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EU: Spain's airline fines for cabin baggage fees are illegal
The European Commission said on Wednesday that the fines levied by Spain against Ryanair, an Irish budget airline and other airlines charging additional fees for cabin bags were in violation of regulations. Last year, the Spanish Consumer Rights Ministry fined Ryanair and easyJet, Norwegian Airlines, IAG’s low-cost subsidiary Vueling as well as Volotea, a total of 179 million Euros ($208 million). This was for practices like charging for cabin baggage. These fines challenge the business model of budget airlines, which relies on low ticket costs while charging extras such as larger hand luggage that was traditionally included in price. The Commission, however, said that the fines violated EU law on air service which allows airlines to "set their own prices". The letter said, "The Commission will send a formal notice to Spain. Spain has two months now to respond to the deficiencies and correct them." The letter initiates a "violation procedure" that could lead to the EU Court of Justice hearing the case. Pablo Bustinduy (Spanish Consumer Rights Minister) accused the Commission siding with airlines and against consumers. He told reporters that it was regrettable that "the European Commission decided to openly position themselves as the defense attorney for these handful of large multi-nationals who are profiting on the backs of consumers rights." "We will take our case to the EU Tribunal and defend it with all the rigor we can muster." Michael O'Leary, Chief Executive Officer of Ryanair, told reporters in Madrid that in reality the Commission had sided with consumers who benefited from more price options. In June, a Spanish court ordered that the fines be temporarily suspended while the case was investigated. The court's injunction allowed the airlines to continue their pricing policy, until a final ruling was made.
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Nigeria commissions its first fully owned floating vessel in order to boost oil production and exports
One of the companies that developed it has announced that Nigeria, Africa's largest oil producer, has commissioned its very first Floating Storage Offloading vessel (FSOD) near its Bonny Export Terminal. The FSO with a capacity of 2.2 million barrels aims to increase crude oil production and transportation from Oil Mining Lease 18 in the Eastern Niger Delta. The FSO is expected to reduce the reliance on pipelines, and minimize risks associated with theft of oil and vandalism. The FSO Cawthorne is a joint venture between Nigerian National Petroleum Company Ltd, which owns a 55% stake in OML 18, Sahara Group and Eroton Exploration and Production. Sahara Energy announced in a press release that they are stationed off Bonny, the Nigerian export port for high-grade Bonny Light crude. Tosin Etomi is the head of commercial and planing at Asharami Energy. This company is part of the Sahara Group. He said that this vessel will help reduce carbon emissions from barge movement and improve evacuation safety. The double-hull vessel is a converted Very Large Crude Carrier. It was designed to receive crude oil, store it, and then offload it to export tankers. This will address long-standing logistics constraints, such as limited capacity of barges, siltation in berthing slots, and delays during ship-to-ship transfer. The OML 18 production target for 2025 of 50,000 barrels a day is expected to be met. (Writing and editing by Emelia Sithole Matarise; Chijioke Ahuocha)
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IATA chief: US shutdown is not causing significant flight disruptions
Willie Walsh said that the U.S. shutdown of government has not significantly affected domestic commercial flights, nor has it prevented the recruitment of air traffic controllers. "There have been no significant impacts so far." Walsh, speaking at the World Aviation Festival held in Lisbon, said: "I would say that there hasn't been any major damage." The Federal Aviation Administration (FAA), on Monday, said that staffing problems were causing delays in several airports including Newark and Denver. The FAA had to slow down air traffic in New York during a 35-day shut down in 2019. This put pressure on legislators to end the standoff quickly. Air traffic controllers, including 13,000 of them, will miss their first pay on October 14, but they must still report to work during the shutdown. Walsh noted that the shutdown hasn't affected the recruitment of air traffic controllers. "That is a major change compared to the past and a positive development." "I hope this issue will be resolved quickly," said he. He said that IATA continues seeing a strong demand for passengers and cargo on a global level. The forecast is that passenger traffic will slow down to 5.8% per year in 2025 from 10.6% in the previous year. Year-to date, it was 5%.
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EU: Spain's airline fines for cabin baggage fees are illegal
The European Commission said on Wednesday that the fines levied by Spain against Ryanair, an Irish budget airline and other airlines charging additional fees for cabin bags violated existing regulations. Last year, the Spanish Consumer Rights Ministry fined Ryanair and easyJet, Norwegian Airlines, IAG’s low-cost unit Vueling, and Volotea, a total of 179.16 million euros for practices like charging for cabin baggage. These fines challenge the business model of budget airlines, which relies on low ticket prices and charges for extras such as larger hand luggage. The commission said that the fines violated the EU law governing air services which gives airlines the "freedom" to set their own prices. The letter said, "The Commission will send a formal notice to Spain. Spain has two months now to respond to the deficiencies and correct them." The European Commission has opened an infringement procedure that could lead to a case being brought before the EU Court of Justice. Pablo Bustinduy (Spanish Consumer Rights Minister) accused the Commission siding with airlines and against consumers. He told reporters that it was regrettable that "the European Commission decided to openly position themselves as the defense attorney for these handful of large multi-nationals who are profiting on the backs of consumers rights." "We will take our case to the EU Tribunal and defend it with all rigor." In June, a Spanish court ordered that the fines be temporarily suspended while the case was investigated. The court's injunction allowed the airlines to continue their pricing policy, until a final ruling was made.
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US sanctions against Serbia's NIS Oil Company, owned by Russians, are postponed for one week
According to sources, the U.S. delayed sanctions against Serbia's NIS oil company owned by Russia, which operates Serbia's sole oil refinery for a week, until October 15. The Nova Ekonomija portal in Belgrade reported this on Wednesday. JANAF reported on Wednesday that the U.S. had extended the license of Croatian oil pipeline operator JANAF for another week to allow it to continue transporting crude oil to Serbia in order to meet the contract volumes. NIS has not responded to a comment request. The U.S. sanctioned NIS in early January as part of an overall effort to isolate Russian assets. The measures were delayed until the 9th of October, when they were expected to be stopped. JANAF announced in a press release on Wednesday that, at JANAF’s request, the U.S. Treasury’s Office of Foreign Assets Control has extended the measure for an additional week. NIS is among the last remaining Russian energy assets in Europe. Gazprom holds 44.9% of the stake and an investment unit within Gazprom owns around 11.3%. The Serbian Government holds 29.9%. Experts said that while NIS claims to have enough oil and oil products to supply the domestic markets in the short term, sanctions will make it more difficult to ensure deliveries over the longer term. JANAF transports crude oil from the Croatian coastline to Serbia. The license extension will allow JANAF to perform "activities which are customary and essential for oil transportation with the goal of completing the activities under the crude oil transportation contract previously mentioned by October 15. Maran Helios is the next tanker to arrive in Omisalj, Croatia. It will transport approximately 1,000,000 barrels of Kazakh crude to NIS via the JANAF system. According to a source familiar with the situation, it is expected to arrive on 8-9th October overnight. Reporting by Aleksandar Vasovic and Ivana Sekularac; Editing by Edward McAllister and Aidan Lewis
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Germany allows police to shoot drones
Germany will give police the authority to shoot down drones that are causing disruptions at airports in Europe, which some European leaders attribute to a hybrid warfare being waged by Russia. The new law that was approved by the cabinet Wednesday, and is awaiting approval by parliament, allows the police to shoot down drones that violate Germany's airspace. This includes in the case of an immediate threat or grave harm. Lasers and jamming of signals are other techniques that can be used to disable drones. In a social media post, Chancellor Friedrich Merz stated that "Drone incidents are a threat to our security." We will not allow that. We're strengthening the Federal Police to detect and combat drones more quickly in the future. After rogue drones were spotted at Germany's second-largest airport, Munich, dozens of flights have been diverted or canceled, leaving over 10,000 passengers stranded. Merz said that he assumed Russia to be behind the drones which flew over Germany at the weekend. However, none of them were armed. They were on reconnaissance flights. After Moscow's full-scale invasion in Ukraine 2022 and their support for Kyiv, EU leaders now view Russia as a serious threat to the security of their continent. Ursula von der Leyen, President of the European Commission, called for a "drone wall" - a system of sensors and weapons that can detect and track unmanned aircraft and neutralise them - last month to protect Europe's east flank. Some say that drones used in recent incidents may have also been launched within the EU. KEEPING UP WITH FAST INNOVATIONS IN DRONES With this new law, Germany has joined other European countries who have recently granted their security forces the power to shoot down drones that violated their airspace. These include Britain, France and Lithuania. Alexander Dobrindt, Minister of Interior, said that a dedicated counter-drones unit would be created in the federal police. Researchers will consult with Israel and Ukraine, as they are more advanced drone technology. Dobrindt stated that the police would be responsible for drones hovering at tree level, while more powerful drones were best handled by the military. According to data provided by Deutsche Flugsicherung, Germany experienced 172 drone-related air traffic disruptions between January 2025 and September 2025. This is up from 129 incidents in the same time period last year, and 121 incidents in 2023. Last month, German military drills in Hamburg, the northern port city, demonstrated how a large drone, like a spider shot a net in mid-flight at a smaller drone, entangling propellers, and forcing it down to the ground where a robot dog trotted to look for possible explosives. In densely populated areas, shooting down drones may be dangerous. Airports also do not always have detection systems capable of reporting sightings immediately. (Reporting from Sarah Marsh and Andreas Rinke, both in Berlin; Additional reporting by Madeline Chambers. Editing by Alexandra Hudson.
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Orlen Unipetrol receives 200,000 tonnes of oil from the Czech Republic during TAL works
According to the agency for state reserves, on Wednesday, a total of 200,000 metric tonnes of oil will be lent to Orlen Unipetrol by the Czech Republic due to restrictions imposed on the TAL pipe during modernisation works. The State Material Reserves Administration said that work to modernise the pier in Trieste (Italy), where the pipeline begins was limiting tanker movement and reducing supplies. It said that the work would last until mid-November. Orlen Unipetrol is owned by Poland's Orlen and is the main refiner in the country. In April, the Czech Republic no longer required Russian crude oil deliveries from the east after improvements along the TAL made it the only route for crude delivery. TAL crosses into Germany, where it meets a pipeline that heads to the Czech Republic. The Czech Republic now has a capacity of 8 million tons annually, which is enough to meet its annual requirements. (Reporting and editing by Kirovan Donovan; Jason Hovet)
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Maguire: Texas wind speeds in focus as rare fuel production cut to reach:
Texas's primary power generation system will see a rare decline in fossil fuel generation by 2025, if the output of its massive wind farms increases as predicted in the last quarter of this year. Data from LSEG show that fossil fuel electricity generation in the Electric Reliability Council of Texas, Texas' main energy network, is down 1% compared to the same nine-month period of 2024. The total ERCOT generation has increased by 5% in the past year, thanks to a 14% increase in clean energy generation. Texas solar parks are responsible for the majority of the increase in output in 2025. ERCOT solar production has increased by 45% from the previous year. Wind farms, however, will be a major factor in the generation of clean energy and fossil fuels over the last quarter of this year. This is provided that wind patterns continue to unfold and increase sharply from their recent lows. CLEAN GROWTH LSEG data show that clean energy sources accounted for a record-breaking 46% of ERCOT’s total generation mix in the first nine months of 2025. This generated a record-breaking 7.1 million Megawatt Hours (MWh) power. In 2025, all of ERCOT’s clean energy sources, including wind, solar and nuclear, have reached new heights. Power firms have benefited from the growth in clean energy to boost total power production to a record high of over 15,6 million MWh. Wind farms, with 3.57 million MWh, provided the most clean energy. LSEG data show that solar produced 2.18 million MWh while nuclear reactors generated 1.3 million MWh. Hydro dams produced just over 21,000 MWh. FOSSIL CUTTS The sharp increase in natural gas prices in early 2025 has caused ERCOT generators, who are the largest source of power in ERCOT, to reduce their gas-fired output this year. The gas-fired generation from January to September totaled 6.47 million MWh. This was 4% less than in the same months of 2024, and was the lowest since 2022. The coal-fired generation increased by 11 % from the previous year to 2 million MWh, as utilities increased output from cheaper coal-fired plants to compensate for the shortfall of gas-fired production. The total fossil fuel-fired electricity generation in the first nine month of 2025 fell by 1% compared to the same period in 2024. WIND OF CHANGE ERCOT's power mix tends to change significantly as the seasons shift into winter and fall. Many ERCOT power plants undergo maintenance in October and November to repair the damage caused by the peak summer power demand. As the use of air conditioners that are power hungry decreases during shoulder season, power providers can afford to reduce total operating capacity for fossil fuel plants now until December. The onset of winter in Texas can cause a dramatic drop in the output of solar farms. However, it also causes a significant increase in the output of wind farms when wind speeds are increased at the turbine level. The wind speed tends to drop during the summer, resulting in the lowest generation of electricity during the quarter from July to September. LSEG data show that between 2022 and 2024 the ERCOT wind generation increased on average by 17% in the last quarter of the year compared with the previous quarter. This increase in wind generation has also helped to lift the share of wind power in the ERCOT mix of generation from 17% during the third quarter, to 26% during the quarter of October to December. WIND WATCH ERCOT's power trackers will closely follow wind generation forecasts in order to determine the overall system generation requirements through the end the year. The latest wind models by LSEG predict that wind generation in the second half of October will be around 20 to 25 percent higher than the wind output recorded during the first week of October. Wind speeds will increase from October, and a higher production from wind farms is expected. This may mean less fossil fuel power plants are needed. This could lead to a rare drop in the overall production of ERCOT fossil fuel plants this year even though total electricity generation continues to grow thanks to increased clean energy output. ERCOT managers must boost fossil fuel generation to fill the gaps if wind output remains patchy or under average. This will result in fossil fuels growing for another year. These are the opinions of the columnist, an author 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.
Ross Kerber: US Boards seek experience in dealing with AI and tariffs
New data indicates that recruiters are returning to the basics when it comes to hiring directors for top U.S. firms. Boards want experienced people to help them tackle issues like artificial intelligence or President Donald Trump’s tariffs. These trends are also a departure from the focus boards used to have on recruiting younger directors or those with more diverse backgrounds. According to a report released on Tuesday by Spencer Stuart, the executive search firm and leadership advisory, incoming directors of S&P 500 companies are averaging 59.1-years-old. This continues a trend that has been increasing for years.
In addition, 30% of the new directors are CEOs who are currently active or have retired, and 29% come from a financial background. These figures remain unchanged since 2024. Julie Hembrock Daum is the chair of Spencer Stuart’s North American Board Consulting Practice. She said, "We are going back to those people who have stated that they really want CEO experience." Most companies would love to have an active CEO in the board, but it's becoming harder and harder for them to get one. This is because big investors are limiting public company CEOs’ outside commitments.
Experience is important in determining how companies respond to AI, and Trump's tariffs.
Daum stated that the boards of companies in industries such as hospitality and construction also deal with pressures on their employees, including rising costs of living, particularly housing costs, as well more aggressive immigration enforcement.
3M is one company that has added an independent director as a CEO from outside this year. David Bozeman was appointed by C.H. Robinson Worldwide. Meta Platforms has also added Exor CEO John Elkann as well as Patrick Collison CEO of privately-held Stripe to its board.
This article was not immediately commented on by 3M or Meta.
NEW LOOK AT DEMOGRAPHICS
Corporate boards, once considered to be purely ceremonial, have gained more attention in the wake of the financial crisis. Board committees have been pressed into taking on stronger oversight in areas like executive compensation and information security.
After the #MeToo movement and Black Lives Matter, boardroom demographics got a new look. Many companies have added disclosures regarding directors' self-identified racial, gender and sexual preferences.
Earlier this decade, advocates used data to pressure companies to include more women and minorities on their boards. This effort led to more diverse boards. However, momentum has slowed down since the recent backlash on diversity. Spencer Stuart reported that 38% of the 374 independent directors appointed by S&P500 companies in this year were women. This is down from 42% and 47% respectively in 2024. This year, minority directors accounted for 17% of the class. That's down from 26% and 22% respectively in 2024.
The overall representation of corporate boards is largely the same as it was in 2024. Women now make up 35% and minorities, 24%. Barry Lawson Williams has been a long-time corporate diversity advocate. He said that he's noticed a similar drop in demand for candidates who are underrepresented. He noted that some boards do not replace minority candidates when they leave. Williams said in an interview that he believes the board should be refreshed or rotated to allow for greater diversity. This will also recognize that skills sets change over time. Daum also agreed that some boards do not replace directors. This is why, in 2025, the number of independent directors dropped from 406 to 374.
When they added diverse candidates, the boards tended to grow. She said that when there was a turnover of staff, the board did not replace them.
The average compensation of non-employee director was $336.352 in 2016, up from $272.497 last year and $327.096 the year before.
(source: Reuters)