Latest News
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FedEx and Advent-led consortium secures more than 89% of InPost's shares in the takeover offer
InPost, a Polish parcel locker operator, announced on Friday that FedEx International, Advent International as well as other InPost shareholders had offered 89.81% of its shares. InPost?reported in a press release that the minimum acceptance threshold of 80% shares had been reached. The consortium agreed in February to purchase InPost for approximately EUR7.8 Billion ($8.95 Billion)?in a cash-only offer of EUR15.60 per equity share. After the transaction is completed, InPost's shares will be removed from Euronext Amsterdam. It is one of Europe's biggest networks of automated parcel lockers. The company operates in nine countries, including Poland. The company will continue to be known as InPost and keep its headquarters and management structure in Poland. Since 2021, the shares of 'its company have been under pressure due to intense competition in its home market and heavy investment expenditure?to support rapid growth.
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Major US airlines reject Air China's bid to schedule more US flights
Air China has been criticized by a group of major US airlines for its plans to schedule additional flights between Beijing and New York, Washington, as part of the President Xi Jinping meeting with Donald Trump. Airlines for America, which represents American Airlines, Delta Air Lines and United Airlines, opposed the request. US carriers are effectively prohibited from flying to China from the US eastcoast because they can't access Russian airspace. Chinese carriers, however, have the ability to fly some US flights. US Airlines said that adding two flights to the schedule would allow Chinese carriers to request additional regular flights, and they should be classified a 'charter flight. The US Transportation Department has proposed that in October 2025 Chinese airlines be banned from flying over Russia on routes between the United States and China. They claim the shorter flight times this practice allows puts American carriers at an unfair disadvantage. The proposal was withdrawn after it faced opposition from US agencies. USDOT and an attorney for Air China did not comment immediately. US airlines have long been critical of the decision to let Chinese carriers use Russian airspace to fly on US routes, because it allows them to reduce their flying time. It also burns less fuel and lowers costs. In its filing, released on Friday, the airline group said that Chinese carriers offer "shorter and less expensive routes?to and from China, as well as more economical flights?from and to the United States." In retaliation to Washington's ban on Russian flights over the US in March 2022, after Ukraine invaded, Russia has banned US airlines as well as many other foreign carriers. Chinese airlines are not banned, and they have used this advantage to gain market share over non-Chinese carriers in international routes.
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Brazil Police seize devices from former iFood Employee in Trade Secrets Probe
According to the investigator, Brazilian police conducted a search and seizure this week on a former iFood worker who was suspected of downloading confidential commercial data before leaving the company to 'join rival 99Food. This case is the latest in a larger investigation into allegations of corporate espionage within Brazil's multi-billion dollar delivery industry. Competition has increased since the entry Chinese-backed platforms Keeta and 99Food owned by ride-hailing company DiDi Global. Angelo Lages is the 'police inspector in charge of the investigation, who led the operation on Wednesday. He said that the purpose of the search is to collect electronic devices to conduct forensic analyses and determine what has happened to the data. 99Food stated that it takes these reports seriously and does not tolerate the use illegally obtained data. It also said the person targeted by this operation is not a member of its staff. Theft of Information Alleged According to the industry group Abrasel, iFood is owned by Dutch investment company Prosus and controls about 80%. Last year, it processed orders totaling about $20 billion. iFood, in recent months, has publicly accused rivals of attempting to gain confidential business information by paying third-party firms for paid consultations and former employees. iFood stated that this week's operations were the result of a complaint they filed involving a?alleged theft by a former worker of confidential and strategic commercial information. They also added that they are pursuing legal measures in order to protect their data and partners. Inspector Lages stated that the former employee resigned iFood by 2025, after informing them he was joining 99Food. He also noted that a later internal review revealed the download of strategic files just before his departure. According to Lages, the former employee informed officers that he was no longer employed by 99Food. He is now working as an independent consultant. Investigators also want to know if other individuals or companies had access to this information. ANTITRUST DISSPUTES Cade, Brazil's antitrust regulator, is currently dealing with a number of competition disputes. Keeta accused 99Food using exclusivity clauses and contract provisions which allegedly made it harder for restaurants operating across multiple platforms. Separately iFood asked Cade earlier this year to examine the expansion strategies Keeta's and 99Food's, alleging that they rely heavily on subsidies and sustained losses in order to gain market shares.
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Virginia tightens restrictions on data centers amid political backlash
Abigail Spanberger, the Governor of Virginia, said that as a result of increasing political backlash against'server warehouses and technology developed in them, Virginia is tightening its environmental, commercial, and permitting controls. Virginia, the state with the highest concentration of data centres in the world, has unveiled plans that include a ban on non-disclosure contracts and clean energy mandates for the projects. This move is in line with a series of similar measures taken by the governors of New York, Texas, and Pennsylvania recently to curb the rapid expansion of data centres, which are increasingly being built?to train artificial intelligence and deploy it. Spanberger said at a press briefing that Virginia's "Data Center Accountability Framework", which was announced in April, is intended to ease public concerns about the secrecy surrounding data centers' development and their impact on energy bills and the environment. "Community members demand action," Spanberger said. Data centers with a capacity of 25 megawatts and above would be exempt from the ban on non-disclosure contracts. The governor also said that data centers would be given incentives to develop solar and wind backup generators instead of diesel or natural gas-fired ones to help power their operations. The state legislatures will have to approve a part of the framework next year.
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Bloomberg reports that Aramco has halted October crude oil deliveries to certain European refiners following a pipeline attack.
Bloomberg News reported that Saudi?Aramco informed at least two European refinery?customers on Friday that they would not receive any crude?oil in the next?month due to an attack on Saudi Arabia’s main pipeline into the Red Sea. The report stated that European refiners usually buy Saudi crude under term contracts that guarantee monthly deliveries, but Aramco informed its customers that the next month's delivery will not take place. Saudi Arabia informed European customers earlier that some crude cargoes will be cancelled due to a 'drone attack' which shut down its East-West pipeline, damaged three pumping station and disrupted oil loading at the Red Sea Port of Yanbu. Orlen, a Polish refinery, has sought alternative crudes after the disruption. According to traders, Orlen purchased North Sea grades in order to replace disrupted Saudi imports. Could not verify the information. Saudi Aramco didn't immediately respond to a comment request outside of regular business hours. Bloomberg reported that Aramco is working to 'partially restart the pipeline in days and return it back to full capacity within six weeks. Saudi Aramco also increased crude exports from the Gulf via ship-to-ship transfers off Oman's Sohar port to offset volume losses due to reduced Red Sea shipments.
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London's marine insurance companies expand high-risk zone in the Black Sea as shipping attacks increase
According to a recent advisory, London's marine insurers have widened their high-risk area for the Black Sea as the conflict between Ukraine and Russia escalates. The Black Sea is an important route for the shipment of grain, crude oils and refined products. Russia, Ukraine, Bulgaria, Georgia and Romania all share its waters. In the last two months, Russia and Ukraine have intensified their attacks on each others' commercial shipping, escalating their five-year war. The Joint 'War Committee' (JWC), which is made up of syndicate members in the Lloyd's Market Association, and representatives from the London Insurance Company market, provides guidance to underwriters on insurance premiums. The JWC expanded its reporting requirements for the Black Sea to include the entire Black Sea area this week. "The coastal waters of Russia, Ukraine, and the Baltic States were already listed," Neil Roberts said in a note that accompanied the advisory on Thursday. Roberts is the head of marine and aviation at the LMA, and the secretary of the Joint War Committee. "However voyages in the territorial waters of neighboring countries still do not require notification." In recent weeks, war risk premiums have risen dramatically as a result of the attacks on dozens of ships in the Black Sea.
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The small English club Oxford Utd apologizes for the 'United 93 clothing line'
Oxford United, a third-tier English club, has withdrawn its clothing line featuring the slogan "United 93%" and apologized for not knowing 'its historical context. United 93 is the callsign of one of the hijacked passenger jets in the 9/11 Al Qaeda attack on the United States. The merchandise was meant to be a nod to the club's founding date of 1893. A club statement stated that the range was released "without an understanding of its historical context and associated associations." "It should not have been sold and we take full responsibility for failing to do proper due diligence. We have immediately removed the collection and are reviewing our processes to make sure that nothing similar happens again. We would like to record our'sincere apologies' for this mistake and any?offence that may have been caused. After being hijacked by terrorists on September 11, 2001, United Airlines Flight 93 crashed into rural Pennsylvania in Shanksville. All 44 passengers and crew were killed. The 2006 documentary "United 93" chronicled the tragic events of the plane's flight towards the US Capitol Building.
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Malaysian regulator will ask publicly traded firms to submit El Nino plans and is looking for deeper Middle East relations
Malaysia's Securities Commission will ask companies how they are preparing for El Nino, as it is concerned that businesses in the country may not be prepared for its effects. Forecasters warn of a super El Nino that could bring heat and drought to Southeast Asia. Conditions that are hotter and drier can affect crop yields, straining water supplies. This poses a risk to Malaysia's palm oil industry. "We are going to write to all major companies and ask: What is your El Nino Plan?" Mohammad Faiz said in an interview during an investor roadshow held in the UK. "And we'll then?have a conversation with them next to see if it worked or failed." Since a while, a number of regulators have required that companies disclose information about climate and weather impact. However, requests for specific events are typically not made public, even when they're made. Mohammad Faiz stated that the initiative will test whether climate-risk disclosures by companies translate into effective preparation. He argued many firms have not "seriously" considered how they would deal with drought, because Malaysia has historically abundant water resources. Separately he stated that the commission was?exploring closer ties with regulatory?in the Middle East in order to deepen Islamic financial links and channel more funds into Southeast Asia. In a first step regulators will examine the differences between how different jurisdictions classify stock as being compliant with Islamic Law, or Sharia. In July, Malaysia's Securities Commission signed an agreement that allows companies seeking dual listing to use one prospectus and a set of submission documents starting this month. Mohammad Faiz stated that Sarawak Energy is one of the IPO candidates which the commission encourages to consider a dual listing in order to achieve a higher valuation. He claimed that the company could reach a market valuation of $10 billion. Sarawak Energy didn't?respond to an?request for comments outside of office hours. Mohammad Faiz, when asked if AirAsia is on the regulator's watch list, said that he "neither confirmed nor denied" this. He added that the government has hired?consultants who will review the carrier's financials, though he wasn't aware of any plans to?takeover. AirAsia has not responded to a request for a comment. Tony Fernandes, AirAsia co-founder, said that the company had not been in contact with the government and that they did not require any bailout or rescue. Mohammad Faiz, speaking of the plans for the stock exchange, said that the government planned to increase the capitalisation of Bursa to 6.3 trillion Ringgit ($1.55 trillion), from the current 4.5 trillion Ringgit.
What is the concern with Cathay Pacific's A350 Rolls-Royce engines?
Hong Kong's Cathay Pacific Airways stated on Tuesday it had checked its whole Plane A350 fleet after the inflight failure of a part in an engine that is made by British manufacturer RollsRoyce .
WHAT OCCURRED ON THE FLIGHT?
An issue unfolded several minutes after take-off on flight CX383 from Hong Kong to Zurich on Monday, according to flight tracking service FlightRadar24. A source knowledgeable about the matter said a leak in a fuel system appeared to have triggered a short engine fire that was rapidly extinguished by the team of the Zurich-bound jet.
The five-year-old A350-1000 airplane carried out 2 broad circles and disposed fuel over the sea before going back to Hong Kong where it landed safely about 75 minutes after its departure.
WHY DID THE A350 ENGINE FAIL?
Cathay Pacific has not specified which engine component stopped working in that specific flight, however the provider said it was the very first of its type to suffer such failure on any A350 airplane worldwide.
After inspecting the fleet it said it discovered engine fuel lines that needed replacement in 15 A350s.
The source stated the occurrence involved a leak in a system designed to inject fuel to the XWB-97 engine, the Rolls-Royce design used on the A350-1000.
The system comprises a pipeline that feeds fuel from an entry point or manifold to a nozzle that sprays fuel into the combustion chamber, the hot inner core of the engine.
Sources stated partly burnt parts were being evaluated at Rolls-Royce facilities on behalf of Hong Kong detectives, but that no leakages had actually been discovered up until now in other engines.
HOW MANY KINDS OF A350S ARE THERE?
The Plane A350 is a twin-aisle long-haul airplane that can carry in between 300 and 480 travelers. It comes in two sizes: the A350-900 and the larger A350-1000, both powered solely by Rolls-Royce engines.
WHAT ENGINE DOES THE A350 USE?
The A350-1000 and the A350 freighter usage Trent XWB-97 engines, Rolls-Royce's biggest civil jet engine.
The more popular A350-900 utilizes its Trent XWB-84 engines.
ARE ALL A350 ENGINES IMPACTED?
Cathay Pacific stated the incident took place on one of its 18 A350-1000 planes. It has actually since determined 15 airplane with engine parts that require replacement and six have currently gone through repair work, it said, without defining which designs.
Rolls-Royce on Tuesday noted the replacement might take location while the engine remained on-wing. It likewise said it was dedicated to working closely with Cathay Pacific, Jet and authorities performing an examination of the incident.
There were no immediate signs the incident would activate substantial regulative action including all A350s, according to the source knowledgeable about the matter.
HOW MANY A350 AIRPLANE COULD BE IMPACTED?
There are 88 A350-1000 jets in operation worldwide, according to Swiss aviation intelligence supplier ch-aviation.
The top six operators are Qatar Airways with 24 airplanes, British Airways with 18, Cathay Pacific with 18, Virgin Atlantic with 12 and Etihad Airways and Japan Airlines (JAL). with 5 each.
There are 520 A350-900s in operation worldwide, ch-aviation. information revealed.
Broker Jefferies said in a note to customers on Monday that. 234 XWB-97 engines had been delivered to consumers by the end of. June.
WHICH CATHAY PACIFIC FLIGHTS HAVE BEEN CANCELLED?
Cathay Pacific said on Wednesday it had actually cancelled 45 return. flights on mainly local Asian paths this week and all A350s. would be functional by Saturday.
WHAT ARE OTHER AIRLINE COMPANIES WITH A350S DOING? JAL, which has five A350-1000s that are all less than a year. old, said it has actually conducted its own engine assessments. By. Tuesday, three had actually been inspected and discovered to be safe, the. provider said, with the two others due to be checked on. Wednesday.
Qatar Airways, the largest A350-1000 operator, said the. problem had no impact on its airplanes and it continues to keep track of. advancements. Singapore Airlines stated it was inspecting its A350-900 engines. as a safety measure but there would be no influence on flights. It does. not have any A350-1000s.
Taiwan's Starlux, which has 6 A350-900s said: Out of. care, we have called Rolls-Royce, the engine maker,. and are awaiting a main reply.. Taiwan's China Airlines, which likewise operates 15. A350-900s however no A350-1000s, stated its fleet did not use the. impacted engines, so its operations would not be affected.
Air China, a significant A350-900 operator, will carry out basic. engine checks, Chinese media reported. Air China did not respond. to a request for comment.
(source: Reuters)