Latest News
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Malaysia's Capital A "ordeal" to unify AirAsia's seven airlines is nearing its end
Capital A, a Malaysian company, said that it had met all the conditions for selling its AirAsia business to AirAsia X (its medium-haul low cost sister company) by December. This will unite seven airlines under a common banner. Capital A announced that all key conditions for disposal have been met. This includes consent letters from creditor, approval by the Thailand Stock Exchange, and commitments made to raise new equity. AirAsia, founded in 2001 with just two aircraft, has grown to be one of Asia's leading budget airlines. Capital A, which was severely affected by the pandemic travel restrictions, has been classified as PN17 by Malaysia's Stock Exchange. The company will exit this status by the end if the year after the deal. Over the past year, we've overcome every obstacle and approval to close these deals. "We are now at the end of what seemed like an endless ordeal," Tony Fernandes said in a press release. AirAsia Group will be the name of the unified group. Capital A will focus on travel and digital operations. By December, the parties expect to have completed other procedural requirements like Capital A's reduction in capital and distribution of its shares and AirAsia X listing. Capital A divested its aviation unit last April, when AirAsia Group acquired AirAsia Bhd, without having to pay a purchase cost, since Capital A transferred its outstanding debts to the airline operator. The company has reported a record loss for the full year 2020 of 5.1 billion Ringgit. ($1.21 billion). In fiscal year 2024, the company reported a loss in 475 million Ringgit.
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LME to implement permanent restrictions on large-position holders
The London Metal Exchange said Thursday that it intends to set permanent rules imposing restrictions on members who have large positions in contracts near them due to low inventory levels. Hong Kong Exchanges and Clearing Ltd., the world's largest and oldest market for industrial metals which is owned, placed temporary restrictions on June following a spike in premiums for copper contracts near by. LME stated that these measures were implemented in response to a low-stock situation combined with large positions in nearby dates. This had led the LME Special Committee to instruct market participants to reduce their large on-exchange position. Recent premiums on zinc near you have reached record levels, after inventories fell by around 85% this year. Maintain orderly markets The LME stated that it believes that a permanent rule, which applies to all market participants who have significant positions on nearby prompt dates, is the best way to maintain orderly market conditions. In June, the LME announced that it had taken steps to prevent the emergence of a "corner" or "undesirable condition" on the market. In a Thursday statement, the LME stated that the restriction required holders of long positions greater than total stock levels to loan back to the market with a zero-premium. It added that the new rule expands restrictions on positions closer to delivery known as "tom next" positions. Zinc, the premium on the cash contract for the three-month forward Last week, the price of a metric tonne was $339. On Wednesday it had fallen to $133. The LME announced that a consultation period would run until 21 November. (Reporting and editing by Bernadettebaum and Alexander Smith; Eric Onstad)
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Vietnamese airline Vietjet orders 100 Airbus jets, 40 Rolls-Royce engines
Vietjet, a Vietnamese airline, has agreed to order 100 Airbus planes worth billions of dollars. The companies announced this in a statement released on Thursday. Vietjet has also ordered 40 Rolls-Royce engine as part of its expansion plans. To Lam, the top leader of Vietnam, visited Britain in order to strengthen ties between London and Vietnam. According to a joint statement, the airline has placed orders for 100 Airbus A321neo aircraft, following an non-binding Memorandum of Understanding signed with Airbus in June. Vietjet, in an internal document, said that the deal, which was valued at $25 billion but did not specify if it included additional planes, engines, or services, was not disclosed. The budget airline is involved in a dispute with the London High Court regarding a payment due for four leased aircraft. It also confirmed an agreement to purchase 40 Trent 7000 engine for 20 Airbus A330neo planes. The Vietjet contract showed that the deal had a value of $3.8 billion. This was a value which hadn't been disclosed before. Rolls-Royce announced the agreement back in June but refused to comment on its value. Reporting by Phuong nghuyen, writing by Francesco Guarascio, editing by Gareth Jones & Tomaszjanowski
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Internal memo: Qantas digital and customer chief steps down after cyber breach months later
Qantas Chief Customer and Digital Officer?Catriona larritt is set to step down at the end of the month, according an internal memo seen on Thursday. This comes months after Qantas suffered one of Australia's largest cyber breaches. Vanessa Hudson, the CEO of the group, wrote to her staff that Larritt would leave the group in order to "pursue opportunities external to the group". Larritt joined the group in 2015, and worked for the airline's Jetstar and Freight units. According to the company's website, she assumed her current position in September 2023. Her responsibilities include customer experience, branding, marketing, and technology. In July, the airline reported that more than one million customers' sensitive information, such as their phone numbers, dates of birth, or addresses, had been accessed in the cyber breach. Hudson stated that after Larritt's resignation, Danielle Keighery, the corporate affairs chief, will be in charge of brand and marketing. Andrew Monaghan, the risk chief, will be in charge of cyber security. Keighery will also be reporting to Petra Perry, the chief marketing officer and her team to help restore the group's reputation and brand. Hudson said that the chief information security officer Matt Biber will also report to Monaghan. This team, which includes cyber security experts, will bring more governance to Monaghan. (Reporting and editing by Eileen Soreng in Bengaluru, Sherin Sunny from Bengaluru)
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Minister: Polish jets intercepted Russian aircraft in the Baltic Sea
Polish MiG-29 jet fighters intercepted Russian reconnaissance aircraft over the Baltic Sea Thursday, the second incident of this kind in the past week. Poland's Army said on Wednesday, that Polish jets intercepted on Tuesday a Russian aircraft conducting a reconnaissance flight in international airspace above the Baltic Sea without a flight plan filed and its transponder off. Kosiniak-Kamysz stated that the same incident occurred today, with MiG-29s intercepting a Russian reconnaissance aircraft over the Baltic Sea. He did not provide any further information. Since September, countries on NATO's Eastern flank have been on alert for possible airspace incursions. This is after three Russian jets violated Estonian airspace for 12 minute, just days after over 20 Russian drones entered Polish airspace. (Reporting and editing by Ed Osmond, Anna Wlodarczak Semczuk and Pawel Florkiewicz)
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WPP's new CEO of the ad agency starts his tenure with a warning about profits
WPP warned about its profit on Thursday, after a decline at its flagship media-buying agency caused a larger-than-expected fall in the third-quarter's net revenue. This revealed the challenge facing Cindy Rose as she attempts to turn the advertising group around. Rose, the former Microsoft executive, who took charge last month, after the British firm suffered a string big losses in clients, said that the numbers were unacceptable and that she would "dramatically simplify" WPP. The group's shares fell to their lowest level in 17 years after the company reported a decline of 5.9% in net revenue like-for-like for the third quarter. It also said that the decline for the year could be up to 6.0%. The consensus of the company had predicted a drop of 4.5% for the entire year. WPP, who lost its crown last year as the largest ad agency in the world to France's Publicis, has said that it was hit by a decline at its ad buying and planning agency WPP Media. Feel the pain of client losses WPP expects net revenue to drop by 5.5-6.0% between 2025 and its previous forecast of -3.0 - 5%. Its operating profit margin will be at 13%, which is below the lowest end of its previous range. It said that the volatility of client spending and the customer losses from earlier in the year were compounding the impact on the quarter. Rose stated that it was "absolutely crucial" to turn around WPP Media (formerly GroupM), but was confident of its improved focus on data and AI. She told reporters that she was beginning to see signs of early success, with clients such as M&S Maersk, and Mastercard. Rose's predecessor Mark Read streamlined WPP, merging six major groups including Ogilvy & VML. She said that he hadn't adapted quickly enough to changing client needs, which included more data and AI and simplicity. Rose, the British group's CEO, described Publicis' data capability as "future-proof and competitive". WPP announced last week that brands will be able to use its AI-powered platform to create, plan and publish their campaigns. She said that "we are committed to the hard work it will take to turn around this business," adding that she would present a complete strategic plan by the end of the year. She said that one change would be to give a stronger push towards enterprise and technology-based solutions. WPP shares were down 11% to 320 pence this morning after falling as low as 13%. This gives the group a total market capitalization of $4.63 billion. In 2017, it was valued at 24 billion pounds.
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Cheniere Energy announces a rise in its third-quarter profits on the strength of LNG demand
Cheniere Energy announced a higher third-quarter profit Thursday on the backs of a strong demand for natural gas liquefied. In 2024, the U.S. will be the largest exporter in the world of liquefied gas. It is expected to ship 11.9 billion cubic foot per day (bcfpd). After Donald Trump took office, the commercial activity in this sector gained momentum. According to preliminary data released by financial firm LSEG, the U.S. exported a total of 9.1 million metric tonnes (MT) in September. Cheniere exported 646 cargoes of LNG or 2,237 trillion British Thermal Units in 2024. Cheniere's LNG revenues were $4.30 billion during the third quarter of 2008, up from $3.55 billion a year ago. The company reported a net profit of $1.05 billion or $4.75 a share for the quarter ending September 30 compared to $893 million or $3.93 if you compare it with a year ago. (Reporting from Tanay Dhumal, Bengaluru. Editing by Krishna Chandra Eluri.)
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Muscovites are happy to have sound-proof booths at metro stations for their calls
Moscow Metro installed soundproof booths in two of its busiest stations so that people can make urgent calls without being distracted by other passengers or the screech from train tracks. Irina is a sales rep who refused to reveal her last name. She said that she would continue to work while traveling underground by using the booths located in the vast hallways between the platforms. "I work remotely so sometimes I need to work here and now. "If I need to complete an urgent task, I could use a booth to pretend I'm in an office," she said. In the 1930s, the Soviet Union’s Communist rulers envisioned the opulent Moscow Metro stations as accessible palaces for ordinary workers. Many of the stations are decorated with mosaics, intricate reliefs and chandeliers. The booths at the busy intersections of Komsomolskaya Station and Nizhegorodskaya Station are welcomed by many passengers. You can work, but you can also rest and talk on the phone. Alexei, an undergraduate, said that there are so many people on the Moscow Metro. Sometimes you just need a few minutes of silence to accomplish something important. They are available for booking in advance through a smartphone app and have sockets that allow users to charge their devices. Authorities plan to install additional booths in other stations. The booths, said Nikolai the pensioner, made him proud of his hometown. If I'm correct, London and Tokyo have nothing similar. Moscow has it and it is great. "A big city needs quiet for a simple call," he said. (Reporting and Editing by Gareth Jones).
Europe introduces last Vega rocket with observation satellite
Europe's Arianespace has introduced the last Vega rocket, positioning the Sentinel2C satellite into orbit under the European Union's Copernicus program to monitor Earth's environment.
The slender single-body rocket, which does not have boosters strapped to its side unlike bigger cars, spotted into the night sky at a launch base in French Guiana at 10.50 p.m. regional time on Sept 4 (0150 GMT on Sept 5), streamed images revealed.
The launch ends a 12-year profession for the small launch vehicle, created by Italy's Avio. It is being changed by the upgraded Vega C, which is because of go back to service later on this year after being grounded following a launch failure with the loss of two powerful imaging satellites in December 2022.
Constructed by Plane Defence & & Space, Sentinel-2C will change Sentinel-2A, which becomes part of a pair of satellites operating within the Copernicus program.
It will be utilized to study deforestation, urban development and emergencies such as forest fires, floods or volcanic eruptions, Mauro Facchini, head of the Copernicus system at the European Commission, told press reporters before the launch.
The European Space Company, which partners the EU on the job, has said Copernicus is the world's largest environmental monitoring effort.
Together, the programme's six families of Guard satellites aim to read the planet's crucial indications from carbon dioxide to wave height or temperature levels of land and oceans.
In 2022, Copernicus Sentinel-2 satellite images highlighted serious dry spell damage to Italy's Po Valley.
(source: Reuters)