Latest News
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Eight people are still missing following the north Cyprus ferry accident that killed eight
Divers joined search teams to search deep waters in search of survivors. Nearly 20 people are still missing after a ferry capsized near Northern Cyprus on Monday, killing at least eight. On Sunday, a double-hulled 'ferry' with 267 people aboard sank and flipped on the seabed just off the port of Kyrenia. The survivors were left clinging onto the overturned hull. The coastguard and passing vessels rescued them. Naif Ezer was one of the anxiously waiting outside the port for news about passengers in the early morning hours on Monday. One of the three friends who were traveling to see their families had been located, but two others were still missing. While some waited, they silently wept while others scrolled their mobile phones to check for updates. The vessel was lying at a greater depth than 500 meters (1,640 feet) on the seabed. Officials said that divers from Turkey assisted in the search. Officials gave varying estimates on the number of missing people, some stating 19 and others 18 The ferry ran into trouble soon after leaving Kyrenia to reach the Turkish port Tasucu, in Mersin Province. This is one of many daily sea shuttle connections with Turkey. Separate reports said that the wide-bodied ship slammed violently onto the sea surface, with a part of its bow bursting open upon impact. Authorities have detained and questioned the captain of the ship, as well as the crew.
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Two people killed in missile attack on Russian Belgorod, say authorities; hit Ozon facilities
Alexander Shuvayev, the acting governor of Belgorod in Russia's border region with Ukraine, said that a missile attack had?killed 2 people and injured 16. He said that the deaths on Sunday followed a Ukrainian attack which had also destroyed seven warehouses in the city. Russian online retailer Ozon stated?on Telegram? that a Belgorod logistics hub and sorting facility were also attacked, resulting in a fire. It wasn't immediately clear if Shuvayev & Ozon were referring to the same facilities. A Russian drone attack on Friday caused a detonation of an ammunition depot near the Ukrainian capital, Kyiv. In February 2022, Russia invaded Ukraine. Both sides regularly attack each other's infrastructure including ports, energy and logistical facilities, but deny targeting civilians. Could not independently verify the damage reports. Sberbank is Russia's largest lender. It has approved a restructuring of a total?6.8 billion roubles (79 million dollars) of loans to traders who sell goods through?Ozon or Wildberries, an e-commerce giant which recently attracted?Ukraine terrorism attacks. State news agency TASS reported this, citing a senior bank executive.
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Over the weekend, vessels crossing Strait of Hormuz will drop to five per day.
Shipping data showed that the number of visible cargo vessels transiting the Strait of Hormuz fell to five per day over the weekend as companies remained cautious amid ongoing attacks against ships. Some ships have turned off their automatic identification systems to avoid attacks. Kpler's data shows that weekend traffic was limited to small vessels. The data revealed that two liquefied gas carriers were among the vessels. One of the ships left the Strait via the Iranian route, while the second sailed in the dark and was heading to India. On Friday, fourteen vessels crossed the Strait of Hormuz including a large crude carrier loaded with 2,000,000 barrels Qatari oil. The vessel's?transponder was switched off. United Kingdom Maritime Trade Operations announced on Sunday that a tanker 'was struck by an unidentified projectile on Saturday while transiting 'inbound through 'the Hormuz strait. This was the third incident in the Strait reported by the agency within the last week. The Gulf tensions rose on Sunday after U.S. forces hit two Iranian launchers on Iran's Larak Island in the Strait of Hormuz. This was the first American strike on the Gulf nation known since late July.
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Brazil Budget includes $1.2 billion in capital investment for Correios
The government announced on Sunday that Brazil's budget for next year includes a capital injection of 6 billion reais ($1.2billion) into the state-run Correios postal service as part a a turnaround plan to help the cash-strapped company. According to a statement, the funding will provide Correios "greater stability" to continue negotiations with clients and vendors as it implements its restructuring plans and seeks profitability. The statement was signed by Esther Dweck as Management Minister, Bruno Moretti as Planning Minister, and Frederico Siqueira Filho as Communication Minister. It added that the liquidity support had enabled Correios?to improve its operations and strengthen their debt profile. The budget for 2027 will be submitted to Congress on Monday. Correios announced a?net loss for the second quarter of 2.4 billion reais, down 5.5% from the year before. Luiz inacio Lula da silva, the president who will be seeking reelection this October, recently stated that his government plans to restore Correios rather than privatize it, as Correios has been losing money for several quarters. The company has already completed 12 billions reais of federally guaranteed credit operations. Correios?said that it was also in advanced discussions for a new loan operation worth approximately 7 billion reais. This is also backed by the federal Government. The company said that it was impacted by a number of factors, including a decline in revenue from traditional post services, an increase in 'operating costs', legacy legal liabilities and increased competition within the logistics industry.
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Merz: Germany has finalised its response to the suspected attack in Leipzig
German Chancellor Friedrich Merz stated on Sunday that Berlin was preparing to respond to the suspected 'drone attack' on a Ukrainian freight plane in Leipzig this month, in coordination with its 'European & NATO partners. "We are currently concluding our investigation." In an 'interview with ARD, he stated that there is a broad consensus in the Federal Government about how to respond. We will make it clear in the 'coming days. It wont be long. Germany has not yet officially stated who it believes is behind the suspected attempt to attack at Leipzig/Halle Airport on August 4 when a?explosives -laden drone was found near a Ukrainian Antonov cargo aircraft used for military supplies. Alexander Dobrindt of the Christian Social Union, a conservative minister, described the incident in Leipzig as a "hybrid scenario" and suggested that foreign powers could have been involved. Die Welt, a daily newspaper, reported on Saturday that the government will announce sanctions coordinated with European Union partners and blame Russia for the attack in the next few days. Merz did not comment on who Berlin believed to be responsible, but stated that its response is being coordinated with partners. He said: "It has been agreed on, and a final agreement is expected to be reached within the next few days between the European Union -and our NATO partners." "It's a response from Germany but our allies in the European Union, NATO and other international organizations will not be surprised."
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APK-Inform reports that weekly exports to Ukraine have increased by 28%.
APK-Inform, a consultancy, said that weekly exports of?wheat, corn, and?barley grew by 28% from?August 20 through?August 26 to 240.900 metric tons. The volume was 173,300 tonnes of wheat, 58.900 tons corn, 8,600 tons barley, and other grains. The Ukrainian grain exports have dropped sharply after Russian missile and drone attacks in the Black Sea region of Ukraine. APK-Inform data showed that early in July, when the ports?operated as usual, Ukraine exported approximately 760,000 tonnes?of grain each?week. APK-Inform didn't provide an explanation for the increase in exports last week, but did note that Ukraine increased grain shipments into its ports along the Danube River by 35%. After the closure of Ukraine's seaports it has redirected grain shipments towards ports on the Danube, and its western borders. However, officials and analysts claim that these alternative routes cannot compensate for the loss seaports. The Ukrainian agriculture minister Taras Vysotskyi said that the food exports from Ukraine could 'decrease to around 1.7 million tonnes this month, and are expected to be about 2 million tons by September due to the blocked seaports. Before the blockade, Ukraine exported food cargoes of at least 4,000,000 tons per month.
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Temasek supports Singapore Airlines' Air India Investment amid growing scrutiny
Singapore's state-owned investor Temasek - the majority shareholder of Singapore Airlines -- backed its investment in Air India on Saturday, as questions grew about the airline’s stake in the Indian carrier. This week, the first report on Air?India's request to Tata Sons for $1.5 billion of new equity was published. Singapore Airlines holds 25.1%, while Tata owns the remainder of India's largest airline. Kenneth Tiong of Singapore's Workers' Party opposition, who learned about the funding request, called for Temasek's money not to be used in order to support the Indian carrier. Singapore's Business Times also published a comment arguing that Singapore Airlines couldn't realistically sell its Air India stake and that?Tata was the only viable buyer. The newspaper questioned the value of its 25,1% stake beyond a seat on the board and a share in the losses, but maintained that the strategic logic behind the investment was still valid. Juliet Teo of Temasek Singapore's joint head of Portfolio Development wrote to the newspaper in response to this?commentary. She said that Temasek supported Singapore Airlines decision to invest into Air India and viewed it from a longer-term perspective. In the letter, it was stated that Air India's transformation involved multi-year, complex operational and integration challenges. The outcomes were shaped by external factors, such as industry developments, geopolitical changes, and fuel price volatility. It said that "efforts of this magnitude take time and cannot be expected to be linear." Temasek has not stated whether it would support any capital contributions by Singapore Airlines to Air India. Tata has been in charge of Air India since 2022, when it was formerly owned by the state. Air India was hit by the ban on Indian carriers in Pakistani airspace, the U.S./Israeli conflict with Iran and the fallout of a fatal crash that occurred last year. The airline's?budget division Air India Express and the airline itself posted combined losses of $2.33billion in the year up to March. This weighed on Singapore Airlines' profits. Singapore Airlines announced on Thursday that its board will carefully review any requests from Air India for additional capital, taking into account the group's capital requirements as well as Air India's strategy.
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Boeing and union negotiators will meet on Monday to restart stalled contracts negotiations
A spokesman from the Society of Professional Engineering Employees Association said that Boeing's negotiators and its largest union, SPEEA, plan to meet on Monday to resume contract negotiations. SPEEA members rejected Boeing's offer by a large majority last week. In a recent survey conducted by SPEEA, union members including engineers and technical workers said that they want Boeing to guarantee them immediate and larger wage increases. According to the survey results, shared by SPEEA, more money for annual performance-based increases is the?second highest priority. According to the survey, the?third-highest priority was better annual cost-of living adjustments. Boeing's spokesman said, "We are looking forward to reaching an agreement with SPEEA before the current contract ends and we look forward to finding a resolution at the bargaining table." The company declined further comment. Tuesday, the planemaker advertised?contractor positions in apparent preparation for a strike after the current contract expires Oct. 6. SPEEA members are essential to Boeing's efforts to certify the 737 -MAX 10 and 787-9, which both are years behind schedule. Work stoppages would further delay the two aircraft's entry into service. Airlines are still waiting for their delivery. Reporting by Dan Catchpole, Seattle. Editing by Nick Zieminski & Chizu Nomiyama.
InPost barely beats forecasts for the second quarter but reduces guidance
InPost, the parcel?locker firm, which is?subject to a takeover offer?by FedEx and Advent International led consortium, has narrowly beaten market expectations in terms of core earnings for second quarter but reduced its 2026 forecast for this metric.
It said that the outlook was slashed from a flat core profit to a single-digit percentage decline due to investment costs, an improved pricing environment in InPost's native Poland and ongoing business transformations in Britain & Ireland.
Rafal Brzoska, the founder and CEO of the former Yodel company, said in a statement that "the UK is still a work-in-progress". The revamped business aimed to lower?costs for each parcel and improve the use and efficiency of the logistic network.
InPost's second-quarter adjusted earnings were 1,04 billion zlotys, or $277.6 millions. The company polled analysts who expected an average of 1.01 billion.
The adjusted core profit margin fell by 3.3 percentage points during the quarter, and by 5.7 percentage points for the first half of this year.
InPost has been the target of a?takeover bid of EUR7.8billion ($9.0billion) from a group led by FedEx, and private equity firm Advent. The offer was launched in May and has received all regulatory approvals. It will run until September 18.
The deal would allow U.S. FedEx, a parcel locker leader in Europe, to expand its reach into Europe.
(source: Reuters)