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Transport Infrastructure
Iraqi-UAE consortium plans $700 million fast data cable network
An Iraqi-Emirati consortium plans a $700 million subsea-and-terrestrial ?data cable linking the United Arab Emirates to ?Turkey via Iraq, one of the backers said, just ?over a week after ?announcement of a ?Saudi-backed fibre-optic project ?in Syria. Saudi Arabia and the UAE, two Gulf neighbours, are competing to meet the growing demand for connectivity and data centres in the region. Ali El Ekabi of Tech 964, one of three consortium members, said that the Iraqi-UAE WorldLink project would consist of an undersea fiber optic cable running from Fujairah, UAE, to Iraq's Faw Peninsula on the Gulf, which will then 'then
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Middle East
Hapag-Lloyd is in advanced discussions to buy Israel's ZIM Integrated Shipping
Hapag-Lloyd, the container shipping company, said that it was in advanced negotiations to buy Israeli rival ZIM. This would cement its position as one of the world's largest ocean shipping companies. Hapag-Lloyd stated in a statement released on Sunday that no?binding agreement has yet been signed. Israel's approval would be needed based on ZIM’s articles of association. The Israeli newspaper Globes reported that Hapag-Lloyd and FIMI Opportunity Funds (an Israeli private equity company) had won a 'competitive bid for ZIM. Globes reported that the German shipping giant, FIMI, will purchase the Israeli operations and will offer more than $3 billion
Passenger Transportation Services
Passenger Transportation Services
Travel groups and airlines warn about the impact of a partial shutdown of government on airport screening
Major airlines and travel groups urged Congress on Friday to avoid a partial government shutdown that would result in 50,000 airport security agents not being paid before the busy U.S. Spring Break travel period. Transportation Security Administration employees will be working without pay starting Saturday if there is no agreement regarding funding Homeland Security Department agencies. In a joint press release, Airlines for 'America, U.S. Travel, and American Hotel & Lodging Association said that the U.S. economy and travelers cannot afford essential TSA staff to work without pay. This increases the likelihood of unscheduled calls out and absences, which can...
Passenger Transportation Services
FAA: US airlines must certify that they use merit-based hiring to hire pilots
Federal Aviation Administration announced on Friday that all U.S. Airlines must certify that they conduct merit-based hiring for pilots, or risk a federal investigation. Transportation Secretary Sean?Duffy stated that the directive was issued to "address allegations of hiring by airlines based on race or sex" and said under the directive, "all U.S. carrier will be required to certify that this practice has been terminated." Soon after taking office, in January 2025 President Donald Trump issued "sweeping executive orders" to dismantle the diversity, equity, and inclusion programs of the United States, and he urged the private sector to get involved. No...
Passenger Transportation Services
Rolls-Royce engine dispute casts doubt on United's A350 order
United Airlines has revealed a dispute between the engine manufacturer Rolls-Royce and its long-delayed Airbus A350 purchase. This is 'the latest twist in a long-running saga of jet procurement. The A350 order dates back to 2009, one year before United Airlines merged with Continental Airlines. Continental Airlines was a Boeing champion and had exclusive ties with Boeing. The A350 contract was restructured later, but it has been deferred and changed numerous times. In a filing to the regulatory authorities late Thursday night, the airline stated that it was in dispute with the engine manufacturer Rolls-Royce, and did not give investors...
Passenger Transportation Services
FAA lifts restrictions on airspace over southern New Mexico
According to lawmakers, the Federal Aviation Administration lifted flight restrictions over a wide swath of southern New Mexico on Tuesday evening. The restrictions were meant to last ten days. The FAA issued an order to ban flights from and to El Paso Airport in Texas as well as Southern New Mexico for "special security" reasons. The FAA lifted restrictions on El Paso for a few early hours of Wednesday morning, but kept restrictions in place over New Mexico. "Southern New Mexicans, and El Pasoans, deserve answers and transparency," - said Gabe Vasquez a New Mexico Democrat. Overnight, the sudden closure...
Passenger Transportation Services
Olympic Games-Italy's government bans airport strikes
Matteo Salvini, Italy's Infrastructure Minister, said that the government would ban airport strikes during the Milano Cortina Winter Games in order to avoid causing travel disruptions at a?major event?. The government has asked the unions to postpone the walkouts to avoid conflict with the Games. However, the unions refused. Winter Paralympics will take place from March 6 to 15. Salvini acknowledged the workers' demands but insisted on the smooth running of the Olympics, calling them an "extraordinary event of global importance". Salvini also called for further negotiations to resolve the labour dispute. The Italy-hosted Games will take place in Milan...
Passenger Transportation Services
Air Canada reports a surge in overseas business travel after U.S. Trade Tensions
Air Canada is seeing a 30% increase in corporate travel as it seeks to diversify its trade away from the United States. This has fueled demand for international 'travel', according to a company executive. Analysts reported that "we're seeing a lot of growth in corporate demand on the North Atlantic. We are seeing almost a 30 percent increase in corporate traffic to Europe and the Pacific, and we attribute a part of that to Canada being able to diversify trade routes." Canada's largest airline, in its results announcement for the fourth quarter of 2018, forecast a core profit slightly above...
Passenger Transportation Services
TSX Futures fall ahead of US inflation data
Investors awaited the?U.S. The Federal Reserve will be looking at the January inflation figures to determine its policy. As of 5:48 a.m., March futures for the?S&P/TSX 'composite index? were down 0.07%. ET. Toronto's benchmark index fell more than 2% Thursday, mirroring Wall Street's moves as AI disruption fears and the potential for fewer Fed rates cuts following Wednesday's stronger job data dampened sentiment. U.S. Consumer Price Data for January are due at 8:30 am ET on Friday. ET on Friday. According to a survey of economists, prices are expected to rise by?0.3% for the entire month. Spot gold recovered from...
Passenger Transportation Services
Norwegian Air CEO: We will not be using Starlink Wi-Fi
Norwegian Air Shuttle CEO Geir Carlsen said on Friday that the airline does not intend to add Starlink's Wi Fi onboard its planes for now. Instead, it will offer a service paid by another vendor. Starlink is a product that appeals to major airlines such as Lufthansa, Qatar Airways and other large carriers. However, budget carriers who rely on ancillary service to offset low ticket prices are less interested in the product. Karlsen stated, "As far as I'm aware,... if you install Starlink...you can't... charge your passengers for its use." He said Starlink is not yet certified for Boeing 737...
Passenger Transportation Services
Norwegian Air's operating profits are lower than expected due to higher costs
Norwegian Air Shuttle, a budget airline that operates in the fourth quarter of each year, has a positive operating result but missed market expectations due to higher than expected costs. This sent its shares down 5% at the start of Friday's trading session in Oslo. In a earnings report, the airline said that increased air traffic charges and airport fees had a negative effect on operating costs in comparison to 2024. The operating profit for the group was 21 million Norwegian crowns ($2.2million) during the third quarter. This is well below the?comparison of 201 millions crowns. It had a loss...
Passenger Transportation Services
Safran targets higher 2026 profit as jet engine services prosper
French aerospace company Safran announced increased earnings and revenue for 2026, following a strong year of profitability, thanks to aftermarket demand. The shares of a?the? manufacturer of civil and military aircraft and jet engines, as well as equipment such landing gear and cabins, rose by over 7%. They were on course for their best day in March 2022. Safran, which produces engines for Airbus jets and Boeing planes under GE Aerospace's CFM venture, forecasted a recurring operating profit of 6.1 to 6.2 billion euro ($7.2 billion up to $7.4billion) for the calendar year. This was based on a projected percentage...
Passenger Transportation Services
Safran wary of getting involved in Airbus engine dispute.
Safran CEO Olivier Andries stated on Friday that CFM will do its best to fulfill any requests from Airbus for additional engines this year. However, the priority is to'meet' existing commitments. Airbus, according to industry sources, is in a standoff with engine manufacturer Pratt & Whitney about engine supplies. This has put its main production goals at risk and prompted it to turn to CFM to help adapt. Andries informed?reporters CFM's forecasts of a 15% rise in total LEAP engine deliveries this year included in Safran’s annual earnings, announced on Friday, didn't include any provision to?increase its share of market....
Passenger Transportation Services
Safran targets higher 2026 profit as jet engine services prosper
French aerospace group Safran announced increased earnings and revenue?for 2026, following a year of profitability gains?due to strong demand for its civil jet engines. Safran, which produces?engines for Airbus and Boeing planes under the CFM venture with GE Aerospace, forecasted 6.1 to 6.2 billion euro ($7.2 billion up to $7.4billion) in recurring operational profit this calendar year. This was based on an estimated percentage increase in revenue of "low to middle teens" for the period. The French version of the earnings announcement stated that this was an increase between 12% and 15%. Safran reported a 26% increase in its recurring...
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...