Europe

Spanish authorities and an Indonesian media agency reported on Saturday that a Spanish family of four was missing after a boat with?eleven passengers sank in severe weather off the coast of Indonesia. Antara, a state-run news agency, reported that the 'other passengers' - including two?tourists?from?Spain and four crew members - were rescued in safety late on Friday. Antara reported that the vessel capsized due to waves up to three metres high in the Padar Strait, near Labuan Bajo Island, a popular tourist destination. Spain's Foreign Ministry said that Indonesian rescue teams were searching for the missing family. (Reporting and editing...

Two officials have said that the South Korean investigation into the crash of Jeju Air, which killed 179 people, is likely to miss the deadline for releasing a progress report. This comes as the relatives of victims are still demanding answers to what went wrong. Two board officials confirmed that the country's accident investigation board will not be able to release an interim update on the Monday, first anniversary of the worst plane accident in South Korea. The two officials declined to give their names due to the sensitive nature of the issue. The Boeing 737-800, which was on a...

The British team announced on Tuesday that Scottish rider Oscar Onley would join INEOS Grenadiers at the start of the?2026 season, after he had agreed to a transfer from Dutch outfit Picnic 'PostNL. The Kelso 23-year old has been one of the brightest cycling talents since turning pro at 19. He underlined his potential with a 4th-place finish in this year's tour de France, the youngest rider among the top 10. Onley stated in a press release that he was "proud" to join the Grenadiers for a long time. It will also be a British team that races when the...

The Italian competition authority announced on Tuesday that it had fined Europe’s largest budget airline Ryanair $300.19 million ($255.19 mln) for abuse of its dominant position with travel agents. The regulator claimed that the airline had allegedly made it difficult for travel agents to offer Ryanair in combination with other airlines and other services. Ryanair didn't immediately respond to an inquiry for comment. The authority alleged that it was unhappy with the 'airline for introducing facial -recognition procedures initially, blocking payments to online travel agencies, and finally imposing partnership agreements on travel agents limiting their abilities to offer Ryanair as...

Honeywell said Monday that it expected to "record a one time charge of about $470 million" in the fourth quarter related to a possible settlement of Flexjet litigation. This sent its shares down by 1.3% during premarket trading. Flexjet, a private aviation company, sued Honeywell on?March 20, 2023 for allegedly breaching an agreement regarding aircraft engine maintenance services. Flexjet demanded liquidated damages for?delayed repairs of engines and said the damages continue to accrue each month. Honeywell updated its full year outlook, as it plans on reporting its 'Advanced Materials Unit' as discontinued operations beginning in the 'fourth quarter 2025. This...

Executives from both companies said that the proposed merger?of Mexican low-cost carriers Volaris Aerobus and Viva Aerobus aims at putting the new 'airline group' in a stronger position to negotiate its most expensive costs, including acquiring & renting aircraft. Exclusively reported on Thursday, Volaris confirmed that the two airlines were close to an agreement. "Reducing aircraft ownership costs is a significant opportunity, as they are the biggest expense - even more than fuel," Viva's CEO Juan Carlos Zuazua told analysts in a conference call. He added that "major global carriers, such as Viva and Volaris, operate with up to 60%...

Carsten Spohr, CEO of Lufthansa, said that the airline plans to expand transatlantic flights in order to take advantage of strong demand from key U.S. markets and promote its new premium seats. In an interview with Lufthansa in Frankfurt, he stated that "we have been able to shift the point of sale?to?almost 60 percent now coming from Europe and only 40 percent from the U.S. This used to be the opposite for many years." Spohr stated that the majority of U.S. growth has come from smaller cities as opposed to hubs like New York. Lufthansa will, for example, increase its...

Carsten Spohr said that the German airline group Lufthansa expects a?6% increase in supply for its passenger airlines operating on its "long-haul" routes by 2026. The CEO also stated that it expected to receive a new widebody aircraft every other week, which would help boost growth. Lufthansa wants to expand its international routes and internationalize its company as part of its broader strategy aimed at achieving a profit margin increase between 2028-2030 of 8-10%. Spohr said that the capacity growth will be limited on shorter haul routes where they are seeking efficiency. Spohr, at the offices of?Lufthansa in Frankfurt, said:...

A government review released on Thursday revealed that plans for a long promised tram network in Leeds, northern England, have been pushed to the late 2030s. This highlights 'Britain’s?chronic difficulty in delivering infrastructure. Early 2030s was the promised date for the tram network that would bring mass transit to Britain’s fourth-most populous conurbation. Experts believe that the aging, unreliable rail network is a major obstacle to productivity growth. It also explains why London dominates. Former Prime Minister Rishi Sunak has axed the northern leg?of?the high-speed rail network HS2 in 2023. The new route will run from London to England’s midlands....

After another year of mixed results under Carsten Spohr, the German airline group has vowed that its ambitious turnaround plan will become a reality in 2026. The group's share price has fallen by around a third since Spohr became CEO in 2014. The stock rose in 2017 but was then hit by the Covid-19 Pandemic. It has since struggled to recover, becoming a laggard among European airlines. According to LSEG, if you had invested the day Spohr took over as CEO, you would have lost 18%, including dividends. That's 1.7% annually. LSEG data shows that although its shares have closed...

The U.S. Senate passed unanimously legislation?Wednesday that would toughen military helicopters safety rules, and rescind a clause?in the annual defense act?that critics claimed would have weakened aviation security. Republican Senate Commerce Committee chair Ted Cruz on Wednesday won unanimous consent to approve a revised version of legislation that would require aircraft operators by the end of 2031 to equip their fleets with an automatic dependent surveillance-broadcast system, also known as ADS-B. The bill is co-sponsored with Democratic Senator Maria Cantwell. It also increases oversight of commercial helicopter and jet traffic, as well as flight routes near airports. Cantwell stated that...

The European Safety Authorities issued preliminary instructions to airlines on Wednesday, requiring them to inspect the fuselage panels of dozens of A320 family jets. This was after Airbus slowed deliveries due to a production issue at a Spanish supplier. According to a proposed directive by the European Union Aviation Safety Agency, airlines are required to inspect the thicknesses of certain panels at the front of aircraft within six months. This can be done sooner if these panels have already been repaired. The inspection order covers 177 aircraft in service, plus another 451 planes that are still in various stages of...

Ukraine's largest?private energy company said on Sunday that it had restored power to more than one million households around Kyiv, a day after an air strike by Russia had caused emergency outages. Two people were killed and power was knocked out in large areas of the capital area and surrounding region by a combined?missile-and drone attack? that occurred early Saturday morning. DTEK announced in a statement that it restored electricity to 748, 000?households?in Kyiv as well as 347,000?outside the city. The report said that the situation on Kyiv’s left bank was "more difficult", as emergency power outages were still in...

Alexei Miller said that Gazprom, the Russian gas corporation, supplied 38.8 billion cubic meters of gas to China through the Power 'of Siberia' pipeline this year. This is an increase of nearly a fifth compared to the previous year. Miller stated that by the end of 2025, the company will have exceeded its contractual obligations to China in terms of gas supply. Sources familiar with data said on Monday that Russia’s pipeline exports to China of?natural?gas were expected to hit around 38.6-38.7 bcm this year. This is up from 31 bcm by 2024 and exceed the pipeline's annual capacity of...

The Russian government has delayed by "several" years its plan to achieve a 100 million-ton annual target for liquefied gas production, Alexander Novak, deputy prime minister, told state television on Thursday. He cited the impact of Western sanctions on Russia's energy industry. Sanctions imposed by the United States over the conflict with Ukraine have impacted Russia's plans to increase its share of the global LNG industry from 8% today to a fifth by 2030-2035. This includes the new Arctic LNG 2 facility. According to a recently updated government strategy, Russia will produce 90-105 millions tons of LNG in 2030 and...

According to Serbia's RTS TV, the U.S. granted Serbian oil refiner NIS until March 24th to 'negotiate' the sale of their 'Russian owner's' stake. RTS stated that NIS did not have an operating license which would allow it to purchase and process crude oil. After a series waivers granted since January, the Office of Foreign Assets Control of the U.S. Treasury Department imposed sanctions against NIS as part of broader measures taken against?Russian energy sector. The sanctions have stopped crude oil supplies through Croatia's JANAF pipe, which has shut down production at?Pancevo. Gazprom, the sanctioned oil unit of Russia's Gazprom,...

A Ukrainian farmer's association said that the Russian attacks on Ukrainian ports have already harmed food exports. This could result in a significant drop?in trade, despite attempts to divert shipments by rail. Ukraine is the largest exporter of corn and wheat in the world, as well as sunflower oil. Early in the nearly four-year war, a de facto Russian blocade worsened global food shortages. Since 2023, the majority of Ukrainian food exports has resumed. This month, Russian drones and missiles have been attacking the Odesa region's ports almost daily. Export capacity has decreased. The UAC union reported that some wheat...

These are the most popular stories from the Wall Street Journal. The Wall Street Journal has not confirmed these stories and does not guarantee their accuracy. BP is close to selling a majority of its Castrol lubricants division to Stonepeak, valuing the entire business at $10 billion (including debt). ServiceNow, a leading enterprise software company, has announced that it will buy cybersecurity startup Armis for $7.75 billion cash. The move is part of an effort to attract new customers in the face of increasing cyberattack risks. General?Motors, the federal auto safety regulators and other agencies are investigating an airbag that...

The Polish company announced on Tuesday that Poland's oil pipe operator PERN had signed an agreement with Kaztransoil regarding technical cooperation in relation to shipments of Kazakh oil? to Germany. PERN stated in a press release that the agreement includes delivery scheduling, information exchange, inspections, and certification of meters used during the handling process. Since the suspension of Russian shipments?after Moscow invaded Ukraine, PERN has been supplying?oil from Kazakhstan to Germany's PCK Schwedt Refinery. The refinery also relies on seaborne supplies via Gdansk. The state-controlled Russian energy firm Rosneft holds a majority stake of PCK which supplies much of Berlin's...

The Spanish competition watchdog approved rules that set the financial return on power?grid activity at 6.58% over the next six years. It said it was trying to balance the needs of network?investment with the protection of consumers. The massive blackout which hit Spain and Portugal in April has reignited the debate on investment and return on investments. Power companies invest in grids for a guaranteed return, and consumers pay this rate via their electricity bills. The CNMC said in a late-night statement that the financial remuneration 'rate for electricity transmission system operation and distribution 'would increase by 100 % from...

Market sources reported that the differential between Urals crude and CPC Blend remained unchanged on Monday. However, export volumes of CPC Blend remained uncertain due to?repairs continuing on single-point mooring units (SPMs)?at CPC Terminal. CPC is loading oil into SPM-1. SPM-2 has been taken out of service due to a drone attack by Ukraine, and SPM-3 undergoes scheduled maintenance. Oil prices rose on Monday, after the U.S. Coast Guard attempted to intercept an oil-tanker in international waters near Venezuela, a day earlier. Ukraine also damaged two vessels in Russia and their piers, increasing the risk of disruptions in oil supplies....

Iraq's State Oil Marketer SOMO announced?on Sunday that international producers in Kurdistan are still obligated to send their crude oil under a September Export agreement After DNO, the Norwegian government said that it would not be taking part in this agreement. SOMO's statement is in response to an article in September that cited DNO, which said it would sell to the Kurdish region directly and did not have immediate plans to ship through the Iraq-Turkey Pipeline. In the September agreement between Iraq's Oil Ministry, Kurdistan’s Ministry of Natural Resources and production companies, SOMO agreed to?export crude oil from Kurdish oilfields...

Two industry sources have confirmed that the Caspian Pipeline Consortium plans to reduce CPC Blend crude oil exports to 1.65 million barrels per day (bpd), from 1.7 millions bpd planned for?December. Calculations showed that the January plan represented a 3% decrease from this month's goal. The sources stated that the actual shipments are uncertain due to repairs being done on single-point docking (SPM). CPC currently loads oil from only one of three moorings, SPM-1. SPM-2 has been out of service due to a drone attack by Ukraine and SPM-3 needs maintenance. The two people said that CPC was working at...

Officials said that Russian strikes near Ukraine's Black Sea Port of Odesa killed a woman in her car on Thursday, and that a district was attacked and had power and utility outages. Oleh Kiper of the Odesa Regional Governor, in a Telegram post, claimed that a Russian drone had killed a woman who was driving her car across a bridge southwest of Odesa. Three of her children were also injured. Kiper told residents in the area who were experiencing a 'long power cut to show patience and stop blocking the roads to protest. He said emergency crews worked around the...