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East Africa
Ethiopia announces resolution of debt with China
Ethiopia's Finance Ministry announced on Friday that it had reached an agreement on debt treatment with China, reaffirming both nations' commitment to progress within the G20 Common Framework in order to formalise bilateral deals. Ethiopia is facing mounting legal challenges as bondholders plan to sue the Government following the resistance of bilateral creditors to a preliminary agreement to restructure Ethiopia's $1 billion Eurobond. Ethiopia could be unable to emerge from default on its external debt due to the dispute. In a Facebook post, the finance ministry stated that a resolution was reached at a meeting held in China between?Ethiopian finance
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Transport Infrastructure
Canadian Finance Minister discusses supply chain integrity at meeting in China
The Canadian finance minister stated on Friday that he had discussed supply chain integrity with his counterparts in China during a meeting aimed at boosting trade. Ottawa is under scrutiny from the United States over its labour laws. The Finance Minister Francois Philippe Champagne told reporters the meeting was primarily focused on the financial sector, but also included trade in energy and pork. Canada is working to increase its overall exports to China by 50% by 2030. Champagne stated that "Canada places a high priority on the 'integrity of supply chains' and that our trade should be conducted according to
Passenger Transportation Services
Passenger Transportation Services
As the Middle East conflict escalates, airlines cancel more flights
The global air travel industry is still severely affected by the Iran War. Many people are still unable fly to their destinations as planned after major Middle-Eastern hubs such as Dubai, Doha, and Abu Dhabi were closed. The latest flight information is listed below alphabetically: AEGEAN AIRLINES Greece's largest airline has?cancelled flight to Riyadh and Tel Aviv until April 30 and Erbil, Baghdad, and Dubai until May 31, AIRBALTIC AirBaltic, a Latvian airline, has announced that all flights to Tel Aviv are cancelled until May 31, 2019. All flights to Dubai have been cancelled until October 24, according to airBaltic....
Passenger Transportation Services
Walsh must repair IndiGo's reputation before driving global expansion
Willie Walsh's appointment as IndiGo CEO is expected to boost the Indian carrier's global expansion, but first the former British Airways chief must repair the airline’s damaged reputation. Walsh's Tuesday appointment as India's largest airline, which controls about 65% domestic flights, stunned the industry. This was after months of negative media and regulatory pressure following the cancellation of thousands of flights by the airline in December because of inadequate planning of pilot rest and duty regulations. IndiGo has entrusted the head of the International Air Transport Association to lead the airline after the worst crisis it has experienced in two...
Passenger Transportation Services
Air France-KLM offers to buy a minority stake in Portugal’s TAP airline
The franco-dutch airline group, 'Air France-KLM' announced a non-binding bid to purchase a minority stake of TAP Air Portugal as the Portuguese Government moves forward with its plans to privatise their 'flag carrier. Air France-KLM was the first of three European airline groups that bid on a stake in TAP as Lisbon looks to sell as much as 49.9%. British Airways' owner IAG, and Germany's Lufthansa also expressed interest in participating in the privatisation of the airline. "Our aim is to'strengthen operations in Lisbon and 'develop connectivity in other cities throughout the country, including Porto. Benjamin Smith, CEO of Air...
Passenger Transportation Services
Malaysia Airlines reports higher earnings by 2025, but Middle East conflict clouds the outlook
Malaysia Aviation Group (the 'operator of Malaysia Airlines) reported higher profits in 2025, but warned on Thursday that the market volatility caused by the conflict in Middle East could affect its performance this year. The Iran War, which has lasted for a month, has caused a global aviation shake-up. A sharp rise in jet fuel prices prompted airlines to raise fares and reduce?capacity. MAG, which is owned by Malaysian sovereign fund Khazanah Nasional reported a 'net profit after tax and interest of 137 million ringgit (US$34.08million) for 2025 compared to a '54 million ringgit ayear earlier. The revenue of the...
Passenger Transportation Services
Petrobras lets distributors pay in installments for a 55% increase in jet fuel
Petrobras, the state-owned oil company in Brazil, said that it would allow distributors to pay in installments for a hefty increase announced in April's jet fuel price. Petrobras announced a 54.8% increase in jet 'fuel prices following the spike?in oil prices attributed to the U.S. and Israeli war against Iran. Petrobras stated in a press release that paying in installments would help to mitigate the impact on customers of the price hike while maintaining "financial neutrality" for the company. The oil firm said that distributors who supply airlines will face a'smaller 18% price increase in April and be allowed to...
Passenger Transportation Services
Aeroflot's CEO has said that the management of Russia's Aeroflot will recommend dividend payments in 2025.
In an interview on Rossiya-24, the airline's CEO Sergey Alexandrovskiy said that management will recommend dividends to be paid in 2025. As management, we're currently working on options & recommendations for?the payment dividends. He said that the management will "make a recommendation" regarding the payment of dividends in 2025. Aeroflot has paid a dividend to its shareholders of 5.27 roubles per share ($0.0654) for 2024. This is based on a new policy that stipulates the payment of 50% of adjusted net profits according to IFRS. Alexandrovskiy said that despite the market turmoil, he would keep his forecasts of air traffic...
Passenger Transportation Services
CEO Ryanair says that if the jet fuel supply is disrupted in June, Ryanair may cancel flights.
Michael O'Leary, CEO of Ryanair, said that jet fuel supplies to Europe could be disrupted as early as June if the Middle East Conflict?does not?end in the next few months. This would force the airline and its competitors to cancel flights during the summer. O'Leary stated that the Irish airline, Europe's biggest by passenger number, holds daily calls with its fuel suppliers throughout Europe to assess supply, which they say will remain steady until the end of may. If this (the conflict) continues until the end of April we will be facing a supply risk in early June. O'Leary said...
Passenger Transportation Services
Nepal increases jet fuel prices sharply to avoid disruptions in supply due to the Iran war
Nepal has more than doubled the cost of aviation fuel as of Tuesday night, leading to a dramatic increase in fares. The Himalayan country is trying to avoid disruptions caused by the Middle East conflict. Nepal Oil Corporation increased fuel prices by 84.7% on international flights from Kathmandu. It also raised the price for jets flying from Pokhara by 116.2% and for Bhairahawa by 117.4%. The company said it needed to pay Indian Oil Corporation to obtain supplies. The state-run Nepalese agency that imports petroleum products, stores them and distributes them in the country has announced a 97.6% increase in...
Passenger Transportation Services
If the Middle East continues to be at war, Ryanair will see a disruption in jet fuel supply as early as May.
Sky News reported on Wednesday that the Middle East conflict could disrupt jet fuel supplies to Europe if it continues. This could put up to 25% of Ryanair's supply at risk in May and June. IATA, the International Air Transport Association, estimates that between 25% and 30% of Europe's demand for jet fuel comes from the Persian Gulf. It warns this makes it one of the most vulnerable regions to any impact the U.S.-Israeli conflict may have on the supply. O'Leary stated that if the Straits of Hormuz are reopened by the middle or end of April and the war...
Passenger Transportation Services
Police say that the'system failure" is responsible for the outage of Baidu robotaxi in Wuhan.
Local police reported that a "system failure" was responsible for a robotaxi service outage in central China's Wuhan. This re-ignited safety concerns over the rapidly-growing service. According to an official announcement, the police received reports late on Tuesday that numerous Apollo Go cars were stuck in the middle roads of Wuhan. The police reported that passengers were able exit their vehicles safely, and no injuries were reported. Investigations are still ongoing to determine the cause of this incident. A traffic police officer told The Paper, a Shanghai-based media outlet, that at least '100 Apollo Go cars were affected. Although the...
Passenger Transportation Services
CCTV reports that Li Xiong, a Chen Zhi associate, was extradited to China from Cambodia.
Chinese broadcaster CCTV, citing officials, reported that an alleged key?member of Chinese businessman Chen Zhi’s online scam & money laundering operation -?Li Xiong - was extradited from Cambodia to China. Chen founded the Prince Group - a Cambodian conglomerate that has fingers in real estate, banking, airlines, and cryptocurrency investment schemes. According to U.S. prosecutors these schemes have allegedly stolen billions of dollars worldwide from their victims. In a press release, the Cambodian government confirmed that he had been extradited to China. CCTV reported that Li was the former chairman of the Huione Group. Huione Group?allegedly laundered?at least $4 billion...
Passenger Transportation Services
IndiGo shares rise after Willie Walsh, a veteran airline executive, is named CEO
IndiGo shares gained 4.4% Wednesday, after the Indian budget airline named Willie Walsh as its new chief executive officer. This comes just weeks after Pieter Elbers' departure. Jefferies described this appointment as "remarkably quick" for an airline with the scale and complexity of IndiGo, and that it would likely minimize any leadership vacuums and ensure continuity in implementation. Jefferies stated that Walsh will be able to guide IndiGo through its current growth phase as well as operational stabilisation, international expansion and the company's future expansion. Walsh's tenure as the?head the International Air Transport Association ends on July 31. He is...
Ground Transportation
Amtrak, the US passenger rail company, sets a record for ridership and cuts losses
Amtrak, the U.S. passenger rail company, said Tuesday that it had set records for revenue and ridership in a single year. It also cut its losses by 15 percent to $598 millions and is aiming for profitability by 2028. Amtrak is a major effort in rehabilitating the infrastructure of the Northeast corridor between Boston, Massachusetts and Washington. It is expanding service throughout the United States by purchasing new Acela trains with higher speeds and replacing regional trains from next year. Amtrak reported that in the twelve months ending September 30, it had 34,5 million trips made by customers, an increase...
Whaleboat sinks into river in Congo, killing at least 107 people
According to a government internal report viewed by us on Friday, at least 107 people died when a whaleboat caught blaze in the west of Democratic Republic of Congo. In a memo, the Ministry of Social Affairs stated that 146 people were missing after the boat, which was a narrow double-ended open vessel, caught fire near Malange Village in Lukolela Territory on Thursday night. The note stated that rescue teams recovered 209 survivors after the vessel burnt and drifted downriver. The fire destroyed the cargo and 15 riverside houses. The search operations continued Friday, with community volunteers and naval personnel...
As inventories shrink, premiums for copper contracts on the nearby LME soar.
The premiums for copper contracts near London Metal Exchange have increased to their highest level since October 2022 due to low inventories, large cash contracts and warrants held by traders. The title document that confers ownership on metal is a warrant. Tom-next, also known as the premium or backwardation that is charged for purchasing copper tomorrow and then selling it the next day, is currently trading at above The price of a metric tonne is $48. This compares to a $2 discount at the beginning of the week. The premium for the cash Copper Contract over the Three-Month Forward It...