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Documents show that China's ICBC wants to return four 737 MAX aircraft leased by SpiceJet.
Two Irish companies owned by the leasing arm of the Industrial and Commercial Bank of China have asked the Indian aviation regulator to deregister the four Boeing 737 Max aircraft leased to SpiceJet. The notices were made public on Monday by the regulator. They are a test for a law that India passed last year to make it easier to "repossess" aircraft by lessors. Sky High LXXX Leasing Company Ltd, Sky High LXXVIII Leasing Company Ltd did not explain why they wanted to be deregistered. Corporate records show that ICBC Financial Leasing is the parent company of the two companies. ICBC is the largest lender in the world by assets. ICBC Financial Leasing didn't immediately respond to our request for comment. SpiceJet, India's fourth largest airline, has reduced its flight schedule and grounded planes. It also delayed the salaries of many of its pilots. SpiceJet is now seeking financing under a government-backed loan scheme to stabilise their operations. A source with first-hand knowledge of the situation said that the airline had received 1,5 billion rupees (15.60 million dollars) through the government's scheme, and hoped to receive an additional 3.5 billion in the next few days. SpiceJet didn't respond to an inquiry about funding. Also reported, at least two aircraft lessees have served the airline with payment default notices this year. SpiceJet stated that the four aircraft ICBC wanted to deregister had been grounded due to manufacturing issues with 'the high-pressure turbochargers in their engines. SpiceJet's spokesperson said that de-registration would eliminate the lease rental costs for assets that had been non-operational over a long period. The airline added that it wouldn't have any impact on its?operations. Planespotters.net, an aircraft tracking website, only lists 11 of SpiceJet’s 53 aircraft as being in service. SpiceJet shares have fallen nearly 63% from the beginning of the year. InterGlobe Aviation, owner of India's largest airline IndiGo, has seen its shares rise nearly 1% in the same time period.
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Italy's Genoa Bridge collapse trial is nearing its first verdict eight years after the incident.
Andrea Cerulli was driving his car to work in the port of Voltri on the western edge of Genoa when the Morandi Motorway Bridge collapsed under him. He was one of 43 people who died in the worst infrastructure disaster in Italy in years. Cesare Cerulli, son of Cerulli, has spent the last eight years completing high school. He also passed his final exams, and will be starting university in the fall. When his father died, he was only 10 years old. He is now an adults. Cesare, along with dozens of relatives of victims, will return on July 16 to Genoa's courtroom to hear the first instance verdict of the case over the collapse. This follows 284 hearings over a period of almost four years. The case is both a'search for accountability and a symbol for the slow pace in which justice is delivered in the complex Italian criminal process. COLLAPSE AT THE END OF A NATIONAL HOLIDAY In Italy, the collapse of an motorway bridge at the end of a holiday on the eve was a shock and sparked years of investigation into the management of aging infrastructure. The accident sparked a dispute that led to the sale of Atlantia's controlling interest in the motorway operator Autostrade per l'Italia. On trial are 57 defendants including former managers and executives of Autostrade, Atlantia as well as engineers from Spea's maintenance subsidiary and former officials in the transport ministry. All defendants have denied any wrongdoing. Genoa prosecutors requested prison sentences of up to 18-1/2 year for the most serious charges. Many lesser charges such as the forgery of documents are already barred by time. Families of victims have endured a long wait. Cesare said, "I was building sandcastles on the Calabria beach with my friends that morning." His mother only told him about his father's death after his return to Genoa. He said, "I never got to say goodbye." He says that despite approaching adulthood, revenge thoughts have never entered his mind. He said, "It's right that justice be done for me, everyone, and our country." What went wrong? The trial revolves around the question of what caused the collapse of the bridge. The prosecution claims that the collapse was caused by years of poor maintenance, ignored warnings and delayed safety works. They claim that important work had been postponed, while profits were generated and distributed. Defense lawyers reject this theory. Defence lawyers reject that theory. Over almost four years of proceedings, the opposing viewpoints have been heard. The trial began in July 2022, and involved extensive testimony and technical evidence. Slow Pace of Case Francesco Pinto said the length of the case reflected the complexity of the evidence as well as broader issues within Italy's penal justice system. Pinto said that the trial was a "symptom" of the structural crisis in criminal proceedings in Italy. He added that the appeals trial would take at least 18 months and the final verdict of the Supreme Court of Italy, another year. Giovanni Paolo Accinni is a lawyer representing?former Atlantia Chief Executive Giovanni Castellucci. He offered a different interpretation. Accinni claimed that the delays were largely due to the decision of the prosecutors to carry out extensive technical pre-trial examinations into the causes of the collapse. The defence argued that much of this work had to be repeated during the trial, which lengthened proceedings. Legal arguments are less important to relatives than getting a clear answer from the court. Egle Possetti is the spokesperson of a committee that represents victims' families. She said: "If responsibility is not clearly defined, we as a nation have a serious issue." (Reporting and editing by Keith Weir, Emilio Parodi)
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Norwegian Air Shuttle announces a larger-than-expected quarter loss
Norwegian Air Shuttle, a budget airline, reported a larger-than-expected operating loss for the quarter on Tuesday. The increase in fuel prices and the Supreme Court of Norway's decision regarding ETS obligations from 2020 were to blame. Norwegian's result was a dramatic reversal of its performance a year earlier, when it had made a profit?of 1.25 billion crowns during the period April-June and announced that it would pay its first ever dividend. Norwegian's operating losses were 603 million Norwegian crowns (about $61.7 million) in the second quarter. This was higher than the 517 million crowns loss that analysts expected. Budget airline booked a one off?733million crown loss in June after the Supreme Court of Norway rejected its appeal regarding 2020 EU emission obligations that it claimed it couldn't meet while it was under reconstruction. Flight cancellations and disruptions have been caused by the U.S. and Israeli war against Iran, and the blockade of Strait of Hormuz. The conflict has caused the disruption to continue, even though some airlines have started resuming flights. Norwegian 'Air's unit costs, or the average cost to fly an aircraft seat, increased 6% over the past year -to 0.76 crowns during the third quarter. The airline has hedged about 55% of its estimated jet fuel consumption in 2026, and approximately 25% for 2027. Norwegian said that the overall market condition remained good. The number of tickets sold was higher than the same period last year despite a "softer" demand for the summer season. Reporting by Vera Dvorakova, Gdansk. Editing by Matt Scuffham.
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China's oil imports in June hit near 10-year-low amid Iran war
China's crude imports in June fell by?41.3%, to the lowest level for almost a decade. This was due to a drop in refinery run rates due to a weak domestic market and export restrictions on refined oil products. Customs data on Tuesday showed that China imported 29.27 millions tons of crude oil, or 7,12 million barrels per days, in June. This is the lowest level since October 2016. After oil imports fell to an eight-year low?in May, the slump continued into June, with imports dropping by another 12%. According to Vortexa, the ship tracking company, China's seaborne crude oil imports were around 6 million barrels per day in June. Imports from the Middle East also hit their lowest level in 10 years, and Iranian oil imports dropped 40% month over month to less than 800 thousand barrels a day. According to Chinese consultancy Oilchem, in June, China's crude distillation units had an utilisation rate of 57.72%. This was down by 3.28 percentage points from the previous month, and 13.09 percentage points on a year-on-year basis. "Refinery runs rates were probably near a decade-low, due to weak domestic demand and restrictions on refined oil products exports." If refined products are loosened, run rates may see a partial recovery," said Emma Li at Vortexa. The oil market is also considering the permanent loss in demand from China due to the sharp drop in fuel consumption following the oil price spike. China's massive electric vehicle fleet suggests that it can live with less oil. Natural gas imports also rose 3.7% on an annual basis to 10.9 millions tons in June, according to data from Customs. Natural gas imports fell 3.4% in the first half?2026 to 57.45 millions tons from the same period last year. The data does NOT separate LNG from gas piped across the land. In June, China exported 4.36 millions tons of refined oil products. Export restrictions in March were imposed to protect domestic supplies amid the Iran War. This resulted in a 13.2% drop year-on-year. 1 ton = 7.3 barrels of crude. (Reporting and editing by Thomas Derpinghaus, Sonali Paul and Lewis Jackson)
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Typhoon Bavi causes severe flooding, forcing more than 260,000 people to evacuate
Typhoon Bavi, which caused a lot of flooding in northeastern Liaoning Province, was the most powerful storm that hit Mainland China this year. Authorities said that heavy rain will continue through Tuesday with some areas experiencing extreme downpours. Bavi is bringing tropical moisture northward and creating a flow of humid air to northern China. Videos posted on Chinese social media show a 'lighthouse' in Shenyang (the provincial capital of Liaoning) severing its high-voltage electricity line, drifting along the?main roads, and even crossing under a bridge. All schools and training institutes have been ordered to suspend their classes. Transport services in the northeastern cities, including Shenyang, Jilin and others have also been severely disrupted. Bavi formed 13 days ago in the Pacific Ocean, covering an area as large as France. Even though it made landfall in China's eastern provinces on Saturday, its structure was largely intact on Monday. This makes Bavi the longest-lasting tropical storm in Asia-Pacific this year. Chinese meteorologists claim that Bavi's long-lasting nature is due in large part to the fact that its warm core has been preserved exceptionally well. This allows Bavi to retain a lot of moisture even as it churns towards the Korean peninsula. When 'Bavi', which is currently a tropical storm, begins to slow down and release the moisture it has been holding, heavy rains are expected. (Reporting from the Beijing newsroom, writing by Farah Masters; editing by Stephen Coates).
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New York City's major power line goes offline for the second time this July
The $6 billion transmission system that was designed to bring Canadian hydropower to New York City has been shut down a second time in the last month. This disrupted a clean energy project that was meant to reduce New York City's dependence on dirty fossil fuel generators. The 1,250 megawatt Champlain Hudson Power Express transmission line (CHPE) can provide up to 20% New York City electricity. Hydro-Quebec announced on Monday that the transmission line is offline because of a cable problem. Hydro-Quebec and private-equity company Blackstone Inc. developed the project. New York ISO's data, which controls the flow of electricity in the state grid, shows that the shutdown is expected to last until at least Friday. Hydro-Quebec has confirmed that the current cable problem with?CHPE is not related to a shutdown on July 1. The line began operation in May after a 15-year planning and development period. The energy demand in New York is expected to increase this week as temperatures reach 100 degrees Fahrenheit. According to federal data, the city's reliance on generators that have?the best pollution controls will be 6 times higher than those with the most advanced emissions controls due to CHPE's power outage. The 339-mile (546km) 'power line' stretches along the length of New York State from the Canadian border up to Astoria in Queens where the?energy is fed into the New York City grid. New ISO stated that its energy demand planning studies didn't assume CHPE was available to meet summer peak demand. "That's one of the reasons why the grid worked reliably during this heatwave earlier in August." While reserves were tight, we had enough generation and reliability resources to meet the demand regardless of CHPE status," New York ISO spokesperson Kevin Lanahan stated. (Reporting by Tim McLaughlin, Editing by Chizu Gregorio and David Gregorio).
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Sources say that Riyadh Air is looking at ordering 25-30 Boeing 787s as well as more Airbus.
Industry sources say that Riyadh Air is looking at acquiring between 25 and 30 additional Boeing 787 Dreamliners, by utilizing its contractual rights with the U.S. aircraft manufacturer. It may also increase its Airbus order list. The airline, which last week conducted 'its first commercial revenue flight', has ordered up to 72 Boeing Dreamliners by 2023. This includes 39 definitive orders and options for another 33. Sources said that Riyadh Air could announce its intention to convert the majority of these options into outright purchase as soon as next week at the Farnborough Airshow. However, they warned that details are still being discussed. Riyadh Air and Boeing declined to comment. Riyadh Air has also placed an order for?25 Airbus A350 - 1000 long-haul 'jets, with options to purchase another 25. Industry sources claim that some of those?orders may also be turned into firm orders. Airbus declined comment. (Reporting and editing by Louise Heavens, Tim Hepher)
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Hapag-Lloyd's outlook for the year is raised on the back of strong demand and freight rates
Hapag-Lloyd, the German'shipping company', raised its financial -year outlook on Monday. It cited strong market -demand and positive freight rate developments. Hapag-Lloyd now expects its earnings before interest tax, depreciation, and amortisation for the full fiscal year to range from $2.7 billion to $3.7 billion. This is up from the previous forecast of between $1.1 billion to $3.1 billion. The company has also increased its group's?earnings prior to interest and taxes (EBIT), for the year, to a range of $100 million to $1 billion. The forecast was subject to high uncertainty due to the volatility of freight rates, as well as major geopolitical issues. Hapag-Lloyd & Maersk will resume some sailings through the Suez Canal. This Asia-Europe trade route was abandoned by most shippers after Yemeni Houthi rebels destroyed vessels in 'the Red Sea. Shippers were forced to use the much longer route around Africa's Cape of Good Hope. However, firms are considering returning to the Red Sea Route. Shipping rates increased as a result of the longer trips?around Africa.
Spanish police take record cocaine in Ecuadorean banana shipment
Spanish police have made a record cocaine seizure after discovering 13 metric tons of the drug hidden in a shipment of bananas in a container from Ecuador in the southern port of Algeciras.
The quantity, found on Oct. 14. breaks the previous record in Spain when 9.4 tons of cocaine were discovered in 2023, likewise in Algeciras, the fourth most significant container port in Europe.
It is obvious that these 13 tons of drug were not only bound for the Spanish market. The Spanish market can not deal with many drugs simultaneously. This drug was planned to be dispersed throughout Europe, Antonio Jesus Martinez, head of the Central Narcotics Brigade of the National Authorities told reporters.
The Spanish cops were on alert after an idea off from their counterparts in Ecuador, the world's biggest banana exporter, that a suspicious cargo was on its way.
Martinez stated the police detained a woman, a partner in the business that was getting the delivery, though 2 managers of the import company are on the run.
(source: Reuters)