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Temasek supports Singapore Airlines' Air India Investment amid growing scrutiny
Singapore's state-owned investor Temasek - the majority shareholder of Singapore Airlines -- backed its investment in Air India on Saturday, as questions grew about the airline’s stake in the Indian carrier. This week, the first report on Air?India's request to Tata Sons for $1.5 billion of new equity was published. Singapore Airlines holds 25.1%, while Tata owns the remainder of India's largest airline. Kenneth Tiong of Singapore's Workers' Party opposition, who learned about the funding request, called for Temasek's money not to be used in order to support the Indian carrier. Singapore's Business Times also published a comment arguing that Singapore Airlines couldn't realistically sell its Air India stake and that?Tata was the only viable buyer. The newspaper questioned the value of its 25,1% stake beyond a seat on the board and a share in the losses, but maintained that the strategic logic behind the investment was still valid. Juliet Teo of Temasek Singapore's joint head of Portfolio Development wrote to the newspaper in response to this?commentary. She said that Temasek supported Singapore Airlines decision to invest into Air India and viewed it from a longer-term perspective. In the letter, it was stated that Air India's transformation involved multi-year, complex operational and integration challenges. The outcomes were shaped by external factors, such as industry developments, geopolitical changes, and fuel price volatility. It said that "efforts of this magnitude take time and cannot be expected to be linear." Temasek has not stated whether it would support any capital contributions by Singapore Airlines to Air India. Tata has been in charge of Air India since 2022, when it was formerly owned by the state. Air India was hit by the ban on Indian carriers in Pakistani airspace, the U.S./Israeli conflict with Iran and the fallout of a fatal crash that occurred last year. The airline's?budget division Air India Express and the airline itself posted combined losses of $2.33billion in the year up to March. This weighed on Singapore Airlines' profits. Singapore Airlines announced on Thursday that its board will carefully review any requests from Air India for additional capital, taking into account the group's capital requirements as well as Air India's strategy.
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Boeing and union negotiators will meet on Monday to restart stalled contracts negotiations
A spokesman from the Society of Professional Engineering Employees Association said that Boeing's negotiators and its largest union, SPEEA, plan to meet on Monday to resume contract negotiations. SPEEA members rejected Boeing's offer by a large majority last week. In a recent survey conducted by SPEEA, union members including engineers and technical workers said that they want Boeing to guarantee them immediate and larger wage increases. According to the survey results, shared by SPEEA, more money for annual performance-based increases is the?second highest priority. According to the survey, the?third-highest priority was better annual cost-of living adjustments. Boeing's spokesman said, "We are looking forward to reaching an agreement with SPEEA before the current contract ends and we look forward to finding a resolution at the bargaining table." The company declined further comment. Tuesday, the planemaker advertised?contractor positions in apparent preparation for a strike after the current contract expires Oct. 6. SPEEA members are essential to Boeing's efforts to certify the 737 -MAX 10 and 787-9, which both are years behind schedule. Work stoppages would further delay the two aircraft's entry into service. Airlines are still waiting for their delivery. Reporting by Dan Catchpole, Seattle. Editing by Nick Zieminski & Chizu Nomiyama.
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Tennessee Governor: Nashville airport will be named after Dolly Parton
Tennessee plans to name Nashville International Airport after country music icon Dolly Parton. The singer passed away in the 'country music capital' earlier this week at age 80. After Parton's death, fans launched a social media campaign to change the name of the airport. Tennessee Governor Bill Lee discussed the change with Parton's staff this week, according?to statements from the airport and Lee’s office. Lee stated in the statement that "Dolly Parton’s extraordinary life will forever be woven into the fabric of our State." Nashville International Airport is named after 'our favorite daughter' Dolly Parton, who has left a legacy of generosity, faith and kindness. According to a statement, the proposal to rename Nashville Airport and the current Metro Nashville Airport Authority naming policy will both be discussed at a meeting scheduled for September 17. The New York Times reported that the current policy does not allow naming a property after someone who hasn't been deceased for two years. Parton was born in 1946 in Pittman Center, Tennessee. She grew up in an?unique?cabin? in the?neighborhood of Locust Ridge. At age 13, she was performing on the Grand Ole Opry in Nashville, Tennessee. After graduating high school, she moved to Nashville and pursued a career in music. With songs like "Jolene," "Coat of many?Colors," and "I Will Always Love You," Parton became one of the best-selling female musicians of all time. She sold over 100 millions records. She was awarded 11 Grammy Awards including the Lifetime Achievement Award.
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Trans Mountain CEO: US trade dispute adds urgency to Canada’s oil pipeline plans
According to the CEO of Trans Mountain, the government-owned pipeline company, Friday's?collapse in trade talks? with the United States created an urgency? to?plan a?new oil pipeline? for Canada's West Coast. Although the project is still in its conceptual stage, both the oil producing province of Alberta and the Canadian government believe it to be in the national interest. Trans Mountain CEO Mark Maki said that the need for this project became apparent in recent weeks. Canada is the fourth largest oil producer in the world. It exports 90% of its oil to the U.S. but tensions are rising between the two countries. Last week, President Donald Trump imposed tariffs of?50% on $20 billion in Canadian goods. He also angered Canadians with an executive order declaring Lake Ontario, the body of water that spans the Canada-U.S. boundary, to be known as Lake America. Maki stated that the situation highlighted the need for Canada to diversify their exports. The west coast pipeline project would achieve this by increasing Canadian oil ships' access to Asia. "Events in the world around us have made it (the pipeline on the west coast) more urgent and I actually think that is good. He said, "It's very helpful." The 890,000-barrel-per-day Trans Mountain pipeline is the only east-west oil export pipeline in Canada. The Canadian government tripled the capacity of this pipeline in 2024. However, Canadian oil production is still growing and it's already nearly full. Trans Mountain Corp. would build and develop the proposed west-coast pipeline on a route similar to its existing pipeline with financial assistance from Alberta's Petroleum Marketing Commission and the Pembina Pipeline. The project proponents are asking Ottawa to declare the pipeline a national interest project, which will allow regulatory approvals to be expedited. Maki said Trans Mountain had to move quickly to consult Indigenous Communities and plan the route to be able to apply for regulatory approval in early 2019. Trans Mountain also works to optimize the existing pipeline by using drag-reducing agents in order to add?90,000. bpd to the capacity of the pipeline by the end of this year. The company will make a final decision on investment by the end 2026 to build more pumping station to increase 210,000 bpd capacity by the 2028. (Reporting and editing by Rod Nickel in Calgary)
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Trump Administration appeals $16 Billion Hudson Tunnel Funding Order
The Trump administration appealed on Friday a court order that required it to pay for the $16 billion Hudson Tunnel Project?after losing their latest bid to halt funding for 'the New York - New Jersey Rail Link. The project will build a new commuter train tunnel between Manhattan and New Jersey, and repair an old tunnel that is used daily by over 200,000 passengers and 425 trains. The funding dispute is a new clash between the Trump administration and the congressional Democrats on one of the largest infrastructure projects in the country. Trump has stated that he is against the tunnel which received federal support of about $15 billion under former president Joe Biden. The?U.S. The Transportation Department abruptly halted grant funding for the project on 1 October in response to a partial government shutdown that President Donald Trump blamed congressional Democrats. A U.S. court?ordered that the payments resume in February. Trump announced in October that he terminated the project citing U.S. backing. Chuck Schumer is a New York Democrat who expressed concerns over potential cost increases. The Department, which didn't comment immediately on Friday, had said that the freeze was imposed to ensure compliance with regulations prohibiting improper use of "diversity equity and inclusion" policies when funding. The heavily damaged tunnel from Hurricane Sandy in 2012 needs frequent repairs, which disrupt travel on the nation's busiest passenger rail line. Construction was temporarily halted in February, but resumed when the Trump Administration released funding that it had been withholding since October. The Gateway Development Commission which oversees the?project for New York and New Jersey has sued the Transportation Department separately in the U.S. Court of Claims, to ensure that the funds aren't frozen. Trump offered to unfreeze funds in January if Democrats would support his proposal to rename Washington Dulles Airport, and New York Penn Station. Democrats criticised the idea. The federal funding for the project has already been spent on around $2 billion.
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Serbia obtains additional sanctions waiver for Russian owned NIS oil company
On Friday, energy minister 'Dubravka Djedovic Handanovic' wrote on Instagram that?Serbia had secured a further waiver of sanctions from the United States until September 30 for its Russian-owned NIS Oil firm. The U.S. Office of Foreign Assets Control has granted a waiver to NIS, the operator of Serbia's sole oil refinery. This will allow NIS to continue importing oil until the Russian majority stake is sold by MOL, a Hungarian oil company, for a total of 51%. "The extended license allows us to continue supplying the market, while at same time working on an long-term solution (for NIS),"?Djedovic handanovic said. OFAC imposed sanctions against NIS in October last year as part of broader measures targeting Russia's energy sector due to the conflict in Ukraine. They demanded that Gazprom and Gazprom divest their combined 56% stake. This waiver is vital for Serbia, as the NIS refinery supplies around 80% or its demand. The Balkan country's other fuel imports fell to 25% of its monthly target in July due to record-low water levels on the River Danube forcing barges and tanks to operate at only a third their cargo capacity. Djedovic Handanovic said that negotiations between MOL & Gazprom Neft were in the final phase. She said without further explanation that "the new?licence is a sign of progress and a desire to provide the extra time necessary to complete this complicated transaction." OFAC granted NIS several waivers of sanctions allowing it import crude via Croatia’s Janaf pipeline while MOL completed the?acquisition following a provisional agreement in January. The Serbian Government owns 29,9% of NIS. Small shareholders and employees hold the rest. (Reporting and editing by Louise Heavens and Kirby Donovan; Aleksandar Vasovic, Angeliki Koutantou)
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Kremlin: Putin and Xi will discuss Power of Siberia 2 next week
Yuri Ushakov, Kremlin's foreign policy adviser, said that the Russian president?Vladimir Putin would meet with Chinese President Xi Jinping?on a side-line?of??the Shanghai Cooperation Organisation summit?? in Bishkek?, Kyrgyzstan?s capital. Ushakov stated that the leaders will discuss the?planned 2,600-km (1.616-miles) Power of Siberia?2 system, which is expected to transport 50 billion cubic meters (bcm),?of gas a year?to China via Mongolia?from the Arctic Gasfields. Power of Siberia 2 is stalled because of price disagreements, and the pipeline talks have been going on for many years. Putin will also meet with Turkish President Tayyip Erdoan, and he is expected to discuss with him the situation in Ukraine and at the Black Sea. The Kremlin's aide confirmed that Putin would also meet with the?Indian PM Narendra Modi and Iranian President Masoud Pezeshkian. (Reporting and writing by Anton Kolodyazhnyy; Written by Vladimir Soldatkin)
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In a stepped-up attack on logistics, Russia destroys Ukrainian food stores
Kyiv’s agriculture minister revealed on Friday that recent Russian air strikes?have destroyed 90% of retailers' logistics for food, Kyiv's agricultural ministry said. This reveals?the extent of Moscow's mounting attack on Ukrainian logistics. Both countries have intensified their strikes over the past few weeks, focusing on economic targets such as major retailers. Specifically,?Russia has targeted warehouses of Ukraine's top supermarket chains, its top?postal services?and its home-goods shops. Ukrinform reported that Taras Vysotskyi, the farm minister, said, "As it stands today, 90 percent of retail food chains are destroyed. But this does not mean Ukrainians won't have food." The comments he made to reporters in Kyiv were the most honest official assessment of the impact of Russia's escalating attacks on Ukraine's fragile economy, in its fifth year of war. Strikes at the logistics depots for food retailers have caused?fresh fruits, vegetables, milk, sugar and other foods to disappear from some Kyiv supermarkets. Ukraine's long range attacks have also targeted energy infrastructure, oil tankers and the Black Sea's Black and Azov Seas. ATTACKS ON LOGISTICS Interior Minister Ivan Vyhivskyi stated that Russia launched jet-powered drones across Ukraine almost non-stop over the past two weeks, especially in Kyiv and its surrounding area, where the situation was the most challenging. He said on Telegram that 16 people were killed in Ukraine over the last day. Vyhivskyi stated that the attackers are targeting civilian businesses such as food?warehouses and hypermarkets. They also target postal terminals and warehouses where books were stored. Tymur Tkachenko, the governor of Kyiv, confirmed that Russian drones attacked more than 12 warehouses in the region on Friday, causing one death. The company also reported that the strikes destroyed the sorting centres of Ukraine's leading private courier Nova Poshta in Kyiv, and Sumy (northern city) as well. Ivan Fedorov, the governor of Zaporizhzhia in the south, said that a Russian drone ripped into a major home improvement store, Epicenter, and injured at least four people. Ihor Terekhov, mayor of Kharkiv, said that Russia had also attacked a shopping centre in the city. This was the second attack in just two days. A Russian drone also destroyed on Friday a Kyiv-region warehouse for a major book retailer, which shipped thousands of titles every day. GOAL TO 'PARALYZE' KYIV Frequent sirens blared 'throughout Kyiv' into the afternoon of Friday, a day after a missile and drone assault on Ukraine which targeted major retailers and consumer logistic in Kyiv as well as elsewhere. The attacks on Friday appeared to be a bid to prolong the chaos caused by strikes a day before, which had delayed trains in several regions and left many passengers stranded. Andriy Kovalevko, the head of Ukraine’s Centre for Countering Disinformation(CCD), an arm of the National Security Council, said: "The enemy is sending small numbers of UAVs with jet engines in waves to paralyse Kyiv." The aim is to wear down?air defences as well as the population. Ukraine's State Railway said on Friday that although delays are decreasing, the effects of frequent strike and air-raid warnings will be felt for at least one more day. Ukraine's Foreign Ministry said that Kyiv was under an air-raid warning for nearly 15 hours on Thursday. Reporting by Anna Pruchnicka from Gdansk; additional reporting by Yuliia Dia, Jekaterina Glubkova from Tokyo; editing by Thomas Derpinghaus and Christopher Cushing.
Maguire: EU policymakers to make a decision on industrial heat in the near future.
European legislators are expected to announce new policies soon on the types of heat used by industries. This could determine whether the region is able to maintain viable and competitive business or if it will suffer a "further hollowing-out" of its industrial base.
Industrial heat is a critical input that all industries cannot do without.
The International Energy Agency (IEA), according to its data, shows that industry accounts for 'around a quarter' of Europe’s total energy consumption. Heat applications make up?for about half?of the total power requirements in the sector.
Gas-fired boilers have been used by most European industries to heat their facilities for decades. However, the price of gas has risen dramatically since the Russian invasion of Ukraine 2022, causing costs to spiral and pushing many facilities into the negative.
In fact, the output of plastics, chemicals and fertilizers has fallen to historical lows in Germany, Europe's largest manufacturer and economy. High energy costs, as well as an unclear policy plan, have stifled industry and hindered economic growth.
In order to provide greater regulatory clarity and to lower energy costs, European policy makers will release new measures this spring. They aim to rapidly scale up electric industrial heating technologies in order to meet the needs of businesses that do not use fossil fuels.
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These steps would reduce Europe's annual fossil fuel import bill, which is several hundred billion dollars. They would also help to cut industrial emissions.
It will be a fiendishly difficult task to create a set a workable measures which meet the needs for industries from Lisbon to Warsaw, particularly during a time of increasing tensions between European Union member states.
The current mishmash and half-measures, while the industry is still reliant upon expensive and volatile fossil energy imports, will be considered unacceptable by the key policymakers of the region.
In addition to mounting job losses across Europe, governments are also dealing with declining tax revenues that come from crippled businesses. This drains both the treasury and political clout required to set up a new course for industry.
This means that EU legislators and industry advisers face intense pressure to develop a 'bold and effective roadmap' which will quickly steer European industry on a new path, based on cleaner and cheaper electricity.
Final Push
In preparation for the highly anticipated 2026 EU Electrification Plan, major European think tanks have weighed in on the best way to electrify industrial heating and help businesses to return to growth.
Fraunhofer Institute, a specialist in applied research for the industry, contributed to a set of proposals that focused on the possibility of electrifying industrial process heat at low and medium temperatures.
The report found that electric heat pumps are a cost-effective alternative to gas-fired systems in the food and beverages sector. This is true even if regional gas prices remain three times higher.
Electric pumps are more efficient than gas units, so companies can use electricity to cook, pasteurise and sterilize large quantities of food.
The paper and chemical industries could also accomplish many of the tasks currently performed by gas using high-end heat pumps.
It is clear that significant changes will be needed to the current tax conditions to encourage businesses to make the necessary changes.
Think tanks propose reducing taxes and levies for electricity while increasing taxes on gas consumption through consistent increases in carbon price.
Also, there are recommendations to improve the depreciation schedules for new electric equipment so that businesses can?achieve tax breaks on their new capital expenditures related to electrification.
If industries are to electrify quickly, it is important that new clean electricity generators be approved faster and new demand sources for electricity to be integrated into the electric grids more quickly.
Moreover, more public-private funding options are needed to enable businesses to afford the required investments quickly.
European policymakers and business leaders will face a tough challenge if they want to achieve all these goals in a short time span across many countries.
Failure to provide the remaining industry in Europe with the tools necessary?to gain a competitive advantage could lead to the collapse of whole businesses, and an economic shock that would last for years.
These are the opinions of the columnist, an author for.
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(source: Reuters)