Latest News
-
German union announces nationwide local transport strike on Feb. 27, 28
Verdi, a German public sector union, has called for local transport workers to strike on the 27th and 28th of February to increase pressure on wage and working conditions negotiations. The talks on a collective pay agreement will affect around 150 bus, tram, and local train companies with approximately 100,000 employees across Germany. This includes the cities of Berlin and Hamburg. Negotiations include working conditions, such as working hours, shift work and allowances for weekend and night work. The exact demands differ from one state to another. Christine Behle, the union's deputy chair said: "The negotiations are barely making any progress despite the?four round process in certain areas." She said: "It appears that employers don't understand that public transport services cannot function on the long-term if we don’t make a?decisive improvement." Reporting by Klaus Lauer; writing by Madeline Chambers; editing by Linda Pasquini, Thomas Seythal and Thomas Seythal
-
Middle East oil exports drive tanker costs up to 6-year high amid threat of US/Iran war
Industry sources claim that the cost of shipping crude oil has risen?to its highest level in six years. This is due to a surge of crude exports out of the Middle East, as traders rush to book charters before a possible conflict between the U.S. The cost to hire a very 'large 'crude carrier to transport up to 2,000,000 barrels of crude oil from the Middle East into China has tripled since the beginning of the year, reaching over $170,000 a daily on Tuesday. This is the highest price ever recorded, according to LSEG. Data from shipping analytics company Kpler revealed that Middle East crude oil exports in February surpassed 19 million barrels a day, which is the highest level since April 2020. Saudi Arabia, United Arab Emirates, and Iran led the way, while India's need for crude oil increased after India cut Russian imports. "VLCC rates are a result of many positive fundamental factors,?starting from Venezuela barrels being transported on legitimate freight vs a darker fleet previously, increased OPEC+ output and healthy crude oil demand, especially from India which has switched from Russian 'to Middle Eastern barrels," stated June Goh, a Senior Analyst at Sparta Commodities. She said that the dirty freight market would soon be affected by the Suezmax and Aframax tanker markets. These smaller tankers are used to transport crude oil and fuel oil. WAR-RISK INSURANCE PREMIUMS IN FOCUS If Washington strikes Iran and Tehran responds by disrupting the Strait of Hormuz - a major chokepoint in Gulf oil exports - shipping costs could increase. In a note, broker Clarksons stated that "for crude tankers the key point is VLCC spot... (rates) do not need barrels to disappear in order to move." Charterers can book further in advance to avoid schedule uncertainty. Owners may also demand compensation for calling the region. Dryad Global, a maritime risk management company, said that the ongoing Iranian military exercise in the Gulf of Oman, Strait of Hormuz and Gulf of Oman is directly responsible for an increased risk of GPS jamming, spoofing of AIS tracking and GPS jamming. As a result, the global tanker fleet is also smaller, as hundreds of older vessels are sold to a shadow fleet that has no insurance and transports sanctioned oil out of Iran and Russia. Market sources claim that oil majors won't use these vessels and will tighten vessel availability until the fleet is replenished over the next 3 years. SOUTH KOREAN'S SINOKOR is the world's top VLCC operator Sources said that the South Korean shipping company Sinokor, has recently "emerged" as a major purchaser of VLCCs. This will reduce the supply of these ships on the open market, and allow owners to increase the 'rates' for 30-day charters. Sinokor didn't immediately respond to an inquiry for comment. Three brokers and shipping officials estimated that the company controls around 78 VLCCs on the daily active spot market. They said that this number is expected to increase?to 88 vessels in the current quarter. This would mean the fleet may eventually exceed 100 vessels, possibly reaching 120-130 ships. The sources declined to comment because the matter was so sensitive. Sinokor, with 88 vessels, is now the largest VLCC operator, and accounts for 24% of spot-trading, and approximately 12% of the global VLCC fleet. This is an unprecedented concentration of commercial entities in this market, according to a recent note by shipping analytics firm, Signal Group. Market sources stated that the overall VLCC industry is expected to be strong and will allow operators to charge higher rates. Sparta's Goh stated: "At a certain point, high freight costs will impact refining profits and could trigger a reduction in demand for the fleet."
-
Olympics-LA28 CEO shows strong support to embattled Chair Wasserman
Reynold Hoover, CEO of Los Angeles 2028, gave his?full support to Casey Wasserman on Monday. He said his support is unwavering despite the increased scrutiny after the recent release by U.S.?Justice Department documents related to Jeffrey Epstein. Hoover made his first comments on the issue since Wasserman was mentioned in the documents released late last month. They were also the first remarks since Mayor Los Angeles asked him to resign. The documents contained flirty emails between Wasserman and Ghislaine Maxiwell, a convicted sex-trafficker who is a close Epstein affiliate. Hoover, retired three-star U.S. Army Lieutenant General, said, "The board took their position. They support him, and I support them." He was speaking after the conclusion of the Milano Cortina Winter Olympics. The LA28 board reaffirmed their support for Wasserman earlier this month after an independent review concluded that his association with Maxwell, and the late convicted sexual offender Epstein, did not exceed what was already publicly documented. Hoover cited?the organization’s commercial performance, including record domestic sponsoring revenue and strong interest in early tickets as evidence of its stability under current leadership. He said, "We have a fantastic leadership team at LA28." "Look at the results." No Sponsor Concerns Over Wasserman Hoover stated that the privately-funded Games had exceeded $2 billion in sponsorship revenue. This puts LA28 at 80% of its goal of $2.5 million with two years left until the opening ceremonies. He added that the public has shown a strong interest in volunteering for the Games. Hoover stated, "We have exceeded all expectations and we've broken every?Olympic record by any measure." If that doesn't inspire confidence in people, I don’t know what else will. Hoover stated that despite the controversy surrounding Wasserman, there was no talk of finding a replacement. There has also been no disruption in day-today business and no sponsors or potential sponsors have expressed concerns. "I was at a meeting in Dallas with a potential sponsor - hopefully we'll get them signed up - and it wasn't even raised," he said, adding that LA28 will soon announce another top-level sponsor to join a list that includes Delta Air Lines, Honda, Google, Starbucks, Comcast , Intuit and management-consulting firm Korn Ferry. No one asks about it. These sponsors have not responded to our request for comment on whether or not they still support Wasserman. Focus on 2028 Olympics is a priority for HOOVER Hoover, who has been with LA28 for nearly two years, says he is "very close" to L.A. mayor Karen Bass. He said that he was surprised when she suggested last week that Wasserman step down as chair. "Look, it's her opinion. She also stated that the LA28 Board has taken a stance and supports Casey. "There's really nothing else to say about it," he said. Hoover is the first LA28 official to make a public statement since Wasserman released a press release late last month in which he apologized for his correspondence with Maxwell. He said that it took place "long, before her horrific crimes were revealed." Wasserman claimed that he had no personal or professional relationship with Epstein. Monica Rodriguez, a Los Angeles City Council Member, has criticized the LA28 Board for supporting Wasserman. She recently presented a resolution at City Hall that "reaffirms Los Angeles' commitment" to the core values in the Olympic Movement, such as excellence, respect, and integrity. The offices of 'Bass and Rodriguez' did not respond immediately to requests for comment on Hoover’s new remarks in support of Wasserman. Wasserman has been working for more than a decade to bring the Games to Southern California. Hoover, meanwhile, said that they were focused on delivering the biggest and best Summer Games ever. He said, "Milan has ended, and now we will show the world how we can bring people together around sport in a way that no other place on earth is able to do."
-
Sources say that BlackRock, Brookfield and EIG are interested in a $7 billion pipeline deal with Kuwait's KPC.
Kuwait Petroleum Corporation, the national oil company, has begun early talks with potential investors about a $7 billion stake in its crude oil pipelines. This follows similar actions by Gulf neighbors Saudi Arabia and United Arab Emirates. Sources said that BlackRock, Brookfield Asset Management and EIG Partners, as well as buyout group KKR, have all shown an interest. Sources said that Chinese state-owned enterprises China Silk Road Fund, China Merchants Capital as well as I Squared Capital, Macquarie Infrastructure Partners and Macquarie Infrastructure Partners are also showing interest. Three sources confirmed that the?transaction was structured so that around $1.5 billion of equity is financed and the rest by debt. Sheikh Nawaf Sabah Al-Sabah is the deputy chairman and CEO of the KPC. He leads a steering group that oversees the entire process. According to sources, the committee meets every few weeks for a close-up, hands-on review. Al-Sabah, a reporter at the time, said: "We are examining the possibility of leasing (oil pipelines) in the country." The pipelines are KPC assets and do not produce direct financial returns. "Welcome to the opportunity for additional funding through these assets," he said. BlackRock, Brookfield Macquarie, KKR EIG and I Squared refused to comment. KPC, China Silk Road Fund, and China Merchants Capital declined to comment. Two sources confirmed that KPC is currently in talks with other banks about joining HSBC to underwrite the debt portion of this deal. Two sources have said that, as was reported last month, the formal launch of the oil pipeline stake?sale may begin as early as this month. Sources say that the concession will last 25 years. It is a challenging situation. Sources said that crude oil prices hovering at $71 per barrel are affecting projected volumes and returns. Geopolitical tensions within the Gulf region also add to the complexity. This move is similar to recent deals made by Saudi Aramco and Abu Dhabi National Oil Company, as well as?Bahrain’s Bapco Energies in order to raise money from their pipeline infrastructure networks. These deals offer upfront cash in exchange for tariff payments made over time. Kuwait Petroleum Corp announced in late 2023 that it would spend $410 billion between 2023 and 2040 to implement a strategic plan to increase production to 4 million barrels per day. Kuwait's official news agency reported in September that BlackRock, who last year signed an?additional deal for Aramco Jafurah Gas Project Processing Facilities in Saudi Arabia will open a Kuwait office and Ali AlQadhi has been appointed to lead operations in Kuwait.
-
Air India technical incidents, such as fuel spillages, hit a 14-month record
A company document shows that technical incidents, such as fuel and engine oil leaks, on Air?India flights, reached their highest rate for at least 14 month in January. This highlights the growing pressures placed on the carrier to revamp its operations. Since a fatal crash in which 260 people were killed, India's second-largest carrier has been under the scrutiny of India's safety regulator. Since then, it has reported many safety lapses, and admitted in December that there is a need for "urgent improvements in process discipline and communication as well as compliance culture". Air India reported 1,09 incidents technical per 1,000 flights in January. This is quadrupling the 0.26 incidents that were recorded in December 2024. It did not give earlier data. According to a document that isn't public, Air India flew more than 17500 flights in January, and 23 incidents were recorded on both its domestic and international flights. Air India investigated at least 21 of these incidents formally. Air India's document stated that "systemic improvements are being introduced across flight operations, training, engineering, and procedural supervision to prevent a recurrence." In a press release to, the airline stated that it had undertaken a “comprehensive program” to enhance technical reliability across its operations. It also said that its inventory of critical spares has been increased by more than 30% in order to increase aircraft availability and minimize operational disruptions. Air India has made significant investments in the engineering infrastructure, tooling and equipment to support its technical operations. The Indian civil aviation ministry has not responded to any of our queries. The document only provided selective comparisons with global airline industry standards based on non-publicly available data and did not include information about the airline's low-cost subsidiary Air India Express. CHALLENGES GALORE Air 'India, owned by Tata Group & Singapore Airlines, is struggling to rebuild their reputation, international network and replace an ageing fleet which has been hampered by supply chain delays. The closure of Pakistani airspace for Indian carriers because of diplomatic tensions also hurt the airline financially, and it was forced to close some long-haul flights. The Indian civil aviation ministry informed lawmakers in this month's session that 82.5% (166) of the Air India aircraft they analysed between January 2025 and now had persistent technical defects. This compares to 36.5% for IndiGo, which is market leader. The ministry did not provide any further information. Air India's document stated that the technical incidents reported in December included engine stalls warnings, problems with flight control, hydraulics and engine oil leaks. Five incidents of fuel or oil leakage were reported on Airbus and Boeing aircraft in a single month. On arrival, a Dubai-Mumbai aircraft found an engine with "low" oil. A Delhi-Dubai plane was forced to return after takeoff on 12 January due to "no running water in the galley and toilets", according to a document. The document said that operational incidents, such as rejected takeoffs and flying at restricted altitudes or taking off incorrectly, amounted to 0.29 incidents per 1,000 flights. This was more than twice the level in December 2024. It added that there had been a "decrease of operational incidents" over the past few months. Air India currently has 191 aircraft and has ordered over?500 additional aircraft. Air India's CEO Campbell Wilson has complained repeatedly that disruptions in the supply chain have caused delays with cabin retrofits. Air India's February document outlined steps it is taking to "drivedown" the various technical problems. It has implemented a program of periodic inspections for its fleet Airbus A320s and replaced all steering system hydraulic hoses in all Boeing 777s. The document also stated that Air India has implemented a periodic air conditioning leak-check program and is taking "targeted engineering measures" to "increase aircraft reliability and decrease incident rates". Air India's problems have also attracted international regulation scrutiny. British aviation authorities asked Air India to explain why the Boeing Dreamliner that was grounded in India for safety checks, took off from London this month with a possible faulty fuel switch. Air India responded that it reminded pilots to follow proper procedures, and that it had replaced the throttle module in the plane as a protective measure. The UK Civil Aviation Authority didn't respond to a comment request immediately.
-
Etihad Airways profits soars nearly 50% as fleet, network expansion support strong demand
Etihad Airways announced a nearly 50% increase in 'net profit' to $698m last year. The 'carrier' said this on Tuesday. Increased capacity supported strong demand throughout markets and lifted the load factor. "We have invested a lot in our product and customer satisfaction. We've grown a lot and added capacity, ?...So, I'd say that it's the combination of all our efforts," CEO Antonoaldo Neves said. The Abu Dhabi airline reported that passenger numbers would increase by 21%, to 22.4 millions in 2025. Its fleet will grow to 127 aircraft, after 29 new jets have been added to the fleet during the year, through both Boeing and Airbus deliveries, as well as the return of the A380 to service. Neves, the airline's spokesperson, said that "more premium demand" is expected this year. He said, "Our load factor was 88% last year." We're having many, many days of 90% this year. We wouldn't be able to have this if the economy wasn't strong." He said that new markets were performing better than expected. They are maturing faster than anticipated. EXPANDING PLANS IN ASIA AND EUROPE The Gulf airline has launched new routes in the past year including Prague, Hanoi, and Hong Kong. Neves, when asked about the company's plans for this year regarding a?further expansion of routes?, said that they plan to?further expand? in China, Southeast Asia, and Europe. Airbus has struggled to meet demand due to supply chain constraints and Boeing's numerous crises. Neves stated that Etihad's focus is on keeping the retrofit program on schedule, while working with manufacturers to ensure timely deliveries. "I wouldn't call it 'amazing', but it is improving," Neves said. He noted that the carrier expects to receive about 20 additional aircraft this year, mostly from Airbus.
-
Air India incidents such as fuel leaks reach 14-month record
A company document shows that technical incidents, such as fuel and engine oil leaks, on Air India flights, reached the highest rate for at least 14 consecutive months in January. This highlights the growing pressures placed on the carrier to revamp its operations. Since a fatal crash in which 260 people were killed last year, India's second largest?airline is under the scrutiny of India's safety regulator. Since then, it has reported many safety lapses, and admitted in December that there is a need for "urgent improvements in process discipline and communication as well as compliance culture". Air India reported 1,09 incidents technical per 1,000 flights in January. This is quadrupling the 0.26 incidents that were recorded in December 2024. It did not give earlier data. According to a document that isn't public, Air India flew more than 17500 flights in January, and 23 incidents were recorded on both its domestic and international flights. Air India investigated at least 21 of these incidents formally. Air India's document stated that "systematic improvements" were being made to flight operations, training, engineering and procedural oversight in order to prevent future incidents. Air India, and the civil aviation ministry of India did not reply to our questions. The document only provided selective comparisons with global airline industry standards based on non-publicly available data and did not include information about the airline's low-cost subsidiary,?Air India Express. CHALLENGES GALORE Air India, owned by Tata Group, Singapore Airlines and the Singapore Airlines Group, is struggling to replace its aged fleet, which has been hampered by supply chain delays, and rebuild its international network. The closure of Pakistan's airspace to Indian carriers because of diplomatic tensions also affected Pakistan financially, forcing it to close some long-haul flights. The Indian civil aviation ministry informed lawmakers in this month that 82.5% (166) of the Air India aircraft it analysed since Jan 2025 were plagued with recurring technical problems, compared to 36.5% for IndiGo. The ministry did not provide any further information. Air India's document stated that the technical incidents reported in December included engine stalls warnings, problems with flight control, hydraulics and engine oil leaks. Five incidents of fuel or oil leaks were reported on Airbus and Boeing aircraft in the last month. On arrival, a Dubai-Mumbai aircraft found an engine with "low" oil. The document stated that in another incident on January 12, a Delhi to Dubai flight was forced to return after takeoff because of the lack of water in the lavatory or?galley. The document said that operational incidents, including takeoffs rejected, flying with a restricted altitude, and taking off incorrectly, accounted for 0.29 per 1000 flights in January. This was more than twice the level of December 2024. It added that there had been a "decrease" in operational incidents in the last?months. TAKE STEPS Air India currently has 191 aircraft, but it has ordered over 500 additional planes. Air India CEO Campbell Wilson complained repeatedly that disruptions in the supply chain had delayed cabin retrofits. Air India's February document outlines the steps that it has taken to "drive down" various technical issues. In order to control leakage, the company has implemented a program of periodic inspections for its Airbus A320 fleet and has replaced all steering system hydraulic hoses in all Boeing 777s. The document also said that Air India has implemented a periodic air conditioning leak-check program and is taking "targeted engineering measures" to "increase aircraft reliability and decrease incident rates". International regulatory agencies have also been looking at Air India's problems. British aviation authority asked Air India why a Boeing Dreamliner that was grounded in India after safety checks took off from London, as reported earlier this month. Air India responded that it reminded pilots to follow proper procedures, and that it had replaced the throttle control unit on the aircraft in a protective manner. The UK Civil Aviation Authority didn't respond to a comment request immediately.
-
Wall Street Journal, February 24,
These are the most popular stories from the Wall Street Journal. The Wall Street Journal has not verified the accuracy of these stories. FedEx has filed a lawsuit against the U.S. Government, requesting a refund of all trade duties it paid as a result of President Donald Trump’s tariffs that were enacted in 2018. Todd Snyder,?the administrator winding up Do Kwon’s Terraform Labs, has sued Jane?Street. He claims that the high-speed?trading giant engaged in illegal insider?trading and, ultimately, hastened the collapse of the crypto empire. The bankrupt auto parts supplier First Brands Group has not been able to secure financing or a buyer for the majority of its operations. The U.S. Trump Administration is considering new tariffs for national security on a half dozen?industries following a Supreme Court ruling last week which invalidated many of the president's levies from his second term. Loblaw intends to build more than two dozen new discount grocery stores in 2026. This will allow it to tap into the growing trend of Canadians shopping for value, as their household budgets continue under pressure. According to U.S. officials the Pentagon has not received any orders to send any U.S. Navy vessels to Greenland despite President Trump's claims that a hospital vessel is "on its Way" to this self-governing Danish territory. (Compiled by Bengaluru Newsroom)
Prosecutors say that the fraud committed by a UK-based aircraft parts company caused millions of dollars in losses.
Prosecutors said that the director of a London based airline parts company sold tens of thousands of engine parts using forged documents, causing a large 'loss for aviation industry giants such as American Airlines, GE Aerospace, and Safran.
Jose Alejandro Zamora Yrala (38), has admitted to defrauding AOG Technics customers and potential clients by falsifying documentation about the source and state of engine parts between January 2019 and December 2023.
In 2023, the discovery of forgeries, including parts for CFM56 engine engines that power some Airbus or Boeing jets, caused planes to be briefly grounded in many countries due to safety concerns. Zamora Yarala, 38 pleaded guilty to fraudulent trading in December, which is punishable by up to 10 years imprisonment.
He sat on the dock 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.
The sentence is expected later today.
Companies suffered losses of millions of dollars
AOG Technics, Baloch said, sold parts with false documents worth a total of about 6.9 million pounds (9.3 million dollars), which represents 90% of the company's revenues.
Baloch stated that the fraud cost American Airlines, which had obtained parts from AOG Technics, about 23 million pounds. This included costs for repairing engines, leasing replacements, and aircraft out-of-service.
American Airlines didn't immediately respond to an email requesting a comment after U.S. business hours.
Baloch said that the co-owners of CFM International, GE Aerospace (the maker of jet engines) and Safran (the owner of Safran), suffered financial losses in the ranges 3 million pounds and 580,000 pound respectively. They also suffered "reputational damages", he added.
GE Aerospace and?did not immediately reply to a comment request.
Zamora Yrala - and AOG Technics - were sued by CFM International, GE, and Safran at London's High Court in 2023. This was shortly after European regulators began to investigate reports that parts with invalid certificates?had found their way into CFM56 engines.
Baloch stated that the CFM56 was "the leading engine for?commercial aircraft, and powers Boeing 737s and Airbus A320s". CFM launched a global hunt for parts from AOG Technics with suspected fake documentation. Fears over potentially falsified paperwork has prompted calls for additional regulation.
Baloch claimed that Zamora Yrala’s fraud caused "a lack of trust in the entire airline industry".
The prosecution is also seeking to ban Zamora from becoming a director of a company and confiscate the proceeds of Zamora's fraud.
(source: Reuters)