Latest News
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Sources say RPT-Airbus is facing a new quality issue on dozens A320 jets.
Industry sources reported on Monday that Airbus discovered a problem with the quality of fuselage panels in several dozen A320 family aircraft. Sources who asked not to be identified said that the suspected production defect is delaying certain deliveries, but there were no immediate signs it had reached aircraft already in service. Airbus had no immediate comment. It was not possible to identify the cause of the issue immediately. Airbus has been busy boosting its efforts to meet the challenging delivery targets set for this year, and also distracted by the weekend recall of jets due to a software error. SOURCE: SOME DELIVERIES HAVE ALREADY BEEN AFFECTED. One person who has direct knowledge of the situation said that some deliveries are already affected, but it was not immediately confirmed how many or for how long. Sources in the industry said that the planemaker had delivered 72 aircraft to date, which is less than what many analysts expected. This brings the total of the year up to 657. It targets "around 820 deliveries" for the year. This would mean it has to achieve a record performance in December of more than 161 jets. In 2019, the record for the last month of the calendar year was 138. Will the planner meet its delivery goals? Analysts are divided over whether the world’s largest aircraft maker will achieve its delivery goals. These goals determine revenue and cash flows as airlines pay a large portion of the plane’s value at delivery. Chloe Lemarie of Jefferies, an analyst who tracks aircraft handovers and forecasts 71 deliveries in November, stated that the performance for the month was lower than expected. She added that the target is still within reach as the underlying production has been increasing in an investor note issued before news of a reported quality issue emerged. Rob Morris, an independent aviation analyst, said Airbus would be able to reach 800 deliveries. Others say that this is enough for the company to be crowned a winner based on its forecast. However, there's a risk the final result will be "marginally less." Reporting by Tim Hepher, Editing by Bernadettebaum
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Targa increases Permian presence by $1.25 billion with midstream deal
Targa Resources, a pipeline operator, announced on Monday that it will buy Stakeholder Midstream for $1.25 billion in cash. This deal will expand its processing capacity in Permian basin. Midstream deals are increasing as companies seek to reduce costs, gain scale and access to oil and gas producing regions as well as export facilities along the U.S. Gulf Coast. Targa CEO Matt Meloy stated in a press release that the acquisition was a "nice bolt-on asset" with a significant free cash flow, a volume profile that is stable or modestly increasing and minimal capital requirements. It also came at a very attractive price. Targa anticipates that Stakeholder will generate a free cash flow adjusted of approximately $200 million per year. Midstream companies in the U.S. are also benefiting by rising natural gas consumption, driven by LNG exports. They're also seeing a rise in power generation due to AI operations and cryptocurrency mining. Energy Transfer announced that it will buy WTG Middlestream Holdings in November 2024 for approximately $3.25 billion. This acquisition will expand its transportation and processing footprint within the Permian. Targa will fund the acquisition with its $3.5 billion existing revolving loan facility and cash. The deal is expected to be completed in the first quarter 2026.
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Director of UK aircraft parts company pleads guilty for fraudulent trading
Two years after his company was briefly blamed for a worldwide grounding of planes due to safety concerns, the director of an airline parts company in London pleaded guilty on Monday to fraudulent trading. Jose Alejandro Zamora Yrala admitted to operating AOG Technicals with a fraudulent intent by "falsifying documents relating to origin, provenance and/or status of aircraft parts". This was between January 2019 and Decembre 2023. He entered his plea in London's Southwark Crown Court after being charged in May, following regulators' safety warnings issued in 2023 to airlines that had purchased or installed parts by AOG. The Serious Fraud Office of Britain said AOG Technics defrauded its customers, including airlines, maintenance providers, and parts suppliers. In 2023, jet engine manufacturer CFM International along with its co-owners GE Aerospace & Safran sued Zamora Yrala & AOG Technics at the London High Court. This was shortly after European regulators started investigating reports that parts lacking valid certificates were found in CFM56 engines. CFM stated in court documents that "there is compelling documentary evidence" that (AOG) sold thousands of jet engines parts to airlines that operate commercial aircraft. (Reporting and editing by Sarah Young; Sam Tobin)
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Manager says explosions damaged Turkish tanker near Senegal.
The manager of a Turkish-owned tanker damaged last week near Senegal’s coast was able to confirm that the vessel was struck by four external explosions, but no injuries were reported or any pollution was caused. Besiktas Shipping, based in Istanbul, said that the vessel Mersin was at anchor near Dakar at the time of the explosions at 2345 GMT, on November 27. Seawater entered the engine room as a result. The explosions' cause was not known. Besiktas Shipping released a statement about the Mersin situation. "The situation has been brought under control and we confirm all crew members' safety. There are no injuries or deaths, nor is there any pollution," it said. The report added that the vessel was stable and safe, and posed no danger to navigation or safety. An official confirmed that on November 28, a day after the Mersin explosions in the Atlantic Ocean, Ukrainian drones struck two sanctioned oil tankers near the Turkish coast in the Black Sea as they were heading to a Russian Port to load up with oil. Kyiv wants to put pressure on Russia’s huge oil industry. According to Kpler shipping data, the Mersin, a Panamanian flagged ship, has also been involved with shipping Russian oil. However, no Ukrainian connections were indicated. According to the shipping database Equasis, Besiktas Group owns the tanker. In order to prevent an oil spill, tugboats, maritime authorities and the Senegal navy deployed specialized teams and sent out tugboats to respond to the incident. Besiktas Shipping stated that it worked in full co-operation with the Senegalese authorities and insurers, managing the aftermath of the incident as well as supporting the technical and scientific investigations. Reporting by Can Sezer, Enes Tunagur; Writing by Daren Butler; Editing and editing by Jonathan Spicer, Alex Richardson and Jonathan Spicer
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Meesho, an Indian ecommerce company, relies on AI and new business lines to drive its growth.
In an interview, Vidit Aatrey, the founder and CEO of Meesho, a SoftBank-backed Indian online retailer is increasing its focus on artificial intelligence (AI) and new business models to increase its user base and reach profitability. According to a report from Bain and Flipkart, the online retail market in India is expected to grow to $170-$190 million by 2030. The three-day sale of shares will start on December 3. Shares are expected to debut at India's major stock exchanges by December 10. Meesho is known for its low-priced items, which are sold without a commission. Aatrey has said that it will not change this practice. The company will invest in voice-based and chat-based AI agents in order to make online shopping easier for new users, particularly in small towns and rural areas. Many of these shoppers are making their first purchases. Meesho will also invest heavily in marketing and technology "to continue growing" its user base of transacting users, which increased by 30% over the past 12 months. Aatrey said that a large part of this effort will be to scale up Valmo, the logistics aggregator platform. This is "a big focus", aimed at reducing costs. The Bengaluru-based company is not only integrating tech but also financial services. This includes buy-now, pay-later and short-term financing for sellers. They are taking a page from global ecommerce giants who have increased margins by leveraging logistics and financial products. He said, "We see financial services as an enormous, long-term opportunity that will have a positive impact on our bottom line." Aatrey says that the company is also looking at a push in grocery, which Aatrey describes as one of the most competitive segments for Indian ecommerce. According to the prospectus for its IPO, Meesho saw its revenue rise 29.4%, to 55.78 billion Rupees ($622.96 millions), while its losses decreased 72.1%, to 7 billion Rupees.
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Spain demolishes cell associated with neo Nazi terrorist group The Base
The Spanish police announced on Monday that they had broken up Spain's first cell known to be linked to The Base. The Base is a white supremacist organization designated by the European Union as a terrorist group. Three people have been arrested, and the leader of the group has been placed in custody. This happened in the province of Castellon in the east, north of Valencia. Two firearms, seven weapons for training, ammunition, over 20 knives, tactical equipment and neo Nazi material were all recovered. The arrests coincide with a rise in far-right sentiments across Spain. Polls indicate that youths are increasingly supporting nationalist groups, and there is renewed discussion about the authoritarian past of Spain. The Base, a neo Nazi group founded in 2018 by Rinaldo Nazaro in the United States promotes "accelerationism," a philosophy that aims to accelerate the collapse of democratic institutions via violent attacks. The police released a statement saying that "the leader of the Spanish Cell was in direct communication with the founder The Base who, a month earlier, called for the consolidation cells in several countries." The police said that the suspects had been trained in paramilitary tactics and were very radicalised. They also stated their willingness to carry out select attacks and used social networking sites to recruit sympathisers. (Reporting and editing by Aislin Laing, Sharon Singleton, and Jesus Calero)
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Airbus has a new quality issue on A320 jets.
Industry sources reported on Monday that Airbus discovered a problem with the quality of fuselage panels in several dozen A320 family aircraft. Sources who asked not to be identified said that the suspected production defect is delaying certain deliveries, but that there were no immediate signs it had reached aircraft already in service. Airbus had no immediate comment. It was not possible to identify the source of the problem immediately. Airbus has been busy boosting its efforts to meet the challenging delivery targets set for this year, and also distracted by the weekend recall of jets due to a software error. SOURCE: SOME DELIVERIES HAVE ALREADY BEEN AFFECTED. One person who has direct knowledge of the situation said that some deliveries are already affected, but it was not immediately confirmed how many or for how long. Sources in the industry said that the planemaker had delivered 72 aircraft to date, which is less than what many analysts expected. This brings the total of the year up to 657. It targets "around 820 deliveries" for the year. This would mean it has to achieve a record performance in December of more than 161 jets. In 2019, the record for the last month of the calendar year was 138. Will the planner meet its delivery goals? Analysts are divided over whether the world’s largest aircraft maker will achieve its delivery goals. These goals determine revenue and cash flows as airlines pay a large portion of the plane’s value at delivery. Chloe Lemarie of Jefferies, an analyst who tracks aircraft handovers and forecasts 71 deliveries in November, stated that the performance for the month was lower than expected. She added that the target is still within reach as the underlying production has been increasing in an investor note issued before news of a reported quality issue emerged. Rob Morris, an independent aviation analyst, said Airbus would be able to reach 800 deliveries. Others say that this is enough for the company to be crowned a winner based on its forecast. However, there's a risk the final result will be "marginally less." Reporting by Tim Hepher, Editing by Bernadettebaum
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Airbus has a new quality issue on A320 jets.
Industry sources reported on Monday that Airbus discovered a problem with the quality of fuselage panels in several dozen A320 family aircraft. Sources who asked not to be identified said that the suspected flaw in production is delaying certain deliveries, but there were no immediate signs it had reached aircraft already in service. Airbus had no immediate comment. It was not possible to identify the cause of the problem immediately. Airbus has been stepping up its efforts to meet the challenging delivery targets set for this year. Sources in the industry said that the planemaker had delivered 72 aircraft to date, which brings the total of the year up to 657. It targets around 820 deliveries in the coming year. This would mean it has to achieve a record performance by December of more than 161 jets. In 2019, the record for the last month of the calendar year was 138. Reporting by Tim Hepher Editing Bernadettebaum
Data shows that Russia's LNG imports fell by 2% between January and November.
LSEG data released on Monday showed that Russia's liquefied gas exports fell by 2% between January and November to 28,4 million metric tonnes.
In November, Russian LNG supplies increased by 10%, to 3,19 million tons, compared with a year ago. However, they fell by 4.5% compared with October, when the monthly supply reached a record high.
In October and November, the launch of supplies at Arctic LNG 2 boosted exports by a factor of two.
The U.S. sanctions against Ukraine have curtailed the LNG exports of Russia since the beginning of this year. These sanctions have notably targeted the Arctic LNG 2 plant and have severely limited the use by tanker fleets for fuel transportation.
All exports from Arctic LNG 2 go to China. Ship-tracking data by Kpler and LSEG revealed that China received its LNG cargo at the end August from the sanctioned Russian Project, just days before a summit between Russian President Vladimir Putin, and Chinese President Xi Jinping.
In the first eleven months of 2018, LNG exports to Europe from Russia fell 16% on an annual basis to 12,3 million tons. Exports of LNG to Europe in November were around 1.3 millions tons, roughly on par with the same period a year earlier.
The Yamal LNG plant in Novatek increased its shipments by 2.4% year-on-year to 1.7 millions tons.
Exports of Yamal LNG are down 5% on an annual basis since the start of the year. They now stand at 16,9 million tonnes.
The Arctic LNG 2 supply declined to 224,000 tonnes last month from 298,000 tons the previous month.
The project has supplied 1.1 million tonnes since the beginning of the year. The project's storage areas and the end-buyers received about 1 million tons.
Exports of Asia-oriented Sakhalin-2 (controlled by Gazprom) fell 2% on an annual basis to 0.98 millions tons in November. (Reporting and Editing by Susan Fenton).
(source: Reuters)