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Italy's State Railways chief will resign after a rift with the government
Sources said on Thursday that the chief executive of Italy’s state-controlled 'railway company Ferrovie dello Stato is expected to resign within the next few days after months if disagreements with the governing body. The relationship between Prime Minister Giorgia Melons government and the CEO of the company Stefano Donnarumma has been strained by the recurring delays and disruptions on the rail system, which are largely due to maintenance and upgrade work. Sources said that Donnarumma’s departure was decided by mutual consent during a Thursday meeting with Matteo Salvini, Deputy Prime Minister and Minister of Transport for the League far-right party. One source said that the main factors in the decision were the differing opinions about the future strategy of the group and the types of investments required for the network. Source: The government has expressed displeasure with Donnarumma for his past decisions such as the integration of two rail companies and also opposes his plan to use foreign funds to invest in high-speed rail. According to a source from the Transport Ministry, Donnarumma’s successor would be?selected from within the Ferrovie dello Stato 'group. Donnarumma became the new CEO of FS on June 20, 2024, after leading Terna as its power grid operator. According to sources,?Gianpiero Strasciuglio, the head of FS' train operator unit Trenitalia is the front-runner for his replacement. (Reporting and editing by Gavin Jones in Rome; Giulia Segriti, Rome)
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Airbus unions strike for the first time over an increase in office attendance
French unions have called for a one-day strike and protest at Airbus on Thursday, as the European planemaker is moving to increase the number of 'on-site working days' -for white-collar employees- to at least four a week. This rare action at Airbus follows a letter from Guillaume Faury, CEO, dated June 9, in which he urged improved focus, better quality, and a "personal presence on-site," following a slow start of the year for commercial aircraft deliveries. Airbus is under pressure to deliver its 870-jet annual target while dealing with supply-chain?strains. The CGT union has called for employees to "voice their anger" under the windows of CEO Guillaume Faury at Airbus' Blagnac facility near Toulouse. The CGT said that more than 100 employees had rallied, but did not disclose the full number of staff involved. No reports have been made of any impact to?production. Separately the CFDT union?called a rally for the 30th of June outside the same building and said that it was examining possible legal actions, arguing Airbus applied its remote-working agreement 2024 in bad faith. FO, Airbus France’s largest union, demanded that any changes be put on hold pending the 7th July meeting of Airbus European Works Council and claimed management had assured it that hybrid working agreements would remain valid until 2028. Faury’s letter was reported first by Bloomberg, and it has been seen by. Airbus, whose main operations are in France, Germany and Spain, as well as Britain, has told? Airbus, which has its main operations in France, Germany and Spain?and Britain?, told? Airbus spokesperson confirmed that the group-wide hybrid work policy was now in place. Flexibility remained part Airbus' culture, but the priority for the company was to ensure close collaboration among employees. This policy is only applicable to professionals in the white collar sector, such as engineers. Hybrid working is not available to all technicians and assembly workers. A CGT representative stated that the union requested an official meeting next week with Faury following Thursday's actions. (Reporting Gianluca Nostro. Tim Hepher contributed additional reporting. Mark Potter, Matt Scuffham and Mark Potter edited the article.
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The longest winning streak of 7 months for India's stock indexes is due to the oil slide
The Indian equity benchmarks posted their third consecutive 'weekly' gain on Thursday. This is the longest winning streak in seven months. Crude oil prices dropped to levels seen before the Iran-War and recent measures taken to bolster rupees and attract overseas inflows improved sentiment. The Nifty 50 gained 0.14% and reached 24,056. The BSE Sensex also rose 0.14%, reaching 77100.47. The indices had each risen by over 1% during the session before some profit-taking in the last hour. Investors trimmed 'their positions late in the day as markets are closed on Friday," said Ankur Punj. Wealth Brent crude dropped 1.4% to $72.7 a barrel after more tankers left the Strait of Hormuz, easing inflation and growth concerns for the third largest oil importer of the world. The?Nifty and Sensex gained 0.2% and 0.4% respectively for the week. The Reserve Bank of India Governor Sanjay Malhotra’s remarks denying a rate hike in the near future also helped to boost sentiment. Lower borrowing costs can support earnings, consumption, and valuations. Six out of 16 major sectors showed weekly gains. The mid-caps and small-caps both fell by 1.2%. The pharma index rose 2.1% after news that the U.S. FDA had reached out to Indian drugmakers about a crucial cancer drug. Two analysts say that investors' preference for sectors with less exposure to crude oil or El Nino risk aided the pharma and healthcare stocks. In the week following the RBI's decision to allow loans against foreign currency deposits, heavyweight financials, banks, and private lenders all rose by?1.3%, 0.9%, and?1.5% respectively. Bajaj Finserv AMC said that a below-normal monsoon was a short-term risk. However, the central bank's decision to mobilize foreign currency deposits and government's removal of bond taxes should encourage foreign investment and support markets. Metals posted a?a loss of 4.4% on a weekly basis, due to?weaker global prices and rising U.S. rate hike expectations for 2026. Interglobe Aviation, a stock company, climbed by 8.5% after lower oil prices eased concerns about the airline's costs.
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One person killed after Russia attacks Ukrainian fuel stations and locomotives
Officials in Ukraine said that 'Russia' attacked three rail locomotives in Ukraine, killing one driver. It also hit two petrol stations. This is part of a recent escalation of strikes against Ukrainian infrastructure. Both Russia and Ukraine attacked fuel and transportation facilities in an attempt to cut off supplies?to their troops, and gain an advantage along the front lines?of a five-year war. Oleksandr P. Pertsovskyi is the CEO of the state rail company Ukrzaliznytsia. He posted on Facebook that a strike had hit a locomotive located in the Sumy region to the north-east and the Zaporizhzhia area in the south. Pertsovskyi stated that "two crews were able to escape in time, and no one was injured, but the third incident in Zaporizhzhia was tragic: the driver was able to escape,?but the assistant, who was in a rear cab, was not rescued." Pertsovskyi, a Pertsovskyi, told a reporter earlier this month that Russia has attacked over 100 locomotives in just a few months. He said the increase was "simply crazy". He said that Moscow was trying to bring Ukrzaliznytsia’s operations to a halt. Local officials confirmed that Russia also attacked petrol stations in Zaporizhzhia, Sumy and other areas. In the early part of this month, Ukrainian attacks against?Russian fuel logistic led to widespread disruptions in fuel supplies throughout many Russian regions as well as in Russian-occupied Crimea. (Reporting and editing by Andrew Heavens; Pavel Polityuk)
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Airbus faces backlash from French unions over 4-day return-to-office push
French unions called for a one-day strike and protests at Airbus, as the European planemaker aims to increase 'the number of working days on-site for white-collar employees to 'at least four per week from?at least three. The CGT union has called for employees to "voice their anger" under Guillaume Faury, CEO of Airbus, at the Blagnac site near Toulouse. The company reported that more than 100 employees attended a rally held on 18 June, while others did not attend. The turnout on Thursday was not available immediately, and no impact to production has been reported. Separately, 'the CFDT union' called for a protest outside the same building, on June 30, and'said that it was examining possible legal actions, arguing Airbus applied its remote-working agreement of 2024 in bad faith. Airbus' largest union, FO, has called for all changes to be put on hold until a meeting of the Airbus European Works Council, scheduled for July 7. Management had assured that the hybrid agreement would remain valid until 2028. Bloomberg was the first to report on this dispute. In a letter dated June 9, Faury said that Airbus had to improve its focus, quality and "individual presence" at sites after a slow year-to-date in commercial aircraft deliveries. Airbus faces pressure to deliver its 870-jet annual delivery target despite supply chain strains and engine shortages. Airbus told?it was facing an unprecedented production ramp up while navigating in a volatile economic and geopolitical environment. Airbus spokesperson confirms the new group-wide hybrid work policy. Flexibility remains part of Airbus culture, but the priority is to ensure that employees are working together as closely as possible. This policy is applicable to white-collar roles such as engineers. Some assembly?workers, technicians and other technicians are not eligible for hybrid working. Airbus is a relatively rare company that experiences strikes. Its main operations are in France, Germany and Britain. Reporting by Gianluca Nostro. Tim Hepher contributed additional reporting. Mark Potter (Editing)
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Sevastopol in Crimea imposes temporary electricity restrictions to households
Sevastopol has limited the power supply to homes in order to avoid overloading the network. This is according the the Russian-installed Governor of Crimea's biggest city, who spoke on Thursday. The Black Sea Peninsula is currently experiencing fuel and electricity shortages. Crimean authorities already have suspended fuel sales for private motorists. Sevastopol, on the other hand, has implemented restrictions to operating hours of public transport, shops and cafes. In 2014, Russia annexed Crimea, despite the fact that most countries don't recognise Moscow's authority in the region. Kyiv, however, has stated it will never cede this territory. The fuel supply to Russia has been disrupted by Ukrainian attacks on energy and logistics facilities in Russia. Mikhail Razvozhayev is the governor of Sevastopol in Moscow, home to Russia’s Black Sea Fleet. He has urged people to avoid using powerful appliances. This measure was forced. He said that it was necessary to reduce the load on the power grids in other regions to avoid an accident affecting the entire energy system. He said that on Wednesday the recent Ukrainian attacks had caused a power outage. He added that trolleybuses will not be operating and parents should keep their children at home. Ukraine has confirmed that its drones have hit the main substation of the Sevastopol Power Plant. Ukraine's strategy of using?long-ranged drones to target Russian energy installations is intended to savor a major source of war funding for Russia and show the Russians that a four-year conflict launched by Moscow has hit?closer home. Vladimir Putin, the Russian president, has stated that the attacks on civil infrastructure were meant to create discord in the Russian population. (Reporting and Editing by Joe Bavier).
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Maersk confirms that two of its ships have safely exited the Gulf
Maersk, a shipping group, announced on Thursday that the Maersk Baltimore and a time-chartered ship had successfully traversed Strait of Hormuz. Maersk said in a press release that "the transits were completed after thorough security assessments and in close coordination with our security partners." The conflict in Iran, which began on February 28, has caused travel and cargo disruptions?across Middle East. Many vessels, such as those belonging to Maersk and competitors Hapag-Lloyd, CMA CGM and Hapag-Lloyd, have not been able to enter or exit the Gulf. Maersk announced that it will pursue an additional Hormuz transit at a future date, and the remaining two vessels will be used for intra-Gulf service. Maersk reports that of the 47,000 containers Maersk was destined for the Gulf at the start of the conflict, only 44,000 have been delivered, and 3,000 are still awaiting final delivery. Stine Jacobsen, Anna Ringstrom and Essi Lehto contributed to the reporting.
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Castlelake examines easyJet's accounts after a new $6.5 billion offer was rejected
EasyJet, the British budget airline, rejected on Thursday a fourth takeover offer from an American investment firm Castlelake, which was sweetened to PS4.93 billion ($6.50 Billion). However, it said that it would give limited access of commercial information to the bidder in order to?draw a higher price. EasyJet released a statement saying that the Board believed giving Castlelake limited access to commercial information, as Castlelake requested in the letter containing the Fourth Proposal could?produce an attractive proposal. Castlelake had previously offered PS6.25 for each share. The PS6.50 per share proposal was higher. According to a Financial Times article from last week, it is also moving towards the PS7 per share price tag easyJet investors hoped to receive. EasyJet board unanimously rejected this new proposal because it "substantially undervalues" the company. Castlelake hopes to improve its bid after limited access to commercial information. The U.S. company has added New York asset manager Brookfield Asset Management, as well as?two previously announced partners, former Malaysia Airlines Chief Executive Officer Peter Bellew, and a senior industry executive Mark Breen, to the bidding vessel. Castlelake, along with co-investors such as Brookfield Asset Management, would own 49% of the bid vehicle under the proposed terms. Bellew and Breen, EU citizens, would own the remaining 51%. According to EU rules, European carriers must be controlled and owned by the EU in a majority. The deadline for Castlelake to make a firm offer to the UK government has been extended until July 5.
Caspian crude falls as Middle East supplies increase - traders
The prices of Caspian crude oil grades such as Kazakhstan's CPC Blend and Azerbaijan Azeri BTC are falling despite the growing pressure on European barrels, traders said.
The difference between Caspian crude oil and Brent has weakened in line with the global trend. As Gulf oil supplies increase, physical cargoes in many regions are now at discounts to Brent. Iran is expected to boost sales after a temporary easing of U.S. sanction.
On Wednesday, oil prices fell further, continuing the declines that began earlier in the week. They are now hovering at four-month lows as more tankers, which have been stranded on the Gulf coast, prepare to cross the Strait of Hormuz.
The steep drop in oil prices follows a 60 day 'interim agreement' between the United States of America and Iran, which aims to end the conflict that began on February 28. The agreement has allowed for a partial return of shipping in the Strait of Hormuz, which was responsible for about a fifth (or more) of the global oil and LNG flow before the war.
CPC Blend differentials are now about $4 per barrel cheaper than Brent, down from minus $0.50 per barrel earlier in the month. Azeri BTC is also less expensive, at around $3.50 per barrel.
According to trading sources, both?grades?spurred during the heights of the conflict between Iran, the United States, and Israel. Premiums briefly exceeded $10 per barrel for Azeri BTC, and $8 per barrel for CPC Blend.
CPC Blend is also under pressure from an increasing supply. Market participants say that loadings of the grade reached a record 1,83 million barrels per day in May, up from 1,67 million bpd last month. They are also expected to continue at this level in June. (Reporting and Editing by JoyjeetDas)
(source: Reuters)