Latest News
-
Sweden sends radars and anti-drone systems to Denmark in support of summit security
Sweden will provide military capabilities to counter drones for Denmark in conjunction with the Copenhagen summit this week. Drone sightings forced Denmark last week to close several airports. Denmark will host EU leaders in Copenhagen on Wednesday. Then, on Thursday, the 47-member European Political Community will meet. It has already increased security following the drone incursions. Kristersson stated in a social media post that Sweden would send Counter UAS Systems and that, separately, his country had shipped "a handful of" radar systems to Denmark on Sunday. On Sunday, Denmark ordered A ban on drone flights by civilians After drones were seen at several military installations overnight. Reporting by Louise Breusch Rasmussen and editing by Terje Solsvik
-
KLM loses Delta Air France and Air France ground service customers
Air France KLM, the Dutch branch of Air France KLM, announced on Monday that Air France and Delta will no longer use its ground services in Amsterdam Schiphol Airport following the weeks-long strikes of its ground crew. KLM said that the airlines told them they were looking for a new ground handling partner in Schiphol - one of Europe's most busy airports. KLM issued a statement saying that the decision had immediate operational implications, especially for its ground services division. The financial and employment implications of this decision is currently being assessed. Delta and Air France have not responded to comments. KLM Amsterdam's ground crew has been striking for several weeks, demanding higher wages and improved working conditions. This led to hundreds of cancellations. Anoesjka Aspeslagh, KLM's spokesperson said: "This played a major role in Delta and Air France's decision." They have suffered damages of millions of Euros and were forced to disappoint many of their clients. The CNV, a labour union, said that the decision of KLM's partners had nothing to do with the strike. It would not affect the resolve of the ground crew. Souleiman Amallah, the union's spokesman for CNV, said that the negotiations between the airlines concerned had just begun. KLM struck a deal earlier this month with a number of unions. However, not with two major ones who have continued to strike and announced a larger and newer strike on Wednesday. The court ruled on Monday that the strike could only take place if the unions guarantee the flights of KLM’s international partners will not be affected. KLM Ground Services handles 17 Delta daily incoming flights and 12 Air France flights, for a total 380 flights per day.
-
Japan protests China’s ocean research in exclusive Economic Zone
Yoshimasa Hayashi, the chief cabinet secretary of Japan, said that after spotting a Chinese ship in the southwest region of the country, Japan had lodged a complaint with China asking it to cease ocean research in Japan's Exclusive Economic Zones (EEZ). Hayashi reported that the Japanese Coast Guard discovered the Chinese vessel "Xiang Yang Hong 22," extending a metal-like object in the ocean within the Japanese EEZ, about 379 km (235 miles), west of Amami Oshima island early Sunday morning. Hayashi, the Japanese government's top spokesperson, said that the Chinese government was not allowed to conduct marine scientific research without Japan consent. He said that the Chinese vessel left the water and headed west about three hours after he spoke. Tokyo and Beijing face a territorial dispute over a group of Japanese-administered islands in the East China Sea, called the Senkaku in Japan and Diaoyu in China. (Reporting and editing by Jacqueline Wong; Kantaro Kommiya)
-
New York Times Business News - September 29,
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. As officials rushed to fix a border inspection kiosk outage, passengers arriving at major Canadian airports on Sunday reported being stuck on planes and in terminals crowded with people waiting for immigration. The U.S. president Donald Trump will hold a meeting with four of the top leaders in Congress at the White House, on Monday. This is the day before the deadline for averting a shutdown. On Sunday, Mayor Eric Adams announced that he was abandoning his stumbling campaign for a new term. This decision radically changed the race for the leadership of the largest city in the United States just five weeks prior to Election Day. Police said that a stowaway found dead inside the wheel wells of an American Airlines flight at Charlotte Douglas International Airport, North Carolina after its arrival from Europe. (Compiled Bengaluru Newsroom)
-
Lufthansa cuts 4,000 jobs and targets higher profitability
The German airline group announced on Monday that it would cut 4,000 administrative positions by 2030, and also set higher profit targets. It is seeking to increase efficiency through automation and digitalisation. Lufthansa announced its first capital markets day for six years that it now expects to achieve an adjusted EBIT of 8-10% by 2028. This is up from the previous goal of only 8%. It also aims at adjusted free cash flows of over 2.5 billion euros ($2.9billion) per year. Last week, it was reported that Lufthansa intended to reduce about 20% of non-operational employees. The company stated that the reductions would be made in Germany, in consultation with its social partners. The group plans to increase its fleet by 230 aircraft and improve the returns of its airlines through a deeper level of cooperation. $1 = 0.8527 Euros (Reporting and editing by Kirsti Knolle, David Goodman and Ozan Ergenay in Gdansk)
-
Wall Street Journal, September 29,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch for the accuracy of these stories. Danish biotechnology firm Genmab has agreed to purchase cancer treatment developer Merus, listed on Nasdaq, for approximately $8 billion in cash. U.S. president Trump and congressional leaders will hold last-minute discussions just as Republicans are preparing for a shutdown of the government by mid-week, which could include a new round of firings. Hegseth, the Defense Secretary, will address senior officers and enlisted members of the military at a gathering that will be held on Tuesday. Due to the introduction of artificial intelligence, and automation, Deutsche Lufthansa will cut 4,000 administrative positions by 2030. This will be mainly in Germany. Russia launched over 600 drones, and dozens missiles, at Ukraine Saturday night and early Sunday morning. This was one of the biggest aerial attacks in the war while the United Nations General Assembly is still in session.
-
Two dead, 17 missing after Typhoon Bualoi strikes Vietnam
After Typhoon Bualoi struck Vietnam on Monday, two people were killed and 17 more missing. Houses were damaged and power lines knocked down as the storm brought huge swells and flooding rains before losing strength as it moved towards Laos. Bualoi moved along the northern central coast of the country before it made landfall on Monday morning, causing eight-metre waves, according to the National Weather Agency. The government's disaster agency reported that one person was killed after being trapped in floodwater in Hue, while another died from a falling branch in Thanh Hoa Province. According to the agency, 17 fishermen are missing after two fishing boats were hit by huge waves off Quang tri province. Another fishing boat also lost contact with the other during the storm. Nguyen Thuan Vinh, 45, said in Nghe An Province as he cleaned up the debris: "I have seen many storms and this one is by far the strongest." Vinh's neighbors said that they were up all night protecting their homes even though the power went out in their apartment building. Ho Van Quynh, a resident of Ho Van Quynh said: "I was afraid that the strong winds would pull the door off." The weather agency reported that by 11:00 a.m. (0400 GMT), typhoons were moving across Nghe An Province into Laos. Maximum wind speeds had weakened to 74 km/h, from 117 km/h at the time of landfall. Bualoi, according to a disaster management report, has damaged 245 homes, submerged nearly 1,400 acres of rice and other crops and cut off several areas. The report does not mention any major damages to industrial property, although there are several large factories near or in Bualoi’s path including those owned and operated by Foxconn (or Luxshare), Formosa Plastics, Vinfast, Formosa Plastics, etc. The government evacuated over 28,500 people before the typhoon hit, and hundreds of flights were delayed or cancelled as four airports closed in central provinces. Authorities have warned that heavy rains could cause severe flooding and landslides. According to the weather agency, rain was expected to reach 500 millimetres in some parts of the country from Sunday night to Tuesday. Vietnam's long coastline, which faces the South China Sea and is often affected by typhoons, makes it prone to these storms. Last week, Bualoi caused at least 10 deaths in the Philippines. Reporting by Khanh Vu from Hanoi, and Thinh Nguyen from Nghe An. Editing by John Mair.
-
This week in Asian Football
Discussion points on Asian football this week: KASHIMA THROWNAGOYA TO MAINTAIN LEADER IN JAPAN Kashima Antlers defeated Nagoya Grampus by 4-0 on Sunday to maintain a four-point advantage over Vissel Kobe, the defending champions in Japan. Kashima won the match after Elber and Leo Ceara scored in the first 20 minutes. Homare Tokuda then scored two goals in the last 2 minutes. Kobe won 2-1 over Shimizu S-Pulse thanks to a goal from Gotoku Sakai in stoppage time. LEONARDO DOUBLE PUTS SHANGHAI BACK ON TOP OF CHINA Shanghai Port, the defending champions of the Chinese Super League, moved back to the top with a 3-2 victory over Wuhan Three Towns in the Chinese Super League on Friday. Leonardo equalised in the 85th minute before scoring seven minutes into extra time to help Port take advantage of Chengdu Rongcheng’s 3-3 draw against Zhejiang FC. Chengdu lost a three-goal lead at halftime in Hangzhou. Yago Cariello equalized for the hosts after 10 minutes of stoppage time. Chengdu now sits second, two points back from Port, with four matches remaining. JEONBUK'S LEAD OVER SEOUL IN KOREA NARROWS AFTER DRAWING WITH THEM Jeonbuk Motors' lead in the K League was trimmed by two points on Saturday, as Gus Poyet’s team were held to a 1-1 draw with FC Seoul. Meanwhile, Gimcheon Sangmoo defeated Pohang Steelers 2-0 despite having 10 players. Yeon Jeun's own goal in the 96th minute denied Jeonbuk three points. However, Jeonbuk still has a 15-point lead. Gimcheon won after Lee Dong Hee's dismissal in the 42nd minutes gave the army the upper hand. After the break, goals from Lee Dong Gyeong and Won Ki Jong sealed the victory. AL-NASSR DOWN CHAMPIONS AL-ITTIHAD TO MOVE TWO POINTS CLEAR Al-Nassr, which is currently leading the Saudi Pro League, defeated Al-Ittihad by a 2-0 score on Friday. Al-Ittihad's Laurent Blanc lost his job after the defeat. Al-Nassr now has a two-point lead over Al-Qadsiah in second place, which won 1-0 at home against Al-Fateh. Al-Ittihad drops to third, a further one point behind. They are now level with Al-Taawoun and Neom on nine points after the first four matches of the new season. (Reporting and Editing by Peter Rutherford, Michael Church)
Wall Street's potential losers and winners from Trump's new tax bill
Analysts examine the impact of President Donald Trump's tax-cutting and spending package on U.S. businesses if it becomes law.
What Trump has dubbed a "big, beautiful bill", narrowly passed the Republican-controlled House on May 22.
The bill aims to extend the tax breaks for multinational corporations, which were set in Trump's first year of office and are due to expire by 2025. The bill is expected to fulfill Trump's populist election promises, such as a crackdown on immigration and the ending of some green energy incentives.
Tax breaks are expected to have a positive impact on the U.S. Stock Markets, although some analysts only see a modest increase.
Morgan Stanley analysts wrote in a recent note that the changes would only have marginal effects on equity performance.
The Congressional Budget Office reported on Wednesday that the overall bill will add approximately $2.4 trillion to U.S. government debt of $36.2 trillion.
The following list includes industries and companies likely to be affected:
Winners of the AEROSPACE and DEFENSE Awards
Investors could be interested in investing again in defense companies as the new legislation aims to increase spending on air and ballistic missile defense, munitions, and border security.
Chris Haverland is a global equity strategist with Wells Fargo Investment Institute.
We currently rate industrials as neutral. There will be some offsets, but the defense sector should benefit.
Brian Mulberry is the client portfolio manager for Zacks Investment Management. He named defense contractors RTX, and General Dynamics, as potential beneficiaries. The iShares US Aerospace & Defense ETF has reached new highs.
RENEWABLE ENERGY – LOSERS
The shares of U.S. Solar companies fell on May 22 as the bill seeks to cancel funding for grant programs that were created under the Biden Administration in the 2022 Inflation Reduction Act.
Dave Grecsek is managing director for investment strategy and research of wealth management firm Aspiriant.
"We might have some downsides to renewable energy, but most of them are already priced in."
First Solar, Enphase Energy, and Sunrun all have a negative profit for the year.
HEALTH INSURERS – LOSERS
Fiscal hawks are pushing for funding cuts in order to offset the tax component of the bill.
The reductions in Medicaid funding may also transfer the costs to local and state governments who are likely to be burdened with increased health care expenses. Morgan Stanley stated that this could lead to significant revenue losses for hospitals and potentially pressure the credit quality of state and nonprofit municipal health care bonds.
The focus will be on the shares of major health insurance companies CVS, Humana and UnitedHealth. The S&P 500 Managed Healthcare index is down by 30.6% for the year.
HOUSING & REALAND - LOSERS
BofA Global Research stated that it expects rates to stay high if the bill doesn't address deficit reduction in a meaningful way. It also identified several companies who could be negatively affected by higher rates.
BofA Global Research has said that SBA Communications Equinix, and Alexandria Real Estate Equities, are among the companies with real estate links at risk.
Homebuilders must take a hit to their margins to make the home more affordable. This is a simple way to translate how fiscal stimulus has a negative impact on the stock market, said Viresh KANABAR, macro strategist at Macro Hive.
DOMESTIC PRODUCERS – WINNERS
The bill includes legislation that extends or expands the Tax Cuts and Jobs Act provisions, which are due to expire by 2025.
These provisions include a 100% bonus on equipment investments, an immediate deduction for domestic R&D expenses, and a looser approach to business interest expense through 2029.
BofA Global Research identified a number of S&P 500 firms with no overseas sales who could benefit from this item, including utility companies Alliant Energy and Ameren Corp, as well as American Electric Power Company.
(source: Reuters)