Latest News
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Boeing's largest 737 MAX aircraft model is moving to the next certification stage but still faces obstacles
According to a source familiar with the program, the Federal Aviation Administration approved Boeing's biggest variant of the best-selling 737 MAX, the 'MAX 10', to move on to the second phase flight testing for the plane's much-delayed certification. Both the company and FAA declined comment. Boeing executives previously stated that they expected to complete certification for the MAX 7 & 10, the smallest & largest variants of this popular single-aisle aircraft, by the end of this year. Cirium, an aviation data analytics company, reports that the MAX 10 has over 1,200 orders in its backlog. Boeing has faced delays in the certification of its MAX 7 & MAX 10 models due to a 'deicing issue. Boeing has also experienced delays in certifying the widebody 777X. Boeing received FAA approval in October to increase 737 MAX production from 38?planes a month to 42. This ended a '38-plane limit that had been in place since January 2024. The MAX 7 is the shortened version of two existing types, the MAX 8 & 9, which have already accumulated thousands of flight-hours. Analysts believe that Boeing's cash flow and revenue will increase significantly if it begins deliveries of the MAX 10. DEICING ISSUES UNRESOLVED According to a source, the MAX 7 was not approved by the FAA. The FAA's phase two flight tests include the aircraft avionics and?propulsion, but not the deicing problem. The MAX 10 is competing with Airbus A321neo, and the longer its delayed, the more it risks losing market share. Alaska Airlines has ordered 105 MAX 10 aircraft this week. Alaska CEO Ben Minicucci is confident that the MAX 10 can be certified by this year. Scott Hamilton, principal at the Leeham Company and aerospace analyst, said: "It is progress but not until (the MAX?10) has been certified." Boeing's Everett plant in Washington cannot begin production until there is a clear pathway to certification, according to Hamilton. Reporting by Dan Catchpole and David Shepardson, Washington; editing by Rod Nickel
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CANADA-CRUDE-Discount on Western Canada Select narrows for first time since Maduro capture
Western Canada Select's discount to North American benchmark West Texas Intermediate futures has narrowed for the first time since the capture by the U.S. of Venezuelan President Nicolas Maduro. WCS for Hardisty, Alberta delivery in February settled at $14.80 per barrel below U.S. benchmark WTI according to brokerage CalRock. This compares with $15 on Friday. In the wake of Venezuela's crisis, the discount on heavy Canadian crude has increased by more than 12 percent. This is because an increase in Venezuelan barrels would be able to compete with Canadian heavy oil that is similar in quality in the U.S. Gulf Coast in the long term. The WCS 'forward curve' has widened most in June, July, and December. This could indicate that the market believes Venezuelan supplies will start to increase in the second half of this year. TD Cowen stated that 'Canada has other factors in its favor which could help to prop up WCS Prices if they are under pressure. These include low 'oil inventories' in Alberta, a depleted Strategic Petroleum Reserve in the United States, and the possibility for Chinese refiners to replace Venezuelan supplies with Canadian cargos. Prices of oil rose by 2% in the past week due to growing supply concerns linked to protests intensifying in Iran, a major oil producer, and escalating attacks in Russia's Ukraine war. (Reporting from Amanda Stephenson, Calgary; editing by Shilpi Magumdar)
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North Korea claims that a South Korean drone violated its airspace on January 4,
According to KCNA, North Korea claimed on Saturday that South Korea had violated its sovereignty by flying another drone in its airspace on 4 January. KCNA, citing a North Korean military spokesperson, reported that the drone was shot down after it flew '8km (5miles) in North Korean airspace. KCNA reported that the drone was equipped to'record important North Korean installations. Photos posted on KCNA show a drone in pieces, electronic components and aerial photos that KCNA claimed the drone took. "Even if a new regime is in place, (South Korea) continues to use drones for provocations near its border," KCNA stated. It called South Korea "its most hostile enemy". North Korea has rejected all attempts to reassure it by the administration of South Korean President Lee Jae Myung since June. Lee had promised to re-engage with Pyongyang in order to defuse tensions. KCNA reported that South Korea will "pay a heavy price" for the escalating tensions. A spokesperson for the South Korean government did not respond immediately to a request for comment. North Korea had previously accused South Korea of sending a drone to Pyongyang, in October 2024. Yoon Suk Yeol, the former president of South Korea, was accused by Seoul's Special Prosecutor in late 2014 that he ordered the Pyongyang Drone Operation to use the military tensions between Pyongyang & Seoul as justification for declaring martial law. Yoon's legal counsel has said that the act of performing the duties of the president cannot be considered a crime. (Reporting and editing by Edmund Klamann, Alistair Bell and Joyce Lee)
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Forgent Power, a manufacturer of electrical equipment, has revealed a surge in US IPO filings
In its filing to a U.S. Securities and Exchange Commission, electrical equipment manufacturer Forgent Power Solutions reported a 83.9% increase in its?quarterly revenues. Initial public offerings were held on Friday as more issuers sought to gauge investor interest in the early part of this year. In 2026, the IPO market is likely to grow as investors gain confidence from anticipated interest rate reductions and increase their appetite for risk. Companies that delayed listing during a prolonged shutdown of government are rushing to list early in the new year. Bob's Discount Furniture, a furniture retailer, and biopharmaceutical firms Eikon Therapeutics, Veradermics filed for U.S.-based IPOs on Friday. PicPay, a Brazilian digital bank, filed its IPO earlier this week as the market began to heat up after the holidays. Forgent Power plans to list at the New York Stock Exchange with the ticker "FPS". The Dayton, ?Minnesota-headquartered company reported a net income of $15.6 million on $283.3 million revenue for the quarter ended ?September 30, compared with a profit of $7.3 million on $154 million ?revenue in the same period a year earlier. Forgent Power, a manufacturer and designer of electrical distribution products, is used in data centers, power grids and energy-intensive industrial installations. They offer panelboards, switches and 'power distribution units', amongst other electrical products. Goldman Sachs is the lead underwriter for this offering. Jefferies, Morgan Stanley and Goldman Sachs are also involved. Reporting by Prakhar Shrivastava, Bengaluru. Editing by Shilpimajumdar and Alan Barona.
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Russian drone strikes hit two foreign vessels in Odesa region, Kyiv says
Ukraine officials reported on Friday that Russia had attacked two civilian boats with drones, one of which was flying a foreign flag, in the southern Odesa area, killing a Syrian citizen and injuring a second. In the last two month, Moscow has intensified its attacks on Ukraine's sea export routes in retaliation to attacks on tankers of Russia's "shadow fleet", which were heading there to export oil. Oleksiy Kuleba, Deputy Prime Minister, said in a press release that a ship was sailing along Ukraine's export route to pick up grain cargoes at the port Chornomorsk. The ship was flying the flag of St. Kitts and Nevis. One of them, near Odesa, was flying the Comoros Islands?flag and carrying soybeans. Deep-water ports in Odesa are vital for Ukraine's heavy-commodity economy to export their products. Kuleba wrote: "This is another indication that Russia deliberately targets civilian objects, international shipping and logistics for food." He shared images of ships with the names "Ladonna" and "Wael K" on their hulls. MarineTraffic is a website that tracks ships. According to the site, the Ladonna, a bulk carrier with a Comoros flag, measures 157 metres. The Wael K, on the other hand, is a general cargo vessel measuring 115 meters. The Ukrainian?seaport Authority told reporters on Wednesday that in 2025, the number of Russian attacks against?ports within the Odesa Region will almost triple from the previous year.
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Senalia, a grain terminal group, expects to double the number of shipments by 2025/26
Senalia, a grain export terminal operator, expects volumes to double in 2025/26 compared to last year due to a rebound in French harvest production and a brisk barley demand. Rouen, on the Seine River in Normandy, is France's main grain export hub. Rain-stricken 2024 reduced its export surplus, and port terminals were idle for part the season. Senalia, the cooperative-owned cereal exporter, has forecast that Senalia will load 3.8 millions metric tons in the current July-June period, up from just 1.8 million in 2020/25. This is exactly what it did two years ago. He said that 1.7 million tonnes of cargo were already loaded between July and December. Export activity has been boosted not only by increased harvest supplies, but also by a strong demand for animal-feed barley. Senalia is scheduled to load an unusual barley cargo to Iraq in the near future. This will help to offset a slump in Chinese demand that has been occurring since summer. He said barley was competitive in price and had a variety of destinations. MORE CHALLENGING MARKET FOR WHEAT Senalia is currently handling the same amount of?barley and wheat. However, it expects that wheat will retain its predominance over barley, with a volume split of 60%-40%. He said that the market situation for wheat was even more difficult, with France being shut out of Algerian due to "diplomatic tensions" and China not buying French wheat. This season, Morocco will be France's top destination for wheat exports. Charvillat stated that while Argentina is creating additional competition in the country, initial reports suggest milling quality of Argentina's new crop could be less appealing than French wheat. (Reporting and editing by Sybille De La Hamaide, Jane Merrill, and Gus Trompiz)
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Serbian NIS refiner purchases first crude oil since US sanctions are lifted
NIS, the Serbian oil company owned by Russia, announced on Friday it had imported 'first shipments' of crude oil to restart the country's only refinery, after securing an exemption from U.S. sanctions. Washington sanctioned NIS in October, as part of wider measures targeting Russia's oil sector in response to Moscow's conflict in Ukraine. It granted the company an operating licence that was valid until January 23. This gave the company just enough time to grab international cargoes before winter weather hit. NIS released a statement saying that "it is expected that... crude oil will?be delivered to the Pancevo Oil Refinery within the next week. The company also plans to import?additional quantities." As winter approaches, fuel shortages are a concern. NIS stated that the oil will be delivered through Croatia's?Adriatic Pipeline? (JANAF), which is the only route available for piped crude to reach landlocked Serbia. A source with first-hand knowledge said that the?first 85,000 metric ton cargo was Iraqi Kirkuk crude oil, which is already stored at the Omisalj Terminal in Croatia. The source also said that NIS had secured a smaller shipment of Es Sider crude from Libya for delivery in late January. Calculations showed that the two cargoes would allow Pancevo refinery run for a minimum of nine days if it is running at full capacity. NIS has declined to comment. JANAF stated that it is 'prepared to transport cargoes during the period of the operating license. Although the government of Serbia has stated that it has enough fuel in stock, the suspension of crude deliveries due to the sanctions has raised public concern about supplies. Serbian President Aleksandar Vucic has said that the NIS refinery would be operational by?January 18 or 17. He said that production would start on January 25 or 26. The U.S. gave?NIS until the 24th of March to negotiate the divestment from Gazprom, Russia's largest oil company, and its sanctioned unit, Gazprom Nept. The Serbian government has said that it supports the ongoing sales talks between Russian owners and Hungary MOL.
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Official: US is in process of capturing Olina tanker from the Caribbean
Two U.S. officials confirmed on Friday that the U.S. was in the process to seize?the Olina oil tanker near Trinidad in the Caribbean. This is the fifth interdiction of ships in recent weeks, as part of Washington’s efforts in order to control Venezuelan crude exports. According to an industry source who has direct knowledge of the situation, the Olina had sailed previously from Venezuela, and returned to the area. The British maritime risk management company,?Vanguard, said that the vessel's AIS tracker (location) was last active 52days ago in the Venezuelan EEZ to Curacao's northeast. The seizure comes after a long pursuit of oil tankers associated with Venezuelan oil shipments that were sanctioned in the area. Sources in the oil industry said that the Olina, which left Venezuela fully loaded last week as part of a floating flotilla shortly after the U.S. had seized Venezuelan president Nicolas Maduro's office on January 3, was returning to Venezuela fully loaded following the U.S. ban of Venezuelan oil exports. The U.S. sanctioned the tanker in January of last year when it was called the Minerva M. Washington claimed that it was part of the shadow fleet, a group of ships with no insurance or regulation. Reporting by Idrees, Phil Stewart and Jonathan Saul. Mark Potter and Hugh Lawson edited the report.
IAG, the owner of British Airways, names Barrionuevo an insider as its new CFO
IAG announced on Friday that British Airways finance chief Jose A. Barrionuevo will be the new group CFO, starting in June. Nicholas Cadbury is being replaced as part of an organized succession plan. The shares of the group which includes Iberia and Vueling, as well as Aer Lingus were down by 1.3% to 430 pence at 0831 GMT. Barrionuevo is taking over at a time of'substantial?weakness' in the U.S. market, which is threatening to undermine overall profits. Luis Gallego, CEO of IAG, said that Barrionuevo has a wealth of experience. "Our focus is on performing for our clients, in transforming the company?for future, and delivering strong shareholder return," Gallego stated. Over the years, he has held a variety of roles at IAG. Barrionuevo became a member of the group when he joined as director of Strategy and Transformation for Spanish airline carrier Iberia in 2013. He then became its CFO. He has served as British Airways' chief?financial and transformation officer for the past three years. Cadbury, the incoming CFO, joined IAG in March 2022. The company has seen the value of its stock triple following the COVID-19 pandemic. He will help Barrionuevo transition until he becomes CEO.
(source: Reuters)