Petronet, India's largest gas importer, seeks 120 billion rupees loan

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• Petronet, India's largest gas importer, seeks 120 billion rupees loan

  Saurav Mitra said on Monday that India's largest gas importer, Petronet LNG is seeking a local currency loan of 120 billion rupees (about $1.4billion) to finance the expansion of an existing plant. The cost to build a petrochemical facility in Gujarat, a western Indian state, is 206.85 billion dollars. Mitra stated that Petronet plans to spend 300 billion rupies in the coming years. The majority of this money will be spent on a petrochemical plant. He said that the capital expenditures for 2026-2027 would be greater than the estimated 50 billion rupees for the current fiscal period to March 2026. The board of the company approved the construction of a terminal for the import of LNG at a rate of 5 million tonnes per annum in Odisha, a state located in eastern India.

• The holes in EU Russia sanctions bring attention back to Trump's oil threat

  EU sanctions unlikely impact Russia's oil revenues severely India and China could continue to buy discounted Russian crude Trump's secondary sanctions may pressure Russia, but they could also risk a global oil price spike Ron Bousso LONDON, JULY 22 - The latest European Union effort to restrict Russia’s oil revenues is unlikely to harm Moscow’s war effort significantly, leaving U.S. president Donald Trump’s threat of secondary sanction as one of the last remaining economic levers for pressure on the Kremlin. The EU agreed to the 18th set of sanctions against Russia on Friday, which Foreign Policy Chief Kaja Kallas described as one of the most robust ever. The price cap for Russian crude is now $47.60 per barrel, down from $60. This means that shippers and insurers who are trying to avoid sanctions cannot make purchases above this level. The new cap that takes effect September 3 also includes a mechanism that ensures it's always 15% below the average Russian crude price. Import bans on refined oil products derived from Russian crude are a significant addition. The ban would most likely take effect next year and closes a loophole that was created when the EU stopped the majority of imports of Russian refined products after Moscow invaded Ukraine in February 2022. The EU's decision to halt most imports of Russian crude and refined products in the wake of Moscow's invasion of Ukraine in February 2022 led to a sharp increase in European fuel imports from China, India, and Turkey. These initial measures were only partially effective, however, because refiners from these three countries increased their imports of Russian feedstock as a result of the price caps. According to Kpler, India would be the largest loser of the new ban. India accounted for 16 percent of Europe's diesel and jet fuel imports last year. In 2024, India will import 38% of its crude oil from Russia. The new ban will exempt countries who are net exporters. This means that the Gulf producers, such as Saudi Arabia and the United Arab Emirates, with their large refineries, could take over the Indian refineries' slack and export more fuel into Europe. PAIN AND GAIN Since 2022, Western sanctions have targeted Russia's oil industry. They are carefully designed to prevent a major energy price spike while also aiming to limit the revenues of Moscow as the third largest oil exporter in the world. The sanctions haven't had much success on this point. In 2024, Russia's crude and oil product export revenues will reach $192 billion. This is significantly higher than the $110 billion defence budget for that year. This compares to oil export revenues of $225 billion for 2019. According to estimates by the International Energy Agency, despite a slight decline in Russia's oil production to 7,23 million barrels a day in June, revenues rose $800 millions from May to $13.6 Billion, thanks to higher oil prices globally. This is partly due to the fact that Russia found some workarounds. For example, it developed a vast, opaque network of oil tankers and insurance schemes, which allow Russia to export its crude oil over the price cap. In addition to 342 tankers already sanctioned, the EU's latest package also included 105 additional tanks that had violated the original price cap. Moscow will find ways to avoid the worst effects of these new sanctions. Perhaps by expanding its shadow fleet, or by obscuring further the source of oil with measures like mid-ocean transfers between ships. India and China are likely to continue purchasing discounted Russian crude in order to benefit their own domestic markets while redirecting fuel exports that were previously bound for the EU towards new markets. The new EU measures will not choke off the financial lifeblood of Moscow, even though on paper the new price cap may reduce the oil revenues in Russia. SECONDARY TRUMP TAILORS The "secondary sanctions" that President Trump threatened to implement last week would hit the finances of Moscow by imposing 100% tariffs on countries who buy oil from Moscow unless the Kremlin agrees to an agreement to end the conflict in Ukraine within the next 50 days. The secondary tariffs would severely restrict the ability of any country to trade with Russia, which is the largest economy in world. Would Trump really take such a drastic step? Trump has been expressing frustration towards Russian President Vladimir Putin over the past few weeks. Secondary sanctions may be the only effective tool left, given that multiple rounds of EU sanctions and U.S. sanctions against Russia have not had much of an impact on Moscow’s war chest. This is the exact problem in a global market for energy. This drastic escalation in the West's war on Moscow would likely result in a sharp rise in the global oil price and inflation, two things that the U.S. President does not want. It's possible that this is why, despite the recent developments, both Moscow and oil traders appear to be relatively unfazed at the moment. You like this column? Check out Open Interest, your new essential source for global commentary on financial markets. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.

• RPT-Asian spot LNG prices decline on muted demand, high inventories

  The Asian spot LNG prices fell this week as a result of weaker demand, strong inventories, and buyers in South Asia finding current prices too expensive. Average LNG price for September deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) was $12.30, down from $12.90/mmBtu a week ago. Prices have been on a slow decline this week because of the abundance of supply and increased inventories. Toby Copson is the chairman of Davenport Energy Partners. He added that "Demand is still relatively weak at a macro level, with hubs in the U.S. and Europe reflecting this." Martin Senior, head LNG pricing at Argus, says that coal has been able to meet the majority of cooling demand due to a heatwave across Japan and South Korea. He said that some production outages occurred, such as at Australia's Gorgon third LNG train, U.S. Elba Island Terminal and United Arab Emirates Das Island, which were undergoing maintenance. Senior said that the outages had not forced Asia to compete with other countries for cargoes from the Atlantic basin. Current prices were also too high for some price-sensitive buyers in South Asia and China. Gas prices in Europe rose slightly last week due to unplanned maintenance by Norway, but fell on Friday when the supply from Norway increased. The European Union agreed on Friday to an 18th package against Russia for its war in Ukraine. This included measures that would further damage the Russian oil industry. This package includes a ban on transactions with Russia, including those relating to the Nord Stream pipelines that run under the Baltic Sea and its financial sector. The new EU sanctions package does not alter the outlook for the European gas market. "The 2027 Russian phase-out is still in place, which is the reason why TTF market reactions were rather muted," Florence Schmit said, energy strategist at Rabobank. She said that the threat by U.S. president Donald Trump to impose 100% tariffs on countries purchasing Russian energy within 50 days did not shake the market. Schmit said that "the tariff rate and the 50-day break signalled this could be more noise than real...Russia sanctions are still an upside risk, although it is limited for now." S&P Global Commodity Insights estimated its daily North West Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in September ex-ship on July 17 at $11.397/mmBtu, a $0.450/mmBtu reduction from the September futures prices at the TTF Hub. Spark Commodities rated the August price as $11.269/mmBtu. Arbitrage by the U.S. to North-East Asia via Cape of Good Hope is still pointing to Europe. Qasim Afghanistan, an analyst at Spark Commodities, says that the arbitrage via Panama also points to Europe and not Asia. Afghan said that on Friday, the LNG market in Atlantic increased to $33,750/day while Pacific rates were relatively stable at $38,250/day. (Reporting and editing by Nina Chestney; Marwa Rashad)

• Asian spot LNG prices decline on muted demand, high inventories

  The Asian spot LNG prices fell this week as a result of weaker demand, strong inventories and buyers in South Asia finding current prices too expensive. Average LNG price for September deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) was $12.30, down from $12.90/mmBtu a week ago. Prices have been on a slow decline this week because of the abundance of supply and increased inventories. Toby Copson is the chairman of Davenport Energy Partners. He added that "Demand is still relatively weak at a macro level, with hubs in the U.S. and Europe reflecting this." Martin Senior, Argus' head of LNG prices, says that coal has been a major part of meeting the cooling demand due to a heatwave in Japan or South Korea. He said that some production problems have occurred, including the third LNG train of Australia's Gorgon, at Elba Island in the U.S. and Das Island in United Arab Emirates, which is undergoing maintenance. Senior continued, "However the outages did not push Asia to compete with Atlantic basin (cargos), and current prices are too high for price-sensitive buyers in South Asia and China to compete on spot supply." Gas prices in Europe rose during the week due to unplanned maintenance in Norway, but fell on Friday when supply from Norway increased. The European Union agreed on Friday to an 18th set of sanctions against Russia for its war in Ukraine. These include measures that aim to deal further blows with the Russian oil industry and energy sector. This package includes a ban on transactions with Russia, including those relating to the Nord Stream pipelines that run under the Baltic Sea and its financial sector. The new EU sanctions package does not alter the outlook for the European gas market. "The 2027 Russian phase-out is still in place, which is the reason why TTF market reactions were rather muted", said Florence Schmit. Energy strategist at Rabobank. She said that the threat by U.S. president Donald Trump to impose 100% tariffs on countries purchasing Russian energy within 50 days did not shake the market. Schmit said that "the tariff rate and the 50-day break signalled this could be more noise than real...Russia sanctions are still an upside risk, although it is limited for now." S&P Global Commodity Insights estimated its daily North West Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in September ex-ship on July 17 at $11.397/mmBtu, a $0.450/mmBtu reduction from the September futures prices at the TTF Hub. Spark Commodities rated the August price as $11.269/mmBtu. Arbitrage by the U.S. to North-East Asia via Cape of Good Hope is still pointing to Europe. Qasim Afghanistan, an analyst at Spark Commodities, says that the arbitrage via Panama also points to Europe and not Asia. Afghan said that on Friday, the LNG market in Atlantic increased to $33,750/day while Pacific rates were relatively stable at $38,250/day. (Reporting and editing by Nina Chestney; Marwa Rashad)

• Sources say that India's third biggest airport operator is looking to close a bond in October for more than $500 mln,

  Three sources said on Monday that India's Bangalore International Airport Ltd. (BIAL) intends to raise more than 46.3 billion rupees (535 million dollars) through a second tranche bond by early October. The company that operates the third busiest airport in the country raised 43,62 billion rupees earlier this month through the sale 15-year bonds with a coupon rate of 8.15%, payable monthly. Sources added that BIAL would raise funds in its second tranche, at the same rate as it did for the first transaction. All sources asked to remain anonymous as the discussions are still confidential. The company didn't immediately reply to an email asking for comment. Crisil Ratings India Ratings & ICRA have all given the bonds a AAA rating. Two sources confirmed that SBI Capital Markets arranged the first tranche and will arrange the second as well. Sources said that the second tranche of bonds will also have a maturity of 15 years and be private placed, and not auctioned through the electronic bond platform. One source said, "The deal was completed with the participation of banks, insurance companies and funds focused on infrastructure," According to the person, money raised would be used to refinance existing debts and for new capital expenditure. According to an ICRA Report, BIAL plans to spend 155 billion rupees on capital expenditures for capacity expansion over the financial years 2026-2030. It is estimated that the passenger handling capacity will increase to 80-85 millions passengers annually from its current 51.5 million. ($1 = 86,5200 Indian Rupees) (Reporting and editing by Nivedita Battacharjee; Khushi Mhotra & Dharamraj Dhutia)

• CK Hutchison, global conglomerate caught up in US-China spat

  CK Hutchison announced on Monday that it is in discussions with a consortium pursuing a $22.8 billion port business, to add a Chinese “major strategic investor” to the bid. This comes after Beijing launched an investigation into the deal as tensions between the United States and China increased. Hong Kong's conglomerate said this the day after exclusive negotiations for a deal, which included two ports along with the Panama Canal, ended. The consortium was led by U.S. Investment firm BlackRock as well as Italian billionaire Gianluigi Aponte’s family-run ship-owning company MSC. Media reports indicate that Beijing is unhappy with the deal, and it's being reviewed for antitrust and security issues. CK Hutchison, owned by billionaire Li Kashing and founded in Hong Kong and listed there, has a global presence with businesses as diverse as ports and telecommunications. Take a look at the company's origins and its current global standing: ORIGINS Li Ka-shing founded Cheung Kong Industries at age 21 in 1950. Nearly three decades later, the tycoon bought a controlling interest in Hutchison-Whampoa. Hutchison Whampoa traces its roots back to a small dispensary in southern China's Guangzhou, which was founded in 1828, and a dock-and-repair yard operator on the Pearl River that was founded in 1863. Li Ka-shing undertook a major reorganisation in 2015, merging Hutchison and Cheung Kong. CK Hutchison is now one of Asia's biggest conglomerates, with a global reach. Global Standing CK Hutchison operates in over 50 countries and has interests on every continent. As of June 2016, it employed more than 300,000 employees. Around half of its operating profits come from its infrastructure and telecom operations. Three-quarters are derived from outside mainland China. TELECOMMUNICATIONS The group's telecommunications division is its most profitable and accounted for a quarter (25%) of the operating profit in 2024. Hutchison Asia Telecommunications, a unit of CK Hutchison Group Telecom, is responsible for Indonesia, Vietnam, and Sri Lanka. The European unit's top contributors are Italy and the UK, while Ireland is the fastest growing market. Three, its telecoms brand, is present in eight countries, including Ireland, UK, Austria, and Sweden. In Asia, the two most prominent brands are Hutch and Vietnamobile. INFRASTRUCTURE CK Infrastructure is the group's largest infrastructure operation. It contributed to just over a quarter (2024) of the operating profit, making it its second-largest segment. CK Infrastructure is a global asset management company that manages energy, transportation, water infrastructure, and waste management assets. UK Power Networks (UK Power Networks), Northern Gas Networks (Canada Power) and Canadian Power are among its interests. The company is Australia's largest foreign investor in infrastructure. It also invests in China in the form of toll roads, bridges, and infrastructure material. CKI is the largest shareholder in Power Assets Holdings, which provides electricity and natural gas to millions consumers on all continents. Ports and Related Services The vast maritime empire of the group extends over 24 countries with interests in 53 port and 295 berths. Container terminals are located in five of the ten busiest port around the world. CK Hutchison has the busiest ports in Shenzhen, including Yantian Port (deep water), Mingdong Terminals and Pudong Terminals in Shanghai, Kwai Tsing Port in Hong Kong, as well as container terminals located in Belgium, Germany and the Netherlands. Geopolitical tensions are increasing around critical trade infrastructure. The deal included 43 ports in 23 countries, with 199 berths. CK Hutchison would, meanwhile maintain stakes of three of the 10 busiest ports in the world. Before the deal was announced, the port business contributed approximately 15% to the conglomerate’s earnings before tax, interest, depreciation, and amortization (EBITA). RETAIL Conglomerate is one of the major players in global health and beauty with a footprint of almost 17,000 stores spread across 30 countries. Retail accounted for 20% of the group's earnings operating in 2024. AS Watson, whose lineage is derived from the old Guangzhou Dispensary, boasts a diverse product portfolio that includes personal care products, health and beauty items, fine wines, consumer electronics, and electrical appliances. Among its notable brands are the Hong Kong-based supermarket PARKnSHOP, and health and beauty retailers Watsons and Rossmann. FINANCE & INVESTIMENTS, OTHERS CK Hutchinson’s finance and investments portfolio is a strategic addition to its core operations. It accounts for less than a quarter of the company's operating profits. It oversees a number partially-owned enterprises in multiple sectors while managing substantial cash reserves. Reporting by Sameer Mnekar and Roushni Nai in Bengaluru, Editing by Kate Mayberry & Christopher Cushing

• New York Times Business News - July 28,

  These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. The U.S. and the European Union have reached a framework agreement on trade, which imposes a 15% tariff on the majority of EU goods. This is half the rate that was threatened. It also averts a larger trade war between these two allies who account for nearly a third the global trade. Senior U.S. & Chinese negotiators met in Stockholm, Sweden on Monday to address long-standing economic disputes that are at the heart of a trade conflict between the two world's largest economies. They hope to extend the truce and keep tariffs from rising sharply. As passengers evacuated a plane at Denver International Airport, they slid down a smoke-filled emergency chute before rushing onto the runway. The U.S. secretary of state Marco Rubio announced that State Department officials are in Malaysia to help with peace efforts. Cambodia and Thailand will begin discussions in Malaysia on Monday, in the hope of a ceasefire. (Compiled from Bengaluru Newsroom)

• Sources: Several US executives will visit China this coming week

  Two sources familiar with the trip said on Monday that a high-level delegation from the United States will be visiting China to meet senior Chinese officials. The trip is being organized by the U.S. China Business Council (USCBC). The visit coincides the latest round U.S. - China trade negotiations, which are taking place in Sweden from July 27-30. Vice Premier He Lifeng of China will be meeting with U.S. officials for a fresh round of economics and trade discussions. One of the sources who were briefed about the trip stated that the delegation would be led by FedEx CEO Rajesh Sundermaniam, the chair of the Council's Board. South China Morning Post reported on the visit first, Sunday. It said that Boeing executives would be among the delegation. Could not confirm the other CEOs in the delegation, or who they would be meeting. Boeing refused to comment and referred all questions to USCBC. One source said that the U.S. government did not participate in the organization of the visit. Sources have previously said that the trip coincides with Beijing and Washington's efforts to hold a summit of their leaders this year. This is likely to happen around the time the APEC forum takes place in South Korea between October 26 -November 1. USCBC didn't respond to our request for a comment immediately. USCBC organised similar trips to China for American CEO delegations between 2023 and 2024. Subramaniam led the trip to 2024, which included meetings with He, Foreign Minister Wang Yi and executives who discussed market access. China has until August 12 to come up with a lasting deal with the White House, or face higher U.S. Tariffs. Sources have previously said that U.S. officials will likely extend the deadline for another 90 days, as both sides strive to reach a comprehensive agreement. A longer extension would help prevent further escalation, and create the conditions for a possible meeting between Trump and Chinese president Xi Jinping. (Reporting and editing by Kate Mayberry; Additional reporting by Sophie Yu)

• Aeroflot Russia reports failures in its information systems

  Aeroflot, the national airline of Russia, announced on Monday that an information system failure may have caused temporary service disruptions. Aeroflot posted a message on Telegram saying that it expects some flight schedules to be adjusted, resulting in delays and cancellations. The airline said "specialists are working to minimize the impact to the flight schedule and restore normal service operations". However, it did not provide details about the size of the failure or the possible cause. The airline, despite the sanctions placed on Russia due to its involvement in the war in Ukraine, which severely limited travel and routes, is still amongst top 20 carriers worldwide based on passenger numbers. According to a statement posted on the Aeroflot Group's website, the group will have 55.3 million passengers in 2024. (Reporting and editing by Kim Coghill, Himani Sarkar and Lidia Kelly from Melbourne)

• Final minutes of Jeju Air flight prior to South Korea's worst air disaster

  South Korea is investigating a crash that occurred on December 29, at Muan Airport, resulting in the death of 179 people. This was the worst air disaster to ever occur on South Korean soil. Following are the last minutes of Flight 7C2216, gathered from South Korea's Transport Ministry and Fire Authorities, as well as a July 19, update from investigators. All times are Korea Standard Time. 8:54.43 am - Jeju Air 7C2216 contacts Muan Airport air traffic control during its final approach. It is cleared to land on the runway 01 which is oriented 10 degrees north east. 8:57.50 am - Air traffic Control issues "caution-bird activity" warning. 8:58.11 a.m.: Jeju Air's pilots mention spotting birds below the aircraft. 8:58.26 am - The aircraft aborts its landing attempt, then hits birds as it circles back to make another landing. This is known as a "go-around". Both engines were still vibrating. The right engine was also experiencing a surge that produced large flames and black smoke. Pilots shut down the left engine at 8:58:45 am while executing emergency procedures. According to the July 19 update, the evidence came from the cockpit data recorder and voice recorder. 8:58.50 am - The FDR and CVR of the aircraft stop recording. The aircraft's "black boxes" are no longer recording at a speed of 161 knots (185 mph or 298 kph) and at an altitude 498 feet (152 meters). 8:58.56 a.m.: Flight 7C2216's pilot declares an emergency Mayday due to a bird striking during the go-around. Flight 7C2216, during the go-around request clearance to land at runway 19, the opposite end of airport's one runway. 9:01 am - Air Traffic Control authorizes landing on runway 19. Flight 7C2216 contacts the runway at 9:02 am, approximately 1,200 meters (3,937 feet) from the end of the 2,800-meter (9,186-foot) runway. The landing gear was not lowered, and the plane lands flat on its back. 9:02 a.m.: Air traffic control sounds the "crashbell" to alert airport fire rescue. 9:02:55 a.m. - Airport fire rescue unit completes deploying fire rescue equipment. 9:02:57 am - Flight 7C2216 crashes after it overshot the runway. Airport authorities report an accident to the Transport Ministry at 9:10 am. 9:23 am - A male was rescued and taken to a temporary facility for medical treatment. Closed airport at 9:38 am. 9:50 am - A second person is rescued from the tail section of an aircraft. Reporting by Jihoon, Lee, Hyunjoo, Jin, Ju-min, Park, Hyonhee, and Lisa Barrington. Writing by Jack Kim. Editing by Stephen Coates, Jamie Freed, and Jamie Freed.

• Investigation update: Jeju Air jet had a functioning engine at the time of its crash.

  According to a new update by South Korean investigators, a Jeju Air aircraft that crashed during an emergency landing in December after a bird struck could have continued flying on the damaged but still functioning engine after the pilots had shut down the other. The Boeing 737-800 belly-landed on Muan Airport without its landing gear, overshot runway, and erupted in a fireball, after slamming against an embankment. All but two of 181 passengers were killed. Although the investigators haven't yet released a final report on the worst air disaster to hit South Korea, information has started to surface about the planes two engines. According to an update from investigators dated July 19, which was seen but not released publicly following complaints by victims' families, the left motor suffered less damage than the other after a bird struck, but it was shut down only 19 seconds later. In a five-page report, investigators confirmed that the right engine had generated enough power to fly. The update also included photos of both engines after the crash. The crew did not give a reason for their actions and it is expected that the investigation will last several months, as investigators reconstruct both the technical state of the plane and what its pilots understood. Experts warn against placing too much emphasis on incomplete evidence. They say that most air accidents can be attributed to multiple factors. More Questions The public has so far focused its attention on the possibility that crew members may have accidentally shut down a less-damaged aircraft engine. This brought back memories of a 1989 Boeing 737-405 crash in Kegworth (England) where pilots mistakenly shut down a nondamaged aircraft engine. Multiple changes were made to the regulations in response to this disaster, including improved crew communication and emergency procedures. Sources told reporters on Monday that South Korea's investigation had "clear proof" that the pilots shut off the left engine that was less damaged after the bird struck. They cited the cockpit voice recording, computer data, and a switch that had been found in the wreckage. The latest information on the crash raises the possibility, however, that the heavily damaged engine still running may have been able to keep the plane in the air for longer. The report did not specify what level of performance was left in the engine, or what additional options it might have provided to the emergency crew of the plane before it reverted back and landed with the landing gear raised on the opposite side of the runway than its original plan. Both engines had bird strike damage, and both experienced vibrations following the strike. The Korean-language update of South Korea's Aviation and Railway Accident Investigation Board, ARAIB, said that the right engine had significant internal damage. However, it did not mention the damage found in left engine. When shown the document, former U.S. National Transportation Safety Board Investigator Greg Feith said that the update didn't say how the left motor was operating or the state of the systems connected to either engines. He said that the document contains some new information but leaves out much more. This results in a "cryptic". ARAIB did not respond immediately to a comment request. The ARAIB plans to release a final report in June next year. Experts in safety say that it's common for early reports of investigations to have sparse information and limited analysis. In a preliminary report published in January, it was reported that feathers and bloodstains from ducks had been found in both engines. The report stated that the engines, made by CFM International and jointly owned by GE France and Safran, were examined in May. No defects or fault data was found, other than bird and crash damages. The families of those killed in the accident were informed about the findings regarding the engines, but they asked that the investigators refrain from releasing the report dated July 19, claiming it seemed to assign blame to the pilots while ignoring other factors. South Korean media received copies of the report despite it being withheld. Boeing and GE referred all questions regarding the crash to ARAIB. Safran didn't immediately respond to an inquiry for comment. Jeju Air previously stated that it was cooperating with ARAIB, and that they were awaiting the publication of their investigation. Civil air investigations are conducted in accordance with international aviation regulations to determine the causes of crashes without blaming or putting anyone at fault. The Jeju Air Pilots' Union said ARAIB "misled the public" when it suggested that there was no issue with the left motor, given that bird remains had been found in both. Sources who attended the briefing said that investigators informed family members of the black box data indicating the left engine experienced a "surge" as well. The pilot union, as well as representatives of bereaved family members, have requested that any evidence supporting any conclusions be made public. Safety experts say that the embankment with navigation equipment is likely to have contributed to the high death rate. According to global aviation standards, any navigation equipment installed along runways must be mounted on structures that are easily deformable in the event of an impact with an airplane. The South Korean transport ministry identified seven airports in the country, including Muan Airport, that have structures made from concrete or steel rather than materials which break apart when struck, and said they will be improved. A ministry official said last week that the designs for new structures were in progress.

• Yemen's Houthis have threatened to target ships that are linked to Israeli ports

  Yemen's Houthis announced on Sunday that they will target all ships of companies doing business in Israeli ports, irrespective of nationality, as part what they call the fourth phase of military operations against Israel. The Houthis military spokesperson issued a warning via televised message that companies would be attacked for ignoring their warnings regardless of where they were headed. He added that "the Yemeni Armed forces call on all nations, if they wish to avoid this escalation to pressurize the enemy to stop its aggression and to lift the Gaza Strip blockade." The Houthis, who are aligned with Iran, have attacked ships that they believe to be bound or connected to Israel since the beginning of Israel's Gaza war in October 2023. They claim this is an act of solidarity for Palestinians. In May, the U.S. made a surprise agreement with the Houthis. Stop! The Houthis claimed that the deal didn't include Israel. (Reporting and editing by Diane Craft, Marguerita Choy and Muhammad Al Gebaly)