Latest News
-
Airlines are under pressure due to the threat of missiles and closures of airspace.
Executives say that the proliferation of conflict zones is a growing burden for airline operations and profits. They are dealing with drones and missiles, as well as airspace closures and location spoofing. The airlines are incurring costs and losing share of the market due to expensive reroutings and cancelled flights, which often happen at short notice. Aviation, which is proud of its safety record, invests more in data planning and security. Guy Murray, the head of aviation security for TUI Airline, said that flight planning is difficult in such an environment. Airlines have fewer options for routes due to the increasing number of airspace closures in Russia, Ukraine, the Middle East, India, Pakistan, and parts of Africa. Mark Zee is the founder of OPSGROUP. This membership-based organization shares flight risk data. Since October 2023, the Israeli-Palestinian Conflict in the Middle East has led to the commercial aviation being forced to share the skies with drones and missiles that were launched on short notice. Some of these weapons were reported to have been close enough for pilots and passengers to see. Drone activity has forced Russian airports to close for short periods of time, including Moscow. GPS jamming and spoofing are also a growing problem around the world. Last month, when hostilities erupted between India and Pakistan, both neighbours blocked the other's aircraft in their respective airspace. Nick Careen said that the airspace is being used for retaliation, but this is not what it should be. Nick Careen was speaking to reporters on Tuesday at IATA's annual conference in New Delhi. Isidre Poqueras is the chief operating officer of IndiGo in India. She said that recent divertions were undermining efforts to reduce emission and increase airline efficiency. WORST CASE SCENARIO A plane being accidentally or deliberately hit by weapons is the worst case scenario for civil aviation, putting finances aside. Azerbaijan Airlines Flight 38 crashed in Kazakhstan on December 12, killing 38 people. According to Azerbaijani sources and the president of Azerbaijan, the plane was shot down accidentally by Russian air defences. Five people were killed when a cargo aircraft was shot down by Sudanese gunmen in October. According to Osprey Flight Solutions, aviation risk consultants, six commercial aircraft have been shot at, and three others have come close, since 2001. Willie Walsh, IATA director general, said that governments need to share more information to ensure civil aviation security as conflict zones continue to proliferate. Commercial aviation safety statistics show that accidents have steadily declined over the last two decades. However, these statistics do not include security incidents like being struck by weapons. IATA stated in February that aviation safety was a major concern due to accidents and incidents involving conflict zones. This required urgent global coordination. Tough Choices As a result, each airline has a different policy on where it will fly. This is based on the information shared between states and carriers, government advisors and a patchwork system of government notifications. Since the start of the war in Ukraine, in 2022, the Russian airspace has been closed to Western carriers. This puts them at a disadvantage in comparison to airlines like those from China and India that fly shorter routes in the north that require less fuel and crew. Flightradar24 data show that Singapore Airlines flight SQ326 has taken three different routes to Europe since just over a month, due to a change in risk calculations. In April 2024, Israel and Iran began a series of missile and drone attacks that had previously been avoided. As tensions between India and Pakistan escalated, the flight's route was again changed last month to avoid Pakistani airspace. Flight SQ326 reaches Europe now via the Persian Gulf, Iraq and Afghanistan. Singapore Airlines didn't respond to our request for comment immediately. The safety of pilots and flight attendants is also a concern for them. IATA states that airlines, and not regulators, should determine if it is safe to fly above conflict zones. History shows that commercial pressures may cloud these decisions, said Paul Reuter. He is vice president of European Cockpit Association which represents pilots. IATA Security Head Careen explained that flight crews have the right to refuse to take a trip if they are concerned about airspace. This could be due to weather conditions or conflicts zones. He said that "most airlines, and I'd say the vast majority, don't want crews on aircraft who aren't comfortable flying."
-
Financial Times - Friday, June 4,
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines - KKR feared a political risk in the Thames Water Rescue deal UK Serious Fraud Office investigates company who sold solar farms Thurrock Council British Industry Exempted From Trump's Doubling of Steel Tariffs Rachel Reeves, British Finance Minister, will support the Manchester-Liverpool railway link as part of a boost to transport spending Andrew Bailey, Governor of the Bank of England defends UK rules on ringfencing for lenders View the full article Thames Water has suffered a major blow in its battle to avoid nationalisation. The U.S. private-equity firm KKR withdrew from a multi-billion-pound rescue plan partly because of concerns over political interference. The Serious Fraud Office in Britain (SFO), has announced that it has launched an investigation against Rockfire Investment Finance. This company sold a bond scheme that was linked to solar farms, which led to a council in England being declared bankrupt by 2022. The U.S. President Donald Trump exempted the UK from doubling steel and aluminum tariffs in the United States, while British bosses urged British Prime Minister Keir starmer to act quickly on a deal that would completely eliminate these levies As part of the Whitehall Spending Review next week, UK Chancellor Rachel Reeves approved plans to spend billions of dollars on a new rail line between Manchester and Liverpool as well as other transport schemes. Andrew Bailey, governor of the Bank of England, has defended ringfencing regulations that force UK lenders separate their retail activities from other activities. He said that removing these rules would increase mortgages and other loan costs. (Compiled by Bengaluru Newsroom)
-
Reeves, UK's Reeves, approves $21 billion in transport projects outside London
The British Finance Minister Rachel Reeves announced on Wednesday that she would commit 21.1 billion pounds (15.6 billion pounds) to transport projects outside London. These cities have been plagued by years of unfulfilled promises and underinvestment. Reeves will announce her first investment commitments in a speech to be delivered in Manchester, north-west England. Her June 11 Spending Review sets budgets for all government departments during the remainder of this parliamentary term. The Labour government of Prime Minister Keir starmer, which has suffered heavy losses in local elections, is being pressed to demonstrate that it is improving public services and infrastructure. Organisations like the OECD have identified outdated and insufficient transport links as a major factor. Reeves stated in an excerpt of her speech, provided by the Finance Ministry. She said that the growth of too few regions and large gaps in between them was the result of this type thinking. The former Conservative government led by Rishi Sunak, who cancelled a part of a north-south high-speed rail line in order to reallocate cash to local projects, had earmarked the majority of the 15,6 billion pounds. London has yet to give the green light for many cities. The budget announcement made on Wednesday represents an agreement to fund transportation projects between 2027/28 - 2031/32. These include investments in metro systems in the West Midlands and Greater Manchester as well as the North East, South Yorkshire and the North East. West Yorkshire – a city region with a population of 2.3 millions – will also have its first mass transit system. Jonny Haseldine is the head of the British Chambers of Commerce's business environment department. Since 1998, Britain has conducted periodic reviews of government spending, but this one is the first to cover several years since 2015. The only other review in 2021, which focused on the COVID epidemic, covered a single year. The Institute for Fiscal Studies, a non-partisan organization, said that this review of spending could be "one the most important domestic policy events" for Labour.
-
Virgin Australia is seeking to raise $442.8 Million in IPO term sheet.
Virgin Australia, owned by Bain Capital According to a termsheet seen on Wednesday, is hoping to raise A$685 (442,78) million in an initial public offer. Virgin has set its offer price at A$2.90 a share. The offer size is 30% of Virgin's issued capital. Bain Capital didn't immediately respond to our request for a comment. The term sheet stated that the airline, Australia's 2nd largest after Qantas, would sell 236.2 millions shares to value the company A$2.32 Billion on a fully diluted base. Virgin's enterprise value will be A$3.6 billion after subtracting its A$1.31billion net debt. According to the terms sheet, Bain's stake will drop from 70% to 39.4% after the IPO. Qatar Airways will keep a 23% share.
-
CANADA-CRUDE-Discount on Western Canada Select heavy crude widens; wildfires reduce Canadian output
The discount between the benchmark North American West Texas Intermediate (WTI) futures and Western Canada Select (WCS), widened Tuesday, but was still in historically tight territory due to wildfires that continue to disrupt Canadian oil output. WCS for Hardisty, Alberta delivery in July settled at $9 per barrel below the U.S. benchmark WTI according to brokerage CalRock. It had settled at $8.80 per barrel under the U.S. standard on Monday. Calculations show that wildfires in Canada's oil producing province of Alberta reduced Canada's daily crude output by about 7%. Although no significant infrastructure was damaged, companies shut down production of 344,000 barrels a day and evacuated some workers as a precaution. * The fires occur at a moment when Canadian heavy crude is already trading at an historically low discount, in part because of the Trans Mountain Pipeline expansion that was opened one year ago. This increased the country's capacity to export oil. Canadian crude also benefits from U.S. Sanctions on Venezuela and other nations, which boosts demand for heavy crude producers who are not sanctioned. * Oil prices rose about 2% globally on Tuesday, reaching a two-week peak as geopolitical tensions persist between Russia and Ukraine, and the U.S.
-
ONEOK purchases remaining Delaware Basin Joint Venture stake for $940 Million
U.S. Pipeline Operator ONEOK announced on Tuesday that it has purchased the remaining stake in Delaware Basin Joint Venture from NGP XI Midstream Holdings for $940 million in cash and stock. By acquiring the remaining interest of 49.9%, ONEOK gained the sole ownership of this basin. It operates natural gas gathering, processing, and storage facilities in West Texas, and New Mexico’s Delaware Basin. The total processing capacity is over 700 million cubic feet a day. In the last two years, the operator of the pipeline has diversified its portfolio through acquisitions. These include a Gulf Coast NGL system from Easton Energy, and the purchase of Medallion Midstream, and EnLink Midstream. These moves are part a larger effort to increase its presence in Permian basin amid the growing consolidation of the U.S. Energy sector. The deal is worth $530 million cash and $410 millions in ONEOK common shares, according to the company. ONEOK has a pipeline network of 60,000 miles that transports crude oil, refined products and natural gas liquids. (Reporting and editing by Mohammed Safi Shamsi in Bengaluru. Katha Kalia is based in Bengaluru.
-
US Airlines seeks 2-year delay in secondary cockpit barrier rule
The Federal Aviation Administration said that major U.S. carriers want to delay for two years, by August of this year, the requirement to install a secondary barrier in the cockpit to prevent intrusions. Airlines for America, a trade group that represents American Airlines, United Airlines and Delta Air Lines as well as other major carriers, argued in a petition to the FAA that it should delay the finalization of the 2023 requirement because the FAA has yet to approve a secondary cockpit barricade and there are no approved manuals, training programs or procedures. The FAA announced that it would be accepting public comments on the airline's request until June 23. The FAA adopted security standards for the flight deck after the September 11 hijackings of four U.S. planes. These standards are designed to prevent forcible entry and unauthorized access. In the petition, the airlines said that they expected the FAA would certify the barriers by June or July. The FAA declined to comment immediately. This rule requires aircraft manufactures to install a physical second barrier on all planes that are used for commercial passenger services in the United States. In 2023, the FAA stated that the additional barrier would protect the flight deck from intrusions when the flightdeck door is opened. Air Line Pilots Association president Jason Ambrosi criticised the industry's request. He said: "We urge FAA to reject the latest stalling tactics and implement the secondary barrier requirement, as Congress mandated, without delay." Boeing, Airbus and Airlines for America argued for three years, but unions in 2023 wanted the rule to take effect immediately after publication. According to a federal law passed in 2018, the FAA had to adopt rules by 2019. However, it has stated that it must follow certain procedural rules to be able to impose new rules. The FAA does not require retrofitting of existing aircraft. The FAA set up rules in 2007 to address the security of the flight deck when the cockpit doors were opened. These included requiring that the door must be locked while the aircraft is in operation unless it was necessary to unlock it for authorized personnel. (Reporting and editing by Leslie Adler, Marguerita Choy and David Shepardson)
-
Bayer executive: Airlines need to sign long-term agreements on greener fuels in order to increase volumes.
MONTREAL (Rtrs), June 3, 2008 - If airlines want to increase global volumes of lower-emission fuel needed for industry climate goals, they need to sign long-term agreements that will allow them to purchase larger quantities of sustainable aviation. The International Air Transport Association's airline members are committed to the goal of zero net emissions by 2050, despite warnings from experts that they will have difficulty meeting such sustainability goals because of low production of SAF - which is more costly than conventional jet fuel. IATA, who concluded a summit in India Tuesday, expects sustainable aviation fuel production to double by 2025, reaching 2 million tons, or 0.7% of airline fuel consumption. In Montreal, Matthias Berninger said that while airlines have asked for more action from energy companies and partners to increase SAF volume, there should be more long-term purchasing of the fuel. This is similar to certain commitments made in the renewable energy industry. Bayer's Monsanto division sells seeds and insecticides to farmers that grow crops used as biomass feedstocks for biofuels. Berninger said that if airlines commit to buying a certain quantity over a period of time we can guarantee farmers will grow the crop and processors will process the crop. Berninger spoke on the sidelines the International Civil Aviation Organization’s aviation climate week. "And whether or not this supply meets the demand (market) depends on the long-term buying contracts of the airline sector sending a very clearly defined demand signal similar to what we currently have in the renewables space." SAF is made from plants, waste, cooking oil, and other products. (Allison Lampert, Montreal; Editing and proofreading by David Gregorio).
Hurricane Beryl strikes Jamaica as Caymans, Mexico brace for storm's effect
Hurricane Beryl surged Jamaica with heavy winds and rain on Wednesday, eliminating a minimum of a single person after forging a destructive, watersoaked course throughout smaller Caribbean islands over the previous couple days.
The death toll from the effective Category 4 hurricane climbed to at least 10, but it is commonly anticipated to increase further as interactions return online throughout soaked islands harmed by flooding and fatal winds.
In Jamaica, Beryl's eyewall skirted the island's southern coast, mauling neighborhoods as emergency groups rushed to leave individuals from flood-prone locations.
It's dreadful. Whatever's gone. I'm in my house and scared, stated Amoy Wellington, a 51-year-old cashier who lives in Top Hill, a rural farming community in Jamaica's southern St. Elizabeth parish. It's a catastrophe.
A lady passed away in Jamaica's Hanover parish after a tree fell on her home, Richard Thompson, acting director basic at Jamaica's catastrophe agency stated in an interview on regional news.
Nearly a thousand Jamaicans were in shelters by Wednesday night, Thompson included.
The island's primary airports were closed and streets were mainly empty after Prime Minister Andrew Holness provided a. across the country curfew for Wednesday.
We can do as much as we can do, as (is) humanly possible,. and we leave the rest in the hands of God, Holness said earlier. on Wednesday, advising locals in vulnerable locations to leave.
The loss of life and damage wrought by Beryl highlights the. repercussions of a warmer Atlantic Ocean, which researchers mention. as an indicator of human-caused environment modification fueling. severe weather condition that differs from previous experience.
Ralph Gonsalves, prime minister of St. Vincent and the. Grenadines, among the hardest-hit locations in the eastern. Caribbean, said in a radio interview that the country's Union. Island was flattened by Beryl.
Everybody is homeless ... It is going to be a Herculean. effort to rebuild.
Speaking with state media, Nerissa Gittens-McMillan, long-term. secretary at St. Vincent and the Grenadines' agriculture. ministry, warned of possible food shortages after 50% of the. nation's plantain and banana crops were lost, with considerable. losses likewise to root crops and veggies.
Power blackouts were extensive throughout Jamaica, while some. roads near the coast were rinsed.
By Wednesday evening, the eye of the spiraling hurricane was. located about 100 miles (161 km) west of Kingston, according to. the U.S. National Cyclone Center (NHC), as the storm's core. headed towards the Cayman Islands, where cyclone conditions. were anticipated late tonight.
Beryl is loading optimal sustained winds of 130 miles per. hour (209 kph).
The force of the winds is expected to deteriorate somewhat in the. next day or more, according to the NHC, though it cautioned that. Beryl would stay at or near significant typhoon strength as it. passed the Cayman Islands.
Beryl is anticipated to dispose 4-6 inches (10-15 cm) of rain on. the Cayman Islands overnight and into Thursday. Big swells. were anticipated to cause life-threatening surf and rip current. conditions, the NHC stated.
The center added that a cyclone warning was in impact for. Jamaica, the Cayman Islands, in addition to the eastern coast of. Mexico's Yucatan peninsula, consisting of for the nation's top. beach resort Cancun.
' ARMAGEDDON-LIKE'
Extra validated casualties up until now consist of a minimum of. 3 din St. Vincent and the Grenadines, a senior main told. , where Union Island has suffered severe damage of. over 90% of structures.
In Grenada, Prime Minister Dickon Mitchell explained. Armageddon-like conditions with no power and prevalent. damage, while also verifying 3 deaths.
In Venezuela, President Nicolas Maduro told state tv. that three individuals had died and 4 were missing in the area,. along with more than 8,000 homes harmed by downpours,. consisting of a minimum of 400 ruined.
Venezuelan Vice President Delcy Rodriguez was injured by a. falling tree on Tuesday as she surveyed a location south of Beryl. where extreme rains caused the Manzanares River in Sucre. state to burst its banks, the president validated.
The unusually early typhoon reinforced at a record speed,. which scientists argue is almost certainly sustained by environment. change.
Beryl is the 2024 Atlantic season's first hurricane and. the earliest storm on record to reach the highest classification on. the Saffir-Simpson five-stage scale. The U.S. National Oceanic. and Atmospheric Administration (NOAA) has anticipated a big. number of significant cyclones in an amazing season this. year.
Beyond near-term effect in Jamaica and Haiti, the NHC warned. that Beryl will likely make landfall as cyclone on Mexico's. Yucatan peninsula as early as Thursday night.
In the fishing village of Punta Allen, in the state of. Quintana Roo, residents moved boats inland for safety, while. navy officers implored hesitant homeowners to leave.
In tourist center Cancun, an ecological agency worked. to collect eggs from sea turtles' nests for their security. Travelers absorbed the sun's rays while they still could.
Meanwhile, workers filled bags with sand and boarded up. doors and windows of organizations for security. Officials stated. supplies of wooden boards were dwindling as Cancun residents and. travelers prepared for Beryl's arrival.
Laura Velazquez, head of Mexico's civil security company,. urged travelers in Cancun and neighboring Tulum to hunker down in. hotel basements once the typhoon methods, in comments to. local broadcaster Milenio.
(source: Reuters)