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Seychelles Presidential vote to be run-off, Electoral Commission says
After the first round of voting failed to produce a clear winner, the Seychelles Presidential election will be decided by a run-off between the opposition leader Patrick Herminie (left) and the incumbent president Wavel Ramkalawan (right), the electoral commission announced on Sunday. Ramkalawan was trying to stop the return of a party that had dominated Africa's richest country per capita for 40 years. The western Indian Ocean archipelago attracts investment and security co-operation with China, Gulf countries and India. The electoral commission reported that Herminie, leader of the United Seychelles party (US), secured 48.8%, followed by Ramkalawan of the Linyon Demokratik Seselwa LDS with 46.4%. In the first round, neither candidate reached the 50% threshold needed to win outright. The US party made a significant gain in the National Assembly as well, winning 15 seats by constituency and four additional seats by proportional representation. This gave it a clear majority. LDS won 11 seats in constituency and four seats proportionally, leaving its main rival behind the ruling party. The two leading candidates in the race for the presidency will now compete in a second, decisive round that is scheduled from 9-11 October. The winning candidate will receive a mandate of five years. The electoral commission reported that nearly 82% of voters registered participated in the first ballot, which took place from Thursday to Sunday. Reporting by Gabriel RobertGironcelle, Writing by Portia Crowe; Editing and Revision by Andrew Cawthorne
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Kuwait Airways restructures its capital to write-off nearly $1 billion in losses
The official gazette reported that a shareholder meeting at Kuwait Airways, a state-owned airline, approved reducing the capital to erase 300 million dinars of losses accumulated over time. Kuwait Airways has previously stated that it plans to break even by 2025, after years of losses. The airline hasn't disclosed its financial results from 2023 or 2024. Regional carriers were also affected by the COVID-19 epidemic, as their global counterparts. However, many Gulf airlines are now a key player in regional efforts to diversify economies, particularly in tourism. MEETING APPROVES CAPITAL REDUCTION Kuwait Airways' chairman stated in August that the airline is having difficulty achieving its goals, such as breaking even and increasing the number of passengers, due to the geopolitical tensions in the region and delayed aircraft deliveries. Kuwait's official Gazette reported that the extraordinary general meeting, which was held on September 2nd, had approved a decrease in the carrier's capital paid up by 294 millions dinars. It also said it had reduced its legal reserve of 6 million dinars. The assembly also approved an increase in the airline's capital issued by 300 million dinars. This will be "called up" according to a schedule set by Kuwait Investment Authority, which owns all of the shares. Gazette stated that the capital of the airline was 983.66 millions dinars after the changes. The company has not responded to the request for comment.
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Denmark bans drone flight after new drone sightings on military bases
Denmark banned civil drone flights on Sunday after drones were spotted at military facilities over night. This ban follows a week of drone sorties that caused temporary closures of Danish airports. In a press release, the Danish military stated that it had deployed “several capabilities” in response to overnight sightings of drones at bases. It declined further comment as to the nature and extent of its response. Denmark was forced to close airports due to drone sorties in the first part of this week, including Copenhagen Airport which was closed for nearly four hours on Monday. Denmark has described the drones as part of a hybrid attack. The country has not said definitively who they believe is responsible. However, Prime Minister Mette Fredericksen suggested that it could be Moscow. She called Russia the "primary" "country which poses a serious threat to European Security". The Kremlin has denied any blame. The ban will apply to civilian drones in the airspace of Denmark from Monday through Friday next week when Denmark will host European leaders. Denmark is currently holding the rotating EU presidency for the second half this year. In a Sunday statement, Defence Minister Troels Poulsen stated that "we are in a very difficult security situation and must provide the best working conditions possible for the armed services and police as they will be responsible for the security of the EU summit". Denmark will host EU Leaders on Wednesday. This will be followed by a Summit on Thursday for the 47-member European Political Community. The EPC was created to bring together the EU and other friendly European Countries after Russia's invasion of Ukraine in 2022. On Sunday, a German air defence frigate arrived at Copenhagen to help with airspace monitoring during the high-profile event. (Reporting and editing by Peter Graff. Stine Jacobsen)
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Gaza flotilla sails once again; Italy's Tajani warns about danger
A flotilla of international aid that had paused in Greek waters to repair for a few days has now set sail for Gaza. The activists hope to break Israel's blockade on Gaza and deliver humanitarian aid to the Palestinian territories. The organizers announced on Sunday that Greek boats had joined their flotilla. This means that the flotilla of 47 civilian boats is now "complete". "Brothers, sisters and friends in Gaza, with hope in our heart we sail. Your resilience is our guide, and your struggle is also our struggle. Together, we'll break the silence surrounding the siege", the Global Sumud Flotilla posted on social media. Around 40 Italians, along with activists from dozens other countries including Swedish climate activist Greta Thunberg, are on the flotilla. They hope to deliver humanitarian aid to Gaza within the next week. Antonio Tajani, the Italian Foreign Minister, repeated on Sunday a suggestion made last week that the flotilla take the aid to Cyprus to be distributed in Gaza by Roman Catholic Church. The flotilla refused the suggestion. "We've always warned that approaching Israeli waters is dangerous. We don't really know what will happen. Tajani told journalists that forcing the blockade was dangerous. Drones equipped with stun grenades, irritants and irritants struck the flotilla on Wednesday off Crete in international waters. The drones caused some damage but did not cause any injuries. Israel has not commented on the incident. Israel has said that it will use all means possible to stop the boats from reaching Gaza. It argues that the naval blockade it has imposed is legal because it is fighting Hamas militants within the coastal enclave. Italy and Spain deployed navy ships near the flotilla to perform rescue and humanitarian missions. Israel launched its Gaza offensive in response to the Hamas-led attack of October 7, 2023 on Israel, which resulted in 1,200 deaths and 251 hostages being taken back to Gaza. Gaza's health authorities claim that the offensive has resulted in more than 65,000 deaths. (Reporting and editing by Crispian B. Balmer)
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Nigeria to certify C919 jets for local airlines
Director general of the Nigerian civil aviation authority said that they are looking at certifying China’s C919 for Nigerian carriers. This is because Nigerian airlines have taken on more aircraft, and relations with Beijing have been warming. COMAC, a Chinese plane manufacturer, is currently producing the C919 narrow-body aircraft to compete with the leading Western planemakers Airbus & Boeing and has had several discussions with Nigeria about the aircraft. COMAC, a state-owned company, is facing challenges in its bid to expand into the African market. The two models of its planes do not have benchmark certifications by Western regulators and the company is behind in delivery targets. Due to trade disputes, the U.S. temporarily halted the exports of CFM engines used on the C919 this year. Nigeria, Africa's largest nation, with 230 millions people, is a potential aviation market. Director general of the civil aviation authority, Capt. Chris Ona Najomo told reporters that the agency was considering the lengthy certification process to allow the jet to fly on domestic routes. "We are looking at the certification for the aircraft." Najomo told the U.N. Aviation Agency's Montreal assembly that the certification of the aircraft is the first thing we need to do. COMAC OFFERS MAINTENANCE SUPPORT FOR NIGERIAN CARRIER Najomo stated that COMAC officials offered maintenance and training assistance for any planes operated Nigerian carriers and were exploring dry lease arrangements which involves leasing aircraft without crew. Najomo stated, "We told them it would be better if they could facilitate a dry lease agreement that was good." Abdullahi Ahmed expressed an interest in expanding the fleet of Nigerian airline NG Eagle beyond its three jets. He said he'd consider COMAC aircraft if they were certified and accompanied with maintenance and training assistance. The improved Aviation Working Group Rating of Nigeria reflects a stronger compliance with Cape Town Convention. This is a treaty which simplifies the leasing of aviation equipment. Najomo stated that this was an encouraging development for lessors and would allow the 13 airlines of the country to have access to newer aircraft on the leasing market. IATA data shows that while air travel is still expensive for many Nigerians it has fallen by 43.6% in real terms between 2011 and 2023. At the moment, only Chinese airlines operate the C919. Three airlines in Southeast Asia also fly COMAC's C909 regional jet.
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Flightradar24 reports that the airspace around Poland's Lublin and Rzeszow has been closed because of 'unplanned' military activity.
Flightradar24, a flight tracking service, said that Poland had closed the airspace around its cities of Lublin (southeast) and Rzeszow (southeast) until at least 4 am GMT Sunday because "unplanned military activities related to state security". After Russia began its attacks on Ukraine, the Polish military said that it had scrambled aircraft in order to secure its airspace. In a posting on X, the military stated that "Polish and allied aircraft began operating in our airspace in connection with the activity by the Russian Federation long-range aerial force carrying out strikes against the territory of Ukraine." The military described the actions taken as preventive, and that they were aimed at protecting airspace and citizens. Ukraine's Air Force data shows that air raid warnings are in place across the country at 0300 GMT.
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Vietnam closes all airports and evacuates thousands as Typhoon Bualoi approaches
Vietnam evacuated thousands from areas that could be affected by Typhoon Bualoi on Sunday, as the storm intensified. Days earlier, the Philippines had been hit with widespread flooding and at least 10 fatalities. According to Vietnam's National Weather Forecast Agency, the typhoon is expected to land in central Vietnam on Sunday evening, sooner than forecasts because it is moving fast. This is a storm that moves at nearly twice the speed of average, with a strong intensity and wide area of impact. The storm is capable of triggering several natural disasters at once, including strong winds, heavy rain, flooding, flash-floods, landslides and coastal inundation, according to the agency. The government announced that authorities in central province Ha Tinh had begun evacuating more than 15,000 residents, and that thousands of troops were ready to assist. Civil Aviation Authority announced that Vietnam suspended operations in four coastal airports, including Danang International Airport, from Sunday and changed the departure times of several flights. The government has confirmed that heavy rains have already led to flooding in Hue & Quang Tri. Vietnam's long coastline, which faces the South China Sea is susceptible to deadly typhoons. Typhoon Yagi caused property damage of $3.3 billion and killed 300 people last year.
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Kuwait plans to build 14 GW of new power plants by 2031
Kuwait's electricity minister announced on Saturday that the country will increase its power generation capacity to 14,05 gigawatts by 2031 in order to meet the rising demand. Kuwait, as a major oil-producing country, is struggling with power shortages due to rapid population growth, urbanization, high temperatures, and maintenance delays in certain plants. The government has had to implement planned power cuts since last year. Subaih Al-Mukhaizim said on X, the minister of electricity and water, as well as renewable energy, that the country managed to successfully manage the summer of 2025 despite some days reaching temperatures of 51 degrees Celsius. He noted that peak summer electric load dropped 0.17% year-on-year compared to expectations of a 4% rise. These projects include the second and third phases, 2.7 GW each, of the Al-Zour North Power Plant. They were signed in August by a consortium led Saudi Arabia's ACWA Power with the Gulf Investment Corporation. The cost was more than 1 billion dinars (3.27 billion dollars), and they are backed by both local and international banks. The first and second phases, which will have a combined power of 1.6 GW and be built on a public-private model, are also covered. Meanwhile, the third and forth phases, in collaboration with China, will add an additional 3 GW. The first phase of the Khairan water and power desalination facility, which is expected to add 1.8GW, will be included in the program. Bidding for the project was opened to prequalified consortiums on September 1. Fatma Johar Hayat, the ministry's spokesperson, said that parts of the 7.2 GW Nuwaiseeb will also be built. A portion is scheduled to be completed after 2031, and possibly into the next decade. (Reporting and editing by Alison Williams, Ahmed Hagagy)
Boeing names Kelly Ortberg CEO to guide turnaround as cash burn rises
Boeing on Wednesday called aerospace market veteran Kelly Ortberg as its CEO to turn around the planemaker beset by legal and regulative problems after a quarter in which it lost more than $1 billion.
Ortberg will start on Aug. 8 with the monumental job of rebuilding trust with regulators, the industry and the general public throughout a quality crisis, and as the company's finance chief alerted it would continue to burn money.
Boeing has actually been mired in a reputational and security crisis after a Jan. 5 mid-air cabin panel blowout on an Alaska Airlines - operated MAX 9 jet carrying 171 guests.
The planemaker published a loss of $1.4 billion on earnings of $ 16.9 billion, short of the agreement among analysts for $17.2. billion, according to LSEG data. It lost $2.90 a share, worse. than of expectations for a loss of $1.97 a share.
Boeing CFO Brian West informed experts on a teleconference he. anticipates cash usage in 2024 to be larger than formerly thought. and anticipates cash burn throughout the third quarter. The business's. second-quarter totally free capital usage was $4.33 billion.
Boeing shares closed 2% higher at $190.60 on Wednesday,. assisted by the CEO announcement, and regardless of the battles throughout. its services, consisting of in defense and area.
The company's crisis led to an executive reshuffle in which. CEO Dave Calhoun decided to step down by the end of the year and. board chair Larry Kellner said he would not stand for. reelection.
Calhoun told analysts he did not think Ortberg's arrival. would cause a big leadership overhaul at Boeing. Stephanie. Pope, the head of Boeing Commercial Airplanes, was seen as a. possible prospect to prosper Calhoun.
My guess is he's going to put his arms around Stephanie and. the rest of the group in a big way and simply try to support their. work, Calhoun informed analysts.
Calhoun will be an unique advisor to the board till March. 2025, Boeing Chair Steve Mollenkopf stated on Wednesday.
Shortly after the January accident, the U.S. Federal. Air travel Administration disallowed Boeing from raising the. production of its cash-cow 737 MAX family of jets above 38 a. month, without estimating how long the restriction will last.
West stated Boeing had been making airplane far listed below that. level during some weeks to plug quality spaces, validating a. Reuters report. Ortberg will now have to help restore production of the 737. jets from about 25 in June and July to 38 by year's end.
WALL STREET CHEERS VISIT
A mechanical engineer, Ortberg, 64, has more than 30 years'. experience in aerospace and defense, consisting of various. executive functions.
There is much work to be done, and I'm eagerly anticipating. starting, Ortberg said in a declaration as Boeing waived. its compulsory retirement age of 65 years for him.
Ortberg will get a long-term incentive award targeted at. $ 17.5 million, according to a filing. He will get an annual base. income of $1.5 million, an annual incentive award target of $3. million and a $1.25 million cash payment in December.
His strategies to be based in Seattle, near Boeing's 737 MAX and. 777 factories is a step in the right direction, stated Jon. Holden, union local president for more than 30,000 Boeing. workers who are working out a brand-new contract.
Holden said in a declaration that Boeing's incoming CEO needs. the assistance of the International Association of Machinists and. Aerospace Workers union more than ever.
After 5 years leading Rockwell Collins, Ortberg steered. the company's integration with United Technologies and RTX. until his retirement from RTX in 2021.
This is a strong and safe pick. We can appreciate Ortberg's. age may be greater than some investors would have liked to see. However, our company believe Ortberg's track record at Rockwell Collins and. United Technologies/RTX is strong, RBC Capital Markets expert. Ken Herbert stated in a note.
Ortberg's experience in integrating acquisitions such as. steering Collins through an $8.3 billion deal to acquire BE. Aerospace in 2016 will deal with a fresh test at Boeing.
The planemaker is working to integrate Spirit AeroSystems. into its fold after clinching a deal previously this year. to redeem the fuselage maker.
His consultation likewise attends to an industry push for employing. an outsider to steer Boeing out of its problems. He was picked. over Patrick Shanahan, a previous Boeing executive and present CEO. of Spirit Aero who was seen as a preferred to be successful Calhoun by. some experts and financiers.
DEFENSE BUSINESS STRUGGLES
During the 2nd quarter, Boeing provided an overall of 92. aircraft, down 32% from in 2015. It published a loss of $2.33 a. share, as its distressed defense and space business intensified. the financial pressure on the company.
The Defense, Space and Security unit, among Boeing's 3. main services, lost billions of dollars in 2022 and 2023,. which executives attributed to cost overruns on fixed-price. contracts.
Such agreements have high margins but leave defense. contractors susceptible to inflationary pressures that have. dinged up U.S. business revenues in the last couple of years.
(source: Reuters)