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Memo says that staff shortages are causing two Canadian airport towers to be closed periodically due to lack of staff.
According to an Air Canada memo sent to pilots, a shortage of air traffic control officers in Canada can sometimes force airport towers to close at Kelowna airport and Winnipeg airport when the controller on duty is on a break. The memo dated October 14 stated that Air Canada had advised its pilots not to fly to the two airports located in British Columbia and Manitoba if staffing shortages were severe enough to force the closure of their air traffic towers. The number of times the airports were closed was not clear and their representatives didn't immediately respond to comments. NAV CANADA (which manages Canada's civil aviation system) has informed airlines that there will be air traffic control shortages at Winnipeg and Kelowna "but it could spread to other airports." NAV CANADA announced in a Thursday statement that the closures of Winnipeg and Kelowna were planned during "low traffic periods" to minimize impacts. The closures are also being implemented to ensure employee safety and to maintain safe operations. The statement did not give details on the normal staffing at these towers. Closures in North America are the latest example of a shortage of air traffic control staff, which could lead to flight delays or increased costs for carriers. The memo stated that affected flights in Canada would require additional fuel as they may need to remain in a holding pattern, or divert, due to a shortage of controllers. The United States is experiencing a shutdown of the government, which has caused a shortage in air traffic control staff. According to the Federal Aviation Administration this week, the issue has resulted in delays at many airports. Nick von Schoenberg is the president of CATCA which represents Canadian controllers. He said that the Canadian airport closings went beyond Winnipeg and Kelowna, and were meant to give controllers a break due to fatigue. He said that the closures "indicate a system with a lack resilience due to staffing issues." Tim Perry, President of the Air Line Pilots Association in Canada (which represents Air Canada Pilots), said that the lack of stability caused by shortages needs to be addressed. He said that "Air traffic control shortages continue to cause delays at airports throughout Canada." (Reporting by Allison Lampert, Montreal; Editing Jamie Freed).
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MSC drops Moby after Italian antitrust probe
The Italian antitrust regulator announced on Friday that Shipping Agencies Services, a unit within maritime group MSC would abandon its purchase of a 49 percent stake in ferry operator Moby. This was after the watchdog launched an investigation into alleged restrictions of competition. Moby is majority owned by Onorato Armatori, which operates ferries that connect the Italian mainland with tourist islands like Sardinia or Corsica. The Italian authority that opened an investigation last year into the acquisition said the deal may have affected competition on routes operated by Moby and Grandi Navi Veloci, a ferry company controlled by SAS. According to the agreements made by SAS and Moby the watchdog stated that SAS would transfer its 49% stake without consideration in Moby to Onorato Armatori. Moby will mandate a third-party independent to open a "competitive, transparent" procedure to sell a package assets. The proceeds will be used to pay back a loan given to Moby in 2023 by SAS. SAS and Moby are also compensating customers who purchased tickets before July 16th. (Reporting and editing by Gail Jones, Gianluca Smeraro).
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Bankers report that two Indian infrastructure investment trusts are planning to launch their first bond sales in the coming weeks.
According to banking sources two Indian infrastructure investment trusts plan to raise over 26 billion rupees (297 million dollars) in their debut bond issue between October and Novembre. They join a growing number of vehicles that are using the debt market to raise funds. The three bankers announced on Friday that Oriental Infratrust plans to raise 8.3bn rupees by issuing a mix of notes with a maturity between three and 14 years, and IRB InvIT Fund aims at raising 18bn rupees via bonds with ten-year maturities and five-year maturities. Rating agencies such as Crisil India Ratings, and Care Ratings have assigned the planned issuances an 'AAA rating'. The InvITs have not responded to emails seeking comments, while the bankers asked for anonymity because they are not authorized to speak with the media. InvITs, which are similar to mutual funds and allow both individuals and institutions direct investment in infrastructure projects, are investment schemes that work like mutual funds. InvITs are an alternative investment because they allow investors to share in the dividends generated and the capital gains made from the appreciation of their units. Since the launch of this structure a decade back, ten InvITs raised funds via corporate bonds. Sustainable Energy Infra Trust (SEIT) and Capital Infra Trust made their debut issues this year. The regulator of the Indian markets, Securities Exchange Board of India is registered with 27 firms. According to Bharat INvITs Association, they managed assets of more than 7 trillion rupees at the end of March, with a capitalisation market of 2,40 trillion rupees. Prime Database reports that these vehicles are owed 530 billion rupees. Over 65% of this debt was issued during the financial years of 2025 and 2026. $1 = 87.7250 Indian Rupees
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Safran hikes forecasts after strong quarter for jet engine services
Safran, the French aerospace company, raised its full-year revenue forecasts after reporting higher than expected third-quarter revenues led by its core Jet Engine division. The company, who co-produces LEAP engines with GE Aerospace via their CFM venture said that it had "strongly caught up" on late deliveries in the third quarter, shipping more than any other quarter. Airbus and Boeing have delayed their jet deliveries and caused congestion in maintenance centres, which has led to a strong demand from engine manufacturers for spare parts. In the engine industry, there is a tug-of-war between aircraft manufacturers and airlines that need spare parts to alleviate shortages. The CEO of Andries Aerospace, Olivier Andries, said that demand for parts and services for civil jet engines is still strong. Safran reported that its revenue for the third quarter rose by 18.3%, to 7,85 billion euros (9.15 billion dollars). The propulsion revenue grew by 25.6% and the aftermarket or services grew by 21.1%. According to a consensus compiled by a company, analysts expected quarterly revenues in the range of 7.59 billion euro. Safran announced that it would be increasing its revenue growth projection for the entire year from "low teens" to between 11%-13%. In the French version of Safran's earnings announcement, it was clarified that its previous forecast stood at 10% to 13%. The forecasted operating income was also increased to between 5.1 and 5.2 billion euro from the previous range of 5 to 5.1. Its free cash flow forecast ranged from 3.4 to 3.66 billion euros. Tariffs are now included in all targets. 'CATCH-UP EFFECT' Safran has followed GE Aerospace and raised its growth forecasts of LEAP deliveries in 2025 to over 20%, from a range between 15% to 20%. Andries stated that LEAP engine deliveries in the fourth quarter will be similar to those seen in the third, when CFM shipped a total of 511 engines. This was a 40% increase from the same time last year. Andries responded that CFM is ready to make adjustments to allocations if necessary. He told reporters, "But it's not a significant amount, just a few engines. And when we do this, there is a catching-up effect." Andries stated that CFM and Airbus were discussing future needs, but he did not state whether CFM had committed to Airbus' plans to increase narrow-body production to 75 jets per month by 2027. Nevertheless, he noted that the Airbus goal did not cover 2027 as a whole. $1 = 0.8575 euro (Reporting and editing by Jamie Freed, Jane Merrill)
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Sources say that China's Satellite Chemical has halted its ethylene project due to US trade tensions.
Satellite Chemical, China's biggest importer of U.S. Ethane, has suspended plans to build its 3rd ethylene unit due to the protracted U.S. China trade tensions as well as a lack in government and regulatory approvals. The cracker would cost around $1 billion, and have a maximum capacity of 1.5 million metric tonnes per year. It would convert ethane to ethylene, which is a crucial building block in petrochemicals. This is part of the multi-billion dollar phase 3 expansion by the company in Lianyungang in eastern China. China purchases half of U.S. exports of ethane and almost all of its imports of ethane are from the U.S. The delay shows the dangers of China's increasing reliance on U.S.-produced ethane. Two sources say that the pause occurred in June. It followed the escalation of the U.S. - China tit-fortat trade war, in which Beijing imposed a 125% tariff on U.S. products, including ethane. Later in the month, it was lifted. The U.S. temporarily restricted ethane exports in late May after Beijing was accused of slowing down rare earths shipments. Two sources claimed that Satellite was about start the construction of the cracker, after almost finishing construction of one petrochemical unit in Lianyungang during the second quarter. Three sources said that the central government ordered the company to stop construction because Beijing was concerned about the rising demand for U.S. Ethane, which could give Washington more leverage in the trade wars. Two sources reported that authorities also found out that Satellite didn't have the necessary regulatory approvals to crack the ice. They only had the green light on the downstream units. Sources declined to identify themselves as details of the story are not publicly available. Satellite responded to a question about the government's pause order, and the approval status, by saying that the company "consistently complies with Chinese law and global regulations." Satellite said it would update stock filings on the progress of its projects. The National Development and Reform Commission of China, which is responsible for the approval of large industrial investments in China, has not responded to a comment request. JPMorgan analysts stated in a client note dated October 15, that Satellite could have to wait for the U.S. China trade relations to stabilize before resuming construction of the third cracker. This would delay phase 3 expansion, which was originally scheduled to begin in the first half 2027. Other Projects Continue Three sources stated that Satellite will be moving forward with several downstream projects such as the alpha-olefin/polyolefin-elastomer (POE), units which produce high-performance plastics for automobiles and packaging. Satellite announced in a mid-2024 stock filing that the key units for phase 3 include two 500,000 tpy polyethylene facilities, five 100,000 tpy alpha olefins and three 200,000-tpy POE units. Satellite was among the first Chinese companies to convert abundant and inexpensive U.S. natural gas by-product ethane into ethylene. It is the largest importer of U.S. Ethane in the world. Ethane technology is cheaper and emits less pollution than oil-based technologies. To secure feedstock, Satellite invested in a 180,000-barrel-per-day terminal in Nederland, Texas, in a joint venture with U.S. firm Energy Transfer in 2018. Satellite and Energy Transfer have also reached an agreement for the supply of US ethane. The deal will last until 2030. (Reporting and editing by Jamie Freed, Siyi Liu, Sam Li and Trixie Yap; Additional reporting by Chen Aizhu)
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VTB, a Russian bank, says that financing for the huge Ust-Luga Gas Complex is in full swing.
VTB, Russia's second-largest bank, said that funding for a massive gas processing complex is already underway in the Baltic Sea port Ust-Luga. This shows Moscow's commitment to developing its energy sector, despite sanctions. The complex will be part of the Kremlin's energy giant Gazprom’s strategy to shift their focus from production to processing. It will include a gas-processing plant and a complex for gas-chemical processing. Dmitry Pyanov, Chief Financial Officer of VTB, told reporters that the project was fully funded by both bank loans and other sources. The comments were published on Friday. The project will create Russia's most advanced gas processing facility and one of the largest in the world, based on production volume. The plant is designed to process up to 45 billion cubic meters of natural gas per year and produce 13,000,000 metric tons (or liquefied gas), 3.6,000,000 tons (or ethane) and up to 180,000 tons (or liquefied petrol gas) of liquefied gas. Construction of the complex was delayed by Western sanctions against Ukraine. According to Russian documents, the first gas processing line is scheduled to begin operations in 2026. The first line for the liquefied gas plant will start in 2027. (Reporting and writing by Elena Fabrichnaya, Editing by Jan Harvey; Writing by Vladimir Soldatkin)
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FACTBOX: Large cross-border transactions in India's Financial Sector this Year
In 2025, India's financial industry saw a number large deals. This included two rare transactions in which foreign banks bought significant stakes in Indian lenders. According to Grant Thornton, between January and September of 2025, the financial sector has completed mergers and purchases worth $8 billion, which is a 127% rise over the same time period last year. These are the key facts regarding major deals. EMIRATES BANK - RBL BANK Dubai-based Emirates NBD is buying a 60% stake of Indian private lender RBL Bank for $3 billion. This deal represents the largest foreign acquisition in Indian financial services to date. The Middle Eastern lender now has access to an extensive branch network that it plans to merge with its local affiliate. SMBC – YES BANK Sumitomo Mitsui Banking Corporation, a Japanese bank, agreed in May to buy a 20% stake of Yes Bank from the company for $1.6 billion. It purchased the stake from several Indian banks who rescued the bankrupt lender by 2020. It purchased an additional 4,99% in September. Blackstone Federal Bank In October, Blackstone's Singapore-based affiliate agreed to invest $705.05 million in India’s Federal Bank for a 9.9% equity stake. After the deal is completed, Blackstone's affiliate Asia II Topco XIII Pte Ltd will have the right to nominate a non-executive member to the Federal Bank board. IHC – SAMMAAN CAPITAL Abu Dhabi’s International Holding Company agreed earlier this month to invest nearly $1 billion in Sammaan Capital. Sammaan Capital is a nonbank lender that specializes in housing loans. IHC will make an open offer for the purchase of an additional 26% share by retail investors in accordance with Indian takeover regulations. This was one of the largest investments in India's nonbank financial sector. WARBURG PINCUS, ADIA – IDFC FIRST BANK In April, Warburg Pincus (Warburg Pincus) and Abu Dhabi Investment Authority(ADIA), agreed to invest $877 millions in IDFC FIRST bank through convertible preferred shares. The two funds together will own 15% of the converted shares. BAIN CAPITAL - MANAPPURAM FINANCE Bain Capital acquired an 18% stake of Manappuram Finance in March for $508 million. Bain will increase its stake from over 40% to more than 40% after making a public offer to retail investors. Manappuram, a leading NBFC for gold loans with more than 5,300 branches, is a leader in the industry. BAJAJ GROUP-ALLIANZ In March of this year, India's Bajaj Group purchased a 26% share in two joint venture companies - Bajaj Allianz General Insurance Ltd. and Bajaj Allianz Life Insurance Ltd. - back from its joint venture partner Allianz. This ended a decade long partnership. Allianz then partnered with Reliance's Jio Financial Services in order to establish both general and life-insurance businesses. (Reporting and writing by Gopika Gopakumar, Editing by Sam Holmes Jan Harvey Sherry Jacob Phillips; Sherry Jacin-Phillips; Sherry Jacob Phillips; Sherry Jan Harvey)
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Wall Street Journal, October 24,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Donald Trump, the U.S. president, announced late Thursday that the trade negotiations between the United States and Canada are over. He cited a government-sponsored tv advertisement in Ontario featuring Ronald Reagan criticizing tariffs for his sudden decision. The U.S. Trade Representative plans to investigate China's compliance with Phase One of the trade agreement signed during President Trump’s first term. Rivian will lay off over 600 workers, or 4.5%, of its staff, in order to conserve cash due to an expected decline in sales for electric vehicles. Alaska Airlines has resumed operations following a Thursday night ground stop due to a technical issue. This caused dozens of cancellations and delays. Applied Materials will reduce its global workforce of about 4% with immediate effect, in order to adapt to the changing workforce requirements due digitalization, automation and geographic shifts. Canada has reduced the tariff-free import quotas on U.S. assembled vehicles by Stellantis and General Motors, respectively, by 50% and 24,2% in response to their decision to reduce manufacturing in Canada. (Compiled by Bengaluru Newsroom)
PM Orban: Hungary is working to find a way around U.S. sanctions against Russian oil companies
Viktor Orban, the Prime Minister of Hungary, said that his country is looking for a way around U.S. sanctions against Russian oil companies. He did not give any details, but he made it clear that he had no intention to ignore these restrictions.
U.S. president Donald Trump, an ally of Hungary's leader, imposed sanctions against Russia on Wednesday for the first time during his second term. He targeted Lukoil, and Rosneft as he tried to pressure Moscow into agreeing to a ceasefire agreement in Ukraine.
Trump's decision has pushed up the price of oil and raised questions for Hungary, Slovakia and other European Union countries that are the largest buyers of Russian crude oil after being exempted from EU restrictions.
Orban stated that he had spoken to MOL, Hungary's oil company and gas company about the sanctions.
In an interview with Kossuth state radio, he stated: "We are looking at ways to get around this sanction."
MOL's refining plants in Hungary and Slovakia have a combined capacity of 14.2 million tonnes per year. They rely on Russian crude that is transported via the Druzhba Pipeline.
Slovnaft, MOL's Slovak subsidiary, said it was analysing possible impacts on its operations from U.S. Sanctions that should be in effect later this month.
MOL had problems last year with deliveries after Ukraine sanctioned Lukoil. The company made deals with the Belarus-Ukraine border in order to maintain the flow of crude oil. (Reporting and editing by PhilippaFletcher; Anita Komuves)
(source: Reuters)