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Lukoil Moldova grants free fuel use to the government in spite of US sanctions
The Moldovan energy minister announced on Friday that Lukoil Moldova has agreed to give the government of Moldova free access to its fuel terminal located at the airport in Chisinau. Energy Minister Dorin Junietu stated in a press release that the move was made to ensure stable airport operations when U.S. Sanctions against the Russian owned company come into effect later this month. The U.S. sanctions against Lukoil and Rosneft were linked to the Russian war in Ukraine. The company is the only supplier of fuel to Eugen Doga Airport, Moldova's sole airport. Moldova's pro European authorities announced this week that they have proposed to buy the airport infrastructure of the firm, including storage facilities, in order to guarantee aviation fuel supplies in the country located between Ukraine and Romania. Junghietu said on Friday that the government had reached an agreement to supply fuel at the airport with a Romanian firm in the near future.
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CMA CGM warns of a tough year as the shipping industry faces overcapacity and falling demand
French group CMA CGM warned on Friday that the container shipping industry faces a difficult year, as new vessels increase capacity, while demand is slowing. Early orders for 2025 are being driven by trade tensions. CMA CGM reported core EBITDA of $2.96bn for the third quarter, which is the same as the previous quarter but down 40.5% from a year ago. This was down by 40.5% compared to a year ago, but an increase from the prior quarter as volumes recovered after a stoppage in April of China-U.S. Trade due to a tariff dispute. Ramon Fernandez said that the group, which is controlled by the Saade Family, expects its fourth-quarter results will be below those of the third quarter due to the falling freight rates. This could lead to a difficult shipping environment in 2026, Ramon Fernandez added. He said: "We anticipate that freight rates will continue to normalise as there is less demand, and capacity increases due to new vessels being delivered. There may also be a reopening the Suez route in 2026." Maersk and other rivals have warned about the pressure of falling freight rates. The disruption to shipping in the Red Sea and Suez Canal due to attacks by Houthi Rebels in Yemen has reduced capacity. Ships are now taking a longer journey around southern Africa. The Houthis' claim that they targeted vessels because of a ceasefire in Gaza, a war which the Houthis blamed on the Houthis, has raised hopes for resuming normal traffic. Fernandez stated that CMA CGM will continue to maintain limited transits through Suez as long as security permits. The tensions between Washington, DC and Beijing have also affected the industry. Both sides announced that they would charge port fees for vessels that had ties to the other nation. CMA CGM reorganised their fleet to avoid these fees. Fernandez stated that the company has no plans to change its fleet after the port charges were suspended for one year. Fernandez said that the company had contributed to the rising supply of ships and, based on the current orders, will surpass Maersk by the end 2027 as the second largest container line in the world based upon capacity. CMA CGM, along with the Saade Family, have pursued diversification in logistics, port terminals, and non-transport related activities. This includes the acquisition of Carrefour, Europe's biggest food retailer.
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Sources say that Italy's Snam is set to cancel German gas deal due to Berlin's concerns over China
Sources say that Italian gas grid operator Snam will abandon its plans to acquire a minority stake of Germany's largest independent transmission company, despite the German Economy Ministry's opposition. Two sources with knowledge of the situation said that Berlin's concern over the 920 million-euro ($1.1billion) deal stems from China's State Grid being an indirect shareholder in Snam. Germany's Economy Ministry, which is in charge of foreign direct investment clearances, has been reviewing this deal since it was agreed on in April. The German government's reluctance to sign the deal reflects a more aggressive stance taken by European governments against Chinese investments in Europe because of security concerns. The German Economy Ministry declined to comment. Snam did not respond to a request for comment. State Grid holds 35% of CDP Reti - an investment vehicle controlled and managed by Italian state lender CDP - which, in turn, owns 31.4% Snam. This gives the Chinese state owned group the right of appointment a representative to the board of Italian gas grid operator. The Italian group has agreed to buy Open Grid Europe for 24.99% in April, with the aim of entering the largest gas market in Europe, Germany. Germany has extended its review of the transaction and asked for additional documentation from the Italian Group. Luca Passa, Snam's Chief Finance Officer, said this month that the company hoped for a German decision by November 17th when the extended deadline for finalising the acquisition expires. Agostino Scrnajenchi, CEO of the Group, had previously indicated that the group would not pursue acquisitions "come hell and high water" during the lengthy approval process. Germany has blocked China's State Grid from buying a stake in the power grid operator 50Hertz.
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US Postal Service reports a $9 billion annual loss and seeks reforms
The U.S. The U.S. David Steiner, the new Postmaster General of USPS, said that USPS needs to be more efficient. It still has "a significant systemic annual cost and revenue imbalance." He said: "To correct financial imbalances we must explore revenue opportunities and make public policy changes in order to improve our business models." USPS has lost over $100 billion since 2007, despite major restructuring and legislative reforms. In 2022, the U.S. Congress provided financial relief to the Postal Service of about $50 billion over a ten-year period. USPS wants reforms, including changes in the rules for funding retiree pension benefits, diversification of pension assets and raising the debt ceiling. It also wants reforms to workers' compensation administration. In February, Republican president Donald Trump called USPS "a tremendous loser for this nation" and said that he was looking into merging the Postal Service and the U.S. Commerce Department. Democrats argued that such a merger would be in violation of federal law. Louis DeJoy resigned as USPS's previous chief in March under White House pressure. He was just one of the many officials who were forced out by Trump. DeJoy was responsible for the drastic restructuring of the USPS, which has been losing money since the 1960s. He reduced the forecasted cumulative losses from $160 billion to $80 billion over the next decade even though mail volumes dropped to their lowest level since 1968. USPS decided not to increase the price of first class mail stamps in January. The price rose to 78 cents in early this year from 73 cents. Stamp prices have increased by 46% from 50 cents in early 2019. USPS, a 635,000-strong agency, has reduced its workforce this year by 10,000 employees through a voluntary program.
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Iberia plans to increase Brazil capacity by 25% in 2026 with the help of Airbus jets
Iberia, the Spanish airline, aims to expand in Brazil substantially for the second consecutive year in 2026. New Airbus jets will help IAG open more routes. Juan Cierco, the company's Corporate Director, said in an exclusive interview that it expects a 25% increase in the number of seats on its flights from Brazil to Spain. This follows a 27% growth this year. Iberia has launched routes that connect Madrid with Fortaleza and Recife - two popular beach resorts in the northeast of Brazil. In addition to the two daily flights it already operates to Sao Paulo, the carrier plans to expand its service in Rio de Janeiro to daily flights. Cierco stated on Tuesday that "Brazil is a destination Iberia has always considered very important." "The commitment to Brazil is very strong and long-term." Air France-KLM, TAP and other major European airlines have expanded in Brazil, despite the high ticket prices and operating costs. According to the industry group IATA this year, Brazil's international travel increased 18% from January-September compared to last year. Iberia will be largely driven by its long-range, narrowbody Airbus A321XLR planes. The Spanish carrier was one of the first customers for the aircraft last year. The A321XLR is able to serve routes that were previously only available to larger widebody aircraft, which allows airlines to fly long routes without needing to fill up a bigger plane. Iberia said that it would fly the plane both on the Fortaleza route and the Recife route. (Reporting and editing by Brad Haynes, Richard Chang, and Gabriel Araujo)
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Police report that several people were killed when a bus crashed into a stop in Stockholm.
The Swedish police confirmed that several people were killed or injured after a bus struck a stop in the center of Stockholm, on Friday. They added that there was no evidence to suggest it was an attack. A spokesperson from Stockholm's emergency services confirmed that six people were injured or killed in the accident. He did not give the exact number of victims. A spokesperson for the Stockholm rescue services said that there were no passengers in the bus when the incident occurred. The investigation is based on involuntary murder. "The bus driver was arrested, but this is standard procedure in an incident of this nature," said a spokesperson for the police. They added that they did not have any information to suggest an attack. The police said that they would not make any comments on the number of victims, their gender or age. The police reported that ambulances, rescue services, and police were all present at the scene. A photo on the website of the daily Aftonbladet showed emergency services at a site with debris all around a double-decker blue bus. Police said that the incident took place near Royal Institute of Technology University. In a recent post on X, Prime Minister Ulf Kritersson said: "We don't know what caused this but my thoughts right now are with those affected and their family."
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US drops Biden plan to require passenger compensation for delayed flights
The Trump administration announced on Friday that it is formally withdrawing the plan of his predecessor, which required airlines to compensate passengers in cash when carriers cause U.S. flights to be disrupted. The U.S. Transportation Department, under the then-President Joe Biden in December 2024 sought public comments on drafting rules that would require airlines to pay up to $775 per hour for delays exceeding three hours domestically. USDOT announced its intention to withdraw the proposal in September. USDOT explained its decision to not proceed with the proposal on Friday by stating that it would create "unnecessary regulations". Last month, 18 Democratic Senators urged President Trump to not abandon the compensation plan. The letter, signed by Democratic Senators Richard Blumenthal and Maria Cantwell and Ed Markey, said: "This is an idea that makes sense. When an airline's mistake causes unanticipated expenses for families, it should provide accommodations and help cover those costs." In the United States, airlines are required to refund customers for cancelled flights but not compensate them for delayed flights. All four countries - the European Union, Canada and Britain - have rules on airline compensation for delays. No major U.S. airlines currently guarantee cash compensation in the event of significant flight delays. USDOT stated Friday that by abandoning the compensation program, it would allow airlines to compete based on the services they provide and the compensation they offer to passengers. This would be more cost-effective for airlines than imposing minimum requirements on these services and compensation. USDOT announced in September that it would consider rescinding the Biden regulations, which required airlines and ticket agents disclose service fees along with airfares. The government also intends to reduce the regulatory burden on ticket agents and airlines by defining a flight cancellation, which entitles customers to a refund of their tickets. It will also review rules regarding ticket pricing and advertising. Airlines have pushed Trump's administration to go even further, and praised their decision to cancel the Biden Plan. (Reporting and editing by Franklin Paul, Alison Williams, and David Shepardson)
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Azerbaijani oil exports through BTC pipeline fell 5.9% year-on-year amid contamination, according to data.
Azerbaijani figures showed that the country's oil exports through the Baku-Tbilisi - Ceyhan pipeline dropped to 22.7 millions metric tons between January and October, a 5.9% drop from the previous year after the route had been contaminated with tainted crude oil. In July, organic chloride contamination was found in Azerbaijani BTC cargoes. This caused several days of delays in loading from Turkey's BTC Ceyhan Terminal. The BTC pipeline that runs through Georgia and Turkey is used by BP to export oil from its Azeri, Chirag, and Guneshli fields. According to Azerbaijan’s Statistics Committee, the total amount of oil transported through BTC in the first 10 months of this year was 30.6 million tonnes, with 74.4% of that being shipped via the BTC. Data showed that the volume of transit oil imported from other countries such as Kazakhstan and Turkmenistan via the BTC dropped to 3.391 millions tons from 4.475 in 2024. (Reporting and editing by Andrew Osborn.)
The EU wheat market is subdued as it awaits U.S. statistics, and shrugs off Russian port attacks
The European wheat futures market was steady on Friday, as traders focused their attention on delayed U.S. grains data. They also saw that the attack on a Russian port had no impact on grain flow.
Euronext's December wheat futures fell 0.1% to 189.25 euro ($220.70), while March futures also dropped 0.1%, at 193.50 euro.
The grain markets were waiting for the U.S. government's data, due on Friday after the end of the federal shutdown. The U.S. Department of Agriculture is set to publish its first report on supply and demand since September. It will also release a backlog of daily announcements of export sales.
Participants are also shifting their positions to March as a result of the expiry on Monday of options on Euronext December Futures.
The wheat markets received some support in the morning session after news broke that a Ukrainian Drone attack had caused damage to the Russian Black Sea Port of Novorossiysk. Some debris fell on a grain storage terminal.
While the attack resulted in the suspension of oil deliveries, which supported a rise in oil prices. Grain traders did not see any signs that the large wheat trade out of the port had been disrupted.
The grain infrastructure in Novorossiysk appears to be functioning, and the loadings continue. This was the statement of a German grain trader.
Wheat prices were held back by the ample global supply. This is expected to be further bolstered as a result of bumper harvests in Argentina, Australia and other countries.
The Buenos Aires Grain Exchange announced on Thursday that Argentina's 2025/26 wheat harvest is expected to be a record 24,000,000 metric tons. This comes a day after Rosario Grain Exchange in Argentina also predicted a record crop.
FranceAgriMer, the farm office, said that 98% of France's soft wheat had been rated in excellent or good condition by Monday. Farmers were wrapping up their sowing.
The German wheat exports have been modest. Only one large shipment of around 50,000 tons has been loaded for Nigeria in November.
The November barley exports from Germany were however brisk. 65,000 tons of barley was loaded for Saudi Arabia and 30,000 for Algeria, while two shipments totaling 80,000 tons went to Turkey. Reporting by Gus Trompiz and Michael Hogan, both in Hamburg. Editing by Susan Fenton.
(source: Reuters)