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Riyadh Air prepares brand-new jet order decision in H1,2025.
Saudi start-up Riyadh Air is wading back into the jet market after purchasing dozens of Airplane and Boeing planes and aims to finalise a new deal including the market's biggest twinaisle jets early next year, its chief executive stated. The nation's latest nationwide airline company is weighing up the Boeing 777X and the Airplane A350-1000 and anticipates to make a. decision in the very first or 2nd quarters of 2025, CEO Tony. Douglas informed Reuters. Riyadh Air in 2015 ordered 39 Boeing 787 wide-body jets. with choices for another 33 as part of a broader deal likewise. involving existing nationwide provider Saudia, and last week it. added a company order for 60 Jet A321neo-family airplane. Douglas decreased to talk about the size of the brand-new order but. repeated that the airline company, which plans to begin operations. next year, eventually aimed to operate more than 200 airplane. Douglas told Reuters in a different interview recently that. Riyadh Air would begin formal talks for a brand-new order for large. wide-body airplane within two months.
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Brazil lifts coal imports to record as hydro struck lingers: Maguire
Brazil is set to import almost 900,000 metric tons of thermal coal this month, the highest regular monthly tally on record and 3 times the monthly average for 2024 so far, according to data from shiptracking firm Kpler. The coal buying binge comes as a long-lasting dry spell has slashed hydropower output to three-year lows, leaving power manufacturers short on power-generating fuels heading into the hottest months of the year when electricity need peaks. Power firms have actually also raised imports of liquefied natural gas (LNG) to their greatest because late 2021, showing that a. high rise in fossil fuel-fired generation is looming in South. America's largest economy. Greater usage of nonrenewable fuel sources will in turn lift Brazil's power. sector emissions, which are currently at their greatest because 2021. HYDRO DISAPPOINTMENT Hydro power generally represents around 65% of Brazil's. utility-scale electrical energy production, with hydro-electricity. generation balancing simply under 40 terawatt hours (TWh) a month. throughout the first half of 2024, Cinder data programs. However, in September hydro output was up to simply 28.7 TWh as. a drop in rainfall from the year before hit dam output. Cumulative rainfall in Brazil's southeast - home to many of. the nation's greatest dam systems - was just 584mm (23 inches). over the very first 10 months of the year, according to LSEG. That was 10% less than the average from 2019 through 2023,. and marks the 2nd straight year of less than 600mm of rain. over the opening 10 months of the year. The drop in real hydro output likewise cut hydro's share of. Brazil's generation mix to simply 50% in September, requiring power. providers to enhance output from alternate sources in order to. satisfy system demands. TIDY CUT While Brazil has one of the world's cleanest power systems,. utilities will likely rely on nonrenewable fuel sources to generate much of. the lost hydropower as output from gas and coal-fired power. plants can be quickly adjusted to stabilize system needs. Up until now this year, hydro dams have actually created around 63% of. total electricity supplies, wind farms have represented around. 15%, while solar farms have actually produced around 10%. Nuclear plants have actually represented an extra 2.5% share,. while bioenergy plants - which mainly burn sugar walking stick pulp -. have actually produced an extra 1.5%. The cumulative share of power generation from clean sources. up until now in 2024 is 92%, which stays among the highest. internationally. Nevertheless, the staying 8% share of generation has come from. nonrenewable fuel sources, which look primed to be used in even greater. volumes over the coming months if hydro output stays impeded. Natural gas has actually generated around 6% of Brazil's electrical energy. up until now in 2024, while coal and oil-fired plants produced an. extra 2.2%. PEAK NEED A high climb in total power consumption is also putting. Brazil's power companies under pressure to lift output. Brazil's electricity demand over the first nine months of. 2024 is up nearly 7% from the exact same months in 2023, which is the. strongest growth pace for that duration given that 2021 when the. nation's economy recovered from COVID-19-related restrictions. However total power need is likely to climb higher still. heading into 2025 as homes, factories and offices all dial up. the use of power-hungry cooling systems throughout summer. Average temperatures in Sao Paolo - Brazil's most populous. city - can balance over 10 degrees Fahrenheit (5.6 degrees. Celsius) more during November through February than throughout the. other months of the year, according to Weatherbase. Those greater summer season temperature levels - which can top 30C (86F) -. tend to increase making use of air conditioning system all the time, and. stress power networks. To satisfy those higher demand levels, energies look set to. lift output from the country's coal and gas-fired power plants,. which will be well stocked from the arranged imports of both. coal and LNG that are en path. A sharp rebound in rainfall levels could assist bring back. output from dam networks and restrict the total usage of fossil. fuels in 2025. But for the rest of 2024 a minimum of, considerably higher. generation from coal and gas looks imminent, and suggests a flare. up in local power emissions will follow. << The opinions revealed here are those of the author, a. writer .>
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Russia states Europe and Ukraine have to settle on gas transit offer
Russian Deputy Prime Minister Alexander Novak stated on Wednesday that Moscow was all set to keep supplying gas to Europe via Ukraine but this should be concurred by Kyiv and the European countries included. The present transit offer expires at the end of the year. Of course, in my viewpoint, the European nations that currently receive gas through this passage have an interest in continuing such cooperation, Novak, who supervises of Russia's energy policy, told press reporters on the sidelines of the Valdai Conversation Club in the Black Sea resort of Sochi. We are ready to supply (gas), however not much depends on us, so probably this must be worked out directly in between the users and the country through which the transit is provided. Russian gas materials to Europe through Ukraine are fairly little. Russia shipped about 15 billion cubic metres (bcm) of gas by means of Ukraine in 2023 - only 8% of peak Russian gas streams to Europe by means of different paths in 2018-2019. Ukraine has actually declined to renew the deal with Russia due to the continuous military intrusion.
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Italy's Poste operating profit beats forecast in Q3
Italian postal service operator Poste Italiane on Wednesday reported betterthanexpected operating earnings in its third quarter, assisted by a favorable performance by all its varied services and cost control. Poste, which has insurance coverage, monetary and digital payment departments besides the standard mail and parcels segment, stated adjusted incomes before interest and tax (EBIT) rose to 789 million euros ($ 848 million) in the quarter from 539 million euros a year earlier. That was above an analyst agreement put together by the company of 741 million euros. We are further reinforcing our updated full-year 2024 Changed EBIT assistance of 2.8 billion euros, with a net profit guidance of 2.0 billion euros, CEO Matteo Del Fante said in a. statement. Profits in the quarter came in at 3.06 billion euros,. 9.6% up from a year before, and slightly above a 3.05 billion. euros forecast, with all its service contributing to growth. Italy's Treasury strategies to offer a stake of as much as 14% in. Poste, with the state remaining a majority investor in the. business. The Treasury directly owns a 29.3% stake in the postal. service company, while another 35% stake is held through state. loan provider Cassa Depositi e Prestiti (CDP). Initially expected to be introduced late in October, the. public offering might occur between the 2nd half of. November and early December, according to some analysts. Poste said it will pay on Nov. 20 a 33 cents interim. dividend on its 2024 outcomes, a 39% boost on the payment at. the exact same phase last year. Poste is valued at around 17 billion euros at the. current market value. The stock has gained more than 28% since. the beginning of the year.
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Japan to sign MoU for use of technologies in nuclear plant in Poland, Nikkei reports
The Japanese and Polish governments are set to sign a. memorandum of comprehending on using technologies from Japanese. companies in the building of a nuclear power plant in. Poland, the Nikkei organization daily reported on Wednesday. The offer, which might come as early as Thursday, consists of. utilizing technologies from Japanese business such as Hitachi. and IHI for developing the first nuclear power. plant in Poland, Nikkei reported. To cut reliance on coal, Poland picked Westinghouse Electric. to develop its first plant on the Baltic sea coast that is set to. cost some $40 billion and is due to be fully operational by. 2040. Last month Prime Minister Donald Tusk said Poland will. look for financial partners to assist fund the building of its 2nd nuclear reactor .
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Two pilots missing after military plane crashes in Vietnam
Two Vietnamese flying force pilots are missing out on after parachuting from a Russianmade Yak130 light battle training aircraft that crashed on Wednesday early morning in the central province of Binh Dinh, Vietnam's defence ministry stated in a statement. The mishap took place when the pilots were trying to land in challenging weather, the ministry stated. The landing equipment might not be launched and emergency measures taken by the pilots were not effective, the ministry stated, including the pilots had the ability to parachute from the aircraft. The flying force is collaborating search-and-rescue activities on both air and on the ground, it stated. In 2015, a pilot was killed during training while attempting to land a Russian-made Su-22 jet at a regional airport. Vietnam relies greatly on Russia for its military items, and it is seeking to diversify its equipment and arms providers.
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Wizz Air loses obstacle against EU-approved Romanian aid for TAROM
Budget airline company Wizz Air on Wednesday lost its difficulty against a capital increase for Romanian rival TAROM funded by Romania and approved by EU competition regulators, as Europe's secondtop court dismissed its arguments. Wizz Air took its case to the Luxembourg-based General Court after the European Commission said the 2 million euros ($ 2.15. million) in help to balance out the effect of travel restrictions. linked to the COVID pandemic complied with EU state aid rules. The EU guard dog had actually decreased to open an official investigation. into the case. That aid, totaling up to practically 2 million euros, is. compatible with the internal market, the Luxembourg-based. General Court stated. Judges said the Commission had correctly examined the. proportionality of the aid given to TAROM. Wizz Air can attract the Court of Justice of the European. Union, Europe's leading court, on matters of law. Airlines throughout Europe got billions of euros in state. aid during the pandemic, setting off lawsuits from competitors such as. Wizz Air and Ryanair. The case is T-827/ 22 Wizz Air Hungary v Commission (TAROM. II; Covid-19).
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Urals prices climbed back above western cost cap on firmer Brent
Prices for Russian flagship Urals oil grade cargoes packing in November have climbed up back above $60 per barrel at Russian Baltic and Black Sea ports on firmer Brent, traders stated and Reuters estimations revealed. Softer shipping expenses at essential export routes to Asia and stable prices in Indian ports supplied assistance to Urals FOB estimates, according to market sources. Urals oil cargoes packing from Baltic Primorsk port were seen at $63 per barrel, while the grade's cargoes loading from Novorossiisk stood at $64.2 per barrel after remaining below the cost cap level since mid-October, according to Reuters calculations. Brent crude futures rose 45 cents, or 0.6%, to settle at $75.53 a barrels on Wednesday. Oil rates were rising given that Monday following OPEC+ choice to postpone plans to hike production in December. Discounts in Indian ports, main market for seaborne Urals oil, stayed stable - at $3.50-3.80 per barrel to outdated Brent, traders stated. The freight rates for Russian oil deliveries declined to $ 5.1-5.2 million for a tanker's one-way voyage from Russian Baltic ports to India, stable to decrease from October levels. Lower freight rates were seen as a result of lower oil exports planned from Russian ports this month. In late 2022 the Group of Seven countries - the United States, Canada, Britain, Italy, France, Germany and Japan - together with the European Union and Australia imposed a cap of $ 60-per-barrel on the sale of Russian oil on a free-on-board basis, looking for to reduce Russia's profits from seaborne oil exports as part of sanctions. Higher Urals costs will increase Russia's oil earnings. India did not sign up with Western sanctions on Russia, however adheres to global sanctions policies including the cost cap. Under the Western rate cap terms, suppliers of Russian oil are just able to use Western services such as shipping and insurance if Russian crude trades below $60 per barrel. The price for each specific Urals cargo is agreed in between a. seller and a buyer, while various cost solutions might be used. Reuters estimations of Urals crude rates FOB rates are. based upon the grade's discounts to Brent at Indian ports on a. delivered-ex-ship basis, transportation, other associated costs and. the Brent criteria.
What occurs when Russian gas to Europe through Ukraine stops?
Ukraine will not extend its gas transit arrangement with Russia after it expires after Dec. 31 2024, Ukrainian Prime Minister Denys Shmyhal informed Slovak Prime Minister Robert Fico.
Here is what occurs if gas is switched off and who will be impacted most.
HOW BIG ARE THE VOLUMES?
Russian gas products to Europe by means of Ukraine are reasonably small. Russia delivered about 15 billion cubic metres (bcm) of gas by means of Ukraine in 2023 - only 8% of peak Russian gas flows to Europe by means of different routes in 2018-2019.
Russia invested half a century building its European gas market share, which at its peak stood at 35%.
Moscow lost its share to competitors such as Norway, the United States and Qatar because the intrusion of Ukraine in 2022, triggering the EU to cut its reliance on Russian gas.
EU gas rates rallied in 2022 to tape highs after the loss of Russian supplies. The rally will not be repeated given modest volumes and a small number of clients for the staying volumes, according to EU officials and traders.
UKRAINIAN ROUTE
The Soviet-era Urengoy-Pomary-Uzhgorod pipeline brings gas from Siberia through the town of Sudzha - now under control of Ukrainian military forces - in Russia's Kursk region. It then flows through Ukraine to Slovakia.
In Slovakia, the gas pipeline divides into branches going to the Czech Republic and Austria.
Austria still receives most of its gas through Ukraine, while Russia accounts for around two-thirds of Hungary's gas imports.
Slovakia takes around 3 bcm from energy huge Gazprom each year, also about two-thirds of its needs.
Czech Republic practically entirely cut gas imports from the east in 2015, but has actually begun taking gas from Russia in 2024.
The majority of other Russian gas paths to Europe are shut consisting of Yamal-Europe via Belarus and Nord Stream under the Baltic.
The only other functional Russian gas pipeline route to Europe is the Blue Stream and TurkStream to Turkey under the Black Sea. Turkey sends some Russian gas volumes onward to Europe consisting of to Hungary.
WHY DOES THE UKRAINIAN ROUTE STILL WORK?
While remaining Russian gas transit volumes are little, the problem stays a problem for the EU. Numerous EU members such as France and Germany have actually stated they would not purchase Russian gas any longer however the stance of Slovakia, Hungary and Austria, which have closer ties to Moscow, challenges the EU common method.
The nations, who still get Russian gas, argue it is the most financial fuel and likewise blame neighbouring EU nations for imposing high transit fees for alternative products.
Ukraine still makes $0.8-$ 1 billion in transit costs from Russian gas transit. Russia makes over $3 billion on sales via Ukraine based on a typical gas cost of $200 per 1,000 cubic metres, according to Reuters estimations.
Russia's gas pipeline export monopoly Gazprom plunged to a. bottom line of $7 billion in 2023, its very first yearly loss given that. 1999, since of the loss EU's gas markets.
Russia has stated it would be ready to extend the transit deal. however Kyiv has consistently said it will not do it.
Another alternative is for Gazprom to provide some of the gas by means of. another route, for example through TurkStream, Bulgaria, Serbia or. Hungary. However, capacity through these paths is restricted.
The EU and Ukraine have actually likewise asked Azerbaijan to assist in. conversations with Russia concerning the gas transit deal, an Azeri. presidential consultant told Reuters, who declined to offer further. information.
(source: Reuters)