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Air India will resume flights between east US and Canada at the earliest possible opportunity
Air India announced on Tuesday that it will resume flights between the East Coast of the U.S.A. and Canada at the "earliest opportunity", after several Middle Eastern countries temporarily closed their airspace, forcing airlines to cancel certain routes. Air India's spokesperson stated in a press release that "as airspaces slowly reopen in some parts of the Middle East", the airline will gradually resume flights in the region beginning Tuesday. The majority of operations in and out of the Middle East will resume on Wednesday. The flights to and from Europe that were previously cancelled will be gradually reinstated starting Tuesday. After nations like Qatar, Bahrain and Kuwait closed their airspace in response to Iran's attacks on the Al Udeid U.S. base in Doha, airlines scrambled for cancellations and diversion of planes. Reporting by Abhijith Ganadavaram Editing Mark Potter
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Angola, Zambia push Lobito Corridor rail project as financing talks advance
Frank Tayali, Minister of Transport in Zambia, said that Zambia hopes to begin work on the Lobito Corridor Railway connecting its copperbelt to Angola’s Atlantic coast before the third quarter 2026. The project is moving forward amid ongoing financing negotiations. The corridor will connect Zambia's Chingola to Angola Benguela Railway Line at Luacano. It is expected to stretch over 530 km, and it will serve as an important export route for agricultural products and copper. Tayali, speaking on the sidelines the U.S. - Africa summit in Luanda expressed optimism regarding the multilateral project. He noted the interest of regional stakeholders, the United States and the European Union. Tayali said, "We've got a developer working with the Africa Finance Corporation to resolve the financial issues and things look very promising." "This is a monumental project, and we are confident in its ability to reduce global food insecurity as well as unlock Africa's arid lands for agriculture." Jose Massano, Angola’s Minister of state for Economic Coordination, said that the government is committed to facilitating investment like the Lobito Corridor via private sector negotiations. However he ruled out government funding directly for the project. The talks have been focused on clauses in concession contracts, such as potential guarantees requested by financiers. Massano explained that "we may need to adjust one or two clauses in order to improve the relationship between financiers and operators." Massano said that although these processes are lengthy, the commitment to see them through is strong. Massano confirmed that Angola has made progress on the planned World Bank funding of $500 million, and the requirements are expected to be met by the end the year. Massano spoke about Angola's fiscal outlook in the face of volatile oil prices. Massano noted at the Monday summit that oil prices over $70 per barrel, which aligned Angola's budget forecast for 2025, had provided temporary relief to implement economic and social programs. The oil price fell dramatically on Tuesday, causing Angola to be uncertain about its fiscal projections. Oil prices fell to a two-week minimum on Tuesday, after Israel accepted the proposal of U.S. president Donald Trump for a ceasefire between Iran and Israel. This eased concerns over disruptions to supply in the Middle East. Brent crude futures fell $2.48 or 3.5% to $69 per barrel at 0927 GMT. U.S. West Texas Intermediate Crude fell $2.37 or 3.5% to $66.14. Massano responded that Angola is open to dialogue, including with the International Monetary Fund to consolidate the public finances, if needed. (Reporting and writing by Miguel Gomes; editing by David Evans).
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ANI reports that the black box of the crashed Air India jet is still in India.
ANI, citing Ram Mohan Naidu, the civil aviation minister, reported that the black box from the Air India jet, which crashed and killed 271, is still in India. It is currently being examined by an aircraft accident investigation team. Naidu made his comments after a report in the media that the flight data recorder would be sent to the United States of America for analysis. According to a post by ANI on the social media platform X, Naidu stated that the black box of the crashed AI 171 plane is still in India. It is being examined and analyzed by the Aircraft Accident Investigation Bureau. The Indian government announced on Thursday that a decision would be taken on the location of the decoding after AAIB had made a "due evaluation" of all safety, security and technical considerations. (Reporting and editing by Andrew Heavens; Abhijith Ganapavaram)
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US Safety Board to examine Boeing's role in 737 MAX 9 Mid-Air Emergency
The U.S. National Transportation Safety Board is holding an hearing on Tuesday, to determine the likely cause of a cabin panel that blew out mid-flight of a Boeing 737 MAX 9 in January 2024. This caused a major crisis for the planemaker. Officials said that the board would be expected to criticize Boeing for its safety culture, and also for failing to install four bolts on a new Alaska Airlines MAX 9 aircraft. Jennifer Homendy, Chair of the NTSB, said that the incident could have been avoided because the aircraft manufacturer should have addressed the unauthorized production long ago. This accident shouldn't have happened. Homendy, during a two day investigative hearing in August last year, said that this should have been detected years earlier. "The safety culture is in need of a lot more work." The incident prompted the Justice Department's opening of a criminal probe and declared that Boeing did not comply with a deferred prosecution 2021 agreement. CEO Dave Calhoun also announced his resignation within a few month after the mid-air blowout. The incident severely damaged Boeing's image and resulted in the MAX 9 being grounded for two weeks. Federal Aviation Administration also imposed a monthly production cap of 38 MAX planes, which is still in effect. Boeing did not create any paperwork to document the removal or reinstallation of the 737 MAX 9 emergency exit door plug – a metal piece shaped like a small door – during production. The NTSB also stated that Boeing was unaware of which employees were involved. Boeing has not responded to an inquiry for comment made before the meeting. Michael Whitaker, the then-FAA administrator at the time, said that the agency had "too little involvement" in Boeing's oversight in June 2024. It has since increased the number of inspectors in Boeing and Spirit AeroSystems plants. Boeing agreed to plead guilty last July after two deadly 737 MAX crash in Ethiopia and Indonesia. Last month, it struck a deal to avoid a plea of guilty with the Justice Department. The Justice Department asked a court to approve a deal that would allow Boeing to avoid having to plead guilty or face oversight by an external monitor, but it will also require the company to pay $444.5 in additional funds to a fund for crash victims to be split equally between each crash victim. (Reporting and editing by Jamie Freed; David Shepardson)
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Russia faces gas surplus as European exports collapse, eyes data centres
Officials and managers of companies have stated that Russia, the country with the largest reserves of natural gas in world, is looking for ways to use its surplus gas to run data centres. This comes as European exports continue to fall. According to calculations, the conflict in Ukraine caused Gazprom to see its gas exports to Europe reach a peak between 175 and 180 billion cubic metres in 2018-2019. By 2024, however, it is estimated that this will drop to only 32 bcm. This level will drop by half again in this year, following the suspension of Russian gas transit through Ukraine. Alexei Chekunkov said that the northern regions of Russia are facing a natural gas glut, at the St. Petersburg International Economic Forum. Chekunkov said that a half billion cubic meters of gas per day used to flow through gas pipelines into the West. Now, this does not happen, and it is urgent to figure out what to do with the gas. Chekunkov said that investors are increasingly focused on the gas-chemical sector. Surplus gas can also be used as a source of power to power data centres using artificial intelligence technologies. Gazprom's production of gas in 2014 was 416.19 billion cubic meters, a record high compared to the 355.23 billion cubic meters produced the year before. In 2024, Gazprom could sell only 361.7 bcm domestically and abroad. Gas is also used by the company for its own purposes, such as power generation on its gas fields and pipelines. Interfax reported that BitRiver, Russia's largest operator of data centres, could consume up to 10 billion cubic meters (bcm) of associated petroleum gases annually for large-scale mining cryptocurrency. Pavel Sorokin (Russia's deputy minister of energy) told the forum the cost of natural gas is too high for data centres. He thinks that the gas can be used to produce coal, which is facing a number challenges including international sanctions due to the conflict in Ukraine. "We're in a tough spot with coal right now. He said: "Why should we use gas that is expensive to increase data capacity, when we could build power plants in a coal mine?"
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What are China's interests in Iran economically?
China, which is one of Iran's most important allies, and its biggest oil buyer, has been urging for a diplomatic resolution to the conflict between Iran and Israel. Here are some details about its investment in Iran. COOPERATION PACT Beijing has long supported the U.S. sanctioned Tehran in its efforts to increase its economic and strategic clout in the Middle East. They signed a 25 year cooperation agreement in 2021. However, full details have never been disclosed, and analysts claim that the implementation of this deal has been poor. The Chinese investment in Iran is still far behind what Beijing invests in other nations of the region. Bill Figueroa is a China-Middle East specialist at the University of Groningen, in the Netherlands. Chinese Commerce Ministry data show that its direct investment in Iran at the end of 2023 will total $3.9 billion. The think-tank claims that Beijing has invested almost $15 billion between 2007-2024 in Saudi Arabia and more than $8 billion between 2013-2022 in the United Arab Emirates. ENERGY: China purchases roughly 13,6% of its crude oil from Iran, which accounts for 90% of Iran's exports. According to Vortexa, around 65% of the total crude and condensate that is shipped through the Strait of Hormuz near Iran is bound for China. China National Petroleum Corp. (CNPC), in 2016, signed a $4.8 Billion deal with France’s Total for the development of the South Pars offshore gas field in Gulf with an Iranian State firm. CNPC's 30% stake was valued at around $600 Million. Despite this, the state-owned oil giant withdrew from the project in 2019 due to pressure by the United States. CNPC signed a contract in 2009 for the development of the North Azadegan Oil Field, the first phase being valued at around $2 billion. In 2016, the first shipment of 2,000,000 barrels of oil was sent to China. Sinopec, China's largest refiner, signed a deal worth $2 billion in 2007 to develop the Yadavaran Oil Field. Sinopec signed in 2017 a $2.1 billion contract to upgrade Abadan refinery near the Gulf Coast. The refinery is still under construction. China's LDK Solar and Iran's Ghadir Investment Group have signed a 2024 agreement for a large photovoltaic plant. The investment is expected to be around 1 billion euro ($1.16 billion). The plant was to produce 2 billion kilowatt hours of solar energy annually. RAILWAYS: China National Machinery Industry Corporation, a subsidiary of the China National Machinery Corporation, signed a deal in 2018 worth 5.3 billion yuan (738 million dollars) to renovate and expand a railway that connects Tehran to Hamedan and Sanandaj. This will improve connectivity throughout west Iran. A subsidiary of China Railway Construction Corporation also signed a contract in the same year for a 263 km Kermanshah to Khosravi rail project in west Iran. The construction period was 48 months. China's Norinco International, a Chinese company, signed an agreement with the Iranian city Qazvin in 2018 for the construction of the first tramway in Qazvin. The contract was worth about $150 million. China Eximbank and a state-owned Iranian bank signed in 2017 a $1.5billion deal to upgrade and electrify the 926 km rail between Tehran and Mashhad, as part of Beijing’s Belt and Road Initiative. The project is stalled due to financing negotiations. Metals China's Metallurgical Corporation invested $350 million into the Sepid Dasht Steel Plant in 2017 and won a contract to design a pelletising system. Local media, however, reported that financing issues had delayed the projects.
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Gulf markets surge after Israel-Iran truce
The major Gulf stock markets advanced early on Tuesday, with risk appetite increasing after U.S. president Donald Trump announced that Iran and Israel agreed to a truce. Trump declared a ceasefire that could end the 12-day conflict which saw millions of people flee Tehran, and raised fears about further escalation. Saudi Arabia's benchmark stock index rose by 2.1%. The biggest contributors to this increase were Al Rajhi Bank, which saw a 1.9% gain and Saudi National Bank, the largest lender in Saudi Arabia. Flynas, a company recently listed on the stock exchange, soared by more than 7% and reached 79.80 Riyals. Saudi Aramco, the oil giant, fell 1.7% while SABIC Agri-Nutrients Company, a fertilizers company, declined by 1.1%. After Israel accepted Trump's offer, oil prices fell to their lowest level in two weeks, as fears of supply disruptions were eased in the Middle East - a region that produces a lot of oil. Brent crude futures fell $3.82 or 5.3% to $67.66 per barrel at 0645 GMT. Dubai's main stock index rose 3.1%, its largest intraday gain since mid-December. The gains were boosted by a 4.7% increase in blue-chip developer Emaar Properties. Air Arabia, a budget airliner, is among the winners. Its share price jumped 7.2% in one day - its highest single-day gain in more than three years. Benjamin Netanyahu, the Prime Minister of Israel, said that Israel had agreed to Trump’s proposal for a truce with Iran once it achieved its objective of eliminating Tehran's ballistic missile and nuclear threat. Aldar Properties, a property developer in Abu Dhabi, grew by 8.3%, leading the index to gain 2.2%. The benchmark index in Qatar rose more than 2%. Qatar Islamic Bank rose 2.2%. Qatar has reopened its skies after a short suspension, the civil aviation authority announced early on Tuesday. This follows a missile strike by Iran against an American base in Qatar that was carried out on Monday, but which caused no injuries. (Reporting from Ateeq Sharif in Bengaluru, editing by Andrew Cawthorne.)
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Australian shares snap a five-day losing streak as Iran-Israel ceasefire lifts the sentiment
After U.S. president Donald Trump announced that Israel and Iran had agreed to a ceasefire, the Australian share market closed higher Tuesday. Financial stocks led the rally. After five sessions of consecutive declines, the S&P/ASX 200 ended up 1% higher. It had its best day of trading since early May. Trump announced late on Monday a ceasefire between Israel, Iran and possibly the end of a 12-day war. He announced the ceasefire a few hours later and asked both sides not to break it. The Australian market is sensitive to geopolitical events, as mining stocks have a direct impact on commodity prices. The ceasefire announcement was a catalyst to the strong recovery following a couple of disappointing sessions. The heavyweight financial sub index closed at a record high of 1.9%. Commonwealth Bank of Australia, Australia's largest lender, closed up by 2.1% after reaching a new high. The mining stocks gained 2%. Copper prices increased 0.4%, but iron ore prices remained stable. BHP and Rio Tinto both rose by 2.4% and 3.1% respectively. Kim stated that financial and mining stocks offer high dividend yields, which makes them attractive. Investors are likely to also stick with sectors that focus on domestic factors such as the local monetary policies. The Consumer Discretionary Stocks rose by 0.7%. Oil prices dropped sharply after the Iran-Israel ceasefire, easing concerns about disruptions in supply. Sector major Woodside Energy fell 6.5%. Virgin Australia's debut market performance saw a 11.4% increase. In response to the fall in oil prices, Qantas, a larger rival, increased 2.4%. This eased concerns about higher fuel costs. Investors in the local market will be waiting to see Wednesday's inflation figures. The benchmark S&P/NZX50 index in New Zealand ended the day 0.5% lower, at 12,467.48. (Reporting and editing by Vijay Kishore in Bengaluru, Nikita Maria Jio from Bengaluru)
All but one of the 260 victims of Air India crash have been identified by authorities
The authorities in Gujarat said that on Tuesday, they had identified 260 of the bodies found in Ahmedabad after an Air India flight crashed earlier this month.
A Boeing 787-8 Dreamliner carrying 242 passengers bound for London Gatwick Airport lost height after takeoff from Ahmedabad, India, on June 12. It exploded in a fiery fireball when it struck a medical school hostel.
The crash killed 19 people, including one survivor on the ground.
Officials remained cautious about the final death toll, despite the fact that the number of deaths was lower than the earlier estimate by the authorities.
"We have identified 259. There are 240 passengers, and 19 others. Rakesh Joshi said that the DNA test results of one passenger are still awaited.
The crash site is still being cleaned. We cannot announce the final death count until we know that there are no more victims to be found," Joshi said.
In a press release, the local administration said that the remains of 256 victims had been returned to their families. It added that 253 victims' identities were confirmed through DNA matching, and the six remaining victims through facial recognition. (Reporting and editing by Bernadettebaum)
(source: Reuters)