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Riyadh Air expands its fleet with 34 Boeing and Airbus widebody aircraft
Riyadh Air, Saudi Arabia's national airline, placed orders for 34 widebody planes with both Boeing and Airbus. The company is accelerating its plans to reach more than 100 destinations before 2030. The airline announced that it would exercise options on 28 Boeing 787 Dreamliners placed in 2023, and convert '20 of these options to the larger 787-10 version. Separately the 'carrier' confirmed the purchase six Airbus A350 1000 aircraft. This confirmed previously held purchase rights, and brought its total confirmed A350 1000 orders to 31 aircraft. The orders are the first announced at the Farnborough Airshow this year. Riyadh Air is ramping up its operations after launching several new routes in June. The airline has taken delivery of six Boeing 787-9 aircraft. Riyadh Air, backed by Saudi Arabia’s “sovereign wealth” fund, is central to Vision 2030’s plan to diversify the economy beyond oil. It also aims to boost tourism and connectivity. The airline has stated that it aims to connect the Saudi capital with more than 100 destinations around the world by the end the decade.
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Chinese rescuers use explosives for clearing boulders that trap landslide victims
Rescue teams in southwest China used explosives to blast through heavy boulders that were blocking their efforts to find 34 people who had been reported as?missing? for three days following a landslide in a natural beauty area. China is one of the most "landslide-prone" countries in the world. Eight people died in the disaster that occurred in Penghui, a county located 270 kilometers (168 miles), away from the urban sprawl of Chongqing. CCTV showed images of a huge boulder being shattered in Monday's blasting operations. The broadcaster added that the mission had entered a "deep-rescue phase", but did not provide any immediate details. The search effort was in response to President Xi Jinping’s?call for scientific rescue operations and a rapid investigation into the landslide's cause. The authorities evacuated over 1,100 people following the landslide. This county is home to approximately 500,000 people, and many of the communities are clinging to steep hillsides hugging the Wujian River. Video clips and photographs showed that a section of the mountainside had collapsed, and was now cascading down into the river. This cut off the main road of this small, hillside village. The official news agency Xinhua reported on Saturday that authorities have sent teams to monitor secondary disasters and investigate hidden geological hazards. Authorities have warned that heavy rains and torrential downpours are expected across several provinces on Monday. They urge people to take extra precautions in areas at high risk due to the abundance of groundwater and construction. CCTV reported on Monday that eight small and medium rivers in Yunnan and Guangxi as well as Anhui, Guangdong and Shanghai were currently above flood alert levels. The intense summer rains, rapid urbanisation, construction and tectonic activities are all factors that contribute to disasters. In China, where mountains, hills, and plateaus cover two-thirds the land mass, these factors can be a major cause of disasters. In the?past decade, at least 5 major, deadly landslides have killed 294 people in total. After the December 2015 collapse of a huge pile of construction debris in an industrial park located in southern tech hub Shenzhen, the worst incident resulted in more than 70 deaths. Reporting by Farah master in Hong Kong, Liz Lee and the Beijing Newsroom. Editing by Clarence Fernandez.
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Honeywell Aerospace wins IndiGo avionics deal; Aeromexico to deploy runway safety technology
Honeywell Aerospace announced on Monday that IndiGo, an Indian airline, had selected its avionics systems and power systems to equip '810 Airbus A320neo family aircraft. Meanwhile, Aeromexico plans to install Honeywell Aerospace runway safety technology in more than 100 Boeing jets. Honeywell has released separate statements confirming that the IndiGo contract includes auxiliary power units (APUs), weather radar, traffic accident avoidance systems (CAAS), flight management systems (FMS) and aftermarket support. Honeywell Aerospace?supplies equipment to IndiGo's fleet of aircraft since 2015. IndiGo operates more than 400 aircraft. Aeromexico plans to adopt Honeywell Surface Alerts (SURF A) runway safety technology on its Boeing 737 NG & 737 MAX fleet. SURF-A provides pilots with real-time aural and visual alerts when an aircraft is ?on a trajectory to collide with another aircraft on a runway, using ?GPS data, Automatic Dependent Surveillance-Broadcast (ADS-B) equipment and ?software analytics ?to identify traffic hazards. The company anticipates that the Federal Aviation Administration will begin certification of SURF A on?several Boeing planes in 2026. Federal Aviation Administration will begin in the fourth quarter of 2026, and continue into 2027. Honeywell Aerospace did not disclose financial terms in either agreement.
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Segro, a UK-based company, rejects Prologis’ sweetened $18,2 billion takeover offer
Prologis, the U.S.-based warehouse company, said that Segro had rejected its latest PS13.5billion ($18.17billion) takeover offer. It urged its British rivals' shareholders to press for Segro's board's involvement before a formal deadline. Segro's Board unanimously rejected the proposal, Prologis' third on July 17. Prologis stated that the bid valued Segro at PS9.93 a share and consisted of 0.0890 Prologis shares per Segro share, plus a partial 'cash alternative' of up to PS2.7billion. The latest offer is close to 34% higher than the closing price of the group on June 23, one day before Prologis made its interest public. Prologis said that it would explore the feasibility of listing its shares in a secondary market on the London Stock Exchange. Segro rejected the initial PS12.6 billion (about $12.6 billion) all-share offer from the U.S. company in June. They said it was "opportunistically timing" and that it fell significantly short of "fair value". On July 12, a second proposal was also rejected. Prologis has been unable to reach a deal with Segro, and as per British takeover regulations, it only has until the 22nd of July to submit a firm bid or to walk away. Segro has not responded to a request for comment regarding Prologis's statement that was issued on Monday outside UK business hours. EasyJet and Intertek are among the blue-chip firms that have attracted takeover interest over the past few months.
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Major Gulf bourses mix as markets assess US/Iran escalated
The major Gulf stock exchanges were mixed on Monday morning as the Middle East conflict intensified over the weekend. This was due to the U.S. attacking?Iran for the ninth consecutive night. Kuwait and Bahrain both reported new Iranian strikes in the'region. The U.S. Embassy in Bahrain warned Americans in Manama that Iran could target unspecified areas in the capital. Kuwait's Foreign Ministry has condemned an alleged Iranian attack on a desalination plant and power station. The Islamic Revolutionary?Corps announced on Monday that 2 oil tankers exploded, and became disabled?after attempting a southern route it called unsafe in the Strait of?Hormuz. It claimed that the vessels were encouraged to use the passage by the?U.S. The military was encouraged to use the passage. Dubai's main stock index fell 1%. Blue-chip developer Emaar Properties, which has fallen by 1.3%, and budget airliner Air Arabia, which has dropped by 2.3% were the two biggest factors. AlphaDhabi Holding fell 1% in Abu Dhabi. The index dropped 0.8%. Saudi Arabia's benchmark?index?added 0.1 %, helped by an increase of 0.4% in the oil major Saudi Aramco. Brent crude futures rose $2.77 or 3.14% to $90.87 by 0612 GMT. This was their highest level since?June?11. Since the start of the war, the Kingdom has diverted over 70% of its daily crude exports into the Red Sea port of Yanbu. In recent weeks, Yanbu has averaged 4,000,000 barrels of crude oil per day compared to 973,000 bpd?a year ago. Qatar's benchmark index edged up by 0.2% after a 1.5% drop in the previous session. This was aided by a 0.4% increase in Gulf heavyweight Qatar National Bank.
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UKMTO reports that a vessel is drifting off Oman following a projectile strike.
The United Kingdom Maritime Trade Operations agency'said that a vessel was'struck by a?unknown projectile? 8?nautical mile (14.8 km), northwest of Oman’s Kumzar overlooking the Strait of Hormuz. UKMTO reported that the crew had safely evacuated the vessel, and the tugboat has retrieved it. Earlier reports claimed the vessel was on fire. UKMTO reported that the?fire was not extinguished but there were no environmental impacts. Iran's Revolutionary Guards announced on Monday that two?oil tanks "exploded" after they attempted to transit what the Guards deemed an unsafe southern route through the Strait of Hormuz. The Guards also pointed out two ships involved in a "accident" on Sunday in the same region. The?two incidents?were not?clearly related. Reporting by Enas Alashray and Eman Aboushassira, Editing by Christian Schmollinger & Ros Russell
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Ryanair's summer fares are lower as the company misses profit forecasts
Ryanair warned on Monday that the average summer fare was likely to be lower than last year due to the uncertainty surrounding the Iran War, and that the airline's after-tax profits for the April-June quarter were below analyst expectations. Europe's biggest airline by passenger number reported an after-tax income of EUR538m ($615.6m) for its fiscal first quarter ending June 30 compared to a forecasted EUR579m in a poll of analysts. Citi analysts said in a note that the airline's shares looked likely "to open down a low-mid-single-digit-%" ?following the miss. FARES 'TRENDING MODERATELY DOWN Michael O'Leary, Chief Executive Officer of British Airways, said that the first-quarter average fare was 6% less than last year's same-period fares. "The Middle East conflict has led to consumer hesitancy and concerns about EU jet fuel shortages as well as economic uncertainty, which have delayed bookings," he explained. The final outcome of the H1 fare is highly dependent on the strength and volume of last-minute bookings, which is what drives profit for budget airlines. Ryanair's last quarterly results, released in May, stated that fares would likely be flat between July and September. CFO SEES CAPACITY FALLING, FARE INCREASING IN THE COMING YEAR Neil Sorahan, Chief Financial officer, said that the decline in fares will be temporary. In an interview, Sorahan stated that "I wouldn't surprise to see some casualties this winter... There's a couple of people who are very close to the edge." He said he expected "significant" capacity to be reduced in Europe this winter "which could be beneficial for pricing." And a lot more?may be taken out in the summer of?2027. Sorahan stated that the possible sale of British rival,?easyJet (which is currently in a bidding battle), could lead to a reduction of capacity, and trigger a "domino-effect" of consolidation across Europe.
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Maguire: ROI-America’s power grid chokes on expensive congestion
The congestion on the U.S. electric grid is a costly bottleneck that drives up prices and delays new generation projects, while also compromising reliability. The electricity industry is still largely focused on the generation of electricity. Politicians debate solar panels, gas turbines, and nuclear reactors, while utilities boast of billions of dollars in planned investments. PJM Interconnection is the largest U.S. electricity market, spanning 13 states. It provides a striking example. According to a recent report from Gridraven, transmission congestion cost market participants $777.8 millions in June. This is down from the record-breaking $1 billion in May during a regional heatwave, but it remains high. In just two months, the combined congestion charges amounted to $1.8 billion. GROWTH TREND It is the direction of travel, not the headline figure. The direction in which things are going is what's most worrying. In the coming years, if current trends continue to be followed, electricity producers and consumers will likely face an increased burden of congestion costs. This is important because congestion acts as a tax against economic growth. Grid operators can't just dispatch the cheapest electricity available when transmission lines are overloaded. They are forced to use generators that are more expensive and located nearer to the demand centers. These costs are eventually passed on to customers through wholesale markets. On their electric bills, consumers rarely find a "congestion charge". They pay it anyway. The problem is getting worse because the demand is increasing at exactly the wrong time. Years ago, the U.S. demand for electricity was virtually flat. This allowed policymakers and utilities alike to put off difficult transmission decisions. This era is over. Construction of data centers is booming. Manufacturers are increasing domestic production. State and utility companies continue to promote electrification in transport and heating. All of these trends are increasing demand for electricity and, more importantly, for the movement of it throughout the country. MISMATCH IN SUPPLY AND DEMAND The modern electrical system is geographically complex, making the task even more difficult. The cheapest new generation is often located away from the major population centers. In rural areas, wind resources are most abundant. Solar power is often more efficient in areas where there is plenty of land than where the electricity is consumed. The U.S. needs transmission infrastructure as much as it needs generation infrastructure. Transmission development is notoriously slow. Permitting and building new high-voltage lines can take up to a decade. Projects are often delayed by local opposition, disputes over permits and battles about cost allocation. The demand growth is however not waiting. PJM PAINPOINTS The effects are already visible?across PJM. Congestion in June was concentrated primarily in Pennsylvania, Maryland and Northern Virginia. These regions are at the intersection between rising electricity demand and transmission bottlenecks. Northern Virginia has been a major hub for the U.S. Data-Center Boom. It is clear that the billion-dollar event in May was not an anomaly. It may instead offer a glimpse at what the future of electricity markets will look like. This presents challenges to consumers and power producers alike. Even when the electricity demand is high, generators behind transmission restrictions may not be able to access all lucrative markets. Congestion can reduce revenues, distort signals of investment and reduce the value new generation projects. Many renewable developers are vulnerable, as they are often located in remote areas far from urban demand centers. They are therefore heavily dependent on transmission availability. DYNAMIC PROSPECTS FOR GROWTH Ironically, America is investing heavily in power generation but failing to make the most of it due to grid bottlenecks. This explains the interest in technologies which can extract more capacity from existing transmission infrastructure. Gridraven estimates Dynamic Line Rate technology could have increased the available?transmission capability in PJM by averaging 13% in June, resulting in a congestion saving of approximately $88.3 millions. According to the company, which models future transmission capacity using weather forecasts and AI, the Graceton 230-kilovolt corridor, could have had congestion costs reduced by almost $36 million. It is not as important whether these estimates are accurate or not, but rather the message. Because it is so difficult to build new infrastructure, the industry is looking for ways to maximize existing grid capacity. Other firms have also developed hardware to increase capacity on existing transmission lines. These include Linevision which models transmission capacity using sensors and digital twins. These technologies could be helpful. They are unlikely to eliminate the problem completely. It's a sad fact that America's electric ambitions are growing faster then its transmission network. The country is aiming for AI leadership, increased domestic manufacturing, cleaner energie, a wider electrification, and stronger economic growth. Each of these goals will require more electricity to be flowing through the grid. Congestion costs will continue to rise until transmission expansion catches up. If PJM is any 'guide, then electricity consumers will soon find out that the most costly part of energy transition isn't producing power. It's moving. These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. 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The passenger ship that sank off the coast of Guyana is believed to have taken dozens of people with it.
Guyana authorities report that a ferry with 116 passengers, including 15 children, has sunk off the coast of Guyana, in South America, late Saturday night. 67 people, including those who were rescued, have been rescued.
According to local media, an air traffic control tower received the distress call from the MV Barima at 11:01 pm on Saturday night, which triggered a search and rescue mission. The ferry capsized, along with?17 other crew members,?off of the North 'Atlantic Coast on its way to Port Kaituma. The ferry's departure point was not known.
At a Sunday morning press conference, Prime Minister Mark Phillips stated that the operation will continue until 'all efforts have been exhausted.
Deodat indar, Guyana's Minister for Public Utilities and Aviation?said that emergency family support centers had been set up?to give families information and assistance. Reporting by Kemol King, Deisy Bugtrago and Emily Green. Editing by Chizu Nimiyama.
(source: Reuters)