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After drone sighting, traffic is halted in Gothenburg airport.
Traffic was halted at the Gothenburg-Landvetter Airport on Sweden's west coast on Thursday after one or more drones were observed at the airport, authorities said. In recent months, drones have caused significant disruption in Europe and forced the temporary closure of airports across several countries. Some officials blamed hybrid warfare on Russia for the incidents. Moscow denies any involvement in the incidents. A spokesperson for the civil aviation agency LFV confirmed that "a drone or drones" had been spotted at Landvetter Airport. Police received the report at 1641 GMT, and were on the scene to gather information. According to airport operator Swedavia, the airport is Sweden's 2nd largest after Stockholm's Arlanda. Susanne Norman, Swedavia's Chief Operating Officer, said that the airspace over Landvetter was currently closed because of indications of an suspected drone. She said that the airspace would remain closed until police could complete their investigation.
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CMA CGM abandons plans to stop Mali shipments due to safety and fuel concerns
CMA CGM reversed its decision to suspend cargo shipments into Mali due to safety concerns and fuel shortages, the French group announced on Thursday after a meeting the authorities. Early in September, the al-Qaeda-linked militant Jama'at Nusrat al-Islam wal-Muslimin announced a ban on fuel imports into this landlocked West African nation. Since then, the group has attacked convoys that were trying to enter the country and reach Bamako. CMA CGM stated in an email that "overland transportation has been severely impacted by security challenges and fuel shortages, in terms of transit times and costs." CMA CGM decided to continue its operations in Mali, which includes overland transportation, despite the conditions. It added that the company had met officials from Mali's Ministry of Transport earlier in the day on Thursday. CMA CGM, the largest shipping company in the world, issued a customer alert on Wednesday, stating that road shipments were suspended to Mali until further notice. The company also offered its clients the option to store their cargo, return it to Mali or to change the port destination. Security analysts claim that JNIM has not yet seized Bamako's 4 million-person city, which they briefly attacked in 2013. The military leaders who will take power in 2021 face the greatest challenge to date. This is because the group's plan to gradually starve Bamako, force schools to close and deny businesses diesel-generated electricity presents the most grave threat to them yet. Reporting by Anait Miridzhanian, Mali newsroom. Gus Trompiz contributed additional reporting. Mark Potter (Editing)
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Aeromexico is valued at $2.8 Billion in NYSE debut, four years after bankruptcy.
The shares of Grupo Aeromexico, which is backed by Apollo, rose 0.84% on their New York Stock Exchange debut Thursday. This valued the Mexican airline near $2.8 billion nearly four years after it emerged from bankruptcy. The opening price of shares in the company was $19.16, which is just above the $19 issuance price. Aeromexico, along with some of its current shareholders, sold 11,7 million American Depositary Shares in an initial public offer on Thursday. The price was at the midpoint between its advertised range of $18 and $20. This raised $222.8 millions. The listing is part of a rebound in the IPO markets following a slowdown triggered primarily by President Donald Trump’s changing trade policies, and increased market volatility. The Federal Reserve has cut interest rates and boosted the demand of investors for new offerings. However, a prolonged shutdown in the government has caused delays. Aeromexico debuts also coincides with the Trump administration. Crackdown on Mexican Airlines over Competition Investors are cautious and awaiting regulatory clarity. The U.S. Department of Transportation is fighting a legal battle over an order to cancel several Mexican airline routes. Joint venture between Delta and Aeromexico This allows the carriers to coordinate pricing, scheduling and capacity. Aeromexico had applied for an American listing in the past year, backed both by U.S. airline Delta and alternative asset manager Apollo Global. In February, CEO Andres Conesa stated that The market conditions at the time were not optimal for listing. Mexico's legacy airline Aeromexico filed Chapter 11 bankruptcy in 2020 After the pandemic, travel demand was crushed and its Restructuring in January 2022 After lowering costs, and upgrading to larger, more efficient planes, the company will be able to afford this. Barclays was the lead book-running manager for the listing. J.P. Morgan, Evercore, and Morgan Stanley were also involved. Reporting by Prakhar Shrivastava, Bengaluru. Editing by Sahal Muhammad and Shakesh Kuber.
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US FAA will detail its flight reduction plan on major airports in the US later this Friday
On Thursday, the Federal Aviation Administration was working on details of a plan that would cut 10% of flights in 40 U.S. airports with high traffic to address safety concerns about air traffic controllers during a federal government shutdown. FAA Administrator Bryan Bedford informed the CEOs of major airline companies late on Wednesday that cuts will begin at 4% this Friday and increase to 10% next Monday. Plan will exclude international flights, and will only apply to flights that take place between 6 am and 10 pm. FAA also has imposed severe restrictions on general aviation and space launches. Airline customer service lines were flooded with passengers' concerns regarding air travel. The carriers are also demanding details, such as how the flight cuts will be distributed throughout the day. Some wanted to cancel Friday flights to inform and accommodate passengers. Bedford stated Wednesday, in an airline call, that airport capacity reductions will start at 4% and increase to 5% on Saturday, 6% on Sunday, then 10% the following week. Some airlines believe the FAA can revise its plan to only require 4% reductions through the weekend. The FAA has not yet commented. This shutdown is the longest ever in U.S. History. It has forced 13,000 air-traffic controllers and 50,000 Transportation Security Administration (TSA) agents to work for free. Since the shutdown began, tens of thousands flights have been delayed due to widespread shortages in air traffic control. Air traffic control shortages have affected at least 3.2 millions travelers, according to airlines. Airlines anticipate that the FAA will announce a formal order detailing the implementation of the cuts on Thursday. Some airline CEOs pressed Bedford to provide more information on the unreported safety data that prompted the FAA's drastic actions. Rick Larsen, the top Democrat in the committee overseeing the FAA, asked the agency to clarify its "dramatic, unprecedented action." He stated that "the FAA should immediately share with Congress any safety risk assessments and related data on which this decision is based." Reporting by David Shepardson, Editing by Chizu nomiyama and Hugh Lawson
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SoftBank-backed Metropolis raises $1,6 billion to expand beyond AI parking lots
Metropolis Technologies has raised $1.6 Billion in new capital for its expansion into other sectors, such as retail, gas stations and restaurants. This funding round includes a $500,000,000 Series D equity round, led by LionTree. The company was valued at $5 billion. SoftBank Vision Fund and Vista Equity Partners were also involved in the round. Los Angeles-based company secured a syndicated $1.1 billion term loan led J.P. Morgan and backed by cashflow from its parking operations. In an interview, Chief Executive Alex Israel stated that the new capital would be used to hire and accelerate technical talent, speed up product development and deploy recognition and payment automation technology in new verticals such as drive-through restaurants and gas stations. Israel stated that the goal was to create a "Recognition Economy", whereby a customer’s presence or identity is sufficient to trigger a purchase, thus saving time. Metropolis, founded in 2017, has grown rapidly through acquisitions and integration of its technology. This includes the $1.5 billion buyout of parking services provider SP+ by 2024. It acquired Oosto, a biometrics firm and vision analytics company backed by SoftBank for $125 million. Metropolis operates more than 4,200 parking lots in 40 countries. The company claims to be profitable and processes $5 billion worth of transactions annually from its 50 million customers. Metropolis uses license plate readers and cameras to identify cars whose owners are enrolled in its system. This allows them to enter or exit parking lots with no need to stop and pay. The company plans to charge businesses for software subscriptions and sell the same technology in the hospitality sector to automate check-ins and payments. Other retail automation initiatives have been challenged. Amazon, for example, has reduced its "Just Walk Out", checkout-free system, in its Fresh supermarkets, citing costs and complexity. However, it continues to licence the technology to other third parties.
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Abu Dhabi's AD Ports will buy a minority stake in a Syrian container terminal
AD Ports Group, based in Abu Dhabi, announced on Thursday that it had signed an agreement to purchase a majority stake in a container port in Syria's major commercial port for $22million. This is the latest indication of how Syria continues to attract investment in its efforts to rebuild. AD Ports, a joint venture with the France-based CMA CGM Group shipping company, will purchase a 20% stake at the Latakia International Container Terminal. The terminal is the dominant trader of agricultural and industrial products, handling 95% of Syria’s container volume. Syria is looking to raise money from international investors to help it recover from the 14-year civil conflict and decades of isolation which ended last December with the removal of Bashar al Assad as former leader. Last week, at a conference held in Saudi Arabia, Syrian President Ahmed al-Sharaa positioned his country as an investment corridor that was ripe to attract even more foreign investment than the $28 Billion he claimed it had already received this year. AD Ports stated that it was aiming to restore Latakia’s coastal region's role as "a vital trade portal" for Syria and Eastern Mediterranean. It said that the deal, which was signed on Thursday and builds on an existing partnership, will "drive modernisation of terminals, digital systems and operational performance." The terminal will increase its capacity from 250,000 20-foot equivalent unit TEUs to 625,000 TEUs at the end of next Year. This is the second UAE venture in Syria in the last few months. In July, Dubai's DP World announced a $800 million investment to develop and run the Port of Tartus over a 30 year period. (Reporting by Federico Maccioni; Editing by Aidan Lewis)
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CMA CGM suspends Mali shipments due to safety concerns and fuel shortage
CMA CGM announced that it had suspended all cargo shipments from Mali. The French group also said road transport was experiencing difficulties due to safety issues and fuel shortages. Early in September, the al-Qaeda-affiliated militant group Jama'at Nusrat al-Islam wal-Muslimin announced a ban on fuel imports into this landlocked West African nation. Since then, the group has attacked convoys that were trying to enter the country and reach Bamako. CMA CGM India's website said Wednesday that road shipments from Mali have been suspended until further notice. The group issued a statement saying that it would not accept new bookings of cargo bound for Mali until the current situation was resolved. CMA CGM said that it also offered its clients the option to store or return cargo to Mali. Security analysts claim that JNIM has not yet seized Bamako's 4 million-person city, despite operating within 50 km of it for several months. The military leaders who will take power in 2021 face the greatest challenge to date. This is because the group's plan to gradually starve Bamako, force schools to close and deny businesses diesel-generated electricity presents the most grave threat to them yet. Reporting by Anait Miridzhanian, Mali newsroom. Gus Trompiz contributed additional reporting. Mark Potter (Editing)
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Russia backs down on some of its VAT increases after small business pushback
Mikhail Mishustin, the Prime Minister of Russia, announced on Thursday that the Russian government had softened its plan to raise VAT for small business in 2026. This was after receiving complaints from public businesses. The government first proposed a budget for 2026 in the draft budget. You can find out more about this by clicking here. Businesses with revenues between 10 and 250 millions roubles per year, which are currently exempted from VAT, will have to pay up to 5% VAT. One in ten owners of small businesses would be affected by these increases, according to business lobbyists. They said that many of these business owners might be forced to close their doors. The threshold for tax-free revenues would be lowered to 20 million Russian roubles by 2026, 15 millions roubles by 2027 and 10 million in 2028, from 60 million currently. This will give businesses more time to adjust to the new measure. Mishustin stated that the conditions for small and medium businesses to apply VAT will be eased by a gradual change in payment thresholds beginning in 2026. During the budget debate, the new figures fell short of the compromise business proposal that lowers the threshold for VAT payment to 30 million instead of 10 millions roubles. This increase comes in addition to a proposal that would raise the general VAT to 22%, from 20%. It is estimated to generate around 1 trillion roubles for military expenditures and to address the growing deficit. According to the most recent data available from the Economy Ministry they employ over a fifth (31 million) of Russia's total workforce. Small and medium-sized businesses in Russia are defined as companies with up to 250 employees and revenues of up to 2 billion Russian roubles. The government hopes to raise $200 billion roubles (about $2 billion) through these measures. Reporting by Darya Kosunskaya, Writing by Gleb Stlyarov and Gleb Brnski; Editing Guy Faulconbridge
US Judge Approves DOJ Decision to Drop Boeing Criminal Case
The judge harshly criticised the decision of the government. Judge Reed O'Connor of the U.S. District Court Fort Worth in Texas disagreed with the Justice Department that dismissing the criminal case was in the public's interest, but said he did not have the authority to reject this decision. He noted that the deal with Boeing failed to provide the accountability necessary to ensure safety for the flying public.
Boeing has said that it will honour its obligations under the agreement it made with the Department of Justice.
The company also stated that it was committed to continue the efforts made by its employees to improve safety, compliance, and quality.
Boeing in 2024
Had agreed to plead guilt
After the deadly 737 MAX crash in Indonesia and Ethiopia, the Justice Department demanded that Boeing plead guilty. But in May the Justice Department changed its mind and dropped this demand. O'Connor conducted a three-hour public hearing in September to hear objections about the deal. He questioned the government's decision not to require Boeing to be under the watchful eye of an independent monitor over a period of three years, and to hire instead a compliance consultant. The non-prosecution deal was met with anguished opposition from the relatives of those who died in crashes in Ethiopia and Indonesia in 2018. In his ruling of Thursday, O'Connor noted the government's stance: "Boeing had committed crimes that justified prosecution and failed to rectify its fraudulent behavior by itself during the (deferred prosecutor agreement), which justified a guilt plea and the imposition an independent monitor. But now Boeing will correct this dangerous culture by hiring a consultant. O'Connor stated that the families are correct when they asserted that "this agreement does not secure the accountability necessary to ensure the safety for the flying public."
Boeing and the government claimed that they have improved, while Federal Aviation Administration has increased oversight. Boeing and the Government argued O’Connor had no other choice than to dismiss the case. O'Connor stated in 2023, "Boeing's crimes may be properly considered the deadliest corporate crimes in U.S. history."
Boeing has agreed to pay $444.5 in addition to the $243.6 million fine, plus $455 million for the improvement of safety and compliance programs.
The FAA will be holding its September meeting.
Boeing fined $3.1 Million
For a series safety violations including actions related to the mid-air Alaska Airlines 737 MAX 9 emergency in January 2024, and for interfering safety officials' independent. (Reporting and editing by Franklin Paul, Richard Chang, and David Shepardson)
(source: Reuters)