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Vinci Airports remains optimistic about Mexico despite slowing traffic growth.
Vinci Airports is a subsidiary of France’s VINCI Group. It expects the growth of air traffic to slow down through the end of the year, as high jet fuel prices, and geopolitical tensions, weigh on the aviation sector. However, it does not see major airline capacity reductions and is still open for expansion in Mexico and other places. Vinci Airports CEO Remi Mamon de Longevialle said during a trip to Mexico that there was "new volatility" in the markets, citing tensions between the Middle East and Asia. "Traffic may grow a bit slower than last year." Maumon de Longevialle, the world's biggest private airport operator, said that despite fears of a more drastic change in airline schedules in Europe and North America, his company had not experienced any "dramatic changes" in its capacity. He said that airlines were adapting to fuel costs, but not in a way that would worry investors. He said: "It is fair to admit that growth will not reach the same numbers as previous years." "But there's no concern that airlines will change or adjust dramatically capacity." Maumon de Longevialle, however, said that Mexico was still a growth market in the long term for Vinci. The company became the majority shareholder of airport operator OMA almost four years ago. He pointed to Mexico's domestic airline market, Monterrey as a hub for business and the stable concession framework. OMA's Chief Executive Ricardo Duenas stated that the company has invested 8 billion Pesos (456.41 million?dollars) in Monterrey during the past five years, and plans to invest 8 billion more pesos within the next five. He said that a part of the terminal expansion at the airport is scheduled to open by the end of this year. Maumon de Langevialle did not exclude further expansion. He added that Vinci would also consider growth opportunities outside of Mexico. $1 = 17.5280 Mexican pesos (Reporting from Kylie Madry and Jorge Lopez, Mexico City; editing by Aurora Ellis).
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The largest US grid has paid up to $28,000 per Megawatt to balance electricity in a heat wave
During extreme weather conditions, costs to balance?power in PJM, America's largest grid, have risen to astronomical heights. This has exposed strains caused by overloaded transmission lines and booming demand for data centers. These price spikes are not typical for PJM, but they have increased the overall cost of balancing supply and demand. These costs are eventually passed onto homes and businesses via electricity bills. During the heatwave last week, PJM paid power plants and other sources up to $28,000 per Megawatt in order to quickly adjust their output and keep supply and demand of electricty balanced. According to a PJM analysis, the spike in cost for regulating second-by-second fluctuations in PJM supply and demand is more than 100-fold higher than this year's average. The operation of an electric grid is dependent on the balance. Federal regulators say that a large imbalance lasting up to several moments can cause rotating blackouts. PJM confirmed a spike in price of $27.698 per megawatt that occurred around midday on?July 2?. The sweltering heat boosted air-conditioning use on that day in PJM territory, which covers 67 million people from the Mid-Atlantic, South, and Washington, D.C. areas. PJM said that its 'unrestricted peak loads of 168 gigawatts was a record-breaking load. According to PJM's website, the heatwave last week was a result of a combination of massive congestion and reserve deficits on power lines supplying electricity to Greater Baltimore, Delaware, and the largest data center hub in northern Virginia. PJM's grid is already?under strain as the electricity demand increases faster than?the operator of the grid can add new resources in order to meet data center, electric vehicle charging and air conditioning needs. PJM's capacity prices have risen by 1,000% in the last decade, resulting in billions of additional dollars for customers. The Ohio Manufacturers' Association said that the price increases were due to the fact that new power generation projects are still being delayed. Also, the Ohio Manufacturers' Association stated the prices and planning of the electricity market have been influenced by the uncertainty in large-load forecasts as if the demand was guaranteed to be met. PJM reported spending $217 million in the first quarter on?regulation services to balance supply with demand. This is up 215 percent from a previous year. The market clearing price of regulation soared to $47192 per megawatt during a cold snap in late January, compared to an average $139 per Megawatt for the month. PJM launched market reforms last year to make the balancing services more efficient and cheaper, but according to its external market monitor, more work needs to be done. The goal of PJM's design for the regulation market should be to reduce the cost associated with regulation. Monitoring Analytics LLC's report from May stated that the new design as implemented does not achieve this goal. Monitoring Analytics said that "while the new'market design' corrected a number issues with the previous design, there are new issues in the new design." According to the watchdog, PJM's calculation overestimates costs for providing regulation services because it assumes that power plants will have to give up more electricity than they do. This can cause compensation to appear higher than necessary and drive regulation market prices up. In April, PJM said that its updated methodology better reflects what revenue generators sacrifice when they reserve grid capacity. This is because it takes into account their operating constraints as well as their energy production schedules. Prior to the PJM reforms about 14% (of regulation-market payments) was tied to compensating Generators for revenue that they could have earned if they hadn't provided grid balancing services. According to the grid operator, this fell to less that 2% after the change. (Reporting by Tim McLaughlin, Editing by Aurora Ellis and Tim Gardner.
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Airbus workers in Spain strike for better working conditions
Airbus employees have been on strike in Spain for the entire month of July over what unions call deteriorating conditions. The Independent Union of Aviation Professionals said that workers are protesting against issues such as sub-inflationary pay increases, stricter attendance monitoring, and the requirement for office staff spend more time at site. Airbus is facing pressure to meet an annual delivery target of 870 jets, while grappling with supply chain constraints. Last month, the company faced protests and stoppages in France after reducing how many days its white-collar employees could work remotely. A union leader claimed that the strike, which was called by SIPA in July, gained initial support at Airbus' Getafe factory near Madrid, before spreading to additional sites and attracting support from other unions. CCOO, the largest union for Airbus in Spain, did not join in on the strike, but announced via Facebook that it would 'call an indefinite walkout from September 7 if their demands are not met. CCOO stated that "if no agreement is reached, the delivery schedules at all Airbus Spain sites will be severely affected by the'strike and 'the industrial action during the last four months of the calendar year," CCOO. Airbus employs more than 14,000 workers in Spain, at eight different sites located in Madrid, Castile-La Mancha, and Andalusia. The company produces military transport planes, as well as parts for commercial aircraft and satellites. According to Airbus, Getafe is their third largest site in the world. Reporting by Emma Pinedo, Charlie Devereux. Mark Potter edited the story.
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Palm Beach Airport in Florida officially changes its name to honor Trump
Palm Beach Airport in Florida was officially renamed after Donald Trump on Thursday. It is the latest of a number of institutions, buildings and government programs to adopt the Republican identity. The renaming 'Palm Beach International Airport' to President Donald J. Trump International Airport is a public nod to the Republican Leaders support for his adopted state, Florida, which houses his lavish Mar-a-Lago Resort. Eric Trump, Trump's son, said in an interview with Fox News that "I don’t think there's anyone more synonymous with Palm Beach as Donald Trump" in Florida. Since Trump was elected to a second term in the White House last year, his?name is imprinted on a class of Navy warships that are planned, a program for wealthy foreigners who want visas, and a government-run website for prescription drugs. He has also undertaken an ambitious remaking Washington. The courts rejected a bid to add the Trump name to the John F.?Kennedy?Center for Performing Arts. In March, Republican Florida Governor Ron DeSantis passed legislation to rename Southeast Florida's airport in Trump's honor. On Thursday, the Federal Aviation Administration changed the three-letter code of the airport from PBI (PBI) to DJT. The airport stated on its website that passengers must still use PBI until August 18 to book flights. The airport reported that the name change was $5.5 million. Eric Trump, his wife and children were on board?the private plane that landed at the newly-named airport? in the early morning hours. In an interview with Fox & Friends, Eric Trump stated that "there's no way in hell" he would have allowed UPS to be the first plane on the ground. JetBlue Airlines is the biggest carrier in Palm Beach, and together with Delta Air Lines and American Airlines, they operate two-thirds or more of the flights. Little Rock Airport in Arkansas was named after former President Bill Clinton, and Hillary Clinton, former Secretary of State. However, the airport code remained LIT. Some airports, including those in Las Vegas and San Jose (California), have been named after former legislators.
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Palm Beach Airport, Florida -- the home of Trump's resort in Palm Beach -- is named after him
Palm Beach Airport in Florida renamed after President Donald Trump, the latest of a number of institutions, government programs and warships that have adopted the Republican identity. The renaming of Palm Beach International Airport as President Donald J. Trump International Airport is a public nod to the Republican Leader's popularity in Florida, where his lavish Mar-a-Lago Resort is located. Eric Trump, Trump's son, said in an exclusive interview with Fox News that "I don't believe there's anyone more synonymous with Palm Beach in Florida than Donald Trump." Since Trump?took over the White House for a second term last year, his name has appeared on a new class of Navy warships that is planned, a program to grant visas to 'wealthy' foreigners, an online prescription drug store run by the government, and federal savings accounts set up for children. He has also undertaken an ambitious remaking Washington. The Trump name has been added to the United States Institute of Peace, but courts have refused to add it to the John?Kennedy?Center for the Performing Art. In March, Republican Florida Governor Ron DeSantis passed legislation to rename southeast Florida city's airport in honor of Trump. On August 18, the Federal Aviation Administration's three-letter code will change from PBI to DJT, which is Trump's initials. Eric 'Trump and his entire family were on the first private plane to land in the early morning hours at the newly named airport. Eric Trump told "Fox & Friends" that he would never let UPS be the first plane to arrive. (Reporting from Maria Alejandra Cardona, Palm Beach; writing by Doina Ciacu; editing by Nick Zieminski).
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Oil tanker traffic in Hormuz is near a standstill due to attacks that strain Iran's truce
According to data and reliable sources, oil tanker traffic in the Strait of Hormuz?was at a standstill Thursday as the shipping risks increased after the U.S. Airstrikes were renewed on Iran, prompting retaliation by Tehran in the Gulf. In the early morning hours of Thursday, only two tankers have so far sailed through the Strait. According to Kpler, they included the crude supertanker Berg 1 which was loaded on Iran's Kharg Island. It is also subject to U.S. sanction. Kpler analysis revealed that the chemical tanker Well Sail with Marshall Islands flag also traversed this strait. According to LSEG tracking data, its previous destination for loading was near Sharjah, United Arab Emirates. According to shipping industry sources, vessels are increasingly turning off their public AIS transponders. This makes it difficult to see all the ships crossing. In a recent report, Jorge Leon, the head of geopolitical analyses at Rystad, stated that "tanker traffic has virtually stopped through the Strait of Hormuz". The latest flare-up has left the U.S.-Iran truce in a precarious position. On Thursday, Iranian forces attacked U.S. military installations in Gulf States in response to U.S. airstrikes on Iran's eastern and southern provinces. This put further pressure on a three week-old ceasefire. The U.S. has blamed Tehran for the latest flare-up of the four-month conflict, which began this week with three tankers being attacked in the Strait by the U.S. The Iranian Revolutionary Guards Navy warned on Thursday that U.S. military attacks against Iran and interference in redirecting ships were disrupting the gradual reopening of the Strait. They also warned that any further U.S. interventions would be met with a "crushing reaction". Before the U.S.-Israeli attacks on Iran, which erupted in February 28, the Strait of Hormuz was responsible for about a fifth of all global oil supplies. The daily traffic has risen in the last two weeks to the highest level since the outbreak of the war. Averaging 40 ships transiting the Strait per day, this is still well below the pre-conflict number of 125 to140 sailings. A TANKER ATTACK RISKS HIGH-VALUE VEHICLES Insurance industry sources said that some war underwriters advised shipping companies to pause voyages across the strait, while others reviewed their policies after renewed vessel attacks. Clarksons, a ship broker, said that the reopening of Hormuz "story" looked more fragile after the latest escalation. The Marshall Islands flagged Qatari LNG tanker Al Rekayyat is still stranded off Oman, awaiting salvage operations after a late-night projectile strike ignited a fire inside its engine room. Sources in the industry said that despite earlier fears of an explosive event, there was little risk at this time and the cargo of liquefied gas looked secure. The Marshall Islands' ship registry, one of the top flag states in the world, has confirmed to? The incident that involved the Al Rekayyat did not result in any reported injuries or environmental impact. As recent incidents have shown the marine war market now faces the prospect of potential severe losses, involving vessels with substantial value, said a marine war underwriter who requested anonymity due to the sensitive nature of the situation.
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BETA is the flight control system of choice for Horizon Aircraft in Canada
Horizon Aircraft announced on Thursday that it has selected BETA Technologies, a manufacturer of electric aircraft, to provide flight-control computers to its Cavorite aircraft. The company is looking to accelerate certification efforts. The Canadian hybrid-electric plane maker announced that it would integrate BETA’s fly-by wire?flight-control hardware and customized software in its Cavorite X7. This aircraft can carry up to six passengers, including a pilot. It also has a payload of 1,500 pounds. The deal comes as electric and hybrid aircraft firms assemble suppliers and prepare for regulatory approvals before commercial deployment, in an effort to meet the growing demand for a quicker?and a lower-emissions alternative to?urban transportation. The regulators examine the flight-control computer systems to ensure aircraft handling and stability. Tom Brassington, Horizon's chief technology officer, said that the BETA agreement is critical for the aircraft's integration of flight-control. The company announced that it would use the flight control computer hardware BETA already uses in its aircraft. Both companies claimed this could reduce component costs and improve manufacturing efficiency. BETA, which also makes safety-critical components like motors and batteries in addition to flight controls systems, was selected earlier this year, along with rivals Archer, Joby and others, for an U.S. Government?pilot program that aims to accelerate the deployment of flying taxis. This agreement is the latest in a series of partnerships announced by Horizon. These include?deals? with RAMPF for the manufacture of?the main aircraft body, UK-based F1 suppliers Motion Applied, to design a motor drive custom inverter and Pratt & Whitney Canada, to provide its engine.
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Maersk resumes Middle East-US East Coast Shipping through Suez Canal
Maersk, a container shipping group that is one of the largest in the world, announced on Thursday that it would resume its Middle East-to-U.S. East Coast service via the Suez Canal. This move by the Danish company marks another step towards restoring routes across the Red Sea. After Houthi attacks on ships in the Red Sea, most shipping companies abandoned the Asia to Europe?trade route through the Suez Canal. This forced vessels to take the much longer route around Africa’s Cape of Good Hope. Recently, some carriers have begun to consider a gradual return?to the corridor. Maersk released a statement saying that "by?making the structural changes of returning to trans-Suez for the MECL services, we will offer significantly improved transit times." The company stated that 'westbound transit time would improve on average by seven days. While eastbound sailings will be up to fourteen days faster. Maersk announced on Monday that it will resume certain sailings through Suez Canal as part of a?gemini collaboration network? with Germany's Hapag-Lloyd. Maersk also experienced disruptions to its other services during the?Iran War, with some?vessels unable enter or exit the Gulf.
US concludes probe of imported aircraft and parts without seeking new tariffs
The U.S. Department of Commerce announced on Thursday that it had conducted a 'probe' into imported commercial aircraft and jet engines, and found foreign goods raised U.S. national security concerns. However, the Trump administration does not seek new tariffs.
After a brief tariff on aviation in 2017, the Trump administration agreed, under heavy lobbying from the U.S. Aviation sector, to exempt aircraft and parts as part of trade agreements. The report, which is based on a probe that was opened last year found that the U.S. aviation industry "is too dependent on foreign supply chains raising national security concerns" and cited risks posed by?imported parts due to quality control and counterfeiting.
The White House stated that U.S. Commerce Sec. Howard Lutnick had recommended no immediate tariffs.
Donald Trump has directed negotiations with trading partners to address the impact of imports from other countries on the U.S. Commercial Aerospace Industry. He said that if no agreement is reached within six months, he will take action.
The report stated that "competitive pressures from lower-cost suppliers force United States firms either to limit hiring or to maintain wages at a stagnant level, making jobs in aircraft manufacturing less attractive compared to those in other industries."
Airplanes, parts and accessories have been exempt from tariffs since 1979 under the Civil Aircraft Agreement. The sector had a?trade surplus of $75 billion per year.
Trump has made Boeing plane sales a major component of trade agreements?and often boasted about how many he helped sell to other countries.
Delta Air Lines, along with major trade associations, warned last year about the impact of 'tariffs on ticket prices and safety.
Last year, Airbus Americas warned that tariffs could put U.S. aircraft manufacturing at risk. (Reporting and writing by David Shepardson, Ryan Patrick Jones and Christian Martinez; editing by David Ljunggren and Alistair Bell).
(source: Reuters)