Asia

Two people familiar with the situation said that the Russian government is looking at different options to support Russian Railways. The company, which is the largest employer in the country, has accumulated a debt of 4 trillion roubles ($50.8 billion). The state-owned Russian Railways employs 700,000 workers and has seen its revenues fall amid the sharp slowdown of Russia's wartime economy. Meanwhile, debt costs are on the rise, driven by interest rates that have reached their highest levels in 20 years. Two people, who requested anonymity because the subject was sensitive, said that Moscow had been discussing ways to help...

Air India and Akasa Air, two Indian airlines, announced on Tuesday that they would cancel some flights due to ash clouds from an Ethiopian volcanic eruption. Air India announced that it had cancelled 11 flights between Monday and Tuesday in order to conduct precautionary checks on aircraft which had flown above certain locations following the eruption. This was done as a result of a directive from India's aviation regulator. Akasa, a smaller competitor, said that it has cancelled scheduled flights to Middle East destinations like Jeddah and Kuwait as well as Abu Dhabi, scheduled for the two days. India Meteorological...

Air India and Akasa Air, two Indian airlines, announced on Tuesday that they would cancel some flights due to ash clouds from an eruption of a volcano in Ethiopia. Air India announced that it had cancelled 11 flights between Monday and Tuesday in order to conduct precautionary checks on aircraft which had flown above certain locations following the eruption. This was done as a result of a directive from India's aviation regulator. Akasa, a smaller competitor, said that it has cancelled scheduled flights to Middle East destinations like Jeddah and Kuwait as well as Abu Dhabi, scheduled for the two...

The International Air Transport Association (IATA), a trade association, reported that Venezuela's aviation institute had told international airlines to resume flights into the country in 48 hours. Otherwise they risked losing their permission to fly to Venezuela. Several international carriers have canceled flights leaving Venezuela after the U.S. Federal Aviation Administration issued a warning to major airlines about a "potentially dangerous situation" while flying over Venezuela. IATA, the organization that represents about 350 airlines, has criticized Venezuelan authorities for their decision, saying it "will further decrease connectivity in the country, already one of the most under-connected countries in the region."...

Sources and cruise schedules reviewed indicate that Chinese cruise operators are avoiding Japanese ports due to a diplomatic dispute between Beijing and Tokyo. This is expected to boost tourism to South Korea. The tensions sparked by the recent events have been cited by tour and port agents. You can also read our blog posts. Japan's new premier could lead to Chinese tourists being redirected from Japan to South Korea. Sanae Takaichi, Japan's new prime minister, told Japanese legislators earlier this month that a Chinese attack against Taiwan could lead to a military response. Adora Magic City is a Chinese cruise...

The Indian Air Force confirmed that a Tejas fighter plane, manufactured in India, crashed during a display at the Dubai Air Show on Friday and killed its pilot. Witnesses report that the fighter was at a low level at 2:15 pm (1015 GMT), before it came down in a fireball. Black smoke was seen rising behind an airstrip fence in footage from the scene. In a press release, the IAF stated that a court of inquiry was being formed to determine the cause of this accident. The crash is India's second known crash. It is important for India to modernise...

Sources and cruise schedules reviewed indicate that Chinese cruise operators are scrambling in order to avoid Japanese ports, as Beijing and Tokyo are engaged in a diplomatic conflict. This is expected to boost demand for tourism to South Korea. The tensions sparked by the recent events have been cited by tour and port agents. You can also read our blog posts. Japan's new premier could lead to Chinese tourists being redirected from Japan to South Korea. Sanae Takaichi, Japan's new prime minister, told Japanese legislators earlier this month that a Chinese attack against Taiwan could lead to a military response....

Air Canada Rouge's budget division, which is the largest carrier in Canada, announced on Thursday that it has started to transition to an all Boeing fleet. This comes nearly a full year after announcing plans to switch to more fuel-efficient, newer aircraft. Air Canada will continue to fly all Boeing 737 MAX 8 aircraft, but Rouge will transfer its Airbus A320 family aircraft back to its parent company. The cabins of both the MAX aircraft as well as the Airbus narrow bodies destined for Air Canada are being upgraded. Rouge's transition from the MAX is scheduled to be completed by...

Boeing responded to the Dubai Airshow on Wednesday with a provisional purchase order from flydubai for 75 737 MAX jets. This comes a day after this long-time Boeing client placed an order for 150 A321neo planes, which are a direct competitor of Airbus. Flydubai announced in a press release that the order included options for 75 additional Boeing jets. The switch to Airbus was one of the main talking points at the Middle East's largest aviation event. It was held on the site of a brand new airport, which will become flydubai’s home in 2032. This week, it was reported...

Flydubai's CEO said that the airline had chosen Airbus A321neo aircraft at the Dubai Airshow in this week due to their size and range, but did rule out another order from Boeing. Ghaith al Gaith stated in an interview that Airbus has always had the door open since its 2008 debut. However, he described Boeing as his "home" and claimed the U.S. aircraft manufacturer would be stronger after its recent crisis. Al Gaith stated that "the door was never shut" because every time we went through an evaluation process, we laid everything out on the table. I also believe that...

Safran, a French aerospace company, and Emirates airline have signed a Memorandum of Understanding to establish a seat manufacturing and assembly plant in Dubai. Safran announced this on Tuesday. Safran and Emirates, based in Dubai, will benefit from the plant's growing capacity. The cabin refurbishment project will initially focus on the business and economy classes, but plans are to expand in future. Safran plans to finish the plant in the fourth quarter 2027. Initial plans include assembling up to 1,000 seats per annum for business class. Seat production must be increased to help clear the logjam, which has caused billions...

Etihad Airways CEO announced on Tuesday that the airline had placed an order with Airbus for 15 A330 900s aircraft. The plane will be added to its widebody fleet to help it meet its ambitious growth goals. At the Dubai Airshow, CEO Antonoaldo Neves announced that Abu Dhabi Airlines will purchase six A330-900s from Dublin-based Avolon and lease nine more aircraft. Neves, speaking about the size of the fleet in general, said: "With this order we can get up to 200 planes." The company previously stated that it would aim to have 170 aircraft in service by 2030. Etihad also...

Two people familiar with the situation said that the Russian government is looking at different options to support Russian Railways. The company, the largest employer in the country, has accumulated a debt of 4 trillion roubles ($50.8 billion). The state-owned Russian Railways employs 700,000 workers and has seen its revenues fall amid the sharp slowdown of Russia's wartime economy. Meanwhile, debt costs are on the rise, driven by interest rates that have reached their highest levels in 20 years. Two people, who requested anonymity because the subject was sensitive, said that Moscow had been discussing ways to help the railways...

China Gas Holdings, a privately-controlled city gas distributor, has hired an ex-senior trader of the Chinese utility GCL Group as its head of global natural gas sales. Xiong Xin was the head of gas trading for GCL New Energy Holdings (a unit of GCL Holdings), a solar power company, until early 2024. He joined China Gas in Oct. Xiong has nearly a decade's worth of experience in trading at the state oil giant CNOOC, and privately owned Chinese gas company ENN, before he joined GCL. He now heads China Gas’ growing liquefied gas trading business, as well as liquefied petrol...

Investors cited concerns over Prime Minister Sanae Takayichi's plans to spend. The yield on the 20-year JGB rose by up to 2 basis points to 2,695%. And for the 30-year JGB, it rose by 2 bps to 3,195%. These are their highest levels since October. Takaichi announced this week that she would set a new fiscal goal extending over several years in order to allow for more flexibility with spending. This is a way to water down Japan's commitment towards fiscal consolidation. Takashi Fujiwara is the chief fund manager of Resona Asset Management’s fixed income division. The increase in yields...

In October, the share of Russian and Indian aluminum in London Metal Exchange warehouses fell as nearly 50,000 tons from Australia, Indonesia and the Middle East entered the system. LME data released on Monday showed that the percentage of aluminium stock of Russian origin available in LME warehouses fell to 51% from 59% in September. The share of Indian origin also decreased by one percentage point, to 40%. LME has prohibited metal produced in Russia after April 13, 2024 from its warehouse system. This is to comply with U.S. & British sanctions over Russia's invasion of Ukraine 2022. Metal produced...

The giant Russian railcar and tank manufacturer Uralvagonzavod said Friday that it would be restructuring its operations in order to reduce costs. A local report had stated the company planned to cut its workforce by 10%. The Uralvagonzavod plant, located in Nizhny Tagil about 1,400 km east of Moscow in Nizhny Tagil, has been sanctioned for its role in providing tanks to Moscow's Ukraine war. The factory is owned by a state-controlled conglomerate that has ties to one of Vladimir Putin's closest allies. It claims publicly to produce T-90M battle tank and modernise T-72B3M. Local news outlet E1 reported on...

CMA CGM announced that it had suspended all cargo shipments from Mali. The French group also said road transport was experiencing difficulties due to safety issues and fuel shortages. Early in September, the al-Qaeda-affiliated militant group Jama'at Nusrat al-Islam wal-Muslimin announced a ban on fuel imports into this landlocked West African nation. Since then, the group has attacked convoys that were trying to enter the country and reach Bamako. CMA CGM India's website said Wednesday that road shipments from Mali have been suspended until further notice. The group issued a statement saying that it would not accept new bookings of...

Three sources with knowledge of the matter said that Trafigura had delivered large quantities to London Metal Exchange-approved warehouses in Malaysia to take advantage of a financial agreement. Sources said that they did not know the details of the deal, which could have been incentives or rent deals. Trafigura has declined to comment. On October 30, the LME-registered warehouses at Port Klang in Malaysia saw an increase of nearly 100,000 metric tonnes in their stock of aluminium. The total now stands at 366,850 tonnes. Sources said that Trafigura had put the majority of this aluminum on LME warrants, which are...

Aquilius Investment Partners, a Singapore-based company, announced on Monday that it had raised $1.1 billion to fund its second Asia Pacific Real Estate Secondaries Fund, making it the largest in the region. According to Preqin, secondaries, where investors purchase existing stakes in funds, are the fastest-growing alternative strategy globally. Data provider predicts that global alternative assets will reach $29.2 trillion in 2029. Secondaries are projected to grow at the fastest rate of 13.1% per year through 2029. This is due to slow exits and increasing private wealth demand. Aquilius announced in a press release that the fundraising included over $750...

The London Metal Exchange said Thursday that it intends to set permanent rules imposing restrictions on members who have large positions in contracts near them due to low inventory levels. Hong Kong Exchanges and Clearing Ltd., the world's largest and oldest market for industrial metals which is owned, placed temporary restrictions on June following a spike in premiums for copper contracts near by. LME stated that these measures were implemented in response to a low-stock situation combined with large positions in nearby dates. This had led the LME Special Committee to instruct market participants to reduce their large on-exchange position....

ANE (Cayman), a Chinese-based transport and delivery services company, said Tuesday that a consortium including its largest shareholder Centurium Capital and Temasek, had offered to buy it out. The deal valued the group at HK$14.33bn ($1.84bn). Shareholders can choose between a cash payment of HK$12.18 for each ANE share, an alternative share, or a mix of both. The cash consideration represents a premium to the last closing price of the company on October 24, which was 29.6%. Centurium Capital owns around 24.32% ANE shares. Temasek, True Light and other investors do not hold any ANE shares. ANE had earlier this...

United Parcel Service on Tuesday forecast revenue for the fourth quarter above Wall Street estimates, relying on price increases to offset a soft demand from business-to-business in the U.S. The company estimated revenue at about $24 billion. According to LSEG data, analysts' average quarterly revenue was $23.8 billion. In premarket trading, shares of the company rose 12%. The largest parcel delivery company in the world reported a net profit of $1.48billion, or 1.74 cents per share for the three-month period ended September 30. This compares to $1.50billion, or 1.76 cents per share a year ago. UPS and FedEx have seen...

Interfax reported Friday that Russian Railways, the state-owned railway company in Russia, plans to cut management positions as it faces lower freight volumes, and a general slowdown of the Russian economy. The Russian industrial giants - from automakers and railways to producers of metals, coal and cement - are suffering due to a weakening demand at home, low cost Chinese imports, rising interest rates, and shrinking markets. Sources say that Russian Railways (which employs 700,000 people) has already asked its central office staff to take 3 unpaid days per month. Other Russian companies such as carmaker Avtovaz and cement maker...