Latest News
-
Alstom receives $1.9 billion order from PKP intercity in Poland
Alstom, a French train manufacturer, announced on Wednesday that it had signed a contract worth 6.9 billion zlotys ($1.9 billion), to supply and maintain trains for Poland’s national long distance rail operator PKP. Alstom shares rose by more than 3% early in the afternoon following publication. The agreement includes the delivery and maintenance of 42 Coradia Max electric double-deck multiple units. This train is capable of reaching speeds of up to 200 km/h. It also includes 30 years of full service maintenance, as well as an option to purchase 30 more trains. In a press release, PKP Intercity CEO Janusz malinowski stated that "we want to see the first passengers boarding the new trains within three and a quarter years."
-
IDS, Royal Mail's operator, warns that margin pressures will persist into 2026 due to rising costs
International Distribution Services, a Royal Mail subsidiary, said on Wednesday that rising costs and macroeconomic uncertainties would continue to affect margins in 2026. This comes after the company reported a slower growth of revenue for the first half fiscal year 2025-2026. The group's revenue for the six-month period ended September 28 grew by 1.6%, to 6.45 billion pounds (8.66 billion dollars), slower than its 8.2% increase in the previous year. That growth was boosted by the UK general elections of 2024. IDS, the company that includes Royal Mail and GLS (international parcel network), said it faces cost pressures including increased National Insurance contributions in the amount of 120 million pounds, and higher wages costs for its UK operations. Royal Mail's parcel volume grew 5% in the first half to 661 millions, but addressed letter volumes fell 10%, excluding those sent for last year's election. GLS parcel volume rose 3% to reach 460 million. Royal Mail's volumes are typically boosted during election periods by the influx of political mailings, official voting cards, and postal ballots. Martin Seidenberg, CEO of the company, said that despite the slower growth the company still aims to expand the network to include 45,000 Royal Mail parcels points by 2030, and to increase GLS parcels points beyond their current 125,000 base. The EP Group, owned by Daniel Kretinsky, a Czech billionaire and philanthropist, closed the acquisition of IDS last June. They had committed to protecting Royal Mail's more than 500 year old history and its employees and customers. Raechel Thankam Job, Bengaluru (reporting) and Vijay Kishore, editing.
-
E.ON expresses concern about German grid reforms
E.ON, Europe’s largest energy grid operator, expressed concern on Wednesday that the new rules on how much German power network operators can earn from investments would not reward their funding adequately. Nadia Jakobi of E.ON Finance, who spoke to investors following the presentation of nine-month results said that the uncertainty surrounding the regulation which determines power grid returns over the next five years starting in 2029 was "greater" than what we expected. The German grid regulator is in the final stages of finalising its reform proposal, which includes a cap on the earnings of grid companies to balance the need for lower consumer bills with incentives to investors. Jakobi stated that the current framework draft does not accurately reflect the grid operators' costs of financing. He added that E.ON could consider legal options in the event the final proposal did not meet the company's expectations. REGULATOR SETS RELEASES E.ON shares dropped to their lowest level in over two months, and were down by 4.5% as of 1226 GMT. Grid operators including E.ON say that they need to increase their earnings caps in order to pay for expansion of power grids, which is required to provide infrastructure for AI driven data centres. The regulator's current recommendations regarding grid financing reform are not public. Jakobi stated that the regulator indicated that the current version was "close to the final" and that "proposals in general must be attractive enough to encourage investments." Analysts at Bernstein said that it was not clear whether E.ON will have enough clarity by February 2026 for a decision on upgrading investments in German networks. E.ON had earlier announced that its investments had increased by 8% over the first nine-months of the year. It also confirmed its outlook through 2025. (1 dollar = 0.8575 euro) (Reporting and editing by Miranda Murray, Jane Merriman and Christoph Steitz)
-
Einride, a self-driving truck company, will go public through a SPAC deal valued at $1.8 billion.
The Swedish autonomous trucking firm Einride announced on Wednesday that it had agreed to become public in the U.S. via a merger between Legato Merger Corp III and a blank-check company. This deal valued the company at approximately $1.8 billion. Listing comes after a surge of electric vehicle startups that went public during pandemic-era SPAC with the goal of capitalizing on huge demand for clean energy vehicles and government incentives to purchase battery-powered automobiles. Since then, a number trucking and vehicle technology startups, including Nikola, Lordstown Motors and Proterra, have failed due to competitive pressures and operational challenges. They also suffered from rapid cash burn because of high production costs and inability to reach profitability. As they look to commercialize the self-driving tech, which is under intense regulatory scrutiny, autonomous trucking companies are seeking to automate logistics and shipping in order to meet the increased demand for faster freight deliveries. Einride wants to increase its growth by attracting up to $100,000,000 in private equity investment. The deal was also strengthened by the $100m it raised from institutional investors in October. After the transaction closes, the existing management of Einride will continue to run the firm. A SPAC is a shell company that raises funds through an IPO in order to merge with a privately owned business and bring it public. This provides a faster route to market than a conventional IPO. Einride, a Swedish company founded in 2016, has its headquarters in Stockholm. Its business revolves around self-driving technologies for trucks. The company has more than 25 enterprise clients, including GE Appliances, and has a fleet around 200 electric cars. (Reporting and editing by Shailesh Kuber in Bengaluru. Zaheer Kachwala is based in Bengaluru.
-
SpiceJet, an Indian airline, reports a larger loss due to a weaker passenger traffic
SpiceJet, the cash-strapped Indian airline, posted a larger quarterly loss on Tuesday. The drop in passenger traffic as well as rising foreign exchange costs were to blame. The company lost 6.34 billion rupees (roughly $72.1 million) in the third quarter of last year, compared to a loss 4.42 billion rupees one year earlier. SpiceJet is still struggling to increase its fleet capacity, despite numerous fundraises and agreements with lessors. The carrier is relying on wet lease arrangements to increase capacity in advance of the holiday season which falls during the third fiscal quarter. SpiceJet's passenger numbers dropped by 22.5%, to 751,000 passengers during the quarter. The company's revenues dropped by 13%, to 7.08 billion rupies. Ajay Singh is the chairman and managing director of the company. He said that while the results show short-term costs associated with fleet revival and expansion they are strategic investments which will begin to yield results in the current quarter. The eight-fold increase in foreign exchange losses added to the pressure on margins. The forex losses amounted to 1.88 billion rupees or 26.5% of the total revenue.
-
Maguire: Gigawatt growth – How global power pipelines are taking shape.
Once projects currently in construction are completed, and power is directed onto electricity grids and generation systems, the global power generation capacity will increase by just under 25%. Global Energy Monitor's data shows that 1,450 GW of new power capacity are currently being built globally. When completed, this will increase the power footprint in the world from 8,000 GW up to 9,500 GW. The majority of fossil fuel capacity is being built by coal-fired power plants, with the remaining two-thirds coming from renewable energy sources like solar and wind farms. Asia is the region that accounts for nearly all of the planned capacity expansions. The Americas are currently the second largest area of construction. Here is a breakdown on the power pipelines currently being built, based on power sources and geographic locations. It also shows how new projects will impact the final mix of power generation. CLEAN BREAK Solar farms are the biggest contributor to the 950 GW clean energy capacity that is being built. Around 345 GW new solar power capacity is currently under construction. Around 267 GW of hydropower capacity are currently under construction. Wind farms follow with 251 GW. Around 82 GW new nuclear capacity, 7.5GW new bioenergy, and 1.8GW new geothermal energy are also under construction. GEM data indicates that clean energy sources currently account for approximately 46% of all power in operation. However, after the completion of a clean-heavy pipeline of construction, they will represent 49% of total power. FOSSIL MOMENTUM A third of global power pipelines being built will use fossil fuels. Around 275 GW of coal-fired generation is currently being constructed around the world. A further 215 GW is being built of gas-fired capacity, which will increase the total fossil fuel production capacity from 4,326 GW to 4,815 when all projects are completed. After all the clean and fossil fuel capacity is completed, the fossil fuel share in global generation capacity will drop to 51%. ASIA-DRIVEN Asia is the leading region for the construction of new power plants, with 84% of the projects under construction currently located in the area. Asia is home of around 83% all clean energy projects, and 85% all fossil fuels projects. This is a testimony to China's massive energy needs and manufacturing power in energy components. Asia has 99% of coal-fired power capacity in the world, and 68% of new gas-fired capacities are being built there. GEM data indicates that once the projects currently in construction are completed, Asia's share in global power capacity will increase from 53% to 58%. Around 65% of new power capacity will be powered by renewable energy. This will bring Asia's current power mix up from 37% clean and 63% fossil fuels to 44% clean and 56% fossil fuels. When projects are completed, the Americas will lose 21% of its current power capacity. Once current construction is completed, the mix of America's power capacity, which is currently fairly evenly split between clean and fossil sources, will change to 51% clean and 49% fossil fuels. Europe's share in global power capacity is expected to fall from 19% down to 17% after all construction projects are completed. The continent's share clean of total power will stay largely the same at 68%. After the current work is completed, Africa and Oceania are expected to continue having a share of approximately 4% in global power generation. Once construction is completed, Africa's clean-fossil energy capacity will change from 28% clean and 72% fossil fuels to 33% clean and 67% fossil fuels. Oceania will shift from an even mix of fossil and clean fuels to a mix of 54% clean fuels, 46% fossil after current construction projects have been completed. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
-
Bousso: The IEA's optimistic oil forecast is a wink to Trump and a wake-up for the world.
The latest International Energy Agency outlook indicates that oil demand could continue to rise into 2050. This is a dramatic shift from previous reports, and it serves as a reminder of the importance of black gold in the global economic system. The IEA published its annual World Energy Outlook on Wednesday. It outlines different paths for energy demand up to 2050. This is a fairly routine release, but this year it has become a political issue. The U.S. administration of President Donald Trump has accused the Paris-based energy watchdog of politicising its report that suggests fossil fuel demand could plateau in 2030. Chris Wright, the Energy Secretary of the United States, has called the idea of peak oil demand "sensical". The 2025 report presented a new scenario that showed that oil consumption will not plateau by 2030, but instead will reach 113 million barrels a day at mid-century. This is an increase of around 13% over 2024. TROUBLING MESSAGE ABOUT GLOBAL WARMING The Current Policy Scenario's (CPS) "existing policies", which are baked into it, range from renewable energy mandates to fossil fuel extraction laws and construction standards. The CPS scenario, which is the most common among IEA's projections, takes a "prudent perspective" in regards to the adoption rate of new technologies. It therefore gives fossil fuels a greater role in the future. This reversal may be welcomed by former critics of IEA as a dose of reality that is needed to counteract the organization's green tendencies. To be fair, the previous scenarios were probably overly optimistic regarding the implementation of climate friendly policies and the move away from fossil-fuels. The message CPS sends is disturbing, even if you put aside the political issues. The report indicates that temperatures will rise by 2.9 degrees Celsius above pre-industrial levels in 2100. This is far more than the 1.5 degree target set by scientists to prevent the worst impacts of climate changes. If you're right, then the world is in serious trouble. CPS IS BASED ON QUESTIONABLE ASSURANCES However, the CPS is based on some very questionable assumptions. It assumes, first, that recent technological leaps, which led to a sharp drop in the price of batteries, renewables and electric vehicles, will stagnate or even decrease in certain countries until 2035. The report also assumes that internal combustion engine efficiency will slow after 2035. This is a trend that has lasted for decades. The CPS's optimistic oil demand forecast is based on a conservative estimate of the growth rate for EV sales. In 2025, EVs will account for 25% of global new car sales, up from 5%. The energy outlook is impacted by the projections related to automobiles because today, road transport accounts for 45% of oil consumption worldwide. The CPS assumes that the EV market share in the United States, India and China will remain at 15%. It is difficult to extrapolate from the fact that EVs have become cheaper and more advanced in recent years to project future demand. Will U.S. customers really continue to use an old technology when newer technologies become more affordable? The CPS also assumes that gasoline and diesel will continue to increase in consumption until 2050. This would require new refinery capacity. This type of investment, which is capital intensive, will not be possible unless oil prices continue to rise for a significant period. Obviously, higher gas prices will make internal combustion vehicles less competitive with battery-powered cars. CPS is based on the assumption that the barriers to the adoption and development of low-carbon technologies are only going to increase. These assumptions are somewhat baffling, given the huge investments that are expected to be made in this field globally. Investments in clean energy technologies are projected to reach $2.2 trillion by 2025. NET 'ZERO HOUR'? The IEA has a right to acknowledge the political and economical realities that have prevented the world from meeting various climate commitments. The IEA is correct to note that climate change has slowed down in recent years due to the shock of energy prices that came after Russia's invasion in Ukraine in 2022. Energy security has become the focus of attention, as opposed to energy transition. After President Trump withdrew the United States from the 2015 Paris Climate Accord on the first day his second term, the United States dealt a severe blow to energy transition efforts. Since then, he has rescinded many of the green policies and regulations that were the hallmarks of his predecessor. The energy transition remains an economic necessity. This is because the scientific consensus shows that the rising costs to prevent climate change are far greater than the costs associated with deploying cleaner technologies. The IEA's forecast will be a sobering read as world leaders and scientists gather at the COP30 Climate Summit in Belem Brazil. Subscribe to my Power Up newsletter to receive my weekly column, plus additional energy insights and links trending stories in your mailbox every Monday and Thursday. Subscribe to my Power Up Newsletter here. You like this column? Check out Open Interest, your essential source for global commentary on financial markets. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
-
Hindustan Aeronautics, India's Hindustan Aeronautics, posts 11% increase in quarterly profit. Key margin contracts
Hindustan Aeronautics Ltd. (HAL), supported by strong orders, reported a higher second-quarter result on Wednesday. However, weaker operating margins caused its shares to fall 3% following the results. For the three-month period ending September 30, the state-owned manufacturer of fighter jets' consolidated net profits rose 10.5%, to 16.69 billion Rupees ($189.89 millions). HAL has seen increased activity as a result of India's drive for self-reliance in the defense sector. In the Union Budget, the government allocated 6.81 trillion rupiahs to the Defense Ministry and earmarked an additional 1.8 trillion rupiahs for local procurement. HAL, however, reported a margin of earnings before taxes, depreciation and amortization of 23.5% in the third quarter, compared with 27.4% one year earlier. The total expenses rose 17.3% due to a 32.8% increase in the cost materials. HAL said in May it expected to maintain an EBITDA margin of around 31% this year. HAL has signed contracts with the Indian space agency ISRO, the Defence Ministry and other government entities related to space during the first quarter. Revenue increased 10.9% to 66.29 Billion Rupees. Peer Bharat Electronics announced a higher quarterly profit at the end of October.
RPT-Airlines fly over Afghanistan as Middle East ends up being the higher risk
Singapore Airlines, British Airways and Lufthansa have actually increased their flights over Afghanistan after years of mostly preventing it now the Middle East conflict has actually made it seem a relatively safe alternative.
The providers mainly stopped transiting Afghanistan, which lies on major routes in between Asia and Europe, 3 years ago when the Taliban took control of and air traffic control services stopped.
Those services have yet to resume, however airline companies significantly think about the skies between Iran and Israel are riskier than Afghan airspace. Numerous had actually begun routing through Iran and the Middle East after Russian skies were closed to most western carriers when the Ukraine war began in 2022.
As disputes have evolved, the calculus of which airspace to utilize has actually altered. Airlines are looking for to reduce danger as much as possible and they see overflying Afghanistan as the more secure option offered the current stress in between Iran and Israel, Ian Petchenik, a spokesperson for flight tracking organisation Flightradar24, stated.
There were more than seven times the variety of flights over Afghanistan in the 2nd week of August than throughout the same period a year earlier, according to a Reuters analysis of FlightRadar24 information.
The shift began in mid-April during reciprocal rocket and drone attacks in between Iran and Israel. Flight tracking data from the time shows Lufthansa, Singapore Airlines, British Airways and others started to send out a few flights a day over Afghanistan. But the main growth has been given that the killing of senior members of militant groups Hamas and Hezbollah in late July raised issues of a major escalation.
Some pilots are concerned.
You're depending upon the analysis of your airline. Every time I fly out there, I do not like the sensation of flying over a. dispute location where you do not know, in fact, what is. happening, said Otjan de Bruin, an industrial pilot and head of. the European Cockpit Association.
It's always safe enough, until tested otherwise.
Lufthansa Group told Reuters it decided to resume overflying. Afghan airspace from early July.
Other providers that have actually increased overflights considering that April. include Turkish Airline companies, Thai Airways and. the Air France-KLM group, data programs.
Based on actual security details, KLM and other. airlines presently safely overfly Afghanistan just on particular. routes and just at high elevations, KLM told Reuters.
British Airways, Thai Airways, Turkish Airlines and. Singapore Airlines did not react to requests for comment.
Taiwan's EVA Air began from late July, flight. tracking data programs. EVA informed Reuters it selects routes based upon. safety, the current worldwide situation and flight. advisories.
POLICY'S ROLE
The path changes have been assisted in by aviation. regulators relieving guidance on Afghanistan.
The U.S. Federal Aviation Administration (FAA) in early July. stated airplanes could fly at a lower elevation over a sliver of. north-eastern Afghanistan, the Wakhan Passage, which is used to. cross from Tajikistan to Pakistan - opening that course to more. kinds of flights.
A year previously, the FAA raised its restriction on overflights for. the entire nation, however said planes need to remain above 32,000 feet. ( 9,753.6 m) where surface-to-air weapons are thought about less. reliable.
But couple of started utilizing Afghanistan till April.
Although more traffic has actually been using the airspace without. occurrence, there is no warranty of crew or passenger security if a. airplane has to land, flight security group OPSGROUP said in July.
In the absence of air traffic control, pilots crossing. Afghanistan speak to nearby airplanes over radio according to a. protocol prepared by U.N. aviation body ICAO and Afghanistan's. Civil Air Travel Authority.
European aviation safety regulator EASA said in a. conflict-zone details bulletin re-issued in July that. extremist non-state star groups stay active and might. sporadically target air travel centers in multiple ways.
The industry is haunted by the memory of Malaysian Airline companies. Flight MH17 from Amsterdam to Kuala Lumpur, which was shot down. over eastern Ukraine in 2014, as battling raged in between. pro-Russian separatists and Ukrainian forces.
EXPENSE AND LIMITED OPTION
Airlines are under pressure to save money after the loss. considering that 2022 of lots of much shorter paths through Russian airspace, and. as they re-build from the pandemic.
There are few global guidelines that determine which areas. of airspace are safe and airline safety choices are left. mostly to the discretion of individual providers.
If an airline company can not fly through Russia, Ukraine or Iran,. central Afghanistan offers a more direct route into southern. Asia from Europe.
This route conserved us a fair portion of time and fuel,. OPSGROUP reported from a pilot in July who flew from Amsterdam. to Kuala Lumpur across central Afghanistan.
(source: Reuters)