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Croatia is ready to supply oil to Hungary and Slovakia, says PM
Andrej Plenkovic, the Prime Minister of Croatia, said that Croatia could deliver oil to Hungary?and Slovakia through its Adria?pipeline in order to replace the disruptions caused by the Druzhba?pipeline. The two countries as well as the European Commission are?in discussions? about the plan. The only EU countries that still import?Russian crude oil are Hungary and Slovakia. On January 27, the supply via Druzhba was stopped due to damage which Ukraine blamed upon a Russian drone attack. The 'European Commission' said Wednesday that Croatia was evaluating whether it could lawfully import seaborne Russian crude to be supplied?to Hungary or?Slovakia via its Adria pipeline. This is an alternative route. Janaf, the operator of the Adria pipeline, said that on Wednesday a cargo containing non-Russian oil was being delivered to MOL Group in Hungary. Seven more are due by April. Plenkovic, a local official news agency, was quoted as saying on Thursday that Croatia is here to help ensure energy security and the smooth functioning of Hungary and Slovakia's economies. Plenkovic stated that the Adria pipeline could 'transport up to 15 mn tonnes of oil per year, which is enough to meet both Hungary and Slovakia's needs. (Reporting and editing by Susan Fenton; Angeliki Koutantou)
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UK to review military flight records following latest Epstein probe
The British Ministry of Defence has begun reviewing flight records which 'could contain information about Jeffrey Epstein. A sex offender is suspected of having landed his private plane at military bases. British police have already begun assessing whether Epstein facilitated the trafficking of women via two London airports, and one in central England using private flights. This is part of an investigation into Epstein's connections to Britain. After the files showed Epstein's private plane had also landed at Northolt and?Marham in eastern England?, police are now being asked to investigate whether the Royal Air Force bases were also used. Private jets frequently use RAF 'Northolt. But it is less common that they 'land' at RAF Marham. This is a major frontline base. The MoD spokesperson announced late Thursday that Defence Minister John Healey had ordered a review on military flight records. The spokesperson stated that "the Defence Secretary ordered a review" of all records held by the department relating to Epstein flights landing on RAF bases. This was to ensure that information pertaining to Epstein's criminal activities is uncovered and notified to the appropriate authorities. The statement added that the MoD would'support any civil police investigation', and expressed its thoughts with those who were victims of Epstein’s "vile crime". The Epstein scandal continues to rock the British establishment nearly seven years after Epstein's death. The last batch of files, released in January, led to the arrests of Andrew Mountbatten Windsor, a brother of King Charles, and Peter Mandelson, former British ambassador to America, for allegedly sharing confidential government documents.
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British Airways owner IAG exceeds profit expectations as premium demand boosts earnings
IAG, the owner of British Airways, reported on Friday a 'better-than-expected' annual profit, as it was able to benefit from lower fuel costs and resilience in its transatlantic core routes, especially for its premium services. European airlines are riding a strong premium demand across North Atlantic. This is a major?profit generator, while U.S. economy fares have softened. This trend is mirrored by the industry as affluent travelers continue to spend. Price-sensitive travellers are pulling back on their travels amid uncertainty over tariffs and changing demand signals in the United States. Lufthansa and Air France-KLM have both increased their premium product offerings to capitalize on the strong demand for premium travel. IAG announced on Thursday that it will return to its shareholders 1.5 billion euros (1.77?billion dollars) of excess cash over the next year, beginning with a 500-million euro share purchase to be completed by the end May 2026. IAG reported a operating profit?before extraordinary items of 5,02 million?euros compared to 4,97 billion euros predicted by analysts polled LSEG. This is a?3.5% increase from the?adjusted?operating profit of 4,44 billion euros last year.
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German rail operator and the union reach wage agreements, averting strike
The GDL train driver's?union and Germany's Deutsche Bahn 'have reached a wage deal' on Friday. This has prevented'strikes' that had threatened to disrupt passenger and freight transportation at a critical time for the state-owned railway operator. GDL confirmed the deal early on Friday morning, saying that details would be released later in the day. The breakthrough was also confirmed by Deutsche Bahn, after months of heated negotiations?over wages and working conditions for the?10,000 employees covered by union contracts. The GDL has a list of 40 demands. These include an increase in wages of up to 8% overall, better allowances for trainers, and enhanced pension bonuses. This agreement is a 'test' for the new CEO of Deutsche Bahn Evelyn Palla. She wants to 'give greater responsibility -to- operating units, as DB Cargo battles heavy losses and a possible?split. (Reporting and writing by Christian Kraemer; editing by Michael Perry).
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Maguire: EU policymakers to make or break decision on industrial heat
European legislators are expected to announce new policies soon on the types of heat used in industry. This could determine whether the region is able to maintain viable and competitive business or if it will suffer a further thinning out of its industrial base. Industrial heat is a vital input for all types of production, including chemical plants, steel mills. food processors, electronics, and car assembly lines. The International Energy Agency (IEA), according to its data, shows that industry accounts for approximately a quarter of Europe's total consumption. Heat applications make up around half the total?industry -power requirements. Gas-fired boilers have been used by most European industries to heat their facilities for decades. However, the price of gas has risen dramatically since the Russian invasion of Ukraine 2022, causing costs to spiral and pushing many facilities into debt. In fact, the output of plastics, chemicals and fertilizers has fallen to historical lows in Germany, Europe's largest manufacturer and economy. High energy costs, as well as an unclear policy plan, have stifled industry and hindered economic growth. In an effort to reduce energy costs and provide more regulatory certainty, European policymakers will release new measures in the spring that aim to rapidly scale up electric industrial heating technologies to meet the needs of businesses who do not use fossil fuels. ARE YOU UP FOR THE CHALLENGE? These steps would reduce Europe's annual fossil fuel import bill, which is several hundred billion dollars. They would also help to cut industrial emissions. It will be a difficult task to create a set that is both workable and meets the needs of all industries, from Lisbon to Warsaw. This is especially true during a time of increasing tensions between EU member states. This?said', key policymakers will find it totally unacceptable to continue with the current muddle of half-measures while the industry is still reliant upon expensive and volatile fossil energy imports. In addition to the mounting losses of jobs, governments in Europe also have to deal with declining tax revenues from crippled businesses. This drains both treasury funds and political clout required to set up a new, workable course for industries. This means that EU legislators and industry advisors are under a lot of pressure to create a roadmap that is both bold and effective, and can quickly steer European industry on a new path underpinned by cleaner and cheaper electricity. Final Push Several major European think tanks have weighed in on the best way to electrify industrial heating and assist businesses to return to growth. Fraunhofer Institute, a specialist in applied research for the industry, contributed to a set of proposals that focused on the possibility of electrifying industrial process heat at low and medium temperatures. The report found that electric heat pumps are able to reduce operating costs by 20% in the food and beverages sector compared to traditional gas-fired heating systems, even when electricity costs remain three times higher. Electric pumps are more efficient than gas units, so companies can use electricity to cook, pasteurise and sterilize large quantities of food. The paper and chemical industries are also able to?accomplish many key tasks currently powered by gas using high-end heat pumps. It is important to note that significant changes will be required in the current taxation system to encourage businesses to make the necessary changes. Think tanks propose reducing taxes and levies for electricity while increasing taxes on gas consumption through a consistent increase in carbon prices. The recommendations also include a more favorable depreciation schedule for new electric equipment so that companies can benefit from?tax incentives on new capital expenditures related to electrification. If industries are to electrify quickly, it will be important that new clean electricity generators and new electricity demand sources can be integrated into electric grids faster. Moreover, more public-private funding options are needed to enable businesses to afford the required investments quickly. European policymakers and business leaders will face a challenge of the greatest magnitude if they are to achieve all these goals in a short time span across many countries. Failure to provide the remaining industry in Europe with the tools necessary to regain its competitive edge may result in the failure of entire companies and a lasting economic shock across the region. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest Follow ROI on Twitter for the latest global financial news. Follow ROI on You can find us on LinkedIn. Listen to the song Morning Bid daily podcast Spotify Or the . Subscribe to the podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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FAA closes Fort Hancock airspace after accidental use of antidrone laser
The Federal Aviation Administration (FAA) banned flights in an area around Fort Hancock on Thursday after lawmakers claimed that a military laser anti-drone system was used by the Pentagon to accidentally shoot down a U.S. Government drone. The FAA did not comment immediately, nor did the Pentagon. However, the FAA's notice regarding the restrictions of the airspace near Mexico border cited "special reasons for security". U.S. U.S. According to Congressional aides, the Pentagon is believed to have accidentally shot down the CBP drone near the Mexican border. This area is prone to incursions from Mexican drones that are used by drug cartels. CBP and White House did no respond immediately to requests for comments. The FAA announced this month that it would halt traffic at El Paso Airport for ten days. However, after eight hours, they reversed course and lifted their order. Fort Hancock is about 80 km (50 miles) away from El Paso. Other media reported that the closure was due to concerns over the 'laser-based drone anti-drone system. The FAA agreed to lift its'restrictions in the area of?El Paso, if the Pentagon agreed that further testing would be delayed pending an FAA review. Aides claimed that there was a "lack of coordination" between the FAA, and Pentagon. The government informed congressional offices late Thursday about the El Paso shutdown as well as the Fort Hancock accident. The FAA issued a?notice banning all flights from the Fort Hancock region, but stated that 'air ambulances or search and recovery flights could be authorized by the Joint Task Force - Southern Border. The restrictions will last until 24 June. (Reporting and editing by Clarence Fernandez, Jamie Freed, and David Shepardson)
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NTSB: House bill fails to provide adequate advice on mid-air collisions
The National Transportation Safety 'Board stated on Thursday that a proposed U.S. Congressional aviation safety bill fails to address the safety recommendations they issued?after a mid-air collision in 2025 near Washington killed 67 people. The NTSB said that the House's ALERT Act does not address its recommendation for requiring aircraft tracking technology, also known as ADSB. The NTSB stated that ADS-B could have prevented a collision between an American Airlines regional plane and an Army Black Hawk in 2025, which occurred near the nation's capitol. House Transportation Committee chair?Sam Graves announced on Wednesday that the ALERT Act would be taken up by his committee as early as next week. The bill would address all 50 NTSB recommendations after the crash but not require ADS-B. In a letter sent together, the NTSB members stated that they could not support the ALERT Act as it stands in its current format because it does not respond fully to the NTSB recommendations. The House voted 264 to 133 in favor of the ROTOR Act on Tuesday, which was passed by the Senate unanimously in December. The bill failed to receive the two-thirds vote it needed to pass under fast-track legislation designed to speed up legislation. The ROTOR act would require that the military use ADSB, an advanced surveillance technology which transmits an aircraft’s location on routine training flights, but not on sensitive missions. How many more deaths must occur before we decide to take action? NTSB Chair Jennifer Homendy told reporters this week that it was "despicable", the ROTOR Act had failed. The NTSB stated that ADS-B could have alerted the passenger plane pilot and helicopter crew 48 seconds prior to the collision. The Pentagon had said in December that it supported the ROTOR Act legislation. However, on Monday, it stated that the bill could create "significant budgetary burdens, and operational security risks, affecting national defence activities." The Pentagon has yet to comment on the 'ALERT Act. House Armed Services Committee chair?Mike Rogers is the author of the ALERT Act. He said that the bill would improve coordination between the military, the FAA, and aircraft safety issues. It also required enhanced training for military operators in congested areas. Reporting by David Shepardson, Editing by Chris Reese & Jamie Freed
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Local media report that officials search Panama offices linked to port dispute
Local media reported that Panamanian officials searched offices connected to the Panama Ports Company (the local 'unit of Hong Kong conglomerate CK Hutchison), on Thursday. CK Hutchison did not respond immediately to a comment request. Neither did the Panamanian authorities. Local TVN showed pictures of about a dozen individuals, some of whom were wearing vests with the initials DIJ of Panama's Investigative Police, located in an underground parking garage in Albrook, a high-end area of Panama City. Images showed people loading cardboard boxes into a police truck. The images did not show the name of the location, so it was impossible to independently verify the report. An official of the local TV station interviewed by a judicial official confirmed that a search was conducted, but refused to name the business or reveal what materials were seized. Panama's highest court declared the contracts of CK Hutchison?to operate terminals at the entry to?the Panama Canal? unconstitutional recently, causing the government to cancel the deals. After pressure from the U.S., the decision ignited a war between Beijing and Washington. Donald Trump wants Panama to reduce Chinese influence on the Panama Canal, which is responsible for 5% of global maritime trade. CK Hutchison said that it views the decision as illegal and is considering taking legal action. (Reporting and writing by Elida Moreno)
New York Times Business News - February 27, 2019
These are the 'top stories' on the New York Times 'business?pages. These stories have not been?verified? and we cannot vouch for the accuracy of these reports.
Netflix withdraws its $83 Billion bid for Warner Bros. Discovery has cleared the way for Paramount Skydance to make an $111 billion bid?to take control of Hollywood giant Warner Bros.
Jack Dorsey, CEO of Twitter, says that new AI tools will make smaller teams more effective. This is one of the biggest AI-driven job cuts in tech history.
FedEx has announced that it will refund any tariffs ordered by a court to its customers. This comes as companies rush to claim billions of dollars collected under Trump’s now invalidated import duties.
Investors bet on the next generation of industrial automation as Revel,?a startup that builds modern software to?control hardware such as rocket engines?raises 150 million dollars at a valuation of $1 billion. (Compiled by Bengaluru Newsroom)
(source: Reuters)