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Hong Kong and southern Guangdong are reopened after the world's strongest cyclone Ragasa
Hong Kong, as well as several coastal cities of China's southern Guangdong Province, reopened their businesses and transportation services on Thursday following the most powerful tropical storm to hit the region this year. Ragasa, which had swept through northern Philippines and Taiwan killing 14 people before hitting Yangjiang in southern China on Wednesday, brought the densely-populated city to a halt from Tuesday afternoon. Hong Kong authorities issued the highest Typhoon Signal 10, which was in effect for the majority of Wednesday. Hong Kong reopened its airport international on Thursday, after a suspension of 36 hours. On Wednesday evening, businesses and transport services had reopened in Shenzhen's tech hub. Cleaning teams were clearing the road of fallen branches and trees. The local media reported flooding in several districts of the Chinese coastal town Zhuhai. Yang Yanna, the shopkeeper, was picking through wet packaging of luxury brand cigarettes, tea, and alcohol. She estimated that over 300,000 Yuan ($42100) in damage had been caused. Yang stated, "I have lived here for more than ten years and the typhoons are never this intense." I thought that the floodwaters would be about the same height as these chairs or even a little higher. No problem. It rose higher than expected. A home goods vendor named Nie, who was nearby, tried to salvage the toothpaste boxes that were soaked. Nie stated that it was extremely difficult to run an enterprise since the pandemic. "Everything we are doing is at a loss... and now you come in, there's nothing." On Wednesday, huge waves smashed over parts of Hong Kong's southern and eastern shores. The flooding was so widespread that it submerged some roads and residential property. The Fullerton Hotel in the south of the island was inundated by seawater, which shattered glass doors and flooded the lobby. The hotel reported that there were no injuries and services were running as usual. Hong Kong Airport Authority announced that airlines will gradually resume flights beginning at 6 am (1000 GMT), with all three runways running simultaneously. Authorities have said that they are urgently working to repair roads which have collapsed, to remove more than 1,000 trees that have fallen and to respond to 85 flood cases. Before Ragasa arrived, the authorities distributed sandbags to residents in low-lying regions to reinforce their homes. Meanwhile, many people stockpiled everyday necessities, which led to empty supermarket shelves and a surge in fresh vegetable prices. $1 = 7.1335 Chinese Yuan Renminbi (Reporting and editing by Stephen Coates, Philippa Fletcher and Farah Masters in Hong Kong; Nicoco Chen and David Kirton from Zhuhai).
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Sources say that AviLease, owned by the Saudi PIF, is weighing its debut bond.
Two people familiar with the plan said that AviLease, which is a jet-leasing company backed by Saudi Arabia’s Public Investment Fund, has been in talks with banks about preparing an initial bond sale. People who declined to identify themselves because they were privy to the information said that the company had discussed a dollar denominated debut with JPMorgan. AviLease, according to a source, could raise $500 million or more from its first bond as part of a 2-billion-dollar programme. According to the source, the initial bond could hit the market before the end of this year. AviLease has declined to respond to numerous requests for comment. JPMorgan, Citi and JPMorgan have also declined to comment. AviLease received investment-grade ratings in April from Moody's and Fitch, according to Fahad AlSaif, chairman of the company. This will help the firm tap into global capital markets and place it at the forefront in aircraft leasing in line Saudi Arabia's Vision 2030. Saudi Arabia is expanding its aviation sector to promote tourism and reduce dependence on oil. The plan also involves the launch of Riyadh air, a new airline. Fitch reported last month that Saudi issuers would account for 18.9% in the first half 2025 of the $250 billion of emerging-market dollars debt. This was followed by the government's $5.5 billion sukuk sale this month, and PIF's $2 billion 10-year bond, which had a high level of subscription. AviLease was established in 2022, as part of PIF’s drive to build a domestic leasing giant. In 2023, AviLease purchased Standard Chartered’s aviation finance division for $3.6 billion. AviLease placed its first direct Boeing 20 737-8MAX jets in May 2025 with 10 options. This order will add to the 200 aircraft AviLease has leased to 48 carriers worldwide. PIF and state-linked companies are increasingly turning towards the dollar and euro bond market to fill funding gaps, and to sustain Saudi Arabia's mega-projects worth billions of dollars.
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Germany's Helsing unveils 'Europa' combat drone
Helsing, a German defence startup, unveiled on Thursday a new autonomous drone combat system. The company is now in a race with other robotic startups to develop remote-piloted robots that can team up with fighters and swarm together to fight. Helsing, who unveiled a full-size version of the V-shaped, angular drone in a factory near Munich, said that the "CA-1 Europa", which will be available for military use within four years, would make its first flight by 2027. Helsing, the latest military technology firm to pitch for a position as a primary weapon system manufacturer in competition with the heavyweight arms firms, reflects the growing role of AI and the pressing demand for faster development time. The CA-1 Europa, weighing four tonnes is part of a rapidly developing category known as Unmanned Combat Aerial Vehicles. These vehicles are more affordable and less expensive than traditional fighters and can be used in harsh environments with higher costs. Helsing stated that the AI-powered drone will operate either alone, or in groups of unmanned vehicles. It may also be directed by advanced fighter jets using a "wingman" configuration. The U.S. Air Force chose California-based startup Anduril, and Reaper drone maker General Atomics last year to develop the "Collaborative Aircraft" fleet. These aircraft can perform missions like jamming or acting as decoys. Airbus unveiled a life-size model in June of its concept for a drone that would fly with jets of the current generation, such as the Eurofighter Typhoon. Helsing announced that it planned to invest hundreds of millions in the project. The project would include collaboration with unspecified European firms. It refused to specify what weapons the aircraft would be capable of carrying or how much they would cost. They only said that it would cost a "fraction of" the price of a regular fighter jet. Helsing, founded in 2021 and specializing in AI software, has now shifted its focus to provide smaller strike drones as a response to Russia's full-scale invasion of Ukraine in 2022. (Reporting and editing by Ros Russell, Alex Richardson, Alexander Huebner)
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Snam CEO "amazed" by long approval process for German gas grid deal
The CEO of Italy's Snam told an Italian paper that the long approval process was a surprise to him. He hinted at the possibility of the group pulling out the deal. Snam, the Italian gas grid operator, signed a contract in April to purchase 24.99% of Open Grid Europe. This deal paved the way for Snam's entry into the German gas market. The transaction is progressing... but the German authorities have requested an incredible number of documents. This has made the process extremely long. Snam CEO Agostino Scrnajenchi spoke to Il Sole 24 Ore. Scornajenchi said that the asset was interesting, but Snam wouldn't pursue it "come Hell or High Water". Sources said that part of the information sought by the German authorities was about the role of China’s State Grid as an indirect investor in Snam. The German economy ministry, which is examining Snam's purchase, has declined to comment. China's State Grid holds 35% of CDP Reti which, in turn, owns 31.4% Snam. In 2018, Germany prevented State Grid from acquiring a stake in 50Hertz, a power grid operator.
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Maguire: Nearshoring boom in Turkey comes with a climate catch
Turkey's low energy prices and skilled workforce have made it an attractive destination for companies looking to establish supply chains near Europe and Central Asia. The industrial boom is not without its environmental costs. By 2025, the power companies in Turkey will have polluted more power than any other European country. They will even surpass Germany in this region. The country's rapidly growing power requirements are reflected in the rising emissions. This is because companies have built or expanded their production capacity to take advantage of Turkey's proximity to European consumers, and to reduce its reliance on Asian factories hubs. According to data from the energy think tank Ember between 2019 and 2024, Turkey’s electricity demand increased by 14%. This contrasts with a decline of Europe's total electricity demand during this period. Diverging power trends show how nearshoring has increased the industrial output of Turkey and shifted a lot of polluting activity to Turkey. Cheap Power Turkey's low electricity costs are a major attraction for heavy industry and manufacturers. Turkey's electricity prices fell between mid-2022 and 2024, when the majority of European power prices soared after Russia invaded Ukraine. This was due to generous government subsidies that were designed to protect consumers from inflation. Eurostat data shows that the average household price in Turkey in late 2024 was 5.5 euroscents per kilowatt-hour (kWh), compared to 7.5 euroscents/kWh at mid-2022. The roughly 25% drop in Turkish electricity rates contrasts starkly with the trend in Germany, Europe's largest manufacturing and industrial hub. Germany's electricity prices for consumers rose by nearly 50% from 19 cents/kWh around 2022 to near 28 cents/kWh at the end of 2024. While the cost of industrial power in Turkey is lower than in Germany, it tends to follow electricity prices. A IMPACT AT AN INDUSTRIAL SCALE Data on the production of key components and commodities in Turkey shows the impact of increased production capacity. Turkey's relative lower energy costs in comparison to Germany are also reflected in the production trends for these same products since 2022. Turkey has seen its production of energy-intensive products such as cement, chemicals, and refined products steadily increase over the last five years. In that same time period, German production has decreased, revealing an increase in production capacity in Turkey, driven by the large energy cost difference between the two countries. BUILDING MOMENTUM In recent years, the production of Turkey's more developed goods and products has also reached record highs. Meanwhile, Germany has seen its output of these same goods and materials fall to multi-year lows. The growth of energy-intensive products as well as higher-valued components and products indicates that Turkey's economy can grow and increase wealth for its people. The economy of the country is also facing substantial risks, including high inflation, an increasing government debt level, and a weakening dollar that reduces the purchasing power. Turkey's hubs of production are heavily dependent on European countries as consumers. They therefore face a risk of a decline in demand if there is a recession in Europe. The strong links between Turkey and the Middle East, North Africa, and Central Asia, however, help to diversify Turkey’s consumer market risk and means that Turkey-made goods have a strong potential for sales into these markets. Cement, building materials, and basic chemicals produced in Turkey are also gaining popularity in the Middle East and Africa. The large number of consumers in Turkey bodes well for the producers of raw materials and commodities, but the pollution associated with it will also grow. This could make Turkey the next major emitter globally. 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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NATO Articles 4 & 5: What are the alliance's obligations as drones begin to appear in Europe
Denmark announced on Thursday that it is weighing up whether or not to invoke Article 4 in the founding NATO treaty, after overnight drone incursions temporarily shut down two of its airports as well as military installations located in western Jutland. Danish Defence Minister Troels Poulsen called the incursions "hybrid" attacks designed to instill fear, but admitted he didn't know who was behind it. Mette Frederiksen, the Danish Prime Minister, had earlier linked drone incursions similar to those that temporarily closed Copenhagen Airport overnight and into Tuesday morning with a suspected Russian drone invasions as well as other disruptions in Europe. Moscow denied any involvement. What happened? Danish police reported that drone incursions caused the closure of Billund Airport, Denmark's second largest airport, for one hour. Aalborg Airport, which is used for both commercial and military flights was also closed for three-and-a half hours. Both airports reopened Thursday. Police reported that drones were seen over night near the airports of Esbjerg, Sonderborg and Skrydstrup, which is home to F-16 and F-35 fighters from Denmark, and a military installation in Holstebro. All the affected areas are located on the Jutland Peninsula in western Denmark. Danish authorities have decided to not take down any drones that are in their airspace, for safety reasons. This is despite the disruption to air traffic. What is Article 4? According to Article 4, members of the North Atlantic Treaty Organization must consult each other whenever they believe that the territorial integrity, political independence, or security of a member is in danger. Article 4 of the North Atlantic Council's charter, which is NATO's principal decision-making body, could lead to a joint decision or action. Defense Minister Poulsen stated that the Danish government is currently holding internal and NATO discussions on whether or not to invoke Article 4. It would be the second such incident this month. On September 10, the Polish Prime Minister Donald Tusk invoked Article 4 after Poland shot down drones that were flying over its airspace, following what he described as a "large scale provocation" from Russia. The Russian defence ministry has confirmed that its drones have carried out an airstrike on military installations in western Ukraine, but it did not intend to strike any targets in Poland. Many European officials described this incursion as an intentional act and an indication of Russian escalation. In February 2022, Bulgaria, the Czech Republic and Estonia, Latvia, Lithuania as well as Poland, Romania, Slovakia, and Slovakia invoked Article 4 in response to Russia's invasion. What is Article 5? If it were proven that Russia had attacked the territory of an NATO member state, then the focus would shift to Article 5 of the founding treaty of NATO. The alliance was formed in 1949, with the U.S. as its mainstay. Its purpose was to fight the Soviet Union and the satellites of the eastern bloc during the Cold War. According to the charter, "the Parties agree" that any attack on one or more in Europe or North America will be considered as an attack on them all. It says: "They agree that if an armed attack takes place, they will, in exercising their right of individual or group self-defense, recognized in Article 51 of the Charter of the United Nations by each of them, assist the Party(ies) so attacked, by taking immediately, individually and with the other Parties in concert, whatever action is necessary to restore and maintain the safety of the North Atlantic region, including the use of force." How could the Ukraine War trigger Article 5? As Ukraine is not a member of NATO, the full-scale Russian invasion that took place in February 2022 didn't trigger Article 5. However, the United States and its other members rushed to offer military and diplomatic support to Kyiv. Experts have warned for years about the possibility of a spillover into neighbouring countries along NATO's east flank, which could force the alliance militarily to respond. This action, whether intentional or not, by Russia has increased the risk that the war will spread by bringing other countries into it. Is it automatic to invoke Article 5? No. After an attack on one member state, other members meet to decide if they are willing to treat it as an Article 5 case. Experts say that the language used is flexible enough for each member to decide what to do in response to an armed attack against another. Article 5 was activated by the United States in response to September 11, 2001 hijacked plane attacks on New York City and Washington. (Reporting and editing by Timothy Heritage Gareth Jones Peter Graff, Matt Spetalnick, Charlie Devereux)
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Two bidders compete to be the project manager for a massive FAA US airspace overhaul
According to the top official of the U.S. Federal Aviation Administration, there are only two candidates who want to be the project manager for a multibillion-dollar effort to overhaul the air traffic control system in the United States. FAA plans to select a winner for the contract by the end October. Sources said that multiple companies would have applied earlier in the process. Air traffic control systems in the United States are aging and suffer from frequent technology failures. Sean Duffy, Transportation Secretary, has stated that the FAA was forced to use eBay at times in order to obtain spare parts. In a government report published last year, 51 out of 138 air traffic systems were deemed unsustainable. Congress approved in July a plan worth $12.5 billion to upgrade the nation's outdated air traffic control system and increase controller hiring, following years of complaints about airport congestion and delays. Duffy said that he will push Congress to provide an additional $19 million for air traffic reform. Peraton, owned by Veritas Capital and a company specializing in national security, has confirmed that it has submitted a bid for the management of this project. Parsons, an IT company that specializes in the national security market and global infrastructure, confirmed Wednesday that it had bid against IBM. Donald Trump, the President of the United States, said in April that there are five companies who could perform the work. He suggested Raytheon Technologies or IBM as possible candidates. A senior source stated that he wasn't surprised by the fact that two companies applied, given that it is difficult to reform an air traffic control system that includes more than 100 computer systems and older equipment. He added that the FAA is capable of completing the project, and it has the support from the industry. On Sunday, bids were due for the "prime integrater" position, which is the largest overhaul ever of the U.S. Air Traffic Control Infrastructure. The integrator's role will be to manage the project. Parsons announced its interest to the FAA in June, even though it was asked for proposals by August. In an interview conducted on the sidelines the U.N. Aviation Agency's triennial meeting in Montreal, FAA Administrator Bryan Bedford stated that "I believe we have two very good integrators." Bedford said that some of the FAA's larger prime contractors decided to not partner with the FAA. They just thought they would go with the winner. Bedford continued, "We're running a process and we'll bring it up with Secretary Duffy and President Trump." "We'll present them with all the information and let them choose the option that they are most comfortable with," Bedford said. Sources say that the Trump administration is faced with the challenge of overhauling a complex system in four years, at a time the FAA is losing experienced personnel. Duffy stated in a telephone interview that "we need to rebuild a system with true redundant components which can be tested." "We cannot have lines that go down ..... We need to use new software in order to make our airspace more efficient." The flight operations at two Dallas airports have returned to normal after a telecommunications failure caused more than 2,000 disruptions. Reporting by Allison Lampert, in Montreal; and David Shepardson, in Washington. Editing by Chris Sanders & Aurora Ellis.
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Boeing delivers first freighter since the trade war to China's Suparna Airlines.
Boeing announced on Thursday that it had delivered the first of the two 777-Freighters ordered by China’s Suparna Airlines. This is the first new freighter delivered to a Chinese carrier after the U.S. - China tariff war started. Boeing 777 Freighters have already flown on six Chinese airlines, according to the planemaker. Beijing blocked Boeing jet delivery in retaliation to tariffs the United States had imposed against China earlier this year. This restriction was eased later after Washington and Beijing reached a temporary truce on tariffs. A group of U.S. legislators on a rare trip to Beijing announced that they had struck a deal with the top leaders in China to commit China to buying more Boeing jets. Bloomberg reported that Boeing was in talks with China to sell up to 500 jets. This would be a major break-through for Boeing in the second largest aviation market of the world, where orders are stalled due to trade tensions. He Yadong, a spokesman for the Chinese Commerce Ministry in Beijing, told reporters that unilateral U.S. restrictions remained one of the main obstacles to normal trade. Reporting by Sophie Yu & Lisa Barrington. Mark Potter edited the article.
Ryanair boss: Drone disruption unlikely impact on profitability
Ryanair's Michael O'Leary told reporters on Thursday that drones disrupting airports are an irritation, but they won't affect the airline's profitability.
He said, "I don't believe it will affect profitability."
It disrupts our operation. We recovered pretty quickly. The airlines are accustomed to this. It is annoying, but you cannot take safety risks."
Denmark earlier said
Drone incursions
Hybrid attacks were used to incite fear and temporarily shut down two airports as well as military installations.
These incidents were just the latest of a series that has occurred in the last few weeks. They have revealed the vulnerability of European airspace, and the difficulties governments face to combat them.
O'Leary stated that "defensive technologies" at airports were improving, and that the greatest risk to profits was from "massive unforeseen events", such as the COVID-19 Pandemic or Russia's invasion in Ukraine.
(source: Reuters)