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Uber claims some sexual assault accusers presented fake receipts
Uber found that in more than 100 cases, passengers who accused its drivers of sexual assault or harassment provided bogus or doctored invoices as proof or failed to explain why they could not provide receipts. Uber filed a court document on Wednesday urging U.S. district judge Charles Breyer to order that 21 plaintiffs who had receipts they questioned justify their claims and 90 plaintiffs provide receipts, or non-standard reasons, for their absence. Court documents show that at least 11 law offices represent plaintiffs. These firms did not respond immediately to Thursday's requests for comments or had no comment. These firms were not accused. Uber is seeking to limit its liability for the nationwide federal litigation that includes more than 2,450 lawsuits alleging misconduct by drivers. The company faces hundreds of additional lawsuits at San Francisco Superior Court. San Francisco-based Uber has claimed that it is not liable for criminal acts committed by drivers who connect with passengers and that background checks and disclosures are sufficient. Breyer dismissed on July 8 some fraud and liability allegations that were based upon ads promoting Uber as a safer alternative to drunken driving. Uber's Wednesday filing revealed that some fake receipts appeared to have been generated by third-party websites. Uber claimed that some receipts had math errors, bogus surcharges or were renamed male driver names. They also said that they were timestamped prior to rides, contained stray marks or did not match their own formatting. The company stated that one plaintiff had submitted two receipts, and two plaintiffs had submitted different versions of a receipt. Uber stated that honesty is the most important factor in maintaining the integrity of a judicial system. It is hard to imagine a more grave act of misconduct than the fabrication of evidence by plaintiffs in this case. In re Uber Technologies Inc. Passenger Sexual Assault Case, U.S. District Court Northern District of California No. 23-03084. Reporting by Jonathan Stempel, New York Editing Rod Nickel
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Top Senate Democrat criticizes Union Pacific's deal to purchase Norfolk Southern
Chuck Schumer, Senate Democratic Leader on Thursday, criticized Union Pacific’s plan to buy Norfolk Southern for $85 billion. This would create the United States’ first coast-to-coast rail freight operator. Schumer claimed that the deal would "push us even further down a dangerous road of consolidation and monopoly... This is an aggressive takeover of America’s infrastructure." He added that "decades of railroad consolidations have resulted in worse service, safety, and working conditions for shippers, which has led to higher costs for them - ultimately leading to higher prices for the consumers." When asked about Schumer’s remarks, Union Pacific and Norfolk Southern said they "are committed to maintaining union jobs, growing their workforce, and reaching regions in America that are not currently served, as more goods move to rail." It said: "This deal focuses on moving America ahead, supporting reindustrialization and moving product more efficiently throughout the nation." Norfolk declined to make any comment. Surface Transportation Board revealed on Wednesday that Union Pacific and Norfolk Southern have formally filed an intent to merge, initiating the U.S. regulatory approval process. The STB stated that the railroads plan to submit their application before January 29. The board will review the application once it is filed and then set a timeline for the merger review, which could take up to 12-18 months. Schumer cited the opposition of the Transportation Division of SMART, International Association of Sheet Metal, Air, Rail and Transportation Workers, which is the largest railroad union. He said that if the deal is approved, "it would reduce the industry from four to three major players," Schumer and Democrats in 2023 have pushed for new rail legislation to tighten the rules on trains that carry explosive substances, like the Norfolk Southern operated train which derailed in East Palestine Ohio and caught fire, releasing hazardous materials and pollutants. The bill was opposed by many Republicans and never passed in the House or Senate. (Reporting and Editing by Bill Berkrot.)
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Panama Communities Challenge Canal Expansion Project in Supreme Court
Coordinadora Campesina por la Vida, which represents farmers in Panama, said that communities affected by a $1.6billion project to build a new massive water reservoir by the Panama Canal on Thursday filed a lawsuit with the Supreme Court to declare the project as unconstitutional. The canal, an important global freight route, said that the project to build the reservoir in Rio Indio was essential to expand operations and manage water resources after recent droughts in 2023-2024 forced them to limit transits. Santander Tristan said, "We want to make it clear that the Canal did not do things correctly, and that the Rio Indio Project be stopped, as well as a dialogue process being opened." According to data from the canal authority, around 2,500 people may be affected by this project. The suit filed by the groups alleges six ways in which the project would be in violation of the constitution, including the disregard for international environmental and human rights treaties that the country has signed. The canal authority is also accused of failing to consult the affected communities in advance. Florentin Chiru is the vice-president for Coordinadora Campesina a rural organization that filed the lawsuit. He said the canal authority lied by claiming that 85% percent of the communities they polled were in favor of the project. "They never asked the crucial questions; gentlemen, would you like to leave your country, yes or not? Chiru asked, "What kind of census was that?"
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LSEG data shows that Freeport LNG flows are still restricted after the power outage.
According to data provided by financial firm LSEG, the Freeport LNG export facility in Texas operated at half its normal capacity on Thursday after a power outage that had taken the plant offline a few days earlier. Freeport LNG, the third largest liquefied gas plant in the U.S., has historically influenced LNG price when there were technical issues. According to LSEG data on Thursday, the facility produced 1.1 billion cubic foot of natural gas, which is about half of what it typically produces when operating normally, 2.2 bcf. The company stated that all of its trains ran on Thursday but refused to comment on the LSEG statistics. In a Wednesday filing to the state regulator, Texas Commission on Environmental Quality (TCEQ), the company said that due to an interruption in power, all three of its train had been taken offline. Freeport stated in its filing that the plant operators were able to quickly restore normal operation of Trains 1, 2 and 3 to reduce vent gas to flare. The event lasted approximately nine hours. According to TCEQ, Freeport LNG experienced frequent outages. In July alone, the Texas facility reported seven trips. (Editing by David Holmes).
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Azeri BTC arriving at Ceyhan is within normal specifications, BP states
Azeri BTC Crude Oil arriving at BTC Ceyhan Terminal in Turkey has returned to its normal specifications, a BP spokeswoman said on Thursday. Last week, it was discovered that Azeri BTC crude cargoes contained organic chloride. This caused the price differentials between them to reach a record low of four years and caused several days delay in loading, partly due to extra testing each cargo underwent. The BP spokesperson stated that oil loadings are still being done from Ceyhan tanks containing oil of the right specification, while BP works with Azerbaijan’s Socar in order to manage oil of the wrong specification found in other tanks. According to Kpler's data, 425,000 barrels of Azeri BTC were loaded daily from Ceyhan between 1-30 July. This is compared to 561,000 bpd that was scheduled for the July loading program. The exact date of the contamination and the number of cargoes affected are still unknown. Reporting by Robert Harvey, Shadia Nasralla and Kirovan Donovan.
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Vulcan misses its quarterly estimate as adverse weather dampens the construction
Vulcan Materials reported second-quarter revenue, profit and earnings below Wall Street expectations on Thursday as weather disruptions caused construction to slow down and reduced demand for construction materials. The demand for construction materials has been hit by persistent inflation which has driven up the operational costs of corporations. Construction spending was also affected by higher borrowing costs. Tom Hill, CEO of the company, said that despite weather challenges our pricing discipline and cost performance led to an increase of 13% in aggregates gross profit per ton. The company reported $2.10billion in revenue for the three months ended June 30. This is up 4.4% compared to a year ago. According to LSEG data, analysts had on average expected $2.19billion. Vulcan Materials, based in Birmingham, Alabama, sells crushed stone, sand and gravel and supplies asphalt to six states, including Texas and California. The company also produces ready-mixed cement in California, Maryland and Virginia. Materials are delivered by barge, rail, truck and ship. Vulcan's adjusted profit per share was $2.45. Analysts had predicted a profit per share of $2.54 on average. CEO Hill said that "our execution in the first six months of the year, along with the acceleration of new highway construction in our markets, supports our outlook for the full-year to deliver $2.35-2.55 billion in Adjusted EBITDA", he added. Reporting by Abhinav Paramar in Bengaluru, Editing by Maju Sam
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Howmet raises 2025 forecast on robust aerospace demand
Howmet Aerospace increased its full-year revenue and profit forecast on Thursday. It attributed the increase in jet production to the strong demand for fasteners, engine components and other parts. In premarket trading, shares of the aerospace company, which counts Airbus as a customer, rose 3.5%. Howmet, for example, has benefited from the increased production of planes due to the growing demand for air travel. Howmet CEO John Plant stated in a press release that "we acknowledge positive signs regarding narrow-body construction rate increases, especially on the Boeing 737 MAX". Boeing delivered 206 of its 737 MAX jets in the first half, compared to 135 the previous year. Airline delays due to supply-chain bottlenecks have also caused airlines to extend the life of older aircraft. This has led to a spike in aftermarket part orders. The aerospace supply chain has been put under pressure by President Donald Trump’s tariffs, which include levies against trading partners and broad tariffs on steel and aluminum. Howmet, a Pennsylvania-based company, has announced that it will pass on the inflated costs of tariffs through increased prices to its customers. It anticipates revenue in 2025 to range between $8.08 and $8.18 Billion, as opposed to its previous forecast of $7.88 and $8.18 Billion. Howmet has also increased its adjusted profit forecast for 2025 to between $3.56 to $3.64 per shared, up from its previous range of $3.36-4.44. The second-quarter revenue grew 9.2%, to $2.05billion. This was driven by a 8% rise in sales of commercial aerospace. The company's adjusted earnings per share were 91 cents, up from 67cents a year earlier. (Reporting by Utkarsh Shetti in Bengaluru; Editing by Shilpi Majumdar)
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EU energy policy caught between US gas and Chinese green technology: Bousso
Since the Russian gas phaseout, EU dependence on US LNG has increased. China dominates the EU's renewable energies supply chain EU-US trade deal sets unrealistic energy target Ron Bousso LONDON, 31 July - The European Union’s extravagant pledge to purchase $750 billion in U.S. Energy by 2028 could increase the bloc’s already excessive dependence on American Gas, at the same time that it is becoming increasingly dependent on Chinese technology for its energy transition. Under the new trade agreement with Washington, the EU has committed that it will increase its purchases of U.S. natural gas, coal and oil from $75 billion in 2020 to $250 billion annually over the next three. Eurostat data shows that the U.S. will account for 50% of EU's imports of liquefied gas in 2024. It also accounts for 17% of imports of oil and 35% of imports of coal. The U.S. exports the most LNG in the world, and this fuel is super-chilled. The promised purchases are not only unlikely, but also downright unrealistic, due to the huge volumes involved, and the fact the EU's energy trade is determined primarily by the market, not centralized buying. The greater concern is that increased purchases will increase Europe's dependence on U.S. power at a time when it is already precarious. DEPENDENCE RISKY Europe is heavily dependent on LNG imports due to its drastic reduction in Russian pipeline gas purchases after Moscow's invasion into Ukraine in 2022. Before that, Russia was responsible for over 40% of European gas purchases. Brussels has a plan to phase out all Russian energy imports in 2027. This ambitious but achievable goal will increase the demand for LNG from the U.S. It is less risky to rely on an ally who is democratic and Western than to bind oneself with a power that is authoritarian, but there are still risks. One of the reasons is that the Trump administration's erratic policies and bullying behavior may cause European leaders to question the sustainability of any U.S. agreement. Moreover, a large portion of LNG is produced along the U.S. Gulf Coast which is at risk from extreme weather events like hurricanes, heatwaves and floods. These disasters can lead to severe and abrupt supply disruptions. The price of natural gas in the United States could also rise dramatically over the next few years, as the domestic demand increases, especially given the massive power requirements for artificial intelligence. The U.S. Energy Information Administration predicts that Henry Hub gas will double in price between 2024-2026, to $4.40 for every million British Thermal Units. These price increases could make American LNG less competitive against other sources. CHINESE WALL Energy crisis following the invasion of Ukraine by Russia taught Europe two hard lessons. Don't be too reliant on a single energy provider, and reduce your reliance on fossil energy, especially with Europe's inadequate and declining domestic production. In order to address this concern, the bloc has increased investments in technologies such as renewables, nuclear, and battery storage. According to a report released by the International Energy Agency, European investments in clean energy are expected to double in size from 10 years ago to $494 billion by 2025. Solar and wind power generated around 20% of the total energy consumed in the region and half of its electricity last year. However, the rapid growth of renewables is not without its own risks. The green energy supply chain, which is dominated by Chinese tech, has its own dependence issues. Solar energy is Europe's fastest-growing renewable source. Around 80% of solar photovoltaic panel production in the EU comes from China. It does this at a very low cost which has hindered Europe's attempts to expand its domestic manufacturing. China is the dominant producer of raw materials such as cobalt, nickel and lithium that are essential to storage batteries and wind turbines. No Good Choices Diversifying EU sources of renewable technologies and essential minerals is crucial for the bloc’s energy security. However, this will take many years to achieve. Theoretically, cooperating on this front with the U.S. could be beneficial. However, not if Washington takes advantage of its dominant position in order to extract more concessions from Europe while offering little else. The EU is caught in the middle of two geopolitical forces. The European Union's double concerns about fossil fuels and its increasing dependency on U.S. gas, as well as the over-reliance on China in terms of renewable energy, may eventually cause European leaders to turn back to fossil fuels, if they are worried about rising energy costs. The pace and success of EU energy policies will be determined by the balance between energy security and political reality in the next few years. If the terms of the U.S. recent trade deal is any indication, then the EU's energy policies are not off to a good start. You like this column? Check out Open Interest, your essential source for global commentary on financial markets. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
C.H. Robinson's profits beat Q2 estimates due to cost-cutting and weaker revenue
Global freight forwarder C.H. Robinson, a global freight forwarder, reported a second-quarter profit that was above Wall Street expectations on Wednesday. Cost-cutting measures including job cuts helped offset the impact of declining revenue in its ocean and truckload shipping businesses.
According to LSEG data, the Minnesota-based firm reported an adjusted profit of $1.29 for the quarter ending June 30 compared to analysts' average estimates of $1.16.
Total direct expenses decreased 9.2% during the quarter due to cost-saving measures and the divestiture from its European Surface Transport business.
The number of employees at the company decreased by 1,616 or 11.2% on an annual basis, to 12,858.
Revenue fell 7.7%, to $4.14 Billion. This was below expectations of $4.17 Billion largely because the ocean services were priced lower and fuel surcharges on truckload operations were reduced.
C.H. C.H.
After-hours, the shares of the company increased by more than 2%. Since the beginning of the year, they have dropped close to 6%. (Reporting from Abhinav Paramar in Bengaluru, Editing by Tasim Zaid)
(source: Reuters)