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Ryanair cancels subscription service following costly trial
Ryanair, Europe's largest airline, announced on Friday that it would scrap its subscription service this year after a test period. It was not financially worth it. Ryanair launched its 'Prime Member' program in March. The airline, which has its headquarters in Ireland, carried around 200 million passengers in the past year. It said in a press release that it would close the scheme after it generated 4.4 millions euros ($5million) in subscription fees in eight months, but distributed 6 million euros worth of fare discounts. Dara Brady, chief marketing officer at Ryanair, said that the trial had cost more than it generated. This level of subscriptions or memberships does not justify the effort and time it takes to launch exclusive monthly Prime seat sales. The trial was attended by 55,000 members who are entitled to continue using their subscriptions for the remainder of their 12-month membership. In March, the airline announced that it would limit membership to 250,000 members. The low-cost airline Wizz also offers a number of membership services. While the Spanish online travel agency eDreams ODIGEO has a similar service. Reporting by Sarah Young, Editing by Tomaszjanowski. $1 = 0.8639 euro
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Italian court rules against Sicily Bridge, but government wants to push on
The Italian court ruled plans for the largest suspension bridge in the world between Italy's mainland and Sicily's island would violate EU environmental and procurement rules. However, the government has said that it will not abandon the flagship project. The government of Prime Minister Giorgia Melons says that the 3,666 metre bridge planned over the Strait of Messina, which is longer than the one in Turkey, will bring prosperity to the traditionally poorer areas and aid the movement of NATO troops. In a 33-page decision published late Thursday, the Court of Auditors stated that the government had failed to justify its disregard for environmental concerns regarding the impact of coastal and marine areas in the Calabria and island regions. The proposed bridge is a subject of debate in the country for more than 50 years. Supporters tout its economic benefits, while critics point out wasteful spending and environmental damage to an area that is prone earthquakes. The ruling stated that "the assumptions regarding the different'reasons for public interest' have not been validated by technical authorities and are not supported with adequate documentation," referring to the $13.5 billion ($15.65 million) project. Costs Concerns The judges noted that the uncertainty of costs and financing changes compared to a 2005 original contract, which was more than three-times cheaper, may require a tender in order to ensure European bidder rules are respected. The Eurolink consortium, which has been selected for the construction of the bridge, is led by Webuild in Italy and includes Sacyr and IHI from Japan. The government said that it would carefully review the ruling and promised to continue the project. Infrastructure Minister Matteo Salvini, who leads the League's far-right party, has made the project a top priority. In a statement, the government said that it was "convinced" there is ample room to clarify these issues before the Court. The consortium expressed "full faith" in the government's ability to address all concerns raised. Meloni or Salvini could seek to have the cabinet overrule the court's objections if they are unable to convince it. However, this may trigger constitutional and legal challenges.
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Highlights of Germany’s Budget for 2026
The German parliament will approve the budget for 2026 on Friday, with borrowing levels that are astronomical. This marks a radical departure from years of fiscal discipline. Highlights of the conference: The Key Numbers in Germany's Core Budget for 2026 The core budget for 2026, approved by Germany's Budget Committee, includes 58.3 Billion Euros in investments. The core budget includes borrowings of 97,9 billion euro. What happens to the Special Funds? The increase in investment is possible because of a 500 billion euro special infrastructure fund, and the exemption from debt regulations for defence expenditures approved in March. The German debt brake limits borrowing up to 0.35% Gross Domestic Product and excludes special funds. Included in the total investment are investments made through special funds. This represents a 10% rise over 2025, and follows a 55% growth this year compared to 2024. How much debt will Germany be? The coalition government of conservatives and Social Democrats plans to borrow 97,9 billion euros by 2026 from the core budget. Add borrowings through special funds for defence and infrastructure, and the total debt will exceed 180 billion euros. This level was only surpassed by the pandemic of the coronavirus in 2021, when the new debt reached over 215 billion euro. This is three times more than the 50.5 billion euro borrowed by the previous government in 2024. According to a forecast by the International Monetary Fund, the deficit will increase to 4% of GDP in 2027. The debt, however, is expected to reach 68% by that time. This is still at the lowest level of all G7 countries. PROPAGING DAY-TODAY SPENDING Germany uses some of its financial power to support day-today spending, rather than diverting it all into additional infrastructure. According to a Green Party analysis, the government gained 10 billion euro of fiscal flexibility for 2026 by investing in the transport sector. The German Economic Institute (IW) used 2024 as a benchmark in a study. This year preceded the creation of a special fund in march 2025. Which Ministry will benefit the most? The biggest growth will be in the defence budget, which will increase by over 20 billion euros. Total defence spending, including special funds, is expected to reach 108.2 milliards of euros by 2026. Germany will increase its financial assistance to Ukraine in 2026 to 11.5 billion euro, up from the 8.5 billion euro previously planned. What will happen in the coming years? The budgets for 2027 and 2020 will be a challenge despite the debt brake reform, and the new Infrastructure Fund. The government currently expects a relatively small funding gap in the budget for 2027 of 11-12 billion euro, but a shortfall of 60 billion euro is expected by 2028. $1 = 0.8631 Euros (Reporting and editing by Maria Martinez)
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Rescue efforts continue as Cyclone Ditwah leaves 23 people missing and 46 dead in Sri Lanka
Officials said that a cyclone hit Sri Lanka Friday, killing 46 people and leaving 23 others missing. The weather department warned the storm would intensify over the next twelve hours as it moved across the island. The majority of deaths were caused by landslides that occurred as a result of torrential rains exceeding 300 mm (11.8 in) during the past 24 hour period, when Cyclone Ditwah ravaged the island nation. The eastern and central regions were most affected. The Disaster Management Centre (DMC), in a press release, said that 43,991 people nationwide were evacuated into schools and public shelters. This included families who were stranded at rooftops. As the rain continued, schools remained closed. Train services were suspended and Colombo Stock Exchange announced a trading suspension. The Emergency Operations Director of the DMC Brigadier S. Dharmawickrema said: "We continue rescue operations in the most affected areas. However, some villages are hard to reach due to landslides blocking roads...we are trying to get everyone safely to safety." Anura Karunathilake, Minister of Ports and Civil Aviation in Sri Lanka, told reporters that if the weather conditions worsened, Sri Lanka could divert its flights to Trivandrum airport or Cochin airports located in south India. Local media reported six flights from Muscat, Dubai and Bangkok had been redirected to Colombo’s Bandaranaike International Airport. (Reporting and editing by Raju Gopikrishnan; Uditha J. Jayasinghe)
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Kenya seeks $1.5 billion in highway funding from China
Kenya and two Chinese firms will begin construction on a $1.5billion highway expansion in East Africa this Friday. This marks Beijing's return after years of absence to major infrastructure developments. The partners will finance the project in two phases using a combination of debt and equity. This model is becoming more popular after China's traditional loan model raised concerns about borrowers' debt loads. Kefa SEDA, Director General of Public-Private Partnerships at Kenya's Finance Ministry told the official launch that "we don't have the room to borrow more money." The project will upgrade a vital transport corridor connecting Kenya's port city of Mombasa to its western region, as well as neighbouring states such Uganda and other landlocked countries. As China repositions in Africa, Kenya strikes a deal China, which had pumped billions into infrastructure projects in Africa, cut its lending around 2019, as concerns grew about the sustainability of debt in countries such as Kenya. Beijing, in its efforts to reposition the country on the continent, pledged $50 billion over three years as credit and investment. Kenya cancelled a deal earlier this year with a French consortium, Vinci SA, for the expansion of highways. The new agreement, announced in April during the state visit of Kenyan President William Ruto to Beijing. Kenya is one of Washington's closest African ally. The rapprochement of Nairobi and Beijing angered U.S. president Donald Trump. Ruto then defended the strategy publicly, stating that Kenya had to increase exports to markets such as China. A 28-Year Toll Concession and a Debt, Equity Mix The Kenya National Highways Authority announced that the first phase of the project, which will cost $863m, will see China Road and Bridge Corporation partnering with Kenya's State Pension Fund NSSF in order to convert two existing stretches from a single lane highway of 139km (86 miles) into dual carriage roads of four and six lanes. The second phase will see Shandong Hi-Speed Road and Bridge International (a subsidiary of China’s Shandong Hi-Speed Group) convert a 94-kilometer stretch of single-lane highway to a six-lane road at a cost $678.56 millions. KENHA stated that both total cost estimates include finance costs. The two parts of the project are divided into debt deals and equity deals. NSSF will provide 45% of equity funding for the phase in which it is involved. Seda stated that the borrowing could be from Chinese commercial banks and state entities such as Export-Import Bank of China. The companies have until 2027 to finish construction, followed by a concession of 28 years to collect tolls in order to recover their investment and earn a return. (Reporting and editing by Karin Strohecker, Joe Bavier, and Duncan Miriri)
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Trump announces that the US will take action soon against Venezuelan drug traffickers in land
Donald Trump, the U.S. president, said that "very soon" the U.S. would begin taking steps to stop suspected Venezuelan drug dealers on land. "You've probably noticed that people don't want to deliver by sea. We'll start to stop them also by land." "The land is easier but it's about to begin very soon," Trump said in a virtual conversation with U.S. servicemen. The Venezuelan Ministry of Communications did not respond immediately to a comment request. The Trump administration is evaluating Venezuelan options in order to combat what they have portrayed as Nicolas Maduro’s role in the supply of illegal drugs which has killed Americans. Maduro denies any involvement in the illegal drug trade. The U.S. military in the region has focused its efforts on anti-narcotics operations despite the fact that the firepower assembled far exceeds what is needed. Since September, U.S. forces have conducted at least 21 attacks on suspected drug boats in the Caribbean or Pacific. At least 83 people were killed. In recent weeks, reports of imminent action have been widely circulated as the U.S. Military has sent forces to the Caribbean in response to worsening relations between Venezuela and the U.S. Citing four U.S. government officials reported On Saturday, the U.S. announced that it was about to launch a second phase of operations in Venezuela. (Reporting and editing by Diane Craft, David Gregorio and Ismail Shakil)
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Campaign group: EU should reject biofuels as a fuel for automakers
T&E, a campaign group, said that the European Commission should not allow cars to run off biofuels after 2035 due to their scarcity and because they were not carbon neutral. The European Union has a rule that states all new vehicles must be carbon dioxide free by 2035. This is to encourage the sale of electric cars, and phase out internal combustion engines and fossil fuels. Automakers, however, are pressing the EU executive to grant a carbon-neutral fuel exemption for internal combustion engines, hybrids, and range-extenders. On December 10, the Commission will announce measures to support auto industry. T&E published a report on Thursday that highlighted changes to EU laws in 2018 which limited the use crop-based fuels such as palm oil and soy. Instead, they favored used cooking oils, animals, and other waste sources. These now account for around half of the bio-based diesel sold in the EU. T&E reported that 60% of biofuels, and 80% used cooking oils, are imported, primarily from Asia. Fraudulent practices, like palm oil being passed off as waste, have also increased. T&E stated that biofuels derived from food crops only reduce CO2 emissions by 60% compared to fossil fuels. This is because CO2 is emitted during their cultivation and transport. These biofuels also have the potential to cause deforestation. The report stated that more advanced fuels, made from municipal wastes or sewage sludge, are more sustainable. However, they are not available in enough quantities, and have already been earmarked for shipping and aviation. The EU's demand for fuels could double or even nine times what is sustainable in 2050 if road transport was included. According to the T&E report, allowing biofuels in EU cars can increase CO2 emissions up to 23% by 2050. The group recommends that biofuels be excluded from the solution for cars powered by carbon-neutral efuels after 2035 and, in their place, they should only account for 5% of all sales.
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Netherlands purchases drone detection radars following recent sightings
The Netherlands bought 100 early warning radars on Thursday to detect drones approaching, the Defense Ministry announced. This was after drones were spotted near an air force base and airport in the south of the country earlier this month. It added that the systems produced by Dutch firm Robin Radar can distinguish drones from moving objects such as birds. The 100 radars won't arrive at once. The first radar will be delivered tomorrow and the remaining 100 are scheduled to arrive by 2026. The accompanying vehicles are expected to arrive in early 2019," the defence ministry stated, without providing any further details. Last week, multiple drone sightings caused the Eindhoven Airport to suspend its traffic for several hours. The Dutch military also used weapons on drones seen above an air force base nearby. When asked where these drones came from, the defence ministry refused to comment. In recent months, drones and other airspace intrusions have caused major disruptions across Europe. Some European officials have blamed the incidents on "hybrid war" by Russia. The country has denied having any involvement. (Reporting and editing by PhilippaFletcher; Charlotte Van Campenhout)
As risk appetite declines, crypto hoarding is under pressure.
The recent turbulence on the crypto market has weighed on the shares of companies who have bitcoins and other tokens in their balance sheets. This is fueling concerns about the stress that this niche, but rapidly growing sector may be experiencing.
The number of companies that have invested in cryptocurrencies this year has risen dramatically. This is largely due to the crypto-friendly position of U.S. president Donald Trump and the success of Michael Saylor’s Strategy.
Concerns over a possible AI bubble, and uncertainty about the direction of U.S. Federal Reserve rates cuts, have recently weighed on risky assets, sending bitcoin to its lowest levels since April, and sending many of these DAT or "digital asset Treasury" companies into a tizzy.
The Block, a crypto-publication, reported that at least 15 bitcoin treasury firms were trading their tokens below the value of their net assets as of Friday.
Standard Chartered analysts said in a note published in September that DATs held 4% of bitcoin, 3.1% ether, and 0.8% solana. Their fortunes would have a major impact on coin prices.
DAT executives believe their success is based on their ability to make intelligent investment decisions. Many are looking for new ways to generate revenue.
Check out the performance of a few of the most well-known and popular DATs.
BITCOIN TREASURY
The shares of bitcoin DATs have dropped significantly from their highs in 2025. Michael Saylor’s Strategy, which pioneered the corporate hoarding of bitcoins and spawned dozens copycats who have saturated the market, has fallen almost 36% just in November.
ETHER STRATEGY
The bitcoin DAT market became overcrowded and new players have started to diversify into other coins, including ether. Bitmine, Sharplink Gaming, and others are leading the charge in ether.
The company's shares rose in value earlier this year after they announced that they would be stockpiling, but have now fallen well below their highs of 2025.
In contrast to bitcoin DATs which are solely based on price appreciation, Ether can be used for "staking", which is a process where ether holders secure and validate transactions via the blockchain in exchange for rewards. These rewards are often paid out in ether. This means that ether DATs can generate and gather ether tokens in other ways.
SOLANA AND ALTERCOINS
Many companies have expanded their holdings by adding "altcoins", such as Ripple's Ripple XRP and solana.
In an effort to increase their profits, small companies are also investing in volatile tokens that are thinly traded. This increases the volatility risk of their share prices.
ALT5 Sigma is a company, for instance, that has started a DAT-based strategy to hoard the cryptocurrency venture of the Trump family, World Liberty Financial.
(source: Reuters)