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Russian Railways to reduce spending by 20% by 2026
Russian Railways announced on Monday that the board of directors has approved spending for 2026 of 713.6 billion rubles ($9.15 billion), down from this year's 890.9 billion roubles. The Russian government is looking at ways to support the country's largest commercial employer. This company has accumulated a?debt pile of 4 trillion roubles ($50.8 billion), despite falling revenues caused by a sharp drop in Russia's war economy. Russian Railways announced that 531.4 billion rubles of the approved expenditure will go towards maintaining the 'infrastructure, safety and security. Another 161.7 billion roubles is earmarked for the purchase of railcars, and 120 billion will go toward the construction a high-speed rail link between Moscow and St Petersburg. In an interview, Andrei Kostin, the CEO of VTB and Russia's largest bank, Russian Railways, said that keeping investments high was one of the most important issues in debt restructuring discussions. Russian?Railways? 2025 spending is still very low compared to last year's record, when it was 1.5 trillion roubles.
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Boxing: Anthony Joshua injured in fatal car accident in Nigeria
Police in Nigeria said that former heavyweight world boxing champion Anthony Joshua, a British man, was involved in an accident which killed two people in Ogun State. Joshua, 36, suffered minor injuries after a collision between his vehicle and another car. The Ogun State Police Command confirmed that Joshua had been transported to the hospital, while they investigated the cause of the accident. Five men were involved in an accident on the Lagos-Ibadan Expressway, according to the Federal Road Safety Corps of Nigeria. The agency stated that preliminary findings indicate 'the vehicle carrying Joshua was likely speeding at the time it lost control of its overtaking maneuver and crashed into an parked truck by the roadside. The FRSC stated on X that "excessive speed and wrongful passing constitute serious traffic violations, and remain among the 'leading causes of fatal road accidents on Nigerian highways." Joshua couldn't be reached for comment immediately. Joshua, the son of British and Nigerian parents, went to a boarding school in Ikenne (53 miles away from the accident site) before returning to Britain at age 12. Joshua, the son of British-Nigerian parents, attended a boarding school in Ikenne (53 miles from where the crash occurred) before returning to Britain at age 12. Joshua returned to the ring following a 15-month hiatus. He will likely face his longtime rival, fellow Briton Tyson Fury, in 2026. (Reporting and editing by Ed Osmond in London; Sam Tabahriti, London)
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IndiGo, India's largest airline, will increase pilot compensations after weeks of mass cancellations
IndiGo introduced new pilot allowances, and increased some of the existing ones. This is a sign that India's largest airline wants to boost pilot morale after weeks when?massive flight cancellations due to poor roster planning?left passengers?stranded? According to Ashim Mittra's email to pilots, the airline will increase the layover allowance for captains from 2,000 to 3,000 rupees (about $33.37), and for first officers from 1,000 to 1,500 rupees. The email stated that allowances for "deadheading", a practice in which airline crew members travel as passengers so they can position themselves for future duty, will increase to 4,000 rupees (from 3,000 rupees) for captains and by '500 rupees up to 2,000 rupees, for first officers. IndiGo, who according to data from the government employs approximately 5,000 pilots did not respond immediately to a comment request. After cancelling 4,500 flights in the first week of this month and leaving thousands of passengers stranded across India, the?airline is now under increased scrutiny from regulators and will be subject to a competition investigation. The civil aviation ministry announced that a committee appointed by India's aviation regulator in order to investigate the circumstances leading to cancellations has submitted its report. Moody's Ratings warned IndiGo that it could suffer "significant financial harm" due to revenue losses from cancellations, refunds to customers, and penalties imposed by India. Mittra wrote in an email that IndiGo executives had visited various bases to talk with pilots. Indian airlines are also facing a?competition' to stop pilots from being poached away by foreign carriers who promise better wages and quality of living, prompting India to call for an international code of conduct regarding pilot hiring.
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Two Chinese airlines plan to buy Airbus jets worth up $8.2 billion
According to stock exchange filings, China's Spring Airlines (China) and Juneyao Airlines (Japan) announced Monday plans to buy 30 and 25 Airbus A320 family?jets. Spring Airlines, a budget carrier in China, has signed a deal to purchase 30 A320neo planes at a list price of $4.13 billion. The company filed corresponding documents with the Shanghai Stock Exchange. It said that the jets would be delivered in batches between 2028-2032. In a filing with the Shanghai Stock Exchange,?Juneyao Airlines of Shanghai said that it planned to sign an agreement?with Airbus to buy?25 A320 family jets. The planes, based on their list price, are valued at $4.1 billion and will be delivered between 2028-2032. According to filings, both deals need government approvals. Airbus has been in sporadic negotiations with China since 2024, trying to secure a 500-jet order. The planemaker announced earlier this month that it had secured Chinese approval to proceed with the delivery of 120 jets previously ordered, but still awaiting progress on new orders. (Reporting and editing by Tomaszjanowski; Yukun Woo and Ryan Woo)
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Italy's State Railway partners with Certares Fund on High-Speed Trains Abroad
The two groups announced on Monday that Italy's state-owned Ferrovie dello Stato has entered into a partnership with U.S.-based investment firm Certares to develop high-speed?train?services? in France & other European countries. FS and Certares have announced that they will form a joint-venture and invest 1 billion 'euros ($1.18billion) in order to expand operations of FS's Paris based Trenitalia France division on the French, British and 'other foreign markets. The partnership is part a broader strategy of FS to strengthen 'its international network' in the coming years. The agreement will help Trenitalia France, which operates high-speed services from Paris to Lyon and Marseilles and also the Paris-Milan connection, consolidate its position as France's 2nd largest operator. The statement stated that it will also support the unit as it prepares for the Paris-London route by 2029, and other cross-border services. The deal will support Trenitalia France's plans to expand its fleet by at least 19 trains, build a maintenance hub near Paris, and increase frequency on existing routes. Reporting by Giulia Segriti, Editing by Gavin Jones
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Five energy market trends in 2026: Bousso
The energy markets are in a depressed mood for 2026, as geopolitical uncertainties cloud the outlook. In addition, signs of a growing oil and gas supply threaten to lower prices. The oil and gas industry had a crazy year in 2018. Highlights included the 12-day Israel/Iran conflict in June, the trade wars of Donald Trump, the intensified targeting by Russia of energy infrastructure as part of its war on Ukraine, OPEC’s sometimes perplexing decisions regarding production, and the recent threatened U.S. ban of Venezuela. What's next for the upcoming year? Here are five energy trends that will likely shape the landscape by 2026. The Year of the Glut? Fears of a significant oversupply caused crude oil prices to fall nearly 20% by 2025, from $60 per barrel to around $60. The global oil production has risen over the last year. The U.S., the world's largest oil producer, increased production as did Canada, Brazil and the Organization of the Petroleum Exporting Countries, including Russia. According to the International Energy Agency, supply is expected to exceed demand by 3.85 million barrels a day (bpd) in 2026. This is equivalent to around 4% global demand. OPEC analysts, however, see a largely balancing market in the coming year. This is one of sharpest forecast differences seen in decades. China's massive crude stockpiling has exacerbated the uncertainty about supply-demand. These volumes are not well known by traders, but they are believed to be large, at around 500,000 bpd. The IEA is more likely to prove correct in the end. Kpler data shows that oil transported or stored on tankers reached its highest level in the last few weeks since April 2020 when consumption plummeted due to COVID-19 locksdowns. These elevated seaborne inventories suggest that onshore stocks may start to fill soon, adding further downwards pressure on prices. The LNG Wave is coming The demand for liquefied gas has increased in recent years. This is because Europe wants to replace the large volumes of Russian pipeline natural gas that it imported prior to Moscow's invasion in Ukraine in 2022. As global export capacity increases, the boom may no longer be as profitable for LNG producers and traders. According to the IEA's estimates, between?2025- 2030, the new LNG export capability is expected to increase by 300 billion cubic meters per year. This represents a 50% increase, and around 45% of this capacity will come from the U.S. Over the next few years, supply is expected to exceed demand growth. This will squeeze margins for producers and offer some relief to consumers in Europe and Asia. The rising price of natural gas in the United States is another problem for producers. Still, there are some reasons for optimism among producers. LNG prices will continue to fall in 2026, and beyond. This power source, which is more competitive than other fuels like oil and coal as they become cheaper, could boost demand. DIESEL PERFORMANCE CONTINUES The diesel profit margins rose this year. They gained momentum in the last half-year as the refined product market was faced with supply constraints, even though the world was increasingly awash in crude oil. According to LSEG, the benchmark European diesel refining profit margins increased 30% in 2025 compared to a 20% decline in Brent crude in 2025. This is largely because of a series of Ukrainian drone strikes on Russian refineries, oil terminals and other oil facilities, which resulted in a drop in diesel exports by late 2025. The trend is expected continue until 2026 as there are relatively few new refinery capacities coming on line. The calculus would be altered if there was a peace agreement in Ukraine, but it is likely to offer only limited relief. BIG OIL EXPECTS BRIGHTER FURTURE Oil and Gas companies are preparing for strong headwinds by 2026. Chevron, TotalEnergies and Exxon Mobil have all announced cost reductions of around 10% for the next year. The oil majors are also quite optimistic about the long-term prospects. The oil majors are investing more in exploration and new projects that will be online in this decade or early 2030s. Saudi Arabia, the United Arab Emirates and other major Middle East oil producers are also preparing for a new upstream investment era. The long-term bullishness could lead Western oil majors – most of whom have solid balance sheets with?relatively little debt, BP being the notable exception – to take advantage of the anticipated 2026 downturn in order to buy up struggling competitors. RENEWABLES Down But Not Out The IEA lowered its forecast of renewable?power through 2030 in October by a fifth, or 248 Gigawatts. This was due to weaker prospects for the U.S. Solar is expected to account for 80% of this increase in global renewable capacity by 2030. However, the demand for electricity will still grow by 4% annually by 2027. This is due to the power-hungry data centers and the electrification in general of economies. The world's energy markets will be dominated by this tension in 2026, especially as solar, wind, and battery storage costs are expected to continue to fall. Subscribe to my Power Up newsletter to receive my weekly column, plus additional energy insights and links trending stories in your mailbox every Monday and Thursday. Subscribe to my Power Up Newsletter here. You like this column? Open Interest (ROI) is your essential source for global commentary on financial markets. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
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Indonesian authorities find body of Spanish soccer coach during search for drowned Spanish children
Indonesian rescuers found a dead body on Monday while searching for Spanish soccer coach Fernando Martin, his children and their boat after it sank on Friday near the coast of an?popular tourist destination. Martin was a coach for the Spanish club Valencia CF. The club confirmed that he and three of his children had died in a tragic boating accident in Indonesia. Authorities said that the boat Martin was on with his family capsized Friday due to an engine failure in bad weather conditions near Labuan Bajo. This location is close to the Komodo National 'Park, a UNESCO World Heritage Site where rare Komodo Dragons live. Fathur Rahman is the chief of Fathur Rahman's local search and rescue agency. He said that they had recovered the body of a woman "highly suspect of being a victim". He added that authorities are trying to identify the victim. Fathur added that the search will continue into Tuesday despite strong currents, high waves and other factors. The accident was survived by Martin's wife and daughter, four crew members, and a guide. The boat was carrying 11 people. The Indonesian tourism ministry announced on Sunday that tour boats are temporarily banned from sailing in the waters of Labuan Bajo or the Komodo islands. A speedboat with?21 passengers capsized near Indonesia's Papua on?Monday,?leaving 17 people dead and 1 missing. An official from the local search and rescue agency confirmed this. In Indonesia, an archipelago with more than 17,000 islands and bad weather, boats and ferries have become a common mode of transportation. Accidents are often caused by lax safety regulations and overloaded vessels. (Reporting and editing by David Stanway; Stanley Widianto)
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Five energy market trends in 2026: Bousso
The energy markets are in a negative mood for 2026, as geopolitical uncertainties cloud the outlook. In addition, signs of a growing oil and gas supply threaten to lower prices. The oil and gas industry had a crazy year in 2017, highlighted by the 12-day Israel/Iran conflict that erupted in June. The trade wars of President Donald Trump, the increased targeting of energy infrastructure by Russia during its war against Ukraine and OPEC’s sometimes perplexing decisions on production are all examples. What's next for the energy sector? Five trends that will likely shape the energy sector in 2026, and beyond. The Year of the GLUT Investors will be focusing on signs of swollen oil inventories in the coming year, after crude prices dropped nearly 20% to $60 per barrel by 2025 on fear of a significant oversupply. The global oil production has risen over the last year. The U.S., the world's largest oil producer, increased production as did Canada, Brazil and the Organization of the Petroleum Exporting Countries, including Russia. According to the International Energy Agency, supply is expected to exceed demand by 3.85 million barrels a day (bpd) in 2026. This is equivalent to around 4% global demand. OPEC analysts, however, see a largely balancing market in the coming year. This is one of sharpest forecast differences seen in decades. The uncertainty about the balance between supply and demand has been exacerbated by China's massive crude stockpiling, which began in April. These volumes are not well known by traders, but they are believed to be large, at around 500,000 barrels per day, according to calculations. The IEA is more likely to prove correct in the end. According to Kpler, the amount of oil being "transported" or "stored" on tankers reached its highest level in recent weeks since April 2020 when consumption plummeted due to COVID-19 locksdowns. These elevated seaborne inventories suggest that onshore stocks may start to fill soon, adding further downwards pressure on prices. The LNG Wave is coming The demand for liquefied gas has risen in recent years as Europe seeks to replace the large volumes of Russian pipeline natural gas that it imported prior to Moscow's invasion in Ukraine in 2022. As global export capacity increases, the boom may no longer be profitable for LNG producers or traders. According to the IEA's estimates, between 2025 and 2030 the new LNG export capability is expected to increase by 300 billion cubic meters per year. This represents a 50% increase. Around 45% of this capacity will come from the U.S. Over the same time period, supply is expected to exceed demand growth. This will squeeze producers' margins while offering some relief to consumers in Europe and Asia. The rising price of natural gas in the United States is another problem for producers. Still, there are some reasons for optimism among producers. LNG prices will continue to fall in 2026, and beyond. This power source, which is more competitive than other fuels like oil and coal as they become cheaper, could boost demand. DIESEL PERFORMANCE CONTINUES The diesel profit margins rose this year. They gained momentum in the last half-year as the refined product market was faced with supply constraints, even though the world was increasingly awash in crude oil. According to LSEG, the benchmark European diesel refining profit margins increased 30% in 2025 compared with a drop of 20% in Brent crude oil prices. This is largely because of a series of Ukrainian drone strikes on Russian oil terminals and refineries, which resulted in a drop in diesel exports by late 2025. The trend is expected continue until 2026 as there are relatively few new refinery capacities coming on line. The calculus would be altered if there was a peace agreement in Ukraine, but it is likely to offer only limited relief. BIG OIL EXPECTS BRIGHTER FURTURE Oil and gas firms are preparing for a turbulent 2026. Chevron and TotalEnergies all announced cost reductions and lowered their spending plans by 10% for the next year. The oil majors are also quite optimistic about the long-term prospects. They spend more on exploration, and invest in new projects that are expected to come online in this decade or early 2030s. Saudi Arabia, the United Arab Emirates and other major Middle East oil producers are also preparing for a new phase of upstream investment. Western oil majors, most of whom have solid balance sheets and relatively low debt (BP is an exception), may use the anticipated 2026 downturn as an opportunity to buy struggling rivals. RENEWABLES Down But Not Out The IEA lowered its forecast for renewable power growth in 2030 by a fifth, or 248 Gigawatts compared to last year, citing weaker outlooks in the U.S. Solar is expected to account for 80% of this increase in global renewable capacity by 2030. The demand for electricity will still grow by 4 percent per year in 2027 due to the power-hungry data centers and the electrification and growth of the economy. However, governments and businesses may slow down energy transition plans under the pretext of energy security. The world's energy markets will be dominated by this tension in 2026, especially as solar, wind, and battery storage costs are expected to continue to fall. Subscribe to my Power Up newsletter to receive my weekly column, plus additional energy insights and links trending stories in your mailbox every Monday and Thursday. Subscribe to my Power Up Newsletter here. You like this column? Check out Open Interest, your essential source for global commentary on financial markets. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
IndiGo, India's largest airline, will increase pilot compensations after a series of mass cancellations.
IndiGo introduced new pilot allowances, and raised some existing ones. This is a sign that India's biggest airline wants to?boost pilot morale after weeks of mass flight cancellations caused by a?poor schedule planning.
According to Ashim Mittra's email to the pilots, the airline will increase its layover allowances. For captains it will go up to 3,000 rupees (33.37 dollars) and for first officers to 1,500 rupees.
The email stated that allowances?for 'deadheading' - where airline crew members travel as passengers in order to prepare for future duties - would be raised to 4,000 rupees (from 3,000 rupees) for captains and by 500 rupees up to 2,000 rupees (for first officers).
IndiGo did not respond immediately to a request for comment. According to government statistics, the airline employs approximately 5,000 pilots. The airline that commands a market share of 65% in India is now facing increased regulatory scrutiny as well as a competition investigation after cancelling 4,500 flights this month. This left hundreds of thousands of passengers stuck all over India, and caused airports to be in chaos.
India temporarily relaxed some rules regarding night duty for its pilots in order to stabilize the airline's operations. This move was criticized by pilot unions and safety advocates.
The civil aviation ministry announced that a committee set up by India's aviation regulator, to investigate the circumstances leading to the cancellations, submitted its report to it last week.
Moody's Ratings warned that IndiGo may suffer "significant financial harm" due to revenue losses resulting from cancellations, refunds and penalties imposed by India.
Mittra stated in an email that IndiGo executives had visited various bases to talk with pilots. Mittra said in an email seen by?that the?move to raise some allowances and introduce new ones, effective January?1, came after IndiGo executives visited different bases to hold talks with pilots, Mittra stated.
(source: Reuters)