Latest News
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Boeing's engine supply is sufficient for months, GE Aerospace says in response to GEnx delays concerns
GE Aerospace CEO Larry Culp pushed against Boeing's concerns that GEnx delivery delays could slow down the 787 production ramp up, citing a sharp rise in shipments. Culp said that GE delivered widebody engines at a 30% increase from a year ago in the second quarter, while GEnx shipments increased by "significantly" more. He claimed that GE has several'months'' worth of GEnx engine on site at Boeing’s factory in Charleston South Carolina. He said, "We don't believe we are pacing the deliveries in any way." Boeing CEO Kelly Ortberg said that the 'planemaker’s goal to increase 787 -production from eight aircraft a week to ten aircraft a week depends in part on GE resolving GEnx deliveries delays and easing restrictions involving premium seat certifications. Culp stated that GE will need to increase deliveries in order to keep up with Boeing's higher production rate. He said, "GE is supporting and will support the 787 ramp." "We are highly motivated. We are well aligned. It's a non-issue. "We will be with them at every stage." 80% of the 787s are powered by GE engines. This program is critical for the engine manufacturer as the demand for widebody planes increases internationally. Culp responded that GE will work closely with Boeing as the 787 production increases to'meet the requirements of Boeing. He said that the supply chain for civil engines had also turned a corner. However, deliveries will need to increase further in the second and next year. (Reporting and editing by Chizu Nomiyama, Emelia Sithole Matarise and Rajesh Kumar Singh)
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Freeport LNG, Texas will take in more natgas Thursday after closing on Wednesday, LSEG Data shows
Freeport LNG’s export -plant in Texas is on track to 'take in more natural gas Thursday' after all three liquefaction -trains closed on?Wednesday.?According to a report from the company and data provided by financial firm LSEG. Freeport's liquefied gas export plant is closely watched around the globe because its shutdown and restart caused massive price swings on global gas markets. U.S. gas costs usually fall when Freeport closes because demand for fuel drops. However, they typically increase as liquefaction trains restart at Freeport and demand increases. The return of Freeport is partly responsible for the increase in U.S. gas futures. Freeport officials had nothing to say about the Wednesday outage. Freeport informed Texas environmental regulators that on Wednesday, all three liquefaction train tripped because of a power interruption. LSEG data indicated that gas flow to Freeport was on track to increase to 0.6 billion cubic feet per day (bcfd),?upwards from 0.2 bcfd Wednesday. Freeport has been receiving a'reduced 1.2 Bcfd since July 10 during maintenance work that is expected to last through late August. Three liquefaction plants at Freeport can?convert about 2.4 billion cubic feet per day?of natural gas into LNG. A?billion cubic foot of gas can supply 5 million U.S. households for one day. (Reporting and editing by Joe Bavier; Scott DiSavino)
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Former Atlantia chief executive sentenced to 12 Years in Prison for Genoa Bridge tragedy
A court in Italy sentenced Giovanni Castellucci, the former CEO of Atlantia, to 12 years in prison on Thursday for the fatal 2018 collapse of an autobahn bridge in Genoa's port city in the northwest. Atlantia owned the majority of shares in the motorway operator Autostrade per l'Italia when the tragedy occurred. 43 people were killed as their cars plunged off the flyover. The court was packed with relatives of the victims to hear the verdict of a case that became a symbol for the slow pace of justice in Italian criminal proceedings. The Italian legal system allows for at least two appeals of the first instance decision. Castellucci was already in prison serving a six year sentence for another fatal accident in 2013, on a viaduct south of Italy. He wasn't in court to hear the verdict. The trial included 57 individuals, including executives of companies, engineers, and officials from the Transport Ministry. Multiple manslaughter, criminal negligence and other serious charges are among the most serious. VEHICLES DROP FROM BROKEN BRIDGE The collapse of the 51-year-old Morandi Bridge during a summer thunderstorm on the eve a national holiday stunned Italy and led to years of investigation into the management and upkeep of its aging infrastructure. The collapse of a 50-metre-high (160-foot-high) section of the bridge, with 35 vehicles on it and plunging into warehouses or a riverbed below, shocked Italy. It triggered years-long investigations into management and maintenance. The disaster sparked a dispute that led to the sale of Atlantia’s controlling stake in Autostrade. Arguments that are in conflict with each other The current 'head of Autostrade' issued an open message on Wednesday to reiterate the company’s commitment to ensuring that a similar tragedy is not repeated. Arrigo Giana, CEO of Autostrade, wrote: "I am sorry for the pain caused to the families of the victims, the people in Genoa and all Italians by the tragic Morandi accident. I know that my gesture will never be able to erase their suffering." Prosecutors claim that the collapse was caused by years of insufficient maintenance, ignored warning signals and delayed safety works. They allege that vital work was put off while profits were generated and distributed. Defense lawyers reject this theory. They claim that the failure of the stay cable number 9 on the bridge was the result of a design flaw and that no maintenance program could have prevented it. Reporting by Emilio Parodi; Writing by Keith Weir, Alexandra Hudson and Sharon Singleton.
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Boeing is close to approval of 737 MAX's anti-ice fix. This will pave the way for delivery.
Boeing executives have said that the company is nearing the 'final stages' of obtaining regulatory approval for a fix to the engine anti-ice systems on its 737 MAX jetliner. This will pave the way for the much-delayed MAX 7 & 10 versions entering service. The redesign addresses a problem that could cause engine failure or overheating. It was the main obstacle to the certification of Boeing's smallest and biggest versions. Cirium, an aviation analytics firm, reports that Boeing has built 30 MAX 7s already and nine MAX 10s are awaiting delivery. At least 28% (or more) of the outstanding MAX orders are for the larger MAX 10. In May, the U.S. Federal Aviation Administration announced that it would certify the smaller 737 MAX7 this summer. Southwest Airlines is by far the largest customer of this?version. Executives told reporters that the MAX 10's certification flight tests are 98% more profitable than other aircraft. Chris Payne said that the 737 MAX program vice president and general manger for Boeing development programs, Chris Payne, stated, "We only have two more flight tests to do and should be finished very soon." Years behind schedule The MAX 7 & 10 are years behind schedule in their certification, which has enabled Airbus to increase its market share. Boeing had to undergo a stricter certification process after two fatal MAX 8 accidents in 2018 and 2019 as well as scrutiny on the company's quality and production systems following a mid-air panel blowout that occurred on a near new Alaska Airlines MAX 9 in January 2024. Boeing was allowed to continue making the MAX 8, 8200, and 9 variants after the issue with the anti-ice systems was discovered by regulators in 2021. However, certification for the other versions of the MAX aircraft were delayed. Mike Sinnett is Boeing's senior Vice President of Product Strategy, Product Development and Development Programs. He said that the fix for the system reduces engine noise as well as fan flutter. He said, "It was a win-win situation for everyone." CFM International is a joint venture between GE Aerospace, France's Safran and CFM International to produce the LEAP-1B engines for the 737 MAX. Boeing claims that the majority of the retrofitting can be completed in a single maintenance shift for the existing MAX fleet. However, it will require new wiring, which is more intrusive. Boeing executives said they were working with regulators to develop a schedule allowing airlines to repair their planes while the aircraft are in the hangar undergoing 'heavy maintenance checks', thus reducing costs and disruption. MAX 10 will have an upgraded flight crew alerting system called an enhanced angle of attack system to meet the safety requirements set by Congress after the two MAX crashes in which 346 people were killed, and led to the model being grounded for 20 months starting in 2019. The system simplifies the flight-deck notifications that resulted from a faulty angle-of attack sensor. This caused pilots to be overwhelmed with information prior to the crashes in Indonesia and Ethiopia. Bill Quashnock said that the update was "an IOU" from the return to service (requirements), after the unfortunate accidents. He said that the new system will be installed on all 737 MAX jets?within 2 years of regulators certifying it. Boeing has also completed more than half of the certification flight tests for the 777-9, and is on track to begin delivering this new widebody jet in the next year. This was confirmed by Terry Beezhold. Boeing Vice President and General Manager of the 777-9 Program. The company has yet to meet several certification requirements. This includes getting regulatory approval for flights that travel long distances with only a few airports between. Reporting by Dan Catchpole, Seattle; editing by Jamie Freed
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Source, shipping data: Iraqi crude oil loadings have more than doubled in the first half of July.
Iraqi crude 'loadings' more than doubled in the first half July to averaging 1.2 million barrels per day, according to Kpler and a direct source familiar with the flows. This was due to the accelerated exports after months of restrictions. Kpler data showed that crude exports averaged around 500,000 bpd during June. Kpler reports that despite the increase in monthly exports, Iraqi crude oil from the southern port of Basra is still "dramatically" down from levels before the Iran War, when it was above 3.2 millions bpd. A drone strike on a crude oil tanker in Basra, Iraq on Thursday led to the suspension of all crude oil loadings. According to Kpler, the Iraqi Kirkuk crude oil loadings through Turkey's Ceyhan port has also slowed since the war. They averaged 65,000 bpd so far in July, down from almost 200,000 bpd last February. Reporting by Ahmad Ghaddar. Enes Tunagur is the writer. Mark Potter (editing)
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Sources say that Iraqi oil loadings are temporarily suspended after a drone strikes a tanker in Basra.
Iraq temporarily suspended oil loadings at its Basra terminal on Thursday before they were resumed, according to four Iraqi sources in the oil and security industries. Sources added that the drone was not damaged or set ablaze and that it wasn't immediately apparent who launched it. The head of Iraq's state-owned oil marketing company SOMO said that the incident did not involve a direct assault on terminals or vessels. It is not targeting Basra Oil Terminal. It is not targeting Basra Oil Terminal. Ali Nazar stated that loading is done at the normal rate, depending on vessel availability. A spokesperson for the oil ministry said that loadings are ongoing in southern Iraqi ports, and the ministry is investigating. Four sources said that the oil tanker and another tanker were towed out of the port as a 'precautionary measure. The state news agency did not provide any further details, but reported that a drone had crashed in Iraq's Faw Port on Wednesday without causing damage. The port's operations were not affected. Due to the closure of the Strait of Hormuz, the Iran war has caused a disruption in oil exports out of Iraq's southern terminals. Basim Mohammed, the oil minister of Iraq, said that Iraq, OPEC's 2nd largest producer, exported 10,000,000 barrels of crude oil through the Strait of Hormuz last month, down from 93,000,000 barrels per month prior to?the war. Two oil officials reported on July 5 that total June exports were?about 24.5 million?"barrels. Iraq also exports oil via Turkey, using the northern Kirkuk - Ceyhan pipeline. Baghdad is trying to balance its relations with Iran, the U.S. and other neighbours despite the military tensions between them. Tehran has launched attacks on Iranian Kurdish groups in northern Iraq while Iran-backed militants in Iraq have attacked Gulf neighbours.
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UK hackers sentenced for cyberattack on London Transport that cost almost $40 million
The two British hackers who were responsible for a cyberattack in 2024 on London's public transportation system that cost PS29 million ($39.16 million) to fix each received 5-1/2 years of jail time on Thursday. Thalha Jubair and Owen Flowers, both aged 18, pleaded to guilty last month of hacking Transport for London. The hacking group "Scattered Spider" was blamed for the hack. Jubair, and Flowers, hacked TfL from August 31 to September 3, 2024. Jubair worked up to 16 hour days, Flowers at his grandmother's house in central England, after they gained access to the?TfL system. Mark Fenhalls, the prosecutor, said that Jubair had broadcast a livestream which Flowers watched. The video on Flowers' laptop was the key evidence. Fenhalls stated that the attackers could have "shutdown TfL completely", and the attack only stopped when TfL disconnected their computer systems. It took six months to repair the damage. Flowers admitted to conspiring with others to hack into two non-profit health systems in the United States, just days after attacking TfL. These attacks stopped "only because he had been arrested and caught in the act", Fenhalls said. Flowers, Fenhalls reported, continued to hack from prison even after his arrest. Devices showed search terms, and attempted access to domains related to the Crown Prosecution Service, and the prison in which he was held. Mark Turner, who sentenced Jubair?and Flowers both to five-and-a half years in prison said that he understood they were "primarily motivated" by their own bravado. Attacks linked to 'Scattered Spider' Multiple reports have linked the hacking group Scattered Spider to an attack against Marks & Spencer. The Prosecutors stated on Wednesday that Scattered spider?was more of a pattern than a group, although Jubair?and Flowers claimed to have links with it. Jubair Flowers and were 17 and 18 when they attacked TfL, but Fenhalls claimed that they were "highly-skilled with computers" and capable of causing havoc. Jubair, a member of the Lapsus$ hacking collective, was convicted in 2023 for hacking and blackmailing Nvidia chipmaker. He was also sentenced to prison for stalking of two young women and "swatting" of one of them by sending armed police into her home. ($1 = 0.7406 lbs) (Editing done by William James and Timothy Heritage).
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UK hackers sentenced for cyberattack on London Transport that cost almost $40 million
Two British hackers who were behind the 2024 cyberattack on London's transport system, which cost PS29 million ($39.16m) to fix, have been sentenced to 11 years of jail time. Thalha Jubair and Owen Flowers, both aged 18, pleaded to guilty on the first day of their trials, a month ago, for hacking Transport?forLondon (TfL), in August and September 2024. The hacking group "Scattered Spider" was blamed. Flowers admitted to cyberattacks against two non-profit health care systems in the United States, just a few days after targeting TfL. He was arrested while he was executing the second hack. Judge Mark Turner sentenced Jubair to prison for five and a half years, saying that they were motivated by "selfish bravado" with no regard for the consequences of their actions. $1 = 0.7406 pounds (Reporting and editing by William James; Sam Tobin)
Wall St futures are mixed as chip weakness weighs
U.S. index futures on Thursday were mixed as weakness in?chip?stocks kept the sentiment low ahead of a?fresh set of economic data. However, positive results from?UnitedHealth provided some support.
UnitedHealth's latest positive quarterly result, a higher profit forecast for 2026, sent shares of the healthcare giant up by 6.7% just before the bell rang, helping to lift Dow futures.
Humana and Centene, their peers, gained 5% each and 4,2% respectively.
Investors shifted their attention to megacap technology companies and banks after strong results by major lenders.
U.S. listed?shares?of TSMC dropped 4.6% during premarket trading despite the fact that the advanced AI chipmaker announced a 77% increase in its second-quarter profits?that exceeded market expectations. The company said that it will invest another $100 billion in the United States.
Memory-chip manufacturers were among the largest?decliners. Western Digital and Seagate Technology both fell 7.2% and 5.8% respectively.
Wall Street's record highs were driven by the optimism surrounding AI spending by hyperscalers, which led to a spike in chip stocks.
At 7:13 a.m. The Dow E-minis rose?95, or 0.12%, while the S&P 500 E-minis fell 14.75, or 0.9%. Nasdaq E-minis fell 210.25 or 0.71%.
The three main U.S. indices rose on Wednesday for the second session in a row as this week's benign reports of inflation for June reduced inflation concerns and eased worries about tighter Federal Reserve policies.
The positive sentiment was also boosted by a strong start to second-quarter earnings, despite the simmering tensions between the U.S. and Iran.
Mark Haefele is the chief investment officer of UBS Global Wealth Management.
We expect strong results to be released in the next few weeks, especially with the U.S. earnings season starting off?with solid wins.
Investors will monitor retail sales reports and unemployment claims at 8:30 am. ET, investors will be looking for signs that the economy has cooled without causing concern about growth.
According to CME's FedWatch, the markets are 'pricing' in about 90% of the likelihood that Fed will remain on hold during this month's monetary meeting.
The benchmark S&P 500 is up more than 10% in the last year, and it's still near its record close of June. This leaves the rally open to disappointment with data or earnings.
GE Aerospace's stock dropped 4.2% despite the jet-engine manufacturer raising its profit forecast for 2026.
United Airlines' share price fell by 3.1%, as the renewed rise in oil prices affected its profit forecasts for the third quarter and year.
Netflix will report its earnings after the close of the stock market. Reporting by Ragini Mathur and Avinash in Bengaluru, Editing by Maju Sam and Devika S.
(source: Reuters)