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☆ Somebody stole gold and other valuables worth $15 million from Canada's busiest airport, police said
▼ + stars: | 2023-04-21 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Thieves made off from Toronto Pearson airport with gold and valuables worth $15 million, police said. The gold was part of an intra-bank trade involving TD Bank, per a memo seen by the Toronto Sun. Police are investigating a "very rare" heist in which gold and other valuables worth more than C$20 million (about $15 million) were stolen from Canada's busiest airport. This did not involve access to Toronto Pearson itself and did not pose a threat to passengers or GTAA staff." Air Canada, and TD Bank didn't immediately respond to requests for comment from Insider, made outside normal working hours.

☆ Italy sports authority scraps 15-point penalty for Juventus, orders new trial
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

MILAN, April 20 (Reuters) - Italy's top sports body on Thursday cancelled a decision to dock Serie A club Juventus (JUVE.MI) 15 points in a case centered on the club's transfer dealings, ordering soccer authorities to hold another hearing. The ruling of Italy's Sports Guarantee Board came after Juventus, the most successful soccer club in Italy, appealed a sentence Italy's soccer court issued in January as it looked at the way the club and a number of other teams dealt with player exchange deals. The soccer court had also imposed bans from holding office in Italian soccer on 11 past and present Juventus directors, including former Chairman Andrea Agnelli, a prominent member of the family controlling Juventus through their investment company Exor (EXOR.AS). Partially accepting the Juventus appeal, the Sports Guarantee Board did not clear the club of wrongdoing. It instead ruled that a soccer court made up of different judges should now hold new proceedings against Juventus and the directors and come up with more appropriate punishment.

☆ Cyclone Ilsa hits Australia's northwest, misses iron ore export hub
▼ + stars: | 2023-04-13 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

SYDNEY, April 14 (Reuters) - A tropical cyclone smashed into Australia's northwest coast as a category 5 storm, setting new wind speed records, but has largely spared populated regions including the world's largest iron ore export hub at Port Hedland, authorities said on Friday. "Port Hedland ... escaped the brunt of the cyclone at this stage. "As it moves inland and the sun comes up, we can expect it to still be a severe tropical cyclone," the weather bureau's hazard response manager Shenagh Gamble said. Ilsa is expected to weaken to a tropical low overnight and move into the southern parts of the Northern Territory. Destructive winds could hit the remote inland mining town of Telfer, where Newcrest Mining (NCM.AX) operates a fly-in-fly-out gold and copper mine.

[1/4] Israeli policemen stand next to smoke from a fire following incoming rockets from Lebanon to Israel in Bezet, northern Israel, April 6, 2023. The Israeli military said 34 rockets were launched from Lebanon, of which 25 were intercepted by Israel's Iron Dome, anti-missile system. There was no claim of responsibility but an Israeli military official also said that Israel was working on the assumption that the attack was Palestinian-linked. "It's not Hezbollah shooting, but it's hard to believe that Hezbollah didn't know about it," Tamir Hayman, a former head of Israeli military intelligence said on Twitter. In response, Israel has hit targets in Gaza linked to Hamas, which it holds responsible for any attacks from the blockaded coastal strip.

☆ Syria port authority shuts all ports due to bad weather
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

[1/3] Waves crash during high winds in the Syrian port city of Banias, Syria, March 29, 2023. SANA/Handout via REUTERSDAMASCUS, March 29 (Reuters) - Syria's port authority has shut down all the country's sea ports including Tartous due to poor weather and high winds, state media reported on Wednesday. The port of Tartous had initially been exempt from the closure but the country's ports authority later said it was shutting down as conditions worsened. "There are winds and high waves in bursts and we cannot risk opening the ports at this time," Brigadier General Samer Kobrosli, the director general of the authority, told Reuters. The war-ravaged country operates seven sea ports through which it brings in basic needs including food and petroleum products.

☆ Bed Bath & Beyond is closing hundreds of stores. But they won’t be empty for long
▼ + stars: | 2023-03-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

New York CNN —Bed Bath & Beyond is stripping down its big blue signs, clearing out aisles of linens and closing 400 stores as it tries to stave off bankruptcy. Bed Bath & Beyond (BBBY)’s real estate is a precious, scarce resource for retailers, gyms and anyone else who needs ample space. “A lot of great real estate is going to come available into a market where there’s been no vacancies. “Bed Bath and Beyond sites are interesting to us, and we are exploring available opportunities with our franchisees,” a spokesperson told CNN. He also believes Bed Bath & Beyond may not be able to avoid bankruptcy or liquidation, which would lead to more vacancies.

☆ An airline has offered passengers counseling after a flight was diverted when it was hit by 'severe wind-speeds' and high turbulence
▼ + stars: | 2023-03-20 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

TUI has offered counseling to passengers on board a diverted flight, per an airline spokesperson. The flight from Tenerife to Manchester was hit by "severe wind-speeds" during its descent. One passenger told Manchester Evening News people on board were "screaming" and "crying." Passengers were "screaming" and "crying" during the incident, one traveler on board the flight, Gareth Slater, told Manchester Evening News. Earlier this month, a Lufthansa flight from Austin to Frankfurt was forced to make an emergency landing after severe turbulence.

REUTERS/Cole Burston/File PhotoFeb 24 (Reuters) - Airports are taking steps to avoid gridlock during the upcoming holiday travel seasons, with some limiting flights during peak hours to avoid the long lines and luggage piles that marred last summer. While smoother holiday travel is expected for Europe and North America, airlines and airports which learned tough lessons on holiday travel in 2022, are taking a more prudent approach as global traffic rebounds roughly to pre-pandemic levels. Despite extensive planning and hiring this year, some airlines and airports are still wrestling with industry staff shortages, including baggage handlers. Germany's Lufthansa AG (LHAG.DE) said it has cut summer flights by an unspecified amount due to shortages of personnel like ground handlers at airports in Frankfurt and Munich. U.S. Customs and Border Protection and the Canada Border Services Agency were not immediately available to comment on staffing.

☆ Why Dick's Sporting Goods succeeded where Sports Authority failed
▼ + stars: | 2023-02-08 | by ( Darren Geeter | ) www.cnbc.com time to read: +5 min

The most significant player in the space, Dick's Sporting Goods, controls an estimated 14.2% of the market, the most by a single company. Dick's Sporting Goods was founded in 1948 by 18-year-old Dick Stack who had just $300 in his pocket when he opened his first store. In the 1990s, the company expanded its offerings to include more sports, outdoor equipment, apparel and footwear, and by 1996, there were 50 Dick's Sporting Goods stores. While Dick's Sporting Goods was expanding, its archrival Sports Authority was on the verge of collapse. Dick's Sporting Goods' momentum continued well into 2021 as the company set new records.

☆ How Bed Bath & Beyond ended up on the verge of bankruptcy
▼ + stars: | 2023-02-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Here’s how Bed Bath & Beyond, once a retailer pioneer, veered to the edge of bankruptcy and where it turns next. Brands coveted a spot on Bed Bath & Beyond’s shelves, knowing it would lead to big sales. Discount chains such as HomeGoods and TJ Maxx and have also undercut Bed Bath & Beyond’s prices. Without the differentiators of the lowest prices or widest selection, Bed Bath & Beyond’s sales stagnated from 2012 to 2019. Otherwise, too much of Bed Bath & Beyond’s revenue will go toward repaying debt that it won’t be able to turn a profit.

☆ Video appears to show moments after a baby was ditched by parents at an airport, leaving airline staffers in 'shock:' 'She left him here!'
▼ + stars: | 2023-02-02 | by ( Natalie Musumeci | Talia Lakritz | ) www.businessinsider.com time to read: +3 min

Video appears to show the moments after a baby was ditched by his parents at a Tel Aviv airport. The parents arrived late for their flight and didn't have a ticket for the infant, authorities said. The 23-second video shows an infant in a carrier left at an airport check-in counter as airline staffers behind the desk gather around the baby. The parents then headed for the security line, "leaving the infant behind at check-in," after they did not have a booking for the baby. After the officer's preliminary investigation and accordingly, no further investigation was needed," a spokesperson for Israel Police told Insider on Thursday.

☆ Adani’s battle with Hindenburg leaves investors sizing up exposure to the global banking sector
▼ + stars: | 2023-01-31 | by ( Seema Mody | ) www.cnbc.com time to read: +4 min

Indeed, Indian banks make up 0.6% of the group's sector loans, according to JPMorgan. This may seem low but the total exposure to the Adani Group is still around $9 billion, wrote Saurabh Kumar, an analyst at JPMorgan. Gautam Adani, chairman of Adani Group. Jefferies analyst Prakhar Sharma writes that, for now, the risk to Indian banks is low, saying, "we don't see material risk to the Indian banking sector." Of the seven companies operated by the Adani Group: Adani Green Energy, Adani Power and Adani Ports are sitting on the most net debt, according to analysts.

☆ Nigeria opens 'game changer' billion-dollar deep seaport
▼ + stars: | 2023-01-23 | by ( Seun Sanni | ) www.reuters.com time to read: +1 min

LAGOS, Jan 23 (Reuters) - Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country's ports and help it become an African hub for transshipment, handling cargoes in transit for other destinations. President Muhammadu Buhari has made building infrastructure a key pillar of his government's economic policy, and hopes that this will help his ruling party win votes during next month's presidential election. "This is a transformative project, game changer project. This project could create at least 200,000 jobs," Chinese Ambassador to Nigeria Cui Jianchun told Reuters after the port was commissioned by Buhari. China is among the largest bilateral lenders to Nigeria and has funded rail, roads and power stations.

☆ A flight was delayed after passengers were sent pictures of plane crashes via Apple AirDrop, report says
▼ + stars: | 2023-01-14 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +2 min

Passengers "were in a panic" after being sent images of plane crashes, per Keshet 12. 10 people were taken off the Pegasus Airlines flight in Tel Aviv for questioning. Passengers on another Pegasus flight in November were sent threatening videos. Last May, nine Israeli citizens were detained after passengers on a plane bound for Turkey received graphic photographs of former plane crashes via AirDrop. Last November, another Pegasus flight from Tel Aviv was delayed after passengers were sent threatening videos, including one of a man practicing at a shooting range, according to Ynet.

☆ Taxpayers are paying billions for the renovations and construction of NFL stadiums. Here's how
▼ + stars: | 2022-12-22 | by ( Darren Geeter | ) www.cnbc.com time to read: +4 min

These tax exemptions help lower the burden of high debt through low-interest municipal bonds used by cities and teams to pay for stadiums. Since 1913, municipal bonds have been a popular financing option for airports, roads, hospitals and schools. The loophole works by creating an artificial financing structure through tax-exempt municipal bonds. To gain access to those bonds, private companies must fail one of two tests stipulated by the Tax Reform Bill of 1986. The Las Vegas Stadium Authority financed nearly 40% of the stadium through $750 million in bonds backed by its hotel taxes.

☆ East Coast ports including New York are winning a domestic trade war at the expense of California
▼ + stars: | 2022-12-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

According to ITS Logistics which monitors rail cargo trends, the volume of freight moving out of the East Coast doubles that of the West Coast. East Coast ports making major investments East Coast ports like Georgia, Virginia and Maryland have been increasing their investment to accommodate the increase in rail capacity. "CSX continues to see the East Coast ports as a growth opportunity as volumes shift from congested West coast gateways," said Cindy Schild, CSX spokesperson. West Coast port declinewatch nowCargo volumes on the West Coast remained soft at the Port of Los Angeles in November, which saw a 21% decrease year over year in volumes. While the East Coast gains are significant, there was a "leveling" off of imports detected on the East Coast in November, according to port TEU data from the CNBC Supply Chain Heat Map.

French container line CMA CGM sees the ownership of cargo terminals at U.S. ports as the next step in its bid to extend its shipping business into greater inland logistics. “Port terminals are an essential piece of the supply-chain efficiency, being at the crossroads of sea and land operations,” said Christine Cabau Woehrel, CMA CGM Group’s executive vice president of operations and assets. CMA CGM earned $17.9 billion in net profits in 2021 and its earnings in the first three quarters of this year reached more than $20.4 billion. The purchases come as CMA CGM is spending billions to buy logistics operations and more recently launch an airfreight service. China’s Cosco Shipping Ports has expanded its terminal operations around the world in concert with expansion by state-owned Cosco Shipping Lines.

☆ California Long Ruled U.S. Shipping. Importers Are Drifting East.
▼ + stars: | 2022-12-10 | by ( Paul Berger | Photographs David Walter Banks For The Wall Street Journal | ) www.wsj.com time to read: +13 min

Abercrombie & Fitch Co. is moving more merchandise through New York and New Jersey to avoid West Coast bottlenecks. It trailed its East Coast rival again in that measure during September and October, according to the Pacific Merchant Shipping Association and ports data. ”There are so many customers that got so screwed because they were entirely reliant on L.A. and Long Beach.”The logistical challenges of spreading imports along the East Coast and the Gulf Coast are massive. The shift in trade to the East Coast marks a return to where container ships originated. Then the U.S. began importing more goods from Europe, making an Atlantic Ocean crossing to various East Coast ports more critical.

☆ Misguided getaway sets off another security alert at Israeli airport
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ronen Zvulun/File PhotoJERUSALEM, Dec 4 (Reuters) - A Palestinian car thief rammed through a checkpoint on the way to Israel's main airport on Sunday, authorities said, setting off a security alert in what they described as the result of poor navigation on his part rather than an attempted attack. Video circulated on social media showed passengers in Ben Gurion Airport's departure terminal crouching alongside their luggage as instructions sounded over loudhailers. Police said the suspect, a Palestinian in Israel illegally from the occupied West Bank, arrived at the airport checkpoint in a stolen car and raced through toward the main terminal. As in previous cases, the suspect was believed to have taken a wrong turn off the main Tel Aviv-Jerusalem highway, Israeli officials said. The violence has contributed to the rise of far-rightists likely to play significant roles in the incoming Israeli government.

☆ Canceled sailings from China and 'radical' vessel cuts hit U.S. ability to reach export market
▼ + stars: | 2022-11-11 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +9 min

"As shipping lines reduce their vessel calls in the form of blank sailings, this reduces the capacity for outbound volumes. Sea-Intelligence wrote in its recent blank sailings report that it has detected some unannounced cancellations for the calendar-year period of weeks 42-52 in the past two weeks. "Blank sailings have been ramped up drastically on the Transpacific, but not so much on Asia-Europe," said Alan Murphy, CEO at Sea-Intelligence. On Asia-North Europe routes, Sea-Intelligence is only seeing an additional six blank sailings, and on Asia-Mediterranean routes an increase of four blank sailings. The weekly average of vessels waiting this week is 14, waiting for an average of 6.3 days.

SAN JUAN, Puerto Rico — A ship carrying much-needed diesel fuel has been unable to dock in hard-hit southern Puerto Rico since Sunday while it awaits federal authorization because of the Jones Act, a century-old shipping law. That means that a foreign ship with goods for Puerto Rico would first have to disembark in the mainland U.S. and change crews. Signed into law by President Woodrow Wilson two years after World War I ended, the Jones Act was passed as a protective measure against foreign competition. On Thursday, eight members of Congress called for the federal government to grant a one-year waiver from the Jones Act for storm-ravaged Puerto Rico. As of Monday morning, only 16% of power customers in Ponce had their electricity restored, according to the Puerto Rican government.

Over the past two years, however, Bed Bath has tested vendor relationships by making late payments, pushing aggressively into private labels and losing shoppers. Those tensions have intensified as financial troubles mounted, according to the former Bed Bath executives. Make or breakA customer carries a shopping bag outside a Bed Bath & Beyond Inc. store in Charlotte, North Carolina. Bed Bath already had a significant debt load prior to the new financing. Growing troublesCustomers carry bags from Bed Bath & Beyond store on April 10, 2013 in Los Angeles, California.

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