Latest News
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Seychelles Presidential vote to be run-off, Electoral Commission says
After the first round of voting failed to produce a clear winner, the Seychelles Presidential election will be decided by a run-off between the opposition leader Patrick Herminie (left) and the incumbent president Wavel Ramkalawan (right), the electoral commission announced on Sunday. Ramkalawan was trying to stop the return of a party that had dominated Africa's richest country per capita for 40 years. The western Indian Ocean archipelago attracts investment and security co-operation with China, Gulf countries and India. The electoral commission reported that Herminie, leader of the United Seychelles party (US), secured 48.8%, followed by Ramkalawan of the Linyon Demokratik Seselwa LDS with 46.4%. In the first round, neither candidate reached the 50% threshold needed to win outright. The US party made a significant gain in the National Assembly as well, winning 15 seats by constituency and four additional seats by proportional representation. This gave it a clear majority. LDS won 11 seats in constituency and four seats proportionally, leaving its main rival behind the ruling party. The two leading candidates in the race for the presidency will now compete in a second, decisive round that is scheduled from 9-11 October. The winning candidate will receive a mandate of five years. The electoral commission reported that nearly 82% of voters registered participated in the first ballot, which took place from Thursday to Sunday. Reporting by Gabriel RobertGironcelle, Writing by Portia Crowe; Editing and Revision by Andrew Cawthorne
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Kuwait Airways restructures its capital to write-off nearly $1 billion in losses
The official gazette reported that a shareholder meeting at Kuwait Airways, a state-owned airline, approved reducing the capital to erase 300 million dinars of losses accumulated over time. Kuwait Airways has previously stated that it plans to break even by 2025, after years of losses. The airline hasn't disclosed its financial results from 2023 or 2024. Regional carriers were also affected by the COVID-19 epidemic, as their global counterparts. However, many Gulf airlines are now a key player in regional efforts to diversify economies, particularly in tourism. MEETING APPROVES CAPITAL REDUCTION Kuwait Airways' chairman stated in August that the airline is having difficulty achieving its goals, such as breaking even and increasing the number of passengers, due to the geopolitical tensions in the region and delayed aircraft deliveries. Kuwait's official Gazette reported that the extraordinary general meeting, which was held on September 2nd, had approved a decrease in the carrier's capital paid up by 294 millions dinars. It also said it had reduced its legal reserve of 6 million dinars. The assembly also approved an increase in the airline's capital issued by 300 million dinars. This will be "called up" according to a schedule set by Kuwait Investment Authority, which owns all of the shares. Gazette stated that the capital of the airline was 983.66 millions dinars after the changes. The company has not responded to the request for comment.
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Denmark bans drone flight after new drone sightings on military bases
Denmark banned civil drone flights on Sunday after drones were spotted at military facilities over night. This ban follows a week of drone sorties that caused temporary closures of Danish airports. In a press release, the Danish military stated that it had deployed “several capabilities” in response to overnight sightings of drones at bases. It declined further comment as to the nature and extent of its response. Denmark was forced to close airports due to drone sorties in the first part of this week, including Copenhagen Airport which was closed for nearly four hours on Monday. Denmark has described the drones as part of a hybrid attack. The country has not said definitively who they believe is responsible. However, Prime Minister Mette Fredericksen suggested that it could be Moscow. She called Russia the "primary" "country which poses a serious threat to European Security". The Kremlin has denied any blame. The ban will apply to civilian drones in the airspace of Denmark from Monday through Friday next week when Denmark will host European leaders. Denmark is currently holding the rotating EU presidency for the second half this year. In a Sunday statement, Defence Minister Troels Poulsen stated that "we are in a very difficult security situation and must provide the best working conditions possible for the armed services and police as they will be responsible for the security of the EU summit". Denmark will host EU Leaders on Wednesday. This will be followed by a Summit on Thursday for the 47-member European Political Community. The EPC was created to bring together the EU and other friendly European Countries after Russia's invasion of Ukraine in 2022. On Sunday, a German air defence frigate arrived at Copenhagen to help with airspace monitoring during the high-profile event. (Reporting and editing by Peter Graff. Stine Jacobsen)
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Gaza flotilla sails once again; Italy's Tajani warns about danger
A flotilla of international aid that had paused in Greek waters to repair for a few days has now set sail for Gaza. The activists hope to break Israel's blockade on Gaza and deliver humanitarian aid to the Palestinian territories. The organizers announced on Sunday that Greek boats had joined their flotilla. This means that the flotilla of 47 civilian boats is now "complete". "Brothers, sisters and friends in Gaza, with hope in our heart we sail. Your resilience is our guide, and your struggle is also our struggle. Together, we'll break the silence surrounding the siege", the Global Sumud Flotilla posted on social media. Around 40 Italians, along with activists from dozens other countries including Swedish climate activist Greta Thunberg, are on the flotilla. They hope to deliver humanitarian aid to Gaza within the next week. Antonio Tajani, the Italian Foreign Minister, repeated on Sunday a suggestion made last week that the flotilla take the aid to Cyprus to be distributed in Gaza by Roman Catholic Church. The flotilla refused the suggestion. "We've always warned that approaching Israeli waters is dangerous. We don't really know what will happen. Tajani told journalists that forcing the blockade was dangerous. Drones equipped with stun grenades, irritants and irritants struck the flotilla on Wednesday off Crete in international waters. The drones caused some damage but did not cause any injuries. Israel has not commented on the incident. Israel has said that it will use all means possible to stop the boats from reaching Gaza. It argues that the naval blockade it has imposed is legal because it is fighting Hamas militants within the coastal enclave. Italy and Spain deployed navy ships near the flotilla to perform rescue and humanitarian missions. Israel launched its Gaza offensive in response to the Hamas-led attack of October 7, 2023 on Israel, which resulted in 1,200 deaths and 251 hostages being taken back to Gaza. Gaza's health authorities claim that the offensive has resulted in more than 65,000 deaths. (Reporting and editing by Crispian B. Balmer)
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Nigeria to certify C919 jets for local airlines
Director general of the Nigerian civil aviation authority said that they are looking at certifying China’s C919 for Nigerian carriers. This is because Nigerian airlines have taken on more aircraft, and relations with Beijing have been warming. COMAC, a Chinese plane manufacturer, is currently producing the C919 narrow-body aircraft to compete with the leading Western planemakers Airbus & Boeing and has had several discussions with Nigeria about the aircraft. COMAC, a state-owned company, is facing challenges in its bid to expand into the African market. The two models of its planes do not have benchmark certifications by Western regulators and the company is behind in delivery targets. Due to trade disputes, the U.S. temporarily halted the exports of CFM engines used on the C919 this year. Nigeria, Africa's largest nation, with 230 millions people, is a potential aviation market. Director general of the civil aviation authority, Capt. Chris Ona Najomo told reporters that the agency was considering the lengthy certification process to allow the jet to fly on domestic routes. "We are looking at the certification for the aircraft." Najomo told the U.N. Aviation Agency's Montreal assembly that the certification of the aircraft is the first thing we need to do. COMAC OFFERS MAINTENANCE SUPPORT FOR NIGERIAN CARRIER Najomo stated that COMAC officials offered maintenance and training assistance for any planes operated Nigerian carriers and were exploring dry lease arrangements which involves leasing aircraft without crew. Najomo stated, "We told them it would be better if they could facilitate a dry lease agreement that was good." Abdullahi Ahmed expressed an interest in expanding the fleet of Nigerian airline NG Eagle beyond its three jets. He said he'd consider COMAC aircraft if they were certified and accompanied with maintenance and training assistance. The improved Aviation Working Group Rating of Nigeria reflects a stronger compliance with Cape Town Convention. This is a treaty which simplifies the leasing of aviation equipment. Najomo stated that this was an encouraging development for lessors and would allow the 13 airlines of the country to have access to newer aircraft on the leasing market. IATA data shows that while air travel is still expensive for many Nigerians it has fallen by 43.6% in real terms between 2011 and 2023. At the moment, only Chinese airlines operate the C919. Three airlines in Southeast Asia also fly COMAC's C909 regional jet.
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Flightradar24 reports that the airspace around Poland's Lublin and Rzeszow has been closed because of 'unplanned' military activity.
Flightradar24, a flight tracking service, said that Poland had closed the airspace around its cities of Lublin (southeast) and Rzeszow (southeast) until at least 4 am GMT Sunday because "unplanned military activities related to state security". After Russia began its attacks on Ukraine, the Polish military said that it had scrambled aircraft in order to secure its airspace. In a posting on X, the military stated that "Polish and allied aircraft began operating in our airspace in connection with the activity by the Russian Federation long-range aerial force carrying out strikes against the territory of Ukraine." The military described the actions taken as preventive, and that they were aimed at protecting airspace and citizens. Ukraine's Air Force data shows that air raid warnings are in place across the country at 0300 GMT.
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Vietnam closes all airports and evacuates thousands as Typhoon Bualoi approaches
Vietnam evacuated thousands from areas that could be affected by Typhoon Bualoi on Sunday, as the storm intensified. Days earlier, the Philippines had been hit with widespread flooding and at least 10 fatalities. According to Vietnam's National Weather Forecast Agency, the typhoon is expected to land in central Vietnam on Sunday evening, sooner than forecasts because it is moving fast. This is a storm that moves at nearly twice the speed of average, with a strong intensity and wide area of impact. The storm is capable of triggering several natural disasters at once, including strong winds, heavy rain, flooding, flash-floods, landslides and coastal inundation, according to the agency. The government announced that authorities in central province Ha Tinh had begun evacuating more than 15,000 residents, and that thousands of troops were ready to assist. Civil Aviation Authority announced that Vietnam suspended operations in four coastal airports, including Danang International Airport, from Sunday and changed the departure times of several flights. The government has confirmed that heavy rains have already led to flooding in Hue & Quang Tri. Vietnam's long coastline, which faces the South China Sea is susceptible to deadly typhoons. Typhoon Yagi caused property damage of $3.3 billion and killed 300 people last year.
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Kuwait plans to build 14 GW of new power plants by 2031
Kuwait's electricity minister announced on Saturday that the country will increase its power generation capacity to 14,05 gigawatts by 2031 in order to meet the rising demand. Kuwait, as a major oil-producing country, is struggling with power shortages due to rapid population growth, urbanization, high temperatures, and maintenance delays in certain plants. The government has had to implement planned power cuts since last year. Subaih Al-Mukhaizim said on X, the minister of electricity and water, as well as renewable energy, that the country managed to successfully manage the summer of 2025 despite some days reaching temperatures of 51 degrees Celsius. He noted that peak summer electric load dropped 0.17% year-on-year compared to expectations of a 4% rise. These projects include the second and third phases, 2.7 GW each, of the Al-Zour North Power Plant. They were signed in August by a consortium led Saudi Arabia's ACWA Power with the Gulf Investment Corporation. The cost was more than 1 billion dinars (3.27 billion dollars), and they are backed by both local and international banks. The first and second phases, which will have a combined power of 1.6 GW and be built on a public-private model, are also covered. Meanwhile, the third and forth phases, in collaboration with China, will add an additional 3 GW. The first phase of the Khairan water and power desalination facility, which is expected to add 1.8GW, will be included in the program. Bidding for the project was opened to prequalified consortiums on September 1. Fatma Johar Hayat, the ministry's spokesperson, said that parts of the 7.2 GW Nuwaiseeb will also be built. A portion is scheduled to be completed after 2031, and possibly into the next decade. (Reporting and editing by Alison Williams, Ahmed Hagagy)
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)