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Airbus CEO criticises European regulatory costs when it opens new line
Airbus' head urged France and the European Union to tackle high regulatory and other costs that are weighing businesses down. He also said the issue of competitiveness needs to be addressed at the French presidential elections next year. Speaking to French politicians, including the transport minister of the country, at the opening of a new assembly in Toulouse in the south of France CEO?Guillaume Faury cited labour and energy costs. He called the cost?of European regulatory obstacles "absolutely horrendous". Faury spoke at the opening of a new assembly?line for the A321neo, the most popular narrowbody model. Airbus is aiming to increase the production speed of these models. This is the second line of this kind in the vast Toulouse factory that was once dedicated to the A380 superjumbo, the world's biggest airliner. Boeing, the arch-rival of the U.S., is 'also expanding production in its former 747 jumbo factory to produce its competing 737 MAX. The planemakers are reshaping their historic wide body factories to make a?way for...smaller planes which dominate today's market. Faury, a French aviation worker and politician, told workers at the former A380 factory outside Toulouse that the production of medium-haul aircraft like the A321neo is "at the core of Airbus's strategy". Airbus' A320 medium-haul family, which includes the A321neo, has surpassed Boeing's recently-problematic 737 in terms of sales. (Reporting and editing by Kirsty Donovan, Milla Nissi Prussak and Tim Hepher)
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The producers call the IMO's definition of Brazil corn-ethanol carbon footprint as a milestone.
Industry executives said that the International Maritime Organization decision defining Brazilian corn ethanol's carbon foot print is a historic step. It could position maritime transport as a future major market for this?sector. The IMO set the default value for the carbon footprint of Brazilian corn ethanol at 20.8 grams CO2e per megajoule in May. This was specifically referring biofuels produced from the second or intermediate corn crop of the country. According to the IMO, the average greenhouse gas fuel consumption in shipping is currently 93.3 grams per megajoule. Gustavo Mariano is vice president of Inpasa's trading division. He said that the IMO has defined a value for Brazilian corn ethanol, which is a major step in establishing regulations to regulate lower-carbon fuels. Mariano, in an interview said that the event was "historic and symbolic" and confirmed corn ethanol's position as a viable fuel for decarbonization. Brazil's ethanol production has been dominated for decades by sugarcane farmers. According to the industry association UNEM however, corn ethanol production soared to nearly 10 billion liters during the 2025/26 seasons, up from 2,65 billion liters when the decade began. Rafael Abud is the chief executive officer of FS Fueling sustainability, a corn ethanol manufacturer. He said that once biofuels are approved for shipping, producers may benefit from possible premiums. Abud stated that "we have invested heavily in every aspect of our product to decarbonize it," citing efforts to reduce emissions from biomass, industrial efficiency, and a project to combine bioenergy and carbon capture and storage, which could make FS ethanol carbon-negative. Brazil's second crop corn ethanol won't compete with other biofuels like sugarcane and biodiesel because of the size of the shipping industry, executives say. Instead, it will complement these fuels. Mariano stated that "if the global bunker market was converted into ethanol, it would equal almost 400 billion liters," Mariano. These volumes are so huge that we require all biofuels. Reporting by Oliver Griffin, Editing by Will Dunham
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The Turkish Foreign Minister will visit Moscow to discuss Ukraine and the Black Sea
A diplomatic source revealed on Monday that Foreign Minister Hakan Fidan would reiterate Turkey's offer to host talks between Russia and Ukraine during a trip to Moscow in this week. He will also be discussing?Black Sea shipping safety? as well as the South Caucasus. The visit to Ankara on Tuesday and on Wednesday is in preparation for the NATO summit that Turkey will host on July 8-9, and after Kyiv requested Ankara's mediation by hosting a meeting of?leaders at a high level?. Since the Russian invasion of 2022, Turkey has maintained friendly relations with Moscow and?Kyiv. Fidan, according to a Turkish source, will meet his Russian counterpart Sergei Lavrov before meeting Vladimir Putin. Source: He will warn against "further escalation" in the Black Sea, and reiterate Turkey's proposal for a limited ceasefire over ports and energy infrastructure. In recent months, Ukraine has accused Russia of drone attacks on tankers near Turkey’s northern coast. An official in Ukraine said that Kyiv welcomes the offer of?Turkey hosting bilateral talks. President Volodymyr Zelenskiy has made this proposal?multiple times. Last month, the ambassador of Kyiv to Ankara said that he wanted closer ties with Turkey. This included joint productions in the defence industry. Fidan will discuss the developments in South Caucasus after Armenian Prime Minister Nikol Pashinyan's?elections? this month and while?Yerevan is working with Azerbaijan to reach a peace agreement that could speed up Turkey’s normalisation of relations with Armenia.
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How will the UK social media ban for those under 16 work?
Keir starmer, British Prime Minister Keir said that he will impose a?ban on social media sites for under-16-year-olds and?restrictions to gaming and livestreaming platform in order to "give children their childhood back". Below are details on what is being banned, the measures that will be taken, and when these measures should take effect. BANNED: TIKTOK. YOUTUBE. AND INSTAGRAM The government announced that it would ban children from using social media platforms. These platforms are designed to facilitate user-to-user interaction. The government said it would block children from using social media platforms whose purpose is to enable user-to-user social interaction and? The government announced a ban on platforms such as Snapchat, TikTok and YouTube. It also includes Instagram, Facebook, Facebook, Instagram, Facebook, X. The government stated that it does not intend to include messaging services such as WhatsApp or music streaming services in the ban. Exemptions will be reviewed. How will the ban?be enforced? Keir starmer, the Prime Minister of Australia, said that the ban will be enforced by 'action against social media platforms' rather than fining children who circumvent it. Ofcom, the government's regulator of communications, will conduct a study in order to determine how to best verify that someone is older than 16 years old. They also plan to implement a new strategy for enforcement and fund it. TIME OF THE BAN Starmer stated that he aimed to pass the relevant regulations by Christmas so as to have the ban in place early next year. In July, a full response to government's consultation on the topic will be published, detailing the details of the policy. REGULATIONS?ON GAMING WEBSITES The government has also announced that it will block all livestreaming, stranger communication and gaming sites for those under 16 years old. Starmer stated that this would prevent strangers from contacting children via these sites. GOVERNMENT WILL?LOOK AT CURFEWS AND RESTRICTIONS on SCROLLING Next month, the government will provide more details in its response. It will also examine in greater detail overnight curfews and breaks in endless scrolling for those?under 18 years old. The government has announced that restrictions on functionality banned for users under 16 will be automatically applied to 16 and 17-year olds. (Reporting and editing by Jan Harvey; Alistair Smout and Andrew MacAskill)
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China targets heavy truck electric-drive in a bid to reduce diesel demand
China has?launched a campaign to electrify heavy vehicles, a policy which is likely to 'accelerate' a move away from diesel fuel that reduces fuel demand while creating new opportunities for domestic battery and truck manufacturers. According to a message posted on the Ministry of Transport's website late Friday, by 2030 EVs are expected to account for 40% of all new heavy trucks sold in China, and 20% of its total fleet. That is 1.6 million cars. On some short-haul route around Beijing, the goal is 80%. This is the first specific goal the country has set for this sector. It surpasses Rystad's September prediction that electric heavy trucks will account for 9% or China's fleet in 2030. According to CVWorld.cn data, in 2025, the electric model will account for nearly a third (33%) of all new heavy trucks. This is a product that has grown quickly over the past two years, from a niche to a mainstream product, thanks to subsidies and an expanded charging infrastructure. As part of the "zero carbon highway" initiative, the new plan calls for a massive expansion of power infrastructure. It targets 3,000 charging stations and battery swapping stations by 2030. China may move to electric trucks even faster than government targets suggest. This is similar to the way that China's renewable energy rollout has accelerated ahead of government goals. Last year, EV giant CATL forecast that up to half of China's heavy trucks sales would be electric by 2028. The new plan said that to support the rollout of electric trucks, they will be given a higher priority in China's exchange programs. These programs offer subsidies for trading out older trucks. These trade-in programs were responsible for a previous surge of LNG truck sales in recent years, along with a decline in fuel prices. SUPER-CHARGING State-backed efforts to electrify trucks?will likely boost the domestic truck?makers. Many of whom have already begun to export their vehicles. This has sparked concern among European manufacturers who are worried about an influx cheap, high-quality goods. Beiben Trucks Group officials in Inner Mongolia, northern China, showcased during a Saturday state-sponsored tour a new dump truck model equipped with an EV battery EVE Energy's 200-250-kilometre-range battery that charges in just 22 minutes. Bai Xiaolong is a senior specialist at Beiben’s strategy development /department. She said that China is the main'market' for the company, given the limited charging infrastructure in other countries. However, the company exports about a 5th of its trucks. Southeast Asia has emerged as a hotspot for electric trucks overseas, Bai stated, especially in mining applications, in countries such as Indonesia.
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HSBC Hong Kong Mobile Banking Services restored after issues
HSBC said Monday that all 'digital'services were back to normal in Hong Kong before 2 p.m. local (0600 GMT) after customers experienced problems using the HSBC?mobile banking application earlier in the day. In an email to customers, the bank stated that "all our services were back to normal before 2:00 pm today." We apologize for any inconvenience caused. It had earlier stated that some customers were experiencing difficulty in accessing certain services, and it was working on a solution. HSBC 'didn't say what caused the problem or how many customers were affected. Reports stated that'some users were locked out of the application earlier in the day. Media reports from the time said that Hong Kong services of the bank also experienced a disruption in late January.
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Shippers remain cautious as one LNG tanker passes Hormuz following US-Iran agreement on deal
Data from a ship tracking system showed that India's Petronet had sent a liquefied gas tanker across the Strait of Hormuz on Monday, the first shipment since the United States reached a deal with Iran to reopen this strategic waterway. The limited traffic highlights the caution among shippers, who welcomed the deal but still await more details (including mine clearances in the strait) before allowing vessels to pass. The global oil price fell by about 4% on the Monday after the United States and Iran signed a memorandum in Switzerland on Friday, which outlines the steps to be taken to resume shipping across the Strait. The U.S. and Israeli war against Iran, which began on February 28, has stopped most shipping through the Strait. This is the route used by a fifth or more of the world’s oil, liquefied natural gas, and other vital products like aluminium and Urea. Data from Kpler showed that the LNG tanker Disha had been west of strait ever since it picked up its cargo in Qatar's Ras Laffan. Sources familiar with the situation said that the cargo would be delivered to India's Dahej terminal, even though the shiptracking data didn't indicate its destination. Petronet didn't immediately respond to an inquiry for comment. Ship tracking data from Kpler revealed that 155 tankers carrying oil and chemicals were estimated to be in the Mideast Gulf as of June 15. This is down from the 201 tanks at the end May. Oil Brokerage's estimate stood at 215 tankers. Anoop Singh is the global head of Oil Brokerage’s shipping research. The physical freight rate will probably remain high and the trading will be slow until then. Singh stated that if the traffic jams on either side were not restricted, they could be resolved in 8-10 days according to OB's calculations. In anticipation, shipowners have placed nearly 60 VLCCs, or Very Large Crude Carrier, more than usual in the few days before sailing to ports west of Hormuz. The Japanese Shipowners' Association spokeswoman said that the group, while welcoming the peace accord, wanted to "wait a little bit longer for'more concrete information'" when the U.S. Iran pact was signed on June 19th. The spokesperson stated that there had been reports of mines being laid in the region. She added: "Given this situation, we cannot just say, 'Right, let's move' based solely on the news about the agreement." Nippon Yusen is the largest?shipper in Japan. It said that it hoped to return operations to normal as quickly as possible. However, a spokesperson stated it was still too early to comment about the schedules of Japan linked vessels "stranded" in the Gulf. He refused to reveal how many of the company's vessels remain in the Gulf. A Mitsui ?O.S.K. Lines spokesperson stated: "We are aware that there have been signs of progress toward a ceasefire. However, our policy is unchanged. We will not resume navigation until safety has been confirmed."
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Bousso: Iran's fragile deal with oil offers relief, but there are still risks associated with the Hormuz pipeline.
Energy exporters and buyers will breathe a collective sigh of relief when the U.S. and Iran deal ends months of fighting. The fragile calm could not prevent future flare ups and cast doubt on how quickly or fully the tanker traffic in the crucial waterway will return to normal. Iran and the U.S. announced an agreement late Sunday night to lift the blockade on the Strait of Hormuz. This is where?a fifth of the world's oil and LNG passed before the?war broke out on 28 February. After both sides sign the agreement on Friday, it is expected that the Strait of Hormuz will reopen. This is good news for the energy markets that are in a crunch, but it leaves open the major disputes which sparked the U.S.-Israeli bombing campaign on Iran, such as the future of Tehran’s nuclear program. This ambiguity leaves room for confusion, disagreements and new confrontations. In fact, tensions are already rising again. Iran's refusal to link any deal with Israel's campaign in Lebanon against Hezbollah has threatened to derail talks. The Iranian-backed militia have exchanged fire repeatedly with Israel including at the weekend. The status of Hormuz is not clear. The deal gives Tehran a powerful tool, even though both the U.S.A. and Iran are committed to lifting the blockade. Iran's willingness to and ability to block the Strait for months has broken a decades-old Taboo. It raises the possibility that Iran could do it again, or just threaten to, whenever it wants to gain leverage over its Gulf neighbors or adversaries. This shift could have long-lasting consequences. Long after the flow of energy resumes, it is likely that shippers and buyers will be more cautious. Already, some significant adaptations have been made. Saudi Arabia has increased its shipments out of Yanbu, a Red Sea port, by a factor of three since March. The loadings have tripled to around 4.5 millions barrels per day. This is roughly 60% more than pre-war. United Arab Emirates have also increased exports out of Fujairah outside the Strait. Even after the reopening of Hormuz, it is unlikely that Riyadh or Abu Dhabi will reverse their shifts in full. The shipping behaviour may also change. Charterers and tanker owners will likely reduce their time in the Gulf to avoid being stuck if tensions erupt again. This caution will be reinforced by high insurance costs and concerns about security. These factors indicate that transit through Hormuz is unlikely to return to the pre-war level of 20 million barrels per day any time soon. In the months and years to come, a flow of 16 million bpd or more is more likely. This residual risk should help to support prices. Brent crude is now trading below $85 a barrel, down from $118 in March. However, a higher risk premium due to geopolitics and a more complex logistical system will likely prevent the price from fully reverting to its pre-war level of $60s. The Flood of Relief Reopening the Hormuz will lead to a multi-phased adjustment of global energy flows. First, the Gulf will be the source of this wave. The first wave of tankers will be those stranded in the Gulf during the blockade. They will start to leave almost immediately, supplying energy-starved countries and markets. Kpler estimates that around 60 million barrels worth of crude oil and refined products remain in floating storage inside the Gulf because they are unable to leave through Hormuz. Then, an influx will follow of vessels headed toward the Gulf in order to reduce the swollen Middle Eastern domestic inventories and resume export programs. Normalisation of logistics will take some time. Supply chains may take up to 60-90 days to fully rebalance due to port congestion, sailing distances and scheduling bottlenecks. It takes about three weeks to sail from the Middle East into Asia. This means that the return of shipments won't bring immediate relief to the most vulnerable markets. The impact of the conflict on global oil supplies will still be significant, even if it is not immediate. The regional producers can bring back 11 million bpd in oil production that was shut down during the conflict. They will also be able to reactivate refining capacity and LNG export capability. Some volumes may return in a few weeks, but the full recovery will take longer. It is difficult to restart fields, refineries, and export terminals following prolonged outages. Infrastructure damage caused by the war may take months, or even years, to repair. A?RESILIENT MARKET BUT STRESSED MARKET Reopening comes at a time when the balance between supply and demand is strained. The summer in the Northern Hemisphere is usually the time when global fuel consumption peaks, due to increased travel and air conditioning. The return of Middle East oil will, therefore, initially only slow down the rapid decline in global inventories. According to the U.S. Energy Information Administration, oil stocks dropped at an average rate of 5.3 millions bpd from March to May. Remember that the market has been surprisingly resilient during this conflict. The combination of commercial and strategically oriented?stock releases and the surge in U.S. imports, the weaker Chinese demand and the partial relaxation of sanctions against Russian and Iranian crude oil helped to cushion the shock. These measures did not eliminate the economic damage but they kept it manageable, effectively buying time for global economies. This time was running out fast, as inventories were dangerously low. The U.S. and Iran agreement 'comes at the right time. The agreement is not a good way to prevent a new confrontation between the U.S. and Iran because it does nothing but cover up the core issues at the core of the conflict. The message for oil markets is clear: although the acute risks from the supply shock are over, the structural vulnerabilities revealed during the war will remain. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
El Al Airlines of Israel signs an internet deal with El Musk's Starlink
El Al Israel Airlines announced on Monday that it had?signed a contract with Elon Musk’s Starlink?to provide high-speed Internet across its entire fleet from next year.
The financial details of the agreement were not revealed.
Israel's flag-carrier said SpaceX's Starlink would be offered at no additional cost and would allow for hundreds of passengers to connect simultaneously. This would include long-haul flights.
Fast in-flight Wi Fi has become a key perk for premium airlines to attract customers.
Starlink, the company that operates two-thirds (or more) of the satellites in space and generates most of SpaceX's revenue, has signed up 11 new airline clients in 2026. Amazon is a competitor.
El Al's Chief Executive Levy Halevy said that the integration of Starlink technology in El Al aircraft was a major step forward. Customers can now "stay connected while flying, watch live streaming, and work and communicate without interruption."
The airline's fleet is a relatively young Boeing 787 Dreamliner, which it expects to grow in the coming years as well as expanding its route network. The airline has also ordered Boeing 737 MAX planes for flights to 'Europe.
El Al has seen its profits increase since the Gaza War began in October 2023. Many foreign airlines have suspended flights to Israel. This is expected to change, however, if the agreement between Washington, D.C. and Tehran to stop the Iran war remains intact.
Delta and United, two of the biggest U.S. airlines, have already announced that they will resume flights to Tel Aviv in September.
Ookla, an analytics company, says that Starlink is faster than older systems because it uses low-Earth orbit satellites instead of geostationary satellites. (Reporting and editing by Steven Scheer, Kirby Donovan, Joe Bavier.)
(source: Reuters)