Latest News
-
United Airlines adds flights to target the main markets of Spirit Airlines, which has gone bankrupt
United Airlines rushed on Thursday to take advantage of the financial woes of rival Spirit Airlines, boosting its presence in major markets for the bankrupt discount airline, including Fort Lauderdale Orlando and Las Vegas. Spirit Airlines has shrunk its operations, and withdrawn from several markets. This has created an opportunity for competitors. Frontier Group launched flights last week to Spirit's strongestholds. Patrick Quayle is United's Senior Vice President of Global Network Planning and Alliances. He said: "If Spirit suddenly went out of business, that would be an incredibly disruptive event. We're adding the flights so their customers have other options, if they need or want them." United Airlines will begin selling tickets for 15 new cities where Spirit operates on Thursday. The Chicago-based carrier said it would fly larger aircraft from Chicago to New York LaGuardia in order to assist customers who are not located near its hubs with connecting to newly added flights. Tom Fitzgerald, TD Cowen's analyst, wrote earlier this week that "we expect these carriers will continue to benefit from Spirit’s retrenchment despite their less overlap." Reporting by Nathan Gomes, Bengaluru; and Rajesh K. Singh, Chicago. Editing by Shailesh. Kuber. Sriraj Kalluvila. Shinjini Ganguli.
-
Russia's Nornickel: China payment problem persists despite Xi and Putin meetings
A senior executive of metals producer Nornickel stated on Thursday that Chinese banks continue to delay payments for Russian imports up to four full weeks, despite assurances given by Russian officials about the improvement in payment issues with China. Last year, the problems of settlements with China and Russian trading partners reached a peak as Western regulators pressed banks to comply with Western sanction. This forced firms to use cryptocurrencies or barter. This issue was discussed between Russian President Vladimir Putin, and Chinese President Xi Jinping. After their meeting in Moscow, in May, Russian officials claimed that the situation had improved and that payments were now being made. Both leaders avoided discussing the payment issue during Putin's visit to China, which lasted four days this week. Xi also called for a global economic and security order. Most executives avoid elaborating on the subject of international payments to avoid attracting unnecessary attention. Anton Berlin, Nornickel's vice president for sales, said that the problems persist. Chinese banks halt payments for a period of 2-3-4 weeks as soon as new sanctions are announced. It doesn't really matter whether they don't impact our company or products. "They need to read the documents (that accompany the sanctions) and payments are delayed," Berlin said at a panel debate held at the Far East Economic Forum, Vladivostok. Berlin stated that "in the past we used to receive money the following day or within two days. But now, several days are the norm and several weeks are not unusual." He said that this issue is affecting the ability of the company to maintain working capital, and that it forces the company to increase borrowing rates at very high rates due to the central banks policy to combat inflation. Un senior official from the finance ministry told the same panel he believed payments were not being delayed anymore. Alexei Yakovlev stated that he believes cross-border payments are no longer a problem. Nornickel is a major producer and exporter of nickel and palladium. China is the biggest buyer. Berlin stated that the company ran several parallel schemes to execute payments without providing any further details. Berlin stated that Western sanctions were not as bad as the restrictions that Chinese banks and their other trading partners impose on themselves out of fear that they could be targeted by Western regulators. He urged greater secrecy in Russia's international trade transactions to shield it from Western regulators, and said that a new system of international payments independent from the West is needed. "It has always been said that transparency in financial transactions is important. But now anonymity also becomes an important factor. He said that transparency should only be limited to regulators. (Reporting from Anastasia Lyrchikova in Moscow, Gleb Bryanski at Vladivostok and Olesya Astakhova in Vladivostok. Editing by PhilippaFletcher.)
-
The history of the historic Gloria cable-way in Lisbon
In one of the deadliest accidents in Lisbon's public transport system, a car derailed and crashed on the Gloria funicular line. At least 16 people died. The authorities are investigating the cause for the accident. Here are some facts regarding the line: The street Calcada da Gloria is named after this railway. Gloria is the most famous funicular line, particularly among tourists. Gloria is a bridge that connects the downtown area of Lisbon, located at the intersection of Avenida da Liberdade, the main commercial street, and Restauradores Square. It also links the Sao Pedro de Alacantara terrace, which provides panoramic views of Lisbon, with Bairro Alto or the Upper Quarter. The cars have a yellow paint similar to the trams in Lisbon. The Gloria Line transports approximately 3 million passengers annually. The two cars of the line, which can each carry around 40 passengers, are connected to opposite ends on a haulage cord. Traction is provided by the electric motors of each car, which counterbalance one another. The line opened in 1885 and initially operated with a counterweight system of water. It then switched to steam power, before being electrified by overhead cables in 1914. The railway was declared a national landmark in 2002. Two long wooden benches are arranged along the aisle, with their backs facing the windows. They are all at the same level. The bottom of the car has a higher base to compensate for a gradient of over 17%. - The German company Maschinenfabrik Esslingen built the two identical cars with numbers 1 and 2. The route is approximately 265 metres long (290 yards), on a double rail track with a gauge of 90 centimetres (35 inches) and a slot in the middle for cable connections. The derailment happened about 50 metres from the bottom, at a 30 degree turn. In 2018, a derailment was caused by an unreported technical issue involving the cable. No injuries were reported. In a press release, the municipal public transport company Carris stated that "all maintenance protocol has been completed". In May, the line was closed for four days to perform maintenance. (Reporting and editing by Charlie Devereux, Alex Richardson and Andrei Khalip)
-
Pope Leo brings up 'tragic Gaza situation' during meeting with Israeli President
The Vatican reported that Pope Leo, during a Thursday meeting with Israeli President Isaac Herzog, discussed the "tragic Gaza situation" and called for an end to the violence in the Palestinian enclave. The statement also said that the pontiff called for the release the remaining hostages, held by the Palestinian militant Hamas. It also reiterated Vatican support for a solution of two states to the long-running Israel-Palestinian Conflict. The statement said that "a prompt resumption" of negotiations would be welcomed to ensure the release of hostages and a permanent ceasefire. It also hoped to facilitate the safe entry into affected areas of humanitarian aid, as well as the full respect of humanitarian law. Herzog thanked Leo in a previous post on X for the meeting that took place on Thursday, and he said he received a warm welcome at the Vatican. The president said, "Religious leaders as well as all those who are committed to peace must unite in demanding the immediate release and return of the hostages. This is a crucial first step towards a better future across the region." The Vatican has not released any further information about the meeting or how long Leo Herzog and Leo spent together. The Vatican released pictures of the leaders posing together in the Vatican's Apostolic Palace. In one photo, they are posed side-by-side without smiling. Leo was elected by cardinals around the world in May to succeed the late Pope Francis. In the past, Leo has spoken with a more cautious voice than Francis about Israel's campaign of military aggression in Gaza. Francis, the leader of the Church for twelve years, was a frequent critic Israel. He proposed a study to determine whether Israel is committing genocide on the Palestinians, which was met with harsh criticism by Israeli officials. Leo recently increased his calls for an end to the Gaza war. He made a "strong call" to end the war in Gaza during his weekly audience last week. The Vatican's statement on Thursday was longer than usual, compared to other statements that are usually only a few sentences long and don't give any specifics about what the pope discussed with foreign leaders. (Reporting and editing by Gianluca Smeraro, Keith Weir and Joshua McElwee)
-
Rosneft Germany: Oil flow to Germany via damaged Druzhba pipe to normalise
Rosneft Germany (the refinery's biggest shareholder) said that oil flows through the Druzhba pipe to Germany's PCK refinery are expected to return back to normal by the week's end following repairs to damages. Last month, Ukrainian drones hit an oil pumping facility in Russia's Tambov Region, causing a disruption of supply via the Druzhba pipe. After the Russian invasion of Ukraine, the PCK refinery in Schwedt in northeastern Germany is partly supplied by crude oil from Kazakhstan. Burkhard Woelki, a spokesperson for Rosneft Deutschland, said that the company imports 120,00 tons of oil per month from Kazakhstan. He added that the company is in talks with Kazakhstan to extend and expand the oil imports past 2025. The German news agency DPA was the first to report on the return of flow.
-
Venezuela tackles decay in celebrated capital complex
The first residents of Parque Central, Caracas dreamed of moving into this futuristic "city within a town" that was vertical and futuristic. It was the goal of a new Venezuelan middle-class. After decades of decay, there is a renewed effort to restore this renowned complex. Parque Central, built in stages in the heartland of the capital on 30 hectares (74 acre), was planned in 1969 and opened in phases over the next decade. The complex includes seven residential buildings with 20 floors and two office towers with 59 floors, which were the tallest in Latin America up until the early 2000s. The project was left in a state if neglect after years of economic turmoil. Many facilities were falling apart. Site includes an abandoned hotel, church, over 1,000 commercial units and a recycling facility. The East Tower is still not fully repaired following a 2004 fire. There are still damaged wooden ceilings, broken granite floors and other damage. Arelys Bernal (69), a retired woman who has lived at the complex since its opening, said: "This was beautiful. This was a whole city here." Unsanitary conditions have plagued the estimated 17,000 residents for years. "Living in such conditions is not just a matter of aesthetics; it's also a health and hygiene issue," said Jose Luis Huici a 62 year old percussionist, who has been living there for 16years. In April 2024, the authorities started revitalization works in response to residents' complaints about water leaks and poor lighting in abandoned basements. Franklin Garcia, President of Corporacion Capital (the state entity that manages the project), said the work was a priority. Garcia said that the building is "an emblematic structure". Workers have so far waterproofed all seven residential buildings and installed 10,000 new lights. They are also removing 2,5 tons of garbage per day. The efforts have begun to fix leaks in individual apartments. This includes a persistent issue with water in Huici's bath that was resolved last August. Pablo Molina is an architect at Central University of Venezuela and teaches urban studies. He notes that Parque Central, built in a time of abundance of oil resources, was designed for an "emerging class". He warns that the management of such mega-projects is complex and unstable in developing countries, making it impossible to maintain them over time. Residents, however, will see the recent improvements as a fresh start. Huici, a native of Caracas, said: "It is an icon for the city. It brings me great satisfaction." "I hope it continues like this." Reporting by Vivian Sequera, Johnny Carvajal and Camille Ayral. Writing by Camille Ayral. Editing by Kyrry Madry and Lincoln Feast.
-
JetBlue will upgrade onboard Wi-Fi to Amazon's Kuiper Network by 2027
JetBlue Airways announced on Thursday that it would partner with Amazon's Project Kuiper to enhance its onboard Wi Fi starting in 2027. In an effort to attract consumers, U.S. airlines are investing heavily in onboard WiFI. JetBlue, Kuiper’s first airline partner is betting on the partnership to help them stay in front of their competitors. JetBlue's President Marty St. George said to reporters that many of their competitors are trying to get on board. Amazon has identified technology which will "absolutely" keep us in front, as the new service should be more reliable and have faster performance with fewer delays. JetBlue is the only major U.S. carrier to offer free Wi Fi in its fleet. Kuiper announced in 2019 that it would deploy 3,200 satellites into Earth's low-orbit, an effort worth $10 billion, to provide broadband internet to consumers, businesses, and governments around the world. Kuiper launched the first production satellites on April 20, 2025. It has already deployed over 100 satellites. It will compete with Elon Musk’s Starlink unit, a SpaceX company, which signed deals for in-flight Internet services with Hawaiian Airlines, and United Airlines. JetBlue's onboard Wi-Fi is powered by geostationary Earth-orbit (GEO), a satellite network. The carrier will also explore multi-orbit solutions in the future, combining low Earth-orbit (LEO) with GEO networks. St. George said that LEO satellites are cheaper than geosynchronous satellites which travel further in the opposite direction of Earth's rotation. (Doyinsola Oladipo in New York; Editing by Richard Chang)
-
JetBlue's revenue decline is expected to be smaller in the third quarter after strong holiday demand
JetBlue Airways announced on Thursday that it expected a smaller drop in its operating revenue for the third quarter than it had anticipated. It cited strong demand from air travelers during the summer holidays and Labor Day. The airline now expects the operating revenue per seat mile to drop between 1.5% and 4%, as opposed to the 2% to 6 % predicted earlier. JetBlue said that it was "encouraged" by the current booking trends, even though they are still early in the fourth quarter. In April, major U.S. airline companies retracted their forecasts for 2025, citing tariffs and federal budget cuts as threats to travel demand. JetBlue reported a smaller-than-expected quarterly loss in July, helped by recovering travel demand and cost-cutting measures, but it stopped short of reinstating its 2025 earnings outlook, citing limited visibility. The airline has reduced its forecast for the third quarter fuel costs to $2.45 to $2.55 per gallons, down from a previous range of $2.50 - $2.65. The forecast was also lowered for the third quarter available seat miles or seating capacity to be between flat to up 1% compared to a previous drop of 1%-2%. Reporting by Aishwarya Jain, Bengaluru. Editing by Leroy Leo.
Lyten brings Northvolt executives back following asset acquisition
Northvolt's new owner Lyten announced on Thursday that it has appointed the former chief operating officer (COO) of the bankrupt Swedish company as the CEO of Lyten Sweden and recruited several other former executives from the failed company.
Last month, the Silicon Valley startup Lyten announced that it had acquired Northvolt’s assets. This was a major development for future European battery production of electric vehicles.
Matthias Arleth is the new CEO of Lyten Sweden. He joined Northvolt last July, shortly after reports of problems began to surface.
Lyten announced that Sami Haikala will return to his former position as the head of Northvolt Labs R&D in Sweden and Markus Danglemaier will come back to her previous position as the head of Northvolt Ett in Sweden.
In a press release, the company stated that Dan Cook, CEO of Lyten, has extensive experience in industrial transformation as well as a deep understanding of Northvolt assets and operations.
It said that "These executives played an important role in stabilising the operations and delivering for customers over the past year." Filling these initial executive positions is a crucial step in restarting operations for Sweden and Poland.
Arleth, along with two other executives, led the company through bankruptcy in June when co-founder Peter Carlsson left the position in November. (Reporting and editing by Terje Slsvik, Marie Mannes and Anna Ringstrom)
(source: Reuters)