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LATAM Airlines files restructuring plan to exit bankruptcy
  + stars: | 2021-11-27 | by ( )   time to read: +2 min
REUTERS/Ueslei MarcelinoNov 27 (Reuters) - Chile's LATAM Airlines Group SA (LTM.SN) said on Friday it has filed a reorganization plan, proposing an $8.19 billion infusion of capital into the group, in a bid to exit its Chapter 11 bankruptcy. Register now for FREE unlimited access to RegisterRecently, LATAM said it received several offers to fund the exit from Chapter 11 bankruptcy, each of which are worth more than $5 billion. The group filed for Chapter 11 bankruptcy protection in New York in May 2020 as world travel came to a halt amid the COVID-19 pandemic. read moreUpon emerging from Chapter 11, LATAM expects to have total debt of about $7.26 billion and liquidity of about $2.67 billion, the company said in the statement. read moreThe restructuring plan is accompanied by a support agreement with creditor group Parent Ad Hoc Group and some LATAM shareholders.
Persons: Ueslei Marcelino, Roberto Alvo, LATAM, Maria Ponnezhath, Sam Holmes Organizations: Airlines, Brasilia International, REUTERS, LATAM Airlines Group SA,, Hoc Group, Thomson Locations: Brasilia, Brazil, Latin America, New York, Santiago, Bengaluru
REUTERS/Brian SnyderWASHINGTON, Nov 26 (Reuters) - Delta Air Lines (DAL.N)and United Airlines (UAL.O) said on Friday they do not plan any changes to their South Africa-U.S. routes after the White House said it plans to impose new travel curbs on southern Africa starting Monday amid concerns about a new COVID-19 variant. Delta and United are the only U.S. passenger carriers that have direct flights to southern Africa. Amid this rapidly evolving situation, it is critical that U.S. government decisions regarding international travel restrictions and requirements be rooted in science." United currently operates five flights per week between Newark and Johannesburg and reiterated Friday it plans to restart service between Newark and Cape Town on Dec. 1 as scheduled. Register now for FREE unlimited access to RegisterReporting by David Shepardson Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
Persons: Brian Snyder WASHINGTON, David Shepardson, Chris Reese Organizations: Delta Airlines, American Airlines, Logan International Airport, REUTERS, Delta Air Lines, United Airlines, Delta, U.S, White, Airlines for America, Cape Town, Thomson Locations: Boston , Massachusetts, U.S, South Africa, Africa, Johannesburg, Atlanta, United States, Newark, Cape
Oil barrels are pictured at the site of Canadian group Vermilion Energy in Parentis-en-Born, France, October 13, 2017. Oil fell with global equities markets on fears the variant, could dampen economic growth and fuel demand. The World Health Organization has designated the new variant, which it named Omicron, as "of concern," according to the South African health minister. read moreBrent crude settled down $9.50, or 11.6%, to $72.72 a barrel, a weekly decline of more than 8%. OPEC+ is also monitoring developments around the variant, sources said on Friday, with some expressing concern that it may worsen the oil market outlook less than a week before a meeting to set policy.
Persons: Regis, Brent, Bob Yawger, WTI, Craig Erlam, BioNTech, Naledi Pandor, Tamas Varga, Laura Sanicola, Jessica Resnick, Ault, Shadia Nasralla, Marguerita Choy, Kirsten Donovan, Elaine Hardcastle Organizations: Vermilion Energy, REUTERS, World Health Organization, United, U.S . West Texas, Mizuho, OANDA, Pfizer, of, Petroleum, International Energy Agency, Thomson Locations: Parentis, France, South Africa, United States, Canada, Britain, Guatemala, Africa, U.S, OPEC, Botswana, Hong Kong, Israel, New York, London
U.S. stocks dropped sharply on Friday as a new Covid variant found in South Africa triggered a global shift away from from risk assets. The Dow Jones Industrial Average dropped 900 points, or 2.5 percent, while the S&P 500 and Nasdaq Composite slid 1.8 percent and 1.5 percent, respectively. The downward moves came after WHO officials on Thursday warned of a new Covid-19 variant that’s been detected in South Africa. The new variant contains more mutations to the spike protein, the component of the virus that binds to cells, than the highly contagious Delta variant. The Nasdaq is down 2.7 percent for the week, while the S&P 500 and Dow are off 1.8 percent and 1.9 percent, respectively.
Persons: I’m, ” CNBC’s Jim Cramer, Bitcoin, Paul Hickey, Ajene Oden, Organizations: Dow Jones, Nasdaq, WHO, Japan’s Nikkei, Carnival Corp, Royal, United Airlines, Delta Air Lines, American Airlines, Boeing, Marriott International, Bank, Bank of America, Citigroup, Caterpillar, Dow Inc, Chevron, Moderna, Pfizer, Netflix, CNBC, BNY Mellon Investor Solutions, Dow Locations: South Africa, United Kingdom, Israel, Hong Kong, Belgium, Botswana, Asia, Royal Caribbean
Ryan Fletcher | iStock Editorial | Getty ImagesOne of Asia's largest airlines, Cathay Pacific, is facing a revolt from pilots who say Hong Kong's tough quarantine rules under its zero-Covid policies are endangering their mental health, leading to rising stress and resignations. The extreme example of pandemic-related precautions under China's zero-Covid policy highlights the difficult working conditions facing Cathay pilots, all fully vaccinated, even as other Asian countries slowly reopen. "I don't think I can keep this up," one Cathay pilot who spoke on condition of anonymity told Reuters. Several other current and recently departed Cathay pilots told Reuters morale was low and resignations were rising a year after many had their pay permanently cut by as much as 58%. Leaving Hong Kong
Persons: Ryan Fletcher, Hong Organizations: HK Cathay Pacific Airways Airbus, Aircraft, Melbourne International, Getty, Cathay, Cathay Pacific Airways, Qantas Airways, Hong, Reuters, Hong Kong Locations: Cathay Pacific, Frankfurt, Hong Kong, Beijing, Hong, United States, Britain
SenseTime IPO could help HSBC gain recognition
  + stars: | 2021-11-26 | by ( Jennifer Hughes | )   time to read: +3 min
HONG KONG, Nov 26 (Reuters Breakingviews) - Some deals are about more than just the money. SenseTime recently secured approval read more in Hong Kong for its initial public offering, which might raise as much as $2 billion. It will be the biggest overseas IPO by a Chinese company since Didi Global’s (DIDI.N) disastrous $4 billion IPO in July triggered a regulatory crackdown that hit Chinese stocks hard. The bank is moving Greg Guyett, the unit’s co-head, to Hong Kong, and recruited several industry bankers in the region to bolster its boardroom-level access. Alongside HSBC for the SenseTime IPO are Chinese peers China International Capital Corporation (3908.HK) and Haitong International (0665.HK).
Persons: SenseTime, Didi Global’s, John Studzinski, Matthew Westerman, Noel Quinn, Greg Guyett, Quinn isn’t, Jeffrey Goldfarb, Katrina Hamlin Organizations: Reuters, HSBC, HK, U.S . Commerce, Global Banking, Markets, China International Capital Corporation, Haitong, Thomson Locations: HONG KONG, Hong Kong, Xinjiang, Asia, Japan, Britain
China is imposing mandatory quarantines of up to seven weeks for returning Chinese seafarers. See all newslettersChina's strict COVID-19 quarantines are making it difficult for ships to change crews, contributing to lags in the shipping process that could worsen the supply chain crisis. Now, the export hub is imposing mandatory quarantines of up to seven weeks — around 49 days — for Chinese seafarers returning from overseas, Bloomberg reported. Ships and seafarers typically take a break from sailing after four to six months onboard, according to the International Maritime Organization. "Any restrictions to ship operations have an accumulative impact on the supply chain and cause real disruptions."
Persons: , Guy Platten Organizations: Global, Forum, Bloomberg, International Maritime Organization, Russian Federation, Global Maritime Forum, International Chamber of Shipping Locations: China, Shanghai, Shenyang, Philippines, Indonesia, Ukraine
In a news conference Wednesday, Zhu Fenglian, spokeswoman for China's Taiwan Affairs Office, noted reports of the shooting, without offering any details. Taiwan and China have extradited suspects and convicted criminals across the Taiwan Strait in the past. Since then, Taiwan has received 502 suspected criminals from China, according to data provided by Taiwan's Ministry of Justice. China, on the other hand, has received 21 people from Taiwan, according to the island's Ministry of Justice. Last year, only four suspects were returned to Taiwan from China.
Persons: gunning, Huang, China's, Zhu Fenglian, Lee Dong, Chen Yung, Tsai Ing Organizations: CNN, Investigation, Taiwan's Central News Agency, CNA, Taoyuan International Airport, Ministry of Public Security, China's Twitter, Weibo, China's Taiwan Affairs Office, Taiwan, Chinese Communist Party, Kinmen, Taiwan's Ministry of Justice, island's Ministry of Justice, Democratic Progressive Party Locations: China, Hong Kong, Taiwan, Xiamen, New Taipei City, Taoyuan, Weibo, Taipei, Beijing, People's Republic of China, China's, Guangdong
Stephen Arnold, president of the International Brotherhood of Real Bearded Santas, a trade group with more than 1,800 members, appeared at only a single tree lighting event last year. It was a frightening time, he said, particularly for a group of elderly men who are often overweight and have diabetes. But this season, Mr. Arnold said that all five of his tree lighting ceremonies are back, including a splashy event that he loves at Graceland, Elvis Presley’s estate in Mr. Arnold’s hometown, Memphis. He plans to participate in more than 200 appearances, on par with his prepandemic schedule in 2019. “I’m trying to be prepared for a season of relatively close contact.”
Persons: Santa Claus, Stephen Arnold, Arnold, Elvis Presley’s, Arnold’s, , Mr, “ I’m, Organizations: International Locations: Memphis
Oil prices slide on concern about new COVID variant
  + stars: | 2021-11-26 | by ( Shadia Nasralla | )   time to read: +3 min
REUTERS/Lucy Nicholson/File PhotoSummary Brent crude falls below $80 a barrelNew COVID-19 variant detected in South AfricaInvestors watching China for any reserves releaseLONDON, Nov 26 (Reuters) - Oil prices recorded their steepest daily fall since July on Friday as a new COVID-19 variant spooked investors and added to concerns that a supply surplus could swell in the first quarter. Oil fell with global equities markets on fears the variant, which Britain said scientists considered the most significant found to date, could restrict travel and dampen economic growth and fuel demand. read moreBrent crude fell $4.07, or 4.9%, to $78.15 a barrel by 0830 GMT. Register now for FREE unlimited access to RegisterU.S. West Texas Intermediate (WTI) crude was down $4.83, or 6.1%, at $73.56 a barrel, after hitting a two-month low during the session. Investors were also watching China's response to the U.S. release of millions of barrels of oil from strategic reserves in coordination with other large consuming nations, part of its bid to cool prices.
Persons: Lucy Nicholson, Brent, Tamas Varga, Henry Rome, Shadia Nasralla, Florence Tan, Edmund Blair Organizations: Port, REUTERS, South Africa Investors, Register U.S, West Texas, Organization of, Petroleum, Economic, International Atomic Energy Agency, Thomson Locations: Port of Long Beach, Port of Los Angeles, Los Angeles , California, U.S, South, China, Britain, WTI, OPEC, Iran, United States, Eurasia, Singapore
What investors are saying about the new virus variant
  + stars: | 2021-11-26 | by ( )   time to read: +5 min
If the new variant does deliver its potential (usurping Delta, and reducing vaccine efficacy) we need to think about a globally soft/flat Q4 and Q1 GDP growth. This new variant, however, creates a potential threat to the known responses and thus creates a more lasting market response. TAKASHI HIROKI, CHIEF STRATEGIST, MONEX, TOKYO"This variant is a new risk for markets. MOH SIONG SIM, CURRENCY ANALYST, BANK OF SINGAPORE"We still don't know how infectious the virus is ... it's a general uncertainty. The complacency seen with the emergence of the delta variant in India being a lesson harshly learned.
Persons: SUSANNAH STREETER, HARGREAVES LANSDOWN, PETER CHATWELL, HOLGER SCHMIEDING, TAKASHI HIROKI, RAY ATTRILL, it's, MARK ARNOLD, KADOTA, MARTIN WHETTON, JEFFREY HALLEY, Saikat Chatterjee, Tom Westbrook, Kevin Buckland, Hideyuki Sano, Sherry Jacob, Phillips, Rachel Armstrong Organizations: MIZUHO INTERNATIONAL, RBC, NAB, BANK OF, HYPERION, BARCLAYS, SYDNEY, OANDA, Thomson Locations: South Africa, Singapore, India, UK, Asia, EUROPE, Europe, TOKYO, SYDNEY, BANK OF SINGAPORE, BRISBANE, Germany, JAKARTA, China, Sydney, Tokyo
These tech vendors help PR pros do things like monitor social media and accurately measure campaigns. Insider identified 27 top PR software companies, ranging from heavyweights like Cision to new players like Blackbird.AI. That need has fueled a PR software industry that was worth $4.8 billion in 2020, up 6.66% over the prior year, according to Burton-Taylor International Consulting, a research and advisory firm. It consists of PR software companies that help PR experts in areas like measurement, journalist and influencer databases, campaign planning, social media listening, and crisis detection. New PR software startups like measurement platform Prophet have entered the fray, helped by interest from private equity and venture capital firms, while others like NewsWhip are considering raising more funding in 2022.
Persons: Edelman Organizations: Taylor International Consulting, Real Locations: Burton
South Africa's top infectious diseases expert has asked billionaires to help fight coronavirus variants in Africa. Tulio de Oliveira said Africa needs financial support "to control and extinguish variants." de Oliveira pleaded to "all billionaires in this world" to support Africa financially to "control and extinguish variants," and name-checked Elon Musk, Bill Gates, and Jeff Bezos. "Our poor and deprived population cannot be in lockdown without financial support." South Africa has been praised for its fast response in detecting the variant, B.1.1.529, and sounding the alarm.
Persons: Tulio de Oliveira, de Oliveira, Elon Musk, Bill Gates, Jeff Bezos, 1.1.529, Adrian Puren Organizations: Service, South Africa's, Twitter, World Bank, International Monetary Fund, South Africa's National Institute Locations: Africa
New Covid-19 variant raises risk of recovery limbo
  + stars: | 2021-11-26 | by ( Aimee Donnellan | )   time to read: +4 min
LONDON, Nov 26 (Reuters Breakingviews) - A new Covid-19 mutation is threatening to suspend the world in coronavirus limbo. Countries including Britain and Singapore have imposed bans on travellers from South Africa and other nations where a concerning new variant has been detected. It has now been detected in Botswana, South Africa, Hong Kong and Israel. But the risk of the world’s Covid-19 recovery stalling has increased. Singapore and Italy also imposed entry bans on travellers from South Africa and nearby countries.
Persons: Germany's DAX, Peter Thal Larsen, Karen Kwok, Oliver Taslic Organizations: Heathrow International, LONDON, Reuters, British Airways, International Consolidated Airlines, Stocks, Treasury, CAC, Tui Locations: London, Britain, Singapore, South Africa, Botswana, Hong Kong, Israel, South, Austria, China, United States, Europe, Italy, easyJet
Activists are pushing companies to "fully extricate their supply chains from the Uyghur Region," meaning Xinjiang. Researchers say that cotton from that region of China is still ending up in stores. In 2020, the United States banned the import of certain Xinjiang products, including cotton, over concerns about forced labor in the region. Murphy spearheaded the report "Laundering Cotton: How Xinjiang Cotton is Obscured in International Supply Chains." In her research, she initially identified five Chinese companies selling cotton yarn or fabric that was sourced from the Xinjiang region.
Persons: that's, Laura Murphy, Helena Kennedy, Murphy, Joe Biden's, Wang Yi, Eileen Fisher, Marks, Jo Ann, . Bean, Brooks, Eddie Bauer, Guess, Hanes, Hugo Boss, Levi Strauss, Lilly Pulitzer, Lucky Brand, Madewell, Marco Polo, Michael Kors, Ralph Lauren, Uniqlo, JCPenney, L.L . Bean, Bean, Lacoste, Timothy Voit Organizations: Service, Privacy, Coalition, Labour, United, China's International Press Center, Helena, Helena Kennedy Center for International Justice, Sheffield Hallam University, US Treasury Department, Rights Watch, UN Human Rights, Reuters, Spencer Group, Carrefour, Costco, Home Depot, Ikea, Kmart, Kohl's, Sears, Target, Walmart, American Eagle Outfitters, Brooks Brothers, Duluth Trading, Inc, Vineyard, Nike, Tesco Locations: China, Xinjiang, Uyghur Region, Xinjiang Uyghur Autonomous Region, People's Republic of China, Beijing, United States, Indonesia, Sri Lanka, Bangladesh, Vietnam, India, Pakistan, Kenya, Ethiopia, Mexico, Macy's, Patagonia, Chico's, Duluth, Xinjiang Uyghur Autonomous, Lacoste, Australia, Turkey, Peru, Thomaston
Check out the companies making headlines in midday trading Friday:United Airlines, American Airlines - Airline stocks were hit hard during Friday's sell-off, as the new Covid variant sparked travel restrictions. Marriott International, Airbnb — Travel stocks took a hit after news of the new Covid variant. Live Nation, Las Vegas Sands — Entertainment and Casino stocks fell amid news of the new Covid variant. Zoom Video – Zoom Video shares jumped more than 6%, as investors piled into stay-at-home stocks amid the broad market sell-off. U.S. oil slid more than 9%, falling to the lowest level in two months amid fears over the new Covid variant.
Persons: Hilton, Airbnb, Expedia, Nordstrom, BioNTech, Novavax, Incyte, Goldman Sachs, Didi Global, Didi, , Jesse Pound, Pippa Stevens Organizations: United Airlines, American Airlines, United, Delta, Boeing, Marriott International, Marriott, Norwegian Cruise, Royal, Sands — Entertainment, Vegas Sands, Wynn Resorts, Penn National Gaming, Nike, Simon Property Group, U.S, Kroger, Moderna, Pfizer —, Pfizer, Diagnostics, Merck — Merck, Occidental Petroleum –, Devon Energy, APA, Bank of America, Citigroup — Bank, Treasury, Citigroup, New York Stock Exchange Locations: Cambridge, Royal Caribbean, Norwegian, Oil, Shanghai
People line up to get on an overseas flight at OR Tambo International Airport in Johannesburg, South Africa, Friday Nov. 26, 2021. In addition to South Africa, the affected countries are Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi. The decision came less than three weeks after the Biden administration lifted pandemic travel restrictions on visitors from more than 30 countries. The briefing came as other nations announced travel restrictions on southern Africa. The European Union and the U.K. travel restrictions Friday on southern Africa, even as Belgian officials announced that several cases of the omicron variant had already been identified there.
Persons: WASHINGTON –, Biden, Joe Biden, Anthony Fauci Organizations: International, WASHINGTON, Biden, White House, European Union, Belgian, World Health Organization, Locations: Johannesburg, South Africa, United States, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique, Malawi, Africa, South America, South Africa's Gauteng
The man who brought the Olympics to South America for the first time has been sentenced to more than 30 years in prison after a judge in Brazil ruled that Rio de Janeiro’s success at securing the 2016 Summer Games was built on a bribery scheme. The verdict against Carlos Arthur Nuzman, the former longtime head of Brazil’s Olympic committee and once a towering figure within the International Olympic Committee, came four years after he was detained by the authorities as part of a joint investigation into sports corruption by investigators in Brazil and France. Nuzman, who also served as the head of the Rio 2016 organizing committee, was found guilty of corruption, criminal organization, money laundering and tax evasion in a ruling published late Thursday. Nuzman, 79, will appeal the verdict, his lawyer said. He will not have to serve his sentence until those appeals are exhausted.
Persons: Carlos Arthur Nuzman, Nuzman Organizations: Rio, Olympic, International Olympic Committee Locations: South America, Brazil, France, Switzerland
United Airlines and Delta Air Lines are the only two US airlines impacted by new travel restrictions to southern Africa. Both airlines fly non-stop between the US and Johannesburg, South Africa, with United planning to also fly to Cape Town, South Africa starting December 1. Flights to South Africa were temporarily suspended during the COVID-19 pandemic but both airlines resumed flying in 2021. United Airlines and Delta Air Lines are currently the only American airlines serving South Africa, from where travel will be restricted from November 29. Flights only resumed in 2021 well after South Africa reopened its borders to international visitors.
Persons: , Delta Organizations: Airlines, Delta Air Lines, Service, United Airlines, United, Cape Town, Atlanta -, Delta, Airbus, Boeing, Biden, Qatar Airways, Emirates, African Airways, Centers for Disease Control Locations: Africa, Johannesburg, South Africa, Cape Town , South Africa, United, South Africa's, Cape, Delta, Atlanta, Atlanta - Johannesburg, Newark, Washington, Accra, Ghana, Lagos, Nigeria, Zimbabwe, Botswana, Lesotho, Mozambique, Eswatini, Malawi, Namibia
The travel restrictions do not ban flights or apply to U.S. citizens and lawful U.S. permanent residents. "As a precautionary measure until we have more information, I am ordering additional air travel restrictions from South Africa and seven other countries," Biden said in a statement. Amid this rapidly evolving situation, it is critical that U.S. government decisions regarding international travel restrictions and requirements be rooted in science." The United States could add countries to the restriction list if the variant spreads, a senior administration official said. She did not reference the Omicron variant.
Persons: Joe Biden, Biden, Eduardo Munoz Read, Anthony Fauci, Kathy Hochul, David Shepardson, Nandita Bose, Dan Whitcomb, Maria Ponnezhath, Leslie Adler, Heather Timmons, Sandra Maler Organizations: for Disease Control, Prevention, World Health Organization, White, Reuters, Airlines for America, U.S, Newark Liberty International Airport, REUTERS, Eduardo Munoz Read More Delta Air Lines, United Airlines, Cape Town, Biden, World Trade Organization, WTO, New, United, Thomson Locations: NANTUCKET, WASHINGTON, United States, South Africa, Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique, Malawi, Massachusetts, Nantucket, Newark , New Jersey, U.S, Newark, Cape, China, Europe, India, Brazil, Ireland, Britain, Iran, Bengaluru
A mother who gave birth to her first child on an airplane was reunited just days before Thanksgiving with the first responders who helped her safely deliver the baby. A Delta passenger named Liliana Castaneda-Avilia gave birth to a daughter after starting contractions during her descent into Atlanta airport. Atlanta AirportA nurse on board helped Castañeda for more than three hours until the plane landed at the Atlanta International Airport. Meet our newest baby on board✈️ On Nov. 14, Liliana began having contractions and baby began her initial descent into the world mid-flight. Baby Analia Acevedo Castañeda was born aboard Delta flight 1804, according to the Atlanta Fire Rescue Department.
Persons: Liliana Castañeda, Edgar Acevedo, Castañeda, Liliana Castaneda, Avilia, ” Castañeda, , Juanita Nash, Liliana, Nash, Baby Analia Acevedo Castañeda, Analia Acevedo Castaneda, WRAL, Acevedo, Analia's Organizations: Delta Air Lines, Airport, Atlanta International, Atlanta Fire Rescue Department, ATL, Atlanta, Atlanta Airport Locations: North Carolina, Mexico, Atlanta, Raleigh , North Carolina
Not for the first time this year, analysts are optimistic that supply shortages are easing and will be fixed within three to six months. Over the past year he has often asked analysts and companies to draw supply chains, identify the pressure points and estimate how long it would take to fix them. “What individual companies see as their supply chain is actually just one strand in a global supply web that links many other firms to the same producers and distributors. Of course, demand has played a role too: It has been skewed toward goods because of the pandemic, perpetuating shortages even as production recovered to 2019 levels. But, in a world of globalized supply chains, anticipating the timing of this reversal may be next to impossible.
Persons: Kallum Pickering, , John Maynard Keynes’s “, Jon Sindreu Organizations: Global, Berenberg Bank, Bank for International, BIS Locations: U.S, Europe, London, Taiwan
The head of the world's leading energy authority has said that some countries had failed to adopt a helpful position to calm soaring oil and gas prices, criticizing "artificial tightness" in energy markets. His comments come as energy analysts assess the effectiveness of a U.S.-led pledge to release oil from strategic reserves to stymie surging fuel prices. The U.S. will release 50 million barrels from the Strategic Petroleum Reserve. Of that total, 32 million barrels will be an exchange over the next several months, while 18 million barrels will be an acceleration of a previously authorized sale. OPEC and non-OPEC producers, an influential group often referred to as OPEC+, have repeatedly dismissed U.S. calls to increase supply and ease prices in recent months.
Persons: Fatih Birol, Joe Biden Organizations: International Energy Agency, U.S, U.K, Strategic Petroleum Reserve Locations: OPEC, U.S, India, China, Japan, South Korea
People wait for their turn to get petrol at a petrol station, after Pakistan Petroleum Dealers Association (PPDA) announced a countrywide strike, in Karachi, Pakistan November 24, 2021. REUTERS/Akhtar SoomroISLAMABAD, Nov 25 (Reuters) - Pakistan's petrol retailers began a nationwide strike on Thursday as the main industry body flagged low profit margins, exacerbated by the government's move to raise taxes and boost revenue under its agreements with the International Monetary Fund. We will not make our pumps operational till our demands are met," Khwaja Asif Ahmed, secretary of information at Pakistan Petroleum Dealers Association, told reporters in Lahore on Wednesday evening. "Anyone involved in oil disruptions causing public inconvenience shall be dealt strictly in accordance with OGRA laws." Pakistan's gas station association has said profit margins have already dropped over the last few months as the government previously increased the petroleum levy.
Persons: Akhtar Soomro, Khwaja Asif Ahmed, Charlotte Greenfield, Asif Shahzad Organizations: Pakistan Petroleum Dealers Association, REUTERS, International Monetary Fund, Gas Regulatory Authority, IMF, Thomson Locations: Karachi, Pakistan, Akhtar Soomro ISLAMABAD, Lahore
The Car Key of the Future (Is Still in Your Pocket)
  + stars: | 2021-11-25 | by ( Stephen Williams | )   time to read: +1 min
Call them what you want: digital keys the shape of a credit card, keyless start pods, keyless push-button start devices, intelligent keys or smart or “smartphone” keys. They’re the way we open and start cars now — and more — and it’s unlikely the primitive keys of the past are coming back. Sometimes, however, one might wish for a real key; the alternatives are not bulletproof. Tesla drivers recently punched up the smartphone app they use to unlock and start their cars. The Tesla key “card” would work — Tesla’s version of a fob — but drivers who depended on their phones were stuck.
Persons: Elon Musk Organizations: International Motor Press Association, Volvo, Lexus, Acura Locations: New York, Bear
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