Latest News
-
TSX Futures fall ahead of US inflation data
Investors awaited the?U.S. The Federal Reserve will be looking at the January inflation figures to determine its policy. As of 5:48 a.m., March futures for the?S&P/TSX 'composite index? were down 0.07%. ET. Toronto's benchmark index fell more than 2% Thursday, mirroring Wall Street's moves as AI disruption fears and the potential for fewer Fed rates cuts following Wednesday's stronger job data dampened sentiment. U.S. Consumer Price Data for January are due at 8:30 am ET on Friday. ET on Friday. According to a survey of economists, prices are expected to rise by?0.3% for the entire month. Spot gold recovered from a near-weeklow in the previous session by gaining 1%. Silver climbed 4%. Both metals appeared to be on track for a modest gain over the week. After slipping earlier, oil prices rose again after U.S. media outlets reported late Thursday that Washington was sending a second plane carrier to the Middle East due to tensions with Iran. Brent crude futures and U.S. West Texas Intermediate crude was up by 0.25%, on course for a second straight week of declines. Agnico Eagle's quarterly results showed a profit that was higher than expected due to the increase in gold prices. Air Canada's?forecast core profit for 2026 is marginally above estimates. CLICK CODES TO GET CANADIAN MARKET NEWS TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting by Utkarsh T. Hathi)
-
India fines Air India $101,350 for Airbus incident. The country says the lapse in public confidence eroded trust.
A confidential order shows that India's civil Aviation Watchdog fined Air India $110 350 for flying an Airbus plane eight times without an Airworthiness Permit. The lapse, the watchdog said, had 'further undermined the public's trust in the country's second-largest airline. On November 24 and 25, an Airbus A320 carried passengers from New Delhi to Bengaluru, Mumbai, and Hyderabad without the mandatory Airworthiness Review Certificate (ARC), a permit issued by the regulator annually after a plane has passed safety and compliance tests. Air India's internal investigation of the incident, published in December, revealed "systemic failings" with the airline. The report also acknowledged the urgent need to improve the compliance culture within the carrier. According to a confidential penalty order issued by Indian authorities, Air India CEO Campbell Wilson stated that the incident "further undermined public trust and adversely affected the safety compliance of Air India." Maneesh Kumra, Joint Director General for Civil Aviation, wrote that Wilson was to blame. Air India has not responded to any queries. The airline was asked to deposit $103,339 (or 10 million Indian Rupees) within 30 days. Air India's worst disaster occurred in June of last year when a Boeing Dreamliner crash-landed moments after takeoff, killing 260 passengers. Reports say that the Airbus investigation by 'Air India' also blames pilots. They claim those who 'flew eight flights didn’t comply with standard operating procedure before taking off. Air India, owned by India's Tata Group as well as Singapore Airlines, received warnings for not checking emergency equipment and other audit lapses.
-
EBRD: Romania to purchase Moldova's Giurgiulesti port on the Danube River
It said that the European Bank for Reconstruction and Development will sell a Danube River Port in Moldova called Giurgiulesti to a neighboring Romania, as the Black Sea State seeks to increase its logistics role 'in central and southeast europe. The port of Giurgiulesti lies near Moldova's borders to Romania and Ukraine. The port is located 134 km (83 miles), away from the Black Sea, and can be reached by both river and sea vessels. Romania, a member of NATO and the European Union, is one of Moldova's closest allies. It also supports its?admission to the EU. The Black Sea port of Constanta, which will replace Giurgiulesti as Moldova's main port, is a gateway into Central Asia. It also provides access to Western Europe and the Danube River. In 2021, the EBRD purchased Danube Logistics SRL (the operator of Giurgiulesti port), from Danube Logistics SRL. EBRD said it was "set to complete the sale of Danube Logistics" in a late-night statement on Thursday. The transaction is expected close soon. The bank said that the board of the port in Constanta approved the agreement to purchase shares on Thursday. The bank did not reveal the value of sale. However, a minority shareholder at Constanta port stated last year that it was approximately $62 million. In the wake of Russia's invasion of Ukraine in 2022, investment in infrastructure and exports from Ukraine of grain boosted Constanta port. It could become a logistic hub for rebuilding Ukraine as companies move operations to Eastern Europe’s low-cost manufacturing centers?to reduce supply chains. The port of Constanta has been Ukraine's primary alternative route for grain exports. The port said that although Ukrainian grain exports fell sharply last year to 330,000 metric tons from 6.2 millions in 2024, Constanta had facilitated over 30 million tonnes of shipment since 2022. (Reporting and editing by Elaine Hardcastle; Luiza Ilie)
-
FOCUS - GE Aerospace uses robots and a 'Lean" approach to solve jet engine repair crunch
Suresh Sinaiyan, a GE Aerospace technician, has spent over a decade repairing compressor blades on jet engines by guiding them with precision across a sanding band. At the new automation lab of?the aerospace company in Singapore, he teaches a robot how to do the exact same thing. The switch is part GE's effort to prepare 'the next wave of Industrial Development' and ease a 'aviation's most significant bottleneck: overloaded repair workshops and scarce parts. The industry's newest jet engines are prone to unexpected wear and tear, which has caused many airlines to idle older jets for longer and stretched maintenance lines. This pressure has now become a public battle. The airlines have complained about engine makers raising prices to take advantage of shortages, while the manufacturers claim they are investing money in expanding support because they incurred huge development costs. Tony Fernandes is the co-founder and CEO of Malaysian low cost airline AirAsia. He said it bluntly: "They must remember that airlines are their future, so treat us as partners." SINGAPORE as the Pressure Valve GE claims that Singapore is a critical part of its solution. The company is upgrading its 2,000-employee service center with digital tools, AI and more automation as part of a $300 million investment plan. The company wants to increase repair volume by?33% in Singapore without expanding the footprint of the site -- by reorganising, reshaping and automating tasks when it's efficient. The factory is leading the way in GE's "Flight Deck" recipe for continuous improvement, eliminating waste and reducing costs. This was pioneered by Japanese automakers and promoted by CEO Larry Culp. It's not about sprinting to the end of a quarter in order to produce a Wall Street Guide. Culp said in an interview that it is about making every minute and day count. GE, along with rivals like Pratt & Whitney, has been trying to find a balance between supplying new-airplane assembly line engines and parts and keeping the fleet flying. By repairing more worn parts, you can reduce the pressure on your engine by reducing the need for replacements with new components. GE claims that repairs can halve 'the time required for key processes and also halve costs to airlines. Faster turns, tighter floor space Iain Rodger of GE Aerospace Component Repair Singapore told me during a tour that "repair can improve turnaround times... the shorter the time the engine has to be off the wing the better." A reorganized repair area is overhauling CFM56 turbo nozzles that have been scorched by extreme heat in one of the most popular engines on earth. Workers claim that turnaround times have improved since 2021 when they were 40 days. GE targets 21 days by the year 2028. The area will lose about a third its floor space in order to meet the next challenge, which is to develop repair capabilities for newer LEAP engine models that are starting to enter overhaul cycles. If the airline does not approve repairs, it may be forced to replace worn out parts with newer, more expensive, and limited-supply replacements. Han Hui Min, Nozzles' Business Leader, said of the new layout: "Now we can identify issues and see where they are." TEACHING ROBOTS the HUMAN TOUCH Repairs that require a technician to touch them are among the most difficult?to automate. Take these compressor blades out of a CFM56 motor. The spinning blades squeezing the air as it rushes in the engine core create pressure. After years of use, the blade?tips will deform. This must be repaired by a process known as blending. It's really difficult to do. Sinnaiyan said that (until now) the process was 100% manual. The blades must be filed down to a few thousandths, using eye, feel and coordination. GE is betting that if they can capture this skill and turn it into a robotic process that can be repeated, then it will reduce the need for specialized labour at a lower cost. Analysts have noted that engine manufacturers make some of their largest profits by servicing used parts, and licensing certain repairs to shops in exchange for lucrative royalties. The process of each repair is the "secret sauce" for an increasingly important part of the business. Scaling repairs have limits. The work must adhere to approved procedures and strict standards of quality. Nick Cunningham, an analyst at Agency Partners, said that the slowdown in plane production - which increased demand for older jets and subsequently for repairs – is nearing its end. If GE's Singapore changes are successful, they can help the industry overcome its bottlenecks. They could also ease fares. Airlines executives and others have warned that the supply crunch is not likely to disappear quickly. Culp explained that the goal was to move away from heroics and firefighting, in favor of a more preferred type of performance. Reporting by Tim Hepher and Rajesh K Singh in Singapore; Editing and production by Joe Brock, Matthew Lewis
-
Mozambique Port City Prepares for Impact of Cyclone Gezani
Residents of Inhambane in Mozambique are preparing their homes for the potentially devastating impact of 'Cyclone Gezani', which is expected to strike on Friday. Tropical storm Toamasina ravaged Madagascar this week and killed at least 40 people. Scientists say that climate change has exacerbated the occurrence of weather-related disasters in Mozambique. According to the United Nations Office for the Coordination of Humanitarian Affairs, the country in southern Africa is still recovering from the severe flooding which 'affected over 700,000 people, and damaged more than 170,000 homes? in recent weeks. The Mozambique weather service predicts that Cyclone Gezani will pass near Inhambane by Friday afternoon before moving back into the Mozambique Channel. In Inhambane, people have barricaded windows with corrugated metal sheets and placed sandbags over their roofs in an attempt to prevent them from being 'blown off' by strong winds. Local authorities have restricted sailing and fishermen are staying at home. All sailors were warned that strong winds and a cyclone would be present. Jaime Neto, a fisherman, said that today is "our turn" to 'fish. But we don't do it. (Reporting and writing by Alcides Macamo; editing by David Holmes).
-
Bpost avoids fine in Belgian newspaper distribution procurement case
Belgian postal operators Bpost and DPG Media, as well as Mediahuis, were 'held liable' for rigging public procurements?for distribution of newspapers. This was announced by the Belgian competition watchdog on Friday. Bpost, who had notified the authorities following an internal audit in 2022 that revealed signs of malpractice will be exempt from all fines as part of a leniency program, according to the regulator. Dirk Tirez's job was ultimately cost by the investigation. The regulator stated in a?press?release that the common?objective was for the companies to work together in order to make sure that bpost would be awarded the 2023-2027 concession on newspaper distribution. Together, they agreed to ensure that PPP's competitor bpost would not submit an offering (which) left bpost as a sole bidder. Mediahuis, DPG Media and the newspapers they control in the Benelux area, together controlling the largest circulation, received fines of 7.79 million euro ($9.36 million), and 3.79 millions euros respectively. The fines were reduced as part of the same leniency program. After the investigation the Belgian Government abandoned the concession, forcing the companies to separately negotiate commercial terms with bpost PPP. Damien Gerard, the Prosecutor-General of Belgium, said: "This has caused a sharp increase in the price of distribution services. This has had a huge impact on the profitability of the Belgian written press." Two other unnamed individuals were also found liable and fined. Thirteen were granted immunity for their?cooperation in the investigation. Bpost, DPG Media, and Mediahuis have been contacted for comments.
-
Norwegian Air CEO: We will not be using Starlink Wi-Fi
Norwegian Air Shuttle CEO Geir Carlsen said on Friday that the airline does not intend to add Starlink's Wi Fi onboard its planes for now. Instead, it will offer a service paid by another vendor. Starlink is a product that appeals to major airlines such as Lufthansa, Qatar Airways and other large carriers. However, budget carriers who rely on ancillary service to offset low ticket prices are less interested in the product. Karlsen stated, "As far as I'm aware,... if you install Starlink...you can't... charge your passengers for its use." He said Starlink is not yet certified for Boeing 737 aircraft but will be in the future. Last month, Ryanair CEO Michael O'Leary publicly argued with Elon Musk whose company SpaceX operates 'Starlink' about its use. O'Leary claimed that Starlink would cost the airline $250 million per year. EasyJet said in January that it was also exploring a Starlink Wi -Fi deal, but the "economics" did not work for them. Vera Dvorakova, reporting from Gdansk and Milla Nissi - Prussak, editing.
-
Norwegian Air's operating profits are lower than expected due to higher costs
Norwegian Air Shuttle, a budget airline that operates in the fourth quarter of each year, has a positive operating result but missed market expectations due to higher than expected costs. This sent its shares down 5% at the start of Friday's trading session in Oslo. In a earnings report, the airline said that increased air traffic charges and airport fees had a negative effect on operating costs in comparison to 2024. The operating profit for the group was 21 million Norwegian crowns ($2.2million) during the third quarter. This is well below the?comparison of 201 millions crowns. It had a loss of 93.2 millions crowns in the same quarter last year. Analysts had predicted that total operating expenses, excluding leases, depreciation, and amortization, would be 7.03 billion crowns. However, the actual figure was 7.29 billion crowns. Geir Carlsen, the CEO of Norwegian, said that Norwegian and Avinor are in a constant dialogue about airport charges. Geir Karlsen, CEO of Norwegian Airlines, said that the company is in constant?dialogue about airport fees?with Norway's airport operator Avinor as well as those from Denmark and Sweden. Norwegian's unit cost, or average cost of flying an aircraft, increased 6% in comparison to a year earlier, reaching 0.80 crowns during the fourth quarter. The airline anticipates that its unit costs, excluding fuel, will rise by low single digit percentages in 2026. Pareto Securities analysts said in an investor's note that the report didn't provide any further comfort regarding cost forecasts. Budget airline Norwegian forecasts a 3% increase in its overall production (or 'available seat kilometers) by 2026. ASK growth is expected to be 4% per year for Wideroe, the domestic carrier. Norwegian only gave a capacity forecast last year. The company proposed a dividend for the entire year of 0.80 crowns.
Shanghai braces for direct hit from Tropical storm Bebinca
Shanghai stopped transportation links, remembered ships and shut tourist areas consisting of Shanghai Disney Resort on Sunday as it braced for Hurricane Bebinca, in what could be the greatest hurricane to strike the Chinese financial hub given that 1949.
The Classification 1 tropical cyclone, packing optimum sustained wind speeds near its centre of around 144 kilometres per hour (89. miles per hour), was about 500 kilometres southeast of Shanghai. since 1:00 p.m. (0500 GMT). It is expected to make landfall. along China's eastern coast after midnight on Monday.
The strongest storm to make landfall in Shanghai in recent. years was Hurricane Gloria in 1949, which tore through the city. with gusts of 144 kph. Shanghai was last threatened by a direct. hit in 2022 by the effective Typhoon Muifa, which instead landed. 300 km away in the city of Zhoushan, in Zhejiang province.
Shanghai is typically spared the strong tropical cyclones that hit. further south in China, including Yagi, a devastating Classification 4. storm that roared past southern Hainan province recently. However. Shanghai and neighbouring provinces are taking no chances with. Classification 1 Bebinca.
Resorts in Shanghai, including Shanghai Disney Resort,. Jinjiang Amusement Park and Shanghai Wild Animal Park, have been. momentarily closed while most ferries have been stopped to and. from Chongming Island - China's third-biggest island called. the entrance to the Yangtze River.
More than 600 flights to and from Shanghai were likewise. cancelled, according to regional media.
In Zhejiang, ships have been remembered while numerous. parks in the provincial capital Hangzhou announced closures.
Bebinca's arrival will accompany the Mid-Autumn. celebration, an across the country three-day holiday when numerous Chinese. travel or take part in outside activities.
China's Ministry of Water Resources on Saturday released a. Level-IV emergency situation reaction - the most affordable level in China's. four-tier emergency situation response system - for prospective flooding in. Shanghai and the provinces of Jiangsu, Zhejiang and Anhui.
(source: Reuters)