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TCS, an Indian company, says that none of its systems was compromised in the M&S Hack
Tata Consultancy Services has said that none of its systems or users have been compromised as a result of the cyberattack which led to the theft and misuse of customer data by retailer Marks and Spencer. It is a client of Tata Consultancy Services for more than 10 years. Keki Mistry, an independent director at TCS, told the annual shareholders meeting that "no other TCS customers were affected" as no TCS users or systems had been compromised. Mistry said that TCS was not included in the scope of the investigation. It is the first public comment made by India's top IT services provider on the cyber-hack. M&S didn't immediately respond to an inquiry for comment. TCS is a technology service provider for the British retailer. TCS won a $1billion contract in early 2023 to modernise M&S legacy technology, including its supply chain and its omni-channel sales. It also increased its online sales. M&S's "highly targeted and sophisticated" cyberattack, which it disclosed in April, will cost around 300 million pounds ($403 millions) in operating profits and there is a high likelihood that online services will be disrupted until July. Financial Times reported last month that TCS was internally investigating if it was a gateway for a hacker attack. Tata Group chairman N Chandrasekaran missed the annual meeting of the company due to "exigencies". The chairman's absenteeism comes after the Group's airline Air India crashed in Ahmedabad, India last week. All passengers but one were killed. (Reporting and editing by Sai Ishwarbharath B, Haripriya Suresh)
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Pakistan is worried that militants could flourish on its restive border if Iran becomes unstable
In a recent meeting with President Donald Trump, Pakistan's Army Chief expressed concern that separatists and jihadists along the Pakistan-Iran frontier could exploit any fall in authority in Iran. Both sides of the 900km (560 miles) border are occupied by anti-Iranian, anti-Pakistan groups. Israel's officials have stated that as they bomb Iran's nuclear programme, they want to destabilize or topple the Iranian government. Pakistan is also concerned that Israel has set a precedent by attacking nuclear installations in another country. In May, nuclear-armed rivals Pakistan & India engaged in a four-day war. After a lunch with Pakistan's Army Chief, Field Marshall Asim Munir on Wednesday at the White House, Trump stated: "They are not happy about anything", in reference to Pakistan's view of the Israel-Iran Conflict. Pakistan's army said that both leaders stressed the importance of resolving the conflict. Pakistan has condemned Israel’s attack against Iran as a violation to international law. Shafqat Khan, the spokesman of Pakistan's Ministry of Foreign Affairs said that Thursday, "This is a very grave issue for us what is happening in Iran, our brotherly nation." It threatens regional security and has a profound impact on us. Some militant groups along the border welcomed the unrest. Jaish al-Adl, an Iranian jihadist organization formed by ethnic Baluch and Sunni Muslim minority groups and operating from Pakistan said Israel's conflict against Iran was a huge opportunity. In a June 13 statement, the group stated that "Jaish al-Adl extends a hand of brotherhood, friendship, and solidarity to all of Iran's people and calls upon all of them, particularly the people of Baluchistan and the armed forces to join the ranks." Pakistan is also concerned that militant separatists of its own Baluch minority, who are based in Iran will seek to intensify their attacks. Maleeha Ldhi is a former Pakistani Ambassador to Washington. She said, "There is a fear that ungoverned space would be fertile soil for terrorist groups." Pakistan shares unstable borders with India and Afghanistan, a country ruled by the Taliban. It doesn't want to add another volatile border on its long border. In the Iran-Pakistan region, ethnic Baluch are a minority who has complained of discrimination in both countries and started separatist movements. The region in Pakistan is called Balochistan, and the same is true for Iran. Iran was closer to India than Pakistan until Israel bombed Iran. Pakistan and Iran even exchanged air strikes in the past year accusing one another of harboring Baluch militants. The attack on Iran has shattered alliances as India did not condemn Israel's bombing campaign. China also expressed its deep concern about the security situation of Balochistan. The area is a focal point of Beijing's multibillion-dollar infrastructure investment program for Pakistan, which focuses on the new Chinese port of Gwadar. Baluch militants in Pakistan have targeted Chinese personnel and project. Tehran has accused the United States, Israel, the Gulf nations and Pakistan of supporting the anti-Iran Baluch group on the Iranian side. Simbal Khan is an analyst in Islamabad who believes that the various Baluch groups may merge into a movement called "Greater Baluchistan", which aims to create a new nation out of the Baluch areas from Pakistan and Iran. "They will all fight together, if it blows up," Khan said. (Reporting and writing by Saeed Shah and Charlotte Greenfield, both in Islamabad. Editing by Toby Chopra.
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India's central banks eases rules on provisioning for infrastructure loans
India's Central Bank said Thursday that it will require lenders to put aside 1% of the loan value for infrastructure projects under construction to cover possible losses. This is a reduction from its previous draft proposal which envisaged provisioning increasing up to 5%. On October 1, the requirement will be in effect. In India, delays in the implementation of projects and unrealistic revenue projections led to a large number of defaults on loans. Lenders are now wary about lending in the infrastructure sector. In May of last year, the Reserve Bank of India suggested that lenders set aside 5% of a loan's value to cover risk for an infrastructure project. Lenders said, however, that this could slow down the recovery of project financing. Under the leadership of Governor Sanjay Mhlhotra, the RBI has taken several measures to reduce credit requirements in an effort to boost growth. Since January, the Central Bank has reversed some of its stricter lending rules to non-bank lenders and small borrowers, relaxed rules on small gold loans and started removing restrictions from non-bank financial firms and banks. Lenders will be required to reserve 1.25% of their loans value for commercial real estate under construction. Rules also limit the extension of project completion deadlines or date for commercial operations to three years in infrastructure projects, and to two years in non-infrastructures projects. RBI stated that lenders have the option to extend loans within these limits, based on their commercial assessment. The RBI said that projects which have already been financed will be continued under the current provisioning regime in order to ensure smooth implementation. A M Karthik is senior vice president at ICRA and co-group leader for financial sector rating. He said that the new rules are likely to have limited impact, as the provisioning levels of the companies are close to those required by the new regulations, and the rules do not apply retroactively. (Reporting and analysis by Siddhi Nyak and Swati Bhath. (Editing by Rachna uppal and Mark Potter.
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Constellium Bets on lighter recycled aluminum for future planes
Constellium tests lighter alloys as it positions itself to compete with composite materials in future single-aisle aircraft. Aluminium suppliers, who had lost market share to composites on larger aircraft like Airbus A350 or Boeing 787, have maintained their position in smaller models such as the Airbus A320. This is due to the low-density aluminum alloys, and the familiarity of the industry with mass-produced jets. After a recent boom in aircraft orders, and as supply chain problems eased, aluminium still has a lot of demand. The metals analyst CRU predicts an 8% annual average growth in aluminum consumption in aerospace across Europe and North America between 2024 and 29. As attention turns to the new generation of narrow body jets, aluminium and composites will once again be in a battle. Metal suppliers like Constellium, Novelis, and composites manufacturers like Hexcel, will compete with each other. In order to combine the lightweight properties of thermoplastics with improved production methods, planemakers are focusing on emissions reduction and output rates. Constellium anticipates that Airbus and Boeing will choose materials for their future single-aisle model around 2029-2030. The supplier also aims to push the aluminium edge in recycling and further progress in alloys. Hoffmann, speaking at the Paris Airshow, said that the A320 successor is currently on the drawing boards or at least the agenda. Constellium demonstrated a 20% weight reduction in tests on a new wing concept using new alloys. The process of welding eliminates the need for any rivets. He added that the use of friction stir weld, which Constellium has used in its work on space programmes will allow for more automation when manufacturing panels. Constellium believes that aluminium is more reusable than composites and can save 95% of energy compared to virgin metal. The company is working on better ways to recover scrap metal per alloy, both during production and at the end-of-life of a growing fleet. He said that aluminum was recycled long before our birth. "They have many qualities, but recycling maturity is not the exact same." Reporting by Gus Trompiz, Editing by Mark Potter
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Maguire: Asia's one and only LNG hotspot could be about to heat up.
The first half of 2025 saw a record-breaking drop in imports of LNG to Asia, as trade tensions and slowing growth in the United States dampened demand for super-chilled fuel. Taiwan is the only Asian country that has not yet reached 2025. Fortunately for LNG exporters, Taiwan will be able to reduce its dependence on gas following its closure of its final nuclear reactor in October. In fact, the forecasts of a period of temperatures above normal this summer could cause Taiwan's thermal energy needs to rise sharply in the months ahead, possibly leading to a new surge in LNG orders from Taiwan's electricity producers. SINGLE STANDOUT Data from commodities data firm Kpler show that, except for Taiwan, all of the major LNG importers from Asia reduced their LNG purchases compared to the same period last year. This widespread drop in demand in a region that imports two-thirds all LNG has put several LNG exporters in a difficult position, and led to a 16 percent fall in Asia LNG prices So far, this year. In 2025, five of the six biggest LNG importers are located in Asia, namely Japan, China South Korea India and Taiwan. These countries collectively registered a 16 million metric-ton drop in LNG imports in the first half year of this year, compared with the same months in the previous decade. Kpler data show that Taiwan has seen a modest increase of 100,000 tons in LNG order from last year. There are several reasons why Taiwan's appetite to buy LNG may continue to grow in the months to come. NUCLEAR CUT Gas demand is primarily driven by the need to replace power lost due to the recent shutdown of Taiwan's only remaining nuclear reactor. Around the middle of last year, Unit 2 of the Maanshan Nuclear Reactor was disconnected from Taiwan’s grid. This marked the end of 40 years of nuclear power in Taiwan. Ember data show that power firms have been planning the nuclear shutdown since months. They have reduced their nuclear-powered electricity production accordingly, from 1 Terawatt Hour (TWh), per month, in 2024, to around 0.7 MWh, in April. Taiwan's coal and gas plants produce around 7.5TWh per month each, allowing power companies to easily accommodate the nuclear cutbacks. Solar farms, which produce around 1.5 TWh per month during the summer months, have helped to offset the loss in nuclear power generation. HOT SPELL In order to meet the system demand, which is likely to be higher in summer due to increased cooling needs, Taiwan's utilities are going to need to use all of their available resources. Ember data show that between 2022 and 2024 Taiwan's total electric demand increased on average by 23% from April to July. It went up from 22.4 TWh per month to 27,4 TWh per month. Natural gas and coal will be the main sources of power for this additional demand. They already provide around 46% of the total electricity supply. This year, the challenge is that demand may be higher than anticipated due to forecasts of temperatures above normal for an extended period this summer. According to LSEG forecasts, the average temperature in Taipei is expected to be around 28.4° Celsius (83.1° Fahrenheit). This forecast is 5% higher than the average long-term for that time period and suggests a sustained use of air conditioners in Taiwan. This suggests that Taiwan’s coal and natural gas plants may face an influx of capacity usage above normal, which could result in a faster-than-normal withdrawal from gas and coal stocks. This is good news for LNG producers, who were disappointed with the demand in Asia this year. However, they may be about to enter a period where Taiwan will drive a stronger interest in Asia. 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 analysis. 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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China's COMAC moves ahead with wide-body jetliners as it navigates through trade barriers
COMAC, a Chinese company, signed agreements with two Western suppliers to build a twin-aisle aircraft at the Paris Airshow. This week's deal signals that COMAC will continue to use foreign components on its planes despite U.S. efforts to limit component exports. Sources say that in its trade war against Beijing, Washington has restricted the export to China of certain U.S. aerospace parts. These include engines used by COMAC on its C919 narrow body and C909 regional aircraft. This highlights a vulnerability in China's programme to build jets, as major components of the designs are made from foreign parts. COMAC, a state-owned company, wants to compete with Airbus and Boeing on the international stage. It is looking for customers overseas and increasing production. However, its jets are mainly used in China. They also lack certification by key foreign regulators from Europe and the United States. COMAC is also designing a C929 aircraft that will compete with the Boeing 787 or Airbus A350. COMAC confirmed that Crane Aerospace & Electronics, a U.S. company, would provide the C929 door signal system. This was announced at the Paris Airshow. On the C919. A Crane door-signal system is used. COMAC also said that it signed a Memorandum of Understanding with French aerospace company Safran, for the C929 which, according to an industry source, covered systems such as braking control and tyre-pressure, oxygen detection, and icing. Safran, a partner with GE for the CFM engines that are used in the C919 aircraft, has not disclosed details of the deal. Air China, China's flag carrier, will be the C929's first customer. The plane is designed to accommodate 282 to 444 people. COMAC is focusing on Southeast Asia in an effort to penetrate foreign markets. COMAC has sold C909s in Indonesia, Vietnam, and Laos. These countries allow their airlines to fly Chinese-certified aircraft. Tony Fernandes said that he is still in talks with COMAC, the parent company of AirAsia Malaysia, about a possible order of C919s. However, trade tensions between China, and the U.S., remain a possibility. The European aviation regulator stated in April that the C919 certification process would take between three and six months. MAKE FRIENDS Beijing invests huge sums to develop a domestic aerospace industry with the goal of gradually replacing foreign-made components. The CJ-1000 civil commercial jet engine has been in development for several years with the intention of replacing the LEAP-1C engines that power the C919. The engine is not well known, but footage of a CJ1000 engine appearing on Chinese social media early in 2023 on what appeared to a Chinese military transport plane was being tested. COMAC showcased its growing range of aircraft models at the Paris Airshow. This included a C909 business jet, which is expected to be in service shortly, according to industry sources. The COMAC-developed C939 long-haul plane was nowhere to be seen. COMAC was among 76 companies from China at this year's show. China is the second largest aviation market in the world. This number will more than double by 2023. Some of the smaller Chinese companies, who were attending the show for the first time, acknowledged the importance in showcasing their product to tap into the lucrative European market. We have a great reputation in China, but now we want to expand our global market. "We are here because it is a good time," said Ojay Yuan of Depu CNC, a machine tooling company based in Shenzhen. He said, "Given the tariffs it's not the best time to sell to the U.S. We prefer to work with Europe." HanDao Tech, a Shanghai-based company, also made its Paris debut. The group will be established in 2021 and manufacture engine systems and components used by the aerospace and gasturbine industries. "We supply hardware to larger companies. We need to establish a relationship with the world to showcase our products, find new friends, and to explore opportunities," said Patrick Wang, Chairman and CEO of the company. Reporting by Giulia Segriti in Paris and Lisa Barrington from Seoul. Sophie Yu contributed additional reporting from Beijing. Jamie Freed, Mark Potter and Mark Potter edited the article.
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Eutelsat's shares soar on deal with French military
The shares of French satellite operator Eutelsat soared 10% on Thursday, after the company announced that it had signed an agreement with the French Government for a 10-year contract to provide connectivity to the French Armed Forces. The company announced in a late-Wednesday statement that the French military would have priority access to OneWeb's satellites, as well as maintenance and operational support. It said that the deal includes upgrading satellites to military grade use. Eutelsat shares rose as high as 21% early in the morning before reversing their gains by late afternoon. Eutelsat, the satellite provider that provides internet connectivity in Europe, has attracted unprecedented interest from European governments this year. According to a Eutelsat post posted on X, there is a "real desire" in the industry for sovereignty, said CEO Jean-Francois Fallacher at the Paris Air Show. The French Ministry of the Armed Forces stated in a press release that the agreement is part of a program to enhance its space communications, by complementing its Syracuse military Satellites in geostationary orbits with a constellation of low-Earth orbit satellites (LEO). Alessandro Cuglietta is an analyst at Kepler. The French Ministry also stated that the deal highlights the strategic importance of the IRIS2 program, an EU-backed satellite constellation set to launch in 2030. Eutelsat will benefit from the deal as it raises funds to fund a second-generation of LEO satellites, and fulfill its IRIS2 commitments. The number of satellites required is more than triple what was previously estimated, and the financing needed could be up to 2.2bn euros. ? The dollar is worth 0.8721 euro (Reporting and editing by Matt Scuffham, Edwina Gibbs and Anna Peverieri)
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Analyst: Ukraine gas imports are on the rise due to rising domestic prices
Analyst ExPro stated on Thursday that Ukraine's shortages of natural gas and high prices are driving the growth in fuel imports for both private businesses and state-owned energy company Naftogaz. After Russian bombardment, the country's storage sites are almost empty and it needs to import large quantities of gas in order to meet its heating requirements for 2025/26. ExPro's Report stated that gas prices have been increasing in Ukraine since the start of May. Prices on the domestic market are up by 26% from the beginnings of June. The consulting firm said that domestic gas prices soared sharply to over 31,550 hryvnias (757.34) per 1000 cubic metres on Wednesday, the highest since November 2022. The price gap between Ukraine and Europe is also growing, according to the report. On Wednesday, gas in Ukraine was trading at about 12 euros more per MWh than the Dutch TTF. This difference will likely encourage private companies in Ukraine to import natural gases," ExPro stated, adding that small amounts of gas were imported from Europe by private companies for the first month. ExPro reported this month that Ukraine has already imported 1.5 billion cubic meters (bcms) of gas this year from Europe. The report also stated that the gas reserves in Ukrainian storage sites exceeded 7 bcm by 6 June, but remain at their lowest level for the last 11 years. The government plans to store approximately 13 billion cubic meters of gas for the new heating seasons. (Reporting and editing by David Goodman.)
The Greek Parliament approves an investigation into the former Transport Minister over a deadly train accident?
The Greek parliament voted Thursday to create a committee that will conduct an investigation on a former minister of transport who was in charge of the railways before the country's biggest train accident ever, which occurred in 2023.
Kostas Karamanlis is the second official in the conservative government led by Kyriakos Mitsotakis who will face an investigation for the tragedy that killed 57. Many Greeks see the crash as a sign of the neglect shown by the government over the years and the failure to address safety issues.
In a secret ballot conducted early on Thursday morning, 154 legislators voted in favor of establishing a panel of parliament to decide if Karamanlis should be stripped of his immunity and indicted because he allegedly failed to provide adequate resources to maintain, modernise, and ensure the smooth operation of Greek railways while he was in office.
Mitsotakis, who won re-election in 2023 has 155 legislators in the 300 seat parliament. This is the only Greek body which can lift the immunity of politicians and investigate them.
The opposition parties claim that an upgrade to the safety systems of the trains, which had been delayed for years, could have prevented the accident.
Karamanlis has denied all wrongdoing. He resigned following the disaster of 2023.
Karamanlis claimed that he had done everything he could to improve the Greek railways during a 18-hour discussion before the vote.
He said, "I won't hide behind any government majority or immunity."
After mass protests in March over the crash, the Greek government has survived a vote of no confidence and promised to overhaul Greek railways by 2020.
Christos Triantopoulos resigned as Deputy Civil protection Minister, who had been minister of state aid during the incident. He did so to support the parliamentary investigation into the handling the aftermath of this crash. (Reporting and editing by Kate Mayberry; Angeliki Koutantou)
(source: Reuters)