Asia

IndiGo, India's budget airline, reported a loss for the fourth quarter?on Friday. The country's leading airline was struggling with a deteriorating rupee and soaring fuel costs. The airline reported a loss for the quarter ending March 31 of 26.62 billion rupies ($280.2m), compared to a profit of 30,73 billion rupies in?the previous period. The airline was forced to reduce its domestic capacity in the third quarter by 10% after being ordered to do so by the aviation regulator of the country. This followed a series of mass cancellations that occurred during December, which led to the worst aviation crisis of...

Southwest Airlines CEO Bob Jordan said on Wednesday that the airline 'has not seen a drop in demand after joining the industry with seven fare increases from February. This makes him more confident about the airline's ability to offset higher fuel costs through stronger revenues. Jordan, speaking at a Bernstein Investor Conference, said that the fare increase was the largest he had ever seen in his 38-year career. He said that demand was strong for leisure and business travelers, as well as across geographies, and in terms of the booking curve. Jordan stated that there was no decrease in demand...

Ben-Gurion International Airport near Tel Aviv is operating at only one-third capacity because of the presence of U.S. fuelling aircraft. This could lead to heavy flight cancellations in summer, according to the head of Israel Airports Authority. Director general Sharon?Kedmi told Kan's Reshet Bet that the military activities at the airport are limiting 70% of airport activity. He said, "We only use one-third the operational capacity of the airport." "We have reached the limits of our abilities." We will cancel some flights in the next few days. He added that foreign carriers would not be able to return in the...

United Airlines CEO Scott Kirby stated on Wednesday that the carrier will not pursue airline consolidation in the near future. This comes after American Airlines rejected his proposal for a possible merger. Kirby, speaking at a Bernstein Investor Conference, said that he has long believed that the "big deal"?United was pursuing was the only one which made economic sense. But he added that such a deal would require a partner who was willing to do it, which "we clearly don't" have. "I don't believe that United at least will participate in any sort of consolidation in the near future," said?Kirby....

GE Aerospace CEO Larry 'Culp stated on Wednesday that despite higher fuel prices and softer flight departures, airlines have not slowed down on orders for engine parts or maintenance, indicating continued strength in GE Aerospace's high-margin aircraft engine aftermarket business. Culp, speaking at the Bernstein Investor Conference, said that departures have dwindled over the last eight weeks and growth is now "relatively stagnant." He said GE Aerospace did not see any operational impact, or any change in the commercial behavior of airline customers. Culp stated that "we feel very good about second quarter." He cited a?continued strong performance in spare-parts,...

American Airlines has maintained its full-year profit forecast despite a sharp rise in fuel costs, according to CEO Robert Isom at the Bernstein Investor Conference on Wednesday. He said that higher revenue, corporate travel and premium demand helped cushion the blow of rising oil prices. Isom stated that there is "no doubt" the demand for travel?is K-shaped, with high-income customers outpacing lower- and middle-income customers. He said that travel is growing for all income levels, with American Airlines about 80% booked in the second quarter. Corporate travel has increased 13% over the past year, and leisure travel is "incredibly" high....

Two people with knowledge of the matter said that American Airlines Group, the U.S. carrier, plans to double its headcount at its India technology center to 800 by early next year. Southwest Airlines, a rival airline, announced last week that it plans to expand the global capability center in Hyderabad to 1,000 employees within the next few decades. JPMorgan Chase and Walmart, McDonald's and Nvidia, along with Eli Lilly, have also expanded their technology operations in India, to tap into its talent pool. These hubs, which were formerly mainly back-office functions, now handle core functions such as engineering, R&D and...

The CEO of the world's largest ship recycler said that Dubai-based GMS won approval from the U.S. Government to scrap four containers ships which were subject to?Iran related sanctions. This could pave the way for Washington to reduce its shadow fleet?of?such vessels. The fact that hundreds of ships are not insured or complying with environmental safety standards has helped Iran and Russia to circumvent sanctions. They also pose a risk of fuel spills and oil leaks along busy sea routes. A mechanism approved for scrapping these vessels can be used to encourage their removal from circulation. This will reduce environmental...

Air India, India's second largest?airline will reduce domestic flights by?22% in June and July, according to a source familiar with its plans. The industry is grappling with an increase in jet fuel prices in response to the Iran War. These cuts come after the airline reduced its international routes to create room for foreign carriers to increase flights into and out of India. Air India announced in a?statement that between June and August, it "temporarily streamlined operations on certain domestic route" These adjustments are a result of the impact that high fuel prices have had on operations. Air India will...

SpaceX's Starship launch, which was upgraded on Friday, made enough progress to maintain the momentum behind?Elon Musk’s $1.75 trillion IPO. However Musk warned that the rocket's full reusability is still a work-in-progress. Starship is crucial?to lowering SpaceX’s launch costs, expanding Starlink’s?satellite?business - its main cash generator - and supporting future endeavors such as space-based computing and deployment of orbital AI-data-center satellites, and possibly human missions to Mars and the moon. "SpaceX didn't need perfection in this Starship flight. Mark Vena CEO of SmartTech Research said that it needed to show that the upgraded vehicle was moving in the right directions....

China's CNOOC announced on Wednesday it had commenced full production at the?Kenli 10-2/Phase I oilfield in the southern Bohai sea, off northern China. The output was over 20,440 barrels per day. China's largest offshore 'oil producer' started producing heavy oil at the Kenli 10-2-oilfield in July 2025. The 'rapid completion' and 'commissioning' of other key projects such as Bozhong26-6 helped Bohai Oilfield achieve a cumulative oil and equivalent production output exceeding 40 million metric tonnes. Kenli 10-2 has an average water depth of?20 meters (65.62 feet) and?proven?geological reserves? exceeding 100 million metric tons. The project includes a central platform, two...

Bloomberg News reported that China had'stopped the approval of Airbus delivery to show 'impatience at European regulators who were delaying certification for Chinese-made COMAC planes. Reports cite people with knowledge of the situation as saying that the 'Civil Aviation Authority of China (CAAC)' has been delaying the final approval for Airbus jets entering the country and being put into service. Airbus has delivered the fewest commercial aircraft in the first quarter of the year since 2009. Chief Executive Guillaume Faury said last month that the delay was caused by a "administrative issue" which held up nearly 20 aircraft bound for...

Two sources confirmed on Tuesday that the U.S. and Thailand were in discussions on a 'new long-term supply' of U.S. produced liquefied?gas. Negotiations have intensified since the U.S./Israeli war against Iran caused damage to LNG production in Qatar, a key LNG exporter. Sources familiar with the talks, who requested anonymity because of the sensitive nature of the discussion, stated that the focus is on a long-term contract between Venture Global (an international energy company) and Thailand's PTT PCL (the state-controlled power company). Sources did not specify the volume or duration of any new LNG contract being discussed but typically they...

Bangladesh has launched an international bid for oil and gas exploration in 26 offshore blocks?in the Bay of Bengal. It is offering more attractive terms to foreign companies to combat worsening domestic shortages of gas and to reduce its reliance on expensive LNG imports. South Asia has been facing declining gas reserves, increasing dependence on LNG imports, and energy prices that are vulnerable to geopolitical tensions. Petrobangla, a state-owned company, published the tender documents for the Bangladesh Offshore Model Production Sharing Contract 2026 on its website. The deadline to submit bids was November 30, 2018. Energy Minister Iqbal Hassan Mahmood...

The Swiss government announced on Friday that it had expanded its sanctions against Russia and Belarus, adopting portions of the latest package of measures from the European Union in response to Moscow's conflict in Ukraine. The Federal Department of Economic Affairs (FDEA)?said that the new listings will take effect at 11 p.m. on May 22. Further 115 individuals and companies will be subject to asset freezing and a 'ban' on making funds available. Sanctioned individuals are also barred from entering Switzerland or transiting through it. The department stated that the newly listed targets included people and 'entities connected to Russia's...

The Iran War is likely to be the largest supply shock in the history on the aluminium market. According to the International Aluminium Institute, the Gulf's?production? of the metal, used in sectors such as packaging, solar panels and transport, plummeted in April to its lowest level in more than a decade. The regional run-rates fell by 2 million metric tonnes annually between March and April. In missile attacks, two Gulf aluminium smelters were damaged. The?Al Taweelah facility of Emirates Global Aluminium will require a full year to be repaired. One other producer,?Qatalum, has also reduced its?capacity. The ongoing closure of...

Kommersant reported that the?Russian-installed governor Yevgeny Balitsky said Friday that emergency blackouts were occurring in the 'Russia-controlled region of Ukraine's Zaporizhzhia. According to Kommersant, he did not provide any further details but said that critical infrastructure worked as usual. Vladimir Saldo said in Telegram that nine areas were cut off from the grid following drone attacks. Local authorities reported on Telegram that in the early morning hours of Friday, Russian defence systems worked to repel drone attacks over Moscow and the Yaroslavl Region?in the north. Sergei Sobyanin, the Mayor of Moscow, said in Telegram that four drones heading for Moscow...

Air India CEO Campbell Wilson said on Thursday that his successor would have "hands-on" work, as the carrier deals with the fallout of the Iran War and the strong U.S. Dollar. Wilson, who announced his resignation from Air India last month, has said that he will be leaving the company in two or three months. Wilson said that the next four years will be "just as challenging, but in a slightly different way" at a luncheon event in New York. "The person who takes over the role will have a lot on their plate, but I want to make sure...

Donald Trump, President of the United States, vowed on Thursday to'recover' Iran's stockpile of highly enriched Uranium. This was despite Iran's comments that they would not give the material over. We will get it. We don't have to, and we don't even want it. Trump told reporters at the White House that he would probably destroy it once we had it. But we wouldn't let them keep it. Iran is thought to have about 900 pounds (or more) of highly enriched Uranium. Trump claims that U.S. airstrikes and Israeli airstrikes destroyed it a year or so ago. Trump's war on...

In recent months, Ukraine has intensified its attacks on Russian energy installations as the peace talks have not produced any progress. Dmitry Peskov, Kremlin spokesperson, said that there are no dangers to the fuel supply in Russia. He was responding to a report on a drop in oil refinery in the central region of the country after recent drone attacks by Ukraine. The following is a chronological summary of the recent attacks that followed Russian strikes against Ukrainian energy facilities and their impact. SYZRAN On Thursday, the Ukrainian military and President Volodymyr Zelenskiy claimed that Ukrainian drones had struck Rosneft's...

Gazprom shares fell on Thursday, despite the announcement that they would not be paying a dividend for '2025' results. They were also impacted by Russia's inability to reach a deal with China on a new pipeline. The shares of Russia's biggest natural gas producer fell almost 1% in early trade at the Moscow stock exchange, continuing the previous day's decline of 3.5%. "Yesterday the Moscow Exchange Index fell?by 1.2 percent, unable withstand a?double disappointment: reports from China regarding the 'lack of clarity about the 'timeframe for implementing the Power of Siberia?2 project and Gazprom refusing to pay dividends in 2025,"...

Sultan Al Jaber said that the new crude oil pipeline, which bypasses the Strait of Hormuz, and was started by the United Arab Emirates?last year, is now?50% completed. Since the U.S. and Israeli strikes in February, Iran has kept the critical waterway for global oil-and-gas supplies closed to all ships except its own. This has sent energy prices and inflation soaring, which has fuelled fears of a recession. Abu Dhabi Media Office announced the existence of the project for the first-time last week. The UAE plans to accelerate the construction of a new oil pipeline via Fujairah in order to...

China and 'Russia' condemned U.S. President Donald Trump’s Golden Dome missile defense shield plans and Washington's 'irresponsible' nuclear policy during a joint meeting on 'Wednesday', a week following President Xi 'Jinping's hosting of Trump in Beijing. In a joint statement, Xi and Russian 'President Vladimir Putin' said that Trump’s plans for a missile interceptor system based on the ground and in space posed a serious threat to strategic stability around the world. The report also criticised the United States for the expiration of the last remaining nuclear treaty that restricted the size of U.S.-Russian arsenals. This expired in February after...

China has increased its purchases of Russian gas and oil since the beginning of the conflict in Ukraine 2022. Moscow and Beijing declared a partnership with "no limitations" just days before war broke out. Energy relations between Russia and China are expected to be a major topic at the meeting of Vladimir Putin with Xi Jinping in Beijing, on Wednesday. Here are some facts about energy ties between the two countries. Gazprom, the Russian energy giant, supplies natural gas to China through a pipeline of 3,000 km (1,865 miles) called Power of Siberia, under a $400 billion, 30-year deal signed...