Latest News
-
London's marine insurance companies expand high-risk zone in the Black Sea as shipping attacks increase
According to a recent advisory, London's marine insurers have widened their high-risk area for the Black Sea as the conflict between Ukraine and Russia escalates. The Black Sea is an important route for the shipment of grain, crude oils and refined products. Russia, Ukraine, Bulgaria, Georgia and Romania all share its waters. In the last two months, Russia and Ukraine have intensified their attacks on each others' commercial shipping, as they escalated their five-year war. The Joint 'War Committee' (JWC), which is made up of syndicate members in the Lloyd's Market Association, and representatives from the London Insurance Company market, provides guidance to underwriters on insurance premiums. The JWC expanded its reporting requirements for the Black Sea to include the entire Black Sea area this week. "The coastal waters of Russia, Ukraine, and the Baltic States were already listed," Neil Roberts said in a note that accompanied the advisory on Thursday. Roberts is the head of marine and aviation at the LMA, and the secretary of the Joint War Committee. "However voyages in the territorial waters of neighboring countries still do not require notification." In recent weeks, war risk premiums have risen dramatically as a result of the attacks on dozens of ships in the Black Sea.
-
The small English club Oxford Utd apologizes for the 'United 93 clothing line'
Oxford United, a third-tier English club, has withdrawn its clothing line featuring the slogan "United 93%" and apologized for not knowing 'its historical context. United 93 is the callsign of one of the hijacked passenger jets in the 9/11 Al Qaeda attack on the United States. The merchandise was meant to be a nod to the club's founding date of 1893. A club statement stated that the range was released "without an understanding of its historical context and associated associations." "It should not have been sold and we take full responsibility for failing to do proper due diligence. We have immediately removed the collection and are reviewing our processes to make sure that nothing similar happens again. We would like to record our'sincere apologies' for this mistake and any?offence that may have been caused. After being hijacked by terrorists on September 11, 2001, United Airlines Flight 93 crashed into rural Pennsylvania in Shanksville. All 44 passengers and crew were killed. The 2006 documentary "United 93" chronicled the tragic events of the plane's flight towards the US Capitol Building.
-
Malaysian regulator will ask publicly traded firms to submit El Nino plans and is looking for deeper Middle East relations
Malaysia's Securities Commission will ask companies how they are preparing for El Nino, as it is concerned that businesses in the country may not be prepared for its effects. Forecasters warn of a super El Nino that could bring heat and drought to Southeast Asia. Conditions that are hotter and drier can affect crop yields, straining water supplies. This poses a risk to Malaysia's palm oil industry. "We are going to write to all major companies and ask: What is your El Nino Plan?" Mohammad Faiz said in an interview during an investor roadshow held in the UK. "And we'll then?have a conversation with them next to see if it worked or failed." Since a while, a number of regulators have required that companies disclose information about climate and weather impact. However, requests for specific events are typically not made public, even when they're made. Mohammad Faiz stated that the initiative will test whether climate-risk disclosures by companies translate into effective preparation. He argued many firms have not "seriously" considered how they would deal with drought, because Malaysia has historically abundant water resources. Separately he stated that the commission was?exploring closer ties with regulatory?in the Middle East in order to deepen Islamic financial links and channel more funds into Southeast Asia. In a first step regulators will examine the differences between how different jurisdictions classify stock as being compliant with Islamic Law, or Sharia. In July, Malaysia's Securities Commission signed an agreement that allows companies seeking dual listing to use one prospectus and a set of submission documents starting this month. Mohammad Faiz stated that Sarawak Energy is one of the IPO candidates which the commission encourages to consider a dual listing in order to achieve a higher valuation. He claimed that the company could reach a market valuation of $10 billion. Sarawak Energy didn't?respond to an?request for comments outside of office hours. Mohammad Faiz, when asked if AirAsia is on the regulator's watch list, said that he "neither confirmed nor denied" this. He added that the government has hired?consultants who will review the carrier's financials, though he wasn't aware of any plans to?takeover. AirAsia has not responded to a request for a comment. Tony Fernandes, AirAsia co-founder, said that the company had not been in contact with the government and that they did not require any bailout or rescue. Mohammad Faiz, speaking of the plans for the stock exchange, said that the government planned to increase the capitalisation of Bursa to 6.3 trillion Ringgit ($1.55 trillion), from the current 4.5 trillion Ringgit.
-
Iraq lifts restrictions on civil use of Western airspace
Iraq announced on Friday that it had returned the restricted airspace in the western part of 'country to civilian authorities. This ended the limits which had been in place for military operations since 2016. All previously reserved areas stretching across western Iraq, from north to southern, have been given to the authority for airports and navigation to be used by civil aviation. This move is expected to give Iraqi aviation officials more freedom to redesign flight paths, to 'ease restrictions on aircraft movements and to improve the efficiency of using airspace. In 2016, and 2017, large parts of Iraq's western sand desert were used to base military operations against the Islamic State group. Ehab Saadkarim, Director of the General Company for airports and air navigation management, said at a press briefing that "the airspace management team from the air operations centre has?officially confirmed' the Iraqi aeronautical manual no longer lists military air zones for use in military operations. Karim said that the decision was the result of years of technical and institution work aimed at improving the efficiency and flow in air traffic. He added that reopening these routes would "boost revenues, improve civilian air traffic, and support the economy of the country." Hussein Ahmed, a spokesperson for the Transport Ministry, said that all technical and regulatory steps will be completed before October 1. According to the ministry, the lifting of restrictions on military zones is part of the withdrawal procedures as Iraq and the United States prepare for the departure of the remaining troops of the US-led coalition.
-
Minister: Ukraine will prioritize exports of higher-value agricultural products.
The Agriculture Minister Taras Vysotskyi announced on Friday that the Ukrainian agriculture ministry had agreed to a proposal from farming groups, which called for prioritising transport capacity when export routes are constrained. Vysotskyi did not specify when the measure would take effect. He noted that a mechanism was still being developed. Ukraine's seaports are effectively blocked by the war in Russia. It can only export a little over half its total volume through smaller Danube ports or rail routes to Eastern Europe. Oleh Kohmenko, the head of UCAB's?farming lobby, said that given the?current logistics cost, it was more economical for agricultural producers to export products which had a higher added value. According to the Ministry, "logistics costs" have increased by $50 per ton of goods since the closure of the seaports. Khomenko stated that the products with the greatest added value are poultry which can be exported at about EUR3,000 per ton. Vegetable oil is sold at approximately $1,200 per ton and oilseed meal for around $900. He said that grain is sold for between $150 and $170 per ton. Farmers also prioritized exports of higher-value oilseeds, while leaving lower-priced grains in storage, during the first years after the war, i.e. 2022 to 2023. APK-Inform analysts said that, if seaports don't resume operations, the export bottlenecks could push carryover grains to a record of?24.7 millions tons by the end 2026/27 seasons, which is equivalent to one-third the harvest of 2026.
-
Air France's luxurious shift helps to cushion the impact of Iran war
Ben Smith, Air France’s Chief Executive, said that the airline's "costly bet" on luxury is paying off. It has helped the Paris-based carrier to weather the fallout of the Iran War. Air France-KLM, the parent company, is struggling with high jet fuel costs and disruptions in travel patterns due to the Iran War, which lasted for seven months. Some airlines have been forced to reduce capacity and cut spending. Air France is meanwhile riding out the storm. Air France has taken advantage of the 'Emily in Paris' TV show, and the tourists' fascination with Paris' fashion, food, and hotel scene. The airline has stepped up its premium offering, upgrading the onboard menus to include 'luxury brand products' and investing heavily in their most profitable cabins. All the luxury brands have their headquarters in Paris. "We have more Michelin-starred restaurant in Paris than anywhere else in the world," Smith said at a London awards show, where Air France was awarded best first-class cabin. It is a city of a certain kind. It is not only beautiful as a cultural destination, but also as a luxurious city. In recent years, the three largest European airline groups, including British Airways' owner IAG, and Lufthansa have all redesigned their first-class cabins to meet growing demand, especially from wealthy US passengers. Smith stated that Air France's most wealthy customers are not deterred by higher prices. He said that some former private jet users were even moving to first class to avoid the scrutiny associated with the higher emissions of private flights. Smith stated that Air France raised fares in order to offset the rising fuel costs. However, bookings for premium, business, and first-class cabins all grew this year. According to data from the company, revenue from first-class travel and premium travel has risen by 11%. Smith also downplayed concerns that rising inflation in the US might affect premium spending. "We have raised the ticket prices substantially, but it is still quite good." He said, "It's better than what I expected."
-
UK air traffic control outage is caused by software defects, according to operator
The British air traffic control operator NATS announced on Friday that a software bug was responsible for the 'outage' which affected hundreds and thousands of passengers in the past week. The incident led to the cancellation of 2,000 flights and caused days of disruption. Airlines spent millions of pounds trying to return crews, aircraft and refund passengers. NATS CEO Martin Rolfe stated that the shutdown wasn't related to a 2023 problem which caused widespread?disruption. Nor was it connected to military intervention, as some media outlets reported last week. He also said that safety was not compromised at any point during the incident. He said that the problem was caused by a "software issue" in a particular part of our flight-data system. The code for this small section of code has been traced. The issue has been identified, and mitigation measures are in place. A permanent fix will be tested for safety and deployed once the test is complete. Heidi Alexander, the Transport Minister, who last week had demanded that NATS produce a detailed report and ordered an independent review of the Civil Aviation Authority's findings, called the disruption "completely inacceptable". She said that she urgently needed to understand why the problem was not discovered and resolved before it created chaos. "It's crucial that our nation's infrastructure is ready for the future." This incident was a result of a travel chaos in August 2023 that cost airlines PS100 million ($136 millions). In July 2025, NATS also was responsible for a smaller technical problem that caused 150 cancellations. Since the 2023 failure, Ryanair, Europe’s largest airline, has called on Rolfe repeatedly to resign. A request from an aircraft for an identification code was followed by a request to perform a "higher priority" activity. This request paused the initial request. The report stated that "had the higher priority request arrived just one millisecond sooner or later, then the update would have finished normally."
-
Denmark accelerates Ukraine aid package following Russian warship firing flares at helicopter
Denmark will speed up its donation to Ukraine as a response to a recent incident where a Russian warship fired flares at a Danish military helicopter. The aircraft narrowly missed the ship, according the Nordic country's Government. Denmark said Monday that a Russian frigate fired flares at the 'helicopter without warning as it tried to photograph the ship while in international waters. Moscow responded by accusing Denmark of "carrying out hazardous manoeuvres" near its vessel. According to the government, the new package of support for Ukraine will cost approximately 1.8 billion Danish crowns (approximately $276 million) and be used for air defense. After a meeting of parliamentarians, Defence Minister Jeppe Brüus told journalists: "If they think that we can be rattled... then we will increase our support to?Ukraine? faster than what we intended." Since Russia's invasion of Ukraine in 2022, Denmark has been one of the most vocal supporters. It is also a leading provider of financial assistance on a per capita basis. "If they think that we can be pressured to 'hold back on our support for Ukraine, then they are wrong," said Foreign Minister Lars Lokke Rasmussen.
Honeywell trims annual earnings projection on soft industrial automation demand
Honeywell International Inc. on Thursday reduced its annual profit projection, due to lower. demand in its commercial automation service, sending shares of. the diversified industrial firm down 4.5% in premarket trade.
Sales in Honeywell's commercial automation service were struck. by volume softness in storage facility and workflow solutions as the. company seeks to offload existing inventory before purchasing brand-new. items in the middle of an uncertain economic outlook.
The company likewise stated that sales in its mask-making safety. and efficiency solutions declined year over year.
The unit's organic sales fell 8% in the second quarter ended. June 30, from a year back.
Nevertheless, sales from the company's aerospace unit, which. makes parts such as engines and navigation radios for planes. produced by Boeing Co and Airbus SE, increased. total sales by 5% to $9.58 billion.
The Charlotte, North Carolina-based business now anticipates an. yearly adjusted earnings of $10.05 to $10.25 per share, below. its previous projection of in between $10.15 and $10.45 per share.
On an adjusted basis, quarterly revenue came in at $2.49 per. share, compared with price quotes of $2.42 per share.
(source: Reuters)