Latest News
-
United CEOs will attend White House event to push for an end to the shutdown
Sources say that the CEOs of American Airlines, United Airlines and Continental Airlines will be attending a White House roundtable this Thursday to push for an end to a 30-day government shut down after a spike in flight delays attributed to air traffic controllers' absences. United CEO Scott Kirby, American CEO Robert Isom, Vice President JDVance, Transportation Secretary Sean Duffy and Airlines for America CEO Chris Sununu will be joined by Air Line Pilots Association president Jason Ambrosi, and other participants at a roundtable to discuss the impact of the government shutdown, which has forced 13,000 controllers in the air traffic control system and 50,000 Transportation Security Administration agents to work without being paid, according the sources. United confirmed Kirby's attendance. American, Delta and Southwest declined to comment immediately. Airlines have repeatedly called for an end to this shutdown, citing safety concerns. The meeting takes place as the government shutdown worsens existing staffing shortages. More than 63,000 Air Traffic Controllers and Transportation Security Administration Officers are forced to work without pay. The shutdown has caused a surge in unscheduled absenteeism, which threatens to cause disruptions that are similar to the ones that ended a government shutdown in 2019. Duffy reported that 44% of Sunday's delays and 24% of Monday's delays were due to air traffic controller absences. This compares to an average 5% before the shutdown. After missing their first paycheck, hundreds of air traffic controllers took second jobs in order to pay bills. Airlines and other companies are also donating food at airports to TSA agents and federal workers. Even before the shutdown, many air traffic controllers were working six-day weekends and mandatory overtime to meet their staffing targets. The 2019 35-day government shutdown ended when a surge in absences from controllers and TSA agents successfully pushed Washington to reopen. (Reporting and editing by Lisa Shumaker; Reporting by David Shepardson)
-
Gulf South Pipeline Co. invites commitments to Texas Gateway Project
Gulf South Pipeline Company LLC (a subsidiary of Boardwalk Pipelines LP) announced Thursday a binding season for the Texas Gateway Project. It invited firm commitments from its customers to reserve capacity on its planned new network. Boardwalk announced in a recent press release that the Texas Gateway Project will connect Gulf South's current network with new pipelines and gather natural gas at the Texas hubs of Katy and Carthage. According to the press release, gas will be delivered in Southwest Louisiana, near Gillis, to meet a growing demand. The project, it said, will provide increased liquidity, security of supply and flow assurance to LNG exporters, electricity utilities, industrials, and natural gas producers. Boardwalk Pipelines' president and CEO, Scott Hallam said that the project would provide low-cost access to LNG markets around the world while also supplying industrial and power needs in Gulf Coast Region. Gulf South secured a contract with a long term user at terms that would allow it to progress the project. It will also use the open season to gauge additional interest. It added that the project would add at least 1,450 million Dth/day (1,45 billion Cf/d) to Southwest Louisiana. The project includes a new 155 mile pipeline as well as upgrades to the existing Index 129 pipe in southeast Texas. The new line will begin at the Carthage Header, and extend all the way to Beauregard Parish in Louisiana. The release stated that it will include new compression facilities and metering equipment, adding the November 1, 2029 target date. (Reporting by Anjana Anil in Bengaluru; Editing by Jan Harvey)
-
Hungary prepares for tighter US sanctions against Russian oil
The government of Hungary has proposed legislation to amend the law on stockpiling imported crude oil and crude products. This will allow it to designate "standby" filling stations that can provide fuel in an emergency to users who are critical to supply. The amendment was made after an incident at the main refinery on the Danube of Hungarian oil company MOL, which forced it to reduce its capacity. It also comes before U.S. sanction against Russian oil giants Lukoil or Rosneft that will take place next month. The sanctions put Hungary at risk of being dependent on Russian crude oil imports. According to the text published on the website of the government on Thursday by the Energy Ministry, "the Government may by decree order standby fuel stations in an emergency, setting the priority of fuel supply". The law would come into effect on 1 January 2026. A spokesperson for the government was not available to comment further on the bill. The text states that "in the event of a supply crisis, users who ensure the smooth operation of the nation can get fuel from a standby network of filling stations." The amendment ...-, which reduces the administrative burden as well, is meant to create legal and financial conditions. It added that the amendment does not apply to retail buyers. Viktor Orban, Prime Minister of Hungary, said that the country was looking for a way around U.S. sanctions against Russian oil companies. Orban's chief staff announced earlier Thursday that he will meet U.S. president Donald Trump in Washington on November 7, where he hopes to discuss a way forward for a U.S. and Russia meeting, as well as seek an exemption from energy sanctions. According to MOL, the Danube refinery processes a large amount of Russian crude that is delivered through the Druzhba Pipeline. International Energy Agency data revealed that it effectively covered Hungary's demand for oil-based products.
-
Chinese Airlines return to profit with summer surge but challenges remain
The peak summer season in China helped the three largest airlines in China to post their first quarterly profit for a year. However, the recovery may be short-lived as the oversupply continues drag down the domestic market. Air China, the flag carrier of China, reported a net profit for the third quarter of 4,14 billion yuan (US$581.22 millions), a drop of 5.16% compared to last year. According to a stock market filing, the airline has also announced plans to conduct a private placement of A-shares to raise up 20 billion yuan to pay off debts and replenish its capital. China Eastern, which is the first customer of the C919 narrow body jet produced in-house, has turned a profit after three-quarters of losses. This compares to a loss of 2.63 billion dollars during the same period last year. China Southern released its results on Monday. The company reported a profit for the third quarter of 3.84 billion Yuan, up from 3.19 billion Yuan in the previous year. Analysts expect that the country's top three airlines could turn a profit by 2025, thanks to the summer performance. The recovery of Chinese companies has been slower than that of their international counterparts because the Chinese economy has slowed down and fierce competition within China between high-speed trains and airlines has led to a rise in fares. Data from VariFlight revealed that during the National Day holiday week, the average one-way fare increased by 10% on an annual basis to 910 Yuan. Flight frequencies and fares are now falling as the market moves into low season. According to data from aviation platforms, the average fare for domestic flights was 768.3 Yuan between October 13 and 19, 12% less than a month ago. Due to frictions between China and the United States, data show that international capacity is at approximately 85% of its 2019 level. However, North American services are still at less than a third of their pre-pandemic level. $1 = 7.1230 Chinese Yuan Renminbi (Reporting and editing by Jamie Freed in Shanghai, Brenda Goh in Beijing)
-
Clear payment for wheat delayed at Egyptian ports
Mostakbal Misr, Egypt's grain buyer of state, said on Thursday that several shipments of wheat which had been held up for weeks in Egyptian ports because payment problems were now cleared to be unloaded after the issues were resolved. Since early October, eight vessels carrying approximately 200,000 metric tonnes of wheat were stranded due to delays with the clearing of letters of credit. The delay caused delays in unloading and increased costs for shipowners. Mostakbal Misr stated that the payment issues for wheat cargoes which were delayed in Egyptian port had been quickly resolved. As of Wednesday night, the issue has been resolved. Ships are now slowly unloading. The agency stated that the issue with payment was due to new regulations implemented by Egypt's Central Bank, which tightened the verification procedures for letters-of-credit and checked the origin of imported products. It said that, "While Mostakbal Misr wasn't involved in the delays, we worked quickly with the central banks and suppliers to resolve the issue as soon as possible." Egypt is one of the largest wheat importers in the world. It relies heavily upon wheat imports to complement its domestic harvest. The grain is then used to make subsidised bread that is consumed by tens and millions of Egyptians each day. (Reporting and editing by Mohamed Ezz; Sarah El Safty, Michael Hogan)
-
US Judge reduces Standing Rock verdict to $345 Million
Greenpeace was awarded $667 million in damages by a jury in North Dakota, but the judge reduced that amount to $345 million on Wednesday. The judge did this because of Greenpeace's role in the protests against Dakota Access Pipeline construction. After determining that some of Greenpeace's damages were excessive or duplicative, State District Judge James Gion reduced the amount Greenpeace is owed to Energy Transfer by almost half. Greenpeace's interim legal counsel, Marco Simons said that the group believes "the remaining claims are unfounded legally" and that the case has always been about wealthy corporations using the court system to intimidate their critics and silence protesters who threaten their business model. Energy Transfer stated in a press release that it is "pleased to see that Greenpeace remains responsible for its actions" and that it plans to appeal the decision of reducing its damages. Dakota Access, a project located near the Standing Rock Indian Reservation, began in 2016, and was completed in 2017. The construction of the pipeline that transports approximately 40% of North Dakota's Bakken oil was met by fierce protests from environmental and tribal advocacy organizations who claimed it would poison local water supplies and exacerbate climate changes. Energy Transfer, a Texas-based company, first sued Greenpeace at a federal court located in North Dakota back in 2017. It accused the group of spreading lies about the project and paying people to disrupt construction. In March, the jury in North Dakota delivered its verdict, which included damages for defamation and trespassing. Greenpeace sued Energy Transfer in The Netherlands in February, under a European Law aimed at curbing lawsuits brought to harass or silence activists. This lawsuit is still ongoing. Blake Brittain reported from Washington, Edwina Gibbs edited by Paul Simao and Edwina Simao.
-
Enterprise Products' quarterly profit drops on lower margins, but buybacks to $5 billion are boosted
Enterprise Products Partners announced a lower-than expected quarterly core profit Wednesday as its liquids and natural gas businesses were weaker than expected. However, the company's petrochemicals business and refined products were stronger. Enterprise said that its board also increased the authorized size for its common unit purchase program from $2 billion to $5 billion, leaving $3.6 million in remaining capacity. The company described this authorization as "multi-year program" that offers an additional method to return capital to the investors. The company purchased 80 million dollars worth of units in the first quarter. UBS analyst Manav gupta called buyback update a "positive", but the "amount of the miss" could keep the stock at some pressure. In premarket trading, Enterprise shares were down 1.6% to $30.62. Enterprise has moved record volumes across its network. Natural gas pipeline throughput increased by 8% to 21.0 trillion British Thermal Units (Btus), and pipeline volumes equivalent rose 7% to 13.9 million barrels. These gains were offset with lower sales margins. LPG loading fees also decreased after contract renewals. LSEG data shows that adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), was $2.41billion in the third quarter. This missed analysts' expectations of around $2.50billion. The company spent $2 billion on capex in the first quarter. This included $1.2 billion on growth projects, $583 millions for Occidental Petroleum’s gas gathering system and $198 in sustaining capital expenditures. The company now expects growth in 2025 to be at the upper end of its range of $4,000 billion-$4.5billion. Elvira Scotto, an analyst at RBC Capital Markets, said that Enterprise's "steady balance sheet and steady cash flow can handle planned capex expenditure". Reporting by Arunima and Katha in Bengaluru, editing by Krishna Chandra Eluri
-
German court orders Afghan who killed toddler by knife attack to care
After he fatally knifed two people in an attack that shocked Germany nine months ago, the judge ordered that an Afghan national be sent to psychiatric treatment. The prosecution had claimed that Enamullah O., in accordance with German privacy laws was the man who killed a German and a 2-year-old when he attacked the kindergarten group of Aschaffenburg in western Germany in January. The man was diagnosed as having paranoid Schizophrenia. This hearing was not a criminal trial but a special procedure, because he was found to be not criminally liable due to his mental illness. The court confirmed that the decision was made to place him in psychiatric treatment. The attack occurred a month prior to Germany's Federal Election in February, and it contributed to the decision of now-Chancellor Friedrich Merz that stricter immigration policies and tighter border controls would be introduced. This was just one of many violent attacks that have raised fears about migration and fueled support for the far right Alternative for Germany (AfD), a party which has been topping polls. (Reporting and writing by Tilman Blsshofer; editing by Matthias Williams, Gareth Jones, and Madeline Chambers)
DP World to invest $5 billion in infrastructure in India
DP World, a Dubai-owned port and logistics company, has committed to investing an additional $5 billion into India in order to strengthen its integrated network of supply chains. The company announced this in a Thursday statement.
The statement also added that this investment is on top of the $3 billion that UAE-based DP World already invested in India in the last three decades.
In January 2024 the company signed memoranda with the Gujarat state government in India, worth $3 billion, for the development of new terminals, ports and economic zones.
The company announced that the latest investment pledge, made at India Maritime Week in 2025, will support both domestic and export trade.
"This new investment, combined with strategic partnerships reaffirms our commitment to advancing India’s maritime and logistic industry and cementing India's position in the global trade," said Group Chairman and CEO Sultan Ahmed bin Sulayem.
DP World has more than 200 locations in India. According to the statement, the new investments and partnerships will help expand the company's footprint. (Reporting by Federico Maccioni. Elwely Elwelly is the writer. Mark Potter (Editing)
(source: Reuters)