Latest News
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Air Canada restores its annual core profit forecast
Air Canada restored its core profit targets on Tuesday, but at a lower rate than its previous outlook. It expects that oil supply disruptions related to the 'war in Iran' will continue to impact jet fuel prices. The cost of jet fuel, which accounts for about a quarter of airline operating costs, soared after Iran closed the Strait of Hormuz as a response to 'the U.S. and Israeli strikes in late February. This waterway is responsible for a fifth of the world's oil supplies. The disruption has led to higher fuel costs across the airline industry. Air Canada stated that the disruptions to international shipping routes have further increased pressure on jet fuel prices and supply. Canada's largest airline?now anticipates a core adjusted profit of C$2.9 billion (2.08 billion) up to C$3.2billion in 2026. It had previously projected C$3.35 to C$3.75billion. LSEG data shows that the airline posted a profit adjusted of C$0.40, which was higher than Wall Street's estimate of?C$0.13. This was due to the strength of premium and corporate travel as well as fare increases and cost-control measures. Air Canada announced earlier in the day that funds managed by Blackstone, three Canadian asset managers and other Canadian fund managers would make a C$2.5billion minority equity investment in its travel loyalty program Aeroplan. Aeroplan is valued at C$10billion by the 'investor group led?by Blackstone, Quebec's La Caisse and PSP Investments, as well as British Columbia Investment Management Corporation and PSP Investments. ($1 = 1.3926 Canadian dollars) (Reporting by Nandan Mandayam and Aishwarya Jain in Bengaluru, Allison Lampert in Montreal; Editing by Shilpi Majumdar)
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Alpha Compute says it will purchase Pennsylvania land and gas rights to build a $55 million datacenter campus in Pennsylvania.
Brittany Kaiser, CEO of Alpha Compute's AI infrastructure company, announced on Tuesday that the company had signed a "binding" agreement to purchase land in Pennsylvania and natural gas rights for $55,000,000 to build a campus with 200 megawatts of data centers. Data center developers are scrambling to find power sources in the United States due to the surge in demand for artificial intelligence. Pennsylvania, with its natural gas abundance from the Marcellus Shale Basin, existing power infrastructure, and proximity to major population centers on the East Coast has become one the most sought after locations in the United States for new data centres. Amazon announced last year that it would invest $20 billion into the state. Kaiser stated that Alpha Compute anticipates the northern Pennsylvania site to include gas-fired generation of power, and begin operation in the third quarter 2027. Kaiser said that the facility could be expanded in the future to produce one gigawatt of power. The project will 'combine data centers development with on-site natural gas production, a popular approach to connecting large AI facilities quickly to the grid. Kaiser stated that the deal includes undeveloped Marcellus rights covering approximately 1,800 mineral acres. The agreement grants the British Virgin Islands company a sole option to purchase the assets. However, the transaction is still subject to due diligence and other agreements such as financing, permits, and final agreements. Kaiser stated that she expected to close the transaction after a diligence period of 60 days. The project's details have never been reported before. This project will also require local approvals, at a moment when certain communities have tightened their restrictions on data centers due to their high 'electricity and water consumption. Kaiser stated that local communities have been open to the proposal. The exact location of the data center has not yet been revealed. While Alpha ?Compute has traditionally provided confidential-computing services, it is a recent entrant to data center ?development. If the Pennsylvania project is approved, it would be Alpha?Compute's first US data center. Kaiser stated that after the initial investment of $55 million, she expected the construction of the data center campus to cost a total amount of $500 million over several years. Kaiser stated that potential users were interested in secure computing solutions which use end-toend encryption. These services are used by government, military and increasingly private sector organizations to protect sensitive information.
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Malta flights disrupted by ash cloud from Mount Etna in Sicily
On?Tuesday an ash cloud from Sicily’s Mount Etna volcanic eruption drifted over?Malta, forcing some airlines to cancel flights to the Mediterranean Island at the height tourism season. Malta International Airport posted a message on Facebook saying that "we're experiencing flight delays due to volcanic ash clouds" over the Maltese Islands, following recent activity at Mount Etna. A spokesperson stated that 19 flights were cancelled by mid-afternoon Tuesday, and a number of?other flights?were significantly delayed. Malta Airport is located 220 kilometers (140 miles), south of Mount Etna. Mount Etna is the most active volcanic mountain in Europe. It erupted again last week and forced the closure of Sicily’s main airport, in the city Catania, for several days. Catania Airport, Italy's 5th busiest airport by passenger traffic, announced?on? Tuesday that it would extend the halt on all arrivals and departures to 11:00 a.m. (0900 GMT) on Wednesday. Before travelling to either airport, passengers with flights out of both?Catania or Malta were advised to check the status of their flight. Reporting by Chris Scicluna, Crispian Balmer and Jan Harvey.
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Sources and data show that Russia's oil exports via the Arctic route to Asia are starting strongly.
According to three sources of trade and LSEG shipping information, Russia began shipping crude oil 'via its Arctic sea routes' this year at a quicker pace compared to a year earlier. Seven cargoes containing 6 million barrels are already headed to Asia. The Northern Sea Route is usually open between July 1 and October 1 every year. It connects Russia's western port with Asian markets via Arctic waters. The route is being used more frequently by Russia because it allows its cargoes to be delivered to China and other parts in Asia without having to transit waters where they would face inspections, detentions, or other restrictions from?European Authorities linked to Ukraine related sanctions against Russia. According to Rosatom, the Russian state-owned nuclear corporation that oversees the NSR, the volume of about 850,000 tons of oil represents almost half of the roughly 13 millions barrels of oil shipped via the Arctic Route during last year's navigation period. In 2025, crude shipments along the route fell 4% on an annual basis. Rosatom has declined to comment. The arctic route reduces the time it takes to travel from Asia Traders said China, the primary destination for Russian crude transported via this route, may increase its purchases if Middle Eastern supplies are disrupted by the Iran conflict. The NSR reduces the journey time to China by two weeks when compared to the traditional route via Suez Canal. One trader who supplies NSR said that the ice conditions this year are mild and facilitating navigation. Logistical issues in both the Strait of Hormuz, as well as the Black Sea, support Arctic shipments of Russian crude oil to China. Another trader said he also expects the oil supply via the?NSR this year to be higher than 2025 because of economic and geopolitical reasons. The traders say that China's ports are close to the Russian Far Eastern export terminals, making it the biggest beneficiary of the NSR during navigation season. Seven?tankers are currently sailing through the NSR to Asia. Six of them are Aframax vessels with a capacity of approximately 750,000 barrels, while one Suezmax tanker has a capacity of about 1 million barrels. According to LSEG, three of the tankers fly the Russian flag, while the others are flown by Oman?and Cameroon. According to traders, the expected launch of the first phase of Rosneft's massive Vostok oil project in Russia could also increase oil supplies through NSR. The amount of oil that will be exported from this project in 2018 is still unknown. (Reporting and Editing by Jan Harvey).
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US fuel exports to Cuba cause chaos on the black market
Gasoline for $38 per gallon is sold in cramped apartments. Diesel is marketed on Instagram with reggaeton music by a celebrity. Cuba's communist sector of energy is experiencing capitalist cracks six decades after Fidel's revolution. The exception to Washington's crippling oil embargo on Cuba that allows U.S. companies to export fuel to Cuban private businesses has triggered a black market, and lifted the lid of an energy sector tightly controlled since Dwight Eisenhower occupied the White House. After the U.S., oil shipments to Cuba from its traditional suppliers Venezuela and Mexico abruptly ceased. ousted Venezuelan President Nicolas Maduro in January. U.S. Coast Guard cutters are patrolling the waters near Cuba while sanctions and threats have discouraged tankers from setting sail. The embargo hampered essential services run by the state, such as healthcare, public transportation and schools. Under the Commerce Department's exception, however, only a small amount of fuel is now reaching restaurants, retailers, and taxis. This is the first time that U.S. fuel has been landed on the Caribbean Island since Castro nationalized the refineries following the 1959 Revolution. It is not possible to determine which U.S. oil companies are shipping fuels to Cuba. However, there are no signs that major oil traders have been involved. Some of the fuel is sold on the black-market, allowing those with the means to maintain their gas tanks and home generators. This helps the public transport system, rolling blackouts and the faltering water supply in the country. The new system, while providing some relief to the poor, is increasing wealth disparities. Amarilis Sánchez, 53, spent hours waiting at a Havana bus stop on a recent afternoon in July. She had come to Havana to celebrate the birthday of her daughter, but was now losing hope that the bus, which costs 2 pesos to take home, would arrive. A few taxi drivers were leaning against antique cars across the street. Ismael, one of the taxi drivers, offered to take Sanchez but said the trip would be 1,000 pesos. This is 500 times more than the bus because of the black-market price of diesel and gasoline, the fuel that many Cuban cars run on. Sanchez, who is unemployed, could not afford to do this. She said that her plan was for her to wait until the sun went down and if it didn't arrive, she would sleep at the house of her daughter and then return the next morning. Backroom Deals and Social Media Ads While the 900k barrels of U.S. Fuel imported between February and May were only enough to meet the country's needs for energy for nine days, they have led to "big" changes. Reporters found this out during their visits to legal wholesalers and black market distributors as well as in discussions with business owners and economists. Havana fell into darkness when the national grid failed just before 11 pm on a Sunday night this month. However, generators powered by imported fuel kept a few shops and restaurants lit. In plain view, a thriving resale marketplace has sprung up. Another day, in a central Havana convenience store stocked with sodas, beer, and crackers customers played pool at the entrance. The shopkeeper keeps gasoline in a large room at the back of the store. She sells it for $5 per liter, or $19 per gallon. In a nearby tenement, a man, who advertised gasoline on Facebook, hoards it in his tiny apartment, despite the dangers of fire, explosions, and toxic fumes. WhatsApp groups dedicated to the illegal sale of fuel have become widespread. The black-market price peaked this spring at a staggering $10 per liter ($38 for a gallon), before falling as imports increased. In February, in an effort to avoid the paralysis caused by the oil blockade the government allowed private companies to import fuel to use themselves. Cuban legislators approved in June a comprehensive package of economic reforms to open the energy sector up to foreign and private investors. Although this package is not yet fully implemented, it was approved by Cuban lawmakers in June. The reforms would open up the energy sector to private and foreign investors. In a social media viral advertisement for such a company, a model who is the ex-girlfriend a Cuban reggaeton singer struts around a warehouse full of industrial bulk containers filled with diesel while Daddy Yankee's "Gasolina", a hit song by Daddy Yankee, plays in the background. A spokesperson from the company that created the advertisement, A Granel said they only sell to registered private businesses. The company charges $2.50 per liter for a 940-liter tank. CUBA GAS STATIONS UP TO GRABS? Manuel Marrero Cruz, Cuba's Prime Minister, said that the island has now approved its first foreign investment project to import and sell fuel. He did not name the company. Cuban law prohibits companies from reselling fuel imported without express authorization. Cuba has not yet approved retail sales despite the reforms that indicate private companies may be able soon to operate some of the distinctive Cupet red and green gas stations. Oniel Diz, the founder of Havana's consulting firm Auge, stated that some state-run gas stations store U.S. gasoline, which they can only disburse to vehicles registered with specific private companies. Cuban authorities have not responded to requests for comments. On July 29, President Miguel Diaz Canel denounced Washington's "genocidal" siege of the island. He said that economic reforms weren't undertaken to please Washington, and vowed no "massive Privatization of National Assets." State Department Spokesperson Tommy Pigott responded to questions by saying Washington acknowledged "the significant humanitarian need" of Cubans while accusing Cuban officials of incompetence, and diverting resources without providing any evidence. He stated that private businesses, diplomatic missions, and?NGOs can import fuel from the United States. However, he did not address questions regarding the impact of U.S. policies on Cuba's high prices and black market. The average monthly government salary is only $10 (roughly 6,700 pesos), so imported fuels are out of reach for most of the 9 million islanders. Fuel sold on the blackmarket is illegal in Cuba and violates U.S. export regulations, which state that fuel can only be used by the private sector and not the Cuban government. Jorge Pinon, an energy expert and former oil executive from Cuba who works at University of Texas at Austin, stated that "it looks good on paper but there is no monitoring of the people's compliance" with the restrictions. The news agency was not able to determine the amount of U.S. gasoline that reaches the black markets, nor could it find any evidence that the fuel ended up in Cuban officials' hands or government sanctioned entities. Diaz stated that other countries such as Mexico and Panama have also exported small amounts to Cuba's Private Sector in recent months. STATE CONTROLS GAS STATIONS AND PORTS Fuel destined for U.S. private buyers is currently required to pass through state-owned ports and storage tanks controlled by entities sanctioned by the U.S. Diaz says that private Cuban companies enter into service agreements for the use state infrastructure with these entities, paying?11 cents per liter. No evidence was found that fuel was diverted in this process. Jeremy Paner is a former U.S. Treasury Department Investigator who advises businesses. Cuba has said it will continue to relax restrictions and encourage private investment but it is unclear how far these reforms will extend. Mayra Espina is a Cuban sociologist who specializes on poverty. She says that the few supplies of expensive U.S. gasoline don't even begin to compensate for the volume of fuel Trump's embargo has kept out. She said, "It has at least prevented the country from being paralyzed completely." For the vast majority who depend on public services, "it increases and entrenches inequalities." Reporting by Laura Gottesdiener in Havana and Ayose Naranjo in Mexico City. Claudia Parsons edited the piece.
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AirBaltic, a Latvian airline, is considering converting its debt into equity and has requested EUR225 million in interim funding
The Latvian state-controlled carrier airBaltic has asked bondholders to allow it to secure EUR225m interim financing in order for the airline's near-term liquidity requirements. It is doing this as a way of securing its finances and avoiding default. The company stated that the plan was to "strengthen the airline on a long-term basis". It added that the flight schedule would be maintained as usual. According to airBaltic, Lufthansa has a 10% share in the company. The proposal is dependent on bondholder approvals and other approvals. The company also said that it proposed a permanent funding package, which "contemplates", the?bondholders converting part of their EUR380 million bonds into shares, and the remainder of the bonds being replaced by new debt, up to EUR125 millions. AirBaltic said that its other unnamed obligations will also be converted into equity. The revised business plan calls for a fleet of all Airbus A220-300 aircraft to be reduced from 54 to 36 by the end of 2026 and then gradually increased to 40 by 2030. In the previous plan, it was anticipated that the fleet would grow to 100 planes by 2030. The company expects that "more efficient operations" will generate EUR45 million per year. AirBaltic said that it plans to "recapitalise" EUR225 million in new debt financing, and EUR100 millions of?new equity. AirBaltic’s financial struggles highlight the structural problems that some airlines have faced since the U.S./Israeli war against Iran began. The company had planned to ask bondholders for short-term funding at an August 3 meeting. However, the meeting was postponed when bondholders did not show up. The Latvian public broadcaster LSM reported that a new meeting was scheduled for three days after the interest payment due August 14. Andris Kuulbergs, the Prime Minister of Latvia, said last month that the government was in negotiations with a strategic shareholder to put the company on a "sustainable footing". Fitch Ratings said last month that airBaltic’s capital structure was not sustainable. It included leased aircraft as well as a "very expensive bond", due in 2029. (Reporting and editing by Keith Weir in Vilnius)
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After Marine One's close call, the U.S. Transport secretary is working to fix telecom problems.
Sean Duffy, the U.S. Transportation Secretary, said that he is working to fix telecom issues raised?after? a military helicopter with President Donald Trump sped too close last week to a departing passenger jet at Reagan Washington National Airport. The incident raised serious concerns about why the passenger plane?was allowed?to depart while Marine One was near, at a time when commercial traffic is usually halted. After a crash in January 2025 between a military heli and a commercial plane that killed 67, the Federal Aviation Administration banned mixed helicopter and jet traffic around the airport. Duffy, a reporter at Newark Liberty International Airport, said that there had been "some telecom issues". He said that the FAA is now working on a fix for the White House. Duffy and FAA Administrator Bryan Bedford addressed the media at the New Jersey Airport for a?event that marked the installation of a surface?movement?radar?used to increase runway safety. After a series failures, including major outages affecting Newark and Washington traffic and an FAA radar surveillance system that failed in 2023 and forced a nationwide ground stop, the FAA will spend billions replacing outdated 'air traffic control telecom infrastructure' and radar.surveillance systems.
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Farmers union: Ukraine grain exports drop to meager levels in August
The?exports of Ukraine's wheat and?barley were very low?over the period August 1-10, after Russian attacks?effectively?shut?Black?Sea?ports, said?traders? at a major farmer's union on Tuesday. Both Ukraine and Russia have intensified their campaigns against logistic targets. E-commerce warehouses and Ukrainian petrol stations were targeted heavily this summer. In recent weeks, Russia has attacked Ukrainian Black Sea port terminals, vessels and export terminals almost every day. UAC's trading department, the largest farmers' union in the country, reported that Ukraine had exported a total of 122,000 metric tons (tonnages) of wheat, and 1,160 ton (tonnages) of barley between August 1-10. This is only 6% the total exports of wheat and barley for 'last August. In a report published every week, UAC said that "wheat and barley will be extremely difficult to export in August and Septembre." Ukraine exports significant volumes of barley, wheat and other grains in the first few months following harvest. 90% of Ukraine's agricultural exports are handled by the Odesa hub. The Agriculture Ministry?said?this month that losses to the agriculture sector could reach $3 billion. (Reporting and editing by David Goodman, Pavel Polityuk)
Judge stops US Postal Service from restricting voting by mail
On 'Tuesday,' a federal judge blocked the U.S. Postal Service from implementing a part of the President Donald Trump executive order which aims to tighten voting rules by mail in advance of the November elections that will determine control of Congress. The decision by the?U.S. The ruling by?U.S. District Judge Indira?Talwani in 'Boston expanded upon an earlier order that she issued in June, which prevented the?Trump administration from implementing it in 23 mainly Democratic-led States. She was urged by several voting rights groups to prevent USPS from implementing a proposed rule that would require states to provide lists of voters and adopt new?balloting procedures before the mail agency made deliveries. USPS could have refused to deliver ballots if states didn't comply. Plaintiffs had argued that USPS would not have any legal basis to refuse. Reporting by Nate Raymond and Luc Cohen, both in Boston.
(source: Reuters)