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Hurricane Melissa, the strongest storm to ever hit Jamaica, continues its roaring into Cuba
Hurricane Melissa, the strongest hurricane to ever hit Jamaica, caused devastation. Later on Wednesday, it roared into eastern Cuba and destroyed the city of Santiago, flooding rural areas and the surrounding countryside. The National Hurricane Center of the United States (NHC), which is based in Miami, said that Melissa, a Category 5 hurricane with sustained wind speeds of 185 mph and 298 kph when it hit Jamaica, was downgraded into a Category 3 storm, with winds of 120 mph. The center reported that "life-threatening storm surges, flash floods and landslides as well as damaging hurricane winds were all ongoing this morning." The storm, which was a historic one, ravaged western Jamaica. It destroyed homes, knocked down trees, and washed out roads. Authorities have not released details on fatalities, but they expect a lot of deaths. Social media videos and eyewitness accounts from Jamaica show cars destroyed by flying debris. Hotel doors are blown off their hinges, and roofs are scattered throughout neighborhoods. The Montego Bay airport was inundated with water, and the ceilings were collapsed. It was predicted that the storm would weaken as it crossed Cuba, but remain a dangerous Hurricane once it reached the Bahamas. Authorities said that as the storm approached in eastern Cuba, 735,000 people had to be evacuated. At mid-morning President Miguel Diaz-Canel announced that Cuba had suffered extensive damage. He warned residents not to let down their guard and urged them to stay sheltered. JAMAICAN LEADERS SAYS: 'SOME LIFE LOSS IS EXPECTED' An official reported that the parish of St. Elizabeth in southwestern Jamaica was "underwater" with over 500,000 residents left without power. After the storm, Jamaican Prime minister Andrew Holness told CNN that "the reports we have received so far include significant damage to residential and commercial properties, as well as damage to our road network." Holness stated that the government has not received any confirmation of deaths caused by the hurricane, but "we expect some losses of life" given the severity of the storm and the extent of its damage. It was crazy. Journie Ealey (34), a U.S. visitor on vacation in Jamaica who was reached by telephone, described the experience as "like a freight-train trying to stop for eight long hours." "I've not experienced anything like it before." Meteorologists from AccuWeather say Melissa is the third-most intense hurricane in the Caribbean after Wilma and Gilbert, the last major storms to land in Jamaica. Scientists claim that hurricanes are becoming more intense and occurring with greater frequency due to the warming of ocean water caused by greenhouse gas emission. Many Caribbean leaders called on wealthy nations that pollute heavily to compensate tropical island countries with aid or debt relief. Melissa's winds weakened as the storm passed through the mountains of Jamaica. It pounded highland communities that were vulnerable to flooding and landslides. "Our country was ravaged by hurricane Melissa, but we will rebuild it and do so better than ever before," said Prime Minister Holness early on Wednesday. Donald Trump, the U.S. president, said on Wednesday that he would be willing to help Jamaica recover. The State Department announced that it would be sending search and rescue teams. The Bahamas government, which is next after Cuba on Melissa's route to the northeast, ordered the evacuation of residents of the southern parts of the archipelago. Authorities in Haiti and Dominican Republic, which share an island with Haiti, said that torrential rains had caused at least four deaths on the island. CUBA HIT The storm center, which was accompanied by violent winds gusting over 125mph and heavy rainfall, hit early Wednesday morning in Guama. This rural area is located 25 miles west from Santiago de Cuba, second largest city on the island. The storm moved north-northeast through eastern Cuba. Authorities had cut power to almost all of eastern Cuba. They had evacuated the most vulnerable areas, and asked residents to take shelter in Santiago, the provincial capital of 400,000. Images and videos published early Wednesday morning on local media, as well as eyewitness reports in the city, revealed a chaotic scene with trees, power lines and shattered glass littering the streets. Videos from the more rural west showed torrents of rainwater flowing down dark roads in the shadows of Cuba's Sierra Maestra Mountains. The storm had passed by midday, but the winds were still too strong for people to go out on the streets. Early on Wednesday, authorities reported widespread flooding in lowland areas from Santiago to Guantanamo where up to 35% of residents had been evacuated. It is unfortunate that the island communist has been suffering from food, medicine, fuel and electricity shortages, which have made life difficult. Cuban President Diaz-Canel announced that 2,500 workers had been mobilized to repair the electric lines immediately after the storm passed through the island on Wednesday. Havana, the capital of Cuba, was not expected directly to be affected by this hurricane.
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Data shows that another tanker has left the Portovaya LNG plant sanctioned by Russia.
LSEG data revealed on Wednesday that a second gas carrier had left the U.S. sanctioned Portovaya LNG Plant in Russia on the Baltic Sea, after a long hiatus. The ship was looking for a foreign buyer. This shows Russia's ongoing efforts to circumvent restrictions on LNG sales. The ship tracking data showed that the gas carrier Valera (formerly Velikiy Novgorod) had left the Gulf of Finland. The data indicated that it was expected to arrive in an unspecified place on January 15. This is the second tanker to leave the factory in the last three months. Perle (formerly Pskov) was the first tanker to leave Portovaya, in mid-July. On Wednesday, it was heading north-west through the Strait of Malacca. The tanker has discharged LNG in an unknown location. In September 2022, the small-scale Portovaya LNG facility, with a production capability of 1.5 million tonnes of LNG annually, will begin operations. The exports were suspended in February of this year due to the U.S. sanction. During the initial stages of operation, Portovaya's cargoes were mainly delivered to Turkey and Greece. The supply markets were then expanded to include China, Spain and Italy. In September, Russia shipped a first cargo from its Arctic LNG 2 plant to China, also under U.S. Sanctions, revitalizing the project. The plant started production in December 2023, but was unable to market the frozen gas because of the restrictions. Russia's so-called "shadow fleet" is a collection of aging vessels owned by opaque parties that it uses to circumvent the sanctions imposed on its oil. Shadow fleet tankers often turn off their automatic identification system (AIS), which signals their location. Or they manipulate it in order to send false tracking data. This tactic is commonly used by crews who want to camouflage their activities. It's called spoofing. (Reporting and Editing by Aidan Lewis).
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Old Dominion's cost control helps it beat quarterly profits
By Aishwarya Jain Oct 29 - Old Dominion Freight Line surpassed third-quarter profit expectations on Wednesday. The company was able to do so due to tight cost control as it operated in a long freight recession. The U.S. trucking sector is struggling with low volumes, overcapacity and a persistent recession. Experts predict that the current downturn will continue through the first quarter of next year. This is despite the fact that extra capacity has been gradually removed from the market. The sector faces challenges due to a changing global macroeconomic climate. Old Dominion’s operating costs were $1.05 billion in the third quarter. This is down 2.1% compared to $1.07 billion from a year earlier. The operating ratio of the company, which is a key metric indicating operating expenses as percentages of revenue, dropped 30 basis points sequentially to 74.3% during the third quarter. A lower operating rate indicates that an organization spends less per unit of revenue. Stephanie Moore, an analyst at Jefferies, said: "The sequential improvement in the operating ratio, despite the expected softness of tonnage per day and revenue, came as a big surprise." Early morning trading saw shares of the company rise by nearly 5%. Less-than truckload (LTL), or less-than-truckload, companies operate by transporting multiple shipments for different customers in a single truck. These shipments are then transferred through a network service centers to other trucks that have similar destinations. LSEG data shows that the revenue of Thomasville, North Carolina based company fell by 4.3% during the third quarter to $1.41billion, compared to analysts' expectations of $1.40billion. The company's profit per share fell 10.5%, to $1.28. This was higher than Wall Street expectations of $1.22. Reporting by Aishwarya Jain in Bengaluru and Abhinav Paramar; editing by Shreya biswas
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India's Akasa Airlines targets IPO within 2-5 years and to resume pilot hiring
The chief executive of India's Akasa Airlines said that the airline plans to go public within the next two-five years, and to resume hiring pilots by the second half next year. Due to Boeing's delayed deliveries and regulatory scrutiny, Akasa - India's third-largest airline - hasn't had enough pilot work. The airline's executives privately expressed their frustration with Boeing's delays. Vinay Dube, CEO of Akasa, said on the sidelines an Aviation India event that "in the next 60-days, 100% of our Pilots will begin accruing hours. This means they'll all be in the cockpit." He said that he didn't see the need to raise any capital before an IPO after raising an undisclosed amount earlier this year. When asked about future plans, he said: "Our next stage should be an IPO within a time frame of two to five years." He didn't say where the airline planned to list. Dube also denied that Akasa expansion plans had been delayed due to delays in jet deliveries. He told the audience, "I'm extremely happy that we have 30 aircraft ..... We should be exactly where we are now." He refused to reveal how many aircraft Akasa expects to receive this year and over the next few years. The company's executives had previously predicted that Akasa will have approximately 54 planes in October 2026. The airline estimated earlier that it would have 72 planes by March 2027. Mark Potter, Abhijith Ganadavaram and Abhijith Ganapavaram (Editors)
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Old Dominion's cost control helps it beat quarterly profits
Oct 29th - Old Dominion Freight Line surpassed third-quarter profit expectations on Wednesday. The company was able to do so thanks to tight cost control as it operated in a long freight recession. The U.S. trucking sector is struggling with low volumes, overcapacity and a persistent recessionary phase. Experts predict that the current downturn will continue through the first quarter of next year. This is despite the fact that extra capacity has been gradually removed from the market. The sector is facing the challenges posed by a changing global macroeconomic climate. Old Dominion’s operating costs were $1.05 billion in the third quarter. This is down 2.1% compared to $1.07 billion from a year earlier. Less-than truckload (LTL), or less-than-truckload, companies operate by transporting multiple shipments for different customers in a single truck. These shipments are then transferred through a network service centers to other trucks that have similar destinations. The Thomasville-based North Carolina company's third quarter revenue dropped 4.3%, to $1.41billion, compared to analysts' expectations of $1.40billion, according to LSEG data. The company's profit per share fell 10.5%, to $1.28. This was higher than Wall Street expectations of $1.22. Reporting by Aishwarya Jain in Bengaluru and Abhinav Paramar; editing by Shreya biswas
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Aircraft lessor AerCap raises profit guidance on record asset sales
AerCap, world's biggest aircraft lessor, increased its earnings guidance for the full year on Wednesday, after recording record gains in the third quarter from aircraft sales amid continued shortages of jets. The Dublin-based firm's revenue and adjusted earnings per share (EPS) also exceeded analyst expectations. This, the company said, is indicative of a continuing favourable leasing and sales environment. AerCap anticipates a full-year adjusted earning per share (EPS), of around $13,70. This includes gains from the sale of aircrafts, engines, and helicopters during the first nine months, but not any additional gains that may occur in the fourth quarter. It forecast adjusted EPS at the end June of $11.60 before selling 32 assets for $1.5 Billion, which resulted in gains of $332 Million, its highest quarterly gain ever. This compares to $102 million in 2024 for the same time period, which was based on 22 assets that were sold for $479 millions. AerCap increased its portfolio, which includes aircraft, helicopters, engines, and managed assets, to 3,536 by the end of September, up from just under 3,500 a year earlier. (Reporting and editing by David Holmes; Padraic Holpin)
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Boeing suffers a near $5 billion loss on the 777X program
Boeing reported on Wednesday a charge of almost $5 billion for delays in the 777X jet programme, but its loss quarter was narrowed due to improved production and delivery of commercial aircraft. Despite making progress with the 737 MAX program, the planemaker is still facing setbacks in its 777X project. The company announced on Wednesday that the 777X's first delivery has been delayed to 2027. This is a further delay from the original 2026 launch date. When the program began in 2013, it was initially planned that the aircraft would be delivered in 2020. Last month, Kelly Ortberg, the CEO of the company, said that the jet certification was behind schedule and a "mountain" of work needed to be completed. However, he said that no new technical issues had been detected. Boeing has taken charges totaling $15 billion for the 777X project, including charges announced on Wednesday. Boeing has increased its monthly production in 2025 after years of struggling with quality issues and delays on the flagship 737 MAX. The U.S. Federal Aviation Administration approved the increase in 737 MAX production from 38 to 42 per month earlier this month. This is a significant change to the previous cap of only 38 jets that was in place since January 2024. This cap was implemented after a panel blew out mid-air on a near new aircraft. The planemaker reported a net loss for the quarter ending September of $5.34billion, or $7.14 a share. This compares to a loss last year of $6.17billion, or $9.97 a share. Boeing delivered 55 jets to customers in September. This was its best performance since 2018. The 55 deliveries in September marked a dramatic increase from the 33 deliveries made a year ago, when a strike by 33,000 workers at a factory in the Pacific Northwest halted production. Wall Street closely monitors deliveries, since planemakers receive most of their revenue when they hand over the jets. This makes deliveries an important indicator of cash flow and revenue. (Reporting and editing by Sriraj Kalluvila in Bengaluru.
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New sanctions have yet to impact on Russia's oil exports.
According to LSEG and market sources, the new sanctions imposed by the U.S. and EU against Russia and its oil giants Rosneft Lukoil and Lukoil are yet to affect physical crude shipments out of Russia's western ports. LSEG data and sources indicate that despite weather-related restrictions and sanctions pressure, October exports of Primorsk and Novorossiisk ports in western Russia are expected to be around 2.33 million barrels a day (bpd), which is in line with Russia’s revised monthly program. Sources say that new U.S. restrictions are putting pressure on Russia's oil exports to the west. Urals oil is being purchased from ports by India and Turkey, who are expected by the West to adhere with their new restrictions. The U.S. has set a deadline of November 21 to end all business with Rosneft, Lukoil and other Russian oil companies. Due to the approximately four-week journey from Baltic ports to Indian refining plants, shipments loaded today may arrive at buyers after the deadline, increasing logistical and financial risk. One source said that everything loaded in Primorsk will arrive in India by November 21. He said that banks may have problems with payments, as Russian oil suppliers don't like to be paid in Indian rupees. Indian refiners are still deciding what to do with their Russian oil purchases. Reliance Industries in India, a major Rosneft client, has said that it is assessing how the sanctions will affect its crude supply contracts. Sources expect that Russian oil sales will be passed on to trading firms and intermediaries, which may increase the costs for sellers while shielding buyers from sanctions related risks. Reporting by Elaine Hardcastle; Editing by Elaine Hardcastle
Italy Court of Auditors weighs the approval of Sicily Bridge project
The Italian Court of Auditors discussed on Wednesday a landmark project of the government for a new bridge that would connect the island of Sicily with the mainland after raising doubts about the decision to revive a decades-old plan.
The right-wing government of Prime Minister Giorgia Mello has allocated 13.5 billion euro ($15.7 billion), a project Italy dropped in 2012 because it was too expensive.
Matteo Salvini - the Infrastructure Minister and leader of far-right League – put a lot of pressure on the government to approve the construction of the link between Messina, a city in Sicily, and the nearby Calabria mainland.
The project financing is subject to scrutiny
The initial inspection by the Court of Auditors, which was to determine if it complied with budget and law rules, revealed that there were many obstacles.
"Our assessment... is especially rigorous because it's public money." "We need to make sure the project is funded properly and that it won't require any interruptions later, which would be extremely damaging", Carmela Mirabella, a councillor at the Court of Auditors in Rome said on Wednesday during an hearing.
Sources at the court have said that a decision regarding the validity of the project is expected in the next 24 to 48 hours.
BRIDGE HAS DIVISED OPINION
The project would not be stopped definitively if the court rejected the case, but it would be a major blow to the government after Salvini had promised to start the construction this year.
Depending on how the court rules, the cabinet may vote to override objections to the plan and force judges to approve it "with reservations." The project could face more obstacles if the court does not approve it.
There is a sharp divide in opinion about the bridge. Critics say it's unnecessary and damaging to the environment, especially for a region that has been devastated by earthquakes. Supporters claim that a rapid rail and road link would boost development in Sicily, Calabria and other regions of southern Italy.
Salvini stated this week that he refused to believe anyone would stop a plan to elevate our country up to the level with the major players in the world.
Eurolink won the contract to build the bridge over the Strait of Messina after an international bid. The consortium is led by Italy's Webuild and includes the Spanish group Sacyr, as well as Japan's IHI.
The Court expressed doubts over the total cost of the bridge, and stated that the government had not included a mandatory technical evaluation from a consulting agency.
The judges also questioned if the project was compliant with EU competition laws, referring specifically to the sharp increase in costs from the original 3.8-billion-euro bid awarded to Webuild (known at the time as Salini Impregilo) in 2005. Reporting by Angelo Amante Editing Keith Weir
(source: Reuters)