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Sources say that ADQ is among the potential bidders for Italy's Catania Airport.
Two sources familiar with this matter have confirmed that Abu Dhabi's sovereign fund ADQ is a possible suitor for the sale of Catania Airport's operator, in Sicily. The fund has also expressed an initial interest in the asset. Sources, who spoke on condition of anonymity, said that the sale process had not yet begun. However, interest is growing in the asset ahead of any potential launch. Catania, Sicily's principal airport, is Italy's fifth-busiest airport in terms of passenger traffic. The airport is operated under a long-term concession by SAC. This company is owned by the local authorities and chambers. SAC manages Comiso Airport, a smaller airport in southern Sicily. One person said that the proposed terms of sale would sell between 51% to 66% of SAC. LONG-RUNNING PROCESS OF PRIVATISATION People said that the asset's value could range between 500 and 600 millions euros ($580.60 - $696.72 Million). According to one person, the valuation is based on sector multipliers and core earnings expected of more than 30 million euros in this year. This reflects its concessions-based model which, typically, trades below airport freehold assets. The sources say that the Italian civil aviation authority ENAC has been reviewing the draft of the tender for sale. One of the sources added that a green signal is expected by the end of October. This would allow the process to begin in formally. ADQ declined comment. SAC and ENAC didn't immediately respond to our request for comment. In a letter to, Antonino Bellcuore (special commissioner of the Chamber of Commerce of South and East Sicily), which owns a 60.6% share in SAC, expressed his appreciation for ADQ's investment, stating that it demonstrated the value of the asset, and that the path towards privatisation was "the right thing to pursue." Since 2022, the privatisation of Catania Airport has been planned. Italian investment bank Mediobanca is the advisor to guide the sale. Since taking office as Italian Prime Minister in 2022, Giorgia Mello has pursued stronger relations with Gulf nations. Rome signed a strategic partnership this year with the United Arab Emirates. The UAE has committed to invest $40 billion in Italy, across key sectors. ADQ's total assets were $251 billion at the end of 2012, which included energy, transport, and logistics such as Abu Dhabi Airports, and state carrier Etihad Airways.
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Airbus' fleets continue to grow, and the company is seeing a sharp increase in its aircraft services.
Airbus predicts a 3.6% growth in aircraft service over the next twenty years. This will create jobs for 2,35 million pilots as well as mechanics and other workers. In recent years, the European planemaker has been one of many aerospace companies to have diversified into services in addition to their traditional manufacturing roles. This is done so that they can compete with independent aftermarket providers who offer higher margins. Airbus expects the value of services to total $311 billion per year by 2044. The value of the demand for off-wing maintenance and repair shop visits is expected to more than double to $218 billion in the next five years, while on-wing inspections or light maintenance will increase to $34 billion. Airbus executives stated that global supply chains which feed repair networks and factories for new aircraft are still recovering following the COVID-19 epidemic but are improving. Airbus' core planemaking business will generate 10% of its revenue from services by 2024. Boeing predicted in June that the demand for commercial services would total $4.7 trillion over the next twenty years, based on a 3.8% annual growth rate.
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After China tightened export controls, shares of rare earths mining companies rose.
Stocks of rare-earths miners rose on Thursday morning after China tightened its export controls for metals vital to the electronics and weapons industries. The goal was to limit shipments overseas to defense firms and semiconductor consumers. This announcement comes after U.S. legislators called for more restrictions on chipmaking equipment exports to China. It also expands upon the sweeping controls Beijing implemented in April that caused shortages all over the world. The U.S. Government has increased its efforts to reduce the reliance on China, by investing in companies that it considers to be essential to national safety. These include critical minerals and semiconductor firms. Ramaco Resources shares jumped 11% and Critical Metals shares soared 18%. Shares of NioCorp Developments rose 5.5% while Trilogy Metals and MP Materials, as well as USA Rare Earth, all gained over 4%. VanEck Rare Earth and Strategic Metals ETF grew 1%. The VanEck Rare Earth and Strategic Metals ETF has risen by 1%. China is the only country in the world that has a rare earth mine. Neha Mukherjee is a research manager for Benchmark Mineral Intelligence. She said, "The message was clear." If the U.S., and its allies, want supply chain safety, they must create independent value chains from magnet to mine. Mukherjee anticipates increased efforts to reduce reliance on China. This will include more investments, U.S. support for the development of a mine-to magnet supply chain and more agreements and collaborations. Mukherjee said, "This is a great opportunity for new producers and processors to establish themselves as credible alternative." (Reporting from Vallari Srivastava, Bengaluru. Editing by Vijay Kishore.)
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Khatri, the co-founder of India's Akasa Airlines, will leave the airline due to expansion problems
Neelu Khtri, cofounder and head international operations of India's Akasa Airlines, will leave the airline in order to pursue new opportunities. This is at a moment when delayed Boeing jet delivery has hindered Akasa's expansion plans. Khatri is among the nine cofounders of Akasa. The company began commercial operations in the year 2022, and it is backed both by the investment arm of Indian billionaire Azim Premji and the family members of Rakesh Jhunjhunwala. The airline has not named a successor for Khatri. Khatri is a former Indian Air Force Wing Commander. Vinay Dube, CEO of the Mumbai-based airline, said in an email that Khatri’s transition had been planned with top executives. The international plans for the Mumbai-based carrier were not changed. In March, it was reported that Akasa Air executives privately criticized Boeing for the delayed delivery of planes as hundreds were left unemployed. The airline placed 226 Boeing 737 MAXs on order, but the delays in delivery are due to regulatory oversight and supply chain issues. Ankur Goel, the finance chief at the time, told reporters that he expects jet deliveries to increase in coming years. The airline launched its international operations in 2024, and added a sixth international route in the first half of this year. (Reporting and editing by Kirsty Donovan; Abhijith Ganahapavaram)
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ARM Energy invests $2.3 billion on Mustang Express pipeline in Texas
ARM Energy Holdings announced on Thursday that it and its partner Pacific Investment Management Company have reached a final decision regarding their $2.3 billion Mustang Express Pipeline Project in Texas. ARM, a marketing company for energy, stated that the project is benefited by a long-term contract with Sempra to ship natural gas for Port Arthur LNG Phase 2 Project, which has recently reached its final investment decision. Sempra announced earlier this month that it would sell a stake of 45% in its infrastructure division for $10 billion and approved a $14 billion expansion to the Port Arthur LNG Project in Texas. According to the Energy Information Administration, the U.S. will be the top LNG exporter in the world this year with a total capacity of 115 million MTPA. Donald Trump returned to office as President in January, promising to unleash U.S. Energy. The industry enjoyed a strong global demand. He reversed the freeze on new export licenses. The pipelines will be built and operated by ARM and will have a capacity of 2,5 billion cubic feet (bcf/d). They are expected to be finished in late 2028, or early 2029. The pipeline is divided into three segments: Mustang Mainline (also known as the Golden Triangle), Cougar Lateral, and Golden Triangle where the mainline connects Katy Hub with Port Arthur. (Reporting and editing by Leroy Leo in Bengaluru, Katha Kalia is based in Bengaluru)
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India's Akasa Airlines says that co-founder Khatri will leave the airline amid expansion problems
Neelu Khtri, cofounder and head international operations of India's Akasa Airlines, will leave the airline in order to pursue new opportunities. This is at a moment when delayed Boeing jet delivery has hindered Akasa's expansion plans. Khatri is among the nine cofounders of Akasa. The company began commercial operations in the year 2022, and it is backed both by the investment arm of Indian billionaire Azim Premji and the family members of Rakesh Jhunjhunwala. The airline has not named a successor for Khatri. Khatri is a former Indian Air Force Wing Commander. Vinay Dube, CEO of the Mumbai-based airline, said in an email that Khatri’s transition had been planned with top executives. The international plans for the Mumbai-based carrier were not changed. In March, it was reported that Akasa Air executives privately criticized Boeing for the delayed delivery of planes as hundreds were left unemployed. The airline placed 226 Boeing 737 MAX orders, but the delays in delivery are due to regulatory oversight and supply chain issues. Ankur Goel, the finance chief at the time, told reporters that he expects jet deliveries to increase in coming years. The airline launched its international operations in 2024, and added a sixth international route in the first half of this year. (Reporting and editing by Kirsty Donovan; Abhijith Ganahapavaram)
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Transnet gets control of Chinese spares disputed by S.African court
Transnet's CEO announced on Thursday that a South African court had ordered China's CRRC E-Loco, which has been in a long-running dispute with Transnet, to release locomotive parts it had refused to provide. This decision is a boost to the plans of Transnet to improve its performance. Both parties are involved in a legal battle after Transnet halted 1,064 locomotives supplied by four original equipment manufacturers, including CRRC E-Loco. Transnet claimed that contracts for 2014 worth $54.4 billion rand (3.18 billion dollars) were illegally awarded by previous company leadership. Transnet reported that in 2023 161 locomotives provided by CRRC E-Loco did not run due to the Chinese firm withholding spares or maintenance support. This had a negative impact on Transnet's rail freight operations. Transnet, who insists that it paid for parts under the disputed agreement before it was terminated won a separate order from a court last July, stopping CRRC E-Loco's ability to sell or relocate parts already in South Africa. Transnet CEO Michelle Phillips said, at a mining convention in Johannesburg, that Transnet recently won another court decision related to the handover of spares which were stored in warehouses across the country. "I would not pay for my parts again." Phillips explained that after going back to court the CRRC was given five days to deliver these parts to Transnet. We've been checking out those parts for the last few days. She added, "We are doing a full inventory of these parts." CRRC E-Loco did not respond to a request for comment. Transnet's dispute over CRRC E-Loco has exacerbated its equipment shortages. This includes locomotives not delivered under the contract that was terminated. Cable theft and vandalism have also affected the company's performance. The company's freight volume has fallen from 226 million tons in 2017/18, to 160 millions tons in 2024/25.
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Putin explains to Aliyev of Azerbaijan how Russian air defences brought down a passenger aircraft
Azerbaijani leader was told by Russian President Vladimir Putin that two Russian missiles were detonated next to an Azerbaijan Airlines aircraft last year, after Ukrainian drones invaded Russian airspace. Putin promised compensation for those who had been affected. Flight J2-8243 was diverted from southern Russia where Ukrainian drones had been reported to have attacked several targets. The flight crashed-landed near Aktau, Kazakhstan, on December 25, after it diverted from the Chechen capital Grozny. At least 38 people have been killed. On Thursday, video footage showed Putin and Aliyev smiling and shaking hands before a bilateral meet-up in Tajikistan where Putin discussed the plane crash. Putin issued a statement last year stating that he would be releasing a rare public apology Aliyev was criticized by the Kremlin for what it called a 'tragic incident' over Russia, in which a plane crashed after Russian air defenses were deployed to stop Ukrainian drones. He went even further on Thursday. Putin said to Aliyev, "Ofcourse, all that is needed in such tragic situations will be done on the Russian side with regards to compensation and legal assessments of all official matters will be given." It is our duty to provide an objective assessment and identify the real causes. Putin informed Aliyev of the fact that two Russian missiles were launched several metres from the aircraft after Ukrainian drones crossed into Russian airspace. The Embraer jet flew from Baku, the capital of Azerbaijan, to Grozny in the southern Russian republic of Chechnya where the accident occurred. It then traveled, with severe damage, a further 450 miles (280 miles) across the Caspian Sea. Aliyev has been vocal about his anger at the crash. Initial reactions He said that the Russian government was trying to conceal the truth about the incident. Reporting by Guy Faulconbridge; Writing by Andrew Osborn Editing by Andrew Osborn
Flight delays and cancellations are causing air travelers to rethink their plans due to the US government shutdown
The travel industry in the United States has had a difficult year already. The shutdown of the federal government is only making things worse.
The United States lawmakers may take several days or even weeks to find a solution to reopening the government. Until then, travelers are canceling trips and avoiding airports. This means that key workers, such as air traffic controllers or security screeners, will be without pay for a longer period of time. As more workers call in sick, fewer people are available to meet demand. Travel agents are already worried about the upcoming Columbus/Indigenous People's Day weekend. This is the first holiday since the shutdown began on October 1, nine days ago. Geoff Freeman said that the shutdown coincides with the peak of corporate travel season, at a time when industry workers are already struggling to reach their full potential.
Freeman, speaking of the Transportation Security Administration, said that if we create concern in the system - concern over delays, cancellations, or the TSA's efficiency - we will encourage people to remain at the office.
It's another reason why people stay at home, whether they are Americans or foreigners who avoid the United States." According to US Travel and Oxford Economics, the United States will be the only market where foreign tourists are expected to spend less in 2025. Inbound visits should decrease by 6.3% on an annual basis to 67.9 millions. The domestic travel market is expected to grow by 1.9% in 2018.
Travelers who still plan to visit the U.S. are more concerned about the impact of the shutdown on their trip.
There is a certain anxiety that comes from the question, "What does it mean?" Does this mean we can't fly? Can people enter the country without a visa? Peter van Berkel is the president of Travalco - an inbound tour operator. Van Berkel says that some travelers are hesitant to make a booking.
Around 200 flights were cancelled and nearly 12,000 delays were caused by Federal Aviation Administration controllers' absences.
This shutdown has seen a rise in air traffic control issues earlier than any other in 2019. The result is unexpected shortages across the country. Sheldon Jacobson is a University of Illinois Professor who worked on the design of TSA PreCheck. He said that if it continues, there will be "erosion of services" for travelers as TSA and air traffic control officers become tired and call off sick due to frustration. "The longest shutdown in history lasted 35 days during the first term of President Trump. Will we see 35 more days? There's still no sign that it has been resolved and concluded, but things could change quickly.
Sonia Bhagwan, a travel agent in Arizona, said that two clients had asked her if they could cancel their Christmas and Thanksgiving vacations to Hawaii. Wayne Milano of Monmouth County in New Jersey said that he cancelled a trip to India for business and won't fly until this situation is resolved. Milano cited bad luck in the form of delays and cancellations as a reason for not flying at this time.
"I am at the point where I don't want to risk it for a week or two. Let's see what happens." Reporting by Doyinsola Oladipo, New York; editing by Richard Chang
(source: Reuters)