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Concerns about civil aviation in Europe are raised by the presence of Russian drones over Poland.
Aviation and insurance experts say that the incursion of Russian Drones into Poland has reignited concerns about the vulnerability of European civil air transport. This is the latest disruption to airlines caused by escalating conflict in the world. Poland, backed by NATO aircraft, shot down drones early on Wednesday. This was the first time that a Western alliance member fired shots in the Russian war in Ukraine. Airports in Warsaw Chopin, Modlin, Rzeszow, and Lublin, located in the east of Poland, were temporarily closed, before they reopened. Since the Russian invasion of 2022, some countries bordering Ukraine have reported Russian missiles and drones occasionally entering their airspace, but on a smaller scale. They are also not known to be responsible for shooting them down. Airline operations are burdened with higher costs and fewer options due to the proliferation of conflict zones in the world. This has also led to increased safety concerns, and disruptions for travel. Airlines are left with less route options due to the closure of airspace around Russia, Ukraine, in the Middle East, India, Pakistan and parts of Africa. Detours increase fuel costs for airlines and prolong journey times. Eurocontrol, the 41-nation coordination organization, said that Ukraine's closed skies have contributed to increased congestion. Many international carriers have suspended flights into the region since October 2023 due to concerns about missile and drone interference. The drone attack on Wednesday followed Israel's attempted assassination of Hamas leaders in Doha, the Qatari capital. Airlines stocks were under pressure due to concerns about disruptions in the travel industry. EasyJet shares fell by 2.2%, their lowest level since April. Shares of British Airways' owner IAG also dropped 4.1%. The drone incursion occurred early in the morning before most airlines began flying, so flight disruptions were limited. Polish airline LOT redirected certain flights to the west of Poland, and stated that it expects cancellations and delays. A spokesperson from budget airline Wizz air, which operates throughout central and eastern Europe said that its security teams had "closely" monitored the situation, and they adjusted flight schedules when airports were closed. The European Union Aviation Safety Agency stated that no advisory was required for the drone intrusion because of its temporary nature. They also added that Poland's aviation authority were able adequately to handle the incident. A RISK TO AIRLINES AND INSURERS' EYES Aviation analysts report that airlines are becoming increasingly cautious about the dangers posed by incursions in civilian flight zones. "This is, I believe, a wake-up for everyone in Europe who can expect to see this more frequently," said Eric Schouten. According to two senior sources in the aviation insurance industry, the market is closely watching events unfolding in Poland and Qatar. One source said that if the market felt that Russian drone incursions in Polish airspace had become more frequent and deliberate or that Israeli airstrikes were likely to continue in the Middle East, this would raise serious questions for insurance companies. LOT, Lufthansa and airBaltic didn't immediately respond to comments. The Polish civil aviation authority, as well as the air navigation service, did not reply to a question about additional measures taken to guarantee airspace safety. WORST CASE SCENARIO Matthew Borie of aviation risk consultancy Osprey Flight Solutions, the chief intelligence officer, stated that following the drone incident, airlines in Poland may review their risk assessment. He said they may fly further west in Poland, away from the Russians, Ukrainians, and Belarusians borders. They could also operate during daylight hours, carrying extra fuel, to deal with any potential divertions, he added. This is similar to the steps taken in Middle East. It is possible that a plane could be hit by weapons, either accidentally or intentionally. Osprey reports that six commercial aircraft have been accidentally shot down since 2001. Three other close calls were also reported. In December, an Azerbaijan Airlines plane crashed in Kazakhstan killing 38 people. According to Azerbaijani sources and the president of Azerbaijan, the plane was shot down accidentally by Russian air defences. In 2020, Iranian air defence operators mistakenly destroyed a Ukrainian passenger aircraft. What could go wrong? Schouten continued, "I'm always saying that misidentification is the biggest risk."
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Wall Street Journal, September 11,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Mexico is planning to increase import tariffs on almost 1,500 products including cars, steel, textiles and appliances to protect the domestic industry and job opportunities, particularly from cheap Chinese goods. This comes amid wider trade talks with both the U.S. Oracle has signed an unprecedented $300 billion cloud computing contract with OpenAI to support massive AI expansion starting in 2027. This is one of the biggest tech contracts ever, and signals a high-stakes wager on ChatGPT’s continued growth globally. Opendoor appointed Shopify’s former COO Kaz Njatian as its CEO in response to investor pressure. This signals a pivot towards AI and a return of the founder-led company. The company is also embracing its new status as an meme stock, with its shares up more than 250% this calendar year. After diplomatic discussions and concerns about visa violations and future entry restrictions, approximately 300 South Korean workers who were detained during a U.S. Immigration raid will return to their home country via chartered flight on Thursday.
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Maguire: China's rare reduction in power pollution is offset by increased US emissions
Some people have said that it's pointless for other countries to reduce their pollution, while China continues to build new coal plants and raise its own emissions. The Chinese power sector has so far managed to achieve a rare reduction in pollution due to the use of fossil-fuels. This bodes well for those who track climate change and hope that China's massive pollution trends will soon peak. The cuts in China were more than offset by the sharply increased emissions from power plants in America, where coal-fired electric generation in 2025 has reached a three-year-high. Even if China's emissions drop, global pollution in the power sector will continue to rise this year due to the higher pollution load coming from America. The U.S. offset for pollution also negates the argument it's pointless to reduce pollution when China's emissions are increasing, and shows that other countries could be closer to capping the power sector discharge of the world if they follow China's example. COAL CUTS Data from the energy think tank Ember show that between January and July 2024, China's carbon dioxide emissions from the use of fossil fuels in power production dropped by 30 millions metric tons. This emission reduction represents a 1% drop from the previous year and follows two years of pollution increases in China between January and July. China's fossil fuel power emissions have grown for nine years in a row. A modest reduction in emissions in 2025 will be a milestone in China’s efforts to reduce pollution. The total power emissions due to fossil fuels were 3,24 billion tons CO2 from January to July 2024, compared to 3,27 billion tons from January to July 2024. The first reduction in coal-fired electricity generation since 2022 has played a key role in the drop in emissions. This has also been made possible by an increase of 14% in clean electricity production year-over-year. The total clean electricity produced during the window of January to July was 2,445 Terawatt Hours (TWh), approximately 303 TWh higher than the amount generated in the same months last. The electricity generated by coal-fired plants, which remain China's primary power source, was 3,277 tWh from January to July. This is a decrease of around 30 tWh or about 1% compared with the same months in 2020. The generation of electricity in China from gas-fired power plants was also down around 1% compared to a year earlier. US POWERING UPS While China's power sector reduced coal consumption this year, U.S. energy firms increased it. Coal-fired electricity supply grew by 16% between January and July 2024 compared to the same period in 2019. The total coal-fired electric supply in the United States was 435 TWh from January to July. This is up from 375 tWh one year earlier and represents the highest level since 2022. The increase in CO2 emissions from the spike in coal consumption was 37 million tons more than in the same months of last year. The total U.S. emissions of fossil fuels from the power sector during January-July were 978 millions tons of CO2, compared to 941 millions tons in 2024. The increase in the coal share in the U.S. generation mix, from under 15% to almost 17% in 2025. This increase in coal consumption was driven primarily by the rise in natural gas prices during the first months of the new year. Gas prices are expected to be 65% higher in 2025 than they were in 2024. In order to compensate for lower gas supplies, the power companies burned coal, which was cheaper, but had higher emissions. This caused the pollution surge. CLEANING UP In addition to the higher output of coal, U.S. utilities generated 30% more solar power from January to July than a year ago, as well as 3% more hydro and wind-powered energy. The total U.S. generation of clean electricity from January to July increased by 6%, reaching a record high of 1,155 TWh. The share of clean power in the U.S. electric generation mix increased to a record 44 % from January to July. This is up from just below 43 % the previous year. U.S. utilities still rely heavily on fossil fuels to produce the majority of their electricity, despite the fact that total electricity demand is at its highest level in decades. Many utilities will continue to use coal in their generation mix to reduce costs, as thermal coal is still around 20% cheaper than natural gas. It is possible that U.S. emission levels will continue to rise, pushing global pollution to new heights even if China can manage to limit its fossil fuel consumption for the remainder of the year. These are the opinions of a columnist who writes 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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Nepal's army and young protesters in talks to choose interim leader
An army spokesperson announced that the army would resume discussions with the "Gen Z" protesters on Thursday to determine a new interim leader to lead the Himalayan nation. This follows angry demonstrations in which 30 people were killed and the prime minister was forced to resign. Soldiers patrolled quiet streets in Kathmandu after the capital's worst protests for years. The protests were sparked by a ban on social media that was lifted after 19 deaths. Police used tear gas and rubber-coated bullets to disperse the crowds. The spokesperson for Raja Ram Basnet said that the initial talks were underway and would continue to be held today. This was in reference to the discussions about a new interim leader. "We're trying to normalise things slowly." Nepal's Health Ministry reported that 30 people had died and 1,033 were injured as a result of the protests by Thursday. The army issued a statement saying that prohibition orders would remain in Kathmandu for the majority of the day. An airport spokesperson confirmed international flights. These protests are commonly referred to by the term "Gen Z", as most of the participants were young people who expressed frustration over the perceived failure of the government to combat corruption and increase economic opportunities. Raman Kumar Karna is the secretary of Supreme Court Bar Association. They consulted him. Karki, a journalist for the Indian news channel CNN News18, said: "I accepted their request when they asked me." After the resignation of the prime minister, the protests that saw government buildings from the Supreme Court to the homes of ministers including Oli's residence also being set on fire subsided. The Hilton Hotel in Kathmandu and several hotels in Pokhara, a tourist town, were among the businesses that caught fire. (Reporting and writing by Gopal Sharma, Shilpa jamkhandikar, editing by Clarence Fernandez).
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DiDi Global's $740m IPO settlement is likely to be ready by next month, according to plaintiffs' attorney
A Manhattan federal judge is expected to approve the $740 million settlement DiDi Global reached with a lawsuit alleging it defrauded its investors in connection with their initial public offering in mid-October. The class action lawsuit accused DiDi, of hiding and disobeying a Chinese Government order to delay its June 2021 IPO. This raised more than $4 billion and valued DiDi around $67.5 billion. In July 2021, shares of DiDi fell as China's Cyberspace Administration of China banned the company from accepting new customers. They also ordered the removal of DiDi Travel from app stores for smartphones. In July, the regulator fined DiDi a total of $1.2 billion. The plaintiffs' attorney wrote to U.S. district judge Lewis Kaplan, in Manhattan, that all parties were negotiating terms for a settlement and asked all deadlines be halted. Disclosure of settlement Last month, the company set aside $740m, or 5.3bn yuan for the agreement, resulting in a loss of $2.3bn. Outside of normal business hours, lawyers for the plaintiffs have not responded to similar requests. DiDi's lawyers and DiDi did not respond immediately to similar requests. In re DiDi Global Inc Securities Litigation is a case before the U.S. District Court for the Southern District of New York. 21-05807. (Reporting and editing by Chris Reese, Stephen Coates, and Jonathan Stempel from New York)
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JERA Japan to explore LNG exports from Alaska's $44 Billion export project
JERA will investigate the possibility of liquefied gas from the Alaska LNG Project, JERA and Glenfarne announced, while talks continue to sign binding contracts for the $44 billion project. Glenfarne, which assumed the role of lead developer in the Alaska LNG Project in March, has already signed preliminary agreements with Taiwan's CPC, and Thailand's PTT. However, firm deals are yet to be finalized. Glenfarne announced in a press release that it had signed a letter-of-intent with JERA to sell 1 million tons of LNG per year from the project for a period of 20 years on a "free-on-board" basis. In a separate announcement on Thursday, JERA, a joint-venture of Tokyo Electric Power & Chubu Electric Power in Japan, stated that the letter of intent would facilitate information sharing and collaboration between Glenfarne and JERA as it assesses project timeliness and economics. In a statement, Ryosuke tsugaru said, "This LOI is a platform to continue dialogue with Glenfarne and we look forward, as more details are revealed, to deepening understanding of the project." Glenfarne has stated that it will make a final investment (FID) on the Alaska LNG pipeline by the end of 2025, and the LNG export components in 2026. Donald Trump, the U.S. president, has promised to continue the project since he returned to office. The project aims to transport the stranded natural gas from Alaska’s remote north through the state, and then liquefy it to export. Despite Trump’s optimism, Japanese officials and energy executives are concerned that the expected costs of the project could make its gas more expensive than other sources. Reports indicate that Japan has hired Wood Mackenzie as a consultant to review the proposed 800-mile (1,287-km) Alaska gas pipeline, and LNG plant. This indicates that Tokyo may be considering a deeper involvement in this project. Reporting by Rishav chatterjee from Bengaluru; Katya Golubkova from Tokyo; Emily Chow from Milan. Editing and production by David Good and Sonali Paul.
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US ends electric vehicle carpool program
California officials announced on Wednesday that the federal government will prohibit states from allowing carpool lanes to be used by electric cars and other clean vehicles without having met vehicle occupancy requirements as of October 1. California Governor Gavin Newsom announced that single drivers who have the Clean Air Vehicle decal from the state will no longer be allowed to use carpool lanes in certain areas or to receive reduced tolls. California and other states used this perk to encourage the sale of electric vehicles. Donald Trump has targeted EVs in a variety of ways, including by signing a law to ban California's mandated electric vehicle sales. California has issued over 1 million decals in the past year. The program is now open to owners of EVs and plug-in hybrids under a Federal Highway Administration program. By removing this program, Californian drivers will be forced to pay the price. We urge the federal government not to remove this program. It is a loss-lose situation. "This is a fantastic program for Californians who are climate-conscious," said California Department of Motor Vehicles Director Steve Gordon. According to a spokesperson for the Transportation Department, Congress did not extend the deadline in 2021 when then-President Joe Biden was president. The department stated that "USDOT works with industry stakeholders to create policy priorities which best address the needs of the working class Americans." Trump signed legislation that ended the $7,500 tax credit for purchasing or leasing new electric cars on September 30. He also eliminated a $4,000 credit for used EVs, which had helped boost green vehicle sales over recent years. Congress is also considering imposing a new fee on EVs in order to fund road repairs, since they don't pay federal fuel tax. According to a law that Trump signed in July, the Trump Administration informed automakers that they would not be fined for failing to meet fuel-efficiency rules going back to 2022. The administration has made other changes which will save automakers millions of dollars by purchasing credits from Tesla or others to meet previous regulatory requirements. (Reporting and editing by Mark Porter, Marguerita Choy and David Shepardson)
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Vena, CEO of Union Pacific, says merger with Norfolk Southern will be approved
Union Pacific CEO Jim Vena stated on Wednesday that he is confident the railroad operator will receive approval for a merger from the U.S. government over its deal to acquire Norfolk Southern. Union Pacific announced in July that it would acquire the smaller competitor for $85 billion, including cash and stock. If approved, this acquisition would make the United States' first coast-tocoast freight rail operator. Vena, speaking at the Morgan Stanley Conference in New York, said that he had met with high-ranking officials of the government who called the deal "a win for the country". Do I think that we will get the approval? Vena said, "The answer is yes". Surface Transportation Board will be closely monitoring the merger. The Surface Transportation Board received an intent notice from both companies on July 30th, 2025. The companies intend to submit a formal application before January 29, and they are aiming for a close in early 2027. The White House terminated STB member Robert Primus last month as part of an broader dismissal of independent agencies and commissions by President Donald Trump. In a regulatory submission on Wednesday, the railroad that operates primarily on the West Coast said it expected $50 million in merger expenses and had paused its share repurchases as it waited for approval. (Reporting from AnshumanTripathy and ApratimSarkar in Bengaluru).
Berlin is a magnet for tourists, while Paris and Barcelona are tired of the crowds
Berlin, which is a city that has been ravaged by tourists in many cities of southern Europe, wants to be seen as a solution. It offers a way out from the heatwaves, crowds and anti-tourism protests.
The German capital promotes its avant-garde art scene, Prussian Palaces and renowned techno clubs in order to boost the tourism sector which has lagged behind other parts of Europe following the pandemic.
Christian Taenzler is the spokesperson of VisitBerlin. He said, "We don't really have a problem with excessive tourism." The city is big and the people are spread out. There's a lot of room, especially in the summer when Berliners go on vacation.
Berlin, home to 4 million people, attracted 5.9 million tourists in the first six months of the year. This amounted to 13.9 million nights spent, according to Berlin-Brandenburg Statistics Office. This represents a drop of 1,8% and 2,9%, respectively, from the year before.
The average occupancy rate of hotels was 52.8% in the same time period. This is lower than Madrid at 65%, and Paris at 79%, two cities that have seen a faster recovery from the COVID-19 pandemic.
Berlin attracted 14 million visitors in 2019, with 34 millions overnight stays.
According to estimates from a DIW Econ report, tourism generated 4,6% of Berlin’s output, including indirect effects.
Comparatively, the tourism industry accounts for 14% in Paris, Rome and Madrid and 8% in Madrid. Berlin, however, is more dependent on German tourists who are cost-conscious.
In the first half, arrivals from abroad fell by 4.7%.
CLIMATE TRENDS
Tourist boards are hoping that climate change will lead to a shift in demand towards the north. Heatwaves in the south are making them less appealing during peak summer, according to a study by the Joint Research Centre of the European Commission.
"While this trend may emerge in the future, there are few signs of it," said Adrian Prettejohn. Capital Economics' Europe economist noted that there has only been a shift towards the off-peak seasons.
Taenzler believes that tourists looking for cooler climates should consider Berlin, where the maximum temperatures in summer are typically around 25 degrees Celsius.
"We live in a very green and shaded city with lots of swimming and water options. Taenzler believes that this will become more important in the future.
According to industry figures, Berlin's new airport BER (which opened in 2020) is partly responsible for the slowdown in international visitor growth.
The number of passengers handled at BER in 2024 will be 25.5 million, a 10.4% increase from the combined 35.7 million handled at the former Tegel airport and Schoenefeld airport in 2019.
Ralph Beisel is the head of ADV Airports. He said that "recovery in passenger volume is less than 85%" for Germany.
Ryanair, a low-cost airline, announced in August of last year that it would reduce flights at BER to 20%. Eddie Wilson, the CEO of Ryanair's DAC, has complained repeatedly about taxes and noted that Berlin's airport can accommodate 50 million passengers.
Berlin's hotels, restaurants and attractions are still relatively affordable despite the higher prices of airfare.
Jan Philipp Bubinger is the managing partner of Staendige Vertretung, a restaurant in Berlin.
Many people attribute the disappointing numbers of tourists to Berlin's cultural sector, which has traditionally been its main attraction.
Berlin wants to reduce the culture budget by 130 million Euros for 2025.
Julian Schwarze, a Greens legislator, said: "This is a catastrophic budgeting." If I get the impression that culture is being lost in Berlin, then I will not go. Reporting by Maria Martinez, Rene Wagner and Ulrike Heil; Additional reporting by Lena Toepler and Ulrike Toepler. Editing by Helen Popper.
(source: Reuters)