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Europe
Italy prepares measures to keep fuel costs below EUR2 amid fiscal worries
Italian officials and a leading lawmaker announced on Monday that the cabinet would 'adopt new...measures to curb the soaring fuel?prices.' Concerns about fiscal impacts of such measures are growing. The increase in energy prices and consumer costs due to the Middle East war has caused major problems for the Italian Government, which is attempting to balance state finances and protect the purchasing power of households and energy-intensive industries. The government sources said that the cabinet will meet on Monday evening to discuss new measures, focusing on diesel prices. Further action is expected on August 4th. Massimo Garavaglia of the Finance
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Maguire: The ROI-US Energy Cushion faces a new stress test when Middle East risks are rising again
Since years, the US has become less vulnerable to the turmoil in the Middle East. The United States, as 'the world's leading producer of natural gas and oil, is better protected from supply shocks overseas than it was during previous Gulf crises. The latest escalation between Iran and the Houthis comes at a sensitive time. Energy infrastructure in the U.S. is already being strained by record electricity consumption, summer fuel peak, and growing data center?load. The 'country is still a 'energy-rich country, but the question now is not whether it has an abundance of supplies, but if production can expand
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US to rebate $2.2 billion to airlines retrofitting planes against wireless interference
The Federal Aviation Administration announced on Friday that major U.S. carriers would need to retrofit their planes to prevent wireless interference by the year 2030. However, they could be eligible for government rebates of up to $2.2 billion to cover these costs. The FAA has mandated that all altimeters must meet the next-generation performance standards to combat interference from 5G spectrum signals, which could lead to 'inaccurate readings. The government will fund the rebates with some of the proceeds from the Federal Communications Commission's C-Band Wireless Auction. The FAA estimates that the cost per aircraft will range from $80,000 to...
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AI is a talent drain, and the aerospace industry has to compete for recruits.
Hassan Butt was a 17-year old British student who volunteered at the Farnborough Airshow in this week. For him, nothing was cooler than watching the planes and pondering the physics behind what kept them airborne. He said, as he answered questions from passersby. He wanted to be an aerospace engineer and focus on missiles. There was no shortage in the hall of displays, stalls, and recruitment campaigns aimed at capturing his enthusiasm and luring him along with other potential recruits. Butt was the perfect candidate. But industry bodies and businesses said that there weren't enough people like him. The UK...
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Tanker switches Asia voyage via Suez amid Houthi warnings, owner says
Torm, the owner of the Danish flagged oil products tanker Torm Innovation, announced on Friday that the vessel will be sailing to Asia via the Suez Canal with its cargo after Houthi threats against shipping in the southern Red Sea. Yemen's Houthis, who are aligned with Iran, declared a naval blockade on Saudi Arabia?on?Monday. This could open a new front in the Iran War against the U.S. and expand the threat of global energy and trade outside the Gulf. The vessel will sail via the Suez Canal and around Cape Town to Asia, due to the current security situation on...
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Owner Torm claims that oil products tankers rerouted their voyage to Asia via Suez in response to Houthi warnings
The owner of the Danish flagged oil products tanker, Torm Innovation, announced on Friday that the vessel will sail to Asia via the Suez Canal with its cargo due to the current security situation in southern Red Sea. The Iran-aligned Houthis declared a naval blocade on 'Monday against Saudi Arabia, opening up a new front in the war between the United States and Iran. This could threaten global energy supplies and trade beyond the Gulf. The vessel will sail via the Suez Canal and around Cape Horn to Asia, due to the current security situation on the southern Red Sea....
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Indian shares record weekly losses, HDFC Bank falls as crude prices rise
Indian?shares dropped on Friday and posted weekly losses as Brent crude briefly reached $100 a barrel in the midst of an escalating Middle?East crisis. HDFC Bank, the largest weight in 'the benchmark indexes', dropped 9.4%, its steepest drop in two-and-a half years, on margin concerns. Axis Bank also fell 7.6%, after reporting lower June quarter net interest margins. The Nifty 50 dropped 0.43% on the day to 23,767.45, and the BSE Sensex fell 0.43% at 76,059.77. This was the fifth consecutive session of losses. Infosys, Interglobe Aviation and BSE?Sensex fell by 0.6% and 0.8 percent, respectively, following weak results for...
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Spanish hotel chain Melia completes its exit from Cuba
Melia, a Spanish hotel group, announced that it had?stopped all operations at its?34 Cuban hotels on Friday due to the?hardening of US sanctions. The island's economic crisis and the escalating sanctions are a major factor. Melia cited operational, financial, and legal difficulties as reasons for leaving the island where it had been a major player since 1990. The hotels were managed by its Portuguese subsidiary, Ilha Bela?Gestao e Turismo. Melia announced last month that it was closing 15 of its hotels. The three major Spanish hotel chains have been involved in the tourism market of the island for decades. The...
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The RPT-India stock benchmarks have their worst week in the last four months, as crude oil tops $100
Indian shares dropped 'on Friday', as oil prices rose to $100 per barrel, amidst the Middle East crisis. By 10:00 a.m. IST the benchmark Nifty 50 index fell 0.95%, while the BSE Sensex dropped 1.03%, to 75,609.4. Both were on track for a?fifth consecutive session of losses. The team has lost between 2.8% and 3.2% in the last week, and is on track to have their worst performance for four months. Donald Trump, the U.S. President, promised on Thursday a "major punishment" against Iran and its Houthi ally after Yemeni fighters attacked two Saudi oil tanks in the Red Sea....
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US arms makers face Europe's push for local control
Customers were more concerned about American suppliers as U.S. defense companies visited Britain's Farnborough Airshow to tap into?Europe's military expenditure boom. European governments demand greater control over defence equipment, more local production, and a larger?share of the industrial benefits. U.S. arm makers have responded by 'expanding their manufacturing in Europe, forming joint-ventures and offering more tailored product. Daniel Tenney is Lockheed Martin’s senior vice-president of global business strategy and development. He said: "We heard loudly that Europeans want greater sovereignty and more localised capabilities." PLEDGES OF LOCALIZATION U.S. firms argue that it's faster and cheaper to purchase proven American systems...
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India's benchmarks for stocks have their worst week in the last four months, as crude oil tops $100
Indian shares dropped on Friday as the Middle East crisis intensified, and oil prices rose to $100 per barrel. The'slide in 'IT company Infosys, and airline operator IndiGo, on the back of weaker than expected earnings, further weakened sentiment. By 10:00 a.m. IST the benchmark Nifty 50 index fell 0.95%, while the BSE Sensex dropped 1.03%, to 75,609.4. Both were on track for a fifth consecutive session of?losses. The team has lost between 2.8% and 3.2% in the last week, and is on track to have their worst performance for four months. Donald Trump, the U.S. president, promised a "major...
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India's benchmark stocks have their worst week in the last four months, as crude oil tops $100
Indian'shares' fell on Friday due to the rise in oil prices, which reached above $100 a barrel as the Middle East crisis intensified. By 9:40 a.m. IST the benchmark Nifty 50 index fell by 0.8% to 23,678, and the BSE Sensex dropped by 0.91%, to 75,700.9, putting both indexes on track for a fifth consecutive session of losses. This week they have lost between 2.7% and 3.1%, which is their worst performance for the last four months. U.S. president Donald?Trump on Thursday promised to "majorly punish" Iran and its Houthi ally after Yemeni 'fighters' attacked two Saudi oil tanks in...
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Indian shares drop as crude reaches $100; Infosys and IndiGo fall on subdued results for Q2
Indian shares?opened?lower on Friday. Pressured?by a rise in Brent crude?to over $100?per barrelas?the Middle?East crisis escalates. A slide in IT company Infosys, and airline operator IndiGo due to weaker than expected earnings further hurt the sentiment. By 9:15 a.m. IST the benchmark Nifty 50 slid 0.85% to 23,666.35, and the BSE Sensex fell?0.89%, to 75,708.19, putting both indices on course to suffer their fifth consecutive session of losses. U.S. president Donald?Trump on Thursday promised "major punishment" against?Iran, and its allied?Houthi fighters after they attacked two Saudi oil tanks in the Red Sea. This extended the Middle East conflict to a...
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All 11 passengers on board the seaplane were accounted for after a crash in Washington State
The U.S. Coast Guard reported?on Thursday? that a Kenmore Air Seaplane in Washington State with 11 people aboard landed 'in an emergency situation near Sucia Island before catching fire. However, everyone was safe after the rescue operation. Kenmore Air, largest U.S. Seaplane carrier, reported that a de Havilland DHC-3 Otter aircraft, which had departed Lake?Union in Seattle, was involved an accident at Shallow Bay, near?Sucia Island, around 5:15 p.m. (0015 GMT). The Coast Guard released an image of the seaplane burning in the water near the crash site. Sucia Island is located in Washington's San Juan Islands, north of Seattle...
Ground Transportation
Amtrak, the US passenger rail company, sets a record for ridership and cuts losses
Amtrak, the U.S. passenger rail company, said Tuesday that it had set records for revenue and ridership in a single year. It also cut its losses by 15 percent to $598 millions and is aiming for profitability by 2028. Amtrak is a major effort in rehabilitating the infrastructure of the Northeast corridor between Boston, Massachusetts and Washington. It is expanding service throughout the United States by purchasing new Acela trains with higher speeds and replacing regional trains from next year. Amtrak reported that in the twelve months ending September 30, it had 34,5 million trips made by customers, an increase...
Whaleboat sinks into river in Congo, killing at least 107 people
According to a government internal report viewed by us on Friday, at least 107 people died when a whaleboat caught blaze in the west of Democratic Republic of Congo. In a memo, the Ministry of Social Affairs stated that 146 people were missing after the boat, which was a narrow double-ended open vessel, caught fire near Malange Village in Lukolela Territory on Thursday night. The note stated that rescue teams recovered 209 survivors after the vessel burnt and drifted downriver. The fire destroyed the cargo and 15 riverside houses. The search operations continued Friday, with community volunteers and naval personnel...
As inventories shrink, premiums for copper contracts on the nearby LME soar.
The premiums for copper contracts near London Metal Exchange have increased to their highest level since October 2022 due to low inventories, large cash contracts and warrants held by traders. The title document that confers ownership on metal is a warrant. Tom-next, also known as the premium or backwardation that is charged for purchasing copper tomorrow and then selling it the next day, is currently trading at above The price of a metric tonne is $48. This compares to a $2 discount at the beginning of the week. The premium for the cash Copper Contract over the Three-Month Forward It...