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Indian billionaire Adani considering starting an airline, sources say
Two sources who are 'directly familiar with the matter' said that the 'group of Indian billionaire Gautam adani is pondering launching a brand new airline. This could reshape the competition in an industry dominated by IndiGo &?Air India. Sources declined to be identified as they weren't authorised to speak with the media. According to the first source, India has been encouraging business groups to start an airline, including Adani. This is due to the 'ongoing scrutiny' of Air India following 'last year's crash' and IndiGo's operational problems that caused widespread air traffic disruptions in December. Adani?did not immediately respond?to questions?from. Reporting by Abhijith Gaapavaram and Aditya Kalra, Editing by Jacqueline Wong & Jamie Freed
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Freight forwarder Kuehne+Nagel lifts 2026 operating profit forecast
Swiss logistics group Kuehne Nagel raised its 'operating profit' guidance for 2026 on Thursday. It cited strong performance in the second-quarter and its efficiency measures. The freight forwarder that operates in over 100 countries forecasts recurring earnings of between 1.35 and 1.55 billion Swiss Francs ($1.66 to $1.91 billion), up from its previous range of 1.25 to 1.40 billion Swiss Francs. A poll conducted by the company showed that analysts were expecting a median operating income of 1.41 billion Swiss francs in 2026. The recurring EBIT for last year was 1.24 billion Francs. In recent weeks, several major logistics companies have raised their earnings forecasts. They cite resilient demand, despite the economic uncertainty. K+N's second-quarter earnings, before interest and tax, grew to?381 millions francs, up from?342 million in the previous year, exceeding analysts' median expectations of 356 millions francs. The CEO Stefan Paul stated that "The Kuehne+Nagel Group achieved significant momentum in the 2nd quarter of 2026. This once again demonstrated its ability to position itself successfully in the market."
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Swiss stocks: Factors to be on the lookout for July 23
Here are a few of the major factors that may affect Swiss stocks this Thursday: COMPANY STATEMENTS GIVAUDAN Reports a?H1?net profit?of CHF475 million. CEMBRA MONEY BBANK Reports H1 Net Income CHF 92.3 Million. SFS GROUP Reports H1 adjusted margin of EBIT 13.3%. TEMENOS The company reaffirmed their full-year guidance for 2026 and?2028. KUEHNE UND NAGEL Reports Q2 revenue of?CHF 6600 Million NESTLE H1 results due. H1 results due. Galderma H1 results due. ANALYSTS' ?VIEWS CICOR TECHNOLOGIES LTD : BERENBERG ?CUTS TARGET PRICE TO ?CHF 165 FROM CHF 170 VAT GROUP AG : BERENBERG RAISES TARGET PRICE TO CHF 640 FROM CHF 600 ECONOMY No major Swiss economic data ?scheduled. (Reporting by Zurich newsroom and Gdansk newsroom) |1|For Top News in ?a multimedia Web format on ?Eikon visit: ?https://bit.ly/2NDFd6g FOR RELATED PRICES, NEWS AND OTHER TOPICS, DOUBLE-CLICK ?ON: Daily Swiss stock market ?report in German All SMI constituent stocks DJ STOXX index Top ?10 STOXX sectors Top ?10 EUROSTOXX sectors Swiss ?mid-cap index Swiss all-share index Swiss market digest Sector overview All Swiss news Swiss research news All equity news SPEED GUIDES: |1|
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Sicily's Cyclone Harry tests Italian insurance requirements
* Insurance coverage for sea storm surges is not mandatory Consumer confidence could be undermined by a case, warns regulator EIOPA data shows that Italy has the largest gap in Europe between insurance coverage and catastrophe risks. By Giselda Vagnoni CATANIA (ITALY), July 23: A cyclone which caused more than EUR1billion ($1.14billion) of damage on Sicily's coastline has exposed Italy's push to expand mandatory insurance for natural disasters. Many businesses were not covered for the risks that they faced in January when Cyclone Harry hit from Messina all the way to Syracuse. Some discovered that their policies covered earthquakes, flooding and landslides, but not storm surges or damage caused by cyclones. "If I'm near the sea, I will insure against a?storm surge,?not a river flood," Luca Faro said, the owner of a restaurant located in the small town of San Giovanni Li Cuti. Faro claimed he had suffered damages of about EUR400,000 to his windows, roofs, and refrigeration equipment as well as lost income for two months, yet received only EUR20,000 from the state and nothing from insurance, despite having a mandatory policy. It was introduced in Italy last year that businesses must have insurance on assets like equipment, buildings, and land. Those who do not opt-in could lose access to disaster assistance. It is not unusual for small and medium sized businesses, which are the backbones of Italy's economic system, to rely on government assistance after climate-related catastrophes. Unipol estimates earthquakes, flooding and storms will cost the Italian government around EUR7 billion per year. With the?public debt expected to be the highest in the Euro zone, Rome cannot afford to continue to pay for rising costs. Sicily's Business Association called the financial fallout of Cyclone Harry "paradox", which will lead to thousands of companies receiving little or no compensation. "Technically, businesses are insured, but they lack coverage in practice for the actual damage that has been incurred," said Marco Causarano. He is the head of the small-business lobby Confindustria, in the eastern city of Catania, Sicily. Guenther Thallinger, Allianz's board member, said that mandatory insurance is "very,?rarely, a solution". Instead, the discussion should be focused on risk awareness and adaptation, as well as risk avoidance. Scientists claim that a moist atmosphere and warmer seas linked to climate changes exacerbated the storm by increasing wind speed, rainfall, and coastal flooding. The highest wave ever recorded by the Italian Institute for Environmental Protection and Research, ISPRA, was 16.66 meters (55 feet) on January 20. Catania's normally bustling beachfront is still plagued by damaged roads and shuttered businesses five months after the storm. The aftermath of the cyclone could undermine trust in catastrophe insurance, just as the European Union pushes businesses and insurers to shoulder a larger share of climate-related loss. A report from the Brussels-based think tank Bruegel found that EU weather and climate catastrophes cost EUR822 billion between 1980 and 2024. Of this amount, a quarter occurred in the past four years. The report stated that only around 25% of the disaster losses in Europe were insured. Italy was behind many other European countries. Adolfo Ulso, the Minister of Industry and Commerce, said that Italy had to protect itself from catastrophic events like Cyclone Harry which "had never been anticipated" before. He did not elaborate. ITALY HAS ONE OF EU'S WIDEST PROTECTION GAPS The EIOPA, the insurance regulator of the European Union, said that Italy had one of the largest gaps in the coverage for natural catastrophes and the risk associated with them. Analysts said that the "protection gaps" will likely widen due to climate change, which is expected to bring stronger storms and more intense heatwaves in the Mediterranean. Unipol reported that of the approximately EUR101 billion cumulative losses in Italy between 2014 and 2025, EUR18,7 billion were covered by insurers, and the remainder by the private sector and public sector. Italy's mandatory insurance against natural disasters (Nat-Caf), is intended to close that gap. ANIA reported that although only 15% of Italy's 4.5 million business were insured by the end of 2025 coverage had doubled within a year. Paolo Angelini is the head of Italy's insurance watchdog IVASS. "Mandatory Insurance... marks a significant achievement?after 30 years' of botched efforts." Angelini stated in June that the standard contract only covers some risks and excludes others. He added that a gap between the risk faced by companies and the insurance they purchase could weaken confidence in the industry, reduce take-up rates and make it harder to pool premiums. Sicily's Business?Lobby claims that the problem is compounded because policy terms impose deductibles up to 15 percent and exclude business interruption. This leaves companies with a large portion of the damages as well as lost revenue. If you want to cover your company for adverse weather conditions such as cyclones, storms, hurricanes and hail, then you will need a weather-related event policy. This does not include storm surges nor damage from rough seas. "I paid EUR1,500 to the Nat-Caf, but only received the EUR20,000 contribution that the state?gave everyone," said Pinella?Alia, who runs a?Catania beach club, adding that she couldn't find an affordable storm surge policy. Insurance gaps have implications that go beyond disaster recovery. Without reliable coverage, banks could be less willing than ever to lend. Investments may slow down and the pressure on government finances will increase. Insurance companies are likely to increase premiums and reduce exposure in areas of high risk, fueling concerns about the emergence of "insurance deserts", such as those in California and Florida. There had never before been a Cyclone Harry along the east coast of Sicily. Angelini, from IVASS, said that if it happens again within five years, insurance rates will rise.
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EIA data show that the US demand for jet fuel reached a record high last week due to the Soccer World Cup.
Data from the U.S. shows that the demand for jet fuel in the U.S. reached a record last week, as soccer fans descended on New York and New Jersey to watch Spain play Argentina in the World Cup final. Energy Information Administration reported on Wednesday. The data shows that the U.S. jet fuel product supplied, which is the EIA’s way of measuring the demand for fuel based on how much fuel is leaving refineries and primary sources of supply, reached 2.15 million barrels a day in the week ending July 17. EIA data shows that the previous weekly record was 2,11 million barrels per day in December 2017. Giovanni Staunovo, an oil analyst at UBS, said that the World Cup was probably responsible for the increase in jet fuel demand. The first North American World Cup for more than 30 years was attended by record numbers of fans, who overcame early concerns about the impact that FIFA's high ticket prices and visa uncertainties in the U.S. might have on the world's largest sporting event. Analysis showed that more than half of the group stage matches had a capacity crowd, with the rest being only a few hundred people short. On July 19, the final match of the tournament, in which Spain defeated Argentina's defending champions in a dramatic, tense affair, took place in a New Jersey stadium packed with over 80,600 spectators. U.S. Transportation Security Administration reports that more than 2.9 millions passengers have passed through its airport security checkpoints in July. The increase in air travel during World Cup was welcome news for U.S. refining companies, who had been focusing their operations on maximizing jet fuel production over the?recent months as the Iran War?raised concerns about supply?around the globe and drove record demand to U.S. exports of fuel. EIA data shows that U.S. refiners and fuel blenders produced jet fuel at an average of 2.14 million bpd last week and 2.18 millions bpd in the previous week. This was a record for this time period. This year's World Cup, which was played in three countries (U.S.A., Canada, and Mexico), has seen a surge in air travel. In a June report, the International Air Transport Association stated that "fans following their team across venues will create inter-regional and cross-border flights." (Reporting and editing by Shariq Khalifa, Liz Hampton)
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Russia claims it has struck Ukrainian ports
On 'Wednesday, Russia announced that it had attacked the Ukrainian cities of Odesa and Chornomorsk. It said it had hit port infrastructure and vessels which it claimed were supporting the Ukrainian army. The Russian defence ministry stated that the latest strikes targeted a dry cargo ship at Chornomorsk Port, as well as military?cargo storage and fuel and oil storage tanks. The ministry said that a dry cargo ship and bulk carrier were also targeted by the drones. They were transporting military supplies to Odesa. In a separate statement, the ministry said that Russian drones had also 'hit three warehouses' storing Ukrainian drones. In a statement published late Wednesday evening by the Russian Defence Ministry on Telegram, it was revealed that Russian drones struck four cargo vessels?and one bulk carrier throughout the day in Black Sea waters as well as in the port of Chornomorsk. The statement said that the vessels were carrying cargoes for the Ukrainian military. Could not independently verify the contents of the statement. Russia and Ukraine, nearly 4-1/2 years after the start of the 'war, have increased?military activities in and around Black Sea and Sea?of Azov. Each?side has attacked dozens of?"ships, including oil tankers, cargo vessels, and other ships. Mark Trevelyan, Ros Russell, Ron Popeski, and David Gregorio edited the article.
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Football-Argentina's football Association denies reports that Tapia was summoned to US courts
The Argentina Football Association (AFA) said on Wednesday that it is "completely false" to claim that Claudio Tapia, the treasurer of AFA and Pablo Toviggino were ordered by U.S. court judges to provide 'evidence'. The AFA did acknowledge, however, a third-party was summoned before a U.S. Grand Jury and could potentially provide evidence regarding several people, including representatives from the organization. Local media reported that FBI agents had detained Tapia, Toviggino and the Argentina team at New York’s JFK Airport before they boarded the charter flight after the World Cup Final. They also requested Tapia’s devices. Infobae, a media outlet in Argentina, reported that U.S. authorities were investigating?more $300 million in AFA commercial contracts?. This comes amid a wider scrutiny of Argentine finances after raids conducted in December in a'money laundering probe. A witness said that federal agents questioned Tapia and Toviggino in a bus parked at the airport for 30 minutes as the Argentinean team 'prepared to board their flight. The Port Authority of New York & New Jersey, which is a transportation agency, referred the matter to the FBI. The FBI declined comment. The association did NOT name the third person summoned by U.S. courts, but they stressed that U.S. officials had not targeted Tapia nor Toviggino. It is a lie to say that Claudio Tapia, or Pablo Toviggino has been called to testify before the United States Justice System. The association also said that it was false to say their cell phones, or other electronic devices had been seized. The statement stated that the document "in question" did not impose any personal measures on the AFA President or Treasurer. It also does not impose any procedure obligations on them, nor does it record any seizure or confiscation property belonging to either of them. Reporting by Lucila Tsvetkova and Maria Tsvetkova, writing by Natalia Siniawski and editing by Daina Beth Sola and Toby Davis.
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Kinder Morgan's profit exceeds expectations for the second quarter on higher natural-gas volumes
U.S. Pipeline Operator Kinder Morgan beat Wall Street expectations for a?second quarter profit on Wednesday, thanks to higher volumes of gas transported by its pipelines. U.S. Pipeline companies benefit from the booming oil and natural gas production in the Permian basin, and from rising demand for natural gas due to LNG exports. The company reported that it transported approximately 47,886 British thermal units per day of natural gas in the last quarter, compared to 44,818 Btu/day in the previous period. According to LSEG, the Houston-based company?posted a?profit adjusted of 37 cents for the three months ended June 30 compared to analysts' estimates of?? per?share. Varun Sahay, Bengaluru. Diti pujara, editing.
Boeing to momentarily furlough 10s of countless workers
Boeing said on Wednesday the planemaker will momentarily furlough tens of countless staff members after about 30,000 machinists went on strike on Friday, stopping production of its 737 MAX and other aircrafts. We are initiating short-term furloughs over the coming days that will affect a great deal of USbased executives, managers and staff members, CEO Kelly Ortberg stated in an email to employees. We. are planning for selected employees to take one week of furlough. every four weeks on a rolling basis throughout of the. strike.
A Boeing spokesperson stated the furloughs will affect 10s of. thousands of workers.
Ortberg likewise stated he and other Boeing leaders will take a. commensurate pay reduction for the duration of the strike.
Boeing and the International Association of Machinists and. Aerospace Workers were set to resume contract talks on Wednesday. in the presence of federal conciliators, after failing to settle on. crucial issues such as earnings and pensions.
The union has actually been pushing for a 40% raise over 4. years in its very first full agreement settlements with Boeing in 16. years, well above the planemaker's deal of 25%, which was. resoundingly rejected. A prolonged strike might cost Boeing a number of billion dollars,. even more straining the planemaker's financial resources and threatening a. downgrade of its credit score, experts said. The strike, which enters its sixth day on Wednesday, is Boeing's. initially considering that 2008 and is the latest event in a tumultuous year. for the planemaker which began with a January incident when a. door panel detached from a new 737 MAX jet in mid-air.
We won't take any actions that inhibit our capability to totally. recover in the future, Ortberg said on Wednesday. All. activities crucial to our security, quality, consumer assistance and. key certification programs will be prioritized and continue,. consisting of 787 production.
The strike has actually stopped production of Boeing's very popular. 737 MAX jets, along with its 777 and 767 widebody aircraft,. postponing deliveries to airlines. Boeing stated on Monday it was freezing working with to cut costs as. its balance sheet is currently burdened with $60 billion of financial obligation. and an extended strike might damage it further.
The company has actually likewise stopped placing most orders for parts. for all Boeing jet programs other than the 787 Dreamliner, in a relocation. that will harm its suppliers.
Boeing shares have fallen about 40% up until now this year. The. stock was up 0.3% at $156.86 on Wednesday afternoon.
(source: Reuters)