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New York's Long Island rail strikes halt the busiest commuter route in US
A union statement said that about 3,500 workers from the New York Long Island Rail Road (LIRR), who failed to reach an agreement on wages, went on strike Saturday. This halted the busiest commuter train system in the United States. The Long Island Rail Road is operated and owned by the state’s Metropolitan Transportation Authority (MTA). It serves nearly 300,000 passengers per day. In a press release, the International Brotherhood of Teamsters union stated that a group of five unions had launched a strike. This was 'the first strike in 32 years. The union said that the workers went three years without receiving raises in the course of the bargaining. Mark Wallace, President of the Brotherhood of Locomotive Engineers & Trainmen, said: "This strike wouldn't have happened if MTA and LIRR had offered our members the terms that the government repeatedly recommended." We hope LIRR takes action soon to prevent further?disruptions of hundreds of thousands New Yorkers. When they are ready, they know where to find us: on the street. After the unions requested that he intervene, President Donald Trump signed an executive order in January to appoint another emergency?board for mediation to avoid a stoppage of work at the Long Island Rail Road. Trump had initially named a board to end the labor dispute in September of last year. (Reporting and editing by Tom Hogue in Bengaluru, Mihika Sharma, Shubham Kalya)
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Berkshire purchases Delta and Alphabet, while shedding Amazon, UnitedHealth Visa, Mastercard, and Visa
Berkshire Hathaway announced a $2.65 billion investment into Delta Air Lines on Friday, as well as a small stake in Macy's. It also said that it had sold many of its smaller stock holdings such Amazon.com and UnitedHealth Group. These changes were made as part of the portfolio reshuffle that took place in the first quarter following the promotion of Greg Abel, who succeeded Warren Buffett at Berkshire. Berkshire announced in a regulatory filing that they also tripled their stake in Alphabet (parent company of Google), which is now one of the largest investments in common stocks. Berkshire has also increased its stake in New York Times to 9%. The filing included a list of?Omaha-based Berkshire’s U.S. listed stock holdings at March 31. This represented?most? of the $288 billion equity portfolio. Berkshire purchased $15.94 billion in stocks and sold $24.09 Billion of them between January and March. Abel is likely to have been the one who directed the majority of stock sales. According to previous disclosures, Abel inherited the equity portfolio of Berkshire, including that of Todd Combs. Combs was a Buffett protégé who joined JPMorgan Chase in December. Abel stated in February that he managed 94% of Berkshire stock holdings while Ted Weschler, the investment manager, handled 6%. Berkshire held an 11% stake in Delta Airlines, but sold it along with similar percentage stakes in American Airlines, Southwest Airlines, and United Airlines early in the pandemic, in April 2020. Buffett stated at the time that the aviation industry had undergone a "world-wide change". Delta is considered to be one of the best-run U.S. large airlines. After-hours, its shares rose by 3.2%, likely reflecting the 'approval stamp' that investors perceive from Berkshire. The Atlanta-based carrier did not immediately respond to a comment request. Macy's stock also gained a boost after-hours, with a 5.9% increase following Berkshire's announcement of a stake in 3 million shares worth $55 millions.
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Carney announces Alberta Carbon Pricing Deal that could pave the way for new oil pipeline
Canada's Prime Minister Mark Carney and Alberta's premier on ?Friday signed a deal on industrial carbon pricing, ?part of a broader agreement meant to pave the way ?for ?construction of a 1-million-barrel-per-day crude oil pipeline to British Columbia's northwest coast to start by September 2027. Calgary's deal will raise the cost of carbon credits in Alberta's industrial market from C$95 to C$130 (94.59 USD) per metric ton in 2040. This is a measure to give oil companies a financial incentive for reducing pollution. It is unlikely that it will satisfy oil executives, who are concerned about the impact of any industrial carbon pricing on the industry, especially since the United States does not have a carbon price. Carney was in the city of oil and gas for the first time since November when he met with Alberta Premier Danielle Smith to discuss a plan to increase investment, including funding a new pipeline. Carney said that Canada's carbon markets and incentives to boost?low-carbon oil output will attract the private sector. He said, "I believe there will be a great deal of interest." U.S. COMPETITION WORRIES Alberta frozen its headline industrial carbon prices in May 2025. It cited the need to "keep its companies competitive" in light of the threat that President Donald Trump's Tariffs pose. Alberta's carbon credits trade between?C$20 to C$40 per metric ton. Environmental?experts claim that this is too low a price to encourage polluters into investing in technology to reduce emissions. The plan announced on Friday includes an escalating carbon floor price to ensure that Canada's major emitters are continually encouraged to reduce their emissions. Alberta's carbon price will increase from C$100 to C$130 per ton in 2020, then by 1.5% each year beginning in 2036. Environmentalists had called for a faster timeframe. Tim Weis is the director of industrial decarbonization for Pembina Institute. The 'deal' ensures that Alberta will raise its carbon price in time, as other provinces must do. This is a condition Carney had set before he would allow his government to fast-track a new crude oil export pipeline. For the first time, the agreement provides a start date for a new crude export pipeline if governments meet their legal obligation to consult Indigenous People. Alberta plans to submit a proposal to build a second West Coast oil pipeline by July 1, according to the province. HURDS REMAIN Carney and Alberta agreed that a new pipeline would be contingent upon the oil industry building an carbon capture and storage project. However, under the agreement, the project could be phased-in over time, and the resultant?emission reductions would be less than what the companies who originally proposed the proposal pledged to achieve in 2022. The Oil Sands Alliance, which is made up of Canada's largest oil sands companies, has refused to pay for the carbon capture project. The group said on Friday that it did not support changes to Alberta's carbon tax system. British Columbia, as well as any First Nations that might be affected by this route, would have to approve of the pipeline. B.C. Premier David Eby has said that his government will not allow the oil tanker ban to be lifted off the northwest coast of B.C.
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FAA reduces target for air traffic controller staffing
Federal Aviation Administration (FAA)?said on Friday that it would be reducing its target of?air traffic controller staffing. It also pledged to modernize the scheduling system and increase the amount of time employees spend managing traffic. The FAA announced that it has lowered its target to 12,563 certified air traffic controllers from 14,633. According to a National Academies of Sciences study published last year, overtime costs for air traffic control have increased by over 300% in the past two years, reaching more than $200 million. The report cited a misaligned workforce and an inefficient schedule. According to the report, 'the time controllers spent on managing air traffic from their positions has decreased despite a 4 percent increase in traffic. The report said that it was possible to increase the time spent on position per shift from four hours to more than five. The FAA stated that "modern staffing models and schedule tools will improve the efficiency of controller staffing and reduce the need for excessive overtime." As of April, the FAA reported that approximately 11,000 controllers were 'certified' and deployed in?more than 30 FAA air traffic control facilities. An additional 4,000 controllers were in training, including 1,000 controllers who had previously been fully certified but are now undergoing training at new facilities. The FAA stated that it will "modernize its scheduling and workforce management system to improve efficiency." In 2024, the FAA's air traffic control workforce will have logged 2.2 millions hours of overtime at a cost of $200 million. The average annual overtime for air traffic controllers has increased by 308%, or 126 hours since 2013. The report stated that from 2013 to 2023 the FAA only hired two-thirds the number of air traffic controllers required by their staffing models, as the staffing dropped by 13%. It also said the FAA has been unable to implement the robust shift scheduling software it purchased in 2012. This may have made the problem worse. In'many places, controllers are often required to work six-day weeks with mandatory overtime. FAA Administrator Bryan Bedford stated in December that the FAA had lost between 400 and 500 trainees who withdrew during last year's government shutdown. Reporting by David Shepardson, Editing by Chizu nomiyama
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Carney announces Alberta Carbon Pricing Deal that could pave the way for new oil pipeline
Canada's Prime Minister Mark Carney and Alberta's premier on Friday signed a ?deal on industrial carbon pricing, part of ?a broader agreement they have been hammering out ?for ?months that is meant to pave the way for construction of a 1-million-barrel-per-day crude oil pipeline to British Columbia's northwest coast to start by September 2027. The deal struck in Calgary on Friday will raise the cost of carbon credits in Alberta's industrial market from $95.50 to C$130 (94.59 USD) per metric ton in 2040. This is to give oil companies a financial incentive for reducing pollution. It is unlikely that it will'satisfy' environmentalists, who wanted a faster implementation, or oil executives, who are concerned about the impact of any industrial carbon pricing on the United States industry, which does not have a carbon price. Carney was in the oil-and gas city for the first time since November when he met with Alberta Premier Danielle Smith to discuss boosting investment into energy production. This included a new pipeline, which has yet to find a private sector sponsor. U.S. COMPETITION WORRIES Alberta frozen its 'headline industrial carbon prices' in May 2025. It cited the need to maintain its companies' competitiveness in light of the economic threat posed by President Donald Trumps tariffs. The Alberta carbon market offers credits between C$20 to C$40 per metric ton. Environmental experts believe that this is too low a price to encourage polluters into investing in technology to reduce emissions. The plan announced on Friday will include an escalating carbon floor price to ensure that Canada's major emitters are continually encouraged to reduce their emissions. Alberta's carbon price will increase from $100 to $130 per ton in 2036. It will then rise by 1.5% each year beginning in 2036. Environmentalists wanted Alberta's carbon credit market price to reach C$130 in 2030. They claim that a shorter timeframe would encourage businesses to take immediate steps to reduce emissions. Tim Weis is the director of industrial decarbonization for Pembina Institute. The deal, however, ensures that Alberta will raise its carbon price in the future as other provinces must do. This is a condition Carney had set for his government before it would even consider fast-tracking construction of a new crude oil export pipeline. For the first time, the 'agreement' provides a start date for a new crude export pipeline if governments have met their legal obligation to consult indigenous people. Alberta plans to submit a proposal to build the second West Coast oil export pipeline for Canada before July 1. This is despite the fact that no private company has yet agreed to take ownership of the project. The agreement between Carney and Alberta also stipulates that a new pipeline will only be built if the oil industry commits to reducing emissions by building the proposed carbon capture project. However, this project can still be implemented in phases.
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The Greek-operated oil tanker is one of the few vessels that have crossed the Strait of Hormuz
Ship tracking data on Friday showed that a Greek-operated oil tanker crossed the Strait of Hormuz and sailed to India from the Gulf this Friday, one of only a few "crude" ships through the waterway during the week. The U.S. and Israeli war against Iran has effectively closed the Strait of Hormuz, stranding thousands of ships. This has caused a disruption in energy supplies that is unprecedented. According to Kpler, the Liberia flagged suezmax tanker Karolos was sailing toward the port of Sikka in western India on Friday after crossing the Strait of Hormuz last May 14. Kpler analysis revealed that the vessel's maximum load was reached after it?called at Basra Oil Terminal on May 10th. SynMax, a data analytics specialist, also discovered that the vessel's draft?increased" on May 14 indicating that it had taken cargo. Dynacom, the Greek-based manager of Karolos and one of the most prominent Greek players that shipped oil through the Strait after the War began on February 28 did not respond immediately to a comment request. Separately, a crude oil tanker with a Panama flag, managed by the Japanese?refining company Eneos, passed through this strait on Thursday, according to ship tracking data provided by LSEG. FEW CROSSINGS THROUGH THE STRAIT The Strait of Hormuz, which was a conduit for 20 percent of the world's oil supplies before the Iran war began, had 125 to 140 passages per day. According to SynMax, nine ships entered the Gulf of Oman through Hormuz in the past 24 hours. They were mostly small cargo or dry-bulk ships bound for Iran. The data shows that seven ships, including two oil tankers from Gulf ports, left Hormuz for destinations on the other side around Oman. On Thursday, there were around 10 vessels that passed through the waterway. Iran's State TV reported on Friday that 30 ships had crossed the Strait of Hormuz in both directions, and that this number is "set to increase". U.S. president Donald Trump said that his patience was running out with Iran and that Chinese President Xi Jinping agreed that Tehran had to reopen the strait during their discussions in Beijing. Concerns have grown over the ships and crews trapped in the Strait. The Marshall Islands Shipping Registry, one of the largest flag states in the world, announced this week that the threat level for merchant ships remained at the highest levels ever seen in the region. The International Transport Workers' Federation, a leading maritime union, said this week that "more than 20,000 seafarers remain trapped in the Strait of Hormuz. They are facing fear and anxiety, being cut off from family members, and often running out of fuel, food and water." Reporting by Jonathan Saul and Renee Maltezou; editing by Barbara Lewis
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Greek probe finds that suspected Ukrainian sea drone lost its course after malfunctioning, sources say
Sources said that Greek investigators believed a military sea 'drone found on a Greek island last week had gone off course because of a 'technical failure. It may not have traveled far. The explosive-laden drone, which Greece claims is "Ukrainian" but Kyiv denies it officially, was found by fishermen off the coast of Lefkada in May. This sparked diplomatic tensions between Athens & Kyiv. Greek intelligence and military unit have analysed the drone. They dismantled it and used reverse engineering to determine their characteristics. Investigators are also examining the metadata of this drone to determine its mission, and whether or not it was launched by a mother ship from shore - potentially from as far as Libya in the Mediterranean. A source in the security industry said that it was likely the drone failed to reach its intended target due to a malfunctioning technical component. This issue is very serious. This vessel... was armed with explosives and posed a danger to navigation safety. Nikos Dendias, Greek Defence Minister said that a drone could strike a ship. A?security source' said preliminary findings suggested it had not traveled a great distance. This made a launch in Libya less likely. A second official confirmed that fuel levels were a major factor in the assessment, but refused to provide further details. Source: The technical 'analysis is almost complete. Only some encrypted data remains to be decoded. Ukraine has targeted Russian tankers, both in the Black Sea, and in other parts of the world, such as the Mediterranean Sea, over the last year. Kyiv claims that these vessels are helping Moscow escape sanctions, and export oil in order to fund the war effort against Ukraine. Greece alerted European Union to the issue. George Gerapetritis, speaking from Brussels this week, said that Athens was ready to file a formal complaint when the investigation is completed. (Reporting and editing by Ros Russell; Additional reporting by Daniel Flynn, Yannis Souliotis; Reporting by Renee Maltezou)
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WHO revises hantavirus cases lower after US passenger tests negative
World Health Organization officials said that on Friday, the U.S. confirmed an individual who had a?inconclusive test was later confirmed to be?negative for hantavirus.?This brought down?the global cases from 11 to 10. Maria Van Kerkhove is the director of the U.N. agency’s department of pandemic and epidemic preparedness and prevention. She said that the previous report "included an individual who had a inconclusive testing... We've received further confirmation from the United States of this person?was negative." Since the outbreak?on MV Hondius a Dutch luxury ship that left Argentina for a polar exploration?on 1 April, three people - a Dutch pair and a German national – have died. In several European countries, crew members, passengers and those in contact with them have been quarantined. U.S. officials said on Thursday that there are no confirmed cases of the disease in the United States. They added that 41 people, including 18 quarantined in Nebraska and Atlanta, have been monitored for possible infections. The Andes virus is the cause of the current outbreak. It's a rare strain of hantavirus and it's the only hantavirus known to have limited transmission from human to human, usually after prolonged and close contact. The virus has been circulating in Argentina and Chile since the 1960s and the ship samples do not show any significant variation. Van Kerkhove stated that WHO experts "haven’t identified any changes... in the virus which would make it more transmissible, or more severe." The WHO stressed that this outbreak was not "comparable" to COVID and did not pose any pandemic risk. Hantaviruses, rodent-borne virus, are spread by contact with the urine, droppings, or saliva of infected rodents. In rare cases, they can also be passed between people. The incubation period can be from one to six weeks. There is no specific antiviral treatment or vaccine for hantavirus. The care provided is mostly supportive. The WHO recommends that high-risk contact persons be monitored and quarantined for 42 days following exposure. Low-risk contact persons are advised to monitor themselves and seek medical attention if they develop symptoms.
Citgo auction pits Icahn-backed oil refiner, financial institution group
An oil refiner backed by activist investor Carl Icahn and a group of creditors holding claims against Venezuela are completing in the last mile of a. U.S. court auction for Citgo Petroleum, according to 3. individuals knowledgeable about the matter.
A total of 18 lenders holding judgments for financial obligation defaults. and expropriations in Venezuela totaling $21.3 billion are. pursuing earnings from the auction of shares in Citgo's parent,. organized by a federal court in Delaware. But offers are not. expected to cover that quantity entirely.
A financial investment group that consists of miner Gold Reserve. and a system of corporation Koch Industries have actually used about $9. billion in combined money and claims versus Venezuela, two of. the people, who were not licensed to speak openly about the. matter, said.
Icahn-controlled CVR Energy independently sent an. all-cash quote of about $8 billion, individuals with understanding of. the auction stated.
Both current offers are above the greatest $7.3 billion bid. submitted in a first round previously this year, however far away from. Citgo's market evaluation of in between $11 billion and $13 billion.
The court officer supervising the auction, Robert Pincus,. last week asked for extra time to examine the complex provides. and reach an arrangement on terms. Creditors can use claims. against Venezuela in lieu of money in some cases.
The procedure has actually permitted business including Gold Reserve,. which has a more than $1 billion claim, and Koch Industries,. with a $457 million claim, to sign up with forces with investors recommended. by investment bank Centerview Partners, who have actually contributed. money to the quote, the 2 sources added. Lenders can use. claims as comparable to money.
Gold Reserve and court officer Robert Pincus declined to. remark. Centerview did not have an immediate remark. Koch did. not respond to ask for remark. CVR decreased to comment, however. the company's president in late July told financiers it was. exploring tactical deals in refining.
Gold Reserve in June said it had gotten $36 million. through a private positioning of shares and lined up a partner, FJ. Management, to support its bid.
At least 5 groups of investors sent binding bids in. the 2nd round, and 3 protected financing dedications from. banks and advisors consisting of JPMorgan, Morgan Stanley. and Rothschild & & Co, people close to the. matter informed Reuters in July.
SOME WILL END UP EMPTY-HANDED
According to the court's terms, bidders have an. opportunity to add further celebrations to their deals to improve. their value and can likewise complete their bids after sent,. making the process dynamic.
However due to the fact that of the mounting claims, some financial institutions will end. up empty-handed no matter which of the offers the court. accepts. Shareholders with protected claims against Venezuela likewise. have actually opposed they were largely locked out of the auction.
Venezuela, which is the middle of a severe political crisis. following a disputed presidential election, has called the. auction a theft of its treasured foreign property. Citgo and its. supervisory boards likewise have battled to postpone the auction and win. U.S. assistance for keeping Venezuelan ownership.
The seventh-largest U.S. refiner by volume has been. controlled by supervisory boards appointed by Venezuela's. opposition because 2019, when the United States severed its ties. with Venezuela's state oil company, PDVSA.
The Houston-based business has been extremely successful. Its. first quarter earnings was $410 million, and it earned $2.04. billion for all of 2023.
The U.S. judge managing the case, Leonard Stark, has. opposed any substantial delay to completing the case, initially. presented by miner Crystallex in 2017. Stark found Citgo's. parent, PDV Holding, accountable for Venezuela's debts and bought. its shares took.
In early July, Pincus said the bidding round had been. effective, with a number of competitive bids received, a change. from a first bidding round in January thought about disappointing. by Citgo's lawyers.
In a filing looking for more time to work out and examine the. bids, Pincus did not reveal the identities of any bidders. Citgo. said in court in July it had actually not been briefed about the bids.
When a finalist is identified, the court will schedule a. 21-day duration for participants to challenge the recommendation. By Aug. 22, a winner must be selected, and the court has set. Oct. 15 to authorize a winner subject to approval by the U.S. Treasury Department.
Citgo, the crown gem of Venezuela's foreign assets, has. storage terminals, pipelines and 3 oil refineries that can. process as much as 807,000 barrels each day of crude oil into fuels.
(source: Reuters)