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EU wheat prices rise, boosted by Russian prices
The price of European wheat rose on Wednesday, after the session had seen a sharp fall. This was due to strong Russian prices as well as concerns over Germany's crop. The benchmark September milling wheat price on Paris' Euronext closed at 227.37 euros per metric tonne, up 0.7%. A trader stated that "Euronext's not increasing because funds are selling", pointing out the high Russian prices. Russian farmers have started to sell their new crop more after an unusually low start. However, they are still demanding high price as many ships are waiting in export ports to load supplies, traders reported. In the next few days, a cargo of 63,000 tons wheat bound for Egypt is expected to arrive in French ports Rouen and La Pallice. Egypt's State Grain Buyer said in late June that it expects wheat shipments to come from France and other European nations as it continues its efforts to diversify the supply sources and bolster Egypt's strategic reserves. The traders were skeptical that large volumes of exports delayed had been shipped to other countries to supply. Traders said that the repeated rains in Germany and Poland during this week have caused quality damage at the last minute to some wheat that was ready to be harvested and disrupted harvesting. One German trader stated that the quality of German wheat has suffered some damage. Rain almost every day is the worst thing you can imagine. There is still the chance of a good crop, if weather conditions change. After all, most German wheat is harvested in August. In Germany, rain will continue to fall into the first week of next year. Rain has also disrupted the harvest in Poland. One Polish trader stated that "heavy rains in Poland and only a few sunny days have caused harvesting to be disrupted, and there is much uncertainty about the quality of wheat among the farmers." "I estimate that only 20% of Poland’s wheat has been harvested. The results vary greatly from region to region." Farmers talk about low quality criteria (low falling numbers) for wheat. This may mean that more than expected of Poland's crop will only meet animal feed standards. Reporting by Sybille De La Hamaide and Michael Hogan, both in Hamburg. Mark Potter is the editor.
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Portugal invests $4.6 billion, mainly private, in ports by 2035
The government of Portugal announced on Wednesday a plan to invest 4 billion euros ($4.6billion) over the next ten years in order to modernise and expand its major ports. 75% will be carried out by private companies. Infrastructure Minister Miguel Pinto Luz announced that the investment will be made in six port, including Sines (the closest deep-water European Port to the U.S. Coast), where the existing terminal is being extended and a brand new one built. He said that port activities in Portugal have "potential" to attract new investments, given the country's privileged position. The extensive Atlantic coast can be used as a gateway into the Iberian Market and to connect with trans-European transportation networks. Pinto Luz announced that 15 new exploration concessions will be launched. According to the new law, private operators can enjoy a maximum of 75 years instead of the current 30 years. These investments are expected to increase cargo movements to 125 millions tons per year by 2035. This is a 50% rise compared to 2023's most recent data. Container throughput will also increase 70% to 6.5 Million Twenty-Foot equivalent Units (TEUs).
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Airbus reports higher quarterly profit and maintains forecasts
Airbus, the European planemaker, posted higher-than expected second-quarter profits, thanks to its helicopter and defence units. It also maintained its full-year predictions as it seeks to reverse a decline in jetliner sales. The largest jetmaker in the world, which also produces satellites, fighters, civil and military helicopters and makes satellites - has announced that its adjusted operating profit nearly doubled to 1,58 billion euros ($1.81billion) while revenues remained roughly flat at 16,07 billion euros. The company also announced that it would increase its A330neo production target to five aircraft per month by 2029 in order to meet the growing demand for wide-body jets, while maintaining other production targets. Airbus's space business was expected to grow significantly, but its results in Defence and Space (the company's second largest division) and Helicopters were slightly better than forecasts. According to a consensus compiled by the company, analysts expected an adjusted operating profit of 1,47 billion euros for revenues of 15,78 billion euros during the second quarter. Airbus reported earlier a 5% decline in the first half deliveries of 306 aircraft due to engine delays. Airbus predicts an 820 aircraft increase for the entire year. Airbus continues to build aircraft while waiting for engines, but the delays are continuing to impact cash flow. Cash burnt more quickly than expected during the second quarter. The company has reaffirmed its financial targets, which exclude the impact of tariffs. However, CEO Guillaume Faury welcomed a weekend agreement between the EU and US to exempt aerospace from tariffs. Airbus has said that it expects a deal to be completed in the fourth quarter to purchase assets from Spirit AeroSystems. The struggling aerospace supplier is currently being split between Airbus, its US rival Boeing, and other parties to avoid its collapse. ($1 = 0.8721 euro) (Reporting and editing by Benoit van Overstraeten, Benoit Hepher)
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US investigates Army helicopter altitude in fatal January crash
The National Transportation Safety Board announced on Wednesday that tests revealed faulty altitude data on U.S. Army chopper aircraft like the one which collided with a plane of American Airlines on January 29 near Ronald Reagan Washington National Airport, killing 67 people. The NTSB's investigation will examine the air data systems, altimeters and the Federal Aviation Administration's oversight over Washington airspace as well as air traffic. The accident, which occurred a half mile southeast of the Potomac River airport and over the Potomac River, was the worst U.S. aviation disaster in 20 years. Army helicopters were found to have a discrepancy of up to 130 feet between their actual altitude and the height they reported in flight. The NTSB played audio clips of communications between air traffic towers in the minutes leading up to the crash, including a controller's request to the American Airlines aircraft to move to a new runway. The NTSB had previously stated that the helicopter was flying higher than the altitude recommended for the area when it crashed. The collision happened at a height of approximately 300 feet, which is higher than the maximum altitude the helicopter could have reached. A crew of experienced Black Hawk pilots was wearing night vision goggles while on an evening training flight. After a close call on May 1, which forced two civilian aircraft to abort their landings, the FAA banned the Army in May from helicopter flights near the Pentagon. This week, the FAA said that the helicopter flights were still on hold despite the fact that the agency had announced it had signed a revised agreement with the Army in July. Reporting by David Shepardson, Editing by Chizu Gregorio and David Gregorio
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UK airports affected by an air traffic control issue
The British air traffic controllers announced a technical problem that caused flights to be disrupted at London's major airports and other locations in the UK on Wednesday. However, they later reported the issue was resolved. Our engineers have restored the system which was affected today afternoon. NATS posted on X that they were "in the process of resuming regular operations in the London region". Heathrow Airport reported that all departures were halted. Gatwick Airport stated that the problem affected all flights departing the UK. In a statement posted on X, it stated that "there are no departures at London Gatwick until the situation has been resolved." London City Airport posted on X as well that the same problem affected flights at London City Airport. Edinburgh Airport said that departures are currently on hold pending further information from NATS. (Reporting and writing by Sam Tabahriti; editing by William James).
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ITA Airways' business plan aims for long-haul expansion and deeper Lufthansa ties
In a Wednesday statement, ITA Airways said that the board had approved a business plan for 2026-2030, which focuses on long-haul growth, fleet renewal and closer integration with Lufthansa. Italian airline, owned by the Italian government in majority and by Lufthansa at 41%, plans to expand intercontinental flights from Rome to North America, South America and Asia to increase tourism and trade. The airline plans to upgrade its fleet by adding one new long haul aircraft every year starting in 2026. By 2030, it hopes to operate around 100 Next-Generation jets. ITA is expecting deeper synergies between Lufthansa and ITA, including joining Star Alliance by 2026 and taking part in joint ventures on transatlantic and Japanese routes. "We are laying down the foundations to continue to be Italy's reference airline with a role strategic for the national economy system and to improve connectivity with the rest the world," stated chairman Sandro Papalardo. ITA CEO Joerg eberhart said that the strategy will create jobs and have a positive impact on the industry. (Reporting and editing by Angelo Amante)
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Transportation strike in Tunisia increases pressure on President
Transport services were halted in Tunisia Wednesday as workers demanded better working conditions, higher wages and urgent reforms. This added pressure to President Kais Said to address the deepening crisis. Tunisians have suffered from poor public services for many years, particularly in the sectors of health, education, transportation and investment due to a lack of funding and public investments, as well as frequent interruptions in water and electricity supply. Saied, a man who has been in power since 2021 and tightened it, accuses those he believes are conspirators, seeking to undermine the government and exacerbate social tensions. The three-day strike by the UGTT union disrupted everyday life in major cities as well as rural areas. The metro stations and buses in Tunis were deserted, forcing commuters into private cars, unlicensed motorcycle cabs, and taxis. "We suffer." "There is no transport, we have no jobs, and things are getting worse and more expensive," said Ayman Amiri in the capital as he stood at a bus stand. Transport unions, who claimed that the first day of the strike had been a 100% success, have said that the sector is collapsing. The Ministry of Transport stated that the union's demands for financial compensation were unjust and would not be met until revenues of the public transport companies increased. The ministry also stated that the recent purchase of hundreds buses from China, Europe and other countries would improve service. (Reporting and editing by Barbara Lewis; Tarek Amara)
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EU wheat prices rise, supported by high Russian rates
The price of European wheat rose on Wednesday, after the session had seen a sharp fall. This was due to strong Russian prices as well as concerns over Germany's crop. At 1335 GMT, the benchmark September milling wheat price on Paris' Euronext rose 0.4% to 197.50 euro per metric tonne. A trader stated that "Euronext's not increasing because funds are selling", citing high Russian prices. Russian farmers have started to sell their new crop more after a slow start. However, they are still demanding high price as many ships are waiting in export ports to load supplies. In the next few days, a cargo of 63,000 tons wheat bound for Egypt is expected to arrive in French ports Rouen and La Pallice. Egypt's State Grain Buyer said in late June that it expects wheat shipments to come from France and other European nations as it continues its efforts to diversify the supply sources and bolster Egypt's strategic reserves. The traders were skeptical that large volumes of exports delayed had been shipped to other countries to supply. Traders said that the repeated rains in Germany and Poland during this week have caused quality damage at the last minute to some wheat ready for cutting and disrupted harvesting. One German trader stated that the quality of German wheat has suffered some damage. Rain almost every day is the worst thing you can imagine. There is still the chance of a good crop, if weather conditions change. After all, most German wheat is harvested in August. In Germany, rain will continue to fall into the first week of next year. Rain has also disrupted the harvest in Poland. One Polish trader stated that "heavy rains in Poland and only a few sunny days have caused harvesting to be disrupted, and there is much uncertainty about the quality of wheat among farmers." "I estimate that only 20% of Poland’s wheat has been harvested. The results vary greatly from region to region." Farmers talk about low quality criteria (low falling numbers) in wheat. This may mean that more than expected of Poland's wheat crop will only meet animal feed standards. Mark Potter edited the article.
Shares of UK travel company Jet2 fall as global concerns and delayed bookings weigh.
Jet2, a British low-cost travel and airline company, said that it was too early to make a forecast of the fiscal year 2026 due to uncertainty in the global economy and delayed bookings. Shares fell sharply on Wednesday as a result.
Bookings may be further affected by a heatwave in Europe, wildfires across France and Greece and geopolitical disruptions.
Jet2 announced in a press release that bookings for summer 2025 are still being made nearer departure. The airline's summer seat capacity has been revised downwards to approximately 18.5 million seats, down from the 18,6 million originally guided in April.
A majority of the 5,8 million seats available for winter 2025/2026 have yet to be sold.
The shares of the company known for its low-cost flights and holiday packages fell as much as 8,4% and were trading at a 5.7% loss by 0732 GMT.
The continued trend of later bookings combined with geopolitical risk and an economic environment in flux could affect consumer sentiment during the critical summer months, said Julie Palmer, partner, Begbies Traynor.
Jet2 stated that customers would still be willing to travel overseas if prices were attractive and that the company was currently performing in line with expectations.
Richard Hunter, Interactive Investor's head of markets, attributed part of the decline in Jet2 shares to profit-taking. Shares are up nearly 12% this year.
Jet2 has reported an 11 percent increase in its annual profit, before FX revaluation or tax, to 577.7 millions pounds ($785.2) for the fiscal year ending March 31. It also increased its dividend to 16.5 pence a share.
The market expects the profit to be 579 million pounds in 2026. $1 = 0.7357 pound (reporting and editing by Sumana Nady and Rachna uppal in Bengaluru)
(source: Reuters)