East Asia

South Korea will support smaller sized airlines and display market competitiveness after dominant carrier Korean Air completed a $1.3 billion acquisition of Asiana Airlines on Thursday to create one of Asia's most significant providers. Korean Air got a 63.88% stake in the nation's. second-largest airline, making it a subsidiary three years later. than Asiana had actually initially anticipated. The enlarged Korean Air group could account for simply over. half of South Korea's passenger capability, and would become the. world's 12th-largest airline company by international capacity, a. Reuters analysis of airline information from Cirium and OAG programs. It would rank alongside...

Korean Air has finished its protracted purchase of indebted South Korean rival Asiana Airlines, the airline said on Thursday, a major action towards forming among Asia's most significant carriers. The 1.8-trillion-won ($ 1.3 billion) M&A deal, which stands as one of the longest to conclusion in the sector, was initially unveiled 4 years earlier by South Korea's largest provider to rescue Asiana, facing a plunge in demand throughout the COVID-19 pandemic. Korean Air acquired 131,578,947 newly issued shares in Asiana on Thursday, for a stake of 63.88% stake in the airline company, which becomes a subsidiary. A new Korean Air...

Italian state broadcaster RAI is taking early actions towards a potential merger between its Milanlisted tower unit RaiWay and competing EI Towers, two sources near to the matter informed Reuters. A tie-up between RaiWay and EI Towers, which is owned by Italian infrastructure fund F2i and Italy's top commercial broadcaster MFE has actually been mooted for several years. It would create a nationwide broadcasting tower champion worth nearly 4 billion euros ($ 4.21 billion), when including financial obligation. RAI's board of directors may go over a preliminary non-binding arrangement to initiate talks with EI Towers investors on an offer at...

France and Germany's political crises are an obstacle for efforts to modernise Europe's struggling economy and are currently making it harder for companies to take the investment choices they require to contend worldwide. Federal government collapses in Germany and France - the huge two economies that for decades have powered the European Union - come simply as the region must navigate the return of Donald Trump to the White House and mounting trade tensions with China. From French cognac-makers facing Chinese tasks to German element manufacturers waiting for clearness on Europe's commercial technique for electrical automobiles, the timing could not...

Nepal's veteran communist politician K.P. Sharma Oli, returning as prime minister this year for a 4th time, aims to encourage Beijing to provide new momentum to planned infrastructure projects during a dayslong visit to China. Oli's see was his first to a foreign nation since his July swearing-in, a break from the traditional location of New Delhi, with which Kathmandu has centuries-old ties. He is set to fulfill Chinese President Xi Jinping and Premier Li Qiang on Tuesday for thorough talks, Beijing stated. Xi has formerly said China would assist Nepal change from a. landlocked country into a land-linked one....

Taiwan President Lai Chingte got here on an official see to the Marshall Islands on Tuesday, which he stated was the very first nation he had checked out because taking office in May, as part of a Pacific tour of diplomatic allies. China, which sees Taiwan as its own territory and opposes any foreign interactions or check outs by the island's leaders, has been stepping up military pressure against Taiwan, including 2 rounds of war games this year. Showing up in the Marshall Islands capital of Majuro, Lai described Taiwan's indigenous residents as sharing a culture with the Pacific Islands'...

China's Baidu has got the licence to check self-governing vehicles with its Apollo robotaxi service in Hong Kong as it broadens its footprint outside Chinese mainland. Baidu Apollo International Ltd was approved to carry out trials for 10 self-governing lorry in North Lantau, according to a. declaration released by Hong Kong's Transport Department on. Friday. The license will stand from Dec. 9, 2024 to Dec. 8, 2029,. with just one self-driving car operating on specified roadway. areas at a time in its very first phase, according to the. declaration. Throughout the trial, a backup operator stationed on board shall. take...

South Korea's biggest airline company Korean Air will produce one large lowcost provider under its existing Jin Air brand after its merger with smaller competing Asiana Airlines. Integrating Korean Air's Jin Air with Asiana's Air Busan and Air Seoul could develop an affordable carrier bigger than Korea's. present biggest budget airline companies Jeju Air and T'Way. Korean Air expects to finish its 1.8 trillion won ($ 1.3. billion) purchase of just over two-thirds of South Korea's. debt-laden Asiana by the end of the year, having actually announced the. handle 2020. The merger will result in a bigger Korean Air, a...

Hong Kong airport began running 3 runways concurrently on Thursday in a. substantial capability growth, however flight development looks set to. be determined as the worldwide center is still struggling to get. back to prepandemic passenger numbers. Hong Kong International Airport is the world's busiest cargo. airport, however has actually fallen from its pre-pandemic status as the. third busiest for global seats. Pandemic-related travel restrictions in Hong Kong and. mainland China continued longer than in other places, resulting in a. slower air travel healing. Hong Kong's anti-government demonstrations. in 2019-2020 and a new nationwide security law have actually also had...

The following are the leading stories in the Financial Times. Reuters has actually not confirmed these stories and does not attest their precision. Headlines - UK car insurance company Direct Line rejects ₤ 3.3 bn takeover offer by Aviva - Mauritius raises issues about UK strategy to cede sovereignty over Chagos Islands - UK watchdog fines former Wizz Air executive for trick share trading - Michael Ellam tapped up to be UK's next 'EU sherpa' Summary - UK vehicle insurance company Direct Line has actually turned down a takeover technique from Aviva, saying the cash and shares offer was highly...

Issues over a larger conflict in the Middle East have prompted worldwide airlines to suspend flights to the region or to prevent affected air space. Below are some of the airline companies that have actually cancelled services to and from the area: AEGEAN AIRLINES The Greek airline has cancelled flights to and from Beirut till March 29 and to and from Tel Aviv up until Jan. 15. AIR ALGERIE The Algerian airline has actually suspended flights to and from Lebanon up until further notice. AIRBALTIC Latvia's airBaltic has actually cancelled flights to and from Tel . Aviv up until Dec....

North Korea and Russia have signed a protocol on cooperation after conferences covering trade, the economy, science and innovation in Pyongyang, North Korean state media KCNA said on Thursday. There were couple of information in the KCNA report, however Russia's TASS news company stated on Tuesday that the nations consented to boost charter flights following the conference, pointing out Russia's. ministry of natural resources. Between January and September, the number of travelers. travelling between Russia and North Korea totaled up to over 5,000. people, with more than 70% taking a trip by air, it stated. The increased charter flights are...

The Federal Aviation Administration stated on Monday it has actually completed guidelines needing aviationrepair stations in foreign nations to conduct drug and alcohol screening for workers performing safetysensitive upkeep functions for U.S. airline companies. The guideline, which needs compliance by December 2027, will impact about 977 repair work stations in 65 countries, the FAA said. The firm said foreign governments or repair stations can obtain a waiver based upon existing testing and requirements. This rule will guarantee these workers are held to the equivalent high level of security requirements, regardless of where they are physically situated, stated FAA Administrator Mike...

Mexico's Senate on Thursday authorized reforms to enhance conditions for chauffeurs with ridehailing and shipment services such as DiDi, Rappi and Uber, ensuring access to social security and a. Christmas reward, to name a few advantages. The reform passed all with 113 votes in favor, and. will be forwarded to the executive power to get enacted. President Claudia Sheinbaum had actually sent out the proposition to. lawmakers in early December and it was fast-tracked to a plenary. vote ahead of Congress' Christmas recess on Dec. 15. Mexico's judgment Morena celebration and its allies, which won a. landslide success in the...

Mexico's lower house on Tuesday authorized a reform that seeks to regulate labor conditions for shipment employees and motorists working for apps such as DiDi, Rappi and Uber by ensuring access to social security and a Christmas reward to name a few benefits. The reform passed in basic with 462 votes in favor, with no abstentions and no one voting against, following a two-hour argument. Today is a day that ought to go down in history, said ruling Morena celebration legislator Ariadna Barrera, saying the reform would advantage hundreds of thousands of employees and even more the celebration's. efforts to...

Russian petrochemicals giant Sibur plans to list about 2% of its shares in an initial public offering on Russia's Eastern Exchange in the coming months, two individuals acquainted with the matter told Reuters on Thursday. Russian listings have actually been thin on the ground considering that the exodus of Western capital after Moscow sent soldiers into Ukraine in February 2022, but a handful of small capital raises controlled by regional retail financiers has breathed some life into moribund equity capital markets. A public launching by Sibur, which has been on the cards for a number of years, would represent a...

Oil loadings from Russia's. western ports over December 110 are expected to be up to around. 1,72 million bpd, down by some 200,000 barrels per day (bpd). from the exact same duration in November, according to 2 market. sources and Reuters computations. This is down by 10% daily from the very same period in. November, Reuters estimations showed. Urals and KEBCO loadings from Russia's Baltic ports over the. duration will be up to 1.8 million metric loads from 2.0 million,. while Novorossiisk plans to load some 540,000 lots of Urals,. KEBCO and Siberian Light compared to 610,000 tons Nov. 1-10,....

(This material was partly produced in Russia where the law restricts protection of Russian military operations in Ukraine.). Spot premiums for Russia's Far East ESPO Blend petroleum. deliveries to China rose to their highest given that the Ukraine war. broke out in 2022 on robust winter season need and as prices for. rival grades from Iran firmed, three trade sources said on. Tuesday. ESPO Blend cargoes loading in January traded at. premiums of about $1.30 to $1.50 per barrel against ICE Brent on. provided ex-ship (DES) China basis, the sources informed Reuters,. rising from premiums of $1 per barrel for...

China is introducing new guidelines from January for lowering costs of carrying oil products by pipeline, state coordinator National Development and Reform Commission (NDRC) said on Tuesday. NDRC said in a notification on its site that under a new mechanism, it will set the optimum permitted profits level for oil product transport by state-owned China Oil and Gas Pipeline Network Corp, known as PipeChina, for three years. PipeChina was formed in 2020 in a push to restructure the industry, expand products and reduce costs for end-users, with pipeline possessions from China's state-owned oil giants transferred to the new business. Inter-provincial...

China has constructed and linked the 5,111 km (3,175 mile) PowerofSiberia pipeline to deliver gas from Russia's Siberian fields to users as far as the financial hub of Shanghai, Chinese state media reported on Monday. The completion will allow the task to reach its full annual created capability of 38 billion cubic meters in 2025, approximately 9% of China's usage this year. Chinese contractors added the last section, a 167-km line from Nantong to Luzhi in the eastern province of Jiangsu, around mid-November, finishing the massive project seven months ahead of schedule. The pipeline has a size of 1.422 meters,...

China's largest ridehailing company Didi Global reported thirdquarter net income of 929 million yuan ($ 128.42 million) on Friday, as it built back its service after a regulative crackdown. That compared to a net loss of 284 million yuan in the same quarter in 2015, the business stated in its monetary declaration, revised from an earlier reported net earnings after the group adopted a new accounting standard earlier this year. Continuing its recovery after being severely struck by a. regulatory crackdown, the company's profits was up 5% at 53.9. billion yuan for the 3 months to Sept. 30. Didi drew...

A government official announced on Thursday that Guyana had received preliminary approval by the U.S. Export-Import Bank to receive a loan guarantee of more than $500,000,000 for a gas-fired power project and a gas processing facility. The construction of the gas-to energy project, estimated at $2 billion, is already underway. The gas pipeline has been installed but the construction of the 300 megawatt (MW), first phase power plant is being delayed due to late equipment deliveries and contract disputes. Officials have stated that startup may not happen before the fourth quarter 2025. Bharrat Jagdeo, Guyana's vice president, said that the...

South Korea's capital was blanketed on Wednesday by the heaviest snowfall in Seoul throughout November on record, with bad weather condition snarling traffic, knocking out power and grounding numerous flights as authorities braced for more snow in coming days. A minimum of two people were reported killed in traffic mishaps on highways east of the capital, while falling debris from structures and construction websites due to strong winds injured some pedestrians in Seoul, media reports said. Cooler air relocating from the northwest turned rain into snow overnight, leaving 18 cm (7.1 inches) on the ground by 3 p.m., marking the...

Kazakhstan is thinking about delivering a substantial part of its oil exports via the BakuTbilisiCeyhan (BTC) pipeline in the medium term, Energy Minister Almasadam Satkaliyev said on Monday. Such a move would make Astana less based on Russia which currently tranships the lion's share of Kazakh exports. Satkaliyev stated the Central Asian nation could increase BTC deliveries to as much as 20 million metric heaps a year from the existing 1.5 million lots as it increases crude output, however provided no exact time frame. There is interest in establishing and slowly increasing the volume of Kazakh oil deliveries in this...