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Source: Six Swiss International passengers injured in India after flight aborts.
Six passengers were injured in an emergency evacuation after a Swiss International flight from Delhi to Zurich was forced to abort early on Sunday morning. The Economic Times reported that one of the aircraft engines 'failed and caught fire as it was accelerating to take off, prompting crew members to stop the flight and initiate an emergency evacuation. The source said that the injured passengers had been taken to hospital. She was not authorized to speak with media and refused to identify herself. Flightradar24 reports that the aircraft involved was an Airbus A330. Delhi's Indira Ghandi International Airport?said on X earlier that it had declared a state of emergency following the occurrence on flight LX147. The?source said that runway operations have resumed at the airport and that all flights are on time. Delhi Airport, India's busiest airport, has four runways. Swiss International didn't immediately reply to an email seeking a comment. (Reporting from Akanksha Khushi in Bengaluru; Neha Arora, Abhijith Gaapavaram and Christian Schmollinger in New Delhi. Editing by Christian Schmollinger & Edwina Gibbs.
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Local official: Ukrainian drone strikes apartment building in Russian Yekaterinburg
The regional governor announced on Saturday that a Ukrainian drone had struck a multi-storey apartment building in Russia's fourth largest city, Yekaterinburg. This was the first attack in the city since the start of the Russia-Ukraine war. Denis Pasler wrote in the Telegram app that there were no deaths, but minor injuries had been reported and one woman was admitted to hospital. He said that residents of the building were evacuated. "All emergency services work quickly." A video posted on X, a social media site, and confirmed by showed smoke pouring from the top of a high-rise modern building. The building's facade was blackened heavily and several windows were blown. Ukraine has not yet commented. The Yekaterinburg drone incident came after an overnight Russian attack on Ukraine that killed seven people and injured dozens. The city of Yekaterinburg has 1.5 million inhabitants and is situated in the Ural Mountains,?in Sverdlovsk, a region that is home to many defence-related factories. It is located 1,900 km away from Kyiv, the Ukrainian capital. During the Ukraine Conflict, which began in 2022?, Russia bombarded Ukrainian target with artillery and drones. Ukraine?struck deeply inside Russia? with sabotage group and drones. They killed Russian generals while attacking oil refineries, oil pipelines, and oil refineries.
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Source: US considering using Defense Production Act for Spirit Airlines restructuring
Sources say that the administration of U.S. president Donald Trump is looking at using the Defense Production Act as a legal basis to bailout Spirit Airlines. CBS News reported the potential plan for the first time on Friday, citing U.S. officials who were familiar with the discussions. Sources said that the U.S. Government could use Title 3 of the Defense Production Act to invest in industrial capacities to ensure supply chains to support national defense. Kush Desai, White House spokesperson, said that the Trump administration is "continuing to explore possible options" in order to keep the airline?in operation' for both its employees and passengers. He said that reporting on the'mechanism or the structure of financing should be considered as speculation. Defense Production Act (DPA) is a?emergency authority which allows the U.S. Government to force private companies to prioritise federal contracts and increase output of critical goods. The Defense Production Act?allows loans to private companies for national defense purposes. This measure could offer support to the airline. Trump said that his administration is looking to buy the airline at "the right price" on Thursday. He told reporters in the White House that if the price of crude oil drops, he would be able to sell it at a profit. Budget carrier Spirit, based in Florida, is running out of time. Spirit's lawyer said that the budget carrier needs to access its cash or obtain new financing by the end next week. A court hearing has been scheduled for?next Monday as the lawyers of the company and creditors try to reach an agreement on a bankruptcy exit plan. Spirit's outside lawyer said that the Trump administration had made a financial offer to help it exit bankruptcy. This was being reviewed by major creditors. Spirit creditors' lawyer said they reviewed the terms of the government's offer on Thursday. Sources say that the offer includes $500 million of?financing, and a condition for the government to receive warrants equivalent to 90% of Spirit equity. Spirit would be able to exit bankruptcy with the senior debtor in possession financing. This is its second restructuring since 2025. (Reporting and editing by Bhargav Aharya, Chris Reese and Bhargav Shepardson; Kanishka Singh, Christian Martinez and David Shepardson)
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Lavrov, the Russian Foreign Minister, says that US is ignoring international conventions and pursuing its own interest
In an interview broadcast Friday, Russian Foreign Minister Sergei Lavrov said that the United States had abandoned internationally recognised "diplomatic conventions" in pursuit of their own interests, particularly dominating the energy markets. Lavrov said, when he was interviewed by the Russian state television, that Washington's "dealings" with Latin America and Middle East were "returning us to a time where there was no international law." In an interview posted on the Foreign Ministry website, he stated that "the United States has declared that no one is allowed to dictate to them." It only cares about its own wellbeing and is prepared to defend that well-being through any means, including coups, kidnappings, or assassinations against leaders of countries who possess the?natural resources? needed by Americans. "Venezuela and Iran, our American friends do not conceal that it is all about oil." They have "a doctrine of dominance on global energy markets." Lavrov made reference to the 'capture of Venezuelan president Nicolas Maduro' in a U.S. military action in January and the death of Iranian Supreme leader Ayatollah Ayatollah Khamenei by joint U.S. - Israeli airstrikes towards the end of the month. Lavrov claimed that the United States had "cut off' Europe. He urged European states to abandon Nord Stream, a pipeline which carries Russian gas from Russia to Germany. This is not a way to approach international relations. Lavrov denounced 'European policy' as being driven by 'arrogance and disrespect for others. He said that the United States, in seeking to settle the four-year conflict in Ukraine, was also promoting "huge economic opportunities." "At the exact same time, all that I have just described happens in parallel. He said that we are being forced out of all global energy markets. If we are willing to do projects that will benefit both us and the Americans, then it is important that our interests are respected. We have not seen this yet. Rod Nickel, Editor of the Reporting (by Rod Nickel)
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New York Sues US over cancellation of $73.5 Million in highway funding
New York has sued the Trump administration over its decision to withhold more than $73.5m in highway funding because of the'state's refusal to revoke some commercial driver licenses. New York Attorney General Letitia James, and Governor Kathy Hochul announced on Friday that the legal challenge seeks to reverse last week's decision by the U.S. Transportation Department to cancel funding after the state refused to comply with the federal government's demand to revoke some driver's licenses. New York claims that the loss of funding places New Yorkers in danger, while USDOT reported in December that an audit had found New York was issuing commercial licenses illegally to foreign drivers. USDOT declined to comment immediately. Hochul stated that "New York is once again facing devastating federal cutbacks for no more than political revenge." "It is reckless and illegal to take money from our roads that is needed for safety upgrades." USDOT also threatens to withhold $147 million annually in future years. New York stated that revoking the licenses would "disrupt key industries who rely on commercial driver and could lead to bus shortages affecting families and schools." New York, California and other states have sued the Trump Administration over its refusal to release transportation funds. They accused it of political motives. A judge in March ordered the USDOT to unfreeze funding of about $3 billion for rail projects in Chicago. USDOT had canceled at least $9.5 millions in reimbursements since October, from grants previously approved by former president Joe Biden. The city called the funding suspension a political act of retaliation. (Reporting and editing by Edward Tobin; David Shepardson)
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The Avis rollercoaster brings a large index along with it
This month, the stock index of car rental company Avis Budget was taken on a roller coaster ride by white-knuckle traders. Avis shares fell 70% on Wednesday and Thursday. This was their largest-ever two day decline. They had previously quadrupled, a sign of investor euphoria for "meme stocks" that have taken on 'life of their own. These moves are often made by firms that do not have an exciting future and are subject to bets on their share price falling. Matthew Maley is the chief market strategist for Miller Tabak. He said: "Avis has matured - it doesn't do AI, and it won't cure cancer." It's chasing a short-term squeeze, which is ridiculous. It's a sign that money is sloshing about the system, looking for a place to go. DOW TRANSPORTATION'S WILD RIDE The Dow Jones Transportation Average was also dragged down by Avis, which is often seen as a barometer of the health of the U.S. Economy. The transport index was launched in 1896 and rose up to 33%, before falling back after Avis returned to earth. It also experienced its biggest single-day drop since March 2020. Investors said that the Avis incident -- where a company?currently worth $8 billion? moved an index that included firms like Uber, United Parcel Service and Delta Air Lines which are worth tens or hundreds of billions -- was the latest example of the limitations of "price-weighted" indexes. Price-weighted indexes are calculated by summing component share prices, rather than the market values used by the more widely employed market-value-weighted indexes such as the S&P 500. James St. Aubin said that a small company could wag the tail if it is compared to a benchmark. St. Aubin stated, "If you take a look at Avis it shows the types of problems with weighting schemes." On a market capitalization basis, it is only a fraction of the index. If you look at the index of prices, it's more like 20% since the share price is higher. The S&P Transportation Select Industry FMC Capped Index - a market-capitalization-weighted gauge tracking the same sector - posted muted swings. The index grew by 1.8% after a 2.4% drop on Wednesday. S&P Global declined to comment. The company owns Dow Jones and S&P and maintains them both. SQUEEZE MECHANICS Short squeezes were the primary cause of Avis Budget shares' action. Investors buying heavily shorted stocks pushed the price higher, forcing bearish traders to cover their shorts at higher prices. Investors borrow shares, sell them and then buy them back later at a lower price. They pocket the difference. According to LSEG, two hedge funds, SRS Investment Management Management and Pentwater Capital Management own together about 70% of Avis's outstanding shares. Pentwater Capital increased its stake recently, shrinking the float. Retail traders bought it up, adding momentum to meme-stocks and driving short sellers to billions of dollar losses in April. Avis was the single largest holding in the Roundhill Meme Stock ETF, an actively managed fund which targets stocks driven more by social media than fundamentals. The weighting for this ETF is 6.44%. Analysts are questioning if the Dow transport index provides meaningful insight on the sector and the U.S. economic - especially given the recent spike in oil prices due to the Middle East conflict. St. Aubin stated that no exchange-traded funds track the Dow Transport index. However, the S&P transport index is the basis for several funds including the $1.8billion iShares Transportation Average Fund. He said that most investors don't want to invest using a weighting system based on the price per share. The Dow Transport Index is based on Dow Theory, a century-old framework that holds that sustained movements in transportation stocks can confirm or deny trends of industrial activity. Some say that the Dow Theory has lost its relevance. Jay Hatfield is the chief executive officer and chief investment office at Infrastructure Capital Advisors. He said, "I don't think that Dow Theory really works, so I will just wish you Godspeed if you do follow it." "I find it anachronistic."
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Galp doesn't expect a shortage of jet fuel in Portugal
Galp, Portugal's sole refiner and dominant jet fuel supplier, said that it does not anticipate any disruptions in supply despite the concerns expressed by certain European airlines ahead of the holiday travel season. Galp has said that it produces around 80% jet fuel for Portuguese airports at its Sines refinery. The crude oil is sourced primarily from Galp’s offshore fields in Brazil. The import of smaller quantities is primarily to meet the European standards for sustainable aviation fuel and to cover periods of high demand. European airlines have warned of the possibility that the Iran conflict could trigger jet fuel shortages. Europe imports about 75% of its jet-fuel from 'the Middle East. Galp stated that in the past, imports were primarily sourced from refineries located in Asia and the Middle East. However, it will now prioritise the purchase of jet fuel imported from the United States and West Africa. It added that these imports are likely to be concentrated from May through October. Galp stated that "at this'stage and under the current circumstances, there are no supply disruptions expected in the next few months." The demand is fully met by the national production of the Sines refinery and the stock levels, as well as the jet fuel imported through contracts already in place. Galp has been implementing mitigation measures to bolster supply resilience since early March. These include daily monitoring of supply and demand, tracking geopolitical risk, contracting cargo earlier, increasing stocks, and diversifying sourcing.
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Union: Spirit Airlines employees must be protected by the US bailout
The?union that represents workers at Spirit Airlines stated on Friday?that any U.S. bailout for the bankrupt low cost carrier must protect its?employees. Marshall Huebner said that the Trump administration had'made a financial offer' to?help Spirit Airlines exit bankruptcy, which was being evaluated by its major creditors. The International Association of Machinists and Aerospace Workers (IAMAW), which represents Spirit's employees in the ramp service, has said that any bailout should not include "furloughs or layoffs" and must not involve shifting the burden to the people who run the airline. Spirit's problems predate the Iran War, but the spike in fuel prices that began late February has?made it worse. Huebner stated that the liquidation of Spirit will eliminate over 17,000 jobs, and result in billions of claims. The union cited an airline rescue program from the pandemic era that included restrictions on stock buybacks, dividends and executive compensation. Lawyers for Spirit creditors testified in court Thursday that they had studied the terms of the government offer, which sources claim includes $500 million of financing. The government is also required to receive warrants equivalent to 90% of Spirit?s equity. Spirit's second bankruptcy restructuring after 2025 would be able to be avoided with the senior debtor in possession financing. Donald Trump announced on Thursday that his administration is 'looking to buy the embattled carrier at the "right" price. He told reporters in the White House that if the price of oil drops, he would consider selling the airline for a profit. Spirit, a budget airline based in Florida, is running out of time. Huebner said Spirit needed a new financing plan or access to $240 millions of funds by next week. A?deal' would keep Spirit Airlines afloat at a time of higher fuel prices that are eating into the profits of carriers. However, the prospect of an American government-funded bailout is causing a backlash from the airline industry as well as members of Trump’s Republican Party. (Reporting and editing by Rod Nickel.)
U.S. aims to target China's grip over global ports with sweeping maritime missions
According to three sources who are familiar with the plan, U.S. president Donald Trump's government is on a quest to weaken China’s global network ports and bring in more strategic terminals to Western control.
This is part of an ambitious effort by the United States to increase its maritime influence. It is also designed to alleviate growing concerns in Washington about being at a disadvantage in the event of conflict with China.
The people said that Trump administration officials believed the U.S. Commercial Shipping Fleet was ill-equipped to support the military during wartime and Washington's dependency on foreign ports and ships is excessive.
Three people have said that the White House may consider supporting Western or American firms to purchase Chinese stakes at ports. The three people did not name any firms, but cited BlackRock's proposal to buy CK Hutchison's port assets in 23 countries including Panama Canal as a good case study.
They asked to remain anonymous because they were not authorized to speak publicly about the issue.
Requests for comments from the White House or U.S. Treasury were not answered.
Sources say that, in addition to Panama, U.S. officials are also concerned by Chinese holdings of maritime infrastructure, including in Greece, Spain, the Caribbean and U.S. West Coast Ports.
A spokesperson for the diplomatic mission of China in Washington stated that China has a normal level of co-operation with foreign countries within international law.
The spokesperson stated that "China has been against unilateral sanctions, which are illegal and unjustified. This includes so-called long arm jurisdictions and actions that violate and undermine the legitimate rights and interest of other countries through economic coercion and hegemony.
Beijing officials did not reply to our request for comment.
The U.S. Government views Chinese investments in ports around the world as a threat to national security, said Stuart Poole Robb, founder and chief intelligence officer of KCS Group.
He said that he was concerned about China using its assets to espionage or gain a military advantage, or disrupt supply chains in times of geopolitical crisis.
GREEK PORT IN CENTRAL FOCUS
Three sources confirmed that the U.S. will examine Chinese interests in the Greek Port of Piraeus. Piraeus, located in Athens in the eastern Mediterranean region, is an important hub for trade routes linking Europe, Africa, and Asia.
COSCO, one China's largest port and shipping group, owns 67% of the Piraeus Authority.
Sources close to Chinese shipping investors in Greece have expressed concern that Washington could target COSCO operations in Greece.
COSCO and Greek government have not responded to comments. Greek officials previously stated that they were not informed of any plans to take control of Piraeus.
Washington has already set COSCO as a target.
In January, the Department of Defense included state-owned COSCO on its blacklist of Chinese military-linked companies. The designation does not entail immediate bans for U.S. businesses doing business with the listed companies, but it can be interpreted as a sign that further actions are being considered.
The Development Research Center of the State Council (an official think-tank of China’s governing cabinet) said in a recent paper that the United States intended to attack China’s international influence through exaggerating the ‘China threat theory’ and use this excuse to force allied countries to choose sides in supply chain agreements.
The U.S. Administration has announced measures to increase America’s small commercial maritime presence in the world. This includes encouraging domestic shipbuilding. It also wants to expand access U.S. controlled shipping registries and review global maritime chokepoints to assess shipping risks.
China has a vast network of ports that it owns or leases through its state-controlled companies, such as China Merchants in Shanghai and SIPG.
A report by the Council of Foreign Relations (a U.S. think tank) published last year stated that China, through its various companies, had invested in 129 ports projects around the world as of August 2024.
According to U.S. Navy estimations, China's shipbuilding capacity is 230 times greater than that of U.S. shipyards, so it may take decades for the U.S. to catch up.
The U.S.'s maritime push has contributed towards tensions between the U.S. and China, who see port and shipping assets integral to their Belt and Road initiative. This is at a moment when both superpowers have already been at odds over trade and tariffs.
MEDITERRANEAN GATEWAY UNDER REVIEW
The U.S. Federal Maritime Commission began a review in March of seven chokepoints on the maritime route. It stated that it wanted to identify "regulations, policies or practices" that create unfavourable conditions for shipping.
This review examines the Strait of Gibraltar which separates Spain and Africa at the entrance of the Mediterranean Sea.
Two sources claim that the Spanish Prime Minister Pedro Sanchez's desire to strengthen trade relations with China has caused Washington to be concerned about Beijing's access its ports.
When asked to comment on Chinese port investments, a spokesperson for the Spanish Foreign Ministry said: "We do not know of any concerns or approaches from third parties in this regard and it is therefore not appropriate for us comment."
A spokesperson for the Spanish Port Authority confirmed that COSCO holds concessions to operate container ports in Valencia and Bilbao.
Since returning to the White House, Trump has taken a number of steps to increase U.S. power over the oceans.
In April, he signed an executive directive to revitalize shipbuilding capacities to expand the U.S. controlled vessel fleet.
His administration is looking at a proposal for a new shipping registry to be established in the U.S. Virgin Islands. This registry would allow vessels to fly a U.S. flag without meeting the more stringent standards of the U.S. domestic registry.
The U.S. will soon start charging Chinese-built or Chinese flagged vessels fees when they call at U.S. port.
Trump also wants to seize the semi-autonomous Danish Greenland territory, which is close to the Arctic and has important shipping routes.
Sources familiar with the plans say that this is the most ambitious attempt by the U.S. since Richard Nixon tried to boost domestic shipbuilding, commercial ship registry and U.S. maritime power.
Poole-Robb, a KCS analyst, said that the U.S. will likely continue to build alliances and partnerships in order to counter Chinese economic growth and power in the near to medium term.
CARIBBEAN SHIPMENT CONCERNS
According to three sources, the United States is also concerned about Chinese investments in Jamaica's Kingston Terminal, which is a major maritime transhipment hub for the Caribbean because of its location and deep water port facilities.
China Merchants owns a share in the company that operates Kingston's container port, along with France's CMA CGM. JISCO, a Chinese metals company, bought the Alpart refinery west of the capital and Port Kaiser in 2016.
According to a June study by the Center for Strategic & International Studies, China's presence at Kingston posed the biggest security threat for the United States of all Beijing port projects in Latin America & the Caribbean.
On a visit to Kingston in March, U.S. Secretary of State Marco Rubio, described China's strategy as being characterised by "predatory practices", using government-subsidised companies to "underbid everybody" and acquire assets.
A State Department spokesperson responded to Rubio's remarks by saying that the presence of untrusted equipment in critical infrastructure around the world, such as ports, increased the risk for U.S. security.
Jamaica's Ministry of Foreign Affairs and Foreign Trade spokesperson said that it was unaware of any U.S. communication about the reduction in China's influence on the Caribbean nation's maritime trade.
During the first Trump administration, there was some resistance to Chinese investment in the area.
Bruce Golding, former Jamaican prime minister who brought Chinese investment to the Caribbean nation, said: "I expect that the U.S. will increase pressure on us to reduce our engagement with China."
COSCO, on the other hand, has invested with local partners at the ports in Los Angeles and Long Beach, the United States. The White House has not responded to a question about COSCO's U.S. investment.
A senior executive at the Chinese operator of Darwin Port said that the U.S. firm Cerberus in Australia, founded by U.S. deputy secretary of defense Stephen Feinberg has expressed interest in purchasing the lease.
Anthony Albanese, the Australian Prime Minister, has promised to return the strategic port in the north to Australian ownership. He also reiterated this position during his July visit to China.
Albanese's Office referred to Albanese’s previous comments.
A U.S. official of defense, when asked to comment on the matter, said that Feinberg had not participated in any discussions or made any decisions about any acquisitions in which his former company might be interested.
Since the end of the term of President Joe Biden, Democratic and Republican legislators have scrutinized China's ownership of its ports. A U.S. Port official who is familiar with the issue confirmed this.
Carlos Gimenez said in February that the United States cannot and will not stand by as Communist China undermines our interests at ports.
(source: Reuters)