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Norway Police end Oslo Airport drone investigation citing lack evidence
The Norwegian Police announced on Thursday that they have closed their investigation into the suspected sightings of drones in Oslo Airport in September. They cited insufficient evidence to prove that drones were present. Oslo and Copenhagen airports were closed for several hours between September 22 and 23 after drones reported in the area caused the closure of the airspace. In recent months, drones have caused significant disruption in Europe. They forced the temporary closure of airports across several countries. Some officials blamed these incidents on Russian "hybrid war". Moscow denies any involvement in the incidents. Norwegian police confirmed that they interviewed airport staff and reviewed surveillance footage as part of an investigation, but the investigation was unable "to confirm or deny if drones were observed on the evening of September 23." Danish police reported that in the days after the Oslo and Copenhagen attacks, five smaller airports, both civilians and military, closed temporarily. Unidentified drones had also been observed near military facilities. Danish police confirmed on Thursday that the investigation is still underway in Denmark into the drone sightings near Copenhagen Airport. (Reporting and editing by Terje Sollvik and Conor Humphries; reporting by Louise Breusch Rasmussen)
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SoftBank-backed Metropolis raises $1,6 billion to expand beyond AI parking lots
Metropolis Technologies has raised $1.6 Billion in new capital for its expansion into other sectors, such as retail, gas stations and restaurants. This funding round includes a $500,000,000 Series D equity round, led by LionTree. The company was valued at $5 billion. SoftBank Vision Fund and Vista Equity Partners were also involved in the round. Los Angeles-based company secured a $1.1billion syndicated loan led by J.P. Morgan backed by cash flow from its parking operations. In an interview, Chief Executive Alex Israel stated that the new capital would be used to hire and accelerate technical talent, speed up product development and deploy recognition and payment automation technology in new verticals such as drive-through restaurants and gas stations. Israel's goal is what he calls the "Recognition Economy," in which a customer can trigger a transaction by simply showing up. This will save time. Metropolis, founded in 2017, has grown rapidly by acquiring businesses and integrating technology. This includes the $1.5 billion acquisition of parking services provider SP+ for private ownership in 2024. It acquired Oosto, a biometrics firm and vision analytics company backed by SoftBank for $125 million. Metropolis operates more than 4,200 parking lots in 40 countries. The company claims to be profitable and processes $5 billion worth of transactions annually from its 50 million customers. Metropolis uses license plate readers and cameras to identify cars whose owners are enrolled in its system. This allows them to enter or exit parking lots with no need to stop and pay. The company will sell the same technology in the hospitality sector to automate payment and check-ins and charge businesses via software subscriptions. Other retail automation initiatives have been challenged. Amazon, for example, has reduced its "Just Walk Out", checkout-free system, in its Fresh supermarkets, citing costs and complexity. However, it continues to licence the technology to other third parties.
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US airlines scramble as the government orders flight reductions
U.S. Airlines scrambled on Thursday to rejig their schedules and answer a flood customer questions after the U.S. cut flights at some of America's busiest airfields. This was the latest travel disruption caused by the government shutdown. Sean Duffy, Secretary of Transportation for the Department of Transportation, announced on Wednesday that he will order drastic cuts to air traffic control due to safety concerns arising from the shutdown. The longest shutdown in U.S. History has forced 13,000 air traffic control agents and 50,000 Transportation Security Administration (TSA) agents to work for free. Airlines estimate that at least 3,2 million passengers have been affected by staffing shortages. According to industry sources, the first round, which involves a 4% reduction in scheduled flights, is expected to take place as early as this Friday. Cuts will increase to 5% by Saturday, 6% by Sunday and up to 10% next week, if the shutdown continues. CUTBACKS THREATEN HOLIDAY TRAVEL The drastic plan could cause holiday travel plans to be thrown into chaos by millions of Americans who are travelling for Thanksgiving. This is one of the biggest ripple effects of the longest government shutdown in history. David Morrison is a senior market analyst with Trade Nation in the UK. He said: "The longer it goes on, there will be more disruption and ultimately fewer passengers flying." "They might have some flexibility in pricing, but if the shutdown continues for a long time then it will have a negative impact on everything." Federal Aviation Administration (FAA) is expected to issue the official order for flight cancellations on Thursday. This move is intended to relieve pressure on controllers. The FAA has a shortage of about 3,500 employees, and many are already working six-day work weeks and mandatory overtime. Flyers seeking clarification on their travel plans bombarded social media platforms such as X with questions about United Airlines, American Airlines, and Southwest Airlines. Russ Mould said that this would mean lost revenue and a possible hit to profits. In a business with a high operational focus, even small changes to the top line could have a big impact on the bottom line. Carriers have said they will still try to minimize disruptions for their customers, and are working on rebooking. United CEO Scott Kirby stated that the airline would focus its reductions on regional flights and domestic routes outside of the hub. The carrier also expects to rebook a large number of affected passengers. Southwest Airlines, the country's largest carrier, has said that it is evaluating the impact of the schedule cuts on its business and will inform customers as soon as it can. Frontier Airlines CEO Barry Biffle stated on Wednesday that there was a period of low demand in November. He added that flight reductions may even improve the carrier's revenue per unit.
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Telecom Italia CEO welcomes consolidation by rivals
Telecom Italia, Italy's former monopoly phone company, said that it would welcome any consolidation of the country's telecommunications market. This is true even if the competitors make the initial move. When asked about the possibility of a tie-up between rivals Iliad Wind Tre, Chief Executive Pietro Labriola said: "We welcome any type of market consolidation which will make the market balanced and rational." Labriola stated that "whoever it is who proceeds with market consolidation in Italy, will be a positive sign for us." The number of mobile operators on one of Europe's most highly competitive telecoms markets would be reduced from four to three. Iliad, a French telecoms company, failed to reach an agreement with the Italian government earlier this year to merge its Italian operations with state-backed TIM after trying to buy Vodafone’s operations in Italy in 2024. Fastweb, a Swisscom company, bought the Italian operations of Vodafone after Iliad entered Italy's telecoms markets in 2018.
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Russian seaborne diesel exports fall in October, data shows
According to LSEG and market sources, Russia's seaborne gasoil and diesel exports dropped 4% from September to 2.37 million metric tonnes, due to seasonal and unplanned refinery shutdowns that reduced fuel production. Market sources reported that exports of ultra low-sulphur fuel via Primorsk fell 5.7% on a month-to-month basis to 0.906 millions tons. LSEG data shows that Turkey remained the top buyer of Russian gasoil and diesel, with imports increasing 1%, to 1.0 millions tons. The shipment to Brazil dropped 73%, to 74,000 tonnes. According to LSEG, Brazil increased its diesel imports due to the shrinking Russian supply. Brazil imports roughly 20% of the diesel it consumes. Shipping data showed that Morocco, Tunisia and Senegal were also amongst the top importers last month of Russian gasoil and diesel. The traders also noted an increase in diesel shipments to and from Russian ports near the Limassol Port, the Laconian Gulf, and Port Said Anchorage. This could be a sign of recent U.S. Sanctions having an effect. LSEG data show that several tankers transporting around 100,000 tonnes of diesel from Russian port have yet to declare the destination. (Reporting from in Moscow. Mark Potter is the editor.
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Pirates board a Malta-flagged product tanker off Somalia; crew safe, manager claims
Sources in maritime security said that pirates boarded the Malta-flagged tanker, off the coast of Somalia. The vessel's manager confirmed the safety of the 24 crew members. ttacks Armed assailants have attacked vessels in the past few days, raising concerns about shipping routes in a part of the world where vital energy and goods travel to global markets. A "security incident" occurred on the Hellas Aphodite Thursday morning as it was traveling from India to South Africa. Its Greek manager Latsco Marine Management did not provide any details. Ambrey, a maritime security company, said earlier that pirates in a skiff opened fire on the vessel. Sources in maritime security said that the pirates also fired a rocket propelled grenade on the tanker. An official of maritime security company Diaplous stated that the crew members took refuge in "citadel", a fortified safe-room, and remained there. The European Union's maritime forces in the area have been asked to provide assistance. A request for comment from the EU's ATALANTA naval mission was not immediately responded to. Latsco Marine Management issued a statement saying that "all 24 crew members are safe and well and we remain in contact with them." The company also said it activated its emergency response teams and coordinated with authorities in order to ensure continued safety and welfare for the crew. Sources in maritime security said that on Monday, the first suspected Somali pirate incident since 2024 occurred when armed attackers fired at a commercial vessel near Mogadishu after trying to board the vessel. Reporting by George Obulutsa and Renee Maltezou; Editing and production by Alexander Winning, Gareth Jones and Jonathan Saul
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Sources claim that Germany supports Brazil's forest fund idea
Sources in Berlin confirmed that the German government supports Brazil's proposal for a fund to protect rainforests, but it hasn't yet decided on how much money they will contribute. Brazil, as host of the COP30 Climate talks, will launch its flagship Tropical Forests Forever Facility next week in order to raise $125 billion for the conservation of endangered forests. Sources claim that the German Chancellor Friedrich Merz will attend the talks and finds the idea extremely interesting. They added that the amount of the financial contribution should be left undetermined for the time being. The German development minister indicated that intensive discussions on the amount were underway. Merz, according to sources in the government, is expected to meet Brazilian President Luiz Lula da Silva on his trip. Lula pledged in September to contribute $1 billion and urged the other nations to make contributions of the same magnitude to ensure the TFFF could be operational during the climate negotiations. The World Bank is the financial manager for the TFFF. The government sources said that Merz's visit is also meant to send a message to countries to continue cooperating to protect the climate. It is especially relevant that the U.S. did not send any high-ranking officials to the talks. Holger Hansen is reporting, Miranda Murray is writing, and Madeline Chambers is editing.
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Turkish Airlines signs deal to purchase minority stakes in Spain's Air Europa
Turkish Airlines announced on Thursday that it had signed a contract to purchase around a quarter of Spanish airline Air Europa. Turkish Airlines will invest up to 355 million euros in convertible debt in exchange for a share of between 25 and 27%. The deal was agreed on in August. Air Europa's majority shareholder, Spain's Hidalgo Family, will continue to own the company through Globalia. British Airways owner IAG, however, will retain 20% of the shares through Globalia. Turkish Airlines said that it does not plan to increase its stake. Air Europa is valued at around 1.2 billion euro ($1.4 billion) after the transaction closes once all regulatory requirements are met, in approximately 6-12 months. This is the first time a non-European airline has bought a stake in a European carrier. Airlines are trying to consolidate the fragmented markets of the continent by buying smaller struggling operators. Turkish Airlines won the battle against European rivals Lufthansa, Air France-KLM and Air France to gain control of the airline with the Hidalgo Family. Air Europa announced that it had paid back a loan from the state-owned industrial holding SEPI in Spain one year earlier than scheduled. First reported in June, Turkish Airlines expressed interest in purchasing a minority stake. Reporting by Emma Pinedo, Editing by Charlie Devereux & Conor Humphries
US LNG producers sign near-record contract volumes, despite fees climbing
The U.S. industry is on track to sign the second highest number of contracts this year, despite concerns over rising costs and increased capacity. U.S. LNG companies signed sales and buy agreements (SPAs), totaling 29.5 million metric tons of LNG annually, in the first ten months of 2025. This is more than four-times the 7 mtpa of LNG signed by the entire year 2024.
The SPAs can be used by project developers as a tool to raise funding by demonstrating the ability of planned projects to generate a positive cash flow, with customers being locked into long-term contracts lasting up 20 years. According to Rapidan Energy, the only time that more binding agreements have been signed by U.S. companies was in 2022 when Russia invaded Ukraine.
Many buyers who are looking to diversify their energy sources away from Russian gas are willing to pay the higher liquefaction charges that American LNG developers charge in order to convert natural gases into liquids that can be transported easily around the globe on specialized ships.
The companies with LNG trading portfolios also buy volumes from American producers.
Fears of GLUT are growing as US LNG output continues to grow. President Donald Trump returned in January, with an agenda that was pro-oil. In trade negotiations with Europe, he has pushed LNG deals. The European Union agreed to purchase $750 billion of energy from the U.S. and his administration lifted former president Joe Biden's ban on new project approvals. The final investment decisions that followed will add 61.5 mtpa to the existing 120 mtpa LNG export base. Cheniere Energy Venture Global Sempra Next Decade Woodside Energy and Venture Global have all approved new facilities in this year. According to the U.S. Energy Information Administration, the country's total LNG capacity is expected to double by 2029. According to the International Energy Agency, America could export a third of global LNG in 2030.
The IEA predicts that a rapid expansion of U.S. Liquefied Natural Gas (LNG) could lead to a global glut and lower prices.
Keisuke Sadamori, Director of Energy Markets and Security at the IEA, said that new supplies, notably those from the United States and Qatar should bring down prices, a welcome relief to gas importers around world. Shell and Total have also forecast lower LNG prices, but some investors say that predictions are too optimistic.
Woodside CEO Meg O'Neill stated at a September event that "we're very bullish about LNG demand on the long-term." Venture Global CEO Mike Sabel forecasts a growth in demand as more data centers and Asian countries switch to LNG for electricity production. Sabel said, "I believe data centers will be a major source of incremental demand. But you are currently short on gas production capability."
Construction Costs are Rising
Jason Feer, Poten and Partners' business intelligence director, says that labor inflation due to shortages of qualified workers and the rising cost of equipment because of tariffs is increasing construction costs. TotalEnergies CEO Patrick Pouyanne stated on a recent earnings call that costs have risen up to 20 percent in some cases, making some projects uncompetitive. Venture Global reported cost overruns for its 27.2 mtpa Plaquemines facility. Golden Pass, an Exxon Mobil-QatarEnergy joint venture, is also over budget and late. Feer stated that developers are seeking liquefaction charges, which have risen by an average of 15% in the last two years, to keep their projects viable.
Venture Global, a supplier that is considered low-cost, charges $2.30 for every million British thermal units (mmBtu). This fee applies to new contracts. Two people familiar with its pricing said that the fee was higher than $1.75 per million British thermal unit (mmBtu) it charged when Calcasieu Pass first contracted sales. Cheniere Energy, which is the largest U.S. producer of LNG, charges a premium over $2.75 for each mmBtu. Woodside offers 10-year contracts at $2.90/mmBtu. Feer added that the fees on the market in general had averaged around $2/mmBtu by 2023.
Higher prices are not stopping buyers. According to Rapidan Energy's director of global gas Alex Munton, the window for developing more LNG projects in the U.S. may be closing due to rising costs and the prospect that global prices will drop.
Munton said, "This bull-run must end. It cannot last forever."
Even with higher liquefaction costs and lower spot prices, some buyers like ENI and Petronas continue to sign new long-term contracts. JERA, Japan's biggest power generator, wants U.S. Gas to diversify, avoid over-dependence upon Australia, and meet the demand growth spurred on by data centers and AI.
Pouyanne, from TotalEnergies, said that many large players focus on the big picture and lock in new volumes of trade even though fees are increasing. Trading and arbitrage opportunities increase as the market grows.
The IEA stated that even a slight easing in the market would allow countries with higher prices to switch from coal, and increase global LNG demand. Curtis Williams, Houston (Reporting; Nathan Crooks, David Gregorio and David Gregorio).
(source: Reuters)