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Denmark's outlook for growth is upbeat despite Novo Nordisk problems
The Danish economy minister raised his forecasts for economic growth in Denmark by a large amount on Thursday. This was due to the strong performance of the pharmaceuticals sector, which has been thriving despite recent layoffs within drugmaker Novo Nordisk. The Danish GDP will grow by 2.6% in this year. This is up from the previous August prediction of 1.4%. Denmark now has one of the highest growth rates in Europe, ahead of other major economies such as Germany, France, and Italy. The government increased the GDP forecast to 2,2% for 2026 from 2.1%. However, it predicted that the GDP would slow down to 1,6% the following year. The pharma industry has once again surprised positively the Danish economy, Economy Minister Stephanie Lose said at a press briefing. The weight-loss industry of Novo Nordisk, the maker of Wegovy, has boomed in Denmark in recent years. In 2024, the growth rate in Denmark will be among the highest in Europe. NOVO NORDISK SLOPDOWN NOT A SYSTEMIC CONCERN Novo Nordisk has been struggling with a slowing growth in sales due to increased competition on the obesity drug market. Profit warnings This year, 9,000 workers were laid off, including more than half in Denmark. Lose stated that the lower growth rates of Novo Nordisk did not represent a concern to the Danish economy. "The pharmaceutical sector is not very diversified in the Danish economic system, and much of its contribution to growth comes through activities overseas, such as when Novo Nordisk manufactures in the United States." She said that the outlook was also strengthened by an economic strength beyond the pharmaceutical industry. Denmark, home to companies such as the shipping group Maersk and brewer Carlsberg and toymakers Lego and Vestas wind turbines, expressed concern that trade wars or tariffs might dampen growth. Lose added that the Danish economy had so far beaten the headwinds, and was extremely strong. The GDP growth for the third quarter of this year was the highest since four years. She added, "Employment is continuing to increase, inflation is low, stable and the purchasing powers of Danes are increasing." Denmark's central Bank released its September report Its GDP forecasts for the years 2025-2027 are lower than expected due to a weaker pharmaceutical industry and a negative impact of U.S. tariffs.
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Uppercrust Owner SSP predicts increased profit as turnaround efforts increase
Uppercrust Owner SSP expects its fiscal 2026 earnings to be at the top of its forecast range. It also launched a review of rail operations in continental Europe, which is its biggest market, as part a ongoing turnaround effort. The company that operates food outlets in airports and trains stations around the world is cutting costs and restructuring operations to focus its efforts on profitable ventures, and offset the negative impact of losing contracts in Europe. "While macroeconomic uncertainty remains in many parts of the world, we are focused on what is within our control." In a Thursday statement, Group CEO Patrick Coveney stated that the start of FY26 has been encouraging. SSP reported that revenue in the eight-week period leading up to November 2025 increased 6% at constant currency. This was due to a rebound in sales of like-for-like products. The company also noted that the momentum in North America had improved. The company is expecting EPS between 12.9 and 13.9 pence in the current year. According to a company-compiled consensus, it posted an adjusted operating profit of 223,30 million pounds ($297.30million) for the fiscal year that ended on September 30. This was ahead of analyst expectations of 221,000,000 pounds. ($1 = 0.7551 pounds) (Reporting and editing by Rashmi aich in Bengaluru)
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Minister: Turkey warned Russia and Ukraine to avoid war over energy infrastructure
After a series attacks on Turkey's Black Sea Coast, Energy Minister Alparslan Bayraktar stated that Turkey wants to ensure uninterrupted energy flows and is urging Russia, Ukraine and other parties not to involve energy infrastructure in their conflicts. Ukraine, which is attacking Russia's oil imports while Moscow bombards the power grid in its country, has claimed responsibility for an attack on two empty tanks heading to a Russian port by seaborne drones last week. It denied any connection to a second incident that occurred on Tuesday, when a Russian flagged tanker carrying sunflower oil claimed it was attacked by drones. "I hope this terrible war will come to an end. We are saying to both Russia and Ukraine that the energy infrastructure should not be involved in this war. He said that "we need to keep energy flowing uninterrupted" and added that routes such as the Caspian pipeline consortium should be safe. SHIPPING RISKS ARE RISKIER Ankara has warned both sides and said that the attacks against Russia-linked ships near Turkey were unacceptable. The issue was discussed at a NATO summit on Wednesday. Vladimir Putin responded by threatening Ukraine's sea access and saying that Russia would intensify its attacks against Kyiv's vessels and facilities. After an external impact damaged one of their vessels near Senegal, a Turkish company halted operations in Russia due to concerns about security. Nobody claimed responsibility. A drone attack by Ukraine damaged a mooring near the Russian port of Novorossiisk, where the CPC pipeline carries more than 80% of Kazakhstan’s oil exports. The CPC pipeline temporarily halted its operations on Saturday. Five sources said that Kazakhstan would divert more crude via Baku-Tbilisi Ceyhan (BTC), pipeline in December. According to the BTC flow numbers, there's no reduction, say you. BTC supplies 600,000-700,000 barrels to global markets today," Bayraktar stated. GAS SUPPLY DISCUSSED BETWEEN TURKEY AND UKRAINE Last month, Ukrainian president Volodymyr Zelenskiy met with President Tayyip Erdoan in Ankara to discuss the situation. Bayraktar, when asked what the meeting was about, said that they discussed the gas supply in Ukraine. He added that Ukraine has a similar agreement with Greece and that Turkey's BOTAS and Ukraine's Naftogaz are working together to find ways in which Ankara can help Kyiv. Bayraktar didn't elaborate, but he said Ukraine has a "huge" capacity in underground storage. This means it can store energy that is brought in at a low cost during the summer for the winter. Can Sezer, Tuvan Gumrukcu and Jonathan Spicer edited the article.
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Minister: Turkey warned Russia and Ukraine to avoid war over energy infrastructure
After a series attacks on Turkey's Black Sea Coast, Energy Minister Alparslan Bayraktar stated that Turkey wants to ensure uninterrupted energy flow and is urging Russia, Ukraine and other parties not to involve energy infrastructure in their conflicts. Ukraine, which is targeting Russia’s oil exports while Moscow bombards the power grid in its country, has claimed responsibility for two drone attacks on empty tankers headed towards a Russian harbor last week. It denied any connection to a second incident that occurred on Tuesday, when a Russian flagged tanker carrying sunflower oil claimed it was attacked by drones. "Hopefully, this terrible war will come to an end. We are saying to both Russia and Ukraine that the energy infrastructure should not be involved in this war. He said that "we need to keep energy flowing uninterrupted" and added that routes such as the Caspian pipeline consortium should be safe.
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Maguire: The countries in Europe most affected by the Russian gas phase out are Maguire and ROI.
Due to the wide variation in country dependence on gas and their ability to switch to alternative suppliers, some countries will be more affected than others by the European Union's plan to phase out Russian gas imports. Hungary and Slovakia, two landlocked countries that are heavily dependent on gas to power their industries and generate electricity, are considering legal action against EU. In the months to come, the EU hopes to see more opposition and refinement of the final plan. Below is a breakdown on the most gas-dependent countries in Europe and regional trends for gas imports. This can help to identify potential disputes among affected countries. Total Energy Needs Some countries are more dependent on gas than others. While Germany is the largest consumer of natural gas on the continent, it ranks 8th in the region when it comes to the share of gas in total energy supply. According to the Energy Institute, Italy will be Europe's gas-dependent economy in 2024. It will source 38% of all its energy from natural gas. In terms of the share of total energy supplied by gas, the Netherlands, the United Kingdom, Ukraine and Hungary round out the top 5. Six major European countries depend on natural gas to provide 30% or more of their total energy, so it is justified that they are resisting policies which threaten to reduce these supplies and hinder power production and industrial activity. SWITCH OUT EASE Nine of the 10 countries in Europe that are most dependent on gas in terms of energy supply have direct access major ports, which could theoretically allow imports of LNG. Only Hungary, a landlocked country, lacks the seaport needed to build a LNG import terminal. This partly explains the opposition of the country to the EU directive to phase out Russian gas imports. Slovakia, whose energy is largely supplied by gas, has similar geographical constraints as Hungary, and therefore felt obliged to join Hungary's opposition to the EU plan. Due to the distances between import terminals and the limited pipeline connections with other exporters, other heavy gas users from Central Europe such as Croatia, Austria, and Romania face similar economic challenges when it comes to accessing non-Russian supplies. PREMIUM LNG Even countries with a large number of LNG import terminals will find it difficult to switch from Russian gas. Russian gas is not always available at the lowest prices but it costs less than LNG. The prices of Russian gas and U.S. Liquefied Natural Gas tend to change over time. Exporters tend to be very secretive about the exact details. Nevertheless, estimates by the industry have placed Russian pipeline supply at between $6 and $8 per million British Thermal Units (MMBtu). LNG imports into Europe are priced between $12 and $15/MMBtu, which is roughly 50% higher than Russian pipelined supply. In recent months, the European LNG market has seen a drop in prices due to the fierce competition between LNG exporters. This has led to a reduction in the price differential between LNG and pipelines for existing buyers. LONG-TERM SOLUTION? If European countries want to replace Russian pipeline supplies permanently, they must continue to be a large and regular LNG importer. According to Kpler's data, the total import of LNG in Europe has surpassed 284 billion cubic metres so far this year. This is a record, and represents a 23% increase from the 2024 import total. The strong increase in LNG imports has given LNG exporters a boost. Many plan to expand LNG export capacity during the next few years, assuming that LNG import demand is expected to continue growing. The current LNG import frenzy is not sustainable, as the import total for this year is only 0.3% higher than the import total of Europe in 2023. Gas demand in Europe is at risk of being limited by the rapid growth of power generation using non-fossil sources in recent years. Ember data shows that the generation of clean electricity in Europe has increased over 11% since 2019. The generation of fossil fuels has decreased by 15%. Even if the Russian supply is phased out in accordance with the plan, a continuation of these trends would still limit the growth potential of LNG imports to Europe. In the short term, however gas will continue to play a vital role in Europe, both for electricity production and industrial processes. Even though social and government pressure is mounting to reduce purchases of Russian gas, many utilities and businesses in Europe are heavily dependent on it for their daily operations. They will not be forced to do without. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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IndiGo India cancels 175 flight as pilot shortage enters its third phase
As chaos worsened at India's key airports, at least 175 IndiGo flight were cancelled on Thursday morning. This was after strict government regulations regarding crew safety standards threw the roster planning of India's largest airline in disarray. The disruptions left thousands of travelers stranded in their hotels for the past three days. IndiGo, with a market share in the domestic market of over 60%, cancelled 150 flights on Wednesday across several major cities. A spokesperson for the airport said that 73 flights were canceled on Thursday. According to airport sources, around 30 flights were cancelled in Delhi and 68 in Hyderabad. The airline didn't respond to a comment request on Thursday but said that this week, the cancellations are due to several factors including new flight duty limits set by India's aviation regulator in order to combat pilot fatigue. The Federation of Indian Pilots stated that IndiGo had not been able to plan and adjust its roster in time for the November 1st implementation date, which increased rest periods and imposed some restrictions on night flights. The crisis is a major blow to the airline, which has been in business for two decades. It built its reputation by being punctual and coined the slogan "IndiGo standard time" when it closed plane gates before the scheduled departure. In a statement released on Wednesday, the airline said that it would be making "calibrated changes" to its schedules over the next two days.
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An oil pipeline fight shows US gains in Iraq
In mid-July Iranian drones flew through the mountains of northern Iraq's Kurdistan Region, zeroing in on their target: American oilfields. One of the missiles was fired by a militia group in Iraq that is likely to be Iranian-backed, and probably as retaliation against the U.S. strike on Iran's nuclear facilities weeks earlier. It hit the Sarsang oil field, which is operated by HKN Energy. This company belongs to the son Ross Perot, a Texas billionaire. A second hit was reported in a field near Dallas, operated by Hunt Oil. Nearly half of Kurdistan's production was halted by the end of a four-day offensive that also affected operations at DNO and a local company. Nine sources with knowledge of the situation claim that Washington was enraged by Baghdad's direct attack on U.S. interest. It felt Iraq had not done enough to combat pro-Iranian forces and stepped up its pressure campaign. This campaign led to Iraq reopening an important export pipeline for Kurdistan’s oil. It was a major concession, which indicates a shift in the balance of power within Iraq from Tehran to Washington. Sources within the Trump administration said that Secretary of State Marco Rubio sent some strong messages to Baghdad in order to make it clear to Baghdad that the time for decision was near. Sanctions Threat Since 2023, when the pipeline was shut down due to a dispute between Baghdad's Kurdistan Regional Government and the federal government over oil sales, Washington has been pushing for its reopening. The closure of the pipeline was done to reduce global oil prices and to aid U.S. companies operating in Kurdistan. It also served to divert crude to the south and feed smuggling rings that bring huge amounts to Iran and its proxy networks. The drone strikes led Donald Trump, the U.S. president, to escalate Washington's campaign. One of the sources involved with the pressure campaign said that in the two months after the attacks, his representative threatened Iraq's highest energy officials with sanctions, if the pipeline wasn't restarted. The senior State Department official did not confirm the threat of sanctions, but stated that the U.S. exerted "extremely intense" diplomatic pressure to restart the pipeline. The White House refused to comment if it had threatened sanctions against Iraq. Hunt Oil, the KRG, and the Iraqi government declined to comment. HKN Energy did not respond to requests for comments. After two months of intense U.S. pressuring, oil started flowing on September 27, after a preliminary agreement was announced to restart the pipeline on July 17, the last day of the drone strikes. The details of the U.S. press campaign were not reported previously. No group has claimed responsibility. A source in the Iraqi government, citing a security investigation, claimed that they were the work a powerful pro Iranian militia group. He declined to identify them. Baghdad, according to a source in the Iraqi security sector, warned the group of any future attacks that would place it directly in conflict with the government. US EXPECTS A 'SIGNIFICANT RETURN" ON ITS INVESTMENT This episode reveals the U.S.'s energy ambitions for the Middle East. Iraq is the second largest oil producer in the Organization of Petroleum Exporting Countries. Trump has repeatedly criticised the organization for its efforts to keep the price of oil high. This also highlights the close ties between U.S. diplomatic interests and U.S. commercial interests under Trump. The U.S. source stated that "having invested so much into this country...in terms of national treasures and the loss of U.S. life alongside our Iraqi partner in the defeating of terrorism...we expect there to a significant return on investment." Iraq's concession is a sign of a change in the balance in the country. Baghdad has walked the diplomatic tightrope for years between Washington and Tehran, its two key allies. Iran, under U.S. sanctions and Western sanctions because of its nuclear ambitions backs 10 hardline Shi'ite militias in Iraq, with 50,000 fighters. It also holds a lot of political power. Israel's attacks on its regional proxies and Iran have severely damaged Iran's power and reputation. COMPLICATIONS The pipeline deal is not certain to last or whether the power shift will continue. Baghdad will review the agreement at the end December. A 1973 agreement between Iraq, Turkey and the United States that established the legal basis for oil exports expires in July. Baghdad continues to oppose the two Kurdistan Gas deals that HKN Energy, a Vancouver-based company, and WesternZagros signed with KRG in May. HKN is a part of Dallas-based Hillwood, a real estate and energy company founded by Ross Perot Jr. Ross Perot was Texan billionaire Ross Perot's son and he ran for president twice. According to public records, the Perot family has been a major donor to the Republican Party. They have donated more than $3,000,000 in 2025 and 2024. Baghdad claims that agreements regarding Iraq's natural resource can only be reached with the federal government. Baghdad filed a lawsuit on May 26 against the KRG for the deals, and signed an agreement with China's Geo-Jade Petroleum in the same week to expand a southern Iraq oilfield. There are still signs that the U.S. and Iraqi relations are improving. Washington sent a new Special Envoy to Iraq to the UN on October 19. This was just days after Exxon Mobil, the U.S. energy company, agreed to return to Iraq to expand production there. Exxon CEO Darren Woods said at a conference held in London, on October 13, that "it's a very important first step in terms the work we intend to do." "We have a long way to go before anything comes to fruition but we are optimistic and look forward to evaluating this." Ahmed Rasheed reported from Baghdad; Maha El Dahan from Dubai; Humeyra Pauk and Timothy Gardner were in Washington; Dmitry Zhdannikov, Anna Hirtenstein, and Nerijus Adomatis in Oslo. Richard Valdmanis, Mark Potter and Richard Valdmanis edited the article.
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Prices of oil rise after Ukrainian attacks on Russian oil infrastructure and stalled peace negotiations
The oil price rose on Thursday, after Ukrainian attacks on Russia’s oil infrastructure indicated potential supply restrictions. Stalled peace talks dampened expectations of a deal to restore Russian oil flow to global markets. However, weak fundamentals limited gains. Brent crude rose by 24 cents or 0.38% to $62.91 at 0349 GMT. U.S. West Texas Intermediate gained 29 cents or 0.49% to $59.24. A Ukrainian military intelligence source confirmed that Ukraine had attacked the Druzhba pipeline in Russia's Tambov central region on Wednesday. This was the fifth attack against the pipeline, which sends Russian crude oil to Hungary or Slovakia. Later, the operator of the pipeline and Hungary's Oil and Gas company confirmed that supplies were flowing through it as usual. In a report, the consultancy Kpler stated that Ukraine's drone campaign has moved into a more strategic and sustained phase. It added that attacks now target refineries repeatedly, in an effort to prevent key assets from stabilizing. The report said that "this has caused Russian refining output to fall by around 5 million barrels a day between September-November, a 335,000 barrels bpd decline year-on-year, with gasoline being the hardest hit and gasoil production also materially lower." Prices were also supported by the perception that the peace plan for Ukraine is stalling, especially after the representatives of U.S. president Donald Trump returned from their peace talks with the Kremlin without any specific breakthroughs in ending the conflict. Trump said that it is unclear what will happen next. Vandana Insights, a provider of oil market analyses, said that "Crude is likely to remain in a narrow band while the Ukraine peace effort grinds on." Prices had been pushed down by traders' expectations that the war would end, and that sanctions against Russia would be lifted, allowing Russian oil to return to a market already oversupplied. Fitch Ratings cut its oil price estimates for 2025-2027 on Thursday to reflect the market oversupply. Production growth is also expected to exceed demand. Reporting by Mohi N. Narayan, New Delhi; Colleen H. Howe, Beijing; and Michael Perry.
Turkey builds a submarine as it increases its home-made defence industry
The Turkish defence ministry announced on Thursday that construction had begun on the first submarine built in Turkey (MILDEN). Ankara also said it had completed its first sale to NATO of a corvette-class warship by signing an agreement with Romania.
Last week, NATO member Turkey announced that contractors have begun building its indigenous TF 2000 naval air defence destroyer. The TF-2000 will be included in the multi-layered "Steel Dome", air defence system.
The ministry announced at its weekly briefing that the ASFAT firm operating under its jurisdiction signed a deal to export a light corvette to Romania's Ministry of Defence. This was the first time Turkey had sold a vehicle to an ally in NATO.
The first test block for our National Submarine, the Milden (as it is known in Turkey), has been built at the Golcuk Shipyard Command. Tuvan Gumrukcu, Jonathan Spicer and Jonathan Spicer edited the article.
(source: Reuters)