Latest News
-
InPost, a parcel locker company, trims its annual earnings forecast
InPost, a Polish parcel locker company, reported on Friday a 24% increase in its core earnings for the third quarter. However, it lowered its expectations for the full year citing increased investments in Britain. Analysts had expected a quarterly adjusted earnings of 1.02 billion zlotys, or $291 million. InPost now expects to see its adjusted EBITDA grow by a midteens percentage, as opposed to its previous forecast of a low to midtwenties percent growth. The forecasts of annual group revenue and volume remained unchanged. In the third quarter of 2018, the company delivered 351,5 million parcels. This is a 34% increase on the previous year. The volume in Poland, the company's biggest market, grew by 10%, accelerating from the 6% increase seen in the second-quarter, which was affected by lower volumes at its main customer, ecommerce company Allegro.
-
The Fujian, China's third aircraft carriers, is put into service
China's first aircraft carrier, designed by itself, has been commissioned after several months of sea trials. It was named the Fujian after the province that faces Taiwan across the narrow strait. The official Xinhua News Agency reported that President Xi Jinping was at the ceremony to commission and present the flag of the Fujian, in Hainan Province, on Wednesday. He also boarded the ship for an inspection tour. The Fujian, China's third aircraft-carrier, has a flat flight-deck and electromagnetic catapults to take off. This makes it a far more powerful weapon than China’s first two Russian designed carriers. The Fujian carrier will be able carry more jet fighters and those with heavier weapons than the Liaoning or Shandong carriers. These carriers are smaller and use ramps to launch their aircraft. The Chinese Navy launched a new carrier-based version of its J-35 stealth aircraft and a KJ-600 early-warning plane, along with a variant of their established J-15 fighter, in sea trials prior to the commissioning. Analysts and military attachés in the region say they'll be monitoring upcoming deployments to see how fast Fujian can become combat-ready. They will also monitor flight operations, and efforts to integrate its operations with support vessels and submarines. Reporting by Beijing Newsroom in Hong Kong and Greg Torode; Editing by Jacqueline Wong, Raju Gopalakrishnan
-
Australian shares fall to a six-week low after Macquarie and banks weigh
The Australian share market closed Friday at its lowest level in over six weeks, due to a sharp drop in Macquarie shares after the investment bank's top management missed their profit targets. A broader decline in major lenders also contributed to the losses. The S&P/ASX 200 fell 0.7%, to 8,769.70. This is its lowest closing since September 24, and second consecutive weekly loss. Macquarie fell 5.7%, to a six month low. Reporting A first-half loss, impacted by the weakness of its commodities and markets trading businesses. We think that the market knew the risk of missing 1H26 earnings due to the weakness of (Macquarie)'s first quarter results. The extent of the missed earnings will still be a shock, according to Citi analysts in a recent note. Macquarie's weakness dragged the broader Financials sub-index down 1.3% on the day. However, it ended the week up 1.4%, boosted by gains at top lenders Commonwealth Bank of Australia (CBA) and Westpac. CBA and Westpac both fell by 1.5% and 1.8% on Friday, but they are still on track to record weekly gains. The broad resources index fell 0.7% this week and 2.7% in the past seven days, due to a pause in the gold rally and a continued decline in iron ore. BHP and Rio Tinto fell 0.8% and respectively 1.3%. The technology stocks fell 2.3%, reaching a low of six months. This mirrored the Wall Street declines due to concerns about high valuations for AI-linked giants. Block's local shares fell 15.8%, to a low of five months after the company missed its profit estimates for the third quarter. Qantas Airways, the flag carrier, lost 6.6% and fell to its lowest level in six months after cutting its forecasts due to lower corporate demand for non-resources and rising costs. The benchmark S&P/NZX 50 Index for New Zealand closed at 13,599.21, up 0.2%.
-
Trump will meet with Orban in Hungary to discuss Russian oil and economic cooperation
The U.S. president Donald Trump will meet with the Hungarian prime minister Viktor Orban for talks on Friday. They are expected to talk about Hungary's dependence on Russian oil, at a moment when Trump is working to wean countries off it. Orban, who has been a Trump ally for many years, will meet the U.S. President in person for the first bilateral meeting since Trump returned to his White House office in January. Both leaders share similar views on immigration, but the reliance of Hungary on Russian oil could be a difficult issue. Trump has insisted that European nations cease buying Russian oil as a means to stop Moscow funding its invasion of Ukraine. Hungary's continued reliance on Russian Energy since the beginning of the conflict in Ukraine 2022 has prompted criticism from several European Union allies and NATO members. Hungarian officials stated in the lead-up to the event that Orban aims at discussing a way to a U.S. - Russia meeting and seeking exemptions from U.S. Energy sanctions. Trump announced last month that he was going to meet Russian President Vladimir Putin at the Hungarian Capital. However, the meeting has been put on hold because Russia refused a ceasefire. Orban said to the Hungarian media before the meeting that he did not expect tough negotiations on sanctions exemptions for Russian oil companies. MTI, the state news agency, reported that Orban had called energy sanctions "serious," and that the "stakes" were "high," even though he didn't expect that the discussions with Trump about this topic would be difficult. MTI quoted Orban as saying: "I know him, he knows myself, we both know the topic, and we just have to come to an agreement." Both leaders will also discuss ways to increase economic cooperation between the United States of America and Hungary. The White House stated that the two leaders will discuss "areas on mutual interest", and suggested some possible deals. A White House official stated that "the American people can expect to get more great deals from Prime Minister Orban’s visit, spanning different industries." Orban, the Hungarian leader who is up for election in 2026 has developed a close relationship with Trump, despite tensions over Russian Oil and Orban's pro China policies. Last month, the U.S. restored Hungary to full status under its visa waiver program. This was a tangible sign that relations have improved under the Trump Administration. Hungary has rejected plans by the European Commission that would phase out all EU imports of Russian gas, including liquefied gas, by 2027. This is a further rift between Brussels and Moscow over the issue of relations. Reporting by Steve Holland in Washington, and Anita Komuves from Budapest; Editing and production by Colleen Jensen and Alistair Bell
-
Vietnam's real estate developer Vingroup ventures into aviation, space
According to a document filed in the business register, Pham Nhat Vuong has established a new company to manufacture planes and satellites. Vingroup is a real estate company that has many subsidiaries. These include the Nasdaq listed electric car maker VinFast, and newly established units for building a high-speed rail system worth $70 billion and producing steel required for civil works. According to the registration document, VinSpace Joint Stock Company was founded on Monday with an initial capital of 300 billion Dong ($11.4 millions). VinSpace will "complement and help Vingroup's current business sectors, while laying the groundwork for future development initiatives", Vingroup stated in an email response to questions. According to the document, Vuong owns 71% of Vinspace, Vingroup holds 19%, and Vuong’s two sons hold the remaining 10%. According to the document, Vinspace's scope of business also includes air cargo transportation, telecommunication satellite operation and scientific research. Vuong is the richest person in Vietnam, according to the value of the publicly listed companies he owns. He made his fortune selling instant noodles in Ukraine during the 1990s. He has successfully launched many successful businesses under the Vingroup umbrella, including tourism, healthcare, and education. However, he has also pulled out of others, like smartphone production, and plans to start an airline. Vietnam, a country that relies heavily on trade for its economic growth, is encouraging its domestic conglomerates expand. However it is facing uncertainty due to tariffs on exports to its biggest foreign market - the United States. Reporting by Phuong Vu, Francesco Guarascio, and Khanh Vu. Editing by Kate Mayberry.
-
As the death toll in Philippines nears 200, Typhoon Kalmaegi rains and destroys Vietnam
Officials said that at least five people have died in Vietnam following Typhoon Kalmaegi's destructive winds and heavy rainfall. This follows the storm's fatal passage through the Philippines, where it killed 188 people. As it moved further inland, the storm weakened. It uprooted trees, damaged homes and caused power outages. Authorities have warned that heavy rains of up to 200 millimetres (eight inches) could continue in central provinces, from Thanh Hoa and Quang Tri. They also said that rising river levels between Hue and Dak Lak may cause flooding and landslides. Officials in the Philippines say that 135 people are still missing, and another 96 have been injured. President Ferdinand Marcos Jr. will visit the affected areas to assess damage and oversee the recovery efforts on Friday. The disaster management agency in Vietnam reported that seven people had been injured and 2,800 homes had been damaged. It said that 1.3 million people lacked electricity. According to the state-run Vietnam News Agency, damage had been done to the railway system in Quang Nigai. Social media posts showed photos and videos of ripped-off roofing, flooded houses, and streets littered by fallen trees and debris. The government announced that it had mobilized 268,000 soldiers to conduct search-and rescue operations. It also warned against flooding in Central Highlands, Vietnam’s main coffee-growing area. Kalmaegi was the 13th typhoon that formed in the South China Sea during this year. Due to their location along the Pacific typhoon Belt, Vietnam and the Philippines suffer from frequent damage and fatalities during peak storm season. The Philippines' civil Aviation regulator has put all area centres and operations at airports on high alert to prepare for another typhoon. Fung-wong is expected to intensify before it makes landfall in northern Philippines Sunday evening or Monday morning.
-
After a technical glitch, flight operations at India's Delhi Airport are affected
Delhi Airport in India reported a technical issue with its Air Traffic Control System on Friday. This affected several flights at the busiest airport in the world. IndiGo, Air India, and Spicejet, three of the top airlines in India, said that their flight operations had been affected. This led to delays and increased waiting times. The airport posted on X that flight operations are being delayed at Indira Ghandi International Airport due to a problem with the Air Traffic Control System. IndiGo reported that flight operations in Delhi and other northern regions had been affected. The airlines didn't elaborate any further. Flightradar24 data showed that dozens of flights had been delayed. Several departure times were in red on Friday morning. According to the website, an average delay of 55 minutes was experienced by departing flights. A source with knowledge of the situation said that yesterday, 25 flights were affected by the ATC problem which occurred Thursday evening. According to Airports Council International, Delhi airport will handle 78 million passengers by 2024. This makes it the ninth busiest in the world. Airports Authority of India did not respond to a request for comment.
-
Vietnam's real estate developer Vingroup ventures into aviation, space
According to a document filed in the business register, Pham Nhat Vuong has established a new company to manufacture planes and satellites. Vingroup is a real estate company that has many subsidiaries. These include the Nasdaq listed electric car maker VinFast, and newly established units for building a high-speed rail system worth $70 billion and producing steel required for civil works. According to the registration document, Vinspace Joint Stock Company was founded on Monday with an initial capital of 300 billion Dong ($11.4 millions). Vingroup has not yet commented on the new company. According to the document, Vuong owns 71% of Vinspace, Vingroup holds 19%, and Vuong’s two sons hold the remaining 10%. Vinspace's scope of business also includes air cargo transportation, telecommunication satellite operation and scientific research. Vuong is the richest person in Vietnam, according to the value of the publicly listed companies he owns. He has successfully launched many successful businesses under the Vingroup umbrella, including tourism, healthcare, and education. However, he has also pulled out of others, like smartphone production and plans to start an airline. Vietnam, a country that relies heavily on trade for its economic growth, is encouraging its domestic conglomerates expand. However it is facing uncertainty due to tariffs on exports to its biggest foreign market - the United States. Reporting by Phuong Vu, Francesco Guarascio, and Khanh Vu. Editing by Kate Mayberry.
Asia oil floating storage surges as sanctions, tight China quota curb demand
Analysts said that the volume of oil onboard ships in Asian waterways has doubled over the past few weeks as tighter western sanctions have hit imports from China, India and as an import quota shortage has curtailed demand from independent Chinese refiners.
The European Union (EU), United Kingdom (UK) and the United States (US) have all imposed sanctions on Russia for its involvement in the war in Ukraine. Last month, the US embargo targeted Russia's top two oil producers, Rosneft & Lukoil.
Some refiners from China and India are now buying oil in the Middle East, despite rising production.
The floating oil storage in Asia-Pacific reached a record high of 53 millions barrels by the end of October, up by 20 million barrels since early September. This was boosted by increased storage of Iranian and Venezuelan crudes sanctioned by the United Nations.
Mary Melton is a senior analyst at Braemar. She explained that the increase in shadow crude in Asia can be attributed to the high number of barrels on the sea and the difficulty of absorbing all of the imports into the independent refineries of Shandong in China because of high inventories.
Separate data from OilX, a shiptracker, showed that potential floating storage in Asia increased to 70 million barrels at the end of October from 50 million barrels as recently as October 15.
Shiptracker Vortexa data showed that 161 millions barrels of Iranian crude oil were currently stored and transported on ships, an increase of 22.5 million barrels since September. Data showed that the equivalent volume of Venezuelan oil was 72.3 million barrels. This is an increase of 6.6 million barrels since end-September.
Torbjorn Tornqvist, CEO of energy and commodities trader Gunvor Group, said that Western sanctions were causing record amounts of oil to be stored aboard vessels. This is preventing an oversupply on global markets.
Melton said, "We're beginning to notice a weekly and daily increase in the number of Russian crudes stored on floating storage."
SANCTIONS DETERRENT
The main Iranian oil buyers in China have reduced their purchases due to fears that they will be targeted by U.S. Sanctions, which are already disrupting the supply chain.
Oil revenues for these major oil producers have been hit by the rapid increase in supply of oil from Russia, Iran, and Venezuela.
Kpler reported that the volume of Russian crude oil stored onboard ships in Asia-Pacific also increased, with a six-fold rise to 6 million barils in October from the previous month, as Chinese buyers and Indians became more cautious.
Analysts at Kpler stated that "Russian exports may continue to be under pressure in the near term as U.S. blockade sanctions against Rosneft, Lukoil and other state-owned buyers deter state-run purchasers."
While Chinese independent refiners will be less deterred by the sanctions, their demand is still low. Many are nearing their 2025 import limits or have switched to cheaper Iranian crude.
According to market sources, Chinese independents had largely exhausted their 2025 import quotas by the end of September. China controls crude imports from independent refiners through a strict system of quotas.
(source: Reuters)