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Oil prices rise as investors pay attention to Trump-Zelenskiy Meeting
After a failed U.S. -Russia summit on Friday in Alaska, oil prices rose 1% on Monday following talks between U.S. president Donald Trump and his Ukrainian equivalent. Brent crude futures closed 75 cents or 1.14% higher at $66.60 per barrel. U.S. West Texas Intermediate crude rose 62 cents or 0.99% to $63.42. Brent fell by 1.1% last week while WTI declined 1.7%. Trump and Ukrainian president Volodymyr Zelenskiy discussed a way to end Russia's conflict in Ukraine on Monday at The White House. Trump told reporters that Zelenskiy was sitting next to him in the Oval Office, and that he hoped that the summit on Monday would lead to a meeting with Russian President Vladimir Putin. He also said that he believed Putin wanted the war to be over. Trump said on Monday that Ukraine should give up on hopes of regaining the annexed Crimea, or joining NATO. After his Friday meeting with Putin, Trump was more inclined to agree with Moscow in seeking a peace agreement instead of a first ceasefire. Giovanni Staunovo, analyst at UBS, said: "I do not try to speculate about the outcome." The market is now focused on whether or not a date will be announced for the trilateral summit. The Alaska summit concluded without an agreement to end or pause war. Trump, however, emerged from the talks with a more aligned position with Moscow in seeking a peace treaty rather than first a ceasefire. Ukraine intensified its attacks on Russia’s energy infrastructure on Monday. The drones hit an oil pumping facility in Russia's Tambov Region, causing the Druzhba Pipeline to be shut down, which helped to support oil prices. Peter Navarro, White House's trade adviser, said that India's purchases were funding the conflict in Ukraine, and they had to cease. This raised concerns about oil supply. "India acts as a clearinghouse for Russian crude, converting embargoed oil into high-value imports while giving Moscow dollars it needs," Navarro stated. Priyanka Sackdeva, senior analyst at Phillip Nova, stated: "The U.S. advisor's harsh words on India's Russian oil imports, coupled with the postponed talks, revives concerns that energy flow remains hostage to diplomatic and trade frictions even as peace prospects for Ukraine are brightening." Investors will also be watching the comments of Federal Reserve Chairman Jerome Powell at this week's Jackson Hole conference for clues about U.S. interest rate. Hamas and Israel agreed on a 60-day truce proposal that included the release of the half of the hostages in Gaza, as well as Israel's release some Palestinian prisoners. An Egyptian official source confirmed this Monday.
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Air Canada CEO said airline "amazed" over unlawful union strike
Air Canada's Chief Executive Mike Rousseau stated on Monday that he was "amazed by" the union of flight attendants who defied the Canada Industrial Relations Board which declared the strike illegal. The Canadian Union of Public Employees has stated that the strike will continue until the carrier and the union negotiate wages and unpaid hours. Rousseau said in an interview that he was "still amazed" by the fact CUPE openly violates the law. This is disappointing to us. Rousseau, when asked about plans to resume services, said that "we are taking this day-by-day," but added that "the flight attendants need to show up." He said that the message he sent to the union was "this is a illegal strike." We are harming both our customers and our brand. Rousseau affirmed that he believes he's still the best person to guide the company through this turbulent period, and encouraged shareholders to rely on the "expertise and creativeness" of senior management. Analysts have claimed that shareholders are worried about the strike, and have asked if Air Canada would lose more money by settling with union than by stopping the strike. Reporting by Rajesh K. Singh in Chicago, and Allison Lampert from Montreal; editing by Leslie Adler and Chizu N. Nomiyama
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Zelenskiy meets with Trump at the White House
U.S. president Donald Trump announced on Monday that if a deal is reached to end Russia's conflict in Ukraine, the United States will "help" Europe provide security for Ukraine. This was as he began a hastily-arranged White House discussion to discuss a way to peace. Trump, who was seated next to Zelenskiy in the Oval Office, expressed his hope that the summit on Monday could lead to a meeting trilateral with Russian President Vladimir Putin. He also said that he believed Putin wanted the war to be over. Zelenskiy, along with a group European leaders, arrived in Washington under increased pressure by Trump to find a solution to end the conflict on terms that are more favorable to Moscow after Trump and Putin had met for almost three hours in Alaska last Friday. Zelenskiy said to reporters: "We must stop this war. We need to stop Russia. And we need your support, American and European partners." Trump welcomed Zelenskiy in front of the White House. He shook his hand, and expressed delight at Zelenskiy’s black suit. It was a departure for his usual military clothing. Trump replied twice to a reporter who asked him what message he wanted to send the Ukrainian people. Zelenskiy thanked Trump, who then placed his hand on Zelenskiy’s back as a sign of affection. The two men then went into the Oval Office where their previous meeting, in February, ended in disaster when Trump humiliated Zelenskiy in front of the television cameras. The leaders of Britain and Germany, France, Italy and Finland, as well as the European Union, NATO and the European Union joined Zelenskiy this time to show solidarity with Ukraine and demand strong security guarantees for any settlement after the war. Trump wants to end Europe's deadliest conflict in 80 years as soon as possible. Kyiv, along with its allies, are worried that he may try to force an accord on Russia's terms, after the President in Alaska on Friday rolled out a red carpet for Putin. The International Criminal Court has issued an arrest warrant for Putin for war crimes. According to the White House, the European leaders will then meet Trump in the White House East Room at 3 pm EDT (1900 GMT) following the meeting. It is unprecedented for such a high-level meeting to take place at the White House so quickly. At least 10 people were killed in Russian attacks on Ukrainian cities overnight, which Zelenskiy described as a "cynical effort" to undermine the talks. Trump rejected the accusations that the Alaska Summit was a victory for Putin. Putin has been in diplomatic isolation ever since Russia invaded Ukraine in 2022. Trump posted on Twitter: "I don't need advice from people who've been involved in all these conflicts for years and haven't been able to stop them." Trump's team said that both sides will need to make compromises to end the conflict. Zelenskiy has been given the responsibility to end the conflict by the president, who said that Ukraine must give up its hopes of regaining Crimea (annexed in 2014 by Russia) or joining NATO. Zelenskiy can "end the war with Russia immediately, if that is what he wants, or continue to fight," Trump stated on social media. PUTIN'S PROPOSALS Zelenskiy had already rejected the outline of Putin’s proposals at the Alaska meeting. These include the handing over of the remaining quarter in its eastern Donetsk Region, which is controlled by Russia. Ukrainian forces have dug deep into the area, and its towns and hills are a vital defensive zone that thwarts Russian attacks. A referendum would be required to approve any concessions of Ukrainian territory. Zelenskiy also wants an immediate ceasefire in order to hold deeper peace talks. His European allies also support this position. Trump had previously supported that idea, but changed his mind after the Putin summit. He now supports Russia's desire to negotiate an overall deal as long as fighting continues. Some developments have given Ukraine and its allies hope, such as Trump's apparent willingness of to provide security guarantees for Ukraine after the settlement. On Monday, a spokesperson for the German government said that European leaders will seek further details in Washington. Analysts estimate that the war began in February 2022 with an invasion of Russia. Since then, more than one million people have been killed or injured on both sides. This includes thousands of mostly Ukrainian civilians. It has also destroyed large areas of the country. Russia is slowly gaining ground on the battlefield by utilizing its superiority in terms of men and firepower. Putin has said he will continue to fight until his military goals are achieved. Ukraine officials said that a drone attack in Kharkiv, a northern city in Ukraine, killed at least seven individuals. This included a toddler as well as her 16-year old brother. Three people were killed in strikes on the city of Zaporizhzhia, located in Ukraine's southeast. The Defense Ministry's Daily Report did not mention any attack on Kharkiv. Olena Yakusheva, a local resident, said that the attack occurred in an apartment building where many families lived. She said, "There were no offices or anything else here. We lived peacefully here in our homes." Ukraine's military announced on Monday that drones struck a pumping station for oil in Russia's Tambov Region, causing the Druzhba Pipeline to be suspended.
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Air Canada union boss prefers prison to being forced to end cabin staff strike
The union leaders who are on strike against Air Canada announced on Monday that they would rather risk jail than have the cabin crews ordered back to work by the federal labor board. This is raising the stakes for a fight which has caused hundreds of thousands of passengers to miss flights during the summer tourist season. Even after the Canada Industrial Relations Board declared the strike illegal, the Canadian Union of Public Employees stated that the strike will continue until the carrier negotiates wages and unpaid hours. If it means that people like me go to prison, so be it. The union can be fined if that is what it takes. Mark Hancock, CUPE's national president, said at a recent press conference that they were looking for a way to resolve the situation. Mark Carney, Canadian Prime Minister, earlier in the day, pleaded for resolution. This comes at a time when the Canadian economy faces tariff pressures from its largest trade partner, the United States. Carney told Ottawa reporters that "we are in a situation in which literally hundreds of thousands Canadians and tourists to our country are disrupted" by the action. "I urge the two parties to resolve this issue as soon as possible." Air Canada suspended its guidance for the third quarter and full year 2025 after a third day of strike by over 10,000 flight attendants. Shares fell about 1%. Air Canada, which flies 130,000 passengers daily and is a member of the Star Alliance, was planning to ramp up operations Sunday night after CIRB had ordered the union to resume work and begin binding arbitration. Air Canada's executive sent a message on Sunday to its cabin crew, telling them that if they did not obey the board and return to work, they would be held accountable. Andrew Yiu is vice president of in-flight services for Air Canada's mainline service and the low-cost Rouge service. He said that your union did not explain that you are personally responsible for this decision if you do not return to work. The strike continues despite the fact that there is no lockout. Flight attendants are on strike for a contract that is negotiated. They are also demanding wages comparable to those of the cabin crew at Canadian airline Air Transat and full payment for all work done on the ground such as boarding passenger. Michael Lynk is a professor emeritus at Western University, London, Ontario. He said that the Canada Labour Code contains provisions which give the court and the board the authority to impose fines and sanctions on the union or individual workers. UNPAID WORK The majority of crew are paid only when the planes are in motion, which has sparked demands from unions to change this model. Social media users have also expressed support for the new model. Some passengers are becoming weary of uncertainty, even though they have expressed their support for flight attendants. Danna Wu, 35 said that she and her husband would have to drive to Vancouver from Winnipeg if the strike continues for a visa interview. The University of Manitoba student, who is a master's candidate, said that while she thinks Air Canada should pay their attendants more money, it's "not responsible" to strike, and leave thousands of passengers stranded. American Airlines and Alaska Airlines have signed new labor agreements that legally mandate the carriers start paying flight attendants as soon as passengers board. To force the end of the strike, the government can ask the courts to enforce an order to return to working and seek an expedited hearing. The minority government, which is on break until 15 September, could also pass legislation that requires the approval of both houses of Parliament. The government will not be able to take a heavy hand because the Supreme Court of Canada has ruled governments must be careful when taking away the right to strike even from public sector employees who may be considered essential, said Dionne Pohler. She is a professor at Cornell University and specializes in dispute resolution. Pohler suggested that another option would be to encourage bargaining. Last year, the previous Canadian government intervened to stop rail and dock strike that threatened to cripple Canada's economy. However, it is very rare for a union defy a CIRB Order. Reporting by Allison Lampert, in Montreal; Promit Mukherjee, in Ottawa; Ryan Patrick Jones, in Toronto; and Rajesh K. Singh, in Chicago. Gertrude Chavez Drefuss, Doyinsola Oladipo, Kyaw-Soe Oo, Aishwarya Jains in Bengaluru, and Doyinsola oladipo, in New York; writing by Peter Henderson, editing by Frank McGuinty, Margueritachoy, Arun K. Koyyur and Rod Nickel.
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Gupta lawyers do not appear at Trafigura fraud hearing
A London court heard that lawyers representing Indian businessman Prateek gupta failed to attend a hearing Monday due to funding problems in a longstanding fraud case brought by commodity traders Trafigura regarding nickel cargoes. Trafigura of Geneva, a major industrial metals trader and oil company, sued Gupta for $60 million in fraud in February 2023. It claimed that it was the victim in a $600-million nickel cargo scam masterminded by Gupta. Gupta said that Trafigura employees designed the scheme in the middle of the case, which substituted low-grade materials like scrap with high-grade Nickel. Trafigura, its employees and the company itself deny any knowledge of fraud. Preston Turnbull, Gupta’s lawyer, informed Trafigura on Friday and the court that they would be unable to attend Monday’s hearing about the use of documents for a separate arbitration. Edward Ho, Trafigura's lawyer, said that the Gupta defendants have repeatedly used this excuse throughout the proceedings whenever it suited them. It is without merit. Preston Turnbull has not responded to a comment request. Gupta's lawyers told a court in March 2024 that he was out of money to pay his legal fees. In June last year, Gupta switched to Preston Turnbull, a former Mishcon de Reya lawyer. Ho continued, "The court found previously, and I agree with it, that the Gupta defendants have access to sources of funding." "Alleged financial issues have been a repeated theme...to justify their failures to meet court deadlines or to comply with court order." Gupta has been granted several delays to comply with deadlines to disclose documents relevant to his case. The trial is scheduled to begin in November. Judge Robin Knowles granted Trafigura’s request on Monday to use nine documents revealed by Gupta during the current fraud case for a separate arbitration hearing scheduled to take place next month. Trafigura is involved in the arbitration case with Axiom Ltd, a Hong Kong-based company, because Trafigura sold a cargo provided by Gupta, but it was later found to not contain nickel. (Additional reporting and editing by Jan Harvey; Sam Tobin)
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Gas demand at the two largest US LNG plants is declining
According to data provided by financial firm LSEG, two of the United States’ largest liquefied gas export plants experienced a major drop in natural gas demand on Monday. This suggests that parts of these facilities may be down. According to LSEG, Cheniere's Sabine Pass facility in Texas that uses up to 4.5 billion cubic feet of natural gases per day was down to 3.7 bcf. Sempra Cameron LNG in Louisiana which processes 2 bcfd was down 1.3 bcf. Cheniere declined comment while Sempra didn't immediately respond to an inquiry for comment. Cameron is the United States fourth-largest LNG plant, while Sabine Pass has the largest. Together, they have kept the U.S. the largest LNG exporter in the world since 2023. According to LSEG, Monday's decline in demand from these two facilities brought the day's consumption down to 14,7 bcf - the lowest level for two months. U.S. Natural Gas Futures dropped about 1% Monday morning. Front-month gas contracts for September delivery at the New York Mercantile Exchange fell 2 cents, to $2.90 per 1 million British Thermal Units. Curtis Williams, Houston (reporting) and Jan Harvey (editing).
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Former New Hampshire Governor heads US airline lobbying group
The group announced Monday that former New Hampshire governor Chris Sununu will be the new leader of the trade group Airlines for America. Sununu passed up the chance to run for U.S. Senate 2026. American Airlines, Delta Air Lines and United Airlines are among the members of this influential airline lobbying organization. Sununu will replace Nick Calio on September 9th, who has been the leader of the group since 2011 and was a senior adviser to George W. Bush. Airlines have aggressively lobby Congress this year to spend billions to modernize America's aging air traffic system. They warn that it "fails Americans." Since years, the Federal Aviation Administration has had problems with staffing and technology. Public alarm was sparked by a series of high-profile incidents, close calls and the deadly crash in January involving an American Airlines Regional Jet that killed 67 near Reagan Washington National Airport. Congress approved $12.5 billion to reform air traffic control, but the airlines and Transportation Secretary Sean Duffy are asking for another $19 billion. FAA announced this month that it will extend flight reductions at Newark Airport, one of three major airports in the New York City region, until October 2026, as the FAA continues to struggle with air traffic controller shortages and congestion. The airlines have been fighting against a proposal that would lower fees charged by Visa or Mastercard. They claim that it could force the airlines to stop providing rewards credit cards which give frequent flyer miles when consumers make transactions. The airlines also succeeded in lobbying Congress to provide $54 billion for COVID-19 bailout money. (Reporting and Editing by Rod Nickel.)
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Caspian Pipeline suspends one mooring for maintenance for 3 weeks
Caspian Pipeline Consortium announced on Monday that it halted operation at SMP-3 on August 15, for maintenance which could take up to 3 weeks. It added that loadings were carried out via SMP-1 and SMP-2. CPC uses two moorings at the Black Sea Terminal, with one holding back as a backup. Three sources in the trade told us last week that Black Sea CPC blend crude oil exports would be just under 1.6 million barrels a day (bpd). This is a significant drop from the 1.66 million bpd that was scheduled to be loaded in August. The CPC pipeline, which connects Kazakhstan oilfields to export markets via the Russian Black Sea Port of Yuzhnaya Ozereyevka in Novorossiisk near Novorossiisk handles more than 80% all of the oil exported by Kazakhstan. (Reporting and editing by Hugh Lawson, David Goodman, and Vladimir Soldatkin)
Jetmaking commercial issues overshadow orders at damp air program
The world's. biggest air program fizzled out on Thursday with a strong new Saudi. jetliner order unable to resolve the gloom over current issues. in producing aircrafts fast enough to satisfy demand.
Britain's Farnborough Airshow opened previously today amidst. alarm signals from airline companies over falling yields or average. fares. However delegates said they remained above historical levels. and although peaceful, the show verified demand for wide-body. jets.
Airbus and Boeing posted about 40 company orders - a fraction. of current years - and were roughly level depending on whether. Qatar Airways' decision to come forward as the previously. unnamed buyer for an existing Boeing order was counted.
Consisting of initial new orders, Plane pulled ahead after. revealing an offer on Thursday for 90 planes consisting of 15. A330neos from Saudi carrier Flynas. reported talks with. Flynas on the design ahead of the show.
There was none of the triumphalism seen at previous occasions with. both major planemakers acknowledging they had other pushing. issues, including the inability of factories to keep up with. current need due to the fact that of interruption left over from the pandemic.
Almost everybody plays to the rhythm. But all it takes is. one piece of the puzzle that's missing out on and the puzzle is not. complete, Airbus planemaking CEO Christian Scherer told. . We have 4,000 suppliers that flow into one plane.
With the VIP chalets pulling down the shutters on a rainy. and suppressed air program, with only a drizzle of new airplane. orders, the exhibition halls where the global supply chain sets. up shop for the week were still humming with activity.
Inside the temporary bazaar, ideas from manufacturers. that the entire supply chain bears duty for the. industry's manufacturing problems were far from popular.
Did they tell you who broke it? stated a senior executive. with a business that makes little engine parts.
Many providers blame unrelenting cost cuts or shaky. production targets for deteriorating the supply chain.
Fewer than half of providers think industry production. targets will be accomplished on time, according to a McKinsey and. Aviation Week survey launched during the show.
Everybody needs more machinists however the (manufacturers). in some cases have a clunky method of authorizing brand-new suppliers, stated. Paul Marshall, sales director at family-owned UK accuracy. milling company B-Tech, which saw increased need at the program.
The final day of the event on Friday was because of be dedicated. completely to a crisis over the hiring of new workers after lots of. employees left or retired early during the pandemic - taking. with them abilities and experience terribly required to boost output.
PARTNERSHIPS
The immediate focus of investment remains in repair work capacity for. existing airplanes, where long waiting times have required airline companies. to leave jets grounded simply when they are required in the summer.
GE Aerospace said it would invest over $1 billion. over 5 years in its maintenance centers worldwide.
The focus on short-term supply concerns did not prevent one. or more gamers previewing their next relocations in a battle that is. just getting going over brand-new long-term aircraft developments.
Engine and planemakers are jockeying for position ahead of. the next round of single-aisle planes anticipated next decade,. replacing the workhorse Airbus A320 and Boeing 737 models.
Rolls-Royce took a more step towards re-entering a slice. of the market which it had deserted over a decade back, saying. it is making a smaller sized variation of its Ultrafan demonstrator.
Brazilian local planemaker Embraer, left. separated after the breakdown of alliance talks with Boeing in. 2020, restated it was looking for an international partner to. try in future to challenge the Jet and Boeing duopoly.
I believe we have actually been extremely clear on partnerships, we're. taking a look at China, we're looking at India, we're looking at. Turkey, we're looking at Morocco, we're taking a look at Saudi, Arjan. Meijer, Embraer Commercial Aviation CEO, told .
South Korea has likewise been approached, industry sources stated.
Boeing had a mainly uneventful show: a result seen as a. success for a company bogged down in bad headlines in recent months,. and branded directionless by industry commentators as it looks for a. brand-new CEO following a mid-air 737 MAX 9 panel blowout in January.
Airlines and providers stated the industry requires Boeing to. recuperate and some revealed aggravation that the business's crisis. continued, five years after the second of two fatal MAX crises. that expense it billions of dollars and shattered its reputation.
Even rival Airbus has grumbled about the unfavorable impact. on the overall market of Boeing's troubles.
I hope whatever they are doing is the right treatment for what. the problem is, however we desire it to be consistent, stated Ghaith. al-Ghaith, CEO of Dubai-based flydubai, a significant client.
We do not wish to hear 'more delays.' We desire them to be the. Boeing of old times that we rely on..
(source: Reuters)