Latest News
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Telecom Italia will hold a Sunday board meeting to discuss the conversion of savings shares
Two sources say Telecom Italia's board of directors will meet Sunday afternoon to discuss the?long-awaited? plan?to transform its savings shares into regular stock. The move is intended to reduce costs and simplify its capital structure. Two sources said that Telecom?Italia's board will meet on Sunday afternoon to discuss a?long-awaited plan?to convert its savings shares into ordinary stock. The move is aimed at cutting costs and simplifying the capital structure. Two sources familiar with the matter said that the board would discuss the final details of the conversion plan, and they expect to call for a shareholder meeting to vote on it at the end January. The board will also appoint a director to fill a vacant position, according to the sources, but did not elaborate. A Telecom Italia spokesperson refused to comment. This conversion would be another important step in the restructuring of the company, after the 19.8 billion-euro sale to KKR of its fixed-line networks, aimed at reducing debt, and its entry by the state-backed Poste Italiane, as its largest shareholder. Savings shares make up nearly?28% (or 166 million euros) of Telecom Italia’s capital structure. They are guaranteed to pay a minimum dividend. Pietro Labriola, the chief executive of Italy's largest phone group, has said that it aims to eliminate dual-class shares and reduce costly savings shares. The savings shares were trading at 0.57 euro?each on Friday, a 7-cent premium over the ordinary stock. The conversion would require a majority of two-thirds at the ordinary shareholders' meeting and would dilute existing investors. This includes the largest shareholder, Poste Italiane with a 27,3% stake. Separately, the shareholders of Savings will vote on this proposal. Telecom Italia tried to eliminate its saving shares a decade before, but Vivendi, then the top investor at that time blocked the plan.
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Swedish Customs has boarded a Russian ship to conduct an inspection
Customs officials in Sweden said that they had inspected the cargo of a Russian freighter anchored off Swedish shores on Friday, after it developed engine problems. Martin Hoglund said that the European Union has sanctioned the owners of the Adler vessel. Hoglund stated that "we boarded the ship shortly after midnight last night with assistance from the Swedish Coast Guard &?the police to conduct a customs check." "The inspection is still going on." Hoglund refused to reveal what the customs service found aboard the ship. Marine Traffic's ship tracking service reports that the Adler, a container carrier measuring 126 metres long, is a roll-on/roll-off vessel. The Adler is currently anchored near Hoganas, southwest Sweden. According to OpenSanctions - a database of sanctioned individuals and companies, as well as government watchlists - the Adler and its owners M Leasing LLC, are both subject 'to U.S. Sanctions for suspected involvement in weapons transportation. Hoglund confirmed that the ship left the Russian port of St Petersburg, but said that customs had no information on its destination. (Reporting and Editing by Frances Kerry).
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San Francisco's major outage has restored power to about 95,000 customers
According to the emergency management department of the city and Pacific Gas and Electric Company, the main utility company in the city, power was restored for about 95,000 customers. Pacific Gas and Electric Company reported that the blackout affected about 130,000 people in the California city with an estimated 800,000 residents. PG&E reported that crews had restored electric service to 95,000 customers as of?11 p.m. on Saturday. About 35,000 remained without it. Outage caused traffic congestion and some businesses were forced to close?temporarily. The San Francisco Department of Emergency Management had posted earlier that day on social media: "A large power failure is impacting San Francisco. Only call 9-1-1 in a life-threatening emergency. Avoid non-essential traveling. Treat?traffic signs as four-way stops. Keep refrigerator and freezer door 'closed. Turn off major appliances to prevent surges."
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Russia strikes ports and bridges in an escalating strike on Ukraine's Odesa Region
Russian officials reported that Russia had attacked the port of Pivdennyi in southern Ukraine on Saturday. They said this as they intensified'strikes' along the Black Sea coast, including the energy facilities, and the route leading to the Moldovan border. After Moscow threatened to "cut off" fuel and foreign trade supplies to Ukraine, Russia launched a drone and missile attack against a region that is critical for the country's foreign commerce and fuel supply. Ukraine from the Sea Even as the U.S. continues its diplomatic efforts to end the war, airstrikes continue to escalate. U.S. negotiators are set to meet Russian officials in Florida On Saturday, the latest attempt was made to get a deal from Russia and Ukraine. Oleksiy Kuleba, Ukrainian Deputy Premier, said that Saturday's attack on Pivdennyi Port hit reservoirs. This was a day following a missile strike on the port, which killed eight people and wounded at least thirty. According to Ukrainian officials, on Thursday and Friday, Russian forces attacked a bridge near the village Mayaky in the estuary of the Dniester River, located northeast of Pivdennyi. The bridge is the main route to Moldova's western border crossings. "Without significant victory on the battle front, the enemy is attempting to terrorise civillians to create destabilisation within the country." Viktor Mykyta, deputy head of the presidential administration, said on Telegram that these?plans' are "clear" and we are actively countering them with Odesa residents. The Russian government has not commented on the attacks. Ukrainian authorities temporarily diverted passengers to other crossings into Moldova, including those by water. Mykyta stated that Ukraine would create as many alternate crossings as needed, "no mater how hard the enemy tried to destroy the link". One of the biggest Russian air strikes on the strategic Black Sea area last week damaged energy facilities and caused a blackout, putting hundreds of thousands into darkness for several days. In December, three vessels with Turkish flags were damaged by airstrikes in ports. Vladimir Putin, the Russian president, has threatened to block Ukraine's Black Sea access in retaliation to Kyiv's drone maritime attacks against Moscow's "shadow fleet" of anti-sanctions tankers. Ukraine claims that these vessels are used for transporting oil. This is the main source of revenue from Russia to fund its nearly four-year-old conflict. Full-scale invasion Its neighbour. Reporting by Yuliia Dsa, Editing by Alison Williams and Mark Heinrich
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Ukraine claims it has hit a Russian oil rig and patrol ship in the Caspian Sea
Ukraine has confirmed that its drones have struck a Lukoil oil rig in the Caspian Sea, as well as a military patrol ship near a Lukoil rig. This comes amid a new round of attacks by Kyiv on Moscow's oil infrastructure. The Ukrainian general staff confirmed that the attack took place on Friday. It is part of a series of strikes against Russian drilling infrastructure at the Caspian Sea in recent weeks. However, this was the first time the Ukrainian military acknowledged the incident. According to the Ukrainian military, the attack damaged a drilling platform on the Filanovsky Oil Rig. The rig was targeted by drones at least twice more in December. The report was not confirmed. Lukoil did not respond to a request for comment immediately. Ukraine claims that Russia's oil infrastructure is a "legitimate" target, as the revenue from trade is the main source of funding for Russia in its nearly four-year long "full-on conflict against the country." The general staff said that the strike also targeted a'military patrol vessel,' and the extent of damage is being assessed. Ukraine has been attacking Russian oil refineries since 2024, but in recent weeks has increased its attack, taking credit for drone attacks against Russian shadow fleet tankers on the Black Sea and Mediterranean. (Reporting and editing by William Mallard and Kirsten Donovan; Yuliia Dyesa)
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Boeing asks FAA for an emissions waiver in order to sell 35 more 777F freighters
Boeing has asked the Federal Aviation Administration to waive the airplane emission rules so that it can sell an additional 35 Boeing 777F Freighters. The company cited strong customer demand as well as a delay in the certification of the next-generation aircraft. The new rules will come into effect in 2028. Boeing stated that the next-generation Freighter 777-8, which is expected comply with the limitations, will not be available until after this date. Boeing stated that the waiver would enable it to meet customer demand before the 777-8F enters service. Boeing stated that it would seek approval by May 1. The company expects to deliver its first 777-8F about two years after delivering the 777-9 which is scheduled for 2027. In February 2024, under then-President Joe Biden's leadership, the FAA issued final rules adopting international standards for reducing carbon pollution by most large aircraft flying in U.S. Airspace. These rules do not apply to aircraft in service prior to that date. Boeing stated that large widebody cargo aircraft are essential to exporting goods. Boeing stated that of the $600 billion worth of goods exported via air cargo by 2024, over $260 billion was transported on large freighters. Boeing said that each 777F exported to a foreign customer contributed $440 million in catalog value to the positive trade balance. This means that over $15 billion of U.S. Export Value could be lost without an exemption. Boeing claimed that the 777F was the most fuel efficient airplane on the global freight market, and it is also the only large-widebody freighter currently in production. Congress passed a law last year that allowed Boeing to continue 'producing its 767 Freighter in the United States for five more years, until 2033, and exempted it from FAA efficiency regulations taking effect in 2020. The FAA stated last year that "civil aircraft are responsible for 9% domestic transportation emissions, and 2% total U.S. CO2 pollution." The U.S. announced a climate plan under Biden that aims to achieve zero greenhouse gas emissions in the U.S. Aviation sector by 2050. (Reporting and editing by Edmund Klamann in Washington, David Shepardson from Washington)
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Seven people were killed by Russian missiles that attacked port infrastructure near Odesa in Ukraine, according to the deputy prime minister.
Seven people were killed and 15 injured in a Russian missile strike on Friday night, late at night, against port infrastructure around the Black Sea port city of Odesa. Oleksiy Kuleba, Deputy Prime Minister Oleksiy Kuleba's Telegram post said: "Russia attacked port infrastructure in Odesa with ballistic missiles late at night." Oleh Kiper, regional governor of Kuleba-Odesa, said preliminary reports indicated that seven people were killed, and fifteen injured. According to a?source with knowledge of the matter, the attack took place at Pivdennyi - one of the three ports in the region. Odesa is a major exporter of Ukrainian grain, and has been the target of Russian attack since Russia invaded their?smaller neighbor in February 2022. In recent days, the intensity of?attacks has increased. One attack damaged a bridge southwest from?Odesa, cut off a major route connecting the city to?the Danube River Port of Reni, and complicated border crossings into Moldova and Romania. (Reporting and editing by David Gregorio; Oleksandr Kozohukhar, Ron Popeski)
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Trump Administration imposes restrictions to Mexican train crews working inside US
After inspections raised safety concerns about the English skills of some staff, the U.S. Transportation Department announced Friday it would place restrictions on Mexican train crews operating in the United States. Federal Railroad Administration of the Department sent letters to Union Pacific and Canadian Pacific Kansas City Limited on Friday after inspectors found that inbound crews appeared to be having difficulty understanding bulletins and communicating with inspectors safety requirements in English. The Department of Transportation?said that uncertified crews operating trains for the two railroads in the U.S. could not travel more than 10 miles from their entry point. They must also stop at the customs checkpoint and all interpreters must have safety certification. Both railroads did not comment immediately. Sean Duffy, Transportation Secretary, said that the FRA is addressing concerns about cross-border train drivers who lack basic English language skills. Duffy had previously tightened rules that required truck drivers to have a basic understanding of English and threatened withholding funding from the states if they did not comply. If you are operating a big rig weighing 80 tons or a freight train weighing a ton, you must be fluent in English. Duffy stated that if you don't speak English, you pose an unacceptable risk to your safety. These common sense steps will ensure that every train crew operator is able to communicate with inspectors and comprehend basic operational bulletins. The FRA warned the railroads that because "hazardous material documents and 'emergency response info are required to be maintained... in English, the ability of operating crews to understand these materials is critical". It also warned that incidents where crews were operating in the U.S. with a lack of sufficient English language understanding to perform their duties in a safe manner could lead to the Trump Administration taking enforcement actions. Teamsters union says USDOT has taken "decisive action" to limit cross-border railroad activities from Mexico. The union also praised USDOT for prioritizing safety of trains entering the United States and protecting union jobs in the railroad industry.
Iraq: International firms in Kurdistan are required to transfer crude oil under the deal
Iraq's State Oil Marketer SOMO announced?on Sunday that international producers in Kurdistan are still obligated to send their crude oil under a September
Export agreement
After DNO, the Norwegian government said that it would not be taking part in this agreement.
SOMO's statement is in response to an article in September that cited DNO, which said it would sell to the Kurdish region directly and did not have immediate plans to ship through the Iraq-Turkey Pipeline.
In the September agreement between Iraq's Oil Ministry, Kurdistan’s Ministry of Natural Resources and production companies, SOMO agreed to?export crude oil from Kurdish oilfields through the Turkey pipeline.
DNO, the largest international oil company active in Kurdistan, welcomed the agreement but refused to sign it because it wanted more information on how the outstanding debts would?be paid.
It stated that it would continue to supply directly to the semi-autonomous Kurdistan region.
SOMO reported on Sunday that the Kurdistan Ministry of Natural Resources had reaffirmed their commitment to the agreement "under which all international companies engaged in extracting and producing crude oil in the region are required to provide the quantities to SOMO except for those quantities allocated to local consumption within the region." (Reporting and editing by Jaidaa Tolba and Ahmed Tolba)
(source: Reuters)