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Boeing to deliver Air Force One by 2028, but costs will rise
Boeing announced on Sunday that it is still on track to deliver the two new Air Force One aircraft in 2028. However, achieving this target will require more'spending' on a program which was already many years behind schedule and millions of dollars over budget. Boeing won a $3.9billion contract to build the aircraft in 2018, but costs have since risen to over $5billion. The aircraft will replace the Air Force One planes that entered service in 1990. Steve Parker, CEO of Defense, Space & Security, said to reporters in advance of the Farnborough Airshow, that the 'first aircraft will begin testing next year. "I expect some cost increases as we complete the wiring, the structures and our own certifications." In May 2025, the United States accepted from Qatar a luxury Boeing 747-8 for temporary use as a presidential aircraft. Since then, the jet has been used as a bridge aircraft. 'Security concerns caused President Donald Trump not to fly the Qatari Jet home from Turkey and instead chose to return aboard a?older Air Force One. Air Force One is a program that involves the conversion of two Boeing 747-8 aircraft to highly specialized jets,?equipped? with advanced communication and?defensive?systems. The program will still be four years behind schedule even if it is delivered in 2028. (Reporting and editing by Sharon Singleton; Joe Brock)
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The passenger ship that sank off the coast of Guyana is believed to have taken dozens of people with it.
Guyana authorities report that a ferry with 116 passengers, including 15 children, has sunk off the coast of Guyana, in South America, late Saturday night. 67 people, including those who were rescued, have been rescued. According to local media, an air traffic control tower received the distress call from the MV Barima at 11:01 pm on Saturday night, which triggered a search and rescue mission. The ferry capsized, along with?17 other crew members,?off of the North 'Atlantic Coast on its way to Port Kaituma. The ferry's departure point was not known. At a Sunday morning press conference, Prime Minister Mark Phillips stated that the operation will continue until 'all efforts have been exhausted. Deodat indar, Guyana's Minister for Public Utilities and Aviation?said that emergency family support centers had been set up?to give families information and assistance. Reporting by Kemol King, Deisy Bugtrago and Emily Green. Editing by Chizu Nimiyama.
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Boeing focuses on production at Farnborough Airshow, not new orders
Boeing's head of commercial aircraft unit announced on?Sunday that the company is examining a?new?round of _production increases? for its best-selling 737 MAX, after it received regulator approval in may to increase production to 47 a monthly. Boeing was given an unprecedented production limit by the Federal Aviation Administration after a mid-air accident in 2024 revealed widespread safety and quality lapses. Stephanie Pope, CEO of Boeing Commercial Airplanes, told reporters during a roundtable before the Farnborough Airshow that the company uses its safety management system to determine when it is stable enough to move to the next rating. "I have the team focused on stabilising 47." We'll move to 52 once we reach 47. Then we'll continue to study that. She said that the company's focus at the show is on increasing and improving aircraft production. "Not order announcement," she added. The backlog is extremely strong. The demand is not a problem. Pope said that if we announced some orders along with the process, we would 'celebrate' with our customers depending on whether they wanted to. She said that the priority of 'the planemaker is to listen' to its customers and suppliers at this biennial event, which brings together executives of many of the industry's biggest companies. She said, "We will?understand what their challenges are and then update them on our product," (Reporting and editing by Sharon Singleton in London, with David Shepardson reporting from London)
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Israeli officials claim that Israel will receive additional US refuelling aircraft as Iran's attacks intensify.
An Israeli military official revealed on Sunday that Israel is preparing for more refuelling aircraft from the United States, as attacks by 'the United States' and Iran have intensified over the last week. Since a ceasefire agreement signed one month ago fell apart, the U.S. has intensified its strikes against Iran. This raises the possibility that a full-scale war could return. Israel has not been involved in the latest U.S. strikes. According to the?Israeli official, the U.S. has "decided" to "adjust its force posture in this region" and "to reinforce the current fleet of aerial fuelling aircraft stationed at Israel with additional refuelling planes." A senior Israeli official also said that dozens of U.S. fuelling planes are expected to arrive in Israel. The U.S. Embassy at?Jerusalem did not respond to a request for comment. Since the conflict started with?U.S. Since the conflict began with?U.S. Axios, citing three U.S. officials and Israeli officials on Friday, reported that the Trump Administration notified Israel of its intention to send dozens of additional refuelling aircraft to the country in anticipation of an expansion of military operations against Iran. According to an Israeli military official, in order to reduce disruptions of civilian air traffic and based upon operational and?logistical concerns, the U.S. chose to station some refueling aircraft at?Israeli?Air?Force bases" as well as commercial airports. Sharon Kedmi said in May that 70% of Ben Gurion's?activity was restricted?because the U.S. military activities were taking up space and resources. According to a spokesperson of Transport Minister Miri regev, the U.S. has agreed to transfer some aircraft from American bases to Israeli Air Force bases. The spokesperson stated that as of June 25, there were 98 U.S. aircraft in Israel. (Reporting and editing by Steven Scheer, Maayan Loubell, Aidan Lewis).
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A spokesperson for the government says that Jordan has not ordered evacuation from Aqaba seaport or airport.
The Jordanian government has not made any decision to evacuate the airport or seaport of Aqaba on Sunday, despite the U.S. Embassy in Amman stating that they were evacuated because of a credible threat. In a written report,?government spokeswoman Mohammad Al-Momani said that "no potential threats were recorded by the relevant Jordanian Authorities in the last few hours." "The port and airport are operating normally." The U.S. Embassy?had stated that the?airports and seaports were evacuated because of a "specific, credible threat" without providing any further details. The Jordanian authorities advised Americans not to travel to either of the two locations and to continue to "follow all security instructions issued by Jordanian officials." The U.S. Military said that on 'Saturday, two of their personnel were killed in Jordan and one was missing following an Iranian attack. Jordan has said repeatedly over the past?week that it has intercepted Iranian rockets flying above its territory. Reporting by Hiba Issawi, Eman Abbouhassira, Nayera Adallah, and Maya Gebeily, in Beirut, with editing by David Goodman and Kirby Donovan.
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Data shows that Gulf crude exports increased in July, but that shipments slowed down due to renewed hostilities.
Shipping data shows that Gulf countries increased crude oil and condensate exports to their highest level since?before the Iran War began in late Febuary, although the flow through the Strait of Hormuz is now slowing down as the fighting escalates. Kpler data shows that crude and condensate imports from Saudi Arabia and the United Arab Emirates increased by about 16% compared to the entire June daily average, reaching?12million barrels per day in the first half July. Vortexa estimated that exports during the period were even higher at 13.06 million bpd. Kpler reported that Saudi Arabia, Iran, and Iraq led the increase in the first half July. Vortexa estimated Iraq had the largest increase month-on-month, while UAE exports declined from record levels?in June. Oil prices fell as supply concerns eased following the U.S. The United States and Iran agreed to an interim agreement in mid-June that would reopen the Strait of Hormuz, the most important shipping route on the planet for oil and natural gas. Early July, disagreements over the administration of the waterway led to the collapse of an interim agreement. RED SEA CONCERN Shipping data shows that shipments through the strait have already declined as strikes on both sides have re-escalated. On Thursday, there were only three commodity tankers, the fewest transits per day since May. Kpler analyst Johannes Rauball stated that "we're experiencing a slowdown of activity. This means that countries have to reduce their output which will decrease the amount of crude that is shipped." Exports were still 32% lower than February's prewar peak of 17,6?million Bpd. Iran has reportedly told Yemen's Houthis that they should be ready to disrupt the traffic in the Red Sea, if the United States attacks Iranian energy infrastructure. Saudi Arabia diverted the majority of its energy exports via Yanbu, its Red Sea port. Kpler data shows that 75% of Saudi Arabia's 5.29 million barrels per day (bpd) crude and condensate have been exported through Yanbu so far this month. (Reporting and editing by Alex Lawler, Emelia Sithole Matarise, and Ahmad Ghaddar)
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CPC: Caspian Pipeline Consortium suspends oil loadings after drone attacks on tanks
CPC announced on Sunday that two?oil tanks were attacked by a gang of armed men at a terminal near the Black Sea coast in?Russia. Oil loadings have been suspended. CPC reported that the ASIA and NISSOS tanks were attacked during loading operations. CPC said that the ASIA tanker caught on fire and was put out. CPC employees and contractors were not injured or killed. CPC confirmed that there was no oil spill, adding that the tankers were still afloat. CPC has not identified any party responsible for the incident. In the past week, both Russia and Ukraine have intensified their attacks on ships in the Black and Azov Seas. The 'CPC' is a 1,510-mile (1,510-km) oil pipeline that connects Kazakhstan's Caspian Sea oil deposits to Russia's Black Sea port of Novorossiysk. The oil is then transported by 'tanker' to the world markets. CPC is responsible for 80% of Kazakhstan oil exports.
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US strikes Iran again after Iranian attack kills two military personnel
Central Command announced the United States had launched new attacks against Iran. This was after it previously reported that two U.S. soldiers were killed and one missing in Jordan following an Iranian attack. Iran's supreme Leader said that Washington would pay for "striking up the conflict" before the Saturday strikes. Central Command announced in a press release that airstrikes had begun at 6 pm. ET (2200 GMT), at President ?Donald Trump's direction. The statement did not provide any further information. "The strikes are intended to further undermine Iran's capability to threaten commercial shipping through the Strait of Hormuz, and to swiftly punish Islamic Revolutionary Guard Corps (IRGC) forces that launched attacks on American servicemen in Jordan last evening," it stated. Iran's Mehr News Agency reported that the U.S. launched an attack near Sirik, in southern Iran. It added that no injuries or infrastructure damage had been reported. Since an interim ceasefire agreement signed a month earlier fell apart last weekend, the U.S. has intensified its attacks on Iran. This raises the possibility of all-out warfare. Central Command confirmed that the two deaths took place on Friday, and that one U.S. serviceman was still missing. This announcement brings the total number of U.S. military deaths since the beginning of the war to 16. More than 420 U.S. soldiers have also been injured. U.S. Secretary of Defense Pete Hegseth wrote on X, "Their sacrifice only strengthens our resolve." Iran seemed to be targeting Saudi Arabia and other?U.S. Gulf allies, including Jordan and Jordan, were targeted by the U.S. on Saturday following attacks against Iranian infrastructure such as bridges and power plants. Ayatollah Khamenei, the supreme leader of Iran, said in a statement that was carried on social media by his official accounts and Iranian state-run media that U.S. action has shown Trump's signature to be "utterly worthless" and "devoid of credibility." The statement warned that the United States would face "even greater costs and humiliation". A request for comment was not immediately responded to by the White House. Khamenei’s whereabouts are still a mystery. The conflict began after the U.S., Israel and other countries launched attacks on Iran at the end of February to disable the missile program and regional proxies. It has caused major disruptions in energy supplies and fears of global inflation. IRANIAN STRIKES REPORTED IN KUWAIT, BAHRAIN, JORDAN, SAUDI ARABIA The armed forces claimed to have intercepted Iranian drones and ballistic missiles. They also said that firefighters and oil workers were injured in the response. Iran's IRGC claimed it had destroyed a radar at Ali Al Salem Air Base and struck a U.S. Military Support Centre at Kuwait's Camp Arifjan. Kuwait Petroleum Corporation said that one of its oil installations had been damaged by "repeated Iranian strikes", which caused significant damage, and also some injuries. Iranian media reported that the IRGC targeted a site at Sheikh Isa Air Base in Bahrain, where U.S. fighter aircraft and a data centre for intelligence were gathered. According to Iranian state TV, the Guards destroyed two U.S. aircraft fighters and three others during an early Saturday morning missile and drone strike on a U.S. military base in Al Azraq. The reports could not be independently verified. Saudi Arabia's early-warning system sent out alerts on Saturday morning urging residents in Al-Kharj to take shelter. Al-Kharj is east of Riyadh and hosts a U.S. military base, while Yanbu on the Red Sea has an important oil export terminal. Two people who were briefed in the matter stated that an Iranian missile strike, the first one on Saudi Arabia for more than three month, was the cause of the alerts. The government media office did not reply to a request for comment. The IRGC did not mention any attacks on Saudi Arabia. On Saturday, the U.S. State Department sent out a travel alert to Americans living abroad. The warning cited increased tensions in the Middle East and the "potential for an unforeseen escalation." Flight cancellations and airspace closures on a periodic basis could cause travel disruptions, according to the advisory. BATTLE FOR CONTROL OF STRAIT. Earlier, U.S. Central Command announced that it had struck Iranian surveillance sites and military infrastructure. It also said it hit underground weapons storage, maritime capabilities, and military logistics. U.S. Airstrikes on Saturday morning killed 3?people, wounded 8 others, and damaged two bridges and road tunnels in southern Hormozgan Province, which borders the Strait of Hormuz. Iran's Health Ministry announced on Saturday that U.S. air strikes against the country in the last three weeks had killed 50 people and injured more than 500 others. Esmaeil Baghaei, a spokesperson for the Iranian Foreign Ministry, accused the United States of trying to control the Strait of Hormuz. This is the area that handles about a fifth of the world’s oil. Both sides have targeted shipping traffic. The U.S. says it enforces a naval blocade, while Iran claims it targets vessels that violate its rules for navigating the Strait. According to a statement released by Saudi state TV, the European Union and Gulf States called on Iran on Saturday to stop all attacks on maritime navigation immediately and without condition and to keep it open to traffic. Reporting by Bureaus; Writing by Gareth Jones Aidan Lewis Michael Martina; Editing Alison Williams Ros Russell Rod Nickel
Maguire: Why Italy's low hydro output could hamper Europe's gas reconstruction efforts
The European push to build up natural gas stocks is largely influenced by global LNG storage and flow targets. Another key constraint is found further south, in the Alpine reservoirs which underpin Italy's Hydroelectric System.
It is a silent stabilizer of Europe's gas supply when Italy's hydro production is high. This allows power companies in the region to reduce gas consumption as hydro generation peaks.
When Italy's hydro-production is weak, the effects are felt far beyond its borders. The stronger gas consumption in Europe's 3rd largest gas consumer tightens up supplies across the region.
Data from LSEG & Ember show that Italy's hydro -production is down by more than a quarter compared with normal after a warm, dry winter. Gas power production has also risen to its highest level in four years.
Italy's hydropower peak is likely past due to a combination of a light snowpack and accelerated melting snow this spring.
This means that any future increases in the national power requirements - for example, increased use of air conditioners to combat heatwaves – will almost exclusively be reliant upon natural gas plants which are the backbone of our electricity system.
Italy's increased gas consumption during the same period could complicate the restocking effort by causing a shortage of gas and possibly raising prices.
Italy and other southern European countries may be forced to burn more gas in the future due to hydro dam production levels that are well below average, while other parts of Europe aim to put more gas into storage tanks.
From First to Last?
Italy, in an ironic twist of the European gas storage saga is currently leading in replenishing gas tank after a?steep depletion over the winter.
According to LSEG's data, Italy's gas storage system is around 61% full. This compares with less than half of the tanks at the end April, when they were the lowest for years.
Gas storage levels in Europe are only 41% full. This is the lowest level for several years. Regional gas tank operators will need to increase their efforts if they want to have full inventories by winter.
Italy's low hydro levels may force power companies to slow down gas storage rates and increase their?gas consumption.
LSEG data shows that Italy's hydro dams produced an average of 2,472 megawatts per hour (MWh/hr) between January and May.
This is down by 28% compared to the same period in 2025 and the lowest since 2022.
Italy's energy firms increased the average amount of gas-fired electricity generated from January to May by approximately 5.2% compared to 2025, or around 11,400MWh/h.
The average gas generation in May was 7,373MWh/month, which is 35% higher than the average rate of 2025 during the same period, when the average generation from Italy’s hydro dams averaged around 38% more than this year’s May total.
BETTER IMPACT
It is more than just a change in the energy mix of Italy's generators. The switch from hydro to gas has a material impact on system generation costs.
The network of hydroelectric power plants in northern Italy can generate large amounts of dispatchable electricity at a low cost, allowing gas to be stored and reducing overall production costs.
When hydro dam production is hindered, Italy's energy producers are forced to use more expensive natural gases to fill any gaps in generation, which increases system costs.
The impact is felt across Europe.
According to Gas Infrastructure Europe, Italy's periods of strong hydro production have allowed it to contribute to the gas rebuilding cycle in Europe, since the country holds close to 20 percent of the total gas storage capacity of the region.
When hydro production fails, the dynamic changes. The gas burn increases, storage injections are slowing, and Italy's position shifts from one of buffer to one of constraint.
The challenge is not cyclical anymore. Italy's hydro production is becoming less reliable structurally.
Warmer winters are eroding the Alpine snowpack and reducing the amount of water that is available for spring melt. Hotter summers also increase evaporation and put pressure on reservoir levels.
The patterns of rainfall are also becoming more unpredictable, making it difficult to store and capture water.
This system produces a lower and more volatile production throughout the year.
Hydropower is no longer a reliable backbone in Italy's energy mix. It has become a less predictable source of power. This unpredictability is most important during the spring and summer, when Europe is trying rebuild its gas stocks.
Trackers of Europe's stockpiles of gas must also keep an eye on Italy's reserve output. This suggests that regional gas consumption may be increasing just as storage injections reach their peak growth period this year.
These are the opinions of a columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of 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.
(source: Reuters)