barrels per day. This is slightly lower than the record of 2.5 million barrels a day fetched in Septembre, due to volumes released by unplanned refinery repairs. The cost of transporting Urals to India from the Baltic port of Primorsk or Ust-Luga for loading in November has risen from $7 million for one-way trips at the beginning of the month. One trader stated that the offer prices for individual vessels had approached $10 million. However, no fixtures at these levels have been confirmed. Sources said that Urals shipments out of Russian ports are now handled largely by tankers in the shadow fleet while Greek shipowners reduce their presence on the market. One source stated that "the number of Greek shipowners actively involved in the market is at a minimum." The United States has launched a new round of sanctions against Russia's oil industry, among the most severe yet. These sanctions have hit major exporters, insurance companies, traders, and shipping firms and caused a dramatic rise in freight costs. (Reporting and Editing by Louise Heavens).

• Memo says that staff shortages are causing two Canadian airport towers to be closed periodically due to lack of staff.

  According to an Air Canada memo sent to pilots, a shortage of air traffic control officers in Canada can sometimes force airport towers to close at Kelowna airport and Winnipeg airport when the controller on duty is on a break. The memo dated October 14 stated that Air Canada had advised its pilots not to fly to the two airports located in British Columbia and Manitoba if staffing shortages were severe enough to force the closure of their air traffic towers. The number of times the airports were closed was not clear and their representatives didn't immediately respond to comments. NAV CANADA (which manages Canada's civil aviation system) has informed airlines that there will be air traffic control shortages at Winnipeg and Kelowna "but it could spread to other airports." NAV CANADA announced in a Thursday statement that the closures of Winnipeg and Kelowna were planned during "low traffic periods" to minimize impacts. The closures are also being implemented to ensure employee safety and to maintain safe operations. The statement did not give details on the normal staffing at these towers. Closures in North America are the latest example of a shortage of air traffic control staff, which could lead to flight delays or increased costs for carriers. The memo stated that affected flights in Canada would require additional fuel as they may need to remain in a holding pattern, or divert, due to a shortage of controllers. The United States is experiencing a shutdown of the government, which has caused a shortage in air traffic control staff. According to the Federal Aviation Administration this week, the issue has resulted in delays at many airports. Nick von Schoenberg is the president of CATCA which represents Canadian controllers. He said that the Canadian airport closings went beyond Winnipeg and Kelowna, and were meant to give controllers a break due to fatigue. He said that the closures "indicate a system with a lack resilience due to staffing issues." Tim Perry, President of the Air Line Pilots Association in Canada (which represents Air Canada Pilots), said that the lack of stability caused by shortages needs to be addressed. He said that "Air traffic control shortages continue to cause delays at airports throughout Canada." (Reporting by Allison Lampert, Montreal; Editing Jamie Freed).

• US warns that it could force out some Pennsylvania railcars

  Sean Duffy, U.S. Transportation secretary, warned late Thursday that his department may soon order a Pennsylvania transit agency not to use a fleet railcars because of fire risks. He also raised a number of safety and financial concerns. On October 1, the Federal Railroad Administration issued an emergency order that required the Southeastern Pennsylvania Transportation Authority (SEPTA) to fix fire risks from its Silverliner IV Railcars within 30 days after a safety recommendation made by the National Transportation Safety Board in response to a series five fires. Duffy wrote to Pennsylvania Governor Josh Shapiro that "SEPTA does not have the capacity to address these safety and fiscal concerns on its own." If changes aren't made immediately, the crumbling commuter train system of SEPTA will explode in flames before long and someone will die. In the Philadelphia region, millions of people use the rail system every year. SEPTA is America's sixth largest public transit system. SEPTA provides service in five counties of the Greater Philadelphia region and connects with transit systems in Delaware, New Jersey and Pennsylvania. Duffy pointed out that Philadelphia will be hosting the FIFA World Cup 2026 and "SEPTA’s rail and bus system must be prepared to serve tens and thousands of additional guests in a safe manner." Shapiro's spokeswoman said that the governor has been "fighting for additional recurring revenues to support SEPTA since the last two years." He also secured $46 Million in new funding as part of the budget for last year. She said Shapiro had requested another $167 millions for SEPTA, but Republican senators in the state Senate have opposed this plan. She added, "Instead of releasing a press statement, if Secretary Duffy really wants to be helpful he should contact his fellow Republicans to get them to finance the Governor's package of mass transit funding for SEPTA." SEPTA's regional rail fleet consists of 225 Silverliner IV railcars, which are about 50 years old. They represent around two-thirds but due to financial reasons they must continue using them. SEPTA stated that a complete shutdown of the cars could cost the authority $2 billion and require a 2/3 reduction in service. The authority is currently in financial crisis. The vehicles are among the oldest in the nation and the agency has created a set of forty mitigation measures including notifications to staff, safety checks and audible alerts for malfunction lights. (Reporting and editing by Leslie Adler; David Shepardson)