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Finnair's operating profit comparable falls in Q2
Finnair, the Finnish airline, reported a decline in comparable operating profits for the second quarter on Wednesday. The reason given was labour disputes with pilots. The comparable operating profit for the year was 10.3 millions euros ($11.97) compared to 43.6 million. Finnair stated in a press release that the industrial action had an impact of approximately 29 million Euros on the comparable operational result. Turkka Kuusisto, CEO of Finnair, said that the industrial action taken by the Finnish Airline Pilots' Association (FAPA) in April as well as the Finnish Aviation Union for ground service personnel in May and in June had a significant impact on the comparable operating results. Finnair has revised its guidance for its comparable operating profit, which was previously between 100 and 200 million euros. (1 euro = 0.8607 dollars) (Reporting and editing by Louise Rasmussen, Essi Lehto)
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Syria's Aviation Comeback Struggles amid Regional Unrest
Industry officials say that poor infrastructure, regional conflict, and Israeli airstrikes have prevented more airlines from returning. This is hampering efforts to rebuild Syria's economy, which has been ravaged by 14 years of civil warfare. At least 11 foreign airlines will fly to Syria this month. This is up from only three a year earlier, as sanctions have been rolled back since the overthrow in December 2024 of Bashar al Assad, Syria's longtime leader. The world's largest airline, Emirates of Dubai, as well as the first two European Union airlines to fly into Syria in 2011 are Romania's Dan Air, and Greece's Air Mediterranean. Last month, airlines like Royal Jordanian Airlines, FlyDubai Airlines, Turkish Airlines, and Qatar Airways were forced to cancel a large number of flights that they had just launched because the Middle East's airspace was closed off to civil aviation due to the air and missile attacks by Israel, the U.S., and Iran. Also, there are dangers close to home. Israel launched strikes on Syrian government forces for the second day in southwestern Syria, Tuesday. It promised to demilitarize the area and protect the Druze minorities there. Airlines are concerned about the management and infrastructure of Syria's aviation industry. The International Air Transport Association, a trade association, said that progress was needed in the regulatory oversight, infrastructure investments, and compliance with international standards of safety and operation. Officials at Damascus Airport and Syria's Aviation regulator said that major carriers like Lufthansa, Air France KLM and others, who used to fly into Syria before the war, visited Damascus to assess infrastructure and former offices. Both airlines said they were not interested in restarting flights at this time. Last month, the small Romanian airline Dan Air opened its Bucharest-Damascus route. Matt Ian David, CEO of Dan Air, said that the logistics and regulatory complexity was what had held back operators up until now. He added that now sanctions have been eased to make Syria more accessible. Emirates resumed its flights over Syria at the end May for the first since the civil conflict, shaving an hour from a Dubai-Beirut flight. Several countries, such as the United States and Britain, advise their airlines not to fly over Syria. The European Aviation Safety Agency (EASA) warns that "there are risks of both deliberate targeting and misidentification civil aircraft". Syria's civil aviation authority announced that it had reopened the airspace to all users on June 24. The two runways of Damascus Airport were damaged by bombs during the civil conflict, but they have now been repaired. The airport was looted as well during the chaos that followed Assad's downfall. Alaa Sallal is the director of public relations for Syria's Civil Aviation Authority. He said that a number airlines have inspected security and infrastructure. Sallal stated that the airport construction was in a dilapidated state, and equipment was worn-out or missing. He said that the country lacks radar equipment, and is dependent on Lebanese radar or Turkish radar for monitoring air traffic. In a statement made earlier this month, the head of Syria's General Authority for Civil Aviation said that it wished to build new airports at Damascus and Aleppo as well as in central Syria. This will require time and money, which the war-ravaged nation may not have. NEW AIRLINES Most of the Iranian and Iraqi carriers who served Syria during its long conflict are no longer flying there. This reflects a change in political landscape following the overthrow of Assad by Iran and Russia. First to resume flights under Ahmed al-Sharaa, the new president, were the flag carriers of Qatar, and Turkey. Both countries supported the Syrian rebels during the war. The Turkish transport ministry said that Turkey, as a close ally to the new government, had been improving Syria's airports. Emirates said that the return of its Dubai-Damascus flight on Wednesday was the first since 2012. The flights will help to strengthen ties between the United Arab Emirates (UAE) and Syria, as well as attract investment. Flyadeal, a Saudi budget airline, has announced that it will soon begin flying to Syria. Others may have less reason to return, as Syria wasn't a big market even before the war. Those who flew there - Russia’s Aeroflot and Air France, Lufthansa’s Austrian Airways, LOT Polish, IAG’s Iberia, Italy’s ITA, Czech Airlines and China Southern – have not returned. Despite recent increases, the number international flights to Syria is still well below the pre-war level. Cirium data show that scheduled flights were 58% lower in July than they were in 2010. IATA stated that the lifting of sanctions has opened up new pathways for improved access to aircraft maintenance services, parts and certain commercial transactions. Visa restrictions for Syrian nationals have limited the mobility of passengers and the growth of the market.
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Maguire: China will cut electricity emissions to a record low by 2025
China's utilities have been able to achieve record-low emissions in the first half of 2025 by focusing on clean energy supplies. According to the energy portal, electricitymaps.com, carbon dioxide emissions per Kilowatt Hour (kWh) of Electricity averaged 492 Grams during the first half of 2025. This was the first time a reading under 500 grams per kWh had been recorded. It is also down from 514g/kWh in the same period of 2024, and 539g/kWh between January and June 2023. CLEANING UP The main reason for the reduction of emissions intensity was a nearly 23% increase in clean power production from January to June 2020. This allowed energy firms to reduce the output of coal and gas power stations. LSEG data shows that the total power generated by thermal power plants – mainly coal – has dropped 4% compared to a year earlier, and is now just below 7,000 terawatt-hours (TWh). The total output of clean energy from January to the end of June was 2,400 TWh. This shows that fossil fuels still make up 75% of China's electricity generation mix. The growth of clean energy continues to outpace the growth in fossil fuels, suggesting that China’s power mix is set to continue getting cleaner. According to LSEG, the total Chinese clean energy output in the first half 2025 will be 200% higher than the first half 2019. The total thermal power produced in China from January to June of 2025 is 20% higher than the same period last year. Emissions Toll China's emissions from the fossil fuel sector have decreased in line with a cleaner mix. According to data from the energy think tank Ember, total emissions from fossil fuels in electricity production between January and May were 2,24 billion metric tonnes of CO2. This is 60.5 millions tons less than in the same months of 2020, indicating that Beijing is making progress towards its goals to reduce energy sector pollution. The lingering economic drag from a property slump and the uncertainty over tariffs imposed by the United States against Chinese goods also impacts China's energy needs and emission totals. Construction in China has been slowing down sharply in the past decade due to a debt crisis affecting property developers. This has in turn slowed demand for energy-intensive products such as glass, construction steel, cement and piping. The latest tariffs imposed by U.S. president Donald Trump on Chinese products have impacted the demand for China-made goods and caused production lines to slow down across a variety of manufactured items. The overall energy needs of these industries have been reduced by the slower pace on construction sites and production lines in factories. This has allowed power generation companies to reduce their production. China's power requirements will rise if the manufacturing and construction sectors recover. This will lead to a return of fossil fuels that emit pollution. If China's economy is still slowed by the construction debt and the tariff concerns, then the use of fossil fuels could be further reduced, which would lead to further emissions reductions from the power sector. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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IATA: EU's purchase of green fuel from outside the region is not a good idea
Willie Walsh, Director-General of the International Air Transport Association (IATA), said that it is not logical for the European Union to buy sustainable aviation fuel from outside their region in order to meet its carbon emission targets. Walsh told a Singapore media roundtable on Wednesday that the idea of buying sustainable fuel, then transporting it across Europe to be used in Europe was not the best way to go. The transportation costs increase the carbon footprint. SAF can be used as a low carbon jet fuel replacement. Walsh stated that "mandating a product which is not available does not lead to any benefit for the environment and what we see in Europe are fuel companies who must produce the fuel," Walsh added. He added that some airlines use SAF in anticipation of costs. According to his assessment, these costs are way above the real cost of limited sustainable fuel supplies. At least five SAF-related projects outside China have begun production or are scheduled to begin this year. These projects will be exported to Europe and the rest of Asia. Singapore is now a major exporter of green fuels to the EU. Reporting by Jun Yuan Yong, writing by Trixie Yong and editing by Muralikumar Anantharaman & Sonali Paul
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IATA: Tariff uncertainty may cause airlines to delay aircraft deliveries.
Willie Walsh, Director General of the International Air Transport Association said that airlines may not be willing to accept aircraft deliveries due to ongoing uncertainty about U.S. Tariffs and the impact they have on the price of the planes. It's going to affect all aspects of the aerospace industry, not just Boeing and Airbus. He said that it would affect all aspects of aerospace and most, if no all, airlines. Walsh spoke at a Singapore media roundtable. Embraer's CEO, who warned Tuesday that the U.S. President Donald Trump will impose a 50% tariff on Brazilian exports beginning in August, could have a similar impact on the company's revenue as the COVID-19 pandemic. Francisco Gomes Neto, a reporter for Embraer, told reporters that the tariffs would be equivalent to a trade ban on regional jets Embraer supplies to U.S. Airlines. This could lead to order cancellations and deferred delivery and harsh consequences for Embraer’s U.S.-based suppliers.
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Brazilian coffee traders rush to the US before Trump's tariff of 50%
On Tuesday, commodity traders said that they are in a race against time to sell as much Brazilian coffee into the United States as possible before Trump's new tariff of 50% on Brazilian products takes effect on August 1. The cost of Trump's tariffs was being passed onto consumers, and this included coffee cups. Some traders divert vessels mid-journey and cancel stops in other port so that containers full of Brazilian coffee can be entered U.S. ports with no tariff. Some send the Brazil-origin beans they had in Canada or Mexico that were meant to be used there instead, on the U.S. Market. Importers based in the United States have already posted wholesale prices which include the additional 50% charge for shipments arriving after August 1. Jeff Bernstein is the managing director of coffee trader RGC Coffee. He said, "We redirected freight that was heading to a longer trip to land earlier in the U.S. "But we couldn't speed up for other cargos." There are no workarounds for coffee that has not yet left Brazil. Brazil is the source of a third all of the coffee consumed in the U.S. It's used both as an individual origin and the base for most blends. Only 1% of all the coffee consumed in the U.S. is produced there. The price of coffee has already increased sharply in the U.S. after a 70% increase in the market in last year, triggered by shortages in production. Market players claim that if the new tariff of 50% on Brazilian imports announced last week is implemented, it will lead to a price increase. "It's a taxation that hurts American businesses. Nobody else. Not Brazil. Not Brazilian President Lula. Steve Walter Thomas (CEO of U.S. importer Lucatelli Coffee) said that the new 50% tariff was a threat to all importers. Expocacer, a Brazilian coffee cooperative that increased its U.S. sales by 15% in the past year, has said there is no possibility of renegotiation for any deals that are delivered after August 1. "It's a tax that is paid by the importer, and passed on to the consumer," said Expocacer president Simao Pedro de Lima. He added that after Trump's announcement, no export agreements had been signed with U.S. buyers. If the tariff is upheld, traders said, the coffee flow on the global market would be reordered. Brazilian beans will go to Europe and Asia and the U.S. will buy more from Africa and South and Central America. They said that this change will be difficult and cost importers more. A trader who requested anonymity said that Brazilian coffee is used in a third blend sold by Dunkin Donuts, Tim Hortons and other coffee chains. He also said that Starbucks uses it widely. Three companies have not responded to requests for comments. The U.S. National Coffee Association refused to comment on this tariff but stated that "coffee plays a major role in Americans' lives and their economy", noting two-thirds (67%) of American adults consume coffee every day. The association has requested that the Trump administration exempt Brazil's coffee from tariffs.
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Sources: GAIL India wants a 5-to-10-year LNG contract
Four sources familiar with the inquiry have confirmed that GAIL (India) Ltd, a state-owned company, is looking to purchase liquefied gas (LNG) from 2027 as part of a five-to-10 year deal tied to Brent crude oil. They said that the Indian company wants to purchase six cargoes (of super-cooled gas) in 2027 and eight in the second year. GAIL wants to purchase one cargo per month from the third year, according to their statement. Two sources confirmed that the deadline for submission of offers is July 24. GAIL, India's largest distributor of gas, is looking for a long-term contract after it began operating its Dabhol terminal all year round following the installation of breakwater. The facility is capable of handling 5 million metric tonnes per year (tpy). GAIL plans on increasing the capacity of Dabhol by 12.5 million tonnes per annum by 2031 and 6.3 millions tonnes per annum by mid-2027. GAIL's spokesman said that no comments were available on the investigation. (Reporting from Nidhi in New Delhi, and Emily in Singapore. Editing by Christian Schmollinger.
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Canada's First Nations challenge constitutional legislation
The Canadian First Nations have launched a constitutional challenge against laws recently passed that would expedite approval of infrastructure projects such as mines and oil pipes. They claim the measures violate government obligations towards Indigenous people. According to a Monday notice filed at Ontario Superior Court, the two new laws - one in Ontario and the other federally - "represent a clearly and present danger to Applicant First Nations’ self determination rights" and violate government obligations to reconcile Indigenous peoples. Nine First Nations are involved in the case, and they are spread across Ontario. They include Alderville First Nation and Apitipi Anicinapek Nation. The federal legislation was passed quickly by the Parliament late last month. The government would be able to select infrastructure and resources projects that are in the "national interests" and decide whether certain laws apply. Mark Carney, the Liberal Prime Minister, wants to see this law fulfill his campaign promise of speeding up approvals for what he called nation-building projects such as mines and oil pipes. The Ontario law passed early in June allows the government declare "special economies zones" which exempt certain projects from provincial laws. Both laws are opposed by environmentalists who say they circumvent legislation intended to mitigate ecological harms. Indigenous groups, on the other hand, claim they violate their right to self-determination as well as the duty of consultation owed to them by government. The court document states that the national law allows Canada to "unilaterally push through projects without meaningful engagement" with First Nations. A spokesperson from Canada's Privy Council Office said in an email that Canada was committed to meeting its obligations and commitments to Indigenous peoples. Carney is scheduled to meet with First Nations Inuits and Metis over the next few weeks. The email stated that "Canada's aim is to pursue projects of national importance in partnership with Indigenous Peoples." This initiative is focused on ensuring that Indigenous equity participation in major project development is at the forefront. The Ontario government has said that it will continue its consultations with First Nations this summer. (Reporting and editing by Aurora Ellis, Cynthia Osterman and Anna Mehler Paperny)
Middle East conflict slows bookings and increases rates
Industry sources said on Monday that the cost of chartering oil tankers for the Middle East-Asia route has risen and bookings of ships have decreased as concerns about potential disruptions are fueled by the Israel/Iran conflict.
According to LSEG, the global benchmark rate (TD3) for a very-large crude carrier (VLCC), which transports oil from the Middle East Gulf to Japan (MEG), rose by over 20% after tensions erupted on Friday.
According to a shipbroker, on Monday the MEG-Japan crude rate remained at W55 in the Worldscale Industry Measure.
However, traders, shipbrokers, and charterers took a watch-and-wait stance, even though market participants stated that they did not anticipate the Strait of Hormuz to be closed, a crucial shipping passage.
"Fixing from the area on Friday was almost at a standstill. Physical marks are not always indicative. Anoop Singh is the global head of oil brokering's shipping research. He said that ships in the Gulf are still searching for charters to go outbound.
Singh said, "But the situation is still dynamic and we expect to learn more at today's market opening."
Sentosa Shipbrokers says that although they have seen a slight increase in the freight rates, expect this to continue as the week goes on.
Emril Jamil is a senior analyst at LSEG Oil Research who specializes in crude and fuel oils. He said that freight rates would depend on whether or not Iran escalates the situation and takes action on the Strait of Hormuz. Around 18 to 19 million barrels of oil and oil-based products are transported through this waterway every day, connecting the Gulf of Oman to the Gulf of Arabia.
The war risk premium will remain high for the foreseeable future, given the ongoing tensions between both countries. The premium will increase exponentially if the Middle East's oil and gas infrastructure is attacked, said Jamil.
If there are more attacks, he said that cargo insurance rates could increase from $3 to $8 per barrel.
According to three shipping sources' estimates, the freight rate for 90,000 tonnes of gasoline, jet fuel, or diesel from the Middle East was $3.3 to $3.5 millions late last week before the conflict. However, new rates have not yet been announced.
According to a Singapore-based trade source, some brokers have already given market indications for $4.5 million.
Sentosa Shipbrokers wrote in a client note that several shipowners have resisted offering vessels on routes in the Gulf, pending a more accurate picture of the situation. This could increase the number of opportunities for voyages to and from the Far East, west Suez, or northwest India.
(source: Reuters)