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WSJ reports that the Boeing 787 emergency power system was likely activated before the Air India crash.
The Wall Street Journal, citing sources familiar with the investigation, reported Wednesday that investigators believe Air India Boeing Dreamliner's emergency power generator was operating at the time of the crash last week in India Ahmedabad. Boeing has said that it will refer any comments to the Aircraft Accident Investigation Bureau of India. Engine manufacturer GE Aerospace has not responded to a comment request. The Indian Ministry of Civil Aviation did not respond immediately to an email seeking comment. Couldn't verify immediately the WSJ article. The Ram Air Turbine system (RAT) generates both electricity and hydraulic pressure, allowing pilots to control the aircraft even if one or both engines fail. The report stated that preliminary findings raise questions regarding whether the engines of the plane functioned correctly during takeoff. The Dreamliner is equipped with GE Aerospace GEnx engine. After takeoff, the Boeing 787-8 Dreamliner with 242 passengers bound for Britain’s Gatwick Airport started losing altitude. The worst aviation accident in the last decade saw all but one passenger die, along with 30 fatalities on the ground. India's aviation safety regulator said Tuesday that Air India's Boeing fleet was not subject to any major safety concerns. (Reporting and editing by Christian Schmollinger; Kanjyik ghosh)
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UAE claims navigational error led to oil tanker collision in Strait of Hormuz
According to the UAE's Energy Ministry, a collision between oil tankers near Strait of Hormuz may have been caused by an error in navigation by one of those vessels. In a Wednesday statement, the ministry cited preliminary data and denied any connection with an increase in electronic interference during conflict between Iran and Israel. Two oil tankers, Front Eagle and Adalynn, collided on Tuesday and caught fire 24 nautical miles from the coast of UAE in the Sea of Oman. There were no injuries reported to the crew, and there was no spillage. Interference has caused navigation systems to be disrupted near the Strait of Hormuz. This waterway, which connects Iran and Oman, is responsible for about a fifth of all oil transported by sea. Tehran has not yet commented on the collision that occurred Tuesday or the reports of interference. Reporting by Ahmed Elimam, Maha El Dahan and Barbara Lewis. Editing by Tomasz and Barbara Lewis.
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Samsung Heavy cancels $3.54 billion in icebreaker orders with Zvezda, a Russian company
Samsung Heavy Industries, a South Korean shipbuilder, said that on Wednesday two orders for icebreakers worth 4.85 trillion won (US$3.54 billion) from Russia's Zvezda were cancelled because the "illegal termination of the shipowner". Samsung Heavy stated in its regulatory filings that Zvezda Shipyard unilaterally terminated the contract with the South Korean firm in June 2024 and demanded the return of any advance payments. Samsung, in July, filed an arbitration request at the Singapore Arbitration Court to confirm the illegality the termination while engaging in negotiation with Zvezda. Samsung Heavy said that as the conflict between Russia and Ukraine continued, the uncertainty over the execution of contracts and the business increased. It decided to cancel the contract and seek damages in order to protect its rights. The order was to supply parts and blocks for 10 icebreaker LNG carriers and 7 shuttle tankers.
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BBC reports that the UK has delayed opening of the HS2 rail line.
BBC reported Wednesday that the opening date of Britain's new high-speed railway line, HS2, will be delayed. It was originally scheduled to open in 2033. The project has suffered from cost overruns for years. The previous government had to cancel the northern part of the project, between Birmingham and Manchester, two years ago due to its ballooning budget. HS2 costed 33 billion pounds (44 billion dollars) and was scheduled to be completed by 2026. The cost of HS2 has risen to more than 100 billion pounds. The BBC reported that Heidi Alexander, Minister of Transport, is expected to inform Parliament on Wednesday, that the route's opening will be delayed beyond the already delayed plan for 2033, but will not give any new information on the exact date. The Department of Transport did not respond immediately to a comment request. HS2, which was proposed in 2010, is designed to increase capacity and catch up Britain's infrastructure with other European countries that have extensive high-speed tracks. BBC reported that Alexander will release two reports on the issues surrounding HS2, in an effort to reset the way Britain builds infrastructure. The Labour government, which will be elected in 2024 has placed accelerating the planning process for new energy and transportation projects at the core of its growth agenda. It has supported expansion at London’s Heathrow Airport and Gatwick Airport. Reporting by Sarah Young, editing by James Davey.
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Israel launches an airlift to return stranded citizens following the Iran attack
Israel started flying citizens home stranded overseas on Wednesday. The country launched a phased airlift after its surprise military strike against Iran left tens and thousands of Israelis stranded overseas. El Al, the national airline, brought passengers back to Ben Gurion Airport in the early morning hours of Wednesday. The flight was operated by El Al and flew from Larnaca Airport, Cyprus. Israel's Transport Ministry estimates that over 50,000 Israelis have been stranded abroad and are attempting to return home. El Al announced that repatriation flights have already been scheduled to Athens Rome Milan and Paris. Arkia, Israir and other smaller rivals are also participating in the operation. According to an Israeli Aviation Authority statement, Transportation Minister Miri Regev informed the captain of El Al's arriving flight that they were preparing to airlift all Israelis back home. We are extremely emotional at the moment that we have received our first rescue aircraft as part of Safe Return. "Land safely," she said. Since Israel's attack on Friday, the airport in Tel Aviv has been closed for passenger traffic. Airports Authority increased staffing Wednesday in order to make sure that arriving passengers could exit the airport as quickly as possible. The passengers were transported to their vehicles, or by train and bus into city centres across the country. A spokesperson for the airport authority stated that the operation was carried out in phases, according to the risk levels and the security assessments. The emphasis is on passenger safety, flight crew safety, and aircraft safety. For security reasons, relatives were warned to avoid airports. Since Friday, Iran has launched more than 400 ballistic rockets at Israel. Many of these missiles were aimed at the Tel Aviv region. So far, at least 24 people have been killed in the attacks. No passenger flights are leaving Israel. This means that up to 40,000 tourists remain stranded. El Al has canceled all scheduled flights until June 23. Many Israelis who are trying to return home have congregated in the area Cyprus The European Union country closest to Israel is Luxembourg. The flight from Larnaca, a coastal city on the Mediterranean coast, to Tel Aviv takes 50 minutes. Hermes, the Cypriot airport operator, said that nine flights, each carrying 1,000 passengers, were scheduled to depart Cyprus on Wednesday, four of which will be for Tel Aviv and four for Haifa. Mano Maritime's "Crown Iris", which carries 2,000 passengers on board, will make two trips from Cyprus to Israel’s Mediterranean port of Haifa. On Wednesday morning, a cruise ship carrying 1,500 participants in a Jewish Heritage Programme who left Israel Tuesday arrived in Cyprus. (Reporting and editing by Kim Coghill and Steven Scheer. Additional reporting and editing by Michele Kambas in NICOSIA and Steven Scheer).
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Algeria has announced a new tender for corn worth 240,000 tonnes, traders claim
On Wednesday, European traders reported that the Algerian state agency ONAB had issued a tender for the purchase of up to 240.000 metric tons animal feed corn from optional origins. They said that the deadline for submitting price offers to the tender was Tuesday 17th June. The offers are still being reviewed and no purchases have yet been reported. According to the report, it is believed that this new announcement indicates that Algerians did not make any significant purchases in its previous tender for 244,000 tons of corn, which ended on June 3. Algeria issued corn tenders every week in May and June, but trading houses were said to be very few. According to traders, delays in the unloading of ships in Algerian port caused sellers to incur heavy financial costs. Traders also stated that they viewed the repeated corn tenders not as an indication of actual demand but rather as a price check. The latest tender has again changed the terms to allow corn from any origin. Traders said that previous tenders requiring corn only from Argentina or Brazil ended with no significant purchases. According to traders, the latest tender called for six consignments ranging from 30,000-40,000 tons of goods that would be shipped between July 15 and 31. Reporting by Michael Hogan, Editing by Eileen Soreng
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Maguire: US energy investors manage exposure as the tax bill debate continues.
Energy equity investors have been adjusting their positions in the U.S. Power sector to try and pick winners and reduce losers before the final passage of President Donald Trump’s tax-and spending bill. The "One Big, Beautiful Bill Act", which contains aggressive reductions to tax credits and incentives related to clean energy generation using renewable sources, has caused a selloff of stocks in the sector. The bill also accelerates the phase-out for federal support of electric vehicles, clean energy components manufacturing and wind farm developments. The latest U.S. Senate proposal - which is a tweaked version of the version passed by the U.S. House – preserves support for geothermal, battery storage and nuclear projects. It also triggered gains in nuclear stocks. Energy investors will continue to jostle for position in the coming weeks as Congress makes more adjustments to the proposed bill. The following is a list of key exchange-traded fund (ETF) and equity sectors in the energy sector that were and will be the most affected by the proposed budget. SOLAR SOCKS The stocks of companies involved in solar panel production, inverter installation and solar system installations will be among the worst affected by the bill's final composition. Many Republican legislators and the Trump administration are opposed to federal subsidies for solar energy for a variety of reasons. These include concerns over its intermittent nature and its reliance on parts made in China. The Senate's latest budget bill proposal eliminates all solar subsidies and tax credits by 2028. The solar industry has already been affected by the rising cost of installation due to the interest rates. Now, the rapid elimination of federal assistance has severely impacted the prospects of several companies. The stocks of solar panel manufacturers First Solar, Sunrun, and SolarEdge as well as inverter maker Enphase have all fallen by at least 20% in the last month. This is due to the ramifications that the proposed bill has. Invesco's Solar ETF shares fell to five-year lows on April. They are now down 50% in the last two years, as investors have jettisoned their positions. The sector's outlook has also dimmed under the Trump administration. Nuclear and geothermal Many energy investors who wanted to exit the solar sector have shifted their money into the nuclear industry, which is gaining support under Trump's administration. Global X Uranium ETF gained over 35% of its value in the last month and has recently reached its highest levels for more than a decade. Investors are drawn to this fund because of the possibility of a shortage of uranium, the primary fuel used in nuclear power plants, if more reactors come online after the tax bill is passed. The latest bill negotiations have preserved provisions that support the geothermal sector, which has led to a recent rally in stocks of companies involved in geothermal energy production. Since early May, shares of Nevada-based Ormat Technologies have risen by more than 30%. Ormat Technologies makes power converters and geothermal plants. MAJOR, GRIDS AND LNG As the demand for fossil fuels is likely to increase due to the elimination of clean energy subsidies, investors in the energy sector have recently taken positions within funds and companies that are part of the traditional oil and natural gas industry. The SPDR Energy Select Fund, which owns several major oil producers and gas companies, has rallied due to recent tensions in Middle East as well as the better outlook for U.S. demand if renewable energy is stopped. The proposed bill will benefit firms with large gas production businesses if it slows down the growth of renewable energy and increases the U.S. electricity sector's dependency on gas. The Trump administration has been supportive of expanding LNG exports, which has helped the shares of companies in the liquefied gas sector. Shares of Cheniere Energy, the largest U.S. exporter of LNG, are up over 50% in the last year and around 10% for the year to date. Investors also increased their exposure in ETFs, and to companies that are dedicated to upgrading the U.S. grid. These have positive outlooks no matter what the final tax bill looks like. First Trust North American Energy Infrastructure Fund has gained about 4% year-to date, while First Trust Smart Grid Infrastructure Fund has grown by around 12%. Investor interest in battery storage is expected to grow, and the iShares Energy Storage and Materials ETF has already been on the radar of investors. The value of the fund has fallen by around 5% so far this season, in part due to the dim outlook for solar energy growth. This is because utilities are pairing battery systems with solar power to ensure continuous supply. In the months to come, utilities will likely continue to increase their use and adoption of battery systems, even if their solar system uptake slows down. This is because the combination of solar plus batteries remains the most efficient way to add new power to U.S. Grids. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Israelis in Cyprus can now fly home
Airport sources and flight tracking websites showed that flights left for Israel from Cyprus on Wednesday, ferrying Israelis home who were stranded overseas during the conflict with Iran. Israel's airspace is closed after the two countries started trading attacks on Friday. Tens of thousands were stranded when their flights to Tel Aviv cancelled. Israel announced Tuesday special flights to repatriate its citizens. Arkia operated a flight from Cyprus's Larnaca Airport at 7:25 am (0425 GMT). The flight was bound for Tel Aviv. Sources at airport operator Hermes confirmed that nine more flights were scheduled to leave Wednesday, with about 1,000 passengers, for Haifa and four others for Tel Aviv. Israel's Transportation Ministry said that up to 150,000 Israelis were abroad. About a third of them are trying to return home. Cyprus is the closest EU member to Israel. On Wednesday morning, 1,500 Jewish heritage participants who left Israel on Tuesday boarded a cruise ship that arrived in Cyprus. (Reporting and editing by Clarence Fernandez; Michele Kambas)
Bali volcano causes cancellation of many flights
Officials said that several flights to Bali, an Indonesian island resort, were cancelled or delayed. The airport at Maumere (East Nusa Tenggara Province) was also closed because of the eruption of Mount Lewotobi Laki Laki.
The eruption of Mount Lewotobi Laki Laki, located in East Nusa Tenggara Province, on Tuesday sent ash soaring 11 km (6.84 mi) into the air, prompting the volcanology agency in the country to increase the alert level.
The agency released a statement saying that it erupted once again Wednesday morning. It belched a 1 km (0.6 miles) high ash clouds.
The website of the Bali International Airport showed that several international flights to Bali from India, Singapore, and Australia were cancelled because of the volcanic eruption. Singapore Airlines has cancelled four flights from Bali's Denpasar Airport to Singapore and Scoot, its budget airline, has cancelled flights for Bali and Lombok.
JetStar, Qantas’ low-cost carrier, has cancelled morning flights from Australia to Bali and is expecting afternoon flights to be impacted.
JetStar's midday travel bulletin said that the ash cloud should clear later tonight.
AirNav, the airport operator, posted on Instagram that the government had closed the Fransiskus Xaverius Seda Airport in Maumere between Wednesday and Thursday to "ensure the safety of passengers".
Avi Hallan, a local disaster mitigation official, said that the eruption forced the local authorities to evacuate residents of two villages located near the volcano.
She said that the streets in both villages were covered with ash, gravel and sand. No casualties had been reported. The last eruption of the volcano was in May.
Indonesia is located on the Pacific Ring of Fire. This area of intense seismic activity sits atop several tectonic plate.
(source: Reuters)