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Sources say that Italy's RAI wants to extend the contract with EI Towers before RaiWay.
Three sources said that RAI wants EI Towers?to extend contracts with broadcasters using its infrastructure, before it merges into the state broadcaster RaiWay. This is to ensure long-term stability of business. Sources who declined to give their names because the talks are not public said that the issue was a sticking-point in the negotiations between RaiWay, and the shareholders of EI Towers, ahead of the June 15 deadline for a?deal?. The merger of RaiWay, a Milan-listed company, and EI Towers, a privately owned company has been on the radar for almost a decade. EI Towers is 60% owned by Italian infrastructure fund F2i, with the remainder held ?by Italy's top commercial broadcaster Mediaset, part of the Berlusconi-controlled MFE-MediaForEurope which ?is also the tower company's ?biggest customer. The combined company would be worth approximately EUR4 billion including debt. The people stated that RAI wants EI Towers, which includes Mediaset, in order to extend its contracts to 2037. Contracts are set to expire by 2032 when the concessions to use broadcasting frequencies will cease. They added that if the issue is to be addressed, the discussions may need to continue beyond the current deadline. F2i MFE RAI refused to comment. RaiWay and EI Towers?were unable to comment. The negotiations, which were based on a memorandum signed by Treasury owned RAI, MFE and F2i in December 2024, had already been prolonged after failing to meet earlier deadlines at the end of March and September. Rome passed a decree in 2024 that any reduction in RAI's share must be achieved by combining entities within the same sector. The agreement confirmed that RAI, who owns 65% in RaiWay would be required to keep at least 30% of its tower business listed. Reporting by Elvira pollina; additional reporting by Giuseppe Fonte; editing by Alexander Smith
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Bousso: The board of ROI-BP snatches victory from the jaws.
BP's second leadership scandal in less than 3 years is the sudden removal of BP Chairman Albert Manifold, who was accused of?misconduct? less than 8 months after he assumed office. BP's board has become a liability because of these repeated leadership failures. Sources close to the 'board' claim that his departure was due to 'aggressive conduct towards BP employees, which became a public issue following a whistleblower report. Manifold was hired by the company to oversee its strategic transformation and restore investor confidence after a disastrous venture into renewables in 2020 under the former CEO Bernard Looney, and Manifold’s predecessor Helge Lund. Looney was terminated in 2023 when it was discovered that he was having affairs with his colleagues. Lund departed after shareholder support plummeted. Former head of construction company expected to bring hard-nosed business approach - and did so. Manifold made his presence known immediately. The first was a change in leadership. Meg O'Neill was appointed as the new CEO of BP in December, two month after Manifold had joined the company. She is an outsider, and the first woman ever to be the head of a major oil firm. In February, a few weeks before O’Neill's appointment, BP suspended their share-buyback program, giving them the breathing space they needed to reduce?their debt. Investors viewed the two moves as proof that BP - and Manifold - had clear intentions. BP's profits increased by more than two-fold in the first quarter of this year, largely due to the surge in oil prices since the beginning of the Iran War. BP today is in a much better position from an operational perspective than it was a couple of years ago. Manifold's sudden departure will not change BP's strategy or its executive leadership. The board of directors will be the focus now. DIFFICULT QUESTIONS Manifold, who has only been at the company for a little over a year now, is still causing controversy. Questions about the culture of the board were raised by Looney's abrupt departure and the strategic mistakes made by the firm. In recent months he restructured and trimmed the board, and brought in experienced oil-and-gas executives to address these concerns. Manifold stated in March that the changes would allow for "faster decision-making and a sharper oversight" which are both critical to driving long term shareholder value. Today, the words are hollow. The board announced Manifold’s appointment in July. It said that it followed a “rigorous and extensive?global search." Amanda Blanc, a senior independent director on the board at the time, said that Albert's relentless focus is on performance. This will be well-suited to the needs of bp now and in the future. Blanc said in BP’s Tuesday statement that Manifold helped to bring "a welcomed focus" to BP’s transformation. However, the board was "surprised" and "disappointed" when it learned of Manifold’s "governance and conduct issues" which they deemed unacceptable. They have taken decisive actions. BP's shareholders and staff are right to question any assurances regarding the selection process for the future chair and other senior appointments, given the recent track record of the board. BP wants to transform its culture and strategy. Unreliable directors could make this 'already difficult challenge near impossible. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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American Airlines will equip 500 narrow-body aircraft with Starlink Wi Fi by 2027
American Airlines announced on Tuesday that it will equip more than 500 of its narrow-body aircraft, for domestic and short-haul international routes, with Starlink inflight Wi-Fi. This service is expected to be available in the first quarter 2027. The financial terms were not disclosed. Airlines around the globe have been rushing to equip their fleets with faster, more reliable in-flight internet. This is because premium travel has increased since the COVID pandemic. American offers free Wi-Fi to all its customers who are enrolled in the 'loyalty' program in partnership with AT&T on almost all its flights. As of the end of March, the carrier's mainline fleet consisted of 1,022 aircraft. This included 885 narrow body jets. Starlink is a key revenue generator for SpaceX's IPO-bound parent company, and the?satellite-broadband unit will be the only profitable business in 2025. In the last few years, several U.S. airlines have signed deals with the world's largest satellite operator. Southwest Airlines, United Airlines, and Alaska Airlines are among the airlines that have signed deals with the world's largest satellite operator in recent years. The company also counts long-haul airlines such as Singapore Airlines, Dubai's Emirates and United Airlines as its customers. (Reporting by Nandan Mandayam in Bengaluru; Editing by Vijay Kishore)
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On its first day, Sweden's Karsan autonomous bus was hit by a tram.
The public transport organizer said that a'self-driving' bus, made by Turkey’s Karsan, was hit?from behind? by a tram in Gothenburg (Sweden) on Monday. This happened just one hour after the bus began to carry paying passengers. The bus braked, and the tram hit it, said Patrik Chi, a spokesperson for Vasttrafik. Vasttrafik is owned by the'regional public transportation authority. Chi claims that the collision did not cause any injuries. However, Gothenburg is currently undergoing a 'year-long trial for autonomous public transport using Karsan e-ATAK buses. Karsan stated in a Tuesday statement that the full details of this incident are being evaluated. Karsan stated that based on the initial findings it appears the incident was a traffic-related issue occurring in the flow of traffic within urban areas, and not an issue relating to the autonomous driving system. On the website of?public broadcaster SVT, footage showed the damage done to the bus and a banner at its rear that read: "Keep Distance! The bus could 'brake strongly. Chi stated that the circumstances surrounding the collision should 'be investigated. He added that there was a'safety driver on board the bus who was prepared to take over if necessary. Reporting by Jesus Calero Editing Bernadettebaum and Barbara Lewis
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Airline cancellations in response to Middle East conflict
Middle Eastern carriers increased capacity following the disruption caused by the Iran War, and airlines outside of the Gulf have rerouted flights between Europe and Asia to avoid major hubs within the region. The latest flight information is listed below alphabetically. AEGEAN AIRLINES On May 21, Greece's largest airline will resume its flights from Heraklion to Tel Aviv, as well as Rhodes and Larnaca. Thessaloniki-Tel Aviv flights are cancelled until June 26. Erbil, Baghdad and Dubai flights are all cancelled until July 2nd. AEROFLOT The Russian flag carrier has announced that it will resume flights to the United Arab Emirates on June 1. AIRBALTIC AirBaltic, a Latvian airline, has announced that flights to Tel Aviv are cancelled until the 28th of June. Dubai flights are cancelled until 24 October. AIR CANADA The Canadian carrier has canceled flights to Tel Aviv, Dubai and Abu Dhabi until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June. AIR FRANCE-KLM Air France has suspended flights to Riyadh, Riyadh and Beirut until May 26, and Tel Aviv until June 3. KLM suspends flights to Riyadh Dammam, and Dubai until 28 June. CATHAY PACIFIC Hong Kong Airlines has suspended all flights to Dubai, Riyadh and cargo services to Dubai and Riyadh up until May 31, and until August 31, respectively. The airline plans to continue all scheduled flights after June. The U.S. carrier plans to resume New York JFK-Tel Aviv service on September 6 and has extended the suspension of its Atlanta-Tel Aviv routes through December 18. The launch of the Boston-Tel Aviv flight, originally scheduled for late October, has been postponed until further notice. EL AL ISRAEL AIRLINES All flights to Dubai have been cancelled until 31 May. FINNAIR Finnair has cancelled all Doha flights up to July 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. The airline will not resume Dubai flights until October. British Airways, owned by IAG, has delayed the resumption of flights to Dubai and Doha until August 1. The airline also plans to reduce Middle East flights when they resume and to permanently drop Jeddah from its list of destinations. The airline also plans to reduce its services to Dubai and Doha to one flight per day. Iberia Express, the Spanish low-cost carrier of IAG, has cancelled flights to Tel Aviv until May 31. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until July 31, and until August 1. The Polish airline has suspended its flights to Tel Aviv till May 30. The airline has also cancelled its flights to Riyadh up until June 30, and to Beirut between March 31 and June 27. LOT will operate its winter route from Dubai to Riyadh in October. LUFTHANSA GROUP Austrian Airlines plans to restart flights to Tel Aviv on June 1. SWISS, ITA Airways, and Lufthansa plan to resume flights in July. Brussels Airlines suspended its operations until October 24, ITA Airways, SWISS, and Lufthansa will continue to suspend their flights to Dubai through September 13. Lufthansa has suspended all flights to Abu Dhabi, Amman and Beirut until October 24, while SWISS, Austrian Airlines, and Brussels Airlines have suspended flights to Riyadh and Erbil. Eurowings, a low-cost airline, has suspended its flights to Tel Aviv and Beirut until July 9, Erbil and Dubai until June 22, and Amman and Abu Dhabi until October 24. ITA Airways has also extended its suspension of flights to Riyadh until June 30. MALAYSIA Airlines will resume limited service to Doha on July 2. NORWEGIAN AIR The low-cost carrier has delayed the launch of its Tel Aviv, Beirut and Beirut services until June 15. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq Kuwait, Bahrain, Dammam Riyadh Abu Dhabi Sharjah until June 1. QANTAS Australia's national carrier has added flights to Rome, Paris and London to meet the increased demand for European destinations. The number of flights to Paris is increasing from three to five per week. Perth-Singapore will also increase from a daily service to ten per week. A new schedule will be implemented gradually for flights starting in mid-April and running until late July. QATAR AIRWAYS From June 16, it will also expand its international flight network by more than 150 destinations. ROYAL MAROC Moroccan carrier announced that flights to Doha and Dubai will be cancelled until 30 June. SINGAPORE Airlines In response to a?higher demand, the?carrier has extended the suspension of its Singapore-Dubai flights until August 2. It will also add?services between late March and October 24 on Singapore-London Gatwick as well as Singapore-Melbourne. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights until June 30, including to Dubai, Amman and Bahrain. WIZZ AIR Low-cost airlines will resume their flights to Tel Aviv from May 28, but flights to Dubai and Abu Dhabi, as well as flights to Amman in Jordan remain suspended from destinations on the mainland of Europe until mid-September. All flights to Medina have been suspended permanently. (Compiled by Josephine Mason and Jamie Freed. Elviira Loma, Tiago Branao, Agnieszka Olenka, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani. Matt Scuffham and Alexander Smith edited by Milla Nissi, Susan Fenton, Jonathan Ananda, Milla Nissi-Prussak, and Jonathan Ananda.
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European winter power premium is highest since 2022 due to gas and hydro shortages
Data shows that European winter electricity contracts trade at a premium of over 20% to the benchmark for next year. This is the highest since the energy crisis in 2022. Low gas stocks and shrinking reserves of hydropower raise the risk of higher energy prices. The Strait of Hormuz has largely been at a standstill since the U.S. and Israeli war against Iran began in 'late 'February. Wholesale energy prices have risen due to the disruption of energy supply. LSEG data show that winter baseload contracts in Germany and Italy -- the two European markets most reliant upon gas-fired power generation -- are currently trading at more than EUR110 per megawatt-hour (MWh) or EUR120/MWh. This is more than a fifth higher than the price for 2027, which was around EUR92/MWh or EUR104/MWh. The steep premium, a backwardation structure in which contracts for the near future cost more than those with a later date, signals a serious concern about winter supply. Gas: HORMUZ SQUEEZE Concerns centre around the gas market. In retaliation to the US, Iran has blocked the Strait of Hormuz from liquefied gas shipments. Israeli and U.S. strikes have removed about a fifth from global LNG supplies and increased competition between Europe, Asia and the Middle East for flexible cargoes. This has made it difficult for Europe to build up?storage before the winter. Gas inventories have fallen to 38.2% capacity, far below the seasonal average of 52%. This is well below the 90% European Union target for November 1 according to data from Gas Infrastructure Europe. With 160 days left until the EU deadline the injection rate would have to be nearly doubled to reach the goal. The storage levels are now lower than they were in 2022 when Europe was scrambling to find alternatives to Russian gas pipelines following Moscow's invasion of Ukraine. Equinor, a Norwegian company, has warned about a potential security of supply issue. Equinor executives warned this month that Europe may face a gas shortage if there is a prolonged disruption of the Hormuz pipeline. BNP Paribas' analyst Jason Ying says that European power prices may rise if the strait is blocked again this summer, if gas storage remains tight, and if the current water shortage persists. Gas prices are currently EUR46/MWh at the Dutch TTF Hub, but they do not include a winter premium yet, said Jason Ying. The weather adds a new layer of uncertainty. Forecasters are expecting an El Nino climate pattern this year. This could mean a milder European Winter, which would ease heating demand, but also a warmer, drier Summer, which would worsen the hydropower production. HYDRO: A DECADE OF LOW Hydropower production is already under strain. The low snowfall 'last winter will limit reservoir filling over the summer. LSEG data show that the combined hydrological equilibrium for continental Europe and Nordics - a'measure of the available generation capacity held in reservoirs and snow and soil - is at its lowest level in a decade. Nordic and Alpine countries depend on flexible hydropower for peak winter demand, and to balance grids when gas prices spike or renewable output drops. Hydropower constraints exacerbated stress in the European energy system during the 2022 gas crises. Traders?said that low reservoirs this year could have the same effect. Italy is most vulnerable to future price increases because it depends on both hydropower and gas. Germany is also under pressure due to rising gas prices and weaker imports by?hydro dependent Alpine and Nordic neighbors, Evan Kyritsis said, an analyst at Swiss energy company Axpo. He said that "the buffers which would normally be present -- full Alpine reservoirs and ample Nordic hydro as well as comfortable LNG availability -- were absent this year." A prolonged Hormuz shutdown or further gas price spikes would be the most damaging to front-year contracts on gas-dependent markets, since those prices directly reflect increased fuel costs.
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Sweden will halve the monthly price of public transport passes ahead of elections
The right-wing government of Sweden announced on Tuesday that it had 'agreed' to halve the monthly price of public transport passes by 2026. This will provide relief to households before the September parliamentary elections. Simona Mohamsson, Liberals Party leader and Education Minister, said that the 'temporary cuts' beginning July 1 are expected to cost $699 million. Prior to the announcement of these measures, the government had announced that it would reduce fuel taxes temporarily and provide electricity bill refunds to households. It also provided support for airlines. Energy Minister Ebba busch said at a press briefing on Tuesday that "we are experiencing the 'worst?energy crisis the world has?ever?seen". From April, the minority government, which "cooperates closely" with the anti-immigration Sweden Democrats Party, temporarily reduced VAT on food to boost household economies.
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Applied Aerospace & Defense to IPO in the US with a valuation of $3.59 billion
Applied Aerospace & Defense, a private equity-backed 'government contractor', is aiming for a IPO valuation of up to $3.59bn in the U.S. as a number of companies are looking to capitalise on investor interest in the sector amid increased geopolitical tensions. The Huntsville-based company said it was seeking to raise as much as $682,5 million by selling a total of 32.5 million shares at a price between $18 and $20 each. Retail investors are more receptive to companies like Applied Aerospace & Defense, which is looking for a hedge against global instabilities as the Middle East conflict drags on and 'defense budgets increase. The contractor produces a wide range of products for space and defense technology companies, including fuselages, flight controls surfaces, solid rocket motor cases, and engine shafts. (Reporting and editing by Jonathan Ananda, Bengaluru)
Uber and Lyft drivers from Massachusetts form the first US ride-sharing union
The first union in the U.S. that represents gig workers, such as Uber drivers and Lyft drivers, was formed by Massachusetts state officials and labor leaders. The Massachusetts Department of Labor Relations certified the newly formed App Drivers union on Friday as representing nearly 70,000 independent contractor ride-share drivers in the state.
Massachusetts Governor Maura healey, a Democrat said, "It's a game changer for ride-share employees across the country" at a rally on Tuesday with drivers and labor organizers in Boston. The certification came after the voters of November 2024 approved an innovative ballot measure to allow drivers at companies such as Uber and Lyft, to collectively bargain over pay and benefits.
This vote came after a?nationwide, years-long battle about whether ride-share driver should be classified as independent contractors or employees with rights to benefits and wages protections.
The National Labor Relations Act does not apply to drivers for Uber or Lyft. This federal law only covers traditional employees.
Under state law, however, drivers could only form a union if they collected signatures of at least 25 percent of Massachusetts' active drivers. This condition was met by union supporters. The union has the support of 32BJ SEIU - an affiliate of Service Employees International Union - and the International Association of Machinists and Aerospace Workers.
At the rally on Tuesday, IAM President Brian Bryant said: "The workers that built these billion dollar corporations deserve a contract with a union and a place at the table."
As unionization efforts increase in other states, he and other union leaders hailed Massachusetts as an important labor victory. California ride-share drivers now have the right to unionize, thanks to a law signed by Democratic Governor Gavin Newsom in October. Similar legislation ?is pending in Illinois.
Uber and Lyft did not oppose the Massachusetts ballot measure. Lyft stated on Tuesday that it would engage in good faith with the Massachusetts process as it moves forward.
Lyft released a statement saying that it does well when its drivers do well. We'll continue to focus on helping drivers succeed and keeping rideshare affordable for all who depend on it.
Uber didn't respond to our request for comment. Uber did not respond to a request for comment.
(source: Reuters)