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Oil giants rush in to help Italy's Meloni reduce energy costs by introducing fuel price caps
Kuwait's energy firm,?Q8, will cap the price of Italian petrol at the pump for a month beginning October 1. This follows similar commitments by Italy's Eni as well as?Azerbaijan SOCAR. Market analysts have interpreted the moves as an attempt to curry favor with Rome's government and discourage it from imposing windfall taxes on energy company profits. This was something that Economy Minister Giancarlo Giorgetti, and other prominent politicians had proposed. Giorgia Melons is scrambling for resources to help families, firms and businesses cope with the rising energy costs. She's preparing to present her government's budget 2027 in October. It will be her last presentation before an upcoming election next year. Q8. Italy said in a press release that its cap would generate "tangible" benefits for motorists but didn't specify the price. Meloni, in a press release, said: "I'd like to thank Kuwait as well as the group operating the Q8 stations that operate in Italy for listening to the Italian government's request to energy companies about capping fuel prices." SOCAR and Eni have capped diesel prices at EUR2.19 ($2.48) a litre since Monday, while petrol is priced at EUR1.99 per litre. Equita and Intermonte, two brokers who provide brokerage services to energy companies and their clients, wrote in client reports that this initiative would reduce the risk of new taxation on windfall profits. Germany, Spain Portugal, Italy and Poland are calling for a windfall tax to be imposed on energy companies across the EU. They warn that oil prices are rising at a rapid rate, fueling voter unrest over the cost of living. Giorgetti is not ruling out the introduction of a domestic windfall-tax rather than waiting on a joint initiative. The National?Consumers' Union of Italy welcomed Q8's decision, stating that about half of Italy’s network of fuel stations will now be imposing price caps. The consumer group stated that the challenge is to "prevent the abuse" of dominant market positions, and to ensure that independent fuel stations are not squeezed out or forced to shut down. According to data from the industry ministry, price caps have had little impact on lowering fuel prices. The self-service price for petrol was EUR2.126 per 1 litre, down from EUR2.159 the previous day. Diesel prices were also slightly lower, at EUR2.335, compared to EUR2.377. The price of petrol on the motorway network was EUR2.180 and diesel EUR2.383.
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TSA officers are not allowed to sit down during ID checks in US airports
The US Transportation Security Administration and a major US airport union announced on Tuesday that officers of the US Transportation Security Administration will not be able to'sit while checking IDs' at uS airport checkpoints. The TSA has removed chairs from checkpoints. According to the American Federation of Government Employees TSA Council 100 which represents workers, the removal is "a disregard for workers' safety and rights" and the chairs are "basic ergonomic and safety support to officers who stand and walk all day on hard surfaces." TSA announced the decision and said: "This welcome shift reinforces our security posture as well as?our commitment towards hospitality by keeping these officers alert and on their toes." To perform their vital role in national security, all officers must meet the fitness for duty requirements. In April, President Donald Trump proposed cutting 9,400 employees and just over $1.5 billion or about 20% from the budget of the TSA, which has 60,000 employees. Trump has also proposed that smaller airports use private security. This would reduce the TSA's payroll by over 4,500 jobs, and is a step towards privatizing the agency, which was created in the wake of the September 11, 2001 attacks. Since years, about 20 airports have used private security screening, including those located in San Francisco and Kansas City, as well as Sarasota (Florida) and San Francisco. The US Senate voted in August to 'confirm' David Cummins as the new head of TSA. Cummins is a senior Vice President at Serco, an international company based in UK that provides public services to governments. Trump fired TSA chief David Pekoske in 2025 on his first day in office and didn't nominate a successor for 16 months. The government shutdown forced 50,000 TSA workers to work without pay for six weeks. This caused major disruptions including four-hour or longer airport security lines. CNN announced the new security procedures on Tuesday.
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Pentagon: Boeing has won the contract for next-generation US Navy fighters.
The Pentagon announced on Tuesday that Boeing had been selected to build the US Navy’s next-generation stealth fighter. This is Boeing’s second consecutive major victory in fighter jets, and it caps months of delays over a program which is crucial to countering China’s presence in the Pacific. Boeing won the $20 billion contract for test aircraft from Northrop Grumman Corp. Over the course of its life, the program's cost could reach hundreds of billions as production ramps-up and international customers place orders. Boeing won a contract to build the Air Force’s stealthy F-47 fighter in March of last year, making it its second major sixth-generation aircraft contract in consecutive years. Boeing's long-standing history of building carrier-based fighters, such as the F/A-18E/F Super Hornet it is replacing, made the company a strong competitor throughout the competition. This pedigree was a factor in overcoming concerns raised by officials about Boeing's ability to field enough engineers and vendors to build both the F-47 fighter and Navy fighter at the same time. Boeing shares rose?2.25% on Tuesday in extended trading, while Northrop stocks fell 3.5%. ST. LOUIS BUSINESS BOOST This contract represents a significant boost for Boeing's fighter-production operations in St. Louis (Missouri), which are closing down the F/A-18E/F Super Hornet, and EA-18G Growler, production lines. Steve Parker, Boeing Defense, Space & Security's president and chief executive, stated in a press release that the company had made "investments in new facilities uniquely suited for building multiple products with next generation capabilities. Our dedicated and talented team are ready to execute this crucial program." The new jet, currently designated "F/A-XX", will be at the heart of the Navy’s Next Generation Air Dominance system family. Michael Duffey said that the jet was "a critical, non-negotiable, investment in America's long-term air combat capabilities and national security." Delays and Congressional Intervention Despite this, the program has faced delays and funding disputes over many years. Pentagon officials wanted to delay the program by three years, citing concerns about engineering and supply chain capacity. Congress intervened and allocated $750 million in the 2025 tax cut?and spending bill and $1.4 billion in fiscal 2026. Lockheed Martin Corp. was eliminated from competition in March 2025, after Navy officials determined that its design did not meet required criteria. Boeing and Northrop were the two finalists. China is rapidly developing advanced combat aircraft including what Beijing calls sixth-generation designs. The Navy was under pressure to move quickly or risk not having a modern fighter carrier in the 2030s. The new jet will feature improved stealth capabilities and range, as well as the ability to integrate with the Navy's carrier-based systems for air defense. The Navy plans to purchase?more then 270 Lockheed Martin F-35C aircraft for its carrier fleet. These will fly along with the F/A-XX when it is in service. The first production F/A-XX aircraft are expected in 2030s. Meanwhile, the Super Hornets in service since 1990s will continue to fly until 2040.
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Smoke in the cabin causes emergency landing of a Boston bound Delta flight in Portugal
Delta Airlines reported that a flight from Barcelona to Boston made an emergency landing in Porto, Portugal on Sunday afternoon. The company reported that Flight DL251 had been diverted from Barcelona to Porto due to a mechanical problem and landed safely there. Flightradar24, a tracking service, indicated that the plane left Barcelona at 3:15 pm (1315 GMT), and landed in Porto at 5 p.m. (1645 GMT). A spokesperson for Portugal's emergency and civil protection authority said that eight passengers who were on board the Airbus A330 were treated at the Francisco Sa Carneiro Airport, while three others were transported to hospital. The Portuguese spokesperson said that the forced landing was due to "smoke" in the cabin.
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Increased security at US Fairford Air Base in England
A witness said that security measures at an 'US airbase in southwest England have increased significantly in the last few days, with roadblocks and armed police blocking access, as well as emergency vehicles parked near. A spokesperson from the US Air Force confirmed that they are aware of the current reports but will not discuss specific measures to protect forces. The spokesperson stated that "the 501st combat support wing and our UK-based Wings will remain vigilant and take appropriate actions to ensure safety and security for?our US servicemen, civilians and contractors, as well as their families." "We continually assess a number of factors to determine which measures we implement?or change in order to protect our installations and our people, as well as their families." Britain declared?in July that its armed forces were ready to protect the country against any attack, after Iran's Revolutionary Guards warned not to allow US bombers fly out of Fairford. Fairford in Gloucestershire was used to launch operations against Iran during the Middle East Conflict.
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Boeing flags 737 MAX Software Bug Affecting Landing Navigation Feature, WSJ Reports
The Wall Street Journal, citing documents from the company, reported that Boeing has discovered a previously unknown software bug in its 737 MAX aircraft. This glitch could cause an automated navigation 'feature' to fail on landing. Report said that the issue was caused by a software update in the cockpit and could occur when crews change their flight plan after a missed landing. Boeing, when asked for comment, said that it had informed 'all 737 operators' last month of the software problem under which pilots could not?have access to automated flight guidance in a certain landing scenario. Our engineers are working on a software update to 'permanently address the issue. Boeing stated in an email that engineers were working on a permanent software update. The Federal Aviation Administration (FAA) said that it was aware of a possible issue with a software update to the flight computers in certain Boeing 737 MAX aircrafts, and worked closely with Boeing as well as the airlines. The FAA issued a statement saying that it would convene a Corrective Action Review Board if a safety concern was identified. Boeing has come under heavy regulatory and safety scrutiny over the past few years, following two 'fatal 737 MAX crash incidents in 2018 and 2019, which led to a 'worldwide grounding of the aircraft. Also after a cabin panel blew out mid-air on a brand new Alaska Airlines MAX 9 in 2018. Southwest Airlines and 'United Airlines' have requested that Boeing not deliver new 737 MAX aircraft with the affected software, and instead request an earlier version. The report stated that it was not immediately clear how many aircraft were operating with the flawed software. Boeing, airlines, and regulators are evaluating the issue to determine if it poses a safety concern for flight, according to the report.
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Russia claims it has struck Ukrainian defence industry vessels and facilities
On Friday, the Russian Defence Ministry said that 'its forces' had carried out drone strikes overnight on Ukrainian defence industry installations, logistic centres and vessels used in Ukraine by its armed forces. The 'Ministry' said that the strikes targeted a 'drone assembly and storage site, in the Kyiv region; logistics hubs in Odesa and port infrastructure in Reni along the Danube River. It was also reported that Russian forces had struck a cargo vessel carrying dual-use and military goods bound for the port of Odesa. Later, on Friday, the ministry announced that its forces had hit another cargo ship?in Odesa that was delivering a?logistics centre?to the port Chornomorsk. This centre is used by Ukraine's armed forces and security forces. It also houses a data center for the?processing of intelligence data and the transmission of it. Could not independently verify statements.
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Volkswagen recalls 4 million cars, Handelsblatt reports
The Handelsblatt reported that Volkswagen, the German automaker, will recall 4 million vehicles from four different brands. This is the largest recall since the Dieselgate scandal. According to the German KBA, there will be a recall of 2.16 million VW and 700,000 Audi vehicles. The Handelsblatt reported that Volkswagen's Czech?brand Skoda, and Seat in Spain would also be affected by the action. Seat confirmed that the number. Skoda has not yet commented on the report. Volkswagen stated in an earlier press release that customers were asked to bring their vehicles to be repaired due to a?risk of corrosion associated with a screw within the steering system. If left unchecked this could affect the steering system's function in the long run. The company said that the recall is a precautionary measure, and that replacing the screw will take less than an hour. Volkswagen refused to comment on the cost estimate of the recalls.
Sources say that Russia is considering how to support Russian Railways, which has a debt of $51 billion.
Two people familiar with the situation said that the Russian government is looking at different options to support Russian Railways. The company, which is the largest employer in the country, has accumulated a debt of 4 trillion roubles ($50.8 billion).
The state-owned Russian Railways employs 700,000 workers and has seen its revenues fall amid the sharp slowdown of Russia's wartime economy. Meanwhile, debt costs are on the rise, driven by interest rates that have reached their highest levels in 20 years.
Two people, who requested anonymity because the subject was sensitive, said that Moscow had been discussing ways to help the railways pay off its debt, which is mainly owed to banks of state.
Sources said that these include increasing the price of cargo, increasing subsidies, reducing taxes, or even using money from the National Wealth Fund. The sources said that raising the prices of railway cargo would hurt Russian exporters who are already suffering due to high interest rates and economic slowdown.
One source said that Russian officials met in late November to discuss the current situation and will meet again in December. Requests for comments were not responded to by Russian Railways, Russian Government and Transport Ministry.
There are some ideas that haven't been discussed yet at the level of government, such as capping interest rates for Russian Railways to 9% and converting debts into stakes. This would give state banks a piece of the company.
Proposed DEBT-TO EQUITY CONVERSION
According to a source, one of the proposals was to convert 400 milliards roubles in debt of Russian Railways into shares. According to the source, this measure would save 64 billion Rubbles in interest over three years.
Sources portrayed the measures as a "save" Russian Railways. Russian Railways operates the third longest railway network in the world after the United States of America and China.
One source said that it was not clear what the final government decision would be due to the differences in opinion between the representatives of the Finance, Economy, Transport and Trade Ministries.
According to international standards, Russian Railways has reported revenues for 2024 of 3.3 trillion Russian roubles. Its expenditures are 2.8 trillion Russian roubles.
The debt crisis raises alarm bells
The company's financial statement for 2025 shows a net debt of 3,3 trillion roubles at June 30. This includes 1.8 trillion of short-term loans.
The debt spiked by 0.7 trillion rubles in only half a calendar year.
Russian Railways has been a leading indicator of the health of the Russian economy for many years. It transports oil, passengers and cargoes from the Pacific Ocean to the Black Sea and Baltic Sea.
The state's war economy is a major challenge. Its struggles are a reflection of the challenges faced by too-big to fail companies that are indebted with state-owned banks. This leaves the state on a hook, at he same time as Russia spends record amounts on military spending and the war in Ukraine enters its fourth year.
The war economy of PUTIN cools sharply
In the first two years of Vladimir Putin's presidency, from 2000 to 2008. Russia's GDP grew from $200 billion to $1.7 trillion. Now, Russia's nominal GDP of $2.2 trillion, is about the same as it was in 2013, just before Russia annexed Crimea, and the economy will slow down sharply this coming year.
The International Monetary Fund, however, has downgraded their 2025 forecast from 0.9% to 0.6%.
The West claims it wants to cripple Russia’s economy in order to force the Kremlin into changing its course on Ukraine. However, Putin has stated that Russia will not bow to foreign pressure. Russian officials also claim the economy is secondary compared to the goals of the war.
Putin claims that the economy performed better than anyone could have expected, despite the thousands of Western sanctions. He also says that it has a debt-free status in comparison to Western countries. He acknowledged that there were some issues with investments and the pain caused by high interest rates.
Sberbank's senior executive, who is the country's biggest lender, said that Russia's economy has been "continuing cooling". Growth will be around 1% in next year, and business activity will remain weak for at least four or five quarters. $1 = 78.7500 Rubels (Additional reporting by Darya Korsunskaya and in Moscow; Editing by Guy Faulconbridge and Tomaszjanowski and Ros Russell).
(source: Reuters)