Latest News
-
Uber board accused of cutting corners in compliance leading to sexual harassment lawsuits
Shareholders sued the board of Uber Technologies 'on Monday, accusing management and directors of allowing the ride-sharing firm to cut corners in compliance matters. This led to thousands of lawsuits by victims of sexual harassment and assault. Shareholders led by a Detroit pension fund filed a lawsuit in federal court in San Francisco alleging that board members ignored repeated internal and external warnings regarding Uber's alleged failure?to?address sex abuse by drivers?aswell as violations of the federal disability law. Uber's reputation was "irredeemably" damaged, according to the lawsuit. The board of directors were informed that less than 40% users believed?the company took safety seriously. The complaint said that Uber is a "serial offender" when it comes to compliance. The derivative lawsuit seeks to??order directors to reimburse Uber as a result of their alleged breach of fiduciary duty and violation of federal securities laws. Dara Khosrowshahi, the chief executive of Uber, is one of the defendants. Uber did not immediately respond to a request for comment. Reporting by Jonathan Stempel, New York; Editing and proofreading by Mark Porter and Bill Berkrot
-
Exxaro, a South African company, is working on cheaper rail transport to move more manganese.
Exxaro Resources, a South African miner, said Monday that it wants to 'transport more manganese by rail instead of road in order to reduce costs and improve efficiency at its newly-acquired assets. Exxaro CEO Ben Magara stated that the company, along with its competitors, were working together with Transnet, a state-owned firm in freight transport, to increase freight capacity. Transnet is opening up parts of its network for private investment. Exxaro reported that hauling manganese via road costs?37% higher than rail. Exxaro said that logistics costs accounted for 43% for the free-onboard costs of?the bulk minerals. Johan Meyer, Exxaro's head of metals, told analysts that they would be working with Transnet in order to issue more rail. Exxaro is primarily a coal mining company, but it has completed the acquisition of?multiple?South African Manganese assets valued at 10.6 billion rand (645.68 millions dollars) in March as part of its diversification away from fossil fuel. MANGANESE IS ESSENTIAL TO ENERGY TRANSITION. South Africa is the largest exporter of manganese, with 42% of all global shipments. The metal is mainly used in the steelmaking process. Manganese is also used in increasing quantities in batteries, which are essential in renewable energy applications. Transnet has a chronic underperformance that is blamed for undercapitalisation, cable theft and vandalism. Some exporters have been forced to reduce their output while others choose the more expensive option of trucking. Exxaro’s new Tshipi Borwa Manganese Mine exports?3.5 millions metric tons per year, with the majority of them going to China. The miner stated that 46% of manganese was transported by road to the?ports, in a capital market presentation. "We have to make sure we have a long-term strategy that says, Can we not put all the trains on rail?" Meyer said.
-
There are some flights to the Middle East that have resumed but there is still disruption.
Some airlines have resumed flights to certain parts of the Middle East, as diplomatic efforts intensify to resolve the conflict that erupted after U.S. and Israeli strikes on Iran. However, many carriers continue to suspend flights, causing global travel disruptions. The following is a list of the current status of flights by alphabetical order. AEGEAN AIRLINES The largest Greek airline has cancelled flights between?Thessaloniki and Tel Aviv up until June 26. Flights to Dubai and Erbil are cancelled until September 30, and flights from?Baghdad and?Baghdad?until August 31. AIRBALTIC AirBaltic, a Latvian airline, has canceled flights to Tel Aviv and Dubai until the 28th of June. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June. Air France-KLM Air France suspends its Tel Aviv, Beirut and Dubai flights until July 5, and until June 30, respectively. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 9. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai and Riyadh?until August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18. The airline plans to resume New York JFK to Tel Aviv flights on September 6 while Boston-Tel Aviv, which was scheduled to launch in late October, will now be delayed. FINNAIR Finnair has cancelled all flights to Doha until October 2 while continuing to avoid airspace in Iraq, Iran Syria and Israel. The airline will resume its Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the return of its flights to Doha until 1 August and to Riyadh till 8 August. Flights from Amman, Bahrain, Amman, Dubai, Tel Aviv and Dubai are suspended until the end of summer. They are expected to resume on October 25. When it resumes, the airline plans to reduce its services to Dubai and Doha to just one flight per day, while dropping Jeddah from its list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 31, and Doha-Tokyo until September 1. Polish Airlines has cancelled all flights to Riyadh and Beirut until 30 June. LOT will begin operating its winter route from Dubai in October. LUFTHANSA GROUP Lufthansa has announced that it will resume Tel Aviv flights as soon as July 1. ITA Airways also confirmed they would resume Tel Aviv flights as of July 1. SWISS delayed the return of flights to August, and Brussels Airlines suspended their operations until October 24. The suspension of Dubai flights by Lufthansa SWISS and ITA Airways continues until September 13th. Lufthansa has suspended all flights to Abu Dhabi and Amman until 24 October. Eurowings, a low-cost carrier, has suspended flights from Tel Aviv to Beirut and Erbil until July 9; to Dubai, Abu Dhabi, and Amman until Oct 24. ITA Airways also extended its suspension of flights to Riyadh through July 31. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier has delayed its planned launch of Tel Aviv and Beirut indefinitely and no new dates have been determined. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines In response to a?higher level of demand, the carrier has extended the suspension of its Singapore-Dubai flights until August 2. It also added services on Singapore-London Gatwick as well as?Singapore -Melbourne from late March through October 24. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights to Dubai, Bahrain, Beirut, and Erbil, until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, Boleslaw LaSocki). Matt Scuffham and Alexander Smith edited by Susan Fenton, Milla Nissi-Prussak Jonathan Ananda Joe Bavier, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heaven, Bernadette Hogg, Romolo Tosiani.
-
Heatwave to spread across the UK, breaking June records
The temperatures in Britain will likely 'break records for June this week. This prompted authorities to issue a rare heat alert, as the 'heatwave that has been sweeping across western Europe is spreading northwards. The country's forecaster stated on Monday that the mercury could reach 39 degrees Celsius (102.2 degree Fahrenheit) in the middle of this week. This would be part of a 4-day heatwave, which will easily surpass the record set for June at 35.6 C, back in 1957, and then matched again?in 1976. Met stated that the heatwave could cause temperatures to rise above 39 C at some locations. The highest temperature recorded in Britain was 40.3 C, and it occurred in July 2022. The heatwave in June follows a record breaking May when the country's hottest day of the month reached 35.1 C. The UK Health Security Agency issued its second heat-health alert, following a similar one in 2022. It warned that even healthy people could be at risk of death, and urged the elderly to exercise extra caution. Met Office stated in a statement released on Monday that humidity is a factor which makes this heatwave more dangerous. Heat stress will be a problem for everyone. Heat alerts were issued for parts of northern Spain and France due to high temperatures. In France, three elderly people died as a result of high temperatures. In England and Wales, hospitals, schools and train stations will be prepared for the impact of extreme heat. In the past, people were advised to stay home rather than travel and some schools closed early. The temperature in Britain is expected to drop to 32 C on Friday. (Reporting and editing by William James; Sarah Young)
-
Russian attacks continue but Ukraine grain rates are lower, says ASAP Agri consultancy
The grain freight rates in Ukraine are down despite the 'ongoing Russian attacks' on Black Sea ports, ASAP Agri said on Monday. They cited a seasonal decline in cargo flow. Last week, officials and industry executives told? Last week, industry executives and officials told? The Ukrainian Navy said Monday that a Russian drone?hit a Turkish dry cargo vessel, causing an extensive fire on board. Ukraine is a major grain exporter in the world, and its Black Sea port handles more than 90% of its exports. ASAP Agri stated that as Ukraine closes its 2025/26 summer-july export season, the historically low cargo flow at this time makes it difficult for shipowners to increase freight rates. It said that "Shipowners have been trying to get the market going and are proposing higher freight rates ahead of the grain season." Charterers still have the upper hand, however, because of the availability of tonnage in the Black Sea and the sharp decline in bunker costs, and can negotiate rates that are close to their expectations, it said. ASAP Agri reported that freight charges for grain shipments from Ukraine have decreased by approximately $1 per metric tonne in both the Coaster segment and Handysize segment. According to the Ukrainian Economy Ministry, the country has?exported 36 million tons of grains so far this year compared with 40 millions at the same time last season. Ukraine has already begun the new grain harvest for 2026. Officials have stated that it can export around 43 million tons of different grains during the new season 2026/27. (Reporting and editing by Tomaszjanowski)
-
Freeport LNG, Texas will take in more natgas after the train was shut down on Friday.
Freeport LNG’s export -plant in Texas is on track to 'take in more natural... gas on Sunday and on Monday 'after one of...its three liquefaction _trains _shut down on. Friday. According to a report from the company and data provided by financial firm LSEG. Freeport's liquefied gas export plant is closely watched by the global market because its shutdown and restart has caused huge price swings. U.S. Gas prices typically drop when Freeport shuts down because demand for fuel at the plant decreases. However, prices rise when the liquefaction train restarts in Freeport as the demand for fuel increases. This is what happened on Monday, with U.S. Gas Futures trading around 2% higher than their previous two-week highs due to a rising LNG intake. Freeport officials were not available to comment immediately. Freeport informed Texas environmental regulators on Saturday that the liquefaction train 2 had been shut down due to a problem with a system of compressors. LSEG data revealed that gas flows into Freeport would remain at 1.9 bcfd Monday, just as they were on Sunday. This is after dropping down to 1.3 bcfd Friday and Saturday. This compares to an average of 1.8 bcfd over the previous seven days. Three liquefaction plants at Freeport are capable of converting?2.4 billion cubic feet per day of gas into LNG. A billion cubic feet of natural gas can supply 5 million U.S. households for one day. (Reporting and editing by Louise Heavens, Scott DiSavino)
-
Heatwave in the UK breaks June records
The temperatures in Britain will likely break records for the month of June this week. Authorities have issued a rare "extreme heat" warning as a heatwave that has been sweeping across western Europe moved northwards along the English Channel. The weather forecaster in the country said that the mercury could reach '39 degrees Celsius (102.2 Fahrenheit) in the middle of this week. This is part of a 4-day heatwave, which will easily surpass the record set in June 1957 at 35.6 C and then matched in 1976. Met stated that the heatwave could cause temperatures to rise above 39 degrees in certain places. The highest temperature recorded in Britain is 40.3 C in July 2022. The heatwave in June follows a record breaking May when the country's hottest day of the month reached 35.1 C. The UK Health Security Agency issued its only'second heat-health alert' since the first one in 2022. It warned that even healthy people could be at risk of death and urged the elderly to exercise extra caution. The?Met Office stated in a statement released on Monday that humidity is a factor making the heatwave more dangerous. Heat stress will be a threat to everyone. Heat alerts were issued for parts of northern Spain and parts of France due to temperatures expected to reach?42 C. In England and Wales, hospitals, schools and train stations will be prepared for the impact of extreme heat. In the past, people were advised to stay at home and avoid travelling. Some schools also closed early during heatwaves. The temperature in Britain is expected to drop to 32 C on Friday. (Reporting and editing by William James; Sarah Young)
-
Former Spanish transport minister sentenced to 24-years for corruption
The Spanish Supreme Court sentenced Jose Luis Abalos, former Transport Minister to a total of?24?years for corruption. This is the first in a string of scandals that have affected the ruling Socialist Party. Abalos has been convicted for crimes such as criminal organisation, bribery and embezzlement, in addition to 'influence peddling', all of which were linked to the rigging public contracts, including face masks, during the COVID-19 Pandemic. Koldo Garca, his aide, was sentenced 19 years in prison. Victor de Aldama, a businessman, received a?four-and-ahalf-year prison sentence. However, the court suspended it in recognition of the fact that he had helped uncover the scheme. The condition was that he not commit a re-offence, submit biannual activity reports, and complete one year of community service. The trial is one of many graft cases that involve the entourage?of?Prime Minster Pedro Sanchez. He was one of Europe's few remaining leftist leaders who took power in 2008 by ousting the corrupt centre-right government on the promise to clean up politics. Sanchez is being criticized by his allies but has not been named as a suspect in any of these cases. He says that the cases are part of an effort to remove him.
Ukraine renews its attacks on Russian energy sites. What has been struck?
In recent months, Ukraine has intensified its attacks on Russian energy installations as the peace talks failed to progress.
Here is a brief summary of the recent attacks and their impact.
Two industry sources have confirmed that Rosneft’s Syzran refinery, owned by Rosneft, has suspended oil refining following drone attacks on 18 April which damaged processing equipment.
The Syzran refinery can process around 170,000 barrels of oil per day, or 8.5 million tons per annum.
According to industry sources, it processed 4.3 millions tons of crude oil in 2024 and produced 800,000 tonnes of gasoline, 1,5 million?tons diesel, and 700,000 tonnes of fuel oil.
Two industry sources confirmed that the *NOVOKUIBYSHEVSK primary?oil?processing has been stopped at Rosneft's Novokuibyshevsk refining facility since April 18, following a Ukrainian drone strike.
Industry sources claim that in 2024, the refinery will process 5.74 million metric tonnes of crude oil and 1,10 million tons each of motor gasoline, diesel fuel, and fuel oil.
*TUAPSE The Russian Tuapse refinery has halted its operations after a drone attack in Ukraine on April 16. The refinery has a production capacity of 12 million metric tonnes per year or about 240,000 barrels a day. It produces fuel oil, naphtha and vacuum gasoil.
NORSI NORSI - Russia's fourth largest oil refinery, owned by Lukoil, halted operations on 5 April following an attack by a Ukrainian drone, according to two industry sources.
NORSI is Russia's second largest producer of gasoline and can process up to 16 million metric tonnes of oil each year. That's around 320,000 barrels of fuel per day.
Sources say that Kirishi, a Russian oil refinery, may resume some production in a month. The refinery halted its processing at the end March after Ukrainian drone attacks caused fires.
Sources claim that three of the four primary unit are expected to return to operation, which would equal around 60% of nominal primary capacity.
Kirishi produced 6.1 million tonnes of fuel oil, 6.1 millions tons of diesel and 600,000 tones of bitumen last year.
UST-LUGA PLANT FOR PROCESSING Russian energy company Novatek'suspended the processing of gas condensate and exporting naphtha at its Ust-Luga facility after drone attacks resulted in an fire, according to three sources.
Three processing units of the Ust-Luga Complex, each with 3 million tons per year capacity, refine stable condensate to light and heavy naphthas, jet fuels, ship fuel oils, and gasoils. According to company data, in 2025 the complex will have processed 8.0 millions tons of gas condensate.
UFA Ukraine’s military has said that it has struck Russia’s Bashneft Novoil oil refinery over 1,400 km from the Ukrainian border.
The plant can process up to 7 million tonnes of oil per annum.
SARATOV REFINERY According to sources, the Saratov refinery controlled by Rosneft was attacked by a drone in March and since then, its crude distillation unit is no longer operational.
The refinery will process 5.8 million tons of oil in 2024, which is 2.2% of the total Russian oil refining.
ILSKY REFINERY On February 17, a fire broke out in the Ilsky oil refining plant, located in southern Russia. The fire was caused by drone attacks. According to officials in the region, the fire was completely extinguished on February 18.
Exports are the main focus of Ilsky's refinery. It has a processing capacity of 6 million tons of crude oil per year.
VOLGOGRAD RIFINERY According to sources, the Volgograd refinery owned by Lukoil was closed on 11 February as a result drone attacks.
Drones targeted, amongst other facilities, CDU-1, the primary oil processing unit, whose daily capacity of 18,600 tonnes represents around 40% of refinery total. The Volgograd refinery will process 13.7 million tons?oil in 2024.
UKHTA RIFINERY According to officials in the region, a drone attack caused a fire at the Ukhta Refinery owned by Lukoil on February 12.
Sources claim that the CDU-1 primary oil processing unit caught fire. The unit's capacity is approximately 6,000 tons per a day or one third of the refinery.
The?Ukhta Refinery in northern Russia will process around 3,000,000 tons of oil by 2025.
AFIPSKY REFINERY According to officials in the region, a fire broke out at the Afipsky Refinery on January 21, as a result of drone attacks.
Exports are the main focus of the refinery. In 2024, it will process 7.2 million tons of crude oil or 144,000 barrels a day.
A SBU official from Ukraine confirmed that Ukrainian drones had struck an oil pumping and dispatch facility located in Russia's Samara Region overnight.
Kazakhstan reported early in April that?CPC oil exported via the Black Sea was stable after Russia announced an attack. Chevron, a U.S. oil major, said that crude oil exports were uninterrupted from the Tengiz vast field. Ukrainian drones started a fire in Russia's Sheskharis terminal at the beginning of April. Alexander Drozdenko, the local governor, said that a Ukrainian drone attacked in Primorsk on Russia's Baltic Sea coast early this month damaged a portion of piping for oil. Primorsk is one of Russia's biggest export ports, capable of handling 1 million barrels of oil per day. Last month, Ukrainian drones destroyed at least 40% its storage facilities. Barbara Lewis (Reporting and editing)
(source: Reuters)