Latest News
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Wall Street Journal, February 13,
These are the top stories from?Wall Street Journal. The?Wall Street Journal has not confirmed the accuracy of these?stories. The Central Intelligence Agency has released a video showing a disillusioned Chinese mid-level military officer. This is the latest step in a U.S. campaign to increase?human intelligence collection on Washington's strategic competitor. Pentagon sends the?largest,?most-advanced aircraft carrier of the Navy to the Middle East as the U.S. intensifies plans for an attack on Iran. The White House and Robert F. Kennedy Jr., the Health Secretary have announced that they will be launching a potential attack on Iran. The 'White House and Health Secretary Robert F. Kennedy jr. have reshuffled the top?ranks?at his department. This is to ensure that the operations are smoother ahead of the midterm election. Novartis' Vanrafia drug slows down the decline in kidney function for adults who have IgA nephropathy, a progressive autoimmune disease.
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Safran wary of getting involved in Airbus engine dispute.
Safran CEO Olivier Andries stated on Friday that CFM will do its best to fulfill any requests from Airbus for additional engines this year. However, the priority is to'meet' existing commitments. Airbus, according to industry sources, is in a standoff with engine manufacturer Pratt & Whitney about engine supplies. This has put its main production goals at risk and prompted it to turn to CFM to help adapt. Andries informed?reporters CFM's forecasts of a 15% rise in total LEAP engine deliveries this year included in Safran’s annual earnings, announced on Friday, didn't include any provision to?increase its share of market. Andries stated that CFM, which is co-owned by GE Aerospace and?Safran, and competes with Pratt & Whitney as an airline engine choice on the A320neo has reached agreements with Airbus to produce volumes for 2026. He said: "We will do what we can to increase our market share, but we are committed to doing more this year." Last week, it was reported that Airbus’ production target is in doubt as the planemaker has yet to sign a deal with Pratt & Whitney for 2026 and 2027. Airbus has delayed its target to increase A320neo family?production? to 75 aircraft per month by 2027 from 60 currently, but it has been unable to meet the goal due to supply chain issues. Airbus reported last month that?engines, especially those from Pratt & Whitney, were arriving late. Airbus has also reported problems with CFM deliveries in the past. Pratt & Whitney?said last week at the Singapore 'Airshow that they were confident of reaching an agreement. Airbus refused to comment before February 19 earnings. (Reporting and editing by Tomasz Janovski, Susan Fenton and Tim Hepher)
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Officials in Ukraine claim that Russia attacked a port near Odesa and killed brothers who were near the front line.
Ukrainian officials announced on Friday that three Ukrainian brothers, including an eight-year old, were killed at the front lines of the east, and that a Russian drone strike killed one person, injured six more, and killed another in a Black Sea port near Odesa. Local prosecutors in Donetsk Region?said that the mother and grandmother of two brothers, both of whom were aged 19, were injured in the attack on late Thursday. Ukraine's ports are its key export routes, vital for its foreign trade as well as?survival of its wartime economic. As U.S. efforts to end the war stall, Moscow has intensified its attacks against both Ukraine's energy and port infrastructure. Kyiv, meanwhile, has targeted Russian oil installations. Oleksiy Kulba, Deputy Prime Minister of Ukraine, wrote on Telegram that "Russia launched massive strike?on railway and port infrastructure". Kuleba stated that a number of vehicles and warehouses containing fertilisers as well as infrastructure belonging to the business were damaged. The Ukrainian Sea Ports Authority didn't name the port. It said that it was one of three ports around Odesa, and that the port continued to operate in spite of damage to the infrastructure. Ukraine's Air Force said that Russia launched 154 drones and one missile total at Ukraine over night. It said that air defences had neutralised or downed 111 of the drones. Oleh Kiper, the regional governor of Odesa, said that residential, industrial and energy infrastructure was also targeted in the region. This follows earlier reports that the attack had caused "substantial disruption" to power, heat, and water supplies. DTEK, Ukraine's largest private energy company, said that the damage to the energy infrastructure of the city is "extremely severe" and repairs will take a very long time. It did not specify which facility had been damaged. Kuleba reported that the railway infrastructure in the southeast Dnipropetrovsk Region was also attacked in the last 24 hours.
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S.African Ramaphosa pushes Eskom breakup plan ahead
South Africa will continue to break up the power utility 'Eskom' and create a separate company that would run the transmission grid. This is a major reform being closely monitored by international investors. Eskom, the state-owned company that owns Africa's largest industrialised economy, has been plagued by rolling blackouts for years as it struggles to maintain its aging plants and finances. The company will be split to attract private investment and create a modern, reliable electric system. The transmission of power is one of biggest obstacles to economic growth and new electricity supply. In his national address, Ramaphosa announced plans to create "a fully-independent state-owned transmission company" that would?own and manage grid assets as well as the electricity market. He appointed a task force under the National Energy Crisis Committee to oversee restructuring. The team was required to deliver a detailed report with timelines for implementation within three months. INVESTMENT KEYS Ramaphosa’s announcement follows an update by Electricity Minister Kgosientsho Ramokgopa, in December. This proposed that?transmission assets be kept as an Eskom subsidiary. Busisiwe Mavuso CEO of Business Leadership South Africa said: "This issue has caused serious concern as international investors and local leaders are beginning to question the commitment of the government to the reform program." Olga Constantatos said that the unbundling of Eskom is intended to stimulate competition and private investment after decades under monopolistic control. Private investment in renewables mobilised over 200 billion rand (12,5 billion dollars) and added more than 6,000 megawatts of capacity without impacting Eskom's financials. According to a presentation by the Department of Electricity and Energy, South Africa will need 390 billion rands over the next 10 years for transmission infrastructure. Eskom is unable to provide this funding due to its financial constraints. IMF Urges FASTER ELECTRICITY RENEWAL In its Article IV report, The International Monetary Fund called on South Africa to accelerate electricity reforms. This included separating Eskom’s generation and transmission units, creating a wholesale market and supporting private projects for transmission through risk-sharing tools, such as the forthcoming credit guarantee vehicle supported by the International Finance Corporation. IMF has also highlighted Eskom's poor debt servicing capacity and rapidly rising public debt levels.
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Safran targets higher 2026 profit as jet engine services prosper
French aerospace group Safran announced increased earnings and revenue?for 2026, following a year of profitability gains?due to strong demand for its civil jet engines. Safran, which produces?engines for Airbus and Boeing planes under the CFM venture with GE Aerospace, forecasted 6.1 to 6.2 billion euro ($7.2 billion up to $7.4billion) in recurring operational profit this calendar year. This was based on an estimated percentage increase in revenue of "low to middle teens" for the period. The French version of the earnings announcement stated that this was an increase between 12% and 15%. Safran reported a 26% increase in its recurring operating income, adjusted to 5.2 billion euro, and a margin improvement of 1.5 percentage points, to 16.6%. The company's adjusted revenue increased by 15% to 31,33 billion euros, and it also generated 3,92 billion euros of free cashflow. According to a consensus compiled by the company, analysts expected recurring total operating income of 5,22 billion euros from revenue of 31,49 billion euros. They also anticipated free cashflow of 3.66 billion euro. Safran reported that the revenue from services for civil engines has increased by 30% when measured in U.S. dollars. Aftermarket sales were boosted by the demand for air travel, and interest in older jets despite delays in production. The company reported a positive trend in defence, thanks in part to the new orders it received for its engines for the Rafale fighter. Safran has raised its financial targets to 2028. It now expects recurring operating income to be between 7.0 and 7.5 billion euros. This is up from the 6.0 to 6.5 billion euro it predicted at an investor's day in 2024.
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Amprion's main owners are looking at options to increase their stakes, as the funding needs of the company continue to rise.
Two people who are familiar with the situation said that the owners of Amprion - Germany's second largest power transmission grid - may consider selling their stakes to new investors in order to meet the growing funding requirements for energy networks throughout Europe. The people stated that some members of M31 - a joint venture between investors who own 74.9% of Amprion - are evaluating options. These include shifting stakes to coshareholders or divesting them, they said. Amprion stated that it would not be able to comment on any matters related to M31. It said that it was evaluating the financing options available for its investments, and that it had been in discussions with several financial institutions. Both M31 and the m3one management company, which is responsible for all issues relating to this joint venture, declined to comment. Needs for a SKYROCKETING Financing Amprion, Germany's second-largest high-voltage grid company after TenneT Germany, has a grid of approximately 11,000 km (6.835 miles). Its regulated asset base is 11.7 billion euro ($13.9 billion) and it represents a significant gauge of network valuation. Sources said that some shareholders are reviewing their investments due to the astronomical costs associated with?modernising and maintaining Europe's grids of energy, as well as securing them. Amprion has plans to spend over 36 billion euro by 2029. This requires that its owners provide regular capital increases. Amprion announced in December that its owners had contributed 2.2 billion euro in equity. Grids, which are the backbone of the power supply, require more funding to expand, but they also offer returns that are regulated and in the single-digit percentage range. This makes them a good investment for pension funds, infrastructure, and other fund managers. M31's largest shareholder is AEBG. It is backed up by five pension funds, led by AEVWL. AEVWL said Amprion shareholders should carefully consider whether to buy, sell or remain untouched in the event of a capital increase. In response to a question, Markus Altenhoff (AEVWL's Head of Capital Investment) said: "Every professional will have to take this decision matrix into consideration." M31's other shareholders include Munich Re's asset management arm MEAG Munich Ergo, ?Swiss Life, Talanx, Commerzbank's Commerz ?Real and insurer Versicherungskammer. Timo Werner of Commerz Real, who manages a fund for the division that owns 6% in M31, stated that the group was "very comfortable" about its investment, and that networks were an important element of its strategy. The Insurance Chamber said that it planned to be a long-term shareholder in?M31. Swiss Life, Talanx, and MEAG declined to comment. RWE Alkaios Holding owns the remaining 25,1% of Amprion. This joint venture was formed last year when?German utility RWE transferred a portion of its Amprion stake to Apollo Global Management. German division of Dutch grid operator TenneT is already undergoing a major ownership change. A consortium led by Norges, a sovereign wealth fund, bought 46% of the company last year. The German government agreed to buy a minority blocking stake this month.
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GE Aerospace uses robots and a 'Lean" approach to solve jet engine repair problems
Suresh Sinaiyan, a GE Aerospace technician, has spent more than a decade repairing compressor blades on jet engines by guiding them with precision across a sanding band. At the 'new automation lab' of the aerospace giant in Singapore, he teaches a robot the same task. The switch is a part of GE’s efforts to prepare for the next wave of industrial development, and to ease aviation's most pressing bottleneck: overloaded repair shops and scarce spare parts. The unexpected wear and tear of the latest generation 'jet engines' across the industry has caused many jets to be idled and led airlines keep older jets in flight longer. Maintenance lines have stretched into months while engines wait in repair queues. This pressure has now become a public battle. The airlines have complained about engine makers raising prices to take advantage of shortages, while the manufacturers claim they are investing money in expanding support because they have borne huge development costs. Tony Fernandes is the co-founder and CEO of Malaysian low cost airline AirAsia. He said it bluntly: "They must remember that airlines are their future, so treat us as partners." SINGAPORE as the Pressure Valve GE claims that Singapore is a critical part of its solution. The 2,000-employee GE repair?hub will be upgraded with digital tools, AI and more automation as part of a $300 million investment plan. The company wants to increase repair volume by 33% in Singapore without increasing the footprint of?the site -- by reorganising, reshaping and automating tasks when it's efficient. The factory is leading the way in GE's "Flight Deck" recipe for continuous improvement, eliminating waste and reducing costs. This was pioneered by Japanese automakers - and championed Larry Culp. It's not just about sprinting to the end of a quarter in order to produce a Wall Street Guide. Culp said in an interview that it is about making every minute and day count. GE, along with rivals like Pratt & Whitney, have been balancing the need to keep existing aircraft flying while supplying new assembly lines with parts and engines. By repairing more worn parts, you can reduce the pressure on your engine by reducing the need for new components. GE claims that repairs can halve both the time?needed to complete key processes and the cost for airlines. Faster turns, tighter floor space Iain Rodger of GE Aerospace Component Repair Singapore told me during a tour that "repair can improve turnaround times... the shorter the time the engine has to be off the wing the better." A reorganised area for repair is overhauling CFM56 turbo nozzles that have been scorched by extreme heat in one of the most popular engines on earth. Workers claim that turnaround times have improved since 2021 when they were 40 days. GE targets 21 days by the year 2028. The area will lose about a third its floor space in order to be ready for the next challenge, which is to develop repair capabilities for newer LEAP engine models that are entering?overhaul cycle. If the airline does not approve repairs, it may be forced to replace worn out parts with newer, more expensive, and limited-supply replacements. Han Hui Min, Nozzles' Business Leader, said of the new layout: "Now we can identify issues and see where they are." TEACHING ROBOTS the HUMAN TOUCH Repairs that require a technician’s touch are among the most difficult to automate. Take these compressor blades out of a CFM56 motor. The spinning blades create a?pressure' as air rushes in to the core of the motor. After years of use, the blade?tips will deform. This must be repaired by a process known as blending. It's really difficult to do. Sinnaiyan said that (until now) the process was 100% manual. The blades must be filed down to a few thousandths, using eye, feel and coordination. GE is betting that if they can capture this skill and turn it into a robotic process that can be repeated, then it will reduce the need for specialised workers while increasing throughput - at a lower cost. Analysts have noted that engine manufacturers make some of their largest profits by servicing used parts, and licensing certain repairs to shops in exchange for lucrative royalties. The process of each repair is the secret sauce to an increasingly important part?of business. Scaling repairs have limits. The work must adhere to approved procedures and strict standards of quality. Nick Cunningham, an analyst at Agency Partners, said that the slowdown in plane production - which increased demand for older jets and subsequently for repairs – is nearing its end. If GE's Singapore changes are successful, they can help the industry overcome its bottlenecks. They could also ease fares. Airlines executives and others have warned that the supply crunch is not likely to disappear quickly. Culp explained that the goal was to move away from heroic firefighting and towards a more preferred type of performance. Reporting by Tim Hepher and Rajesh K Singh in Singapore; Editing and production by Joe Brock, Matthew Lewis
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After court order, New York tunnel project is expecting to receive frozen US funds
After a U.S. court of appeals refused to overturn a lower court's order, the commission in charge of the $16 billion Hudson Tunnel Project in New York said it would soon receive $205 million in federal funding that had been frozen. Last week, the funding freeze caused construction to be halted and 1,000 workers were out of work. U.S. district judge Jeannette Vargas issued a preliminary order last week that ordered the federal government release funds to a project that would overhaul critical rail infrastructures in New York and New Jersey, which had been frozen since October 1 by President Donald Trump. The Second Circuit U.S. Court of Appeals announced?on Friday that it would refer the matter to a panel of judge later this month. However, the court did not issue the order requested by the government to block Vargas' decision from taking effect. Letitia James, New York Attorney general, said that the Trump administration should immediately release funds for the project. James said that the administration "never had the power to freeze these funds, and now it has no excuse for delay" after the lower court's order was upheld. The U.S. Transportation Department didn't immediately respond to an inquiry for comment. The department had warned earlier that it would release funds if there was no court order to stop Vargas' decision. The White House directed questions to the Justice Department which didn't immediately respond. The Gateway Development Commission (which is responsible for the management and construction of the Hudson Tunnel Project) said that "while it is a good step, moving forward we need consistent access to federal funding." Gateway said that it worked with contractors to "plan how to deploy these funding in the most efficient way" and to get workers to the construction sites as quickly as possible. Trump promised to 'unfreeze funds,' according to a source, in exchange for Democrats supporting his request to rename Washington Dulles Airport, and New York Penn Station, after him. Democrats strongly criticised the offer. The Hudson Tunnel Project is a plan to build a new commuter tunnel between Manhattan and New Jersey and to repair an old tunnel that's used daily by over 200,000 people and 425 trains. Vargas' ruling came hours after New York &?New Jersey announced that construction would cease due to a lack of funding. The Hudson Tunnel, which was heavily damaged by Hurricane Sandy in 2012, requires frequent emergency repairs, which disrupt travel along the country's busiest passenger rail line. Former President Joe Biden allocated $15 billion to the project. So far, nearly $2 billion has already been spent. Reporting by David Shepardson, Editing by Chris Reese & Jamie Freed
Rome Fiumicino opens solar farm to suppress airport emissions
The operator of Rome's. Fiumicino airport on Monday opened a solar farm built by energy. group Enel and network service provider Circet which. is developed to cut its carbon dioxide (CO2) emissions by more. than 11,000 loads each year.
The new facilities, which the airport provided as the. initial step of a more comprehensive drive to boost renewable resource, extends. for almost 2.5 kilometres (1.55 miles) along the eastern side of. Fiumicino.
Aeroporti di Roma (ADR), which manages Fiumicino, said in a. statement the solar farm was the largest self-consumption. photovoltaic system in a European airport, and one of the. largest systems in the world within an airport border.
The farm has a peak capacity of 22 megawatts, ADR stated, and. aims to reach 60 megawatts in the next 5 years by including. solar panels.
ADR, which is owned by infrastructure group Mundys, stated the. task was worth around 50 million euros, part of its more comprehensive. 200 million euro plan of investments on renewables and. sustainable movement.
The solar farm is a best example of how airport grounds. can be optimised ... to enable the airport's sustainable growth,. stated Mundys chairman Giampiero Massolo.
The Italian federal government of Giorgia Meloni has an objective to add. more than 35 gigawatts of green energy capability by 2030 through. photovoltaic plants.
In 2015 nevertheless it passed rules suppressing the installation. of solar panels on farming land after sector lobbies. grumbled that they were incompatible with cultivation.
This is a demonstration of how we can use numerous areas that. do not have monumental worth or high farming intensity to. accomplish the objective of decarbonisation, Energy Minister Gilberto. Pichetto Fratin said at the job's presentation.
(source: Reuters)