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Trump announces $22 billion plan for Washington Dulles airport
The President Donald Trump announced a $22 billion plan to rebuild Washington Dulles Airport by replacing concourses, adding a large parking garage and preserving the iconic main terminal. This announcement is just the latest of a number of major projects that he has announced around and in the U.S. Capital. Trump stated that Dulles Airport in Washington was "one of the worst airports in the world. We're going make it the best by doing some hard work." He also said it was "time for a major, long-overdue renovation and rebuilding of Washington's horribly thought of Dulles." Trump, joined at the White House by United Airlines CEO Scott Kirby and Transportation Sec. Sean Duffy, has been pressing for a major overhaul of Dulles Airport, the main international gateway to the National Capital Region. Plan includes 5,000,000 square feet of renovated or new airport space. Duffy confirmed in May that the federal government was planning a $22 Billion overhaul of Dulles. This plan is one of the biggest airport renovations in the United States. It will be funded by municipal bonds, but it raises concerns about the impact on flight costs. Airport authority approved separate capital?plans for Dulles and Washington Dulles worth $7 billion. Dulles, despite the criticisms, was "the fastest-growing U.S. large airport by passenger traffic last year." In 2025 the airport handled 29 million passengers, an increase of 6.4%. This fall, it will get a new 435,000-square-foot (40,412-square-meter), 14-gate concourse serving United customers. Duffy has said that the slow vehicles used to transport passengers on the tarmac will be phased-out as part of this overhaul. In December, the U.S. Department of Transportation criticized the "jet fuel odor" in?the concourses and the "paltry number" of gates at the main terminal. Trump's Dulles project represents the latest major reconstruction project in Washington. Dulles Airport is located about 40 km (25 miles) away from the U.S. Capital and was opened in 1962. The terminal building of the airport was designed by Eero Sárinen, a Finnish architect. It is a unique?structure that has a roof with a sloping slope on both sides. Trump stated that the building would remain. United Airlines is the biggest carrier at Dulles. It handles about 70% of traffic. Trump held a meeting with Kirby on February 25, where the CEO pitched the idea of merging American Airlines. Kirby announced in April that his pursuit of American Airlines was over. The Metropolitan Washington Airports Authority operates the airport under a lease of 50 years approved by Congress. Airports Authority will finance new terminals and concourses through municipal bonds, while other aspects of the development may include public-private partnerships. Trump stated that United would partially fund the project. The airline didn't immediately answer a question about the funding. (Reporting and editing by David Shepardson, Chizu Nomiyama, Deepa Babington).
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Sources: Saudi Arabia seeks international alliance to protect Red Sea shipping against Houthis
Two people who are familiar with the discussions said that Saudi Arabia is looking to form an international coalition in order to protect ships from Houthi attacks on the Red Sea. Sources said that the composition of the coalition is still being finalised. It's also currently being discussed with dozens of other countries. The Saudi Center for International Communication didn't immediately respond to an inquiry for comment. The Iran-aligned Houthis announced on July 20 that they would impose "a naval blockade" on Saudi Arabia at the Red Sea in response to what they called a Saudi siege against Yemen. Riyadh denied this allegation. The Houthis have claimed that they have attacked Saudi vessels in the Red Sea since then. Saudi Arabia responded by airstrikes on what they'said' were Houthi military installations at Yemen’s Hodeidah port used to?threaten commercial shipping. The blockade opened a new front in the war against Iran, extending attacks to tankers transporting 'energy and other supplies' beyond the Gulf and pushing up oil prices.
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Shell and Phillips 66 are weighing the sale of their stakes in US Pipeline Explorer worth $3.5 billion, according to sources
Shell and Phillips 66 have been working on a possible sale of their stakes, which include the Explorer refined product pipeline. This deal could be worth around $3.5 billion. This move is a reflection of how the increased demand for energy infrastructure assets from financial buyers has driven up valuations, and encouraged owners to sell and reinvest in their core businesses or areas with higher growth. Shell and Phillips 66 hold approximately 61% of the legal entity that holds the pipeline. The pipeline transports gasoline, jet-fuel and other fuel products through the Midwest to?endpoints including the outskirts Chicago. Greenhill, an affiliate of Mizuho, and RBC Capital Markets have been hired to conduct an auction?process for stakes. Deliberations are currently in the early stages. Energy Transfer and MPLX are the owners of the rest of Explorer. The sources say that while the Shell and Phillips 66 shares are being marketed to prospective buyers, other stakeholder companies could contribute if there is a strong interest in acquiring the entire pipeline. Sources cautioned that there is no guarantee for any deal to be made involving Explorer stakes and spoke under condition of anonymity in order to discuss private discussions. Shell, Phillips 66 and MPLX refused to comment. Explorer, Energy Transfer and Mizuho??and RBC have not responded to requests for comment. CRITICAL INFRASTRUCTURE Explorer, a 1,800-mile pipeline system in service since the 1970s is a critical infrastructure. According to Explorer's site, the southern part of the system has a capacity of?660,000 barrels per?day, while the northern portion can handle?450,000 barrels?per?day. Explorer, along with the Colonial pipeline that transports fuel from Texas to northeastern United States, is considered one of the most important refined product pipelines in the United States. Colonial was sold to Brookfield Infrastructure Partners last year for around $9 billion. In the sale, the first group of shareholders put their stakes on the market before the remainder contributed their holdings to a?deal with the investment firm. In recent years, pipelines and other energy infrastructure has attracted significant buyer interest. Financial buyers are attracted to the cash flow generated by midstream assets. Industry players want growth in both assets and product offerings. (Reporting from David French in New York, Additional Reporting from Stephanie Kelly in London, Editing by Echo Wang & Nick Zieminski).
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Ambrey reports that a drone hit a gas storage tanker in Egypt's Mediterranean Port.
Ambrey, a British maritime security firm, said on Wednesday that a drone had struck a U.S. owned gas storage tanker in Egypt's Mediterranean Port of Damietta. The company cited an initial assessment. The Egyptian petroleum ministry released a statement that confirmed the fire in the port, but did not mention a drone attack. Inchcape, a port services company, said in an unrelated message that two gas tanks had caught fire near Damietta. Three trading sources who were familiar with the incident confirmed that the drone struck a floating storage tanker named Energos winter, causing an explosion which spread to a second vessel called Gaslog 'Salem. Two different security sources have said that the drone was likely to be the cause of the explosion, which could indicate a new outbreak of conflict in the Middle East. The incident was not immediately attributed to anyone. Energos Winter, a floating storage unit and regasification (FSRU), has a storage capacity of 138.250 cubic meters. The U.S. firm?Energos Infrastructure owns the vessel. Wilhelmsen Ship Management is also a U.S.-based company that manages the technical, safety, and commercial operations. In a statement, Egypt's petroleum ministry said that a fire broke on a?gasification vessel and a storage ship at Damietta Port and was immediately dealt with under approved emergency response plans by firefighting teams and security. It said that the Petroleum Minister,?Karim Baadawi, went to the scene to supervise response efforts. The statement said that the fire did not cause any injuries or deaths and that emergency and technical teams were continuing to assess the impact and work on the response. Reporting by Jonathan Saul and Marwa Rashad; editing by Alex Richardson
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Drones blamed for explosions at Egyptian Mediterranean port in possible spread of war
On Wednesday, explosions rocked a natural-gas loading port in Egypt, on the 'Mediterranean Sea. Ambrey, a British maritime security firm, said that a U.S. owned floating storage tanker had been struck by a drone in an attempt to spread a Middle East conflict. No one has claimed responsibility for the incident that occurred in the Egyptian port city of Damietta. On 'Wednesday, the United States and Saudi Arabia attacked Iran-backed paramilitary groups in Iraq. U.S. president Donald 'Trump promised to "beat the ****" out of Iran for firing on U.S. troops days after he stopped air strikes.
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Telecom Italia's second-quarter earnings core meet expectations
Telecom Italia's (TIM) second-quarter 'core earnings' were broadly in line with expectations on a Wednesday, as the growth of TIM’s?Brazilian?unit and enterprise division accompanied a resurgence of growth within its home market. The results are 'the first since TIM’s board unanimously approved a?takeover?offer by its largest shareholder Poste Italiane on?July 18, in a deal valued at a telecommunications kingpin worth?more?than 13 billion euros. Earnings before interest, taxes, depreciation, and 'amortisation following leases' (EBITDA AL) of the former phone monopoly for the three-month period ending June 30 rose to 998 millions?euros ($1.14billion), compared to a company-provided consensus analyst estimate of 995million?euros. The group's performance was boosted by Brazil and TIM Enterprise, as well as the domestic revenue.
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Airbus Q2 profits boosted by jet deliveries and defense demand
Airbus maintained financial ?and industrial forecasts as it unveiled stronger-than-expected second-quarter ?revenues and core profits on Wednesday, lifted by higher jetliner ?deliveries and gains in defence. The 'world's biggest planemaker'reported its?quarterly operating profit increased 54% to 2,43 billion euros while revenues grew 28% to 20,53 billion euros. This was due to a surge in deliveries of commercial aircraft following a slow year-start. Analysts expected the profit figure, which was widely watched, to be 2.19 billion Euros on revenues of?20.25 billion. The quarterly update was released just days after Airbus expressed greater confidence in the ability to?increase production? as a battered aerospace sector begins to turn the corner with regard supply disruption. The company aims to achieve a near-doubling of profits as well as a stronger return for shareholders by 2029. Airbus delivered 237 aircraft in the second quarter of this year, up by 39% compared to the same period last time. The financial forecasts for the year remained unchanged, including an operating profit adjusted to 7.5 billion euro. Airbus maintained its goal of increasing A320-family production to between 70 and75 planes per monthly by the end of 2027. After that, it will stabilize at 75 per month. ?But the company dropped references to Pratt & Whitney engine manufacturer as 'the decisive factor' in the ramp-up. The RTX subsidiary said at the Farnborough Airshow that disruptions in engine maintenance were easing. Airbus reported a quarterly profit of 357 million euros in Defence and Space, driven by both 'higher sales volumes and better profitability? as Europe's spending spree continues. Boeing, a rival company, reported on Tuesday a bigger-than-expected loss for the quarter but also generated favourable free cashflow. This was due to its progress in implementing turnaround plans. (Reporting from Tim Hepher & Florence Loeve).
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US sanctions on Iran's oil companies and insurers
Treasury Department of the United States announced that the United States issued another round of sanctions against Iran on Wednesday, targeting Iran's efforts "to monetize the Strait of Hormuz". The United States designated 10 entities, and eight more tankers. It said that six of the entities targeted by sanctions are based in China. According to Fox News, the sanctions were a response to a pledge made by U.S. president Donald Trump on Wednesday, to strike Iran hard. This was after the U.S. army announced that it had intercepted?multiple ballistic missiles fired by Iran towards American forces in Middle East. On Wednesday, the United States and Saudi Arabia struck Iran-backed militias in?Iraq. Treasury's Office of Foreign Assets Control has designated two companies, the Persian Gulf Marine Insurance Co.?and HormuzSafe Marine Services Authority. It said that both firms were essential to an Iranian scheme aimed at extracting digital assets and revenue from ships transiting the Strait of Hormuz via various insurance policies. The regime is in desperate need of cash, said Treasury Secretary Scott Bessent. Bessent, referring the Islamic Revolutionary Guard Corps, said that the United States would not allow Iran's terrorism and aggression to be funded by international shipping or the IRGC. The new sanctions are part a larger push by the Trump administration to use both economic tools as well as military strikes to increase pressure on Iran. This is a war that is deeply unpopular and has brought down Trump's approval ratings. "The Iran War demonstrates that the current administration will use U.S. military and economic power in concert," said Jess Hoversen. He is now the chief economist of Column, an online platform bank. She said that OFAC has moved rapidly to designate maritime infrastructure, currency exchange infrastructure and procurement networks even while the U.S. Military has increased its attacks. Hoversen stated that the Treasury is operating at a high operational pace, and that combining targeted sanctions with military strikes could be a template for future conflicts. OFAC sanctioned more than 100 vessels that were part of Iran's shadow navy, which was used to maintain oil revenues despite international sanctions. Reporting by Andrea Shalal, Daphne Psaledakis and Susan Heavey. Writing by Susan Heavey. Editing by Bill Berkrot.
Airbus has paid a fine of PS6 Million in the UK export control probe
Airbus announced on Wednesday that it had 'paid just over PS6.4m?to UK Revenue & Customs Authorities to settle a two-year old investigation into export control violation.
The European planemaker has announced that it will be investigating several of its British subsidiaries in 2024.
Airbus stated in its notes to the quarterly earnings released on Wednesday that the settlement reached earlier this month "closes" and "fully resolves" the issue.
The probe, according to people familiar with it, 'focused on anomalies that were discovered during an audit of the A400M airlifter in 2022.
Airbus refused to comment on the details of the investigation, but stated that it had voluntarily disclosed the problems and fully cooperated with the review.
A?spokesperson stated that the?company has "long since implemented comprehensive remediation measures."
Airbus has agreed to pay $10m in 2020 and to appoint a compliance officer for export control to settle findings made by the State Department, that Airbus had violated the U.S. International Traffic in Arms Regulations. (Reporting and editing by Kirovan, Nick Zieminski, Florence Loeve)
(source: Reuters)