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Oil giants rush in to help Italy's Meloni reduce energy costs by introducing fuel price caps
Kuwait's energy firm,?Q8, will cap the price of Italian petrol at the pump for a month beginning October 1. This follows similar commitments by Italy's Eni as well as?Azerbaijan SOCAR. Market analysts have interpreted the moves as an attempt to curry favor with Rome's government and discourage it from imposing windfall taxes on energy company profits. This was something that Economy Minister Giancarlo Giorgetti, and other prominent politicians had proposed. Giorgia Melons is scrambling for resources to help families, firms and businesses cope with the rising energy costs. She's preparing to present her government's budget 2027 in October. It will be her last presentation before an upcoming election next year. Q8. Italy said in a press release that its cap would generate "tangible" benefits for motorists but didn't specify the price. Meloni, in a press release, said: "I'd like to thank Kuwait as well as the group operating the Q8 stations that operate in Italy for listening to the Italian government's request to energy companies about capping fuel prices." SOCAR and Eni have capped diesel prices at EUR2.19 ($2.48) a litre since Monday, while petrol is priced at EUR1.99 per litre. Equita and Intermonte, two brokers who provide brokerage services to energy companies and their clients, wrote in client reports that this initiative would reduce the risk of new taxation on windfall profits. Germany, Spain Portugal, Italy and Poland are calling for a windfall tax to be imposed on energy companies across the EU. They warn that oil prices are rising at a rapid rate, fueling voter unrest over the cost of living. Giorgetti is not ruling out the introduction of a domestic windfall-tax rather than waiting on a joint initiative. The National?Consumers' Union of Italy welcomed Q8's decision, stating that about half of Italy’s network of fuel stations will now be imposing price caps. The consumer group stated that the challenge is to "prevent the abuse" of dominant market positions, and to ensure that independent fuel stations are not squeezed out or forced to shut down. According to data from the industry ministry, price caps have had little impact on lowering fuel prices. The self-service price for petrol was EUR2.126 per 1 litre, down from EUR2.159 the previous day. Diesel prices were also slightly lower, at EUR2.335, compared to EUR2.377. The price of petrol on the motorway network was EUR2.180 and diesel EUR2.383.
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TSA officers are not allowed to sit down during ID checks in US airports
The US Transportation Security Administration and a major US airport union announced on Tuesday that officers of the US Transportation Security Administration will not be able to'sit while checking IDs' at uS airport checkpoints. The TSA has removed chairs from checkpoints. According to the American Federation of Government Employees TSA Council 100 which represents workers, the removal is "a disregard for workers' safety and rights" and the chairs are "basic ergonomic and safety support to officers who stand and walk all day on hard surfaces." TSA announced the decision and said: "This welcome shift reinforces our security posture as well as?our commitment towards hospitality by keeping these officers alert and on their toes." To perform their vital role in national security, all officers must meet the fitness for duty requirements. In April, President Donald Trump proposed cutting 9,400 employees and just over $1.5 billion or about 20% from the budget of the TSA, which has 60,000 employees. Trump has also proposed that smaller airports use private security. This would reduce the TSA's payroll by over 4,500 jobs, and is a step towards privatizing the agency, which was created in the wake of the September 11, 2001 attacks. Since years, about 20 airports have used private security screening, including those located in San Francisco and Kansas City, as well as Sarasota (Florida) and San Francisco. The US Senate voted in August to 'confirm' David Cummins as the new head of TSA. Cummins is a senior Vice President at Serco, an international company based in UK that provides public services to governments. Trump fired TSA chief David Pekoske in 2025 on his first day in office and didn't nominate a successor for 16 months. The government shutdown forced 50,000 TSA workers to work without pay for six weeks. This caused major disruptions including four-hour or longer airport security lines. CNN announced the new security procedures on Tuesday.
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Pentagon: Boeing has won the contract for next-generation US Navy fighters.
The Pentagon announced on Tuesday that Boeing had been selected to build the US Navy’s next-generation stealth fighter. This is Boeing’s second consecutive major victory in fighter jets, and it caps months of delays over a program which is crucial to countering China’s presence in the Pacific. Boeing won the $20 billion contract for test aircraft from Northrop Grumman Corp. Over the course of its life, the program's cost could reach hundreds of billions as production ramps-up and international customers place orders. Boeing won a contract to build the Air Force’s stealthy F-47 fighter in March of last year, making it its second major sixth-generation aircraft contract in consecutive years. Boeing's long-standing history of building carrier-based fighters, such as the F/A-18E/F Super Hornet it is replacing, made the company a strong competitor throughout the competition. This pedigree was a factor in overcoming concerns raised by officials about Boeing's ability to field enough engineers and vendors to build both the F-47 fighter and Navy fighter at the same time. Boeing shares rose?2.25% on Tuesday in extended trading, while Northrop stocks fell 3.5%. ST. LOUIS BUSINESS BOOST This contract represents a significant boost for Boeing's fighter-production operations in St. Louis (Missouri), which are closing down the F/A-18E/F Super Hornet, and EA-18G Growler, production lines. Steve Parker, Boeing Defense, Space & Security's president and chief executive, stated in a press release that the company had made "investments in new facilities uniquely suited for building multiple products with next generation capabilities. Our dedicated and talented team are ready to execute this crucial program." The new jet, currently designated "F/A-XX", will be at the heart of the Navy’s Next Generation Air Dominance system family. Michael Duffey said that the jet was "a critical, non-negotiable, investment in America's long-term air combat capabilities and national security." Delays and Congressional Intervention Despite this, the program has faced delays and funding disputes over many years. Pentagon officials wanted to delay the program by three years, citing concerns about engineering and supply chain capacity. Congress intervened and allocated $750 million in the 2025 tax cut?and spending bill and $1.4 billion in fiscal 2026. Lockheed Martin Corp. was eliminated from competition in March 2025, after Navy officials determined that its design did not meet required criteria. Boeing and Northrop were the two finalists. China is rapidly developing advanced combat aircraft including what Beijing calls sixth-generation designs. The Navy was under pressure to move quickly or risk not having a modern fighter carrier in the 2030s. The new jet will feature improved stealth capabilities and range, as well as the ability to integrate with the Navy's carrier-based systems for air defense. The Navy plans to purchase?more then 270 Lockheed Martin F-35C aircraft for its carrier fleet. These will fly along with the F/A-XX when it is in service. The first production F/A-XX aircraft are expected in 2030s. Meanwhile, the Super Hornets in service since 1990s will continue to fly until 2040.
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Smoke in the cabin causes emergency landing of a Boston bound Delta flight in Portugal
Delta Airlines reported that a flight from Barcelona to Boston made an emergency landing in Porto, Portugal on Sunday afternoon. The company reported that Flight DL251 had been diverted from Barcelona to Porto due to a mechanical problem and landed safely there. Flightradar24, a tracking service, indicated that the plane left Barcelona at 3:15 pm (1315 GMT), and landed in Porto at 5 p.m. (1645 GMT). A spokesperson for Portugal's emergency and civil protection authority said that eight passengers who were on board the Airbus A330 were treated at the Francisco Sa Carneiro Airport, while three others were transported to hospital. The Portuguese spokesperson said that the forced landing was due to "smoke" in the cabin.
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Increased security at US Fairford Air Base in England
A witness said that security measures at an 'US airbase in southwest England have increased significantly in the last few days, with roadblocks and armed police blocking access, as well as emergency vehicles parked near. A spokesperson from the US Air Force confirmed that they are aware of the current reports but will not discuss specific measures to protect forces. The spokesperson stated that "the 501st combat support wing and our UK-based Wings will remain vigilant and take appropriate actions to ensure safety and security for?our US servicemen, civilians and contractors, as well as their families." "We continually assess a number of factors to determine which measures we implement?or change in order to protect our installations and our people, as well as their families." Britain declared?in July that its armed forces were ready to protect the country against any attack, after Iran's Revolutionary Guards warned not to allow US bombers fly out of Fairford. Fairford in Gloucestershire was used to launch operations against Iran during the Middle East Conflict.
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Boeing flags 737 MAX Software Bug Affecting Landing Navigation Feature, WSJ Reports
The Wall Street Journal, citing documents from the company, reported that Boeing has discovered a previously unknown software bug in its 737 MAX aircraft. This glitch could cause an automated navigation 'feature' to fail on landing. Report said that the issue was caused by a software update in the cockpit and could occur when crews change their flight plan after a missed landing. Boeing, when asked for comment, said that it had informed 'all 737 operators' last month of the software problem under which pilots could not?have access to automated flight guidance in a certain landing scenario. Our engineers are working on a software update to 'permanently address the issue. Boeing stated in an email that engineers were working on a permanent software update. The Federal Aviation Administration (FAA) said that it was aware of a possible issue with a software update to the flight computers in certain Boeing 737 MAX aircrafts, and worked closely with Boeing as well as the airlines. The FAA issued a statement saying that it would convene a Corrective Action Review Board if a safety concern was identified. Boeing has come under heavy regulatory and safety scrutiny over the past few years, following two 'fatal 737 MAX crash incidents in 2018 and 2019, which led to a 'worldwide grounding of the aircraft. Also after a cabin panel blew out mid-air on a brand new Alaska Airlines MAX 9 in 2018. Southwest Airlines and 'United Airlines' have requested that Boeing not deliver new 737 MAX aircraft with the affected software, and instead request an earlier version. The report stated that it was not immediately clear how many aircraft were operating with the flawed software. Boeing, airlines, and regulators are evaluating the issue to determine if it poses a safety concern for flight, according to the report.
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Russia claims it has struck Ukrainian defence industry vessels and facilities
On Friday, the Russian Defence Ministry said that 'its forces' had carried out drone strikes overnight on Ukrainian defence industry installations, logistic centres and vessels used in Ukraine by its armed forces. The 'Ministry' said that the strikes targeted a 'drone assembly and storage site, in the Kyiv region; logistics hubs in Odesa and port infrastructure in Reni along the Danube River. It was also reported that Russian forces had struck a cargo vessel carrying dual-use and military goods bound for the port of Odesa. Later, on Friday, the ministry announced that its forces had hit another cargo ship?in Odesa that was delivering a?logistics centre?to the port Chornomorsk. This centre is used by Ukraine's armed forces and security forces. It also houses a data center for the?processing of intelligence data and the transmission of it. Could not independently verify statements.
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Volkswagen recalls 4 million cars, Handelsblatt reports
The Handelsblatt reported that Volkswagen, the German automaker, will recall 4 million vehicles from four different brands. This is the largest recall since the Dieselgate scandal. According to the German KBA, there will be a recall of 2.16 million VW and 700,000 Audi vehicles. The Handelsblatt reported that Volkswagen's Czech?brand Skoda, and Seat in Spain would also be affected by the action. Seat confirmed that the number. Skoda has not yet commented on the report. Volkswagen stated in an earlier press release that customers were asked to bring their vehicles to be repaired due to a?risk of corrosion associated with a screw within the steering system. If left unchecked this could affect the steering system's function in the long run. The company said that the recall is a precautionary measure, and that replacing the screw will take less than an hour. Volkswagen refused to comment on the cost estimate of the recalls.
South America's electric vehicle market is booming -- even without Tesla
Luis Zwiebach, a Peruvian green-energy entrepreneur, flew to California 4,000 miles away to test drive Tesla Model 3 sedan. Tesla did not have an official importer, and Zwiebach was unable to navigate Peru's complicated vehicle import regulations.
He did not give up. Zwiebach explained that a man had imported one already and was looking to sell it. "So I went and saw it, and bought it."
The Tesla was initially difficult to charge at a friend's beachhouse outside Lima. He said that the car would not charge because it lacked a grounding device. "We stuck a fork into the ground to create a ground, and the car started charging."
It's easier than ever to buy an EV today in Peru. Tesla does not have a showroom, but Chinese manufacturers like BYD and GWM are selling electric vehicles at about 60% less than a Tesla. They also sell models by Toyota, Kia, and Hyundai. Tesla has not responded to a comment request.
Chinese automakers are expanding their footprint in South America, both with traditional cars and electric vehicles. According to Peru's automotive association EVs still make up a tiny portion of the 135,394 cars sold there in the nine-month period ending in September. However, they are growing. In that time period, hybrid and electric vehicle sales reached a record of 7,256 units. This is a 44% increase on the previous year.
China has increased its sales since opening the Port of Chancay north of Lima last year. The Chinese megaport has cut trans-Pacific shipping time in half, just as Chinese companies face increasing barriers to entry into the United States and increased trade restrictions in Europe. BYD, which produces EVs, hybrids, and combustion engines, plans to open a new dealership in Lima before the end of the year. Chery and Geely already have over a dozen locations in Peru.
Zwiebach, a Lima resident, said that the electric car was doing well in Lima. "More than two cars are sold each day."
He said that the growing demand for renewable energy had led him to expand his business. He now offers EV chargers, solar panels, and regenerative lifts to clients from Lima and Arequipa including real estate developers and universities.
Zwiebach said, "A property developer told him he would buy the penthouse if it had a car charger." So we did. "You just plug it into your home like a telephone."
Chinese automakers are facing a price war that is destroying their profits at home, and an increasing surplus of new vehicles coming off the factory lines of China. According to Felipe Munoz, global automotive analyst at JATO Dynamics, a large portion of this surplus is shipped overseas, mainly to the Middle East and Central Asia, as well as Latin America.
Martin Bresciani is the president of Chile's Automotive Business Chamber, CAVEM. He said that China has "carved out a space" for both petrol and electric cars. "The Chinese have already shown that they meet global standards in terms of quality."
In the first quarter this year, Chinese brands accounted for 29.6% all new passenger cars sold in Chile.
The Chinese firms are on the rise in Latin America
In its Global EV Outlook, published in 2025, the International Energy Agency stated that EV penetration will double in Latin America by 2024, to around 4%. This growth is boosted both by government incentives as well as an influx affordable Chinese models. According to the latest figures, the EV market share reached 10.6% in Chile in September. In Brazil, it was 9.4%, while in Uruguay, the figure was 28%. These are all records, according local car associations and consulting firms. By mid-2025, Europe and China will have half their new cars be EVs (56% vs 51%). In Japan and America, rates were closer to 2% or 10%. Even in Argentina where trade barriers and economic headwinds are high, EV sales continue to rise from a low baseline. BYD launched its first car in Argentina in October. BYD is already the leader in electric vehicle sales in Brazil and Colombia.
Seven dealerships in Peru, Chile and Uruguay said that part of China's success was partnering with local importers who offer models more affordable, tailored to regional tastes.
This shift is most evident in Uruguay where BYD, behind General Motors Chevrolet and Hyundai, is the third largest seller of all types of vehicles. China's share of the market in Uruguay has doubled since 2023, and now stands at 22%.
Gonzalo Elorriaga, a luxury car dealer in Uruguay's glamorous beach resort city of Punta del Este began displaying BYD vehicles a few year ago. BYD is now the most popular brand, even though he still sells European brands and Japanese ones.
Elgorriaga spoke from his Stars Motors showroom overlooking Mansa Beach.
He said that Chinese brands are now well-known and have a large market. The banks offer prize draws and credit lines in collaboration with the brands. Their appeal is also based on their competitive prices. BYD's battery electric vehicles start at $19,000 in Uruguay.
I can buy three Chinese pickups for the same price as two traditional brands. Federico Guarino, another Uruguayan auto dealer, said that the difference was huge.
NEW MEGAPORT OPENS UP CONTINENT FOR CHINA Chancay's megaport, built in Peru under China's Belt and Road Initiative (BRI), has replaced the restaurants that once welcomed weekend tourists to the sleepy fish town. Gonzalo Ros, the deputy manager of Cosco Shipping (the port operator), said to journalists in October that "each ship brings between 800 and 1,200 vehicles". Cosco anticipates that the total number vehicles arriving from China will reach 19,000 before the end of this year. The vehicles that arrive in Peru are not the only ones. Cosco Shipping has completed its first boat-based vehicle transshipment in September. It sent 250 cars to Chile where Chinese brands accounted for 33% of the total car market in July. Last week, a second trans-shipment of hybrids and electric vehicles to Chile was in progress.
Rios stated that Cosco also sent shipments to Ecuador, and Colombia in order to make Peru a regional hub for the distribution of hybrid, electric, and conventional Chinese vehicles. Chery of China, which had less than 2% share in the Peruvian EV market as of September, has already used the corridor to speed up deliveries across the continent. Customs data from Peru show that 3,057 vehicles arrived in the port in July, compared to 839 in January. Peru doesn't have a large car industry that can complain about Chinese sales, but it has caused tension elsewhere, including in Brazil. Some Chinese companies are investing in Brazil's factories, where the tariff barriers encourage local production. BYD started assembling EVs at Ford's old plant in Bahia in October and Great Wall Motors launched partial production at a repurposed Mercedes Benz facility in August.
Ricardo Bastos is the director of Institutional Affairs for GWM Brazil, and President of the country's EV Association, ABVE. He said that the company anticipates exporting vehicles to the region from its Brazil factory by 2027, or possibly earlier, leveraging favorable trade agreements between Mexico, Chile, and the South American trading bloc Mercosur.
Bastos stated in an interview that "Brazil is the third country after Russia and Thailand to receive a factory (GWM). It's a strategically sound decision, demonstrating the strength Latin America has." Brazil is also importing large quantities of Chinese vehicles. Calculations show that the largest ship in the world, which carries around 22,000 cars, docked earlier this year at Brazil's Itajai Port. Brazilian labor and industry groups claim that China is using the temporary low tariffs for EVs on South America's biggest car market in order to increase its exports, rather than invest to build Brazilian factories and to create jobs. BYD was also criticized for reports about poor working conditions at its Bahia factory. Since then, the government has moved to reimpose import duties. The government has since re-imposed import duties on foreign EVs.
Brazil may soon be able to match Chancay's role as a regional hub. Vitoria, on Brazil's southeast Atlantic coast, is currently the leader in vehicle imports. Stephen Deng, BYD Argentina's Country Manager told the media in October that BYD was expecting Brazilian arrivals in 2027. Deng stated, "I believe Argentina could adopt the same EV prices as Brazil in the future."
Bresciani said that South America still has a long way to go before EVs are adopted, citing the lack of charging stations and distances.
Zwiebach stated that it is difficult to travel along the entire coast of Peru from Tumbes all the way to Tacna.
"But it costs less to operate and you never need to visit the service garage."
(source: Reuters)