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Andy Burnham, the 'King' of the North in Manchester, wants to conquer Britain
Bright yellow buses, crisscrossing Greater Manchester and cheaper, more reliable after decades of privatisation are a perfect example of the economic vision Andy Burnham claims he can deliver to Britain. Burnham's "Manchesterism", which aims to standardise tram and bus services in 2023, is a proof of concept for Burnham. By reasserting control over public services and costs the state can provide more with less. Burnham, known, not entirely seriously, as "King" of the North, said on Thursday that he will seek to contest the vacancy created by a colleague who decided to step down. This could pave the way for him to challenge Keir starmer, the Prime Minister, to 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, the city-region that competes with Birmingham to be Britain's second largest city. He gained a reputation for being an outspoken critic against?London dominance. Manchester's economy has grown faster than the nation's, despite new skyscrapers. He stated on Thursday that he could only do so much from the city hall. "Much larger changes are needed at a broader national level to make everyday life more affordable." It is for this reason that I am now asking people to?support me in my return to Parliament." BURNHAM ENDORSES "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 about being in debt to the bond market" was widely viewed as a mistake. Finance Minister Rachel Reeves took it up, stressing "the reality" of the importance of the bond market. Burnham said in January that his remarks had been misrepresented, and that 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 lower income earners could get tax breaks. Burnham says that years of privatisation have left the government with no control over costs and services. Burnham cites the lack of social housing in the UK as an example. The state is forced to pay large amounts in benefits which are then paid out 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 United States, just as we did in Greater Manchester." "Support the long-term investment in housing and other utilities so that we can begin to 'lower our costs and help more people get back into the workforce." Gordon Shannon, partner at TwentyFour Investments, which manages assets worth 23.5 billion pounds (32 billion dollars) in fixed income, estimated that a Burnham Economic Prospectus would require an additional 50 billion pounds to be borrowed. Investors may find it difficult to accept this. LABOUR VETERAN DISGRACED 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 or 2015. He said 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 defeat Nigel Farage and Reform UK's expected challenge. 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)
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US jury awards $49.5 Million to family of Boeing 737 MAX crash victims
A Chicago jury awarded $49.5 Million to the family of a woman killed in the crash of Ethiopian Airlines Boeing 737 MAX in March '2019. The jury awarded the family of Samya stumo $21 million on Wednesday for her experience during the fatal flight. They also received $16.5 million to compensate for their loss of companionship, and $12 million as compensation for their grief. This is the second verdict resulting from the fatal crash. A jury in November ordered Boeing to pay over $28 million to a family of an?United Nations environment worker who died in the 2019 crash. Boeing was hit with dozens of lawsuits following?fatal 737 MAX crash in Indonesia and Ethiopia that killed 346 people in 2018 and 2019. Stumo, a 24-year-old, worked for the nonprofit ThinkWell and was a traveler on a flight from Ethiopia to Nairobi in Kenya. Boeing didn't contest liability and punitive damage claims were dismissed against executives of the company and?the manufacturers of plane components. The lawyers for the Stumo family want to have an appeals court reinstate punitive damages claims. The U.S. aircraft manufacturer has settled over 90% of the civil lawsuits relating to the two accidents. It paid out billions in compensation via lawsuits, non-prosecution agreements and other payments. Boeing stated on Thursday that "while we have settled?nearly?all of these claims by settlement, families are entitled?to pursue their claims in court, and we respect their rights to do so." A U.S. court of appeals upheld in March a ruling approving a Justice Department decision dismissing a criminal case filed against Boeing. This allowed the planemaker's avoid prosecution for a charge arising from the two 737 MAX crash. Boeing agreed to plead guilty to a criminal conspiracy charge in 2024. In May 2025, after President Donald Trump assumed office, the DOJ changed course and dropped its?demand for guilty plea. Boeing has agreed to pay $444.5 in addition to the $243.6 million fine, as well as $455 million for the improvement of the company's safety and compliance programs.
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If oil prices remain high, the CEO of Ryanair says that profit could be a little under pressure.
Michael O'Leary, CEO of Ryanair, said that the airline does not expect any disruptions in jet fuel supplies this summer. However its profits may be "a little bit under pressure" if oil prices continue to rise. O'Leary, the CEO of Europe's biggest airline by passenger numbers, said that he does not anticipate having to cancel any flights in this summer, but continues to reduce fares to "boost" demand, as some customers are hesitant to book holidays. "Our profits could be impacted for the next year if oil prices continue to rise," O'Leary said at a press conference on Thursday, ahead of Monday's results. O'Leary had said that there was no danger of jet fuel shortages for Europe before the end of June due to the Middle East conflict. But on Thursday, he said that this would continue throughout the summer because he believed that the war will'soon' end. O'Leary stated that he didn't expect a price war to occur in Europe this summer, as some of the rivals are cutting capacity or growing slower than expected. He said, "Close-in bookings (last minute bookings) are strong, and the pricing is good, but we have to?open up a bit in order to encourage bookings three or four months ahead." There's hesitation everywhere. Many people are still unsure. When you travel in June or?July, can?I do long-haul? Will Gulf carriers be operating again? Were we to stay in Portugal, Spain or... "There is a little of that." (Reporting and editing by Ros Russell and Kirsten Donovan.
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Andy Home: The ROI-Sulfur squeeze puts more pressure on the Indonesian nickel industry
The soaring sulfur prices caused by the closure of the Strait of Hormuz are beginning to affect?Indonesia’s huge nickel sector. The Gulf is a major input to the world's biggest producer of battery metal. The sulfur squeeze is a new addition to the Indonesian government’s mix of measures to control its nickel production sector. The explosive growth of the country's production flooded the world market, and prices fell?throughout?2024-2025. This month, the prospect of lower Indonesian production and a corresponding change in market balance lifted London Metal Exchange nickel to its highest levels since two years. WAR AND POLITICS The Iran War has significantly reduced the flow of sulfur out of the Gulf. This accounts for about a quarter or the global supply. 75 % of Indonesia's sulfur imports come from the region. Sulfuric acid is produced from sulfur to be used by nickel processing plants that use high-pressure acid leach. The plants produce a mixed hydroxide precipitation, an intermediate product that is used in the battery industry. The HPAL plants in Indonesia are growing rapidly. The 450,000 metric tons of production last year represented more than 10% of the global production. Macquarie Bank estimates that another 100,000 tons of capacity will be added this year. It was about to ignite. HPAL operators have already been forced to reduce production due to the sulfur crunch. Zhejiang Huayou Cobalt halted the operation of half its capacity. Even existing operators are struggling to maintain their run-rates. The'sulfurous fallout' of the war has compounded impact on tighter mine production quotas, and changes in the government's Minimum Selling Price for Nickel Ore. Macquarie Bank says that the quotas for this year of 260 to 270 millions tons are far below the smelter's requirements, but on paper, they're enough to wipe out any expected surplus. HPAL producers will see their costs increase by over $3,000 per ton due to the new ore pricing formula. The bank estimates that break-even prices have risen to $18,000 per tonne when combined with rising sulfur prices. TIPPING POINT Analysts are beginning to adjust their expectations about how much Indonesia will produce in this year, and what it means for pricing. Last month, the International Nickel Study Group predicted that after three years of a massive surplus in supply, there will be a global deficit by 2026. The 32,000-ton forecast shortfall is small compared to the 283,000-ton excess calculated last year. It is a significant revision to the Group's forecast in October of a large 261,000-ton excess. The Group lowered its demand growth forecast for 2026 from 6.2% to just 4.2%. Global production is forecast to fall by 4.3%, as Indonesian growth slows or reverses. The forecasts released on April 22 do not explicitly mention the impact of a possible sulfur squeeze. Few expected the Strait of Hormuz would remain closed so long. RECOVERY Nickel prices are responding to a combination of increasing costs and possible reduced production in the country that accounts for 60% global supply. LME nickel for three months broke through its previous range of below $16,000 per tonne in December, as the market began to focus on Indonesia's planned reduction in production quotas. Last week it reached a two-year high at $20,000 per tonne and this week is hovering around $19,000, an increase of 14.5% from the beginning of 2026. Over the same period, investment funds have built up long positions. The collective bets on higher prices amount to 35,750 contracts or?215,000 tonnes. This is still above the 2022 peak, but below the January peak. It is basically a wager that Indonesia will stop flooding the market. If it was?just an issue of government policy that could be a risky move. The mining quotas will be reviewed at the mid-year and may even be increased significantly. Both the quotas as well as the new formula for ore pricing have been met with considerable opposition. Chinese operators who dominate the sector have complained formally to Jakarta and warned that future investment is at risk. It is possible to tweak the policy further. Jakarta has no control, however, over the global sulfur availability. This is the biggest threat to the dominant nickel producer in the world. Andy Home is a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Black Sea CPC blend oil exports will fall to 1,45 million bpd, according to sources
Three industry sources say that the Caspian Pipeline Consortium plans to export around 1.45 million barrels per day of CPC Blend crude oil in June, down from 1.8 million barrels per day expected in May, due to planned maintenance at Kazakhstan's giant Kashagan oilfield. Calculations show that June loadings will be 17% lower daily than May. This is a significant drop from the multi-month peak of May. CPC does NOT comment on operational shipment statistics. Sources claim that maintenance on the Kashagan oil field, with a capacity of 0.4 million barrels per day, will begin in early June. It may continue for more than 30 days and reduce Kazakhstan's total oil production and exports. Sources?said that the volume of CPC blend supply in June will also depend on the amount of Russian crude fed into pipeline. Sources claim that Novatek, a Russian company, has been forced by drone attacks to redirect gas condensate into the CPC after the processing plant at Ust-Luga which processes light crude was attacked. After Russia stopped transiting?of Kazakh crude oil to Germany via Druzhba from May 1, additional volumes could reach the CPC. Sources?said that the Kazakh crude volumes will be redirected via other routes to the port of Ust-Luga, and to CPC. According to data from? data. High outright prices, firm CPC blend premiums and weak Asian demand have caused an overhang. They added that shipments to 'Asia' dropped sharply from April in May. CPC shareholders include:?Russia, Kazakhstan, U.S. Chevron, and a number of private companies.
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F2i confirms it will retain control of 2i Aeroporti following CDP stake deal
Italian investment fund F2i announced 'on Thursday that it will keep control of airport operator 2i Aeroporti, after state-backed investor CDP Equity signed a term sheet for a minority share. This was in response to media reports that this deal could result in a takeover. F2i stated that CDP Equity has'signed non-binding contracts for the potential purchase of an 8.9% stake in 2i Aeroporti which manages six airports, including Milan, Naples, and Turin. The deal will not change the control of the company. The Italian newspaper Il Sole 24 Ore had reported earlier Thursday that CDP Equity's acquisition of a minor stake would be the first step towards obtaining?control over 2i Aeroporti. The fund issued a statement in which it said, "F2i rejects the report." Asterion, a Spanish company, owns 49% of 2i Aeroporti while F2i owns 51%. * F2i announced late Wednesday that?CDP Equity will acquire a 0.9% stake in F2i, and an 8% from Asterion * According to the agreement, F2i would retain a 50.1% absolute majority in 2i Airporti (Reporting Anna Uras and editing by Alvise Armenlini and Matt Scuffham).
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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 and Asia to avoid major hubs within the region. The latest flight information is listed below alphabetically: AEGEAN AIRLINES On May 21, Greece's largest airline will resume its flights from Heraklion to Tel Aviv, as well as Rhodes and Larnaca. Thessaloniki-Tel Aviv flights are cancelled through June 26. Flights to Beirut resumed on May 12, and flights to Riyadh, Amman and Amman will begin on May 21. Flights from Dubai to Erbil, Baghdad and Dubai have been cancelled until June 29. AEROFLOT From June 1, the Russian flag carrier will resume flights to United Arab Emirates. 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 till May 31. 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 its flights to Dubai, Riyadh and cargo services to Dubai, Riyadh and Dubai until May 31, and the Hong Kong airline will continue to operate all scheduled flights beyond June. The airline plans to continue all scheduled flights after June. The U.S. carrier extended the suspension of service for the Atlanta-Tel Aviv routes through November 30, and plans to resume New York JFK-to-Tel Aviv flights starting September 6. The airline said that the launch of its Boston to Tel Aviv route was delayed until further notice. EL AL ISRAEL AIRLINES All flights to Dubai have been cancelled until 31 May. FINNAIR The Finnish carrier has cancelled all flights to Doha until July 2 and continues to avoid the airspaces of 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 and it will be permanently removed. 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's two daily flights will be reduced to one starting in mid-May. The changes will be in effect until the end of summer, which is October 24. One Dubai service will resume 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 has already suspended its operations until October 24, Lufthansa SWISS and ITA Airlines continue to suspend flights from Dubai until September 13. Flights to Abu Dhabi, Amman Beirut Dammam Riyadh Erbil Muscat Tehran have been suspended by SWISS, Austrian Airlines, and Brussels Airlines 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 till June 30. MALAYSIA AIRLINES From June 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier has delayed the launch of 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 national carrier has added flights to Rome, Paris and London to meet the increased demand for European destinations. The number of flights to Paris is increasing from three to five return flights per week. Perth-Singapore will also increase from a daily service to 10 weekly. A new schedule will be implemented gradually for flights starting in mid-April. It will run through late July. QATAR AIRWAYS The Qatari airline announced that it will resume operations in Abu Dhabi. It announced that it will expand its international flight network from June 16 to 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 the suspension of Singapore-Dubai flights until August 2. It will also add services on Singapore-London Gatwick as well as Singapore-Melbourne from late March to 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 Flights to Tel Aviv from Europe mainland will resume on 28 May, but flights to Dubai Abu Dhabi and Amman remain suspended until the middle of September. All flights to Medina are suspended permanently. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Oenska, Bernadette HOG, BoleslawLASOCKI, Romolo TOSIANI. Rod Nickel, Lisa Shumaker Jonathan Ananda Matt Scuffham Alexander Smith and Susan Fenton edited the book.
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Air India's annual loss exceeds $2 billion, according to shareholder results
According to the annual report of 'Air 'India's' 25% shareholder Singapore Airlines, Air 'India's' record loss was more than $2 billion for its fiscal year '2025-26'. India's second largest airline had been impacted by disruptions caused by the Iran War and Pakistan's ban against Indian carriers flying in its airspace. Singapore Airlines, who owns 25% of 'Air India', revealed in its annual report released on Thursday that the Indian group had suffered losses totaling 3.56 billion Singapore dollars or $2.80billion at current exchange rates for the year ending March. Singapore Airlines didn't specify the exchange rate that it used to calculate its loss. Air India had been expected to report a loss of $2.12 Billion. Air India, a company that is not listed on the Indian stock exchange and hasn't yet reported its earnings to local regulators in India, declined comment. The company's loss for 2024-25 was?39.75bn Indian rupees (about $415.09 million). This loss is a'major reversal' for the airline. It has had to reduce scores of international flights in recent months and this will affect its turnaround plans. Air India's flight reductions are a boon to foreign carriers, including Lufthansa and Cathay Pacific, according to a report on Thursday. (Reporting and editing by Joe Bavier and Kirsten Donovan; Abhijith Ganapavaram)
Trump claims that China has agreed to purchase 200 Boeing jets
Donald Trump, U.S. president, told Fox News Channel’s Sean Hannity that China had agreed to purchase 200?Boeing commercial jets. This is the first time in almost a decade that China has purchased U.S. made commercial jets.
Boeing shares dropped more than 4% following the?comments. The total was lower than the media reports that suggested that Boeing was close to a deal for 500 or more planes to China.
The White House didn't immediately respond to an inquiry about whether Trump was referring to all Boeing orders or just narrowbody or widebody aircraft. Boeing didn't?immediately reply to a comment request. U.S. Treasury secretary?Scott Bessent 'had earlier said that he was expecting an announcement regarding a large Boeing purchase during Trump's visit to Beijing during which he had?talks? with Chinese leader Xi Jinping.
Fox News reported that Trump said, referring Xi, "One thing he did today was to 'order 200 jets. Boeing?wanted to 150, and they got 200."
(source: Reuters)