Latest News
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Sources say that Google is likely to face a second EU antitrust fine
Three people with direct knowledge said that Alphabet’s Google will likely be hit with a second fine in the next few months under EU tech regulations. The European Commission is currently drafting their decision. As the EU's enforcer of competition, the Commission fined Google 2.95 billion euros ($3.45billion) earlier this month. This was for favoring Google's online display technology and reinforcing the central role of its ad-exchange AdX to the detriment rivals and publishers. The second fine, which is looming, relates to accusations made in March, that Google favored its vertical search engines, such as Google Shopping and Google Flights, over competitors. No rush to close the case despite Trump's criticism and trade tensions The two cases against Google were filed under the EU Digital Markets Act. This law outlines a number of dos and donts for tech giants. These rules are designed to limit the power of big companies and give rivals a chance to compete, while giving users more choices. Violations may cost a company as much as 10 percent of its annual global sales. In an attempt to alleviate concerns and avoid a second fine, the world's most popular online search engine made a number of proposals. However, it has not been able to appease comparison shopping sites and other critics, including airlines, retailers, and hotels. Sources said that Google could avoid a fine by submitting a better proposal. The Commission has declined to comment on a request. Google responded to the questions by pointing to comments made earlier this year by Oliver Bethell, its senior director of competition. He said: "While we've invited feedback through this process, it is now time to end this debate without prioritising the interests of few over the millions in Europe that benefit from Search." People familiar with the matter say that the Commission has no plans to close the case, given the criticisms from the Trump Administration over the EU's crackdown against Big Tech as well as the current tensions in trade between the EU and the US.
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According to Ukraine, Russians have cut power to 70,000 Chernihiv consumers.
Officials said that Russian airstrikes on Thursday temporarily cut off power to at least 70,000 customers in the northern Chernihiv Region of Ukraine. Moscow is renewing its airstrikes on the shattered infrastructure for energy ahead of winter. The regional electricity distribution operator reported that there were power outages in Chernihiv, its surrounding districts, and in Nizhyn. It added that the restoration of electricity supply was underway. Overnight, Russian forces targeted energy plants in Vinnytsia. They disrupted power flow for parts of central city, and caused fires. In the three-and-a half years since Russia's invasion began, it repeatedly attacked Ukraine's energy infrastructure in advance of the winter and autumn months. It has intensified such attacks over recent weeks. The CEO of the company said that Russian troops have also launched "systematic attacks" on Ukraine's rail system since this summer. (Reporting and Editing by Ros Russel)
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Israel strikes Yemen’s Sanaa one day after Eilat drone strike
Israeli officials said they struck targets in Sanaa, Yemen that were linked to the Houthis. This comes a day after a drone was claimed by the group for an attack on a resort in Israel's Red Sea resort Eilat. In a press release, Israel's air force said that the Houthi General Staff control headquarters, intelligence and security compounds, as well as military camps, were among the targets it had attacked. Israel Katz, Israel's Defence Minister, said on X that "we have now delivered a strong strike on many terror targets of the Houthi terrorist organization in Sanaa". These strikes are part of an ongoing war between Israel and Houthi militants that has lasted for more than a decade. Residents of Yemen told residents that the strikes targeted areas to the south and west Sanaa. The strikes occurred while Abdul Malik al-Houthi, the leader of the Houthi movement, was delivering a recorded speech. The Israeli ambulance service reported that at least 20 people were hurt on Wednesday when a drone launched by Yemen struck a hotel located in Israel's Red Sea resort town of Eilat.
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Norway approves the start of a new gas export line Troll B
It was announced on Thursday that the Norwegian Offshore Directorate, or NOD, had granted permission to build a new gas pipeline from Troll B. This will reduce the decrease in production of natural gas in the coming years. The NOD stated that the tie-in will connect Troll B with the Kvitebjoern export pipeline which leads to the Kollsnes onshore processing plant. It is expected to start up in the fourth quarter this year. It was revealed that some of the gas from Troll B had been re-injected and exported via Troll A to Kollsnes. According to the statement, gas injection will no longer be required at Troll B. This new solution will allow for increased gas export. NOD stated that the new pipeline offers additional flexibility, as gas can be exported through both the Troll A gas pipeline and the Kvitebjoern Gas Pipeline. Equinor, the operator, said that Troll is Europe's biggest gas field. In 2024, it will deliver a record 42,5 billion standard cubic meters (bcm), meeting 11% of European Union demand. (Reporting and editing by Louise Rasmussen, Nick Zieminski and Nora Buli)
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Ryanair is confident about the Boeing MAX 10's timing and sees future Airbus orders
Michael O'Leary, Group Chief Executive of Ryanair, said that the airline is confident it will receive its first 150 737 MAX-10 jets on time in 2027. However, the company is keen to increase the number of Airbus aircraft in its fleet whenever the opportunity arises. Ryanair operates around 600 Boeing 737 jets and 26 Airbus aircraft, all operated by Lauda. O'Leary said at a press conference that the MAX 10, which is the largest jet of the 737 family, should be certified in the third quarter 2026. Boeing has also promised to deliver the first Ryanair aircraft in spring 2027. O'Leary said at a press conference that "They've confirmed in writing they expect to deliver these Max 10s to you in the spring 2027...We do not believe (there will be delays) to our first delivery." O'Leary stated last month that while he is "optimistic but not confident", he has concerns about the delivery date of the 150 MAX 10 aircraft ordered by the company. He was more optimistic after a recent conversation with Boeing commercial planes head Stephanie Pope. O'Leary stated that Ryanair had never placed a large order with Airbus. However, this could change over the next few years. "We have 60 Boeings and 30 Airbuses." In the next few years, I'd like to see this number grow to 800 Boeings and maybe 200 Airbuses," O'Leary stated in an interview following the news conference. "I would like to see us having a significant Airbus operations." Leases for the current Airbus jets expire in 2028. At that point, Ryanair hopes either to do a deal with new Airbus aircraft or find older secondhand aircraft. He said Ryanair will wait until there is a crisis in the industry before ordering large quantities of Airbus, perhaps as early as 2030 or late 2020s. (Reporting and writing by Conor Humphries; editing by William James).
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Hong Kong and southern Guangdong are reopened after the world's strongest cyclone Ragasa
Hong Kong, as well as several coastal cities of China's southern Guangdong Province, reopened their businesses and transportation services on Thursday following the most powerful tropical storm to hit the region this year. 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 the majority of Wednesday. Hong Kong reopened its airport international on Thursday, after a suspension of 36 hours. On Wednesday evening, businesses and transport services had reopened in Shenzhen's tech hub. Cleaning teams were clearing the road of fallen branches and trees. The local media reported flooding in several districts of the Chinese coastal town Zhuhai. Yang Yanna, the shopkeeper, was picking through wet packaging of luxury brand cigarettes, tea, and alcohol. She estimated that over 300,000 Yuan ($42100) in damage had been caused. Yang stated, "I have lived here for more than ten years and the typhoons are never this intense." I thought that the floodwaters would be about the same height as these chairs or even a little higher. No problem. It rose higher than expected. A home goods vendor named Nie, who was nearby, tried to salvage the toothpaste boxes that were soaked. Nie stated that it was extremely difficult to run an enterprise since the pandemic. "Everything we are doing is at a loss... and now you come in, there's nothing." On Wednesday, huge waves smashed over parts of Hong Kong's southern and eastern shores. The flooding was so widespread that it submerged some roads and residential property. The Fullerton Hotel in the south of the island was inundated by seawater, which shattered glass doors and flooded the lobby. The hotel reported that there were no injuries and services were running as usual. Hong Kong Airport Authority announced that airlines will gradually resume flights beginning at 6 am (1000 GMT), with all three runways running simultaneously. 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. Before Ragasa arrived, the authorities distributed sandbags to residents in low-lying regions to reinforce their homes. Meanwhile, many people stockpiled everyday necessities, which led to empty supermarket shelves and a surge in fresh vegetable prices. $1 = 7.1335 Chinese Yuan Renminbi (Reporting and editing by Stephen Coates, Philippa Fletcher and Farah Masters in Hong Kong; Nicoco Chen and David Kirton from Zhuhai).
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Germany's Helsing unveils 'Europa' combat drone
Helsing, a German defence startup, unveiled on Thursday a new autonomous drone combat system. The company is now in a race with other robotic startups to develop remote-piloted robots that can team up with fighters and swarm together to fight. Helsing, who unveiled a full-size version of the V-shaped, angular drone in a factory near Munich, said that the "CA-1 Europa", which will be available for military use within four years, would make its first flight by 2027. Helsing, the latest military technology firm to pitch for a position as a primary weapon system manufacturer in competition with the heavyweight arms firms, reflects the growing role of AI and the pressing demand for faster development time. The CA-1 Europa, weighing four tonnes is part of a rapidly developing category known as Unmanned Combat Aerial Vehicles. These vehicles are more affordable and less expensive than traditional fighters and can be used in harsh environments with higher costs. Helsing stated that the AI-powered drone will operate either alone, or in groups of unmanned vehicles. It may also be directed by advanced fighter jets using a "wingman" configuration. The U.S. Air Force chose California-based startup Anduril, and Reaper drone maker General Atomics last year to develop the "Collaborative Aircraft" fleet. These aircraft can perform missions like jamming or acting as decoys. Airbus unveiled a life-size model in June of its concept for a drone that would fly with jets of the current generation, such as the Eurofighter Typhoon. Helsing announced that it planned to invest hundreds of millions in the project. The project would include collaboration with unspecified European firms. It refused to specify what weapons the aircraft would be capable of carrying or how much they would cost. They only said that it would cost a "fraction of" the price of a regular fighter jet. Helsing, founded in 2021 and specializing in AI software, has now shifted its focus to provide smaller strike drones as a response to Russia's full-scale invasion of Ukraine in 2022. (Reporting and editing by Ros Russell, Alex Richardson, Alexander Huebner)
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Snam CEO "amazed" by long approval process for German gas grid deal
The CEO of Italy's Snam told an Italian paper that the long approval process was a surprise to him. He hinted at the possibility of the group pulling out the deal. Snam, the Italian gas grid operator, signed a contract in April to purchase 24.99% of Open Grid Europe. This deal paved the way for Snam's entry into the German gas market. The transaction is progressing... but the German authorities have requested an incredible number of documents. This has made the process extremely long. Snam CEO Agostino Scrnajenchi spoke to Il Sole 24 Ore. Scornajenchi said that the asset was interesting, but Snam wouldn't pursue it "come Hell or High Water". Sources said that part of the information sought by the German authorities was about the role of China’s State Grid as an indirect investor in Snam. The German economy ministry, which is examining Snam's purchase, has declined to comment. China's State Grid holds 35% of CDP Reti which, in turn, owns 31.4% Snam. In 2018, Germany prevented State Grid from acquiring a stake in 50Hertz, a power grid operator.
Sources say that AviLease, owned by the Saudi PIF, is weighing its debut bond.
Two people familiar with the plan said that AviLease, which is a jet-leasing company backed by Saudi Arabia’s Public Investment Fund, has been in talks with banks about preparing an initial bond sale.
People who declined to identify themselves because they were privy to the information said that the company had discussed a dollar denominated debut with JPMorgan.
AviLease, according to a source, could raise $500 million or more from its first bond as part of a 2-billion-dollar programme. According to the source, the initial bond could hit the market before the end of this year.
AviLease has declined to respond to numerous requests for comment. JPMorgan, Citi and JPMorgan have also declined to comment.
AviLease received investment-grade ratings in April from Moody's and Fitch, according to Fahad AlSaif, chairman of the company. This will help the firm tap into global capital markets and place it at the forefront in aircraft leasing in line Saudi Arabia's Vision 2030.
Saudi Arabia is expanding its aviation sector to promote tourism and reduce dependence on oil. The plan also involves the launch of Riyadh air, a new airline.
Fitch reported last month that Saudi issuers would account for 18.9% in the first half 2025 of the $250 billion of emerging-market dollars debt. This was followed by the government's $5.5 billion sukuk sale this month, and PIF's $2 billion 10-year bond, which had a high level of subscription.
AviLease was established in 2022, as part of PIF’s drive to build a domestic leasing giant. In 2023, AviLease purchased Standard Chartered’s aviation finance division for $3.6 billion.
AviLease placed its first direct Boeing 20 737-8MAX jets in May 2025 with 10 options. This order will add to the 200 aircraft AviLease has leased to 48 carriers worldwide.
PIF and state-linked companies are increasingly turning towards the dollar and euro bond market to fill funding gaps, and to sustain Saudi Arabia's mega-projects worth billions of dollars.
(source: Reuters)