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EMP, a Polish company, teams up with Foxconn in order to create an EV manufacturing hub
ElectroMobility Poland, which is backed by the state, announced Thursday that it would partner with Taiwan's Foxconn in order to establish an electric vehicle research and production hub in southern Poland. This will help to advance plans to create a?EV champion domestically as Europe's demand?picks up. According to the industry association ACEA the sales of battery EVs in the European Union increased by about a quarter in the first three months, boosted in part by the higher fuel prices associated with the Iran War. EMP announced that it was negotiating with Foxconn about the scope of its cooperation, which could include a possible joint venture. It aimed to reach binding agreements by 'the second half 2026. The company said that the partners hope to finalise an agreement package in the second half of this year. This will move the project forward into the next phase. Cyprian Gronkiewicz, EMP's CEO, said: "We have designed this project from the start around the need to find a partner who combines industrial -scale with technological depth." The commitments made by the Taiwanese company to transfer technology, build in-house design capabilities for vehicles in Poland and use local suppliers were decisive in his choice. The joint venture plan would create a local brand, roll out three vehicles in Europe and build production and technology capacities in Poland. The plans include the construction of a factory with body shops and paint shops as well as assembling batteries and electric drives, and finally assembling vehicles in Jaworzno, a city located on the southern coast. The Jaworzno Hub is expected to also include a new Research and Development Centre focused on Software, Data Analytics and Digital Mobility Solutions. EMP stated that the project will be?complemented by investments designed to support the broader electric mobility ecosystem, including the batteries sector. The funding will come from both the National Recovery Plan (NRP) and the Reprivatisation Fund which recapitalised EMP in December 2025. EMP said that the partner would contribute both capital and technology. EMP, a joint venture between Poland's four utilities and the government to promote the nation's EV ambitions was established in 2016. However, the project has been plagued by delays and strategic reversals. Reporting by Barbara Erling Editing Bernadette Baum
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France prepares aid for airlines affected by the price increase of jet fuel
Transport Minister Philippe Tabarot announced late Wednesday that the French 'government' is prepared to offer a monetary aid for airlines affected by the?increase in jet fuel prices. Tabarot stated in a blog post on X that the government and airlines 'had made progress on a meeting held on Wednesday regarding aid, including deferrals on social?security contributions and extended deadlines for tax payments and flexibility with?fuel loadings. "Airlines are experiencing a major shock." He said that the government was fully committed to helping airlines get through these difficult times. European authorities are scrambling to find solutions in order to avoid widespread aviation disruptions during the summer after European airlines warned of a 'jet fuel shortage within weeks due to?the Iran war. The Middle East is the largest source of jet fuel in Europe, accounting for 75%. (Reporting and editing by Makini brice; Inti landauro)
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Emirates Airlines posts record net profits despite the war impact
Emirates Airlines posted a record-breaking 'full year net profit on Thursday despite the impact from the 'Iran war. The carrier cited strong travel demand for most of the time period. Emirates said that its profit, after taxes, rose from $5.2 billion to $5.4 billion over the past 12 months, a slight increase in passengers offset by a small decline in passengers. Airspace in the Middle East was temporarily closed and jet fuel prices rose, causing the biggest crisis for the airline industry since the COVID-19 epidemic. Major Gulf carriers, including 'Emirates, have gradually restored capacity but still operate below pre-war standards. Meanwhile, renewed attacks on the United Arab Emirates in this week cast uncertainty over a fragile ceasefire which entered into effect last months. Emirates Group, a Dubai-based airline, announced a record revenue of $41 Billion in the past year. This is a 3% increase from the previous year. The 'group will pay a total of $1 billion in dividends to its owner, the sovereign wealth fund ICD.
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Maersk's first-quarter profits beat forecasts and outlook remains unchanged
Maersk, the shipping company, posted slightly higher operating profits in its first quarter than analysts had predicted on Thursday. It also kept its earnings guidance for the full year unchanged. The company's poll of 10 analysts revealed that the median estimate for EBITDA (earnings before interest, tax, depreciation and amortization) was $1.66 billion. Maersk is often viewed as an indicator of global trade and still projects a global container volume increase between 2% to 4% in this year. In a press release, Chief Executive Vincent Clerc stated that "we've seen strong demand in most regions in this quarter. This has supported robust volume growth across our three business segments." The Middle East conflict's impact on global supply chain is not captured in the first quarter, as the conflict began on February 28, when Israel and the United States launched coordinated attacks on Iran. After Iran closed down the Strait of Hormuz for commercial traffic, the war has disrupted the shipping routes in the region and increased costs like fuel. The security situation remains fragile. On Wednesday, the French shipping group CMA CGM reported that one of their container ships was struck while transiting through the Strait of Hormuz. This caused injuries to crew members and damage to the vessel. The Middle -East security situation also impacts shipping in Red Sea. Maersk is forced to reroute ships around Africa and away from the Suez Canal, Bab el Mandeb Strait, etc. Maersk has abruptly halted its tentative attempts to return some services to the Suez Route, which was seen as a crucial step in resolving years of global trade disruptions caused by Yemeni Houthi rebel attacks on ships at the Red Sea. (Reporting and editing by Terje Solsvik, Stine Jacobsen & Jesus Calero)
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SBM Offshore lifts 2026 revenue outlook as first quarter revenue triples
SBM Offshore, a Dutch floating production company, raised its revenue guidance for 2026 on Thursday after its first-quarter directional revenues more than tripled. This was primarily due to its turnkey business as well as the sale of One Guyana. In February, the company sold One Guyana to ExxonMobil for $2.3 billion. The company, listed in Amsterdam, said that year-to date directional revenues rose 216% from $1.10 billion a year ago to $3.49 billion. It also raised its outlook for full-year revenue -to over $6.9 billion. The company said that its 2026 EBITDA guidance was around $1.8 billion and the directional net debt had fallen by?43% at the end of March. SBM stated that the increase in revenue forecast was due to the Longtail FEED contract, an early stage engineering contract for a possible new FPSO vessel, in Guyana, as well as additional scope of work. The turnkey division's revenue grew 359%, to $2.88 billion. Lease and operate revenue grew 28%, to $610 millions. SBM, who joined AEX in March 2026 said that it 'ordered?two additional Fast4Ward hulls for tendering activities, citing a positive outlook for the 'floating production, storage, and offloading markets. In a recent press release, CEO Oivind Tangen stated that the company does not expect to see a "material impact" from the geopolitical tensions in the Middle East on its projects, operations or financial situation. The company employs directional reporting which records revenue from payments made during the construction phase before leasing begins. Hugo Lhomedet is reporting.
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Official: China could try to'manoeuver' the Taiwan issue during Trump's meeting.
China could try to "manoeuver" the Taiwan issue if?U.S. A top Taiwanese Intelligence official told?Taiwanese media on Thursday that President Donald Trump will visit Beijing next week. The U.S. policy towards the island has not changed. China regularly refers to Taiwan, a democratically-governed territory, as its own territory. It also describes this issue as being the most important and sensitive in its relationship with Washington. Taiwan's government rejects Beijing claims of sovereignty. Taipei is watching for signs that Trump, who has unnerved allies with his transactional approach, might soften or reframe the longstanding U.S. Taiwan policy in exchange for China purchasing American aircraft and agricultural products, or easing economic pressures. Tsai Ming yen, Director-general of the National Security Bureau, told reporters in Taipei that Trump's meeting with Chinese President Xi Jinping would likely focus on a management approach to their issues, and not fundamental problem solving. Tsai stated that the Chinese communists might try to play a few tricks during the discussions. "However, in this regard, the United States have continuously reaffirmed, through public and private channels, that their Taiwan policy hasn't changed." ?Secretary?of State Marco Rubio stated this week that Taiwan will likely be a subject of discussion between Trump and Xi. However, both countries are aware it is not in their interests for any "destabilising" events to occur regarding Taiwan. Tsai stated that there are many issues between China and the U.S. which are difficult to resolve fundamentally in the short-term. He added, "Our assessment of the U.S. China situation as a whole is that there will be a fragile stability." The?U.S. Taiwan's?most important?international ally and is bound to law to provide Taiwan with the means to protect itself, despite the lack of formal diplomatic relations. (Reporting and editing by Thomas Derpinghaus; Ben Blanchard)
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HawkEye, a space analytics company, raises $416 Million in US IPO
HawkEye 360, a space?analytics company, raised $416 million in its U.S. IPO on Wednesday. In the IPO Herndon, a Virginia-based company, sold 16 million shares at $26 each, giving it a value of approximately $2.42 billion. The firm had set a target price of $24-$26 per share. HawkEye 360, Suja Life and other consumer brands are expected to 'test investor demand' for defense technology in the upcoming months. HawkEye also will gauge the appetite for space-technology offerings as investors wait to see if SpaceX files a public filing that could boost confidence amongst peers in pursuing listings and tapping equity markets. HawkEye, founded in 2015, provides data on signal intelligence to national security, defense and intelligence agencies. Satellites are used to detect, analyze and locate radio frequency emissions around the world. HawkEye has more than 30 satellites. The U.S. Government and its allies account for the bulk of their revenue. The?company acquired ISA in December, increasing its capabilities in classified intelligence systems and signal processing, while strengthening ties with U.S. agencies. HawkEye will begin trading on the New York Stock Exchange on Thursday under the symbol "HAWK", with Goldman Sachs Morgan Stanley RBC Capital Markets Jefferies among its underwriters.
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US reports China Eastern jet fuel supplies are off ahead of fatal 2022 crash
The U.S. National Transportation Safety Board published data this week indicating that the fuel supply was'switched off' to both engines of a China Eastern Airlines Boeing 737 before a 'the aircraft crashed into a hillside on southern China in March 2020, killing all 132 passengers. The NTSB announced on Wednesday that its investigation into China's worst air disaster in 30 years found no safety concerns. Fuel switches are physical controls that regulate fuel flow into the engines on Boeing 737 aircraft. A pilot must lift the switch before switching from run to stop. This is the first major update of investigation on this deadly crash. China's aviation regulator decided to forgo releasing an annual report on its investigation into the crash in March. The fourth anniversary passed without any explanation of what caused the accident. The NTSB released the data in response to a Freedom of Information Request. It came from the flight data recorder of the plane. The data showed that both fuel switches were moved from the run to the cutoff position simultaneously before the jet went down. In 2022, it was reported that the investigators had focused their attention on the actions taken by the flight crew. They had not found any technical malfunctions. The fuel switches of both engines were moved from their run to cutoff positions while the aircraft was cruising at 29000 feet. The NTSB reported that the engine speeds dropped after the fuel switches were moved. The Boeing 737-800 crash, which was operated as China Eastern Flight MU5735 in China, was the deadliest air disaster China has seen in decades. Deliberate crashes occur very rarely. In March 2015, the co-pilot of Germanwings deliberately crashed an Airbus A320 in a French mountainside killing all 150 people on board. The actions of the captain involved in the crash of an Air India Boeing 787-8 in Ahmedabad in June that resulted in the death of 260 people has been scrutinized. A preliminary report from the Aircraft Accident Investigation Bureau revealed that the fuel-engine switches of the plane had been switched almost simultaneously, from run to shutoff, just after takeoff. A source who was briefed in July on the early assessment by U.S. officials of the evidence said that the cockpit recording of the dialogue between the two pilots confirmed the view that Captain Sabharwal cut off the fuel flow to the engines. The Chinese regulators 'have not released a complete report detailing their findings in the investigation of the crash, and have provided 'no updates of the probe since more than two year. A spokesperson for the Ministry of Foreign Affairs of China declined to respond to a question posed about U.S. findings during a press conference on Wednesday. One of two black boxes found in the wreckage is the flight data recorder. The NTSB lab in Washington was contacted to analyze the flight data recorder because Boeing is a US aircraft manufacturer. Reporting by Casey Hall, David Shepardson and David Gregorio; editing by Raju Gopikrishnan & David Gregorio
Bloomberg News reports that AirAsia founder Fernandes is planning to launch a new airline.
Bloomberg reported that Tony Fernandes, AirAsia's co-founder, is planning to launch a new airline based on the high volatility of oil prices.
Reports indicate that the new airline could be announced in the next few months. The carrier group has also moved some planes to the venture.
AirAsia?did not immediately respond to comments. Fernandes didn't respond to a LinkedIn message.
AirAsia, the Malaysian budget carrier, is planning to sell up to $600 million of bonds and is in discussions with Malaysian banks for a refinancing loan that will lower interest rates. Fernandes said in a Bloomberg video interview late on Wednesday from Montreal.
The Malaysian airline announced on Wednesday that it had placed a firm order for 150 Airbus A220 aircraft manufactured in Canada. There are also 150 options available to purchase a larger version if Airbus manufactures one.
AirAsia has recently reduced the number of flights because the fuel prices have risen since the U.S. and Israel war on Iran disrupted the global oil market.
Fernandes, however, said that demand for flights was 'high' last month and he is optimistic about the airline returning stronger once the crisis has ended.
(source: Reuters)