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Tariff turmoil subsides, allowing industrial giants to regain their footing
This year, industrial companies have experienced a rollercoaster ride as they have tried to adjust their trade policies to those of U.S. president Donald Trump. But this quarter, executives have suggested that confusion is receding, as the corporations have now had more time to adjust higher tariffs on U.S. imported foreign goods. In contrast to the first half, heavy machinery, engine manufacturers and construction firms, which reflect the "real" economy, have been able to navigate the current environment by reducing costs and increasing prices in order offset the tariffs imposed by the Trump administration. Executives say that while there are many concerns for the coming quarters, they no longer feel as unpredictable. Michael Larsen said, "Certainly from a cost perspective and perhaps from a supply standpoint, tariffs are not the kind of main event here" on an analyst call following the results last week. According to an analysis of companies that reported between October 16th and October 31st, the estimated total hit to the global company's bottom line is about $7 billion. However, the markets are only halfway through the earnings season. This figure was between $16.2 billion and $17.9billion in the second quarter. SOLID REVENUES GROWTH LSEG data shows that U.S. Industrial companies are currently reporting the best revenue growth year-over-year since the first quarter 2023, at 6.3%. Caterpillar, a manufacturer of heavy equipment, estimated that tariffs could cost it between $1.5 and $1.8 billion by 2025. After reporting a good quarter and a 12% rise in its shares, Caterpillar's results on October 29 narrowed this range to $1.6 to $1.75 Billion. Joshua Schachter is the chief investment officer of Easterly Asset Management. He said that industrial companies, in general, are managing the uncertainty and changes to the tariff landscape pretty well. UPS and FedEx, two of the world's largest logistics companies, have cut costs in order to compensate for the loss of duty-free status on low-value ecommerce shipments. UPS, however, has also drastically cut its payroll, dumping 48,000 jobs due to the continued pressures on its business in this year. Analysts are concerned that the poor outlook for lower- and mid-income earners, which has affected consumer companies such as Newell, will spread to other sectors of the economy. The Trump administration also reached agreements with many nations to set import taxes between 15% and 20 % for some, after an earlier pause that left them at 10 %. This effect is not yet fully felt. Angela Santos is a partner at ArentFox Schiff and the leader of the customs practice group. "We are only in October, and the reciprocal tariff increases started in August. So it hasn't taken that long." EUROPEAN COMPANIES STILL FEELING THE HEAT The high tariffs have made it harder for some European companies who rely on U.S. exports. Importers in the U.S. are less likely than ever to purchase their products. SKF, a Swedish manufacturer of bearings considered a barometer for global manufacturing, anticipates a weak demand in the short term as customers are still hesitant because of tariffs and uncertainties. "If we get a little more calm and stable, I think that we will see the demand return," SKF's CEO Rickard Gstafson said on Wednesday. HIAB, a Swedish manufacturer of construction equipment, said that since mid-February orders had been slowing due to trade tensions. VDMA (German Engineering Federation), which represents 3,600 companies in the machinery and plant engineering sector, warned that new tariffs could affect more than half of German exports and European machinery if Washington adds more products to its list of steel and aluminum levies. Volkswagen and other European car manufacturers have been particularly hard hit, with Volkswagen reporting a $5.8 Billion tariff in its latest results. Yale's Budget Lab has been tracking U.S. trade policy and says that the effective tariff rate was 18% at mid-October. This is the highest it has ever been in over 90 years. On November 1, the Trump Administration will begin imposing new tariffs of 25% on imports of medium and heavy duty trucks, including 18-wheelers and dump trucks. A 10% tariff is also being imposed on buses imported from abroad. Don Marleau said that the full impact of tariffs will not be felt until industrial companies go through their inventory. In many cases, we haven't yet seen higher tariff costs. "We have higher estimates of tariff costs."
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Ryanair H1 profits beat expectations, pushing up traffic forecast for FY
Ryanair announced Monday that it had achieved a profit after tax for the six-month period ending September, which was just ahead of analyst expectations. It also increased its forecasted passenger traffic due to Boeing deliveries earlier than expected and strong demand in the first half. The Irish airline is the largest in Europe by passenger numbers. It said that it expects to recover its 7% average fare drop from last year during the financial year ending March 31. This should result in a "reasonable growth" of net profit for the entire year. The average fares increased by 13% in the first half of this year. Low-cost carrier Air France reported a net income of 2,54 billion euros (2,96 billion dollars) in the first half of the year. This is the time when the airline makes the majority of its profits due to the busy summer holidays season of the Northern Hemisphere. This was up by 42% compared to 1.8 billion euro in the same time period last year. A poll of Ryanair analysts had predicted 2.5 billion euros. Ryanair is expecting to fly 207 millions passengers by the end of March, an increase from the 206 million forecasted earlier. This was after the airline received 23 MAX 8 aircraft in the first six months from Boeing. In a press release, Chief Executive Michael O'Leary stated that "While Q3 bookings were slightly higher than the prior year (PY), particularly during the peak periods of October mid-term and December, we cautioned that H2 would bring more difficult PY comps, making growth in fare more challenging." ($1 = 0.8575 euro) (Reporting and editing by Kate Mayberry; Padraic Hallpin)
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Forest owner Marinakis provides financial assistance to fans who are caught in stabbings on trains
Evangelos Marinakis, owner of Nottingham Forest, has promised financial support to any Premier League fans who were involved in the mass stabbing on a train in England near Cambridge on Saturday. A series of stabbings resulted in 11 people receiving medical treatment. The only suspect is a 32-year old British man. According to reports in British media, one of the injured is a City Ground season ticket holder. Forest confirmed that many supporters of their team were on their way home after their 2-2 draw at home with Manchester United. Marinakis, the Greek shipping magnate, said that everyone at Nottingham Forest was shocked and deeply moved by what happened in a Sunday statement. "The courage, selflessness and humanity shown by our fans on that train represents both the best of humanity and our club's community. We will ensure that any supporters who are caught up in the incident receive whatever financial assistance they need to be able to get the best medical care possible as they recover." (Reporting by Aadi Nair in Bengaluru)
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This week in Asian Football
Discussion points on Asian football this week: RONALDO DOES THE DOUBLE TO KEEP AL-NASSR PERFECT DURING SAUDI PRO LEAGUE Cristiano Ronaldo’s penalty in 14th minute stoppage time ensured Al-Nassr’s perfect start of the Saudi Pro League Season as Jorge Jesus’ side won 2-1 over Al-Fayha to stay three points ahead after seven matches. Ronaldo equalized with eight minutes remaining in the first-half. The Portuguese striker then sealed the points in the added time of the second period. Al-Taawoun defeated Al-Qadsiah by a score of 2-0, staying second. Al-Hilal climbed to third place after a 1-0 win over Al-Shabab in spite of Kalidou Koulibaly’s red card in the 78th-minute. HIROSHIMA CELEBRATE HI.LEAGUE CUP WIN Sanfrecce Hiroshima won the J.League Cup on Saturday by beating Kashiwa Reysol, 3-1, at the National Stadium of Tokyo. Hayato Araki, from Hiroshima, scored the first goal in the 25th minutes after latching onto Shuto Nakano’s long throw in the six-yard area. Shunki Higashi then doubled the lead with a perfect kick from over 25 yards. Ryo Germain added his third goal to Kashiwa's score after a second long throw from Nakano. Mao Hosoya scored a consolation nine minutes before the end of the first half. SHANGHAI PORT DOWNZHEJIANG TO MOVE CLOSE TO CHINESE TITLE Shanghai Port, led by Kevin Muscat and his team, will have a two-point advantage going into the last day of the Chinese Super League after they defeated Zhejiang FC 3-0 on Friday. This victory puts them closer to winning a second consecutive title. Port's 19th victory of the season was secured by an own goal from Liu Haofan, Wang Shenchao, and Mateus Vital. Shanghai Shenhua, who are cross-city rivals, moved up to second place with a 1-0 victory over Shenzhen Peng City. Chengdu Rongcheng fell to third after their 2-1 loss against Henan FC. AUCKLAND GOES TOP OF A LEAGUE AFTER WIN OVER ADELAIDE UNITED Auckland FC, the hosts of Saturday's A-League matchup against Adelaide United, won 2-1. Louis Verstraete scored with 11 minutes left to give Steve Corica's team seven points after their first three matches, one point ahead of Sydney FC. Al Hassan Toure scored three goals for Sydney during their 4-1 victory over Newcastle Jets. Patrick Wood added the fourth. (Reporting and editing by Michael Church)
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Aquilius raises $1 billion for Asia's biggest real estate secondary fund
Aquilius Investment Partners, a Singapore-based company, announced on Monday that it had raised $1.1 billion to fund its second Asia Pacific Real Estate Secondaries Fund, making it the largest in the region. According to Preqin, secondaries, where investors purchase existing stakes in funds, are the fastest-growing alternative strategy globally. Data provider predicts that global alternative assets will reach $29.2 trillion in 2029. Secondaries are projected to grow at the fastest rate of 13.1% per year through 2029. This is due to slow exits and increasing private wealth demand. Aquilius announced in a press release that the fundraising included over $750 millions for AIP Secondary Fund II and related vehicles. This is more than its original target of $700 million. This compares to the more than $400,000,000 raised in 2023 for its first fund. Aquilius reported that about half of the capital had already been spent on eight transactions. Aquilius, founded in 2021 by ex-executives of Partners Group and Blackstone, operates, it claims, Asia's largest secondaries real estate platform with 30 professionals working on the ground. Christian Keiber is the founding partner of Aquilius. He said: "A third of global private markets AUM is located in Asia. Yet less than 10% secondaries capital are dedicated to Asia." AUM is assets under management. "Combine this with an environment of slow-exits, increased uncertainty, and regulatory driving forces, and you've got a generational purchasing opportunity." Bastian Wolff is also the founding partner of Aquilius. He said that Aquilius clients are predominantly sovereign wealth funds, pension funds, and governments in Asia and Middle East. Wolff stated that "their understanding and proximity to the market were key drivers for confidence in our strategy and platform." Wolff stated that the remaining capital would target diversified exposure in Japan, Korea and India, with a focus on new economy segments such as data centres, logistics and living. (Reporting and editing by Tomaszjanowski)
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US probes near-miss between Southwest Airlines jet, helicopter
The U.S. National Transportation Safety Board announced on Sunday that it will send a team to Ohio to investigate a close call between an Southwest Airlines jet and medical helicopter on October 29, near Cleveland International Airport. The NTSB stated that the two aircraft lost separation - which means they were closer than the minimum distance required - as Southwest Flight 1333 made its final approach to Baltimore-Washington International Thurgood Marshall Airport. Southwest's pilot aborted the landing. Southwest reported that the Boeing 737 landed successfully a few minutes later. NTSB or Southwest have not disclosed the number of passengers on board the aircraft. According to the way the helicopter identified itself, it appears that the helicopter was transporting a passenger at the moment of the accident. Southwest Airlines said in a Sunday statement that it "appreciates our crew's professionalism in dealing with the situation." We will cooperate with the National Transportation Safety Board in the investigation. A representative of the medical transport company didn't immediately respond to an inquiry for comment. The mid-air collision on January 29, between an American Airlines regional plane and a U.S. Army chopper outside Ronald Reagan Washington National Airport in the U.S. Capital, killed 67 people and raised alarm over close calls between commercial aircraft and helicopters. Flightradar24, an aviation tracking website, said that air traffic control audio and tracking flight showed that in the Cleveland incident the Southwest plane had to divert from its original course in order to avoid the Eurocopter that was passing directly in front of it. The site reported that both aircraft were at a height of 2,075 feet (632 metres) at one time and were only 0.56 miles away (0.9 km) from each other. According to Flightradar24, an air traffic controller requested that the medical helicopter go behind other flights in the area of the airport. The helicopter pilot replied "it would be better if it could go above and in front if it can" and the controller agreed. According to two people who were briefed about the issue, the Southwest captain stated in a report sent to the Federal Aviation Administration (FAA) that the incident was "extremely near" and needed immediate action to prevent a collision. Last month, the FAA announced that it would modify helicopter routes near BWI International Airport and Washington Dulles International Airport in order to create buffer zones following the January crash. This also applies at Reagan. U.S. lawmakers, as well as NTSB investigators, have criticized the FAA for not acting on reports of near miss incidents prior to the collision that occurred on January 29, 2009. At the time of crash, the Army Black Hawk helicopter had exceeded the maximum permissible altitude. Both the helicopter as well as the airliner crashed in the Potomac River. The FAA banned the Army in May from flying helicopters close to the Pentagon following a near-miss on May 1, which forced two civilian planes into aborted landings. In March, the NTSB reported that between 2021 and now there have been 15,200 incidents of loss of separation air near Reagan between helicopters and commercial aircraft. This includes 85 close calls.
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US probes near-miss between Southwest Airlines jet, helicopter
The U.S. National Transportation Safety Board announced on Sunday that it will send a team to Ohio's Cleveland International Airport near Cleveland International Airport, Ohio, to investigate a close call between Southwest Airlines jets and helicopters on October 29, 2009. NTSB stated that the two aircraft lost separation - which means they were closer than the minimum distance required - as Southwest Flight 1333 made its final approach to Baltimore. Southwest's pilot aborted the landing because of this. Southwest reported that the Boeing 737 landed successfully a few minutes later. The mid-air collision on January 29, between an American Airlines regional plane and a U.S. Army chopper outside Ronald Reagan Washington National Airport in the U.S. Capital, killed 67 people and raised alarm over close calls between commercial aircraft and helicopters.
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Ukraine: Thousands of people are without power after Russia strikes the frontline region
Ukraine's authorities reported that two people died in Odesa's southern region, and nearly 60,000 were left without power after the overnight Russian airstrike on Ukraine's frontline Zaporizhzhia region. As winter approaches, Russia has intensified its missile and drone attacks on Ukraine's electricity grid. This has caused outages, and forced Kyiv emergency crews into a race to fix damage and manage rolling power blackouts. Ivan Federov said that the attack in Zaporizhzhia resulted in two injuries and the destruction of buildings, he told Telegram. Fedorov posted photos of nighttime images of buildings that had their facades and windows ripped off. Zaporizhzhia is subjected to daily Russian artillery, drone and missile strikes, which have caused destruction of homes, crippled utility services and killed a number of people. Moscow also pressures Ukraine’s defences, and disrupts the links between the south and the rest. Fedorov confirmed that the attack overnight injured two people. He said that Russia's 800 attacks on 18 settlements across the region over 24 hours and into Sunday morning killed one person, injured three others. Ukraine's emergency service reported on Telegram that two people were killed in the overnight Russian drone attack on Odesa, on Ukraine's Black Sea Coast. Separately the death toll of a Russian air strike that ignited a shop in Dnipropetrovsk on Saturday is now four, including two boys aged 11-14. Russia has not yet commented on the attack. Both sides deny that they are targeting civilians, but the majority of the victims in this conflict have been Ukrainians. Reporting by Lidia Kelley in Melbourne, Editing by Clarence Fernandez & Jamie Freed
What Iran and Israel would wield in any long-range air war
Israel struck military sites in Iran on Saturday, stating it was striking back against Tehran's missile attack on Israel on Oct. 1, the current exchange in the intensifying conflict between the Middle East rivals.
The Israeli military said it had completed the strikes and accomplished its objectives, alerting Iran not to react, while a. semi-official Iranian news company swore a proportional. response to the Israeli action.
Below is a look at both countries' air forces and aerial. defence systems:
IRAN
The Iranian flying force has 37,000 workers but decades of. global sanctions have mainly cut off Iran from the. latest high-tech military devices, according to the. International Institute for Strategic Research Studies in London (IISS). The flying force has just a few dozen working strike aircraft,. consisting of Russian jets and aging U.S. designs obtained before. the country's 1979 Islamic Transformation.
The Islamic Republic has a squadron of nine F-4 and F-5. fighter jets, one squadron of Russian-made Sukhoi-24 jets, and. some MiG-29s, F7 and F14 aircraft, IISS stated.
Iran also has actually pilotless airplanes designed to fly into targets. and take off. Experts estimate its drone toolbox to be in the. low thousands. Further, they state, Iran has more than 3,500. surface-to-surface rockets, a few of which carry half-ton. warheads. The number capable of reaching Israel may be lower,. nevertheless. Iran's flying force commander said in April that the Sukhoi-24s. remained in their finest state of preparedness to counter any. potential Israeli attack. But Iran's reliance on Sukhoi-24s,. initially developed in the 1960s, underscores the relative weak point. of its flying force.
For defence, Iran relies on a mixture of Russian and. locally produced surface-to-air rocket and air defence. systems. Iran received deliveries of the S-300 anti-aircraft system from. Russia in 2016 - long-range surface-to-air missiles capable of. engaging numerous targets simultaneously, including airplane and. ballistic rockets.
Tehran likewise has actually the domestically produced Bavar-373. surface-to-air rocket platform, as well as the Sayyad and Raad. defence systems.
ISRAEL. Israel has a sophisticated, U.S.-supplied air force with numerous. F-15, F-16 and F-35 multipurpose jet fighters. These played a. function in shooting down Iranian drones in April when the Islamic. Republic released explosive drones and fired missiles at Israel. in its first direct attack on Israeli territory.
The air force lacks long-range bombers, though a smaller. fleet of repurposed Boeing 707s act as refuelling tankers that. might allow its fighters to reach Iran for determine sorties. The Israeli flying force demonstrated its ability to strike long range. targets in July when its fighter jets struck locations near Yemen's. Hodeidah port in retaliation for a Houthi drone strike in Tel .
Aviv. A pioneer in drone innovation, Israel has Heron pilotless. planes capable of flying for more than 30 hours, enough for. remote operations. Its Delilah loitering munition has an. estimated range of 250 km (155 miles) - far short of the Gulf. area where Iran is, though the flying force could close the gap. by providing among the munitions closer to Iran's border.
Israel is commonly believed to have established long-range. surface-to-surface rockets, but neither verifies nor denies. this.
A multi-layer aerial defence system developed with U.S. aid. after the 1991 Gulf War supplies Israel with a number of extra. options for shooting down long-range Iranian drones and. missiles.
The highest-altitude system is the Arrow-3, which intercepts. ballistic rockets in space. An earlier design, the Arrow-2,. works at lower elevations. The mid-range David's Sling counters. ballistic missiles and cruise rockets, while the short-range. Iron Dome tackles the type of rockets and mortars used by. Iranian-backed militias in Gaza and Lebanon - but can also, in. theory, be fired at any more effective rockets missed out on by Arrow. or David's Sling.
The Israeli systems are developed to be patched into. counterpart U.S. interceptors in the region for. coalition-strength defences.
(source: Reuters)