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Portuguese airline company TAP's passenger traffic up in 2024, Americas lead development
Portugal's airline company TAP, which is slated for privatisation, carried 16.1 million travelers last year, a 1.6% rise from 2023, led by North American and Brazilian paths, the business stated on Tuesday. Passenger numbers on North American routes increased by 8.9% to 1.59 million, while more than two million passengers took a trip between Brazil and Europe, hailed by the business as a. record-breaking achievement after a 7.1% boost from 2023. The North and South American paths are seen as the. company's most considerable and profitable as Portugal's. federal government plans to resume the privatisation of the national. provider this year. Air France-KLM, British Airways-owner IAG. and Lufthansa are amongst those to have actually revealed an. interest in TAP. The airline stated that European travel, omitting Portugal,. had a modest uptick of 0.9% to 8.8 million travelers, while. paths to and from Africa saw a marginal decrease of 0.1% to 1.1. million. President Luis Rodrigues said last month he anticipated. the airline to post another profit in 2025 on business and. performance gains in the middle of a tourist boom.
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Argentina's YPF signs deal with Indian firms to export LNG
Argentina's staterun oil business YPF signed a memorandum of understanding with three Indian companies to possibly export up to 10 million metric lots of liquefied gas (LNG) annually, the company stated on Tuesday. YPF Chief Executive Horacio Marin inked the deal in New Delhi with executives from Oil and Natural Gas Corporation ( OIL), Gas Authority of India Limited (GAIL) and Oil and Natural Gas Corporation Videsh Limited. The contract likewise covers cooperation in lithium, important minerals, and hydrocarbon exploration and production, YPF stated in a declaration. We are persuaded that the nation has an opportunity to end up being an energy exporter and achieve the objective sought by the whole market to create profits of $30 billion over the next ten years, Marin said. The executive has likewise gone to Israel, South Korea and Japan to seek buyers for LNG from Vaca Muerta, the world's. second-largest shale gas reserve. Reuters reported in December, pointing out a business source, that. Marin was set to take a trip to India this month to sign the. preliminary LNG export offer.
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Jordan purchases about 60,000 T of wheat in tender, traders state
Jordan's state grains purchaser acquired about 60,000 metric tons of hard milling wheat to be sourced from optional origins in an international tender on Tuesday, traders said. It was thought to have actually been purchased from trading home Ameropa at an estimated $268 a ton expense and freight consisted of ( c&& f) for shipment in the very first half of April, they said. Traders stated they got signs Jordan will provide a. new tender in the coming days for 120,000 lots of wheat. Deals. are expected to be sent on Jan. 28, with delivery anticipated. to be sought in various combinations in the 2nd half of. April, full month of May and first half of June. Reports show assessments from traders and further. estimates of prices and volumes are still possible later on. Traders said these other trading companies participated in. Tuesday's tender, with their deals per load c&& f: CHS $272.93,. Cargill $275.98, Al Dahra $272, Aston $280, Cereal Crops Trading. $ 290 and Buildcom $273.77. In its previous wheat tender on Jan. 14, Jordan purchased. about 60,000 loads at an approximated $267.60 a lot cost and freight. ( c&& f) for shipment in the 2nd half of March. A separate tender from Jordan looking for 120,000 lots of animal. feed barley closes on Wednesday.
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Airplane in better shape than feared however risks ahead, CEO inform personnel
The CEO of Europe's Airplane has informed personnel that the group ended 2024 in much better shape than it feared when releasing a revenue warning last summer, while caution of a deteriorating global environment and newly increased organization dangers. Referring to group-wide performance, Guillaume Faury said in a memo seen : From a functional viewpoint, we ended up the year in a better state than we feared when we altered our guidance to the monetary markets in July. An Airplane representative stated it never comments on internal correspondence. Airbus this month reported 766 jet deliveries, just shy of a. targeted heading figure of around 770, while claiming victory. due to a margin for mistake included in the language it had utilized. It stayed ahead of competing Boeing for a sixth year. Faury stated activities would when again speed up throughout the. year and Plane must enhance quality and delivery deadlines. Jet Defence and Space and Plane Helicopters had an. outstanding business efficiency, Faury composed. However he required important progress in defence activities of. both departments and noted organisational changes in the Defence &&. Area system, which just recently streamlined its structure. In the letter, sent to the group's 150,000 personnel shortly. before U.S. President Donald Trump took workplace on Monday, Faury. said Airplane must be ready to respond rapidly to a worsening. worldwide environment without saying what he was describing. At the start of 2025, we can all see that the. international environment is weakening and growing in. complexity. This is increasing the dangers weighing on our. activities, Faury said. Trump, who has guaranteed sweeping tariffs, stopped short of. instant responsibilities on the first day however directed federal firms to. examine persistent U.S. trade deficits and unjust trade. practices and supposed currency control by other countries. Faury informed reporters previously this month that European. aerospace companies were bracing for really strong protectionism. throughout the 2nd term of Trump, who has actually safeguarded making use of. tariffs as part of his financial program to put America first.
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Canal chairman: Suez expansion will be operational by first quarter.
Osama Rabia, chairman of the Canal Authority said that the new section of the Suez Canal will be operational by the first quarter this year. Rabie, in a press release, said that the navy will reissue navigational charts after adding the 10-km extension (6.2 miles) to the canal. Egypt announced on Saturday that it had tested a new 10-km section near the southern end of the canal, despite a decline in revenue caused by Houthi attacks against vessels in the Red Sea. The Suez Canal Authority has confirmed that two ships have successfully passed through the new section of the canal during a test run. Egypt has accelerated its plans to widen and extend the second canal in the southernmost reaches of this waterway. This was a result of the grounding of container ship Ever Given, which blocked the important waterway for 6 days. The Suez Canal Authority reports that the new expansion has increased the length of the two-way section from 72 km to 82 kilometers. Total length of the canal is 193 kilometers. The Suez Canal in Egypt connects the Red Sea with the Mediterranean and is the fastest route to transport fuel, food, and consumer goods to Europe from Asia and Middle East. The route is used to transport up to one third of global container cargo including furniture, frozen food, tennis shoes and toys. (Reporting and writing by Momen Saeed atallah; editing by Bernadettebaum and Jan Harvey).
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Blast at Spain's Barcelona port kills one person, emergency services state
A blast at the Port of Barcelona has killed a person and affected another, emergency situation services in the northeastern Catalonia region said on Tuesday, including the taking place fire had actually been put out. In a post on social messaging platform X, the emergency services said the explosion occurred throughout upkeep work at the so-called Energy Wharf, where chemicals, natural gas and refined petroleum items are packed. Barcelona's city hall stated in a declaration it had gotten an alert for a fire brought on by the surge of a transport tank at 10.40 a.m. (0940 GMT) and subsequently activated its chemical danger emergency situation plan. The business in the location have actually ordered the confinement of their staff as a precautionary measure, the statement added.
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Air Europa works with PJT Partners to raise money to repay financial obligation
Spanish airline company Air Europa has actually employed adviser PJT Partners to raise money through debt, and perhaps a capital increase, to repay debt owed to the government, a representative for the airline said on Tuesday. The airline company, which is 20%- owned by British Airways owner IAG Group, is looking for funds to pay an exceptional bundle of loans worth an overall 475 million euros ($ 491.77 million). given by the government during the pandemic, the representative. stated, verifying an earlier report by Spanish news website El. Confidencial. The spokesperson stated no choice had actually been made on. whether the operation would include financial obligation, equity or both, nor. their respective amounts. PJT Partners did not immediately react to requests seeking. remark.
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China's solar and wind power installations will reach a record high in 2024
China's official data revealed on Tuesday that it broke its own record for new wind and sun power installations last year. The country has been accelerating its pace since 2023, when the country set a breakneck speed. It is aiming to reach its peak carbon emissions by 2030. The National Energy Administration reported on Tuesday that the installed solar and wind energy capacity will increase by 45.2% and 18.2%, respectively, between 2024 and 2026. It said that there are now 886.67 gigawatts of solar installed power, compared to 609.49 gigawatts in 2023. According to the International Renewable Energy Agency, in 2023 there were 139 GW of solar power installed in the United States. These installations show that China has achieved its 2030 goal six years earlier than expected. This is a testament to the speed with which it is implementing clean energy, especially at a moment when Donald Trump pulled the United States from the Paris Climate Deal for the second time. He also pledged to ease the drilling for oil and natural gas. China National Petroleum Company, a state-owned oil company, said that by 2030 solar power should be able to outpace coal, which dominates China's electricity grid. The difference is 1,780 GW versus 1,440 GW. In August last year, China's State Planner unveiled a plan for a three-year upgrade of the power system. The plan aims to increase the use of renewable energies and ease the strain on the national grid caused by the rising demand. The administration reported that wind power capacity had reached 520 GW. This is an 18% increase from the previous year. The total installed power generation capacity will increase by 14.6% on an annual basis, to reach 3.35 billion kilowatts in 2024. Greenpeace analysts say that renewable energy could satisfy all of China's power growth in 2025. According to Greenpeace East Asia's Beijing-based project manager Gao Yuhe, this would "pave way for China’s power sector (to) achieve peak emissions before 2025".
ADNOC's logistics equip transfers tankers to Navig8, will cut some personnel after takeover
Abu Dhabi National Oil Company's logistics arm has actually transferred its tankers to Navig8 after it purchased 80% of the company for more than $1 billion and will cut part of its labor force, the state oil giant said in a. statement.
ADNOC Logistics & & Services, which raised nearly. $ 770 million in an initial public offering in 2023, stated in June. it was purchasing Singapore-headquartered Navig8 as part of its. growth method.
ADNOC has actually noted numerous of its systems over the last few years and. pursued a string of offers to broaden in nearly every part of its. company, consisting of in chemicals and natural gas.
Transferring its industrial activities to Navig8 would permit. ADNOC to much better serve its clients and continue innovating and. growing in a highly competitive marketplace, it told Reuters. late on Monday.
We are dedicated to reducing influence on people, nevertheless as. we simplify operations there will be a little decrease in our. labor force, ADNOC included, without offering numbers.
Two sources had actually told Reuters that ADNOC L&S had actually alerted. customers that Navig8 would handle its chartering operations.
The $1.04 billion acquisition of Navig8 was primarily moneyed by. a hybrid capital instrument provided by ADNOC L&S for up to $2. billion, with the first drawdown of $1.1 billion made at an. all-in prices of less than 150 basis points over the Guaranteed. Overnight Funding Rate (SOFR), ADNOC L&S stated earlier this. month.
The remaining quantity is readily available to money new or formerly. revealed financial investments, it stated.
ADNOC L&S has actually devoted to buying the staying 20% of. Navig8, which owns more than 30 vessels and handles more than 85. ships, by mid-2027 for $335 million to $450 million.
The acquisition is anticipated to increase ADNOC L&S' revenues. per share by a minimum of 20% this year compared to in 2015 and. generate $20 million in yearly cost savings from next year, the. business said.
(source: Reuters)