Latest News
-
Singapore opposition legislator opposes Temasek funding to Air India
Singapore opposition legislator urges that Temasek, the state investor, not be used to bolster Air India after reports that 'the Indian carrier had asked owners Tata Sons, Singapore Airlines and Temasek, who is majority owner of Singapore Airlines for $1.5 billion. Kenneth Tiong of the Workers' Party, an opposition member of parliament, stated in a post on social media that since Singapore Airlines owned about 25% of Air India, and Temasek, in turn, owned most of Singapore Airlines, the request "was not only a private shareholder question." I will not support or expect any future use by Temasek of funds to support Air India through Singapore Airlines. "If Singapore Airlines wishes to continue its?bet on Air India, they should do it on their own, not with Temasek’s help," he said. He added without further explanation that "whichever of the two writes a cheque?it will have an impact on Temasek." Singapore's Ministry of Transport did not reply to requests for comment. Neither did Temasek or Air India. A spokesperson for Singapore Airlines said that the board of directors would consider Air India's request for additional capital, taking into account the group's?capital needs and its business strategy. Tiong also said that he filed a written question to the Transport Minister on 8 September, asking if the losses and carrying amounts of Singapore Airlines' foreign affiliates had been compared with its ability to provide essential transportation services. Singapore Airlines' commercial decision is now being scrutinized by the political establishment in Singapore. The airline's 25.1% share in Air India has affected its earnings, as Air India's losses have widened. Tata Sons Chairman N. Chandrasekaran said that the turnaround could take up a decade. Air India Express and its budget-wing Air India posted combined losses in the year ending March of $2.33 Billion, which is more than twice the previous year. Singapore Airlines absorbed its share of the losses. Air India will continue to require capital infusions "in the coming years", a source with knowledge of the matter said earlier this week. Air India's future funding has been a topic of discussion for many years. The Securities Investors Association of Singapore (SIAS) asked the Singapore Airlines board whether it had set limits on the amount of capital that could be allocated to Air India, and under what conditions they would approve additional capital. Singapore Airlines didn't provide a limit in a response written on 17 July. The company stated that its board would consider any requests carefully, while taking into account its other capital needs?and Air India’s business strategy. Air India is suffering from Pakistan's ban on Indian carriers flying in its airspace, the disruptions caused by the U.S./Israeli war against Iran and the fallout of a fatal crash that occurred last year. (Reporting from Abhijith Ganahapavaram, New Delhi; Additional Reporting by Xinghui Kok, Singapore; Editing Jamie Freed).
-
Kuehne+Nagel's Apex unit cooperates with US investigation after report about alleged chip-smuggling
Kuehne+Nagel announced on 'Thursday' that 'Apex Logistics, its division, was cooperating fully with authorities in a u.s. Bloomberg News reported on a government investigation into alleged AI chip smuggling. The Swiss logistics group Kuehne+Nagel confirmed that Apex Logistics was cooperating fully with the authorities in this isolated case, as part of a larger investigation by the U.S. Government. Kuehne+Nagel was not contacted by authorities. As this case does not concern Kuehne+Nagel, and is still under investigation, we are unable comment on the matter further. Apex is a business that Kuehne+Nagel acquired in 2021 and operates as an independent company within the portfolio of the group. Kuehne+Nagel's shares dropped?3.7% during the first hour of trading following the publication by Bloomberg?of the report early in the morning. Anastasiia Kozova and Amir Orusov report from Gdansk; Milla Nissi Prussak edits.
-
Singapore opposition legislator opposes Temasek funding to Air India
An opposition Singapore lawmaker urged against using state investor Temasek’s money to bolster?Air India after reports that the Indian carrier had?asked for $1.5 billion from owners Tata Sons, Singapore Airlines and Temasek, who are majority-owned by Temasek. Kenneth Tiong of the Workers' Party, an opposition member of parliament, stated in a post on social media that since Singapore Airlines owned about 25% of Air India, and Temasek, in turn, owned most of Singapore Airlines, the request "was not only a private shareholder question." I will not support or expect any future use of Temasek funds to support Air India through Singapore Airlines. "If Singapore Airlines wishes to continue its wager on Air India, they should do it on their own, not with Temasek’s help," he said. He added that whichever of the two wrote the cheque, it would have a significant effect on Temasek, without going into further detail. Singapore's Ministry of Transport and Temasek did not reply to emails asking for comment. Neither did Air India, Tata Sons, or Tiong. Tiong also said that he filed a written question to the Transport Minister on September 8th, asking if the losses and carrying amounts in Singapore Airlines' associates abroad have been compared with its ability to provide essential transportation services. Singapore Airlines' commercial decision is now being scrutinized by the political establishment in Singapore. The airline's 25,1% stake in Air India weighed down on its earnings, as Air India's losses increased during the multi-billion dollar turnaround. Tata Sons Chairman N. Chandrasekaran said that it could take up to 10 years for Air India to turn around. Air India Express and its budget-arm Air India posted combined losses in excess of $2.33 Billion dollars for the year ending March. This is more than double what they reported the year before. Singapore Airlines has taken its share of the losses. Air India will continue to require capital infusions over the next few years, according to a source with knowledge of the situation. Earlier this week. Air India's future funding has been questioned before. The Securities & Investors Association (Singapore), which held its annual general meeting in Singapore last month, asked if the Singapore Airlines board has set limits on the amount of capital that can be allocated to Air India and under what conditions it will approve additional capital. Singapore Airlines didn't specify a limit in a response written on July 17. The company stated that its board would carefully consider any request, taking into consideration its other capital needs and Air India's?business strategy. Air India is suffering from a number of factors, including the ban on Indian airlines flying into Pakistan, the disruptions in its international network caused by the U.S./Israeli conflict with Iran and the aftermath of a fatal crash that occurred last year. (Reporting from Abhijith Ganahapavaram, New Delhi; Additional Reporting by Xinghui Kok, Singapore; Editing Jamie Freed).
-
French and Benelux stocks - Factors to watch for on August 27
Here are some 'company news and stories' from France and Benelux that could have an impact on the region's stock markets or individual shares. Eiffage: Eiffage, a French construction company, reported its half-year revenues on Wednesday. They rose by?2.3% compared to the previous year and reached EUR12.2 billion (USD14.22 billion). The company also confirmed its outlook for 2026. Logistical ID: ID Logistics reported a first-half EBITDA of EUR314.8 Million. Ramsay ?Generale de Sante: The company reported a net loss of EUR48.3million for the full year. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 ?STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 ?sectors..................... Top 25 European pct gainers....................... Top ?25 ?European pct losers........................ Main stock markets: Dow Jones............... Wall Street ?report ..... Nikkei 225............. Tokyo report............ FTSE ?100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... survey ?of world bourse ?outlook......... European Asset ?Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report..... ($1 = 0.8580 euros)
-
Number missing in Tibet after Nepal mudslide tops 550; China flags upstream risk
Chinese state broadcaster CCTV announced on Thursday that the number of people missing in China's Tibet following a mudslide from Nepal has risen to 558, including 260 foreigners. Authorities have also warned about geological risks upstream. A wall of rock and mud collapsed on Wednesday into a river near Gyirong, at the border of the Tibet region with?Nepal. This triggered a flash flooding that left scores of people dead?downstream? in Nepal and hundreds missing, and destroyed houses, roads, and power projects. CCTV reported that China had confirmed an official death count of three on the Tibetan side of the border. It said that two villagers were rescued and surrounding villages in danger zones had been evacuated. CCTV reported that authorities have identified a risk from a lake dammed upstream of the Himalayan border cross-over, which could complicate rescue operations. CCTV reported that the Ministry of Water Resources in China 'has increased monitoring and assessments of the lake at the 'intersection of Chhochen Khola River and Purepu Tsangpo Rivers northeast of the disaster site to support rescue activities and prevent secondary events. CCTV reported that China also mobilised teams of firefighting and rescue personnel from Beijing and Chengdu in order to assist local police and military forces. Reporting by Liz Lee and Tiffany Le; Editing by Muralikumar Anantharaman, Christopher Cushing and Beijing Newsroom
-
Nepalese rescuers search for survivors after devastating flood that killed 162 people
Rescuers in Nepal searched for hundreds of missing people on Thursday using helicopters. A wall of mud and rocks collapsed into a Himalayan river near the border with China, causing catastrophic floods that swept through valleys and towns, killing 162. Nepal tourism officials reported that more than 400 foreigners are among the?579 tourists who have not been found. The disaster has swept through a region frequented by pilgrims and trekkers. Police said they expect the death toll to rise beyond 162. Abi Narayan Kaffle, a police spokesperson said that the death toll would rise as more bodies were expected to be found. Sunil Sharma, a representative for Nepal's Tourism Board, said that 47 of the missing tourists were Americans, 34 Australians, 33 Britons and 24 Canadians. Chinese state broadcaster CCTV reported on Thursday that 558 people were missing, including 260 non-Chinese nationals. It was not immediately known if these figures matched. Verified videos show a mudslide sweeping away hundreds of people in Gyirong at a border crossing. Homes, roads, and power projects were washed downstream in Nepal. Keshav Baral, who is being treated at a hospital, described the mud gush as "a huge gush coming straight towards us." As it approached, the height of the object increased. I grabbed my wife's arm and tried to take her up to the terrace when I saw it enter our house. She was swept off by the mud. Four hours later, a helicopter brought him to safety. He added, "My wife may still be buried under the mud." "She's gone." Another survivor told how he was saved by holding on to a tree while he watched his house disappear. Raja Ram Basnet is a spokesperson of Nepal's army. He said that helicopters have begun delivering tents, food, and other emergency supplies from India to the worst-hit districts. According to early reports by Nepali officials, an earthquake could have caused a glacier's lower portion to collapse. This would then trigger the flooding. The U.S. Geological Survey reported that an earthquake initially?reported at 4.4 was actually seismic energy generated by?collapsed glacial rock and debris flow, followed by debris flows. Many of the victims had been on a pilgrimage in Tibet to Kailash Mansarovar. This high-altitude site is revered by Hindus, Buddhists and others. Mount Kailash is the Hindus' belief of the Lord Shiva's abode. It lies on the shores of Lake Mansarovar which is also sacred to other religions. The U.S. State Department announced that it would send a disaster response advisor and provide assistance of $500,000. Mark Carney, the Prime Minister of Canada, said that Canada is also closely monitoring the situation. He described the flooding as "absolutely devastating". Secretary-General Antonio Guterres announced that U.N. teams, partners and staff were supplying supplies and personnel in support of the affected Nepali community. China's State Broadcaster reported three deaths and 265 people missing in Gyirong but said the exact toll is still being verified during the rescue efforts. According to Prime Minister Anthony Albanese, 34 Australians are missing. He said that "Nepal is a developing nation." "It does not have the resources of an event such as that in Australia. Information is therefore difficult." Eight South Korean nationals who were working at a hydroelectric plant are missing. Malaysia and Japan have also reported missing people. VIDEOS SHOWS PEOPLE FLEEING WHILE BEING DRIVEN AWAY On the Chinese side of the border, security footage showed people fleeing as a torrential rain of mud, rock and water destroyed many buildings and vehicles. Images showed people gathered in front of a Nepali Army training centre, which was used as a base for helicopter rescues. The police at the gate took the names of those missing by using the flashlights that were left on the mobile phones as the only light source after the damage caused to the hydropower plants cut the power. Mud covered homes, vehicles, and trees in the affected areas. Helicopters carrying survivors hovered above all day. Nepal disaster management officials reported on X that an initial analysis of Planet Labs satellite images showed a landslide involving ice and rock, which caused a flood to carry debris into the Lhende River. This was about 20 km (12 mi) northeast of Nepal-China Rasuwagadhi Border Crossing. Television images showed a floating metal bridge, a collapsed home, and cars that were washed out. Witnesses said the water engulfed whole villages. Tula Bahadur BB, a health worker in Rasuwa said: "There's devastation everywhere you look." The settlements along the river were completely washed away. Five of my relatives are missing. China's official Xinhua News Agency said that the mudslide struck the Gyirong Port, cutting off roads, communications, and power in the border area of Shigatse. Rescuers told the state broadcaster CCTV that they had made no progress in contacting the border port at Gyirong, adding, "There have been no results so far." In an interview, the rescuer said that a drone inspection revealed all roads leading to the border crossing had been "completely destroyed".
-
Qantas full-year profits fall 14% due to fuel costs; A380s will be retired in 2028
Qantas Airways, Australia's largest airline, reported on Thursday a 13.8% decline in its pre-tax profit for the full year, due to the Middle East conflict and a surge in jet fuel prices. The flag carrier of the country also announced that it is in discussions with major aircraft manufacturers Airbus and Boeing to convert 20 options into firm orders starting from?2030. Qantas stated that "Project Sunrise and additional 787-9 deliveries have been confirmed for calendar year 2027. The A380 fleet is expected to be retired in calendar year 2020, in order to maximize capital efficiency while maintaining network reach with the new wide-body aircraft fleet." The carrier reported an underlying profit before tax of A$2,06 billion ($1.48billion) for the year ended June 30 compared to A$2.39billion reported a previous year, which was slightly higher than the Visible Alpha consensus estimation of A$2.00billion. The Middle East conflict caused jet fuel prices to more than double and remain highly volatile during the second half. Qantas hedged almost 90% of its crude oil exposure in the second half, but it was still vulnerable to changes in jet refinery margins. The rising costs of fuel are partially offset by higher fares, reduced domestic capacity and the re-deployment of aircraft to better international routes. The carrier declared a final dividend per share of 19,8 Australian cents, a higher amount than the 16,5 Australian cents declared last year. The company also decided to scrap its A$150 million share buyback announced in February that never started after the Iran War.
-
The US has failed to enforce privacy laws for airline passengers, according to lawmakers.
Two Democratic 'U.S. On Wednesday, lawmakers asked a congressional agency to investigate the failure of the Transportation Department to ensure privacy for airline passengers. Senator Ron Wyden and Representative Shontel 'Brown asked the Government Accountability Office (GAO) to investigate USDOT. They said that USDOT has not brought any enforcement actions related to passenger data in over 40 years, "despite many widely publicized privacy disasters affecting hundreds of millions travelers." GAO confirmed that it received the request. The letter stated that "USDOT’s abdication of its privacy regulatory role has left the'sensitive personal information of thousands of millions of Americans vulnerable to corporate exploitation and warrantless government surveillance and 'warrantless seizures of money and property." It also added "Travel data stored by airlines and travel agents may be of interest to foreign enemies. Sean Duffy's spokesperson did not immediately comment. In March 2024, the then-Transportation secretary Pete Buttigieg opened an investigation into how 10 of the largest U.S. Airlines collect and use passengers' information. In the letter, it was stated that two years after "it is still unclear whether or not a meaningful review took place." USDOT didn't make the airlines' responses public, nor did it announce any public findings or take any enforcement action. Airlines for America declined to comment. The letter stated that the Airline Reporting Corporation, which is owned by the major U.S. carriers, has sold access to an enormous database of?roughly 722 millions passenger travel records? to federal agencies such as the Homeland Security Department, Internal Revenue Service and the Internal Revenue Service without warrants or judicial oversight. The letter?noted by ARC in November 2025 ARC ceased the effort, but this year 'DHS issued a request for a replacement system to be installed on airlines. The letter cited also a 2016 Justice Department Audit that showed the Drug Enforcement Administration paid airline employees millions of dollars in order to obtain private passenger information about Americans. Airlines could be subject to civil penalties if they mishandle consumers' personal information. (Reporting and editing by David Shepardson)
According to a railway operator, Ukraine's grain imports are down 60% this month as compared to July.
Ukraine's grain sales have plummeted?this week after Russian attacks effectively shut down its Black Sea ports.?Rail and river routes are unable to compensate for the lost capacity.
Ukrzaliznytsia, the state railway operator, said that grain exports have been reduced by 60% compared to the same period in August last year.
It said that the volume consisted of 170,000 tons delivered to Ukraine's Danube port and 343,200 tonnes transported to the western border crossings.
After Russian attacks effectively blocked Ukraine's Black Sea port, which handled?90% grain exports, shipments have been rerouted via Danube ports, and border crossings to European countries. These routes, however, 'cannot compensate for the lost Black Sea export capability.
Ukrzaliznytsia claims it can transport up to 1 million tons per month of grain to land borders, for export. And 500,000 tons a month into Danube port.
Ukraine's deep water?Black Sea port in the Greater Odesa region can handle up 6 million tons per month of grain exports.
According to data from the Agriculture Ministry, Ukraine exported only 539,000 tons of grains between August 1 and 21, compared to 1.73 million during the same period last year.
ALERTS FOR AIR RAIDS ARE COMMON WHEN NO FLEET IS AVAILABLE
Officials from the Ukrainian railways say that exports could be increased via the Danube, just as they were in the 'early years of the conflict. But a lack of vessels and frequent alerts of air raids is hampering operations.
"We can send 500,000 tons of cargo to the Danube... But?the main issue is regular availability of vessels for load," Valeriy Tkachev said, deputy director of the commercial department of?Ukrzaliznytsia, during an online trade conference.
Data from the company showed that only nine rail wagons have been unloaded since midnight, because air-raid alerts were in place for the majority of this period.
Reni is one of Ukraine's two main ports on the Danube, Izmail being the other. However, no grain wagons have been unloaded there in the last 24 hours as no vessels are available to load.
Analysts and traders said that?on Tuesday, up to 70 vessels were waiting for access to Ukrainian port to load grain to export due to a lack of pilots. Priority was given to other cargoes. (Reporting from Pavel Polityuk. (Editing by Tomasz Janowski and Mark Potter.)
(source: Reuters)