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Alaska Air's third-quarter profits are expected to be at the low end of forecasts on fuel costs
Alaska Air said that it expects to earn a profit at the lower end of its forecast due to high fuel prices and operational challenges. Fuel prices have risen due to refinery shutdowns on the U.S. West Coast. Alaska expects to spend up to $2.55 a gallon, compared to its previous projections of around $2.45. Alaska also highlighted weather and air traffic management issues that are driving costs up, such as compensation for passengers and crew overtime expenses. Storms and an overstretched air traffic control system have led to costly disruptions in the U.S. aviation industry this year. Alaska also suffered a major IT failure in July, which disrupted hundreds and thousands of flights during the busy summer travel season. Later, the airline attributed the outage to an erroneous software update. Alaska expects to achieve its adjusted third-quarter profit per share between $1 and $1.40, which was the previous forecast. However, the airline pointed out that revenue trends were improving due to a strong premium demand as well as a rebound of corporate bookings. It said that unit revenue, which is a key indicator of pricing power was moving toward the upper limit of its previous forecast. (Reporting and editing by Sahal Muhammad in Bengaluru, with Shivansh Tiwary from Bengaluru)
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US and Europe trade billions of dollars with Russia despite sanctions
U.S. president Donald Trump stated on Saturday that he was willing to impose new energy sanctions against Russia, provided all NATO countries stopped purchasing Russian oil. The U.S., and the European Union, import Russian energy and commodities worth billions of Euros, from liquefied gas to enriched Uranium. The main commercial ties between the EU and U.S. with Russia and their evolution in the last four-years are listed below: EU TRADE WITH RUSSIA According to Eurostat's latest data, the EU has placed various import and export restrictions upon several products. This resulted in a 61% drop in exports to Russia, and an 89% decline in imports into Russia, between the first and second quarters of 2025. In the second quarter 2025, EU imports from Russia decreased while exports increased. This resulted in a trade surplus of 0.8 billion euro. The EU continues to buy oil, nickel and natural gas from Russia, as well as fertilizer, iron, steel, and iron ore. The EU ban on the maritime import of Russian crude oil has reduced the share of Russia to just 2.01% by 2025, down from 28.74% at the end of 2021. The share of oil imports from Russia dropped from 29% in 2021's first quarter to only 2% in 2025's second quarter. NATURAL GAS The share of Russian natural gas imported by the EU in 2025 dropped from 48 percent in 2021 to 12 percent in 2025's second quarter. Algeria (+2%), the EU's biggest partner, now accounts for 27%, of its natural gas imports. TurkStream, a Turkish-built undersea pipeline that supplies gas to Russia, still reaches some EU countries like Hungary and Bulgaria. As prices rose sharply, the value of EU imports from Russia of liquefied gas increased significantly between the first and second quarters of 2022. The share of LNG imported by the EU from Russia has decreased to just 14%, down from 22% during the first quarter 2021. In the second quarter of 2010, the United States had a share of 54% of the frozen gas that was shipped to Europe. IRON AND STAINLESS STEEL In the second quarter 2025, Russia's share of non-EU imports of iron and steel dropped to 6% from 18% in 2004. FERTILIZERS As of the second quarter 2025, Russia was still the largest fertilizer exporter to the EU of 27 nations, and the share of its market increased from 28% in the previous four years to 34%. The European Parliament voted to impose prohibitive duties on Russian fertilizer exports in May. However, these tariffs will be implemented in phases. It is still too early to determine their impact on the market. U.S. Imports FROM RUSSIA According to data from the U.S. Census Bureau, and U.S. Bureau of Economic Analysis, U.S. imports of Russian goods fell from $14.14 to $2.50 billion during the first half of 2025. Since January 2022 the United States imported $24.51billion of Russian goods. FERTILIZERS In 2017, the U.S. imported approximately $1.27 billion worth of Russian fertilizers. This is up from $1.14 in 2021. URANIUM, PLUTONIUM In 2024, the U.S. will import enriched uranium (plutonium) and uranium from Russia for around $624 millions. This is down from $646 in 2021. PALLADIUM In 2024, Russia will export palladium worth $878 million to the United States. This is down from $1.59 Billion in 2021.
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Indonesia announces economic stimulus package of almost $1 billion
Indonesia announced on Monday a new economic stimulus program worth 16,23 trillion rupiah (989.33 million dollars), which includes food assistance and a programme to build infrastructure that could provide temporary employment for over 600,000. Airlangga Hartarto, Indonesia's chief economist, told reporters that the stimulus measures would be implemented by the fourth quarter in 2025. He also said that some of the measures would be extended until 2026. Southeast Asia's biggest economy grew by 5.12% in the second quarter. This was its best rate of growth in two years. However, some policymakers have said that there are signs the economy will slow down in the third quarter. Airlangga, a reporter, said: "We hope that we can still achieve the 5.2% target for economic growth this year with this stimulus package." Airlangga announced that the government would give 10 kilograms to households in the fourth-quarter, eliminate personal income tax from workers in tourism, and allocate 5.3 trillion Rupiah in September to December for a scheme called "cash for Work" for over 600,000 people. Cash for Work schemes typically involve paying daily wages to people who are mostly from rural areas to work on infrastructure like roads and bridges. Airlangga stated that the stimulus package included a paid-internship programme for 20,000 graduates of universities and a discount of 50% on policy payments to state-provided insurance for work injury for motorcycle taxi drivers and trucks. Airlangga announced that the removal of personal income taxes for certain sectors, as well as the insurance scheme, will be extended until 2026. Airlangga stated that the government decided to keep the current tax rate in place until 2029. Airlangga stated that the government would also launch in 2026 a replanting program on 870,000 hectares of plantations, which will include commodities like sugar cane and cocoa. Purbaya Yudhi Sadewa, the Finance Minister, said that the new measures would have no impact on the budget deficit forecast for 2025. The latest forecast for the deficit was 2.78% GDP.
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Gulf bourses mix in early trading ahead of Fed decision
Investors expect the U.S. Federal Reserve to continue its easing cycle this week. The markets are priced at 100% for a 25 basis point easing by the Fed. This would bring its key rate down to 4.0-4.25%. Futures indicate a mere 4% chance that it will be 50 basis points. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are pegged with the dollar. Dubai's benchmark index rose 0.2% thanks to gains in consumer goods, utilities and industry shares. Gulf Navigation gained 3.2%, while Tecom Group increased by 1.8%. Emirates Integrated Telecommunications, also known as du fell 1%. Mamoura Diversified Global Holding, the shareholder of telecoms firm du, sold a 7.55% share in the company through a secondary stock sale for 3,15 billion dirhams (858 million dollars). Abu Dhabi's benchmark index gained 0.3%, as the majority of its constituents also posted gains. Abu Dhabi Islamic Bank gained 1.4%, while Multiply Group increased by 2.1%. Space42's share price, on the other hand, fell by 1%. Space42, an AI-powered space tech company, and Viasat announced plans to create Equatys. This joint venture will enable global Direct-to Device (D2D). Saudi Arabia's benchmark index fell 0.2% due to pressure from healthcare and finance stocks. Al Rajhi Bank fell 1.8% after the world's biggest Islamic lender announced an interim cash dividend at SAR 0.75 per shares, down from SAR 1.25 a year earlier. Fawaz Abdulaziz Al Hokair & Co advanced 6%. The retailer announced on Sunday that it had signed a banking facility agreement worth 1.60 billion Saudi riyals ($426.53 millions) with Emirates NBD Bank-Kingdom of Saudi Arabia for prepayment of debts. Qatar National Bank added 0.1% to the benchmark index, while Industries Qatar dropped 0.3%.
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Nigerian conservationists are fighting to protect sea turtles in Nigeria from pollution and poaching
Conservationists fighting to save the turtles say that plastic pollution, fishing nets left behind and coastal development have taken a toll. "We are seeing a dramatic decline," said Chinedu Mogbo. The founder of Greenfingers Wildlife Conservation Initiative has treated and released over 70 turtles in the past five years. Mogbo stated that at least five threatened or endangered sea turtle species live in Nigerian waters. However, the exact number is unknown and monitoring resources are inadequate. Mogbo's team has saved Olive Ridley turtles, Hawksbill turtles and Leatherbacks. Mogbo’s group, which is mostly self-funded and works with local fisherman to save animals, has worked with them since its inception. "Fishers are in need of income." "We offer net repair kit in exchange for turtles or nests that have been rescued," he said at the turtle sanctuary of the group in Lagos, Nigeria's capital. Mogbo, a conservationist, said that the lack of marine protected areas, and the shrinking nesting sites, have made the coast a trap for turtles. He called on state authorities to take more action to protect these animals. The Nigerian environmental agency has not responded to any requests for comments. In Nigeria, the demand for sea turtles' meat, eggs, and shells is increasing, for both consumption and for traditional rituals. "We eat the eggs, and give them sometimes to village elders as voodoo," says Morifat Hassan who sells seafood in the coastal region of Folu near Lagos. Hassan says sea turtles can fetch as much as 90,000 Naira ($60). Rescuers rescued a large green turtle that had been injured by a fishing net in July. He was named Moruf. Mogbo, after negotiating with the fisherman who discovered Moruf was able to deter people from trying to purchase the injured turtle. Mogbo, who was standing on the shoreline, said, "Normally, a turtle like this would be butchered, or sold. But we intervened, and will make sure it's returned to the sea safely."
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China receives fourth cargo from Arctic LNG 2 project
LSEG ship tracking data revealed that a fourth LNG tanker from Russia's Arctic LNG 2 project, sanctioned by the United Nations, discharged its cargo in a Chinese port four days after a previous LNG vessel left. LSEG data revealed that the sanctioned Russian tanker Buran, which arrived at the Beihai LNG Terminal on September 12 in China's southwest region of Guangxi with more than 166,000 cubic metres of LNG from the Arctic LNG 2, Gydan facility in northern Siberia, on August 22. Since late August, China has received more than 552,000 cubic metres of LNG from four of the first cargoes of the sanctioned Russian Project. According to LSEG ship tracking data, a fifth cargo, the U.S. sanctioned vessel Iris is currently underway, carrying more than 166,000 cu m of LNG that was loaded at Gydan, on June 28. Arctic LNG 2, owned 60% by Russia's Novatek and with a production target of 19,8 million metric tonnes per year, was expected to be one of Russia's biggest LNG plants. However, Western sanctions have hampered its progress. (Reporting and editing by Eileen Soreng in Beijing, Sam Li in Beijing, Lewis Jackson).
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The young activists who overthrew Nepal's government are now choosing new leaders
Former DJ and his Nepalese nonprofit used an obscure social media app popular among video gamers to spark massive protests, and became the unlikely power brokers that installed the country's interim leadership. Sudan Gurung, 36-year-old founding member of Hami Nepal (We Are Nepal), used Instagram and the Discord messaging application to mobilize massive protests that forced K.P. Sharma Oli resigned in the deadliest crisis of politics to have hit the Himalayan country in decades. A dozen demonstrators said this. They said that the group used VPNs in order to access blocked platforms and to issue calls to action which reached tens thousands of young people. No one from Oli's team was available to comment. "I was asked to join a Discord group with about 400 members." The group asked us to take part in a protest march just a few kilometers from the Parliament," said 18-year-old Karan Kulung Rai. Hami Nepal's first social media posts made on Discord were so influential, they were cited on national TV. The group shared phone numbers of hospitals and identified "fake" news as the protests became violent. Hami Nepal members who requested anonymity because they used proxy names for security purposes online, stated that Gurung and other group leaders are now central to important decisions. This includes the appointment of a new interim leadership until elections on March 5th. Three members of Hami Nepal said they had already convinced the president and army chief that former Chief Justice Sushila Karaki, who is known for her strong stance against corruption as Nepal's interim prime minister, would be appointed. Gurung's first press conference after the protest on Friday said, "I will ensure that the power is with the people and I will bring every corrupt politician before the justice." Hami Nepal members said that Gurung and his team met on Sunday to discuss key cabinet positions. They proposed the removal of some government officials who were appointed by the previous administration. Meetings between Karki, the members of the group and others are in progress. One of the group members stated that the cabinet would be finalised soon. Gurung and Karki didn't immediately answer questions sent via their mobile phones. Hami Nepal posted on Instagram that the "process" was being carried out carefully to ensure that there are only young people who are capable and skilled. From DJ to Revolutionary The Monday protests by young adults, loosely categorized as "Gen Z", as most of the participants were in their 20s at the time, quickly turned deadly and brought down government. Protests against perceived government corruption erupted after a ban was imposed on social media. This directive has since been reversed. At least 72 protesters were killed and more than 1,300 others injured in clashes between protesters and authorities. Gurung and his team, which is older than Gen Z, have pledged not to hold any cabinet posts but to remain involved in future decision-making. "We don’t want to become politicians." Sudan Gurung only helped the "Gen Z" group, and we're only interested in being the voice of the country and not taking on leadership positions," Ronesh Pradosh, a volunteer with the group aged 26 said. Gurung was a DJ prior to founding Hami Nepal. He organised civic relief during the COVID-19 epidemic and the 2015 earthquake, which caused the deadliest earthquake in Nepal history. The team running the Instagram account has over 160,000 followers. Ojaswi Raj Thapa, 24, is a cafe owner. Rehan Raj Dangal, a law graduate, also posts on Discord alongside Gurung. Thapa, a leader of the protest movement who rose to prominence quickly, said in an interview the judiciary wasn't independent and that ensuring its independence was a priority after the interim government had been put in place. He said, "We might need to make some changes to our constitution, but we do not want to dissolve it," on Thursday. Reporting by Aftab Ahmad in Kathmandu, Editing by Saad sayeed
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Irish Government moves to abolish passenger cap at Dublin Airport
The Irish government plans to remove a cap on passengers at Dublin Airport that, according to the aviation industry, prevents new routes from being added and hinders economic growth. The Irish Independent reported on Sunday that Transport Minister Darragh O'Brien will send a memo in the first weeks of October to Cabinet and will begin the process of writing legislation to remove the 32 million passenger limit at the airport. Dublin Airport, which is home to 80% of all air travel in the country, had a passenger limit of 32 million passengers when the second terminal was approved in 2007. This was partly done to reduce local traffic. The airport exceeded the limit by more than 1 million passengers by 2024. In April, the High Court extended an earlier ruling which prevented regulators from reducing the number of seats for summer travelers during the period between March and October with a temporary suspension. By the end of next summer, Dublin Airport will be free of the cap if the legislation is passed.
Peninsula Marine Fuels targets LNG bunkering globally
Peninsula's CEO said that the company is building a global LNG bunkering business in order to reduce emissions for shippers while renewable fuels continue to be developed.
Shipping, which is responsible for 3% of the global CO2 emissions, faces pressure to switch to low-carbon fuels in order to reduce emissions. Peninsula claims that LNG is the best transitional fuel available to reduce carbon dioxide emissions from now until 2030.
Peninsula CEO John A. Bassadone stated in an interview that "our aspirations" were to develop a global LNG bunker offering that would mirror the conventional fuel business.
Bunkering, or the transfer of fuel onto a vessel, is a process Peninsula uses to supply fuels to port locations in Europe, Africa and North America. Hercules Tanker Management spun off its shipping operations earlier this year.
Hercules already has a second LNG bunkering ship ordered for Peninsula. It will be delivered in 2027 with the option of another vessel. Levante LNG, its first LNG bunker ship, was deployed last year in Gibraltar.
"There has been a significant uptake." Bassadone stated that the ship was "running flat out" and added that Hercules was in "growth mode", requiring a strategic approach due to high prices for vessel purchases.
The price of vessels has risen since 2022 due to the burgeoning market for used tankers, also known as shadow fleets. This is because new companies are buying vessels in order to transport sanctioned crude oil.
Bassadone stated that "we are still purchasing ships which are strategic acquisitions and good purchases."
Bassadone, who launched operations in Abu Dhabi last month and Jebel Ali the previous month, said that Peninsula was also working on another two to three new projects in Middle East. He didn't disclose details, but said that they covered different business segments.
Peninsula's strategy is not affected by Middle East tensions, because its operations are "collapsible", in the event that a serious conflict escalates, said he.
He added that the Houthi attacks had little effect on Middle East operations but boosted demand in Port Louis, Mauritius and Spain's Canary Islands. Reporting by Robert Harvey in London and Ahmad Ghaddar, editing by Alex Lawler Nina Chestney Alexander Smith
(source: Reuters)