Latest News
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CFM wins approval for jet engine durability boost
CFM International, a jet engine manufacturer, announced that it had received approval from the U.S. as well as?Europe for an upgrade to improve 'durability of engines utilised on Boeing 737 -MAX -jets. The "durability kit" will be available for LEAP-1B engine models that are powered by Airbus A320neo jets, which use the LEAP-1A model. CFM executives said in a press briefing before the Farnborough Airshow that it would double "time on wings" or gaps between critical repairs, especially for hot and harsh environments such as?the Middle East or India. In recent years, long waiting times for repair have been a major concern and hampered a part of the fleets. However, this has gradually eased. The problem stems from the significant fuel savings achieved in the latest engine generation, but at the cost of high wear and tear. This has led to longer waiting times for repair and forced some airlines to ground their aircraft. CFM announced that it has?now?reach a "near-zero" number of LEAP powered planes that are grounded due to delays in maintenance. CFM and Pratt & Whitney compete to power A320neo aircraft. Both have reported steady improvements in maintenance delays, as well as a reduction of'metal contamination' issues. CFM stated that its new update will be available on new engines and can be added to the maintenance line. (Reporting and editing by Aidan Lewis; Tim Hepher)
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Telecom Italia's board approves Poste takeover bid
The Telecom 'Italia (TIM) Board unanimously approved the Poste 'Italiane voluntary public tender 'and exchange 'offer 'for all of its shares on Saturday. Poste was TIM's biggest shareholder with a 20% stake last year. In March, it launched a bid for the shares that it did not already hold. The company said in a press release that "the board unanimously deemed the financial consideration offered fair and positively evaluated the rationale, business prospects and consistency of the operation with the path taken by TIM." Poste, whose 12600 post offices distribute retirement benefits, bets that its bid for TIM of over EUR13 billion ($14.9billion) will accelerate its growth into digital, cloud, and telecom services. Poste, which is owned to two-thirds by the Italian government, began its digital transformation early in the 2000s when it moved into electronic payments. In the last decade, Poste has enrolled roughly 30 million users (roughly 70%) in Italy's digital identification system. This allows access to online public services. Poste claims that the tie-up creates a?larger state-backed group?that can build?distributed?computing?infrastructure across the country?
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The top US prosecutor won't dispute DOJ's decision to drop Indian tycoon Gautam Adani criminal case
The top federal prosecutor of Brooklyn said he did not have any basis to dispute the 'U.S. The Department of Justice has decided to drop its case against Indian billionaire Gautam?Adani. However, he did not say whether he was in agreement with the decision. U.S. attorney Joseph Nocella Jr. wrote a letter to the judge overseeing the case on Friday, saying he "was not the decisionmaker" in the dropping of the 'case. He also said he had no reason to believe that the reasons given by Trent McCotter, the top Justice Department official who was his supervisor, were "not the real grounds" for dismissal. Nocella was asked by U.S. district judge Nicholas Garaufis to clarify whether he agreed or disagreed with McCotter’s reasons for dropping Adani’s case, and if there were any other grounds for this decision. Nocella's Office did not?respond immediately?to an?invitation for comment. (Reporting and editing by Sanjeev Mikleni and Cynthia Osterman in New York)
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Mexico's economic boost was not achieved by the World Cup
Mexico's economy is sluggish due to weak investment, uncertainty about the USMCA review and a lack of confidence in the World Cup. Mexico hosted 13 of the 104 matches in this tournament. It is expected to end on Sunday, after more than a months worth of matches played across Canada, United States and Mexico. It fell short of the ambitious tourism targets set by officials to boost gross domestic product (GDP), a figure that contracted in the first three months. Humberto Calzada is the chief economist at Rankia. Calzada said the tournament is only a temporary stimulus to an economy that the government expects will grow between 1,8% and 2,8% this year compared with analysts' predictions of 1.1%. The impact of the World Cup was localised. Banorte has lowered its estimate for the World Cup's contribution to GDP from up to 0.62%. Banamex estimated the total economic impact as $2 billion, which is about 0.1% GDP and less that half of the $5.6 Billion Mexico received from remittances alone in May. Deloitte estimated that the competition would create 100,000 temporary jobs. This is 10% less than their previous estimate. BBVA's household consumption indicator dropped 0.2% in June, despite a 16.5% increase in entertainment. Spending on hotels was down 10.5%, and restaurant spending down 4.9%. Benefits were not evenly distributed across Mexico City, Guadalajara and Monterrey, the three?host cities. Mexican Restaurant Association reported that half of its establishments had a worse performance than usual due to the low hotel occupancy in Mexico City and protests. The data on air travel was also mixed. In June, passenger traffic increased slightly in Guadalajara, Monterrey and Mexico City but declined at the main airport. Analysts claim that the USMCA will provide greater trade certainty for Mexico. The IMF has recently reduced Mexico's growth projection to 1.2%, from 1.6%, due to companies holding back investments ahead of the review of the trade agreement and the economy's contraction by 0.6% during the first quarter. Reporting by Noe Turres Editing By Christian Radnedge
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FAA restores Boeing's authority to certify 787, 737 MAX planes
Federal Aviation Administration announced on Friday that it would allow Boeing to begin issuing airworthiness certifications for all 737 MAX airplanes and 787 aircraft next week. This marks a major milestone for Boeing as it ramps production up. The FAA stated that the "decision was made after months of data analysis and safety reviews demonstrating consistent quality production and reflects FAA's faith in Boeing's capability to issue airworthiness certifications under FAA supervision." First reported by?. After a second MAX crash that killed two people in?Ethiopia in 2019, the FAA revoked Boeing’s authority to approve MAX aircraft, and Boeing 787 planes due to quality production issues in 2022. The FAA has allowed Boeing to continue issuing airworthiness certifications for the 737?MAX aircraft and 787 planes alternately every other week. The FAA said that it has observed "comparable findings" in production quality when Boeing issued airworthiness certificates compared to when the FAA did. It added that they will continue audits, inspections and monitoring of Boeing’s production system. Boeing will continue to "work under the FAA's oversight in building high-quality, safe commercial aircraft that comply with airworthiness requirements" and "doing better", according to FAA Administrator Bryan Bedford. He added that the goal was "not to relax our regulatory compliance requirements for Boeing, but to be more cooperative in the decision-making processes." Boeing is aiming to 'increase 737 MAX Production. Last year, the FAA raised Boeing's production cap from 38 aircraft per month to 42. This was a result of a panel blowout mid-air aboard a new Alaska Airlines MAX 9 MAX 9 in January 2024. Bedford stated in May that the agency supported Boeing's decision to increase production to 47 planes per month, and they expected the company to continue to push for further increases. Bedford said he also expects that the 737 MAX 7 will be certified by the summer, and the MAX 10?will be approved by the end of the year. The MAX 7 is the shortened version of two existing types, the MAX 8 & 9, that have accumulated thousands of flight-hours. Also, the widebody 777X aircraft from the U.S. manufacturer has been delayed in certification.
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Satellite images and experts confirm that a sanctioned tanker has leaked oil near Oman.
According to experts and satellite images, a vessel sanctioned for?moving Russian oil is likely to be leaking oil off the coast Oman in a marine protected area. According to data from ship tracking, the Caroline Bezengi vessel took "Russian oil" on board before departing for its latest voyage in Novorossiysk. The last time it sent a signal to the public AIS tracking system was on June 11, off the coasts of Yemen. Rentoor Shipmanagement of Shanghai, the owner listed in shipping databases, was not available for comment. The Oman Maritime Security Centre - and Oman's Environment Authority - did not respond to requests for comments. Images from the?Copernicus Sentinel-1 & Sentinel-2 satellites on July 2-13 showed a silvery-grey slick covering waters in a bay southwest of al-Qibliyyah Island. Three independent experts - John Amos, Leon Moreland, and Louis Goddard from Data Desk – said that satellite imagery seemed to show an oil leak. A video was reviewed that showed Caroline Bezengi, off the coasts of al-Qibliyyah Island. The date of the video could not be independently confirmed. Russia's so-called "shadow fleet" is made up of aging and often poorly maintained oil tankers that are used to circumvent Western sanctions against Russian oil exports. The cause of the leak is not known. It could be a malfunction, damage from an attack by Ukraine on Russian tankers or the conflict between the U.S. Two separate maritime security sources reported that the tanker first reported problems on June 8, off the coast south of Yemeni port Mukalla. One confirmed the spill. The cause of the vessel’s problems is unclear, they said. The European Union (EU) and Britain (UK) have sanctioned the vessel, claiming that it was involved in transporting fuels from Russia.
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Energy Ministry says Azerbaijan produced 13.3 million tonnes of oil and condensate from January to June.
The energy ministry announced on Friday that Azerbaijan’s oil and condensate production fell from 13.7 million metric tons in the same period last year to 13.3 millions metric tons in this time frame. Azerbaijan’s gas production from January to June increased to 25.4 billion cubic meters from 25.2 billion cube metres in the same period last year, while oil exports fell to 10.2 millions tons from 11.6million tons, according to the report. BP, a British company, reduced its Azerbaijan oil?production to?7.9 millions tons from 8.0million tons a year ago. Gas exports into Europe dropped to?5.9 billion cubic meters from 6.1 billion cubic metres. The ministry reported that overall gas exports increased to 12.7 billion cubic meters (bcm) from 12.1 billion cubic metres. Gas exports to Turkey remained unchanged at 4.9 billion cubic meters, while those to Georgia increased to 1.2 billion cubic metres from 1.1 billion cubic metres. The TANAP pipeline increased gas deliveries to Turkey to 3.0 bcm, up from 2.9 bcm. The ministry reported that Azerbaijan exported 0.7 billion cubic meters of gas to Syria.
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CPC: Drones attack a Chartered Oil Tanker near a Black Sea Terminal, CPC claims
CPC reported that two drones attacked and damaged an oil tanker, which was chartered to load oil at the Caspian Pipeline consortium terminal near Russia's Black Sea coast. ExxonMobil was said to have chartered the Suezmax class Nordic Zenith. CPC has not identified any party responsible for the incident. In the past week, both Russia and Ukraine have intensified their attacks on shipping in the Black Sea and Azov Seas. This marks a new phase in a war which has been fought mainly on the ground. CPC stated in a press release that a fire had broken out on the Nordic Zenith, but it was extinguished later. The statement said that nearby CPC vessels evacuated thirteen crew members, while nine other chose to stay on board. CPC announced on its Telegram channel that the tanker had been removed from the schedule of loading and was "unfit" for any moorings or loadings at the terminal. The 'CPC' is a 1,510-km (1,510 mile) oil pipeline that connects Kazakhstan's Caspian Sea oil deposits to Russia's Black Sea Port of Novorossiysk. The oil is then transported by tanker from Novorossiysk to the world market. CPC is responsible for 80% of Kazakhstan’s oil exports. At 'various points during the war, its operations were disrupted by Ukrainian attacks against?pumping station in Russia and drone strikes on the CPC load terminal near Novorossiysk.
US sanctions still hit Serbian oil company NIS operations despite waivers
Sources familiar with the situation say that Serbian oil company NIS struggles to find oil traders overseas, and its former clients in Serbia are looking for alternative fuel suppliers because of the impact of U.S. sanctions on operations.
NIS is owned by Gazprom Neft, a subsidiary of Gazprom, and is therefore one of Russia's remaining oil assets in Europe. The only oil refinery in the Balkan nation is vital to Serbia's energy safety.
NIS's dominant position on the Serbian market, combined with the logistical challenges of the landlocked nation, makes it difficult for other companies.
NIS is the supplier of around 80% or more of Serbian gasoline, diesel and jet fuel, as well as 90% of heavy fuel oil and jet fuel, according to a trader.
The company's recent struggles are a warning of what could happen if U.S. Sanctions take effect. President Aleksandar Vucic has warned that Serbia may lose its access to oil imports.
On January 10, the Office of Foreign Assets Control of the U.S. Treasury designated NIS AD Novi Sad as a sanctioned organization. It gave Gazprom Neft a 45-day deadline to withdraw its investment. This deadline was then extended by 30 days in two consecutive waivers.
NIS, which normally buys crude oil in long-term agreements, has cancelled its tender for 2025, according to the site of its procurement.
Two sources said that it is making short-term purchases on the spot market, from international trading companies still willing to work with it. The crude changes in NIS's procurement have never been reported before.
NIS stated that it had recently closed a successful deal to purchase oil according to the waiver and that they were sourcing crude from a number of suppliers. It didn't give any details.
The company said that it was adapting to new circumstances.
According to Kpler, the global provider of real-time data analytics and data, NIS has imported around 28,000 barrels of crude oil per day via Croatia's Omisalj Port. This is where 80% the company's supply comes via the Janaf Pipeline.
This compares to 40,000 bpd by 2024 and 70,000 in 2023.
Fuel suppliers OMV from Austria and Greek-owned Eko import key transport fuels to their Serbian retail network instead of buying them from NIS. This move was not previously reported.
OMV imports fuels from other European refineries on barges along the Danube River, according to its statement. Meanwhile, Eko supplies products from Greece, said a company official who asked not to be identified.
The U.S. sanctions have caused both companies to suspend fuel purchases from NIS, they stated.
One Serbian fuel dealer said that imports would not be able to meet Serbia's demand for diesel and gasoline, which is between 44,000 and 49,000 bpd, due to the limited infrastructure and capacity of barges, trucks and railcars.
NIS said it was "prepared" to fulfill its contractual obligations with clients, such as corporate buyers and major purchasers like other oil companies. It also stated that the Pancevo oil refining plant was running normally. Reporting by Robert Harvey from London and Aleksandar Vasovic from Belgrade. Ahmad Ghaddar contributed additional reporting. Dmitry Zhdannikov, Mark Potter and Mark Potter (Editing)
(source: Reuters)