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Castlelake pulls out of easyJet bid war
Castlelake announced on Thursday that it was no longer interested in acquiring easyJet. This ended its months-long attempt to buy out one of Europe's largest budget airlines, weeks after Apollo Global made a higher bid. The Minneapolis-based company, which is also a major investor in aviation, didn't specify the reason it "bowed out" of the race but stated that it was very appreciative for the constructive engagement it had with easyJet Board members and management. Castlelake's decision ends an investment pursuit in which the firm made five bids for easyJet. Among them was a PS6.90 share offer that was made public on July 5. This valued the airline at PS5.5billion ($7.41billion). EasyJet's shares fell?4.8%.
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Afghan man sentenced to life imprisonment for fatal car attack at Munich union rally
A German court announced on Thursday that a 25-year old Afghan man who rammed his vehicle into a union rally held in Munich last year, killing two people, was sentenced to life imprisonment. A spokesperson for the Munich Higher Regional Court stated that the court considered the crime to be particularly serious. This finding is consistent with German law, which generally prohibits parole after 15 years. A spokesperson for the court said that the man had been found guilty on charges of?two counts?of murder and 23 counts?of attempted?murder. Prosecutors claim that the man identified as Farhad N for his privacy acted with religious motivations in what he thought was "a response to the suffering of Muslims" in predominantly Islamic countries. He drove into a group of trade unionists in Munich in February 2025. The 37-year old woman and her 2-year-old child were killed, as well as over 40 others. He confessed to a?car ramming that occurred at the time.
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Media reports claim that the plane found near a drone at a German airport carried ammunition
The Sueddeutsche Zeitung, among other news outlets, reported that a Ukrainian cargo aircraft found parked next to an explosive-laden drone at Germany's Leipzig/Halle Airport on Tuesday night was actually carrying military ammunition. The report, also broadcast by NDR and WDR, cited a confidential police report and said that forensic experts determined the explosives on the drone to be of high military grade. These findings could raise the stakes of a wider counterterrorism investigation into the incident at a?airport that serves as a major military and cargo logistics hub, which the German government has classified as critical infrastructure. Alexander Dobrindt, the German Interior Minister, said on Wednesday night that the drone incident was a hybrid attack with heightened danger. The police in Saxony (where Leipzig/Halle are located) did not respond immediately to a'request for comments on media reports of the Ukrainian aircraft’s military payload. German authorities said Thursday that they are continuing to search for debris from an unidentified object which damaged another freight plane mid-air at Leipzig airport the same night. INCIDENTS DISRUPT ONE GERMANY’S MAIN LOGISTICS HUBS According to media reports, the drone was discovered near several Ukrainian Antonov An-124 freighters. These aircraft are among the?largest in the world. The cargo plane that hit the unidentified object had to perform a go-around because one of the runways at the airport was closed. The aircraft was only lightly damaged by the collision, and landed safely in northern Germany at Hanover. Flights were suspended late Tuesday and several aircraft including those operated by German logistics company DHL were diverted. A spokesperson from the Leipzig/Halle Airport, which is also used by Lufthansa and Amazon.com, stated on Thursday that all operations had returned to normal. No additional security measures were implemented. The German authorities said that the perpetrators of the incident at the airport had not been identified. However, Roderich Käsewetter, member of parliament's intelligence committee and lawmaker, directly blamed Russia. The Russian Embassy at Berlin has not responded to a request for comment sent by.
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The latest funding round of Hadrian Manufacturing Company valued the company at nearly $8 billion
Hadrian, a manufacturing startup in the United States, announced on Thursday that its valuation was $7.87 billion. To meet the growing demand, a larger footprint is needed. Investors have poured money into U.S. Manufacturing firms, as the Trump Administration prioritizes domestic manufacturing in order to reduce U.S. dependence on overseas supply chains for critical industries. The California-based firm raised $1.37billion in a?Series D round led by Washington Harbour Partners, WCM Investment -Management, 137 Ventures, Valor Equity Partners and Baillie Gifford. JPMorgan Chase’s strategic investment group joined as an anchor and co-lead?investor?through its Security and?Resiliency Initiative, which invests into U.S. businesses critical to national security, economic resilience and those in manufacturing, defense and energy. Hadrian operates highly-automated factories, which use AI and robotics to manufacture precision components and mission critical systems for its customers. The proceeds will be used to build new factories, increase research and development and increase production capacity as the company scales up manufacturing of defense and aerospace systems and industrial systems. Hadrian opened its factories in Mesa (Arizona) and Muscle Shoals (Alabama) since the Series C funding round of last year. Over the next 12 months, it plans to expand its production, including autonomous systems and munitions. Reporting by Prakhar Shrivastava, Bengaluru. Editing by Shakesh Kuber
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Renk CEO: 99% of the land business will be crewed until 2030
Renk CEO Alexander Sagel stated on Wednesday that he is "very certain" that 99% of the German defence suppliers land business will still involve crewed vehicles in '2030. He pushed back against'suggestions? that drones and loitering munition are making heavy armor obsolete. Sagel, speaking on the company's earnings call for its second quarter, said that meaningful demand for unmanned platforms is unlikely to appear before 2035. He said NATO’s July'summit' in Ankara reaffirmed the necessity for a mixture of capabilities, including air defence, long range strike systems, drones, and what he referred to as "conventional masses" across a variety of platforms, both ashore and at sea. Renk is a key market for the company. The comments are made amid a growing discussion about whether drones and autonomous?systems will reduce demand for armoured vehicles. Sagel pointed to the recent conflict in Iran as proof that air power, precision strikes, and long-range missiles alone can't win a battle. "You cannot end a fight, you cannot win one... by drones and airstrikes and only by long-range smart attacks." Sagel said that unmanned systems will complement existing platforms rather than replace them, and that Renk is already developing products to meet this market. He cited a 'heavy tracked unmanned ground vehicle' developed with Finland’s Patria, and a Finnish pre-series order with deliveries expected to start?in 2027's second quarter. He said that Ukraine has expressed a strong interest in the transmission system of that vehicle. As defence budgets increase across Europe, European governments are increasingly considering how to balance traditional armoured programs with newer autonomous and drone technologies. (Reporting and editing by Matt Scuffham; Reporting by Maria Rugamer)
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Bangladesh Gas Supplies Improve after LNG Terminal Restart
The gas supply to Bangladesh's grid has increased after a floating terminal for liquefied natural?gas operated by U.S. based Excelerate Energy partially reopened operations on Wednesday. A fire had closed the facility?for more than?two weeks. Petrobangla officials said that the restart of a regasification plant adds around 115 millions cubic feet of natural gas per day to the grid. This will ease shortages which disrupted industrial production, household supplies and power generation. A fire on July 21 damaged the electrical cable systems that were linked to FSRU's boiler operations. This caused a 450 million cubic foot gas cut per day. Bangladesh already faced a tighter LNG supply market because Qatar declared force majeure on some cargoes during the Iran conflict. This prompted Dhaka, amid rising prices and Strait of Hormuz shipper risks, to look for alternative LNG supplies. Petrobangla officials stated that the partial restart was the first step in restoring full capacity to the terminal and that the gas pressure should gradually improve. Excelerate Energy engineers are continuing to repair equipment while importing replacements imported from abroad. Excelerate Energy did not respond immediately to a comment request made outside of its business hours. The terminal is one of Bangladesh's floating LNG import terminals and regasifies between 500 million and 550 millions cubic feet of LNG each day. Bangladesh imports LNG to meet its rising energy demand and offset the declining production of domestic gas. The country uses between 3,800 and 4,000 million cubic foot of gas every day, but the average supply to the national grid is around 2,600 mmcfd. (Reporting and editing by Kirsten Doovan; Ruma Paul)
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Maguire: Why natural gas won't disappear from the US power grid
Since years, the narrative of the energy transition has emphasized a future that is dominated by batteries and renewables, with natural gases eventually falling into the background. The evolution of the U.S. energy system, however, suggests a more complex reality. Solar and wind power is increasing rapidly, and their share in electricity production increases every year. As power demand increases, driven by data centers, electrification, and new manufacturing investments, natural gas is still deeply embedded in the U.S. Grid. There are many reasons, both economic and practical: abundant domestic resources and infrastructure, unprecedented operational flexibility, and the growing demand for reliable electricity around-the-clock. They suggest that natural gas will not be able to give up its dominant role in the energy sector any time soon. Fuel to Burn The United States has a surplus of natural gas. The shale boom transformed the United States from a major gas importer to the world's largest natural gas producer. The U.S. has massive reserves of gas in the Permian basin, Appalachia’s Marcellus and Utica Formations, the Haynesville Shale and other producing areas. These reserves provide hundreds of trillions cubic feet (technically recoverable) of gas resources, and almost 584 trillion cubic foot of proven reserves. The country's resources are so rich that production continues to be near records. This abundance is important. The United States, unlike many other countries who must import fuel supplies to generate electricity, can do so with an abundant and relatively cheap domestically-produced resource. This is a huge advantage for utilities and policymakers who are concerned with energy security. PIPELINE PRIMACY Infrastructure is another benefit of natural gas. The U.S. built an extensive system of pipelines, power plants, processing plants, and storage facilities designed around gas production. Gas-fired generators are already available in the country, and there is a nationwide pipeline system that can transport fuel from regions of production to markets across the nation. The infrastructure represented trillions in investment. Although renewable energy can be built relatively quickly, replacing the reliability services provided by existing gas systems would require huge additional expenditure on transmission lines and storage capacity, as well as alternative dispatchable generation technology. Existing assets are important in energy markets. Few energy systems have assets as vast as the American natural gas network. RELIABILITY IS KEY! Gas isn't about underground reserves or pipeline infrastructure. It's flexibility. Electric grids must maintain a balance between demand and supply. Generation must be matched with consumption every second of the day. Even though solar and wind energy are becoming more abundant and cheaper, they only generate electricity when the weather cooperates. The solar production decreases each evening. Wind production can vary dramatically over hours, days, and even weeks. Gas-fired plants can fill this gap. Modern gas turbines are able to ramp up output quickly when required. Gas plants are often the shock absorbers for the grid during periods of extreme heat or cold weather. It is difficult to duplicate this operational flexibility at scale. Batteries are?expanding quickly and are proving to be valuable in managing fluctuations of short duration. Batteries are expensive and cannot be used for long-term backup. Also, technologies that can provide reliable power during extended periods with low renewable outputs are limited. Grids need electricity at all times, not just during favorable weather conditions. Demand for flexible gas is increased by the use of renewables It may seem counter-intuitive but the success of renewable energies could be one of the biggest drivers of gas demand. Grid operators are increasingly in need of resources to balance intermittent supply as solar and wind power enters the system. Evening demand can spike sharply after a daytime surplus. Long periods of cloudiness or low wind can cause large generation deficits. The greater the amount of renewable energy that is available in the system, then the more valuable it will be to have resources ready to respond quickly when the renewable output drops. Gas and renewable energy are complementary technologies, not direct competitors. When available, solar and wind can provide electricity at a low cost. Gas is a reliable alternative to solar and wind when they are unavailable. This partnership helps to explain why many areas continue to add renewable generation, while simultaneously relying upon gas-fired capability to maintain system stability. DEMAND GROWTH CHANGES ALLTHING Gas is also likely to stay in place because the U.S. power grid is facing a challenge that it hasn't faced for years: a rapidly increasing electricity demand. After a decade or so of relatively flat consumption rates, utilities now have to scramble to accommodate data centres, artificial intelligence infrastructures, semiconductor manufacturing, industrial relocation efforts, and transportation electrification. The industry is increasingly predicting sustained growth in load through the 2030s. To meet the demand, you need a generator that you can deploy quickly and that has a high utilization rate. Construction timelines for nuclear projects are often long. Permitting and completing transmission projects can take many years. The cost of large-scale storage is high, and most coal plants in the U.S. are several decades old. Gas plants are a familiar technology, with mature supply chains, and a long history of operation. These advantages are of great importance to utilities that face immediate reliability issues. ECONOMICS STILL MATTERS Economic arguments are also compelling. The U.S. Natural Gas prices are relatively low in comparison to many other international markets. This has been the case for most of the last decade. The cost of building gas-fired power plants is also lower than that of other alternatives, such as nuclear energy. It is also important to note that a large part of the fleet already exists. Utilities don't need to spend money on new systems in order to continue using assets already built and connected to grid. The economic inertia suggests that natural gas will continue to be a major component for the electricity sector. This does not mean that the energy transition has stalled. In the coming decades, wind, solar and batteries will account for an increasing share of U.S. electric supply. There is a difference between a fuel that loses market share and one that becomes irrelevant. The growth of natural gas in the US power sector is no longer undisputed. Its combination of?abundant domestic supply, existing pipeline, affordability, and unmatched operational versatility gives it something that no other resource currently has: a credible claim of indispensability. The grid of the future may be cleaner and renewable than that of today. If reliability is a non-negotiable requirement, then natural gas will remain a key component of the grid. These are the opinions of a columnist, who is also an author. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. 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Cheniere Energy announces a rise in profits for the second quarter on increased LNG demand
The demand for LNG helped Cheniere Energy report a rise in its second-quarter profit on Thursday. This sent the company's shares up by 2% in premarket trade. According to the U.S., the U.S. is the largest exporter in the world of supercooled fuel, with 15 billion cubic feet of LNG per day (bcfpd). Energy Information Administration. This is up by?26% since?2024. After taking office, U.S. president Donald Trump lifted the moratorium on new LNG export permits. Regasification revenue was flat at $34 million. The company's total LNG revenue was $5.64 billion, up from $4.52 billion the year before. Houston-based company, Texas, posted a $3.07 billion net profit for the quarter ended June 30 compared to $1.63 billion the year before. (Reporting from Pranav Mathur, Bengaluru. Editing by Vijay Kishore.)
What is known about the German drone attack and the airport that it targeted?
German authorities opened a counterterrorism probe after a drone containing explosives was discovered at Leipzig/Halle Airport - a cargo and logistics hub for military purposes. The interior minister called it a hybrid attack.
The discovery by airport workers of a 'drone' in a restricted zone on Tuesday led to flight cancellations and closures of certain parts of the airport.
Alexander Dobrindt, the German interior minister, said that on Wednesday this incident had opened up a "new level" of danger.
Here are some details on the drone incident that occurred at Leipzig/Halle Airport this week.
From WORLD WAR II DESTRUCTION to a LOGISTICS Centre
The airport was opened in 1927 in Schkeuditz between Leipzig and Halle. The airport was largely destroyed during World War Two by Allied bombing and rebuilt under the Eastern Bloc German Democratic Republic.
After the German unification in 1990 it was renovated, privatised, and turned into a hub for cargo and logistics, including NATO.
The government classifies it as critical, requiring increased government protection and attention.
DHL, LUFTHANSA, AND AMAZON USE THE AIRPORT AS A HUB The airport is Germany's second largest cargo hub, after?Frankfurt, and one of the busiest in Europe, with a total annual freight volume of around 1.4 millions metric tons.
In 2008, DHL, the German logistics company, moved its hub from Berlin to Leipzig/Halle. Today, DHL employs?7,000 people who move 2,500 tons per day of freight and 23,600 flights each year.
The airport's facilities, which include two runways of 3,600 meters (11,811 feet) and large warehouses, attracted major logistics and transport companies such as Lufthansa and Amazon.
MILITARY ROLE: SUPPORTING NATO'S EASTERN FLANK
Leipzig/Halle, in addition to its commercial activities, is an important logistic hub for the German military and its NATO partners.
The main base of NATO's Strategic Airlift International Solution (SALIS), which helps deliver equipment to reinforce the eastern flank of the defence pact.
SALIS has established a company named Antonov Logistics SALIS that flies non-military and military goods for NATO and European Union nations in crisis situations. Antonov Logistics SALIS, based in Leipzig/Halle, is the only organisation that maintains the Antonov An-124-100 - one of the largest cargo aircraft in the world - since Russia's invasion.
Who is behind the drone incident? Media reports indicate that this week's drone incident was caused by a drone "found near a group Ukrainian An-124s". According to news reports, one of these Ukrainian planes carried a payload containing military ammunition.
The investigation has been taken over by anti-extremism prosecutors, counterterrorism officers and the government. However, the authorities have not revealed who could have been responsible for the Leipzig/Halle attack.
German officials have in the past blamed Russia for what they call hybrid attacks -- a form of aggression that does not qualify as an act of war. Roderich Kiesewetter is a German politician and member of the parliamentary intelligence committee. He told a German paper that he assumed this was a hybrid attack -- a terror attempt -- orchestrated by Russia.
The Russian embassy in Berlin has not responded to a question about the "drone incident".
What is at stake? Germany and Russia are increasingly at odds over the conflict in Ukraine and accusations of Moscow's interference in other parts of Europe.
The European Security Agencies have been investigating a number of 'incendiary devices' in parcels which caught fire in 2024. This has raised concerns over sabotage against air cargo operators.
Some of the devices were discovered in a DHL facility in Leipzig.
German airports are also on high alert following a series unauthorised drone flights at military installations, energy terminals as well as seaports and logistic companies. Police have suggested that the flights could have been organized by Russian agents.
Russia has denied involvement in 2024 incidents or overflights. (Written by Joe Bavier, edited by Ludwig Burger and Barbara Lewis.)
(source: Reuters)