Latest News
-
Mozambique Port City Prepares for Impact of Cyclone Gezani
Residents of Inhambane in Mozambique are preparing their homes for the potentially devastating impact of 'Cyclone Gezani', which is expected to strike on Friday. Tropical storm Toamasina ravaged Madagascar this week and killed at least 40 people. Scientists say that climate change has exacerbated the occurrence of weather-related disasters in Mozambique. According to the United Nations Office for the Coordination of Humanitarian Affairs, the country in southern Africa is still recovering from the severe flooding which 'affected over 700,000 people, and damaged more than 170,000 homes? in recent weeks. The Mozambique weather service predicts that Cyclone Gezani will pass near Inhambane by Friday afternoon before moving back into the Mozambique Channel. In Inhambane, people have barricaded windows with corrugated metal sheets and placed sandbags over their roofs in an attempt to prevent them from being 'blown off' by strong winds. Local authorities have restricted sailing and fishermen are staying at home. All sailors were warned that strong winds and a cyclone would be present. Jaime Neto, a fisherman, said that today is "our turn" to 'fish. But we don't do it. (Reporting and writing by Alcides Macamo; editing by David Holmes).
-
Bpost avoids fine in Belgian newspaper distribution procurement case
Belgian postal operators Bpost and DPG Media, as well as Mediahuis, were 'held liable' for rigging public procurements?for distribution of newspapers. This was announced by the Belgian competition watchdog on Friday. Bpost, who had notified the authorities following an internal audit in 2022 that revealed signs of malpractice will be exempt from all fines as part of a leniency program, according to the regulator. Dirk Tirez's job was ultimately cost by the investigation. The regulator stated in a?press?release that the common?objective was for the companies to work together in order to make sure that bpost would be awarded the 2023-2027 concession on newspaper distribution. Together, they agreed to ensure that PPP's competitor bpost would not submit an offering (which) left bpost as a sole bidder. Mediahuis, DPG Media and the newspapers they control in the Benelux area, together controlling the largest circulation, received fines of 7.79 million euro ($9.36 million), and 3.79 millions euros respectively. The fines were reduced as part of the same leniency program. After the investigation the Belgian Government abandoned the concession, forcing the companies to separately negotiate commercial terms with bpost PPP. Damien Gerard, the Prosecutor-General of Belgium, said: "This has caused a sharp increase in the price of distribution services. This has had a huge impact on the profitability of the Belgian written press." Two other unnamed individuals were also found liable and fined. Thirteen were granted immunity for their?cooperation in the investigation. Bpost, DPG Media, and Mediahuis have been contacted for comments.
-
Norwegian Air CEO: We will not be using Starlink Wi-Fi
Norwegian Air Shuttle CEO Geir Carlsen said on Friday that the airline does not intend to add Starlink's Wi Fi onboard its planes for now. Instead, it will offer a service paid by another vendor. Starlink is a product that appeals to major airlines such as Lufthansa, Qatar Airways and other large carriers. However, budget carriers who rely on ancillary service to offset low ticket prices are less interested in the product. Karlsen stated, "As far as I'm aware,... if you install Starlink...you can't... charge your passengers for its use." He said Starlink is not yet certified for Boeing 737 aircraft but will be in the future. Last month, Ryanair CEO Michael O'Leary publicly argued with Elon Musk whose company SpaceX operates 'Starlink' about its use. O'Leary claimed that Starlink would cost the airline $250 million per year. EasyJet said in January that it was also exploring a Starlink Wi -Fi deal, but the "economics" did not work for them. Vera Dvorakova, reporting from Gdansk and Milla Nissi - Prussak, editing.
-
Norwegian Air's operating profits are lower than expected due to higher costs
Norwegian Air Shuttle, a budget airline that operates in the fourth quarter of each year, has a positive operating result but missed market expectations due to higher than expected costs. This sent its shares down 5% at the start of Friday's trading session in Oslo. In a earnings report, the airline said that increased air traffic charges and airport fees had a negative effect on operating costs in comparison to 2024. The operating profit for the group was 21 million Norwegian crowns ($2.2million) during the third quarter. This is well below the?comparison of 201 millions crowns. It had a loss of 93.2 millions crowns in the same quarter last year. Analysts had predicted that total operating expenses, excluding leases, depreciation, and amortization, would be 7.03 billion crowns. However, the actual figure was 7.29 billion crowns. Geir Carlsen, the CEO of Norwegian, said that Norwegian and Avinor are in a constant dialogue about airport charges. Geir Karlsen, CEO of Norwegian Airlines, said that the company is in constant?dialogue about airport fees?with Norway's airport operator Avinor as well as those from Denmark and Sweden. Norwegian's unit cost, or average cost of flying an aircraft, increased 6% in comparison to a year earlier, reaching 0.80 crowns during the fourth quarter. The airline anticipates that its unit costs, excluding fuel, will rise by low single digit percentages in 2026. Pareto Securities analysts said in an investor's note that the report didn't provide any further comfort regarding cost forecasts. Budget airline Norwegian forecasts a 3% increase in its overall production (or 'available seat kilometers) by 2026. ASK growth is expected to be 4% per year for Wideroe, the domestic carrier. Norwegian only gave a capacity forecast last year. The company proposed a dividend for the entire year of 0.80 crowns.
-
Safran targets higher 2026 profit as jet engine services prosper
French aerospace company Safran announced increased earnings and revenue for 2026, following a strong year of profitability, thanks to aftermarket demand. The shares of a?the? manufacturer of civil and military aircraft and jet engines, as well as equipment such landing gear and cabins, rose by over 7%. They were on course for their best day in March 2022. Safran, which produces engines for Airbus jets and Boeing planes under GE Aerospace's CFM venture, forecasted a recurring operating profit of 6.1 to 6.2 billion euro ($7.2 billion up to $7.4billion) for the calendar year. This was based on a projected percentage increase in revenue "in the low to mid teens" for the period. The French version of the earnings announcement stated that this was a 12% to 15 percent increase. Safran reported a 26% increase in its recurring operating income, adjusted to 5.2 billion euro, and a margin improvement of 1.5 percentage points, to 16.6%. The company's adjusted revenue increased by 15% to 31,33 billion euros, and it also generated 3,92 billion euros of free cashflow. According to a consensus compiled by the company, analysts expected a total operating income of 5,22 billion euros on revenues of 31,49 billion euros with recurrent cash flow of 3,66 billion euros. Safran said that the revenue from services for civil engines increased by 30 percent in U.S. dollars. Aftermarket sales were boosted by the demand for air travel and interest in older jets despite delays in production. The company's positive growth in the defence sector is due to new orders for Rafale fighters, for which they make engines. Safran has raised its financial targets to 2028. It now expects recurring operating income to be between 7.0 and 7.5 billion euros, up from 6.0 to 6.5 billion euro, which it had projected in 2024 at an investor's day.
-
Wall Street Journal, February 13,
These are the top stories from?Wall Street Journal. The?Wall Street Journal has not confirmed the accuracy of these?stories. The Central Intelligence Agency has released a video showing a disillusioned Chinese mid-level military officer. This is the latest step in a U.S. campaign to increase?human intelligence collection on Washington's strategic competitor. Pentagon sends the?largest,?most-advanced aircraft carrier of the Navy to the Middle East as the U.S. intensifies plans for an attack on Iran. The White House and Robert F. Kennedy Jr., the Health Secretary have announced that they will be launching a potential attack on Iran. The 'White House and Health Secretary Robert F. Kennedy jr. have reshuffled the top?ranks?at his department. This is to ensure that the operations are smoother ahead of the midterm election. Novartis' Vanrafia drug slows down the decline in kidney function for adults who have IgA nephropathy, a progressive autoimmune disease.
-
Officials in Ukraine claim that Russia attacked a port near Odesa and killed brothers who were near the front line.
Ukrainian officials announced on Friday that three Ukrainian brothers, including an eight-year old, were killed at the front lines of the east, and that a Russian drone strike killed one person, injured six more, and killed another in a Black Sea port near Odesa. Local prosecutors in Donetsk Region?said that the mother and grandmother of two brothers, both of whom were aged 19, were injured in the attack on late Thursday. Ukraine's ports are its key export routes, vital for its foreign trade as well as?survival of its wartime economic. As U.S. efforts to end the war stall, Moscow has intensified its attacks against both Ukraine's energy and port infrastructure. Kyiv, meanwhile, has targeted Russian oil installations. Oleksiy Kulba, Deputy Prime Minister of Ukraine, wrote on Telegram that "Russia launched massive strike?on railway and port infrastructure". Kuleba stated that a number of vehicles and warehouses containing fertilisers as well as infrastructure belonging to the business were damaged. The Ukrainian Sea Ports Authority didn't name the port. It said that it was one of three ports around Odesa, and that the port continued to operate in spite of damage to the infrastructure. Ukraine's Air Force said that Russia launched 154 drones and one missile total at Ukraine over night. It said that air defences had neutralised or downed 111 of the drones. Oleh Kiper, the regional governor of Odesa, said that residential, industrial and energy infrastructure was also targeted in the region. This follows earlier reports that the attack had caused "substantial disruption" to power, heat, and water supplies. DTEK, Ukraine's largest private energy company, said that the damage to the energy infrastructure of the city is "extremely severe" and repairs will take a very long time. It did not specify which facility had been damaged. Kuleba reported that the railway infrastructure in the southeast Dnipropetrovsk Region was also attacked in the last 24 hours.
-
S.African Ramaphosa pushes Eskom breakup plan ahead
South Africa will continue to break up the power utility 'Eskom' and create a separate company that would run the transmission grid. This is a major reform being closely monitored by international investors. Eskom, the state-owned company that owns Africa's largest industrialised economy, has been plagued by rolling blackouts for years as it struggles to maintain its aging plants and finances. The company will be split to attract private investment and create a modern, reliable electric system. The transmission of power is one of biggest obstacles to economic growth and new electricity supply. In his national address, Ramaphosa announced plans to create "a fully-independent state-owned transmission company" that would?own and manage grid assets as well as the electricity market. He appointed a task force under the National Energy Crisis Committee to oversee restructuring. The team was required to deliver a detailed report with timelines for implementation within three months. INVESTMENT KEYS Ramaphosa’s announcement follows an update by Electricity Minister Kgosientsho Ramokgopa, in December. This proposed that?transmission assets be kept as an Eskom subsidiary. Busisiwe Mavuso CEO of Business Leadership South Africa said: "This issue has caused serious concern as international investors and local leaders are beginning to question the commitment of the government to the reform program." Olga Constantatos said that the unbundling of Eskom is intended to stimulate competition and private investment after decades under monopolistic control. Private investment in renewables mobilised over 200 billion rand (12,5 billion dollars) and added more than 6,000 megawatts of capacity without impacting Eskom's financials. According to a presentation by the Department of Electricity and Energy, South Africa will need 390 billion rands over the next 10 years for transmission infrastructure. Eskom is unable to provide this funding due to its financial constraints. IMF Urges FASTER ELECTRICITY RENEWAL In its Article IV report, The International Monetary Fund called on South Africa to accelerate electricity reforms. This included separating Eskom’s generation and transmission units, creating a wholesale market and supporting private projects for transmission through risk-sharing tools, such as the forthcoming credit guarantee vehicle supported by the International Finance Corporation. IMF has also highlighted Eskom's poor debt servicing capacity and rapidly rising public debt levels.
Safran wary of getting involved in Airbus engine dispute.
Safran CEO Olivier Andries stated on Friday that CFM will do its best to fulfill any requests from Airbus for additional engines this year. However, the priority is to'meet' existing commitments. Airbus, according to industry sources, is in a standoff with engine manufacturer Pratt & Whitney about engine supplies. This has put its main production goals at risk and prompted it to turn to CFM to help adapt.
Andries informed?reporters CFM's forecasts of a 15% rise in total LEAP engine deliveries this year included in Safran’s annual earnings, announced on Friday, didn't include any provision to?increase its share of market.
Andries stated that CFM, which is co-owned by GE Aerospace and?Safran, and competes with Pratt & Whitney as an airline engine choice on the A320neo has reached agreements with Airbus to produce volumes for 2026.
He said: "We will do what we can to increase our market share, but we are committed to doing more this year."
Last week, it was reported that Airbus’ production target is in doubt as the planemaker has yet to sign a deal with Pratt & Whitney for 2026 and 2027.
Airbus has delayed its target to increase A320neo family?production? to 75 aircraft per month by 2027 from 60 currently, but it has been unable to meet the goal due to supply chain issues.
Airbus reported last month that?engines, especially those from Pratt & Whitney, were arriving late. Airbus has also reported problems with CFM deliveries in the past.
Pratt & Whitney?said last week at the Singapore 'Airshow that they were confident of reaching an agreement. Airbus refused to comment before February 19 earnings. (Reporting and editing by Tomasz Janovski, Susan Fenton and Tim Hepher)
(source: Reuters)