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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.
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Data shows that a new LNG tanker with Russian flag has started operations at a US-sponsored project
Data from LSEG showed that a newly Russian-flagged LNG Tanker - Arctic Express – has picked up a cargo from a floating storage unit used to 'trans-ship' gas from a 'project called Arctic LNG 2, a project which is subject to U.S. sanctions. Arctic LNG 2, originally planned to be Russia's biggest LNG plant with a final output of 19,8 million metric tonnes per year, continues its operations despite U.S. restrictions, with China as the main buyer. According to LSEG, Arctic 'Express' loaded a LNG cargo near the arctic port of Murmansk in June and headed west. The destination of the cargo was unclear. Arctic 'Express' was one of the two new LNG tanks?that have appeared on Russia's registry in recent weeks. According to Equasis, the tanker carried the Sierra Leone flag until May 1. Avacha, formerly T?Handan (flag of Panama), was the other tanker that has recently been added to the registry. These tankers were constructed in 2007 and 2008. Both vessels have been reflagged with the Russian flag. Russia added four more LNG carriers to their fleet a few months ago: Orion (Luch), Merkuriy (Merkuriy) and Kosmos. All four were built in 2005-2006 and transferred to new owners before being reflagged as Russian vessels. After the European Union banned imports of Russian LNG under short-term contracts on April 25, Moscow has sought to diversify its LNG supply. A ban on long-term agreements will be implemented by the EU on January 1, 2027. (Reporting and Editing by Susan Fenton).
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Austrian supreme court rules against Ryanair add-on fees
The Austrian Consumer Information Association (ACIA) announced on Monday that low-cost carrier Ryanair had lost a case in Austria's Supreme Court over certain?passenger charges, including a fee for airport check-in. Austria is the latest country to reject some of Ryanair’s charges. The airline announced last week that it would no longer charge parents for sitting with their children, after the British Competition Watchdog opened an inquiry into the policy. VKI, a consumer group, reported that an Austrian court on May 14 ruled that 14 clauses of Ryanair's Terms and Conditions are illegal. VKI brought the case for the Austrian government. The ruling relates to fees such as a EUR55 ($63), airport check-in fee, EUR15 for printing a boarding pass, EUR25 infant charge and a maximum EUR160 name change fee. The court found it problematic that certain charges can also be applied in cases where an airline may have been at fault. Petra Leupold is the head of VKI’s legal department. She said: "The Supreme Court has made it clear that additional charges should be transparent, and they shouldn't unfairly disadvantage consumers." VKI stated that the decision could allow passengers to claim fees they have already paid. Ryanair rejected some of the interpretations made by the consumer group and said that the court did not declare its pricing model illegal nor order retroactive reimbursements. VKI's spokesperson stated that they had failed to win such cases in two lower courts. The court ordered that?Ryanair cease using the clauses in Austria within 3 months.
Special Report-Iran consolidates control of Hormuz through island checkpoints and diplomatic deals, as well as sometimes 'fees.'
The crew of the tanker gathered courage and navigated carefully along the route designated by Iran. They hugged the coast and manoeuvred their massive vessel between island checkpoints in the Strait of Hormuz.
Agios Fanourios 1, a 330 metre long vessel, loaded with Iraqi crude and bound for Vietnam had been bottle-?up near the coast of Dubai, since late April. On May 10, the tanker set out for the Strait of Hormuz after an agreement with Iran, overseen by Iraq’s Prime Minister. The Iranian orders to the tanker are part of the complex multi-tiered system that Iran has used for clearing vessels across the Strait of Hormuz. With Iran now in de ?facto control of the strait, the system can involve government-to-government arrangements, intense vetting by the Iranian government and sometimes fees in exchange for safe passage, has found. The ship's progress in Vietnam, Iraq and Greece was closely monitored by two people, who were interviewed by. The transponder would go dark periodically, but I was still able to sail on the Agios Fenourios. A projectile struck another ship nearby that day and caused a small fire.
The Agios Fanourios 1 icon was displayed on screens late May 10. According to an Iranian official, speedboats from the Islamic Revolutionary Guard Corps stopped the tanker as it passed?Hormuz Island.
The IRGC soldiers who were initially letting the ship through the strait now order the ship to stop. The Iranian official stated that there was a suspicion of smuggled goods and they wanted to inspect the vessel.
The vessel was given Iranian permission to continue a few hours later. This turned what would normally be a five-hour journey through the Strait into a two day ordeal.
One of the people who was monitoring the trip said, "Once we heard that Agios had passed Hormuz we breathed a huge sigh,"
Eastern Mediterranean Shipping, the manager of the ship, and six other people who knew about the passage confirmed that no payments had been made.
Konstantinos Sakellaridis wrote that he had "reasons to believe" that Iranians were oblivious to the transit Agios Fanourios I due to pressure from Iraq and Vietnam.
The Iranian government has not responded to requests for comments about the new mechanism, or the voyage of the Agios fanourios I. Iran’s grip on Strait of Hormuz - the conduit for a fifth of global oil supply - has caused the world economy to be in turmoil. In order to reveal how Iran has been consolidating its control over the strategic chokepoint, we interviewed 20 people who had knowledge of this evolving mechanism. These included Asian and European shipping officials and Iranian and Iraqi official, as well as Iranian and Iraqi officials. We also reviewed Iranian documents relating to the vetting procedure and analysed the movements of ships. Together, these documents provide a rare glimpse into the Iranian scheme, in which the powerful Islamic Revolutionary Guard Corps plays a key role.
The sensitive nature of the topic made all sources request anonymity. Some details about the Agios fanourios I's journey could not be independently confirmed, but they matched the accounts of multiple maritime officials who were involved in managing the same route and navigating it for cargo ships as well as tankers.
According to the U.S. Military, by early May, there were around 1,500 vessels in the Gulf with 22,500 sailors on board. This bottleneck is caused by Iran's ability, from the coast of the Gulf, to hit ships in the strait. The conflict has become the worst energy crisis in history, according to the head of the International Energy Agency. The U.S. Navy responded by imposing a blockade on Iranian ships and their cargo, with a cordon around the Strait.
A trickle of ships have made it through the waterway. According to an unpublished analysis from the U.S. company SynMax Intelligence, between April 18 and may 6, less than 60 ships passed through. In the days before the war, 120-140 ships would pass through the strait every day. About half were oil tankers.
U.S. laws prohibit American citizens from transacting with the Iranian government. Non-Americans who deal with Iranian entities may also be subject to "secondary sanctions". Many Western governments also maintain their own restrictions and sanctions relating to Iran. The U.S. Treasury Department released a statement May 1 warning about the risks associated with making payments to the Iranian regime or obtaining guarantees from them for safe passage.
The new Iranian mechanism includes a tiered system giving preference to ships linked to its allies Russia and China, followed by countries such as India and Pakistan with close ties to Tehran, and then government-to-government agreements that let vessels like the Agios Fanourios I pass, found.
The U.S. Department of Treasury responded to questions about the system by saying that it was prepared to take action against foreign companies supporting illicit Iranian trade.
It is not possible to determine independently how many ships have used this scheme. Iran said that ships connected to the United States and Israel, who launched aerial attacks against Iran in late-February, may not be allowed to cross the Strait.
Two European shipping sources said some vessels that aren't covered by government-to-government deals are paying Iranian authorities upwards of $150,000 to secure safe passage through the Strait of Hormuz.
Two senior Iranian officials said that security and navigation fees are charged to ships, but the amount varies depending on the cargo. Two senior Iranian officials did not provide specific figures but said that "not all countries pay these fees."
Could not independently confirm whether the amount levied against vessels or the total amount flowing into Iranian coffers was accurate.
"THE NEW NORMS" Under international maritime law governments are not allowed to charge for the safe passage of a strait. As long as all ships are treated equally, fees can be charged for security or service. Secrets are kept about these payments and the names ship owners who paid Iranian authorities for their vessels to be retrieved, because such payments would violate U.S. sanctions against Iran's government. Could not determine the method of transfer or which Iranian entity received the money.
According to two maritime insurance specialists, in addition to being charged, violators will also lose their insurance coverage if they make payments to the IRGC that would benefit it, as?it is a terrorist organization internationally designated.
Danny Citrinowicz is a former Israeli Intelligence officer who specializes in Iran research and analyses.
Citrinowicz said that the Iranian regime's approval was required to open or close the Straits. He is currently working at Israel's Institute for National Security Studies. "Some will pass through due to political alliances. Others will pay a fee, and others will be sent back. "This is the new normal."
China's Ministry of Foreign Affairs, in response to Iran's findings regarding its new control system, called for the opening of the Strait of Hormuz and expressed concern about "future arrangements" for the strait.
The statement from the Ministry said that "such arrangements should comply with the law and practice of international law, and take into consideration the legitimate security concerns and demands of coastal states as well as the legitimate claims of regional countries and international community."
Checking for affiliation
According to three Iranian and one European source, outside of government agreements the process for securing Iranian permission to transit includes a detailed vetting by the Islamic Revolutionary Guard Corps (IRGC), Iran's elite combat force. According to the sources, the IRGC examines a document called an affiliation that is provided by a ship operator or owner and submitted via an intermediary.
The European shipping source said that the affiliation check was to determine if there were any connections between the vessel and the U.S. The Guards review documents for about a week, and they may also want to inspect the ship during this time, according to the source.
According to documents sent by Iran's Persian Gulf Strait Authority to sources in the shipping industry, the IRGC requires shipowners to disclose information including the value and origin of the ship's cargo as well as the nationalities of its crew. In recent weeks, the authority was established to tax and approve vessel transits.
According to three senior Iranian officials, the vetting of ships is done by Iranian state institutions, including the Ports and Maritime Organization, Ministry of Industry, Mine and Trade, national shipping organization, and security overseer of Supreme National Security Council. Officials said that the IRGC which oversees Iranian security is also involved in evaluating the vessels.
The countries must also contact Iran's Foreign Minister to ask for permission. One of the officials stated that the minister then forwards them to the Supreme National Security Council which includes representatives of Mojtaba Khamenei and the IRGC.
The official added that "a decision is made and then communicated to all relevant bodies, including the IRGC," he said. The official added that the IRGC gives the necessary coordinates and instructions for safe passage.
According to two sources familiar with the deal, the Iraqi government and its state-owned oil marketer SOMO worked together to negotiate a deal with Iran for the Agios Fanourios I under the supervision then-Iraqi Premier Mohammed Shia al-Sudani.
Three Iraqi officials from the oil ministry said that they had sent the Iranians the crew and manifest information for the Agios fanourios I before the passage.
The Iraqi government has not responded to a question about its arrangements with Iranian officials or details about Agios Fanourios.
Other countries have negotiated different agreements. India is one of them. It imports 90% of its oil and 50% of its natural gas. A large portion of this passes through Hormuz.
According to an official in the Indian shipping ministry, New Delhi uses its embassy at Tehran to communicate with Iranian authorities including the IRGC, the Iranian navy and other Iranian agencies. These entities vet the ships India wants to leave the Gulf.
"Once all is verified, the captain of the ship is given a course to follow and the ship leaves the area under the guidance of the Iran Navy. Officials said that captains were strictly instructed to adhere to the "given route". He added that ships are instructed to turn off location transponders, and to not use satellite communication.
An Indian source familiar with the process said that after Iran gives permission, the Indian Navy contacts the shipmasters of Indian flagged vessels in the Gulf directly and provides them with waypoints.
The Indian navy told us, too, that you should stop if they ask you to. The source stated that "if they tell you to move you should move," and we have been following these instructions.
India's Shipping Ministry announced on May 14 that 13 Indian flagged vessels had cleared the Strait of Hormuz while another 13 remain west of the waterway.
India, Russia Pakistan and Vietnam didn't respond to our requests for comments about Iran's control of the Strait.
FRAUGHT?
According to three Iranians and two sources from the shipping industry, clearing multiple Iranian waypoints is a common requirement for many ships as they leave the Gulf of Aden and enter the Strait of Hormuz. These are often manned by armed personnel.
The Agios fanourios I passed through the Iranian military checkpoints in Abu Musa, Greater Tunb, and Larak. These coordinates were verified using the publicly available location data of the ship and other sources that knew about similar journeys.
According to an Iranian official who was familiar with that incident, when the vessel approached Hormuz Island at the mouth of the strait it was briefly halted by the IRGC speedboats. He claimed that there was some information on possible smuggled goods aboard.
He said that the information was incorrect. After a short period of confusion, the Agios fanourios I resumed its journey.
The Indian shipping industry source stated that a similar chaotic communication was likely the cause of an attack on two Indian flagged ships trying to cross the Strait of Hormuz in the last month. Indian sailors trapped in the Gulf are scared by these incidents.
The Indian shipping source said that these ships do not have any armor or other protection. "The bullets penetrate through." He added that the only targets for shooters are the crew quarters. "They cannot shoot at the tanks, because they are carrying flammable liquids."
A bulk carrier sailed by an Indian sailor through the Strait of Hormuz. The ship waited for permission from the IRGC before it left the Gulf. The Iranian navy then established contact and instructed the ship to proceed towards Larak Island. The naval officials then ordered the captain of the ship to reveal the details about the ship and display its flag. They began talking with the shipping company. The Iranians asked repeatedly about the crew's nationality.
He said that "after a few hours, the IRGC gave the captain a route." The ship, escorted by smaller Iranian navy vessels, was instructed to steer with caution for fear of mines. He said, "It was an incredibly frightening sight." "I cannot even imagine in my wildest fantasies going to sea during a conflict."
Even if vessels make it to the other side of the Strait of Hormuz the ordeal may not be over. The Agio Fanourios 1 was caught in the U.S. Navy blockade a day after leaving Iranian waters. The tanker was tethered to a triangle for six days as the American military processed its paperwork.
"U.S. "U.S. forces ordered the Malta-flagged ship to turn around in order to enforce the ongoing blockade," Capt. Tim Hawkins is the spokesperson for U.S. Central Command.
Sakellaridis said that Vietnam had pressured the United States into letting the ship through. He said there was no reason to stop it in the first place because "the vessel and cargo did not have any Iranian involvement."
It is not possible to determine how many ships the Americans have stopped since the blockade began on April 13th. The Agio Fanourios I, which was seized on April 13, was released without explanation on May 16. The ship is loaded with 2,000,000 barrels of crude oil and will be heading to Vietnam. Reporting by Devjyot Sharma in New Delhi, Gavin Finch, Gavin Finch, Gavin Rasheed, Parisa Hafezi, Ahmed Rasheed, in Baghdad. Florence Tan, Jonathan Saul and Nerijus Adomatis contributed additional reporting. Rene Maltezou, Sunil Kataria, Sunil Adomaitis and Florence Tan also provided editing. Lori Hinnant edited the article.
(source: Reuters)