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Officials say that ten people were killed and forty wounded by a heavy Russian attack in Ukraine
Officials in Ukraine said that ten people died in an overnight Russian drone and missile attack on a residential tower in Ternopil in western Ukraine. The overnight attacks on Ukraine, which targeted the energy and transport infrastructures, resulted in 40 more injuries. This forced emergency power cuts across a number regions at freezing temperatures. In the attack, the upper floors of a residential building in Ternopil was torn off. The tower block was engulfed in a haze of black smoke and orange light. Officials said that Russia had launched 48 missiles and more than 470 drones during the attack. Poland, a NATO-member state that borders western Ukraine, closed Rzeszow Airport and Lublin Airport in the Southeast of the country. Polish and allies aircraft were scrambled as a precautionary measure to protect its airspace. ZELENSKIY CALLS FOR MORE PRESSURE OVER RUSSIA Ihor Klymenko, Minister of Interior, said that all 10 deaths occurred in Ternopil. He added that 12 children were among the 37 people injured. Volodymyr Zelenskiy, the president of Ternopil confirmed that multi-storey residential building were hit and that others could be trapped beneath the rubble. He called on allies to intensify pressure on Russia in order to end the nearly four-year old war in Ukraine. This includes providing Kyiv more air defence missiles. "Each brazen attack on everyday life shows how insufficient the pressure is on Russia. "Effective sanctions and assistance for Ukraine can change this," said he on X. Officials from the energy sector said that there were strikes on energy infrastructure in seven Ukrainian regions. Witnesses in Lviv, a western city, reported hearing explosions. Although the full extent of damage is not yet known, consumers in the entire country have been restricted from using electricity. Reporting by Andriy P. Perun, Lidia Kelly and Anastasiia M. Malenko from Lviv; editing by Himani S. Sarkar and Timothy Heritage
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Fed rate cut will not affect most Gulf stocks
In early trading on Wednesday, most Gulf stock markets were subdued due to falling oil prices. Investors awaited the delayed U.S. employment report for clues about the Federal Reserve's rate policy. The price of oil, which is a major factor in Gulf financial markets' performance, fell on concerns about oversupply, but U.S. sanctions against the largest Russian producers have helped to limit losses. Brent crude traded at $64.53 per barrel as of 0810 GMT. The markets are now waiting for the delayed September non-farm employment report. Traders have priced in a 42% probability of a 25 basis-point Fed rate reduction in December. This is down from a near certainty one month ago. In the Gulf, most currencies are pegged with the dollar. The benchmark Abu Dhabi index edged down by 0.1%, weighed down by a drop of 1% in ADNOC Distribution as well as a fall of 4.1% in Response Plus Holding. Two Point Zero Group rose 4.8% while Presight AI Holding rose 1.8%. Seoul announced on Tuesday that South Korea had agreed to collaborate with the United Arab Emirates to build an artificial intelligence data campus, backed by the United States, in the Gulf. Dubai's benchmark index fell 0.1% with the majority of constituents in negative territory. Emaar Properties fell 0.7% while Al Ansari Financial Services dropped 1.1%. Saudi Arabia's benchmark index fell 0.1% with all sectors falling. Dar Al Arkan Real Estate and Bank Albilad both dropped by 1.2%. The chief executive of Dar Global, a developer's subsidiary, said on Tuesday that it hoped to fund a large part of its new Trump-branded resort in the Maldives using blockchain-based crypto tokens sold to U.S. retailers. ADES Holding increased by 1.4% after announcing that its merger with Shelf Drilling is expected to be completed on November 25, The benchmark Qatari index rose by 0.8%. This was due to gains across the board. Industries Qatar grew by 3% while Qatar National Bank grew by 1.1%.
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Serbian-owned oil company NIS seeks US license to resume operations
The U.S. Treasury Department’s Office of Foreign Assets Control has received a request from Serbia’s Russian-owned NIS Oil Company, which is sanctioned by the U.S. Treasury Department. It requests a special license that will allow uninterrupted operations. The statement stated that "in line with the current status of negotiations between shareholders, interested parties and the company, a request for a new license has been made to OFAC to enable the company to continue its operations while negotiations are underway on a viable solution for NIS." OFAC imposed sanctions against Russia's oil industry, including Gazprom, in January. However, for NIS which operates Serbia's sole oil refinery, the sanctions were repeatedly delayed and came into force on October 8, according to a statement. Aleksandar Vucic, the populist president of Serbia, said on Sunday that Serbia had seven days to take steps to resolve its crisis with NIS. Washington wants to see the Russians divest from NIS. On Saturday, it granted a license to its owners that gives them three months in which they can find a buyer. Gazprom and Gazprom each own 11.3% of NIS, while Serbia holds 29.9%. The rest is held by small investors.
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Jet2 launches a share buyback to boost profits
Jet2 announced on Wednesday that it would be able to meet market expectations for annual operating profits and also announced a buyback of shares. This was after a strong demand from its customers for the airline's flight-only services helped Jet2 achieve a higher interim profit. Early trading saw a 5% increase in its shares. To combat short-notice bookings, and industry-wide challenges such as rising costs and operational costs, the group behind 'Nothing Beats a Jet2 Holiday' has implemented price increases on its holiday and flight offers. Jet2 also plans to expand its Gatwick Airport operations to meet the demand of more travelers and to reach out to them. The company hopes that this new base will be profitable by fiscal 2029. According to the Leeds-based company, the trend of booking holidays nearer the departure date has continued. In a press release, CEO Steve Heapy stated that customers may book later but they still want to enjoy their well-earned holiday in the sun. He also announced a share buyback of 100 million pounds ($131.4 millions). Analysts at J.P.Morgan noted that the outlook was "relatively difficult" in the near term, after a small reduction of winter capacity as well as the persistence of summer trends. Jet2's operating profit grew by 2%, to 715.2 millions pounds, for the six-month period ended September 30. In a press release, the company stated that analysts expect an operating profit of 453 million pounds for the year ending on March 31, 2026, excluding Gatwick costs.
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Flydubai CEO: Range and size was the driving factor for Airbus order
Flydubai's CEO said that the airline had chosen Airbus A321neo aircraft at the Dubai Airshow in this week due to their size and range, but did rule out another order from Boeing. Ghaith al Gaith stated in an interview that Airbus has always had the door open since its 2008 debut. However, he described Boeing as his "home" and claimed the U.S. aircraft manufacturer would be stronger after its recent crisis. Al Gaith stated that "the door was never shut" because every time we went through an evaluation process, we laid everything out on the table. I also believe that when you place a large order, you must scale it or evaluate it based on its merits. Airbus won the a Provisional Flydubai has placed an order worth $24 billion for 150 A321neo aircraft. The airline also has the option to purchase another 100. This means Boeing is no longer the exclusive supplier of this fast-growing carrier. He refused to confirm whether flydubai will announce another order for Boeing jets during the air show from November 17-21. "We can't say with certainty what we are going to announce". "Boeing is like home to me." Boeing's leadership is very close to me, and I am also very close with them," said the CEO of the airline. He added that the "dynamics" of the planemaker had improved recently.
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China Gas Holdings hires an ex-utility LNG Trader to lead global Gas Trading
China Gas Holdings, a privately-controlled city gas distributor, has hired an ex-senior trader of the Chinese utility GCL Group as its head of global natural gas sales. Xiong Xin was the head of gas trading for GCL New Energy Holdings (a unit of GCL Holdings), a solar power company, until early 2024. He joined China Gas in Oct. Xiong has nearly a decade's worth of experience in trading at the state oil giant CNOOC, and privately owned Chinese gas company ENN, before he joined GCL. He now heads China Gas’ growing liquefied gas trading business, as well as liquefied petrol gas trading. Xiong confirmed his move and said he manages a staff of around 30 traders, analysts, and support staff in offices in Singapore and Shenzhen in southern China, where China Gas' headquarters is located. Xu Huilin's former boss at GCL New Energy joined China Gas as vice president and was in charge of both LNG business units and LPG business unit, Xu said. China Gas, a Hong Kong listed company, is China's largest independent distributor of city gas. Its annual sales are around 40 billion cubic meters. This represents about 9% of the national consumption. Xu and Xiong stated that the company plans to expand its LNG and LPG trade, with each having an annual turnover of approximately 4 million metric tonnes. The company has signed LNG long-term contracts with U.S. LNG exporters, including Energy Transfer Next Decade, and Venture Global. These contracts have a combined annual volume of 3.7 millions metric tons. The first shipments are expected to begin in 2027. (Reporting and editing by Kate Mayberry; Chen Aizhu)
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Romania scrambles fighter planes after drone breach in Russian strike on Ukraine
The defense ministry reported that Romania sent fighter jets to the scene on Wednesday after a drone violated its airspace as part of a Russian attack near the border on Ukrainian infrastructure. As Moscow targets Ukrainian port infrastructure from Romania across the Danube, drone fragments have fallen on the territory of this European Union and NATO member state. The Ministry said that the radar picked up a signal from a drone at 8 km in the national airspace, near the villages Periprava ad Chilia Veche of Tulcea County. It added that the drone signal had disappeared from radar and then appeared intermittently near villages in Galati County for 12 minutes. The ministry reported that Romania sent two Eurofighters, part of German air police missions in Romania, and then two Romanian F-16 fighter aircraft to scramble and warn citizens of the counties of Tulcea ad Galati in the south-east of the country. No reports have been received by the ministry of drones landing on Romanian soil. As a precaution, Poland, which is a NATO country bordering on western Ukraine, temporarily closed Rzeszow Airport and Lublin Airport in the southeast and scrambled Polish aircraft and those of its allies to protect the airspace. (Reporting and editing by Andrew Heavens; Luiza Ilie)
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Investigators claim that the cargo plane's engine was accelerating before it crashed in Hong Kong.
Initial investigation has revealed that the Turkish cargo plane which skidded off of the runway in Hong Kong last month killing two airport employees experienced acceleration after landing in one of its four engine. A preliminary report released by Hong Kong's Air Accident Investigation Authority late on Tuesday stated that the flight from Dubai operated by ACT Airlines for Emirates was normal up until shortly after landing. Report: The Boeing 747 cargo aircraft was dispatched without the thrust reverser of engine 4, which is allowed under aviation regulations. After landing, thrust reversers can help to slow down the aircraft by redirecting the engine thrust. Investigators reported that after the plane's automatic braking system was disengaged, the captain took over control of the aircraft. Soon after, the engine 4 on the right-hand side of the aircraft accelerated from 90% to 106% in 12 seconds. After the plane had veered off the runway, thrust reversers were turned on in the three other engines. The plane struck a security vehicle and pushed it into the ocean, killing two airport workers. The incident was the deadliest in the financial hub's airport in over 25 years. The report stated that all four crew members survived, but the plane had been destroyed. The tail section was ripped apart by the impact. Steven Dominique Cheung of the Hong Kong Professional Airline Pilots Association said that it is highly unusual for an aircraft to accelerate after landing. He said that with the right-side engine running at full power, and the other engines working to slow down the plane, "there is no way you can maintain the control." Boeing sent AAIA questions about the preliminary report. Emirates and ACT Airlines didn't immediately respond to comments. A full investigation is still needed to determine the cause of this crash. AAIA stated that it was gathering additional data, including technical issues relating to the aircraft systems, engineering problems, maintenance records, and flight crew qualification. Hong Kong's Transport and Logistics Bureau announced on its Facebook page that it would release a report final within one year in accordance with international standards. (Reporting and editing by Jamie Freed; Farah master, Farah)
Who is Boeing's new CEO Kelly Ortberg?
Boeing named former Rockwell Collins executive Kelly Ortberg as its brand-new President and CEO, entrusting the aerospace market veteran with turning the having a hard time planemaker around.
The consultation comes after months of consideration from Boeing as it tries to restore its reputation and addresses questions around safety after an Alaska Airlines run MAX 9 jet experienced a mid-air panel blowout.
Here are some truths about Kelly Ortberg, who begins the new task on Aug. 8:
WHO IS ORTBERG?
Ortberg, 64, is a Dubuque, Iowa native and has more than three decades of experience in the aerospace market. He holds a. bachelor's degree in mechanical engineering from the University. of Iowa.
PROFESSION
Ortberg began his career as an engineer at semiconductor. maker Texas Instruments before moving to airplane. electronics provider Rockwell Collins as a program supervisor and. holding essential leadership functions at the company prior to becoming. its CEO in 2013.
He steered the company's merger with United Technologies and. RTX until his retirement in 2021.
Throughout his period at Rockwell Collins Ortberg also oversaw. the company's development programs for Jet A350 XWB, Boeing. 787 and the Bombardier CSeries.
Ortberg likewise serves on the board of automobile parts. provider Aptiv PLC and utilized to chair the Aerospace. Industries Association (AIA) Board of Governors.
WHAT'S EXPECTED?
Ortberg's focus will be on navigating Boeing through its. safety and regulatory difficulties, while the United States planemaker efforts. to catch up with rival Jet.
There is much work to be done, and I'm looking forward. to getting going, Ortberg said after being appointed as. Boeing's CEO.
Apart from the Alaska Airlines fiasco, Boeing's. Starliner spacecraft has been docked to the ISS since June 6. after transporting its first team of astronauts there, having had. its test objective extracted after a series of concerns including. its thrusters and leaks of helium.
The company published
a loss of $1.4 billion
in the most recent reported quarter and continues to burn cash.
(source: Reuters)