Latest News
-
India discovers engine switch movement during fatal Air India crash; Boeing and GE do not take immediate action
The preliminary report on the Air India crash, which killed 260 people, revealed that three seconds after takeoff, the aircraft's fuel cutoff switches switched from run to off almost simultaneously, depriving the engine of fuel. According to the report published on Saturday by Indian aviation investigators, the Boeing 787 Dreamliner immediately started to lose thrust and sank down. On the cockpit voice recording, one pilot is heard asking the other pilot why he stopped the fuel. The report stated that "the other pilot replied that he had not done so." The crash report did not specify which flight captain made the remarks and which first officer. Nor did it identify which pilot sent out "Mayday Mayday Mayday" before the crash. The preliminary report does not mention how the switch on the flight to London from Ahmedabad, India, could have been flipped. John Cox, an aviation safety expert from the United States, said that a pilot could not accidentally move fuel switches feeding the engines. He said that a pilot would not be able to accidentally move the fuel switches that feed engines. The engines are cut off almost instantly by pressing the switch. Most often, it is used to shut down the engines once an aircraft has reached its gate at the airport or in emergency situations such as a fire. The report did not mention any emergency that would have required an engine cutoff. India's Aircraft Accident Investigation Bureau stated that "at this stage of the investigation, there are currently no recommended actions for Boeing 787-8 engine operators or manufacturers and/or GE GEnx-1B engines" Air India, Boeing, and GE Aviation didn't immediately respond to requests for comments. The investigation is being led by the agency under the Indian civil aviation ministry. Reporting by Hritam Mukerjee in Bengaluru and Gursimran Khur in New Delhi. Additional reporting by Allison Lampert and David Shepardson, in Washington, and Rajesh Kumar Singh, in Chicago. Writing and editing by Jamie Freed.
-
US port operators try to reduce the expected high tariffs on Chinese-built cranes
The U.S. Seaport Operators are requesting extra time for the implementation of pending tariffs against towering ship to shore cranes. They expect that President Donald Trump’s administration will follow through with a promise to ban this vital cargo handling equipment. In early this year, the United States Trade Representative proposed tariffs up to 100 percent on these cranes. This was after China sucked up market share to gain commercial and military dominance in the oceans. China, through its state-owned Shanghai Zhenhua Heavy Industries(ZMPC), has now dominated the global market. It has also supplied 80% of ship-to shore cranes to the United States. ZPMC operates more than 200 cranes across two dozen U.S. port locations, including Houston Los Angeles, and New York. Each crane costs between $10 million and $20 million. The Trump administration has made it a priority to stop this trend. In meetings, officials said they would put an end to these purchases. Carl Bentzel is the president of the National Association of Waterfront Employers, which represents terminal operators, and other groups. Bentzel responded, "I have been operating on the assumption that this is the minimum." When asked if he anticipated the tariff rate would be around 100%, Bentzel replied, "I have been operating under that position. This is basically a ban on using Chinese-made cargo equipment." USTR and White House didn't immediately comment. Trump isn't the first U.S. president to pressure ports to purchase cranes at higher prices from manufacturers who have ties with U.S. Allies. These include Konecranes in Finland, Mitsui E&S in Japan, and Liebherr, based out of Switzerland. Joe Biden placed 25% tariffs in 2024 on cranes that connect ship to shore from China after the Federal Bureau of Investigation, the National Security Agency and the Cybersecurity and Infrastructure Security Agency all publicly announced that China had sought to preposition vulnerabilities in American critical infrastructure including port equipment. Officials from the United States also warned that software, modems and other technologies in this equipment could be used to spy on military operations or as kill switches for port operations. Ports and terminal operators continue to buy Chinese cranes despite their lower cost. The inaction of the port operators is based on the desire to save money in the short term. However, they are underestimating the cost in the long run. William Henagan was the director for critical infrastructure in the National Security Council during Biden's tenure. In May, U.S. port operator and ZMPC representatives wrote to USTR to say that security concerns related to cranes were out-of-proportion to the risks. In May, USTR received letters from U.S. port operators and representatives of ZMPC stating that security concerns related to the cranes were out of proportion with the risk. NAWE, an industry organization that represents terminal operators, has been working hard to reduce the impact of new tariffs. They are asking for exemptions on previously ordered cranes, and for a transitional period before the new duties take effect. Bentzel stated, "We have chosen to work together."
-
US Senator says United-JetBlue partnership could harm competition
Democratic Senator Richard Blumenthal warned that a partnership between United Airlines, a smaller airline, and JetBlue Airways would harm competition and result in fewer options and higher prices for consumers. Blumenthal, in a letter that was seen on Friday, asked United CEO Scott Kirby to answer questions regarding their "Blue Sky", a tie-up between the two carriers, which allows customers to book flights through both airlines' websites and earn and use points interchangeably. Blumenthal requested that the airlines disclose any records they have about their partnership and future plans. He also expressed concern about any deal which "could harm fair and full airline competition, and result in fewer and higher priced options for travelers," particularly those who travel to the New York City region. United didn't immediately comment. JetBlue didn't immediately respond to an inquiry for comment. Last month, Spirit Airlines, a budget airline, has urged U.S. Transportation Department rejects the United JetBlue partnership. They claim it is anti-competitive, will encourage other large carriers to follow suit and JetBlue will "become a defacto vassal to United." United and JetBlue In May, they said their tie-up will be completed Give United some of JetBlue’s slots at New York’s John F. Kennedy International Airport beginning in 2027, and swap their flight times at Newark’s airport. United and JetBlue said that the complaints' arguments about reduced competition were " You can also read about it here ", adding: "Blue Sky maintains JetBlue's independent and enhances its competitiveness. This will ensure that JetBlue continues to grow and compete independently." JetBlue and Spirit cancelled a $3.8-billion merger agreement in March 2024 after a U.S. court blocked it on the grounds of anti-competition. JetBlue is seeking new partnerships since a federal court judge in 2023 blocked the Northeast Alliance between American Airlines and JetBlue. Blumenthal said JetBlue's failed attempts at a partnership "raise questions about how your airline will ensure Blue Sky doesn't unlawfully restrain the competition." A Senate committee headed by Blumenthal criticised the rising fees charged by airlines for seat assignments, luggage and other services. Other competition concerns
-
UN report: Haitian gang violence claimed 5,000 lives within a year.
According to a report by the U.N. Office of the High Commissioner for Human Rights published on Friday, nearly 5,000 people were killed in Haiti between October 2024 and January 2125, with hundreds of thousands being displaced as gang violence increased, particularly around Port-au-Prince. Why it's important The violence has exacerbated Haiti's humanitarian situation, destabilizing it and raising fears of spillover effects to other countries. KEY QUOTES The OHCHR reported that violence has increased dramatically in recent months. In a report released by the U.N., resident and human rights coordinator in Haiti Ulrika Richson stated that "Human Rights Abuses are increasing in areas where the presence of State is very limited." She added that "the international community must increase its support for the authorities." By the Numbers Haiti has seen a spike in gang violence between October 2024 and the end of June 2025. Port-au-Prince, and the surrounding area, accounted for over 1,000 deaths. CONTEXT The gangs are increasingly taking control of Haiti. They have overwhelmed the local security forces, forced international aid agencies to reduce their operations and forced tens and thousands of residents out of their homes. Haiti's health sector has been weakened by the closure of hospitals, including Mirebalais University Hospital, due to insecurity. UN estimates show that less than 25% of the health facilities in Port-au-Prince are still operational. What's Next? The UN report warned the violence in Haiti, which is on the rise, could destabilize not only the country itself but also the Caribbean.
-
Asian spot LNG prices rise as hot weather increases cooling demand
The Asian spot price of liquefied gas (LNG), which is a form of natural gas, increased this week due to a heatwave that swept Japan and North Korea. Meanwhile, industrial demand in China was subdued. Average LNG price for August deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) is now $12.90, up from $12.70/mmBtu a week ago. Estimated price for September was $12.70/mmBtu. Prices have increased this week due to a heatwave across north-east Asia. Seoul experienced its hottest day in 2018 and South Korea and Japan are reducing their LNG stocks to meet the increased cooling demand, said Martin Senior. Senior stated that at least two Atlantic Basin carriers have diverted from Europe towards Asia since the beginning of the month, and two Qatari carriers also changed their course from Europe toward Asia. Klaas Dizeman, a market analyst with Brainchild Commodity Intelligence, stated that the demand in South Asia, China and India remains muted, with a cooling trend for this time of year, and a subdued demand from industry, based on production prices and inflation figures published by Brainchild Commodity Intelligence. Dozeman stated that the import tariffs and the "fluid situation" around them may influence the industrial demand in the coming weeks. The gas market in Europe is stabilizing. Gas prices could be finding a bottom for the summer. "Gas prices may be finding a floor for summer." Froley stated that there is a possibility of a short-term bullishness, if the heatwaves in East Asia continue and if Japan's and Korea’s competition with Europe for fuel to generate summer electricity increases. He added that the fundamentals of the industry are improving, as the second phase Plaquemines, in the United States will bring an additional 7 million tons of oil per year (mtpa), as well as an additional 14 mtpa of LNG Canada. S&P Global Commodity Insights estimated its daily North West Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in August ex-ship on July 10. This represents a $0.440/mmBtu reduction from the August futures prices at the TTF Hub. Spark Commodities set the price at $11.639/mmBtu for August, while Argus put it at $11.670/mmBtu. Spark Commodities analyst Qasim Afghan said that the U.S. Arbitrage to North-East Asia via the Cape of Good Hope is still pointing to Europe while the arbitrage via Panama is pointing to Asia. Afghan said that on the LNG market, Atlantic rates were the lowest since January, and they were at $31,750/day last Friday. Pacific rates, meanwhile, decreased slightly to $38,750/day. (Reporting and editing by Nina Chestney; Marwa Rashad)
-
Ships use a message to avoid Red Sea attacks: 'All crew Muslim'
After the Houthis' deadly attacks on commercial ships this week, commercial ships still sailing in the Red Sea broadcast messages about their nationality or even religion to their public tracking systems so as to avoid being targeted. The Red Sea is an important waterway for oil, commodities and other goods. However, traffic has declined sharply ever since the Houthi began their attacks on Yemen's coastline in November 2023. This was in support of the Palestinians during the Gaza War. After months of calm, the group has sunk two ships and Abdul Malik al-Houthi, its leader, reiterated that no company transporting goods to Israel will be allowed passage. Recent days, more ships that sail through the southern Red Sea or the Bab al-Mandab strait added messages to the public tracking profiles of their AIS. These can be viewed by clicking on a ship. The messages have mentioned an all-Chinese management and crew, as well as the presence of armed guards. MarineTraffic's and LSEG's ship tracking AIS data show that some messages read "All crew Muslim" while others make it clear that the ships have no connection with Israel. Sources in maritime security said that this was an indication of growing desperation, but also believed it would not make a difference. One source claimed that Houthi intelligence was "much more advanced and forward-looking". Shipping analysis revealed that vessels in the larger fleets of the two ships attacked and sunk this week by the Houthis had called on Israeli ports over the last year. Sources in maritime security said that even though shipping companies are required to do a thorough due diligence check on any possible tangential links with Israel before they sail through the Red Sea the risk of an attack is still high. The U.S. Central Command reported that in March 2024 the Houthis fired ballistic missiles at the Chinese-operated Huang Pu despite having previously said they would not target Chinese vessels. Houthis also targetted vessels that trade with Russia. In a recent report, Aon Insurance Brokers stated that despite declared ceasefires areas like the Red Sea or Bab al-Mandab Strait are still considered high-risk. Ship operators must take continuous monitoring and adaptable security measures. Insurance costs for goods shipping through the Red Sea have more than doubled in recent weeks, and some underwriters are suspending coverage on certain voyages. According to Lloyd's List Intelligence, the number of vessels passing through the Strait of Aden at the southernmost tip of the Red Sea, which is a gateway into the Gulf of Aden was 35 on July 10 and 32 on July 9. This compares with 43 vessels on the first of July. This compares to a daily average sailing of 79 in October 2023 before the Houthi attacks started. Seafarers are essential to global trade. They keep countries stocked with fuel, food and medicine. The UK-based Seafarers' Charity stated this week that seafarers should not be required to risk their life to do their jobs. (Reporting and editing by Andrew Cawthorne, with additional reporting by Renee Maltezou)
-
Sources say that Macquarie has shortlisted Brookfield, Stonepeak, and Air Liquide for its $3.6 billion S. Korean Gas firm.
Three people familiar with the matter have confirmed that Macquarie Asset Management is shortlisting Brookfield Asset Management, Stonepeak, and French gas supplier Air Liquide to compete in the final round of bidding for South Korean industrial gases firm DIG Airgas. Sources who declined to name themselves because the information was confidential said that binding bids are expected around the end or early August for South Korea's largest industrial gas producer. Macquarie hired Goldman Sachs to manage the sale. The deal could be worth up to $3.6 Billion, according to a report in June. Macquarie Air Liquide Brookfield Stonepeak Goldman JPMorgan and JPMorgan all declined to comment. If the deal is successful, it would be the biggest investment for Brookfield and Stonepeak in South Korea, as both companies have a strong focus on infrastructure. Brookfield acquired SK Airplus in 2022, a gas-production facility that supplies SK Hynix (the world's 2nd largest memory semiconductor manufacturer). Stonepeak, based in New York, does not appear to have a portfolio of industrial gases in Asia on its website. According to its website, Air Liquide, based in Paris, has been operating in South Korea since 1996. It supplies gases for a variety of industries including chemical, construction and food and beverage. DIG Airgas, located in Seoul, has earnings of between $170 and $180 million before interest, tax, depreciation and amortization (EBITDA). Macquarie anticipates that a sale will value the company at 18-20 multiples core earnings, according to a previous source. DIG Airgas, a company founded in 1979, produces industrial gases, electronic gasses and gas equipment. Macquarie purchased the company formerly known Dausung Industrial Gases from South Korean private equity group MBK Partners in 2019 for 2,5 trillion won ($1,85 billion), local media reported. Reporting by Kane Wu, Yantoultra ngui. Mark Potter (Editing)
-
UK's Warehouse REIT switches allegiance from Tritax to Blackstone
On Friday, Britain's Warehouse REIT recommended Blackstone to its shareholders the sweetened offer. Tritax Big Box REIT had previously supported this bid. Blackstone increased its offer to the London-listed firm on Thursday from 485.2 pounds in cash and stock, to approximately 489 million pounds. Due to the strong demand for warehouse space from eCommerce retailers to better serve their clients, logistics has remained an attractive property investment in a market that is otherwise lacking in vibrancy. Real estate investment funds - listed property funds - are also undergoing a dealmaking wave as they seek to increase profitability during tough trading conditions. Tritax said on Thursday that it still believed its buyout offer was "a compelling proposition" for Warehouse investors. The company didn't respond immediately to a comment request on Friday.
Companies withdraw their guidance in the wake of Trump's tariffs
The tariffs that President Donald Trump imposed on April 2, and the pauses in some cases, have created uncertainty among companies around the world. Some of these companies have withdrawn or stopped giving financial guidance.
This is a list that includes companies who have taken such steps:
AUTOS & TRANSPORTATION
AUTINS GROUP A UK-based company that sells car components delayed its release of market guidance for the month of April, citing uncertainty due to U.S. Tariffs.
CUMMINS The U.S. truck engine maker withdrawn its annual forecast on 5 May.
Ford The U.S. automaker suspended its annual guidance May 5 after claiming that the levies will cost the company approximately $1.5 billion before interest and tax in adjusted earnings.
GENERAL MOTORS On May 1, General Motors, the U.S. automaker, cut its profit forecast for 2025 two days after removing its annual guidance despite reporting strong quarter results and receiving some clarity on automotive tariffs from the White House.
It also suspended plans to purchase $2 billion worth of shares during the first half year until the economy is more clarified.
The German group Merced on April 30, lowered its earnings forecast for 2025 after it reported a sharply lower first quarter profit.
POLESTAR On April 30, the U.S.-listed Swedish electric vehicle maker put a pause on its 2025 forecast as it prepares for possible tariffs.
STELLANTIS The French-Italian-American group on April 30 suspended its guidance for a moderate recovery this year, after a profit drop in 2024, and said it would review capital spending plans.
VOLVO CARS On April 29, the group, which is one of the European automakers most vulnerable to U.S. Tariffs, announced a cost-cutting program of 18 billion Swedish crowns (about $1.9 billion), a restructuring of their U.S. operations, and it retracted its earnings forecasts for the next two year.
AEROSPACE AND DEFENSE
ALASKA GROUP ALASKA Air Group, Seattle's airline, withdrew on April 23, its financial forecast for the full year citing macroeconomic uncertainties.
AMERICAN AIRLINES On April 24, the U.S. carrier canceled its financial forecast for 2025.
JETBLUE AERIALWAYS On April 29, the U.S. airline group canceled its forecast for 2025, citing economic uncertainty as a reason.
DELTA AIR LINES On April 9, the U.S. airline retracted its financial forecasts for 2025. It said that travel demand has "largely stalled", as tariffs have fueled economic uncertainty.
FRONTIER GROUP On April 11, Frontier Airlines' parent company, Frontier Group, retracted its full-year outlook and warned that it would suffer a loss for the first quarter.
SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEAT AIRLINES SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST ASIA The U.S. airline group canceled its financial forecasts on April 23
HEALTHCARE
BELLUSCURA On April 8, the U.S. medical device manufacturer retracted its 2025 guidance due to U.S. Tariffs on China.
UNITEDHEALTH GROUP The Company suspended its annual forecast because of surging medical costs, while CEO Andrew Witty resigned May 13.
Retail and Consumers
AMERICAN OUTFITTERS - The apparel company retracted its annual forecasts from May 13 because of economic uncertainty fuelled by tariffs.
BEYOND MEAT On May 7, the California-based company retracted its sales target for the year, citing a weak consumer demand as a result of macroeconomic volatility in America and high inflation.
CHARACTER GROUPS The British toymaker abandoned its annual forecasts on April 11 and said it expected tariff effects to be felt on China in the second half 2025.
CROCS On May 8, the U.S. shoemaker retracted its outlook for 2025 due to macroeconomic uncertainty.
DECKERS OUTDOOR
UGG Boots did not provide any warranty.
Annual targets
On May 22, due to macroeconomic uncertainty fueled by tariffs.
KRISPY KREME On May 8, the doughnut chain retracted its 2025 forecasts due to macroeconomic weakness and uncertainty surrounding McDonald's deployment schedule.
DIAGEO On February 4, the British spirits manufacturer retracted its forecast for medium-term growth in organic sales, citing a long-term decline in demand as well as uncertainty about tariffs.
LOGITECH, a Swiss-American manufacturer of computer parts, canceled its forecast for 2026 on April 10 citing uncertainty arising from Trump's policies. It kept its 2025 forecast.
MASCO CORP On April 23, the U.S. house improvement company retracted its annual profit forecast after it missed first-quarter profit and sales estimates. This was due to macroeconomic uncertainty caused by Trump's tariffs.
MATTEL On May 5, the Barbie doll producer retracted its annual financial target, adding that it would raise prices in the U.S. for certain products to offset higher input costs as a result of Trump's tariffs against key trading partners.
ROSS STORES
Discount store operator May 22,
Withdrawal
Tariffs could have a negative impact on the company's profitability in fiscal year 2025, according to its forecasts.
SKECHERS
On April 24, the footwear manufacturer retracted its annual results projection, citing Trump's unpredictable trade policies as fueling economic uncertainty.
SPECTRUM BRANDS The retailer company stated on May 9, it did not have enough visibility to continue to provide a earnings framework for 2020.
SPIN MASTER
The Canadian toy manufacturer retracted its 2025 outlook on the 29th of April until the climate stabilizes.
STEVEN MADDEN On May 7, the U.S. footwear maker retracted its guidance for 2025, citing the uncertainty caused by tariffs on imported goods into the U.S.
OTHERS
ALPHAWAVE IP GROUP On April 17, the British semiconductor company announced that it could not provide a financial outlook for 2025 and beyond due to global economic uncertainty caused by U.S. Tariffs.
ARM HOLDINGS The UK based chip manufacturer decided to not issue full-year guidance to the market on May 8 due to lower visibility caused by uncertainty in global trade and economic conditions.
AVERY DENNISON On April 23, the U.S. company, which manufactures packaging and labels products like radio frequency tags, retracted its annual forecast, adding that it would now be shifting to quarterly estimates due to macroeconomic uncertainty.
PAGEGROUP PAGEGROUP, a British recruiter, did not provide a financial outlook in its quarterly report on April 9, citing "increasingly uncertain" economic conditions.
(source: Reuters)