Latest News
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Increased security at US Fairford Air Base in England
A witness said that security measures at an 'US airbase in southwest England have increased significantly in the last few days, with roadblocks and armed police blocking access, as well as emergency vehicles parked near. A spokesperson from the US Air Force confirmed that they are aware of the current reports but will not discuss specific measures to protect forces. The spokesperson stated that "the 501st combat support wing and our UK-based Wings will remain vigilant and take appropriate actions to ensure safety and security for?our US servicemen, civilians and contractors, as well as their families." "We continually assess a number of factors to determine which measures we implement?or change in order to protect our installations and our people, as well as their families." Britain declared?in July that its armed forces were ready to protect the country against any attack, after Iran's Revolutionary Guards warned not to allow US bombers fly out of Fairford. Fairford in Gloucestershire was used to launch operations against Iran during the Middle East Conflict.
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Boeing flags 737 MAX Software Bug Affecting Landing Navigation Feature, WSJ Reports
The Wall Street Journal, citing documents from the company, reported that Boeing has discovered a previously unknown software bug in its 737 MAX aircraft. This glitch could cause an automated navigation 'feature' to fail on landing. Report said that the issue was caused by a software update in the cockpit and could occur when crews change their flight plan after a missed landing. Boeing, when asked for comment, said that it had informed 'all 737 operators' last month of the software problem under which pilots could not?have access to automated flight guidance in a certain landing scenario. Our engineers are working on a software update to 'permanently address the issue. Boeing stated in an email that engineers were working on a permanent software update. The Federal Aviation Administration (FAA) said that it was aware of a possible issue with a software update to the flight computers in certain Boeing 737 MAX aircrafts, and worked closely with Boeing as well as the airlines. The FAA issued a statement saying that it would convene a Corrective Action Review Board if a safety concern was identified. Boeing has come under heavy regulatory and safety scrutiny over the past few years, following two 'fatal 737 MAX crash incidents in 2018 and 2019, which led to a 'worldwide grounding of the aircraft. Also after a cabin panel blew out mid-air on a brand new Alaska Airlines MAX 9 in 2018. Southwest Airlines and 'United Airlines' have requested that Boeing not deliver new 737 MAX aircraft with the affected software, and instead request an earlier version. The report stated that it was not immediately clear how many aircraft were operating with the flawed software. Boeing, airlines, and regulators are evaluating the issue to determine if it poses a safety concern for flight, according to the report.
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Russia claims it has struck Ukrainian defence industry vessels and facilities
On Friday, the Russian Defence Ministry said that 'its forces' had carried out drone strikes overnight on Ukrainian defence industry installations, logistic centres and vessels used in Ukraine by its armed forces. The 'Ministry' said that the strikes targeted a 'drone assembly and storage site, in the Kyiv region; logistics hubs in Odesa and port infrastructure in Reni along the Danube River. It was also reported that Russian forces had struck a cargo vessel carrying dual-use and military goods bound for the port of Odesa. Later, on Friday, the ministry announced that its forces had hit another cargo ship?in Odesa that was delivering a?logistics centre?to the port Chornomorsk. This centre is used by Ukraine's armed forces and security forces. It also houses a data center for the?processing of intelligence data and the transmission of it. Could not independently verify statements.
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Volkswagen recalls 4 million cars, Handelsblatt reports
The Handelsblatt reported that Volkswagen, the German automaker, will recall 4 million vehicles from four different brands. This is the largest recall since the Dieselgate scandal. According to the German KBA, there will be a recall of 2.16 million VW and 700,000 Audi vehicles. The Handelsblatt reported that Volkswagen's Czech?brand Skoda, and Seat in Spain would also be affected by the action. Seat confirmed that the number. Skoda has not yet commented on the report. Volkswagen stated in an earlier press release that customers were asked to bring their vehicles to be repaired due to a?risk of corrosion associated with a screw within the steering system. If left unchecked this could affect the steering system's function in the long run. The company said that the recall is a precautionary measure, and that replacing the screw will take less than an hour. Volkswagen refused to comment on the cost estimate of the recalls.
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US airlines oppose China’s bid to increase flights
On Thursday, the head of the industry group Airlines for American?said that US carriers opposed adding more direct flights to the United States from China despite the fact that Xi Jinping, the Chinese President raised the idea. Chris Sununu, the head of the group that represents American Airlines, United Airlines and Delta Air Lines, among others, has said US carriers are still hampered because their Chinese counterparts have been allowed to fly over Russia on eight flights. He told reporters that he had been urging officials in the Trump administration not to cave. It's not a small thing. Sununu told an interview that it is a costly exercise for airlines to travel around Russia. Xi brought up the issue of increased flights at a Washington event on Thursday. At the moment, each country can only operate 50 round-trips per week. "Our two parties may also increase direct flight to facilitate travel in both directions and trade," Xi - said. The White House has not yet commented. Before the COVID-19 epidemic, each side was allowed to fly more than 150 round-trip flights per week. Chinese and US carriers were limited to 12 flights a week each between the two nations until August 2023. Air China was asked to increase the number of flights it offers from the US East coast to China, but Airlines for America resisted the request last week. US carriers are banned from doing so because they cannot access Russian airspace. Chinese carriers however can fly eight US flights. "It's imbalanced. Sununu stated, "It's unfair." "They have an advantage already with eight flights. "It would be a huge advantage to give them even more," he said. "Don't worsen it for us." In?March 2022, the US banned Russian flights in American airspace following Russia's invasion into neighboring Ukraine. This prompted Russia to prohibit US carriers from flying over?the country. The United States did not ban other countries from flying over Russia, but they made a deal in 2023 with China that any additional flights would not be allowed to do so. The US Transportation Department proposed in October 2025 to ban Chinese airlines from flying above?Russia along routes between the United States and Canada. They argued that the shorter flight times this practice allows puts American carriers at an unfair disadvantage. The proposal was withdrawn after it faced opposition from US agencies.
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Alaska Air expects certification of the Boeing 737 MAX 10 by end-September
Alaska?Air?expects Boeing’s?737 MAX 10 aircraft to be certified before the end of September, and plans to deliver its?first plane next spring. Chief Operating Officer?Jason Berry said on Thursday. Berry said that the airline expects to begin passenger service with the MAX 10 between mid-April and April. Before Boeing can start deliveries, the Federal Aviation Administration (FAA) must certify that aircraft. This timeline could be impacted by any delays in the 737 MAX 10 certification process, which is already several years behind schedule. Alaska must then certify the heads-up displays for pilots after the single-aisle aircraft is certified by federal regulators. This will take "a few?months," according to him. He said that the tight schedule "is sport," adding, "We're not panicking yet."
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Maguire: The cement boom in Africa signals the next big shift in global energy usage.
Africa consumes less than 5% of the global energy supply. It is therefore vastly outweighed by other regions when it comes to assessing current trends in energy and pollution. The aggressive plans to build cement plants in the region may change this. Global Energy Monitor data shows that Africa dominates the global pipeline of cement production capacity being built. This construction share is compared to a 8% share of the currently operating cement capacity. This indicates a 'rapid growth in planned production on the continent. But cement investments are about a lot more than just construction materials. These bets are on urbanization, regional economic growth and industrialization. Concrete is used to build roads, houses, factories, ports and other infrastructure before countries use more steel, chemicals or manufactured goods. The cement pipeline is a good indicator of Africa's energy needs. These are expected to increase dramatically if the construction boom linked to the plans for cement capacity materializes. The trend of energy consumption and emissions in the rest of world is expected to be curbed by electrification, and the slowing of heavy industrial production. Leaning In GEM data indicates that Africa has a cement production capacity of 441 million metric tons per year in operation and 43.3 millions tons per annum under construction. African nations also announced plans to add 23 million tons to the current annual cement production capacity. This would increase the total capacity of the region by 15%, compared to its current level, bringing it to just under 507 million tonnes. The overall increase in capacity for cement in Africa is far greater than planned additions to cement capacity in other regions. This indicates that Africa’s development plan looks set to be?more raw materials-intensive' than other parts of the globe. Africa's heavy-duty cement plans indicate a similar steep rise in raw materials and energy requirements, since cement production is notoriously high energy-intensive and requires large quantities of coal, petroleum, coke, and natural gas to ensure ample output. These cement projects will increase the demand for electricity, as well as infrastructure to import, store, and distribute coal, gas, and other fuels. They also need to ship out concrete produced. The plans to expand Africa's cement manufacturing footprint are a response to the growing demand for industrial energy in Africa, which will initially be supplied by fossil fuels. FRONTRUNNERS EGYPT & NIGERIA Egypt, among African countries, has the largest cement production footprint of 88 million tonnes per year. Nigeria is second to India for the amount of cement currently being produced. Libya, Mali and Angola are also among the top 20 countries in the world for cement construction. This shows that growth is expected across the entire continent. Even if Africa adopts cleaner energy technology more rapidly than other industrializing regions, the scale of planned construction of cement suggests that it will still need large quantities of materials to urbanize. The fact that 16 African nations are building new cement kilns suggests that Africa is on the right track to follow some of the same blueprints as countries in Asia. CLEANER CONCRETE? The African cement plan is different from those of other regions because African developers can use the most modern and efficient components to build their?cement plants. Modern kilns have a higher efficiency than those that were installed ten or more years ago. They should therefore be able to produce more cement using fewer inputs. Locally produced renewable electricity -- such as rooftop solar installations -- may also be used to run milling and processing equipment, reducing energy costs for producers. Electric cement kilns, which are becoming more widespread, offer the potential to further reduce energy intensity in countries that want to limit their industrial carbon footprint. Cost considerations will likely remain paramount on many African markets. This may delay the adoption of expensive emissions-reduction techniques such as carbon sequestration. This means that cement production in Africa will be energy- and material-intensive, even though they use the latest kilns available and the most advanced components. Cement projects in Nigeria, Libya Mali, Mozambique, and other countries are not just industrial investments. These projects are early indicators of future growth in?energy demand. Africa's urbanization and industrialization could make it one of the world's largest sources of demand for electricity, fuels for transport and industrial energy. This would force policymakers to find a balance between rising living standards and rising emissions. These are the opinions of the columnist, an author for. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Poland suspects Starlink fire as a sabotage
Krzysztof GAWKOWSKI, deputy prime minister, said that a fire broke out on Wednesday night at a Starlink satellite communication station located in central Poland. The system provides connectivity to the region, including Ukraine. Since the Russian invasion of Ukraine's neighbour in 2022, Poland has been on high alert for acts sabotage. Russia has repeatedly denied such an action. He said that the fire had engulfed both the power station and generator. It was clear that the act of sabotage had been deliberately planned to disable the station, effectively cutting off internet access... for various institutions including the Ukrainian Military. "While everything may be operational today, as Prime Minister Tusk recently noted, this is an element hybrid warfare." He said that although it was not confirmed that Russia was the cause of?the fire "many signs" suggest that this is in line with Russia's "new doctrine of attack".
First Venezuelan oil deals signed by US companies are with trading houses, not US majors
Oil trading companies have a clear advantage over U.S. energy giants who are wary of legal and credit risks. They also get to take advantage of a lucrative business opportunity with Venezuela, the country that has the largest crude reserves in the world.
Donald Trump, the U.S. president, said that U.S. oil majors will invest billions in Venezuela in order to rebuild its deteriorated oil sector after the capture by America of President Nicolas Maduro in early January. Trump met with top oil executives at the White House Friday, as his administration outlines its long-term plan for raising $100 billion to increase Venezuelan oil production.
The first companies to secure any business in the wake ?of the U.S. military ?action in Caracas, however, were Dutch-based trader Vitol and Singapore-headquartered peer Trafigura, rather than U.S. majors.
Four industry sources who were familiar with the talks said that the U.S. Government chose the merchant houses as they are better equipped to get Venezuelan oil flowing again. Washington must first do this before it can start reconstruction, in order to ensure that the revenue generated by oil exports under U.S. oversight can be used to fund the interim government of Delcy Rodriquez in Caracas.
White House official: "Securing and marketing initial barrels Venezuelan crude oil at record speeds was done to the benefit of both the American people and Venezuelans."
Venezuela's revenue is derived from oil exports. It has been deprived of these proceeds for a little over a month as Trump increased pressure on Maduro.
Washington and Caracas have finalized a $2 billion agreement to sell up 50 million barrels to U.S. refining companies and other buyers - oil which had been stuck in storage tanks and on ships in Venezuelan water due to the blockade.
The White House official stated that it was important to facilitate the initial oil sales to ensure that funds would flow back to Venezuela to pay for daily services. A process has been put in place to maintain a steady flow of production and sales as well as refining?of Venezuelan crude oils.
Richard Holtum, the chief executive of Trafigura, said that the company is preparing to load its first shipment this week.
GLOBAL NETWORK ADDED APPEAL TO TRADERS
Trading houses were in competition with Chevron to secure supply deals. Chevron, the only U.S. major oil company that operates in Venezuela as a joint venture partner with Venezuelan PDVSA state oil firm, is the sole U.S. oil giant. Chevron holds a license issued by U.S. authorities that exempts the company from sanctions imposed by the United States to cut off Maduro's oil revenue.
Trafigura, a global shipping fleet, and logistics network are among the few companies capable of executing a deal this large and complex, Trafigura stated.
Vitol has worked on complex transactions that require agile operations, logistics and finance for a long time.
Three participants in the White House meetings said that the traders won the Venezuelan oil deals as well because they have a 'higher risk tolerance and more agility than the major publicly traded oil companies.
One source said that legal teams and advisors had discouraged some of the biggest U.S. producers of oil from participating in the first oil shipments because Venezuelan creditors could seize the revenues.
How can we guarantee that creditors won't resort to legal action, whether in the U.S.
Three sources with knowledge of the situation said that the U.S. Government told trading companies they would protect them by controlling bank accounts tied to sales and shielding the proceeds from creditors.
Trump acted quickly to accomplish this on Friday. The White House announced on Saturday that Trump issued an executive ordering blocking courts and creditors impounding the revenue from the sale Venezuelan oil in accounts controlled by the U.S. Treasury.
Venezuela is in debt to foreign creditors for more than 150 billion dollars. Trump has asked the oil companies to rebuild Venezuela's industrial sector. ConocoPhillips, Exxon Mobil and others are still trying recover nearly $14 billion in relation to asset expropriations that occurred 20 years ago.
INVEST AND REBUILD
Trump and his team told oil companies that they must invest in the sector and rebuild it first before repaying any debt.
Three shipping sources have said that U.S. companies selling oil would be less willing to accept the risk of compliance involved when they sell oil from tankers blacklisted by Washington because of their involvement in sanctioned trade.
The shadow fleet of vessels that transport sanctioned oil is a large number of vessels with 'old' and 'outdated or unknown insurance arrangements and safety certificates, which are required to enter many ports. Two sources claim that they do not meet the strict chartering requirements set by the big U.S. Oil companies.
One source stated that the U.S. oil majors may be reluctant to get more involved in short-term crude oil trading because of their investments in China. Majors have invested tens and tens billions in China.
Beijing has condemned U.S. actions in Venezuela. China is one of Venezuela's biggest creditors. PDVSA has paid its debts with oil shipments.
The majority of the $2 billion in oil that was to be finalized for shipment to Chinese refiners had been originally planned. Since the U.S. sanctions against Venezuela's main traders were imposed in 2020, Chinese independent refiners are the largest buyers of Venezuelan oil.
The big U.S. Oil companies are hoping that the U.S. will lift its sanctions on the oil trade and Venezuela will adopt the legal framework which would encourage them to invest and work with Venezuelan entities.
EXXON CEO CALLS VENEZUELA "UNINVESTABLE"
Exxon CEO Darren Woods said Venezuela was "uninvestable" at the White House. He also stated that security guarantees were required and a hydrocarbon reform would be needed before Exxon returned to the country. Woods stated that Venezuela had twice taken Exxon assets.
Trump said on Sunday that he could block Exxon's investment in Venezuela. He said, "I didn’t like Exxon’s response."
Conoco CEO Ryan Lance stated at the same event that his company is the largest non-sovereign creditors, with approximately $12 billion in compensation pending for expropriation. Trump told Lance that the U.S. wouldn't look back on what was lost in the past.
Two sources confirmed that under the new agreement, trading houses will also provide lighter oil to Venezuela to dilute heavy oil before export, as Venezuela needs it. On Saturday, sources in the oil industry said that Vitol was set to load its first cargo. Reporting by Dmitry Zhdannikov in London and Jonathan Saul, Marianna Pararaga and Arathy Sommesekhar, Sharaq Khan in New York, Jarrett Renshaw, Washington DC, and Sharaq Khan, New York; writing and editing by Liz Hampton, Diane Craft, Jason Neely, and Simon Webb.
(source: Reuters)