Latest News
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Former China Eastern Airlines Chairman indicted for bribery
China's top prosecutor announced on Friday that a former chairman of China Eastern Airlines Group had been?indicted for bribery. This is the latest high-profile action against corruption as Beijing intensifies its campaign to combat?corruption. The news comes a day after Xinhua, the official news agency, highlighted the magnitude of the effort. Former defence ministers Wei Fenghe, and Li Shangfu were sentenced to death for graft, but with a 2-year reprieve. Xinhua reported that Liu Shaoyong was accused of "abusing a number of official positions... in order to obtain?benefits and accept bribes involving cash and valuables". It added that the charges include Liu's time as airline chairman. Liu was kicked out of the Chinese Communist Party in January. Liu could not be reached for comment. Since President Xi Jinping became China's leader, in?2012 the anti-graft campaigns has targeted both "tigers" and "flies", or high-ranking officials and lower-level officers. The focus has been?increasingly on the misuse?of public money, bank credit and assets of state-owned enterprises, local government resources, infrastructure spending. China's top anti-corruption watchdog announced on Thursday that Hou Weidong had been expelled by the ruling party due to "serious breaches of discipline and laws". Hou accepted illegally?gifts and money, borrowed large amounts from management and service providers, and had other pay his expenses, according to the report. The case is currently being reviewed by the public prosecutor. This week, the crackdown was also directed at two local officials. Xinhua reported that Jin?Zhizhen was 'expelled' from the Party for "serious violations of law and discipline". Zhou Xi'an was a former vice-chairman of the Anhui Provincial Committee of the same 'Conference'. He received a suspended 'death sentence' with a 2-year reprieve. This is one of China's most severe graft punishments. The state broadcaster CCTV reported on Thursday that he illegally accepted money, valuables and other items worth more than 20 million dollars. $1 = 6.8043 Chinese Yuan Renminbi (Reporting and editing by Farah master and the Beijing Newsroom)
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Sumitomo Mitsui Trust Bank to target $500 million for new aircraft leasing fund
A Japanese executive revealed that the Sumitomo 'Mitsui Trust Group is planning to 'launch a new aircraft leasing fund. The aim is to raise $500 million from investors in Japan, Asia, and the Middle East. This is the latest effort to increase aircraft leasing investments by a Japanese financial institution hoping to tap into an expanding market due to shortages of aircraft at airlines and supply constraints at Boeing and Airbus. The fund will lease Boeing & Airbus aircraft to airlines worldwide. It is the third fund launched by SMTG and Novus Aviation Capital. Takeru Mifune, head of Sumitomo Mitsui Trust Bank’s asset finance group, said that while the previous two funds focused on domestic institutional investors SMTG plans to use the new fund as a launching pad to increase?sales to overseas investors. Mercuria Holdings, Daiwa Securities, and Sumitomo Mitsui Financial Group have all recently announced the creation of a new 'aircraft lease fund. Orix and Sumitomo Mitsui Financial Group are also strengthening their airline leasing businesses.
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Grid charges are key to Bangladesh's "merchant" renewable growth
Bangladesh permits business-to-business deals This allows businesses to increase their renewable share The key to the viability of this business is network charges Tahmid Zami Tahmid Zami Last year, Bangladesh allowed private companies to directly sell electricity to large consumers. The electricity from "merchant power plant" was carried over the grid with users paying charges to the grid and distribution companies. India has allowed open-access to power purchases for many years, while Pakistan has been working towards a "competitive" bilateral market but has had disputes over the use-of system charges. The energy regulatory commission of Bangladesh is currently working out the details for its open-access grid, including what charges consumers will have to pay. Energy analysts say that the viability and affordability of open-access deals for power purchases is partly dependent on the grid charges, and any additional surcharges. These will be crucial to the balance of interests between businesses, households, and farmers. After the grid charges are finalised and rules have been set, buyers such as ready-made garment producers with targets for greenhouse gas emissions reduction can purchase renewable electricity directly from remote wind or solar power plants. Mohiuddin Rubel, managing director of Denim Expert Ltd, a garment supplier, says that a mid-sized factory could offset 10% to 15% of its energy demand through rooftop solar. Off-site generation can take this up to 50% or 70%. Companies can buy renewable energy certificates (RECs) from renewable energy producers. Bangladesh has not yet developed a market for RECs with a large enough supply, according to garment suppliers. "Merchant Power Plants will allow us the ability to buy electricity directly and reduce the need to purchase renewable energy certificates on the market," stated Mashook Mujib. Sustainability manager at DBL Group. CHARGES KEY Shafiqul alam, an energy analyst with the Institute for Energy Economics and Financial Analysis (a non-profit based in the United States), said that Bangladesh's annual investment into renewable energy has been less than $250 millions a year. This is far below what is required. He said merchant power generators could be a way to boost renewable investment. Recent news reports suggest that open access charges may be around 2 U.S.cents per kilowatt hour, in addition to renewable tariffs of about 9 U.S.cents per KWH. Alam said that such charges could increase costs for industrial users and industry's response may be lukewarm. Officials from the government said that the charges should be balanced to balance the interests and concerns of all parties. The needs of each party are different: the consumers want affordable and reliable power, the project developers want bankable projects and predictable revenues, and the utilities and grid operators have to maintain and recover the costs of the service. Experts from India and Pakistan, two countries that border Bangladesh, said they had mixed lessons to teach the country. Khalid Waleed is a research fellow with Pakistan's Sustainable Development Policy Institute. He said that the costs for using the transmission network and distribution system are slowing down the industry's transition to renewable energy sources off-site. He said that the experience of Pakistan can be a warning to other countries, such as Bangladesh. Waleed stated that Pakistan is moving towards a flat rate of 12,55 Pakistani Rupees ($0.045). The industry, however, believes it should be closer at 5.85 rupees (0.045) for each kilowatt hour. He said that as Pakistani consumers move from grid power to renewable energy, the government is trying to compensate for the revenue lost by adding the old system costs to the?bills. GROWING DEMAND FOR POWER India has, on the other hand, developed remote power purchasing arrangements using both open-access long-term deals and short-term power trading. Indian businesses that purchase power under open-access agreements are also required to pay a subsidy to many farmers and households. Deepak Krishnan is the deputy director of WRI India's energy programme. He said that if these charges were not recovered from open access consumers who are typically corporate buyers, they would be a heavy burden for poorer consumers. The energy regulator in Bangladesh must balance competing interests, by fixing charges transparently, so that the utility companies don't lose out and the market doesn't get destroyed, said Krishnan. Prabhakar Singh, consultant at Indian consultancy outfit JMK Research said that open-access fees should be consistent over a specified period to allow investors to plan their business models. If the government wants open-access markets for solar and wind for industrial consumers, then there could be waivers to a certain degree," said Sharma. Shafiqul alam, IEEFA, says that open-access power purchases could be used in Bangladesh to meet the increasing?industrial electricity demands. He added that utilities and policymakers should avoid charging a high rate immediately and instead revisit the issue in three years' time to see if they are losing money.
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Iran's state media reports that the US Navy was hit by missiles after an attack on an Iranian oil tanker.
Iranian state media reported on Thursday that U.S. naval units operating in the Strait of Hormuz area were hit by Iranian missiles following an attack on a?oil tanker by the U.S. It added that U.S. naval vessels were "forced to retreat" after being damaged by Iranian missile attacks. The exact date of the incident is not known. Iran's semiofficial news agency Tasnim reports that the Iranian navy attacked three U.S. destroyers in the Strait of Hormuz. The Pentagon did not respond immediately to a comment request. The U.S. Military announced on 'Wednesday that it had disabled an Iranian flagged oil tanker which was trying to sail towards an Iranian port. The U.S. military said that U.S. troops hit the tanker’s rudder with an F-18 fighter jet. Reporting by Parisa Hafezi and Ahmed Tolba; additional reporting by Idrees Al. Editing by Nia William.
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New Fortress Energy receives Nasdaq warning about share price
New Fortress Energy said that it received notice on Thursday from Nasdaq, stating that the liquefied natural gas developer no longer meets the requirement of the minimum bid price for continued listing. The company is facing a severe cash crunch. Mounting debt and missed interest payments have overshadowed the progress of its new projects, and it has repeatedly delayed its quarterly filings. The company's shares closed at 73 cents per share on Thursday. Since 19 March, the stock has been trading below the $1 minimum per share requirement. New Fortress stated that the notice had?no immediate impact on its listing. It added that it has a 180-day period to comply with the requirement. The company said it would consider all options available to gain compliance, including an?inverted split of outstanding shares. For the company to regain compliance with this requirement, its closing share price has to be at least $1.00 for a minimum?10 consecutive trading days prior October 28, 2026. New Fortress will be removed from the stock market if it fails to meet this requirement. New Fortress announced earlier this year that it would "separate" its Brazilian operations and create a separate company as part of a larger restructuring agreement with creditors to reduce its debt. Reporting by Vallari Shrivastava, Bengaluru. Editing by Tasim Zaid.
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Permian crude to US Gulf Coast pipeline is operational after oil spill
A pipeline that transports crude oil from the 'Permian Basin' in 'West Texas to Houston, was fully operational Thursday following a brief interruption due to a small leak. Traders received a'shipping notice' from ONEOK, seen by, on Wednesday. It noted that an incident affecting the BridgeTex pipe could cause temporary delays or interruptions to scheduled receipts and deliveries. The pipeline that connects the Permian - the largest shale formation - to Gulf Coast pipelines has been experiencing a surge in flow due to a record demand for exports resulting from the 'Iran War. The line is now operational again. The product has been contained and reclamation efforts are underway," ONEOK's spokesperson stated. ONEOK controls about '60%' of the approximately '400-mile Bridgetex crude pipeline, which has a transport capability?of?440,000 barrels a day. The remaining 40% is owned by Plains All American. (Reporting from Georgina McCartney in Houston and Arathy Sommesekhar)
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New Jersey lowers World Cup public transport fare to just $105
Local media reported that New Jersey reduced its round-trip fares to World Cup matches at MetLife Stadium from $150 to $105 on Thursday, after the original price was criticized by FIFA. The reduced fare is still less than the $15 that the same route would cost on an average day. It also exceeds the $80 round trip fare of FIFA's shuttle service to the stadium with 82,500 seats, which will be hosting?eight World Cup games including the final match on July 19th. Last month, the CEO of New Jersey's public transport?provider NJ Transit -?Kris Kolluri - cited increased security as well as a greater number of passengers because of the closure of the public parking around the stadium in order to justify a fare increase. NJ Transit has been contacted for comment on the price increase. Heimo Schirgi, the 2026 World Cup's Chief Operating Officer, said that the original $150 cost would "have a chilling effect" upon fans. Mikie Sherrill, the Governor of New Jersey, said that FIFA should be responsible for paying for the rides because?NJ Transit was "stuck with a $48-million bill" in order to ensure safety. (Reporting by Chiranjit Ojha in Bengaluru Editing by Toby Davis)
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Airline cancellations in response to Middle East conflict
Middle Eastern carriers increased capacity following the Iran War, and airlines outside the Gulf have rerouted flights between Europe & Asia away from major hubs in the area. The latest flight information is listed below alphabetically: AEGEAN AIRLINES On May 21, Greece's biggest carrier will resume flights from Heraklion to Tel Aviv, as well as Rhodes and Larnaca. Thessaloniki-Tel Aviv flights are cancelled up until June 26. Flights to Beirut and Riyadh will resume on May 12, and flights to Amman and Riyadh on?May 21, respectively. Dubai flights are suspended until August 31 and Erbil &?Baghdad flights until July 2. AIRBALTIC AirBaltic, a Latvian airline, has announced that flights to Tel Aviv are cancelled until the 28th of June. Dubai flights are cancelled until 24 October. AIR CANADA The Canadian carrier has canceled flights to Tel Aviv, Dubai and Abu Dhabi until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv till May 31. AIR FRANCE-KLM Air France suspends its Tel Aviv flights to Dubai, Beirut, and Riyadh through May 20, and until May 12 for Riyadh. KLM suspends flights to Riyadh Dammam, and Dubai until 28 June. CATHAY PACIFIC Hong Kong Airlines has suspended all flights to Dubai, Riyadh and cargo services until May 31, and will resume them on June 30. The airline plans to continue all scheduled flights after June. The U.S. airline has extended the suspension of service for Atlanta-Tel Aviv until November 30, and plans to resume New York JFK-Tel Aviv flights starting September 6. The launch of the 'Boston to Tel Aviv' route, originally planned for October, was delayed. EL AL ISRAEL AIRLINES All flights to Dubai have been cancelled until 31 May. EMIRATES Emirates Airlines, the airline of the United Arab Emirates, has announced that it now operates to 137 destinations. ETIHAD AERWAYS The United Arab Emirates carrier has announced that it operates a commercial flight schedule from Abu Dhabi to around 80 destinations. FINNAIR It has cancelled all flights to Doha until July 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. The airline will not resume Dubai flights until October. British Airways, owned by IAG, will reduce flights to the Middle East once services resume. Jeddah will be permanently dropped as a destination. India and Africa, however, will see increased capacity. From July 1, it plans to reduce the number of flights to Dubai, Doha and Tel Aviv from two daily flights to just one. Riyadh will be reduced from two daily flights down to one starting in mid-May. The changes will be in effect until the end of the summer season on October 24. One Dubai service will resume on October 16th. Iberia Express, the Spanish low-cost carrier of IAG, has cancelled all flights to Tel Aviv until May 31. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until May 31, and Doha-Tokyo until June 1. The Polish airline has suspended flights to Tel Aviv up until May 31. The airline also cancelled flights from March 31 through June 19 to Beirut and Riyadh. LOT will operate its winter route from Dubai to Riyadh in October. LUFTHANSA GROUP Edelweiss, Lufthansa and Swiss have suspended flights from Tel Aviv to Dubai and Brussels Airlines to Dubai until July 11th. Flights are suspended to Amman, Beirut Dammam, Riyadh Erbil Muscat and Tehran until October 24. Eurowings, a low-cost airline, has suspended its flights to Tel Aviv and Beirut until July 9, Erbil and Dubai until June 22, and Amman and Abu Dhabi until October 24. ITA Airways has extended the suspension of its flights to Tel Aviv and Riyadh until May 31. MALAYSIA AIRLINES From June 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR The low-cost carrier has delayed the launch of its Tel Aviv?and Beirut'services until June 15 PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Beirut Kuwait Bahrain Doha Dammam Riyadh Dubai Abu Dhabi Sharjah until June 1. QANTAS Australia's national carrier has added flights to Rome, Paris and other European destinations to meet the increased demand. The number of flights to Paris is increasing to five return flight?per week, up from three. Perth-Singapore will also increase from daily service to 10 per week. A new schedule will be implemented gradually for flights starting in mid-April and running until late July. QATAR AIRWAYS It said that it would resume passenger flights from Baghdad to Basra, Erbil and Baghdad airports in Iraq on May 10. The airline said that it will expand its international flight network from June 16 to more than 150 destinations. ROYAL MAROC The Moroccan carrier has announced that flights to Doha have been cancelled until June 30, and those to Dubai until May 31. SINGAPORE Airlines In response to increased demand, the carrier has extended the suspension of its Singapore-Dubai flights until August 2. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights from Dubai to June 7. WIZZ AIR Low-cost airlines suspend flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. All flights to Medina are suspended permanently. (Compiled by Josephine Mason and Jamie Freed. Elviira Louma, Tiago Branao, Agnieszka Oenska, Bernadette HOG, BoleslawLASOCKI, Romolo TOSIANI. Rod Nickel, Lisa Shumaker Jonathan Ananda Matt Scuffham Alexander Smith and Susan Fenton edited the book.
Sources say Trump will bring a smaller CEO delegation to the Beijing summit.
Five sources familiar with the preparations revealed that the White House had invited a "scaled-down CEO delegation" to accompany President Donald Trump next week to Beijing. This was due to 'divisions within the administration regarding economic policy towards China and the limited expectations for this summit.
Three of the five sources said that, unlike Trump's 2017 visit to?China?, when he was accompanied with 29 high-profile executives from the United States, the White House considered inviting representatives from around a dozen U.S. firms. The full list of invited companies was not confirmed. Semafor reports that CEOs of Nvidia, Apple, Qualcomm, Citigroup, and Boeing are on the list of executives invited for the trip to be held May 14-15.
Two sources claimed that the CEOs would attend a state dinner hosted by Chinese president Xi Jinping.
They said that the offers were made at a very late date, in part due to disagreements within the administration about the size of CEO delegations and who should be invited. The delegation is also smaller than those that other Western leaders brought to Beijing in recent years. British Prime Minister Keir starmer led a delegation of 60 cultural and business executives to China for his visit in January, while German Chancellor Friedrich Merz sent 29 industry titans a month later. U.S. trade representative Jamieson Greer was reluctant to send a delegation of high-powered CEOs to Beijing, when the summit had not yet been scheduled for March. She wanted to focus on "managed" trade.
Reva Goujon is a geopolitical analyst at Rhodium Group. She said that a small CEO delegation would make sense.
LIMITED EXPECTATIONS Jensen Huang's CEO, Nvidia, who has been unsuccessful in selling AI chips to China, said on CNBC Tuesday that he would attend Trump's China trip "if invited."
Three sources confirmed that major U.S. producers of beef and soybeans were also being considered.
The people who spoke asked to remain anonymous because the planning for the visit is still ongoing.
Trump's 2017 visit to Beijing was awash with pomp and deals. Xi gave him a rare tour of the Forbidden city and touted business deals totaling more than $250 billion. This included a $37-billion sale of 300 Boeing planes and $69-billion worth of?energy projects. These deals are often non-binding agreements or frameworks for multi-year purchases, rather than contracts.
Ten companies from the United States were included in the delegation. Qualcomm, a chip supplier with China as its biggest market, was one of the few companies that joined. The summit this year is crucial to unlocking China’s first major Boeing order since 2017, said CEO Kelly Ortberg last month. Boeing and China are in long-term talks about a deal, which industry sources claim could include 500 737 MAX aircraft plus dozens widebody jets. The summit will also focus on the possibility of extending the October trade truce where both sides halted retaliatory import controls. Two sources claim that Beijing wants a?at least one-year extension, while Washington asks for a six-month extension.
People briefed about preparations for the discussions said that China wants the Trump administration's commitment to refrain from retaliatory actions in the future, such as technology export restrictions and to remove existing controls on advanced memory chips and chipmaking equipment. Reporting by Laurie Chen and Michael Martina, both in Beijing; editing by Kevin Krolicki and Miyoung Kim.
(source: Reuters)