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As China critic Jimmy Lai waits for Monday's sentencing
The city's judiciary announced on Friday that Hong Kong media tycoon Jimmy Lai, who has been a democracy activist and a campaigner for national security, will be sentenced in February. Lai, 78 years old, founder of Apple Daily, now closed, which advocated democracy, was found guilty of two counts of conspiring to collude and work with foreign forces, under China's national security law. He also faced a charge for conspiracy to publish seditious materials. Lai has pleaded guilty to all charges, despite suffering from high blood pressure and heart palpitations after spending more than five years in solitary. The case has brought international attention to Hong Kong's judicial independence amid years of crackdowns on rights and liberties in the global financial centre after pro-democracy demonstrations that Beijing perceived as a threat to its rule. Hong Kong, an ex-colony of Britain, was returned to Chinese control in 1997, with guarantees that it would retain its own judicial and freedom system distinct from mainland China. TRUMP HAS PLEDGED TO 'SAVE LAI' Aleksandra?Without? Borders' Asia Manager, Aleksandra Bielakowska said in a statement that "the eyes of the whole world will be upon Hong Kong." She added, "The result will resonate beyond Jimmy Lai and send a decisive message about the future press freedom on the territory." Donald Trump, the U.S. president, raised Lai’s case in a meeting with Chinese President Xi Jinping last October. He has promised to "save", Lai who could face a life sentence. Some countries including the U.S., Britain and Canada have claimed that the trial was politically motivated and demanded Lai's release immediately. Beijing however views Lai as the?mastermind of 2019 protests, and a conspiracy advocate advocating U.S. Sanctions against Hong Kong and China. Lai was detained in 2020 but his trial did not begin until December 2023. It lasted 156 days. The Chinese and Hong Kong authorities have defended national security laws for restoring stability in Hong Kong, and claim Lai is receiving a 'fair trial. Lai was found to be guilty of using Apple Daily for a platform. Six former executives conspired with each other Other people to produce seditious materials between April 2019 and June 2021. Collaborate with foreign forces including the U.S. to impose "sanctions, blockades, and other hostile activities" against China. Chief Justice Andrew Cheung of Hong Kong, the top judge in the city, said recently that calls for Lai's release prematurely would undermine rule of law. He said that "such?demands" not only circumvent legal procedures to ensure accountability, but also attack the very core of the rule-of-law itself. Keir starmer, British Prime Minister, said he and Chinese President Xi Jinping had a "respectful conversation" about Lai during a recent visit to Beijing. He declined to give details.
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As demand for aviation reaches record levels, supply chain chaos will become the new norm.
Executives and suppliers claim that even years after the pandemic the aviation industry still struggles to recover from supply disruptions. These have been made worse by the record passenger demand, and geopolitical issues. Airbus and Boeing have had to delay some deliveries because they are juggling the competing demands of new plane assembly, maintenance and repair for existing fleets. Jeffrey Lam, chief operating officer and President of ST Engineering, the largest provider of airframe maintenance and repairs in the world, said that prolonged supply delays and bottlenecks have become "the new norm". "We fear that this new standard will remain, which is totally unacceptable," he said on the sidelines this week of Singapore Airshow. Leslie Thng, CEO of Singapore Airlines, said that the shortages also drive up the costs for airlines like Scoot. He said: "We also proactive, for example, secure additional spare engines on our own expenses to ensure that the impact of engine problems can be minimized." Demand for Records According to the International Air Transport Association's data, the global air passenger traffic in 2025 will be at a record level. It was 9.3% higher than the pre-pandemic levels in 2019. This year it is expected to increase by another 4.9%. IATA reported that to keep up with demand, airlines operate older planes for two more years than the average. This will increase fuel, maintenance and engine leasing costs, as well as inventory costs, by approximately $11 billion between 2025. IATA Director-General?Willie Walsh said: "It is very frustrating and you can see that these suppliers are absorbing a massive amount of additional costs. It's time to improve the situation." Gael Meheust of CFM International, CEO, said that the company was able to increase production following the pandemic but the demand had been "incredible". "That is the paradox we find ourselves in." The supply chain...cannot meet the ramp-up demand, but the demand has reached a level we could never have imagined. He said that the company, a joint-venture between GE Aerospace, and Safran, had increased production by 25 percent in 2025. The output is expected to increase by 10 percent every year. ST Engineering, an engine nacelle manufacturer, says it takes six weeks to make a nacelle, but the total lead time for material and component orders has now stretched to one year, as opposed to nine months after post-pandemic disruptions. Lam says that even placing early orders to ensure that the company has enough inventory does not fully solve the problem. He said that because some of the shortages are global, it is not possible to buy components early. GEOPOLITICAL CHALLENGES The war in Ukraine has also caused a shortage of titanium and nickel tubes, which is exacerbated by the Russians' refusal to allow access to their exports. These Russian exports accounted for half of global titanium supplies, according Paul Wingfield, account manager of Future Metals (a Berkshire Hathaway affiliate) based in the U.S. Wingfield stated that the current lead time for titanium and Nickel tubing is 50-60 weeks. This is down from 60-70 weeks one year ago but still a long way from the 20 week norm before pandemic. Wingfield explained that the mills were unable to make enough material to catch up because they had stopped production for four years. When everyone ramps up, there is a shortage of material on the market. The mills have to play catch-up. While the chaos that followed the pandemic has caused problems for some suppliers, it has also created opportunities for others. Feng Haotian is a sales engineer for the Chinese carbon brake disc manufacturer Shandong Stopart Brake Material. He said that disruptions made it difficult to get parts from Western Original Equipment Manufacturers and it helped to double its international sales in last year. Stopart's four-disc brake set, priced between 200,000 and 300,000 yuan (between $27,400 and $41,100), costs almost half as much as similar products. Some new customers who didn't buy from us before now have no choice but to purchase our products.
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China shows its strength at Singapore Airshow, while US is isolated
China's military and aviation might was on display at the Singapore Airshow this week, attracting the attention of regional delegations. Beijing is stepping up its efforts to gain influence in Southeast Asia. The?U.S. The?U.S. military has shown its power in the past year with the precise extraction of Venezuelan president Nicolas Maduro, and a "major" naval buildup around Iran. Trump, however, has been vocal about his criticisms of certain U.S. Allies and imposed tariffs against them. This created an opening for China. While China's commercial and fighter aircraft are still far from being adopted by the international market on a mass scale, their manufacturers appeared more confident and assertive this year and had a greater presence at Asia's biggest air show. The PLA Air Force aerobatic team performed a show featuring its Chengdu J-10C jet fighters. This aircraft's export variant, J-10CE gained prominence in 2025 after Pakistan used it to shoot down a French Rafale of the Indian Air Force. Chinese state media reported that the team used mid-air fuelling to fly straight to Singapore for this high-profile deployment. Tim Robinson, the editor-in chief of Aerospace magazine by the Royal Aeronautical Society said: "That's kind of a message. Our power projection is increasing." It's one of the most important things a modern Air Force should have. It was previously said that this was one of their weaknesses. In the air-conditioned halls of the air show, Chinese state companies occupied a prominent spot with a brightly lit display dominated by a 1:1 scale model of AVIC’s J-35A multirole stealth fighter. Little is known about this latest addition to Chinese Air Power, which will be first seen in the country by 2024. The message was clear, even though no technical data were displayed. Robinson stated that the message was clear: "If you cannot afford an F-35, or are prohibited from purchasing an F-35, we have an alternative." SOUTHEAST ASIAN INTERESTS Southeast Asian defence officials packed Chinese military and aeronautical booths, highlighting Beijing's increasing pull as it aggressively sells hardware throughout the region. Analysts and Western officials say that the show of strength came at a politically sensitive time, as Southeast Asian governments are growing more uneasy with U.S. commitments to security in the face of a Trump-led Washington which is becoming increasingly isolationist. A senior official from a Western weapons company said, "We still see the same delegations but the conversation is different." The industry-watchers are cautious about any sudden change in the arms trade, but they agree that the background reflects new power politics and diversification of supply chain. Bradley Perrett, China defence specialist, said: "The Chinese companies may believe that, if the other countries lose confidence in purchasing American products, then there is an opportunity for China." "But the majority of U.S. customers will, if they wish to look elsewhere, look at European equipment, South Korean or Japanese equipment." Asia's weapons spending is increasing rapidly?as nations respond to an assertive China. Commercial Aviation Push China's efforts in grabbing market share from Airbus or Boeing are slowing down due to the long process of European certification. COMAC, the state-owned aircraft manufacturer, flew again the C919 jet narrowbody and promoted the C929 widebody as a model at the show. This project is moving forward as a Chinese-led design after originally exploring the possibility of a joint development. COMAC, the Chinese delegation said, was giving priority to potential clients from Southeast Asia due to its Singapore location. Indonesian attendees were also among those who inquired about aircraft. China's efforts are a priority to compete with Airbus and Boeing, even though Western analysts claim it will take many years, if not decades, to build the global footprint and marketing assistance that allows the industry leaders to maintain their entrenched positions. Delegates noted that the commercial attack at the show was expanding, including the market for third-party replacement parts. This is a response to airline fears about shortages in a time of tight supplies around the world. (Reporting and editing by Joe Brock, Jamie Freed and Jun Yuan Yong)
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As demand for aviation reaches record levels, supply chain chaos will become the new norm.
Executives and suppliers claim that even years after the pandemic the aviation industry still struggles to recover from supply disruptions. These have been made worse by the record passenger demand, and geopolitical issues. Airbus and Boeing have delayed some deliveries 'because of the competing demands for new plane assembly, maintenance and repair for existing fleets. Jeffrey Lam, chief operating officer and President of ST Engineering, the largest provider of airframe maintenance and repairs in the world, said that prolonged supply delays and bottlenecks have become "the new norm". "We fear that this new standard will remain, which is totally unacceptable," he said on the sidelines this week of Singapore Airshow. Leslie Thng, CEO of Singapore Airlines, said that the shortages also drive up costs for airlines. This is especially true for Scoot, Singapore Airlines' low cost?carrier, during a panel at Asia's largest aviation and defense event. He said: "We also proactive, for example, secure additional spare engines on our own dime to ensure that the impact of engine problems can be minimized." Demand for Records According to the International Air Transport Association's data, global air passenger traffic will reach a new record in 2025. It is forecast to increase by another 4,9% in 2019. IATA reported that to keep up with the demand, airlines have been keeping older planes in service for two more years than the long-term average. This has resulted in fuel, maintenance and engine leasing costs as well as inventory costs increasing by $11 billion between 2025 and 2050. Willie Walsh, IATA Director-General, said: "It is very frustrating. And when you see that these major suppliers are bearing this additional cost, it's time to improve the situation." Gael Meheust said that the demand for engines was "incredible" during a panel. "That is the paradox we find ourselves in." The supply chain...cannot meet the ramp-up demand, but the demand has reached a level we could never have imagined. He said that the company, a joint-venture between GE Aerospace, and Safran?has increased its production by 25 percent in 2025. Suppliers such as ST Engineering, an engine nacelle manufacturer, struggle to meet the demand for outer housings on jet engines. The company said that they took about six weeks for production, but the total lead time for material and component orders has now stretched to over a year. This is compared to nine months before pandemic disruptions. Lam says that even placing early orders to ensure a company's inventory is adequate does not solve the problem. He said that because some of the shortages are global, it is not possible to buy them in advance. GEOPOLITICAL CHALLENGES The war in Ukraine has also caused a shortage of materials such as titanium and nickel tubing. This was made worse by the Russians' refusal to allow access to their exports which previously provided about half of global titanium supplies, according Paul Wingfield, account manager of U.S. based Future Metals. Wingfield stated that the current lead time for titanium and nickel tubes is 50-60 weeks. This is down from 60-70 weeks a year earlier, but it's still far away from the 20 week norm before pandemic. Wingfield explained that the mills were unable to make enough material in order to catch up, because they had stopped production for four years. When everyone ramps up, there is a shortage of material on the market. The mills have to play catch-up. Reporting by Julie Zhu, Jun Yuan Yong and Tim Hepher. Editing by Jamie Freed.
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Source: Trump offered to unfreeze funding if Dulles Airport, train station was renamed after him.
By David Shepardson WASHINGTON, February 5 - U.S. president Donald Trump offered to drop his block on funding last month for a $16 billion New York Hudson River Tunnel project in exchange for Democratic senator Chuck Schumer?supporting the name change of Washington Dulles Airport, and New York Penn Station, after Trump, according to a source. Thursday. Punchbowl News reported on the offer first citing four different sources. This was quickly rejected by?Schumer who informed the White House that he didn't have the authority to rename landmarks. A source confirmed this. White House declined to respond to a comment request, and Schumer's Office also declined to comment. A U.S. Judge will hold an emergency hearing on Friday to force New York and New Jersey's restoration of funding to the $16 billion Hudson River Tunnel before the construction stops on Friday. This would put 1,000 construction workers without a job. Trump frozen funding in October. Kirsten Gillibrand of New York, a Democrat Senator, called Trump's proposal "ridiculous" late Thursday. The naming rights of the tunnel are not negotiable, nor is the dignity of New Yorkers. "The president continues to place his narcissism above the union jobs and economic impact that the Gateway Tunnel will have." The project, which was supported by the federal government with $15 billion under the then-President Joe Biden, involved the repair of an existing 'tunnel' and construction of a new one between New Jersey, Manhattan, and the state commuter lines. It is also the key to rail travel between New York, New Jersey, and New York City. Kathy Hochul, New York's Governor, responded to Trump’s reported social media proposal with a “counteroffer” that showed Trump Tower in Manhattan being renamed "Hochul Tower." Trump is fond of having buildings and programs named after him. Since returning to the White House in January, Trump has given his name to a number of prominent Washington buildings, a new class of Navy warships that is being planned, a program to grant visas to wealthy foreigners and a government-run website for prescription drugs. He also gave it to federal savings accounts set up for children. The board of the John Kennedy Center for the Performing Arts added Trump's signature to the institution in December. Trump had taken over the board and filled it with his allies. Trump's name has been added to the United States Institute of Peace Building in Washington in December, months after the administration of his president seized and closed the nonprofit organization. Trump pledged to revamp the 'federally-owned Washington Dulles International Airport, in Virginia. It is a major United Airlines hub, and the main international airport for the U.S. Capital area. He called it a bad facility. Some Republicans have introduced legislation in Congress to rename Dulles airport after Trump. Many airline officials also believe that Trump would like the airport renamed after him. Airport is named after John Foster Dulles who was secretary of state for the United States under President Dwight Eisenhower during the 1950s. The U.S. Treasury Department released a draft of a design for a $1 dollar coin that features President Donald Trump. This is to commemorate the 250th anniversary of the Declaration Of American Independence in 2026. (Reporting and editing by Michael Perry in Washington, David Shepardson from Washington)
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Uber fined $8.5 Million in a trial for driver sexual assault
Uber was ordered to pay $8.5m by an American jury on Thursday after it found the company liable for a lawsuit filed by a woman alleging that she was sexually assaulted by a driver at age 19. This verdict could have a significant impact on thousands of other cases brought against Uber. Jaylynn Dean brought the?case. It was the first bellwether trial of over 3,000 similar lawsuits filed against Uber in U.S. Federal court. Bellwether trials test legal theories, and can help determine the value of claims in order to reach a settlement. In federal court in Phoenix Arizona, the jury found that the Uber driver was acting as an agent, and held the company responsible. The jury awarded Dean $8.5 Million in compensatory damages, but did not award punitive damages. Dean's attorneys had asked for more than $140 Million in damages. Uber shares fell 1.5% after-hours. Shares of?Lyft fell 1.8%, despite the fact that it is also facing similar lawsuits. Uber's spokesperson announced that it would appeal the verdict and said the jury had rejected Dean's claims of negligence or defective safety systems. The spokesperson stated that "this verdict affirms Uber's responsibility and investment in rider safety." Sarah London, the attorney for Dean, stated that the verdict "validates thousands of survivors, who have come forward under great risk to demand accountability from Uber for its focus upon profit over passenger safety." Dean, a resident of Oklahoma, filed a lawsuit against Uber in 2023. This was one month after the alleged assault that took place in Arizona. She claimed Uber was aware that a "wave" of sexual assaults had been committed by their drivers but failed to take the basic steps to improve safety for its riders. These assertions have dogged Uber for years, drawing headlines and congressional attention. Alexandra Walsh, the attorney for Dean, said during the closing arguments of the trial that Uber had advertised itself as a safer option for women who were traveling late at night, especially if they'd been drinking. "Women are aware that the world is dangerous." Walsh stated that we are aware of the dangers associated with sexual assault. They made us think that it was a safe place. UBER SAYS THAT IT IS NOT LIABLE FOR THE ACTIONS OF DRIVERS Uber, which is facing numerous safety concerns, including accusations of lax driver screening and a culture that critics say prioritizes growth over passenger protection has said it shouldn't be held responsible for criminal behavior by drivers using its platform. It says its background checks are sufficient and its disclosures regarding assaults. The company claims that its drivers are independent contractors and not employees. It also maintains that it cannot be held responsible for any actions outside of what can be reasonably considered their duty. "He had no criminal history. Kim Bueno said during the closing arguments that the driver had no criminal history. Was this predictable to Uber? The answer is no. Dean's suit claimed that she was 'intoxicated' when she hired Uber to drive her from the home of her boyfriend to her hotel. Dean claimed in her lawsuit that the driver harassed her during the ride, before stopping the vehicle and raping Dean. Dean's case was overseen by U.S. district judge Charles Breyer in Phoenix. Breyer is normally seated in San Francisco. Breyer manages all similar federal cases brought against Uber, which are centralized at his San Francisco court. In California, the company also faces more than 500 lawsuits. In September, in the only case that has gone to trial to date, a jury sided with Uber. The jury determined that, while Uber had been negligent in its safety measures and procedures, this negligence did not play a significant role in the woman's injury. Mark Giarelli, Morningstar analyst, said that while it is difficult to determine the financial impact of the ruling, Uber's background check procedures are likely to improve as a result. Giarelli stated that this highlights the importance of thorough background checks for convenience apps such as Uber and DoorDash, where customers interact with the supply side (drivers and delivery agents). Reporting by Diana Novak Jones and Abhirup in San Francisco. Editing by Alexia Garamfalvi and Ethan Smith.
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Traders say that sanctions force Russia to dump its naphtha in STS transfer and storage hubs.
Traders and LSEG data show that Russia has increased its naphtha exports to STS and port storage hubs, as key buyers reduce imports due to?Western sanction pressure. Since the European Union's full embargo against Russian oil products went into effect in February 2023?,?most? of?Russian naphtha is being directed towards the Middle East and Asia. India and Taiwan were among the largest Asian buyers. However, recent U.S. sanction have caused both countries to withdraw. According to LSEG, Taiwan hasn't imported Russian naphtha from the beginning of 2026. This compares with 2.7?million tonnes in 2025. Shipping data showed that traders were avoiding Russian cargoes by sending tankers with a total of 180,000 tons of naphtha, among others, to the port of Mailiao, Taiwan. India imported approximately 200,000 tons of Russian naphtha per month on average in the past year. However, its purchases have nearly halved since buyers say they will only accept cargoes from non-sanctioned parties. According to LSEG, out of 'three cargoes' loaded in Russia's Baltic Ust-Luga Port in December, two -- with a total weight of around 100,000 tons -- have been discharged in India since early February. The third shipment, weighing 23,000 tons, is still awaiting discharge. The U.S. president Donald Trump ordered in December a blockade of all sanctioned oil tanks entering or leaving Venezuela. Venezuela uses naphtha as a diluter to make its heavy oil transportable. LSEG data indicates that one tanker originally destined for Venezuela has drifted in the port awaiting orders. Another 60,000-ton shipment was redirected to Oman. Shipping data indicates that as major buyers have withdrawn from Russian supplies traders are increasingly turning to STS?operations near Port-Said in Egypt as well as storage hubs located in Singapore,?Fujairah, United Arab Emirates, and Malaysia. Market sources stated that barrels stored in storage can be blended with other products and sold to Asian?and African markets. The traders also report an increase in the shipments of naphtha from Russian ports to Brazil, Togo and other countries, where it is mainly used as a gasoline blend, although some volumes are also stored and reexported.
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US Postal Service faces cash crunch and reports quarterly loss of $1.25 billion
The U.S. The U.S. Postal Service reported on Thursday a "net quarterly loss" of $1.25bn as it continues to face liquidity issues. Operating revenue in the three months ended December 31 was down 1.2% at $22.2 billion compared to 2024 when it had a quarterly profit of $144 million. Officials called for policymakers on Thursday to reform the Postal Service Civil Service Retirement obligation, give USPS greater flexibility in pricing and increase its 15 billion statutory debt limit. David Steiner, Postmaster General of USPS, said on Thursday that the company has formed a team which will review all aspects to cut costs and capital expenditures. He cited its "dire" financial situation. USPS reported net losses of approximately $120 billion between 2007 and 2012 as the volume of first-class mail fell to its lowest level since the late 1960s. Steiner warned in December that the agency's cash situation is precarious and without reforms, it could run out of money in 2027. Steiner stated that if the agency continues to operate in its current manner, it will be dead within a year. USPS launched an online platform last month to accept proposals for accessing its last-mile network. This opened up more than 18,000 delivery units at destination and local processing centres nationwide to a wider range of customers, which could raise much needed funds. Steiner reported Thursday that more than 1,200 individuals and companies have asked to participate in the bidding. USPS delivers more than 170 millions U.S. addresses every week, and the last mile is the most expensive part. The last mile can be very expensive for other companies such as FedEx, UPS, and Amazon. Steiner, the new postal chief who was appointed in July after the White House ousted the previous leader, said that privatizing USPS would "never be feasible". "There is no one in the private sector who would want to privatize the Postal Service." Delivery of mail is a very expensive endeavor. Reporting by David Shepardson, Washington; editing by Chizu Nomiyama & Diane Craft
US Attorney says that office will not prosecute firms who cooperate in criminal investigations
The U.S. attorney in Manhattan announced on Thursday that federal prosecutors will increase incentives for companies who cooperate with criminal investigations. This includes promises to not prosecute these companies.
Jay Clayton's comments?at? an industry conference coincide with the Justice Department's decision to scale back corporate crime enforcement, and focus on immigration and drug case under the Trump Administration.
Clayton, who spoke at the Securities Enforcement Forum in New York, said that companies need to be aware of specific benefits to working with U.S. authorities to root out criminals.
This includes granting companies non-prosecution agreement (NPAs) -- deals which Democrats have criticized before.
He said: "Our approach will be to get an NPA as soon as possible signed that calls for continuing cooperation."
Andrew Thomas, Co-Chief of Office's Securities and Commodities Fraud Task Force, explained that the initiative will be implemented by the U.S. Attorney's Office of the Southern District of?New?York with an initial conditional agreement where prosecutors refuse to?prosecute these firms.
He said that the change would result in a faster recovery of funds by victims.
Clayton, a Trump appointee, said that the new approach to collaboration would also benefit shareholders. He was the head of the Securities and Exchange Commission (a civil regulator) during Trump's presidential first term, and focused at that time on retail investors.
Clayton stated that he continues to prioritize white-collar crimes involving retail investors. He also noted a focus on small-cap stocks and private funds, as well as misconduct on prediction markets. Clayton said "yes" when asked if he expects to see prosecutions for these so-called event contract.
Clayton also criticised the past enforcement of Foreign Corrupt Practices Act, a 1977 act that prohibits companies operating in the United States. Bribing foreign officials is prohibited. Last year, the Justice Department suspended enforcement of the law and then resumed it in a "plan for a scaled-back" approach. Clayton said the law put the U.S. in a disadvantage compared to other countries, and that it penalized companies rather than targeting individuals.
Clayton stated, "I loathe corruption by foreign officials." "I dislike the FCPA in its current form." Reporting by Chris Prentice, Editing by Chizu nomiyama and Diane Craft
(source: Reuters)