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French and Benelux stocks: Factors to watch for on May 22
Here are some company news and stories that could impact the markets or individual stocks in France and Benelux. COMPAGNIE DES ALPES Compagnie des Alpes, a French ski resort operator and leisure park operator, reported that its EBITDA for the first half of 2013 rose?5.0% from 327.7 millions euros to 380.59 millions euros. QUALITY SA: Quadient, a global automation platform provider, reported a first-quarter revenue of 243 million euros. AIR FRANCE-KLM, Airbus Air France-KLM, Airbus and other airlines announced on 'Thursday that they would appeal to the French Supreme Court after an appeals tribunal found them guilty on Thursday of corporate manslaughter over the Rio-Paris crash 17 years ago. Pan-European market data: European ?Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX ?sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 ?Eurotop 300 ?sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main ?stock markets: Dow Jones............... Wall ?Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris ?items............ World Indices..................................... survey of ?world bourse outlook......... European ?Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report..... ($1 = 0.8610 euros) (Gdansk Newsroom)
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The US Congress proposes to make daylight saving time permanent.
Under a proposal from the U.S., daylight saving time will be in effect all year round. The House of Representatives advanced a proposal on Thursday that revived an idea that Americans tired of biannual time changes have supported for years but has failed to gain traction in Congress. The 'House Energy and commerce?Committee' voted 48-1 for the Sunshine Protection Act. This would implement the change in a five-year transport bill. The supporters of the change say that the time shift leads to sleep disorders, increased workplace injuries and car accidents. They believe that brighter evenings will also spur more economic activity in winter. Donald Trump, President of the United States, praised the voting on social media. He said it was "time for people to?stop worrying? about the clock, not to mention the amount of work and money spent on this ridiculous, two-yearly production." The measure faces resistance from Republican?Tom Cotton, among others. Cotton said that it would cause absurdly late sunrises in winter and force many children to attend school in darkness. States could opt out of the law. Vern Buchanan has proposed the idea each year since 2018 and again this year. The idea is popular in Florida, where the legislator's home state, because it allows more evening hours to be played on sports fields and golf courses. The U.S. Senate voted unanimously for the measure in March 2022, but the House never voted on it. Frank Pallone is a New Jersey Democrat who said that permanent daylight savings time was "better for the safety of New Jersey residents and would boost its tourism industry." Stop changing the clocks two times a year. Since the 1960s, daylight saving time has been implemented in nearly all the states of the united?states. The use of year-round daylight savings?time began during World War II and was reinstated in 1974 to reduce energy consumption. It was unpopular, and it was repealed the following year. (Reporting and editing by Cynthia Osterman; David Shepardson)
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Sources say that an official has warned the US to stop immigration and customs processing in'sanctuary cities' airports.
Sources say Homeland Security Secretary Markwayne Mullin warned privately that authorities could "stop processing international travellers?and cargo" at'major U.S. airports' in'sanctuary cities' that refused to cooperate with Trump administration immigration crackdown. Mullin publicly threatened to stop processing international travelers at airports such as Denver and Philadelphia in April, during a funding dispute with the Department of Homeland Security. He privately informed travel executives that the Department could choose to do so in Los Angeles, New York City, Newark, Seattle, and San Francisco. The Atlantic reported Mullin's remarks to travel executives earlier and cited sources as saying that the move was likely to occur sometime after the end of?the?FIFA World Cup? in the United States, in July. DHS has declined to comment. Airlines for America represents the major passenger and cargo carriers. The group said that reducing the customs staffing at major airports "would have a devastating impact on the airline and tourism industry, causing significant operational disruptions to carriers, passengers and international cargo flow." U.S. Travel represents major airline chains, hotel chains, car rental?firms, and other companies. They said that "for domestic and international inbound travel, we urge governments at all levels to implement policies that encourage the free and efficient movement of legitimate travelers." Transportation Secretary Sean Duffy stated at a U.S. House of Representatives hearing on Thursday that he did not know about Mullin's comments and did not show support. Duffy said: "We shouldn't shut down air travel in states that don't agree with our politics." Last year, more than 50 million international passengers arrived at three of the major New York Airports. (Reporting and editing by Cynthia Osterman; David Shepardson)
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Waymo suspends Atlanta operations and freeway rides amid safety fixes
Alphabet Waymo announced on Thursday that it had'suspended' its robotaxi service in the United States, and paused?operations? in Atlanta, Georgia as it updated its software to improve performance in construction zones and on flooded roads. The suspension comes at a time when other companies, such as Amazon's Zoox and Tesla, are stepping up their efforts in this sector. Waymo's spokesperson stated in an email that "we have temporarily paused the freeway operation as we integrate technical?learnings? into our software. We expect to resume these routes soon." Waymo offers freeway trips in San Francisco and Los Angeles. The company said that it was improving and evaluating its performance in certain construction zones, but street operations were not affected. After a Waymo robotaxi that was not occupied stopped in floodwater on Wednesday, the company also paused its service in Atlanta offered through a partnership with Uber. This pause comes after Waymo recalled?about 3,800 roboticaxis earlier this month in the United States, due to safety concerns. Reporting by Abhirup in San Francisco, and Nathan Gomes from Bengaluru. Editing by Shilpi.
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The Supreme Court of Brazil has upheld a law that allows for the Ferrograo rail project to proceed.
The Supreme Court of Brazil upheld a law passed by Congress in 2017 regarding the Ferrograo?railway, allowing it to continue?despite concerns about the environment. In 2017, lawmakers had approved a bill to shrink the Jamanxim National Park. This would allow the railroad to be built to transport soybeans and corn to a northern Para state port more efficiently. The left-leaning PSOL Party challenged the law in the Supreme Court, claiming that the project would harm local communities, such as those in Mato 'Grosso in the central-west region and Para. The Supreme Court, with an 8-vote majority, rejected the challenge on Thursday after resuming trial that had been paused since Oct. One justice partially agreed with the majority while another judge rejected the law. The court made it clear that the ruling did not authorize the construction of the rail, as there are still administrative and bureaucratic procedures to be completed, including obtaining the necessary licenses. The project, which spans almost 1,000 kilometers (621 mi), was a major?goal of the Infrastructure Ministry during the tenure of former President Jair Bolsonaro. However, it was halted after discussions at the Federal Audit Court (FAC) and Supreme Court. Aprosoja - an association of grain growers - said that "Ferrograo will?reduce logistics costs and decrease the reliance on road transport. It will also boost international competitiveness for Brazilian soybeans and corn." Before the ruling, indigenous organizations?COIAB? and UMIAB?said that upholding the law of 2017 would be "a coup" against local communities.
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US maintains Dakota Access pipeline with stricter environmental checks
The U.S. Army Corps of Engineers said that the Dakota Access oil pipeline could continue to?operate under stricter environmental?and?safety conditions. This was a blow for Native American tribes, and environmental groups who have opposed the project due to the risks it poses to a vital water supply. In 2020, a U.S. Court ordered the Army Corps - the federal agency that oversees permit approvals - to conduct a more thorough environmental study on the pipeline's route beneath a lake that spans the border between North Dakota and South Dakota. DAPL has remained operational during the review. The Bakken oil shale basin's largest oil pipeline can transport up to 750,000 barrels per day of oil from North Dakota to Illinois. The line is owned by Energy Transfer, a Texas-based company. It runs beneath Lake Oahe on the Missouri River. Energy Transfer is 'pleased with this announcement made by the Army Corps of Engineers.' Vicki Granado said, Vice President of Corporate Communications for Energy Transfer. She added that DAPL, which has been operating safely for almost 10 years, is a vital part of U.S. infrastructure for energy. Native American tribes oppose the pipeline because they use the water for drinking and other purposes. They also consider the waters in the Missouri River to be sacred. Lawyers for the tribes have stated that they are concerned about an oil spill. The Army Corps stated that it chose the option of granting an easement to the pipeline with additional safeguards as the best among the five options it examined. This would allow operations to continue while reducing the risks for the Missouri River and Lake. The Army Corps stated that the conditions include enhanced monitoring and leak detection, increased groundwater and surface testing, emergency planning for water supply, subsistence studies in conjunction with affected tribes and independent reviews of pipeline safety systems. The implementation of the decision includes coordination with federal, state, tribal, and other stakeholder agencies to ensure compliance with all applicable laws and regulations. It said that the Army Corps would continue to?monitor easement conditions throughout the lifetime of the pipeline and oversee monitoring requirements. The Army Corps decision does not allow construction of new segments beyond the current crossing. Reporting by Arathy S. Somasekhar, Houston Editing by Rod Nickel & Sanjeev M. Miglani
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Dakota Access oil pipeline will operate under stricter environmental and safety regulations
The U.S. Army Corps of Engineers said that the Dakota Access oil pipeline could continue to operate 'with stricter safety and environmental?mandates. This is a major blow for Native American tribes who have fought against the pipeline route over a vital water supply. In 2020, a U.S. Court ordered the Army Corps - the federal agency that oversees permit approvals - to conduct a more thorough environmental study on the pipeline's route beneath a lake that spans the border between North Dakota and South Dakota. DAPL (also known as the DAPL pipeline) has been operating during the review. The Bakken oil shale basin's largest oil?pipeline can transport 750,000 barrels per day of oil from North Dakota to Illinois. Energy Transfer owns a portion of the line that runs under Lake Oahe on the Missouri River. Energy Transfer has not responded to our request for comment immediately. Tribes oppose the pipeline because they use water from the Missouri River for drinking and other purposes. They also consider the Missouri River waters sacred. According to their lawyers, the tribes have expressed concern about an oil spill. The Army Corps stated that it preferred the easement option with conditions to reduce the risk to the Missouri River and Lake. The Army Corps stated that the conditions include "enhanced" leak detection and monitoring systems, increased groundwater and surface monitoring, water supply contingency plans, subsistence studies in coordination with affected tribes and an independent expert review of pipeline safety and leak detection systems. The implementation of the decision will involve coordination with federal agencies, state agencies, tribal groups, and other stakeholders in order to ensure compliance with all applicable laws, regulations, permit conditions, etc. The Army Corps said it would continue to monitor easement conditions throughout the lifetime of the pipeline. The Army Corps decision does not allow construction of new segments beyond the existing pipeline crossing. Rod Nickel edited the report by Arathy S. Somasekhar, Houston.
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Fuel costs are at multi-year highs, and Americans should prepare for expensive summer travel.
The soaring?price of gasoline and the looming fuel shortage from the Iran War are not deterring American travelers as they hit the road this weekend for the start of the U.S. Summer Driving Season, though some plan shorter trips to save money. Since early May, the average U.S. retail gasoline price has been hovering around $4.50. This is about 45% more than before Israel and the United States launched their attacks on Iran late in February. The price of crude oil, which is used to make gasoline, has also risen, along with other goods, since the conflict led to an effective closure of Strait of Hormuz. This key trade route, through which 20% of world oil consumption passes, was effectively closed by the conflict. In most areas of the U.S. it was more than a week ago that this $4-per-gallon barrier was breached. This is seen by many as a psychological barrier. This milestone was last achieved in August 2022, after Russia invaded Ukraine. Donald 'Trump faces mounting political pressure in the run-up to November's midterm election as households struggle with rising costs. Iran's war is a major factor in driving consumer inflation up to its highest levels in nearly three years. Energy prices are also a significant contributor. Many states have already suspended gas taxes in order to reduce the cost of fuel. Discussions are also underway about reducing federal 18.4 cent gasoline tax. Higher costs, shorter trips The Memorial Day weekend, which is a three-day holiday when many Americans hit the road, marks the beginning of the summer travel season. According to AAA data, a record 39.1 millions people will travel by car in spite of high gas prices. Tiffany Wright, AAA spokesperson, said that this is the smallest annual increase in over a decade. She added that high fuel prices and persistent inflation could lead some travelers take shorter trips, postpone travel plans, or stay closer to home. Even so, Americans are still planning to drive less?miles in the summer months, a reflection of the financial burden that high energy prices continue to place on American drivers. GasBuddy's survey shows that only 56% of Americans plan to drive for more than 2 hours this summer compared to 69% last year. The survey found that cost is the most important factor in travel decisions. 67% of respondents said gas prices directly affect their driving plans, and 36% say rising costs cause them to take less road trips. GasBuddy's head of petroleum analyses, Patrick De Haan, said that this is the most volatile gas pump summer in recent years. He added that Americans will pay billions of dollars more to travel to their destinations, even after the Strait of Hormuz reopens. He said it could take up to a year for prices fully to recover. Analysts said that gasoline consumption was relatively high despite prices being at their highest in four years. However, they warned of a possible shortage as the summer travel season approaches. Bob Yawger is the director of energy futures for Mizuho. He said, "Gasoline has been falling in storage for 14 weeks straight, including every week of the war in Iran. We are now going to stumble into Memorial Day weekend and the beginning of summer driving season. This will be within striking distance of an 11-year low." He said, "We're in a big mess as far as gasoline goes." The Energy Information Administration reported on Wednesday that U.S. gasoline stocks were 214.2 million barrels at the end of last week. This is down 11.4 millions barrels compared to the same time last year. The?stockpiles fell 7% in a 28-day span at the end of April, which was the largest drop since more than five year. The recent refinery failures, the approaching Atlantic Hurricane season, and the tightening of global inventories, will all add to the pressure on fuel prices. A GasBuddy forecast on Wednesday indicated that the national average gasoline price would be $1.48 higher on Memorial Day this year compared to the previous year. Prices could also reach $5 per gallon if the Strait of Hormuz remains restricted throughout the summer. John Kilduff is a partner at Again Capital. He said: "We are very concerned about the fact that we're drawing down inventories globally at an incredible pace. And global demand has found its way to us not only for crude oil, but also for refined products."
Media report power outages in Ukraine's Zaporizhzhia area, controlled by Russia
Kommersant reported that the?Russian-installed governor Yevgeny Balitsky said Friday that emergency blackouts were occurring in the 'Russia-controlled region of Ukraine's Zaporizhzhia.
According to Kommersant, he did not provide any further details but said that critical infrastructure worked as usual.
Vladimir Saldo said in Telegram that nine areas were cut off from the grid following drone attacks.
Local authorities reported on Telegram that in the early morning hours of Friday, Russian defence systems worked to repel drone attacks over Moscow and the Yaroslavl Region?in the north.
Sergei Sobyanin, the Mayor of Moscow, said in Telegram that four drones heading for Moscow had been downed, and that emergency services had been deployed. He did not provide any further details. Local governors said that there were no casualties reported in the areas of Yaroslavl or Leningrad.
The drones also targeted the large?Russian infrastructure for energy in all three regions earlier this week. Interfax, citing the?defence ministry, reported that Russia had downed 217 drones in total?overnight.
Ukrainian police reported on Telegram that eleven people, including a 13-year old boy, were injured by Russian drone and shelling attacks in Ukraine's Sumy region.
Could not independently verify the reports of military activities. (Reporting and editing by Kim Coghill, Kate Mayberry and Jekaterina Glubkova from Tokyo)
(source: Reuters)