Latest News
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Ryanair's summer fares are lower as the company misses profit forecasts
Ryanair warned that the 'average summer fares' would be a modestly lower than last year due to uncertainty surrounding 'the Iran war, while after-tax profits for the low cost airline April-June quarter fell below analyst expectations. The largest airline in Europe by passenger count reported an after-tax income of EUR538 millions ($615.6) for the?fiscal quarter ending June 30. This was compared to a 'forecast' of EUR579 from a poll of company analysts. Ryanair warned that fares may be flat between July-September in its last quarterly results, released in May. Michael O'Leary, Chief Executive of Irish Airlines, said that the first-quarter average fare was 6% less than it was the year before. "The Middle East conflict caused consumer hesitancy and concerns about EU jet-fuel shortages as well as economic uncertainty, which led to later bookings," he added. He said that despite a slight increase in 'volumes' and less price stimuli, Q2 prices are trending down modestly year-on-year. The final H1 fare outcome will be heavily dependent on the strength and volume of bookings made in August and Septembre. Close-in bookings are last-minute reservations and the primary source of revenue for budget airlines. ($1 = 0.8739 euro) (Written by Conor Humphrey; edited by Kevin Buckland).
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UOB Private bank appoints Judy Chan as the Hong Kong Business Leader
UOB Private Bank (the wealth management arm of United Overseas Bank in Singapore) has appointed Judy Chan as managing director for Hong Kong. This appointment will take effect July 2026. The following is more information about the statement: Chan will report to Chew Mun Yew as the head of private banking for the group. She will oversee the local private banking team and lead the bank's work in Hong Kong with wealthy clients. Chan has over 30 years' experience in private and commercial banking. She has been in senior positions?managing teams, growing business?in key markets and advising on wealth planning and succession. * UOB Private Bank said that the appointment is part of its plan to grow in Hong Kong and serve more high net worth clients throughout Asia. (Reporting and editing by Jamie Freed; Yantoultra ngui)
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Data shows that Gulf crude exports increased in July, but shipments slowed down due to renewed hostilities.
Shipping data shows that Gulf countries increased 'crude oil' and 'condensate" exports to their highest level since the Iran War began late in February. However, the flow of crude oil through the Strait of Hormuz is now slowing down as the fighting escalates. Kpler data shows that crude and condensate imports from Saudi Arabia and the United Arab Emirates increased by about 16 percent compared to the entire June daily average, reaching 12 million barrels a day (bpd), in the first half of July. Vortexa estimated that exports for the period were even higher at 13.06 million bpd. Kpler reported that Saudi Arabia, Iraq, and Iran led the growth in the first six months of July. Vortexa, on the other hand, estimated Iraq had the biggest month-on-month increase, while UAE exports declined from June's record levels. As supply concerns eased, oil prices fell after the U.S. reached an interim agreement with Iran in mid-June. The deal reopened the Strait of Hormuz, the world's main shipping route for oil, gas and other commodities, and sought a wider settlement to end the war. Early July, disagreements over the administration of the waterway led to the collapse of an interim agreement. Shipping data shows that RED SEA CONCERN Shipments are already 'declining' as both sides escalated their strikes. On Thursday, only three commodity tankers transited the strait, the lowest number of daily transits since last May. Kpler analyst Johannes Rauball stated that "we're experiencing a?"slowdown" in activity. This means that countries are going to have to reduce their output, resulting in a decrease?in the amount of crude that is shipped. Exports were still 32% below the pre-war high of 17.6 million bpd in February. Iran warned Yemen's Houthis that they should be ready to stop traffic in the Red Sea, if the United States targets Iranian energy infrastructure. Sources told Reuters on Thursday. Saudi Arabia diverted the majority of its energy exports via its Red Sea Port Yanbu. Kpler data shows that 75% of Saudi Arabia's 5.29 million barrels per day (bpd) crude and condensate have been exported through Yanbu so far in July.
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Farnborough Airshow opens with a focus on aircraft orders and conflicts
Farnborough Airshow will open on Monday, with Boeing and Airbus looking to secure aircraft deals. Defence firms are also vying for their share of the booming budgets for military spending fuelled by the wars in Ukraine or Middle East. Sources in the industry say that planemakers will announce a number of deals this week. However, they also state that total orders may fall short of analyst predictions of 800 or more aircraft, due to supply-chain constraints which continue to limit production. Defence companies are also arriving in large numbers as governments increase military spending and learn from conflictes that have highlighted the importance of missile defence systems, drones and artificial intelligence. The opening of the event on Monday coincides with Prime Minister-in-waiting Andy Burnham's first day as a cabinet minister. Burnham could also make an appearance during the July 20-24?event. Organisers claim that defence companies will make up?half of the record 1,600 exhibitors, which is a departure from the roots of the event in 1948 when it was a showcase of British aerospace technology. This shift is a reflection of how conflicts in Ukraine and the Middle East, have changed spending priorities, and increased demand for new defence technology, such as unmanned fighter jets, autonomous AI software, and kamikaze drones. The head of Boeing’s commercial aircraft unit stated that the company was focused on increasing and improving aircraft production. "Not order announcements." Airbus and Boeing will reportedly secure about 300 orders, unless additional deals are struck in the last minute. The?sources' said that SMBC Aviation Capital of Ireland, a leasing company, is expected to announce a deal for 100 narrowbody - aircraft from each manufacturer. Bloomberg News was the first to report on the deal. No one from the companies involved has commented. Riyadh Airlines and Philippine Airlines are also in the process of placing orders. There were no immediate'signs' of a breakthrough between Turkish Airlines and engine manufacturers over long-term agreements the carrier had linked to a plan to purchase 150 Boeing 737 MAX aircraft. (Reporting and editing by Sharon Singleton, Joanna Plucinska Dan Catchpole Tim Hepher Joe Brock David Shepardson)
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Trump says the new Air Force One coming from Qatar will be upgraded to its'maxed-out' potential
Donald Trump, the U.S. president, said on Sunday that an Air Force One plane that was donated by Qatar will be upgraded soon. This follows questions regarding 'the planes security features. Trump began flying on the Boeing 747 jumbo jet in 'July 1' after receiving the plane last year as a present. Trump ditched his plane unexpectedly on a flight to the United Kingdom from Turkey on the 8th of July amid an increase in hostility towards Iran. He took an older Air Force One plane to London, which he called a "move for old times sake", but later took the newer plane back to the U.S. On Sunday, Trump was asked if the newly-renovated plane lacked missile defense capabilities. He had just returned from the FIFA World Cup Final in New Jersey. Trump said that the plane has many capabilities. "But, as I understand it, it will be upgraded in about a month or two... It'll take a little over a week." The Air Force didn't immediately respond to an inquiry for comment. L3Harris Technologies, a defense contractor, repainted the plane in Trump's choice of red, white and dark blue with gold. This is a temporary replacement as Boeing struggles to deliver the next-generation Air Force One aircraft. Boeing has been working on delivering two 747-8s that are purpose-built under a $3.9billion fixed-price contract signed in 2018. The contract is now four years late and over budget. The delivery of the 'new planes' is expected to take place in mid-2028. Some experts were concerned that the upgrades made to the Air Force One jet by Qatar may not have been completed as quickly as they had hoped. The critics also questioned whether the gift was worth it and whether the government should have accepted it. The New York Times journalists who had covered the security features of the new aircraft earlier this month were subpoenaed. The Times has requested that a court block the orders to appear in front of a federal grand jury panel at Manhattan federal court. Trevor Hunnicutt, Idrees Al-Idrees Ali and Sergio Non edited the article.
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The death toll is expected to reach dozens after a passenger ship sinks off the coast of Guyana
Authorities feared that dozens of people may have died after a 'ferry carrying 133 passengers capsized late Saturday night off the coast Guyana. They suggested an incorrect passenger list or drug use on the part of the crew could have been responsible. Guyana's authorities have not found any survivors since Sunday afternoon, when they announced that they had rescued 15 children and 67 adults. At a late-night press conference on Sunday, Juan Edghill, Minister of Public Works, said that the captain and several members of his crew are in police custody. Edghill stated that search and rescue was still ongoing. "We are doing all that we can to locate the loved ones of those families who are searching for them." Authorities said that the MV Barima capsized while travelling from Georgetown to Port Kaituma village, with 116 passengers on board and 17 crew. The ship was approximately?seven mile from shore. Around 11 pm on Saturday night, air traffic control received distress calls from the ferry. This triggered a search-and-rescue operation. Edghill stated that early response was hampered due to the darkness, and the lack of vessels equipped with scanners?that could search and find survivors. Rescuers were left relying on their eyesight and sounds. Edghill stated that the oil and gas industry has deployed scanners, and the government has sent divers to the ferry in order to search for the bodies. The authorities have expanded the search area from 400 square kilometers to 1,040 sq km (401 sq?miles). Edghill first insisted on Sunday afternoon, that the ferry operator had not shown any signs of "neglect". On Sunday evening, Edghill said that the captain and other crew members tested positive for marijuana. A number of the people who were saved were not on the manifest for the ferry, which suggests that the passenger list was inaccurate. The minister stated that the boat was in need of maintenance and would be dry docked - the process whereby a ship is temporarily taken out of the water to inspect or repair problems - this year. Families have been torn apart by the disaster. Leon Murray, who was on the ferry at the time, told the local news outlet Ignite News, that someone shouted about four hours after the boat left Georgetown that it was sinking. Murray was able to swim up to the surface and use a life jacket in order to stay afloat. He floated and shouted for help, and then found his son holding onto a box floating in the water. Murray claimed that he and son were still alive, but his daughter, wife and four grandchildren had not been found. "Six of the six are gone." Mark Phillips, the Guyananese prime minister, said in a press release that the vessel had a cargo weight of 286, out of its capacity of 284, tons. He stated that the ferry had a license to carry 300 passengers and was equipped with 250 'life jackets', six inflatable liferafts and 2 'rigid liferafts. Phillips announced at a press conference on Sunday night that an investigation was underway into allegations of wrongdoing by members of the maritime administration, police, and defense forces. Let me be clear. If negligence, misconduct, or criminal wrongdoing is proven, the responsible parties will be held accountable to the full extent of the law. Reporting by Kemol and DeisyBuitrago, Writing by Emily Green, Editing by Chizu and Thomas Derpinghaus
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Data shows that few tankers are entering the port of Hormuz for oil loading, but LNG floating storage is increasing.
Shipping data revealed on Monday that the number of ships transiting?Strait?of Hormuz remained low over the weekend, as Iran and the United States intensified their attacks in the Middle East. Data from LSEG shows that four vessels crossed the strait on Sunday, compared to eight the day before. The data showed that at least three oil product tankers and a Very Large Crude Carrier entered the strait to load oil since Friday. LSEG data includes transit of container ships, bulkers and vehicle carriers as well as tankers carrying oil, gas, and chemicals. The U.S. announced on Sunday that it had carried out an eighth night of attacks against Iran. Meanwhile, U.S. Allies Kuwait and Bahrain also reported further Iranian attacks. Both sides have targeted shipping traffic in recent days. The U.S. has said it enforces a naval blocade against Iranian ports. Iran says it targets vessels that violate its rules for navigating the Strait of Hormuz which handles about one-fifth of the global oil trade. The 'United Kingdom Maritime Trade Operations Agency' said on Monday that it received a report indicating a vessel on fire eight nautical miles (14.8km) northwest of Oman’s Kumzar. UKMTO stated that the cause of fire has not been confirmed. Since Thursday, no liquefied gas tankers were visible in the Strait. Transponders are sometimes turned off by tankers and other vessels to hide their passage. S&P Global Energy's vessel tracking data showed that the combined 10-day average for laden LNG transits in the Strait fell to 0.2 cargoes a day on July 15, down from 0.8 cargoes a day at late June. The data revealed that only one LNG cargo has been 'known' to have left the Gulf in the last week. S&P Global analysts stated in a report that despite the disruptions to shipping outbound, LNG production at Qatar and the United Arab Emirates has continued at a fairly robust pace. This has led to an "increasing inventory" of LNG on tankers awaiting inside the Gulf. S&P Global estimates that seven laden Qatari LNG ships held around 0.57 million metric tonnes of LNG by mid-July, while nearly 1.9 millions tons of LNG tanker capacities are currently positioned inside the Gulf. This is the equivalent to around eight days worth of pre-war peak exports. The report added that "Should an effective blockage of Strait of Hormuz in the next few weeks ease, these vessels would be able to enable a relatively quick increase in exports by releasing LNG which has already been loaded and produced." Reporting by Florence Tan, Editing by Sonali and Lincoln Feast.
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Data shows that few tankers load oil in Hormuz.
Shipping data revealed on Monday that the number of ships passing through the Strait of Hormuz was low over the weekend, as both the United States and Iran intensified their attacks in the Middle East. Data from LSEG showed that only four vessels crossed the strait on Sunday, compared to eight the day before. Data from LSEG shows that at least three oil product tankers and one Very Large Crude Carrier entered the Strait since Friday to load up on oil. Since Thursday, there haven't been any liquefied gas tankers visible passing through the Strait. LSEG data includes transit of container ships, bulkers and vehicle carriers as well as tankers carrying oil, gas, and chemicals. The U.S. announced on Sunday that it had completed an eighth night of attacks against Iran. Meanwhile, U.S. ally Kuwait and Bahrain also reported further Iranian attacks. Both sides have been targeting shipping traffic in recent days. The U.S. has said it will enforce a naval blockade against Iranian ports. Iran says it will target vessels that violate its rules on navigating the Strait of Hormuz. This is the area where one-fifth of the global oil trade usually takes place.
Financial Times - Jan. 7
The following are the top stories in the Financial Times. Reuters has not verified these stories and does not attest their precision.
Headlines
- Bet365 manager Denise Coates' pay nearly halved to 150 mln stg in 2015
- Shawbrook owners target 2 bln stg assessment as they weigh sale or IPO
- UK high-speed rail line informed to cut charges
- Nippon Steel and United States Steel sue after Joe Biden obstructs $15. bln offer
Introduction
- British betting company Bet365's employer Denise Coates saw her. annual payout from the household's gaming empire almost cut in half to. 150 million pounds ($ 187.80 million) in 2015, yet she remains. one of the UK's most affluent executives.
- UK-based Shawbrook's << IPO-SHAW. L> > personal equity owners. are considering a sale of the lending institution or a London listing at a. target assessment of 2 billion pounds, indicating an uncommon positive. advancement for the UK capital after a tough year for its. primary stock exchange.
- HS1 Ltd, the owner of Britain's only high-speed train,. has actually been informed to lower the charges that train operators. consisting of Eurostar pay to utilize the line linking London to the. Channel Tunnel.
- Nippon Steel and U.S. Steel have actually submitted 2. claims in the United States declaring wrongful disturbance after. President Joe Biden obstructed the proposed $15 billion acquisition. of U.S. Steel days previously. ($ 1 = 0.7987 pounds)
(source: Reuters)