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Air India acknowledges that its compliance culture requires a major overhaul after it flew Airbus without a permit
Air India's investigation into the reasons why one of its Airbus aircraft flew eight commercial flights with no airworthiness certificate revealed "systemic failings", according to a document from the company. This put?the lives and safety of hundreds of passengers in danger. On November 24 and 25, an Airbus A320 carried passengers from New Delhi to Bengaluru, Mumbai, and Hyderabad without the mandatory Airworthiness Review Certificate (ARC), a permit issued by the regulator annually after a plane has passed safety and compliance tests. Air India discovered that engineers and pilots failed to check documents for the aircraft and that compliance protocols needed to be strengthened. The internal investigation report that was reviewed by the. The report, dated 6 December, stated that "the?incident" highlighted the urgent need for improvements in communication, process discipline and compliance culture. The report, which includes a cover letter signed by Captain Basil Kwauk of the Chief Operations Office, has been sent to Indian aviation authorities. However, it has not been made publicly available. This report is a shocking admission from an airline which suffered its worst disaster in June when a Boeing Dreamliner crash killed 260 people. Air India was also warned for not checking emergency equipment on planes, failing to change engine parts in a timely manner, and falsifying records for compliance. Air India called the Airbus incident in November "regrettable", and said some people were suspended. India's civil aviation regulator DGCA also ordered that the aircraft be grounded, as well as called for an inquiry. Air India, owned by India's Tata Group, and Singapore Airlines, stated in a press release that it had proactively reported this incident to the DGCA, and "implemented measures immediately to prevent similar incidents", adding that it would continue strengthening its compliance systems. Airbus and the DGCA did not respond when asked for comments. Pilots are warned to be careful A violation of the ARC can result in a fine up to 10,000,000 rupees (111,201 dollars). According to the DGCA, this certificate is awarded annually to commercial aircraft following a thorough review and verification that they meet airworthiness standards. The certificate is usually issued after DGCA officials have conducted a physical check, including interior and exterior checks ranging anywhere from the medical kit on board to the tyres. Air India's investigations found that aircraft VT-TQN had flown eight passenger flights, and one test flight, with an expired ARC. This was due to "multiple latent organizational and processes deficiencies". The investigation found that both engines of the aircraft were replaced?and the test flight was conducted on November 24, without a special flight permit. This is because the aircraft maintenance engineer had "failed" to check onboard documents. The report was written after employees were interviewed and internal evidence reviewed. The Air India investigation also placed the blame on the pilots. It said that those who took the eight flights didn't follow standard operating procedures prior to takeoff. The report stated that on December 1, Air India Director of Flight Operations Manish Uppal sent an email to all pilots reminding them to check their paperwork, including the navigation charts, the cargo manifest, and the ARC before each flight. The email stated that "non-adherence to SOPs or company policies will be taken seriously and could lead to action." (Reporting and editing by Kate Mayberry; Aditya K. Kalra)
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Europe's EV industry warns against 'efforts' to dilute EU emission targets
Leaders in Europe's electric car industry called on the European Commission Wednesday to adhere to its 2035 target of zero emissions for new cars. They warned that retreating from this goal would hurt investment and widen Europe's gap with China. The EU executive is set to announce an automotive package for the 16th of December that could give more flexibility in CO2 targets, and ease a ban on new sales from 2035. This initiative has been pushed by German automakers and European Automobile Manufacturers' Association. In an open letter to Commission President Ursula von der Leyen signed by more than 200 people, including Polestar and Volvo Cars of Sweden, the campaign group E-Mobility Europe & ChargeUp Europe called on the Commission to meet its targets. The letter stated that "we are deeply concerned by?recent attempts to dilute your goals", referring to the intense lobbying efforts of the broader?auto industry. The groups said that reopening doors to transitional technologies, such as plug-in hybrids or CO2-neutral fuels, would create uncertainty and slow down the?shift towards electric vehicles. This is despite the fact that Chinese electric automakers are slashing costs and advancing at a rapid pace. It added that "every delay in Europe widens China's gap." Before the announcement, letters from industry and activists flooded Brussels. Marie Mannes, Jan Harvey and Marie Mannes contributed to this report.
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TUI predicts modest growth in revenue for 2026
TUI, Europe's largest travel operator, on Wednesday gave a more cautious outlook for 2026 compared to what the market had anticipated. The company cited the current macroeconomic and geopolitical uncertainty and the current trading conditions. The company's revenue is expected to grow by 2%-4% in 2026 and its operating profit will rise by 7%-10%. This means that the company won't be able to sustain growth as market expectations have suggested. Early trading saw shares?down by 2.8%. TUI reported in November that its preliminary results for 2025 were above their own guidance. They cited strong performances in the hotel and cruise sectors. It acknowledged challenges in certain markets, but it was still positive. The results for the airlines segment of the group in Europe showed a weaker overall performance in 2025, despite positive growth in the cruises and hotels sectors. Sebastian Ebel, Chief Executive Officer of Ebel Group, said: "Our goal is to grow global with our differentiated products. We want to become independent from the challenging European market environment." All segments will be more efficient and profitable in the future. The underlying earnings for the fiscal year that ended on September 30 were 1.46 billion euro ($1.70 billion), at constant currency, up 12.6% over a year ago and above TUI's target of between 9% to 11%. TUI struggled to maintain its position in its core German market, but it has been able to improve its performance by making its offering more international and highlighting its most profitable businesses. (Reporting and editing by Milla Nissi-Prussak, Tomasz Janowowski and Emanuele Bernro)
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FirstGroup, a UK company, wins $4 billion London Overground Rail contract
FirstGroup, a British transport company, announced?on Wednesday that it was named the?preferred operator of London's Overground Suburban Rail Network in a contract valued at around 3 billion pound ($3.99 billion). The initial term is eight years. First Rail London will take over the operations of Aviva Rail London in May 2026. Aviva Rail London has managed the network since 2016. The London Underground was launched in 2007. The network stretches 100 miles with 113 stations and serves more than 4 million passengers each week. FirstGroup has expanded its rail operations in London, which it currently operates for Transport for London, as well as buses, trams, and the London Cable Car. FirstGroup will manage train services, station and customer service?under the contract. It is backed by an 80 million pound parent company guarantee and a performance bond of 30 million pounds. The agreement also includes an option for a two year?extension. It also requires that the operator increase service on the Mildmay Line, which is the oldest part of TfL’s rail network. RBC Capital Markets analysts said that the contract was low-risk, as TfL retained all revenue and passenger risks. FirstGroup could also benefit from a possible profit boost.
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After the Ukrainian attack, Kazakhstan has announced that it will divert oil from its Kashagan field towards China
After a drone attack by Ukraine on the Caspian Pipeline Consortium’s Baltic Sea terminal, the Kazakhstani energy ministry announced on Wednesday that it will redirect some oil from its giant Kashagan field to China. Two sources had told? This week, it was reported that Kazakhstan planned to deliver 50,000 metric tonnes of crude oil?to China from Kashagan in December for the first time since the Ukrainian attack damaged the CPC terminal?last month. CPC, which is a company with a Russian, Kazakh, and U.S. shareholder base, had to cut back on exports after an attack damaged a 'key' part of their loading infrastructure, the single-point-mooring. Kazakhstan and the Kremlin have condemned Ukraine's decision to attack CPC facilities because of its international significance and participation. The majority of oil exported from Kashagan usually goes via the CPC terminal to the damaged terminal in the Russian Black Sea port Novorossiysk, for further shipment. The Kazakh energy ministry said that the Ukrainian attack on CPC's marine terminal didn't lead to an end of exports. The Ministry said that it is currently working with the shippers to redistribute volumes of oil. "Measures were also taken to redirect a certain volume of Kashagan Oil to China." Eni, Shell, TotalEnergies, ExxonMobil. KazMunayGaz, Inpex. and CNPC are developing the offshore Kashagan Field, which is one of the biggest discoveries made in recent decades. (Reporting and writing by Tamara Vaal; editing by Andrew Osborn).
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ROI-Trump sanctions against Lukoil and Rosneft may reshuffle the global oil map, says Vladimirov
U.S. sanctions on Russian oil giants Lukoil, and Rosneft may trigger a structural restructuring of the global oil industry over the next 12 months. This could reverse Moscow's decades long efforts to increase its international influence through energy investments. The U.S. hit the Kremlin at its core when President Donald Trump imposed sanctions in October on Rosneft, Lukoil and other oil companies that account for two-thirds or more of Russia's oil exports. The measures officially took effect on 21 November. Calculations show that Russia's oil-and-gas?revenues?, which represent around a quarter in federal income, fell by about a third year-on-year in November. The earnings from fossil fuels for Russia, which is the second largest oil exporter in the world, have fallen to their lowest levels since sanctions were imposed following Moscow's invasion into Ukraine in 2022. Turkey, India, and Brazil have reduced their purchases of Russian crude and traders are struggling with placing cargoes. This has left a record amount of Russian oil float at sea. China is likely to absorb some of this volume, but Moscow could be forced into selling at an even higher discount. The earlier measures, such as price caps, diplomatic sanctions and maritime restrictions, had only a limited impact on Moscow's finances. They were aimed at logistics and finance rather than the core of Russia's oil industry. Washington has increased the stakes by showing that Russia’s largest oil companies can no longer be sanctioned. From dominance to?DIVESTMENT. The forced sale by Lukoil and Rosneft of their assets in Europe, the Middle East and Africa, as well as Latin America, could now reroute global supply chain and reshuffle ownership. The permanent loss of Russian corporate existence in key hubs would alter long-term trading patterns and investment patterns, not only short-term flows. Lukoil’s rush to sell its $22 billion portfolio of international assets before the temporary U.S. authorization expires December 13 could allow U.S. and Western investors to take back strategic ground from Moscow. Lukoil has a large number of lucrative stakes in upstream assets, including the West Qurna-2 oil field in Iraq; the Karachaganak and Tengiz oil fields in Kazakhstan; Azerbaijan’s Shah Deniz gas field; as well as assets from Mexico, Ghana and Nigeria to Egypt and Nigeria. The shift downstream is equally important. If these sanctions are maintained, Lukoil will have to divest its refineries in Bulgaria and Romania, as well as the Netherlands, which were pillars in Russian energy dominance in Europe. Lukoil Finland's subsidiary has already announced plans to close more than 400 service station after the Finnish government refused to grant exemptions. Lukoil secured a waiver that allows it to continue to operate hundreds of retail outlets in the U.S.A., Belgium and the Netherlands, as well as the Western Balkans. However, its share of the market is already small. EASTERN EUROPE UNWINDS RUSSIAN LEVERAGE Eastern Europe is experiencing the most dramatic change. The most dramatic changes are taking place in Eastern Europe. Romania has chosen to comply with all sanctions, and has been accelerating the sale?of?the Petrotel refining plant, while Moldova has taken over Lukoil’s aviation fuel supply infrastructure in order to ensure stability. Hungary and Slovakia are the only EU member states that still import Russian barrels, despite the EU's specific sanctions exemption. Lukoil supplied most crude oil through the Druzhba Pipeline for many years. However, they have other options. They have alternatives, however. Hungarian PM Viktor Orban obtained a temporary U.S. exemption allowing oil and?gas?company MOL continue purchases. However, the exemption is only valid for one year. If Hungary does not stop these purchases, Russia will likely gain the last foothold on the EU oil markets. RECLAMING STRATEGIC SPACES New sanctions may also have a significant impact on the refined products markets, where Lukoil &?Rosneft are major players. The EU will close the "refining gap" in January. This means that major transshipment hubs, which imported large quantities of Russian crude to re-export refined products into Europe, will have to reduce their imports. The EU also targeted India's Nayara Refinery, whose principal shareholder is Rosneft. There are still gaps. It will be difficult to enforce these restrictions on refined products. The EU still has no way to know if products coming from large net oil exporting countries, like Egypt and the United Arab Emirates are made from Russian crude. The global energy market has also adapted in order to keep Russian crude flowing. This includes the development of large “shadow fleets” - tankers operating outside the Western financial system. We now seem to be at an important turning point. Over the years, Russia has used its energy companies as a tool to extend its political and economical reach into Europe, Middle East, and beyond. The global power balance could be shifting in a decisive way.
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CANADA-CRUDE-Discount on Western Canada Select at widest point since March
The discount between the North American benchmark West Texas Intermediate futures and Western Canada Select futures has widened to its largest point since early March. WCS for Hardisty, Alberta delivery in January settled at $13.55 per barrel below U.S. benchmark WTI according to brokerage CalRock. This compares to $13.15 a barrel on Monday. The WCS discount recently increased after spending most of the year in the $9-$11 price range. This is due to the Trans mountain?pipeline extension which has given Canadian oil producers?additional capacity for export. * Some analysts attribute the widening differential to seasonality while others point out that increased Canadian oil production is putting pressure on it through increased supply. * Prices in global markets edged down on Tuesday after a fall of 2% the previous day. Investors were keeping an eye on peace talks that could end Russia's conflict in Ukraine and on a decision about U.S. rates. (Reporting and editing by Krishna Chandra Eluri in Calgary)
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Shell announces temporary shutdown of two Gulf of Mexico offshore platform
Shell, the oil major in the United States, has announced that two of its offshore platforms are producing. The Gulf of Mexico is temporarily closed due to the shutdown of Hoover Offshore Oil Pipeline System. The U.S. Gulf's top producer said that it expects the Whale and Perdido platform, which was?shut down on Monday night?, to resume its production by Tuesday. Energy Aspects, a market analysis firm, estimated that Whale produced about 90,000 barrels a day (bpd), whereas Perdido's production stood at approximately?57,000 in September. Shell declined to provide the current production figures. Shell stated that Whale's capacity is around 100,000 boepd at its peak, and Perdido stands at 125,000 boepd. Southern Green Canyon crude oil prices, which are produced in this region, rose by 40 cents on Tuesday, to $2.45 less than U.S. West Texas intermediate?crude. Exxon Mobil did not respond immediately to a?request for comment. The pipeline system transports oil from offshore fields to Freeport, Texas. Arathy S. Somasekhar, Houston reporter; Matthew Lewis, editor
Airbus CEO: Boeing is likely to win the order race in this year
Guillaume Faury, the CEO of Airbus, conceded that Boeing was likely to win the annual order competition against Airbus?on? Wednesday, saying that it is possible Boeing could win for the very first time in 6 years, thanks to settlements in U.S. Tariff disputes.
Faury, speaking to France Inter, said that Airbus is ahead of its U.S. competitor in terms of deliveries and outstanding orders. Boeing, buoyed by the strong demand for its long-haul 787 jet, posted 908 net orders on Wednesday after cancellations from January to November. Airbus, on the other hand, only had 700.
Faury, a French radio host, said that the fact that Faury's company has been in front of its main competitor on orders for 5 years shows that our order backlog is much higher.
"But, it's true that the American president has helped them in the tariff negotiations with many countries where the plane orders were part of the settlement of trade disputes."
SUPPORT BOEING ORDERS
Analysts claim that several airlines placed Boeing orders, or announced previously planned orders to "soothe" trade tensions in the United States this year. This is especially true for Asia.
U.S. officials claim that the 787 long-haul jet is doing well, regardless of any trade issues. Airbus leads the way in smaller jets such as A321.
Airbus has been lagging in orders for several months. Faury's remarks confirm that the rankings for new business are likely to change. Airbus will retain its position as the largest manufacturer of aircraft by increasing deliveries.
Faury, when asked about reports that a large order was pending from China said he didn't expect a new order of hundreds of jets in the near future but spoke of clearances of previous orders. Airbus announced on Wednesday that it had obtained a?Chinese approval to proceed with the delivery 120 previously ordered jets.
According to industry sources, Airbus is relying on an order of up to 500 aircraft from China to achieve its internal goals. Beijing and Boeing are in talks for a similar deal.
Western analysts say that despite the tense trade relations between the United States and Europe with?China, it will maintain a balance in its jet imports in order to meet the growth of the country after a period in which the country was almost absent from the market.
China's State Purchasing Agency did not reply to a comment request. Faury confirmed that a software recall of 6,000 A320 jets, including the A321, was completed. He told France Inter that the final number of jets in need of attention was closer than 4,000, and they have all been fixed. (Reporting and editing by Jan Harvey, Barbara Lewis, and Tim Hepher)
(source: Reuters)