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Business Post reports that Ryanair CEO O'Leary believes fares will remain 'flat' this summer.
Michael O'Leary, Chief Executive Officer of Ryanair Group, told Ireland's Business Post newspaper that: He said: "We believe that?bookings will get a little boost as we move into the summer peak. I would use 'inverted commas' to say 'the peace agreement between Iran and the US.' But spot oil prices have fallen significantly." * "We don't expect prices to rise this summer into the peak. "I'm not sure that prices will drop, volumes are high, but pricing appears to be similar to last year," said he. We're not under pressure to hedge into May, June or July of next year. If prices fell to the low $80s, or even below $80, we would certainly start hedging summer '27. Here is the source text for more company coverage.
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Uganda: Islamic Development Bank approves EUR650 Million Loan
The executive board of the Islamic Development Bank (IsDB), announced late Friday, approved a EUR650.7m ($746.2m) loan to Uganda 'to help finance its standard gauge rail project. Uganda is raising money for the EUR2.7billion?project. It has already received backing from lenders such as the World Bank and?African Development Bank. Citibank has been appointed to assist in the mobilisation of?financing. Turkish company Yapi Merkezi is responsible for the construction of the railway. IsDB was one of Uganda's largest sources of external funding and had, as of the end May, projects in a country east of Africa worth $896.5 Million, according to government data. The 272-km line (169-miles) will connect landlocked Uganda to Kenya's rail system, giving it access to the Indian Ocean port at Mombasa through which Uganda imports most of its goods.
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Drone attack on Panama flagged ship in Black Sea kills one, injures two
Panama's Maritime Authority said that two crew members were injured and one was killed in a drone attack against a Panama flagged ship in the Black Sea. The AMP'said that the incident took place on Thursday - and that one of those injured was in a'serious condition. It?added that the ship was able?to continue?on course. The authority said that it had "activated relevant protocols to collect official information about the incident and maintain communication with the parties concerned." The AMP 'didn't say where the drone came from but advised ships to avoid travelling?through Ukrainian - and Russian waters in Black Sea, & the Sea of Azov,??to the north. Panama is the largest ship registry in the world, with 16% of the global merchant fleet under its flag. (Reporting and editing by Sam Holmes; Elida Moreno)
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Trump unveils Qatari Boeing 747 before joining Air Force One
The President Donald Trump got to see his upgraded Boeing 747, which was a gift from Qatar, on Friday at the Joint Base Andrews in Maryland, as the aircraft approached delivery and would join the Air Force One fleet. This is the most luxurious aircraft in the world. It was built to a standard that was probably never seen before," Trump said in front of a crowd gathered at a brand new hangar on the base. The jumbo jet, which Qatar gave to Trump as a present last year, has been overhauled and repainted in the red, white and dark blue livery that Trump chose. This is a departure from Air Force One's iconic design. Trump said that the upgrade was needed to keep up with foreign leaders who fly more modern aircraft. "These countries respect us a great deal, but they also have an aircraft that is much better and newer." Trump said, "It's a bit ridiculous." Trump has said that the rest of Air Force One's fleet will be redesigned. The new addition to Trump’s fleet will provide a modern, luxurious aircraft that the president, his aides and security detail, as well as the media, can travel on. The cost of the upgrade has not been revealed, and because it was completed so quickly, some experts are concerned that it might not be as safe as Air Force One. Air Force fast-track program skipped some planned modifications to the next-generation Presidential jet to deliver interim version earlier, but officials claimed?it was upto presidential standards. In a Friday statement, Secretary of Air Force Troy Meink stated that "the safety and security of the commander-in-chief is our top priority." "We meticulously evaluated each requirement from the start to ensure delivery was expedited while maintaining the high standard expected for the presidential mission." JULY 4, WASHINGTON FLYOVER Trump said the aircraft would lead the formation, which he called the "biggest in American history", during the July 4th ceremony on the National Mall. Trump said, "This will lead a large group of planes." Trump arrived back in the United States on Thursday morning, aboard a Boeing 747-200 military grade that has been serving U.S. Presidents for over three decades. Trump announced that this was the final flight of the aircraft, and it would be eventually placed in a Museum. The U.S. government accepting the 747 luxury jet from Qatar raised concerns about whether this was an excessively expensive gift. Trump dismissed criticisms of the arrangement by saying that it would be "stupid' to reject the offer. Experts said that retrofitting the luxury aircraft required upgrades in security, communication to prevent eavesdropping and missile defense capabilities. Democratic senators estimated that the conversion would cost more than $1 billion, and increase security risks. The Qatari aircraft is being used as a temporary bridge while Boeing delivers two 747-8s built to order under a fixed-price $3.9 billion contract signed in 2018. The program is currently four years behind schedule. Delivery will not be expected until the middle of 2028. This delay could leave Trump without a plane by January 2029, when his term ends. The Boeing program has cost more than $5 billion. Boeing posted $2.4 billion of charges against its earnings. The new color scheme is a departure from the two-tone white and blue design that dates back to President John F. Kennedy. The Air Force has revived a palette of red, white and navy blue that Trump had pushed for but was scrapped by the service in 2022 because darker colors were deemed to be overheating. The new livery, which includes red, white and dark blue, will also be used on the VC-25B, the military designation of the Boeing 747-8, and four modified Boeing 757 200s that are used to transport senior officials, including the vice president and cabinet members. (Reporting from Washington by Mike Stone; Jarrett Renshaw, additional reporting; and Alistair Bell, Stephen Coates and Edmund Klamann editing)
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Trump unveils Qatari Boeing 747 before joining Air Force One
President Donald Trump got to see his upgraded Boeing 747 on Friday at Joint Base Andrews, Maryland, as it was nearing delivery for the Air Force One fleet. The aircraft was a gift from Qatar to Trump last year. It has since been overhauled and painted by L3Harris Technologies in the colors of red, white and dark blue that Trump selected. Trump now has a modern, luxurious aircraft that he, his staff, security team and media can travel on. It was completed so quickly and at an unknown cost that some experts are concerned it might not be as safe as the current 'Air Force One' aircraft. Air Force fast-tracked effort skipped some planned upgrades for the next generation presidential jet to deliver an interim model sooner. Officials said that?it met presidential standards. In a Friday statement, Secretary of the Air Force Troy Meink stated that "the safety and security for the commander-in-chief is our top priority." "We meticulously evaluated each requirement from the start to ensure delivery was expedited while maintaining the high standard expected for the presidential mission." The U.S. government accepting the 747 luxury from Qatar raised concerns about it being an excessively expensive gift. Trump said it would be "stupid", to reject the offer, if critics were to voice their concerns. Experts said that retrofitting a luxury aircraft required upgrades in security, communications to prevent eavesdropping and missile defense capabilities. The conversion, according to Democratic Senators, could cost over $1 billion. It also poses security risks. The Qatari aircraft is being used as a temporary bridge while Boeing delivers two 747-8s built to Boeing's specifications under a $3.9billion fixed-price agreement signed in 2018 The program is currently four years behind schedule and delivery will not be until mid-2028. This delay could leave Trump without a new plane by the end of his presidency in January 2029. Boeing's program has cost more than $5 billion. The company posted $2.4 billion of charges against the earnings from the project. The new color scheme is a departure from President John F. Kennedy’s white and two-tone?blue?design. The Air Force has revived the red, white, and blue color scheme that Trump originally pushed but was scrapped by 2022 when it determined darker colors would cause overheating. The new livery, which includes red, white and dark?blue, will also be applied on the VC-25B, the military designation of the Boeing 747-8, and four modified Boeing 757 200s, used to transport vice presidents, cabinet members, and other senior officials. (Reporting from Washington by Mike Stone; Jarrett Renshaw, additional reporting; Stephen Coates, Edmund Klamann and Stephen Coates)
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Multiple injuries reported after two trains collided north of London
The British Transport Police said on Friday that it was responding to media reports about a major collision between two trains, 60 miles north-east of London. Media reports claimed the incident resulted in'multiple injuries. The video was posted on Facebook and showed what appeared to be the front of a train intertwined with the?back of another train, both of which were still on the track. The East of England Ambulance Service sent multiple resources, including an air ambulance, to the accident on the rail south of Bedford and advised people to avoid that area. In a post to X, Heidi Alexander, the Transport Minister said she was "deeply worried"?by the reports of this collision. Bedfordshire Fire and Rescue Service reported that crews were on the scene of a?railway incident just south 'of Bedford and also asked the public to stay away. East Midlands Railway said that it would not be able to run any services into or out of London until the end of today, while Thameslink reported that all lines between Luton and Bedford had been blocked because of an investigation. (Reporting and editing by Louise Heavens, Kate Holton and Sam Tabahriti)
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Airport security takes action as World Cup fans gorge on ranch dressing
The Transportation Security Administration has issued friendly advice for those who wish to bring home ranch dressing after visiting the United States to watch the World Cup. The 'TSA' decided to issue a helpful warning after receiving numerous posts on social media from fans who love Ranch dressing. They wrote on Instagram: "If you are visiting a large sporting event, and you discover RANCH during your stay... pack it into your CHECKED BAGGAGE on the way home." If you are travelling within the U.S.A., keep all carry-on sauces to 3.4 ounces (100ml or less) and put any larger containers into your checked bags. Some heroes wear 'capes. Some heroes wear?capes. The TSA told travelers to avoid throwing away their ranch dressing before reaching security because airlines will check it for them. Trevor Stynes reported, Ed Osmond edited.
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Iraq wants to increase oil production from the southern fields by 3 million barrels per day within 1-2 months
Iraq's state news agency reported Friday that it expects oil production to reach three million barrels of oil per day from its southern fields within one to two months. The report was based on a spokesperson for the Oil Ministry. Iraq exports around 3.6 millions barrels of crude oil per day. Before the Iran War, around 3.4million bpd passed through its southern Basra terminals. Iraq has also suffered a decline in oil revenue as a result of the closure of the Strait of Hormuz during the U.S. - Iran War. Iraq used to export its fuel oil from the Gulf port Khor al-Zubair. But the conflict has forced the country to seek other routes, after the strait closed and the storage facilities started filling up. Saleem al Rikabi, a spokesperson for the Iraqi Oil Ministry, said that there was no set timetable to restore exports to their previous levels. This is because production capacities and reservoir conditions differ from field to field. The minister said that the ministry is prioritising associated gas, condensates and liquefied gases, and added that tanker activity and restoring export capacity would be progressed along with production recovery. Iraqi oil officials had earlier stated that the country has increased its crude oil production by 250,000 barrels a day from its southern fields to 1.75 million barrels a day, as more tankers are loading crude from Iraq's ports. Iraq plans to increase production to 2 million barrels per day within the next few days, according to officials. Reporting by Muayad Haeed in Baghdad, Aref Mohammed Basra. Writing by Muhammad Al Gebaly. Editing by Louise Heavens & Alistair Bell.
Norway's FSA claims that a firm issued fake insurance to Russian oil tankers.
According to Norwegian authorities, the insurance documents issued by a small Norwegian firm to cover up the forgeries were bogus. The documents were used to circumvent international sanctions and hide the age of the oil tankers.
Romarine AS, a Norwegian-registered company, claimed to be an insurer. Their website listed dozens of tanks believed to be a part of Russia’s shadow fleet. This included vessels that were under Western sanctions.
The FSA stated that the company is not registered by the Financial Supervisory Authority of Norway (FSA) as an insurer.
Western nations have sanctioned hundreds of ships that they suspect Russia uses to circumvent price caps on crude oil exports and other cargos.
These vessels are not covered or regulated by the conventional Western insurance companies, which poses the risk of unreliable tankers and environmental damages in the event that a shipwreck occurs.
The fact that Romarine made an effort in order to prove the tankers' insurance coverage by Western insurers, should they sink or be polluted, is what makes this case stand out.
Jo Gjedrem is an official with the FSA. She said, "It is an unusual case."
The FSA warned Romarine about its failure to comply with the warning in January. It then issued an order to stop operations on 4 March.
Romarine, in response to an email question from, said that it was aware of FSA's order of March 4, and had responded "with some delays through our lawyers".
Romarine stated that they operated within the applicable regulations but had decided to cease taking on new business until "positive feedback" from the authorities.
Romaine has not responded to the FSA, according to the FSA.
According to the Norwegian commercial database, Proff, Andrey Mochalin is the sole owner of Romarine AS. He is a Russian national and a former employee at Norwegian insurer Hydor AS.
Johan Gjernes is the former chairman of Romarine and chief business officer at Hydor AS. He told us via email that Romarine had been sold to Mochalin, who now owns it. Gjernes left Romarine in 2023 and Mochalin took over as chairman one year later. This is according to the official Norwegian company registry.
According to Norid AS (Norway's government-run registry for domain names), Romarine's site is located in Russia. Two commercial IP-locating websites pointed to an address in St Petersburg.
Mochalin has not returned any of the requests sent via email, LinkedIn, WhatsApp, or telephone.
SHIPS SUBJECT TO SANCTIONS
Romarine's site, as of early march, listed at least 30 oil tanksers that were subject to U.S. sanctions, EU sanctions or UK sanctions. These included the Captain Kostichev oil tanker and Ionia oil tanker, which appeared on certificates of insurance submitted to Russian port authorities.
Since then, some names have been removed.
The certificate of insurance issued by the Gabon flagged tanker Ionia on February 2, and dated January 9, listed Romarine, as its insurer.
A second document, dated 24 March and presented by Captain Kostichev of Panama to the port authorities at De Kastri (Russia's Far East), listed Romarine as their insurer.
The vessel, although the certificate stated that it was valid through April 24, has been removed from Romarine's site while the Ionia still remains.
LSEG data indicates that the Captain Kostichev's operator is Stream Ship Management based in United Arab Emirates.
Narus Maritime Corporation, based in Seychelles, owns and operates the Ionia.
I was unable to contact either company for a comment.
Romarine responded that they had accidentally listed vessels subject to Western Sanctions on their website due to a glitch in the technical system.
The company replied in an email to a question received on 12 March. "We implemented our new automatic system a few weeks ago, and we are working to figure out what went wrong."
Gjedrem stated that the FSA was concerned about Romarine when it received an email inquiry from overseas last September asking about a letterhead document certifying Romarine as a ship's insurance.
Gjedrem: "We instantly saw that it was fake." The letterhead could have been copied and pasted onto the fake document. It quoted non-existent Norwegian laws. The person who signed the document never worked for Finanstilsynet, and the stamp on it was fake."
On March 25, the FSA posted an alert on its website about using Romarine's services.
Oslo Police has also opened an investigation into Romarine’s business activities following a complaint by the FSA.
Police said they were investigating 4 people, two Norwegians, one Bulgarian and one Russian. They are suspected of falsifying documents and performing insurance mediated activities without a license.
The police said that a search was conducted on the home of one of the suspected in late March.
The Norwegian public broadcaster NRK reported the police investigation first.
Romaine did not respond to a question about the police investigation.
The Russian Ministry of Transport and the Federal Agency for Sea and Inland Water Transport have not responded to requests for comments about the Norwegian investigation of Romarine, or the Norwegian order to stop operations. Reporting by Gleb Stolyarov in Oslo, Nerijus Adomiaitis and reporters in Moscow. Additional reporting by Nidhi verma in New Delhi. Editing by Nina Chestney & Jason Neely.
(source: Reuters)