2024-03-28 21:14

March 28 (Reuters) - The collapse of Baltimore's Key Bridge has highlighted what engineers say is an urgent need to better protect the piers holding up spans over shipping channels as the size of cargo ships has grown in recent decades. Federal authorities continue an investigation into why a massive cargo ship lost power and crashed into a pier of the Francis Scott Key Bridge early Tuesday, bringing down the structure and killing six workers who had been filling potholes atop it. The Maryland Transportation Authority did not respond to questions about what, if any, protections were in place for the Key Bridge's foundation piers -- which bore the weight of the structure and all the vehicles on it -- and whether updates might have been needed. "The construction code has got to do better," said Erin Bell, chair of the College of Engineering and Physical Sciences at the University of New Hampshire and an expert on bridge engineering. "Our job as engineers and our duty to society is that we learn from these failures." Bridges such as the one in Baltimore are classified as "fracture critical" by the federal government - meaning that if one portion of the bridge collapses, it's likely to take down the rest of the structure with it. According to the Federal Highway Administration, there are more than 16,800 such spans in the U.S. - including such famed structures as the Brooklyn Bridge and the Manhattan Bridge in New York, along with the Golden Gate Bridge in San Francisco. U.S. Transportation Secretary Pete Buttigieg said on Wednesday that the Key Bridge "was simply not made to withstand a direct impact on a critical support pier from a vessel that weighs about 200 million pounds." Bell and other engineers said that while that is correct, it doesn't address the serious questions about what safety measures could have prevented the cargo ship from running into the pier, or absorbed the crush of the impact to keep the foundation intact. Bell pointed out that the Key Bridge was opened in 1977 - three years before a similar vessel collision of the Sunshine Skyway Bridge in Tampa Bay, Florida, killed 35 people, and prompted bridge designers to implement better protections for foundation piers. Some of those measures include beefy fenders that push errant ships away from the piers, groups of pilings called "dolphins" that act as safety rings around foundations, or even just mounds of rock and earth. "Why wasn't there a retrofit for the Key Bridge? Especially when you see that the nearby Delaware Memorial Bridge is undergoing a vessel collision protection upgrade right now?" Bell said. "There should have been planning for this, given the size of vessels that were going by." Donald Dusenberry, a Massachusetts-based longtime forensic structural engineer who has focused on preventing bridge collapses, said from photos he's seen of the Key Bridge, it did not appear to have much of a defensive system around its piers. "It looks like there was some cushioning in the form of wooden or some other kind of barrier, but it pretty much looks like it was attached to the pile cap at the bottom of the piers," he said. "And that doesn't absorb much energy." Dusenberry, like Bell, said that until the National Transportation Safety Board finalizes its investigation into the disaster, it's impossible to say with any certainty what may have lessened the impact of the ship. But in general, he said, a strong protective structure built far enough around the foundation pier to prevent a ship's bow from striking the bridge was needed. Rachel Sangree, an engineering professor at Johns Hopkins University in Baltimore, said she understood both why many people were stunned at video of the Key Bridge's collapse, and why the focus on what went wrong is on protecting the bridge's foundation piers. But she underscored that the collapse was the result of an as-yet understood power failure on the cargo ship that sent it off course just as it approached the foundation of the bridge. "I mean, that's just terrible, terrible timing," Sangree said. "It's a horrible accident." Get weekly news and analysis on the U.S. elections and how it matters to the world with the newsletter On the Campaign Trail. Sign up here. https://www.reuters.com/world/us/baltimore-bridge-collapse-highlights-need-protect-critical-foundations-2024-03-28/

2024-03-28 20:54

March 28 (Reuters) - The Biden administration on Thursday restored some protections under the Endangered Species Act rolled back under former President Donald Trump, giving the federal government more leeway to designate plants or animals as threatened or endangered. The 51-year-old Endangered Species Act, signed into law by President Richard Nixon in 1973, is credited with helping to save the bald eagle, the California condor and numerous other animals and plants on the brink of extinction. In 2019, the Trump administration ordered changes to the law to ease costs to the taxpayer and businesses. Those changes gave consideration to the economic costs on industries such as mining and timber of decisions to designate a species as threatened or endangered. The reversal will mean "listing decisions and critical habitat designations are based on the best available science," the U.S. Fish and Wildlife Service said in a statement on Thursday. "These revisions underscore our commitment to using all of the tools available to help halt declines and stabilize populations of the species most at risk," said the agency's director Martha Williams. The move by the Trump administration had been criticized by environmental groups for putting money over science. Trump's Commerce Secretary Wilbur Ross told the media at the time that the revisions fit squarely within Trump's mandate of easing the regulatory burden on the American public, without sacrificing protection and recovery goals. Bruce Westerman, the Republican chair of the House Committee on Natural Resources, decried the change, saying that the Endangered Species Act is an outdated piece of legislation. "Biden is now undoing crucial reforms," he said in a statement. "These rules are at best political posturing." The Biden administration also restored the so-called blanket rule that gives the same protection to species and habitats designated as threatened as those under the higher designation of endangered, when appropriate, the wildlife service said. John Calvelli, executive vice president of public affairs at the non-profit environmental group Wildlife Conservation Society, applauded the move. "Conservation work is never done, as 1 million species are at risk of extinction," he said in an interview. "The Biden-Harris administration's steps today to strengthen the Endangered Species Act, ensuring science is at the center of decisions to protect wildlife, is great news for all of nature." Get weekly news and analysis on the U.S. elections and how it matters to the world with the newsletter On the Campaign Trail. Sign up here. https://www.reuters.com/world/us/biden-restores-endangered-species-protections-rolled-back-by-trump-2024-03-28/

2024-03-28 20:50

LONDON, March 28 (Reuters) - Britain's stock markets should halve the time it takes to settle a share trade to stay competitive and complete this shift by the end of 2027, a report recommended on Thursday, a step the UK government has backed to play catch up with Wall Street. Exchanges in the United States, Canada and Mexico move to settlement within one business day - dubbed T+1 - at the end of May to cut risk, catching up with India and China, meaning 55% of global equity markets will operate on T+1 or less by the end of this year. This is piling pressure on Britain and continental Europe to follow suit. The European Union has already said it would do so, though with no date set. Switzerland will have little choice but to switch as well. Britain's finance ministry commissioned the report into cutting settlement times for trades on the London Stock Exchange and other platforms. This would reduce the time it takes to settle trades for cash to one business day from two currently. The Accelerated Settlement Taskforce, which produced the report , opens new tab, found there was industry consensus to move to T+1 given that increasing efficiency is essential to maintain international competitiveness. Taskforce Chair Charlie Geffen said government and regulators needed to push for a coordinated move to T+1 given that it will mean "significant investment", but also bring cost savings and reduce risk. "It just makes sense to have a timetable and a deadline. If you don't have timelines, stuff doesn't get done," Geffen told Reuters. "Learning the lessons from the United States is going to be important. I suspect there will be some teething issues to resolve." European asset managers have already complained about not having enough time to find dollars to pay for U.S. stocks under the new settlement regime which comes into effect in the United States at the end of May. Switching is costly. In the report, consultants Accenture estimated that in relation to the T+1 switch in the U.S., total investment of $30-50 million a year for three years would be needed by each large financial firm to make the switch. Geffen recommended setting up a technical group to report by year-end on operational changes that will cost millions of pounds, such as back office automation at banks and asset managers. The industry should complete this by the end of 2025 to get systems ready. The technical group would decide on a deadline for a mandated switch to T+1 which would be the end of 2027 at the latest. "I am delighted to confirm that we are accepting all of the recommendations that the report makes to the government," Britain's financial services minister Bim Afolami said in a joint statement with the Taskforce. Stocks make up 42% the 8.8 trillion pounds ($11.10 trillion) of assets managed out of London, with 32% of this in North American stocks and 19% in European stocks. ALIGNMENT OR GO IT ALONE? The stock settlement switch adds to a whole string of regulatory changes the UK finance industry has faced post-Brexit. Geffen said it had been difficult to achieve consensus on the pace at which Britain should move to T+1, with some wanting EU alignment, while others want the mismatch with Wall Street to be as short as possible. Britain, the EU and other European jurisdictions should try to work together to try to align the shifts to T+1, the report said. EU regulators have noted that the bloc has multiple stock exchanges, and clearing and settlement houses, making a switch to T+1 more complicated than for a single jurisdiction. "If the EU or other European jurisdictions commit to a transition date to T+1 the UK should consider whether it wishes to align with that timeline," the report said. "However if that cannot be achieved within a suitable timescale the UK should proceed in any event." Jos Dijsselhof, CEO of SIX Group, which operates the Zurich stock exchange and the Madrid bourse in the EU, said he would like to see Britain, the EU and Switzerland adopt T+1 at the same time. "We don’t see much benefits from everybody going individually," he told Reuters. Whether firms that want to move early to T+1 would be allowed to do so after 2025 is an issue the technical group would work through, Geffen said. The report also said the technical group should consider a move at a later date to instant settlement or T+0, which was "technically possible today". ($1 = 0.7925 pounds) Get a look at the day ahead in European and global markets with the Morning Bid Europe newsletter. Sign up here. https://www.reuters.com/markets/europe/britain-follow-us-move-halve-stock-settlement-time-2024-03-28/

2024-03-28 20:42

March 28 (Reuters) - Commodity trader Trafigura has agreed to pay about $127 million to resolve a probe into bribes paid to Brazilian officials to secure oil contracts, the U.S. Department of Justice and the firm said on Thursday. Trafigura Beheer BV, the parent company of Trafigura Group during the relevant period, has agreed to pay a criminal fine of $80.5 million and forfeit another $46.5 million after pleading guilty to a conspiracy to violate the Foreign Corrupt Practices Act, according to statements from the company and the DOJ. The deal resolves a long-running investigation by the DOJ related to a scheme by Trafigura to pay bribes to Brazilian officials to secure business with state-owned oil company Petroleo Brasileiro SA (Petrobras). Trafigura said in December it was setting aside $127 million to cover a possible DOJ fine to end a probe into "improper payments" by the company in Brazil. The resolution marks the latest in a series that has seen the U.S. government levy steep fines against the world's top commodity traders over corruption. Earlier this month, Gunvor agreed to pay $662 million to settle a similar probe. Glencore (GLEN.L) , opens new tab, Freepoint Commodities and a Vitol subsidiary have paid fines and settled similar charges. Traders who buy and sell raw materials often operate in jurisdictions where corruption is common, putting them at risk of violating the FCPA, which prohibits paying bribes to foreign officials. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/markets/commodities/trafigura-pay-127-million-over-us-doj-probe-2024-03-28/

2024-03-28 19:20

Canadian dollar strengthens 0.2% against the greenback Trades in a range of 1.3526 to 1.3613 Price of U.S. oil settles 2.2% higher 2-year yield touches a 9-day high at 4.210% TORONTO, March 28 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Thursday, clawing back some recent declines, as faster-than-expected growth in the domestic economy reduced pressure on the Bank of Canada to cut interest rates in the coming months. The loonie was trading 0.2% higher at 1.3535 to the U.S. dollar, or 73.88 U.S. cents after trading in a range of 1.3526 to 1.3613. Last Friday, it touched a three-month low at 1.3614. Canada's gross domestic product increased 0.6% in January from December, its fastest growth rate in a year, led by a bounce back in education services as public sector strikes ended in Quebec. A preliminary estimate for February showed growth of 0.4%. "The Canadian economic data that came out this morning was more positive than expected," said Rahim Madhavji, president at Knightsbridge Foreign Exchange. "If the economy is humming along, the Bank of Canada can keep rates higher for longer." The Canadian central bank has left its benchmark interest rate on hold at a 22-year high of 5% since July. Money markets see a 68% chance the BoC will begin a rate cutting campaign in June, down from 70% before the data. Adding to support for the loonie, the price of oil , one of Canada's major exports, settled 2.2% higher at $83.17 a barrel as investors weighed prospects of tighter oil supplies. Canadian government bond yields rose across the curve in a shortened session ahead of the Good Friday market holiday. The 2-year was up 4.5 basis points at 4.187% after earlier touching its highest level since March 19 at 4.210%. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. https://www.reuters.com/markets/currencies/canadian-dollar-gains-data-shows-economy-humming-along-2024-03-28/

2024-03-28 19:17

MAMATLAKALA, South Africa, March 28 (Reuters) - A bus crash in northern South Africa killed 45 pilgrims travelling from Botswana for Easter festivities on Thursday, authorities said, with the sole survivor an eight-year-old girl currently being treated in hospital. South African police said 31 female and 15 male Botswanan passengers died in the crash, after the driver lost control and collided with barriers on a bridge near Mamatlakala. The bus went over the bridge and hit the ground below, catching fire. Reuters TV footage from the scene showed a wreck of mangled metal from the bus amid scattered clothes and other belongings. "Authorities are still combing the scene for more bodies," the police said in a statement. "Only 34 bodies have been found thus far. Of the 34, only nine are identifiable." All the victims were from the village of Molepolole near the Botswana capital Gaborone, it said. Some bodies were burned beyond recognition while others were trapped inside the debris or strewn about the scene. Authorities had begun a "process to identify and repatriate the remains of the deceased", the police statement said. South African President Cyril Ramaphosa sent his condolences to the families of the victims, his office said in a statement. The young girl who survived was receiving medical attention at a nearby hospital, the Limpopo region's Department of Transport said. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/africa/bus-accident-south-africa-kills-least-45-transport-ministry-says-2024-03-28/