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Ryanair boss: Drone disruption unlikely impact on profitability
Ryanair's Michael O'Leary told reporters on Thursday that drones disrupting airports are an irritation, but they won't affect the airline's profitability. He said, "I don't believe it will affect profitability." It disrupts our operation. We recovered pretty quickly. The airlines are accustomed to this. It is annoying, but you cannot take safety risks." Denmark earlier said Drone incursions Hybrid attacks were used to incite fear and temporarily shut down two airports as well as military installations. These incidents were just the latest of a series that has occurred in the last few weeks. They have revealed the vulnerability of European airspace, and the difficulties governments face to combat them. O'Leary stated that "defensive technologies" at airports were improving, and that the greatest risk to profits was from "massive unforeseen events", such as the COVID-19 Pandemic or Russia's invasion in Ukraine.
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Maguire: Nearshoring boom in Turkey comes with a climate catch
Turkey's low energy prices and skilled workforce have made it an attractive destination for companies looking to establish supply chains near Europe and Central Asia. The industrial boom is not without its environmental costs. By 2025, the power companies in Turkey will have polluted more power than any other European country. They will even surpass Germany in this region. The country's rapidly growing power requirements are reflected in the rising emissions. This is because companies have built or expanded their production capacity to take advantage of Turkey's proximity to European consumers, and to reduce its reliance on Asian factories hubs. According to data from the energy think tank Ember between 2019 and 2024, Turkey’s electricity demand increased by 14%. This contrasts with a decline of Europe's total electricity demand during this period. Diverging power trends show how nearshoring has increased the industrial output of Turkey and shifted a lot of polluting activity to Turkey. Cheap Power Turkey's low electricity costs are a major attraction for heavy industry and manufacturers. Turkey's electricity prices fell between mid-2022 and 2024, when the majority of European power prices soared after Russia invaded Ukraine. This was due to generous government subsidies that were designed to protect consumers from inflation. Eurostat data shows that the average household price in Turkey in late 2024 was 5.5 euroscents per kilowatt-hour (kWh), compared to 7.5 euroscents/kWh at mid-2022. The roughly 25% drop in Turkish electricity rates contrasts starkly with the trend in Germany, Europe's largest manufacturing and industrial hub. Germany's electricity prices for consumers rose by nearly 50% from 19 cents/kWh around 2022 to near 28 cents/kWh at the end of 2024. While the cost of industrial power in Turkey is lower than in Germany, it tends to follow electricity prices. A IMPACT AT AN INDUSTRIAL SCALE Data on the production of key components and commodities in Turkey shows the impact of increased production capacity. Turkey's relative lower energy costs in comparison to Germany are also reflected in the production trends for these same products since 2022. Turkey has seen its production of energy-intensive products such as cement, chemicals, and refined products steadily increase over the last five years. In that same time period, German production has decreased, revealing an increase in production capacity in Turkey, driven by the large energy cost difference between the two countries. BUILDING MOMENTUM In recent years, the production of Turkey's more developed goods and products has also reached record highs. Meanwhile, Germany has seen its output of these same goods and materials fall to multi-year lows. The growth of energy-intensive products as well as higher-valued components and products indicates that Turkey's economy can grow and increase wealth for its people. The economy of the country is also facing substantial risks, including high inflation, an increasing government debt level, and a weakening dollar that reduces the purchasing power. Turkey's hubs of production are heavily dependent on European countries as consumers. They therefore face a risk of a decline in demand if there is a recession in Europe. The strong links between Turkey and the Middle East, North Africa, and Central Asia, however, help to diversify Turkey’s consumer market risk and means that Turkey-made goods have a strong potential for sales into these markets. Cement, building materials, and basic chemicals produced in Turkey are also gaining popularity in the Middle East and Africa. The large number of consumers in Turkey bodes well for the producers of raw materials and commodities, but the pollution associated with it will also grow. This could make Turkey the next major emitter globally. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Two bidders compete to be the project manager for a massive FAA US airspace overhaul
According to the top official of the U.S. Federal Aviation Administration, there are only two candidates who want to be the project manager for a multibillion-dollar effort to overhaul the air traffic control system in the United States. FAA plans to select a winner for the contract by the end October. Sources said that multiple companies would have applied earlier in the process. Air traffic control systems in the United States are aging and suffer from frequent technology failures. Sean Duffy, Transportation Secretary, has stated that the FAA was forced to use eBay at times in order to obtain spare parts. In a government report published last year, 51 out of 138 air traffic systems were deemed unsustainable. Congress approved in July a plan worth $12.5 billion to upgrade the nation's outdated air traffic control system and increase controller hiring, following years of complaints about airport congestion and delays. Duffy said that he will push Congress to provide an additional $19 million for air traffic reform. Peraton, owned by Veritas Capital and a company specializing in national security, has confirmed that it has submitted a bid for the management of this project. Parsons, an IT company that specializes in the national security market and global infrastructure, confirmed Wednesday that it had bid against IBM. Donald Trump, the President of the United States, said in April that there are five companies who could perform the work. He suggested Raytheon Technologies or IBM as possible candidates. A senior source stated that he wasn't surprised by the fact that two companies applied, given that it is difficult to reform an air traffic control system that includes more than 100 computer systems and older equipment. He added that the FAA is capable of completing the project, and it has the support from the industry. On Sunday, bids were due for the "prime integrater" position, which is the largest overhaul ever of the U.S. Air Traffic Control Infrastructure. The integrator's role will be to manage the project. Parsons announced its interest to the FAA in June, even though it was asked for proposals by August. In an interview conducted on the sidelines the U.N. Aviation Agency's triennial meeting in Montreal, FAA Administrator Bryan Bedford stated that "I believe we have two very good integrators." Bedford said that some of the FAA's larger prime contractors decided to not partner with the FAA. They just thought they would go with the winner. Bedford continued, "We're running a process and we'll bring it up with Secretary Duffy and President Trump." "We'll present them with all the information and let them choose the option that they are most comfortable with," Bedford said. Sources say that the Trump administration is faced with the challenge of overhauling a complex system in four years, at a time the FAA is losing experienced personnel. Duffy stated in a telephone interview that "we need to rebuild a system with true redundant components which can be tested." "We cannot have lines that go down ..... We need to use new software in order to make our airspace more efficient." The flight operations at two Dallas airports have returned to normal after a telecommunications failure caused more than 2,000 disruptions. Reporting by Allison Lampert, in Montreal; and David Shepardson, in Washington. Editing by Chris Sanders & Aurora Ellis.
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Boeing delivers first freighter since the trade war to China's Suparna Airlines.
Boeing announced on Thursday that it had delivered the first of the two 777-Freighters ordered by China’s Suparna Airlines. This is the first new freighter delivered to a Chinese carrier after the U.S. - China tariff war started. Boeing 777 Freighters have already flown on six Chinese airlines, according to the planemaker. Beijing blocked Boeing jet delivery in retaliation to tariffs the United States had imposed against China earlier this year. This restriction was eased later after Washington and Beijing reached a temporary truce on tariffs. A group of U.S. legislators on a rare trip to Beijing announced that they had struck a deal with the top leaders in China to commit China to buying more Boeing jets. Bloomberg reported that Boeing was in talks with China to sell up to 500 jets. This would be a major break-through for Boeing in the second largest aviation market of the world, where orders are stalled due to trade tensions. He Yadong, a spokesman for the Chinese Commerce Ministry in Beijing, told reporters that unilateral U.S. restrictions remained one of the main obstacles to normal trade. Reporting by Sophie Yu & Lisa Barrington. Mark Potter edited the article.
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Source: US investor Stonepeak wants to raise $4 billion in a second Asia infrastructure fund
A source familiar with the plan revealed that Stonepeak, an American investor, is looking to raise up to $4 billion for its Asia-focused second infrastructure fund. Investors seeking lucrative returns on long-term investments are driving a new wave of investment in the region. Stonepeak is expected to reach $1 billion or a quarter its target by the end this month. This will be four months after the launch of the company in May. The source declined to give her name as details were not made public. The firm raised $3.3 billion in less than a year, indicating a rapid capital deployment as well as strong investor interest. Stonepeak's spokesperson, who began investing in Asia, managing $76.3 billion of assets worldwide, has declined to comment about the funding, which was not previously reported. As a result of geopolitical uncertainty and climate change targets in Asia, many countries are looking to increase infrastructure spending to maintain economic growth and living standard. According to the Asian Development Bank, Developing Asia must spend $1.7 trillion per year between 2023 and 2030 on infrastructure "if it is to maintain growth momentum, eradicate the poverty and respond to climate changes." Global investors have said that they are increasingly targeting new sectors in Asia, including data centres and logistics, which offer exciting investment opportunities. Hajir Naghdy is the senior managing director of the firm and its head for Asia and the Middle East. He said that cold storage logistics has become an important focus area for Stonepeak due to changing diets. He said that a "multi-decade trend" of rapid urbanisation in Asia has created an opportunity for infrastructure investment across generations. Other global investors are also increasing their firepower on Asia. KKR began fundraising for its third pan-Asia Infrastructure Fund, but did not reveal the size target, according to filings made with the U.S. Securities and Exchange Commission. KKR's third pan-Asia infrastructure fund is expected to be larger than the $6.4 billion it raised last year for its Asia Infrastructure Fund, according to a source familiar with the fundraising plan. KKR has declined to comment. STABLE ASSETS KKR applies private equity strategies to businesses with slightly higher risk, but that still behave as infrastructure firms. This was said by Andrew Jennings a managing director of the U.S. based firm. In July, KKR, which has about 30 infrastructure-focused investment staffers in Asia, struck a deal to buy ProTen, one of Australia's largest broiler chicken growers, from pension fund Aware Super. Jennings explained that the goal is to invest in assets that have a steady yield, and that can also provide capital growth. I Squared Capital entered Asia in 2012. It plans to hire around 10 people in the region in the next two-three years. A new office will be opened in Seoul in the near future, according to senior partner Harsh agrawal. The U.S. infrastructure investor bets on energy, digital infrastructure, and logistics as growth drivers. Energy Infrastructure Partners, a Swiss-based company, opened its first Asia office, in Singapore, in June. The firm aims to raise capital for energy transition assets, and initiate deals on markets such as Australia, Japan, and Korea. Peter Schumers, partner and cohead of investment at the firm, said: "We view Singapore as a launchpad to build relationships, deploy funds, and ultimately originate investments in some the region's advanced markets." (Reporting and editing by Sumeet Chaterjee, Thomas Derpinghaus and Yantoultra Wu)
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Saudi stocks continue to rally amid hopes for reforms in foreign ownership; UAE stocks rebound on bargain-hunting
Saudi stocks continued their sharp rise in early trading on Thursday, following news that Capital Market Authority was considering allowing foreigners to own majority stakes of listed companies. The UAE markets recovered as investors purchased recently sold-off share. Saudi Arabia's benchmark stock index rose 1.1% on the back of its largest single-day gain for more than five year after Bloomberg reported that regulators could ease the cap on foreign ownership to 49%, which would likely attract new foreign investment into the region's biggest equity market. Al Rajhi Bank shares, the largest Islamic lender in the world, rose more than 5% after the steepest rise in almost two decades the previous session. Saudi National Bank rose by 4.4%, reaching a level not seen since nearly one and a half years ago. Daniel Takieddine is the co-founder and CEO at Sky Links Capital Group. He said that a potential rule change could trigger foreign inflows of more than $10 billion and cause MSCI to increase Saudi Arabia's weightings in its index, increasing demand and valuations. Dubai's main stock index recovered 0.3% following two sessions of sharp losses, thanks to a 1% increase in Emirates NBD Bank. The shares of Salik, a toll operator, rose by 0.7% while Tecom Group gained more than 1%. Abu Dhabi's Index edged up 0.2% to end a losing streak of two days, buoyed a 0.1% increase in International Holding Company. ADNOC Drilling, a company that produces energy, has seen its shares rise by 0.5%. AI-driven space technology firm Space42 rose 0.5% as well after signing a contract with Dynamic Map (the U.S. subsidiary of Japan's Dynamic Map platform) to supply HD Map Data for General Motors Super Cruise in the UAE. Qatar's stock market index dropped 0.4%, to a two-month low. Industries Qatar fell 1%, and Qatar Islamic Bank dropped 0.4%. (Reporting from Amna Mariyam, Bengaluru. Editing by Alex Richardson.
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Denmark reopens airports after drone disruption
Unidentified drones that flew overnight into the airspace of western Denmark caused the airports to close for several hours, forcing them to reopen early Thursday morning. This is the second incident of this nature in the Nordic countries in recent weeks. Danish police reported that drones were responsible for closing Billund Airport, Denmark's second largest airport, for an hour and Aalborg Airport, Denmark's third biggest airport, for three hours late Wednesday night. Also, drones were observed near the airports of Esbjerg, Sonderborg and Skrydstrup, which is home to F-16 and F-35 fighter aircraft from Denmark. All five of the sites are on Denmark's western Jutland Peninsula. Morten Skov, a resident of Aalborg, said he had seen green blinking lights from the west. The lights "stood right over" Aalborg Airport. Skov shared a video in which he shows light moving from the airport to the west. Danish national police reported that the drones had followed a pattern similar to those which had stopped flights at Copenhagen Airport late Monday night and early Tuesday morning. It described this as the "most serious attack" on its critical infrastructure yet and linked it with a series suspected Russian drone incursions, and other disruptions in Europe, without providing evidence. Vladimir Barbin, the Russian ambassador to Denmark in Copenhagen, denied that his country was involved in the incident. The Danish defence and justice ministers will hold a joint press conference at 7am GMT. Reporting by Jacob GronholtPedersen and Stine Jacobsen; Editing by Andrew Cawthorne
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Wall Street Journal, September 25,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Delta Air Lines has replaced the power units in more than 300 Airbus jets to combat toxic fumes that have been leaking into the air and posing a health and safety risk to passengers and crew. Kodiak will begin trading on Nasdaq under the tickers KDK & KDKRW on Thursday, following its merger With special-purpose acquisition firm Ares Acquisition Corp. II, an affiliate of Ares Management. The deal valued the startup around $2.5 billion. Pony AI has plans to deploy 1,000 robotaxis throughout the Middle East before 2028. This will expand its global fleet. China has urged its firms with U.S. operations to not bring their domestic pricing playbook to the U.S. Market, signaling Beijing’s intention to maintain the recent calm in trade relations with Washington. Apple has asked the executive arm of the European Union to repeal the Digital Markets Act or to significantly reduce its scope, claiming that the law makes it more difficult to do business within the EU. Treasury Secretary Scott Bessent confirmed that the U.S. was in discussions to provide Argentina with an exchange line of $20 billion to help support President Javier Milei’s stalled free-market reform. (Compiled by Bengaluru Newsroom)
NATO Articles 4 & 5: What are the alliance's obligations as drones begin to appear in Europe
Denmark announced on Thursday that it is weighing up whether or not to invoke Article 4 in the founding NATO treaty, after overnight drone incursions temporarily shut down two of its airports as well as military installations located in western Jutland.
Danish Defence Minister Troels Poulsen called the incursions "hybrid" attacks designed to instill fear, but admitted he didn't know who was behind it.
Mette Frederiksen, the Danish Prime Minister, had earlier linked drone incursions similar to those that temporarily closed Copenhagen Airport overnight and into Tuesday morning with a suspected Russian drone invasions as well as other disruptions in Europe. Moscow denied any involvement.
What happened?
Danish police reported that drone incursions caused the closure of Billund Airport, Denmark's second largest airport, for one hour. Aalborg Airport, which is used for both commercial and military flights was also closed for three-and-a half hours. Both airports reopened Thursday.
Police reported that drones were seen over night near the airports of Esbjerg, Sonderborg and Skrydstrup, which is home to F-16 and F-35 fighters from Denmark, and a military installation in Holstebro.
All the affected areas are located on the Jutland Peninsula in western Denmark.
Danish authorities have decided to not take down any drones that are in their airspace, for safety reasons. This is despite the disruption to air traffic.
What is Article 4?
According to Article 4, members of the North Atlantic Treaty Organization must consult each other whenever they believe that the territorial integrity, political independence, or security of a member is in danger.
Article 4 of the North Atlantic Council's charter, which is NATO's principal decision-making body, could lead to a joint decision or action.
Defense Minister Poulsen stated that the Danish government is currently holding internal and NATO discussions on whether or not to invoke Article 4.
It would be the second such incident this month. On September 10, the Polish Prime Minister Donald Tusk invoked Article 4 after Poland shot down drones that were flying over its airspace, following what he described as a "large scale provocation" from Russia.
The Russian defence ministry has confirmed that its drones have carried out an airstrike on military installations in western Ukraine, but it did not intend to strike any targets in Poland.
Many European officials described this incursion as an intentional act and an indication of Russian escalation.
In February 2022, Bulgaria, the Czech Republic and Estonia, Latvia, Lithuania as well as Poland, Romania, Slovakia, and Slovakia invoked Article 4 in response to Russia's invasion.
What is Article 5?
If it were proven that Russia had attacked the territory of an NATO member state, then the focus would shift to Article 5 of the founding treaty of NATO.
The alliance was formed in 1949, with the U.S. as its mainstay. Its purpose was to fight the Soviet Union and the satellites of the eastern bloc during the Cold War.
According to the charter, "the Parties agree" that any attack on one or more in Europe or North America will be considered as an attack on them all.
It says: "They agree that if an armed attack takes place, they will, in exercising their right of individual or group self-defense, recognized in Article 51 of the Charter of the United Nations by each of them, assist the Party(ies) so attacked, by taking immediately, individually and with the other Parties in concert, whatever action is necessary to restore and maintain the safety of the North Atlantic region, including the use of force."
How could the Ukraine War trigger Article 5?
As Ukraine is not a member of NATO, the full-scale Russian invasion that took place in February 2022 didn't trigger Article 5. However, the United States and its other members rushed to offer military and diplomatic support to Kyiv.
Experts have warned for years about the possibility of a spillover into neighbouring countries along NATO's east flank, which could force the alliance militarily to respond.
This action, whether intentional or not, by Russia has increased the risk that the war will spread by bringing other countries into it.
Is it automatic to invoke Article 5?
No. After an attack on one member state, other members meet to decide if they are willing to treat it as an Article 5 case.
Experts say that the language used is flexible enough for each member to decide what to do in response to an armed attack against another.
Article 5 was activated by the United States in response to September 11, 2001 hijacked plane attacks on New York City and Washington. (Reporting and editing by Timothy Heritage Gareth Jones Peter Graff, Matt Spetalnick, Charlie Devereux)
(source: Reuters)