Latest News
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Adani Ports sells 49% of its Indian port stake to MSC for $1.4billion
India's Adani?and Special Economic Zone announced?on Tuesday?that switzerland's msc?group will acquire a 49 percent stake in its Vizhinjam?port for $1.4 billion. It said that this is the largest foreign private investment made in domestic port infrastructure. MSC, world's largest container ship?company will invest through its Terminal Investment unit. Adani Ports The partnership is expected to boost cargo volumes and accelerate ramp up at the Kerala based port. Adani Ports said that the investment was part of their strategy to deepen partnerships with global port operators in order to 'drive traffic and accelerate capacity ramp-ups at Vizhinjam. This is one of its main 'growth hubs. Adani Ports has now partnered with MSC for the third time, following joint ventures at its ports in Mundra and Ennore. (Reporting and editing by Sonia Cheema in Bengaluru, Kashish Tandon is based in Bengaluru)
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Thai Airways employee arrested after heroin is found in bags
Australian Federal Police reported that a 'Thai airline employee' was charged with importing heroin in excess of a kilogram (2 pounds) after customs officials found it hidden inside tote bags. Police said that border officers screened 12 bags belonging to the 26-year old woman who, according to Thai Airways, was a flight attendant at Melbourne Airport when she arrived on June 25. The heroin found in the bags had an estimated street price of A$500,000 (343,300). * She is charged with importing a controlled border drug and possessing a quantity that could be sold. Each charge is punishable by a maximum of 25 years in prison. * The woman has been remanded into custody since June 26. She is scheduled to appear at the Melbourne Magistrates' Court in September. Thai Airways said in a press release that it has strict rules for the conduct of its employees. It also stated that they are "ready to cooperate fully with the authorities during the entire process". Simone Butcher, Acting Commander of the Australian Federal Police (AFP), said: "The AFP'remains unwavering' in its efforts against individuals who use employment or their community?standing as a means to promote drug trafficking." * Australian Border Force commander Clint Sims stated that 'criminal syndicates continue to target trusted insiders including airline crews in order to smuggle illegal substances into Australia.
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Air New Zealand names Kris Cudmore CFO and delays Boeing 787 delivery
Air New Zealand announced on Tuesday that Kris Cudmore, an insider, had been appointed as chief financial officer. The airline also said two Boeing 787 deliveries would now be postponed beyond 2026. Cudmore will assume the role of Infrastructure, Planning and Commercial?Lead on?August 3. He has served as an advisor with the company for three years, before joining the airline formally in 2025. Cudmore held senior positions at companies such as Spark New Zealand and Telstra. The flag carrier released a statement outlining a plan to reduce?costs? and return the airline back to profitability?, following a review?by CEO Nikhil Ravishankar?since he assumed the helm?in October 2025. Air 'NZ announced that it would "re-profiling " deliveries of new aircraft in response to the "concertina impact" expected for fiscal year 2027. The 'first two Boeing 787 aircraft - delivery is now shifted to 2027, from fiscal year 2026.
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Honeywell Aerospace shares fall in Nasdaq debut
Honeywell Aerospace closed Monday's trading down by?0.4%? after making its Nasdaq debut. The company was spun off from Honeywell in a larger breakup of Honeywell, one of the few major industrial conglomerates. The shares opened higher and gained about 7% at one point, but then fell back due to a volume of 8.5 million, ending down 82 cents, or $220.19 per share. The debut of the company comes at a period when investors are eager to buy aerospace and defense assets due to pent-up interest and increasing military spending. CEO Jim Currier stated that the spinoff would help the company meet the demand of?planemakers Boeing & Airbus. It will allow it to make more rapid decisions, such as if to deploy capital for higher production. Currier stated, "We are able to?support Boeing as they continue ramping." We have a very, very clear,?visibility of what their ramp -needs are going forward. The U.S. manufacturer of auxiliary power systems, avionics, and other aircraft system expects to earn $6.5 billion by 2030. The company expects a sales increase of 7 to 9% in this year, and a free cash flow between $1 billion and $1.5 billion. Honeywell announced that it will separate into three independent companies in 2025, focusing on aerospace, automation and advanced materials. The process is expected to be completed this year. Supply chain issues have been a problem for commercial and private jet manufacturers. Honeywell Aerospace also looks at M&A deals that focus on "technologies in high-demand in aerospace" such as electrification and autonomy, safety, efficiency, productivity, and effectiveness, he added. The company announced earlier this month that it would focus on investing in its supply chain and capacity to grow, instead of focusing on dividends or stock buybacks. Currier stated that 'planemakers also are more open to their growth plans when dealing with large suppliers such as Honeywell. "There was a bit of a lack in transparency about the production rates that used to drive second-guessing. Are they really going to achieve or aren't they? He said. He said, "Transparency is now at a new level that I have never seen before. This is really necessary in an environment of supply constraints." Reporting by Aatreyee Dasgupta and Allison Lampert, both in Bengaluru; editing by Joyjeet Das & David Gaffe
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UK's long-awaited Defence Plan allocates PS5 Billion to Drones
The UK will announce its long-delayed Defense Investing Plan on Tuesday. Priority is given to drones, with a particular focus on autonomous systems. This investment will help to'modernise and strengthen?its depleted military forces in a period of increasing threats. The blueprint was subject to last-minute debate after John Healey, the former defence minister, resigned this month. Healey had criticized Keir starmer for his inability to raise funds to protect the country from threats. Starmer has said that he too will quit. His successor is likely to be in office within a few weeks. This makes the DIP the last policy announcement of the Prime Minister. Plan Focuses on Technology for Modern Warfare According to a Monday statement, his plan will be centered on unmanned ships, unmanned submarines and autonomous systems, focusing on technology rather than warships to reflect the reality?of modern warfare as seen in Ukraine. Starmer stated that "this game-changing investment" will strengthen our Armed Forces before a major address?on Tuesday, when the plan is published in its entirety. After a 2025 defence review, he has pledged to increase defence spending from 2.6% to 3% in the next Parliament. Defence chiefs have said that there will still be a PS28 billion funding gap in the next four-year period. The government's statement didn't provide any details on how the DIP plans to fill the shortfall. This is closely monitored by the industry. DRONE WARFARE Former British Army Major Dan Jarvis is Britain's new Defence Minister. He said that uncrewed system defined modern warfare. The DIP, which he helped to reshape over the past few weeks, will ensure that soldiers receive what they need quicker. Ukraine uses 200,000 drones per month in its "war" against Russia. Technology innovations are made in weeks and not in years, as was the case with the large platforms that were the hallmark of British security during the post-Cold War period. Companies say that the nine-month delay has hindered investment in an industry that should be on the rise. It has also led to private criticism abroad about whether Britain is willing or capable of increasing defence spending. Starmer will be attending the NATO summit from 7 to 8 July in Ankara, alongside U.S. president Donald Trump and other alliance leaders. This is at a moment when Europe struggles to accept the U.S. shift away from its protection. After an Iranian drone smashed into its airbase in Cyprus, Britain was left vulnerable. Jarvis announced that Jarvis would also be introducing new high-speed boats to the commandos. (Reporting and editing by William Maclean, Sarah Young and Elizabeth Piper)
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What is the British Defence Investment Plan?
The UK will announce its long-delayed Defence Investment Plan on Tuesday, laying out how it plans to spend a growing military budget in the coming years. Here are some measures that have already been announced prior to the publication of the plan: -?Britain announced that its Royal Navy will become a?Hybrid Navy? combining autonomous vessels, AI and warships with aircraft. This includes unmanned vessels with specialties such as missile platforms, reconnaissance stations and submarine hunting. The government will invest at least in six "Common Combat Vessels", which will serve as the control hubs of unmanned systems. These vessels will be in service by the 2030s. New high-speed vessels for Royal Marine Commandos. Invest in "expensive, expendable autonomous systems and loitering weapons" - A program to develop unmanned ground vehicles. By 2030, up to 24 autonomously armed drones will be deployed alongside Apache helicopters. Up to 24 drones will replace the existing unmanned surveillance aircraft 'Watchkeeper. Air Force (Reporting by William James, Editing by William Maclean) (Reporting and Editing by William Maclean, William James)
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JetBlue Flight Hit Drone While Approaching JFK Airport, FAA Says
The Federal Aviation Administration has opened an investigation into a JetBlue flight that reported hitting a drone as it approached New York's John F. Kennedy International Airport. The FAA reported that the pilot of an Airbus A321, departing from Las Vegas at the time, reported the incident while the aircraft was on final approach. According to the U.S. regulator, the incident occurred around 7:15 am EDT. The airline reported that the flight landed safely, passengers deplaned as usual, and that the plane had been withdrawn from service after a post-flight check, during which no evidence of damage or collision was found. Port Authority of New York & New Jersey, the company that manages John F.?Kennedy?International Airport was not available to comment. Media reports say that the incident on Monday comes just days after a United Airlines flight, which was descending into Newark Liberty International Airport - another airport in the New York City area - encountered a drone. In late May, the Port Authority stated via email that it was prepared for an increased demand at all of its facilities, as the New York and New Jersey region will be hosting matches for the FIFA World Cup 2026 including the final match on July 19, On Monday, the U.S. Federal Bureau of Investigation announced on the social media website X that it had seized more than 500 drones in restricted airspace across 11 U.S. host city since the beginning of the soccer tournament. According to a FAA advisory, drones shouldn't be flown near airports because it is difficult for pilots?to see and avoid drones when flying. The FAA reported that it receives more than 100 reports of drone sightings near airports each month. The FAA warned that drone operators who are not authorized could be fined or even jailed. (Reporting and editing by Bill Berkrot, Nick Zieminski and Allison Lampert)
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JetBlue Flight Hit Drone While Approaching JFK Airport, FAA Says
The Federal Aviation Administration announced that it had?launched a probe after JetBlue reported a JetBlue plane?hitting an unmanned aerial vehicle while approaching New York's John F. Kennedy International Airport in New York on Monday. The FAA reported that the pilot of an Airbus A321, departing from Las Vegas at the time, had reported the incident while the plane was on final approach. According to the agency, the incident occurred around 7:15 am EDT. The airline reported that the flight landed without incident and customers deplaned as normal. A post-flight check found no evidence of damage or a collision. The Port Authority of New York and New Jersey, which manages John F. Kennedy International Airport was not available to comment immediately. Media reports say that the incident on Monday comes just days after United Airlines encountered a drone as it descended into Newark Liberty International Airport, another airport in the New York City area. According to a FAA advisory, drones shouldn't fly near airports. The FAA warns that it would be difficult for pilots flying in the air to avoid and see drones. The FAA reported that it receives more than 100 reports of drone sightings near airports each month. The FAA warned that drone operators who are not authorized could be fined or face jail time. The FAA stated that it wanted to "send a clear message" that operating drones near airplanes, helicopters and airports was dangerous and illegal. Reporting by Jasper Ward, Allison Lampert and Bill Berkrot. Editing by Bill Berkrot.
Shipping firms claim that US retailers are putting China on the front burner for holiday orders.
Shipping executives reported that U.S. retailers had brought orders from China forward by four to six weeks in order to ensure their inventory for Black Friday and the Christmas holidays before tariff increases are expected later this year. The detente between the world's two biggest powers has been preserved by President Donald Trump's visit to China in late February, but there is still a lot of uncertainty. The 10% U.S. universal tariff Washington imposed in February after the Supreme Court declared certain earlier tariffs to be illegal expires on 24 July, but it's widely expected that higher levies will replace it. After an investigation into the use of forced labour in China, which Beijing denies is a result of the investigation, U.S. trade representative has proposed a tariff of 12.5% on imports. A final decision will be made within months.
Tony Meng is a senior sales manager for XPD Global, based in China.
U.S. Exports Expected to Stay Strong in June Normally, such orders peak between July and September. However, shipping firms reported that volumes in May & June were higher than anticipated. This contributed to an increase in shipping costs.
Frontloading could mean that the 35% increase in U.S. Imports from China, which outpaced April's 11% and March's contraction in May, will be maintained in June, but it may fade in later summer. China's exports have been the main growth driver for this year, compensating structural weakness in its domestic demand. They also built on a strong 2025 when China posted a $1.2 trillion record trade surplus.
In May, the top U.S. products exported to China by value were smartphones, lithium-ion battery, solid-state drive, toys, kitchenware, and festival items. The data for June will be released by July 14.
In a recent statement, shipping group Maersk stated that the container space on the China-U.S. route has been getting tighter. Since mid-May due to "stronger demand from customers and earlier bookings for the season."
An executive in China, who asked to remain anonymous because he wasn't authorised to talk to the media said that back-to school items, such as apparel and stationery, were included in the frontloading of May-June, and early Christmas stockpiling was also a factor. The rise in May was due to orders for soccer World Cup items, such as jerseys, flags and souvenirs. The U.S. is co-hosting the tournament along with Canada and Mexico.
Shipping Costs Rise
Drewry's World Container Index, a maritime consultancy, showed that spot shipping rates between Shanghai and New York were $7,149 for a 40-foot container on June 25, 6% more than the week before?and 25% higher than last year. On the Shanghai to Los Angeles routes, the cost was $5.750, which is 12% higher than the previous week, and 54% more expensive than the previous year.
Drewry's report stated that "Importers are continuing to frontload shipments in anticipation of possible tariff changes and higher bunker costs."
Outdoor furniture manufacturer Jin Chaofeng stated that it would be difficult to pass on the full cost of shipping fees to customers. He cited thin margins and pricing power for Chinese manufacturers who operate in less-technologically advanced industries.
Kyle Henderson, CEO of Vizion and co-founder, Vizion's container-tracking software, cautioned that tariffs "still weigh" on the overall U.S. market demand, which is below its three-year average, and can only be described as normal-to-soft.
Henderson, citing recent cancellations of sailings, said that the higher shipping costs are due to capacity management by transport companies, rather than a surge in U.S. consumer demand. Henderson predicts that volumes will drop in the third quarter and after July due to "a combination of inventory already landed, and a tariff climate that structurally increases the cost of China origin goods."
(source: Reuters)