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Investigators claim that a rail fracture occurred prior to the crash of a train in southern Spain.
In a report released on Friday, the rail accident investigation body CIAF stated that a fracture in rail appeared to have 'occurred' before a high speed train derailed last Sunday in southern Spain. In one of Europe's most deadly train accidents, a collision that occurred in Adamuz in the province of Cordoba on Sunday resulted in 45 deaths. First, a private train belonging to Iryo derailled and collided with a high-speed train coming from the?state owned rail company Renfe. The CIAF report posted on its website stated that "based on the information currently available, it is possible to hypothesize that 'the rail fracture' occurred before the Iryo trains involved in the accident passed and, therefore, 'prior to derailment. CIAF stated that the?causes of the breakage have yet to be determined and nothing has been ruled out. On Tuesday, I wrote that Investigators have identified Exclusive report on a broken joint in the rail track. The Transport Ministry didn't immediately respond to a comment request. Ferrovie dello Stato - the Italian state controlled railway group that owns Iryo - declined to comment. According to the report, investigators found uniform notches in several wheel treads on the right side of the Iryo. It was noted that the?marks were consistent if the wheels had struck the rail at its top. A visual comparison revealed?the wheel notches matched damage on the broken section of?rail found at the site of the derailment,' it said. CIAF reported that it found similar damage to the wheels of other trains that had passed through the region before the accident. CIAF warned that the findings of the report must be verified by detailed calculations and analysis.
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Asia spot prices reach a nine-week high on lower winter temperatures
Asia spot liquefied gas prices rose for the second consecutive week, reaching a new nine-week peak as winter temperatures in the northern hemisphere dropped. The average price of LNG for March deliveries into Northeast Asia Sources in the industry said that it was estimated to be $11.35 per million British Thermal Units (mmBtu), an increase of?12.4% over $10.10/mmBtu from the previous week. This is its highest level since November 21. Klaas Dzeman, a market analyst with Brainchild Commodity Intelligence, said: "The weather was still the main driver of development, on one hand Asia is still cold in many countries, so heating demand will continue to be high." The cold weather conditions on the continent also increased the demand for heating. The LNG premium was still in Europe, and several vessels changed course to Europe. Ship tracking data revealed that at least two LNG tankers originally heading eastward diverted to Europe and Turkey during the last week. Toby Copson is the managing partner at Davenport Energy Partners. "Fundamentals are still weak, the market is long and the marginal heating demand has been absorbed by the water." Chinese are selling into this, so I do not expect high prices unless temperatures continue to remain for an extended time. On January 22, S&P Global Energy's daily benchmark price for LNG cargoes to be delivered in March, on a DES basis (ex-ship), was $11.622/mmBtu. This is $0.81/mmBtu less than the price at TTF hub. Spark Commodities rated the price for February at $12.44/mmBtu. Argus rated it at $11.76/mmBtu. Prices initially rose on the expectation of a 'beast of the east' cold front that would arrive at the end of the month, bringing cold air in from Russia. They have since continued to rise on the forecasts of cold weather for February as well as the possibility of a disruption of U.S. LNG imports, said Martin Senior. The market is bracing itself for a possible short-term drop in U.S. LNG imports this weekend due to?an extremely cold weather pattern that is sweeping across most of the Southern U.S. where U.S. LNG infrastructure is located. Seb Kennedy, an independent gas analyst, noted that hedge funds had executed "one of the largest repositionings in TTF's history" last week. They went from being net short to being net long during a short squeeze which sent prices to levels not seen since summer last year. He added that commercial operators stopped accumulating "length" and started selling aggressively into the rally. They were hedging their future sales by securing them at profitable prices. Qasim Afghan, Spark Commodities analyst, stated that the Atlantic LNG rates dropped further to $16,250/day. The Pacific LNG rates fell to $34,250/day. He said that the U.S. Front-month arbitrage via Cape of Good Hope to Northeast Asia closed further this week. He said that the JKM-TTF differential has continued to fall as JKM is unable to match recent TTF rallies.
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Avolon, a lessor of aircraft, expects the wide-body shortage will last until 2030
According to Avolon, the aircraft leasing company, airlines will face a shortage in the long-haul large jets for the industry into the next decade. Avolon, a?leasing?company that is one of three Irish companies that owns and leases out around a sixth (or more) of all passenger aircraft in the world, stated that, although the shortage was less severe, it would still last until the end decade. Jim Morrison, Avolon's Chief Risk Officer, said that the narrow-body aircraft market would be undersupplied until the end of this decade and into the 2030s. The wide-body aircraft market could also face a long-term shortage. Delivery of wide-body vehicles is half pre-covid levels Avolon estimates that 4,000 jets less than originally planned will be built in this decade due to the COVID-19 outbreak and other production disruptions. Cirium data, cited by Avolon, shows that the delivery of 1,183 narrow-body aircraft last year fell just short of its pre-COVID high, while the 174 wide body aircraft deliveries were less than half their pre-pandemic level. The report by Avolon, which referred to markets outside the United States, said that "the structural undersupply" of wide-bodies would last longer than anticipated and be felt more acutely because international markets will continue?to grow traffic. The report stated that while China was the main market for aircraft in the past, it will be India, United Arab Emirates, and Saudi Arabia in the future. The shortage of parts has led to a bottleneck in engine repairs, and hundreds of planes have been left waiting for maintenance. The report stated that a fourth consecutive year of profitability, thanks to lower fuel prices will put the industry in an excellent?position to weather increased global uncertainty and the recession risk. Andy Cronin, CEO of Avolon, said: "We actually believe that the industry would be well-positioned to survive a period with lower economic growth for whatever reason." Conor Humphries, Tim Hepher and David Goodman contributed to the reporting.
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Elon Musk's Starlink - A must-have feature for airlines or an expensive perk?
The social media feud between Elon Musk, the CEO of Ryanair and Michael O'Leary about the cost to install Starlink's WiFi has reignited an old debate in aviation. Who'really' needs internet on 30,000 feet and who's willing to pay for that? Video calls and seamless streaming have become a must-have for long-haul airlines chasing premium travellers who are rewarded with loyalty benefits. For budget and short-haul airlines, like Ryanair the economics are less compelling. Musk may call O'Leary an "utter idiot" because he refused to bolt Starlink onto Ryanair's 600+ jets. But the blunt-speaking Irishman, who built Europe's largest airline by squeezing every possible cost out of it, is almost certainly not. David Whelan is an analyst with Valour Consultancy. He said: "You would not expect to fly on Ryanair, and receive the same level of service as you would on a long haul flight." If you are only interested in running a solid A-to-B service at the lowest possible cost, it is not necessary to have WiFi. "A COST OF BUSINESS" Since years, some full-service carriers like British Airways have offered WiFi. The demand for premium travel has risen since the pandemic, and this combined with faster satellite links that are more reliable have led to a wider adoption. In the last year, Lufthansa and Scandinavian carriers?SAS and Virgin Atlantic signed up for Starlink, or their rivals Viasat, Intelsat, and Starlink. Ben Smith, CEO of Air France-KLM, said: "It is no longer a question, but a cost to doing business, especially on the transatlantic route and in the United States." "If you are looking to attract American clients, you can't do anything else but install high-speed WiFI. None. It's like a small hotel." Analysts say that Starlink's satellites in lower orbits are an advantage, as they reduce delays and enable continuous video calls and streaming. Anko Van der Werff recently signed up his airline to Starlink and said, "I think Starlink is gold standard." It's not cheap. Valour Consultancy’s?Whelan estimates that the cost of an aircraft will be around $170,000, depending on the airline. This is before hardware and installation. Long-haul airlines could use the investment to implement a "freemium strategy" - premium passengers would get free access and everyone else would be encouraged to join loyalty programs. Whelan added that Starlink is helping to drive this trend. Starlink's owners SpaceX have not responded to a comment request about pricing. RYANAIR: OUR PASSENGERS WILL NOT PAY Cost-benefit analysis for low-frills and short-hop airlines looks very different. O'Leary claims that WiFi antennas increase weight and drag on planes, which increases fuel costs. Musk responded on X by saying that the drag is negligible?and made a sarcastic threat to replace Ryanair's CEO with himself. O'Leary is sceptical, however, that price-conscious travelers would even pay a modest fee?of 1-2 euros ($1.20-2.40), especially on short flights. O'Leary said to reporters that "our experience tells us, sadly, we think less than 10 percent of our passengers will pay for this service, and we therefore can't afford the cost of $150 or $250 millions a year." The only way that we could see Starlink on our aircraft for short-haul flights working is if it was given away free of charge.
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Boeing orders will increase US Commerce-assisted contracts to $244 billion by 2025.
Boeing's massive increase in jetliner orders led to a nearly three-fold increase in foreign government contracts in 2025, according to the International Trade Administration of the U.S. Commerce Department. The ITA stated that the 121 agreements, which were also?aided by foreign spending commitments made in recent trade agreements negotiated by Trump's administration, will support approximately 844,000 American job and contain around $206 billion of U.S. Export Content. In 2024, during the final year of the Biden Administration, ITA signed $87 billion worth of contracts, a significant increase from the COVID era low of only $17 billion that was reached in 2021. The 2025 jump is due to a huge increase in Boeing net orders, which jumped from 377 in the year 2024 to 1,075 in 2018. Boeing's 2025 order year was its sixth best ever, and it surpassed arch-rival Airbus for the first seven years. According to the Trump administration's estimates, Boeing planes and GE Aerospace engines accounted for $215 billion, or $187 billion, of ITA-assisted contracts in 2025. Total included a record contract with Qatar Airways to purchase up to 210 widebody 787 or 777X aircraft, valued at $96 Billion including engines. Kelly Ortberg, Boeing's CEO, signed the contract with Qatar's Emir Tamim Bin Hamad Al Thani and President Donald Trump during Trump's May visit to Doha. Trump boasted about being the "greatest Boeing salesman ever." The total aircraft also includes a deal worth?at least $50 billion with Korean Air Lines, which was billed as a part of an U.S. Trade and Investment deal with the Asian Exporter that included reduced tariff rates and $350 billion other investments. Estimates of the value of announced aircraft orders often are based on the list price. However, the final sale prices can vary greatly depending on a variety factors such as customer loyalty and size, timing for delivery, long-term agreements on maintenance, order volume, and terms for escalating materials costs. Planemakers receive most of their money when the jets are delivered. Boeing won't see the majority of these?orders for several years, after Trump's presidency ends in 2029. Commerce Department totals include only signed contracts. Therefore, a number preliminary Boeing purchase commitments made last year by Malaysia and Bangladesh as part of the trade negotiations will likely be included in the 2026 totals if they are finalized. Howard Lutnick, Commerce Secretary, said in a press release that "We are laser focused on promoting manufacturing, investment and new opportunities for American workers and companies." "While 2025 marked a historic moment, it was only the beginning. We will continue to usher a new era in American manufacturing and prosperity." The ITA Assistance Center?advises firms on bidding for government contracts abroad and arranges meetings between high-ranking U.S. official and foreign decision makers to promote American companies, marshalling resources from different U.S. agencies. The ITA reported that Wabtec, a U.S. locomotive manufacturer, signed a $4.2billion contract in September to supply 300 heavy haul locomotive kits to Kazakhstan after a campaign of advocacy which included a telephone call between Trump's and Kassym Jomart Tokayev's. ITA reported that the Wabtec deal was its largest ever foreign sale and is among $8.3 Billion in global infrastructure projects and supply chains won by U.S. firms in 2025. The total of $244 billion includes contracts in the energy, defense, and technology sectors, such as AI, cybersecurity, healthcare, and fintech.
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Adani Group firms lose $12.5 billion in market capitalization after SEC requests court approval to serve summons
India's Adani group firms lost $12.5 billion on Friday after the U.S. market regulator requested permission to email personal summonses to group executive Sagar Adani and founder Gautam Adani regarding alleged fraud and $265 million in bribery. The SEC filed the filing Thursday, after the Indian markets had closed. Adani Enterprises, the flagship company of the Adani Group, was the biggest loser in India's benchmark Nifty 50 on?Friday. The Nifty fell 0.95% at close, while the shares of the company dropped 10.65% to 1,864.2 rupies. The group shares dropped between 3.4% to 14.54%. The U.S. Indictment, unsealed on November 20, 2024, accused executives from the Adani Group of participating in a scheme to pay bribes in India to officials in exchange for buying electricity produced by Adani Green Energy. U.S. laws prohibit foreign companies from paying bribes to gain business overseas, as well as soliciting investments based on false or misleading claims. According to the filings, India had previously refused to serve summons that the SEC was trying to send. Adani Group has called these allegations "baseless", and stated that it will seek "all legal recourse possible" to defend themselves. The company did not respond to the request for comment regarding the SEC filing dated 21 January. Ambareesh Baliga is an independent analyst. He said, "Market participants assumed that there was nothing pending and the group had been cleared. So the SEC filing seemed to have come out of nowhere." Baliga says that there is no timeline for what will happen next, and the market's sentiment has already been weak. (Reporting from Urvi Dugar in Bengaluru and Bharathrajeswaran; editing by Mrigank Dahniwala).
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Heathrow's scanners will end the dreaded search for laptops and liquids
New specialist scanners will allow passengers to travel through Heathrow's security without having to dig in their hand luggage to find shampoos, laptops and water bottles. Heathrow announced on Friday that it had fully rolled out CT scanners in all of its security lanes at the four terminals. If there are no queues, travellers can now pass through security without having to put their liquids into plastic bags or remove their tablets. They will all be checked using the high-resolution, 3D scanning technology. The machines are being used by many airports around the world to improve security. New York, Hong Kong, and Dubai have all started using them. The machines allow passengers to bring containers up to 2 litres, depending on the regulations of each country. This ends a 20 year old rule that only allowed 100 ml bottles (3.4 fl. oz.) through security. This created a mini toiletries market. In 2006, Britain implemented a 100-ml rule for liquids at airports after police foiled an attack plot by militants using liquid explosives?at Heathrow. Heathrow is currently applying for a third runway. The airport said that the upgrade in technology cost them 1 billion pounds ($1.35billion). Sarah Young reports. $1 = 0.7407 pounds
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FedEx will restructure its operations and cut 500 jobs up to the French border
FedEx announced on Friday it would 'cut up to 500 positions 'and invest a maximum of?78million euros ($91.58million) in a major overhaul of its domestic operations. The company announced that it would reduce the number of stations from 103 to 86, simplify its network and eliminate overlap infrastructure. The U.S. courier firm stated that "the French courier and express transportation market is dominated... by a highly competitive sector... with cost pressures." It added that the overhaul could create over 770 new jobs in full- and part time?operations, with priority given to employees who are already working. FedEx stated that there would be no changes made to its international air networks as part of the program and that it will launch a formal consultation process with employee representatives, in accordance with French labour laws.
Maguire: China's energy, clean technology and power milestones by 2025
In 2025, China's electricity production and exports of clean energy technologies reached record levels. LNG and coal imports decreased and crude oil imports increased in yet another dynamic year.
As 2026 begins, here's an overview of China's key domestic and international impacts on the energy market.
Power Shifts
Imports of coal and liquefied gas from China have both dropped dramatically in 2025 compared to the year before, as the country's energy system becomes cleaner and less dependent on fossil fuels.
According to Kpler, the commodities intelligence firm, total LNG imports were 66.6 metric tons in?2025. This was a drop of 11.6 million tons, or 15 percent, from 2024, and marked the lowest import amount since 2022.
A prolonged manufacturing slump and reduced industrial activity were the main reasons for a decline in LNG demand.
China's power producers increased gas-fired electric production by 5% to a new record in 2025, helping to highlight the total demand for natural gases even though LNG imports declined.
Gas's share in China's electric network has dropped to its lowest level for many years, at 2.8%. This shows that gas plays a very minor role within the sector.
Kpler data show that China's thermal coal imports, which is used to power power stations, fell by 11%, or 40 million metric tons, last year.
This was the lowest import total since 2022. Power firms are trying to reduce the use of coal in power generation, while Beijing is trying to support the domestic coal mining industry by managing the phase out of coal usage for power.
Imports for metallurgical coke, which is used by steelmakers to make steel, fell 24%, as the construction industry in the country, still struggling, continued to reduce demand for building material.
Imports of the coke used in blast-furnaces?rose by 45% in 2012 as domestic supplies dried out following a fall in steel production to seven-year lows.
China's overall demand for construction materials will remain weak until the property sector recovers.
CLEANING UP
China's appetite to coal and gas decreased last year but domestic production of "clean" electricity increased.
According to the think tank Ember in 2025 clean electricity supplies will reach 4,326 Terawatt Hours (TWh), a 15.4% increase from the previous year.
The main factors behind the rise in clean power were a 43% increase in solar production and a 14% expansion in wind output.
Power firms could reduce coal-fired production and increase overall electricity supply in 2025, despite the fact that the country's massive manufacturing sector was still running below capacity because of tepid consumer demand both locally and internationally.
In fact, China's total output of electricity increased by 5%, reaching a record 10,421 terawatt hours. This was the seventh consecutive year that China's electricity production grew by at least 4%.
In 2026, China is likely to continue its clean energy production momentum by deploying more solar, wind, and battery storage systems, many of which are made at home.
CRUDE GROWTH
After a rare drop in crude oil purchases in 2024 (compared to 2024), China's crude oil purchases increased in 2025. This shattered expectations that China's oil imports were in perpetual decline.
According to Kpler the total crude oil imports in 2017 were 3.75 billion barils, an increase of 43 million barrels or 1.1% from last year.
Beijing believes that the stockpiles of crude oil are an important buffer against global geopolitical risks.
Stockbuilding will continue through 2026 and, along with a recovery in industrial activity, could support China's oil import orders.
EXPORTED SUPPLUS
China is expected to continue its export of solar panels, battery storage systems, and electric vehicles in China through 2026.
The world's largest manufacturer of clean energy technology - which also includes parts for wind farms and power grids, as well as heating and cooling system - produces much more than can be consumed in the home.
China's clean tech exports are expected to reach $222 billion in 2025, a 20% increase.
Batteries generated the highest export revenue, with $82 billion, followed by EV exports at $69 billion. Both were a?annual records.
Ember estimates that China's exports for grid components, heating and cooling equipment and other products will also reach new highs by 2025. These are expected to be around $19 billion in the first case and $17 billion in the second.
Exports of photovoltaic modules dropped by 8% to $30 billion. This was due to the slowdown in global demand for renewables after a surge of years.
China will continue to have a significant influence in the global energy system, even if other top markets, such as Europe and Southeast Asia, do not expand their clean power networks.
These are the opinions of the columnist, an author for.
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(source: Reuters)