Latest News
-
Sources say Boeing will win EU conditional approval for $4.7 billion Spirit deal
People with direct knowledge said that Boeing will receive EU antitrust approval of its $4.7 billion purchase of Spirit AeroSystems. Remedies to address EU concerns are expected to include the sale of some of Spirit AeroSystems' businesses. Boeing announced the agreement in July of last year. It aimed to streamline operations and improve the quality control years after the spin-off of the airline supplier. The people who spoke to Boeing said that Boeing's remedies for EU competition concerns are expected to be the same as those announced by the companies at the time of acquisition agreement. Spirit has sold its Europe-focused, loss-making activities to Airbus. It also divested of operations in Prestwick (Scotland), Subang (Malaysia), and Belfast, which support Airbus programs, as well those in Belfast, which do not. The European Commission (EC), which is the EU's enforcer of competition, will make a final decision on October 14. Boeing and Spirit AeroSystems have declined to comment. The British Competition Agency cleared the deal in August without any conditions. Boeing has considered purchasing its former subsidiary for some time. Analysts say that despite working with Airbus in Europe and other companies, the company has not been able to flourish independently. Boeing is trying to solve a corporate and industrial crisis which has affected one of its key suppliers. Reporting by Foo Yan Chee Editing Mark Potter
-
Report says global renewable energy output has overtaken coal for the very first time.
A report from the think tank Ember revealed that renewable energy sources produced more electricity globally than coal for the first time during the first half 2025. This was due to rapid growth in China, India and other developing countries, the report showed. Most scientists believe that reducing coal power generation, since it emits twice as much carbon dioxide as the gas-based generation, will help to meet global climate goals. Ember reported that renewables such as solar and wind power provided 5,072 Terawatt Hours (TWh), or electricity, globally between January to June. This was more than coal's 4,896 terawatt hour supply. "We're seeing the first signs that a turning point is near," said Malgorzata Motyka. She's a senior analyst for Ember. Solar and wind power are growing at a rate that is fast enough to satisfy the growing demand for electricity in the world. The global electricity demand increased by 2.6% or 369 TWh during the first half 2025, compared to the same period of 2024. This was more than offset by an increase in solar energy output (306 TWh) and wind power output (97 TWh). China and India were the main drivers of this shift. The Ember report stated that China, as the largest electricity consumer in the world, has reduced its fossil fuel generation by 2%, while its solar and winds generation have grown by 43%, respectively. The report shows that India has seen a 29% and 31% increase in wind and solar power generation, respectively. This helped reduce the country's coal and gas consumption by 3.1%. During the same time period, fossil-fuel production increased in the United States as well as the European Union, due to a stronger demand and a weaker hydro- and wind power output. The report stated that in the U.S. coal-fired electricity generation increased by 17%, while gas-fired generation decreased by 3.9%, and in Europe, gas-fired energy generation increased by 14%, while coal-fired generation increased by 1.1%. The climate-change-skeptic U.S. president Donald Trump signed executive orders earlier this year aimed at increasing coal production. Last month, Trump also pledged his support for coal-fired electricity plants.
-
Sources say that the tanker rates for Russian crude oil to India have risen due to increased seaborne exports.
Sources in the industry said that tanker freight rates to ship Urals crude oil from Russia's western port to India increased further at the end of September and in early October. This was in response to a dramatic increase in loadings in August. Indian refiners are continuing to import Russian oil, despite the punitive U.S. duties on Indian goods after India refused to stop importing Russian oil. The increase in crude exports to Russia's west ports of Primorsk (Ust-Luga), Novorossiisk and Ust-Luga from August was 500,000 barrels a day, a record. This is due to unplanned refinery repairs. The sources reported that the freight costs for transporting Urals to India from the Baltic port of Primorsk or Ust-Luga for loading in late October have risen to $7 million, compared to $6-6.5 for one-way trips from late August to mid-September. The rates for similar shipments out of the Black Sea port Novorossiisk, on Suezmax tanks, which carry about 140,000 metric tonnes, increased to around $6.2-6.5million, compared to roughly $6 million one month earlier. According to sources, both Greek shipowners and "shadow fleet" tanks are involved in the transport of Urals from Russian port. The Greeks who worked are still working. "No one has left the markets," said one trader. On October 1, the Group of Seven finance ministers announced that they would increase pressure on Russia, targeting those who continue to buy Russian oil at higher prices and those who facilitate circumvention. In early October, France detained the tanker Boracay which was loaded with 100,000 tonnes of Urals crude oil sourced from Primorsk by Rosneft. The cargo was destined for India’s Vadinar Port. The detention by France of a tanker suspected to be part of Russia's "shadow Fleet" is part a new European approach designed to stop revenue from funding Moscow's military campaign in Ukraine. This was announced by President Emmanuel Macron. The Russian President Vladimir Putin called the French boarding of a tanker an act of piratery. (Reporting by ; Editing by Emelia Sithole-Matarise) Freight rates are still high compared to the levels of January 2025, when shipping costs between Baltic ports and India ranged from $4.7 million to $4.9 million for each voyage. (Reporting and Editing by Emelia Matarise Sithole)
-
Minister says there was no manipulation in the Air India crash investigation after a complaint by the pilot's dad
India's civil Aviation Minister denied Tuesday that there had been any "manipulation", in an official investigation of the crash of an Air India Dreamliner, in June. This was after the father the flight's pilot complained about the investigators' actions. This was the first official response to a complaint that Pushkar Raj Sabharwal had sent to a union of pilots last month, in which he claimed investigators had been to his home and suggested that his son may have cut off the fuel after takeoff. Sabharwal (91), complained to the Federation of Indian Pilots about "selective releases" of information by the investigators, which led to speculations regarding the actions of Captain Sumeet Sabharwal. India Today reported that Civil Aviation Minister Ram Mohan Naidu said, "There has been no manipulation or dirty business in the investigation." When asked in an interview if he could give Sabharwal any assurances, he replied, "It's a very clean, very thorough process we follow according to the rules set up. So we will ensure that commitment is kept." Air India Flight 171 crashed in June just moments after taking off from Ahmedabad, killing 260 passengers. A preliminary report from the Aircraft Accident Investigation Bureau revealed that all of the fuel engine switches on board had been switched to cutoff almost simultaneously just after takeoff. Sources briefed by U.S. officials on their early assessment of the evidence in July said that the cockpit recordings of the dialogue between the pilots confirmed the belief that Captain Sabharwal cut off the fuel flow to the engines. Pushkar Raj Saharwal and FIP did no respond immediately to emails seeking comments. In a letter he sent to the ministry, Sabharwal requested that the government of India open a second investigation into the fatal crash. India's Supreme Court has asked the government for a response to the plea to conduct an independent investigation. On Tuesday, it was reported that India had requested more information from Boeing following the activation of an emergency power system on a separate Air India Dreamliner 787 on Saturday. (Reporting and editing by Gareth Jones, Abhijith Ganapavaram)
-
The forecasted growth of tourism in Spain is lower than expected due to a sluggish summer
The growth of Spain's tourism sector has been slowed sharply due to lower spending by Europeans and Americans, according to industry group Exceltur. Its contribution to the economic growth this year will also be less than expected. Exceltur expects that all tourism related activity in the second most visited country in the world will grow by 2.8% by 2025. This is a reduction from its previous estimate of 3.3% and from 5.5% last year. The group's initial estimate of 13,5% for the contribution of tourism to Spain's Gross Domestic Product was revised down to 13.1%. Oscar Perelli, Exceltur's Vice President of Communications, said at a press conference that tourism is not the primary driver of Spain's economy. He added that it will not exceed the expected 2.6% economic growth in Spain. The World Travel and Tourism Council projected that the number of international visitors would fall below the 100 million predicted earlier in the year. Spain recorded a record number of tourists last year. In August of this year, 66.8 millions tourists had visited, an increase of 3.9% compared to the same period last year. Jordi Hieru, the Spanish Tourism Minister, said that "I do not know if" we will reach 100 million tourists. He added that this was no cause for alarm, as tourist spending is still increasing. The sales of hotels, airlines and restaurants as well as other tourism related businesses rose by 2.8% in the peak summer season. This is a marked drop from the 6.3% increase recorded at the same period last year. Exceltur anticipates a 2% increase in sales for the fourth quarter. Exceltur reported that the slowing of growth was due to lower spending by German, French, Turkish and United States tourists. The increase of tourists from Britain (which accounts for 26,5% of the total number of visitors), China, and Poland helped to offset the trend in the peak season. However, the number of local tourists remained the same. Reporting by Corina Poons, Editing by Andrei Khalip & Peter Graff
-
Wizz Air CFO expects engine failures to end by 2027
Wizz Air aims at ending engine-related groundings for its Airbus aircraft before the end of 2027. However, a senior executive stated on Tuesday that he has not seen an improvement in Pratt & Whitney's bottlenecks which are blamed for the blocking of dozens of jets. Ian Malin, CFO of Wizz Airlines, said that the number of aircraft grounded due to long inspection waiting times has dropped from 60 at its peak. Wizz reported that 41 aircraft were grounded at the halfway point of the year due to GTF engine inspections. The plan is to have the fleet deparked by 2027. We are working toward that target," he said at the International Society of Transport Aircraft Trading conference (ISTAT) in Prague. He said, "That'll be challenging. Especially when we have 38 aircraft on the ground." Wizz Air CEO Jozsef Varradi told Bloomberg that he wanted to change the fortunes of Wizz Air by mid-2027. Wizz, a Hungarian airline, has been struggling to compete with other European carriers financially in the last few years due to engine problems. It has been unable to increase its capacity due to the groundings and issued two profit warnings. "Pratt actually shows some availability of engines but the overall turn-around time is not improving...Pratt said that this is coming down. Malin replied, "I haven't yet seen it." He added, "It's extremely frustrating because we have been dealing with this for two and a half years." RTX, the parent company of Pratt & Whitney, did not respond immediately to a comment request. Chris Calio, CEO of the U.S. Aerospace Group, said that in September, cases of aircraft being grounded due to Pratt engine failures have stabilized and are expected decrease, but "clearly, we have more to do."
-
Indian states sign coal power agreements to meet increasing demand
Indian state electricity distributors sign long-term contracts to coal-fired generators in order to meet an expected surge in evening demand. This is despite efforts by the country to increase clean energy capacity. Bid documents examined by reveal that Uttar Pradesh, India’s most populous State, and Assam, a state in eastern India, have recently withdrawn incentives for clean energy project, are hoping to sign deals within the next two month for at least seven gigawatts coal-fired electricity, collectively to be delivered in 2020. India Ratings & Research reports that more than 17 GW coal-fired power capacity was contracted in various stages during the 16 months leading up to July. This is the largest pipeline of this kind since the Covid Pandemic. Analysts say that the rush to purchase, fueled by the projected increase in demand for air conditioning during non-solar times and the slow expansion of battery storage capacity, is driving investment. It is also expected to slow down decarbonisation efforts, in the third largest emitter of greenhouse gases in the world. Ashis Kumar Prdhan, senior consultant at Wood Mackenzie said that he believes the government's push to promote renewable energy will only prolong India's dependence on coal. India plans to increase coal power by 46%, from 210 GW to 307 GW in 2035. It also targets non-fossil energy capacity of 500 GW or nearly twice the current 251.4 GW. Pradhan stated that "we have revised our projections for coal-fired electricity generation in India. The peak is now expected to occur in the early 2020s as opposed to our previous outlook of the late 2030s." COSTS ARE RISING Adani Power announced in August that it would invest $5 billion into two coal-powered power plants. Torrent Power is evaluating plans for 5-7 GW in capacity over the next decade. This was announced by Jigish Mehta, the company's full-time director. Analysts say that while the plans could increase the coal share of the mix, solar energy is expected to be more popular during the day because it is cheaper. Mehta stated that "grid instability is a problem for state distribution companies due to the variability of renewable energy and the lack of scalable storage." Alexander Hogveen Rutter is an independent energy expert based in India. He said that building renewables and storing them was cheaper than adding new coal-fired power plants. He said that "new coal power is becoming more expensive, and the gap will continue to widen as batteries scale up." According to a report published by the Institute for Energy Economics and Financial Analysis in August, India has sold approximately 12.8 GW of battery energy storage for its development. However, only 219MW hours have been operational. Filings reveal that states such as Madhya Pradesh and Tamil Nadu have chosen to build new coal-fired power plants this year despite citing delays in renewable energy projects. Narendra Bhooshan is a senior official in the Uttar Pradesh Energy Department. He said that renewables alone could not fill the gap.
-
IKEA purchases US logistics tech company Locus to boost online growth
IKEA acquired U.S. logistic technology firm Locus on Tuesday. The Swedish furniture retailer claimed that the deal would improve its delivery to customers, as it expands online sales. This acquisition is part of a $2.2billion push by Ingka Group - the largest global IKEA franchisee - in the U.S., where it is competing with Wayfair and Walmart, and also has to contend with increased tariffs on imported goods that increase its costs. IKEA refused to reveal the value of the transaction. Locus' most recent funding round, in 2021 was reported to have valued the company at $300 million. IKEA claimed that acquiring Locus will simplify its logistics, and reduce its global delivery costs by approximately 100 million euros ($117.41) per year. Locus is a software that uses artificial intelligence (AI) to group orders, predict routes, and minimize the time that delivery vehicles are stuck in traffic. This planning process, which was previously done manually by IKEA employees, has been automated, Parag Parekh told Ingka Group's chief digital officer in an interview. Parekh said that Locus would also allow IKEA customers to have more options and delivery windows, receive live updates about their packages, and get them faster. The technology will be tested in the U.S., UK and possibly other countries before being used globally. He said, "Speed is an important aspect, but for us it's the flexibility and the ability to track... And more importantly, all of this will help drive a more positive customer experience." Locus shareholders included Singapore sovereign wealth fund GIC, private equity firms Alpha Wave and Tiger Global and Qualcomm Ventures before the acquisition of all shares by Ingka, the retailer’s investment arm. Locus, as part of the agreement, will continue to serve clients outside IKEA. IKEA DOUBLES DOWN ON U.S. MARKET DESPITE TARIFFS IKEA, best known for its big, bright-blue suburban stores that display sofas, beds, and bookcases labyrinthinely, has focused on its online business in the last five years, and has invested in smaller, city-centre shops to target younger, more urban consumers. In 2024, online sales represented 28% of IKEA's total retail sales, up from just 11% in 2019. The purchase comes just one week after Ingka Investments purchased a Manhattan building for $213 millions, continuing to expand in the U.S. despite President Donald Trump's higher tariffs on imported furniture. Parekh stated that "in terms of macroeconomics, there is probably uncertainty in the quarters to come." "As a company, we remain committed to America."
Wizz Air claims that a ban on engine disruptions by 2027 is not an 'absolute' guarantee
Wizz Air aims at ending engine-related groundings for its Airbus aircraft before the end of 2027. The CEO added later that the engine manufacturer Pratt & Whitney would determine the schedule.
These comments are made as the airline industry continues its complaints about supply chain issues around the globe, including major engine manufacturers like RTX's Pratt & Whitney or CFM International. Wizz's Chief Financial Officer Ian Malin stated that the number of aircraft grounded due to long inspection waiting times has dropped from 60 at its peak, down to 38. Wizz reported that 41 aircraft were grounded at the halfway point of the year due to GTF engine inspections.
The plan is to have the fleet deparked by 2027. "That is the goal that we are working towards," Malin said at the International Society of Transport Aircraft Trading conference (ISTAT) in Prague.
We don't have full control over our destiny. After his CFO's Tuesday speech, Chief Executive Jozsef Varadi told journalists later in Gdansk that "we are at the mercy" of the manufacturer.
Varadi said to Bloomberg in September that his goal was to turn Wizz Air around by the middle of 2027.
Varadi stated that he was "pretty confident" that the fleet would be ready by the end 2027, but there is no "absolute assurance."
Wizz Air's spokesperson refused to comment on the changes made to the schedule.
Wizz, a Hungarian airline, has been struggling to compete with other European carriers financially in the last few years due to engine problems. It has been unable to increase its capacity due to the groundings and issued two profit warnings.
"Pratt actually shows some availability of engines but the overall turn-around time is not improving...Pratt said that this is coming down. Malin replied, "I haven't yet seen it."
He added, "It's extremely frustrating because we have been dealing with this for two and a half years."
RTX, the parent company of Pratt & Whitney, did not respond immediately to a comment request.
Chris Calio, CEO of the U.S. Aerospace Group, said that in September, cases of aircraft landing on the ground because they were powered by Pratt engines had stabilized and would be expected to decrease, but "clearly, we still have work to do."
The company anticipates a 30% increase in maintenance, repairs and overhaul services year-over-year.
(source: Reuters)