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Trump switches to Air Force One unexpectedly, excluding Qatari jet
On Wednesday, President Donald Trump announced that he would 'fly from Turkey to Britain on an older Air Force One. This was a surprising switch that raised concerns about the retrofitted Boeing 737 donated by Qatar as his presidential jet. He had unveiled it only a few weeks earlier. This was the first trip abroad for the new aircraft. The change comes after months of scrutiny about the luxury gift that was intended to be a temporary replacement for Air Force One while Boeing struggles to deliver its long-delayed new-generation planes. The retrofit was criticized for its cost, speed and security. Trump stated?on Truth Socialthat he will use an older Air Force One aircraft "for old times sake" to travel to RAF Mildenhall, Britain?while a newer plane visits the base to allow U.S. military personnel stationed there to tour the aircraft. The new plane, a Boeing 747, was 'gifted' to the United States last year by Qatar and refitted L3Harris Technologies. The jumbo aircraft has been painted with a livery of'red, white and dark blue, chosen by Trump. This is a departure from Air Force One's long-standing design. The acceptance of the Qatari jet had attracted scrutiny. Experts said that retrofitting this luxury jet required upgrades in security, communication improvements to prevent spying, and missile defence capabilities. The conversion, according to Democratic lawmakers, cost over $1 billion. It also posed security risks. Upgrades were made so quickly, some experts expressed concerns that the aircraft may not be as safe as Air Force One. During presidential trips, a second aircraft capable of operating as Air Force One will always be on "standby". In order to produce an interim version faster, the Air Force has accelerated its efforts to prepare the jet. Air Force Secretary Troy Meink said that the service "meticulously analyzed every requirement" as it worked to accelerate delivery. The Qatari jet?serves as a bridge while Boeing works on delivering two purpose-built 747-8s under a $3.9 Billion fixed-price contract that was signed in 2018. This program is now four years behind schedule. Delivery will not be expected until mid-2028. Trump could find himself without a new U.S. built plane by the time his term ends, in January 2029. Boeing has incurred billions in costs for the Boeing project. (Reporting and editing by Philippa Goller and Howard Goller in Washington)
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Swedish government: Sweden and Germany have signed a letter of intent regarding air defense
Sweden's defence minister said on Wednesday that the German government was interested in working with Sweden to develop new fighter jets. Pal Jonson, the Defence Minister, said that he signed a deal with Boris Pistorius at the NATO summit held in Ankara on Wednesday. Saab 'has recently rolled-out the latest version of Gripen fighter jets, which will?be used?by?the Ukrainian?airforce. Jonson stated that several European countries including Germany had expressed an interest in working with Saab. He said, "We are one of only two countries in Europe who can design, produce and create new fighter jets. We're also working with France." In June,?reported that Airbus had been looking at Sweden's Saab as a preferred partner for the future after the failure of a Franco German fighter programme. Jonson also said there could be collaboration around unmanned systems. The so-called loyal wingman program. (Reporting and editing by PhilippaFletcher, Johan Ahlander)
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Wall St. falls after Trump's Iran remarks ruffle investors; Broadcom gains
Wall Street's major indexes dropped on Wednesday, after President Donald Trump declared that an interim agreement aimed at ending a?war against Iran was "over." Broadcom led the gains among recently battered chips stocks. At the NATO summit, Trump said that he was not interested in continuing talks with Iran. He also warned that Washington would likely carry out more strikes on Wednesday evening. His remarks marked the latest setback of the back-and forth in negotiations that have oscillated between threats of escalation, and hopes for diplomacy. Investors were caught off guard by several false begins toward a peace agreement. Broadcom rose 4.2% as Apple announced it would spend over $30 billion in a chip supply agreement with the chipmaker that was reached earlier this week. Art Hogan is the chief market strategist for B. Riley Wealth. He said: "Any announcement by Apple regarding their use of your equipment is pretty positive, especially since there are 2.5 billion Apple devices in people's possession around the world." Nvidia's early losses were pared and the company turned positive following the Information report that China plans to allow its leading AI firms to purchase a limited amount of H200 chips from the company. After recent volatility, the chip stocks were mixed Wednesday with the broader Philadelphia SE Semiconductor?index falling 0.08%. The Dow Jones Industrial Average fell 774.50 points, or 1.46%, to 52150.65. The S&P 500 lost 66.94 points,?or 0.89%, to 7,437.21. And the Nasdaq Composite?lost 235.63 points (or 0.91%) at 25,584.18. At 12:04 p.m. ET, the Dow Jones Industrial Average dropped 774.50 point, or 1.45%, to 52150.65. The S&P 500 fell 66.94 point,?or 0.89 percent, to 7,437.21, and the Nasdaq composite?lost 235.63 points,?or 0.91%, at 25,584.18. Brent crude futures soared 7% on the day after Trump's remarks. Treasury yields rose as well, as the selling spread to bonds. The latest escalation of the conflict could unsettle an equities rally which has seen the benchmark S&P500 up about 9% this year despite steep declines in 2026, when the Mideast War began. The Federal Reserve may be forced to change its course if oil prices continue to rise. Except for energy and consumer staples, nine of the eleven sectors in the S&P 500 traded in the red. As oil prices rose, travel stocks that are sensitive to fuel costs and demand fell. United Airlines fell 4.4%, and Delta Air Lines?fell 3.4%. Cruise operators have also fallen, with Carnival Cruise Line down 5.1% and Norwegian Cruise Line down 4%. The Russell 2000 index of small-cap stocks fell 1.6%, to "three-week-lows". The CBOE Volatility Index (Wall Street's fear gauge) hit a record high. The last point was up 2.4 at 18.54. IMF WARNINGS IN FOCUS FED MINUTES The International Monetary Fund lowered their 2026 global growth forecast by 3% on Wednesday, warning about the ongoing risks of the Middle East war. Minutes of the Fed's?policy meetings for June are due in the afternoon. The readout may provide better insight into how policymakers assess inflation risks and economic development. In the past, the minutes tended to be less of a market mover. Hogan said, "I?think that this could be different." According to LSEG, traders are pricing in a minimum of one rate increase by the end 2026. On the NYSE and Nasdaq, declining issues outnumber advancers in a ratio of 3.6 to 1. S&P 500 & Nasdaq Composite did not post any new 52-week lows or new highs.
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Airbus sales rise by 15% in the first half to 351 units
Airbus said that it delivered 351 planes in the first half of this year, up around 15% from the 306 aircraft in the same period in 2025. The company had handed over 89 jets to customers in June. Analysts estimate that Airbus will be able to meet its full-year goal of 870 deliveries if the figures 'confirm' a previous report. On Monday, it was reported that the?largest aircraft manufacturer in the world is?increasingly?confident? of reaching a goal of 900 deliveries without changing its official guidance. Airbus has had a difficult time overcoming supply chain issues. While engine availability is improving, the first quarter's performance was impacted by earlier shortages and delays on planes headed to China. Boeing has an advantage in delivering aircraft. Airbus's delivery rates typically increase in the second half a year. In its monthly report, the Toulouse-based group?also stated that it had sold 887?aircraft between January and?June. This is a?net of 822 aircraft after adjusting cancellations. (Reporting and editing by Gianluca Nostro, Dimitri Rhodes)
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Sources say that some war insurers recommend shipowners stop Hormuz voyages following attacks.
Insurance industry sources reported that some war underwriters advised shipping companies to pause voyages across the Strait of Hormuz, while others were reviewing their policies after renewed vessel attacks threatened a return to war between Iran and the United States. Washington revoked a license allowing Iran oil sales and launched overnight strikes against Iranian targets after the attacks on Tuesday on three tankers on the crucial waterway. Donald Trump announced on Wednesday, that the interim agreement to end "the war with Iran" was "over". U.S. troops were expected to launch new attacks on Wednesday night in response to Iranian attacks against U.S. base in the Gulf. These comments caused a 5% increase in the global oil price. According to industry sources war risk insurance is usually provided seven days a week and reviewed every 24 to 48 hours. Even slight increases can result in daily costs that are hundreds of thousands of dollars higher. Sources who refused to be identified due to the sensitivity of the issue said that war insurance rates on ships in the Gulf had already risen to 3% from 2% last week. However, there were no immediate signs that the war cover was being halted. One underwriting source said, "Someone is going to cover you but at a rate of?5% or less." On Wednesday, the U.N. International Maritime Organiztion (IMO) stated that sailings through Hormuz must be avoided as long as crew safety cannot be guaranteed. IMO Secretary General Arsenio Dominguez stated?on?Wednesday that the high?costs of ship insurance were a major concern and "added to the pressure on shipowners & operators". He said that governments with influence over the insurance and reinsurance market have a role to?play in engaging with insurers so as to ensure premiums are based on current realities rather than reflecting the peak of crisis. (Reporting and editing by Jonathan Saul with The Insurer, Michael Jones)
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Trump will fly to the UK on Air Force One, but a new plane is also going to be there.
According to a posting on Truth Social, President Donald 'Trump' said on Wednesday that he would 'fly' an old Air Force One plane from Turkey to the UK "for the sake of 'old fashioned'". The new plane, given to the U.S., by Qatar, will visit the same base in Britain. Trump announced that the newly overhauled Air Force One 'will fly to RAF Mildenhall, in the United Kingdom for?U.S. Air Force One will be toured by servicemen and women stationed at RAF Mildenhall in the United Kingdom. The new plane is a Boeing 747 that was gifted by Qatar to the United States last year. It has been refurbished by L3Harris Technologies, a defense contractor. The livery of the jumbo jet has been changed to a red-white-dark blue-gold scheme chosen by Trump. This is a departure from Air Force One's iconic design. Trump wrote that "everyone is so excited" and "we thought they should be the first." He added that Air Force One, the departing aircraft, would travel from Turkey to Mildenhall 'for the sake of old times. The acceptance of the Qatari jet had attracted scrutiny. Experts said that retrofitting this luxury?plane would require security upgrades, improved communications to prevent eavesdropping and missile defense capabilities. (Reporting and editing by Philippa & Mike Fletcher in Washington)
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Wall St. falls after Trump's Iran remarks weigh down on markets
Wall Street's major indexes dropped on Wednesday, after President Donald Trump declared that an interim agreement aimed at ending a?war against Iran was "over," and gains in Broadcom provided some respite for the recently battered-down chip stock. Trump stated that he has no desire to engage Iran further. He warned Iran of additional strikes that Washington would likely make on Wednesday night. Trump's comments marked the latest twist in a conflict that has seen rhetoric between the U.S., Iran and other countries swinging back and forth between military escalation or diplomacy. Investors have been caught off guard by false dawns, when expectations of a lasting deal were raised only to be dashed without resolution. Matthew Ryan, Ebury's head of market strategy, said: "The million dollar question is whether this represents a breakdown in negotiations, a return to war, or just a temporary setback." Broadcom gained 3% in value after Apple announced that it would spend over $30 billion on a chip supply agreement with the company, reached earlier this week. After recent volatility, the chip stocks rose?on?Wednesday and helped to cap losses on Nasdaq's technology-heavy index. The Philadelphia SE Semiconductor Index rose by 1.4%. Brent crude futures, as well as?U.S. Both West Texas Intermediate crude and Brent crude futures rose more than 5%. The benchmark S&P 500 index was down in nine of its 11 sectors, except for energy and information technology. Travel stocks that are sensitive to fuel prices fell, as rising oil prices raised concerns about fuel costs and demand. United Airlines fell 3.2%, Southwest Airlines was down 1.1% and Delta Air Lines dropped 1.9%. Cruise operators have also fallen, with Carnival and Norwegian Cruise Line both down 1.8%. At 10:10 am. At 10:10 a.m. ET, the Dow Jones Industrial Average dropped 514.42, or 0.99%, to 52.410.73. The S&P 500 fell 34.32, or 0.4%, to 7,469.53, and the Nasdaq Composite fell 78.12, or 0.31% to 25,739.43. The latest escalation threatens to upset the equity rally that has seen the benchmark S&P500 up by about 10% this year despite steep declines in 2026 because of the Iran conflict. Oil prices rising again could increase inflation fears and complicate Federal Reserve's policy. The CBOE Volatility Index (Wall Street's fear gauge) hit a record high of over a week earlier that day. The last 0.99?points was at 17.12. The?International Monetary Fund lowered their global growth forecast for 2026 to 3.0% on Wednesday, warning about the ongoing risks of the Middle East war. Minutes of the Fed's policy meeting from June are due in the afternoon. The readout may provide better insight into how policymakers assess inflation risks and economic growth. In the past, you had fewer market-moving events with minutes. Art Hogan is the chief market strategist for B. Riley Wealth. CME's FedWatch tool shows that markets are pricing in at least one rate increase by the end of 2026. On the NYSE and Nasdaq, declining issues outnumbered advancing ones by a ratio of 2.6 to 1. On the NYSE, there were 19 new highs as well as 43 new lows. The S&P 500, and the Nasdaq Composite, posted no new highs or lows in 52 weeks. (Reporting by Ragini Mathur and Avinash P in Bengaluru; Editing by Pooja Desai and Shinjini Ganguli)
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There are some flights to the Middle East that have resumed but there is still disruption.
Some airlines have maintained their suspensions, while others are increasing the number of flights they offer to certain parts of the Middle East. The following is a list of the alphabetical status updates for airlines flights: AEGEAN AIRLINES The largest airline in Greece has cancelled flights to Dubai and Erbil until September 30. AIRBALTIC The cancellation of flights to Dubai is effective until October 24. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR FRANCE-KLM Air France has suspended flights to Beirut until July 20. Air France resumed flights to Riyadh and Tel Aviv in June, but Dubai was not reopened until July 8. KLM has suspended all flights to Riyadh Dammam, and Dubai until the 23rd of August. CATHAY PACIFIC Hong Kong Airlines plans to resume flights to Dubai and Riyadh on September 1. The U.S. carrier suspended?services on the Atlanta-Tel Aviv routes through December 18, The airline plans to resume New York JFK-Tel Aviv flights starting September 6. However, the launch of its Boston-Tel Aviv flight, scheduled for late October, was delayed. FINNAIR It has cancelled all Doha flights up to October 2 and continues to avoid the airspace of Israel, Iran, Iraq, Syria, and Iraq. The airline will resume its Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the resume of flights to Riyadh and Doha until August 8th. Flights from Dubai, Tel Aviv and Bahrain to Amman and Amman will be paused until after the summer. They are expected to resume on October 25, When the airline resumes its services, it plans to reduce flights to Dubai, Doha and Riyadh to just one flight per day, while removing Jeddah from their list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 31, and Doha-Tokyo until September 1. The Polish airline will resume its operations in Beirut during the summer of 2027 and its winter route from Dubai. LUFTHANSA GROUP SWISS delayed the return of flights to August and Brussels Airlines suspended its operations until 24 October. The suspension of Dubai flights by SWISS and Lufthansa will continue until September 13. Until October 24, SWISS, Austrian Airlines, Brussels Airlines, Lufthansa and SWISS have suspended their flights to Abu Dhabi and other destinations, including Amman, Beirut and Dammam as well as Riyadh. Erbil, Muscat, Tehran and Riyadh are also affected. Eurowings, a low-cost carrier, plans to resume flights to Tel Aviv as early as July 10. The airline plans to resume flights to Tel Aviv in the autumn after restarting Erbil and Beirut on July 1. ITA Airways also extended its suspension of flights to Riyadh and Dubai until October 24, for operational reasons. NORWEGIAN AIR No new dates have been set for the launch of Tel Aviv or Beirut flights by the low-cost carrier. SINGAPORE Airlines In response to increased demand, the carrier has extended its Singapore-Dubai suspension until August 2 and added services on Singapore-London Gatwick (late March) and Singapore-Melbourne (late March-October 24). TURKISH AIRLINES SunExpress (a joint venture between Turkish Airlines and Lufthansa) resumed Izmir to Dubai on July 7, with plans to resume Antalya to Dubai route on July 15. SunExpress, a joint venture between Turkish Airlines and Lufthansa, resumed its Izmir-Dubai route on July 7 and plans to resume its Antalya-Dubai route?on July 15. WIZZ AIR Low-cost carrier has suspended flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Boleslaw LaSocki, Alexander Klyve Gudbrandsen, Romolo Tosiani. Matt Scuffham and Louise Heavens edited the article.
India's NSE IPO, which has been delayed for years, brings $2.6 billion to top investors
Investors ranging from India's state-owned banks to Singapore's sovereign fund to Canada's national pension manager will reap a windfall of $2.6 billion as India's National Stock Exchange moves forward with its long-awaited listing.
NSE, the largest exchange in India and "the most active derivatives market in the world", filed draft papers for a IPO late on Wednesday after years of regulatory delays.
The listing will consist of a pure sale, where existing shareholders offer to sell approximately 6% equity in the exchange. No new equity is raised.
According to trading platforms, NSE currently has over 200,000 investors, and its shares are valued at around 2,000 rupees (about 21.18 dollars) on the unlisted market. This suggests an estimated valuation of $57 billion. The bourse is now poised to be the fifth most valuable in the world after London Stock Exchange Group.
Three sources, including merchant banks, have said that the exchange could offer "shares" at a discount of 5% to 10% to private market values. They added that the valuation being discussed is about 1,900 rupees for each share. However, they declined to be identified because they were not authorized to speak with media.
One source stated that "at this valuation, NSE will attract new investors without shortchanging current ones."
Investor roadshows will help us make a final decision about pricing.
The IPO, at 1,900 rupees a share, would have a value of $3.3 billion. It is one of India's largest public offerings, along with Mukesh Ambani Reliance Jio's IPO, expected to be valued around $4 billion.
When asked about the valuation, NSE stated that it couldn't comment on anything other than having filed a prospectus for an IPO.
Winfall Gains
Based on the acquisition prices disclosed in a draft prospectus, the top 10 investors who offered shares are set to receive a windfall of $2.6 billion.
State Bank of India will earn about 497.67 millions dollars in profits, while Morgan Stanley's MS Strategic (Mauritius) fund will gain about 29,34 billion rupees. Calculations based on disclosures from prospectuses and valuation estimates were used to make the calculations.
Singapore's Temasek will make 20,67 billion rupees through its Aranda Investment division, while Canada Pension Plan Investment Board stands to gain 18,71 billion rupees.
State Bank of India, Morgan Stanley and Morgan Stanley have not responded to requests for comment. CPPIB, Temasek and CPPIB declined to comment.
Anubhav Dayal is the founder of Hong Kong-based Soach Global Corporation. He said that its flagship fund bought NSE first in early 2016, and now sells 20% of its holdings to provide liquidity for investors.
It has been a good investment. Dayal added that NSE is a major investment for the company. "NSE will continue playing an important role in India's economy."
GROWTH PROSPECTS AND REGULATORY Risks
Sources said that the exchange will likely begin roadshows for IPOs in the next two months, and added that both domestic mutual funds as well as global funds have already shown interest.
The revenue of the exchange?has doubled from April 2019 to April 2026, reaching 187 billion rupees. This is due to a strong increase in options trading. The growth of the exchange has slowed in recent years due to a series regulatory restrictions on derivatives.
In its filing detailing regulatory risks, the exchange said that revenue could be negatively affected by government and regulator measures designed to?temper derivatives activity.
In its IPO documents, NSE stated that growth?will depend on continued expansion of first-time investors and rising trading activity. Innovation in?derivatives? products, as well as a push towards commodities.
Former NSE group president Ravi Varanasi now runs a consulting firm that advises Indian exchanges. He said NSE has a near-total hold on the cash markets, which gives it an excellent opportunity for long-term growth.
Cash trading volumes will continue to increase as India's capitalisation grows, he said.
(source: Reuters)