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Qantas confirms that personal data of more than a million passengers was leaked during a breach
Qantas Airways in Australia said that in one of Australia's largest cyber breaches, more than a half-million customers' phone numbers, birth dates or addresses were accessed. According to the airline operator, four million other customers' names and email addresses were also stolen during the hack. Qantas, which disclosed a cyberattack to the public last week, said that after removing duplicate records, the database breached contained the unique personal data of 5.7 millions customers. Qantas stated in a press release that there is no evidence to suggest any data about customers was released. The company is monitoring the situation closely. Vanessa Hudson, CEO of Qantas Group, said that "since the incident we have implemented a number additional cyber security procedures to further protect our customer's data and continue to review what occurred." The breach is Australia's highest-profile cyberattack since 2022 when telecommunications giant Optus was attacked, and the health insurer Medibank. These incidents led to mandatory cyber resilience legislation.
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How US buyers of critical mineral bypass China's Export Ban
According to records from customs and shipping, at least one Chinese company is involved in this trade. China is the largest supplier of antimony, gallium, and germanium used in semiconductors, telecommunications, and military technology. Beijing banned the export of these minerals to America on December 3, following Washington's crackdown against China's chip industry. The shift in trade flows highlights the struggle for vital minerals, and China's struggle for enforcement of its curbs. It is competing with the U.S. to achieve economic, military, and technological dominance. Trade data shows that U.S. shipments are being rerouted via third countries, a problem which Chinese officials have admitted. Three industry experts, including two executives from two U.S. firms who claimed to have obtained restricted minerals in China recently, confirmed this assessment. Customs data shows that the U.S. imported 3,834 tons of antimony oxides between December and April from Thailand and Mexico. This was almost three times more than the previous years combined. Thailand and Mexico, on the other hand, jumped into the top three markets for Chinese antimony exports this year. This is according to Chinese data up until May. In 2023, which was the last year of exports before Beijing began to restrict them, neither country made it into the top 10. According to RFC Ambrian consultancy, Thailand and Mexico both have one antimony smelter. The latter was only reopened last April. According to RFC Ambrian, neither country has significant quantities of antimony. The U.S. is on track to import antimony, germanium, and gallium at the same or higher levels than before the ban. However, prices will be higher. Ram Ben Tzion is the co-founder and CEO at Publican's digital platform for vetting shipments. He said that although there were clear signs of transshipment in trade data, it was not possible to identify companies involved. He said, "It is a pattern we are seeing and it is consistent." He added that Chinese companies were "super-creative" in their efforts to bypass regulations. In May, China's Commerce Ministry stated that "unspecified" overseas entities had "colluded" with domestic lawbreakers to circumvent its export restrictions and that stopping this activity was vital to national security. It did not respond to any questions regarding the change in trade flows that occurred since December. Similar questions were not answered by the U.S. Commerce Department or Thailand's Commerce Ministry, nor Mexico's Economy Ministry. The U.S. does not prohibit American buyers from buying antimony, germanium or gallium of Chinese origin. Chinese companies can export the minerals to other countries than the U.S. with a valid license. Levi Parker, founder and CEO of U.S. based Gallant Metals told us how he gets about 200 kg gallium per month from China. He did not name the parties because of the possible repercussions. Firstly, agents who buy in China purchase material from the producers. He said that a shipping firm then routes the packages via another Asian nation, with re-labeling as art supplies, iron, or zinc. Parker stated that the workarounds were neither perfect nor inexpensive. Parker said that he would import 500 kg of rice regularly, but large shipments could attract scrutiny. Chinese logistics companies are "very cautious" about the possible repercussions. BRISK TRADE Thai Unipet Industries is a Thailand-based branch of Chinese antimony manufacturer Youngsun Chemicals. According to previously unreported records, the company has done brisk business with the U.S. over recent months. According to 36 bills recorded by ImportYeti, Export Genius and ImportYeti, Unipet shipped 3,366 tonnes of antimony-based products from Thailand to America between December and may. This was about 27 times more than the volume Unipet transported in the same time period last year. They do not always indicate the origin of raw materials. The records do not provide specific proof of transshipment. Thai Unipet could not be reached for a comment. A person answered when I called the number for the company listed on the shipping record. She said that the number did not belong to Unipet. No response was received when I mailed my questions to Unipet’s registered address. Youngsun Chemicals - Unipet's parent company - did not respond to any questions regarding the U.S. shipment. Unipet's U.S. shipments were purchased by Texas-based Youngsun & Essen. Before Beijing's antimony trioxide ban, Youngsun Chemicals imported the majority of its antimony from Youngsun Chemicals. Jimmy Song, the president of Youngsun & Essen, did not respond to questions regarding imports. China launched a major campaign against the smuggling and transshipment of minerals that are critical in May. Offenders may be fined and banned from exporting in the future. James Hsiao of the Hong Kong-based law firm White & Case said that serious cases could also be classified as smuggling and lead to jail sentences exceeding five years. He said that Chinese laws are applicable to Chinese companies even when transactions take place overseas. Hsiao said that in cases of transshipment the Chinese authorities could prosecute sellers who failed to do enough due diligence to identify the end-user. For those willing to risk it, there are big profits to be made overseas where the shortages of gallium, antimony, and germanium have sent prices to record highs. China's antimony and Germanium exports are still lower than before the restrictions. Ben Tzion, a Beijing-based economist, says that Beijing must now ensure that its export control regime is effective. "While all of these policies are in place, the enforcement is a totally different scenario," said he.
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Sources say that the preliminary report on the Air India crash is expected to be released Friday.
Three sources told us on Tuesday that a preliminary report about the crash of the Air India jetliner in June, which killed 260 passengers, is likely to be released this Friday. This could give early insights into the worst aviation accident in the past decade. The report of Indian investigators is expected to be released on Friday. However, sources familiar with the matter have warned that plans may change. It's also unclear how much information will be included in the document. This comes approximately 30 days after June 12th tragedy. Sources spoke under condition of anonymity as they were not authorized to speak with media. The London bound Boeing 787 Dreamliner crashed after taking off from Ahmedabad. It started losing height when it reached an altitude of about 650 feet. 241 people were killed on board, and the remainder on the ground. Air Current, an aviation publication, reported Tuesday that the investigation into the Air India Flight 171 crash focuses on the movement and position of the switches for the fuel controls on the Boeing 787. This is after analyzing the flight data recorders and voice data records. Air Current reported that the people claimed the information available on the black boxes couldn't rule out or confirm improper, inadvertent, or intentional actions which preceded or were followed by the apparent loss in thrust before the crash. The majority of air crashes are the result of multiple factors. Last month, it was reported that the investigation is focused at least in part on engine thrust. The Aircraft Accident Investigation Bureau of India, which is the lead investigator under international standards, did not immediately respond to a comment request outside normal business hours. Earlier, ANI News in India reported, citing reliable sources, that the AAIB investigators had submitted the preliminary report about the crash to civil aviation ministry. Could not confirm immediately the report. After the crash, it took investigators about two weeks to download data from flight recorders. The Indian government only held one press conference and took no questions. Two senior sources confirmed that India has reversed its earlier decision, reported by, to prevent an U.N. aviation inspector from joining the investigation. After a request from the agency, a specialist of the U.N. International Civil Aviation Organization was granted the status of an observer. ICAO refused to comment and added in a press release that any discussion about "cooperative arrangements" would require the authorisation of the state. The crash has put in doubt the ambitious campaign of the Tata Group to rebuild Air India's fleet and restore its reputation after it takes over the carrier from the government by 2022. India's development plans are based on the growth of aviation. New Delhi says it wants India to become a global aviation hub that creates jobs, similar to Dubai, where much of India's international travel is currently handled. The recent plane crash will be discussed by a panel of Indian legislators. They have invited industry and government officials from India to answer their questions. Reporting by Kanjyik in Bengaluru; Allison Lampert and David Shepardson, in Montreal and Washington; and Mrigank and Jamie Freeda.
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Research shows that battery electric cars emit 73% fewer emissions than conventional vehicles
According to the International Council on Clean Transportation, battery electric cars sold in Europe emit 73% fewer greenhouse gases over their lifetime than gasoline equivalents. The ICCT stated that other powertrains such as hybrids and plug in hybrids show marginal or no progress when it comes to reducing climate impact. Why it's important After the European Parliament backed a softerening of rules, European automakers may have more time to meet EU C02 emission targets for cars and vans. They could also reduce the potential fines. The ICCT stated that only battery electric cars could deliver the large-scale emissions reductions needed to tackle Europe's most pollution-producing transport mode. Passenger cars account for almost three-quarters the sector's emission, according to the ICCT. The research firm added that while hybridization has some benefits, they are small compared to the savings in emissions from battery electric cars, making it inadequate for meeting long-term climate goals. By the Numbers The company stated that plug-in and hybrid cars emit only 20% and 30% less emissions over their lifetime than gasoline. This is because plug-ins use electricity much less than was previously believed. ICCT stated that Europe's electricity mix decarbonizes faster than expected. By 2025, renewable sources of energy are projected to make up 56% (an 18-point jump) of the electricity generated in Europe. KEY QUOTES Marta Negri is a researcher at ICCT. She said that battery electric cars are cleaner than expected in Europe and perform better than all other technologies including hybrids and pluggin hybrids. She added that "this progress is due in large part to the rapid deployment of renewable energy across the continent, and the greater efficiency of battery-electric cars." (Reporting and editing by Matt Scuffham; Amir Orusov)
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Mexico announces measures to increase state control over the skies
Mexican officials announced on Tuesday that they want to increase state and military control of the country's aviation system, and include increased subsidies and investment in order to boost regional airports which have been neglected for a long time. Claudia Sheinbaum, the president of the United States, has redoubled her efforts to follow the path of Andres Manuel Lopez Obrador who, as her mentor and predecessor, handed control of several public airports over to the military, and revived the bankrupt airline Mexicana. David Sandoval is the deputy director at Grupo Mundo Maya - a military-run airport operator. He said that both the federal and state government are offering incentives for services, ranging from parking and landing fees to checked luggage. He called the newly opened Tulum airport a "cherry-on-top" success. Analysts have stated that the airport already draws traffic from nearby vacation hub Cancun operated by ASUR. The airports run by the military also have lower tariffs for their use than other airports. The military was given the task of increasing traffic to older regional airports that are unprofitable. Eric Mario Barrera is the technical corporate director at Mexico City Airport Group. He said that they are working to upgrade infrastructure and attract airline interest. He said airports in Sonora like Guaymas have been "a bit of a hassle" because they are under-trafficked and the facilities are neglected. Before leaving office, Lopez Obrador began a massive expansion at the port of Guaymas to transform it into a major export hub. Raul Revuelta is the CEO of GAP airport operator. He said that many regional airports do not break even, and need about one million passengers per year to be profitable. Officials insisted that profit was the priority but also mentioned a social mandate, to serve areas where private operators and airline companies failed to reach. Sheinbaum said last week that Mexicana was "by the people and for the citizens" and "would fly wherever you are." Mexicana's projected losses were expected to last for almost a decade when it relaunched its services in 2023. Carlos Merino said that the administration is considering more public-private partnership after seeing signs of success in a joint venture between Mota Engil and airports at Tepic and Puerto Escondido. (Reporting and editing by Richard Chang; Kylie Madry)
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Boeing deliveries to China jump from 8 to 60 in June
Boeing, the U.S. aerospace company, announced on Tuesday that they delivered 60 aircraft in June. This is a 27% rise compared to the same month last year. Eight of these airplanes were delivered to Chinese customers, the first since the end of a trade dispute between the U.S. Beijing banned the delivery of Boeing aircrafts in April, when a dispute over tariffs escalated between two of the world's largest economies. But in May, Beijing lifted the ban after the two countries agreed on a temporary reduction in tariffs. Wall Street closely tracks aircraft deliveries because the planemakers receive a large portion of their payments when they deliver jets to their customers. Boeing is attempting to recover from production crises and setbacks which have burdened it with debt. The importance of increasing deliveries in order to stabilize its finances has been highlighted. Boeing delivered 42 of the 737 MAX jets that are its most popular, as well as nine 787s and four 777 Freighters. Three 767s will be converted by Boeing's Defense Division into KC-46 aerial refueling tanks. Southwest Airlines has taken delivery of 10 737 MAX aircraft. Five of the 737 MAX aircraft were delivered to Chinese airlines. Boeing delivered three more jets to Chinese clients, including two 787s and a 777 freighter. The company has delivered 45 jets in June 2024, and 44 the month before. Boeing delivered 280 aircraft in the first half 2025. This included 206 737 MAX, 37 787s (including 14 767s), 20 777s, and three older 737 models that will be converted into P-8 Poseidons - a naval reconnaissance plane. Boeing received 116 new gross orders in June. This included 54 737 MAXs and 62 787-8s. Alaska Airlines purchased 12 737s and British Airways bought 32 787s. Singapore Airlines cancelled three 737 MAX orders in June. Boeing data shows that June's orders were down from May's, when Boeing had its sixth highest monthly order total in history. The planemaker booked 668 net orders in the first half of this year. Airbus, a European competitor, reported that it delivered 63 aircraft to customers in June. Eight of them were widebody aircraft, three A330s and 5 A350s. 43 were single-aisle A320 or A321 jets, which compete with Boeing's 787, and 12 regional A220 jets. (Reporting and editing by Bernadettebaum and Aurora Ellis in Seattle)
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Brazil's corn harvest is a challenge for the export season
Analysts say that Brazil's corn will face new challenges as the shipping season begins, with logistical issues possible, China buying less and the United States expected to be a strong competitor. They said that corn exports will increase in volume for 2024/25, but they could also face bottlenecks, as they would have to compete with each other for space in the ports, if China's continued demand for Brazil’s record soybean harvest in 2025. According to government projections the corn production in Brazil is expected to reach 128.3 millions metric tons this season, a 11% increase from last season's cycle. StoneX, a consultancy, estimates Brazilian exports to be 42 million tonnes, an increase from last season's 38 million tons. Raphael Bulascoschi of StoneX, an analyst, noted that China, which is a major buyer of Brazilian corn for 2022 and 2023 needs less imports following a bumper crop. The United States, too, could have a record harvest, competing with Brazil on external markets. Bulascoschi stated, "We will need to find buyers for our export surplus." Francisco Queiroz, an analyst at Itau BBA, said that Brazil's exports will be dependent on countries such as Iran, Egypt, and Vietnam. He said, however, they don't have the same capacity as China. (Reporting and writing by Roberto Samora, Fabio Teixeira and Mark Porter; editing by Mark Porter).
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CANADA-CRUDE-Discount on Western Canada Select narrows
The discount between West Texas Intermediate and Western Canada Select futures, the North American benchmark, was slightly higher on Tuesday. Brokers said that WCS for August deliveries in Hardisty Alberta was trading at $10.25 per barrel below the U.S. benchmark WTI. This is 5 cents higher than Monday's settlement of $10.30. The summer and the return to road construction season is a strong season for Canadian heavy crude. This is used by U.S. refiners to make asphalt. * The WCS Discount has increased slightly since last week, when wildfire concerns in Canada's oil producing regions temporarily tightened the discount. The price of Canadian crude oil remains historically high, partly due to the Trans Mountain expansion pipeline, which increased the country's ability to export oil to Asian markets. (Reporting from Georgina McCartney, Houston)
INDIA RUPEE - Tariff worries and Trump's BRICS swipe cause rupee to fall the most in three weeks
The Indian rupee fell on Monday, as uncertainty over U.S. trade policies resurfaced. President Donald Trump's threats of a new 10% levy against BRICS nations compounded pressure on the local currencies alongside peers such as South African rands and Chinese yuan.
Concerns over U.S. Trade Policies dented risk sentiment, pushing Asian currencies into the red and Asian equities to the downside. U.S. Equity Futures indicated a weaker return after the long weekend.
The rupee fell to an all-time low of 86.0275 against the dollar in the course of the session, but it recovered to close the day at 85.85, down by 0.5%. This was its worst performance since the middle of June, when the currency traded under the shadow of the military conflict between Israel, Iran and Syria.
In a post on social media, Donald Trump announced that the U.S. will begin delivering tariffs letters at 12:00 noon ET (1600 GMT), Monday.
In another post, he announced a completely new tariff policy. He called for all countries that "align themselves with the Anti-American Policies" of the developing BRICS nations to pay an additional 10% tariff.
It wasn't immediately clear if Trump’s tariff threat was going to derail trade negotiations with India and the other BRICS countries. After Trump's threats, the South African rand dropped 1% while offshore Chinese yuan fell 0.2%.
Dilip Parmar is a foreign currency research analyst at HDFC Securities. He said that the absence of progress in trade negotiations over the past weekend was a surprise to the markets. Trump's BRICS remark hurt the rupee the most.
Parmar believes the Reserve Bank of India will step in and support the rupee, if volatility continues to rise due to the uncertainty surrounding U.S. Trade Policies.
On that day, traders pointed out the strong dollar demand by a large private bank in the area which pushed the local currency.
A trader from a state-run banking institution said that a fall below 85.80 triggered stop-losses, which accentuated the movement of the day. In the absence of any positive trade developments, he expects the currency will weaken in the short-term to 86.50.
(source: Reuters)