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UK hackers sentenced for cyberattack on London Transport that cost almost $40 million
Two British hackers who were behind the 2024 cyberattack on London's transport system, which cost PS29 million ($39.16m) to fix, have been sentenced to 11 years of jail time. Thalha Jubair and Owen Flowers, both aged 18, pleaded to guilty on the first day of their trials, a month ago, for hacking Transport?forLondon (TfL), in August and September 2024. The hacking group "Scattered Spider" was blamed. Flowers admitted to cyberattacks against two non-profit health care systems in the United States, just a few days after targeting TfL. He was arrested while he was executing the second hack. Judge Mark Turner sentenced Jubair to prison for five and a half years, saying that they were motivated by "selfish bravado" with no regard for the consequences of their actions. $1 = 0.7406 pounds (Reporting and editing by William James; Sam Tobin)
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Maguire: Europe's next energy crisis is right in front of us.
The energy traders of Europe have been glued to Gulf maps for the past few weeks. The Rhine should be on their radar. The renewed confrontation between Washington, D.C. and Tehran has driven oil prices up and re-ignited fears about the safety of shipping through the Strait of Hormuz. But another threat is emerging that is much closer to home. The water levels in key inland shipping gauges, including Cologne and Kaub (on the Rhine) and Budapest on the Danube, have dropped to levels not seen since major drought years. This has forced barges and their cargoes to reduce the amount of cargo they carry and increased transport costs. Low rivers are an inconvenience on their own. When combined with the rising geopolitical tensions of the Middle East they become more dangerous. KEY TRADE ROUTES The rivers of Europe are the secret arteries that run through its energy system. Fuel imported via Rotterdam and Amsterdam must still be transported inland to refineries and chemical plants, as well as industrial consumers. Every ton of coal or diesel, gasoline, chemicals, biofuel, or other fuels that is not transported by barge requires additional vessels, higher rates, and longer delivery time. While renewed U.S. Iran hostilities threaten oil flow through Hormuz once again and drive energy prices higher, Europe's shrinking waters risk turning a shock external supply into a broader internal logistic crisis. The timing of this attack could not be worse. The Rhine is Europe’s most important inland waterway for commercial shipping. German industry relies on it for transporting around 200 million tons per year, including fuels and raw industrial materials. Water levels at Kaub, the most critical bottleneck on the river, have fallen to an exceptionally low level for July. This has forced vessels to sail partially loaded. Depending on the vessel type and route, some operators report freight reductions up to 80%. The Danube also tells a story. Budapest's water levels are now at lows that are more often associated with droughts in the late summer. Shipping companies report that vessels are operating at a fraction of their normal capacity. Freight surcharges have also risen as operators try to compensate for the reduced cargo volume. Stress Test The European energy system is increasingly dependent on flexibility in logistics. After the Russian gas pipelines were shut down, Europe re-established its energy security by importing LNG, oil and alternative fuels via sea. Assuming that markets would be adequately supplied as long as cargoes can reach European ports was the assumption. Ports are just the beginning. The Rhine links Germany's industrial core with North Sea import terminals. River transport is vital for the transportation of coal for power plants, chemical feedstocks and petroleum products to inland consumers. When river levels drop, cargo is shifted to rail and trucking systems that are already congested and expensive. It is not always a shortage. It is more often a dramatic rise in the cost of delivery that directly affects energy and industrial costs. MOUNTING FEES Economic damage is not a theoretical concept. In previous Rhine droughts (notably in 2018), Germany suffered measurable industrial disruptions and losses of output. This episode taught us that river levels are macroeconomic variables. When barges are not moving efficiently, industrial production, fuel distribution, and profitability all suffer. Add the Middle East to your list. The Strait of Hormuz is the world's largest oil transit chokepoint. Oil prices have already risen due to attacks on ships, military strikes, and increasing threats. Concerns about tanker movement disruptions are also back. The increased risk of a total closure will increase insurance, freight, and commodity costs. The interaction of these two risks poses a danger to Europe. Oil prices are usually absorbed. Usually, temporary shipping disruptions can be managed. Low river levels are usually manageable. When all three occur simultaneously, however, the system is significantly less resilient. Due to Gulf tensions, European refiners could face higher crude costs. Meanwhile, distributors struggle with the inability to transport fuels into the country due to restricted barge traffic. Chemical producers may face rising feedstock costs at the same time as logistics costs rise. Utility companies may find that alternative fuels are readily available in ports, but are more difficult and expensive to transport to the places where they are required. Each problem reinforces each other. The energy supply chain in Europe is beginning to look like a funnel. RISK STACK INTERTWINED Ironically, policymakers are increasingly separating climate change from geopolitics. They need separate solutions. Recent events indicate that they are increasingly intertwined. Heatwaves and dry conditions are not only lowering Europe's river levels, but also increasing electricity demand. This puts pressure on the energy infrastructure. Geopolitical conflict has also reduced the margin of error on global fuel markets. What appears to be a weather issue in Germany could quickly turn into an energy security issue across Europe. It is important that traders pay attention to the river gauges in Kaub and Budapest, as well as to missile launches from the Gulf. The other measures the risk of geopolitical conflict. One measures geopolitical risk. ?Europe's security of energy was shaped for decades by pipelines and tankers, as well as diplomacy. It may increasingly be shaped by rain. As rivers shrink and conflicts increase, the continent learns an uncomfortable truth. Sometimes the most dangerous energy chokepoints are not halfway across the world but right in your backyard. These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Irish airline Aer Lingus to cut 500 jobs as fuel prices rise
Irish airline Aer Lingus said it could cut up to 500 jobs in a reorganisation. It cited high costs 'and a challenging 'economic environment. In a Thursday statement, the airline said that it had already reduced senior management positions by a quarter and planned to cut employee costs "by roughly the same amount" while changing its network to eliminate 'lower margin flying. It said that this would reduce overall flying by 6 percent, including certain long-haul, short-haul, and international routes. They also added that they were focused on reducing "supplier costs." The measures come after the parent company of IAG (London-listed) issued a profit warning back in May. It warned that higher jet fuel prices and supply disruptions caused by war would have a greater impact on earnings than previously expected. In a statement released on Thursday,?Aer lingus?Chief executive Lynne Embleton stated that "our accelerated transformation is designed to... ensure the airline has a strong case for investment and can weather the turbulence of our industry." It said that the airline, which has over 100 routes between Europe and North America in its network, aims to achieve an operating margin over the medium-term of 12-15%, as a way to attract investment. The airline's operating margin in 2025 is a mere?11.1%, compared to margins exceeding 15% for British Airways and Iberia. Mark Potter edited the report by Muvija.
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GE Aerospace raises its 2026 forecast as airlines maintain maintenance spending
GE Aerospace increased its profit?forecast for 2026 on Thursday as airline spending?on parts and services remained stable despite higher fuel prices - and fewer flights. As the Iranian war disrupts oil shipping routes around the world, jet fuel prices are rising and airlines have to cut back on capacity. GE Aerospace Services is closely linked to aircraft departures. Increased flying?drives increased engine wear and maintenance demands. The company said that any impact on revenue and profit from'services' this year will be minimal, since much of the work for '2026 is already secured, and spare parts demand continues to outpace supply. Jet-engine manufacturer expects a?profit per share of between $7.65 and $7.85 in 2026. This is a slight increase from the $7.10 to 7.40 previously forecast. In premarket trading, shares of the company rose by about 2%. Larry Culp, CEO of GE Aerospace, said that despite fewer flights and higher fuel costs, airlines have not slowed down on orders for engine parts or maintenance. Prices of jet fuel have risen slightly since then but are still high compared to levels before the start of World War II. CFM International, a joint venture between France's Safran and the engine maker, dominates the narrowbody jet market. Parts and services account for over 70% of revenue from commercial engines. The unit's quarterly revenue grew 27% from $9.7 billion to $9.7 billion from the previous year. It expects CES revenues to increase by 20% in 2026, compared to its previous outlook of a mid-teens percentage point. The company reported an adjusted second-quarter profit of $2.02 a share, up from $1.66 per share a year earlier. Total revenue was $13.35 billion, up 21% over last year.
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BMW moves forward with its cost-cutting efforts by appointing a new HR director
BMW announced Dorothea von Boxberg's appointment as its new board member responsible for human resources in a statement on Thursday. The German automaker highlighted?her expertise in "transformation processes" at a difficult time. The supervisory board approved the change in executive board after BMW issued an unexpected profit warning last month under its new CEO Milan Nedeljkovic and promised?further budget cuts. German automakers, in particular, struggled to adapt to the growing competition from China and the shift to electric vehicles. Recent U.S. Tariff costs and Iran War uncertainty have added to their difficulties. BMW has avoided the sweeping cuts seen at Mercedes-Benz and Volkswagen. Von Boxberg will replace Ilka Horstmeier, the departing HR chief, on September 1st, according to a company statement. Nicolas Peter, chair of the supervisory board, said: "Dorothea von Boxberg brings not only extensive experience in implementing transformative processes but also a perspective from outside our industry." Nedeljkovic stated that the BMW Group faces new challenges that require constant adjustments to our structures and working methods. He added that von?Boxberg was an "excellent addition" for tackling these tasks. BMW and its staff are preparing to begin talks about accelerating efficiency measures after reducing their?profit forecast, with margins as low as 1%?this year.
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GE Aerospace raises its 2026 forecast as airlines maintain maintenance spending
GE Aerospace increased its profit forecast for 2026 on Thursday as'spending by airlines on aftermarkets and parts remained resilient despite high fuel prices and fewer flights departures. As the war in Iran disrupts oil shipping routes around the world, airlines are being forced to cut back on spending and reduce capacity to maintain fares. GE Aerospace Services is closely linked to aircraft departures. Increased flying leads to increased engine wear and maintenance. The company said that any impact on its services revenue and profits this year will be minimal, since much of the work for its '2026 shop visits is already secured, and spare parts demand continues to outstrip supply. The jet engine maker is expecting a?adjusted?profit per share of between $7.65 and $7.85 in?2026. This compares to?previously forecast $7.10-$7.40. Larry Culp, CEO of GE Aerospace, said that despite fewer flights and higher fuel costs, airlines have not slowed down on orders for engine parts or maintenance. The price of jet fuel has decreased slightly, but remains high compared to levels before the start of World War II. CFM International is the joint venture between Safran and the engine manufacturer. It controls the narrowbody jet market. The company also has a strong franchise in widebody engines, with parts and services accounting for over 70% of revenue. The unit's quarterly revenue grew 27% from $9.7 Billion to $9.7 Billion from the previous year. It expects CES revenues to increase by 20% in 2026 compared to its previous outlook of mid-teens percentage points. The company posted a second quarter?adjusted?profit of $2.02 a share, up from $1.66 per share a year earlier. The total revenue was $13,35 billion, up 21% over last year. Reporting by Shivansh Tiwary, Bengaluru. Editing by Arun K. Koyyur.
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India asks its seafarers to avoid Hormuz voyages
India has issued a directive to shipowners, managers and recruitment companies not to send seafarers from the country on vessels traveling through the Strait of Hormuz. This is due to renewed fighting in the?region. According to data from the government, India is the third largest supplier of seafarers in world, with over 300,000 sailors employed across all global shipping fleets. The Directorate General of Shipping issued an order late Wednesday saying that Indian seafarers would not be allowed to join vessels on voyages through the Strait of Hormuz. According to data from the government, two Indian seafarers were killed in recent attacks on vessels in the region, as tensions in the Middle East escalate. The shipping regulator has said that recent attacks on ships have "significantly" increased the risk faced by seafarers and commercial vessels operating in conflict-affected areas. The order stated that "in view of the increased?security situation" in the Persian Gulf, the Directorate deems it necessary to take enhanced precautionary steps to protect the interests of Indian seafarers onboard ships operating in this region. The letter also instructed the masters of vessels to be vigilant in assessing the security situation of the Persian Gulf and the Strait of Hormuz, as well as the adjacent waters. It called for continuous monitoring of navigational alerts. New Delhi also lodged an enraged protest with Iran by summoning the deputy ambassador?over one of?the deaths?on Tuesday. Manoj Yadav said that more than 15,000 Indian sailors are still stranded west of the Strait?Hormuz. We can prevent new crews from being recruited in these areas. What about the thousands of seafarers who are still trapped on those dangerous?seas, and at risk to their life? What does the government do to rescue them? Yadav replied: "What is the government doing to get them out?
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Atlas Copco orders surge on strong semiconductor demand
Atlas Copco, a Swedish industrial group, reported earnings and orders for the second quarter that were above expectations. Strong semiconductor demand helped to boost its shares by 6%. Orders for the quarter jumped by 27%, to 50.95 billion Swedish Crowns. This was well above analysts' expectations of 44.67 trillion crowns. Orders increased by 26% on an organic basis. The demand for the company's?products, services, and construction equipment improved significantly in the third quarter. Higher order volumes were primarily driven by the semiconductor industry. LSEG data showed that operating earnings before items affecting comparableability increased to 9.46 billion Swedish Crowns ($984.19million) in the second quarterly on a 9% rise in revenue. This compares with an average analyst forecast of?9.25billion crowns. Atlas Copco’s vacuum division delivers components to major semiconductor equipment manufacturers like ASML. The company stated that customer activity would remain at its current level for the near future. Vagner Rego, CEO of Vagner Group, said in a statement that "we delivered double-digit growth in all business areas" and observed high activity levels amongst almost all our customer segments. The company's shares were up around 6% at 0926 GMT after trading down about 3% prior to the release of the earnings report. (Reporting and editing by Bartosz Dabrowski, Matt Scuffham and Jagoda darlak)
Rigaku shares move 4% in market launching
Rigaku's shares fell 4% in early trading in their market launching on Friday, after the Japanese Xray screening tool maker raised $863 million in its initial public offering.
Shares opened at 1,205 yen ($ 7.94) after at first being untraded with a glut of sell orders. Rigaku, which is backed by buyout company Carlyle Group, priced the IPO at 1,260 yen per share, at the top end of a 1,230 to 1,260 yen variety.
Carlyle announced in January 2021 it was obtaining an approximately 80% stake in Rigaku through its fourth Japan buyout fund, with the company stating it prepared to list in the coming years.
Rigaku has actually experienced considerable growth over the past four years, leveraging the advantages of working along with a. international financial sponsor, stated Rigaku CEO Jun Kawakami in a. statement. On Wednesday, shares in train operator Tokyo Metro. popped 45% in their market launching after Japan's biggest IPO in. 6 years bagged it $2.3 billion with the lure of sizeable. dividends.
(source: Reuters)