Europe

Aena, the Spanish airport operator, raised its forecast for 2026 passenger traffic growth to 3% on 'Wednesday. This was due to higher first-half profits and a surge in tourist arrivals as Middle East unrest diverted travelers to destinations along the southern Mediterranean. Aena predicted a 1.3% annual passenger traffic increase for 2026, up from 3.9% in 2017. Aena released a statement that said, "Since the beginning of (Strait of Hormuz), we have observed an increase in travel demand to Spain. It is perceived as being a safe destination for tourists." In the first six months of this year, the company's...

Portugal will?receive binding offers on Wednesday from 'Air - France-KLM and Lufthansa to acquire a minority stake of TAP. This is the beginning of the final battle over one Europe's last remaining independent flag carriers. Lisbon has relaunched the long-delayed TAP privatisation, with a view to selling a 44.9% share to a strategic partner that can boost TAP's global reach and competitiveness. TAP should be part of an airline group. The government says that EU rules on state aid prevent the company from receiving further public funding, leaving it vulnerable to global shocks in future. Air France-KLM and Lufthansa were...

Airbus has completed a marathon flight lasting more than 24 hours. The A350 jet, which is being 'developed for record-beating commercial flights' touched down in France on Tuesday. The test is a crucial step in Qantas Project Sunrise. It aims to launch one of the longest commercial passenger flights and revolutionize long-haul travel, by eliminating stopovers from Australia to Europe. The A350-1000ULR, specially adapted for the Australian airline's Sydney-London nonstop route is due to debut in 2027. Airbus has been testing the aircraft for two months since June. Airbus said the aircraft, which has a specially-designed extra fuel tank, was...

French jet engine maker Safran raised financial targets after posting stronger-than-expected ?first-half profits on Tuesday, driven by demand for spare parts on the widely ?used engines it supplies jointly ?with GE Aerospace. The French company said that aftermarket demand was a major factor in its record operating margin for the first half of 2018.4%. CFM, by far the largest jet engine manufacturer in the world by number of engines sold, reaps maintenance profits on its CFM56 jets, which continue to power thousands of aircraft despite the recent LEAP being used for narrow-body plane deliveries. Safran's?mid-year operating profit increased 29% to...

French jet engine maker Safran joined its partner ?GE Aerospace in raising financial targets after ?posting stronger-than-expected first-half profits on Tuesday. The French company said that strong demand for spares contributed to a first-half operating profit margin record of 18.4%. CFM, which is the largest jet engine manufacturer in the world by?numbers of units sold?, reaps maintenance profits on its CFM56 engines. These engines continue to power thousands planes, even though they have been replaced by the more recent LEAP jet engine for current narrow body deliveries. Safran's mid-year operating profit increased 29% to EUR3.24 billion ($3.68 billion), and revenue...

Avincis, Europe's leading aerial emergency services company, warns that Europe is not prepared for longer and more severe wildfire seasons. The chief executive of the firm told? Avincis' chief executive told?treffenificaresprache?nemzeug vo Ihre ore the company's CEO John Boag stated that bureaucratic barriers and longer European wildfire seasons have caused regional shortages in both aircraft and experienced pilots. Boag, a helicopter pilot who began his career in Australia's outback herding?cattle in a Bell 47 chopper in 1985, said that "globally, fire seasons have been getting longer. Aircraft are not moving from area to area and it is becoming increasingly difficult...

Irish energy distributor DCC Energy agreed on Monday to a PS5,75 billion ($7.68billion) sale to a U.S. consortium of private equity firms KKR & Energy Capital Partners. This is the second foreign takeover this year of a UK listed company. DCC shareholders can expect to receive PS65.25 in cash per share, a final dividend of 147.22?pence and up to PS1.25 per share if the company sells its Nexora Technology unit for more than $800?million. When asked to explain the reasoning behind the agreement, CEO Donal Murphry said: "We have simplified the group and spent a lot of time on investor...

The European Consumer Federation and a prominent EU legislator are urging the European Commission to make sure that online shoppers do not have to pay?unexpected fees to cover a newly introduced customs duty. The EU introduced a EUR3 fee ($3.41) on low-value ecommerce imports which had previously entered the EU duty-free. BEUC, a group of consumer organizations from 31 European nations, believes that consumers should know the price including taxes. The group found that sometimes duties are only displayed late in the checkout or not at all. This can lead to an unanticipated charge. PostNL and La Poste are two...

Hassan Butt was a 17-year old British student who volunteered at the Farnborough Airshow in this week. For him, nothing was cooler than watching the planes and pondering the physics behind what kept them airborne. He said, as he answered questions from passersby. He wanted to be an aerospace engineer and focus on missiles. There was no shortage in the hall of displays, stalls, and recruitment campaigns aimed at capturing his enthusiasm and luring him along with other potential recruits. Butt was the perfect candidate. But industry bodies and businesses said that there weren't enough people like him. The UK...

Torm, the owner of the Danish flagged oil products tanker Torm Innovation, announced on Friday that the vessel will be sailing to Asia via the Suez Canal with its cargo after Houthi threats against shipping in the southern Red Sea. Yemen's Houthis, who are aligned with Iran, declared a naval blockade on Saudi Arabia?on?Monday. This could open a new front in the Iran War against the U.S. and expand the threat of global energy and trade outside the Gulf. The vessel will sail via the Suez Canal and around Cape Town to Asia, due to the current security situation on...

The owner of the Danish flagged oil products tanker, Torm Innovation, announced on Friday that the vessel will sail to Asia via the Suez Canal with its cargo due to the current security situation in southern Red Sea. The Iran-aligned Houthis declared a naval blocade on 'Monday against Saudi Arabia, opening up a new front in the war between the United States and Iran. This could threaten global energy supplies and trade beyond the Gulf. The vessel will sail via the Suez Canal and around Cape Horn to Asia, due to the current security situation on the southern Red Sea....

Melia, a Spanish hotel group, announced that it had?stopped all operations at its?34 Cuban hotels on Friday due to the?hardening of US sanctions. The island's economic crisis and the escalating sanctions are a major factor. Melia cited operational, financial, and legal difficulties as reasons for leaving the island where it had been a major player since 1990. The hotels were managed by its Portuguese subsidiary, Ilha Bela?Gestao e Turismo. Melia announced last month that it was closing 15 of its hotels. The three major Spanish hotel chains have been involved in the tourism market of the island for decades. The...

After he met with Iraqi Prime Minister Ali al-Zaidi, President Tayyip 'Erdogan' said on Tuesday that Turkey wanted to sign a comprehensive deal for energy cooperation as soon as possible. Erdogan, speaking at a press conference held after a signing event that was expected to include a deal keeping the Kirkuk-Ceyhan oil pipeline open 'for another year', said the state-owned Turkish oil and gas firm TPAO - would operate the Kirkuk oilfield currently used by BP. The deal to extend a decades-old agreement that governs the exports via the?pipeline, and which officially expired on Monday, was not signed by the...

Iran announced on Monday that it still controlled the Strait of Hormuz, and was not interested in restarting peace talks with the United States after President Donald Trump stopped a two week bombing campaign?that his top brass had told him ran its course. Trump ended the bombing campaign on the weekend after a '13 consecutive nights of intensifying bombardment that provoked Tehran into firing at U.S. base in retaliation. Iran has said that it will halt its attacks as long as there is a pause in the U.S. bombing. Trump's decision was based on advice from his top brass, who...

The energy supply in Europe is alarmingly vulnerable as conflicts in the Middle East, Russia and the Middle East tighten the global markets for heating oil and liquefied gas. This has pushed inventories down to dangerously low levels. According to official statistics, natural gas and heating oil make up the majority of Europe's residential heating. Gas accounts for approximately 30% of heating demand, while heating oil makes up roughly 10%. Both fuel markets are likely to be under extreme strain in Europe after years of energy shocks. Gas vulnerability in the region is largely a result of a dramatic?transformation in...

Europe faces a winter of alarming fragility in its energy supply as conflicts in the Middle East, Russia and the United States tighten the global markets for heating oil and liquefied gas. According to official statistics, heating oil and natural gas are the two main fuels used in Europe for residential heating. Gas accounts for approximately 30% of heating demand, while oil is responsible for 10%. Both fuel markets are under extreme strain after years of energy shocks. Gas vulnerability in the region is largely a result of the dramatic change in its energy mix that has occurred since Russia's...

Iran will cease its attacks as long the United States also does,?a senior Iranian official said on Sunday. The United States has paused its bombing campaign after President Donald Trump's advisors informed him that they had run out of targets. They also expressed concern about the depletion of the U.S. weapons arsenal. The Pentagon ended the airstrikes against Iran after 13 nights. No U.S. strikes were reported for Saturday or Sunday. Iran has held off its attacks on the neighbouring countries of U.S. bases for two days. It had followed each night's U.S. airstrikes with its own strikes. An anonymous...

Iran's Foreign Ministry condemned on Saturday an attack by Ukraine on a commercial Iranian vessel in the Caspian Sea. It said that a resulting explosion killed one sailor and injured another. Throughout the Ukraine war, Kyiv had to combat drones designed by Iran that were deployed by Moscow. Kyiv offers its drone intercepting expertise to Middle East countries that have been hit by?Iran. Tehran called the attack on the Iranian vessel an act of aggression, and said it would defend national security and interests. It also accused Kyiv of trying to escalate the conflict in Ukraine. The Iranian denial coincided...

Yemen's Houthi militants, who are aligned with Iran, fired on Saudi oil facilities in two ports along the Red Sea Coast on Saturday. However, the U.S. did not launch air strikes against Iran for the first time in two weeks. Washington did not explain why it abruptly stopped a 13-night streak of escalating attacks in retaliation of Iranian attacks on ships in the Strait of Hormuz after an interim agreement to end hostilities failed. Hossein Kirmanpour, spokesperson for the Health Ministry, said on X: "It appears that our dear Iran enjoyed a peaceful sleep last night." No reports were made...

Dmitry Peskov, Kremlin spokesperson, was quoted on Saturday as saying that the suspected Ukrainian attacks on facilities connected to 'Kazakhstan Caspian Pipeline Consortium' amounted "energy terrorism", aimed at Kazakhstan and Russia. Kazakhstan announced on Thursday that it had cut oil production after suspected Ukrainian drone strikes forced the CPC-operated Black Sea export terminal to close. Peskov was quoted by RIA as saying: "This is clear energy (terrorism), this is what they are doing in 'the Black Sea, in 'the Sea of Azov". These are terrorist acts, international terrorist acts, which could be extremely dangerous. RIA reported that he said the...

Greek security sources said that air defence systems in Saudi Arabia intercepted on Saturday two ballistic missiles fired from Yemen, which were aimed at oil refineries in Yanbu. This was as Saudi Arabia and the Iran-aligned Houthis traded fire in the new front of the Iran War. The coalition led by Saudi Arabia in Yemen announced late on Friday that it had hit Houthi military bases in the port of Hodeidah in connection with attacks against shipping by the group. This group has declared a maritime blockade on Saudi Arabia. Abdul Malik al-Houthi, the leader of the Houthi group, said...

The German Chancellor Friedrich Merz fired Transport Minister Patrick Schnieder on Friday, amid frustration with 'the state of the rail network and crumbling infrastructure in Germany,' according to Bild, as part of a wider cabinet reshuffle. The mass-circulation newspaper reported that Schnieder will be succeeded by Fritz Guentzler. He is a CDU legislator and auditor from Goettingen. Sources in conservative circles were cited. I was unable to reach the Chancellery or Transport Ministry for comment on Friday morning. The shake-up in the cabinet was triggered by Jens Spahn's sudden resignation over a controversy surrounding surrogacy. Bild reported that Merz had...

Brent oil prices hovered above $100 per barrel Friday, heading for a fourth week of gains. This was largely due to concerns over disrupted energy flow in the Red Sea as well as fears about escalation of the U.S. and Israeli war against Iran. Brent futures rose 37 cents or 0.37% to $101.06 per barrel at 0330 GMT. The previous session, the price of a barrel had risen 7% over $100 for the first since May after Iran-aligned Houthis claimed they had struck two Saudi oil tanks in the Red Sea. The contract was on track for a 14.6% increase...

The oil market was set to see gains this week as Houthi attacks on tankers in Red Sea raised concerns about the closure of a second shipping snare. Meanwhile, Kazakhstan temporarily reduced its output after its main export route had been forced to close. Brent futures eased?72 Cents, or 0.72 %, to $99.97 per barrel at 0126 GMT but remain on track for a 13.5% gain this week. West Texas Intermediate futures (WTI) fell 70 cents or 0.76% to $91.49 per barrel. They are on course for a weekly gain of 10.9%. Brent and WTI both rose by 7% on...