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Pakistani rescuers search for missing cargo plane off the coast of Karachi
Pakistani rescuers searched the waters around the suspected crash site of a Boeing cargo aircraft on Wednesday. The plane had lost contact with the air traffic controller on its way to Karachi, with five crew on board. Shehbaz sharif, the Prime Minister of Pakistan, has ordered authorities to accelerate search and rescue efforts for a 27-year old converted freighter that went missing after reporting navigational problems in the Arabian Sea. K2 Airways, which operated the plane, reported that the crew consisted of two pilots and two?engineers, as well as one support staffer. The authorities have not made an official announcement on their situation, but Sharif has expressed his "heartfelt sympathies" to their families. Flightradar24, which tracks flights, says that the plane crashed into the sea after making a series abrupt altitude changes and a steep descent. Pakistan Airports Authority announced on Facebook that authorities have launched a coordinated rescue and search operation at sea via various agencies. K2 Airways said it was working with the Pakistan Civil Aviation Authority as well as other government agencies. Boeing has yet to?comment. Airports authority reported that the plane had reported a navigational?issue while flying to Karachi at 9:18 PM Pakistan Standard Time (1618 GMT). The authority stated that local air traffic control attempted to guide the plane, but after three minutes radar systems showed it descending rapidly. Communication was lost. According to the statement, the flight was approximately 155 nautical miles (287km) west of Karachi when it took off. Flightradar24’s tracking data showed a chaotic final minute. The plane plummeted about 5,000 feet within a few minutes, then soared about 6,000 feet over 30 seconds, before entering a catastrophic descent from 36,550. The last data point transmitted placed the aircraft 1,100 feet above ground level with a vertical speed of minus 22,400 feet per minute - about 400 km/h. This is an abnormally steep rate of descent. It is a Boeing 737-400, two generations older than 737 MAX? that has been in a safety scandal. The aircraft uses engines from CFM International which is jointly owned by GE Aerospace, France's Safran and GE Aerospace. Flightradar24 reports that the 737-400 first flew as a passenger aircraft for Aeroflot, a Russian airline. It was then converted into a freighter by 2012 and entered service with the carrier in 2024. The aircraft is the only one owned by K2 Airways and began service in 2024. Flightradar24 shows that its previous flight took place on June 28. This would be Pakistan's 1st fatal crash since 2020 when a Pakistan International Airlines Airbus A320 crashed short of the runway at Karachi killing 97 people. Asif Shahzad reported; Hugh Lawson edited.
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Ukraine claims that its drones have struck three refineries and tankers in a night of major strikes
Ukrainian drones struck overnight three Russian oil refineries and Russian tankers on the Sea of Azov. The Ukrainian military and Russian local officials confirmed this on Wednesday. Kyiv is continuing its campaign against Russian energy infrastructure. As Ukraine intensifies its drone attacks against Russia's oil refineries, it is hitting targets further and farther from its territory. Kyiv has attacked the largest Russian refinery in Siberia located around 2,700 km (1 700 miles) away from Ukrainian-held territory. Separate statements from Ukraine's General Staff and Special Forces said that drones have hit the TANECO & TAIF NK oil refineries located in Tatarstan?Nizhnekamsk and the Saratov Oil Refinery as well as the Borisoglebsk Military Airbase in Voronezh Region. Russian officials confirmed that strikes had taken place in these regions, but they did not specify what was targeted. The Russian Defence Ministry announced that it had shot down 415 drones over night. It was not immediately apparent the extent of damage caused by these strikes. ADVANCED RIFFINERY?HIT Local media reported that authorities in Tatarstan - which is located around 1,400 km from the Ukrainian border - had said a number of injured people in the Nizhnekamsk strikes. The TANECO refinery in Nizhnekamsk is one of the most technologically advanced Russian refineries. It has hydrocracking, catalyst cracking and delayed coking units. According to data from the industry, TANECO processed 17,0 million tons of crude in 2024. TAIF-NK processed 6.6 millions metric tons (132,000 bbls per day) that year. Roman Busargin, Governor of the Saratov Region, said via Telegram that a person was killed and others injured during a "strike" that damaged what he described as "civil industrial sites". Saratov is Russia's oldest and largest refinery. It has been repeatedly attacked by Ukraine in the last few years. Alexander Gusev, Voronezh Governor, also?confirmed an Ukrainian strike by saying that there was a fire at a "infrastructure item" in the region. Kyiv said that it had also?struck nine oil tankers on the Sea of Azov. This is a major supply route for Russian troops in Crimea and in other Russian-controlled areas of southern Ukraine. Rostov Region?Governor Yury slyusar stated on Telegram that there were two injuries in the attacks, but that only two empty tankers had been hit. Gazprom, a Russian company, also confirmed that drones attacked the Krasnodarskaya Pumping Station, which is used to send?gas via the Blue Stream Pipeline,? but exports were not affected. Russia has repeatedly attacked Ukraine's energy grid during the conflict, which is now in its fifth-year. This has caused widespread power outages, and heating shortages throughout winter. Overnight, Russia launched ballistic missiles towards Kyiv, its third attack within a week. At least one person was killed. Reporting by Felix Light, Writing by Sharon Singleton and Aidan Lewis; Editing by Sharon Singleton and Aidan Lewis
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Ryanair loses EU Court appeals against Italy’s COVID assistance to airlines
The General Court of the European Union dismissed on Wednesday appeals filed by Irish low-cost carrier?Ryanair?against a?Italian?state aid program approved to support airlines in the COVID epidemic. The court found that the scheme of aid consisting of the subsidies paid by Italy by airlines affected by 'COVID-19 crises was compliant with EU Law, insofar it did not violate the principle of nondiscrimination or the principles of freedom of providing'services and freedom of establishment. The budget airline brought the case because it wanted to cancel a 2020 aid scheme set up by Italy. It was intended to help airlines that are licensed in Italy with a fund of EUR130 million ($148.54 millions), which later increased to EUR100 million. The European Commission, which is the European body that evaluates the aid programs of member states, approved the scheme. Ryanair claimed that the aid was unfair and that the European Commission's approval?violated procedural rules. The General Court first struck down the 'Commission decision' in 2023. However, the Court of Justice referred the case back to General Court in 2025. In April of this past year, Ryanair was successful in another similar case before the EU's Court of Justice against German state aid to Lufthansa, its main airline.
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US container imports increased by 8% in June, despite higher fuel prices and tariffs
?U.S. Container imports jumped 8.2% in June compared to last year, according to a report released by the supply chain technology provider?Descartes System 'Group on Wednesday. Buyers rushed to get their goods in to avoid new tariffs or higher transport costs due to the war between the U.S. and Israel in Iran. Last month, U.S. ports handled 2,400 627 20-foot equivalent units (TEUs). Descartes reported that imports for the first half of 2026 were down 0.3% compared to the same period in 2025. Analysts and shippers say that many importers have moved their cargo ahead of the July 1 increase in ocean shipping costs. This is because container ship operators added late to contracts higher fuel costs due to the spike in oil prices resulting from the war in Iran. They added that the U.S. will impose new tariffs on forced labor by the end of July. Imports from China increased by the most in terms of volume. Descartes reported that the volume from China jumped 27.4% over the past year, to 814,474 TEUs. (Reporting and editing by David Gregorio; Lisa Baertlein)
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Japan's ispace offers ride-sharing to the Moon with SpaceX Starship
The Japanese ispace?moon transportation company said that it will?start a lower-cost lunar freight business using the Starship Heavy rocket and lander developed by SpaceX. Tokyo-based ispace said it has purchased a Starship with a capacity of?500 kg (1.102 lb), for $50 million. It will also build a lunar vehicle that can accommodate payloads that clients from around the world share their Starship ride to the moon. Hideari Kamiya, Executive Vice President of ispace, said that the new "lunar acces integrator" service provides moonbound "buses", and can complement its ongoing development dedicated lunar landers or "taxis" to the?surface of the moon. In 2023 and 25 ispace's failed lunar landing attempts used SpaceX Falcon?9 Rockets. The Tokyo-based firm now plans to soft-land, or "Ultra", three landers onto the?moon by 2030. This includes a mission as part of NASA’s Commercial?Lunar?Payload Services programme. Takeshi Hakamada, CEO of?ispace, said that while?ispace continues its Ultra missions the partnership with SpaceX would "substantially" increase its growth on the market for lunar infrastructure. SpaceX has welcomed the expansion of their relationship with ispace for missions using Starship. Starship is a reusable transport system that, unlike Falcon 9 includes a spacecraft Musk's firm plans to "take to the Moon and eventually to Mars." SpaceX's Vice President of Commercial Sales, Stephanie Bednarek said, "Their integration service provides a valuable path for smaller payloads today to secure a ride?to the?Moon surface. We look forward to supporting them and their customers in helping to expand access to the lunar surfaces." The relationship isn't exclusive. NASA plans to use Starship’s first lunar land in 2028 to send astronauts to the moon as part of its Artemis Program. Astrolab, a U.S. startup that makes lunar rovers, has also "booked" space on a Starship flight in the future. Hakamada stated that "SpaceX?first approached us" with an integrator?business idea. While we cannot rule out the possibility of other companies entering the space market, only a few may be able integrate cargo and continue to provide services after landing on the moon.
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Poland pushes for NATO pipeline expansion to Eastern flank
Poland's President said Wednesday that he would push to extend the 'NATO fuel pipeline network' to the alliance's eastern flank. This will address what military officials consider to be one of the greatest challenges in the event of conflict with Russia. The pipeline extension project could be one of Europe's largest infrastructure projects if it is implemented. As he arrived in Ankara for the NATO summit, President Karol Nawrocki stated that "the dual-use nature" of pipelines provides an opportunity to build the security of NATO's eastern flank. This is also a chance for me and central Europe to bring this issue up once more. Senior NATO officials have called on an extension of the Cold War fuel pipeline network to the east, towards Poland and three Baltic States. Further extensions should be made towards Finland and Romania in the northeast. Der Spiegel reports that such a project would cost 21 billion euros, and take 20 to 25 years to complete. The pipeline is buried 80 centimetres (30 inches) below ground and currently spans 12 countries. It ends in western Germany where it services military bases like the U.S. Ramstein Air Base as well as major civilian hubs, such as Germany's largest airport in Frankfurt. Originally, it was built to support mainly Western air forces during a conflict against the Soviet Union. According to a report by the Polish Centre for Eastern Studies, air force fuel consumption could account for up to 85% of all military fuel in wartime. It is possible to use the jet fuel that runs through NATO pipelines for ground vehicles. By adding additives, it can be used in trucks and tanks which run normally on diesel. The expansion of the network will also help to address the shortfall in storage capacity as fuel in the pipelines is in addition to fuel stored in?storage tank. According to senior military officials, fuel and ammunition are the two most important supply items for running an operation. They cite NATO estimates that full-scale war would require hundreds of millions of cubic metres per day of?fuel. According to a 'Polish think-tank study', NATO fuel consumption would exceed the current infrastructure capacity even before full-scale conflict, because of the movement of land forces and airlift operations, as well as fighter jet missions. Reporting by Alan Charlish and Pawel Florkiewicz; editing by Kevin Buckland
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Four oil and gas tanks turn back after vessel attacks from the Hormuz Strait
Ship-tracking data revealed that at least four oil and gas tanks had turned back after attempting to cross the Strait of Hormuz. This was due to renewed attacks on vessels in this critical waterway, which raised safety and security concerns. The?diversions' come after two tankers, a Qatari LNG tanker and one Saudi crude oil tanker, were damaged on Tuesday near the strait following reports that Iran had fired missiles into the waterway. This prompted maritime authorities to increase the threat level for transiting vessels from "moderate" to "severe." Data from analytics firms Kpler & LSEG revealed that the LNG tankers Al Ghariya Duhail & Al Ruwais had been heading west towards the Strait of Hormuz, before they changed course and turned away late Tuesday. The three QatarEnergy tankers were empty, and headed towards Qatar's Ras Laffan Export Facility to load cargoes. LSEG data and Kpler showed that the Indian flagged Very Large Crude Carrier Lila Vadinar made a U turn on Wednesday at the Strait of Hormuz, carrying 2,000,000 barrels of Kuwaiti 'crude' which was loaded late last weekend. Since the conflict began late February, at least 16 LNG cargoes have been shipped from Ras Laffan and 10 from the Abu Dhabi National Oil Co (ADNOC) Das Island Terminal in the United Arab Emirates. This is still only a fraction compared to the 7 million metric tonnes on average that are typically exported from both export hubs every month. Vortexa analysts report that a queue of ballast vessels, or empty ships, waiting to be loaded at Ras Laffan, has also built up. It reached more than ten ships by early July. Vortexa said that over 50 ballast vessels controlled by QatarEnergy and ADNOC are stationed in the Middle East Gulf and Strait of Malacca. Some of these vessels have switched off their Automatic Identification?System signals for longer than 10 days. At least three crude oil tankers that were stranded in the Strait managed to leave. Mercury Hope (VLCC), a Very Large Crude Carrier with 2,000,000 barrels of Emirati Crude?loaded early March, left the strait Wednesday, according to LSEG and Kpler. Anglo Eastern Maritime, the ship's manager, did not respond to a comment request immediately. The VLCC Tenjun managed by Nippon Yusen KK, and loaded with 2 million barrels Qatari crude in late February, left the Strait of?Hormuz on Tuesday evening. Shipping data revealed that the VLCC Pertamina Pride managed by Indonesian state energy company Pertamina also left the strait Tuesday with its transponder turned off. The vessel was loaded with 2 million barrels in early March. Nippon Yusen refused to comment on the Tenjun Tanker. Pertamina didn't?respond immediately to a comment request. Two shipping sources familiar with the situation said that Mangalore Refinery & Petrochemicals Ltd, an Indian refinery, has also cancelled a vessel's charter booked to load crude oil from Iraq. (Reporting and editing by Emily Chow, Florence Tan and Yuka Obayashi; Additional reporting and editing by Fransiska Naangoy in Jakarta, Nidhi verma in New Delhi and Yuka Nangoy in Tokyo)
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Maguire: The next big thing in climate adaptation isn't going to be solar panels, but asphalt.
The latest heatwave in Europe was a painful reminder that climate change is not just about cutting emissions. Temperatures in western Europe soared to over 40 degrees Celsius (104 degrees Fahrenheit). Roads buckled, rails warped, traffic signals malfunctioned, and transport operators implemented speed limits or cancelled services. According to the U.N. Economic Commission for Europe, transport infrastructure in the region is more exposed to thermal stress and deformation of rails as heat extremes increase. Since years, Europe’s infrastructure spending has been dominated?decarbonisation. Investors have focused on windmills, solar panels and electric vehicles. A?different story? of infrastructure is emerging as it becomes apparent that Europe was built largely for a climate which no longer exists. It may be that the next major investment cycle is less about generating cleaner energy, and more about making sure trains run, roads are intact, and electricity networks work during summer heatwaves. The European Environment Agency identified the protection of infrastructure against heat-related risk as one of Europe's urgent adaptation priority. The problem is most evident in the road surface. Asphalt binders that are conventionally used soften in heat and cause cracking, rutting, and deformation. Many of Northern Europe's transportation infrastructures were designed to withstand temperatures that are no longer relevant with the fall in heat records. This indicates an increase in demand for high-performance paving materials such as polymer-modified asphalt and other high performance paving materials that are already used in hotter climates. TotalEnergies' Styrelf polymer-modified binder range is specifically marketed for its resistance to rutting and thermal cracking, as well as heavy climate stress. These products are used on highways, airport runways and racing circuits. Shell is also a potential winner. The company is still one of the largest bitumen suppliers in the world and has increased its range of advanced binder designed to increase pavement life span and withstand harsher operating conditions. Investment opportunities do not always lie in the development of new technologies. The investment opportunity may be as simple as selling Northern Europe road materials that are already standard in Southern Europe, the Middle East and Asia. The RAIL RESILIENCE BOOM Railways are a greater challenge. The European Union's ambitions to reduce carbon emissions are heavily dependent on the shift of passengers and goods onto rail. Rail systems are sensitive to temperature extremes, because steel expands when heated. Heatwaves in recent weeks have caused service disruptions in multiple countries. Operators are dealing with deformation of rails, melting sealants and signalling problems, as well as speed restrictions. UNECE warns that such disruptions will become more common if adaptation measures are not taken. This creates new opportunities for rail infrastructure specialists. The German company?Vossloh provides concrete sleepers and rail fastenings for various climate zones around the world. The use of concrete sleepers and stronger fastening systems helps maintain track stability in periods of thermal expansion. Pandrol's fastening system, which is used in rail networks all over the world, will also benefit from efforts made to increase track resilience and reduce maintenance requirements under climate conditions that are becoming more volatile. voestalpine Rail Systems, Austria, also stands to benefit from increased spending on rail components and turnouts. The climate adaptation strategy of Europe for transport could require that significant sections be rebuilt to standards previously associated with regions much hotter. The Unsung Materials Story Investors who are looking for adaptable winners should also pay attention to cement, specialty chemicals, and construction materials. Thermal expansion and accelerated wear are the main effects of heat stress on bridges, tunnels, and other civil structures. Companies like?Heidelberg Materials and Sika can be attractive in this area because they provide advanced concretes, specialty add-ins, sealants and reinforcement systems, as well as other products which extend the life of assets under harsh conditions. It is possible that the adaptation trade will end up being as much a story of materials as it is an engineering story. Climate adaptation, just as the energy shift created a demand for lithium and copper, could also create a sustained?demand for high-performance concrete and advanced steel products, and construction chemicals. DON'T FORGET THE GRID Power sector is another story. Electricity is becoming increasingly important for transport systems. All transport systems, including railways, signalling, charging infrastructure, and urban transit networks, require power networks that can operate in extreme temperatures. This should encourage the demand for higher-performance cables and transmission systems with upgraded conductors. Prysmian, Nexans and other major European grid expansion projects are all already being supplied by these companies. The Nordic cable manufacturer NKT will benefit from the network reinforcement and underground wiring programmes. French grid operator RTE recently announced plans to lay 45,000 km of transmission and distribution cables by 2030. IS THIS THE NEXT SUPER-CYCLE IN INFRASTRUCTURE? The decarbonisation market continues to 'overshadow the adaptation market, which could be shortsighted. If rail services are not available during heatwaves, every euro spent on electrifying transportation is less valuable. If transmission systems are unable to cope with extreme weather, then every investment in clean energy loses value. Europe's policymakers spent more than two decades trying to figure out how to reduce emissions. It may be more important to ask how society can continue to function in a world that is warmer. Heat-resistant asphalt, advanced elastomeric lubricants and expansion joints are unlikely to generate the same excitement as solar and battery stocks. When temperatures exceed 40C, they can be just as important. These are the opinions of the columnist, who is also an author. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. 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NATO announces $50 billion worth of arms deals at Ankara Leaders' Meeting
Defense companies from NATO member countries gathered in Ankara for an industry forum that was held along with?the annual summit of the alliance. Officials touted over $50 billion worth of defence 'procurement' and industrial agreements, as allies sought to bolster?military spending.
Some announcements are based on firm contracts or procurement plans while others may be subject to future negotiations, approvals, or development. These agreements are made as European allies continue to be under pressure from U.S. president Donald Trump, who wants them to shoulder more of the defence burden for their alliance.
Here are some of the recent deals that have been announced:
SAAB Swedish defence manufacturer Saab announced that NATO would begin formal negotiations to acquire up to ten GlobalEye aircraft for airborne early warning and control.
Micael J. Johansson, CEO of the company, told reporters that deliveries could begin as early as 2030. The final price would be between $400 and $450 million for each aircraft.
LOCKHEED MARTIN RHEINMETALL
Lockheed Martin signed a Memorandum of Understanding with Rheinmetall on Tuesday, committing to 'jointly manufacture ATACMS missiles outside of the United States.
U.S. officials have also announced that the United States plans to establish a facility in Europe where Lockheed Martin’s advanced PAC-3 missile air defence will be maintained. Michael Duffey, the Undersecretary of Defence, said Tuesday. Washington does not rule out the possibility of producing the missiles abroad, Duffey said, though it is still unclear where the facility would be located.
According to the Ministry of Defence, Lockheed Martin's Precision?Strike missiles (PrSM) with a long range will cost £254million. The first deliveries are expected in 2027. The UK may join the current program partners Australia and the U.S. to further develop the missile.
NORTHROP GUMMAN NATO Secretary-General Mark Rutte announced that NATO allies would 'buy up to five?Northrop Grumman MQ-4C Triton?high-altitude surveillance drones. Norway, Finland Germany and Denmark signed a letter for the purchase.
AIRBUS NATO's Secretary General Mark Rutte announced that the alliance will?launch a fleet of strategic Airbus A400M transport aircraft and?expand?its A330 MRTT Tanker fleet by an additional aircraft.
ISAR AEROSPACE German Rocket Maker Isar Aerospace has signed a 'contract with Canada’s Maritime Launch Services for the 'build and use of a dedicated launchpad for a specialised rocket called Spectrum at Spaceport Nova Scotia in eastern Canada.
ACCENTURE, LEONARDO The IT consulting company Accenture and the Italian defence company Leonardo have signed a contract worth about 200 million euro for a seven-year period to design and run a secure NATO communication network.
(source: Reuters)