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Ryanair's December bookings are slightly ahead of the year before, says CEO O'Leary
Michael O'Leary, the CEO of budget airline Ryanair, said that the company's December bookings, which include the crucial Christmas period, were slightly higher than a year earlier. Around 40% of the seats are still available until the end this year. This month, the airline, Europe's biggest by passenger number, announced that it would fly 207 millions passengers for the year ending March, an increase of one million over the previous forecast. Boeing deliveries improved, allowing it to increase capacity during the first quarter and current quarter. Bookings for Christmas have been a strong success. "We're currently about a half-percent ahead of where we were at this time last, and the average fares are in the mid-to-high single-digit range," O'Leary said at a press event at Vienna International Airport. Ryanair clarified, however, that he meant December in general. "December is basically Christmas." O'Leary stated that there is not much happening in the first couple of weeks of December. Francois Murphy reported. (Editing by Jan Harvey, Mark Potter and Jan Harvey)
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UK stocks rise ahead of the budget, led by financials and consumer staples stocks
The UK stock market rose on Tuesday. Gains in consumer staples and financials were a major factor, as investors geared up for the budget of Wednesday that will likely include significant tax changes. The blue-chip FTSE 100 ended up 0.8%. The FTSE 250, which measures domestically oriented UK companies, rose by about 1%. This was its best day for over a week. The sectoral gains were led by personal goods, which rose 3.9%. Burberry was up 4.7%. Construction and materials rose 2.5% with Ibstock rising 5.9%. Retailers gained 2.4%, helped by Kingfisher's 5.9% increase after it raised its profit forecast for the year. The survey found that British retailers' confidence dropped to its lowest level in 17 years, and sales declined again before Wednesday's budget. In the budget on Wednesday, it is likely that the government will not raise income taxes but instead increase several other levies. Goldman Sachs referred in a note to a Financial Times article that said the banks would not be taxed. Lloyds Banking rose by 3.8%, Barclays gained 2.4% and NatWest Group increased by 3.7%. The industrial metals miners rose 1.2% on the back of higher copper prices. Anglo American gained 1.6%. Travel and leisure recovered from initial losses and added 0.9%. Wizz Air rose 3.6%. EasyJet's sales slumped 1.5% due to winter concerns. Non-life insurers dropped 2.7%, while Beazley fell 9.2% as the company lowered its forecast for annual insurance premiums written. Compass Group's shares dropped 2.7%, among other things, after the food caterer reported that 2026 revenue growth would be moderate due to lower inflation. Domino's Pizza Group shares fell 1.4% following the resignation of CEO Andrew Rennie. This is another high-ranking departure in a company that has changed its strategy to combat weak sales and rising cost. The British government bonds rose on Tuesday, the day before the Budget. In the U.S., retail sales in September fell short of expectations. A separate report revealed that producer prices rose in September. (Reporting and editing by Shreya Biwas and Ros Russell; Utkarsh T. Hathi)
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BP identifies the source of Olympic Pipeline Leak in Washington
BP Olympic Pipeline announced Tuesday morning that its crews had identified the source for a fuel spill east of Everett in Washington. On November 11, the first report of the discharge of refined products appeared. BP confirmed a rupture in one of two pipelines located in the region. In an email, BP said that testing on the other pipeline had shown no signs of leakage. The company announced that "Plans are being developed for a partial start-up and a new timeline will be available when it is ready." Crews are developing repair plans for the affected section. The Olympic Pipeline System, a 400-mile pipeline system that runs from Washington's northern border to Oregon, transports refined petroleum products such as gasoline and diesel. Washington Governor Bob Ferguson declared a state of emergency in response to the shutdown last week. Jet fuel has been disrupted at Seattle-Tacoma International Airport due to the shutdown. Tina Kotek, the Governor of Oregon, declared a fuel crisis on Monday. The system supplies over 90% of Oregon transportation fuels at terminals in Portland, for distribution across the state. Reporting by Nicole Jao, New York; editing by David Gregorio
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Heathrow Airport expansion plan of $64 billion chosen by UK
The government announced on Tuesday that Britain chose Heathrow Airport’s expansion and upgrade plan worth 49 billion pounds ($64 billion) as the basis for a new runway. This was over a more affordable rival proposal. The decision comes after Finance Minister Rachel Reeves made a pledge In January, Build a third runway in Heathrow The airport will be redeveloped to spur economic growth and put an end to decades of uncertainty about its future. The headline figure includes 15 billion pounds in planned upgrades and 33 billion pounds for the construction of the runway, rerouting London's motorway orbital and adding a terminal. This year, the government has given its backing to airport projects. It has approved the use of a runway in the second largest airport in the UK, Gatwick. September Supporting a new terminal in Luton April is a month of celebrations. Heathrow’s plan was compared to an alternative by Arora Group which owns hotels and land near the airport. Arora estimated that its proposal was under 25 billion pounds. However, this figure did not include some costs. The Government sets a target of 2035 Planning consent is required by 2029. Flights on Heathrow's brand new runway will begin in 2035. The government chose Heathrow’s full-length plan for a runway as the "most achievable option" to meet these deadlines. The government has said that a "rapid and robust" review of Heathrow's expansion plans will help to shape them in line with Britain’s climate obligations. It also aims at avoiding potential legal challenges regarding air quality and emission levels, which it has faced in the past. Heathrow Airport, which is owned by Ardian France, Qatar Investment Authority and Public Investment Fund of Saudi Arabia, among others, welcomed the decision by the government but asked for clarification from the aviation regulator and government by mid-December in order to avoid any delays. Arora expressed its satisfaction that there was no single promoter and will revisit its plans. Airline companies are worried about cost Heathrow's high fees have been a concern for airlines like British Airways, IAG, and Virgin Atlantic. Heathrow Airport, located west of London is Europe's busiest and most crowded airport. It operates at maximum capacity. Heathrow's two runways are comparable to the four runways at Charles de Gaulle Airport in Paris, Frankfurt Airport and Schiphol Airport in Amsterdam. In a statement, the government said that the review will include details like the length of runways, the layout and the associated infrastructure implications.
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What are the challenges ahead of UK's expansion plan for Heathrow Airport?
The government of Britain approved Heathrow Airport’s plan for a new runway Tuesday as it pushes forward with the controversial project. The construction of one of the busiest airports in the world, which is estimated to cost 43 billion pounds ($43.4billion), will not begin until the project has been approved by the local authorities and environmental concerns have been addressed. The government wants to secure planning approval for the new runway by 2029, and have planes take off by 2035. Why a third runway for heathrows now? Rachel Reeves, the finance minister of Britain, wants to bring life back into Britain's economic system. She says that infrastructure projects can help spur growth by attracting investment and, in Heathrow’s case boosting tourism and trade. Reeves, the Labour budget minister, is expected to announce tax increases in Wednesday's Budget. Heathrow Airport is operating at 99% of its capacity, and it could overtake Frankfurt Airport as Europe's busiest in the coming years. Heathrow Airport has two runways, compared to four at Charles de Gaulle Airport in Paris and Frankfurt Airport and six at Schiphol Airport in Amsterdam. What is the history of the Heathrow Expansion Plan? Heathrow’s third runway was approved in 2009, but it was scrapped after the change in government in 2010. This sparked thoughts about building a hub airport east London before a 2015 commission recommended a third runway at Heathrow. Heathrow’s third runway was given the go-ahead by Britain’s top court in 2020. However, this was during the COVID-19 epidemic, which halted air traffic. Heathrow focused on the recovery of travel. By 2024, Heathrow's passenger numbers had risen to 84,000,000, surpassing the pre-pandemic peak and placing the third runway on the agenda. What are the environmental objections to the expansion? Heathrow Airport is located 24 km (15 miles) west of London. Residents have complained for years about the noise pollution, air pollution and high carbon emissions caused by flight paths that mainly go over London. In the past, environmental groups and groups of local opposition have challenged attempts to expand Heathrow. These groups could request a judicial review. The use of sustainable aviation gas will reduce carbon emissions in the future, and also help to boost the argument for expansion. This is important because the government must meet the legally-binding net zero targets set by Britain. Experts say that electric planes and at least 10% jet fuel should be used on flights departing from Britain by 2030. However, the current use is low. Heathrow is in the best position to benefit from the government's plan to simplify planning rules and make building easier. This legislation is currently going through Parliament. Last month, Transport Minister Heidi Alexander launched a review on the Airports National Policy Statement. This will help to shape plans that are in line with climate commitments and should be finished by the end 2026. How will it be paid for? Heathrow Airport, which is privately owned, has announced that the expansion would be privately funded. The airport estimated the cost of the new runway at 21 billion pounds. This includes 1.5 billion pounds to reroute nearby M25, and 12 billion pounds in infrastructure for the terminals. The airport is spending already 15 billion pounds upgrading the terminals. Airports owned by Ardian France, Qatar Investment Authority, Public Investment Fund of Saudi Arabia and other investment groups want a long-term financing framework to ensure future returns on their investment in a new runway. Airlines have stated that they don't want to be burdened with large increases in fees for expansion. Alexander stated in October that the expansion at Heathrow should be done to minimize costs for customers and passengers. Heathrow Airport announced on Tuesday that it needs clarity on the next phase of the project by mid-December. What other challenges are there? Heathrow's proposal would see London's orbital autobahn passing through a tunnel. This is a complex project, on a heavily congested route that has been criticized by the British Airways boss. The number of construction workers is also falling in Britain as the government pushes for other large projects. Reporting by Sarah Young and Editing by Timothy Heritage.
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Three dead after plane carrying food aid crashes south Sudan
An official with the international charity Samaritan's purse said that a plane carrying food aid to South Sudan's Unity State crashed on Tuesday and killed all three crew members. Bikram Rai said that the aircraft operated by Nari air was delivering 2 tonnes of supplies to flood-displaced people in Juba, according to Bikram. Rai confirmed that the three crew members had died. Around 8 am (0600 GMT), the aircraft crashed about 20 km (12 mi) from Leer Airstrip, in the oil-rich Unity State county of Leer near the Sudan border. Nari Air didn't respond to my phone call for comment. The aircraft's make and model were not immediately known. Nari Air's website states that it is based in South Sudan, and provides a variety of services such as chartered services both for passengers and cargo. (Writing and editing by Elias Biryabarema)
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Sources say that Russia is considering how to support Russian Railways, which has a debt of $51 billion.
Two people familiar with the situation said that the Russian government is looking at different options to support Russian Railways. The company, which is the largest employer in the country, has accumulated a debt of 4 trillion roubles ($50.8 billion). The state-owned Russian Railways employs 700,000 workers and has seen its revenues fall amid the sharp slowdown of Russia's wartime economy. Meanwhile, debt costs are on the rise, driven by interest rates that have reached their highest levels in 20 years. Two people, who requested anonymity because the subject was sensitive, said that Moscow had been discussing ways to help the railways pay off its debt, which is mainly owed to banks of state. Sources said that these include increasing the price of cargo, increasing subsidies, reducing taxes, or even using money from the National Wealth Fund. The sources said that raising the prices of railway cargo would hurt Russian exporters who are already suffering due to high interest rates and economic slowdown. One source said that Russian officials met in late November to discuss the current situation and will meet again in December. Requests for comments were not responded to by Russian Railways, Russian Government and Transport Ministry. There are some ideas that haven't been discussed yet at the level of government, such as capping interest rates for Russian Railways to 9% and converting debts into stakes. This would give state banks a piece of the company. Proposed DEBT-TO EQUITY CONVERSION According to a source, one of the proposals was to convert 400 milliards roubles in debt of Russian Railways into shares. According to the source, this measure would save 64 billion Rubbles in interest over three years. Sources portrayed the measures as a "save" Russian Railways. Russian Railways operates the third longest railway network in the world after the United States of America and China. One source said that it was not clear what the final government decision would be due to the differences in opinion between the representatives of the Finance, Economy, Transport and Trade Ministries. According to international standards, Russian Railways has reported revenues for 2024 of 3.3 trillion Russian roubles. Its expenditures are 2.8 trillion Russian roubles. The debt crisis raises alarm bells The company's financial statement for 2025 shows a net debt of 3,3 trillion roubles at June 30. This includes 1.8 trillion of short-term loans. The debt spiked by 0.7 trillion rubles in only half a calendar year. Russian Railways has been a leading indicator of the health of the Russian economy for many years. It transports oil, passengers and cargoes from the Pacific Ocean to the Black Sea and Baltic Sea. The state's war economy is a major challenge. Its struggles are a reflection of the challenges faced by too-big to fail companies that are indebted with state-owned banks. This leaves the state on a hook, at he same time as Russia spends record amounts on military spending and the war in Ukraine enters its fourth year. The war economy of PUTIN cools sharply In the first two years of Vladimir Putin's presidency, from 2000 to 2008. Russia's GDP grew from $200 billion to $1.7 trillion. Now, Russia's nominal GDP of $2.2 trillion, is about the same as it was in 2013, just before Russia annexed Crimea, and the economy will slow down sharply this coming year. The International Monetary Fund, however, has downgraded their 2025 forecast from 0.9% to 0.6%. The West claims it wants to cripple Russia’s economy in order to force the Kremlin into changing its course on Ukraine. However, Putin has stated that Russia will not bow to foreign pressure. Russian officials also claim the economy is secondary compared to the goals of the war. Putin claims that the economy performed better than anyone could have expected, despite the thousands of Western sanctions. He also says that it has a debt-free status in comparison to Western countries. He acknowledged that there were some issues with investments and the pain caused by high interest rates. Sberbank's senior executive, who is the country's biggest lender, said that Russia's economy has been "continuing cooling". Growth will be around 1% in next year, and business activity will remain weak for at least four or five quarters. $1 = 78.7500 Rubels (Additional reporting by Darya Korsunskaya and in Moscow; Editing by Guy Faulconbridge and Tomaszjanowski and Ros Russell).
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Tengiz, a Kazakhstani oil company, increased its monthly production by 8.5% between November 1 and 23, according to a source.
Tengiz is Kazakhstan's biggest oilfield. It increased its oil production from November 1 to 23, by 8.5% month-on-month, reaching 787,300 barges per day. However, this was still below the planned level by the Energy Ministry, according to a source with knowledge of the statistics. Yerlan Akkenzhenov, Kazakhstan's energy minister, said on Tuesday that Tengiz is currently undergoing maintenance without giving any details. Tengizchevroil is the U.S. oil giant Chevron that operates this field. They did not respond to our request for comment. The field was also maintained last month. The overall oil production in Kazakhstan fell by 10% last month to 1,69 million bpd. This is still higher than the limits set by the OPEC+ Group, which includes the Organization of Petroleum Exporting Countries (OPEC) and other producers including Russia. Kazakhstan's OPEC+ production quota in October was 1.556 million bpd. Tengiz's production increase this year is one of the major reasons Kazakhstan exceeded its quota. Chevron began production in January at the $48 billion expansion to Tengiz Oilfield, which will increase its output by around 1%. Tengiz has one of the most complex and deepest fields in the world due to its high sulphur levels and extreme weather conditions. (Reporting and Editing by Alison Williams).
Transportation chief of the US wants healthier snacks for flights
Sean Duffy, the U.S. Transportation secretary, wants airlines to replace salty pretzels with healthier alternatives.
"I'd love to have some better snacks." Duffy, in an interview posted on Blaze News Tuesday, said, "I would love to have a healthier snack while flying." He added that it would be better "if I did not get the really fattening cookies full of sugar, butter and crap." Or that snack pack of pretzels."
Airlines for America is a trade association that represents American Airlines, Delta Air Lines and Southwest Airlines. United Airlines was also represented.
Duffy launched a new campaign last week to encourage people to dress and act nicely when traveling by air. He asked travelers to refrain from wearing pajamas or slippers at the airport. Duffy told passengers on Monday, "Don't remove your shoes and place your feet on the seat in front of you."
Duffy oversees a $12,5 billion overhaul of America's air traffic system. He is also working to solve the persistent shortage of controllers. He is asking Congress to approve an additional $19 billion for the project.
Duffy also received criticism after USDOT, his predecessor's agency, retracted a plan this month that would have required airlines to compensate passengers in cash when carriers cause U.S. flights to be disrupted.
Duffy said he dropped the compensation plan because he took a "common sense approach". He also told Fox News that the compensation plan could lead to increased ticket prices. Duffy stated that the goal was to strike the right balance between airlines and passengers.
In the United States, airlines are required to refund customers for cancelled flights but not compensate them for delayed flights. All four countries - the European Union, Canada and Britain - have rules on airline compensation for delays.
There are no large U.S. airlines that guarantee cash compensation for flight delays, but there are many who offer free hotel rooms and meals as well as pay for out-of pocket expenses if the airline is responsible. (Reporting and editing by Alistair Bell; Reporting by David Shepardson)
(source: Reuters)