Europe

On Wednesday, Prime Minister Andris Kulbergs announced that a U.S. judge had 'accepted' the request of Latvian carrier airBaltic to restructure its debt and enter Chapter 11 under U.S. bankruptcy law. This means that airBaltic can: immediately access funding; begin the restructuring; and review its obligations to creditors. "Work continues,"?Kulbergs stated in a social media X post. The?airline didn't immediately respond to a?request for comment. AirBaltic, which is majority owned by the Latvian Government, filed for Chapter '11 protection on Monday in order to 'cut its debt pile after the Iran War increased financial pressure. The company said that it...

According to two documents and officials, a number of agreements are expected to be announced by U.S. and Vietnamese corporations next week, involving energy, technology, aviation, and financial firms, as?Vietnam leader To Lam visits New York. Vietnam has been negotiating commercial agreements for months, most of which will be non-binding. This is part of its strategy to appease Washington, as the Trump administration threatens new tariffs against the Southeast Asian nation that relies heavily on exports. A note of internal planning lists 29 agreements which could be announced in New York on 23 September at a conference attended by To...

Four people with knowledge of the matter claim that Boeing is nearing the completion of a delayed order to purchase 150 737 MAX aircraft after Turkish Airlines threatened to walk away from a high-profile contract over a dispute with engine manufacturer CFM. Three people have confirmed that the deal is now on track and could be signed as soon as next week. The agreement, which was part of a package containing 225 jets, had been delayed by a disagreement regarding the airline's demand for a industrial deal on maintenance of engine. Boeing and GE Aerospace's and France Safran's joint-ownership of...

Aena, the airport operator, reported that 34.9 million passengers travelled through its Spanish 'airports' in August. This is 4.7% more than in a similar month last year. The growing number of tourists in Spain is a testament to its resilience, even as the airline industry struggles with geopolitical instability and labour shortages. * The number of passengers in the first eight months of 2026 was 225.5 million. This is 4.1% more than one year earlier * Adolfo Suarez-Barajas Airport in Madrid remained the busiest airport of Spain. Josep Tarradellas Barcelona El Prat?and Palma de Mallorca followed. * The number of...

The aviation industry is preparing for a difficult winter after Latvian airline airBaltic filed Chapter 11 procedures on Monday. This is because the Iran War?continues pushing up jet fuel prices. U.S. 'war with Iran' has caused the worst airline crisis since the COVID-19 Pandemic in terms of costs. AirBaltic was the first European carrier to declare bankruptcy during the conflict, while U.S. rival Spirit collapsed in may after seeking protection prior to the war. The margins of airlines are relatively small compared to those in other industries, making them more vulnerable to geopolitical instability, especially in winter, when bookings and...

AirBaltic has been in discussions with the labour unions in order to reach an agreement regarding an "adjustment of?the workforce", Chief Executive Erno Hilden said on?Monday, after the Latvian airline announced that it had voluntarily entered Chapter 11 bankruptcy proceedings. Hilden stated that a reduction in capacity would lead to a shift in the workforce. It's time to come up with some numbers after all that. AirBaltic filed under Chapter 11 of the U.S. Bankruptcy Code on Monday in New York. It is seeking to restructure its debt, avoid creditors and survive a 'deepening crisis within the sector brought about...

Wizz Air's CEO Jozsef Varradi said that the bankruptcy of airBaltic offers few, if any, opportunities and expects other European airlines to be affected by this. These airlines were unable?to hedge against high fuel prices. ?on Monday. Varadi, speaking at a conference organized by the International Society of Transport Aircraft Trading, said that the recent spike in oil prices "sucks liquidity from the industry very quickly." "I believe they'll be in a difficult situation." Wizz, the Latvian state-owned airline and airBaltic are located at opposite ends of Europe’s vast aviation market. Both have been shaped over the past two decades...

The aviation industry is bracing itself for a difficult winter after Latvian airline airBaltic filed Chapter 11 procedures?on Monday. Jet fuel prices are continuing to rise due to the Iran War. AirBaltic, a U.S. competitor, filed for bankruptcy in May, after seeking protection prior to the war. The margins of airlines are relatively small compared to those in other industries, making them more vulnerable to geopolitical instability, especially in winter, when bookings and travel drop, and they lose the money they made in summer. SAVING RETURNS The price of jet fuel is expected to remain high for as long as...

AirBaltic has been in "talks" with the labour unions, to come to an agreement about an "adjustment" of the workforce. Erno Hilden, the Chief Executive Officer at AirBaltic told reporters on Monday that the Latvian airline had announced its voluntary Chapter 11 bankruptcy. Hilden stated that "we are currently conducting consultations with labour unions." He added that, with plans to reduce the capacity of the company, "a change in the workforce is a 'natural conclusion. When all of that has been concluded, it will be time to "really" come up with some numbers. AirBaltic filed for protection under 'Chapter 11'...

AirBaltic, a Latvian airline, said it filed for Chapter 11 bankruptcy on Monday in the U.S. to?cut its mounting debts and survive a crisis affecting the entire sector brought about by?the Iran War. AirBaltic was the second airline to be affected by the war, after Spirit Airlines collapsed in May. Here are some facts about the Latvian flag airline and its financial problems. Who owns AIRBALTIC? Lufthansa, a German airline, holds 10% of airBaltic. AirBaltic, a joint-venture between the Latvian government and Scandinavian Airlines SAS, was founded in Riga, Latvia, in August 1995, following the collapse of Latvia's previous flag...

Following a European settlement regarding turboprops, global airlines have asked jet engine manufacturers to make it easier for independent companies to provide reconditioned components to airlines. The International Air Transport Association's call, which represents around 300 airlines, is just the latest in a long-running battle over engine shortages and competition. The European Commission concluded its antitrust investigation last month into Pratt & Whitney Canada's alleged anticompetitive behavior after the company agreed to lift the restrictions on used parts. After meeting certification standards, independent suppliers can now easily access dismantled engines. These can be stripped down for their parts and then...

AirBaltic, a Latvian airline, filed for bankruptcy protection in New York under?Chapter 11?of the U.S. Bankruptcy?Code, the company said on Monday. This was?part of a restructuring?to lower debt, given the stress the airline industry is experiencing due to the?Iran War. AirBaltic announced in a press release that it had received a financing commitment of EUR350 million (405 million dollars) from lenders such as Strategic Value Partners (SVP), Barclays (Hayfin Capital Management), Morgan Stanley, and Oaktree Capital Management. This was to support the company's operations during its restructuring. Jet fuel prices have doubled due to the U.S. War with?Iran, which has...

The U.N. humanitarian coordination in Ukraine announced 'on Tuesday that his organization is considering moving aid supplies underground, to avoid Russian strikes. These 'attacks have hit 10 of its warehousing facilities this year, destroying supplies worth millions of dollars. Matthias Schmale, U.N. Humanitarian coordinator in Ukraine, said that Matthias Schmale: In Geneva. After briefing the states on the needs in 'Ukraine five years after Russia's full scale invasion, he stated: "These deliberate attacks against warehousing capacity (...) are a new trend of the last couple of months." He said that they are considering moving aid into underground bunkers, and delaying...

ProRail, the rail infrastructure operator, said that deliberate acts of sabotage disrupted train services across 'the Netherlands on Tuesday just hours before a ceremonial opening of Parliament. ProRail reported that pipes were found on railways at over 20 locations in rural areas, mostly in the middle and east of the country. We found materials that were deliberately placed. Joke van Der Cruysen, spokesperson for ProRail, said that they now consider this a'sabotage of railway infrastructure. The King Willem-Alexander was set to open the new session of Parliament on Tuesday with a speech presenting the budget plans for 2027. All trains...

BYD, the Chinese electric vehicle manufacturer, plans to launch its first heavy-duty trucks in Europe next year. It will eventually manufacture trucks locally. A senior executive said this at the 'IAA trade show in Hanover. Stella Li is BYD's executive Vice President and Head of International Business. She said: "We will be producing everything that we sell in Europe locally for the long-term." She said that the company wanted to offer fleet operators an entire package of services including financing, solar-powered charger infrastructure, and a network of workshops supported by mobile roadside support. BYD would be able to avoid import...

Tesla will bring its Semi-electric truck to Europe, expanding its reach beyond North America. It is looking to gain a foothold in the heavy-duty market where competitors already sell battery-powered models. Elon 'Musk-led 'automaker will reveal European specifications and launch information at the IAA Transportation Trade Fair in Hanover Germany next week. It said in a posting on X. The European push comes almost a decade after Tesla unveiled the Semi back in 2017. The company initially planned to produce the Semi by 2019, but this timeline was continually delayed because the company prioritized the supply of battery cells for...

Gregor Stuart Hunter gives us a look at what the future holds for European and global markets. The summer is officially over. Buckle up! Carry trades are starting to fail as the markets expect a path of rate increases from the Bank of Japan. The?Japanese?currency?traded as much as 1 percent firmer at 152.89. This is its highest since February. Just weeks after it hit a four-decade low, the U.S. government and Japanese authorities intervened to stabilize the currency. The yen was also boosted by data released on Wednesday showing that Japan's economy expanded faster than originally estimated from the previous...

North Korea and Russia opened their first bridge on Monday in a well-choreographed show of friendship. The structure spans the Tumen River and was hailed by both sides as a milestone for their growing strategic partnership. First trucks with flags trundled over the bridge's 1 km (0.6 miles) of two-lanes as Russian Premier Mikhail Mishustin, and North Korea's premier Pak Thae Song watched via video link. They addressed workers and officials from both nations. The construction of the new bridge began in April 2018 after it was decided to build the bridge during the visit by Vladimir Putin in North...

A drone attack overnight?caused?minor damage and??temporarily???closed? a logistics complex operated by Russian online retailer Ozon, according to the company on Thursday. Ukraine has been 'attacking' several Ozon facilities in the city of Ufa since Saturday as it continues its campaign against Russia by targeting ecommerce giants who are?key employers in an?expanding?sector. The company stated that no fire broke out at the Ufa Complex in Bashkortostan Region, but the complex sustained minor damages. The area is temporarily closed as it undergoes an inspection. The company said that a second Ozon facility in the southwest city of Orenburg had been evacuated due...

Ukraine's grain sales have plummeted?this week after Russian attacks effectively shut down its Black Sea ports.?Rail and river routes are unable to compensate for the lost capacity. Ukrzaliznytsia, the state railway operator, said that grain exports have been reduced by 60% compared to the same period in August last year. It said that the volume consisted of 170,000 tons delivered to Ukraine's Danube port and 343,200 tonnes transported to the western border crossings. After Russian attacks effectively blocked Ukraine's Black Sea port, which handled?90% grain exports, shipments have been rerouted via Danube ports, and border crossings to European countries. These...

A Russian regional official stated that self-driving vehicles and drones could be used to transport goods between China and Russia's Far East. The brisk trade across the border has prompted a search for?new forms of cargo transportation?to avoid congestion. The Amur region of Russia, which?shares? a long border between China and Russia, is developing trial programmes with Chinese authorities in partnership, said the deputy chairman of the regional government, Pavel Puzanov. He was speaking at a business conference in Kazan. China is providing a lifeline for Russia's economy after it was sanctioned following the invasion of Ukraine by Russia in...

On Tuesday, Latvia announced that a tunnel was discovered 'under the border of Belarus. It also announced plans to combat the networks which it claims are helping an increasing number of migrants cross the border 'illegally. Last month, Latvian soldiers fired a warning shot and used teargas to deter migrants from entering the country through Belarus. Belarus shares a 173 km (107 mile) border with Latvia. Interior Minister Janis Dombrava said at a press conference held jointly with Prime Minister Andris Kubergs that "the protection of Latvia's east border will be enhanced, through closer cooperation between Border Guard, State Police...

Alexander Gusev said that a drone attack killed a person and injured two others overnight in the Voronezh region of 'Russia. Gusev, a Telegram user, said that Russia's air defense units destroyed 15 drones in the area of Voronezh. "A drone crashed caused fires in two warehouses of a large company. The fire at one warehouse has been contained within an area of 16 square meters. At the other, a fire covering 20,000 square metres is currently being put out. "Emergency Services are on the scene," said?the governor. He didn't identify the company that was affected. On?Tuesday?, Russian online retailer...

According to a Monday letter published by the 'Russian Central Bank,' creditors are advised to assist businesses that have been affected by Ukrainian drone attacks on warehousing and logistics centres. Ukraine has?attacked at least 20 warehouses owned by Russian ecommerce retailer Wildberries since July 18. In a letter, the regulator stated that "small and medium-sized businesses who have suffered due to terrorist attacks on warehouses, manufacturing plants, retail, offices, and other premises can apply for restructured loans." Sberbank, VTB and Wildberries Bank, which is owned by the retailer, have all announced that they are ready to help?businesses. Sergei Melamed, senior...