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Brazil's Government considers easing airline access to the public aviation fund
Documents show that Brazil's Ports and Airports minister Silvio Costa Filho asked the Finance Ministry to relax conditions on loans for airlines backed by the National Civil Aviation Fund. The fund is a public one which will reportedly dispense 4 billion reais (764,76 million dollars) in 2026. Costa Filho, in a letter to Fernando Haddad last week, wrote: "It is necessary to modify the resolution so that FNAC's credit becomes more attractive." Documents attached to a February 13th letter were seen by. The proposed changes included expanding the ways in which airlines can access FNAC. This would include services like training for pilots, aviation workers, and more. The current program covers the purchase of domestically manufactured aircraft as well as engines and parts. Costa Filho proposed increasing the financing cap for all eligible items from 10% to 30%, and explicitly allowing loan proceeds be used to secure contractual guarantees. Embraer could benefit from a higher cap on financing backed by government support. Costa Filho asked the Finance Ministry also to relax a rule that requires airlines to increase their number of regional flights to be eligible for FNAC. According to the proposal, airlines must increase flight frequencies by at least 15% in Brazil's Amazon region and Northeast regions - or half the current 30% of flights - in comparison to the year before the request for financing, or ensure that at the very least 17.5% of all departures and landings in these regions, instead of the 20% they currently have, are made in the regions. The 'Ports and Airports Ministry didn't immediately respond to an inquiry for comment. The Finance Ministry didn't immediately confirm whether or when this proposal would be considered by Brazil's National Monetary Council. This body released a resolution in?October setting the rules for the loan, after?longstanding requests by the airline industry. After the COVID-19 epidemic, the government claimed that carriers required support to buy aircraft, conduct maintenance and purchase sustainable aviation fuel. Gol, 'LATAM and Azul are by market share the two largest airlines operating in Brazil. The interest rates for the loans ranged between 6.5% to 7.5% per annum, depending on credit lines, as compared to Brazil's benchmark of 15%.
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Teamsters ask judge to stop UPS from offering buyouts of $150,000 to drivers
A lawyer for the International Brotherhood of Teamsters said to a judge that the union expects more than 10,000 United 'Parcel Service drivers will accept $150,000 buyouts, if the 'delivery -giant can proceed with its planned workforce-cutting plan. Michael Feinberg, a union attorney representing 320,000 UPS employees, gave this estimate when he asked Chief U.S. district Judge Denise Casper to stop UPS from implementing the buyout plan. The Teamsters claim that the union initiated the buyout without negotiations, in violation of the?2023 contract. Teamsters also contend that the provisions of the?2023 contract prohibit UPS from entering such agreements with individual drivers. The union sued UPS on February 9, after UPS announced plans on January 27 to close 24?facilities and cut up to 30 000 jobs as it tries to get away from millions low-profit delivery for its biggest customer, online retailer Amazon.com. UPS introduced a previous buyout program in the?year prior to that, which was also opposed by local Teamsters unions. The program offered eligible drivers $1,800 per year in severance, with a minimum of $10,000. Feinberg stated that only?3,000 drivers took UPS up on its offer, which led UPS to increase the amount of severance pay offered to them. He said that if UPS continues to roll out buyouts to 105,000 employees who are eligible, "tens of thousands will be seduced" to apply in hopes of winning the $150,000 jackpot. Feinberg stated that those who accepted would be forced to leave their jobs in accordance with arrangements which could later by ruled as improper by an arbitrator. Without an injunction from Casper, it would be "impossible" for them to return, Feinberg added. He said that it would be difficult, if not impossible, for an arbitrator to rectify the situation. James?Nelson, a UPS lawyer, countered the union's claim that the contract was too broad to allow it to offer buyouts?to its unionized driver. He stated that the alternative was to force UPS to lay off drivers, as the contract allows. Casper said he did not have the authority to issue an order in the dispute. Nelson stated that if she did so, it would interfere in UPS's efforts to reduce the driver workforce in order to deal with an 8.6% drop in package deliveries, which it expects will continue in 2026. Nelson stated that the company was looking to offer people a?opportunity' to leave in exchange for a substantial financial reward. Casper didn't immediately make a ruling but she said that she would be making a decision "shortly." (Reporting from Nate Raymond, Boston; Lisa Baertlein, Los Angeles; Editing by Alexia Garamfalvi & Aurora Ellis).
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Prices in Russian ports are above EU price cap, but the urals fluctuation remains unchanged
The data shows that the Russian Urals oil differentials were unchanged on Thursday compared to Brent, while the grade's price remained above the new EU price cap so far this month. LSEG data indicates that the Urals FOB prices at Primorsk Port have been higher than the new EU price cap since February 1. The cap allows European companies to provide shipping, insurance and?other?services in exchange for Russian cargoes as long as the oil is sold below the cap. Calculations showed that the Russian state's oil and gas revenues are expected to almost halve in February 2025 to 410 billion rubles ($5.35 billion), due to lower oil prices and a stronger currency. PLATTS WINDOW The traders reported that no bids or offers for Azeri BTC, CPC Blend and?Urals were made on the Thursday. The chief of staff for Prime Minister Viktor Orban said that Hungary may cut off gas and power exports to Ukraine until Kyiv resumes Russian oil shipments via the Druzhba Pipeline. Data from the Joint Organizations Data Initiative revealed that Crude Oil exports by the world's biggest oil exporter dropped to 6.988 million barrels a day, compared with 7.378 million bpd last November. This is the lowest level since September. Reporting by
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The danger of ships and nets during the whale migration season in Chile
The increased activity of the 'fin whale', the'second largest whale in existence' along Chile's north coast during feeding season is highlighting an 'growing threat' to collisions with vessels and entanglements in fishing nets. This warning was made by marine experts and conservationists this week. Between October and January, the nutrient-rich waters in Mejillones Bay and Antofagasta Bay are a popular feeding ground for fin whales. The region is also a hotspot for maritime accidents that involve whales. This has led to a call from advocates for better habitat protection. Christian Guerra, a marine ecologist, said that Chile appears to be the main?space? where collisions have been recorded. "We lead the world in collisions and strandings, but we are also the worst." The Antofagasta cetacean observation network, a group of volunteers, monitors the whales to reduce these risks. Alex Sanchez, who is a member in the network, said that, "aside from ship collisions and fishing nets left at large-scale operations, these mammals are often caught by the nets." Drone footage from Algarrobo, further south than Mejillones or Antofagasta bays, captured the sight of a whale carcass washing ashore in this month. Silvana Espinoza is an eco-expert with Greenpeace. She said that "whales are vital for climate regulation and nutrients distribution." Reporting by Rodrigo Gutierrez, Writing by Daina Bet Solomon, Editing by Tomaszjanowski
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Targa Resources beats quarterly core profit estimates on boost in gas volumes
Targa Resources, a pipeline operator, beat its fourth-quarter estimates for adjusted core profits on Thursday. This was due to higher demand and transport volumes of natural gas liquids as well as natural gas. U.S. Natural Gas Futures jumped more than 11% in a single quarter, ending a decline that began in the second quarter. Midstream companies benefit from the strong oil and natural gas production of the Permian Basin. They also see a rise in natgas exports, and an increase in power generation linked to AI and data centers. Targa has announced plans to construct a 275 million cubic foot per day natgas plant in Permian Delaware. The plant is expected to begin operations in the fourth quarter 2027. Executives said on a "conference call" that "larger downstream capital project, including Speedway NGL Pipeline, and LPG Export expansion, are expected to be completed in the second half 2027. They said that the company expects to reach a core profit run rate adjusted of more than $6 billion after the completion of Speedway. Analysts at RBC Capital Markets said that while they viewed the fourth quarter and guidance as positive, the share price could react mutedly due to the recent outperformance. They also noted the increasing expectations for the print. Targa shares dropped 1.3% during afternoon trading. The total quarterly 'natural gas' sales rose 6.2%, to 2,96 billion British thermal unit per day. Meanwhile, the volume of NGL transported via pipeline increased by 20.3%. Targa's 2026 core earnings forecast is between $5.4 and $5.6 billion. The midpoint of this range is in line with analysts' estimates of $5.5 billion according to data compiled by LSEG. Houston-based company, Texas, posted a core adjusted profit of 1,34 billion dollars for the quarter ending December 31 compared to the estimated $1.27 billion. (Reporting and editing by Krishna Chandra Eluri in Bengaluru. Pooja Menon is based in Bengaluru.
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Four people killed and 17 injured in a truck explosion in the capital of Chile
Authorities said that at least four people were killed in the explosion of a truck transporting liquid gas, which flipped over and exploded on Thursday. A police chief said at a news conference that 17 more people were injured. The driver of the truck lost control and crashed, he explained. The authorities said that the truck driver was one of the victims. The prosecutor’s office is investigating the circumstances of the accident. The truck belonged to a local gas company Gasco. Gasco didn't immediately respond to a request from for a?comment. Social media videos showed the flames descending at the explosion site. The accident occurred in the northern Santiago community of Renca. It was near a highway and industrial area. According to firefighters, the?explosion? was felt in a radius between 150 and 200 meters. It also damaged at least 50 vehicles. Gabriel Boric, the President of Croatia, said that some debris had landed in three businesses but there have been no further reports about widespread damage. Claudio Orrego is the Governor of the Metropolitan Region of Santiago. He reported that five people were in serious condition. Orrego stated that "one person has burns on their entire body and is at imminent risk of death."
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Some US investors are turning to infrastructure amid the AI sell-off
Wall Street's love for artificial intelligence giants is cooling, and some investors are shifting their focus to infrastructure companies, which they believe will benefit from AI spending. This shift has spawned a number of new products. Shares of AI tech giants like Alphabet and Amazon have seen sharp drops after huge gains over the past few years. Investors are worried that returns on their "massive investments" in developing smarter AI system won't justify these lofty valuations. Asset managers say that investors should focus on companies receiving the checks, such as chipmakers, data centers, and utility firms, which provide the nuts and bolts of the AI revolution. Asset managers say that many of these stocks have seen double-digit growth this year. These include Caterpillar and Lumentum, a provider of optical communications, and Western Digital, a data storage company. The S&P 500 returned 0.52%, and the Roundhill Magical 7 ETF has dropped 7.3%. NEW INFRASTRUCTURE AI PRODUCTS This performance has prompted exchange-traded funds providers like BlackRock, VistaShares, and Impax Asset Management, to revamp their offerings and launch brand new products. Some are betting on an increasingly diverse and niche list of AI infrastructure investments. "Our goal is to have our portfolio ring with cash every time Meta or Amazon invests into a datacenter," said Adam Patti. VistaShares launched its Artificial Intelligence Supercycle Fund in December 2024. It gained 58.4% by 2025, and 16.87% so far this year. The ETF does include the AI giant Nvidia. However, its weighting is only half of that of South Korea’s SK Hynix whose chips are used by data centers. Other top holdings of the ETF include Micron and Intel. Patti said, "When Meta says it will spend $100 billion on these companies, that money is going to them." BlackRock's iShares A.I. Innovation and Tech Active ETF has now invested 74% of its $8.8 Billion?in assets in AI infrastructure, from chipmakers who?train AI to power companies. This is up from 59% one year ago. This is "where the revenue is right now", said Jay Jacobs. BlackRock's U.S. director of equity ETFs. The fund has seen its returns increase to 3.2% in this year due to the positive returns on investments like Fabrinet, Monolithic Power Systems and others. VettaFi data shows that the BlackRock fund received $7.9 billion of new capital in the past 12 months. This month, two infrastructure ETFs were launched. Impax Asset Management transformed one of its mutual fund into the Impax Global Infrastructure ETF. Harrison Street Asset Management, a manager of alternatives, launched an AI related ETF focused on electrification. Robert Becker is the chief investment strategist of Harrison Street. He said that securing reliable power supplies was one of the major obstacles to moving forward in building all the AI data centers required. Ed Farrington said that infrastructure is a great way to diversify equity portfolios and what was for many years a highly concentrated business. "STEALTH AI PLAYS" The Magnificent Seven Hyperscalers may have delivered consistently high revenues, but investors claim that this is largely due to their core business, which funds AI capital expenditures. This year, the spending on AI will amount to around $630 billion. Some investors are searching for underpriced infrastructure companies that will benefit from the investment. Ari Sass is the president and portfolio manager at M.D. Sass Investor Services said that companies which he previously thought were "stealth AI plays" are now coming into the spotlight. Quanta Services (which provides construction and maintenance for?electric utilities) has seen a 24.17% increase in the first half of this year. Tortoise AI Infrastructure ETF, launched in October, invests in companies such as Wisconsin's Modine Manufacturing, which began manufacturing radiators for farm machinery and has since shifted to data center cooling systems. The company's shares have risen 19.25% this year. Some are warning investors to be cautious as they pile more money into the AI infrastructure business. They point out that fiber optic companies in the 1990s collapsed due to over-investment to support Internet firms. Michael Reynolds, Glenmede's vice president of investment strategies, said: "It appears that the companies spending the most on AI are the ones with the strongest financial standing, but valuations have gotten a little high for any product or service with AI exposure." Everyone needs to be cautious.
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United revamps its loyalty program to increase co-branded card adoption
United Airlines has redesigned its frequent-flyer loyalty program to reward those who carry a United-branded card and reduce the mileage earned by members who don't. The airline stated that the changes were designed to increase adoption and usage of their card products. Loyalty programs are now major profit generators for the airline industry. Carriers earn billions of dollars each year from selling frequent-flyer mile to banks tied to their credit card portfolios. United Airlines said that primary MileagePlus cardholders of the airline will be able to earn up to two times as many miles per dollar spent on United flights, compared with those who do not have a card. Tickets purchased after April 2 will be eligible for this benefit. Cardholders also get a minimum 10% discount on tickets booked using miles or points. Andrew Nocella is United's chief Commercial officer. He said: "MileagePlus rewards loyalty to United and our best customers deserve the best benefits in the industry." The new rules tighten the rules for those who do not have a card. United said that MileagePlus cardholders without the co-branded card would earn less miles on flights. General members will not be able to earn'miles' for basic economy tickets, unless they have a card.
Documents show that Epstein attempted to create a web of powerful connections across the Middle East.
The U.S. Department of Justice's documents reveal that embattled financier Jeffrey Epstein attempted to create a powerful network of political figures and regional business leaders. DP World announced that Sultan Ahmed Bin Sulayem resigned from his position as chairman and chief executive. Two sources who have direct knowledge of the situation said that the decision was made after Bin Sulayem’s name appeared on the Epstein files and his relationship with the deceased convicted sex offender came under increased scrutiny.
Bin Sulayem and Epstein exchanged emails in which they discussed sexual relationships between Bin Sulayem and women Epstein had helped him meet. Bin Sulayem wrote Epstein in an email of November 9, 2007 that he met a woman named "Joanne" who he didn't name, and with whom he claimed he hadn't had sex.
He wrote: "Yes, after many attempts over several months, we were able to meet in NY," adding that it was a miscommunication because "she only wanted some BUSINESS!" I only wanted PUSSYNESS!"
Dubai's ruler also issued on Friday a decree that appointed a new chairman of Dubai's Ports, Customs and Free Zone Corporation, which was one of the many roles Bin Sulayem had held.
I was able review independently only some Epstein files relating Bin Sulayem but was unable determine what exactly led to Bin Sulayem's departure from DP World, although sources stated, without giving further details, that the documents were the reason.
Bin Sulayem has not responded to any requests for comments on his departure. DP World declined comment.
COOKING TOGETHER
Epstein described Bin Sulayem in an email exchange as funny, trustworthy, and a foodie. Epstein continued to state that Bin Sulayem is a Muslim who does not drink alcohol and prays 5 times per day.
A photograph that was included in an email, but is not dated and has been made public, shows Epstein and Bin Sulayem cooking together and looking relaxed. Epstein did not provide the full name of who he sent it to.
Bin Sulayem did not comment publicly on Epstein’s description of his relationship or the emails he sent about it.
The mere fact that a file contains a name does not prove criminal activity. Bin Sulayem was questioned by DP World financial backers about his past after some members of Congress pointed out that Bin Sulayem’s name appeared on files released by the U.S. Department of Justice.
Bin Sulayem didn't respond to these concerns publicly. British International Investment and Canada's second largest pension fund, the UK's development finance agency said they would suspend 'all new investments' with DP World due to Bin Sulayem's alleged ties' to Epstein.
We are horrified by the allegations that have emerged in the Epstein case
A spokesperson for BII said, "Files regarding Sultan Ahmed Bin Sulayem", without mentioning which allegations he meant. We will not make any new investments in DP World until they have taken the necessary actions.
La Caisse, a Canadian pension fund, said that it would "pause additional capital?deployment along with the company" until DP World clarified and took the "necessary actions".
In a press release issued after the Friday leadership change at DP World BII expressed its appreciation for DP World’s decision, and that it was looking forward to "continuing our partnership to advance development of key African Trading Ports". La Caisse stated that "the company took appropriate measures" and would "move swiftly to work with DP World’s new leadership in order to continue our partnership for port?projects throughout the world".
Bin Sulayem didn't immediately respond to a question from La Caisse asking him about the actions taken by BII. DP World declined to comment.
Contacts Network
The DOJ's large collection of documents, including emails and text messages, shows that Epstein used his wealth to establish relationships with influential people in finance, politics, academia, and business all over the world.
The report was unable determine whether Epstein's advice was taken and if it was effective. Epstein attempted to give advice to Qatari political and business figures, according to the DOJ documents examined by. This was during the blockade imposed on Qatar in 2017-21 by Saudi Arabia and the United Arab Emirates. Bahrain and Egypt also accused Doha of supporting terrorism and failing to cut ties with Iran. Qatar denied these accusations.
Epstein, in an exchange with Sheikh Jabor Jasim Al Thani of the ruling family and Qatari businessman Jabor Yousuf Jassim al Thani, urged Qatar "to stop kicking and arguing...let's let the heat go down a little". He stated that "the current Qatari team is weak" and that "FM's lack of experience is evident."
Qatar's Foreign Minister at the time was Sheikh Mohammed bin Abdulrahman Al Thani. He is now both the?foreign and prime minister. Sheikh Mohammed is yet to comment publicly on Epstein’s portrayal. Qatar's International Media Office (which handles media requests from the Prime Minister) declined to comment when asked about the exchange.
According to documents released by DOJ, an individual working in Sheikh Jabor’s office did not respond to a message asking for comments. Epstein encouraged Doha to establish ties with Israel in order to remain in the good graces Donald Trump who was in his first term of office as U.S. President. Epstein suggested that the Gulf State either recognize Israel or pledge $1billion to a fund in aid of victims of terrorism. Qatar stayed true to its independence. In 2021 the countries that had been blocking Doha reestablished ties, and the relationship between Qatar and the Trump administration is now very strong.
Discussion on SAUDI ARAMCO's IPO
Epstein addressed Saudi Aramco’s initial public offering through dozens of emails. Epstein warned in an email exchange on September 10, 2016 with Aziza Alahmadi and former Norwegian diplomat Terje Rod-Larson that Aramco's IPO could expose Saudi Arabian assets to seizure and lawsuits. Saudi Aramco refused to comment on the emails.
Alahmadi was not available for comment. She also could not?establish her role in Epstein's activity.
Epstein, in an email dated 16 October 2017 and sent to Alahmadi as well, suggested that China sell an option to purchase a $100 billion stake in Aramco, rather than pursuing a conventional IPO. Epstein said this would provide liquidity, while limiting the exposure to public markets.
Saudi Aramco refused to comment on the emails. Roed Larsen didn't immediately reply to an email sent via his attorney asking for comment.
The DOJ documents show that Epstein's influence extended to Egypt. In some emails, a family member Hosni's son Gamal Mubarak asked Epstein for assistance in 2011 after the ouster of the former president and the subsequent legal problems. The emails did not specify what type of assistance had been?sought, and it was impossible to determine whether Epstein tried to intervene on behalf of the family.
Lionel Halperin is an attorney for Gamal Mubarak. He told?email by no means that any member of Mubarak's family knew Epstein, nor did they ever seek or receive assistance from anyone, directly or indirectly.
He claimed that Roed Larsen and other people had tried to contact Gamal Mubarak in 2011 in order to better understand Egypt's situation and the Mubaraks. Gamal Mubarak, who was then in prison pending an investigation at the time, asked his wife Khadiga El Gammal to send "messages" of appreciation to those who reached him and his family.
Halperin stated that "a few" emails were sent in this context to Roed Larsen. Halperin stated that "Gamal Mubarak does not have an explanation and is unaware of the context" as to why certain emails were sent to Mr. Epstein's email account at the time.
(source: Reuters)