Latest News
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Microsoft Azure, 365 Outage Impacting Businesses Globally Starting to Ease
According to the outage tracking website Downdetector.com, an outage at Microsoft Azure and its suite productivity software that affected a variety of industries around the world had started to ease. Alaska Airlines, Vodafone UK, and Heathrow Airport all reported experiencing disruptions to their key systems due to an Azure outage on Wednesday. Microsoft's outage comes after last week's Amazon AWS disruption, which affected thousands of websites and popular web apps such as Snapchat and Reddit. Microsoft 365 stated that its services are experiencing downstream impacts related to the Azure outage. The outage is caused by a recent configuration change made to a part of Azure infrastructure, Microsoft said on its status webpage. Starting at around 12 p.m. ET, Azure said that its customers and Microsoft services that leverage Azure Front Door, a global cloud-based content and application delivery network, had experienced issues resulting in timeouts and errors. Azure reported that its customers, as well as Microsoft services, which leverage Azure Front Door - a cloud-based global content and application delivery system - had experienced problems resulting in errors and timeouts. Azure's status page stated that its customers had also experienced problems with accessing the Azure Management Portal and that the company has taken steps to resolve the issue. As of 1:27 pm, the number of users who reported issues with Azure was down to only 3,299 users. ET from over 18,000 at its peak, according to Downdetector. It tracks outages through status reports compiled from multiple sources. Azure said that "customers should be in a position to access the Azure Management Portal directly. While all portal extensions work correctly, there could be a few endpoints (i.e. Marketplace)," Azure said. As of 1:27 p.m., Microsoft 365 was experiencing an outage. Downdetector’s website shows that the number of users affected is down to 3,858 from 11,700 at one point. The numbers on the website are based upon reports submitted by users, and may not reflect the true number of users affected. AWS's outage is the biggest internet disruption since CrowdStrike's failure last year, which impacted technology systems at hospitals, banks, and airports. It highlights the vulnerability of interconnected technologies around the world. (Reporting and editing by Shailesh Kumar and Alan Barona in Mexico City)
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Stocks and the US dollar gain after Fed cut rates
The global stock market was on track to gain for a fifth consecutive session on Wednesday. Meanwhile, the U.S. Dollar remained high after the U.S. Federal Reserve lowered interest rates. It also rose ahead of the earnings reports from several U.S. Megacap companies. The central bank reduced rates by 25 basis point, citing the lack of data visibility caused by the government shutdown. It also announced that it would stop the quantitative tightening, or QT, process, which involves reducing the $6.6 trillion in assets on its balance sheet. It was only logical to stop QT rather than risking a crash in the short-term bond markets. "There were already signs of stress so it was not worth pushing QT any further", said Brian Jacobsen. Chief economist at Annex Wealth Management, Menomonee Falls in Wisconsin. The Fed qualified the statement with 'available indicators' to acknowledge the lack of data due to the shutdown of the federal government. This statement was not surprising because the dissents were not unexpected. Wall Street saw a rise in U.S. stock prices, which continued their recent rally, which has driven major indexes up to record levels. This was due to a cooling of trade tensions between China and the U.S., the expectation of a Fed rate cut, the outsized expenditures related to artificial-intelligence, and the solid start for the earnings season. Investors are now awaiting comments from Fed Chairman Jerome Powell to get a sense of the direction interest rates will take following the announcement. They also want any updates about the quantitative tightening program. The shutdown has resulted in a lack of data on the economy, and the labor market is no exception. However, several major U.S. firms, including Amazon, announced layoffs earlier this week. Nvidia was the first company on Wednesday to reach the $5 trillion valuation. Shares rose 4.7%, building on a previous session's 5% increase. CEO Jensen Huang announced that the AI chip maker will build seven supercomputers, including one for the U.S. Department of Energy. The company also has 500 billion dollars in orders for its chips. Microsoft, Alphabet, and Meta will report their earnings on Wednesday after the closing bell. The Dow Jones Industrial Average rose by 119.78, or 0.25 percent, to 47.826.58, while the S&P 500 gained 10.58, or 0.15 percent, to 6.901.47, and the Nasdaq Composite advanced 121.47, or 0.51% to 23948.97. MSCI's global stock index rose 1.69 points or 0.17% to 1,015.29, after reaching an intraday high of 1,017.24. The pan-European STOXX 600 closed at 0.06%. The Bank of Japan will announce its policy later this week. Dollar index, which measures greenbacks against a basket currencies, maintained gains following the Fed's statement. It was up last 0.18% at 98.85. The euro fell 0.07% to $1.1642. The dollar gained 0.17% against the Japanese yen to 152.36. Sterling lost 0.41% at $1.3213. The Canadian dollar gained 0.21% against the dollar to C$1.39 after the Bank of Canada cut its overnight rate on Wednesday to 2.25%, as expected. It also signaled that this could be the end of its interest rate-cutting cycle, unless inflation and the economy outlook changes. U.S. Donald Trump and South Korean president Lee Jae Myung finalized the details of their fraught deal during a summit held in South Korea. The U.S. leader also sounded optimistic about a looming meeting with China's Xi Jinping. The yield on the benchmark 10-year U.S. notes continued to rise after the policy announcement. It was last up 3.5 points at 4.018%, and is near the lowest levels since April. The yield on the 2-year note, which moves typically in line with expectations of interest rates for the Federal Reserve (which is usually a good indicator), gained 2.6 basis point to 3.52%. U.S. crude oil rose 0.73% to 60.59 per barrel. Brent climbed to $65.02 a barrel, up by 0.96%.
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Sources: Germany considers nationalising Rosneft after Trump sanctions
U.S. sanctions against Russian oil producer Rosneft rekindled German discussions about nationalising its business, including the refinery on which Berlin relies for the majority of its fuel. Two sources familiar with these talks said that the U.S. sanctions had prompted the discussion. The situation reveals the complex web of links between Germany and Russia that supplied Europe's industrial superpower with energy during the decades preceding the war in Ukraine. The U.S. Treasury announced on Wednesday that it had granted a license exempting Rosneft’s German arm of the U.S. Sanctions until April 2026. The two sources said that Berlin prefers to secure a permanent exemption, but German officials also consider the possibility of seizing operations and selling them off to an investor from abroad. A spokesperson from the Economy Ministry said that it received a letter of the United States which would be a "temporary fix". Rosneft’s German arm has a controlling interest in Schwedt Oil Refinery, which supplies the majority of Berlin’s fuel including petrol for the pumps throughout eastern Germany, and essential ingredients to the local chemical industry. The company also owns stakes in the refineries MiRo and Bayernoil. After the Russian invasion of Ukraine in 2014, these assets were put in a trust giving German control by 2022. This was in response to Russia's attack on Ukraine which shook Germany's long-standing energy relationship with Russia. Every six months, the trusteeship arrangement must be renewed. However, it could be challenged in court, as each renewal involves a review of the legal basis behind what was meant to be an emergency, temporary measure. Berlin is still hesitant to seize Rosneft assets in Berlin, as it fears having to compensate Moscow. MULTI-BILLION DOLLAR BUSINESS The Russian media has estimated the value of Rosneft’s German assets to be around $7 billion. However, one of two sources stated that the real value could be less than half. Moscow has warned Europe of any seizure. German companies that have factories or other investments in Russia may be the first to suffer a response from the Kremlin. Rosneft is trying to sell its business, but to no avail. It didn't respond to a comment request on Wednesday. Michael Kellner of the Green Party, who was a member of the German parliament and worked for the previous coalition government overseeing Rosneft urged the federal government to nationalise Rosneft. Kellner said, "It's systemically important to Germany." "The government must nationalise Rosneft in Germany to ensure its future." Kellner stated that he wanted to nationalize the business when he was in government, and that Qatar and Kazakhstan have expressed interest in purchasing it in 2024. However, it is not clear if these countries are still interested. Germany used to purchase oil directly from Russia. Rosneft, a German oil company, now purchases oil from Kazakhstan. The pipeline that delivers it is controlled by Russia.
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Croatia opens Rijeka Port Terminal to serve as regional logistics hub
In a press release, the port authorities announced that Croatia opened the Rijeka Container Terminal on Wednesday, an investment of 600 million euros built to position Croatia's largest port as a logistics hub for the region. The Rijeka Gateway Terminal, developed by APM Terminals & ENNA Group, represents Croatia's biggest private investment in logistic infrastructure, according to the statement. The total investment is 600 million euro, including the roads and railways around and in the port. The terminal will employ 300 people once it's fully operational. The terminal began operating in September and offers a 400-meter quay with a capacity of 650,000 20' equivalent units (TEUs). There are plans to increase this to 680 meters, and eventually to more than 1 million TEUs. The first 5G private industrial network in Croatia is also equipped with remote-controlled cranes and renewable energy systems. Bostjan Napa, CEO of ENNA Group, said: "Geographically we are in a great position. We are closer to Asia and closer to Europe." It is time for Rijeka to regain its position as the port of the northern Adriatic and to return to the global logistics map.
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Airbus exceeds Q3 production targets but reduces A220.
Airbus, Europe's largest aircraft manufacturer, reported Wednesday higher-than-expected third quarter profits and revenues due to commercial jetliner sales and strong gains in helicopters and defense. It has reaffirmed the main financial and delivery goals but reduced the production target for its smallest models. Now, it aims to build 12 of the Canadian designed A220s per month in 2026. This is down from the previous target of 14. Monday is a holiday. reported Airbus has pushed the assembly of A220s back this year and next. The company set an internal goal of 12 A220s per month by mid-June of 2026. Airbus previously stated that it aims to achieve an assembly rate of 14 per month in order to break even with the program it acquired from Canadian aircraft manufacturer Bombardier, in 2018. Airbus has previously stated that it aims to reach an assembly speed of 14 a month in order to break even on the programme, which it acquired from Canadian planemaker Bombardier in 2018. In the three-month period ending September, revenues increased 14% to 17,83 billion. The core operating profit of the world's largest aircraft manufacturer rose by 38% to 1,94 billion euros. According to a consensus compiled by the company, analysts expected an average core or adjusted operating income of 1,76 billion euros based on revenues of 17,37 billion euros. Airbus has announced that its financial projections now include the impact of tariffs currently in place. 2025 DELIVERIES REMAINS 'BACKLOADED Airbus has reaffirmed its target of around 820 commercial jets for 2025 after concerns about engine supply eased in the third quarter. It faces another sprint after handing out 507 jets during the first nine-month period. Guillaume Faury, CEO of Airbus, said that deliveries would continue to be "backloaded". Engine shortages have plagued planemakers due to supply constraints, and the competition of maintenance shops where spares are in high demand to reduce waiting times. Airbus has said that it will stick to its production forecast of 75 A320neos per month in 2027. This is compared to industry estimates which are currently around 60. Airbus, in defence, said that it was still studying the impact of order uncertainties on its A400M programme despite an agreement with France and Spain for smoother production. Boeing reported an adjusted loss per share of $7.47, while the average expectation was for a loss of $4.59. It also took a hit of nearly $5 billion on its delayed Boeing 777X.
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Sheinbaum, the Mexican president, disagrees with US decision to cancel 13 Mexican airline routes
The Mexican president Claudia Sheinbaum stated on Wednesday that she does not agree with the U.S.'s decision to revoke the approval of 13 Mexican airlines routes to the United States, and to cancel combined passenger and freight flights from Mexico City’s Felipe Angeles International Airport. Sheinbaum said that in her daily press briefing, she will request a discussion between the Mexican foreign minister and U.S. Secretary State to examine the reasons for the unilateral action. She also added that she is confident an agreement can be reached. Sean Duffy, Transportation Secretary, said on Tuesday that Mexico had "illegally cancelled and frozen U.S. carrier flight for three years without any consequences". The Transportation Department stated that Mexico has not complied with a bilateral agreement in aviation since 2022, when it revoked U.S. airline slots for passenger carriers and forced U.S. cargo carriers to relocate their operations. Sheinbaum said she will be meeting with Mexican Airlines on Friday in order to get their perspective.
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MISO warns that the power grid in the Midwest, South, and Manitoba is ready for winter, but there are still risks.
It said that an assessment by Midcontinent Independent System Operator showed that there are enough resources to provide power during winter, but also highlighted the risks and challenges of cold and extreme weather operations. In a press statement, MISO said that its annual Winter Readiness Workshop will take place on October 29, and include transmission and generation forecasts as well as weather predictions for the coming season. Jason Howard, MISO director of operations and risk management, said that a clear understanding of risks was essential to stay ahead of extreme weather. The release stated that the winter forecast indicates near- to slightly-below-normal temperatures across MISO's North and Central regions, while the South region is expected to experience above-normal temperatures. MISO serves Manitoba, Canada. It added that an active storm pattern will likely create above-normal rainfall across the Great Lakes region, while the South region is expected remain dry. MISO said that the peak winter demand could be as high as 110 gigawatts. Last winter, MISO reached a demand of 108 gigawatts on 21 January 2025 during Winter Storm Enzo.
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Why is Lithuania's main international airport closed due to smuggling of balloons?
The Lithuanian capital Vilnius was closed down for four nights last week due to smuggling balloons that floated over the border. Authorities branded it as a "hybrid" attack by the Kremlin's ally. The airport is located 30 km (19 miles) away from Belarus and thousands of passengers have been affected. Lithuania, which is a NATO member and a European Union state, has closed its border with Belarus to the end of November as retaliation. It also threatened NATO Article 4 consultations in case these incidents continued. What is known about these balloons? What are they? High-altitude balloons filled with hydrogen or helium can fly wherever the wind takes, but their altitude is controlled remotely by the ground. Meteorologists use them to determine weather conditions in stratosphere which begins at 15 km (9.3 mi) above the ground. The Vilnius government claims that smugglers have repurposed them to transport cheaper cigarettes from Belarus to Lithuania. This is because a crisis in 2021 over a surge of migrants crossing the border led to tighter restrictions on the movement across the land border. The smuggling ballons were first spotted in 2023 and became widespread in 2024, when they reached several hundred. The balloons pass the border at a height of 3-4 km. Smugglers can communicate with the balloon in Lithuania to track its position and tell it where to land. A balloon is usually able to carry 500- 1,500 packs, each of which costs less than one euro. In Lithuania, the same brand cigarettes cost 4.5 euros. Why are the balloons a problem? The balloons are flying at the same height as airliners that approach an airport. This increases the risk of a collision. Recently, local rules have been updated to include balloons as a mid-air threat. Recently, Lithuanian authorities fine-tuned the detection systems they use to determine whether any balloons identified pose a danger to civil aviation. What happens to the cigarettes? Lithuania claims that smuggled cigarettes manufactured in Belarus are consumed by many Lithuanians. In 2024, the Lithuanian Border Guard confiscated over 1.4 million illegal cigarettes. Of these, 1.2 million were marked to be sold in Belarus. Why did Lithuania close its border with Belarus? The Lithuanian government has said that Belarus authorities contribute to the problem, by not crackingdown on smugglers in their country. They have dubbed the situation as a "hybrid assault". What is the position of Belasis? If they are going to Lithuania, and there are air balloons filled with cigarettes or other things flying around, then the answer is there. "They are not flying in to nothing, someone there is receiving them," said Alexander Lukashenko. He called the Lithuanian border closure a "crazy swindle" and accused the West, in turn of waging an hybrid war against Belarus, Russia, and ushering in a brand new era barbed-wire divide. Maxim Ryzhenkov, Foreign Minister of Belarus, called Lithuania's action "a provocation" and said it was intended to justify anti-Belarus sanction. WHY ARE THE BALLOONS NOT SHOT DOWN? The Lithuanian government originally said that they weren't being shot down due to the danger posed by their payloads. These can weigh as much as 50 kilograms or 110 pounds if they fall uncontrollably. Inga Ruginiene, the Prime Minister, told the Army on Monday to use "kinetic" measures to destroy the balloons. She didn't elaborate, citing the need for security. (Reporting from Andrius Sytas, Vilnius; Editing by Mark Heinrich.)
South Korea's NOFI purchases about 65,000 T of feed wheat, traders claim
European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc. (NOFI) bought about 65,000 metric tonnes of animal feed wheat at an international auction on Wednesday.
The cost of the consignment was estimated at $249.99 per ton, plus freight. Plus a surcharge of $1.50 per ton for port unloading.
It was thought that the seller is CHS, a trading company.
The reports reflect the opinions of traders and it is still possible to estimate prices and volume later.
Wheat was to be delivered in one shipment around April 15, from anywhere except Argentina, Russia Pakistan, Denmark, and China. No loading ports are allowed in Ukraine or Russia.
The U.S. Pacific Northwest Coast, Australia or Canadian west coast will ship wheat between March 13 and April 1, the U.S. Gulf or Canadian east coast will send wheat between February 21 and March 12, the U.S. Gulf or Europe, or Canada's east coast, between February 21 to 12; from Europe, via the Cape of Good Hope, between the dates of Feb. 6 and 25, from South America, between the dates of Feb. 16 to 7 or South Africa, between the dates of Feb. 26-17.
NOFI also released a tender on up to 138,000 tonnes of animal feed corn, which closed also on Wednesday. (Reporting and editing by Michael Hogan)
(source: Reuters)