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Over the years, India has experienced a number of deadly civilian aircraft crashes.
The airline and police confirmed that many people were killed in the crash of an Air India flight bound for London on Thursday. It was a plane carrying 242 passengers, which took off from Ahmedabad, a city located in western India. Here are some details about other recent airline accidents that occurred in India. AUGUST 2020 Air India Express Boeing 737 skidded off the runway during heavy rain in Kozhikode, the southern city. The plane then plunged nose-first down into a valley before crashing into the ground. MAY 2010 Air India Boeing 737 from Dubai crashed into a gorge after it overshot the runway in Mangaluru, a southern city. 158 people were on board. JULY 2000 A state-owned Alliance Air plane that was flying between Kolkata and New Delhi crashed in an area where residents live in the eastern city Patna. APRIL 1993 A Boeing 737 of Indian Airlines crashed on takeoff from the western city Aurangabad, killing 55 passengers. AUGUST 1991 A Boeing 737 operated by Indian Airlines from Kolkata crashed near Imphal, capital of the hilly state of Manipur in the north-eastern hills. All 69 passengers and crew were killed. October 1988 When an Indian Airlines Boeing 737 flying from Mumbai towards Ahmedabad crashed on landing, more than 130 passengers were killed. JANUARY 1979 The captain of an Air India plane lost control after takeoff, and the plane plunged into the Arabian Sea near Mumbai, India's financial center. All 213 passengers were killed. Reporting by Hritam Mukerjee from Bengaluru, editing by Alex Richardson and Andrew Heavens
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Bousso: Section 899 could wreck Trump's energy dominance plan
Section 899 proposes a tax of up to 20% on the income of foreign investors The proposal is included in President Trump's tax bill signature The tax could have a major impact on the profits of European oil giants Ron Bousso LONDON, 12 June - A proposed U.S. Tax targeting foreign investors may hurt European Energy Giants that operate in America’s booming Oil and Gas Sector, undermining President Donald Trump’s energy dominance agenda. The Senate is reviewing Trump's tax and spending plan, which includes an extra tax of up 20% on the incomes of foreign investors such as dividends or royalties. The Section 899 tax was designed to push back against countries who impose "unfair foreign taxes", such as digital service taxes, on U.S. businesses. Section 899 may target companies with headquarters in the European Union or Britain. Both countries have tax systems that are considered discriminatory by Trump's administration. This provision poses a serious threat to companies like Shell and BP, as well as TotalEnergies and Repsol in Spain and France. Trump, who used the slogan, "drill baby drill", in his campaign for president, has presented himself as a pro-fossil energy, promising on his first official day to maximize oil and gas production. Section 899, if passed, could have the opposite impact. BP invested over $6 billion in the United States last year, which is about 40% of their capital expenditure. This includes onshore and off-shore oil and gas operations as well as two refineries, tens of thousands of retail fuel station and a power trading company. BP employs more than a third (90,000) of its global workforce in the United States. The country also accounts for approximately 30% of its $189 billion revenue by 2024 and more than a fourth of its net profit of $21 billion. Shell, Europe's largest oil company, has also invested heavily in the United States. This investment accounted for 23 percent of the $284 billion revenue that Shell expects to generate by 2024. Shell invests around 30% of its capital in the United States, where it operates oil and gas production plants, a petrochemicals facility, a vast network of retail outlets, LNG purchasing agreements, and major trading operations. SHAKEN CONFIDENCE In recent decades, the United States has become increasingly important for Big Oil companies thanks to its stable fiscal environment and regulatory framework. Other regions have presented a range of challenges. Consider Russia as an example. After the fall of the Soviet Union in 1990, its vast oil and natural gas reserves attracted many investors. However, the country has become uninvestable due to the western sanctions imposed after Russia's invasion in Ukraine in 2022. In the Middle East where oil companies are dominant, there are also limited investment opportunities for western companies. Europe has few natural resources, and is governed by strict environmental regulations. Oil and gas companies are multinational, so they have plenty experience in dealing with tax uncertainties. However, shifting tax policies tends to delay investment. To proceed with multi-decade projects like oil and gas fields, LNG plants or other large capital projects, company boards need to be confident for the long term. In 2020, Joe Biden revoked a permit for construction of the Keystone XL Pipeline, which had already shaken the industry's faith in the United States. In 2024, the Biden administration halted all approvals of new LNG projects due to climate concerns. Trump lifted the pause as he entered into the White House. A HEAVY BLAST Section 899 could impose a new tax to multinational companies on dividends and inter-company loan payments. This could reduce their profit. Shell said that the Gulf of Mexico contributed about 10% of its $40 billion free cash flow in 2024. This means that Section 899 would reduce Shell's free cash flow by $800 million per year, just from Gulf of Mexico operations. Calculations show that BP generated about $1.5 billion of free cash flow last year in the United States. A 20% dividend tax would result in a $300,000,000 loss of free cash flow. Companies could choose to move their funds out of the United States if they are faced with worsening fiscal conditions. Companies could decide to invest more widely, even though the options are limited for investing capital in other places on a comparable scale. This scenario would be beneficial for countries like Canada, Brazil Mozambique, and Namibia that have vast natural resources. Companies could also move their headquarters and listing to the United States, but this would be a very expensive and complicated political option. Shell had previously considered such a move in order to increase its share price, but it seems to have abandoned that idea. It is likely that, in the end, the Senate will push for a modification of Section 899, or a limitation on its scope, due to the potentially far-reaching impacts it could have on many sectors. Section 899, unless it is drastically changed, poses a serious risk to European oil and gas companies that are heavily reliant on the United States. The president will listen to the European CEOs if they complain loudly about the Trump administration’s energy dominance agenda. You like this column? Check out Open Interest, your new 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.
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Vertical Aerospace and Bristow expand their partnership to accelerate the commercial air taxi launch
Vertical Aerospace, a British developer of electric aircraft, announced on Thursday that it had expanded its partnership Bristow Group, a helicopter ride operator. The company aims to introduce air taxi services in commercial operations. In premarket trading, shares of Vertical listed in the United States were up 1.5%. Bristow Group, based in Texas, offers short-distance heli-tours to several countries including the UK and U.S.A. They have also ordered 50 Vertical VX4 aircraft with an option to buy 50 more. Startups in the air taxi industry are investing heavily to obtain approvals and commercialize electric horizontal takeoff and land (eVTOL), to meet the increasing demand for faster and more sustainable urban transport amid a strict regulatory environment. Companies said that the deal gives Vertical's customers an eVTOL platform which can be scaled up without having to start from scratch. In an interview, Chris Bradshaw (CEO of Bristow Group) said: "We believe...that eVTOL will result in a 60 to 70% reduction in the direct operating costs." Both companies will manage aircraft operations on behalf of Vertical's clients. Vertical Aerospace CEO Stuart Simpson said that the partnership would lower market entry barriers and accelerate eVTOL services adoption around the world. Vertical announced last month that it had deepened its ties with Honeywell in order to bring key air taxi systems up to certification. It also said it was working on a hybrid-electric long-range variant of the VX4 to expand market reach. (Reporting and editing by AnshumanTripathy in Bengaluru, Leroy Leo, and Vijay Kishore).
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Online shooting games were likely a favorite of the Austrian school shooter
Criminal investigators on Thursday said that the 21-year old man suspected of carrying out Austria's deadliest school shooting this week was probably an introverted online shooter game fan. Arthur A. was identified as the Austrian killer by local media. He shot 10 people at his former school in Graz before killing himself. The incident sent shockwaves throughout Austria which declared three national days of mourning. After the shooting, police searched his house and found plans for an attack with a bomb that was not functional. Michael Lohnegger is the head of Styria’s criminal investigation bureau. He said that the man appeared to be introverted, and his greatest passion was online first-person shooter games. He said that he was "extremely withdrawn" and didn't want any part of the normal world outside. Instead, he chose to retreat into the virtual space. Authorities stated that the suspect did not complete his studies in the school. Local media reported that the man who lived on the outskirts Graz with his mother felt bullied by the school and sought revenge. However, police have not confirmed these reports. He was described by his neighbours and local officials as a shy, slight man, who hid himself with a hat and headphones. Few locals wanted to speak about the suspect. Some people said they'd seen him but none claimed to know him. (Reporting and writing by Alexandra Schwarz Goerlich and Francois Murrah, Editing by Ed Osmond, Dave Graham)
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Boeing shares drop 8% following Air India plane crash
Boeing shares fell by 8% on Thursday in the U.S. premarket trading after a plane carrying 242 passengers crashed just minutes after it took off from Ahmedabad, a city located in western India. Flightradar24, a tracking website for aviation, said that the aircraft was a Boeing 787-8 Dreamliner. This is one of the newest passenger aircraft currently in service. Air India reported that the plane was heading to Gatwick Airport, UK. Police officers, however, said the crash occurred in an area close to the airport. They did not specify if there were any deaths. The cause of the crash was not immediately known. Boeing stated in a press release that it was aware of the initial reports, and was gathering more information. This news comes at a time when the planemaker is trying to rebuild confidence in safety and increase production under its new CEO Kelly Orthberg. Boeing shares fell about 8% to $196.52 during premarket trading. Chris Beauchamp is an analyst with IG Group. He said: "It was a knee-jerk reaction to the incident and there are new fears about the problems that have plagued Boeing aircraft in the past." (Reporting and editing by Shashwat Chahan in Bengaluru, and Purvi Agarwal from Bengaluru)
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India's shares tumble on Middle East tensions and trade uncertainty
Indian shares fell on Thursday, as risk appetite was dampened by the lingering uncertainty surrounding the U.S. China trade deal. The Nifty 50 dropped 1.01%, to 24,888.2, ending a six session winning streak. Meanwhile, the BSE Sensex fell 1%, to 81.691.98. Small-caps and midcaps fell by 1.8% and 1,6% respectively. All 13 of the major sectors suffered losses. The markets were on edge despite the fact that U.S. president Donald Trump claimed a framework for tariffs with China was reached. Kranthi Bathini is the director of equity strategy for Wealthmills Securities. She said, "Markets are still trapped in a cloud of mixed signals - no final draft and Trump's changing goalposts." Bathini added, "The inconsistent and unreliable behavior of the U.S. coupled with the rising geopolitical tensions within the Middle East made investors wary about taking risks." Iran's threat to attack U.S. bases if the nuclear talks with Washington fail and conflict occurs has heightened geopolitical fears. U.S. responded by saying it was removing some personnel from the Middle East, because "it can be a dangerous area." Analysts warn that the rising threat of terrorism could cause Brent crude to rise, which would be detrimental for India's heavily import-dependent economy. The domestic market has continued to decline after the Air India flight with 242 passengers. Minutes after departing from Ahmedabad, in the eastern Indian state of Gujarat Interglobe Aviation (Interglobe Aviation) and SpiceJet (SpiceJet) both lost 2,7% and 1,8% respectively on the day. Two traders said that such incidents can shock investors and increase near-term caution, disrupting a fragile sentiment. Paytm, among individual stocks fell 6.8% following the Finance Ministry Refuted Reports claim that merchant discount rate (MDR), on UPI transactions, has been introduced. Investors are now awaiting the consumer inflation figures for May. These will be released after the markets close. According to a poll, inflation is expected to have fallen to its lowest level in six years at 3% due to favorable baseline and lower food prices.
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Since 2000, India has experienced a number of deadly civilian aircraft crashes.
Ahmedabad, a western Indian city, was the scene of a crash involving an Air India flight bound for London. Here are some details about other recent airline accidents in India. AUGUST 2020 Air India Express Boeing 737 skidded off a runway during heavy rain in Kozhikode, south of Chennai. The plane plunged nose-first down into a valley before crashing into the ground. MAY 2010 Air India Boeing 737 from Dubai crashed into a ravine after it overshot the runway in Mangaluru, a southern city. 158 people were on board. JULY 2000 A state-owned Alliance Air plane that was flying between Kolkata and New Delhi crashed in the Patna area, a residential district of eastern city. Reporting by Hritam Mukerjee from Bengaluru, editing by Alex Richardson
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Four projects on the east coast are preparing Australia to import LNG as early as 2027.
Australia may import liquefied gas (LNG), based on the progress of projects at import terminals along its east coast. This would be to meet potential shortages. The competition regulator of the country has stated that a shortfall may be a long-term problem for the east coast due to a higher demand and structural decline. Here is a list four projects that are being developed on the East Coast. These projects consist of floating storage and regasification units (FSRUs) which will send the gas back via pipelines to the mainland. Squadron Energy is the operator of the Port Kembla Energy Terminal. The terminal will be located in New South Wales and have a capacity to import 2 million tons of LNG per year. It is expected to begin operations by 2027. Port Kembla Energy Terminal has already been commissioned. It plans to import approximately 2 million metric tonnes of LNG annually. According to a spokesperson for the company, the project's date of commercial operation has been pushed back to 2027, from 2026. This is because operator Squadron Energy extended to Egypt's EGAS the sub-charter to the FSRU Hoegh Galleon until the end of 2026. According to Australian Energy Market Operator, the terminal is already linked to gas and electric distributor Jemena’s Eastern Gas Pipeline. OUTER HARBOR TERMINAL OPERATOR : Atlantic, Gulf and Pacific LNG Location: Port Adelaide LNG IMPORT CAPABILITY: 2 million tonnes a year OPERATIONAL DATES: 2027 Singapore-based Atlantic, Gulf and Pacific LNG (AG&P LNG) has agreed to purchase Australian energy infrastructure developer Venice Energy and develop its Outer Harbor Import Terminal in South Australia. A 145,000 cubic metre LNG ship will be converted into an FSRU, pending a decision on the final investment. Venice Energy announced on its website that the construction is expected to be finished by the end 2026 and the first gas will flow into the system around mid-2027. GEELONG TERMINAL OPERATOR: Viva Energy Group LOCATIONS: Geelong and Victoria LNG IMPORT CAPABILITY: 2 million tonnes per year OPERATIONAL DATES: 2028 The Australian government has approved the construction of Viva Energy Group LNG terminal in Geelong. The terminal will be equipped with an FSRU that has a 7.35 kilometer (4.35 mile) pipeline connecting to Victoria. Its capacity is 160 petajoules, or approximately 2.9 million tons per year. First gas deliveries should begin in 2028. Vopak is the operator of the Victoria Energy Terminal. Vopak has begun talks with gas suppliers for its LNG terminal project in Victoria. The company expects to reach a final decision on investment in 2026-2027. It hopes to begin terminal operations by 2029. Vopak wants an FSRU that can regasify LNG with a 170,000 cubic metre capacity. Gas would then be transported through a 19-km underwater pipeline to Victoria. One LNG cargo weighs approximately 70,000 metric tonnes
Five nations and the EU urge Trump to not impose new aircraft tariffs
Documents released on Tuesday show that five nations, the European Union and airlines and aerospace companies worldwide urged Trump's administration to not impose new tariffs for national security on commercial planes imported from abroad.
Airline and planemakers are lobbying Donald Trump for the restoration of the tariff-free regime that was established under the Civil Aircraft Agreement in 1979, which has led to an annual trade surplus worth $75 billion dollars for the U.S. Industry.
Boeing, a U.S. aircraft manufacturer, cited an agreement signed in May between the United States and Britain which ensures that airplanes and their parts will be treated without tariffs.
Boeing said in a U.S. Commerce Department filing that the United States should provide duty-free treatment to commercial aircraft and parts in any trade agreement negotiated, similar in approach to the United Kingdom.
One of the documents made public Tuesday expressed concerns about the possible impact of new tariffs from companies and nations like Canada, China Japan Mexico and Switzerland as well as the European Union.
Mexico reported that in 2024, it exported aircraft parts worth $1.45 billion to the United States, which is only a tenth. The EU claimed to have imported aircraft from the U.S. worth approximately $12 billion while exporting aircraft worth about $8 billion.
Early in May, the Commerce Department launched a Section 232 national security investigation on imports of aircraft, jet engines, and parts. This could be the basis for higher tariffs.
The Chinese government stated that "no country or region should suppress foreign competitors to promote the development of their domestic aircraft manufacturing industry."
Trump has already imposed 10% tariffs on almost all imports of airplanes and parts.
The EU stated that "as reliable trading partners the European Union should strengthen its trade in aircraft and aircraft components, rather than hindering it by imposing restrictions on trade,"
It added that it would "consider its options" to "ensure a level playing ground".
Delta Air Lines, along with major trade associations, warned last week of the impact tariffs would have on ticket prices, safety in aviation, and supply chains.
Airbus Americas CEO Robin Hayes stated in comments filed to the Commerce Department that "current U.S. Tariffs on Aviation are putting domestic aircraft production at risk."
It is neither realistic nor sensible to have a supply chain that is 100% domestic in any country today.
Boeing has increased the U.S.-sourced content of its aircraft over the past decade. Its newest planes, the 737 MAX 10 & 777X will have "more that 88% domestically sourced content."
The United Auto Workers union which represents 10,000 aerospace workers supports tariffs and production quotas at home. It also noted that U.S. employment in aerospace has dropped from 850,000 to 510,000 by 2024.
It said that to protect the entire supply chain of aerospace products across commercial and defence sectors, it was necessary to impose comprehensive tariffs and production limits on a number of products.
JetBlue Airways, on the other hand, opposed any new tariffs. They said, "Trade policies should not destabilize proven systems which keep our aircraft flying affordably and safely." Reporting by David Shepardson, Editing by Himani Sakar and Clarence Fernandez
(source: Reuters)