Latest News
-
Azeri BTC's daily oil exports for November are expected to increase by 3% m/m.
The differential between Brent and Urals crudes dated on Wednesday remained unchanged, but the Azeri BTC plan for exports from Turkey's Ceyhan Port in November was set at 15,3 million barrels compared to the 15.4 million barrels exported in October. Calculations showed that Azeri BTC crude exports would increase by approximately 3% per day in November compared to October. Alexander Novak, Deputy Premier of Russia, said that the country has gradually increased its oil production. It was very close to achieving the output quota set by OPEC+ last month. PLATTS WINDOW There were no bids or offerings reported on the Platts Window for Urals, Azeri BTC Blend or CPC blend crudes on Wednesday. According to sources, the U.S. delayed sanctions against Serbia's Russian owned NIS oil company that runs Serbia's sole oil refinery for a week, until October 15. The Nova Ekonomija portal in Belgrade reported this on Wednesday. (Reporting and editing by Kirsten Doovan)
-
Brazil will not be introducing free public transportation soon, the chief of staff to the president says
Rui Costa said that the Brazilian president's chief of staff has no plans for the government to eliminate the public transport fares in Brazil this year or the next. This comes a day after Brazil's finance minister confirmed the results of studies assessing ways to fund the sector. Costa told a local radio station that there was no plan for this or next year. "I would like to be clear that the president has only asked for studies." A government source said that there were doubts about the logistical and the political feasibility of this proposal. Source: President Luiz inacio Lula da So has asked his economic team for an evaluation of the possible implementation of the measure. However, he is not in a hurry and doesn't intend to make it a part campaign promise. Costa said that the studies would be presented to President Obama so he could assess if the project was feasible and from where the money would come. If it is viable, the announcement will come at the right time. In an interview this week with Record TV, Finance Minister Fernando Haddad stated that the proposal will be included in Lula’s policy platform in Brazil next year when it holds its general elections. Haddad stated that "(Lula), knows this issue is very important for workers, environmental protection, and urban mobility." Investors' fears that the initiative might have negative fiscal consequences have caused the finance minister's comments to influence Brazilian markets. Reporting by Lisandra Parguassu, Writing by Fernando Cardoso, Editing by Rod Nickel
-
ADNOC to pay out $43 billion as dividends to its subsidiaries by 2030
Abu Dhabi National Oil Company announced on Wednesday that six of its publicly listed subsidiaries would distribute 158 billion Dirhams ($43.02billion) in dividends between 2030 and 2035. ADNOC stated that the target amount is almost double the 86 billion dollars in dividends that the six subsidiaries collectively paid since ADNOC Distribution was listed in 2017 via an initial public offer. ADNOC has raised billions by selling stakes to its subsidiaries. It aims to be the top three petrochemical company in the world and top five gas company. Last year, it established the international investment arm XRG to help achieve these goals. ADNOC Gas and ADNOC Logistics & Services will also join ADNOC Drilling to pay quarterly dividends, providing more frequent returns for investors. ADNOC announced the news at an investor presentation of its listed subsidiaries. This was the first event that the group held. ADNOC Gas also announced that it had signed a 20 year gas supply contract with Ruwais LNG, valued at 147 billion Dirhams ($40 billion), to provide feedstock to the new LNG plant. The plant is expected to start production in 2028. It will more than double ADNOC’s LNG capacity. ADNOC said the merger between ADNOC and OMV, petrochemical companies Borouge and Borealis to create Borouge Group International is expected to be completed in the first quarter 2026. ADNOC and OMV have secured financing from global banks to finance the deal worth 56.6 billion Dirhams. This includes the acquisition of Nova Chemicals. ADNOC reported that BGI's deal with the companies will generate annual benefits worth 1.8 billion dirhams. The new entity will be the fourth largest polyolefins company in the world.
-
Airbus delivered 507 jets during the first nine months
Airbus announced on Wednesday that it has delivered 507 aircraft in the first nine-month period. The fourth quarter will see 313 additional planes being delivered to meet the full-year goal of 820. In a sign that engine supply has improved, the world's biggest planemaker confirmed that it delivered 73 jets to customers in September. This was a record number for this month. Airbus' spokesperson confirmed that the number of gliders - or fully assembled aircraft waiting to be powered - had decreased from the peak of 60 reported earlier this year. However, the spokesperson did not provide a new estimate. The drop in gliders and the jump in September deliveries, from 50 last year to just 25 this month, suggest that the arrival of engines has accelerated in recent weeks after being affected by the recent strike at CFM supplier as well as the competing demand for spare engine from airlines. (Reporting and editing by Kirsten Doovan; Tim Hepher)
-
Ryanair, a major Boeing customer, will see 737 production reach 48 units per month in April.
Ryanair, a major Boeing customer, said that it is confident that the U.S. aircraft manufacturer will be granted permission to increase the monthly production rate for its flagship 737 to 42 by October and to 48 by March orApril next year. Boeing, Boeing's biggest European customer, has repeatedly had to cut its growth forecasts because of delays. Boeing is currently working to stabilize production following a mid-air blowout panel on a new 737 MAX that occurred in January 2024. This exposed widespread quality and safety issues. Michael O'Leary is the Chief Executive Officer of Ryanair Group. His team regularly meets with Boeing management. He said he felt "fairly confident," that the U.S. Federal Aviation Administration will approve an increase in production monthly from 38 to 42 aircraft in October. RYANAIR - 'Pretty Confident' about progress at Boeing Will the FAA allow them to move to rating 48 next March or April? That would be a big jump. He said in an interview that he was "pretty confident" this would happen. After the panel explosion, the FAA capped 737 MAX output at 38 per months in early 2024. On September 26, it said that Boeing has not requested a rate hike, but if they did, FAA safety inspectors on site would do extensive reviews. Boeing stated earlier in the month that there were no supply chain issues that would prevent it from increasing monthly 737MAX production to 42 by the end of the year. Boeing's other major concern is when the MAX 7 and MAX 10 will be approved by regulators. Ryanair has placed 150 MAX 10 firm orders. Will they be able to get the MAX 7 or MAX 10 certified by 2026? Boeing tells us that they are now confident in the certification process. O'Leary, while praising recent achievements at Boeing and expressing his gratitude for them, said that there are no guarantees. He said, "We're confident but there is still a chance that it will be disrupted." Corina Pons is the reporter. Conor Humphries wrote the article. David Latona, Mark Potter and Mark Potter (Editing)
-
As the shutdown continues, airlines prepare for a third day of flight delays
The major U.S. carriers are bracing themselves for a third consecutive day of delays as the U.S. Federal Aviation Administration continues to face staffing problems for air traffic control as the stalemate regarding funding for the government continues. Nearly 10,000 flights were delayed on Monday and Tuesday. Many of these delays were caused by the FAA slowing down flights due to air traffic controllers absences in facilities all over the country, as the shutdown entered its eighth day. The air traffic control shortages during the shutdown are more severe than during the last major government funding halt in 2019, which occurred during U.S. President Donald Trump's second term. Maryland Governor Wes Moore, along with congressional Democrats, called on Wednesday for an end to the airport shutdown at Baltimore-Washington International Airport. They noted that air traffic control officers and Transportation Security Administration agents are working without being paid. Moore, a Democrat from Maryland, stated that President Trump was unable to "close a deal" in order to keep the federal government open. Kwiesi mfume (Democrat) called for supplemental laws that would pay air traffic control during a shut down. He said that people are starting to be concerned about flying, and as a country we shouldn't get to this point. During a 35-day government shutdown in 2019, the number of controllers and TSA agents absent increased as they missed paychecks. This led to longer waits at checkpoints. The authorities were forced to reduce air traffic in New York. This put pressure on legislators to end the standoff quickly. They are not paid. During the shutdown of the federal government, 13,000 air traffic control officers and 50,000 Transportation Security Administration (TSA) officers still have to report for work. The controllers will receive a partial pay on October 14, for work done before the shutdown. Moore stated, "Our BWI employees are still here." Moore said, "They do it because they are patriots." They do it because they understand the importance of their work. Sean Duffy, Transportation Secretary, said that since the FAA shutdown began last week there has been a slight rise in sick leave. Staffing in certain areas of air traffic has also decreased by half. Air traffic control shortages have been a problem in the U.S. for over ten years. Many controllers were working six-day work weeks and mandatory overtime even before this shutdown. About 3,500 air traffic control positions are not enough to meet the FAA's target staffing levels.
-
Container traffic at Rotterdam's port is disrupted by a strike by lashers for higher wages
On Wednesday afternoon, the largest seaport in Europe, Rotterdam, went on strike for 48 hours to demand higher salaries. Meanwhile in the neighbouring Belgian port's main port Flemish harbourpilots were protesting pension reforms. The FNV union said that all workers of International Lashing Services (ILS) and Matrans Marine Services (Matrans Marine Services), the two lashing firms active in the Dutch ports, stopped working at 3:15 pm (1310 GMT), and will continue their strike to the same time Friday. The FNV stated that during the two-day strike, no container ships can be unloaded or loaded at the port while lashers are securing the ship's cargo. Niek Stam, FNV's spokesman, said: "Without lashers, the entire port grinds to an halt." The Rotterdam Port Authority said that the strike would certainly affect traffic but it is too early to estimate its impact. International Lashing Services and Matrans Marine Service were not available for immediate comment. Port authorities in Belgium have reported that the maritime traffic at Antwerp-Bruges was severely disrupted for four days by Flemish harbourpilots who were protesting federal pension reforms. The port of Antwerp, which normally processes 60-80 ships per day, only processed 31 vessels on February 2, with some delayed or stranded, and others headed to other destinations.
-
Ryanair CEO: airline is on track to recover from last year's 7 percent fare decrease
Michael O'Leary, the Chief Executive of Irish budget airline Ryanair, told reporters in Madrid that it believes it will recover its 7% decline in fares from 2024 during this financial year. "The traffic has exceeded the target...Fares are expected to rise by 7% over the course of the year," O'Leary stated, adding that this summer's prices were "pretty close" to those of the summer of 2023. The CEO stated that the full-year results will depend on the pricing of the company's third-quarter, which includes Christmas, and the fourth-quarter, for which the company currently has "very little visibility". He said that the economic weakness in Britain, France and Germany was causing price sensitivities. This led consumers to switch to Ryanair over flag carriers such as British Airways or Air France. O'Leary stated that "there is less demand to travel across the Atlantic to America at the moment - (U.S. president Donald) Trump alienated people. More people are choosing to holiday in the Mediterranean or Europe and this has been good for Ryanair's businesses." (Reporting and writing by Corina Poons; editing by Kirsten Doovan)
Moscow takes control over properties of Western business
Kremlin has been taking possessions of some Western companies in Russia through decrees signed by President Vladimir Putin and court orders related to claims over halted projects or blocked funds amidst Western sanctions.
Below is a list of the companies impacted up until now.
AGROTERRA
Russia took companies of farming group AgroTerra and put them under momentary management in April, including some backed by Dutch investment companies.
AMEDIA
Putin signed a decree moving Amedia's former assets to state management in September 2023, after the Norwegian publisher left control of its Russian printing houses to Russian journalist Dmitry Muratov in April 2022.
CARLSBERG
The Russian state took control of Danish beer company Carlsberg's stake in regional brewer Baltika Breweries in July 2023, putting it under short-lived management of the government property firm.
COMMERZBANK
A Russian court bought in June that Commerzbank assets worth 94.9 million euros ($ 105.4 million) be granted in damages to a pipeline company in northwest Russia.
Practically all of the properties involved had actually currently been seized by court order.
DANONE
The Russian state took control of the French yoghurt maker's. Russian subsidiary in July 2023 and brought it under momentary. control of the federal government home agency.
Putin removed it from temporary management in March, ahead. of a disposal of its Essential Dairy and Plant-based company in. Russia later that month.
DEUTSCHE BANK
A Russian court in May seized approximately 238.6 million euros. ($ 259.4 million) in securities, realty and savings account of. Deutsche Bank, together with its Russian subsidiary and Deutsche. Bank Innovation Center.
FORTUM
In April 2023, Putin signed a decree that established. control over Fortum's Russian system that runs power plants in. the country.
FRAPORT
Putin signed a decree in December 2023 to put St. Petersburg's Pulkovo Airport under the momentary management of a. Russian holding company, taking control from German airport. group Fraport, Qatar's sovereign wealth fund Qatar Financial investment. Authority and investors from other Gulf states.
JPMORGAN CHASE
JPMorgan Chase stated on May 2 that its possessions in Russia may. be seized after lawsuits in Russian and U.S. courts. It said the. worth of claims and orders to freeze properties surpassed its. offered assets in Russia.
A Russian court purchased in April the seizure of funds in. JPMorgan accounts after state-owned bank VTB sued to. regain its funds blocked abroad, while JPMorgan sued VTB in a. quote to block the effort.
LINDE
A Russian court ordered on Aug. 14 that properties of Linde's. British system worth some $1.15 billion be frozen in a conflict. over a gas processing plant.
OMV
Under decrees from December 2023, Austrian oil and gas. business OMV's stakes in the Yuzhno-Russkoye field and in the gas. extraction Achimov jobs are to go back to freshly developed. Russian business and sold to Gazovyye Tekhnologii. OMV's possessions will then be sold to joint stock business SOGAZ.
RAIFFEISEN
A Russian court froze the shares in Raiffeisen's local arm,. obstructing the sale of the Russian system, the Austrian bank said on. Sept. 5.
ROLF
On Feb. 21, a Russian court ordered that ownership of shares. in Rolf, an automobile dealership owned by a Cyprus-based company, be. turned over to the Russian state, Russian news firms. reported, after it was put under momentary state management. in December.
UNICREDIT
St Petersburg arbitration court bought in May that. UniCredit's assets, accounts and home, and shares in two. subsidiaries be taken as part of a lawsuit over an aborted gas. task including the Italian bank.
UniCredit said the seizure affected just a fraction of its. Russian system's properties, not the entire subsidiary.
UNIPER
The Kremlin on April 2023 took action against Unipro, the. Russian division of German utility Uniper that has 5 power. plants in Russia, presenting external management and a brand-new CEO.
WINTERSHALL DEA
Under decrees from December 2023, Wintershall Dea's stakes. in the Yuzhno-Russkoye field and in the Achimov tasks are to. revert to freshly developed Russian companies and offered for sale. to Gazovyye Tekhnologii, formalising the loss of control that. BASF and Wintershall Dea had actually flagged since January. 2023.
Wintershall Dea is a joint endeavor in between BASF and Russian. billionaire Mikhail Fridman's investment company LetterOne.
(source: Reuters)