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IEA: Russia's oil exports and revenues are up in January
The International Energy Agency reported on Thursday that Russia's revenue from crude oil and refined product exports increased in January as higher prices offset a drop in export volumes. The Paris-based IEA reported that exports revenues grew by $130 millions in January compared to December, reaching $11.1 billion. However, they were still down $4.6 billion year over year. The report also stated that the Russian crude oil and fuel exports decreased last month by?90,000. barrels per a day from December, to 7.5 millions barrels per a day. The international sanctions over Ukraine have put Russia under pressure, particularly by Washington's efforts to impede Moscow’s oil sales to India, its second largest crude importer behind China. The IEA reported that?Russian crude oil production?declined by 350,000 bpd last month to 9.3 mbpd. This compares to OPEC's estimate of 9.246 mbpd in January. Louise Heavens, Louise Heavens (Reporting)
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Reports say that India has approved the purchase of 114 Rafale jet fighters by Dassault.
Local media reported that India's Defence Acquisition Council approved an initial proposal on Thursday to buy 114 Rafale jet fighters from France's Dassault Aviation. The deal would cost 3.25 trillion rupees (280.4 billion dollars). In recent months, the number of fighter squadrons in the air force has dropped to 29, which is well below its approved 42. The MiG-21, its workhorse, was retired last September. Other early variants of MiG-29 such as the Anglo-French Jaguar and the French Mirage 2000 are also scheduled to be retired in the next few years. New Delhi relies on importing weapons and machinery for its armed forces, but Prime Minister Narendra modi's recent push has helped boost local manufacturing. The Indian Air Force began its domestic manufacturing in the 1980s, but it was only fruitful in the last decade that the Tejas jet fighter was introduced as a replacement for Soviet-era MiG-21s. Hindustan Aeronautics ordered 'nearly 180 advanced Mk-1A variants for domestic use, but has not yet begun deliveries due to problems with the engine supply chain at GE Aerospace. India's military has been forced to modernise due to increased tensions with neighbours. After Emmanuel Macron's visit to India, the proposal paves way for the commercial?and the technical details of?the deal to be discussed between the two countries. (Reporting and editing by Thomas Derpinghaus; Delhi Newsroom)
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Chinese tourists extend Lunar New Year holiday to Russia and Thailand
Travel agencies report that more Chinese tourists will?travel abroad during the extra-long Lunar New Year holiday next week, with top destinations including Russia, Australia,?Thailand, and South Korea. However, Japan has lost its shine. The Lunar New Year or Spring Festival is one of China’s longest holidays. It runs for nine days from February 15 this year, which is a day more than usual. This marks the beginning of the Year of the Horse according to the Chinese zodiac. Families from all over the world and in the United States gather to celebrate this holiday. This boosts spending at restaurants, cinemas, and shops. Record Trips Expected Over 40-Day Travel Rush China is expecting a record number of passenger trips, 9.5 billion, during the 40-day travel rush. This is up from 9.02 billion in last year's event. Officials hope that this year's extended event will encourage more tourists to visit their home country or go abroad. Spring Tour, the travel division of Spring Airlines, based in Shanghai, said that Thailand has regained its position as the top outbound destination due to the weather. Many people seem to hope to put their problems behind them, even if only for a short time, amid an uncertain economic outlook. Uneven growth following the COVID-19 pandemic has also contributed to job insecurity. McKinsey said in an August update that Chinese consumers have "quietly moved?on" highlighting deeper changes in the way China consumes. The domestic?leisure market is split this year between snowy and warm destinations. Trips to tropical Hainan Island and the northeastern Changbai Mountain are popular, said Zhou, deputy general manager of Spring Tour. Bookings for Russia and northern Europe have increased by more than twofold since last year. According to Sienna Parulis Cook, director of marketing and communications at Dragon Trail Research, "for the remainder of the year we will probably see an increase in Chinese travel to Russia." She attributed the rise in popularity to Moscow's decision, made in December, to waive visas for Chinese visitors. Visitor numbers to Australia are up by a third after the re-bound drive. Trip.com Group, China's largest online travel agency, reported that a surge in long-haul tourism has increased visitors to Australia more than 100 percent over the previous year. Aviation intelligence firm IBA reported that seat capacity on international flights, both inbound as well as outbound, increased by 9% over the past year. In a report released before the holiday, it stated that "the international market?plays an increasingly important part in Spring Festival travel." It also noted that seat kilometers available on international flights make up approximately half of their total capacity. For other destinations, it's not as rosy. The lingering tensions with Japan have eroded the appeal of Japan for Chinese visitors who would normally make it their top choice. Flight data from 2026 shows that travel to Japan is down sharply due to the strains in ties with China and its safety warnings for travellers. This has led?airlines? to change their policies and offer more refunds for Japan routes. Flight Master, a travel data provider, reported that in the week beginning February 2, there were 49.2% fewer flights between China?and?Japan than a year ago. All flights were cancelled on 58 routes which operated during the Spring Festival last year, when Trip.com listed Japan as one of the top overseas destinations along with Thailand and other markets in Asia. Reporting by Julie Zhu and Sophie Yu, both in Hong Kong; editing by Casey Hall and Clarence Fernandez.
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Congo's conflict-torn Congo closes on its debut international bond
Finance Minister of the Democratic Republic of Congo said that the country wants to make this first international bond issue a series of others, riding the current metals market boom and improving ties with the United States. The mineral-rich Congo is the latest African nation to try and capitalise on the soaring demand for debt from smaller, riskier economies. "The priority is to go into the international capital markets, not only to raise money, but also to build a curvature, so that the private sector can raise money, and come and invest in our country," Finance Minister Doudou Fwamba Likunde said in London, where he met investors. Likunde stated that the exact timing of the first international bond was yet to be determined. It is expected to have a size of $750 million. The central bank governor flagged it last month for April. Likunde stated, "When the time comes, we will be ready." Funding for Road and Hydropower Projects DRC officials have been aiming to sell an international bond for years, but it has remained elusive due to the brutal conflict in the country and concerns over human rights and corrupt practices. Likunde stated that proceeds from the bond would be used to fund a number of large scale projects, such as modernising the international N'djili Airport and roads in Kinshasa's capital, as well hydropower plants, and rural infrastructure. The market conditions have led to the lowest risk premiums or yield spreads for emerging markets since the global financial crisis of 2007-2008. This has allowed governments worldwide to sell record amounts of debt in 2018. DRC will be following in the footsteps of Suriname and Laos, as well as its neighbor, the Republic of Congo. All three countries have sold their debts over the past few months. S&P Global Ratings?put DRC’s credit rating of "B-" on a 'positive outlook' earlier this year. Analysts say Kinshasa could be forced to pay interest rates in the double-digits for this bond issue. The external debt of the country is 18.5% of its GDP, with 95% being borrowed at concessionary terms. Likunde added that he was hoping to see ratings increase. PURSUIT SECURE ACCESS KEY MINERALS Likunde gave an update about the US-backed Lobito Corridor Railway, which will link the copper, cobalt, and lithium belts in DRC, Angola, and Zambia to the Atlantic coast. Last week, DRC ministers visited the U.S. to attend a meeting with over 50 other countries. The corridor is a vital part of Washington’s efforts to gain access to Africa’s essential minerals and to counter China’s dominance. "We have been working with DFC. They released a commitment for $530 million... a loan direct to a company that will be responsible for operating this project," Likunde stated, referring the U.S. International Development Finance Corporation. Likunde stated that the company to receive the funding would be selected through an open tender.
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China is the main route for foreign cars to enter Russia, avoiding Ukraine's war sanctions
According to five people who are involved in the trade, registration data and interviews revealed that tens of thousands cars were being exported to Russia from China under gray-market schemes. These schemes often bypass Western and Asian government sanctions and the commitments made by automakers to leave the Russian market. In response to Russia's invasion of Ukraine in?2022, the sanctions and pledges were made. The trade of these cars, from Toyotas to Mazdas and German luxury models, continues to thrive partly because informal networks allow Russian dealers to order the vehicles through Chinese intermediaries. This is shown by interviews and data collected by Russian research firm Autostat. According to data and sources, the majority of vehicles are either made in China (where many international brands work with local partners) or they are shipped through China after being manufactured somewhere else. The number of zero-mileage used vehicles is increasing. These are new cars that dealers and traders register as "sold in China" before reclassifying them as used. This practice was highlighted last year as a sign of China's hypercompetitive and highly subsidised car market. It allows automakers and dealers inflate their sales figures, collect subsidies, and export surplus cars. Zhang Ai Jun is a former car trader in Sichuan who said that traders moving European, Japanese, and South Korean brands from China to Russia would classify the cars as "used" to avoid having to obtain automaker approval to sell them to Russia. She said, "This is a way to export more easily." In China, zero-mileage cars are heavily discounted. In Russia, however, these cars are sold at prices that are similar to those of never-registered brand new vehicles, according to documents and dealer quotes. It is the first news outlet to report on the Autostat data. This includes China becoming the main conduit for foreign cars to enter Russia, and automakers avoiding Russia sales restrictions by classifying their new vehicles as used. Dmitry Zazulin is the sales director of Panavto-Zapad in Moscow. He said that many customers are interested in buying and driving cars from Western brands such as Mercedes. "At the moment, however, we are only able to bring them into the country through parallel channels," said Dmitry Zazulin, sales director at Panavto-Zapad in Moscow. Mercedes-Benz said it prohibits sales to Russia. BMW, Volkswagen, and other automakers in regions that impose sanctions also stated they are working to prevent unauthorised exports. This includes through dealer training and contractual clauses. Mercedes, BMW and other automakers from regions imposing sanctions said they prohibit sales to Russia and are doing their best to prevent unauthorized exports. This includes through training and contractual clauses with dealers. BMW has instructed its China retail operation "to oppose any possible vehicle exports to Russia." It added that if cars do enter Russia, they will be gray-market imports and "this is outside of our spheres of influence – as well as against our wishes." The Russian dealer who only wanted to be identified as Vladimir said that his Vladivostok dealership does not stock restricted foreign vehicles, but instead buys them from Chinese traders one by one in order to fulfill customer orders. He said that there are many middlemen. This dealer knows this one, that dealer knows that other one and so on. DATA REVEALS SCALE of TRADE Autostat's data shows that sales are in the thousands. Autostat's data shows that imports from China are increasing in number and represent a larger share of vehicles imported from Western or Japanese brands registered in Russia. Data shows that the number of these vehicles produced in China has doubled since 2023. Autostat reports that they now make up nearly half of all the vehicles made in countries that impose sanctions and sold in Russia by 2025. Since the Russian invasion of Ukraine in early 2022 more than 700,000.000 vehicles have been sold in Russia by all these foreign brands. Autostat data shows that Russians purchased more Toyotas than any other foreign brand, except for Chinese. The automaker, however, said that it would stop sending new cars to Russia in 2022. "Toyota doesn't export new vehicles into Russia," said the company without addressing Autostat figures. Mazda, who also had a significant number of sales, made the same statement and said that any Mazdas that were sold in Russia, "were resold by third parties outside Mazda's control." Sebastiaan Bennink is a sanctions specialist at the European law firm Bennink Dunin-Wasowicz. He said that restricted products often find their way into Russia, even though industry players try to stop them. Bennink says that there are so many ways of skirting sanctions, it is "almost impossible" to stop certain cars from reaching Russia. Autostat's statistics, which show that China is the major route for vehicles to reach Russia, could not determine the other routes. According to the German economy ministry, customs authorities investigate violations of sanctions regularly and work with counterparts from other EU countries in order to implement measures. The Japanese Ministry of Economy, Trade and Industry has said that automakers and exporters are bound to its sanctions rules. However, it declined to comment on trade of Japanese vehicles between China and Russia. The South Korean trade ministry stated that it has taken steps to stop the circumvention of export control and has cracked down on indirect car exports to Russia. China's Commerce Ministry and Russia's Industry and Trade ministry did not respond to requests for comments. Both countries have stated that they oppose unilateral sanction and consider them illegal. RUSSIA SALE OF FOREIGN BRAND, CHINA MADE CARS SOAR All of the major automotive sanctioning bodies, including the European Union, United States, South Korea, and Japan, have imposed similar sanctions. The sanctions generally prohibit the sale of cars above a certain cost or with larger engines in Russia, as well as?all EVs' and hybrids. These automakers also committed to ending or severely restricting their Russia business. Autostat data show that these efforts have reduced the Russian sales of vehicles in regions subject to sanctions from over one million in 2020 to just one-eighth. The data show that sales of German and Japanese-made cars made in China are on the rise. Some industry analysts attribute this trend to an increase in exports for zero-mileage cars. Some industry data sets do not include these vehicles; GlobalData, for example, did not report any official new-car purchases of German brands this year in Russia. Autostat's data captures the sales, because it is based on registrations of new cars in Russia. Imported vehicles with zero miles are treated as new, regardless of whether or not they were registered in China. Autostat's data shows that in Russia, nearly 30,000 Toyotas were bought last year. Nearly 24,000 were manufactured in China. Mazda sold nearly 7,000 cars during the same time period, with almost all of them being made in China. According to two China auto-retailers, Toyota hybrids are the most popular Japanese brands in Russia. GERMAN LUXURY SUVS SLIP THROUGH GRAY-MARKET CHANNELS German cars are also highly prized. Autostat data showed that nearly 47,000 new BMWs, Mercedes, Volkswagen Group vehicles including Audi, Porsche, and Skoda were registered in Russia during the last year. The data shows that more than 20,000 vehicles were made in China. According to industry analysts and a person involved in the importation of vehicles into Russia, many passed through China en route to Russia. Vladimir, a Russian car dealer, stated that most foreign cars are imported via China, regardless of their origin. According to Felipe Munoz of the Car Industry Analysis platform, the Mercedes G-class is a popular model among Russian elites. This boxy off-road car can be purchased for 120,000 Euros, which is about $142,700. It's only made in Austria. The shipping documents of dozens of German luxury SUVs imported from China to Russia, including the Mercedes GLC 300 or the BMW X1 xDrive25 were also reviewed. Munoz stated that "given the growth in trade between Russia, China and Germany in recent years, it's obvious to conclude many of these cars imported from Germany end in Russia."
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El Paso flights resume after US anti-drone system prompts sudden shutdown
After U.S. aviation officials expressed grave concerns over?the safety? of commercial air traffic, the Trump administration banned air traffic for more than seven hours into and out of El Paso in Texas. Overnight, the Federal Aviation Administration abruptly closed?the nation’s 71st most-used airport. This left air travelers stranded and disrupted medical evacuation flights. FAA originally said that the airport would be closed for 10 days due to "special security" reasons. This would have been a first-ever action by a single airport. The FAA, according to anonymous government and airline officials, closed the airspace because of concerns that a laser-based Army counter-drones system could cause risks to air traffic. Sources said that the two agencies were planning to discuss this issue during a meeting on February 20, but the Army decided to move forward without FAA approval. This prompted the FAA, who halted flights. The Army's Laser was a Direct-Energy Weapon called LOCUST Two people who were briefed about the situation said that AeroVironment is a Virginia based firm that manufactures?drones and counter-drones defense systems. Both the company and Pentagon have not responded to our requests for comment. The FAA lifted restrictions after the Army agreed to more safety tests prior to using the system. It is located at Fort Bliss near El Paso International Airport. Two sources, who spoke on the condition of anonymity, said that the White House was shocked by El Paso's airspace closure. This triggered a rush among law enforcement agencies in order to find out what had happened. Sources claim that the FAA lifted restrictions after discussing the situation in the White House Chief of Staff Susie Wiles' office. Sean Duffy of the U.S. Transportation Department, who oversees FAA, stated that the closure was prompted by a Mexican cartel's drone incursion. A drone sighting at an airport is usually followed by a "brief pause in traffic" and not a complete closure. According to the Pentagon, there are over 1,000 incidents of this nature each month on the U.S. Mexico border. Bryan Bedford, FAA administrator, met with senators in Washington on Wednesday. He told them that there could have better coordination regarding the move. However he did not provide detailed answers to questions as to why the agency originally planned a 10-day suspension of flights. Senate Commerce Committee Chair Ted Cruz, a Texas Republican and Senator Ben Ray Lujan of New Mexico, both requested a classified briefing in order to obtain more information. Cruz stated that "the details of what happened over El Paso were unclear." This had left Southwest Airlines, United Airlines, and American Airlines stranded at the airport which serves about 4 million passengers per year. Renard Johnson, Mayor of El?Paso, said that the FAA had not contacted the airport or the local police chief before closing down the airspace. He said, "I am very clear about this: This should never have happened." Ha Nguyen McNeill (Acting Administrator of the Transportation Security Administration) told Congress she was not notified. "That is a serious problem," said Republican Texas Representative Tony Gonzales, who stated that?there were daily drone incursions on the border between Mexico and the United States. Airline caught off guard The announcement made early on Wednesday also caught the airlines off guard. Southwest Airlines stated that the impact should be minimal on its 23 daily departures. Bob Mann, a consultant in the airline industry, said that "FAA did not behave credibly, objectively or professionally." "The question is, will we receive an explanation?" According to U.S. security sources and Mexican intelligence, Trump has repeatedly warned of the deployment of U.S. forces against Mexican drug cartels that have been using?drones for surveillance and attacks on government and civilian infrastructure. At her daily news conference, Mexican President Claudia Sheinbaum stated that her administration will try to determine what happened but has no information about drone traffic on the border. The tensions between the U.S. and regional leaders have risen since the Trump administration launched a massive military buildup in the southern Caribbean. It also attacked Venezuela, seizing its president Nicolas Maduro. After the attack, the FAA curtailed flights in the Caribbean and forced hundreds of cancellations. Reporting by David Shepardson in Washington, and Idrees in Bengaluru. Additional reporting by Steve Holland and Doyinsola Oladipo in Washington, and Raul Cortes in Fernandez. Andy Sullivan in Bengaluru, Mike Stone, and David Jeans. Writing by Andy Sullivan. Editing by Bernadettebaum, Nick Zieminski and Franklin Paul. Andrea Ricci, Nia Williams, and Nia Baum.
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Boeing's supply chain gains quality in significant ways
Boeing's commercial aircraft supply chain has improved in quality over the last two years, according to a Boeing executive on Wednesday. Boeing will spend 40% less time fixing supply chain problems in 2024 than it does now, Ihssane Mounir said at the Pacific Northwest Aerospace &?Alliance Supplier Conference outside Seattle. Since 2024 when Boeing increased quality control checks at Spirit AeroSystems (which makes the 737 fuselages) defects have decreased by 60%. Spirit?was both the manufacturer and installer of a 737 MAX wing door plug which blew out in mid-air on an Alaska Airlines Flight early in 2024. This led the Federal Aviation Administration 'to impose Boeing production limits. Boeing purchased Wichita-based Spirit back in December, giving it greater control over the supply chain. Boeing created the?supplier in 2005, when it sold parts of its aerostructures production business to investors. Spirit "coming back into family was probably the most important thing that happened to me in my career," Mounir stated. Boeing's efforts after the COVID-19 outbreak to resume jetliner manufacturing were hampered by quality defects at Spirit and other suppliers. (Reporting and editing by Jamie Freed; Dan Catchpole)
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US Government counter-drone tests disrupt DC flights by 2025
Sources said that the Federal Aviation Administration made the decision to temporarily close El Paso Airport due to safety concerns regarding testing of a laser-based 'counter-drone' technology at nearby U.S. Army Fort Bliss. This was not the first incident where the problem affected flights. The FAA and the U.S. Department of Homeland Security reported that in March, when the U.S. Secret Service tested counter-drone tech near Reagan Washington National Airport, it led to faulty alerts for aircraft potentially close by. Senator Ted Cruz. Cruz, the chair of the Senate Commerce Committee revealed at an hearing last year that the government testing that used the same spectrum as the alerting system was the cause of the faulty alerts which caused some flights abort landings. This caused interference which affected at least a dozen flights. Cruz, a Republican Texas resident, said the tests were "deeply troubling" and inappropriate after a fatal collision between an American Airlines regional plane and an Army helicopter in January 2025. Cruz stated that the FAA warned the Navy and Secret Service not to use this specific spectrum band because of the interference risk. A Secret Service spokesperson denied that the agency has conducted any drone testing. The spokesperson added, "We have been working with the FAA in order to ensure that our systems don't interfere with FAA frequencies and commercial air traffic operations." FAA said that some crews aborted their landings or performed go-arounds because of the alerts, which are designed to prevent collisions. Last year, New York magazine reported that the issue was related to equipment testing at the Naval Observatory, which is the official residence of the Vice President. Sources told? The FAA spent several days trying to identify the source of the interference, according to a source. The?FAA reported last year that they were able to identify?the problem and fix it. Traffic Alert and Collision-Avoidance Systems are used by pilots to avoid collisions. These systems operate independently of the ground-based air traffic controller. (Reporting and editing by David Shepardson)
Frontier's outlook for 2026 points to a potential profit from deep cost reductions
Frontier Group, the parent company of Frontier Airlines, issued a forecast on Wednesday that indicated a potential profit for '19, while analysts expected a loss. It is betting on tighter cost controls.
The shares of the airline?rose by 4.4% during early trading after it announced it would cancel certain aircraft leases and delay deliveries of some jets in order to reduce capacity and conserve cash.
According to the airline, a range of losses ranging from 40 cents to 50 cents per a share in 2026, adjusted, was forecast, with a 5 cent profit at the midpoint. According to data compiled from LSEG, analysts on average predicted a 'loss' of 1 cent per share.
Frontier's wide forecast range shows how difficult it is for airlines to predict near-term demand. This is especially true for economy class seats as budget-conscious travelers pull back in the face of a challenging economic environment.
Even though rivals who offer premium fares are able to charge higher fares, budget airlines still struggle with high maintenance costs, fuel and crew costs.
Frontier's earnings have been boosted by network changes, capacity reductions and better product offerings.
The Denver-based airline's adjusted profit per share for the fourth quarter was 23 cents. Street estimates were 12 cents.
Frontier has also reached an agreement with AerCap, a lessor of aircrafts to terminate the leases for 24 jets that are currently in service and were otherwise due to expire within two to eight years.
It?also struck a deal to delay the introduction of 69 A320neo aircraft, which had been contractually scheduled to be delivered between 2027 to 2030.
Frontier finished 2025 with total liquidity of $874 million, including $220 from an expanded revolving loan facility.
The airline plans to introduce first-class seating early in 2026, as part of its effort to offer a broader range of?higher margin products than its current all-economy configuration.
The airline said that it aims to double its revenue from loyalty to $6 per passenger at the end of 2026. (Reporting and editing by Shilpi Magumdar in Bengaluru)
(source: Reuters)