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Canada's transport safety agency raises alarm over a record number of runway incidents
MONTREAL - October 15, The Transportation Safety Board of Canada raised new concerns on Wednesday about near-misses after the number of cases of runway incursions reached a record in Canada last year. This was despite there being no actual collisions. In its annual watchlist, the transport safety agency calls for better use of technology and infrastructure. Data from the air traffic service provider NAV Canada shows that runway incursions increased to 639 in 2018 from 566 by 2023. This is the highest number recorded in the 15-year period for which data is available. When an aircraft or vehicle lands or takes off on a runway that is not intended for it, this is called a runway incursion. In the past few years, several near-misses have raised concerns about aviation safety, especially in the United States, where the understaffed air traffic controls are a concern. Southwest Airlines was only 200 feet behind the business jet in February when the pilot of the commercial airline aborted his landing to avoid a collision. Recent high-profile runway accidents are increasing pressure on aviation authorities, who want to mandate cockpit alert systems that prevent incursions.
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Ardian and Finint Infrastrutture agree to jointly buy Venice's airport operator
Ardian, an investment firm, and Finint Infrastrutture, a company that manages assets in Italy, have agreed to acquire Milione Spa together, which is the holding company of Save, which operates several airports, including Venice Marco Polo. According to a source familiar with the transaction, the equity value for the company is approximately 1.2 billion euro ($1.4 billion). The value of the company increases to 2.1 billion euro when debt is included. Milione is controlled by DWS Infrastructure & Infravia Capital Partners. The two companies announced their partnership on Wednesday. It was "designed to support the growth of Save and (Italian North-East Airport System) as well as establish a strategic operator who would pursue new acquisitions in order to achieve an external growth strategy." Save operates a network including Venice, Verona and Treviso in northern Italy. It also holds a stake at Charleroi Airport in Belgium. Banca Finint, Goldman Sachs and Mediobanca acted as advisors for Ardian. Rothschild, Morgan Stanley and Infravia assisted DWS and Infravia.
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Minister: Ukraine talks about US LNG imports following Russian attacks on gas sector
Oleksii Sbolev, Ukraine's Economy Minister, said that the United States and Ukraine are in talks to import liquefied gas following Russian attacks on Ukraine's gas infrastructure. Sobolev, after a meeting in Washington, said that "we are looking at financing mechanisms to purchase American LNG and compressors" due to Russian attacks. He gave no more details. In recent weeks, Russia has increased its attacks on Ukraine's energy system. It is targeting both gas and power plants. Svitlana Svitlana Hrynchuk, Ukrainian Energy Minister, said last week Ukraine wants to increase its gas purchases by 30% after airstrikes against its gas infrastructure. In a statement made earlier this month, Naftogaz, Ukraine's national oil and gas company, said that his firm had purchased around 0.5 billion cubic metres of U.S. Liquefied Natural Gas, of which the majority had been delivered.
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Storms, drone strikes and record oil exports put pressure on Russian port Novorossiisk
Three market sources reported that the Black Sea port in Russia, Novorossiisk, has reached its export capacity limit. This leaves traders scrambling to find a new route for crude oil, which it is unable to refine at home and can only produce because of increased OPEC+ quotas. Organization of the Petroleum Exporting Countries (OPEC) and its allies have been easing up on output restrictions. In addition, Russia's refining facilities carried out record amounts of maintenance in August, and September. This was partly due to damage caused by Ukrainian drones. As a result, its ability to process crude oil domestically has been reduced, and it now exports more. RECORD EXPORTS & REFINERY OUTAGES Refinery failures pushed Russia's monthly exports to a new record of 2.5 million barrels. Sources and estimates claim that the exports of Urals, KEBCO, and Siberian Light crude through Transneft’s pipeline system reached 0.8m bpd, the highest in at least five-years. According to market sources, the preliminary plan for October indicates that crude shipments will be at least 0,73 million bpd through Novorossiisk. The Transneft System has virtually no spare capacity, according to a source from a Russian oil firm who spoke under condition of anonymity as he wasn't authorized to speak in public. Transneft, the Russian pipeline monopoly, declined to comment. Export plans may be revised upwards if drone attacks cause damage. In 2025, drones and unmanned boats have repeatedly disrupted Russia's oil infrastructure. Transneft, the trunk pipeline system of Transneft, as well as several refineries, have all been targeted. In the months to come, there is a greater risk of disruption as storms frequently occur in Novorossiisk, which can cause delays and impede loading, while the Turkish Straits can also be a problem. Since the beginning of the conflict in Ukraine in February 2022 Russia has lost several buyers for pipeline-delivered oil, including Germany and Poland. This has increased its dependence on seaborne products. Other options for Russia to export crude oil by sea are Primorsk, Ust-Luga, and Kozmino in the Pacific, but diverting away from the Black Sea oil hub, Novorossiisk can be technically difficult. Barbara Lewis (Reporting and editing)
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Air India is expanding its talks with up to 300 new aircraft, according to sources
Air India has been in discussions with Airbus and Boeing about adding more wide-body aircraft to its planned purchase of up to 300 aircraft. This is a sign that the turnaround for the Tata Group's Air India has accelerated. Sources say that the negotiations include 80 to 100 wide body jets in addition to 200 narrow body jets and 25-30 large-body aircraft previously reported. Airbus stated that it "does not comment on confidential conversations, which may or might not happen with customers." Air India and Boeing didn't immediately respond to requests for comments. Air India had been reported to be in negotiations with Airbus or Boeing in June for a massive new aircraft order, including 200 additional narrow-body planes. This deal will top up the mammoth 2023 deal. This was on top of the earlier discussion involving 25-30 wide body jets that reported in March. According to people familiar with this matter, under the latest plans, the airline is looking at adding up to 300 planes. There was no immediate indication of how many of the orders were options and not firm orders. One source said that the split of such a deal is not finalised. Air India is currently in talks to get over a Boeing 787 crash that occurred in June in Ahmedabad, India. The crash killed 260 people. Air India could replace its aging planes and improve its international reach by adding more wide-body aircraft to its fleet. (Aditi Sha Abhijith Gaapavaram Tim Hepher; Editing by Adityakalra and Kirsten Doovan)
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Archer Aviation buys Lilium's 300 patent portfolio for $21 Million, shares soar
Archer Aviation, a provider of air taxi services, announced on Wednesday that it had won the bid to purchase Lilium's patent portfolio of approximately 300 patents related to advanced air mobility for a total price tag 18 million euros (20.91 million dollars). This will expand its portfolio to more than 1,000 patents. In morning trading, shares of the San Jose-based California company rose by approximately 8.5%. The Lilium portfolio includes high-voltage system, battery management and advanced aircraft design. It also covers flight controls, electric motors, propellers and ducted fan technologies. In 2015, German air taxi maker Lilium invested over $1.5 billion into electric vertical takeoff-and-landing aircraft (eVTOL). However, the company filed for bankruptcy last year due to unresolved issues with its finances. Despite the fact that commercial launch is still many years off, the eVTOL sector continues to burn through money as companies seek new investments to maintain operations. Experts in the industry say that further consolidation is inevitable, as firms rush to gain regulatory approvals, strengthen supplier networks, and bring aircraft to market. This is driven by the demand for cleaner, faster urban transportation. Air taxi companies in the United States are expected to gain from Washington's efforts to accelerate deployment via executive orders and pilot program announced last week. ($1 = 0.8607 euros)
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Azerbaijani oil exports through BTC pipeline fell 5.1% year-on-year between January and September amid contamination
Azerbaijani figures released on Wednesday showed that the country's oil exports through the Baku-Tbilisi - Ceyhan pipeline dropped to 20.6 millions metric tons during the period January-September, a 5.1% drop from the previous year. In July, organic chloride contamination was found in Azeri BTC crude shipments. This caused several days of delays in loading from Turkey's BTC Ceyhan Terminal. The BTC pipeline is used by BP to export oil from its Azeri, Chirag, and Guneshli fields. Azerbaijan shipped 27.6 millions tons of oil in the first nine month of this year, with 74.5% of that going through the BTC. This is according to the statistics committee of the country. Data showed that the volume of transit oil imported from other countries such as Kazakhstan and Turkmenistan via the BTC dropped to 3,164 million tons, from 4.005 millions tons during the same period in 2024. Reporting by Nailia bagirova, Editing by Andrew Osborn
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CMA CGM, France's largest shipping company, places the first vessel order in India
CMA CGM, a French shipbuilder, announced on Tuesday the first ever order for Indian-built ships. The group said that India's emphasis on the development of its shipping infrastructure provided an opportunity to diversify their supply. CMA CGM said it signed a letter committing to build six LNG-powered vessels by Cochin Shipyard Limited. CMA CGM announced that the order will be carried out by South Korean shipbuilder HD Hyundai Heavy Industries, who will play a technical role. The vessels are smaller in size and have a container capacity of 1,700 each. They are expected to arrive between 2029-2031. India wants to increase its shipbuilding capacity and port capacity in order to reduce its dependence on foreign shipping companies. Mitsui O.S.K., Japan's second largest shipping company. Lines announced last month that it plans to build tankers for India by partnering with local companies. In an interview with India’s Economic Times, CMA CGM's CEO and Chairman Rodolphe Saade stated that the goal was to be able to rely on shipbuilding countries. India has proved to be a good example. China and South Korea are the two countries that dominate the commercial shipbuilding industry. China's dominant role is one of the tensions in the wider trade war between the United States and China. Washington and Beijing both imposed fees on vessels that had links to each other's country this week. CMA CGM also studies the possibility of vessels being built in the United States, as part of the investment commitments announced at the White House on March.
Take 5: Rate cuts and politics, state no more
It's a packed week ahead with U.S. inflation data, the start of Q3 earnings, a French budget and potentially a big rate cut from New Zealand.
Financiers are likewise on edge as Middle East tensions intensify, while Japan's new Prime Minister Shigeru Ishiba remains in the spotlight.
Here's all you need to learn about the week ahead in international markets from Lewis Krauskopf in New York City, Yoruk Bahceli in Amsterdam, Karin Strohecker and Amanda Cooper in London and Kevin Buckland in Tokyo.
1/ ONE YEAR OF WAR
One year on from Hamas' Oct. 7 attack on Israel and the region looks on the verge of a vast war that could potentially improve the oil-rich Middle East.
The conflict, which has actually eliminated more than 42,000 individuals, the vast majority in Gaza, is spreading. Israeli troops are now in neighbouring Lebanon, home to Iran-backed Hezbollah; Iran launched a large scale rocket attack on Israel previously this week.
International markets have actually remained broadly unfazed. Oil rates, the main channel for tremblings further afield, have jumped about 8% this week, however soft need and adequate supply worldwide have kept a cover on gains. A more escalation between Iran and Israel could alter that, specifically if Israel strikes Iran's. oil centers, a choice that U.S. President Joe Biden said was. under conversation.
The scars of the conflict are visible on Israel's economy,. which has suffered a number of sovereign downgrades and seen its. default insurance coverage spike and bonds slide.
2/ HECTIC TIMES
U.S. third-quarter profits season is about to kick into. equipment, posturing a test for a stock market near record highs and. trading at elevated valuations.
JPMorgan Chase, Wells Fargo and BlackRock. report on Friday. Other results earlier in the week. include PepsiCo and Delta Air Lines. S&P 500. companies in general are anticipated to have increased Q3 incomes by. 5.3% from a year previously, according to LSEG IBES.
Thursday's September U.S. customer price index, on the other hand,. will be carefully looked for indications that inflation is moderating.
Investors are currently expecting large rate cuts, after. the Federal Reserve started its easing cycle last month.
In other places, investors will look for to evaluate the economic fallout. from a dockworker strike as U.S. East Coast and Gulf Coast ports. resumed on Thursday.
3/ A RECKONING
France's brand-new government provides its long-awaited budget to. parliament on Thursday. It's preparing a 60-billion-euro. belt-tightening drive, around 2% of GDP, next year.
It reckons spending cuts and tax hikes must bring the. deficit, seen increasing to 6.1% this year in the most recent upward. modification, to 5% by end-2025. The target date for reaching the. euro zone's 3% deficit limitation is also being pushed back to 2029. from 2027.
That's bad news simply ahead of ranking evaluates starting. with Fitch next Friday.
Markets are not satisfied. Having actually reduced somewhat, the extra. premium France pays for its 10-year debt over Germany's broadened. back to just under 80 bps, near its greatest since August.
Eventually, what may matter more is whether Prime Minister. Michel Barnier can pass the budget plan, provided a divided parliament. that has investors questioning how long his government will. last.
4/ FEELING SHEEPISH
A reluctant joiner to international reducing, the Reserve Bank of. New Zealand is catching up quick.
It fulfills on Oct. 9 and traders reckon the central bank could. follow the Fed's example and cut rates by half a point.
The RBNZ cut rates by 25 bps to 5.25% in August, a year. ahead of its own projections.
Market values in a drop listed below 3% by end-2025. This will. still be above where traders believe U.S. and euro location rates will. be.
Shorter-term investors are neutral towards the kiwi, however. hedge funds have lapped it up this year.
Positioning and possibly higher rates than others might. insulate New Zealand's currency. So might the return of. so-called bring trades and in this case, basically a bearish. bank on the yen in favour of bullish ones on high-yielders such. as the kiwi.
5/ SURVEY POSITIONING
When Shigeru Ishiba shocked markets by winning the contest. to end up being Japan's prime minister, financiers hurried to. re-position themselves for higher rate of interest.
A week on and the landscape looks different, as Ishiba. back-flipped not just on monetary policy, but on prior. market-unfriendly assistance for higher corporate and capital gains. taxes.
It's possibly not surprising for a hawk to conceal his talons. with a snap election looming on Oct. 27.
Nevertheless, Ishiba was unabashedly blunt, stating after a. meeting with the Bank of Japan - whose self-reliance Ishiba has. vowed to honour - that the economy is not ready for even more. rate hikes.
The yen, which had actually been rising, moved previous 147 to a six-week. trough by Thursday. Japanese stocks rebounded from their. steepest slide considering that early August.
Check back in a month from now for any additional policy. flip-flops.
(source: Reuters)