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EasyJet's flight from airline disruptor, to US-led Apollo takeover
Apollo Global announced on Thursday that it had agreed to purchase European 'budget airline easyJet' in a deal valued at approximately PS5.7 billion ($7.7billion). Castlelake, the other potential buyer, abandoned its pursuit. Here's a look back at the 31-year history of the airline: Stelios Haj-Ioannou founded easyJet, launching flights from London Luton Airport in Scotland to Glasgow and Edinburgh. The low-cost airline challenges established carriers. EasyJet is listed in London with a valuation of PS777 million. 2009-2010 EasyJet is considering reducing fleet growth in the wake of a?global recession. Stelios steps down as founder of EasyJet to lead shareholder revolt against fleet expansion, but fails to remove management. COVID-19 results in 4,500 job losses and a shrinkage of the fleet. Rejects takeover bid from rival Wizz Airlines and raises $1.7 Billion from existing shareholders FEBRUARY 28TH, 2026 Iran conflict starts, affecting airlines worldwide. EasyJet warns of "higher fares and fuel shortages". MAY 29, 2026 Castlelake, a Minneapolis aviation investor, has revealed that it is evaluating an offer for easyJet. EasyJet describes Castlelake's timing as "highly opportunistic". JUNE 22, 2026 Castlelake makes a public offer of PS6.25 per share and claims that the structure will satisfy EU ownership regulations. The bid follows two private proposals of PS5.60 per share and PS6.00. EasyJet rejects all three, calling the most recent one "cheap". JULY 5, 2020 EasyJet announces a?deal in principle' at PS6.90 per share, after a fourth offer of PS6.50 was rejected. The airline is valued at PS5.5 billion on a fully-diluted basis. JULY 10, 2020 Apollo enters the fray. EasyJet has agreed in principle to Apollo Global Management's higher PS5.7 billion bid, withdrawing its support for Castlelake and sending shares up as much as 15%. JULY 22, 2020 EasyJet shares tumble after ? Reports that the European Union could tighten airline ownership laws, potentially complicating takeover bids for?airline. AUGUST 6, 2020 After Castlelake withdraws, Apollo agrees to a $7.7 billion "takeover" that is supported by Stelios and the HajiIoannou Family.
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Since the Iran war began, US imports most Middle East crude oil
Ship-tracking data revealed that U.S. imports of Middle Eastern oil are expected to reach 600,000 barrels a day in August. This is the highest level since the Iran War began. A 'brief opening of the Strait of Hormuz, and the rerouting of?Saudi crude through the Suez Canal, pushed barrels towards American ports. A dozen ships carrying Middle Eastern crude headed for U.S. port after a memorandum signed between the U.S.A. and Iran on June allowed vessels to leave the maritime chokepoint. Cargoes that travel through the Suez Canal from the Red Sea port in Saudi Arabia, Yanbu, to the United States are also boosting imports. Saudi Arabia has rerouted its crude production to Yanbu through its east-west pipe to avoid Iranian attacks against shipping in the Strait of Hormuz. Yemen's Iran-backed Houthi terrorists launched a maritime blockade of Saudi Arabia last month, and the threat of attacks in the Bab el-Mandeb Strait at the southern end the Red Sea forced many oil tankers to travel north and leave the shipping channel via the Suez Canal. The Suez Canal has increased exports to the United States because the trip to U.S. port is shorter than to Asia. The northern route is still an option for vessels to reach Asia. However, the journey would be nearly four weeks longer and cost more. Matt Smith, Kpler analyst, said that sending Saudi crude via tankers to the U.S. instead of Asia could be a better option due to fleet logistics and shorter time spent on the water. The Liberian-flagged Aqualoyalty tanker, chartered by U.S. refining company PBF Energy, discharged crude oil in New Jersey at Paulsboro on Thursday. The Aframax can hold about 750,000 barrels. The Marshall Islands flagged supertanker Front Gaula, which was loaded with Saudi Arabian crude oil at Yanbu earlier in the month and headed for the United States once it had passed the Suez Canal, has now completed its journey. The VLCC can only cross the canal partially-loaded, so the vessel takes a part of the oil on Egypt's SUMED pipe and then reloads it on the Mediterranean side. The U.S. imported no Middle Eastern crude barrels last month. Imports peaked in February of this year at 708,000 barrels per day. As of the end July, the U.S. hadn't received crude oil from Saudi Arabia in five consecutive weeks or imported any oil from Iraq six weeks in a slew. Weekly data from the Energy Information Administration revealed this. DZONES OF EMPTY VEHICLES SAIL TO THE US At the same time, the redirection to the U.S. of some Saudi barrels has caused a shortage of oil for Asian refiners who have turned to American oil. A ship tracking analysis and fixture data showed that at least two dozen VLCCs with empty cargo were indicating the U.S. for?picking up oil. In April, a similar large convoy sailed towards the U.S. as traders and refiners in Asia and Europe were scrambling for alternative barrels following the closure of the Strait of Hormuz. Due to the disruption of Middle?Eastern oil supply, U.S. crude has become the preferred alternative by global buyers. This is why empty supertankers are being sent to American ports in order to load crude. Rohit Rathod is an analyst at Vortexa. He said that the number of empty vessels headed to the U.S. may be as high 40. (Reporting from Arathy S. Somasekhar, Houston; Additional reporting and editing by Georgina M. McCartney and Sanjeev MIglani.)
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In Ukraine's Zaporizhzhia Russia terrorizes civilians with'safari-style' attacks
Two Russian bombs that hit Kateryna Lahuta’s seafood business last month in Ukraine’s southeast city of Zaporizhzhia shattered the last semblances of security for this 41-year old entrepreneur. Moscow has been hammering Zaporizhzhia with drones and missiles since the early weeks of its 2022 invasion. This is a major manufacturing city that houses around 700,000 people. A new wave of attacks on Ukrainian cities has made the lives of residents even more dangerous. This is part and parcel of Russia's air war on Ukraine, which has been escalating as it makes slow progress in the frontlines. "Even a half year ago, it was still frightening, of course. And there were strikes. Lahuta said, "But it wasn't this way." "Now, it's a safari." Ukrainians use the term "safari" to describe drones that 'hunt down' vehicles or civilians in the streets. This reality was brought into stark relief by a video released this week, which showed a drone chasing and injuring a vegetable vendor in the southern Ukrainian town of Kherson. Reporters visiting Lahuta’s business were forced to take cover when they heard the buzzing noise of a First-person-View (FPV) Drone -- small, agile helicopters drones that are loaded with explosives. They can be controlled by video and have turned Ukraine's front line into a "kill-zone". Attacks aimed at scathing the public Russia denies that it has targeted civilians during the war which began with its full-scale invasion in Ukraine in 2022. Standing in the charred remains of the processing plant that supplied her store, Lahuta said Russian attack had driven customers away and made planning for the future near impossible. The need for soldiers also meant that labour was in short supply. Every day is a battle. Officials claim that Russia wants to create panic and damage infrastructure by increasing the frequency of strikes in the city. It is not only using FPVs, but also larger and more destructive glide bombs. Zaporizhzhia, the capital of Zaporizhzhia, is one of four Ukrainian provinces that Russia claims as its own despite only controlling three quarters. The Russian military failed to advance in a narrow corridor, south of Kiev's city. In recent months, the Ukrainian military had put up a stiff resistance. Governor Ivan Fedorov said that Russian FPV drones were 'attacking groups civilians, vehicles, and public transport in particular, especially the south of the city. He said this during an interview conducted in a bomb shelter-style underground school. Air-launched glidebombs, like those that hit Lahuta's company, cannot be intercepted unless more advanced air defences are developed. The Russian Defence Ministry didn't immediately respond to an inquiry for comment. According to the United Nations more than 16,000 civilians were killed during the nearly four and a half years of fighting. The overwhelming majority of these victims are Ukrainians. KILLER DRONES TARGET ZAPORIZHZHIA BUSES Cafes and commuters in central Zaporizhzhia give a feeling of normality, despite the frequent air raid alerts. Even on Friday evenings the city is subdued. Many office and residential building in the vicinity of the engine-building giant Motor Sich bear the scars from repeated bombardment. In southern Kosmos, drone netting is being installed on roads to protect them from FPV drones which have been hitting vehicle roofs and windshields in the past few weeks. Two private bus drivers who drive a route serving Kosmos say that an increase in attacks has frightened both drivers and passengers. One of the drivers who refused to reveal his name said that drone nets "won't protect you from big ones". Fedorov stated that less than 5% enemy FPV drones are able to get past Ukrainian air defences. On the worst days - which are usually several times per month - that could still be up to 10 drones injuring or damaging people. Volodymyr Sukachov, director of the city transit authority, has revealed that they have begun testing new shatterproof glasses and giving drone monitors to bus drivers. He said that 12 city buses or tramcars were damaged this year by FPVs and blasts of larger munitions. However, there are no plans to reduce service. Ania 'Syvova', a 34 year old seamstress whose husband is in the military, witnessed an FPV drone slam a bus as she returned home last month to the southern part of the city. She said, "Maybe I've got a good angel," with a smile. Residents learn to live with danger Syvova said that she and her 6-year-old child had learned to adapt to daily dangers. She said, "It's awful but we are used to it." "We don't have a new one for?now." Ihor Terekhov, the mayor of Kharkiv (northeast Ukraine), said that Russia uses similar tactics to attack other frontline cities like Kharkiv. FPV drones have "become one of the main weapons of terror" in Kharkiv. He claimed that 45 strikes were registered in the last month. Fedorov stated that Russia also has been?attacking Zaporizhzhia between four and six times each day with glide-bombs?, which he described flying unpredictable. He told Ukrainian TV that on Sunday, eight bombs were dropped by Russia in an hour-and-a-half, killing one and wounding 31. Residents have described recent attacks as taking place between noon and early evening. Tetiana (38), a government employee from Russia, told reporters outside her destroyed apartment building that Russian forces had "gone crazy" and bombed the neighbourhood six times in a single week last month. She was torn about whether she wanted to stay or go, as people depended on her to keep the services running. She said "I'm already completely empty" as she glanced at the charred car shells littering her courtyard. "No emotions." "No emotions."
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Republican US Senators propose repeal of California emission rules
Four Republican U.S. Senators proposed Thursday repealing landmark California vehicle emissions regulations in an effort to prevent the State from imposing more stringent?tailpipe requirements that the federal government. The U.S. Environmental Protection Agency ?in ?June sent the Republican-controlled Congress state vehicle emissions rules for potential repeal, saying the waivers granted under the Clean Air Act for California environmental regulations approved under prior Democratic administrations should have been sent to lawmakers under the Congressional Review Act. California filed a federal lawsuit to stop the action, claiming it was 'illegal' to send the waivers under the Congressional Review Act to the Senate. The CRA allows for repeal by a simple majority rather than 60 votes required in most cases. Cynthia Lummis and Eric Schmitt of the California Air Resources Board, along with Pete?Ricketts, Jon Husted, said that the waivers allow the California Air Resources Board to "impose its regulatory agenda well beyond California's boundaries." The Trump administration has mounted a multifaceted effort to prevent California from requiring cleaner vehicles and more electric vehicles. The EPA 'has also enacted regulations making it easier for automakers sell more gasoline powered cars and trucks while making it expensive to purchase EVs. California was granted authority to set its own emission standards, including for lawn and garden equipment and power washing machines. These rules have prompted companies to develop cleaner electric models in order to reduce emissions. California received approval from the EPA in 2022, under the then-President Joe Biden. The state's vehicle rules called Advanced Clean Cars I (ACC?I) remain in place and are targeted for waiver. California's rules force automakers to sell an increasing number of electric cars and adhere to stricter limits on tailpipe emission than federal regulations. California says that the federal fuel economy rules will be rolled back by Donald Trump's administration, but he plans to do so under Republican President Donald Trump. After Toyota, General Motors, and other automakers requested relief from California's emission regulations, Congress last year revoked the authority of?California for it to ban traditional gasoline-powered cars after?2035. Congress passed a law in 2025 that will stop automakers from being penalized for failing to meet vehicle tailpipe standards. This legislation will save them hundreds of millions of dollar. (Reporting and editing by Nick Zieminski, Matthew Lewis, and David Shepardson)
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Sources say that Russia's oil production rose in July due to increased exports and refinery recovery.
Two industry sources said that Russia increased its crude and condensate production in July by around 100,000 barrels per daily (bpd), to over 9'million bpd. This was due to strong oil exports, and an increase in refinery throughput. The sale of oil and fuel remains a major source of revenue for Russia's budget, which is why Moscow tries to maintain as much supply as possible despite Western sanction and repeated attacks against refineries. Sources said that Russia will not be able to maintain its July production level in August. In 2023, a little over a year after Ukraine's war began, Russia stopped publishing its data on oil production. The Russian energy ministry did not immediately respond to a request for comment on production in July. According to OPEC, Russia's oil production?fell 61,000 bpd to 8,928 million bpd from 8,989 million bpd last May. OPEC estimates that Russia's average oil production in 2025 will be 9.129 million bpd. In its report on the July interest rate board meeting, the Russian Central Bank said that oil production in Russia has declined due to?refinery damages and export restrictions. According to the Bank of Russia, "the capacity of port and transport infrastructure is a major constraint on the ability to redirect crude oil volumes freed up to exports." Neither OPEC, nor the?centralbank has provided an estimate for Russia's oil production in July. Sources said that a combination of an increase in drone attacks against Russian refineries, in late July and early August, with a shortage in tanker capacity available in the 'Black Sea, could reverse this upward trend, forcing the producers to reduce output due to difficulties in placing crude volume. Industry sources say that Russia plans to increase crude oil exports by 4% from its western ports in August, compared to July. This is because unplanned refinery shutdowns will allow for additional volumes. Drone attacks may also alter export plans. Several refineries have suspended operations in the last week after drone attacks. The regional governor reported that a fire broke out in a Russian refinery on Thursday following a drone strike. (Reporting and Editing by Susan Fenton).
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Sources say that the proposed passage of Hormuz deal is not feasible for the shipping industry
Four?industry?sources' said that a proposed deal between Iran & Oman, which would give Tehran control of ships entering the Gulf via the?Strait of Hormuz, is not easily attainable?due U.S. sanctions & restrictive insurance clauses for any?payments. The narrow waterway connecting the Gulf to the Indian Ocean, before U.S. and Israeli airstrikes in February unleashed a war on Iran, was the main route used by a fifth or more of the world's oil and other essential goods. The waterway was open to all vessels without any fees. The biggest obstacle to ending the conflict has been the control of the strait. According to the latest proposal, Tehran could intervene with any inbound travel, if needed, and outbound traffic will follow a route between Iran and Oman. In an open letter published this week, the world's top shipping associations stated that merchant ships must be able to navigate international waters "safely and predictably" without unnecessary obstacles. This is essential for resilient supply chains, economic security and energy security. The letter sent to UN's shipping agency said that introducing mandatory charges for transit or services fees through the strait was "a toll but name". It would set a precedent which could undermine the internationally recognised legal framework that governs straits used as international transit and navigation passage. In 1968, the UN shipping agency adopted a scheme for two-way separation of traffic with the agreement of the countries in the area. The current ship routing system was created by the UN's shipping agency in 1968. It split sailing routes through Iranian and Omani water. According to a senior Iranian official, Iran wants fees between 5% and 7 % of the cargo price from ships that use the strait. Oman has proposed fees of about 3% while Washington is against any fees. The UN's International Maritime Organization (IMO) said that it couldn't comment on the reports about these proposals. The governing council of the agency stated in July that countries surrounding the strait must guarantee "non-discriminatory, unimpeded transit passage for all ships" by implementing a traffic separation scheme. This passage should be free of tolls or charges. Fees would create compliance issues Shipping companies and oil traders will have major compliance problems if they are charged fees. The U.S. imposed sanctions against the Persian Gulf Strait Authority, which Iran established in May to operate this waterway. Treasury Department has prohibited U.S. citizens from receiving any services related to "a guarantee of safe passage" from the Iranian government. The industry sources warned that any payment could result in asset freezing. Due to the sensitive nature of the issue, they declined to identify themselves. The introduction by the Lloyd's Market Association in late July of a clause that can be used by war insurers to terminate insurance coverage for a ship if the vessel has paid any transit fee, toll, or other charge related with passage through the Strait of Hormuz is another complication. Ships that pass through the Strait must pay an extra premium for war risks to be insured in case their ship is damaged while in transit. The LMA stated in July that "under the clause, insurers are not liable to indemnify such payments and, where a payment is made, they're released from their obligations with respect to the vessel." The LMA represents all Lloyd's of London underwriting companies. One insurance source stated that shipping companies are in a "catch-22" situation as LMA prohibits insurers to cover shipowners paying, but Iran wants to charge a toll. (Reporting and editing by Barbara Lewis; Marwa Rashad and Jonathan Saul)
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Castlelake pulls out of easyJet bid war
Castlelake announced on Thursday that it was no longer interested in acquiring easyJet. This ended its months-long attempt to buy out one of Europe's largest budget airlines, weeks after Apollo Global made a higher bid. The Minneapolis-based company, which is also a major investor in aviation, didn't specify the reason it "bowed out" of the race but stated that it was very appreciative for the constructive engagement it had with easyJet Board members and management. Castlelake's decision ends an investment pursuit in which the firm made five bids for easyJet. Among them was a PS6.90 share offer that was made public on July 5. This valued the airline at PS5.5billion ($7.41billion). EasyJet's shares fell?4.8%.
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What is known about the German drone attack and the airport that it targeted?
German authorities opened a counterterrorism probe after a drone containing explosives was discovered at Leipzig/Halle Airport - a cargo and logistics hub for military purposes. The interior minister called it a hybrid attack. The discovery by airport workers of a 'drone' in a restricted zone on Tuesday led to flight cancellations and closures of certain parts of the airport. Alexander Dobrindt, the German interior minister, said that on Wednesday this incident had opened up a "new level" of danger. Here are some details on the drone incident that occurred at Leipzig/Halle Airport this week. From WORLD WAR II DESTRUCTION to a LOGISTICS Centre The airport was opened in 1927 in Schkeuditz between Leipzig and Halle. The airport was largely destroyed during World War Two by Allied bombing and rebuilt under the Eastern Bloc German Democratic Republic. After the German unification in 1990 it was renovated, privatised, and turned into a hub for cargo and logistics, including NATO. The government classifies it as critical, requiring increased government protection and attention. DHL, LUFTHANSA, AND AMAZON USE THE AIRPORT AS A HUB The airport is Germany's second largest cargo hub, after?Frankfurt, and one of the busiest in Europe, with a total annual freight volume of around 1.4 millions metric tons. In 2008, DHL, the German logistics company, moved its hub from Berlin to Leipzig/Halle. Today, DHL employs?7,000 people who move 2,500 tons per day of freight and 23,600 flights each year. The airport's facilities, which include two runways of 3,600 meters (11,811 feet) and large warehouses, attracted major logistics and transport companies such as Lufthansa and Amazon. MILITARY ROLE: SUPPORTING NATO'S EASTERN FLANK Leipzig/Halle, in addition to its commercial activities, is an important logistic hub for the German military and its NATO partners. The main base of NATO's Strategic Airlift International Solution (SALIS), which helps deliver equipment to reinforce the eastern flank of the defence pact. SALIS has established a company named Antonov Logistics SALIS that flies non-military and military goods for NATO and European Union nations in crisis situations. Antonov Logistics SALIS, based in Leipzig/Halle, is the only organisation that maintains the Antonov An-124-100 - one of the largest cargo aircraft in the world - since Russia's invasion. Who is behind the drone incident? Media reports indicate that this week's drone incident was caused by a drone "found near a group Ukrainian An-124s". According to news reports, one of these Ukrainian planes carried a payload containing military ammunition. The investigation has been taken over by anti-extremism prosecutors, counterterrorism officers and the government. However, the authorities have not revealed who could have been responsible for the Leipzig/Halle attack. German officials have in the past blamed Russia for what they call hybrid attacks -- a form of aggression that does not qualify as an act of war. Roderich Kiesewetter is a German politician and member of the parliamentary intelligence committee. He told a German paper that he assumed this was a hybrid attack -- a terror attempt -- orchestrated by Russia. The Russian embassy in Berlin has not responded to a question about the "drone incident". What is at stake? Germany and Russia are increasingly at odds over the conflict in Ukraine and accusations of Moscow's interference in other parts of Europe. The European Security Agencies have been investigating a number of 'incendiary devices' in parcels which caught fire in 2024. This has raised concerns over sabotage against air cargo operators. Some of the devices were discovered in a DHL facility in Leipzig. German airports are also on high alert following a series unauthorised drone flights at military installations, energy terminals as well as seaports and logistic companies. Police have suggested that the flights could have been organized by Russian agents. Russia has denied involvement in 2024 incidents or overflights. (Written by Joe Bavier, edited by Ludwig Burger and Barbara Lewis.)
What is known about the German drone attack and the airport that it targeted?
German authorities opened a counterterrorism probe after a drone containing explosives, which was found at the Leipzig/Halle Airport cargo and military logistic hub in what interior minister called a "hybrid attack", was discovered.
The drone was discovered by airport workers in a restricted zone late Tuesday night, causing flight cancellations and the closure of certain parts of the airport.
On Wednesday, German Interior Minister Alexander "Dobrindt" said that the incident had opened up a whole new level of risk.
Here are some details on the drone incident that occurred at Leipzig/Halle Airport this week.
From a World War Two Destrotion Centre to a Logistics Center
The airport was opened in 1927 in Schkeuditz between Leipzig and Halle. The airport was largely destroyed during World War Two by Allied bombing and rebuilt under the Eastern Bloc German Democratic Republic.
After the German reunification of 1990, it became a cargo hub and logistical center, including for NATO.
It is classified as critical infrastructure by the government, which means it requires increased government protection and attention.
A HUB for DHL, LUFTHANSA and AMAZON
With an annual freight volume of around 1.4 millions metric tons, the airport is Germany's second largest cargo hub after Frankfurt.
DHL, the German logistics company, relocated its hub to Leipzig/Halle, Germany in 2008. Today, DHL employs?7,000 people who move 2,500 tons per day of freight and 23,600 flights each year.
The airport's facilities, which include two runways of 3,600 meters (11,811 feet) and large warehouses, attracted major logistics and transport companies, such as Lufthansa and Amazon.
MILITARY ROLE: SUPPORTING NATO'S EASTERN FLANK
Leipzig/Halle, in addition to its commercial activities, is a key logistics hub for both the German military and its NATO partners.
The main base of the Strategic Airlift International Solution (SALIS), which helps deliver equipment to reinforce the eastern flank of the defence pact, is located here.
SALIS has established a company named Antonov Logistics SALIS that flies non-military and military goods for NATO and European Union nations in crisis situations. Antonov Logistics SALIS, based in Leipzig/Halle, is the only organisation that maintains the Antonov An-124-100 - one of the largest cargo aircraft in the world - since Russia's invasion.
WHO IS RESPONSIBLE FOR THE DRONE ACCIDENT? Media reports indicate that this week's drone incident was a close call with a group Ukrainian An-124s.
German media reported that on Thursday, one of these planes carried a payload containing ammunition. However, a senior member of the interior committee of the parliament later confirmed that none of the planes contained weapons or ammunition.
The investigation has been taken over by anti-extremism prosecutors and counterterrorism officers, but the government has not revealed who may have been responsible for the Leipzig/Halle incident.
German officials have in the past blamed Russia for hybrid attacks, which they call incidents of aggression that do not amount to war.
A German newspaper quoted?Roderich Kiesewetter as saying: "I assume that this was a hybrid attack, an attempt at terror, orchestrated by Russia."
The Russian embassy in Berlin has not responded to a request for a comment regarding the drone incident.
What is at stake? Germany and Russia are increasingly at odds over the conflict in Ukraine and accusations of Moscow's interference in other parts of Europe.
European security agencies are investigating a number of incendiary devices that were found in parcels in 2024. This has raised concerns over sabotage against air cargo operators.
Some of the devices have been found in a DHL facility in Leipzig.
German airports are also on high alert following a series unauthorised drone flights at military installations, energy terminals as well as seaports, logistics companies and other sites. Police have suggested that the flights could have been organized by Russian agents.
Russia has denied involvement in 2024 incidents or overflights. (Written by Joe Bavier, edited by Ludwig Burger, Barbara Lewis and Barbara Lewis).
(source: Reuters)