2024-03-26 07:38
LATEST DEVELOPMENTS: Six workers presumed dead Search and rescue operations suspended BALTIMORE, March 26 (Reuters) - Six workers were missing and presumed dead from a bridge that collapsed in Baltimore Harbor early on Tuesday after a massive cargo ship crippled by a power loss rammed into the structure, forcing the closure of one of the busiest ports on the U.S. Eastern Seaboard. With dive teams facing increasingly treacherous conditions in the darkened, wreckage-strewn waters, active search-and-rescue operations were suspended about 18 hours after the accident, U.S. Coast Guard and Maryland State Police officials said. Coast Guard Rear Admiral Shannon Gilreath said there was no hope of finding the missing workers alive due to the frigid water and the length of time elapsed since the accident. State Police Colonel Roland Butler said authorities hoped to return divers to the water after sunrise on Wednesday in an effort to recover the workers' remains. The Singapore-flagged container vessel named Dali, heading out of Baltimore Harbor bound for Sri Lanka, plowed into a support pylon of the Francis Scott Key Bridge over the mouth of the Patapsco River at about 1:30 a.m. (0530 GMT). A trestled section of the of the 1.6-mile (2.57 km) span almost immediately crumpled into the icy water, sending vehicles and people into the river. Rescuers pulled two survivors to safety, one of whom was hospitalized. They and the six missing were part of a work crew filling potholes on the road surface of the bridge, officials said earlier. BIGGER DISASTER AVERTED The ship reported a power failure before impact, which enabled officials to stop traffic on the bridge before the collapse. "By being able to stop cars from coming over the bridge, these people are heroes. They saved lives last night," Maryland Governor Wes Moore said at a midday news briefing. The bridge was up to code with no known structural issues, Moore said. There was no evidence of foul play, officials said. Baltimore Mayor Brandon Scott described a scene of twisted metal shooting into the sky. "It was something out of an action movie. It was something you never thought you'd see," he said. Video footage on social media showed the vessel slamming into the bridge in darkness, the headlights of vehicles visible on the span as it crashed into the water and the ship caught fire. U.S. Transportation Secretary Pete Buttigieg said closure of one of the country's busiest shipping lanes until further notice would have a "major and protracted impact to supply chains." The Port of Baltimore handles more automobile cargo than any other U.S. port - more than 750,000 vehicles in 2022, according to port data. General Motors (GM.N) , opens new tab and Ford Motor (F.N) , opens new tab will reroute affected shipments, but the companies said the disruption would be minimal. The 948-foot (288.95 m) vessel had experienced a momentary loss of propulsion and dropped anchors as part of emergency procedures before impact, its management company, Synergy Marine Pte Ltd reported, according to the Singapore Port Authority. The Dali, owned by Grace Ocean Pte Ltd, rammed into one of the pillars of the bridge, according Synergy. All 22 crew members aboard the vessel were accounted for, it said. Besides impacts to auto shipments, the port closure could force shippers to divert Baltimore-bound cargo from containers to bulk material. It could create bottlenecks and increase delays and costs on the Eastern seaboard, experts say. President Joe Biden said the U.S. Coast Guard responded quickly to the mayday call and commended the fast action of Maryland transportation officials who closed the bridge before it was struck. Biden promised to visit Baltimore, 40 miles (64 km) away, as soon as possible and said he wanted the federal government to pay to rebuild the bridge. "I'm directing my team to move heaven and Earth to reopen the port and rebuild the bridge as soon as humanly possible," Biden said. The bridge, named for the author of the Star-Spangled Banner, opened in 1977. 'SHOCKING SIGHT' National Transportation Safety Board chair Jennifer Homendy said a team of 24 investigators and other agency personnel were on the scene but held off boarding the ship during search-and-rescue operations. She said personnel from Singapore safety agencies would arrive in Baltimore on Wednesday. Jayme Krause, 32, was working a night shift on shore when the cart of packages in front of her shook violently in what sounded like an intense thunderstorm. A co-worker at an Amazon logistics facility told her the bridge had collapsed and she ran out to look. "I went over there, and sure as anything, it was gone, the whole bridge was just like, there was nothing there," she told Reuters. "It was a shocking sight to see." The bridge serves as the main thoroughfare for motorists between New York and Washington seeking to avoid downtown Baltimore. It was one of three ways to cross the harbor, with a traffic volume of 31,000 vehicles per day, or 11.3 million a year. The same ship was involved in an incident in the port of Antwerp, Belgium, in 2016, hitting a quay as it tried to exit the North Sea container terminal. An inspection in 2023 carried out in San Antonio,Chile, found "propulsion and auxiliary machinery" deficiencies, according to data on the public Equasis website, which provides information on ships. Tuesday's disaster may be the worst U.S. bridge collapse since 2007, when the I-35W bridge in Minneapolis collapsed into the Mississippi River, killing 13 people. The Dali was chartered by shipping company Maersk (MAERSKb.CO) , opens new tab at the time of the incident, the Danish company said in a statement. More than 40 ships remained inside Baltimore port including small cargo ships, tug boats and pleasure craft, data from ship tracking and maritime analytics provider MarineTraffic showed. At least 30 other ships had signalled their destination was Baltimore, the data showed. 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/16-mile-bridge-baltimore-collapses-after-ship-collision-fox-baltimore-reports-2024-03-26/
2024-03-26 07:38
March 26 (Reuters) - German national rail operator Deutsche Bahn (DBN.UL) on Tuesday said it agreed to gradually reduce train drivers' working hours in a wage deal struck with union GDL, ending months of dispute and nationwide strikes. "The dispute was tough, but we have now been able to agree on an intelligent compromise," Deutsche Bahn said in a press release after announcing the agreement late on Monday A "working time corridor" will be set up, allowing the train drivers to gradually reduce their working time to 35 hours per week by 2029 while keeping wages at the same level. Those who wish to continue working a 40-hour week would get a 2.7% hourly wage increase, it added. As part of the agreement, which runs for 26 months retroactively beginning on Nov. 1, 2023, both sides agreed that there would not be strikes for nearly two years. Both sides also settled on a 420-euro ($455.66) salary increase in two steps, and on a 2,850 euros one-off inflation compensation. Germany has been hit by a wave of industrial action in recent months, as high inflation and staff bottlenecks soured wage negotiations in the transport sector, affecting national rail, air travel and public transport. The state-owned rail operator posted a 2.4 billion euros net loss in 2023 as investments in Germany's ailing railway infrastructure hit a record high, but pointed to a return to profitability next year. ($1 = 0.9217 euros) Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here. https://www.reuters.com/business/autos-transportation/deutsche-bahn-agrees-reduce-working-hours-deal-with-union-2024-03-26/
2024-03-26 07:21
MOSCOW, March 26 (Reuters) - Kremlin-controlled energy giant Gazprom (GAZP.MM) , opens new tab has acquired a 27.5% stake, formerly owned by Shell (SHEL.L) , opens new tab, in Russian liquefied natural gas (LNG) producer Sakhalin Energy for around $1 billion, according to a government order. The government also officially nullified its order a year ago on selling the stake to Gazprom's rival, Novatek (NVTK.MM) , opens new tab, without explanation. The Russian government said late on Monday that the 27.5% stake in Sakhalin Energy is due to be sold to a company called Sakhalin Project for 94.8 billion roubles ($1.02 billion). Sakhalin Project is fully owned by Gazprom, company filings showed. Gazprom declined additional comments, while Novatek did not immediately respond to a request for comment. Gazprom owns 50% in Sakhalin Energy located in the southern tip of Russia's Pacific island of Sakhalin. Other shareholders are Japanese companies Mitsui (8031.T) , opens new tab (12.5%) and Mitsubishi (8058.T) , opens new tab (10%). Following Moscow's decision to send troops into Ukraine in February 2022, Shell said it would quit the project, in which it held a stake worth 27.5% minus one share. The company booked a $1.6 billion impairment related to the Russian LNG project in the first quarter of 2022. Shell was not immediately available for comment. Sources have said Shell believed there was a risk Russia would nationalise foreign-held assets, while Russian President Vladimir Putin has repeatedly said Moscow would retaliate against the United States and its allies for freezing Russian assets and other sanctions. In June 2022, the Sakhalin-2 operating company was transformed into a Russian entity via a presidential decree. Shell as well as Mitsui and Mitsubishi were then asked to apply to keep their stakes if they wanted to. Moscow invited firms interested in obtaining Shell's stake - as well as Exxon Mobil's (XOM.N) , opens new tab abandoned share in the sister Sakahlin-1 project - to submit applications to the government. In 2022, Sakhalin energy accounted for almost 3% of global LNG demand. Its cargoes mainly head to Japan, South Korea, China, India and other Asian countries. Last year, it produced more than 10 million metric tons of LNG, down from 11.5 million tons in 2022. ($1 = 92.8375 roubles) The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. https://www.reuters.com/business/energy/gazproms-unit-buys-former-shell-stake-sakhalin-energy-1-bln-2024-03-26/
2024-03-26 07:05
BERLIN, March 26 (Reuters) - German consumer sentiment is expected to stay on its path of slow recovery in April, helped by fewer households seeing the need to save even as uncertainty about Germany's economic development still abounds, a survey showed on Tuesday. The consumer sentiment index published jointly by GfK and the Nuremberg Institute for Market Decisions (NIM) rose slightly heading into April, to -27.4 from a revised -28.8 in March, beating a forecast by analysts polled by Reuters of -27.8. A five-point fall in propensity to save, to 12.4, helped boost overall sentiment, said Buerkl, but the sub-indicator is still relatively high: In the same period last year, it was 1.3. "The recovery in consumer sentiment is progressing slowly and very sluggishly," said Rolf Buerkl, NIM consumer expert. "Real income growth and a stable labour market are in themselves very good prerequisites for a rapid recovery in the consumer economy, but consumers still lack planning security and optimism about the future," added Buerkl in a statement. A further decline in inflation and a clear political strategy for Germany's future development are the only way consumers can regain planning security and contribute to the recovery of Europe's largest economy, said the institutes. NOTE - The survey period was from Feb. 29 to March 11, 2024. The consumer climate indicator forecasts the progress of real private consumption in the following month. An indicator reading above zero signals year-on-year growth in private consumption. A value below zero indicates a drop compared with the same period a year earlier. According to GfK, a one-point change in the indicator corresponds to a year-on-year change of 0.1% in private consumption. The "willingness to buy" indicator represents the balance between positive and negative responses to the question: "Do you think now is a good time to buy major items?" The income expectations sub-index reflects expectations about the development of household finances in the coming 12 months. The additional business cycle expectations index reflects respondents' assessment of the general economic situation over the next 12 months. 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/german-consumer-sentiment-stays-slow-recovery-path-finds-gfk-2024-03-26/
2024-03-26 06:59
NEW DELHI, March 26 (Reuters) - State-run natural gas company GAIL (India) Ltd (GAIL.NS) , opens new tab plans to commission its first green hydrogen project in central India in April, three company sources said. The 10-megawatt proton exchange membrane electrolyser for the green-hydrogen producing unit at the Vijaipur complex in Madhya Pradesh state has been imported from Canada, they added. "Once the initial hiccups are sorted at the commissioning stage, we expect to start producing in a month's time," one of the sources said. The sources declined to be named as they are not authorised to speak to the media. The unit is expected to produce about 4.3 metric tons of hydrogen per day, with a purity of about 99.999% by volume, and would use renewable power. India aims to reach 5 million tons of annual green hydrogen production capacity by 2030. The company's communication office did not respond to a Reuters request for comment. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. https://www.reuters.com/business/energy/indias-gail-commission-its-first-green-hydrogen-project-april-sources-say-2024-03-26/
2024-03-26 06:40
NEW YORK, March 26 (Reuters) - The dollar rose on Tuesday as traders waited on a fresh catalyst to give clues on Federal Reserve policy, while the yen slipped after Japan’s finance minister said that he would not rule out any measures to cope with the weakening currency. Investors are grappling with whether the U.S. central bank will cut interest rates three times this year, as is currently expected, if inflation remains elevated and economic growth stays strong. The dollar index bounced slightly after data on Tuesday showed that orders for long-lasting U.S. manufactured goods increased more than expected in February, while business spending on equipment showed tentative signs of recovery as the economy's growth prospects in the first quarter remained upbeat. “The market is intensely searching for signs of cracks in the U.S. economy and they’re hard to find, and durable goods illustrates that again today,” said Adam Button, chief currency analyst at ForexLive in Toronto. “It’s a real wait and see market.” Personal consumption expenditures (PCE) due on Friday is this week’s main economic catalyst. The U.S. core PCE price index is seen rising 0.3% in February, which would keep the annual pace at 2.8%. (USPCEM=ECI) , opens new tab, (USPCE2=ECI) , opens new tab Trading volumes on Friday may be light, however, with the U.S. stock and Treasuries markets closed for the Good Friday holiday. The dollar index gained 0.06% to 104.28, while the euro fell 0.05% to $1.0831. The greenback may come under some pressure this week from month- and quarter-end portfolio rebalancing. The yen dipped 0.09% to 151.52, reversing earlier gains, as verbal intervention by Japanese officials continued. It has weakened in the past week, despite the Bank of Japan's (BOJ) ending eight years of negative interest rates. Traders continue to focus on the still-stark interest rate differentials between Japan and the rest of the world, particularly the United States. A break past 151.94 per dollar, hit in October 2022, would take the Japanese currency to its weakest since 1990. In 2022, Japanese authorities intervened in currency markets to support the yen. Japanese Finance Minister Shunichi Suzuki said on Tuesday that “rapid currency moves are undesirable.” That came after Japan's top currency diplomat Masato Kanda on Monday warned against speculators trying to sell off the yen. "Dollar/yen is stuck around this 151.50 level. People want to go long/dollar yen because of carry returns, but if it goes to 152 or 153 they may get punished by the currency authorities so they don't want to try," said Yusuke Miyairi, currency strategist at Nomura. The carry trade sees investors borrow in low yielding currencies to invest in higher yielding ones. China's yuan has also been on traders' radars since its sudden sharp fall on Friday. It gained slightly in the offshore market to 7.248 per dollar after a firmer-than-expected fix from the People's Bank of China . In cryptocurrencies, bitcoin fell 1.28% to $70,078.01 It is holding below a record high of $73,803.25 reached on March 14. 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/dollar-dips-yen-draws-support-tokyos-jawboning-2024-03-26/
