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LONDON — Rush-hour commuters in the UK faced chaos on Tuesday as railway workers launched the network's biggest strike in more than three decades, forcing people to trek to work on foot, by bike, bus — or simply not bother at all.

The RMT rail union argues the strikes are necessary as wages have failed to keep pace with UK inflation, which has hit a 40-year high and is on course to keep rising.

Last-ditch talks to avert the work stoppage broke down on Monday, meaning more than 50,000 RMT members will walk out for three days this week.

Train and London Underground stations, normally a sea of people for the morning rush to work, were deserted or even locked, with just a skeleton service running on many networks across the country.

Passengers were warned not to travel all week, with two more days of strike action scheduled for Thursday and Saturday wreaking havoc to schedules.

In London, cab firms reported a surge in demand, while main roads were packed with buses and cars, with cyclists weaving in between.

Long queues formed at bus stops on the outskirts of London shortly after 6:00am, but many gave up as services carried on without stopping, already full.

'Frustrating' 

Peter Chiodini, 73, a doctor, he had been "inconvenienced" by having to take the bus rather than the train and did not support the strikes.

"I think we do need a guaranteed minimum service because people are going to lose money on this, they're going to be inconvenienced, children have to get to exams and so on," he said.

Amber Zito, 24, a canine hydrotherapist from Holmfirth, West Yorkshire, called the strikes "frustrating" after missing her train home, but supported the rail workers. 

"Everything is kind of going tits up at the moment — planes, trains, everything.

"I blame the government. I don't blame the people who work for train companies at all, they are only trying to do what everyone wants for their job."

The government maintains that it is an issue to be resolved by the private train operators and the unions.

Transport Secretary Grant Shapps said he "deplored" the strikes, which he said evoked the "bad old days of the 1970s" when industrial action was far more common.

"The people that are hurting are people who physically need to turn up for work, maybe on lower pay, perhaps the cleaners in hospitals," he told Sky News. 

'Stay the course' 

Prime Minister Boris Johnson, addressing his cabinet, urged "the union barons to sit down with Network Rail and the train companies" to thrash out a deal.

The country needed to "stay the course", defending reforms to the rail network as needed and in the public interest.

RMT General Secretary Mick Lynch has described as "unacceptable" offers of below-inflation pay rises by both overground train operators and London Underground, which runs the Tube in the capital.

The walkouts risk causing significant disruption to major events including the Glastonbury music festival.

Thousands of teenagers taking national school exams could also be hit.

The strikes are the biggest dispute on Britain's railway network since 1989, according to the RMT.

Rail operators, however, warn of disruption throughout the week.

Only about 20 per cent of services are running during the walkouts and half of all lines are closed. Those lines that are still open are running at reduced capacity.

Moreover , RMT members on the London Underground were staging a 24-hour Tube train stoppage Tuesday.

Teachers, lawyers, NHS 

Countries around the world are being hit by decades-high inflation as the Ukraine war and the easing of COVID restrictions fuel energy and food price hikes.

Unions warn also that railway jobs are at risk, with passenger traffic yet to fully recover after the lifting of coronavirus pandemic lockdowns.

The strikes are compounding wider travel chaos after airlines were forced to cut flights owing to staff shortages, causing long delays and frustration for passengers.

Thousands of workers were sacked in the aviation industry during the pandemic, and the sector is struggling to recruit workers back as travel demand rebounds following the lifting of lockdowns.

Other areas of the public sector meanwhile are also set to hold strikes.

The Criminal Bar Association, representing senior lawyers in England and Wales, have voted to strike from next week in a row over legal aid funding.

Teaching staff and workers in the state-run National Health Service are reportedly also mulling strike action.

Several other transport unions are balloting members over possible stoppages that could occur in the coming weeks.

AMMAN — The International Air Transport Association (IATA) called on governments on Tuesday to further support the safe carriage of lithium batteries by developing and implementing global standards for screening, fire-testing, and incident information sharing. 

As with many products shipped by air, effective standards, globally implemented, are needed to ensure safety. The challenge is the rapid increase in global demand of lithium batteries (the market is growing 30% annually) bringing many new shippers into air cargo supply chains. A critical risk that is evolving, for example, concerns incidents of undeclared or mis-declared shipments. 

IATA has long called for governments to step-up enforcement of safety regulation for the transport of lithium batteries. This should include stiffer penalties for rogue shippers and the criminalization of egregious or willful offenses. 

IATA asked governments to shore up those activities with additional measures including the development of safety-related screening standards and processes for lithium batteries, development of specific standards and processes by governments to support the safe transport of lithium batteries, like those that exist for air cargo security, will help provide an efficient process for compliant shippers of lithium batteries. It is critical that these standards and processes be outcome based and globally harmonized.

Governments should develop a testing standard for fires involving lithium batteries to evaluate supplementary protection measures over and above the existing cargo compartment fire suppression systems, it said, adding that they need to enhance safety data collection and sharing information between governments 

Safety data is critical to understanding and managing lithium battery risks effectively. Without sufficient relevant data there is little ability to understand the effectiveness of any measures. Better information sharing and coordination on lithium battery incidents among governments and with the industry is essential to help managing lithium battery risks effectively. 

These measures would support significant initiatives by airlines, shippers, and manufacturers to ensure lithium batteries can be carried safely. 

“Airlines, shippers, manufacturers, and governments all want to ensure the safe transport of lithium batteries by air. It’s a joint responsibility. The industry is raising the bar to consistently apply existing standards and share critical information on rogue shippers. But there are some areas where the leadership of governments is critical. Stronger enforcement of existing regulations and the criminalization of abuses will send a strong signal to rogue shippers. And the accelerated development of standards for screening, information exchange, and fire containment will give the industry even more effective tools to work with,” said Willie Walsh, IATA’s Director General.

AMMAN - The International Air Transport Association (IATA) on Tuesday called on governments to urgently put in place large-scale incentives to rapidly expand the use of sustainable aviation fuels (SAF) as aviation pursues its commitment to achieving net zero carbon emissions by 2050.To fulfil aviation’s net zero commitment, current estimates are for SAF to account for 65 per cent of aviation’s carbon mitigation in 2050. That would require an annual production capacity of 449 billion liters. Investments are in place to expand SAF annual production from the current 125 million liters to 5 billion by 2025. 

With effective government incentives, production could reach 30 billion liters by 2030, which would be a tipping point for SAF production and utilization. 
“Governments don’t need to invent a playbook. Incentives to transition electricity production to renewable sources like solar or wind worked. As a result, clean energy solutions are now cheap and widely available. With similar incentives for SAF, we could see 30 billion liters available by 2030. Though still far from where we need to be, it would be a clear tipping point towards our net zero ambition of ample SAF quantities at affordable prices,” said Willie Walsh, IATA’s Director General at the 78th IATA Annual General Meeting in Doha, Qatar. 
In 2021, irrespective of price (SAF is between two and four times the price of conventional jet fuel), airlines have purchased every drop of the 125 million liters of SAF that was available. And already more than 38 countries have SAF-specific policies that clear the way for the market to develop. Taking their cue from these policy measures, airlines have entered into $17 billion of forward-purchasing agreements for SAF. 

Incentives to Ramp-up Production

Further investment in production needs support from the right policies. This would boost supply and drive down costs.
Electricity production through solar or wind power faced similar hurdles as these technologies replaced fossil fuels. With effective policy incentives, both are now affordable and widely available.  
By applying similar incentive-based policies to SAF, governments can support global SAF production to reach 30 billion liters by the end of the decade. This would be a tipping point as it would send a clear signal to the market that SAF is playing its intended long-term role in aviation’s decarbonization and encourage investments to drive up production and drive down the price.
The market for SAF needs stimulation on the production side. The United States is setting an example for others to follow. Its SAF production is expected to reach 11 billion liters in 2030 on the back of heavy government incentives. 
Europe, on the other hand, is the example not to follow. Under its Fit for 55 initiative, the EU is planning to mandate that airlines uplift 5 per cent SAF at every European airport by 2030. Decentralizing production will delay the development of economies of scale. And forcing the land transport of SAF will reduce the environmental benefit of using SAF. 

Other Propulsion Technologies

Hydrogen and electrically powered aircraft are part of aviation’s plan to achieve net zero emissions by 2050, but they are likely to be limited to short-haul routes. SAF is the proven solution for long-haul flying. 
“Hydrogen and/or electric propulsion systems will most likely be available for short haul commercial flights by 2035, but the majority of emissions come from long-haul widebody flights and to tackle these emissions, SAF is the only proven solution. We know it works, and we need to double down our efforts to get all actors of the industry on board, including governments, to increase production, availability, and uptake” said Sebastian Mikosz, IATA’s Senior Vice President for Environment and Sustainability. 

Net Zero and Long Term Aspirational Goal

In October 2021, IATA member airlines came together and took the monumental decision to commit to achieving net zero emissions by 2050. This commitment brings the industry in line with the Paris Agreement’s 1.5°C goal. Climate change is the greatest threat facing our societies and achieving net zero emissions will be a huge challenge as the expected scale of the industry in 2050 will require the mitigation of 1.8 gigatons of carbon.
To provide the right set of consistent policies and long-term stability needed for investments, the aviation industry is calling on all governments to support the adoption of a long term climate goal for air transport at the 41st Assembly of the International Civil Aviation Organization (ICAO) this September, aligned with industry commitments. This climate goal is critical to back up the industry’s decarbonization ambitions and would provide a global multilateral framework for action without distorting competition. 

AMMAN — The International Air Transport Association (IATA) upgraded this week its outlook for the airline industry’s 2022 financial performance as the pace of recovery from the fall-out of the COVID-19 crisis is going faster, according to IATA’s statement.

IATA is currently holding its 78th Annual General Meeting and World Air Transport Summit in Doha, Qatar. 

Hosted by Qatar Airways, this event brings together leading figures from airlines, the aviation value chain and governments as the aviation industry faces complex and dynamic operating, business and geopolitical environments, according to news websites.

Industry losses are expected to stand around $9.7 billion from $11.6 billion loss — the October 2021 forecast. 

In 2023, industry-wide profitability is expected to have more thrust as North America is already expected to deliver an $8.8 billion profit in 2022, said the statement.

Efficiency gains and improving yields are helping airlines to reduce losses even with rising labour and fuel costs — the latter driven by a +40 per cent increase.

At $192 billion, fuel is the industry’s largest cost item in 2022, as it accounts for 24 per cent of overall costs, up from 19 per cent in 2021. This is based on an expected average price of $101.2 per barrel for Brent crude and $125.5 for jet kerosene. Airlines are expected to consume 321billion liters of fuel in 2022 compared with the 359 billion liters consumed in 2019.

Industry optimism is evident in the expected net delivery of over 1,200 aircraft in 2022.

Strong pent-up demand, the lifting of travel restrictions in most markets, low unemployment in most countries, and expanded personal savings are fueling resurgence in demand that will see passenger numbers reach 83 per cent of pre-pandemic levels in 2022. Cargo volumes are expected to set a record high of 68.4 million tonnes in 2022, according to the International Air Transport Association.

“Airlines are resilient. People are flying in ever greater numbers. And cargo is performing well against a backdrop of growing economic uncertainty. Losses will be cut to $9.7 billion this year and profitability is on the horizon for 2023. It is a time for optimism, even if there are still challenges on costs, particularly fuel, and some lingering restrictions in a few key markets,” said Willie Walsh, IATA’s director general.

In countries where the economic recovery from the pandemic has been swift and the unemployment rate is low, tight labour markets and skill shortages are likely to contribute to upward pressure on wages. The industry’s wage bill is expected to reach $173 billion in 2022 which is 7.9 per cent higher than the 2021 figure.

Moreover, the global macroeconomic backdrop is critical for the industry outlook. The forecast incorporates an envisaged 3.4 per cent gross domestic growth in 2022, down from the 5.8 per cent rebound last year. Inflation has risen and is expected to remain elevated throughout 2022, waning over the course of 2023.

 Nominal interest rates are rising but real interest rates are expected to remain low or negative for a sustained period.

There are several risk factors, mainly the impact of the war in Ukraine. 

Moreover, the record strength of the US dollar, if it continues, will have a negative impact as a strong US dollar is growth dampening, in general. It increases the local-currency price of all USD-denominated debt, and adds to the burden of paying for USD-denominated fuel imports, as well.

In the Middle East, this year’s reopening of international routes and long-haul flights will provide a welcome boost for many. Region-wide, net losses are expected to narrow to $1.9 billion in 2022, from a $4.7 billion loss last year, according to IATA’s statement.

LONDON — Britain's railway network this week faces its ‘biggest strike action in more than three decades’, in a row over pay as soaring inflation erodes earnings.

Rail union, commonly known as RMT, has said that more than 50,000 workers will take part in a three-day national strike, coinciding with major events including the Glastonbury music festival.

Schools are warning that thousands of teenagers taking national exams will also be affected.

The RMT argues that the strikes are necessary as wages have failed to keep pace with inflation, which has hit a 40-year high.

Jobs are also at risk, with passenger traffic yet to fully recover after the lifting of coronavirus pandemic lockdowns.

Countries around the world are being hit by decades-high inflation as the Ukraine war and the easing of COVID restrictions fuel energy and food price hikes.

The strikes are planned for Tuesday, Thursday and Saturday in the biggest dispute on Britain's railway network since 1989, according to the RMT.

The union has also announced a 24-hour walkout of its members on the Tube, London's underground railway network, planned for Tuesday.

Rail operators, however, warn of disruption throughout the week — with lines not affected by strike action nevertheless reducing services.

"Talks have not progressed as far as I had hoped and so we must prepare for a needless national rail strike and the damaging impact it will have," said Andrew Haines, chief executive of Network Rail, which looks after the country's rail tracks.

"We, and our train operating colleagues, are gearing up to run the best service we can for passengers and freight users next week, despite the actions of the RMT." 

The strikes are likely to compound travel chaos in the aviation sector, after airlines were forced to cut flights due to staff shortages, causing long delays and frustration for passengers.

Thousands of workers were sacked in the aviation industry during the pandemic but the sector is now struggling to recruit workers as travel demand rebounds following the lifting of lockdowns.

War of words 

The government and the RMT were engaged in a war of words over the weekend, after the union's General Secretary Mick Lynch said strikes would go ahead as "no viable settlements" had been found to the disputes.

But Transport Secretary Grant Shapps accused union bosses of refusing to meet for further talks on Saturday and instead attending a protest march against the rising cost of living.

Shapps said the disruption would cause "misery" and force hospital patients to cancel appointments. Pupils sitting exams would face extra pressures through having to change their travel plans.

"By carrying out this action, the RMT is punishing millions of innocent people, instead of calmly discussing the sensible and necessary reforms we need to make in order to protect our rail network," he added.

Treasury Minister Simon Clarke told Sky News on Monday, "We absolutely need to have an understanding across the wider public sector that we cannot have inflation-busting pay increases" as it will cause further price rises.

Modernising the rail network was necessary, as travel use changes, including after the pandemic, he said.

But Lynch accused Shapps of fabrication, insisting talks with train operating companies had broken up without agreement last Thursday night and no further negotiations had been scheduled.

Contrary to government claims, no pay offer had been made and the union had received no response to its push for a pay increase of 7.1 per cent in December, in line with inflation at the time, he said.

"If there's not a settlement, we will continue our campaign," Lynch told Sky News on Sunday, predicting more strikes as other transport unions balloted their members.

The RMT was not looking for special treatment but a deal was needed as members had not had a pay rise for several years, he added.

"If we don't play our hand, thousands of our members will lose their jobs" and safety on the network would be compromised, he said.

The government was being "just as ruthless as P&O but they haven't got agency workers to step in", he added, referring to the mass sacking of staff at the ferry operator earlier this year.

AMMAN - The Qantas Group and Airbus will invest up to $200 million to accelerate the establishment of a sustainable aviation fuel (SAF) industry in Australia in a landmark agreement. 

The Australian Sustainable Aviation Fuel Partnership was signed in Doha Sunday by Qantas Group CEO Alan Joyce and Airbus CEO Guillaume Faury ahead of the IATA AGM. 

Due to the lack of a local commercial-scale SAF industry, Australia is currently exporting millions of tonnes of feedstock every year, such as canola and animal tallow to be made into SAF in other countries, according to a statement by Airbus made available to The Jordan Times.

The Qantas Group, which has committed to using 10 per cent SAF in its overall fuel mix by 2030, is sourcing SAF overseas, including 15 percent of its fuel use out of London currently and 20 million litres each year for flights from Los Angeles and San Francisco to Australia from 2025.

Sustainable fuels cut greenhouse gas emissions by around 80 per cent compared to traditional kerosene and are the most significant tool airlines currently have to reduce their impact on the environment – particularly given they can be used in today’s engines with no modifications. 

The Qantas and Airbus partnership will provide funding for locally developed and produced SAF and feedstock initiatives. Projects will have to be commercially viable and meet a strict set of criteria around environmental sustainability. 

Airbus and Qantas agreed to work together on the sustainability initiative part of the airline’s recently announced orders. These include the A350-1000 to operate ‘Project Sunrise’ non-stop flights from Australia to New York and London and the selection of the A220 and A321XLR under the carrier’s ‘Project Winton’ domestic fleet renewal, as well as lower emission aircraft for its subsidiary Jetstar. 

The new fleet will offer a significant reduction in fuel consumption and carbon emissions of up to 25% from day one and are all already certified for operation using 50% SAF.

The partnership is initially for five years with options to extend the duration. Qantas’ financial contribution to the Australian Sustainable Aviation Fuel Partnership includes AU$50 million previously committed to research and development of SAF in Australia.

Pratt and Whitney, whose GTF engines were recently selected by Qantas for their new A220 and A320neo family aircraft, is also contributing to the venture. The company supports greater use of cleaner, alternative fuels including SAF, while continually advancing the efficiency of aircraft propulsion technology.

Qantas has started a process of talking to its major corporate customers about their interest in accessing SAF offsets for their organisation’s flying. This input is shaping the design of a programme that could also be extended to individuals in an expansion of the existing offsetting programme Qantas already has in place. This new program is expected to launch later this calendar year.

Qantas Group CEO Alan Joyce said the investment would accelerate the development of SAF in Australia, creating value for shareholders, while creating jobs and reducing the nation’s dependence on imported fuels.

“The use of SAF is increasing globally as governments and industry work together to find ways to decarbonise the aviation sector. Without swift action, Australia is at risk of being left behind,” Mr Joyce said. “With this investment, Qantas and Airbus are putting our money where our mouth is and betting on the innovation and ingenuity of Australian industry.” 

“Aviation is an irreplaceable industry, especially for a country the size of Australia, and one that’s located so far away from so much of the world. Future generations are relying on us to get this right so they too can benefit from air travel.”

“This investment will help kickstart a local biofuels industry in Australia and hopefully encourage additional investment from governments and other businesses and build more momentum for the industry as a whole.”

“It makes a lot of sense for us to put equity into an industry that we will be the biggest customer of. We’re calling on other companies and producers to come forward with their biofuel projects. In many cases, this funding will be the difference between some of these projects getting off the ground."

“The aviation industry also needs the right policy settings in place to ensure the cost of SAF comes down over time so that the cost of air travel doesn’t rise. We’ve had some encouraging discussions with the incoming Australian Government given their strong focus on emissions reduction and look forward to that progressing.”   

Airbus CEO Guillaume Faury said: “Ensuring a sustainable future for our industry has become the priority for Airbus and we are taking up this challenge with partners across the world and from across all sectors.”

“The increased use of sustainable aviation fuels will be a key driver to achieve net zero emissions by 2050. But we can’t do this without viable industrial systems to produce and commercialise these energy sources at affordable rates and near to key hubs around the world. This is especially true for a country like Australia, which is geographically distant and highly reliant on aviation to remain connected both domestically and internationally.”

“The agreement we are signing with Qantas today reflects the new level of partnership between our two companies and our firmly shared commitment to act as catalysts of change to ensure a bright future for our industry.”

SAN FRANCISCO — Bitcoin plunged below $20,000 on Saturday, shedding nine per cent from the previous day to fall to $18,740, its lowest level since December 13, 2020.

With investors increasingly wary of risk, the world's most popular crypto asset has lost more than 72 per cent of its value since reaching a high of $68,991 on November 10, 2021.

After sinking to $18,740 on Saturday, Bitcoin rose to $18,941 at 15:50 GMT, down 8 per cent from Friday.

Other major digital currencies were also down on Saturday, including ether, which lost nearly 10 per cent of its value.

World stock markets plunged this week amid fears that inflation-fighting interest rate hikes by the US Federal Reserve and other central banks could trigger a recession.

Cryptocurrencies have paid the biggest price.

The value of the global crypto market fell below the symbolic $1 trillion mark on Monday after reaching $3 trillion in November of last year.

Bitcoin's fall has been accelerated by the suspension of withdrawals by two cryptocurrency platforms.

The Celsius Network said it was pausing "all withdrawals, swap, and transfers between accounts" due to "extreme market conditions".

Babel Finance said it was facing "unusual liquidity pressures".

Major exchange Binance temporarily suspended Bitcoin withdrawals and advised customers to use other networks.

Coinbase said Monday that it was trimming 18 per cent of its workforce, about 1,100 jobs, citing tight economic conditions and overly rapid expansion.

"We appear to be entering a recession after a 10+ year economic boom," Coinbase founder and CEO Brian Armstrong said.

In recent years, the crypto sector benefited from a vast infusion of cash due to easy money policies from the world's biggest central banks.

However, rampant inflation has sparked tighter monetary policy across the globe, helping to send the industry crashing.