Latest News
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Spirit Airlines will furlough 270 Pilots and demote another 140 on a downsized schedule
Spirit Airlines announced on Monday that it would lay off 270 pilots and demote another 140 as the budget airline tries to reduce its workforce in order to meet a reduced schedule. Furloughs are set to begin on November 1, and captains' designations will be downgraded on October 1, according to a company statement sent via email. The airline stated that it was taking steps to make sure they operated as efficiently as possible in order to get back to profitability. Bloomberg News was the first to report on Spirit's announcement. Spirit is trying to revamp its business and move away from a no-frills brand to rebrand itself as a premium carrier. After years of losses, heavy financial debt and failed mergers, the Florida-based carrier filed for bankruptcy protection in November last year. It emerged from bankruptcy on March. Reporting by Utkarsh Shietti and Shivansh Tiwary from Bengaluru, editing by Vijay Kishore
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The US and EU aerospace rivals unite to protect tariff-free aircraft export
The United States and European Union have reached a provisional agreement to exempt planes from tariffs. This will avoid a possible threat to jet production in both regions, and cap months of unusual unity among rival plane makers. Officials in Europe said that the framework agreement, announced on sunday, would see the U.S. impose an import tariff of 15% on most EU products, but protect industries such as aerospace with zero-forzero tariffs for aircraft and parts. After intense lobbying it spares a sector that is often the lightning rod of trade tensions. The World Trade Organization was tested to its limit by a 17 year dispute over Airbus or Boeing subsidies, before a truce came in 2021. The threat of U.S. Tariffs, which would have compounded the supply chain issues, had led to a potential increase in costs for aircraft, engines, spare parts and components, from landing gear to seat. There are still questions about the details of the agreement and whether they will include other components such as space. One European industry official said, "We just wait until we see these written down." Airbus confirmed that it has taken note of this deal. It said that "a stable and predictable trading environment is essential for the highly integrated global aerospace industries." Boeing has not yet commented on the matter. UNITED CAMPAIGN The agreement reached on Sunday follows a discrete and unusually united campaign aimed at reverting to the landmark 1979 agreement that mandated duty free trading of civil aircraft between more than 30 nations. Airbus and Boeing were involved in a trade dispute over subsidies that had splintered the industry only a few short years ago. Now, both sides of Atlantic are working together. Sources say that two terms in the previous handbook of the industry have been quietly dropped: WTO and multilateral. The 1979 Agreement on Trade in Civil Aircraft, which eliminated tariffs on parts and aircraft, is one of the few industry-specific agreements that survived an earlier round when the World Trade Organization was opened in 1995. U.S. president Donald Trump, who called the WTO the "single worst trade deal ever made," seems to prefer bilateral agreements over broad alliances, from trade to security. "Multilateralism" has been one of the most vehement criticisms of America First's philosophy. All sides were active in lobbying, but sources within the industry highlighted a discrete but influential role that GE Aerospace CEO Larry Culp played. Culp said in April that he advocated the re-establishment of the tariff-free régime for the aerospace sector during a meeting at the White House with Trump. He stressed that the administration "understands" the position, and that the zero-duty system had helped the U.S. Aerospace industry achieve a $75 billion trade surplus each year. Officials from the aerospace industry also claimed that there was a strong interconnection between Boeing and its European rival Airbus. Tariffs in the U.S. would hurt all of us, they said. GE had no immediate comment to make on the new agreement. In May, Trump and Britain reached a trading agreement that restored duty-free jet engine trade. Talking Templates Aerospace industry officials have urged the White House, following the US-UK deal, to use the template as a guide for future trade negotiations. GE's Culp, and Delta Air Lines CEO Ed Bastian, both referred to the deal as a model. The agreement does not restore the entire 1979 agreement, but instead focuses on just the largest aerospace markets. Boeing delivers around 17% of its aircraft to Europe, while Airbus ships about 12% of its jets, with some being assembled locally, to the United States. According to the French industry lobby Gifas, Europe and the U.S. each have their largest markets for aircraft parts. The agreement has relieved one major source of pressure. However, Boeing, Airbus, and their suppliers may still find themselves caught in the trade tensions between Washington, D.C., and China as they try to do business with them. Aerospace companies also await the results of an ongoing U.S. investigation into trade in aerospace. In May, the U.S. Commerce Department began a national security investigation under "Section 224" into the imports of aircraft, jet engines, and parts for commercial aircraft that could be the basis for tariffs, quotas, or both. U.S. Airlines who met with the Department say that much of their focus was on China, and the potential disruption of key supplies such as rare earths and magnetic materials. Embraer's regional jets are the only ones that have alternatives. Embraer estimates that tariffs of 50% on the importation of these jets could add $9,000,000 per plane to the cost for U.S. carriers. Alaska Air announced last week that it may delay some deliveries. (Writing and editing by Bernadettebaum, Tim Hepher)
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Hackers with a history of disruption have been 'partisans' in Russia who crippled airports.
One group that claims responsibility for the cyber-sabotage of Aeroflot, Russia’s flagship airline has a history of disrupting hacks. Belarusian Cyber Partisans, a group that has been around for a while and is sworn to overthrow Belarusian president Alexander Lukashenko, joined forces with an obscure group called Silent Crow in order to claim responsibility. The group was responsible for the crippling hack at Aeroflot on Monday which caused dozens of flights to be cancelled as well as travel disruptions throughout Russia. Cyber Partisans emerged in 2020, following mass protests against Lukashenko’s re-election. They have since claimed responsibility for several eye-catching hacks. These include the defacing of Belarusian media sites, thefts of data from law enforcement, and an attack in 2022 against Belarusian Railway, which they claim interfered with freight transportation. The group made repeated claims of attacks against the fertilizer complex Grodno Azot in which they claimed to have tampered with boiler operations. The group has not been in a position to independently verify all of the claims made by the group or determine its impact. However, data stolen by hackers was previously cross-checked by open source investigators such as Bellingcat. Yuliana Shemetovets is a Cyber Partisans spokesperson who told reporters on Monday that the group consists of 30 core members. Most of them are based outside Belarus. Silent Crow is a less visible group. Silent Crow has a lower profile. According to a database entry by the Russian cybersecurity firm Bi.Zone, Silent Crow is a politically motivated hacker group active since mid-2022. It may have links with multiple pro-Ukrainian hackers groups. Since the Russian invasion in February 2022, Ukraine and Russia are at war. Silent Crow could not be reached immediately and Bi.Zone didn't immediately respond to a comment request. Belarusian Cyber Partisans members may have pro-Ukraine links. Researchers with Russian anti virus firm Kaspersky claimed to have identified a suspected Belarusian Cyber Partisans member in June. The group is active in Telegram group dedicated to "IT Army of Ukraine," which is a group of pro Ukrainian hackers supported by the Kyiv government. Shemetovets said that the Cyber Partisans did not collaborate with any intelligence or state security services in the attack against Aeroflot. Andrii Baranovych is a prominent Ukrainian hacker. He said that independent groups frequently hand over stolen data to Ukraine's Intelligence Service, but as far as he knew, the attack against Aeroflot was not backed by the state. Raphael Satter reported from Washington, and AJ Vicens from Detroit. Tom Balmforth contributed additional reporting from Kyiv. Rosalba O’Brien (Editing)
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Sources say that Taiwan's Lai will delay his U.S. visit as U.S. China trade talks continue.
Three people with knowledge of the situation say that Taiwan's president Lai Ching Te is likely to postpone a trip to the United States planned by his team for August, a trip that was considered sensitive diplomatically. A trip of this kind was bound to anger Beijing, especially at a moment when U.S. president Donald Trump is negotiating a trade deal with China. Taiwan, which is democratically governed, rejects this claim and denounces Washington's support of Taipei. A person with knowledge of the situation said that the trip, which included possible visits to Guatemala and Belize, as well as Paraguay, had never been formally confirmed, but was discussed with the respective governments. Lai considered stopping in New York or Dallas on his way to and back from Latin America. Lai will delay his trip until later this year, for several reasons. One of them is to plan the government's response in Taiwan to the extreme weather. Two sources also blamed the delay on ongoing U.S. Tariff Talks with Taipei or Beijing. On Monday, top U.S. economic officials and Chinese counterparts met in Stockholm, Sweden to resume discussions. The White House, China's Embassy in Washington and Taiwan's Presidential Office did not respond immediately to a comment request. There's no way to cancel the trip. According to a source with knowledge of the situation, "further arrangements for the trip will take place later this year." Stopovers are likely to include Texas or another U.S. city. Karen Kuo, spokesperson for the Presidential Office, responded to media inquiries on Monday by saying that once the President's overseas itinerary is finalized it will be made public. Kuo stated that the President currently does not have any plans to visit overseas in the near future, due to the recent disaster recovery efforts following the typhoon in southern Taiwan and the reciprocal tariff measures between the U.S. and Taiwan. Reduce Tension Trump made the decision as he has been trying to reduce tensions with Chinese president Xi Jinping, and possibly have a summit with him in Asia this autumn. Lai is yet to visit the U.S. after Trump's inauguration in January. However, he did stop in Hawaii and Guam when he visited the Pacific late last year. Like most countries, the U.S. has no formal diplomatic relations with Taiwan, but it is its biggest international supporter. The U.S. is bound by law to give Taiwan the means to defend themselves. Washington is Taiwan's largest arms supplier. China has never renounced using force to take the island under control. Taiwan's government rejects Beijing’s claims of sovereignty, saying that only the island’s people can determine its future. Taiwan claims it already has its own independent country, the Republic of China. Trump spokespeople said that "transits to the United States of high-level Taiwan officials including presidents are in line and fully consistent our longstanding policy." China's Foreign Ministry condemned "sneaky" visits to the U.S. made by Taiwanese officials under any pretext. The U.S. should be aware of the sensitive nature of the Taiwan issue and proceed with caution, they said. Trevor Hunnicutt reported from Washington, and Yimou Le in Taipei. Don Durfee edited the story with Colleen Jenkins and Alistair Bell.
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The US and EU aerospace rivals unite to protect tariff-free aircraft export
The United States and European Union have reached a provisional agreement to exempt aircrafts from tariffs. This will avoid a possible threat to jet production in both regions, and cap months of unusual unity among rival plane makers. Officials from Europe said that the framework agreement, announced on Sunday will see the U.S. impose an import tariff of 15% on most EU products, but also offer protection to industries such as aerospace with zero-to-zero tariffs for aircraft and parts. After intense lobbying it spares an often lightning rod of trade tensions. The World Trade Organization was tested to the limit by a 17 year dispute over Airbus or Boeing subsidies, before a truce is reached in 2021. The threat of U.S. Tariffs, which would have exacerbated the supply chain issues, had led to a potential increase in costs for aircraft, engines, spares, and other components, from landing gear to seat. There are still questions about the details of the agreement and if it will include other components such as space. One European industry official said, "We just wait until we see these written down." Airbus confirmed that it has taken note of this deal. It said that "a stable and predictable trading environment is essential for the highly integrated global aerospace industries." Boeing has not yet commented on the matter. UNITED CAMPAIGN The agreement reached on Sunday follows a discrete and unusually united campaign aimed at reverting to the landmark 1979 agreement that mandated duty free trading of civil aircraft between more than 30 nations. Airbus and Boeing were involved in a trade dispute over subsidies that had splintered the industry only a few short years ago. Now, both sides of Atlantic are working together. Sources say that two terms in the previous handbook of the industry have been quietly dropped: WTO and multilateral. The 1979 Agreement on Trade in Civil Aircraft, which eliminated tariffs on parts and aircraft, is one of the few industry-specific agreements that survived an earlier round when the World Trade Organization was opened in 1995. U.S. president Donald Trump, a man who called the WTO the "worst trade deal ever made," seems to prefer bilateral agreements over broad alliances, from trade to security. "Multilateralism" has been one of the most vehement criticisms of America First. All sides were active in lobbying, but sources within the industry highlighted a discrete but influential role that GE Aerospace CEO Larry Culp played. Culp said in April that he advocated the re-establishment of the tariff-free régime for the aerospace sector during a meeting at the White House with Trump. He stressed that the administration "understands" the position, and highlighted the fact that the zero-duty system had helped the U.S. Aerospace industry achieve a $75 billion trade surplus each year. Officials from the aerospace industry also claimed that there was a strong interconnection between Boeing and its European rival Airbus. Tariffs in the U.S. would hurt all of us, they said. GE had no immediate comment to make on the new agreement. In May, Trump and Britain reached a trading agreement that restored duty-free jet engine trade. Talking Templates Aerospace industry officials have urged the White House, following the US-UK deal, to use the template as a guide for future trade negotiations. GE's Culp, and Delta Air Lines' CEO Ed Bastian, both referred to the deal as a model. The agreement does not restore the entire 1979 agreement, but instead focuses on just the largest aerospace markets. Boeing delivers around 17% of its jets in Europe, while Airbus delivers about 12% of its jets in the United States. Some of these are assembled locally. According to the French industry lobby Gifas, Europe and the U.S. each have their largest markets for aircraft parts. The agreement has relieved one major source of pressure. However, Boeing, Airbus, and their suppliers may still find themselves caught in the trade tensions between Washington, D.C., and China as they try to do business with them. Aerospace companies also await the results of an ongoing U.S. investigation into trade in aerospace. In May, the U.S. Commerce Department began a national security "Section-232" investigation on imports of aircraft, jet engines, and parts, which could be the basis for tariffs, quotas, or other measures. U.S. Airlines who met with the Department say that much of their focus was on China, and the potential disruption of key supplies such as rare earths and magnetic materials. Embraer's regional jets are the only ones that have alternatives. Embraer estimates that tariffs of 50% on the importation of these jets could add $9,000,000 per plane to the cost for U.S. carriers. Alaska Air announced last week that it may delay some deliveries. (Writing and editing by Bernadettebaum, Tim Hepher)
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Women from Soccer-England receive a hero's welcome at home after Euro 2025 victory
After their Euro 2025 victory, the England women's football team returned home to a hero's welcome. Government ministers hosted a reception in honor of a triumph that was hailed by young people all over the country as a source of inspiration. Chloe Kelly, England's striker, scored the winning penalty kick in Sunday's 3-1 victory over Spain in Basel in a shootout. The team successfully defended the European Championship title that they won three years ago on their home turf. The team arrived at London's Southend Airport Monday afternoon on a plane with the England badge on the side and a red Nike Logo. This was a reference to the famous soccer anthem "Three Lions" which includes the line 'it's going home'. Angela Rayner will host the reception in Downing Street. She said, "Our Lionesses have proven themselves to be champions again last night." "Not only do they bring it home to England again, they inspire the next generation of Champions too." The Prime Minister Keir starmer, who is not attending the reception because he will be in Scotland meeting U.S. president Donald Trump, said that the team's win was an inspiration to the youth of the country. The Sports Minister Stephanie Peacock will attend the reception at Downing Street. She said that England's victory "builds brilliantly upon the momentum" we are creating in women's sports. Starmer, along with ministers and representatives of the Football Association (FA), will welcome the team to his official residence this evening. The FA had asked fans to avoid the airport because of limited space. However, hundreds, particularly young supporters, turned out anyway to line the streets, waving England flags. As the players emerged from airport terminal, some fans were holding signs that read 'Heroes!' and Well done girls. They cheered loudly. On Tuesday, a homecoming event with live music and large screens showing highlights of the tournament will be held in central London. In a social media video posted on Monday, players are seen celebrating their post-match celebration with a glass wine, as cheers erupt around them. "I'm so proud of my team." I am so grateful to be able to wear this badge. "I'm so proud to be English", Kelly replied. Leah Williamson, the England captain, said that she was totally in disbelief. But she knew deep down she would win. Williamson stated that "playing for the England team is incredible." "You cannot put us down." (Reporting and Editing by Ed Osmond, Christian Radnedge and Catarina demony)
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Taiwan's Lai to delay U.S. visit as U.S. China trade talks continue
Three people with knowledge of the situation say that Taiwan's president Lai Ching Te is likely to postpone until later this year the diplomatically sensitive trip to Washington his team had planned for August, which would have included stops in transit in the United States. This trip would have infuriated Beijing, especially at a moment when U.S. president Donald Trump is negotiating a trade deal with China. The trip to Latin America, including stops next week, has never been formally confirmed, but it was discussed with the respective governments. Lai will delay his trip due to a number of factors, including the need for him to plan the government's response in Taiwan to the extreme weather, according to one source, as well as the ongoing U.S. Tariff talks with Taipei or Beijing. The top U.S. economic officials and Chinese counterparts met in Stockholm, Sweden on Monday for a new round of talks. The White House didn't immediately respond to an inquiry for comment. Taiwan's Presidential Office did not respond to a request for comment by late Monday night. The Chinese embassy in Washington has not responded to a comment request immediately.
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Venture Global reaches final investment decision for CP2 LNG project
Venture Global announced on Monday that it had made a final decision to invest and closed the project financing of $15.1 billion for the first phase CP2 LNG Export Facility. The CP2 Project, which is the largest export facility for super-cooled gas in the U.S. is expected to reach a maximum capacity of 28 millions tonnes of liquefied gas per year and will deliver its first LNG by 2027. After President Donald Trump lifted the moratorium on new LNG permits shortly after taking office, commercial activity in the U.S. has increased. Venture Global reported that the group of lenders for construction financing included Bank of America and Barclays, as well as other U.S.-based, European and Asian banks. After the announcement, shares of the company increased by 4.3% to $15.19. Stocks were also helped by the European Union Pledge $750 billion in strategic purchases as part a comprehensive trade agreement. Venture Global has announced that it now has a contracted total capacity of 43.5 MTPA for all three of its Louisiana projects. (Reporting and editing by Shreya Biwas in Bengaluru, Vallari Srivastava from Bengaluru)
Singapore Airlines' first quarter profit drops as Air India losses weigh
Singapore Airlines reported a 58.8% drop in its first-quarter net profits on Monday. Losses in associated companies including Air India and lower cash reserves were the main reasons.
Air India was the main reason for losses, as the city-state flag carrier posted a loss of S$122m from its associated companies.
Air India began accounting for equity in December of last year, after Vistara was fully integrated into Air India. Air India's performance was not included in the comparison of prior years.
Singapore Airlines reported a net profit of S$186 (144.89) million for the three months ended June 30. This compares to S$452 millions a year ago and Visible Alpha's consensus estimate of S$463.2million.
The revenue for the third quarter increased 1.5%, to S$4.79billion. (1 Singapore dollar = 1.2837 Singapore Dollars) (Reporting and editing by Sherry Phillips and Shilpa Majumdar in Bengaluru)
(source: Reuters)