Europe

IATA's head, who represents the world's airlines, has welcomed the call from Europe's leading carriers to delay a target of 2030 for sustainable aviation fuel usage in Europe. He said that Brussels policymakers must face reality. We can't pretend these targets are important and achievable. Willie Walsh said, "They were never going be able to be achieved." According to EU rules, suppliers are required to ensure that 2% (of the fuel) available at EU airports in 2025 is SAF, increasing to 6% by 2030, and then gradually to 70% by 2050. The airlines claim that SAF is scarce and they...

Boston Consulting Group's (BCG) report on Thursday found that the sustainable aviation fuel industry (SAF) is not meeting its 2030 targets because production hasn't ramped up fast enough. This year, European airlines will be required to use 2% SAF in their jet fuel. By 2030, this mandate is expected to increase to 6%. Many have complained about the cost of the fuel which is usually three to five time more expensive than conventional jet fuel. The report revealed that airports and airlines are only investing 1%-3% of their budget or revenue into SAF. High production costs and fuel price remain...

Ukrzaliznytsia (Ukraine's state railways), the largest cargo carrier in the country, announced on Tuesday that its online freight service had been hit by a massive cyber attack. The first outage reported was on Sunday, when the rail company informed passengers of a problem with its IT system. They were told to purchase tickets at the station or on the train. Later, the company said that its online systems were subjected a targeted large-scale cyber attack. Since the Russian invasion of Ukraine in 2022, trains have become the primary mode of transport for both domestic and international travelers. They are also...

Airbus gave an early glimpse at the technologies that will be used in its next aircraft, which is expected to replace its most popular A320neo. The new plane should enter service within 10 to 15 years. Guillaume Faury, who will begin his third three-year tenure as CEO in a few weeks, faces a key decision: when to replace industry's best-selling model that competes with Boeing 737 MAX's 737 MAX on the busiest market segment. Airbus claimed that the new aircraft would be 20-30% efficient than the A320neo. NASA in the U.S. has announced that it is developing a rival configuration...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines Wood Group to continue takeover talks with UAE-based Sidara Heathrow's National Grid chief claims that the airport had "enough power" despite the fire shutdown Malaysia cracks down on Nvidia chips under US pressure James Hardie will buy Azek, a building products company for almost $9bn View the full article After a failed takeover attempt six months earlier, the British oilfield engineering and services firm Wood Group agreed to extend its deadline for talks....

Heathrow Airport in Britain announced on Friday that it would be closed until after midnight due to an extensive power outage caused by a fire near the electrical substation which supplies the airport. Heathrow Airport posted a message on X saying that the airport would be closed on the 21st March until 23h59. Passengers are advised to avoid the airport. A Heathrow spokesperson said in an email that fire crews were responding to the incident, but it was unclear when power would be restored. They also predicted significant disruptions over the next few days. Eurocontrol, the company that manages air...

Elliott Investment Management has nominated seven board members to Phillips 66, laying the foundation for pushing for changes, including spinning off or selling the midstream business. Two people familiar with this matter confirmed that. Last month, the activist investment firm disclosed a $2.5-billion stake in the oil refining company. It is returning to the campaign for a second time, just over a 12-month period after making a $1-billion investment in 2023, and pressing for improvements in strategy with limited success. In a letter published last month, Elliott demanded that Phillips 66 - which has a $52 billion market value -...

The latest trade war escalation by Washington has put pressure on the shares of U.S.-based companies. Earnings in many sectors are expected to be affected, including those in automakers, retailers, and raw materials. Donald Trump has imposed 25% tariffs for imports from Mexico, Canada and the United Kingdom. The tariffs cover more than $900 billion in annual U.S. exports to Mexico and Canada. Trump doubled the duties on Chinese imports from 10% to 20% in order to punish Beijing for the U.S. overdose crisis. The duty is on top of the 25% tariffs that were imposed in his first term....

Shipping and security sources confirmed on Wednesday that three oil tankers were damaged in separate incidents in the Mediterranean in the past month, but the cause of the explosions was unknown. These are the first incidents in which non-military ships have been damaged by blasts around the central Mediterranean for decades. One of the shipping sources reported that an explosion caused a 1-metre-deep crack below the waterline in the hull on the Greek-operated crude-oil tanker Seajewel in a port located in northern Italy, on Saturday. The same vessel was hit by a second explosion 20 minutes later without further damage....

The benchmark index for Britain fell on Wednesday, after inflation in the country rose higher than expected. Glencore shares also dropped after the company reported lower earnings for 2024. At 1034 GMT the blue-chip FTSE 100 fell by 0.3%, while midcap FTSE 250 dropped 0.4% and hit a two-week-low. In January, Britain's inflation rate accelerated to its highest level in 10 months at 3.0%. This exceeded expectations and tested the Bank of England’s confidence that the price pressures would ease on a longer-term basis. The BoE cut its benchmark rate from 4.75% to 4.5% earlier this month and stated that...

Germany will vote on Sunday despite the continued weakness of Europe's largest economy. Companies are warning that the environment is rapidly deteriorating, which puts the future of the industrial sector at risk. Here are the main issues facing companies and how the parties plan to address them. Also, which stocks may benefit. What are the biggest challenges facing companies? Costs and bureaucracy. The amount of bureaucracy, both at the national and EU levels, has been heavily criticised by companies, who have called for a far-reaching reduction, especially in the energy sector. In a recent survey conducted by the German Chamber...

In 2025, Germany will face major labour disputes as the bond between employers and employees, which was long regarded as the cornerstone of the country's success, is beginning to crumble in the face of fierce competition, economic weakness, and spiralling costs. The union bosses of industrial giants Bosch Thyssenkrupp Friedrichshafen, Volkswagen and Thyssenkrupp ZF Friedrichshafen - who collectively represent more than 500,000 German workers – say that companies are showing an increased level of commitment to cutting jobs, closing factories, and moving staff overseas. According to interviews conducted with more than a dozen labour representatives, politicians and executives in Germany,...

T otalEnergies exported for the first-time gas from Argentina's Vaca Muerta shale to Brazil's Matrix Energia, Matrix announced in a statement on Tuesday. Sources familiar with the situation claim that 500,000 cubic metres of gas were exported via the Bolivian pipeline Tuesday. The statement from Matrix stated that the objective of this unprecedented operation was to ensure the technical viability and stability of the logistics networks. It also added that it involved many different parts of supply chains, as well as the signing of two natural gas import contracts for a three-party operational agreement. Over the past year, companies from...

According to preliminary data, the U.S. sold more than 9,000,000 metric tons of supercooled gas in March. In declaring a state of energy emergency, President Donald Trump promised to unleash American power. This strategy includes a growth in LNG exports. LSEG data revealed that in March, the U.S. exported 9,3 MT (metric tons) of LNG, breaking the previous record set by 8.6 MT in December 2023. Production was boosted by the ramp-up Phase 1 of Venture Global Inc.'s 3.2 bcfd Plaquemines LNG Plant, currently under construction. LSEG reported that Plaquemines pulled 2.136 billion cubic foot (bcf), a record for the...

Kazakhstan's oil production and condensate exports reached a new record in March. The output of the Tengiz giant oilfield was higher and the Caspian Pipeline stable, allowing Kazakhstan to surpass OPEC+ production quotas. Saudi Arabia and Russia, the two leaders of OPEC+, have pressed for a reduction in output after repeatedly exceeding their quotas. Sources said that the production of oil and gas condensate in Kazakhstan was 8.95 million tons or 2,17 million barrels per days (bpd) in March. According to the Energy Ministry, this compares with an average of 2.15 million barrels per day (bpd) in February. Kazakhstan's OPEC+...

The owner of the cargo ship which struck a U.S.-contracted military tanker near England's northeastern coast last month has announced that it will set up a fund to cover potential lawsuits arising from the collision. MS Solong Schiffahrtsgesellschaft M & Co KG, a subsidiary of Ernst Russ which owns the Portuguese-flagged container ship Solong, was sued at London's High Court on Monday by the operators of the Stena Immaculate, which the Solong hit on March 10, according to court records. Last week, the Ernst Russ subsidiary filed a separate action at the Admiralty Court specialist court seeking "limitation in liability"....

The manager of an American military-contracted oil tanker, which was hit by a cargo vessel off England's Northeast coast last month, filed a suit at London's High Court over the collision on Monday. Stena Bulk Marine Services (USA) LLC and Crowley-Stena Marine Solutions LLC filed a lawsuit against MS Solong Schiffahrtsgesellschaft M & Co KG, a subsidiary of Portuguese-flagged container ship Solong owner Ernst Russ , according to court records. On March 10, the Solong crashed into Stena Immaculate. This tanker was anchored and operated by Crowley. It was carrying jet fuel. The collision was reported to the Admiralty Court,...

Calculations showed that the average daily supply of natural gas to Europe through the TurkStream pipeline, owned by Russian energy giant Gazprom, fell 19.4% from a year earlier in March. The only remaining transit route for Russian gas into Europe is through Turkey after Ukraine decided not to renew a transit agreement with Moscow that expired in January. Based on data provided by the European Gas Transmission Group Entsog, calculations showed that Russian gas exported via the TurkStream pipe fell to 45 million cubic meters (mcms) per day from 55.8 millions cubic metres per days in February. This was also...

Gasunie, the Dutch natural gas grid operator, said on Monday that it will invest approximately 12 billion euros (13 billion dollars) by 2030 to accelerate the energy transformation and prevent major industries from leaving the Netherlands. Gasunie announced that two-thirds of their investment will be in infrastructure for sustainable gasses, such as hydrogen and biomethane. They also said they would continue to work on projects for carbon capture and storage. It said that the share of green projects in total investments increased last year from 20% to 45%. Gasunie stated that the company was taking "major steps" towards a future...

Oil prices fell on Monday and are heading towards a modest quarter-loss, despite warnings from U.S. president Donald Trump, who warned that he could impose secondary tariffs against buyers of Russian crude oil if he felt Moscow was blocking his efforts in ending the war in Ukraine. Brent crude futures for June, the more active contract, fell 30 cents or 0.4% to $72.46 a barrel by 0330 GMT. Meanwhile, U.S. West Texas Intermediate oil declined 33 cents or 0.5% to $69.03 a barrel. Brent front-month, down 26 cents or 0.4% at $73.36, expires on Monday. Both benchmarks are on track...

Oil prices fell on Monday and are heading towards a small quarterly loss, despite warnings from U.S. president Donald Trump about secondary tariffs if he believes that Moscow is preventing him from ending the war in Ukraine. Brent crude futures for June, the more active contract, fell 17 cents or 0.2% to $72.59 a barge by 0028 GMT. Meanwhile, U.S. West Texas Intermediate oil declined 18 cents or 0.3% to $69.18 a barge. Brent front-month, up 8 cents or 0.1% at $73.71, expires on Monday. Both benchmarks recorded a weekly gain for the third time in a row on Friday....

Two sources who have direct knowledge of this matter, but spoke on the condition of anonymity, said that the talks to restart Kurdish crude oil exports via the Iraq-Turkey pipe are at a standstill due to a lack in clarity regarding payments and contracts. Negotiations, which began in late February, failed to resolve a standoff of nearly two years that had halted the flow of goods from Iraqi Kurdistan, in the northern part of the country, to Turkey's Mediterranean Port of Ceyhan. Last month, it was reported that the Trump administration has asked Iraq for a restart of the shipments...

Transneft, the Russian oil pipeline monopoly, said Friday that its net profit fell by around 5% to 287.7 roubles (about $3 billion) last year due to rising costs and taxes. In an effort to reduce its budget deficit, the Russian government increased taxes on corporate profit. Transneft has increased its tax rate from 20% to 40% for the years 2025-2030. Transneft operates Russia's 42,000 mile (67,000 km) long oil pipeline network. It has stated that it could run out of cash in 2026, and it may have to suspend large investment projects because of the tax increase. The company reported...

The company reported on Thursday that the largest Ukrainian railway, Ukrzaliznytsia (state-owned), has partially restored its online services following a massive cyber attack which affected passenger and freight transportation systems. The first outage reported was on Sunday, when the rail company informed passengers of a problem with its IT system. They were told to purchase tickets at the station or on trains. Later, the company said that its online systems were subjected a targeted large-scale cyberattack. Ukrzaliznytsia announced on Telegram that the online sales system has been restored as a backup for the purchase of train tickets or their refund....