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Japan scrambles jets when nuclear-capable Russian Bombers fly near
Japan scrambled jets to monitor Russian warplanes that flew along the Japanese coast, including strategic bombers with nuclear weapons. In a press release reported by the state-owned RIA, Russia's Defence Ministry confirmed that jets from a different country escorted its Tu-95 Bombers during a routine patrol over neutral waters. The incident occurred just hours before Japan’s new Prime Minister, Sanae Taichi, promised in her first address to the parliament after taking office that she would accelerate a defense buildup. Takaichi stated that Russia's military actions, as well as those of China and North Korea were "a serious concern". The Japanese Ministry of Defence has released a map that shows the flight path of Russian planes over the Sea of Japan, off the west coast of Japan. The two Tu-95 Bombers, accompanied by the two Su-35 Fighters, flew towards Japan's Sado Island and then turned north. Shinjiro Koizumi, Defence Minister Shinjiro Koizumi, wrote in a post on X that "Russia conducts military operations daily around our country while invading Ukraine. This is the reality." Takaichi praised Ukraine’s President Volodymyr Zelenskiy, and the people of Ukraine for their courage in "standing up against the aggressiveness day by day". In recent weeks, European countries have accused Russia of repeated incursions by drones and jets. The most recent was Thursday when NATO member Lithuania claimed that Russian fighters briefly entered its airspace. Moscow denied its planes were involved in nearby exercises had entered Lithuanian airspace. (Reporting and editing by Peter Graff in Tokyo)
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Maguire: Malaysia's coal blitz shows how other nations are able to capitalize on the LNG boom.
Not only the U.S.A., Qatar and Australia are fighting for a piece of the lucrative market for LNG exports. Malaysia also wants to get a piece of the lucrative LNG export market and is upgrading its own power-generation system. Data from Kpler & Ember show that Malaysia has increased its thermal coal imports to record levels and coal-fired power generation to new highs. Malaysia, the 11th largest producer of natural gas in the world, can now export gas in the form liquefied gas and earn valuable trade revenue. The coal-for gas adjustment is not without cost. Since the country must import most of its coal, it has led to a spike in emissions in the power sector, which are now the highest ever recorded this year. The coal boom can be justified by the fact the country earns roughly twice as much from LNG exports than it does on coal imports. Malaysia's LNG-export drive is likely to continue on economic grounds, even if the extra LNG volumes it wants to sell could add to the already oversupplied markets of the world in the future. Import BOOM Malaysia imports between 30 and 35 million tons of thermal coal each year according to Kpler's data. The U.S. Energy Information Administration estimates that Malaysia produces 3 to 4 million metric tonnes per year. According to data from customs, coal imports, mainly from Indonesian neighbours cost between $5 and $6 billion per year. According to Ember, the burning of this coal, which produces roughly half of Malaysian electricity, emits about 72 million tonnes of CO2 each year. Malaysia was able to reduce the share of natural gas in its electricity production by systematically increasing the coal share from less than 10% at this century's start. Ember data show that natural gas accounted for around 80% in early 2000s of Malaysia's electrical supply, but this has dropped to around 30% in 2025. GAS FREEDOM (TO SELL) Malaysia has been able to increase its gas exports due to a reduction in the use of gas at home. The country realized this was a lucrative revenue source decades ago. Malaysia has been consistently among the top five LNG suppliers since the early 2000s. Malaysian energy companies relied on gas as the main source of electricity in the country and also one of its most profitable exports until about a decade back. Since then, the authorities have been working to slow down the growth in domestic gas usage for power generation, so that more could be diverted into LNG export hubs, and then onto highly-paying markets like Japan and South Korea. Malaysia's decision on gas conservation was largely driven by the fact that Malaysia's domestic gas reserves are at their peak and will soon be in terminal decline. According to Energy Institute data, Malaysia's proven natural gas reserves were around 1.15 trillion cubic metres around 20 years ago. However, they were last estimated around 910 billion cubic metres. Money Matters According to company filings, Malaysian national oil and natural gas company Petronas is committed to increasing LNG export volumes and has plans to build a third floating LNG facility by 2027. Although the exact terms of the LNG export deal are not disclosed, estimates from the industry place the country's annual LNG export earnings at approximately $12 billion. The economic case for continuing to export LNG in the long-term seems strong. These export revenues are about twice as much as it costs to import coal. Malaysia imports LNG when prices are right and power requirements dictate. Malaysia has agreed to purchase U.S. LNG in trade talks that aim to avoid U.S. tariffs for Malaysian exports. Malaysia is expected to continue being a net LNG exporter for the foreseeable. Due to its proximity to Asian buyers, compared to Australia and the U.S., the planned growth of LNG exports may cause rivals to rethink their plans to increase sales profitably in the future. These are the opinions of a columnist who writes 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.
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Memo says that staff shortages are causing two Canadian airport towers to be closed periodically due to lack of staff.
According to an Air Canada memo sent to pilots, a shortage of air traffic control officers in Canada can sometimes force airport towers to close at Kelowna airport and Winnipeg airport when the controller on duty is on a break. The memo dated October 14 stated that Air Canada had advised its pilots not to fly to the two airports located in British Columbia and Manitoba if staffing shortages were severe enough to force the closure of their air traffic towers. The number of times the airports were closed was not clear and their representatives didn't immediately respond to comments. NAV CANADA (which manages Canada's civil aviation system) has informed airlines that there will be air traffic control shortages at Winnipeg and Kelowna "but it could spread to other airports." NAV CANADA announced in a Thursday statement that the closures of Winnipeg and Kelowna were planned during "low traffic periods" to minimize impacts. The closures are also being implemented to ensure employee safety and to maintain safe operations. The statement did not give details on the normal staffing at these towers. Closures in North America are the latest example of a shortage of air traffic control staff, which could lead to flight delays or increased costs for carriers. The memo stated that affected flights in Canada would require additional fuel as they may need to remain in a holding pattern, or divert, due to a shortage of controllers. The United States is experiencing a shutdown of the government, which has caused a shortage in air traffic control staff. According to the Federal Aviation Administration this week, the issue has resulted in delays at many airports. Nick von Schoenberg is the president of CATCA which represents Canadian controllers. He said that the Canadian airport closings went beyond Winnipeg and Kelowna, and were meant to give controllers a break due to fatigue. He said that the closures "indicate a system with a lack resilience due to staffing issues." Tim Perry, President of the Air Line Pilots Association in Canada (which represents Air Canada Pilots), said that the lack of stability caused by shortages needs to be addressed. He said that "Air traffic control shortages continue to cause delays at airports throughout Canada." (Reporting by Allison Lampert, Montreal; Editing Jamie Freed).
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MSC drops Moby after Italian antitrust probe
The Italian antitrust regulator announced on Friday that Shipping Agencies Services, a unit within maritime group MSC would abandon its purchase of a 49 percent stake in ferry operator Moby. This was after the watchdog launched an investigation into alleged restrictions of competition. Moby is majority owned by Onorato Armatori, which operates ferries that connect the Italian mainland with tourist islands like Sardinia or Corsica. The Italian authority that opened an investigation last year into the acquisition said the deal may have affected competition on routes operated by Moby and Grandi Navi Veloci, a ferry company controlled by SAS. According to the agreements made by SAS and Moby the watchdog stated that SAS would transfer its 49% stake without consideration in Moby to Onorato Armatori. Moby will mandate a third-party independent to open a "competitive, transparent" procedure to sell a package assets. The proceeds will be used to pay back a loan given to Moby in 2023 by SAS. SAS and Moby are also compensating customers who purchased tickets before July 16th. (Reporting and editing by Gail Jones, Gianluca Smeraro).
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Bankers report that two Indian infrastructure investment trusts are planning to launch their first bond sales in the coming weeks.
According to banking sources two Indian infrastructure investment trusts plan to raise over 26 billion rupees (297 million dollars) in their debut bond issue between October and Novembre. They join a growing number of vehicles that are using the debt market to raise funds. The three bankers announced on Friday that Oriental Infratrust plans to raise 8.3bn rupees by issuing a mix of notes with a maturity between three and 14 years, and IRB InvIT Fund aims at raising 18bn rupees via bonds with ten-year maturities and five-year maturities. Rating agencies such as Crisil India Ratings, and Care Ratings have assigned the planned issuances an 'AAA rating'. The InvITs have not responded to emails seeking comments, while the bankers asked for anonymity because they are not authorized to speak with the media. InvITs, which are similar to mutual funds and allow both individuals and institutions direct investment in infrastructure projects, are investment schemes that work like mutual funds. InvITs are an alternative investment because they allow investors to share in the dividends generated and the capital gains made from the appreciation of their units. Since the launch of this structure a decade back, ten InvITs raised funds via corporate bonds. Sustainable Energy Infra Trust (SEIT) and Capital Infra Trust made their debut issues this year. The regulator of the Indian markets, Securities Exchange Board of India is registered with 27 firms. According to Bharat INvITs Association, they managed assets of more than 7 trillion rupees at the end of March, with a capitalisation market of 2,40 trillion rupees. Prime Database reports that these vehicles are owed 530 billion rupees. Over 65% of this debt was issued during the financial years of 2025 and 2026. $1 = 87.7250 Indian Rupees
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Safran hikes forecasts after strong quarter for jet engine services
Safran, the French aerospace company, raised its full-year revenue forecasts after reporting higher than expected third-quarter revenues led by its core Jet Engine division. The company, who co-produces LEAP engines with GE Aerospace via their CFM venture said that it had "strongly caught up" on late deliveries in the third quarter, shipping more than any other quarter. Airbus and Boeing have delayed their jet deliveries and caused congestion in maintenance centres, which has led to a strong demand from engine manufacturers for spare parts. In the engine industry, there is a tug-of-war between aircraft manufacturers and airlines that need spare parts to alleviate shortages. The CEO of Andries Aerospace, Olivier Andries, said that demand for parts and services for civil jet engines is still strong. Safran reported that its revenue for the third quarter rose by 18.3%, to 7,85 billion euros (9.15 billion dollars). The propulsion revenue grew by 25.6% and the aftermarket or services grew by 21.1%. According to a consensus compiled by a company, analysts expected quarterly revenues in the range of 7.59 billion euro. Safran announced that it would be increasing its revenue growth projection for the entire year from "low teens" to between 11%-13%. In the French version of Safran's earnings announcement, it was clarified that its previous forecast stood at 10% to 13%. The forecasted operating income was also increased to between 5.1 and 5.2 billion euro from the previous range of 5 to 5.1. Its free cash flow forecast ranged from 3.4 to 3.66 billion euros. Tariffs are now included in all targets. 'CATCH-UP EFFECT' Safran has followed GE Aerospace and raised its growth forecasts of LEAP deliveries in 2025 to over 20%, from a range between 15% to 20%. Andries stated that LEAP engine deliveries in the fourth quarter will be similar to those seen in the third, when CFM shipped a total of 511 engines. This was a 40% increase from the same time last year. Andries responded that CFM is ready to make adjustments to allocations if necessary. He told reporters, "But it's not a significant amount, just a few engines. And when we do this, there is a catching-up effect." Andries stated that CFM and Airbus were discussing future needs, but he did not state whether CFM had committed to Airbus' plans to increase narrow-body production to 75 jets per month by 2027. Nevertheless, he noted that the Airbus goal did not cover 2027 as a whole. $1 = 0.8575 euro (Reporting and editing by Jamie Freed, Jane Merrill)
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PM Orban: Hungary is working to find a way around U.S. sanctions against Russian oil companies
Viktor Orban, the Prime Minister of Hungary, said that his country is looking for a way around U.S. sanctions against Russian oil companies. He did not give any details, but he made it clear that he had no intention to ignore these restrictions. U.S. president Donald Trump, an ally of Hungary's leader, imposed sanctions against Russia on Wednesday for the first time during his second term. He targeted Lukoil, and Rosneft as he tried to pressure Moscow into agreeing to a ceasefire agreement in Ukraine. Trump's decision has pushed up the price of oil and raised questions for Hungary, Slovakia and other European Union countries that are the largest buyers of Russian crude oil after being exempted from EU restrictions. Orban stated that he had spoken to MOL, Hungary's oil company and gas company about the sanctions. In an interview with Kossuth state radio, he stated: "We are looking at ways to get around this sanction." MOL's refining plants in Hungary and Slovakia have a combined capacity of 14.2 million tonnes per year. They rely on Russian crude that is transported via the Druzhba Pipeline. Slovnaft, MOL's Slovak subsidiary, said it was analysing possible impacts on its operations from U.S. Sanctions that should be in effect later this month. MOL had problems last year with deliveries after Ukraine sanctioned Lukoil. The company made deals with the Belarus-Ukraine border in order to maintain the flow of crude oil. (Reporting and editing by PhilippaFletcher; Anita Komuves)
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Sources say that China's Satellite Chemical has halted its ethylene project due to US trade tensions.
Satellite Chemical, China's biggest importer of U.S. Ethane, has suspended plans to build its 3rd ethylene unit due to the protracted U.S. China trade tensions as well as a lack in government and regulatory approvals. The cracker would cost around $1 billion, and have a maximum capacity of 1.5 million metric tonnes per year. It would convert ethane to ethylene, which is a crucial building block in petrochemicals. This is part of the multi-billion dollar phase 3 expansion by the company in Lianyungang in eastern China. China purchases half of U.S. exports of ethane and almost all of its imports of ethane are from the U.S. The delay shows the dangers of China's increasing reliance on U.S.-produced ethane. Two sources say that the pause occurred in June. It followed the escalation of the U.S. - China tit-fortat trade war, in which Beijing imposed a 125% tariff on U.S. products, including ethane. Later in the month, it was lifted. The U.S. temporarily restricted ethane exports in late May after Beijing was accused of slowing down rare earths shipments. Two sources claimed that Satellite was about start the construction of the cracker, after almost finishing construction of one petrochemical unit in Lianyungang during the second quarter. Three sources said that the central government ordered the company to stop construction because Beijing was concerned about the rising demand for U.S. Ethane, which could give Washington more leverage in the trade wars. Two sources reported that authorities also found out that Satellite didn't have the necessary regulatory approvals to crack the ice. They only had the green light on the downstream units. Sources declined to identify themselves as details of the story are not publicly available. Satellite responded to a question about the government's pause order, and the approval status, by saying that the company "consistently complies with Chinese law and global regulations." Satellite said it would update stock filings on the progress of its projects. The National Development and Reform Commission of China, which is responsible for the approval of large industrial investments in China, has not responded to a comment request. JPMorgan analysts stated in a client note dated October 15, that Satellite could have to wait for the U.S. China trade relations to stabilize before resuming construction of the third cracker. This would delay phase 3 expansion, which was originally scheduled to begin in the first half 2027. Other Projects Continue Three sources stated that Satellite will be moving forward with several downstream projects such as the alpha-olefin/polyolefin-elastomer (POE), units which produce high-performance plastics for automobiles and packaging. Satellite announced in a mid-2024 stock filing that the key units for phase 3 include two 500,000 tpy polyethylene facilities, five 100,000 tpy alpha olefins and three 200,000-tpy POE units. Satellite was among the first Chinese companies to convert abundant and inexpensive U.S. natural gas by-product ethane into ethylene. It is the largest importer of U.S. Ethane in the world. Ethane technology is cheaper and emits less pollution than oil-based technologies. To secure feedstock, Satellite invested in a 180,000-barrel-per-day terminal in Nederland, Texas, in a joint venture with U.S. firm Energy Transfer in 2018. Satellite and Energy Transfer have also reached an agreement for the supply of US ethane. The deal will last until 2030. (Reporting and editing by Jamie Freed, Siyi Liu, Sam Li and Trixie Yap; Additional reporting by Chen Aizhu)
-Ancora demands U.S. Steel Board records and escalates proxy battle
Ancora Holdings, an activist investor, is requesting access to documents from U.S. Steel. This includes board minutes and financial documents. The letter was seen by, which reveals that the investor has intensified its campaign to replace certain board members of U.S. Steel as well as its chief executive. Ancora launched a boardroom battle against U.S. Steel last month, as the iconic American firm fought in court to save a planned merger between Japan's Nippon Steel. The company wants the U.S. Court of Appeals overturn the order of former U.S. president Joe Biden that blocked the merger citing national-security concerns. U.S. Steel said that it would have to lay off workers and close factories if the deal was canceled.
Ancora’s decision to issue a “books and records” request demonstrates how the activist uses one of the available legal tools to win a potentially bitter battle in the boardroom.
Ancora sent Megan Bombick Associate General Counsel Securities & Corporate Secretary, U.S. Steel, a letter in which it said that U.S. Steel should investigate "potential wrongdoing" relating to "the futile (lawsuit of) the company and "the unusual (trading plan) of the CEO (David Burritt).
Ancora, according to the letter is seeking information to determine if the board violated their fiduciary duty by filing the suit and whether Burritt “tried to trade on material information that was not public.” U.S. Steel described Ancora's letter as a "distraction" that repeated its baseless allegations. A representative of the company said that the board has "been and remains unwavering" in its commitment to act in the best interest of all stakeholders including stockholders. U.S. Steel would review the request and respond "in accordance with applicable law and regulations."
Investor currently holds less than 1% of U.S. Steel, which is approximately 500,000 shares. However, it has stated that they plan to significantly increase their position. The market value of the company, once the largest steel producer in the world, is $8.7 billion. Ancora will hold a conference call with investors to discuss the campaign on Wednesday at 10 am.
Ancora, a group of activists, nominated nine candidates for the 12-member board of U.S. Steel last month, including a senior executive who might replace the CEO. The activist wants the company also to drop its lawsuit asking a federal appellate court to overturn Biden’s decision to cancel the $14.9 billion transaction.
Ancora, in a letter to U.S. Steel, argued that by pursuing this lawsuit, U.S. Steel hurts shareholders. It also stated it wanted management and the board of directors to focus on fixing the company.
The letter stated that "By continuing to litigate (the Petition for Review), the Board wastes time and resources in their desperate hope that the Merger will bring them significant personal benefit."
According to a letter, Ancora gave the company until the 24th of February to provide typically confidential documents relating to the proposed merger between Nippon and Burritt Trading Plan.
It is looking into whether the directors and officers "breached the fiduciary duty to the company and stockholders". They also want to know more about Burritt trading U.S. Steel shares "in relation with merger discussions", and how he made use of his 10b5-1 predetermined plan, which allows insiders the ability to sell their stock. Donald Trump, the U.S. president, said earlier this month that Nippon would make a bid in the form of a sale instead of an investment. A Japanese government spokeswoman said earlier this month that Nippon was considering a radical change from its previous plan of trying to buy U.S. Steel. Prime Minister Shigeru ishiba also called the decision to stop the deal as "unjustified political interference."
Ancora already identified Alan Kestenbaum as the ideal replacement for Burritt. Kestenbaum was previously the CEO of Canadian steel firm Stelco. Stelco, a Canadian steel company, was acquired by Cleveland-Cliffs in the past year.
The date of the company's annual meeting has yet to be set. Last year, it was held on 30 April.
Ancora has won board seats at a number big companies. Earlier this year, Norfolk Southern shareholders elected Ancora nominees to three board seats. Norfolk Southern promised to work with Ancora in order to find a new director, to avoid a fight with the company. (Reporting and editing by Aurora Ellis, Chizu Nomiyama, and Svea Herbst Bayliss)
(source: Reuters)