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Delta and Aeromexico win US Court battle to retain joint venture
The U.S. Court of Appeals on Thursday overturned the Trump Administration's order from September 2025 that was intended to force Aeromexico and Delta?Airlines to dissolve a joint venture. Last year, the?airlines?sued to stop the U.S. Department of Transportation's order to repeal a nearly 10-year-old joint-venture that allowed the carriers to coordinate the scheduling, pricing, and capacity of U.S. - Mexico flights. The USDOT order is part of a series of U.S. measures aimed at Mexico’s aviation sector due to competition concerns. Last year, a court halted the order pending legal challenges. The 11th Circuit U.S. Court of Appeals stated that USDOT "didn't reasonably explain why they conducted a much more limited market study in this case than in the past, or if it imposed a requirement to approve the joint venture compared to what it required of'similar joint ventures approved in Japan. Delta, Aeromexico, and the U.S. The Justice and Transportation departments referred to the joint venture as "legalized collusion," which controls "almost 60 percent of operations at the 4th-largest gateway international to and from the United States," in reference to Mexico City flights. Delta, with a 20% stake, argued President Donald Trump held Aeromexico to a higher standard than other joint ventures such as United Airlines or Japan's ANA. The court said that USDOT's arbitrary and capricious action was because it did not apply the same standards to Delta and U.S.Japan joint-venture applicants. USDOT has taken separate action to revoke approval of 13 routes for Mexican carriers in the U.S., and cancel all combined passenger and cargo flights from Mexico City's Felipe Angeles International Airport. Transportation Secretary Sean Duffy stated last year that Mexico "illegally cancelled and frozen U.S. carrier flight for three years without consequence."
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Panama Canal will cap daily transits in anticipation of severe El Nino
It announced on Thursday that the Panama Canal Authority will limit daily transits starting in early September, as it prepares for an El Nino season expected to reduce water levels. This is a reversal of a previous promise not to restrict vessel passage. The new measures will reduce the number of vessels that can pass through the canal each day to 32 by September 15, and to 34 as of Sept. 4. In June 2026 the canal'registered 35 average daily transits, which corresponded to vessel demand. Its capacity was to handle around 40 crossings per day. Canal authorities said in May that they did not plan to restrict vessel passage this year and have already taken water conservation measures starting 2025. According to a?advisory released Thursday, daily capacity at the Neopanamax locks of the canal will be capped as of September 4, while 'capacity in?the older Panamax?locks is limited to 25 slots. The capacity of the Panamax locks will be further reduced on Sept. 15 to 23 slots. As part of its water management strategy, the canal authority has tightened draft restrictions several times.
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At least 40 bodies found after a boat overloaded with passengers capsizes in Nigeria
Local officials and residents reported on Thursday that a?overloaded?boat capsized in Nigeria's northwest Sokoto State. Abdulkadir Yusuf is a manager at the National Inland Waterways Authority. He said that rescue efforts continue after the accident near Gorau, in Goronyo Local Government Area. Yusuf reported that around?40 bodies of children had been discovered. Nasiru Adamsu, a local lawmaker in the 'Sokoto State legislature, confirmed the death toll at 43. A local resident said that the boat was carrying farmers and workers hired to harvest rice. He estimated there were more than 70 people on board when it capsized. One resident reported that there were 57 passengers onboard. Mustapha Umar said that officials would be heading to the scene soon and will provide more information later. Overcrowding and poor maintenance, as well as a lack of enforcement of safety regulations, are all factors that contribute to deadly boat accidents in Nigeria. At least 25 people were killed in January when a leaking boat capsized on the coast of?Yobe State, north-east Nigeria.
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Exporters warn that delays could occur as Ivory Coast prepares for EU cocoa regulations
Ivory Coast’s cocoa regulator claims the world’s largest cocoa producer, Ivory Coast, is ready for new EU anti-deforestation regulations. However exporters and buyers warn that a compliance system set to launch next month could disrupt bean sales and exports. Companies must prove that cocoa and other commodities are not associated with deforestation under the EU's anti-deforestation legislation, which comes into effect at the end December. Yves Brahima Kone, the head of the Coffee and Cocoa Council (CCC), said that digital ID cards would be issued to farmers from September 1, 2026/27. The cards, which were introduced in 2019, are electronic wallets that track cocoa from the farms to the export ports. They also verify the origin of the cocoa and ensure farmers get the guaranteed price. "We are prepared to prove that our cacao is traceable and certified." Kone stated that the 'producer card' is now operational and meets the expectations of chocolate customers. He said that the cards would also allow more than 1 million small-scale farmers to access the banking system?for a first time. According to the'regulator,' Ivory Coast is home to between 1.2 and 1.3 million cocoa producers. INDUSTRY WARNS ABOUT DISRUPTIONS According to industry sources, the launch could cause bottlenecks when the new season starts. We spoke with nine buyers, seven suppliers and four cooperative managers. Sources said that farmers who do not have their cards or have lost them may be unable sell cocoa and this could slow down purchases. The sources also mentioned a shortage in?card terminals. Participants in the industry questioned whether the system could be effective in preventing illegally grown cocoa in protected areas to enter the supply chain, even if administrative problems are resolved. Ivory Coast estimates that cocoa produced in protected forest and national parks represents 15% of the national production. Exporters and European environmental groups estimate the figure at around 30%. Sources said that illegally produced cocoa could still be mixed with legal beans and shipped to Abidjan and San Pedro ports, in part because the output of each farmer can only be estimated and not precisely measured. "We know the benefits of this card, but there will be many problems and chaos during the season. The director of an European export company in Abidjan said that the new European regulation regarding deforestation is too complex to be implemented on the ground. There will be delays throughout the supply chain, including in the purchasing and exporting of goods. "That's unquestionable," said a senior executive of another European export company. Ange Aboa is the reporter. Anait Miridzhanian (Editing), Rob Corey-Boulet, Mark Potter and Anait Miridzhanian
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Discover Airlines, a subsidiary of Lufthansa, says that fuel shortages in Namibia could affect flights to Europe
Discover Airlines, a subsidiary of Lufthansa, said on Thursday that a temporary fuel shortage could affect its flights to Europe. The airline said that aircraft operating flights to Frankfurt and Munich out of Windhoek were being rerouted through Angola in order to refuel. A spokesperson for the Lufthansa Group said that there was a temporary and local shortage of?fuel at Windhoek International Airport. As reported in local Namibian media, Lufthansa has not responded to the question of whether its cargo freight is also affected by fuel shortages. Namibia Airports Company issued a statement stating that it was aware of fuel supply challenges for the Jet A-1 at the main aviation gateway in the country and that efforts were being made to minimize disruptions. (Reporting by Wendell Roelf, Additional Reporting by Sfundo parakozov, Writing by Nilutpal Timsina and Editing by Alexander Winning).
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Shein postpones IPO until September 1, according to sources
Shein plans to list its Hong Kong initial public offering on Monday, according to a source with knowledge of the matter. Two other sources also said that Shein is aiming for a September 1 listing, which is slightly later than originally planned. One source said that while September 1 was the "target date", the listing might happen a few weeks later. Last week, it was reported that Shein had hoped to list her company on August 28. Investors' appetite for Shein has been dampened by the slowing growth and increasing costs, as first reported by South China Morning Post. Shein, the online fast fashion retailer, was once seen as a disruptor to established brands like H&M and Zara because of its ultra-low price and rapid supply chain. Shein's valuation is aiming for $26 billion to $27 billion according to a source who has a direct knowledge of the issue. This is a sharp drop from the $100 billion it was valued at in its private fundraising in 2022. Investor?meetings in advance of the IPO began with the company requesting an IPO valuation between $30 billion and $40 billion. Shein did not respond to an inquiry for comment. Reporting by Kane Wu, Helen Reid. Mark Potter and Mrigank Dhaniwala edited the report.
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Sources say India is considering low-cost loans to help renewable energy projects that have been affected by the power restrictions.
Four industry sources said that India may offer low-cost loans for'renewable energy producers' to compensate them for the losses they have suffered because of inadequate transmission infrastructure. According to official figures, the?transmission?network of this South Asian nation has been unable to keep up with the growth in renewable energy, especially solar. Solar represents 162 gigawatts or almost a third its total power generation capacity. Sources said that India's renewable power developers had lost around 45 billion rupees (470.21 million dollars) since February 2025 due to limited infrastructure. One source said that in some cases, up to 70% of power generated by renewable energy projects cannot be added to grid. Sources spoke under 'condition of anonymity' because they weren't authorised to speak publically?on this issue. A request for comment was not immediately responded to by the federal ministries of finance and?power. India, the third largest solar power producer in the world, has cut its output by 14% or 8,133 Gigawatt Hours between April and Juni. Sources said that the ministry of power was looking at low-interest loans with long terms of 7 to 8 years as compensation for producers. The government is reportedly discussing the plan with energy companies and determining which projects qualify for compensation. Sanjeev Aggarwal is the?founder and executive chairman of Hexa Climate which develops renewable project. He said that his company has experienced curbs, without providing details, and that it raises financial problems. He said that lenders need to have confidence in the future generation when they are calculating debt. If curbs are frequent, and not compensated for, this would result in higher costs of capital. The rating agency ICRA estimates that approximately a third of India's newly-commissioned 54.8 GW clean energy capacity is being evacuated via temporary transmission by May 2026.
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Minister: Indonesia denies involvement in the transshipment and trans-shipment of goods as claimed by a recent U.S. government report
Airlangga hartarto, Indonesia's senior economic minister, denied the recent U.S. claim that it was involved in a 'transshipment' of a goods. Here are some details: * Airlangga was referring to the report published by Washington which stated that the U.S. is losing between $19 and $26 billion annually in 'tariff revenue' due to 'goods, mostly originating from China, being transshipped via third countries including Indonesia to avoid U.S. Import duties. * "Indonesia, along with Brazil, Malaysia Thailand, Turkey and Vietnam, has been accused of being a part of a global?transshipment -network. "We deny that these allegations are true," said the minister. * He added that it is "not true" if transshipment from another country?is used for processing here.
Ukraine strikes Russian energy sites: What was hit?
Kyiv intensified its attacks on Russian energy installations in recent months, as the peace talks that were supposed to end the Ukraine conflict failed to make any progress.
The following is a list of recent attacks and their impact, in chronological order.
YAROSLAVL
According to Volodymyr Zelenskiy, Ukrainian forces attacked the Russian oil refinery at Yaroslavl on May 25. This was about 700 km (435 mi) away from the Ukrainian border.
The refinery can process 15 million metric tonnes per year or about 300,000 barrels a day.
SYZRAN
On May 21, the Ukrainian military and President Zelenskiy announced that Ukrainian drones had struck Rosneft's?Syzran refinery, which is owned by Rosneft in the Samara area.
Two industry sources reported that the refinery stopped operations following an attack on a primary processing unit.
The oil refinery had been suspended following drone attacks on April 18,
The refinery can process 8.5 million tonnes per year or 170,000 barrels a day.
According to industry sources, in 2024 it will process 4.3 million tonnes of crude oil into 800,000 tonnes of gasoline, 1,5 million tons diesel, and 700,000 kilograms of fuel oil.
TUAPSE
Ukraine attacked a Russian refinery at the Black Sea port Tuapse, the Ukrainian general staff announced on May 27.
Officials said that a drone attack on April 28 caused a major oil refinery fire. The facility, which exports the majority of its products, had to stop operations.
The plant produces fuel oil, naphtha and vacuum gasoil. Its capacity is around 12 million tonnes per year, or about 240,000 barrels a day.
The Ukrainian General Staff announced on May 20 that Ukraine's military had struck an oil refinery in the Nizhny Novgorod Region of Russia near Kstovo, and specifically its primary oil-processing unit.
Two industry sources confirmed that NORSI, Russia’s fourth largest?oil refinery and owned by Lukoil, also halted operations on 5 April following an attack by a Ukrainian drone.
NORSI is the second largest producer of gasoline in Russia. It can process up to 16 million metric tonnes of oil each year or about 320,000 barrels a day.
MOSCOW
Two industry sources reported on May 19 that the processing of oil at a Moscow refinery ceased after an attack by a Ukrainian drone.
On May 17, Moscow Mayor Sergei Sobyanin said that although 12 people had been injured in the attack, the "technology" of the refinery was not damaged.
This compact refinery in Kapotnya, a district of the capital, has an annual capacity of 11 million tons of crude oil.
RYAZAN
Two industry sources reported on May 19 that the Ryazan oil refining plant, which represents almost 5% of total refining volume in the country, had stopped processing after a drone attack by Ukraine.
According to industry sources, the refinery will process 13.1 million metric tonnes of crude oil by 2024. It will produce 2.2 million tons gasoline, 3.4 millions tons diesel, and 4.3million tons fuel oil.
ASTRAKHAN
The local governor reported that debris from a drone strike caused an fire at a gas-processing plant on May 13, in the southern region Astrakhan.
The plant can produce 12 billion cubic meters of gas per year and 3 millions tons of stable condensate. It produces diesel, gasoline, and liquefied oil gases.
Two industry sources reported that the Perm oil refinery in Russia halted production after a drone strike on May 7 damaged equipment and caused a fire.
The refinery will process around 12.6 million metric tonnes of oil in 2024. This is equivalent to 250,000 barrels of oil per day. It will produce 2 million tons gasoline, 5.3 millions tons diesel, 700,000.000 tons coke, and 200,000 litres of fuel oil.
NOVOKUIBYSHEVSK
Two industry sources reported that the primary oil processing was stopped at Rosneft's Novokuibyshevsk refinery on April 18, following a drone attack by Ukraine.
Industry sources say that in 2024 it will process 5.74 million metric tonnes of crude oil and 1.10 million tons each of motor gasoline, diesel fuel, and fuel oil.
Ukraine's military confirmed that it carried out an attack on the Bashneft Novoil oil refinery in Russia, more than 1,400 km (870 miles) away from the Russia/Ukraine border on April 2.
The plant can process up to 7 million tonnes of oil per annum.
KIRISHI
After?Ukrainian attacks on drones, the Kirishi oil refinery stopped processing its products at the end March.
Kirishi produced 2,000,000?tons gasoline, 7.1,000,000 tons diesel, 6.1,000,000 tons fuel oil, and 600,000.
UST-LUGA PROCESSING PLLAN
Three market sources reported on March 27, that Novatek Energy Company suspended the processing of gas condensate and export loadings of naphtha at its Ust-Luga Complex after drone attacks resulted in an fire.
Three processing units of the Ust-Luga Complex, each with 3 million tons per year capacity, refine stable condensate to light and heavy naphthas, jet fuels, ship fuel oils and gasoils. According to company data, in 2025?the complex will have processed 8 million tonnes of gas condensate.
PORTS/TANKERS
Authorities in Krasnodar said that a fire broke out after an attack by a Ukrainian drone at Temryuk, a port located in southern Russia.
Mikhail Yevrayev, the governor of Russia's Yaroslavl Region, said that fuel storage facilities also caught fire on May 29 following an attack by a Ukrainian drone in Russia.
Ukraine attacked Russia's port on the?Baltic and Black Seas, including Primorsk, oil tanks and military ships, on May 3.
After a drone strike on April 23, a fire broke out at an oil pumping station owned by Transneft that supplies crude to Russia's biggest export terminal, the Baltic port Primorsk.
An official of Ukraine's SBU said that on April 21, Ukrainian drones hit an oil pumping and dispatch facility located in Russia's Samara Region.
In April, Ukrainian drones started a fire in the Sheskharis Oil Terminal in Russia.
Primorsk is one of Russia's biggest export gateways and can handle up to 1 million barrels a day. In March, it lost 40% of its storage capacity in a drone attack by Ukraine. Joe Bavier (Reporting and Editing)
(source: Reuters)