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Wall Street Journal, September 25,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Delta Air Lines has replaced the power units in more than 300 Airbus jets to combat toxic fumes that have been leaking into the air and posing a health and safety risk to passengers and crew. Kodiak will begin trading on Nasdaq under the tickers KDK & KDKRW on Thursday, following its merger With special-purpose acquisition firm Ares Acquisition Corp. II, an affiliate of Ares Management. The deal valued the startup around $2.5 billion. Pony AI has plans to deploy 1,000 robotaxis throughout the Middle East before 2028. This will expand its global fleet. China has urged its firms with U.S. operations to not bring their domestic pricing playbook to the U.S. Market, signaling Beijing’s intention to maintain the recent calm in trade relations with Washington. Apple has asked the executive arm of the European Union to repeal the Digital Markets Act or to significantly reduce its scope, claiming that the law makes it more difficult to do business within the EU. Treasury Secretary Scott Bessent confirmed that the U.S. was in discussions to provide Argentina with an exchange line of $20 billion to help support President Javier Milei’s stalled free-market reform. (Compiled by Bengaluru Newsroom)
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Maguire: Nearshoring boom in Turkey comes with a climate catch
Turkey's low energy prices and skilled workforce have made it an attractive destination for companies looking to establish supply chains near Europe and Central Asia. The industrial boom is not without its environmental costs. By 2025, the power companies in Turkey will have polluted more power than any other European country. They will even surpass Germany in this region. The country's rapidly growing power requirements are reflected in the rising emissions. This is because companies have built or expanded their production capacity to take advantage of Turkey's proximity to European consumers, and to reduce its reliance on Asian factories hubs. According to data from the energy think tank Ember between 2019 and 2024, Turkey’s electricity demand increased by 14%. This contrasts with a decline of Europe’s overall electricity consumption over the same time period. Diverging power trends show how nearshoring has not only boosted the industrial economy of Turkey, but also shifted a large amount of pollution to Turkey. Cheap Power Turkey's low electricity costs are a major attraction for heavy industry and manufacturers. Turkey's electricity prices fell between mid-2022 and 2024, when the majority of European power prices soared after Russia invaded Ukraine. This was due to generous government subsidies that were designed to protect consumers from inflation. Eurostat data shows that the average household price in Turkey in late 2024 was 5.5 euroscents per kilowatt-hour (kWh), compared to 7.5 euroscents/kWh at mid-2022. The roughly 25% drop in Turkish electricity rates contrasts starkly with the trend in Germany, Europe's largest manufacturing and industrial hub. Germany's electricity prices for consumers rose by nearly 50% from 19 cents/kWh around 2022 to near 28 cents/kWh at the end of 2024. While the cost of industrial power in Turkey is lower than in Germany, it tends to follow electricity prices. A RESULTS-BASED IMPACT AT AN INDUSTRIAL SCALE Data on the production of key components and commodities in Turkey shows the impact of increased production capacity. Turkey's relative lower energy costs in comparison to Germany are also reflected in the production trends for these same products since 2022. Turkey has seen its production of energy-intensive products such as cement, chemicals, and refined products steadily increase over the last five years. In that same time period, German production has decreased, revealing an increase in production capacity in Turkey, driven by the large energy cost difference between the two countries. BUILDING MOMENTUM In recent years, the production of Turkey's more developed goods and products has also reached record highs. Meanwhile, Germany has seen its output of these same goods and materials fall to multi-year lows. The growth of energy-intensive products as well as higher-valued components and products indicates that Turkey's economy can grow and increase wealth for its people. The economy of the country is also facing substantial risks, including high inflation, rising levels of government debt, and a weakening dollar that reduces the purchasing power. Turkey's hubs of production are heavily dependent on European countries as consumers. They therefore face a risk of a decline in demand if there is a recession in Europe. The strong links between Turkey and the Middle East, North Africa, and Central Asia, however, help to diversify Turkey’s consumer market risk and means that Turkey-made goods have a strong potential for sales into these markets. Cement, building materials and basic chemical products made in Turkey are also gaining popularity in the Middle East and Africa. The large number of consumers in Turkey bodes well for the producers of raw materials and commodities, but the pollution associated with it will also grow. This could make Turkey the next major emitter globally. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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India's fuel exports reach multi-year highs due to higher refinery runs and ethanol blending
Analysts and traders said that Indian oil refiners have increased gasoline and diesel exports at their highest level in several years due to expanded crude processing capacities and increased domestic fuel blending, which has released fuel supplies for overseas market. Refiners are increasing runs in India and sending surplus barrels overseas. India sources about one-third of its crude oil from Russia. The increase in exports will help meet Europe's demand for winter heating oil and support Indian refinery margins. Refiners have turned to Russian discounted crude after Europe and the U.S. placed sanctions on Moscow in February 2022 due to its invasion of Ukraine. Washington D.C. accused India of profiteering, by importing Russian crude oil at lower rates and reselling it at higher rates. India said that its purchases had stabilised the markets. According to Wood Mackenzie, India is expecting its crude processing to grow by between 130,000 and 160,000 barrels a day, to 5.51 million bpd. Gasoline exports are expected to reach a new record of around 400,000 barrels bpd. A source in the Indian refinery industry, who refused to be identified due to company policies, stated that exports were increasing because domestic demand was weaker during monsoon and there were fewer planned maintenance outages. Kpler, a data provider, estimates India's gasoline exports in 2025 at 387,000 barrels per day (bpd), mainly to Asia. Priti Mehta, Woodmac's analyst, said that the growth in gasoline exports was supported by an increasing share of ethanol in domestic gasoline consumption. In 2023, the world's second largest crude importer and user increased ethanol blend in gasoline from 12% to 20%. Refiners led by Reliance Industries, Mangalore Refinery, and Petrochemicals Ltd are increasing exports in order to take advantage of the strong margins on Asian gasoline The price of oil has risen by 51% in the last year, to $11-12 a barrel. Companies did not respond immediately to requests for comments. EUROPE'S DIESEL SPREE Analysts said that India's exports of gasoil are expected to reach a record high in this year. The majority of the volumes will be shipped to Europe for winter heating, since global supplies may become tighter during the fourth quarter due to heavy refinery maintenance across Europe and the Middle East. Wood Mackenzie estimates that India's gasoil exports in 2025 will reach 610,000-630,000 barrels per day (bpd), while Kpler predicts 560,000 barrels per day. According to Energy Aspects, the Saudi Arabian refineries are scheduled to undergo maintenance in October and November, which will result in a drop of 300,000 barrels per day (bpd) to around 400,000 in October and November. Reliance Industries, a Singapore-based fuel trader and ship tracking data revealed that Reliance Industries shipped around 2 million barrels (or 60,000 gallons) of diesel into Europe in late August, a move uncommonly made to accommodate larger volumes. Diesel cargoes tend to be transported on smaller product tankers. In its 18th package against Russia, the European Union announced in July that after a six-month transition period it would stop importing petroleum derived from Russian crude. The exemption will apply to imports coming from Norway, Britain and the U.S.
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Since 2017, drones and cyber-outages have exposed aviation weaknesses.
Police announced early Thursday that Denmark's Aalborg Airport, which is used for both commercial and military flights in Denmark, had been closed because drones were present in the airspace. This comes two days after Copenhagen Airport was shut down due to drone sightings, raising European security concerns. Since 2017, airports have been repeatedly affected by a series of drone sightings, digital outages and other disruptions. These incidents bypass core flight safety systems and instead impact choke points like check-in/boarding systems, power infrastructure, and airfield perimeters. This causes ripple effects throughout networks. IT FAILURE at BRITISH AIRWAYS LONDON Hubs on May 27, 2017. British Airways cancelled flights to and from Heathrow Airport, Europe's busiest, as well as Gatwick, on the first holiday weekend day due to a power problem in a data centre that affected 75,000 passengers. On the morning of May 27, a power surge hit BA's flight and baggage systems, as well as its communication systems. The surge was so powerful that it rendered the backup systems ineffective. Delays continued into the next Monday while systems were restored. December 19, 2018: DRONE SIGHTINGS REPEATEDLY AT LONDON GATWICK Gatwick Airport in London was shut down for three days by persistent drone reports during the peak travel period leading up to Christmas. Around 140,000 passengers were affected, and around 1,000 flights. This was the largest disruption since Icelandic volcanic ash clouds in 2010. Gatwick was invaded by the British army to deploy "specialist" equipment, as commercial anti-drone capabilities were not yet available. It was the longest disruption ever experienced at an airport of Gatwick's size. Dubai airport was closed several times in 2016 because of unauthorised drone activity. However, the longest closure was less than two hours. The U.S. is experiencing a nationwide stoppage on January 11, 2023 due to a failure of the safety system. After a system failure, the Federal Aviation Administration (FAA), ordered a nationwide stop for about 90 minutes. This caused more than 11,000 U.S. flight disruptions. The FAA's system alerts pilots of a variety of hazards near airports, such as snow, volcanic ash, or birds. The system also informs pilots about closed runways, temporary air restrictions and volcanic ash. August 28, 2023: NATS FLIGHT DATE GLITCH in UK UK air traffic control restricted flows following a processing error in flight plans, forcing manual entry. A total of 1,500 flights were canceled and the disruptions continued into the next day. The global Windows outage will occur on July 19, 2024 due to a faulty crowdstrike update. CrowdStrike, a global cybersecurity company, released faulty software that caused widespread Windows crashes. This affected many industries and grounded over 5,000 flights around the world. Delta Air Lines and Ryanair have reported delays and disruptions in the United States, Asia, and Europe. United Airlines, Air India, and United Airlines also confirmed that they were affected. U.S. cancellations exceeded 2,200 on the first day, with almost 7,000 delays. Some airlines took several days to recover their operations. March 21, 2025 - SUBSTATION FIRE CLOSES LONDON HEATHROW Heathrow Airport in Britain, the fifth busiest airport in the world, was closed for 18 hours following a massive fire that knocked out power at an electrical substation nearby. This left over 200,000 passengers stranded and cost airlines millions of dollars. Airport was due to handle up to 1,351 flights, carrying up to 291,000 passengers on Friday. However, planes were diverted from the airport to other airports across Europe and Britain. September 10, 2025 - DRONE INTRUSION INTO POLAND CLOSES SEVERAL AIRPORTS Around 21 suspected Russian drones were detected in Polish airspace, causing the temporary closure of several airports. Airports in Warsaw Chopin, Modlin, Rzeszow, and Lublin, located in the east of Poland, were temporarily closed, before they reopened. Cyber attack on multiple European Hubs September 20, 2025 Cyberattacks on Collins Aerospace (owned by RTX), a provider of check-in and boarding system, have disrupted airport operations in several European cities, including Heathrow Airport, Berlin Airport, and Brussels Airport. Due to persistent problems, Brussels Airport cancelled 25 flights on Saturday and Sunday as well as 50 flights on Monday. September 22, 2025: DRONE INCURSIONS IN DENMARK AND NORWAY Copenhagen was repeatedly overflew by two to three large drones, causing a four-hour shutdown of the airport, delays and diversions, and leaving tens thousands of passengers stranded. The Norwegian authorities also closed the airspace of Oslo Airport for three hours following a sighting of a drone. Denmark has said that the incident at Copenhagen Airport was the most severe attack on its critical infrastructure. It also linked the incident to a number of suspected Russian drone intrusions and other disruptions in Europe. September 24, 2025 - DENMARK CLOSES ANOTHER AIRPORT DURING DRONES Police said that drones were first seen near Denmark's Aalborg Airport at 9:44 pm (1944 GMT), on Wednesday. Police said that the drones had followed a pattern similar to those which had stopped flights at Copenhagen Airport two days before. Police added that the closure of Aalborg Airport also affected Denmark's Armed Forces because it was used as a base for military purposes. (Reporting and editing by Matt Scuffham; Jamie Freed, Michael Perry and Matt Scuffham)
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Hong Kong reopens following the world's strongest cyclone Ragasa
Hong Kong reopened its international airport after a suspension of 36 hours on Thursday, allowing businesses to reopen, as well as transportation services, and schools, after the strongest tropical cyclone in the world this year ravaged the financial hub. Ragasa, which had swept through northern Philippines and Taiwan killing 14 people before hitting Yangjiang in southern China on Wednesday, brought the densely-populated city to a halt from Tuesday afternoon. Hong Kong authorities issued the highest Typhoon Signal 10, which was in effect for most of Wednesday. The observatory kept its second-lowest level of typhoon warning 3 on Thursday. Kindergartens and schools were closed as Ragasa weakened and moved away from the capital. On Wednesday, huge waves smashed over parts of Hong Kong’s southern and eastern shorelines. The flooding was so widespread that it submerged some roads and residential property. The Fullerton Hotel in the south of the island was flooded by seawater, which shattered glass doors and flooded the lobby. The hotel reported that there were no injuries and services are operating as usual. Hong Kong Airport Authority announced that airlines will gradually resume flights beginning at 6 a.m. (1100 GMT) on Wednesday, with all runways running simultaneously. It is expected that over 1,000 flights will continue to operate at normal levels until the late hours of tomorrow night. Authorities have said that they are urgently working to repair roads which have collapsed, to remove more than 1,000 trees that have fallen and to respond to 85 flood cases. Residents in low-lying regions were given sandbags by the authorities on Monday to reinforce their homes. Many people also stocked up on daily necessities which led to empty supermarket shelves and a spike in fresh vegetable prices.
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Collins Aerospace restores software to airlines affected by cyberattack
Collins Aerospace, a subsidiary of RTX, is working to restore its onsite passenger-processing software for airlines following a cyber-"intrusion" that disrupted operations. The company announced this on Wednesday. Collins Aerospace, based in Charlotte, North Carolina, experienced a problem with its MUSE platform, which supports check-ins, baggage handling and boarding operations for several European airports. The ransomware attacks knocked down check-in systems and caused travel disruptions. British police announced on Wednesday that they had arrested a male as part of the investigation. Berlin Airport, one of those affected, warned of additional delays and cancellations for Wednesday as it struggled to restore its baggage handling and check-in systems. The cyber attack on Collins Aerospace was the latest of a string of cyber incidents that have had significant consequences offline. (Reporting and editing by Mohammed Safi Shamsi in Bengaluru, Aishwarya Jain from Bengaluru)
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Air Canada expects a $270 million hit to its operating income due to the labor disruptions
Air Canada said that it expects to lose C$375,000,000 ($269.82,000,000) in operating income due to labor disruptions after its flight attendants engaged in a four-day walkout last August. The company has also revised its outlook for the 2025 results after withdrawing their forecast due to disruptions in operations caused by the strike. Air Canada expects a core adjusted profit of between C$2.9 and C$3.1 in 2025, as opposed to its previous range of C$3.2 to C$3.6. A tentative agreement was reached after the strike ended. 10,000 Air Canada flight attendants, represented by the Canadian Union of Public Employees, refused to return to work despite government attempts to do so. The wage agreement was rejected by the flight attendants of the airline in September. The two parties agreed to no labor disruption and that flights would continue as usual. Arbitration will be used to resolve the dispute. Montreal-based airline Air Canada now expects its available seat mile capacity will rise between 0.5% to 1%, as opposed to the previous forecast of 1% – 3%. ($1 = 1.3898 Canadian dollars) (Reporting by Aishwarya Jain in Bengaluru; Editing by Alan Barona)
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Denmark's Aalborg Airport closed due to drones in the airspace. Police on site
A spokesperson for the airport announced late Wednesday that the Aalborg Airport in Denmark is currently closed because drones are flying over its airspace. This comes two days after Denmark's main airport, Copenhagen, was shut down due to drone sightings which rattled European aviation. Denmark said Tuesday that drones which halted Copenhagen airport flights for four hours was the most serious attack on its critical infrastructure. They also linked the drones to a number of suspected Russian drone incursions as well as other disruptions in Europe. The Norwegian authorities also closed the airspace of Oslo Airport for three hours Monday night after a drone had been spotted. The Norwegian foreign minister stated that the Norwegian and Danish authorities were in close communication over the Copenhagen-Oslo incidents, but that their investigation had not yet established any connection. Eurocontrol, the European air traffic controller, announced that arrivals and departing flights at Aalborg Airport would be "zero" until Thursday at 0400 GMT due to drone activity near the airport. In a social media post, the police of the northern Danish city stated that drones were observed near the airport. They are investigating the incident further. The spokesperson at Aalborg Airport declined to comment on how many drones were involved. He said that four flights were affected. Two SAS planes, as well as one Norwegian and KLM flight, were all affected. (Reporting from Ananya Palyekar in Bengaluru, and Louise Rasmussen at Copenhagen; editing by Leslie Adler, Jamie Freed.)
Seychelles President seeks re-election on the back of economic recovery
Seychelles' general elections begin on Thursday. The incumbent president Wavel Ramkalawan, along with his allies in the legislature, are trying to stop a return of the party which dominated politics in the archipelago for 40 years.
This idyllic beach resort is Africa's richest country per capita. Its location in the western Indian Ocean makes it an attractive target for investment from India, China, and Gulf States.
Ramkalawan is a former Anglican Priest who says he wants to run for a second term of five years to improve social protections, infrastructure, and to defend the neutrality of the country to attract investment.
Patrick Herminie (United Seychelles candidate) has stated that the 120,000-strong population is suffering due to rising living costs, deteriorating standards in schools and corruption. He has also promised to address these problems.
Economic Rebound
In three days' time, 73,000 voters can choose between eight presidential candidates and more than 125 challengers to fill the 35 seats in the National Assembly. Ramkalawan is hoping to keep a majority of his Linyon Demokratik Seselwa Coalition.
Results are due Sunday
Seychelles, a country that has long been a leader in Africa's economic performance thanks to tourism and reforms in governance, has recovered strongly from the COVID-19 epidemic. It was removed last year from the EU tax blacklist.
According to the International Monetary Fund, inflation is below 2%, and the public debt will drop below the government’s goal of 50% of the gross domestic product by 2030.
Ramkalawan said in an interview that "we've embarked upon an ambitious program to take care of our people." He cited an increased minimum salary, infrastructure projects, and free meals at schools.
He wants to maximize investment by building a modern port and an airport, as well as a new hospital.
Keep your geopolitics to yourself. All vessels are welcome, whether they be French, American, British or Chinese. Ramkalawan stated that if India or China has problems, it is not ours.
Allegations of witchcraft
Herminie is a former National Assembly Speaker and doctor who has faced unusual legal challenges. He was arrested in 2023, for attempting to stage a coup by witchcraft. He denied the accusations, which were dropped later.
Herminie claims that the government is responsible for the spread of corruption. She cites the leasing out of two islands by Qatari and United Arab Emirates companies.
When his party was accused of corruption, he said that his party had learned a lot from its 43-year reign.
He said: "The party was in power for too long. Empires were created within, and divisions weakened us."
"We are a left-of centre, progressive party that believes in the importance of putting people at the heart of development."
Other presidential candidates are gospel singer Robert Moumou and Alain St Ange, former tourism minister Marco Francis. (Reporting and editing by Hereward Holland, Aiden Lewis and Gabriel Robert-Gironcelle)
(source: Reuters)