Latest News
-
CFM to sell 30 new jet engines to Ryanair for $500 Million
Ryanair announced on Tuesday that it had purchased 30 spare LEAP-1B jet engines from CFM for a price of $500,000,000. The budget airline hopes to reduce fuel consumption as it grows its fleet. The engines will improve operational resilience, as the company takes delivery of 300 Boeing 737 MAX 10 planes from 2027. It aims to increase its annual passenger traffic from 200 million to 300 million by 2034. Ryanair, Europe's biggest airline by passenger numbers, said that the engines developed by the CFM joint-venture between GE Aerospace & Safran will be delivered in the next two year and will increase its pool of spare engines from 120 to over 120. Michael O'Leary, CEO of Ryanair, said that the CFM engines would reduce fuel consumption by 20% and CO2 emissions by 20% per seat when installed in our B737 MAX aircraft. This will allow Ryanair to further expand its cost advantage over competitors in Europe. (Reporting from Pushkala Aripaka and Padraic HALpin in Bengaluru; Editing by Rashmi aich, Kirsten donovan).
-
South Korea's KFA offers up to 68,000 t corn, traders claim
European traders reported on Tuesday that the South Korean Korea Feed Association has launched an international tender for up to 68,000 tons of animal feed grain. Tuesday, June 10 is the deadline for submitting price offers to the KFA Incheon section. Around September 20, corn in a consignment of 52,000 to 68,000 tonnes was wanted in South Korea. The corn sought to be shipped between August 12 and 31 if it was sourced from the U.S. Pacific Northwest Coast, or between July 23 and August 11 if it came from the U.S. Gulf. It could also have been shipped between July 18 and August 6 from South America, or between August 2-21 from South Africa. On Tuesday, the leading South Korean feedmaker Nonghyup Feed Inc. also announced an international tender for up to 138,000 tonnes of feed corn. The traders said that Asian demand was sparked by the Chicago corn futures falling more than 2% in Chicago on Monday, partly due to favorable U.S. conditions for growing and uncertainty regarding export demand. (Reporting and editing by Jacqueline Wong and Kirsten Donovan; Michael Hogan)
-
The South Korean NOFI has issued tenders for up to 138,000 metric tonnes of corn
European traders reported on Tuesday that the leading South Korean feedmaker Nonghyup Feed Inc. has announced an international tender for up to 138,000 tons of animal feed grain. Also, the deadline for submitting price offers to the tender is Tuesday, June 10 Two consignments ranging from 45,000 to 69,000 tonnes of corn are required for arrival in South Korea. First consignment to arrive in South Korea is expected around September 20. Shipping is required between August 13 and September 1, if the product comes from the U.S. Pacific Northwest Coast, or if it comes from the U.S. Gulf coast between July 24 and August 12, South America between the dates of July 19 to August 7, or South Africa between the dates of August 3-22. Second consignment expected to arrive around 30 September If the shipment comes from the U.S. Pacific Northwest Coast, it is between August 23 and September 11, the U.S. Gulf of Mexico between August 3-22 or South America between July 29 and August 17; or South Africa between August 14-September 1. The sellers have the right of choice in the origins they supply. Traders said that they were looking for offers in both outright prices per ton and c&f as well as a premium on the Chicago September 2025 Corn contract. The traders reported that Asian demand was stimulated after Chicago corn futures dropped more than 2% Monday, partly due to the favorable conditions for U.S. crops and uncertainty regarding export demand. The South Korean Korea Feed Association has also released an international tender for the purchase of up to 68,000 tonnes of feed corn. This tender closes on Tuesday. Michael Hogan reported, Kirby Donovan edited.
-
Hanwha Group of South Korea says that it has US approval to increase its Austal stake
The U.S. Committee on Foreign Investment has approved Hanwha Group's request to increase its stake in Australian shipbuilder Austal from 9.9% to 19,9%. Austal, a company that supplies defense vessels to the U.S. Navy is seeking independent verification for this approval. Hanwha said CFIUS had also approved its increase to 100%. Hanwha currently owns a 9.9% stake and a further 9,9% economic interest via a cash-settled Total Return Swap. The application for the acquisition of shares with the Australian Foreign Regulatory Authority is still pending. Austal, however, said that they "understand that the approval granted to Hanwha is different than that claimed by CFIUS" and are requesting written confirmations from CFIUS. CFIUS didn't immediately respond to the request for comment. Austal shares rose up to 7.6%, to A$6.21, before reversing their gains. The benchmark index rose 0.7%. Hanwha's statement said that CFIUS approval was "consistent" with the interest the U.S. Government has shown in further transferring our technology and practices to the United States in order to boost shipbuilding. Austal and other U.S. allies are increasing their defence spending, which creates a favorable environment for the company. Austal's shares are up 86% since the last close of the year. This is a result of military spending. Hanwha's investment will give Austal access capital, international connections and operational expertise to help grow its business. With 112 trillion won (77.33 billion dollars) of assets, the group is South Korea’s seventh largest conglomerate. Its industries include energy, defence, and finance.
-
Army radio reports that the Israeli Navy has struck Yemen's port Hodeidah.
Israeli Army Radio reported on Tuesday that the Israeli Navy carried out attacks against Yemen's Red Sea Port of Hodeidah in a campaign that is usually airstrikes. Al Masirah TV, a Houthi-run channel, said that Israel had struck the docks at Al Hodeidah Port with two strikes. No immediate reports have been made of any casualties. After the Israeli military called for the evacuation of Houthi-controlled port cities of Ras Isa and Hodeidah on Monday, the strikes came. The Houthis, who are aligned with Iran, have been firing at Israel since the beginning of the Gaza war in October 2023. They claim that they were doing this in solidarity with Palestinians. The majority of the missiles and drones that were fired at Israel either missed their target or were intercepted. Israel has launched a series retaliatory attacks. Israel has also weakened the other Iranian allies in the region, including Hezbollah of Lebanon and Hamas. Tehran-backed Houthis in Iraq and pro-Iranian groups are still there. Reporting by Jana Choukeir, Editing by Jacqueline Wong and Saad Sayeed; Lincoln Feast.
-
Panama Canal boss warns MSC ports deal could threaten neutrality
According to the Financial Times, Ricaurte Vasquez, head of the Canal Authority, the sale of two Panama Canal ports to a global group led by Mediterranean Shipping Company threatens the principle of neutrality of the canal. Vasquez, in a Tuesday report by the FT, said that there is a risk of a concentration of capacity if the deal is structured the way we currently understand it. If there is a high concentration of terminal operators that are part of a single integrated shipping company or if they belong to merely one, this will affect the competitiveness of Panama on the market. This is incompatible with neutrality. MSC is one the top container shipping companies in the world. MSC and Panama Canal Authority didn't immediately respond to our request for comments. CK Hutchison announced last month that MSC was owned by the Italian billionaire Gianluigi Aponte's family and the group seeking to purchase 43 ports including two in Panama for $22.8 billion. Clarification comes after weeks of criticism and scrutiny in China regarding CK Hutchison’s plan to sell ports to a group led by U.S. Investment firm BlackRock. BlackRock is still part of the group. After the announcement, Donald Trump, the U.S. president has expressed his desire for a reduction of Chinese influence in the Panama Canal region and called the proposed sale a "reclaiming of the waterway". In April, China’s top market regulator stated that it was closely monitoring CK Hutchison’s planned sale. It also said that the parties to the transaction should not attempt to avoid an antitrust investigation. Vasquez said that the canal could use the deal with the ports to become its own terminal operator by reactivating the project to build a port in Corozal, at the Pacific end of canal. (Reporting and editing by KanjyikGhosh; Muralikumar Anantharaman & Kate Mayberry).
-
Power authority: Companies are considering building 2 gigawatts of data centers near hydropower sites in NY
Justin Driscoll, CEO of the New York Power Authority (NYPA), said at a Monday conference that companies are looking to build 2 gigawatts worth of data centers close to hydropower plants operated by NYPA. The technology industry is spending tens and tens billions dollars just this year to build and run their energy-intensive AI Data Centers, which will propel U.S. electricity use to new records this year and by 2026. New York's grid operator predicts that by 2035, there will be 2.5 gigawatts worth of data centers and other large energy consumers. Driscoll, speaking at a New York Energy Week event, said that while some projects may not be realized, there is no doubt we need to increase our generation and transmission capacity in order to attract these companies. He did not name any specific company. About 800,000 households can be powered by one gigawatt. (Reporting and editing by Christopher Cushing in New York, Laila Kearney is based in New York.
-
US law enforcement prepares for hundreds of thousands of attendees to the Army parade in Washington
Matt McCool, Special Agent in Charge of the U.S. Secret Service, told reporters on Monday that law enforcement agencies were preparing to receive hundreds of thousands people at a celebration of the 250th anniversary of U.S. Army in Washington, D.C. on June 14. McCool stated that thousands of agents, officers, and specialists from federal, state, and local law enforcement agencies will be deployed across the nation to ensure security. Both the FBI and Metropolitan Police Department told reporters that there were no credible threat to the event. McCool stated, "We are preparing ourselves for a large turnout." "We are doing everything we can to ensure that this event is a success." The event will coincide with the 79th Birthday of President Donald Trump. It will include an Army birthday celebration on the National Mall. A parade will be held through the capital, and the ceremony will conclude with an enlistment or re-enlistment under the presidency. The security measures include 18.5 miles anti-scale fencing and 17 miles concrete barriers. There are also 175 magnetometers, and federal, state, and local officers on guard. McCool confirmed that the Secret Service will operate drones. Chief Pamela Smith, of the Metropolitan Police Department, said that there will be major traffic impacts, including road closings, around West Potomac Park, The Ellipse and the National Mall. The U.S. Army will bring 6,500 soldiers, 150 vehicles, and 50 aircraft to Washington for this event. The event will include aircraft flyovers, fireworks and other activities. As a result, the FAA has decided to shut down the arrivals and departing at Washington's Reagan National Airport for the duration of the celebration. Officials have said that they do not expect protests similar to the ones in Los Angeles last weekend against federal immigration enforcement. McCool stated that the Secret Service has been tracking nine possible protests and is prepared to intervene if violence breaks out. McCool replied, "That matter will be dealt with quickly." Jessica Taylor, Chief of U.S. Park Police who handles protest permits, has said that several permit requests are pending. Taylor stated that "from what we have reviewed so far in our communication list, we do not have any significant concerns." (Reporting and editing by Ryan Patrick Jones)
JGB and tech optimism boost Japanese stocks for third consecutive day
The Japanese stock market rose for the third day in a row on Tuesday, boosted by the gains of technology stocks and the optimism of investors about the government's attempts to stabilize the debt markets.
The Nikkei Index rose 0.9%, while the Topix index grew 0.5%. The Nikkei Index saw 171 advancing issues against 52 declining ones.
Stocks and Japanese government bonds have advanced in tandem, as concerns about the fiscal health of Japan's economy and its borrowing costs continue to grow.
Katsunobu Kato, the Japanese Finance Minister, said that the government would work to maintain confidence in the JGB markets. This comes a day following reports that the finance ministry was considering purchasing some super-long-dated debt to limit rising yields.
Maki Sawada is an equity strategist at Nomura Securities. She said, "We believe that lower interest rates as well as a stable dollar/yen exchange rate are supporting the Japanese stock markets today."
Advantest, a chip-sector supplier, and Shin-Etsu Chemical, a chemical company, both jumped by 4% and 2,4% respectively following an overnight surge of nearly 2% in the Philadelphia SE semiconductor Index.
Mazda Motor shares rose by 1.4% after the yen fell to 145 versus the dollar. This gave exporters a boost.
Sumitomo Pharma, the largest percentage gainer on Nikkei, jumped by 5.8%. Motor maker Nidec, meanwhile, grew by 4.8%.
After falling by the daily limit in two consecutive sessions, shares of space startup ispace rose 5.2%.
(source: Reuters)