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India plans to raise $19.7 Billion from the IPOs by state-run companies by 2030
India aims to raise $19.7 billion ($1,79 trillion) by selling stakes in government-run companies through initial public offering (IPOs) before the 2029/30 fiscal year. In a report published late Monday, the government think-tank NITI Aayog stated that the IPOs would be part of a broader effort to raise $183.7 Billion by monetising?assets? over the next four year. NITI Aayog announced that the IPOs would be held in the aviation, coal, and power sectors. The assets are part of the'second four-year asset monetisation plan' by Prime Minister Narendra Modi, following the first, which raised only 5.3 trillion rupees in 2024/25 – below 'the government's target of 6 trillion rupees. STAKE SALES in State-Run FIRMS The report stated that the government plans to divest its stakes in seven rail companies via IPOs, which could fetch up to 837 billion rupees (approximately) by 2030. The report stated that it aims to raise 170 billion rupees through stock market listings during the next financial year beginning April 1, 2026. It did not name the companies. The company also plans to list the subsidiaries of state-run energy firms in order to raise '310 billion rupees' over the next four year, along with 483 billion rupees through initial public offerings by subsidiaries of Coal India and renewable energy assets from NLC India Limited. The 'Airports Authority of India' will sell its stakes in four airports and one subsidiary that it owns as a result of joint ventures. NITI Aayog announced that the government intends to list GAIL GAS in the fiscal year 2027/28 to raise up to 31 billion rupees.
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Slovakia will stop emergency power supply to Ukraine due to oil dispute, says PM
Robert Fico, the Slovak prime minister, said that his country's electricity grid operator will refuse any Ukrainian requests for an emergency supply of electricity from Monday onwards until oil flows resume through the Druzhba Pipeline. This escalates a dispute over?the crude. The announcement comes after European Ministers in Brussels failed to convince Slovakia and Hungary to drop their threats to punish Ukraine over the delay in restarting the flow. Since January 27, Ukraine has cut off the flow of Russian oil into Slovakia and Hungary. Ukraine claims that a Russian drone struck pipeline equipment in Western Ukraine. Ukraine has said that it will repair the damage to the pipeline as quickly as possible. The pipeline still transports Russian oil across Ukrainian territory into Europe. Slovakia and Hungary - NATO members that have the EU's two remaining refineries that rely on oil via Druzhba, say Ukraine is responsible for the extended outage. This is one of the most heated disputes between Ukraine and both its neighbours. Fico made a statement saying that "from today, the Ukrainian side will not receive any assistance from Slovakia in stabilizing its energy network." Fico announced that the measure would be canceled after oil transit to Slovakia resumes. Fico stated that "this is the first reciprocal action the Slovak Government?is authorized to take?without violating any international laws and obligations". The Slovak Government will reconsider its earlier positive stance towards Ukraine's EU membership and take 'further steps' if the Ukrainian side continues harming 'Slovakia’s interests' in the supply chain of strategic raw materials. According to ExPro, a Kyiv-based consulting firm, Hungary and Slovakia accounted for 68%?of Ukraine's import?power in this month. This figure was not immediately known if it included emergency supplies. (Reporting and editing by Andrew Heavens, Alan Charlish, Jason Hovet)
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Director of UK aircraft parts company jailed after fraud led to planes being grounded
The director of an airline parts company in London who sold tens of thousands of engine parts using forged documents, causing planes to be briefly grounded due to safety concerns, has been?incarcerated?for four and eight months. Jose Alejandro Zamora Yrala (38), pleaded guilty to fraudulent trading in December, admitting to defrauding AOG Technics customers and potential clients by falsifying documents regarding the source and condition engine parts between January 2019 and December 2023. The documents contained many parts for CFM56 engine parts that are used in some Airbus and Boeing aircraft. The discovery of the documents in 2023 caused planes to be briefly grounded around the world and led to calls for additional regulation. Zamora Yarala was in court on Monday at London's Southwark Crown Court, where prosecutor Faras baloch claimed that his crimes led to more than 60,000 suspect components entering the global supply chain for aviation. UNDERMINED THE REGULATORY FRAMEWORK The judge Simon Picken said that his actions "more or less completely undermined a regulatory framework intended to protect the millions of people flying every day". Zamora Yrala’s lawyer Nicola Howard allegedly told the court that he "cut corners to make trading easier" and didn't see the ramifications of his actions at the time. He will also be subject to confiscation proceedings for compensating the affected companies. Companies suffered losses of millions of dollars AOG Technics, according to Baloch, sold parts with false documents worth a total of 6.9 million pounds (9.3 million dollars), which represents 90% of its revenue. Baloch stated that the fraud cost American Airlines, which had obtained parts from AOG Technics, about 23 million pounds. This included the costs of leasing replacements, repairing damaged engines and aircraft out of service. American Airlines didn't immediately respond to our request for a comment. Baloch said that GE Aerospace, the co-owner of CFM International and?Safran, suffered financial losses in the range of 3 million pounds each and 580,000 pounds. They also suffered "reputational damage". GE Aerospace - and Safran did NOT immediately respond to a comment request. The 2023 discovery prompted a worldwide hunt CFM -International, GE, and Safran sued Zamora Yrala, and AOG Technologies in London's High Court, 2023. This was shortly after European regulators started investigating reports that parts with?invalid certificates were found inside CFM56 engine. Baloch stated that the CFM56 was "the leading commercial engine and powers Boeing 737s and Airbus A320 planes". CFM had launched a global hunt for parts from AOG Technics with?suspected fake documentation. Baloch claimed that Zamora's?fraud caused "a loss in trust" for the airline industry. Emma Luxton, Director of Operations at the Serious Fraud Office, said in a press release that Zamora Yrala’s fraud “raised public safety in a manner that is beyond belief”.
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Cando Rail & Terminals, a Canadian company, will buy US rail assets from Savage Enterprises
The Canadian rail contractor, Cando Rail & Terminals, will purchase the U.S. Cando announced Monday that it would be purchasing the rail assets of Savage Enterprises to expand its presence across the U.S. The financial terms are not disclosed. The deal gives Cando, based in Manitoba, a strong foothold in the United States while continuing to expand its infrastructure and network of rail terminals in the country. A source familiar with the transaction said that it was a deal worth more than $1 billion. The Canadian and American energy companies rely on Cando Rail & Terminals to provide logistics services for their products, including gasoline?and diesel. Customers on the rail side of the business are multinational, whether they're in Canada or the U.S. We have many clients who are similar, and they're mostly on the energy-related side," said Brian Cornick. It really came down to two complementary companies with no overlap in footprint. The company anticipates closing the transaction by the second quarter of this year. Savage Rail has?operations across the U.S. including the Midwest, Gulf Coast, and Southeast?corridors. The company intends to establish a new U.S. headquarters in Salt Lake City in Utah while maintaining its global headquarters in Manitoba. (Reporting and editing by Matthew Lewis in New York)
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Brazil will revoke its waterway decree following protests by indigenous protesters at Cargill port
A government official announced on Monday that Brazil had decided to revoke the 'decree that would have increased Amazonian waterways as part of the federal privatization program. This decision follows the occupation by Indigenous protesters of the Cargill facility on the Tapajos River. Protesters claim that the August decree will open up Amazonian river systems like the 'Tapajos' to dredging. This could have a negative impact on water quality and fishing, both of which are vital to their survival. The rivers are used to transport grains such as corn and soy before they reach the export markets. The weekend saw Cargill suspend operations at its Santarem river port terminal, located in Brazil's Para State. This was after Indigenous protesters took over the facility. Indigenous groups protested at the facility entrance for several weeks before occupying the terminal. Guilherme Boulos announced that the decree had been revoked. "Indigenous demonstrators have been protesting for over 30 days. They have questioned the decree, and pointed out the possible effects it could have on the communities they live in," he said. A witness said that protesters at the Santarem terminal of?Cargill? celebrated the announcement. Local leaders said that the announcement of the revocation would have to be published in the official government gazette before they could leave the terminal. Cargill didn't?respond immediately to a?request for comment. Reporting by Adriano Machado in Santarem; Lisandra Paraguassu, in Brasilia; Ana Mano, and Roberto Samora, in Sao Paulo. Writing by Gabriel Araujo. Editing by Sharon Singleton, and Nia William.
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Cando Rail & Terminals, a Canadian company, will buy Savage Rail
Cando Rail & Terminals, a Canadian railroad contractor, will 'buy U.S. competitor Savage Rail to expand its footprint in the U.S. The deal gives the?Manitoba based Cando an important foothold in the U.S. while it continues to build its rail terminals network and infrastructure across the country. The financial terms are not disclosed. Cando Rail and?Terminals is a logistics company that provides gasoline and diesel to energy companies in Canada as well as the United States. " Customers?on rail are transnational, whether they're in Canada or the U.S. We have a number of'similar' clients on the energy sector, said Brian Cornick. It was a matter of two complementary companies with no overlap in their footprint. Source familiar with the matter says that over the past four acquisitions of the company, it has spent more than $1.5 billion on expanding its rail network. This acquisition is a significant part of this spending, according to a source. Savage Rail operates across the U.S. including in the Midwest, Gulf Coast, and Southeast corridors. Cando anticipates closing the transaction by the second quarter this year. The company intends to establish a new U.S. headquarters in Salt Lake City in Utah while maintaining its global headquarters in Manitoba. (Reporting and editing by Matthew Lewis in New York)
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US natgas at Waha Hub, Texas, in negative territory for the 12th consecutive day
U.S. spot gas prices at the Waha Hub, in 'the Permian Shale' in West Texas, closed Monday in negative territory. This is the 12th consecutive time that the price has been in negative territory. Pipeline constraints have trapped?gas within the nation’s largest oil-producing basin. Some?energy companies are forced to pay other firms to take the gas produced by their?oil? production. Analysts have said for years that negative gas prices are a sign that the Permian Region, which includes West Texas and Eastern New Mexico, requires more pipelines. There will be more pipes later this year but not fast enough to deal with the current gas production in the basin. Since 2013, Permian Gas production has reached record levels every year. By 2025, it will average 27,6 billion cubic feet a day (bcfd), enough to meet about a quarter the U.S. gas demand. Energy Information Administration (EIA), the U.S. government, predicted that Permian gas production would reach 29.0 billion cubic feet per day in 2026. And 29.6 billion cubic feet per day in 2027. The Permian Basin has seen its output increase by around 12% per year over the last five years (from 2021-2025). This makes it the second largest gas producing shale formation in the United States, behind the Marcellus/Utica Shale of Appalachia, which includes Pennsylvania, Ohio, and West Virginia. EIA estimates that this growth will slow in the coming years. The Permian Region is awaiting new pipeline capacity to resume growth. The addition of new capacity to the pipelines will increase Permian Gas production in the second half of 2026, according to Bank of America analysts in a recent note. NEW PIPES ARE THE ANSWER Kinder Morgan anticipates that its roughly $455 million Gulf Coast Express extension will enter service in the middle 2026. This expansion will increase the capacity of the existing 2,0 bcfd pipeline by approximately 0.57 bcfd. A billion cubic feet of natural gas would be enough to power 5 million U.S. households for one day. The 2.5-bcfd Blackcomb Project is also under construction by WhiteWater, a privately owned infrastructure company. It will be in service mid-2026. WPC is a joint-venture between WhiteWater, MPLX, and Enbridge. Blackcomb will transport gas from several companies, including Devon Energy and Diamondback Energy to Aguadulce in South Texas. Energy Transfer anticipates that the first phase of the Hugh Brinson pipeline, which costs $2.7 billion, will enter service later this year. The second phase, which is 0.7 bcfd, will follow in 2027. NEGATIVE PRICES The Permian has been willing to accept some gas losses because it can compensate for the oil profits. Gas prices that were negative were rare a decade earlier when environmental regulations were more relaxed and drillers were able to burn some of the unwanted gas. In recent years, this gas has become more valuable for generating electricity in power-hungry U.S. Data Centers and exporting via pipeline to Mexico. Waha Hub average cash prices The price per million British Thermal Units (mmBtu), which was negative $2.16 on Friday, fell to minus 4.56 dollars for Monday. It was the?record-breaking 12th consecutive day that Waha's prices closed below zero. The previous record was set in June 2025 with 10 days. Daily Waha?prices closed for the first time below zero in 2019. According to data from the financial firm LSEG, this happened 21 times already in 2019. Prices for Waha have been 76 cents a mmBtu on average so far this season, down from $1.15 per mmBtu in 2025. The five-year average of $2.88 was also lower. (Reporting and editing by Hugh Lawson; Scott DiSavino)
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Kyiv claims that Ukrainian drones have hit the Druzhba oil pipe in Russia.
A Ukrainian official said that Ukrainian drones had struck a Russian pumping facility serving the Druzhba pipeline, which was set up by Moscow to deliver crude oil to Eastern Europe. An official with Ukraine's SBU said that the overnight strike caused a fire to break out at the Kaleykino train station, near Almetyevsk. The city is located in the Tatarstan region of Russia and is more than 1,200 kilometers (750 miles), away from the Russia-Ukraine boundary. The official did not provide any details about the impact of the pipeline on a broader scale. Almetyevsk Administration said on Telegram that Russian air defenses brought down several drones above the Almetyevsk District, and falling debris ignited a fire within a local industry zone. The report did not mention any damage to the Druzhba Pipeline or give details. The latest Ukrainian attack on the route risks exacerbating tensions with Ukraine's neighbours Hungary, and Slovakia. Both Hungary and Slovakia have accused Kyiv for trying to stop?oil flowing through the pipeline?to their refineries. Since January 27, Kyiv has reported that a Russian drone attack hit pipeline equipment in Western Ukraine. Even though Russia has been fighting in Ukraine, Kyiv continues to transport Russian oil across its borders despite having stopped the transit of Russian gas at the beginning of last year. Hungary and Slovakia threatened to cut electricity to Ukraine if oil flow did not resume. About 70% of Ukraine's imports are electricity from Hungary and Slovakia. The Russians have destroyed or severely damaged half of Ukraine's electricity generation. Hungary on Monday blocked EU sanctions against Moscow and a large loan to Kyiv, dealing a serious blow to the pro-Ukrainian consensus in Europe on the eve the fourth anniversary of the war. In a letter, Hungarian PM?Viktor Orban wrote to European Council chief Antonio Costa that the Druzhba power outage was "an unprovoked act of hostility" which undermined the energy security in Hungary. He also promised to block the loan and not release it until the problem was resolved. (Reporting and writing by Tom Balmforth and Pavel Polityuk. Editing and rewriting by Timothy Heritage and Andrew Heavens.
Azul Brazil shifts its focus to "responsible Growth" and rules out M&A following Chapter 11
Azul, a Brazilian airline, has emerged from Chapter 11 restructuring, protected from any potential new headwinds. CEO John Rodgerson said that the company will now focus on "responsible" growth, while excluding 'any merger or acquisition plans.
Azul announced Friday that it?had?exited U.S. bankruptcy after approximately nine months. It added that it had accomplished its goals during the process of strengthening its capital, increasing liquidity, and reducing debt.
"I am very happy to be managing this company, now that it has been de-leveraged. Rodgerson stated that the best thing to do is run a business?that has done everything to improve its balance sheet.
Azul filed Chapter 11 in May 2025, to restructure debt. It was part of the wave of Latin American carriers seeking bankruptcy protection after the COVID-19 epidemic. This included rivals Gol Airlines and LATAM Airlines.
The carrier reduced debt and lease obligations of about $2.5 billion, and raised nearly $1.4 billion in debt and $950 millions?in equity investment during the process.
We know that the company with the lowest leverage is going to win. That's it. Rodgerson explained that we live in a country where there are many uncertainties. We have therefore shielded the company so it can withstand any situation.
Azul emerged out of bankruptcy proceedings with a leverage ratio less than 2, down from 3.3 during the pandemic.
UNITED, AMERICAN BACKWARD RESTRUCTURING
American Airlines and United Airlines both invested in Azul as part of its restructuring.
Azul received $100 from United, and signed a contract with American for an additional $100 million equity investment. This is subject to antitrust approval.
Rodgerson stated, "They could've invested anywhere else but chose to join us." "They wanted the connectivity that we have in Brazil."
He added that the restructuring put an end to all merger plans.
In 2025, the carrier held discussions with Abra Group about a possible merger?with Gol which Abra controls. However, these talks ended in September when Azul shifted its focus to Chapter 11. In 2021, it also failed to merge with LATAM.
Rodgerson replied, "Forget it," when asked about the possibility of a merger and acquisition. (Reporting and editing by Anil D’Silva; Gabriel Araujo)
(source: Reuters)