Latest News
-
Pakistan approves four bidders to take over the struggling national airline PIA
The Pakistani Government announced on Tuesday that it had given approval to four parties, which included business groups and an army-backed firm, for them to bid for a stake of the debt-ridden Pakistan International Airlines. Pakistan is looking to sell 51-100% of its struggling national airline in order to raise money and reform state-owned, cash-sucking enterprises as envisaged by a $7 billion International Monetary Fund program. This would be the first major privatisation of the country in almost two decades. One of the bid groups is a group consisting of four major industrial companies: Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures. One is led by Arif Habib Corp, which includes the private education provider The City School and real estate company Lake City Holdings. Fauji Fertilizer Company (a conglomerate backed by the military) and Pakistani Airblue have also been given approval to bid on PIA. In a press release, Pakistan's Privatisation minister Muhammad Ali stated that "the pre-qualified parties" will proceed to the due diligence stage for buyers. Ali said that the review process will last between two and two-and-a half months. The final bidding, negotiations, and discussions are expected to take place in the fourth quarter 2025. The privatisation ministry of the country also announced that the Cabinet Committee on Privatisation had approved the transaction structure, which included options for outright sale as well as long-term leasing for the Roosevelt Hotel in New York. Ali told us that Pakistan expects to receive a payment of over $100 million from the Roosevelt Hotel in this year. Reporting by Mrinmay dey in Bengaluru, and Asif shahzad in Islamabad. Mark Potter is the editor.
-
Boeing resumes delivery of 60 jets, including eight to China in June.
Boeing announced Tuesday that they delivered 60 aircraft in June. This is a 27% rise compared to the same period last year. Eight of these airplanes were delivered to Chinese customers, the first since the end of a trade dispute between the two countries. Beijing banned the delivery of Boeing aircrafts in April, when a dispute over tariffs escalated between two of the world's largest economies. But in May, Beijing lifted the ban after the two countries agreed on a temporary reduction in tariffs. Wall Street closely tracks aircraft deliveries because the planemakers receive a large portion of their payments when they deliver jets to customers. Boeing is trying to recover after years of production problems. Setbacks and crises It is vital to increase deliveries in order to stabilize its finances. Boeing delivered 42 737 MAX jets, nine 787s and four 777 Freighters. Three of the 767s will be converted by Boeing's Defense Division into KC-46 aerial refueling tanks. Southwest Airlines has taken delivery of 10 737 MAX planes. Five of the 737 MAX aircraft were delivered to Chinese airlines. Boeing delivered three more jets to Chinese clients, including two 787s and a 777 freighter. The company has delivered 45 jets in June 2024, and 44 the month before. Boeing delivered 280 aircraft in the first half 2025. This included 206 737 MAX, 37 787s (including 14 767s), 20 777s, and three older 737 models that will be converted into P-8 Poseidons - a naval reconnaissance plane. Boeing received 116 new gross orders in June. This included 54 737 MAXs and 62 787-8s. Alaska Airlines purchased 12 737s and British Airways bought 32 787s. Singapore Airlines cancelled three 737 MAX orders in June. Boeing data shows that June's orders were down from May's, when Boeing had its sixth highest monthly order total in history. The planemaker booked 668 net orders in the first half of this year. Cirium, a consultancy for aviation analytics, reports that Airbus, the European competitor, delivered 60 aircraft to its customers in June. Seven of them were widebody aircraft, including three A330s and 4 A350s. Fourty-one of the A320s and A321s were single-aisle jets, which compete with Boeing's 787. Twelve were regional A220 jets. (Reporting and editing by Bernadettebaum in Seattle, with Dan Catchpole reporting from Seattle)
-
Minister: Portugal does not have a favorite among the 3 airlines interested in TAP
Finance Minister Joaquim Sarmento stated on Tuesday that Portugal does not have a preferred airline among the three major European carriers who have expressed interest in TAP's partial privatisation, which the government will soon relaunch. He said, on the sidelines a Eurogroup in Brussels, that the "government will announce its decision" about the conditions of the planned sale for less than 50% TAP's Capital. He told reporters that it was well known that Air France and IAG had expressed interest in the company, and would eventually make a proposal. This is a very positive thing for the country. He told reporters that the winning proposal would be the best one for the country. "We do not have a preferred partner nor any bias towards A, B, or C," said the minister. The Portuguese government is keen to keep TAP's Lisbon hub and its main routes to Brazil, Portuguese speaking African countries, the U.S., and other destinations. When asked if the three major European carriers might lose interest because the government would hold the majority stake, he replied: "These companies, whether they all present proposals or not, have shown an extremely significant interest in TAP. We will see which one, whether it is all of them, will make a proposal based on privatisation conditions." TAP was long earmarked for privatisation. However, the process had been once again stalled after the centre-right minor government collapsed in march. After a May national election, the coalition was re-elected to power, but it still lacked a majority of parliament members, which could have blocked TAP's sale.
-
Marseille Airport closed due to high winds that fan fires in Southern France
Marseille Provence Airport was closed on Tuesday due to a fast-moving fire in southern France. The fire, which is being fanned up by 70 kilometres an hour winds, has impacted travel at the beginning of the French summer holiday period. On X, the local fire service reported that 168 firefighters were deployed to combat the fire of 30 hectares north of Marseille, France’s second-largest town. Also, helicopters and fire engines were used. The Provence-Alpes -Cote d'Azur Prefecture announced on X that "At this time, the population must remain in residential areas." Close shutters and doors. Keep your property free for emergency services. Do not drive on roads. BFM TV, citing interviews of locals, reported that high winds forced evacuations in Les Pennes-Mirabeau. On-air journalists and trees were buffeted by the winds. A spokesperson from Marseille airport confirmed that flights were diverted to Nice and Nimes. The airport's reopening date is not yet known. A resident reported that smoke was covering some parts of Marseille as a result of a fire in the center of the city. Marseille Municipality said that the fire was spreading. Avoid all outdoor activities, and don't block emergency access routes. "Follow instructions and alert messages." A wildfire which started in southwest France near Narbonne on Monday is still active and being fanned with winds of 60 km/h. The local prefecture reported that 2,000 hectares of land have been burned at this point. (Reporting and writing by Sudip K-Gupta, Dominique Vidalon and Ingrid Melander. Editing and revision by Andrew Heavens Richard Lough Mark Porter.
-
Italy seizes $51 Million from Rhenus Group Unit in Labour Supply Probe
Documents from the prosecutor's office showed that Italian tax police seized $43.5 million ($51 million) in cash from Rhenus Logistics Group, Rhenus' local unit. This was part of an investigation into allegations of tax fraud and illegal labor practices. Milan prosecutors launched a series formal investigations against Italy's delivery and logistics firms. They targeted the local units for major companies such as FedEx, Amazon, GLS, and DHL. According to a 199 page decree, the investigation accuses Rhenus Logistics Spa, of issuing fake invoices, and bypassing tax and labour laws in order to avoid paying tax and social insurance payments. The allegations span the years 2019 through 2024. The prosecutors are yet to request an indictment. Rhenus Logistics SpA did not respond immediately to A comment. Rhenus Logistics Spa, a member of Rhenus Group (Europe's largest logistics service provider with annual revenues exceeding 8.2 billion Euros), is a company that provides services in the field of logistics. It has 41,000 employees in 1,330 offices around the world. Prosecutors allege that Rhenus Logistics Spa used intermediaries to use "fake contracts for the provision services" with cooperatives, limited liability companies, and other low-cost labour providers, and then filed false tax returns. They wrote that this business model has been used in the sector in Italy for many years, if no more than a decade, and "facilitates exploitation of employees and results in unfair competitiveness." In recent years, the Italian authorities have examined over a dozen logistics and delivery groups for their labor practices. They issued seizure orders worth more than 650 millions euros, including all of the most recent confiscations. Milan's prosecutors stated that based on the data of the National Social Security Institute they were forced to regularise more than 49,900 workers over the past four years. The renewal of the national logistics contract signed in December last year contained new rules to stamp out illegal practices. The prosecutors stated in their decree that "without substantial change to the business policy adopted by key players in the industry, it appears likely that the new rules will be effectively ignored." Reporting by Emilio Parodi, Editing by Joe Bavier. $1 = 0.8528 Euros
-
Honeywell will review options for two businesses before 2026 split
Honeywell announced on Tuesday that it will evaluate strategic alternatives for the two businesses that serve the transportation industry and logistics as the industrial giant prepares to split into three. The company has been reorganizing its operations. It is expected that the division of the company into aerospace, automation, and advanced materials will be completed by next year. Honeywell said that its review of its "Productivity Solutions and Service" and "Warehouse and Workflow Solutions" businesses was to simplify its portfolio in advance of the separation. Honeywell says that the two units will generate more than $1 billion in revenue each by 2024. They include products like barcode scanners and printing solutions as well as conveyors, warehouse automation tools, and others. Marc Steinberg, a director at Elliott Investment Management, was added to the Charlotte-based industrial company's board in May ahead of the split. Honeywell Process Automation has also named Jim Masso its president and CEO, effective July 14. (Reporting and editing by Leroy Leo in Bengaluru, Aishwarya Jain from Bengaluru)
-
Bergamo Airport in Italy temporarily closed due to runway failure
The Italian Bergamo Airport, which provides low-cost airline services to and from Milan, was closed temporarily on Tuesday following the death of a man on a runway while preparing for takeoff. The airport announced that flight operations had been suspended between 1020 and 12 local time (820-1000 GMT), "due a problem which occurred on the taxiway", adding that authorities were investigating the incident. A spokesperson confirmed the death of a man, but added that he wasn't a passenger or airport staff member. ANSA reports that the man died after being sucked into the engine of the Volotea plane. The Italian press office of the Spanish low-cost carrier was not available to comment immediately. Bergamo Police also had no immediate comments.
-
Source: Top Turkish officials will visit Pakistan on Wednesday
A Turkish diplomatic source confirmed on Tuesday that the Turkish foreign and defense ministers would visit Pakistan on March 13 to meet with Prime Minister Shehbaz Shariff and discuss bilateral relations, regional issues and cooperation in the defence industry. The Turkish government has close ties to Pakistan, and it expressed its solidarity with Pakistan during the conflict between India and Pakistan in May. This angered India. Sources said that Hakan Fidan, Turkey's Foreign Minister, will visit Ankara to express the desire of the country to strengthen ties across all fields and offer Ankara its support for taking steps towards regional peace. Fidan will emphasize the need for countries to "intensify their cooperation in defence industry", the source said. Ankara has also enjoyed cordial relations with India. However, after India's support for Pakistan small Indian grocery stores and major online fashion retailers have boycotted Turkish goods, while New Delhi cancelled the clearance of Celebi, a Turkish aviation service provider, due to "national security" concerns.
Report reveals the human suffering caused by UK Post Office scandal
A public inquiry into Britain’s Post Office IT Scandal revealed on Tuesday that six postal workers committed suicide, while others fell seriously ill or declared bankrupt. The report also revealed the impact of this scandal on over 1,000 sub-postmasters.
State-owned Post Office pursued Branch Managers for losses on their accounts due to flaws in a computer system between 2000 and 2013, leading to about 1,000 of them being found guilty in one of the biggest injustices of the country.
ITV's dramatization of the managers' campaign, "Mr Bates Vs. the Post Office", last year sparked outrage and led to legislation exonerating those convicted.
Wyn Williams, the chair of the public inquiry, said that he was satisfied Post Office executives were aware, or should have been aware, that Fujitsu's IT system was prone to error, but maintained that it was accurate.
In the first volume, he called for immediate action to ensure that all compensation is paid.
Williams said that it was difficult to determine the exact number of people affected, but he estimated there were approximately 10,000 eligible claimants under four compensation schemes.
Williams outlined 17 first-hand stories, ranging from people who were wrongly held responsible for small amounts to those who fell seriously ill, were driven to despair, or committed suicide.
In 2013, Martin Griffiths' contract was terminated due to a shortfall in his account. He deliberately walked into a bus and suffered multiple injuries, which led to his death.
The 162-page report said that other people suffered from mental and physical illnesses, bankruptcy, and relationship breakdowns.
Williams suggested free legal advice and compensation for family. He also recommended a commitment to "full and just" compensation. (Reporting and editing by Sachin Ravikumar; Reporting by Paul Sandle)
(source: Reuters)