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Putin announces that foreign vessels will need to be approved by the FSB before entering Russian ports
According to a presidential decree, foreign vessels must be approved by the FSB to enter the Russian ports. In the decree, it was stated that the FSB (the main successor organization to the Soviet KGB) would be the one to agree with port authorities to allow foreign ships entry. The decree came into effect immediately. Previously, the Transport Ministry set entry rules and there were special procedures in ports near naval bases. It was clear that the new decrete would be applicable to all ports. The new decree did not give any explanation for the change. The West closely monitors Russian ships, including those of the shadow fleet that Moscow uses to avoid sanctions. The European Union lowered sanctions last week. Price cap Donald Trump has threatened to impose sanctions on Russia for its efforts to squeeze oil revenues Additional sanctions On Russia and its buyers unless they agree to end the Ukraine War.
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Kremlin admits Azerbaijani relations are strained, but hopes for a recovery
The Kremlin announced on Monday that the Russia-Azerbaijan relationship is going through a tough phase, but Moscow hopes they will recover. Ilham Aliyev, the Azerbaijani president, said on Saturday that he wants Russia to publicly admit it accidentally shot down a passenger plane from Azerbaijan in December last year, killing all 38 people aboard, and punish those responsible. In recent weeks, tensions between Moscow and Baku also increased following the death of two Azerbaijani men who were in Russian police custody. Dmitry Peskov, Kremlin spokesperson, said that the relations between Russia and Ukraine were built on a solid basis of common interests. Sometimes, there are tough times in the relationship between the two nations. "This is one of those periods, and we are hopeful that it will pass," he said to reporters. (Reporting and writing by Dmitry Antonov; editing by Mark Trevelyan).
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India's Zomato-parent Eternal reports 70% increase in quarterly revenue. Shares reach a 5-month high.
Eternal, an Indian online delivery company, posted a 70% increase in its first quarter adjusted revenue. This was largely due to a surge of orders for Blinkit, the quick commerce division. Shares of Eternal rose 7.5%. In India, the quick-commerce sector has become fiercely competitive, despite its rapid growth. Players such as Eternal Swiggy, and Zepto, a start-up, are battling to gain market share. Blinkit is widely regarded as the leader in this segment, as it delivers anything from groceries to electronic goods within 10 minutes. This is despite competitors such as Walmart-owned Flipkart, Tata-backed BigBasket and Amazon, who have deep pockets, increasing their presence. Eternal’s revenue from operating activities increased to 71.67 trillion rupees (from 42.06 trillion rupees) in the first quarter, compared with 42.06 trillion rupees one year earlier. After the results, its stock rose as high as 7.5% at 277 rupees, their highest since February 3, before closing with a 5.64% increase. The company's net profit fell by 90% to 250 million rupees (2.90 million dollars) due to higher costs at Blinkit. Quick commerce players are offering steeper discounts, free or subsidised deliveries and expanding their "dark store" network to compete with the competition. Eternal's total expenses increased by nearly 79%, to 74.33 trillion rupees.
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Kremlin acknowledges tension in Russia-Azerbaijan relationships
Dmitry Peskov, Kremlin spokesperson, said that Russia-Azerbaijan relationships are going through a difficult phase. However, Moscow is hopeful of an improvement, as both countries have common interests. In recent months, tensions between Moscow and Baku grew after several ethnic Azerbaijanis were detained in Russia. Two of these Azerbaijanis died in police custody. Ilham Aliyev said on Saturday that he wants Russia to publicly admit it accidentally shot down a passenger plane from Azerbaijan in December of last year and killed 38 people. He also wants to punish the responsible parties. At the time, President Vladimir Putin apologized to Aliyev over what the Kremlin referred to as a "tragic event" in Russia where an Azerbaijan Airlines aircraft crashed after Russian air defenses opened fire on Ukrainian drones. Putin did not say that Russia shot down the plane.
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The rupee is weakening slightly as the dollar continues to soften.
The Indian rupee recorded a modest loss on Monday due to dollar bids by foreign and local banks. However, the general weakness of the greenback allowed the rupee to limit further losses. The rupee ended the session at 86.2925, down 0.2% from the previous day. It had touched a low of about 86.35, which was a close to one-month high, earlier in the session. The dollar index fell by almost 0.2%, to 98.0. The Indian rupee, the Indonesian Rupiah, and other regional currencies have all suffered losses this year, while their peers such as the Taiwan Dollar and the Korean Won, which both grew by over 11%, and 6% respectively, are doing well. Analysts cite a lacklustre rupee performance in part due to sluggish portfolio flows, India’s external investment deficit, and the Reserve Bank of India’s likely FX reserves accumulation. A trader from a private bank reported that the price action on the day appeared to indicate modest outflows, but the dollar buying pressure eased during the second half of the session. This helped the rupee reduce its losses. The benchmark 10-year bond rate was slightly lower last night at 6.2986%. The near-term focus will be two things: the impact of U.S. data on expectations for rate cuts, and the news regarding U.S. India trade negotiations before the deadline of August 1, when higher U.S. Tariffs are to go into effect. "We continue to believe that slower growth will limit the impact of tariffs. Profit margin compression, as well as a reduction in export prices, will also help justify a Fed rate cut in September," ANZ stated in a note on Monday.
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One dead after Bangladesh Air Force plane crashes on college campus
A fire official confirmed that one person died when a Bangladeshi air force training plane crashed into a campus of a college in Dhaka, the capital. In a press release, the public relations department of the military said that the incident took place in Dhaka’s Uttara area in Dhaka’s north. The F-7 BGI aircraft of the Bangladesh Air Force crashed in Uttara. It said that the aircraft took off at 07:06 GMT (13:06). A doctor from the National Institute of Burn and Plastic Surgery informed reporters that more than 50 people were hospitalised for burns. This included children and adults. A military spokesperson stated that the death toll has yet to be determined. Muhammad Yunus said that "necessary steps" will be taken to investigate and determine the cause of this accident. He also promised "all kinds of assistance". He said that the loss suffered by Air Force...students and parents, staff and teachers, and other people in this accident was irreparable. Video footage of the aftermath showed a large fire burning near a lawn, sending a plume of thick smoke high into the air. Crowds were watching from afar. Prothom Alo, a local newspaper, reported that initial reports indicated that the plane crashed on the roof of the canteen at the college. This information could not be independently verified. This incident occurred just over a week after an Air India flight crashed into a medical school hostel in Ahmedabad, India. The crash killed 241 people aboard the plane and another 19 on the ground. It was the worst aviation accident in the last decade. Reporting by Ruma and Sudipto, writing by Sakshi and Christina Fincher.
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Bild reports that Germany plans to reverse the increase in air tax.
Bild reported that the German coalition government will discuss the issue of reversing an unpopular increase in the air traffic tax as part its budget for 2026. Ryanair, a budget airline, has been among the loudest critics of international airlines who complain that flights to and from German airports are too expensive. The newspaper reported that the tourism policy coordinator of the German government, Christoph Ploss said: "The increase in the air traffic tax should be cancelled and the charges at German airports reduced." According to a report, the transport ministry will work for the reversal in the tax increases. After the news, shares of Lufthansa rose by 2.2%. The coalition agreement under the leadership of Chancellor Friedrich Merz did not include a timetable for reducing the financial burden placed on aviation. The German Finance Minister Lars Klingbeil will present the draft budget for 2026 next week. Companies are eagerly awaiting any promised relief, despite increased pressure on state finances due to increased spending on defense and economic uncertainty. In May 2024 the air traffic tax will increase from 12.48 euros to 15.53 euros for short-haul flights. Ploss claimed that the previous government led by the Social Democrats, who are now junior coalition partners, increased the cost of holidays for millions Germans. "A well-deserved vacation in Mallorca should not be unaffordable," said he. Ralph Beisel said that reversing the policy "would be an urgent and first step in the right directions" in a press release. "A reorientation in aviation policy is required for our country." (Reporting and editing by Matthias Williams, Christina Fincher and Rachel More)
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Air India Jet Skids During Landing in Mumbai, Damages aircraft and runway
Air India's Airbus A320 veered off of the runway during a landing at Mumbai International Airport in heavy rain on Monday. The runway was briefly closed and one engine's underside was damaged. Air India has confirmed that all passengers and crew have disembarked. However, it did not mention if anyone had been injured. Air India flight AI2744 flew from Kochi, in southern Kerala to Mumbai. Mumbai airport issued a statement saying that "minor damage" had been reported on the primary runway due to a "runway deviation". A secondary runway was activated in order to maintain operational continuity. Air India confirmed that the aircraft was grounded to conduct checks. According to a Times of India article, which cited sources, three tyres burst after the landing. NDTV's and India Today's TV footage showed that the outer casing was damaged with cracks. Air India is under scrutiny after a Boeing 787 Dreamliner crash in Ahmedabad, India last month that killed 260 people. Air India Express was reported to have falsified documents to prove compliance with a directive from the European Union Aviation Safety Agency to replace engine parts on an Airbus A320. (Reporting and editing by Adityakalra, Peter Graff and Abhijith Ganahapavaram)
Ryanair's profits rebound as bookings indicate a strong summer
Ryanair said that its net profit for the April-June period more than doubled due to higher than expected last-minute prices and the timing Easter holidays. Bookings are also "robust" for the rest of summer, the largest low-cost airline in Europe reported on Monday.
The Irish airline is Europe's biggest by passenger numbers. It said that it did not see a trend in bookings being made later than normal.
Neil Sorahan, Chief Financial Officer, said that "bookings are very good across the board." He described consumer confidence as being "very strong."
At 0725 GMT the shares of the airline rose 6.5% to 24.58 euros, which is just below their all-time record high of 24.98 euros set on July 8.
Ryanair's first quarter net profit was 820 million euro ($953 millions) and ended on 30th June. This is up from 360 million euro in the same time period last year, when Easter fell in March, as well as 663 million dollars in 2023, when Easter fell in April.
Ryanair's poll of analysts predicted 716 million Euros.
The average fares increased by 21% during the quarter, recovering more than 15% of the fall in fares recorded in the same period last year.
Ryanair is expecting to recover "almost" all of its 7% fare drop last year. It was affected by a weak consumer sentiment, and a dispute between it and some online travel agencies.
Ryanair predicted in June that "some" of the 7% would recover.
Sorahan responded to a question about the recent comments from British low-cost rivals EasyJet & Jet2 that customers are booking later: "We don't see those kinds of trends at any time."
He said that rivals are likely to see a negative effect from the resolution Ryanair's dispute over online travel agencies.
Ryanair's profits for the coming year are heavily dependent on close-in bookings for August and September. However, O'Leary stated that the rebound in airfares should result in "reasonable growth in net profit" for the period ending March 31.
Ryanair, as Boeing's biggest customer in Europe is especially exposed to possible tariffs for commercial aircraft. However, the airline expressed hope that the United States and European Union could agree on an exemption.
"We are all hopeful, and perhaps a little bit confident that we might be able to do something," said CFO Sorahan.
(source: Reuters)