Latest News
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Shanghai Port wins Chinese Super League title after beating Dalian
Shanghai Port won the Chinese Super League on Saturday. A 1-0 victory over Dalian Yingbo meant that Kevin Muscat’s team finished the season with two points more than their cross-city rivals Shanghai Shenhua. Gabrielzinho, who latched on to Leonardo's pass in the fourth-minute in Dalian, scored the lone goal for Port. He slipped the ball past the home goalkeeper Huang Zihao with ease. Shanghai Port now has 66 points after 30 matches. This is two more than Shenhua of Leonid Shlutsky, who beat Tianjin Tiger 3-1. Port has won the title three times in a row, and twice in two seasons. This is after Australian Muscat took over from Javier Pereira. Shanghai Port and Shanghai Shenhua will both play next season in the Asian Champions League Elite, while Chengdu Rongcheng, who finished third last year, will compete in the Asian Champions League Two. (Reporting and editing by Ken Ferry)
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Officials say that crew evacuated from container ship after fire at Los Angeles port
The Los Angeles Fire Department reported that all crew members were evacuated from container ship One Henry Hudson on Friday after an explosion and fire disrupted its power and crane operation at San Pedro Port. The port has identified hazardous materials in several bays. Firefighters are using protective gear, including self-contained respirators. LAFD reported that marine units are continuing to cool the exterior of the ship, and no personnel is allowed below deck. ABC's affiliate broadcasts footage of firefighting boats spraying water over the containers that are on fire and the sides of the ship. Port officials announced that four of the seven container terminals in the port have been suspended and a safety zone around the vessel has been created. LAFD has announced that it has issued an order to shelter in place for San Pedro, Wilmington and other nearby areas due to the hazardous materials incident caused by the container ship fire. Los Angeles Mayor Karen Bass has said that residents of the affected areas should stay at home, with their windows shut and AC systems off. According to LSEG, the One Henry Hudson sailed under a Panaman flag and arrived at Los Angeles from Tokyo's Shinagawa Port on Wednesday. In an X-post, the office of California Governor Gavin Newsom said it was coordinating with local officials to support first responders. Mayor Bass stated that more than 100 firefighters were working to suppress the blaze and air quality was being monitored. Port of Los Angeles released a press release stating that the vessel was berthed in the Yusen Container Terminal. Fire suppression efforts continue. Reporting by Rajveer Pardesi in Bengaluru and Rishabh Jaisewal; editing by William Mallard, Tom Hogue
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BP crew excavates Olympic Pipeline but has yet to determine cause of leak
BP announced on Friday that its Olympic Pipeline crew had excavated over 100 feet (0.03km) of pipeline in response to a leak which occurred earlier this month near Everett (Washington), but they have yet to identify the source of leak. Washington Governor Bob Ferguson declared an emergency on Wednesday following the Olympic Pipeline shut down, which has caused jet fuel supply to Seattle-Tacoma International Airport to be disrupted. Crews have excavated safely over 100 feet but have yet to identify the source of the leak. In an email, a spokesperson for the company said that excavation and inspection would continue over night. The pipeline is still closed at this time. The London-based company that produces oil and gas did not give a timetable for restarting this pipeline. The Olympic Pipeline System is a 400-mile fuel pipeline that runs from Washington's northern border to Oregon. The pipeline transports refined petroleum product including gasoline, jet fuel and diesel to Seattle-Tacoma International Airport. First reported on 11 November, the fuel leak was discovered. BP reopened on Monday the one of two pipelines that were shut down to investigate the source of a product discharge east of Everett. Shortly after the restored line, it was shut down once again. This halted all refined product deliveries in the system. (Reporting and editing by Himani Sarkar in Bengaluru, Rishabh Jaisewal from Bengaluru)
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Australia's Northern Territory prepares for Tropical Cyclone Fina
Darwin, Australia, shut down its airport on Saturday as a precaution due to a tropical storm that is forecast to cause destructive winds and floods in the north of the country. The Bureau of Meteorology in Australia said that Fina, a category 3 cyclone located in the Van Diemen Gulf, with wind gusts of up to 185 km/h (115mph), would pass north of Darwin, capital of the Northern Territory later on Saturday, as a "severe Tropical Cyclone". On its website, the weather bureau warned that the cyclone would hit remote Tiwi islands and Cape Hotham before it reached Darwin. Residents of Darwin were urged to start or continue their preparations immediately, including securing boats, property and other valuables. Darwin International Airport issued an alert on Fina, its Facebook page, saying that all flights today, 22 Nov, are cancelled. The airport added that the conditions were expected worsen. The warning issued for Darwin, a city with a population of about 140,000 people, brings back painful memories of the Cyclone Tracy that wiped out 66 lives on Christmas Day, 1974. It was one of Australia’s worst natural disasters. Dean Narramore, senior meteorologist at the Weather Bureau, said that although it was unlikely to landfall in Darwin on Saturday morning, it would be felt there. Narramore, a meteorologist with the Australian Broadcasting Corporation, said that the forecast was for "widespread and heavy rains" as well as "damaging to locally destructive wind." "Staying above water means the intensity is likely to remain," he continued. According to the Weather Bureau, Category 3 tropical cyclones are two levels below the most dangerous rating. They typically cause damage to structures, trees, and crops, and power outages. The ex-tropical storm Alfred, which hit Queensland in March, closed schools and left hundreds of thousands without power. (Reporting and editing by Diane Craft, Himani Sarkar and Sam McKeith from Sydney)
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Canada Post and union reach agreement in principle to end lockouts and strikes
After more than two years, Canada Post and the union that represents thousands of mail carriers have reached an agreement in principle. This has halted all lockouts and strike actions. On September 25, more than 55,000 workers from the Canadian Postal Service walked out of their jobs after the government demanded that the company undergo a major transformation in order to improve its finances and modernize its operations. Postal service struggles as letter volume drops and private sector competition increases for parcel shipping. Canada Post, the nation's main postal service, said via email that tentative collective agreements have not yet been finalized by Canada Post and the Canadian Union of Postal Workers. The union stated that "Both parties have agreed on major points of the agreements, but we must agree on the contract language that will be used to form the collective agreement that members would vote on," CUPW said it would retain its right to strike until new agreements were ratified. (Reporting and editing by Chris Reese in Bengaluru, Mrinmay dey from Bengaluru)
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US warns airlines about potential dangers when flying over Venezuela
The U.S. Federal Aviation Administration on Friday warned major airlines of a "potentially dangerous situation" while flying over Venezuela, and encouraged them to exercise caution. The FAA's notice noted the "worsening situation in security and increased military activity around Venezuela", and warned that threats at any altitude could be dangerous to aircraft. In recent months there has been an enormous American military buildup, including the largest aircraft carrier of the U.S. Navy, as well as at least eight warships and F-35 planes. The Trump administration has bombed boats that were allegedly transporting drugs and had left the shores of Venezuela or other Latin American countries. Since 2019, direct flights from the United States to Venezuela for passengers or cargo have been suspended. However, some U.S. carriers fly over Venezuela on some South American flights. American Airlines announced on Friday that they had stopped flying over Venezuela since October. Delta Air Lines, United Airlines and other airlines did not respond immediately to comments. The order did not prohibit flights over the country. Since September, the FAA has reported an increase in Global Navigation Satellite System (GNSS) interference in Venezuela. This can cause lingering effects on a flight and is also associated with "activity related to increasing Venezuela's military readiness". The FAA stated that Venezuela had conducted multiple military drills and mobilized thousands of reserve and military forces. It added that Venezuela never expressed any intention to target civil aviation. The agency stated that the Venezuelan military had advanced fighter aircraft, multiple weapons systems capable or exceeding civil aircraft operational altitudes and there was a potential low-altitude threat from anti-aircraft and air defense artillery. The FAA will continue to monitor risk for U.S. Civil Aviation operating in the area.
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US lawmakers urge enforcement of Biden wheelchair airline travel rules
On Friday, a group of U.S. House members called on the Trump Administration to enforce key provisions in a rule that was issued by former president Joe Biden's government and which requires new consumer protections when disabled passengers use wheelchairs. The letter was signed by 14 Democrats from the House Transportation and Infrastructure Committee, including Greg Stanton and Rick Larsen. Airlines for America, a trade association of United Airlines, Delta Air Lines and Southwest Airlines, as well as JetBlue Airways, filed a lawsuit in February against the rule that sets stricter standards for accommodating wheelchair-bound passengers. In September, the U.S. Transportation Department announced that it would not enforce certain provisions until a review was completed. This included one requiring airlines to be liable for wheelchairs mishandled. A second requirement was for airlines to reimburse wheelchair users the difference in fare between the flight they took and the one that would have been charged if the wheelchair had fit into the cargo or cabin of another aircraft. USDOT and the airline did not immediately respond to our request for comment. When they check wheelchairs or scooters, carriers must also notify passengers in writing about their rights and reimburse them for any damage caused to the wheelchairs. USDOT reported that 5.5 million Americans used a wheelchair last year. For every 100 wheelchairs and scooters transported by domestic flights, at least one of them is damaged, lost, or delayed. In October 2024 the USDOT fined American Airlines $50 million, a record amount, for its treatment towards disabled passengers. This included failing to provide adequate assistance to some and mishandling of wheelchairs. USDOT retracted a Biden proposal last week to require airlines pay cash compensation to passengers when carriers cause flight disruptions in the United States.
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India's weak demand for Urals oil leads to a widening of discounts on the oil
Sources say that the differentials between Russian Urals crude and other grades are under pressure due to the weakening value of the grade in India's ports. Three sources in the oil trade reported that discounts for Russian Urals crude have tripled in Indian ports since August compared to Brent dated as U.S. sanction drive key buyers from Moscow-supplied fuel. According to traders, the December Urals cargoes are currently trading at a discount of $5-$6 per barrel compared to Brent. This is about three times greater than the $1-2 seen in August. PLATTS WINDOW There were no bids or offers reported on the Platts Window for Urals CPC Blend, or Azeri BTC on Wednesday. Five sources have confirmed that U.S. sanctions will dismantle what is left of Litasco. Litasco was once Russia's largest oil trader, and a competitor to Swiss oil giants and top Swiss houses. (Reporting from ;)
Trump's renewed trade war with China clouds IMF and World Bank meetings
The U.S. President threatened 100% tariffs on Chinese imports, sending the markets into a tailspin. Questions about whether Trump's threat to retaliate for China's dramatic expansion of export controls on rare Earths will lead to a full-blown war between the two world's largest economies are likely to dominate the annual meetings of the International Monetary Fund (IMF) and World Bank.
Washington and Beijing reached a delicate truce over the last five months, which brought down tariffs from triple-digits and led to an upgrade of the IMF's outlook for global growth. Trump's plans to meet Chinese President Xi Jinping in the latter part of this month fueled hope for a further thaw.
This optimism was dashed on Friday when Trump threatened to cancel this meeting and impose "massive increases" in tariffs against Chinese goods. He also announced other countermeasures. China's decision on Friday to charge the same port fees as the U.S. for vessels built in China or owned by Chinese companies, or by companies owned by more than 25% U.S. investment funds.
More than 10,000 people, including finance and central bank governors of more than 190 nations, will attend the IMF and World Bank Meetings in Washington.
Martin Muehleisen is a former IMF strategist who now works for the Atlantic Council. He said that Trump's threats could be a way to gain leverage in negotiations, but they would inject volatility into this week's proceedings.
"Let's pray that sanity will prevail." Muehleisen warned that if Trump returns to 100% tariffs, he will face a lot more pain on the markets. Trump's Friday threat triggered the largest U.S. share sell-off since months. This was at a moment when investors and policymakers were already becoming anxious about an artificial intelligence investment boom that could harm future employment.
Muehleisen stated that while China does have some leverage with Trump because of its global dominance over rare earths which are vital for manufacturing tech, it would not be in Beijing's best interest to return to a world of triple-digit duties.
Scott Bessent, the U.S. Treasury secretary who has led U.S. China trade talks, is not expected to meet any Chinese officials in Washington this week. A Treasury spokesperson declined comment on Bessent’s bilateral meeting schedule.
GROWTH PROSPECTS HOLD UP
Kristalina Georgeeva, IMF's Managing Director, had praised the global economy for its ability to handle multiple shocks. She cited a number of factors, including the slowing U.S. jobs market, the rising debt level, and the rapid changes brought about by AI adoption. Georgieva stated last week, in a preview to the IMF World Economic Outlook forecasts that are due on Tuesday: the global GDP growth for 2025 will be just slightly lower than the 3.3% rate of 2024. The IMF raised its GDP growth forecast for 2025 by two tenths of one percentage point in July, based on lower tariff rates than originally feared. This included the U.S. China duties.
In an interview, Georgieva said: "We are witnessing a world of demonstrable resilience." "But we also say it's a time when there is exceptional uncertainty and downside risks still dominate the forecast." Watch it and don't become too comfortable.
G7 FOCUS RUSSIA
The Group of Seven Industrial Democracies' finance ministers will meet on Wednesday in order to discuss ways to increase sanctions on Russia to end the war that Moscow is fighting against Ukraine.
According to a British government source, finance minister Rachel Reeves wants to ensure that G7 and European Union nations take joint action to reduce Russia's revenues from energy and to gain access to assets overseas that are compliant with international law. G7 ministers are expected to discuss a plan by the European Union to use frozen Russian sovereign assets as collateral for a loan to Ukraine of 162 billion euros.
BESSENT'S AGENDA for Institutions
The U.S. will have a large presence at the meetings, from the tariff discussions to Bessent’s call for the IMF to withdraw from climate change and gender issues and focus on its core mission of financial stability. Dan Katz, IMF's No. 2 official, will make his public debut at the meetings. 2 official. The member countries will watch to see if Katz, the former investment banker and Bessent's chief staff, can carry out the agenda of U.S. Treasury Chief, which calls for stronger IMF critique of China's government-led economic policies. The U.S. Treasury’s market intervention in favor of Argentina, IMF’s largest borrower will also take center stage during the meetings, as Argentine's libertarian right-wing president Javier Milei, will join Trump, his ally, two blocks away, at the White House, on Tuesday. Georgieva welcomed the move to keep Argentina's reforms based on market principles on track.
Muehleisen said that the Fund could be pushed to implement Trump's geopolitical objectives - increasing pressure on China, and possibly extending more assistance to U.S. Allies such as Argentina, without adequate reforms.
Is it still a multilateral, global organization or is it more like an appendage to the U.S. Treasury? Treasury?" "Treasury?" This will be a fascinating debate," he said. (Reporting and editing by Dan Burns, Paul Simao and Dan Burns; additional reporting by Andrea Shalal, David Milliken and David Lawder)
(source: Reuters)