Latest News
-
Trump announces China will buy 200 Boeing jets. Order could reach 750
The United States has confirmed that China will buy '200 Boeing jets. This order could grow to '750 planes. Donald Trump told reporters Friday that the planes will have General Electric engines. Trump told reporters that the deal included "approximately 200 planes, and a guarantee of up to 775 if they perform well". The deal was not made public immediately. It is unclear which type of jets will be ordered and when they will arrive. If finalized, the orders would be Boeing's largest Chinese deal in almost a decade. The U.S. aircraft manufacturer had been largely excluded from the second-largest market for aviation due to trade tensions between Beijing and Washington. The shares of the U.S. aircraft manufacturer had fallen?nearly 4 percent on Thursday, after Trump told Fox News Channel China had agreed that they would buy 200 jets. This figure was far below what analysts had expected. In premarket trading, they were down a little over 1% on Friday. Sources said that an order of roughly 500 jets would be 'under discussion' before the meeting between Trump & Xi Jinping. If it happens, an order for more than 500 jets would be the biggest in aviation history. Boeing CEO 'Kelly Ortberg' and GE Aerospace Chief Executive Larry Culp are among the American executives that accompanied Trump to China with hopes of clinching a deal or resolving a business dispute. Trump would also benefit from the deal, as his aggressive tariffs and other trade policies have failed to reduce the U.S.'s large trade deficit.
-
Airline cancellations in response to Middle East conflict
Middle Eastern carriers increased capacity following the Iran War, and airlines outside the Gulf have rerouted flights between Europe & Asia away from major hubs within the region. The latest flight information is listed below alphabetically. AEGEAN AIRLINES On May 21, Greece's largest airline will resume flights from Heraklion to Tel Aviv, Rhodes and Larnaca. Thessaloniki-Tel Aviv flights are cancelled up until June 26. Flights to Riyadh, Amman and Erbil will resume on May 21. Flights to Dubai will be cancelled until June 29. Erbil, Baghdad and Baghdad flights are also cancelled until July 2. AEROFLOT The Russian flag carrier announced that it will?resume? flights to the United Arab Emirates as of June 1. AIRBALTIC AirBaltic, a Latvian airline, has announced that flights to Tel Aviv are cancelled until the 28th of June. Dubai flights are cancelled until 24 October. AIR CANADA The Canadian carrier has canceled flights to Tel Aviv, Dubai and Abu Dhabi until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv from June 9 until now. AIR FRANCE-KLM Air France has suspended flights to Riyadh, Riyadh and Beirut until May 27, and Tel Aviv and Dubai until May 19 KLM suspends flights to Riyadh Dammam, and Dubai until 28 June. CATHAY PACIFIC Hong Kong Airlines has suspended all flights to Dubai, Riyadh and cargo services until May 31, and until June 30, respectively. The airline plans to operate all scheduled flight beyond June. The U.S. carrier plans to resume New York JFK-Tel Aviv flights from September 6 and has extended the suspension of service for Atlanta-Tel Aviv until November 30. The airline said that the launch of its Boston-Tel Aviv flight, scheduled for late October, has been postponed until further notice. EL AL ISRAEL AIRLINES All flights to Dubai have been cancelled until 31 May. FINNAIR Finnair has cancelled all Doha flights up until July 2 and is continuing to avoid the airspace over Iraq, Iran Syria, and Israel. The airline will not resume Dubai flights until October. British Airways, owned by IAG, will reduce flights to the Middle East once services resume. Jeddah is no longer a destination. From July 1, it plans to reduce the number of flights to Dubai, Doha, and Tel Aviv from two daily flights to just one. Riyadh will be reduced from two daily flights down to just one starting in mid-May. The changes will be in effect until the end of the summer season on October 24. One Dubai service will restart on?October 16 Iberia Express, the Spanish low-cost carrier of IAG, has cancelled all flights to Tel Aviv until May 31. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until June 30, and Doha-Tokyo until July 1. The Polish airline has suspended flights from Tel Aviv to June 12. The airline also cancelled flights from March 31 until June 27 to Beirut and Riyadh. LOT will operate its winter route from Dubai to Riyadh in October. LUFTHANSA GROUP Austrian Airlines plans to restart flights to Tel Aviv on June 1. SWISS, ITA Airways, and Lufthansa plan to resume flights in July. Brussels Airlines suspended its operations until October 24, ITA Airways, SWISS and Lufthansa will continue to suspend their flights to Dubai through September 13. Lufthansa has suspended flights to Abu Dhabi, Amman and Beirut. SWISS has also suspended flights to Dammam and Riyadh. Erbil, Muscat, and Tehran have been suspended until October 24. Eurowings, a low-cost airline, has suspended its flights to Tel Aviv and Beirut until July 9, Erbil and Dubai until June 22, and Amman and Abu Dhabi until October 24. ITA Airways has also extended its suspension of flights to Riyadh until June 30. MALAYSIA AIRLINES From June 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR The low-cost carrier has delayed the launch of its Tel Aviv?and Beirut'services until June 15 PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq Kuwait, Bahrain, Dammam Riyadh Abu Dhabi Sharjah until June 1. QANTAS, Australia's flag-carrier, is increasing flights to Rome and Paris in response to a surge in demand for European destinations. The number of flights to Paris is increasing from three to five per week. Perth-Singapore will also increase from daily service to 10 per week. A new schedule will be implemented gradually for flights starting in mid-April. It will run through late July. QATAR AIRWAYS On May 13, the Qatari airline announced that it would resume operations in Abu Dhabi. The airline will also expand its international flight network from June 16 to include more than 150 destinations. ROYAL MAROC Moroccan airline said that flights to Doha and Dubai were cancelled until the end of June. SINGAPORE Airlines In response to increased demand, the carrier has extended its Singapore-Dubai flight suspension until August 2. It also added services on Singapore-London Gatwick (late March) and Singapore-Melbourne (late March-October 24). TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights until June 30, including to Dubai, Bahrain and Erbil. WIZZ AIR Low-cost airlines will resume their flights to Tel Aviv from May 28, but flights to Dubai and Abu Dhabi, as well as flights to Amman in Jordan remain suspended until the middle of September. All flights to Medina have been suspended permanently. (Compiled by Josephine Mason and Jamie Freed. Elviira Loma, Tiago Branao, Agnieszka Olenka, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani, and Bernadette Hogg. Matt Scuffham and Alexander Smith edited by Susan Fenton, Milla Nissi, Milla Nissi, Milla Nissi, Milla Nissi, Milla Nissi-Prussak.
-
Shipping data shows that a fourth Malaysian-linked vessel transits the Strait of Hormuz.
LSEG shipping data revealed on 'Friday that a support vessel belonging to Malaysian firm 'Vantris Energy (formerly Sapura Energy) passed through the Strait of Hormuz. This is the fourth'ship associated with the country to -transit this waterway since the U.S.Iran War began. Two people with knowledge of the situation said that the Sapura 1200 was one of seven ships for which the Malaysian government sought permission from Iran in order to open the Strait. The strait has been largely closed since the conflict began in late February, disrupting global energy supply, they added. LSEG data revealed that the ship entered the Muscat port after passing through the strait and hewing near the Iranian coast. Anwar Ibrahim, Malaysia's prime minister, said that after holding talks with Iranian officials in March,?Iran will allow Malaysian ships to pass through the Strait. Authorities have said that the ships Malaysia has asked to be cleared include those belonging to Vantris, shipping company MISC Berhad, and the state energy firm Petronas . Serifos (a Liberian flagged Very Large Crude Carrier) that exited April 10th, was also cleared as a ship linked to Malaysia. The tanker that was loaded with crude oil from Saudi Arabia and United Arab Emirates early in March discharged its cargo on Malaysia's Malacca Port on April 30. Ocean Thunder, a VLCC loaded with 'Iraqi Crude' and chartered by an unit of Petronas passed through the Strait on April 5, and discharged 1 million barrels Basrah heavy crude in Malaysia on April 18 at a port called 'Pengerang. The third vessel Mihzem carrying Qatari LNG and managed by a?MISC unit crossed the waterway on Tuesday. It is the second vessel to carry this cargo under an agreement involving Iran, Pakistan and Iran. According to sources and shipping data, two other MISC vessels remain in the Gulf. (Reporting and editing by Ros Russell. Editing by Rozanna latiff)
-
South Korea's KFA purchases approximately 55,000 tons corn, traders claim
The Korea Feed Association in South Korea bought an estimated 55,000 tons of animal feed corn from South America at an international auction held on Friday, which sought up to 69,000 tonnes. The KFA Busan section purchased it in one shipment for arrival in South Korea on or around August 30, at an estimated cost of $276.42 per ton, including freight (c&f), plus a $1.50 surcharge per ton for port unloading. Trading house?ETG was suspected to be the seller. Further estimates of prices and volume are still possible. If you are sourcing from the U.S. Pacific Northwest Coast, the shipment will be between July 22 and August 10. From the U.S. Gulf region between July 2 to July 21, or South America between June 27 and July 16, or South Africa between July 12, and?July 31, Major Feedmill Group of South Korea also purchased approximately 66,000 tons of animal feed corn at an international tender held on Tuesday. Traders say importers delayed purchases over the past few weeks, 'hoping that a 'U.S. peace agreement with Iran would?push commodity prices down. But some have now resumed purchasing as a deal is still elusive.
-
Data from industry sources show that Russian seaborne oil products exports dropped in April due to drone attacks.
Data from industry sources and calculations showed that Russia's seaborne product exports fell by 9.8% from one month to the next and 17% compared to a year earlier, reaching 7.77 million metric tonnes, according to a report released on Friday. This was as Ukrainian drones attacked ports and refineries. Kyiv intensified its attacks to disrupt Moscow's ability of financing the Ukraine War, forcing 700,000 barrels a day of Russian crude processing capacity off-line between January and April. The April export of oil products dropped to its lowest level since November 20,25 when two major Black Sea ports, Tuapse & Novorossiysk, halted fuel deliveries following drone attacks. Late March, drone strikes in the Baltic ports Primorsk & Ust-Luga ignited fuel tanks. Port terminals could not handle oil product shipments as a result. Data from industry sources shows that April exports of oil products from Russia's Baltic port -- Primorsk Vysotsk St. Petersburg Ust-Luga -- dropped by 31.4% compared to the previous month, falling to 3.32 millions tons. The data revealed that fuel loadings via the Black Sea and Azov sea ports increased by a combined?20.3% in March, to reach 3.65 million tonnes, as traders rerouted some fuel flows away from the Baltic ports. The oil product exports from Murmansk, Arkhangelsk, and the Arctic ports increased to 104,300 tonnes in April, from 80,100 tons in April of last year. The data also showed that fuel export?loadings in Russia's Far East port increased last month by 5.6% on a month-on month basis to 698,000 tonnes.
-
UAE accelerates oil pipeline project to bypass Hormuz
Abu Dhabi Media Office announced on Friday that the United Arab Emirates (UAE) will accelerate the construction of a new pipeline to double their export capacity through Fujairah. This will allow them to bypass the Strait of Hormuz. ADMO reported that during a meeting of the executive committee, Abu Dhabi Crown prince?Sheikh Khaled Bin Mohamed bin Zayed?directed the Abu Dhabi National Oil Company to speed up the West-East Pipeline Project. The pipeline is currently under construction and is expected to begin operating in 2027. The original timeline of the project was not disclosed. The UAE's Abu Dhabi Crude Oil Pipeline (ADCOP), or the Habshan-Fujairah pipe, is capable of carrying up to 1.8 millions barrels of oil per day. This has proven crucial to the country as it seeks to maximize direct exports along the Gulf of Oman coastline. The UAE and Saudi Arabia have the only Gulf producers that export crude oil outside of the Strait of Hormuz. Oman, on the other hand, has a large coastline along the Gulf of Oman. The 'narrow waterway' between Iran and Oman has been effectively closed by Iran as a response to the U.S. and Israeli air and naval campaigns that began on 28 February. This cut off about a fifth of global oil supplies which normally flow into Asia. Kuwait, Iraq and Bahrain are almost entirely reliant on this strait to ship their goods. The disruption in energy supplies has caused the prices to rise, prompting governments to ration fuel. This has led to fears of an economic slowdown as inflation increases. Reporting by Yousef SABA, Ahmed Elimam, and Jana Choukeir. David Goodman and Mark Potter edited the story.
-
Wall Street Journal, May 15,
These are the most popular stories in the Wall Street Journal. The?Wall Street Journal has not verified the accuracy of these stories. The automaker announced on Friday that it had signed a deal with its long-time Chinese partner Dongfeng to produce Peugeot and Jeep vehicles in China, both for the Chinese market and export. AT&T, T-Mobile US and Verizon Communications have teamed up to improve coverage?and connectivity?in remote areas across the United States. Satellite operator Iridium Communications agreed to fully control the?Aireon Joint Venture,?bet it can grow this air data provider business into a larger one. Boeing and Toyota each donated $1 million to fund a reality television show featuring Transportation Secretary Sean Duffy?and his family on a trip. Luxury group LVMH agreed to sell fashion brand Marc Jacobs?to a 'joint venture' between brand manager WHP Global, and apparel company G-III Apparel Group. The joint venture will raise up to $850m to 'fund the deal. The Republican-led Senate Banking Committee advanced on Thursday a long-awaited bill that would 'create regulations for cryptocurrency - a landmark step for the legislation which had been bogged down in a dispute between banks and crypto companies.
-
NEWSMAKER-Manchester's 'King of the North' Andy Burnham seeks UK conquest
The bright yellow buses that crisscross Greater Manchester are cheaper, more reliable, and now under the control of the public after decades of privatisation. This is exactly what Andy Burnham claims he can do for Britain. Burnham's Manchesterism is demonstrated in the Bee Network launched by 2023 to standardise tram and bus services, fares and schedules. Burnham, known, not in a serious way, as "King North", said he will seek to contest the parliamentary seat that becomes vacant following a colleague's resignation, possibly paving the path for him to challenge Keir starmer, the Prime Minister, for the leadership. Investors were concerned that Burnham’s “business-friendly socialism” would lead to increased borrowing and spending. Burnham, 56 years old, spent the past nine years as mayor of Greater Manchester in northern England, a city-region which competes with Birmingham to be Britain's second largest city. He gained a reputation as an outspoken opponent of London's dominance. Manchester's economy has grown faster than the nation's, despite new skyscrapers. He said that while he had made significant changes locally, he could not achieve much from the city hall. "Much larger change is required at a national scale if we are to make everyday life more affordable." It is for this reason that I am now asking the people to support my return to Parliament. BURNHAM ESPOUSES "MANCHESTERISM" Burnham's economic pitch relies on convincing bond investors who are sceptical that his plans will strengthen the public finances over the long term. His comment in the New Statesman of last year that Britain "had to get past this thing of being obligated to the bond market" was widely viewed as a mistake. Finance Minister Rachel Reeves took it up, stressing the importance of the bond markets. Burnham said in January that his remarks were misrepresented and he wasn't naive. He said that the "low-growth loop" was not working for investors and his approach would reduce the state's costs. In September, he told the Telegraph that he wanted to raise taxes on expensive homes and high earners. He also said a borrowing of 40 billion pounds ($54billion) would be used to build council housing and reduce income tax for lower earners. Burnham says that years of privatisation have led to an inefficient economy, and has stripped the government of its control over costs and services. Burnham cites the lack of social housing in the UK as an example, with the state having to pay large amounts of money for benefits that go to private landlords. He uses the same logic in utilities and transportation, arguing that investors can be convinced that regaining control of the state's costs base is safer than subsidising its consequences forever. Burnham said: "We have to create a new political system in the country, just as we did in Greater Manchester." "Support the long-term investment in housing, and other utilities, so that we can start to reduce our costs and help more people get back into work." Gordon Shannon, partner at TwentyFour Investments, which manages fixed income assets worth 23.5 billion pounds (32 billion dollars), estimated that a Burnham Economic Prospectus would require an additional 50 billion pounds of borrowing. Investors may find it difficult to accept this. LABOUR VETERAN DISGROUNDED WITH WESTMINSTER Burnham, born in suburban Liverpool, was raised in?Culcheth a village located between Liverpool and Manchester. Burnham dabbled in journalism before working for trade unions. He became a consultant to Tony Blair's Government in the late 90s. He was elected to the parliament in 2001 and rose through to ministerial positions, including Health Secretary under Gordon Brown. He left parliament in 2017 after unsuccessful attempts to win the Labour leadership in 2010, 2015 and saying that he was disillusioned by Westminster. He is now ranked among the most popular politicians in Britain. To return to Parliament, he will need to first be selected by Starmer's Labour Party. He then has to face off a likely challenge from Nigel Farage and Reform UK. Then he would be in a better position to compete with Starmer and bring his Manchester model to the national stage. ($1 = 0.7444 pound) (Editing done by Kate Holton & Ros Russell)
Area companies outline new European satellite venture to handle Starlink
Europe's Airbus, Thales and Leonardo are checking out plans to set up a new joint space company as they aim to compete with Elon Musk's Starlink.
Task Bromo, called after an Indonesian volcano, imagines a standalone European satellite champion designed on rocket maker MBDA, which is owned by Jet, Leonardo and BAE Systems, three people acquainted with the matter stated.
Previously, Europe's leading satellite makers have actually stated only that they are taking a look at working together to create higher scale in a sector spoiled by heavy losses, as the quick development of Elon Musk's Starlink network controls low Earth orbit.
But although still at an early stage, talks have progressed far enough to earn a code-name inside Jet and a preferred structure with a new business combining satellite assets, rather than one partner purchasing properties from the rest, individuals said.
Leonardo CEO Roberto Cingolani told Reuters the talks involved various technical conversations, and verified the desired structure would be based upon the MBDA model.
That's the one, it is tough that it can be anything else, he said on the sidelines of an event in Rome.
Airplane and Thales declined to comment.
The merger proposals are different from task cuts to be outlined by Airplane this week and might take years to execute, one source stated.
However together, they represent a multi-speed effort to bring Europe's struggling space sector into shape to face difficult competition.
(source: Reuters)