Latest News
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Malaysia reduces estimated savings from fuel subsidy changes to $950 million per year, according to a report
Malaysia could save as much as 4 billion ringgit (953.74 millions) annually by adjusting subsidies for the popular RON95 fuel. This was reported by the state-run news agency Bernama, citing Malaysia's Finance Minister. The government initially aimed to save up to 8 billion Ringgit by removing petrol subsidies from the highest-earning citizens of the country. However, it has backed down on this proposal due to public concern about the rising cost of living. Anwar Ibrahim, the Prime Minister, announced the revised plan on Monday. He said that the government will continue to subsidise fuel for citizens but that foreigners would have to pay more. Amir Hamzah Azizan, second finance minister, said that the move would generate savings between 2.5 billion and 4 billion ringgit per year, assuming crude prices of $75 per barrel. Bernama reported this on Monday. He was quoted saying that the savings would be used to fund public assistance programs, such as cash aids for those in need.
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UN Aviation gathering opens in shadow of cyberattacks and geopolitical tensions
The ICAO triennial meeting takes place from September 23 through October 3. Assembly navigates geopolitical tensions between Russia and North Korea Russia seeks ICAO Council Chair after losing seat 2022 Allison Lampert September 23 - The global aviation leaders meeting in Montreal on Tuesday will have to navigate through international rifts while facing high tech threats, increasing pollution from flights and labor shortages. The technology is improving global aviation, but it remains vulnerable to cyber attacks. Some of Europe's largest airports are still experiencing disruptions after hackers took down automated check-in system on Monday. The delegates to the United Nations International Civil Aviation Organization triennial meeting from September 23 to 3 October have called for greater international cooperation in combating cyber threats. Geopolitical tensions are affecting the agency that was founded in 1944 with the goal of managing skies through a consensus-driven method. The 36-member governing council of the agency has spoken out against Russia's invasion of Ukraine in 2022 and North Korea's actions, accusing them of disrupting critical satellite navigation systems which violated aviation rules. Vincent Correia is the co-director of McGill University’s Institute of Air and Space Law, in Montreal. He said, "You know, even during the Cold War era after the USSR had joined ICAO there was cooperation on this very specific technical field, which was not happening outside." "I am optimistic by nature, but I also know that tensions are high at the moment." "I know that tensions are high right now." In a paper, North Korea accused the ICAO council of a "double standard" for failing to take action against South Korea over an alleged infiltration of military drones into its skies. Moscow declined to comment. In a statement, it said that the Russian delegaion will work to promote the country's membership in council after losing its seat at the last assembly in 2020. The airline industry trade group IATA has acknowledged that it will not be able to meet the target of reducing aviation pollution by 5% by 2030. Willie Walsh, IATA's Director General, told reporters that some airlines are unsure how they can afford to go to net zero. Walsh said that carriers are still committed to reducing emissions. The aviation industry is experiencing a shortage of staff due to the increase in travel since the end pandemic. India has asked for a code of conduct on hiring pilots so that they are not poached. The global passenger traffic is expected to increase to 7.2 billion passengers by 2035 compared to 4.6 billion in 2024. ICAO estimates that 670,000 additional pilots will be required by 2043. Brazil's travel industry is expected to grow by 10% per year. The country is currently short of mechanics, and is worried that a larger shortage is looming. Tiago Faierstein is the newly appointed president of Brazilian Civil Aviation regulator ANAC. He said that 51 percent of Brazil's population are females and only 3% are pilots.
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Oil prices continue to decline after Iraqi and Kurdish governments agree on a restart of oil pipeline
Oil prices fell for the fifth session in a row on Tuesday as concerns about oversupply were exacerbated by a preliminary deal reached between Iraqi and Kurdish regional government to restart an existing oil pipeline. Brent crude futures fell 42 cents, or 0.63%, to $66.15 per barrel at 0332 GMT. U.S. West Texas intermediate crude dropped 36 cents, or 0.58%, to $61.92 per barrel. Both contracts were on a losing streak of five sessions, with a 4% decline. As we near the end of the year, there is still uncertainty about demand. Anh Pham, senior analyst at LSEG, said that the restart of KRG Pipeline has also put pressure on prices. Two oil officials said that the federal government of Iraq and the Kurdish region reached an agreement with oil companies on Monday to resume crude oil exports through Turkey. This breakthrough will allow Iraqi Kurdistan to resume exports of around 230,000 barrels per daily (bpd), which were suspended since March 2023. Globally, the oil market is preparing for a slowdown in demand and an increase in supply due to the rapid development of electric cars and the economic problems fueled by tariffs. The International Energy Agency's latest monthly report said that world oil supplies will increase more quickly this year, and a surplus may expand in 2026 due to the increased output of OPEC+ and the growth of supply outside the group. Risks still loom over the market, as traders watch the European Union's possible consideration of tighter sanctions against Russian oil exports as well as any escalation in geopolitical tensions within the Middle East. A preliminary poll conducted on Monday indicated that U.S. crude stockpiles are expected to have increased last week while gasoline and distillate stocks likely decreased. According to the Joint Organizations Data Initiative, released on Monday, Saudi Arabian crude oil exports fell in July to their lowest level for four months. Iraq, the second largest oil producer in the Organization of the Petroleum Exporting Countries, increased its oil exports as part of an OPEC+ deal, according to the state oil marketing company SOMO. Reporting by Anjana Anil from Bengaluru, and Siyi Liu from Singapore. Editing by Lincoln Feast.
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Hong Kong prepares for Super Typhoon Ragasa, schools and businesses close
Hong Kong was bracing for Super Typhoon Ragasa, the strongest tropical typhoon of the year. Schools and businesses were closed, while the majority of passenger flights would be suspended in the afternoon until early Thursday. The Hong Kong Observatory reported that Ragasa is moving closer to the coast in southern Guangdong Province, China. Ragasa can pack winds up to 220km/hr (137mph) and has been packing these winds for some time. By 2.20 pm (0620 GMT), authorities in the financial center will raise the typhoon warning to 8, the third-highest level, which will cause most businesses and transportation services to close. Around 700 flights were disrupted. The observatory will determine if a stronger warning is needed late Tuesday or early on Wednesday. Ragasa, a tropical storm that swept across the Philippines' northern region on Monday, prompted President Ferdinand Marcos Jr. to order all government agencies to be mobilised and the disaster response agency of the country to go into full alert. Hong Kong Observatory reported that hurricane-force wind offshore and high ground was likely to hit Hong Kong on Tuesday, and heavy rains were expected to cause a storm and sea wave in the densely populated city. It warned that sea levels would rise, and they said it would be similar to what was seen in Typhoon Hato of 2017 or Typhoon Mangkhut of 2018, which both caused billions in damages. The observatory warned that water levels along Hong Kong's coast could rise by two metres (6 feet). Maximum levels in some areas may reach 4-5 metres (12-15 ft) and the observatory urged residents to take precautions. On Monday, local authorities distributed sandbags to residents in low-lying regions so they could strengthen their homes. Many people also stocked up on daily necessities. Witnesses on Monday reported that supermarkets were crowded with long queues, and that milk and meat had sold out. Vegetable prices at the fresh-produce market also tripled. Hong Kong Stock Exchange will be open. The stock exchange changed its policy in late 2013 to allow trading regardless of weather. Chinese authorities have activated flooding control measures in several provinces of the south, warning heavy rain will begin on Tuesday. Macau, the world's biggest gambling hub, is also preparing for a significant impact. School closures and evacuations are already underway. Authorities in China's tech hub Shenzhen have said that they have prepared over 800 emergency shelters. Taiwanese officials said that they had evacuated over 6,000 people in the island's south and east. (Reporting and editing by Anne Marie Roantree, Neil Fullick, and Farah Masters)
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Hong Kong prepares for Super Typhoon Ragasa, schools and businesses close
Hong Kong closed schools and businesses on Tuesday as Super Typhoon Ragasa, one of the most powerful storms to hit the city in recent years, approached. Most passenger flights at the airport will be suspended from late in the day onwards until early Thursday morning. The Hong Kong Observatory reported that Ragasa is moving closer to the coast in southern Guangdong Province, China. Ragasa can pack winds up to 220km/hr (137mph), which are equivalent to hurricane force. On Tuesday afternoon, authorities in the financial center will raise the typhoon warning to 8, the third highest level, which is expected to cause most businesses to close and all transport services to be suspended. Around 700 flights were disrupted. The observatory will determine if a stronger warning is needed later Tuesday or early on Wednesday. Ragasa, a tropical storm that swept across the Philippines' northern region on Monday, prompted President Ferdinand Marcos Jr. to order all government agencies to be mobilised and the disaster response agency of the country to go into full alert. Hong Kong Observatory reported that hurricane force winds were expected offshore and high ground in Hong Kong, and heavy rain was predicted to cause a storm and sea wave in the densely populated city. It warned that sea levels would rise, and said they would be similar to those seen during Typhoon Hato (in 2017) and Typhoon Mangkhut (in 2018), both of which caused damage worth billions of dollars. The observatory warned that water levels would rise by about 2 meters (yards) in Hong Kong's coastal area and could even reach 4-5 metres at times. Residents were urged to take precautions. On Monday, local authorities distributed sandbags to residents in low-lying regions so they could strengthen their homes. Many people also stocked up on daily necessities. Witnesses on Monday reported that supermarkets were crowded, milk was sold out, and the prices of vegetables at markets selling fresh produce had tripled. Hong Kong Stock Exchange will be open. The stock exchange changed its policy in late 2013 to allow trading regardless of weather. Chinese authorities have activated flooding control measures in several provinces of the south, warning heavy rain will begin on Tuesday. Macau, the world's biggest gambling hub, is also preparing for a significant impact. School closures and evacuations are already underway. Reporting by Farah Masters; Editing and retouching by Anne Marie Roantree, Neil Fullick
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Trump announces that Uzbekistan Airways will buy 22 Boeing 787 Dreamliners worth up to $8 billion
Uzbekistan Airways and Boeing signed a deal worth over $8 billion on Monday, according to Uzbekistan Airways. The airline plans to purchase up to 22 Boeing 787 Dreamliners. Trump claimed on Truth Social that he had spoken to Uzbekistan's President Shavkat Miziyoyev in the beginning of this month. Boeing released a separate statement about the order on Monday. The U.S. Commerce Department announced that the agreement was signed on Monday in New York City on the sidelines of the 80th United Nations General Assembly. Trump and Boeing claimed that the deal would support 35,000 U.S. workers. The Commerce Department valued the deal at $8.5 billion, and called it "the biggest commercial aircraft agreement in Central Asia." According to the agreement, Uzbekistan will purchase 14 Dreamliners and has options on another eight.
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Police say that drone sightings have halted traffic at Copenhagen Airport in Denmark.
Police said that all traffic at Denmark's largest airport, Copenhagen, has been shut down following drone sightings. The airport is closed to take-offs and landings as two or three large drones were seen in the vicinity. In a social media X statement, police stated that the time horizon was unknown. FlightRadar posted on X that all take-offs, landings and arrivals at Copenhagen Airport had been suspended since 20:26 local (18:26 GMT), due to drone reports. The post stated that at least 15 flights were diverted to another airport. A spokesperson from the airport confirmed all traffic was halted, but declined to provide any further comment. Reporting by Stine Jakobsen and Louise Rasmussen; additional reporting in Bengaluru by Harshita Menaktshi, Editing by Essi Lenti and Franklin Paul
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Spirit Airlines prepares to lay off one-third its flight attendants
Spirit Airlines announced on Monday that it will be preparing to lay off one-third its flight attendants following its second bankruptcy filing in a single year. The carrier is struggling with mounting losses and dwindling funds. From December 1, the low-budget airline will lay off approximately 1,800 of its 5,200 flight attendants. Spirit filed for bankruptcy last month, after its previous reorganization had failed to improve the company's financial standing. In a memo to its employees sent on Wednesday, the company warned of job cuts and said it planned to reduce flight capacity by 25% over the past year. The airline sent an email on Monday to its employees, stating that it would be adjusting the flight attendants' group based on volume. In a separate memorandum, seen by also, the Association of Flight Attendants said: "The significant reduction of aircrafts and flight hours require a higher reduction in force, and the company is clearly that a furlough will be necessary." The airline has relied on voluntary furloughs to date, rather than forcing them. The company will continue to offer voluntary furloughs even as it continues with further staffing cuts. According to the union voluntary furloughs will be offered from November 1 for a period of six months to a year. In its memo, the union said that it was coordinating with other airlines to set up preferential interviews for their members. Spirit's financial problems, coupled with the competition among U.S. airlines for premium travelers has raised fears that ultra-low-fare fares are coming to an end for budget-conscious travellers. United Airlines announced last week that it would not pursue Spirit Airlines' assets, if those assets became available in the restructuring of the airline. Reporting by Doyinsola Oladipo in New York; Aishwarya JAIN and Aatreyee DASGUPTA in Bengaluru, Editing by Shailesh KUBER amd Maju SAMu
MMC Port receives regulatory IPO approval, which will be the largest in Malaysia for 13 years
MMC Port, Malaysia’s largest port operator, announced on Monday that it had received approval from the Securities Commission. This cleared a major hurdle in its plans to list on Bursa Malaysia this October, which would be the biggest IPO for the country in the last 13 years.
MMC Port announced that it would offer up to 4.3 Billion Shares, which represents around 30% of its capital. The majority of the shares will be allocated to Malaysian institutional investors and select third parties.
The initial public offering will allow retail investors to purchase 284.8 million shares.
Reports in July indicated that the listing would raise more than $1 billion. This would make it the largest IPO for the country since IHH Healthcare debuted with $2.1 billion in 2012.
According to LSEG data, it could become Southeast Asia's biggest IPO since Indonesian technology company Bukalapak raised $1.55 billion in 2021.
(source: Reuters)