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US court approves LATAM Airlines plan to exit bankruptcy

By - Jun 19,2022 - Last updated at Jun 19,2022

In this file photo taken on May 26, 2020, a Latam Airlines plane sits on the tarmac at Santiago International Airport, in Santiago (AFP Photo)

NEW YORK — A New York City court approved a plan by Latin America's largest airline, LATAM Airlines, to exit bankruptcy under US law, the carrier announced on Saturday. 

"We are very pleased with the judge's confirmation of our restructuring plan. This is a very important step in the process to exit Chapter 11 and we will continue to work intensively to conclude the remaining steps over the next few months," company CEO Roberto Alvo said in a statement.

The plan includes an $8 billion injection that LATAM said last year would come through a combination of fresh capital, convertible bonds and debt.

Under US bankruptcy law, Chapter 11 allows a company unable to pay its debts to reorganize without pressure from creditors.

Created in 2012 by the merger of Chile's LAN and Brazil's TAM airlines, LATAM filed for Chapter 11 protection in May last year after continent-wide confinement measures to contain the coronavirus forced it to reduce its operations by 95 per cent.

In September, a New York court approved a $2.45 billion bankruptcy loan package to help LATAM, which had laid off thousands of workers and closed its Argentine subsidiary in money-saving steps.

LATAM had been expected to have total debt of about $7.26 billion and liquidity of $2.67 billion when the plan was approved.

The company expects to exit bankruptcy by the second half of 2022, it said in its statement.

LATAM has subsidiaries in Chile, Colombia, Ecuador, Peru and the United States.

Trintignant: French film great who triumphed over tragedy

By - Jun 19,2022 - Last updated at Jun 19,2022

 

PARIS — Jean-Louis Trintignant, who has died aged 91, was one of France’s greatest actors whose life was plunged into tragedy by the murder of his daughter at the hands of her pop star boyfriend.

Trintignant was devastated when Marie, an actress, was beaten to death by rock star Bertrand Cantat in a hotel room in Lithuania in 2003.

Yet, nine years later he returned in triumph in Michael Haneke’s Oscar-winning “Amour”, playing a man in his eighties struggling to look after his wife after a stroke. 

It also won the Palme d’Or at the Cannes film festival, where Trintignant made a final emotional return in 2019 aged 88 despite being weakened by cancer for a sequel of “A Man and a Woman”, the 1966 love story that made his name.

 

‘Forgiveness indispensable’

 

Marie’s death — and the subsequent murder trial — sent shockwaves through France, where images of Trintignant sobbing at her funeral won him great sympathy.

The actor had lost another daughter, Pauline, when she was a baby.

But Trintignant refused to give in to bitterness. He forgave Cantat, the lead singer of the French band Noir Desir, when many others could not bring themselves to do so.

“I wish I had never met him, that my daughter hadn’t met him. But she was deeply in love, and he was too, I think,” he told AFP.

Asked if he could ever forgive, he replied, “Yes... Life is made up of things that escape us, so forgiveness is indispensable.”

 

Childhood trauma

 

One of France’s best-known and most prolific actors, Trintignant starred in some 130 films including such classics as Krzysztof Kieslowski’s “Three Colours: Red”, Costa-Gavras’ “Z” and Bernardo Bertolucci’s “The Conformist”. 

His willingness to take on such demanding, difficult and often politically-charged roles has often been traced back to an early trauma. 

Although he was born into a family of rich industrialists based in the Vaucluse region of southern France on December 11, 1930, his childhood idyll was shattered by World War II.

He was paraded through the streets alongside his mother by a mob who shaved her head for “sleeping with the Germans” the day his home town was liberated from the Nazis in 1944.

In a bitter irony, his father, a Resistance fighter, returned home in triumph with the American army later that day.

His family’s passion for motor racing — his uncle Maurice Trintignant was a Formula One legend — was also to play an unexpectedly large role in his career.

Although his first big part was opposite Brigitte Bardot in Roger Vadim’s then notorious “And God Created Woman” in 1956, Trintignant continued to race cars.

Even being sent as a young conscript to “pacify Algeria” as the former French colony fought for independence did not dim his passion, though he was sickened by the “violent hypocrisy” of the war.

 

Racing driver

 

On his return he landed a role as a racing driver in “A Man and A Woman”. The driver, a widower, falls for widow Anouk Aimee who he meets as they drop off their children at a boarding school.

The 1966 love story has gone down in film legend for the “chabadabada, chabadabada” refrain of its theme tune, and made them both household names, winning two Oscars as well as the Palme d’Or at Cannes.

Three years later Trintignant was himself to win best actor at Cannes for his incorruptible judge in the political thriller “Z” set in Greece during the military dictatorship.

He went on to be seen as one of the most gifted actors of the postwar generation, playing an array of traitors, thugs and crooks or ambiguous and perverted types.

Yet, despite his success and versatility, Trintignant was a shy and reserved perfectionist, describing himself as “deeply inhibited with a perpetual bad conscience”.

For every role he seemed to create a new personality, like the complex hero in Eric Rohmer’s “My night at Maud’s” (1969) or as the weak-willed man who becomes a fascist flunky in Bertolucci’s “The Conformist” (1970).

Trintignant first married actress Stephane Audran, then film director Nadine Marquand, with whom he had three children — Marie, Pauline and Vincent. The couple divorced and he then went to live with Mariane Hoepfner, a former racing driver like himself.

Jordan Ahli Bank issues its 4th sustainability report

By - Jun 18,2022 - Last updated at Jun 18,2022

AMMAN — Jordan Ahli Bank announced the release of its fourth sustainability report which highlights its performance during the years 2020 and 2021, according to a bank statement. The report, which comes in Arabic and English, has been prepared in accordance with the Global Reporting Initiative standards (GRI- Global Reporting Initiative) the core option.

Saad Nabil Mouasher, chairman of the Board of Directors, said “this report documents our sustainability journey over the last five years, during which we have worked to focus our efforts towards placing sustainability at the heart of our business and operations and in our roadmap, as it is of strategic importance to us.

Despite the repercussions of the pandemic period, we remain committed to conducting our business responsibly and sustainably and will work to enhance this in the long term”.

Arab Bank receives ‘Best Bank in the Middle East 2022’ award

By - Jun 18,2022 - Last updated at Jun 18,2022

AMMAN — Arab Bank has recently received the “Best Bank in the Middle East 2022” award granted by New York-based international publication “Global Finance”, according to a bank statement.

The Arab Bank has been granted the award for the seventh year in a row, said the statement.

"The Arab Bank said "this global recognition came as part of Global Finance’s 29th Annual Best Bank Awards and was made by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world". 

In its selection bid, Global Finance took several factors into consideration, as explained in the bank statement.

They included: Growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Winning criteria also included the banks which attended carefully to their customers’ needs in difficult markets and accomplished strong results while laying the foundations for future success, according to the statement.

Randa Sadik, Arab Bank’s CEO, said: “This global recognition received for the seventh consecutive year is yet another addition to Arab Bank’s significant success record. It is a manifestation of the bank’s ambitious strategic vision and distinctive ability to deal efficiently with the most pressing regional and global challenges.”

Global Finance Awards cover more than 150 countries and territories across Africa, Asia-Pacific, the Caribbean, Central America, Central and Eastern Europe, Latin America, the Middle East, North America and Western Europe.

 

Stocks waver, oil prices fall on recession fears

By - Jun 18,2022 - Last updated at Jun 18,2022

This photo shows traders working on the floor of the New York Stock Exchange in New York City on Thursday after the Fed’s latest rate increase (AFP photo)

NEW YORK — Stock markets wobbled and oil prices sank on Friday amid growing fears that inflation-fighting interest rate hikes by central banks could trigger recession.

Investors were shaken this week after the US Federal Reserve unleashed its biggest hike in borrowing costs for almost 30 years to tackle red-hot consumer prices.

The third Fed increase was followed by the fifth straight hike by the Bank of England and the first in 15 years by the Swiss central bank, underscoring the growing global concerns about inflation.

The moves caused a global selloff on Thursday. US and European markets tried to stage a rebound on Friday, but some indices were back in the red later in the day.

On Wall Street, the Dow Jones Industrial Average ended back under 30,000 points while the broad-based S&P 500 eked out a positive close and the tech-heavy Nasdaq rose 1.4 per cent.

But the S&P lost 5.8 per cent for the week, its worst performance since 2020.

European markets seesawed, with London finishing in the red, Paris almost flat and Frankfurt closing higher.

"Sentiment has been shattered and equities could suffer further," said Craig Erlam, an analyst at online trading platform OANDA.

Karl Haeling of LBBW agreed, saying "markets are oversold, but probably not oversold enough to call for a bottom".

He said the modest gains Friday likely mark "a little technical pause".

Sentiment turned sour again as US official data showed industrial production in May had risen by just 0.2 per cent, much slower than April and weaker than expected.

"We see that the positive attempts get rapidly killed as the market prices in a higher recession risk as inflation doesn't ease," said Ipek Ozkardeskaya, an analyst at Swissquote bank.

Asian stock markets mostly closed lower on Friday.

Recession fears also gripped the oil market as WTI, the US benchmark, fell by 6.4 per cent to $110.04 per barrel. The international benchmark, Brent North Sea Crude, dropped 5.4 per cent to $113.29.

Energy prices have soared since Russia invaded Ukraine, driving inflation higher, which has prompted central banks to spring into action. 

 

BoJ bucks the trend 

 

Investors worry that while the rate increases can help tame inflation, they also crimp demand and economic growth.

The Bank of Japan (BoJ) bucked the global trend on Friday as it stood by its decision not to raise its rate, sending the yen close to the lowest level against the dollar since 1998.

Officials in Tokyo insist that low rates are still needed to nurture a struggling economy, though the BoJ did say it "was necessary to pay due attention to developments in financial and foreign exchange markets".

Stock markets have been tumbling for months as traders contemplate the end of the era of cheap cash that had sent share prices to record or multi-year highs.

Inflation worldwide stands at levels not seen for decades owing in particular to surges in energy and food prices.

US markets will be closed on Monday for the Juneteenth holiday.

Hungary blocks EU adoption of global minimum tax

By - Jun 18,2022 - Last updated at Jun 18,2022

LUXEMBOURG — Hungary on Friday opposed the implementation of an internationally agreed minimum tax on big multinationals, in a fresh blow against EU unity from the government of Prime Minister Viktor Orban.

France, which currently holds the EU's rotating presidency, had hoped to achieve an agreement after Poland dropped its opposition after months of negotiations.

At a meeting of EU finance ministers, Hungary said that given the economic instability in the wake of Russia's invasion of Ukraine, it would be unwise to hurry through the measure.

"Under such circumstances introducing the global minimum tax at such an early stage would cause serious damage to the European economies," said Hungarian Finance Minister Mihaly Varga.

The EU is trying to seal into law a landmark agreement by nearly 140 countries that forces governments to impose a 15 per cent minimum tax on the world's biggest companies.

France's six-month EU presidency ends on June 30 and French Finance Minister Bruno Le Maire held out hope that he could win over Budapest "in the next few days". 

"What makes this issue so lovely is that as soon as you get one problem sorted out, another comes along," he quipped to his fellow ministers in a public session of their meeting.

Le Maire's ambition is that the 27-member bloc be the first jurisdiction to implement the agreement brokered by the Organisation for Economic Co-operation and Development (OECD). The plan needs the vote of all EU countries in order to pass.

Hungary's Varga warned that other signatories to the global agreement were far from implementing the deal, and that Europe could be disadvantaged if it moved too quickly.

"We as Europe are definitely not late as until now, none of our partners neither in America nor in Asia have transposed" the minimum tax, he said.

The resistance by Hungary comes when its relationship with EU partners is fraught, with Budapest along with Warsaw seen as steering away from the bloc's democratic values.

Despite its arguments, the Hungarian veto of the minimum tax will be seen in Brussels as a means of pressure to obtain the release of 7 billion euros ($7.3 billion) in grants planned under the European pandemic recovery plan.

Poland's acceptance of the minimum tax came after Brussels accepted Warsaw's recovery plan, which should see it receive 36 billion euros in grants and loans over the next several years.

The global minimum tax is just one part of the OECD deal, and at the heart of Poland's criticism was that the other key part, or "pillar one", needs to be implemented at the same time.

In exchange, Warsaw won some assurances on this part of the OECD deal.

WTO fishing deal hailed as historic though 'not perfect'

By - Jun 18,2022 - Last updated at Jun 18,2022

Delegation members are seen at the entrance of the WTO headquarters during the 12th WTO Ministerial Conference in Geneva early on Friday (AFP photo)

 

PARIS — A World Trade Organisation (WTO) deal aimed at curbing overfishing was hailed by conservation groups as a major turning point, even if it was the result of compromises to seal the long-sought agreement.

Negotiations towards banning subsidies that encourage overfishing and threaten the sustainability of the planet's fish stocks had been going on at the World Trade Organisation since 2001.

The text was watered down compared to what had originally been envisaged, but WTO chief Ngozi Okonjo-Iweala insisted it was better to get an agreement rather than keep negotiating for years to come.

The fishing agreement was part of a clutch of deals that were struck after marathon talks in Geneva to tackle food insecurity and place a waiver on COVID vaccine patents.

The deal on fishing subsidies had "environmental sustainability at its heart", Okonjo-Iweala said.

The deal, she said, targets subsidies that contribute to illegal, undeclared and unregulated fishing, and bans support to fishing in areas where fish stocks are overstretched.

The agreement, she added, marks "a first but significant step forward" towards reducing the fishery subsidies that contribute to overfishing on unregulated high seas.

Non-government organisations agreed.

"The new agreement is the product of compromise among 164 countries, so it's not perfect," said Marco Lambertini, director general of WWF International. 

"But the ocean needs help now, and marine ecosystems as well as coastal communities cannot wait for a perfect solution," he said. 

"What the WTO has delivered is an agreement that should be a catalyst for further subsidy and fisheries reform."

Another NGO, Bloom, called it a "first historic step for the ocean" and a "giant step for transparency".

A study co-authored by Bloom found that subsidies to the fishing sector amount to $35.4 billion worldwide in 2018, with 80 per cent going to industrial-scale fishing.

Oceana, an advocacy group, dissented, saying that the WTO had not rid the world of subsidised overfishing.

"Our oceans are the big loser today," said Oceana CEO Andrew Sharpless. 

"The WTO is losing its credibility. Member states are way overdue in adopting strict rules that eliminate harmful subsidies, which is the single greatest global action we can take to ensure a healthy and abundant ocean," he said.

"This meagre agreement falls demonstrably short of this target."

 

'A turning point' 

 

Bloom founder Claire Nouvian said the WTO had been pragmatic.

The deal bans subsidies for illegal, unreported and unregulated fishing, with a two-year exemption for developing countries within their exclusive economic zones, or 200 nautical miles.

It also prohibits subsidies linked to overfished stocks, with a two-year reprieve for poorer nations. India had threatened to block this article if it was not granted a 25-year transition period.

In addition, the text allows for subsidies if they are implemented to rebuild the fishing stock to a "biologically sustainable level".

Bloom warned that this exemption could open the door for industrial lobbies and governments to create false measures to replenish fish populations.

NGOs hailed a "transparency" clause that requires governments to report their subsidies and other data.

"This is a turning point in addressing one of the key drivers of global over-fishing," said Isabel Jarrett, who manages the campaign to reduce harmful fisheries subsidies at the Pew Charitable Trusts.

"We did not have any monitoring mechanism, we have now a framework. This is very, very important," she said.

India 'convinced' WTO talks will be successful

By - Jun 16,2022 - Last updated at Jun 16,2022

Indian Minister of Commerce Piyush Goyal drinks from a water bottle at the World Trade Organisation (WTO) headquarters's during the 12th WTO Ministerial Conference in Geneva, on Thursday (AFP photo)

GENEVA — India is convinced that the World Trade Organisation (WTO) ministerial conference will be among the most successful held for many years, Commerce and Industry Minister Piyush Goyal said on Thursday.

Goyal is the man in the spotlight at the WTO's 12th gathering of trade ministers (MC12), being held at its headquarters in Geneva, where talks were coming to the crunch after going through the night and into an extra fifth day.

Several diplomats have been blaming India for being intransigent across all the topics being thrashed out at the global trade body — where objection from any one of its 164 members can block an agreement.

But Goyal said he thought the negotiations would be a success, unlike the last conference in 2017 in Buenos Aires which concluded without a major agreement.

"India is convinced that this will turn out to be one of the most successful ministerials that the WTO has seen in a long time," Goyal told reporters at the organisation's HQ.

Goyal said many people had written off the conference on Wednesday — scheduled to be the closing day — when ministers gathered for talks with WTO director-general Ngozi Okonjo-Iweala.

"We could see that the mood was very crestfallen," he said.

"India took the lead to try and bring everybody together to start talking about subjects, talking on specific issues in smaller groups."

"Everybody got enthused into working together to find solutions."

"There was a lot of sensitivity to each others' concerns and needs."

"In that spirit the outcomes of MC12 are being watched by the world as a signal that the multilateral order is not broken."

Countries have been trading off concessions on the different deals through Wednesday night and beyond in a bid to see if one over-arching package can be stitched together.

Ministers are seeking deals on curbing harmful fishing subsidies; temporarily waiving COVID-19 vaccine patents; food security; agriculture; e-commerce; the WTO's response to pandemics; and reform of the organisation itself.

"We are very confident that the progress made... and the positivity with which everybody is engaged truly is a matter of celebration for the world," said Goyal.

"We have taken some solid decisions, probably after seven years, for the first time, subject to a few issues being sorted out."

He added: "Nothing is done until every is done and I'm sure that that spirit will help us cross the hump."

Countries have spent more than two decades trying to reach agreement through the WTO on curbing harmful fishing subsidies.

Goyal on Tuesday said it would be "impossible" to finalise the MC12 negotiations without a 25-year exemption — far longer than many are comfortable with — calling the draft text "completely unacceptable".

Flights resume after computer glitch shuts Swiss airspace

By - Jun 15,2022 - Last updated at Jun 15,2022

GENEVA  — Swiss airspace reopened on Wednesday morning after a computer glitch grounded flights across the country for several hours, officials said.

"Swiss airspace is now open again," the Alpine nation's air traffic control service Skyguide said on Twitter, adding "the technical malfunction at Skyguide has been resolved".

It did not say what had caused the problem that shut Swiss airspace for hours Wednesday morning, but said that "air traffic over Switzerland and operations at the national airports of Geneva and Zurich are resuming".

Those airports too announced that flights had begun taking off.

"Good news! Air traffic has gradually resumed since 8:30am (06:30 GMT)," Geneva airport said in a tweet, warning that a number of flights had been cancelled and urging passengers to check with their airlines.

Zurich airport also said flight operations were "running again" at full capacity by 10:00am (08:00 GMT).

But it warned that "delays are to be expected today. We still recommend passengers to check with their airline about the status of their flight".

 

'Vacation could fall through' 

 

At Geneva airport, where the first morning flights were delayed by more than three hours, dozens of travellers crowded around the information screens, with phones stuck to their ears.

Airport spokesman Ignace Jeannerat said that around 2,000 people had seen their flights affected, adding that while flights were resuming, there would not be a return to normal before early on Thursday.

"We are trying to find a solution," Sandrine Vert, 52, told AFP, after her family's easyJet flight to Split in Croatia was cancelled.

She, her husband and teenage daughter, who drove to the airport from Annecy in France, had been told there were now no flights from Geneva to Split until Friday, putting their one-week holiday plans on the line.

"Our vacation could fall through," she said.

The chaos erupted when Skyguide announced it had "experienced a technical malfunction in the early hours of this morning, which is why Swiss airspace has been closed to traffic for safety reasons".

It said it regretted "this incident and its consequences for its customers, partners and passengers".

The closure blocked all overflight of the country, and forced a number of flights to be rerouted to airports in neighbouring countries.

The Swiss news agency ATS said some international flights to Switzerland had been reouted to Milan in northern Italy.

Zurich airport's website meanwhile showed that a United Airlines flight from New York had been rerouted to Frankfurt in western Germany, while a Singapore Airlines flight from the city state had been sent to the southern German city of Munich. 

Zurich is Switzerland's largest airport, with more than 10.2 million passengers going through its terminals in 2021.

But with COVID restrictions lifted, air traffic has picked up significantly since then, with 1.9 million passengers registered there in May alone. For this summer season, it is serving flights to 191 destinations.

Geneva airport saw 5.9 million passengers pass through during the COVID pandemic year of 2021. There too, traffic has been rapidly picking up, and it now sees around one million passengers a month.

Tesla driver-assistance involved in 273 US crashes — report

By - Jun 15,2022 - Last updated at Jun 15,2022

This file photo taken on March 4, 2019, shows a Tesla car as it arrives at a service centre after the company indicated it would be closing showrooms, and in the future, it would be selling its cars online, in Los Angeles, California (AFP photo)

NEW YORK — Tesla vehicles have been involved in most of the crashes involving "Level 2" driver-assistance systems reported to the government, according to US data released on Wednesday.

The electric autos accounted for 273 of 392 crashes reported under a June 2021 National Highway Traffic Safety Administration directive requiring manufacturers to submit data on crashes for Level 2 driver-assistance programs, which aid with braking and steering but require the driver to remain fully engaged at all times.

NHTSA last week expanded a probe into Tesla's "Autopilot" system, which Tesla Chief Executive Elon Musk has argued reduces the risk of accidents when used properly.

Crashes are reportable if the assistance system was used within 30 seconds of the incident and if the episode resulted in a fatality, a vehicle tow-away, airbag deployment or injury to a pedestrian or other "vulnerable" road user. 

"The data released today are part of our commitment to transparency, accountability and public safety," said NHTSA Administrator Steven Cliff.

"As we gather more data, NHTSA will be able to better identify any emerging risks or trends and learn more about how these technologies are performing in the real world."

NHTSA did not criticise Tesla or other automakers in the report and cautioned of imperfections in the data.

Some of the incidents may have been reported multiple times by the same entity.

"Consequently, the overall number of reports submitted does not equate to the total number of incidents and is not a meaningful safety metric," NHTSA said in the report.

Another issue is that the manufacturers who are required to report the incidents can only do so if and when the vehicle owner reports the incident. As a result, some incidents may not have been reported, NHTSA said.

NHTSA last week said it widened a probe of Tesla to whether "Autopilot and associated Tesla systems may exacerbate human factors or behavioral safety risks by undermining the effectiveness of the driver's supervision."

The action moves NHTSA a step closer to a potential recall of Tesla vehicles.

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