Latest News
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IndiGo shares increase as investors shrug off record $2.45 Million fine
IndiGo shares rose up to 3.8% Monday, as investors shrugged off a $2.45m fine, which Jefferies analysts called a relatively modest penalty in light of the mass cancellations last month. The airline cancelled 4,500 flights during the first weeks of December. This left tens and thousands of passengers stranded across the country, and highlighted concerns about the lack of competition in 'the fastest-growing aviation industry in the world. Indigo's share price plummeted 14.2% in October, the steepest drop since?October 2020. Jefferies stated in a report that "Fines look modest, probably?because of regulatory caps." "Focus shifts now to DGCA’s subsequent guidance on normalisation of schedules, once compliance milestones & systematic reforms have been independently validated." The fine is equal to 0.31% of the annual profit for fiscal year 2025. After a series of mass cancellations of flights last month, the Directorate General of Civil Aviation also?issued warnings and ordered India's largest airline? to remove its head of operations control from his position. The regulator stated that a DGCA investigation found several deficiencies in the airline following the implementation of stricter 'pilot rest and duty' rules last year.
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Five people are reported dead after two high-speed trains crash in Spain.
The rail network operator said that two high-speed trains?derailed?on a Sunday in southern Spain. State-run RTVE?channel reported five deaths, citing sources from the police. Accident near Cordoba, near Adamuz. RTVE reported that an unknown number of passengers were injured. The Iryo 6189 Malaga-to-Madrid train derailed at Adamuz and crashed onto the adjacent track. "The (Madrid to?) Huelva train, which was traveling on the adjacent track, has also derailed," Adif said in a social media post. Adif said the accident occurred about ten to fifteen minutes after the Iryo left Malaga, heading towards Madrid. This was at 6:40 pm (1740 GMT). Iryo, a private Italian rail operator, is based in Italy. The company didn't immediately respond to our request for comment. Adif has suspended rail services between Madrid Andalusia. Andalusia's emergency?services announced on social media the halting of all rail traffic and that emergency services, including nine ambulances?and emergency support vehicles?were on their way. Salvador Jimenez shared photos of the train's rear carriage lying on its back, and evacuated passengers sitting along the side.
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Committee approves bill to allow Uber and Lyft in Israel
A committee of Israeli ministers approved on Sunday a law allowing shared ride hailing services like Uber and Lyft in Israel to operate in an effort to reduce taxi fares. The Transportation Ministry has proposed a reform that would allow "technology-based transport operators" to use models used successfully globally. However, this law still requires full approval from the Parliament. The Ministry noted that the Shared Transport Law, approved by the "Ministerial Committee for Legislation", would allow companies like Uber and Lyft to offer services via smart apps that connect private drivers and passengers. It was said that the move would increase transportation availability, especially during weekends and peak hours, as well as lower fares. The statement added that these?services are available in dozens of countries around the globe "and it is now time for them to be available in Israel." The law contains strict safety regulations, driver screenings, insurance coverage, and oversight of vehicle condition, as well as a mechanism to support the existing taxi industry?to ensure an equitable transition. Uber operated briefly in Israel, but only as a taxi service. It was shut down in 2023. Uber and other similar companies are not welcome in Israel. The new law is "a historic step" that will demolish outdated monopolies and create thousands of jobs. It will also open the market up to true competition, which benefits the public, said Transport Minister Miri Regev. She noted that the reform of shared rides would reduce traffic, remove private cars, and give citizens the ability to travel easily at a reasonable price. (Reporting and editing by Steven Scheer)
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Officials say at least 5,000 people have been killed in the unrest in Iran, while the judiciary suggests executions
An Iranian official in the area said that at least 5,000 people were killed during protests in Iran. This included 500 security personnel. The figures were verified and the official accused "terrorists" and "armed rioters", of killing "innocent Iranians". On December 28, nationwide protests over economic hardship erupted. They grew over the next two weeks to include widespread demonstrations demanding the end of the clerical regime, resulting in one of the deadliest civil unrests since the 1979 Islamic Revolution. Donald Trump, the U.S. president, has repeatedly warned that he would intervene if protesters were killed or executed on the street. In a post on social media, Trump thanked Tehran leaders for cancelling scheduled mass executions. State media reported that Ayatollah Khamenei, the Supreme Leader, said on Saturday: "We won't drag our country into war but we won't let domestic or foreign criminals go unpunished." The judiciary hinted that executions could take place on Sunday. Asghar Jahangir, the Iranian judiciary's spokesperson, told a recent press conference that "a series of actions has been identified as Mohareb which is one of the most severe Islamic punishments". Iranian law punishes mohareb (a legal term in Islam meaning to wage war on God) with death. In an interview with Politico published on Saturday, Trump stated that "it is time to find new leadership for Iran". Khamenei - Iran's supreme authority - accused the country's longtime adversaries, the U.S., and Israel, of organising violence. He acknowledged "several thousands deaths". HRANA, a rights group based in the United States, said that on Saturday 3,308 deaths had been confirmed and 4,382 other cases are being investigated. The group confirmed that it had confirmed over 24,000 arrests. According to an Iranian official, the confirmed death toll is unlikely to be much higher. The official stated that the final death toll was not expected to rise sharply. He added that "Israel" and "armed groups abroad", had supported and outfitted those who took to the streets. The clerical elite regularly blames unrest in Iran on foreign enemies. These include the United States, Israel and other arch-foes of the Islamic Republic. Israel was the first to launch military strikes against Iran back in June. HIGHEST DEATH TOLL IN KURDISH AREAS The Iranian official who refused to be named because of the sensitive nature of the matter, said that some of the most violent clashes, and the highest number of fatalities, occurred in the "Iranian Kurdish" areas of the country's northwestern region. Kurdish separatists are active in these areas, and past unrest has seen violent flare-ups in the region. Three sources informed? Three sources told? Hengaw, a Kurdish rights organization based in Norway, has stated that some of the most violent clashes occurred in Kurdish regions in the northwest during the protests which erupted late December. According to state media and residents, the violent crackdown has largely quelled protests. Internet blackouts have made it difficult to get information. They were lifted in part for a few early hours on Saturday. Internet monitoring group NetBlocks reported that the blackout appeared to have been reinstated late Saturday. (Reporting and Editing by Edmund Blair; Louise Heavens, PhilipaFletcher, Philipa Fletcher).
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Libya signs $2.7 billion partnership for expansion of Misurata Free Zone
Libya will sign on Sunday a strategic partnership to develop and expand the Misurata Free Zone with international firms, attracting estimated $2.7 billion in investment. The project would generate an estimated $500 million in operating revenue annually if the agreements were signed with Qatari companies and Italian, Swiss, and Swiss firms. Dbeibah stated that "this project will not only boost Libya's ranking among the?largest port in terms of capacity and size, but also relies on direct foreign investments within a comprehensive partnership". Dbeibah stated that this partnership reflects "the government's commitment to attracting a productive external financing in order to stimulate the economy, modernize the infrastructure, and turn state assets into platforms with sustainable returns." The Libyan economy is heavily dependent on oil. It accounts for over 95% of the total economic output. Misurata, a port town located 200 km (124 miles), east of Tripoli's capital city. Dbeibah stated that the project will create around 60,000 indirect jobs as well as?8,400 direct roles. Dbeibah also added that the terminal's annual capacity would be increased to 4,000,000 containers. The port covers a large area, spanning 190 hectares. According to the website of?the Free Zone,?190 ha are available. Since a NATO-backed uprising in 2011, Libya has suffered from instability, leading to a split between eastern and Western factions in 2014. Each of these factions is governed by rival governments. (Reporting from Menna Alaa El Dn, Ahmed Elumami, Muhammad Al Gebaly, and Louise Heavens).
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NIS, a Russian company sanctioned by the US and owned by Russians, restarts Serbian refinery
Serbia's energy ministry said that the majority-owned Russian oil company NIS had restarted its refinery in Serbia and resumed crude oil imports after receiving a waiver from United States sanctions. In an Instagram post, Energy Minister Dubravka Handanovic stated that the refinery was restarted following a break of nearly two months. She stated that the first diesel produced by the refinery following the restart of the plant should be on the market before January 27. In October, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), which is part of the Treasury Department, imposed sanctions against NIS. The majority stake in NIS belongs to Russia’s Gazprom and Gazprom. NIS was given until the end of March to complete the sale of stakes to Russian companies. It is currently in the middle of negotiations with Hungary's MOL. Peter Szijjarto, the Hungarian foreign minister, said that he expected that OFAC would approve the initial sale in the next few days. NIS, the sole oil refinery in Serbia was granted a sanction?reprieve until January 23 by OFAC, allowing it import crude oil through Croatia's JANAF pipe. Gazprom owns 11.3% of NIS and Gazprom neft 44.9%. Serbian government owns 29.9% of NIS. (Reporting and editing by Tom Hogue; Additional reporting by LefterisPapadimas)
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Iranian official: verified deaths in Iran protests at least 5,000
A regional Iranian official said that authorities have'verified' at least 5,000 deaths in protests in Iran. This includes?about 500 security personnel. He blamed "terrorists" and "armed rioters", for the deaths of "innocent Iranians". The official who refused to be identified due to the sensitive nature of the matter, said that some of the 'heaviest clashes' and 'highest number of deaths occurred in the Iranian Kurdish regions in northwest Iran. This is a region in which?Kurdish Separatists are active, and where past unrest has seen the most violent flare-ups. The official stated that the final death toll was not expected to increase dramatically. He added that "Israel and other armed groups" abroad had supported and provided equipment for those who took the streets. The Iranian authorities blame the unrest on their enemies including Israel. Israel is an arch enemy of the Islamic Republic and launched military attacks on Iran in June. The HRANA rights group, based in the United States, said that on Saturday?the death toll reached 3,308, and another 4,382 were under review. The group said it had confirmed a total of more than 24,000 arrests. Hengaw (an Iranian Kurdish group based in Norway) has said that some of the most violent clashes occurred in Kurdish regions in the north-west during the protests which erupted late December. Edmund Blair, Louise Heavens and Edmund Blair are responsible for the editing.
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In Thailand, crane accident kills 32 people
The regional governor reported that a train derailed on Wednesday in northeastern Thailand after a crane fell onto two of its wagons. At least 32 people were killed and 66 injured. The accident happened in the 'Sikhio' district of Nakhon Ratchasima Province, 230 km northeast of Bangkok. It was on a train bound for Ubon Ratchathani. In a press release, Transport Minister Phiphat Ratchakitprakarn stated that there were 195 passengers aboard the train. He also said he ordered an investigation. The crane, which was working on high-speed rail construction project collapsed when it hit a passing train. This caused the train to derail briefly and catch fire. After being briefed on the incident, Prime Minister Anutin Charnvirakul said to reporters that the State Railway of Thailand should provide good compensation to the families of those who died. He added: "We must investigate... and take legal actions." The Italian-Thai Development Public Company Limited, which had been contracted to build the rail section, expressed regret and promised to compensate and provide relief to the families of those who died. A 30-storey Bangkok building being constructed by a joint-venture including ITD collapsed in March of last year killing 89 after an earthquake with a magnitude of 8.8 struck Myanmar. ITD President Premchai Karnasuta was Indicted on August Along with 22 other people on allegations of negligence, and breaching "construction regulations". When they were arrested for the first time in May, the executive and 14 other people denied any wrongdoing. Smoke Billows from Wreckage The ministry shared images of train carriages flipped over next to shrubland, and firefighters extinguishing an blaze while smoke billowed. The footage, which was verified by, showed rescue workers attempting to remove casualties from a mangled carriage. Some of the badly injured passengers were already being loaded into ambulances. The elevated high-speed railway project was built above an existing rail line. The concrete stanchions that were built to support the rail link are still holding up a part of the collapsed crane. Debris is dangling from the tracks below. The project is part of a transnational high-speed rail link between the Thai capital and the southwest Chinese city Kunming. The recovery operations continued at the accident site into the evening of Wednesday.?Anutin said that the track must be cleared by the weekend. He said that delays on this major rail line would harm the local economy. HIGH-SPEED LINK?CONNECTS CHINA THROUGH THE LAOS Mao Ning, spokesperson for the Chinese Foreign Ministry, said that Beijing attaches great importance to the safety of personnel and projects in Thailand. "At the moment, it appears that a Thai company was building the relevant section." The cause of the accident remains under investigation. The high-speed cross-country rail project will link to China via Laos. Last year, the government announced that more than one-third of the construction work had been completed on the segment between Bangkok and Nakhon Ratchasima. The entire line from Nong Khai to the border with Laos is expected to be ready by 2030. (Reporting Panarat Thepgumpanat, Panu Wongcha -um and Ethan Wang from Beijing; editing David Stanway Sharon Singleton Mark Heinrich
Shipping group Mitsui O.S.K. CEO of shipping group Mitsui O.S.K.
Mitsui O.S.K. Lines (MOL), Japan's second largest shipping company, is looking to capitalize on the opportunities created by a shift in routes due to new U.S. Tariffs, said CEO Takeshi Hashimoto.
The U.S.'s highest tariffs in over a century came into effect on Wednesday, shaking the global markets.
Hashimoto said in an interview with Reuters on Tuesday that "Trade routes are bound to be reshuffled".
He said that we'd likely see an increase in trade with low-tariff nations and a decline from high-tariff countries. Some cargos might be rerouted to Mexico or Canada where tariffs are lower.
MOL will monitor changing trade patterns, and take advantage of new opportunities.
Hashimoto stated that U.S. grain and energy exports to Asia may be affected, and countries such as China could turn to alternative suppliers like Brazil or Argentina for grain and Qatar for LNG.
Hashimoto stated that MOL may open a Washington office to collect information and lobby for MOL.
He added that trade routes were also re-routed during the first Trump Administration in response to tariffs. He said that during the first Trump administration, trade routes were also rearranged in response to tariffs.
The CEO thinks Trump's aim is to reach favourable trade agreements, which makes a full-scale war on tariffs unlikely.
LNG FLEET EXPANSION
MOL, which is the largest LNG carrier in the world, plans to increase its fleet of LNG vessels from 108 to 150 by 2030. Hashimoto expects the demand to continue to rise into the 2030s, before it begins to decline.
Hashimoto added that global LNG use could be significant in 2050.
MOL has signed charter agreements for three LNG icebreakers and one condensate-icebreaker between 2020 and early 2022 for the Arctic LNG 2 Project in Russia. However, Hashimoto stated that delivery of these vessels are on hold because of Western sanctions.
Hashimoto stated that MOL and Alaska have been in intermittent contact for some time on the subject of Alaska LNG. However, pipeline issues are still unresolved.
He did not attend the Alaskan delegation's recent visit to Japan but expressed his willingness to take part in LNG transport if the Alaska LNG project is successful.
Hashimoto stated that the company could raise shareholder returns in 2025/06 after the company generated strong profits in the last two years. The equity capital has also increased to over 2.5 trillion yen (17.20 billion dollars)
Hashimoto stated that they were considering a slight increase in shareholder returns, but a final decision would only be made once the tariffs from the United States are assessed. ($1 = 145.3200 yen) (Reporting by Yuka Obayashi. Editing by Jane Merriman
(source: Reuters)