Lufthansa pilots in dispute over pensions
Frankfurt — Lufthansa could face a strike at its main airline after pilots’ union Vereinigung Cockpit on Tuesday said its members voted in favour of a walkout in a dispute over pensions.
The vote is the union’s last attempt to escalate pressure on Lufthansa to agree to a better deal for pilots and comes only a day after the airline group held its capital markets day, presenting its plan to become more efficient.
The airline has pushed back on deeper pension changes and threatened to move more jobs to its cheaper subsidiaries, Discover and City Airlines.
The union said in a statement that a vast majority of members voted for a strike, but gave no timeline for the proposed industrial action. Reuters
China orders halt in BHP seaborne iron ore purchases
Bengaluru — China’s state iron ore buyer has told major steelmakers and traders to temporarily pause purchases of any dollar-denominated seaborne iron ore cargoes from BHP, Bloomberg News reported on Tuesday, citing people familiar with the matter.
China is the world’s largest iron ore consumer and buys about 75% of global seaborne iron ore, while BHP is the world’s largest listed miner. State-owned iron ore buyer China Mineral Resources Group was established in 2022 as part of Beijing's efforts to bolster its pricing power in iron ore.
Last month, BHP said that its annual profit fell to the lowest in five years as sluggish demand from China weighed on iron ore prices and flagged a cut in capital and exploration spending.
Earlier this month, Bloomberg reported that CMRG had urged the country’s steel mills to suspend purchases of BHP’s Jimblebar blend fines after talks on long-term contracts faltered. Bloomberg said on Tuesday that the latest direction from CMRG was an expansion of these earlier curbs. Reuters
Britain’s Serica Energy to acquire Prax Upstream
Bengaluru — Britain’s Serica Energy said on Tuesday it will buy Prax Upstream, the sole operator of Lancaster oilfield located in the UK’s North Sea, for $25.6m.
The deal also includes the acquisition of 40% operated interest in the Greater Laggan Area, a 10% interest in Catcher Field and a 5.21% interest in the Golden Eagle Area, all based in the North Sea.
The North Sea-focused oil and gas producer will buy Prax Upstream from its parent Prax Exploration & Production, which entered administration earlier this year diversifying its operations and increasing its cash flow.
Serica expects an additional $50m of free cash flow from the combined assets in 2026, the company added.
The London-headquartered firm in early September cut its 2025 production outlook after a hit from a temporary slowdown in output at the Triton floating production storage and offloading vessel. Reuters
Federal Reserve vice-chair upbeat on US growth
Washington — US Federal Reserve vice-chair Philip Jefferson said on Monday he expects US economic growth to continue at about a 1.5% pace for the rest of the year, with the job market facing potential stress if not supported by the central bank.
In remarks prepared for delivery at a Bank of Finland conference in Helsinki, Jefferson said he supported a quarter point reduction at the Fed’s September 16-17 policy meeting as a way to balance the risk of continued above target inflation with what he sees as rising threats to the job market.
“The labour market is softening, which suggests that, left unsupported, it could experience stress,” Jefferson said, adding he expected inflation to begin to ease back to the Fed's 2% target after this year. The effects of trade, immigration and other policies of President Donald Trump’s administration continue to evolve, Jefferson said, adding “I view the uncertainty around my baseline outlook as especially high, mainly due to the new policies being introduced by the current US administration and their effects on employment and inflation.”
Though the impact of tariffs on inflation and other aspects of the economy has been less than some economists expected, Jefferson said he expected those effects “will further show in coming months”. Reuters
ExxonMobil to cut jobs amid restructuring plan
Bengaluru — US energy major ExxonMobil will lay off 2,000 workers globally as part of a long-term restructuring plan, Bloomberg News reported on Tuesday, citing a memo.
The reductions represent about 3%-4% of Exxon’s global workforce, the Bloomberg report said.
Exxon did not immediately respond to a Reuters request for comment.
Global energy companies have announced thousands of job cuts this year, as the industry navigates weaker crude oil prices and a rapid consolidation.
On Monday, Canadian shale producer Imperial Oil, in which Exxon is a major shareholder, announced plans to cut 20% of its workforce and shutter business in Calgary. Reuters
Jewellery maker Pandora’s CEO steps down
Copenhagen — Jewellery maker Pandora’s CEO Alexander Lacik will retire next March after nearly seven years in charge and be succeeded by marketing chief Berta de Pablos-Barbier, the company said on Tuesday in an earlier than expected move.
Pandora’s share price fell 2% in morning trade after the announcement and is down 37% year to date as the Danish company struggles with weak European sales, rising commodity prices and US import tariffs.
De Pablos-Barbier, formerly CEO of LVMH’s champagne brand Moet & Chandon, was hired in November last year as a potential future leader of the group, and was the strongest candidate for CEO, Pandora said in a statement.
Investors had not expected her to take the helm so soon. Reuters
Coty explores sale of CoverGirl, Rimmel
Bengaluru — Coty is reviewing its consumer beauty business that could lead to the sale of brands such as CoverGirl and Rimmel as the cosmetics maker plans to focus on its more profitable fragrances unit.
The move reflects a challenging market in the US where pharmacies are destocking as cost-conscious consumers tighten spending, and fierce competition from newer brands building a strong following online.
Last month, New York-based Coty projected a quarterly sales decline as demand for its beauty products softened. The firm invested heavily in its US mass beauty business at the expense of fragrance, before shifting course as cosmetics battled rising competition from cheaper online rivals.
“This new structure will ... drive renewed momentum and sharper focus for consumer beauty, positioning it to compete more effectively in the evolving beauty landscape,” CEO Sue Nabi said, adding she aims to grow Coty’s prestige portfolio through blockbuster launches and brand elevation. Reuters
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