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Boeing to study larger jets as Emirates orders 65 more 777X
Dubai-based Emirates announced on Monday that it had ordered another 65 Boeing 777-9 aircraft, cemented its position as world's largest buyer of wide body jets. The U.S. manufacturer agreed to conduct a feasibility study regarding a larger version. Analysts say that carriers usually get steep discounts on large transactions. Emirates has now ordered 270 777X jets, despite delays in the delivery of this world-class twin-engined jetliner. At a press conference, Sheikh Ahmed bin Saeed Al Maktoum, CEO of Emirates, said that the commitment was long-term and supported hundreds of thousands high-value factory positions. Emirate backs feasibility study for 777-10 Emirates stated that its agreement with Boeing provides "strong backing" to a new feasibility report to be conducted by Boeing for the development of a 777-10 family, a larger version of its 777X. Emirates said that the deal gives it the option to convert its 400-seat order for the 777-9 to the 777-10 if Boeing chooses to proceed with this development or to the smaller 777-8 version if Boeing does not. Bloomberg reported earlier that Emirates would be placing an order for several 777X aircraft. The focus of the airshow will be whether or not the airline also orders additional Airbus A350s. Emirates is the biggest customer of the 777X, which has now been seven years behind schedule after a $4.9billion charge and an additional one-year delay. The National in Abu Dhabi recently hosted a podcast by the airline's President Tim Clark. He expressed his hope that Boeing or Airbus will build larger versions of their largest long-haul aircraft, but described both as "very risk averse". Emirates, which is celebrating its 40th anniversary, has been a champion of the Airbus A380 superjumbo to provide its Dubai hub with long haul passengers. Airbus stopped production of the double-decker aircraft in 2021 due to low demand from other airlines. (Reporting and editing by Peter Graff, Joe Bavier and Ahmed Elimam)
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South America's electric vehicle market is booming -- even without Tesla
Luis Zwiebach, a Peruvian green-energy entrepreneur, flew to California 4,000 miles away to test drive Tesla Model 3 sedan. Tesla did not have an official importer, and Zwiebach was unable to navigate Peru's complicated vehicle import regulations. He did not give up. Zwiebach explained that a man had imported one already and was looking to sell it. "So I went and saw it, and bought it." The Tesla was initially difficult to charge at a friend's beachhouse outside Lima. He said that the car would not charge because it lacked a grounding device. "We stuck a fork into the ground to create a ground, and the car started charging." It's easier than ever to buy an EV today in Peru. Tesla does not have a showroom, but Chinese manufacturers like BYD and GWM are selling electric vehicles at about 60% less than a Tesla. They also sell models by Toyota, Kia, and Hyundai. Tesla has not responded to a comment request. Chinese automakers are expanding their footprint in South America, both with traditional cars and electric vehicles. According to Peru's automotive association EVs still make up a tiny portion of the 135,394 cars sold there in the nine-month period ending in September. However, they are growing. In that time period, hybrid and electric vehicle sales reached a record of 7,256 units. This is a 44% increase on the previous year. China has increased its sales since opening the Port of Chancay north of Lima last year. The Chinese megaport has cut trans-Pacific shipping time in half, just as Chinese companies face increasing barriers to entry into the United States and increased trade restrictions in Europe. BYD, which produces EVs, hybrids, and combustion engines, plans to open a new dealership in Lima before the end of the year. Chery and Geely already have over a dozen locations in Peru. Zwiebach, a Lima resident, said that the electric car was doing well in Lima. "More than two cars are sold each day." He said that the growing demand for renewable energy had led him to expand his business. He now offers EV chargers, solar panels, and regenerative lifts to clients from Lima and Arequipa including real estate developers and universities. Zwiebach said, "A property developer told him he would buy the penthouse if it had a car charger." So we did. "You just plug it into your home like a telephone." Chinese automakers are facing a price war that is destroying their profits at home, and an increasing surplus of new vehicles coming off the factory lines of China. According to Felipe Munoz, global automotive analyst at JATO Dynamics, a large portion of this surplus is shipped overseas, mainly to the Middle East and Central Asia, as well as Latin America. Martin Bresciani is the president of Chile's Automotive Business Chamber, CAVEM. He said that China has "carved out a space" for both petrol and electric cars. "The Chinese have already shown that they meet global standards in terms of quality." In the first quarter this year, Chinese brands accounted for 29.6% all new passenger cars sold in Chile. The Chinese firms are on the rise in Latin America In its Global EV Outlook, published in 2025, the International Energy Agency stated that EV penetration will double in Latin America by 2024, to around 4%. This growth is boosted both by government incentives as well as an influx affordable Chinese models. According to the latest figures, the EV market share reached 10.6% in Chile in September. In Brazil, it was 9.4%, while in Uruguay, the figure was 28%. These are all records, according local car associations and consulting firms. By mid-2025, Europe and China will have half their new cars be EVs (56% vs 51%). In Japan and America, rates were closer to 2% or 10%. Even in Argentina where trade barriers and economic headwinds are high, EV sales continue to rise from a low baseline. BYD launched its first car in Argentina in October. BYD is already the leader in electric vehicle sales in Brazil and Colombia. Seven dealerships in Peru, Chile and Uruguay said that part of China's success was partnering with local importers who offer models more affordable, tailored to regional tastes. This shift is most evident in Uruguay where BYD, behind General Motors Chevrolet and Hyundai, is the third largest seller of all types of vehicles. China's share of the market in Uruguay has doubled since 2023, and now stands at 22%. Gonzalo Elorriaga, a luxury car dealer in Uruguay's glamorous beach resort city of Punta del Este began displaying BYD vehicles a few year ago. BYD is now the most popular brand, even though he still sells European brands and Japanese ones. Elgorriaga spoke from his Stars Motors showroom overlooking Mansa Beach. He said that Chinese brands are now well-known and have a large market. The banks offer prize draws and credit lines in collaboration with the brands. Their appeal is also based on their competitive prices. BYD's battery electric vehicles start at $19,000 in Uruguay. I can buy three Chinese pickups for the same price as two traditional brands. Federico Guarino, another Uruguayan auto dealer, said that the difference was huge. NEW MEGAPORT OPENS UP CONTINENT FOR CHINA Chancay's megaport, built in Peru under China's Belt and Road Initiative (BRI), has replaced the restaurants that once welcomed weekend tourists to the sleepy fish town. Gonzalo Ros, the deputy manager of Cosco Shipping (the port operator), said to journalists in October that "each ship brings between 800 and 1,200 vehicles". Cosco anticipates that the total number vehicles arriving from China will reach 19,000 before the end of this year. The vehicles that arrive in Peru are not the only ones. Cosco Shipping has completed its first boat-based vehicle transshipment in September. It sent 250 cars to Chile where Chinese brands accounted for 33% of the total car market in July. Last week, a second trans-shipment of hybrids and electric vehicles to Chile was in progress. Rios stated that Cosco also sent shipments to Ecuador, and Colombia in order to make Peru a regional hub for the distribution of hybrid, electric, and conventional Chinese vehicles. Chery of China, which had less than 2% share in the Peruvian EV market as of September, has already used the corridor to speed up deliveries across the continent. Customs data from Peru show that 3,057 vehicles arrived in the port in July, compared to 839 in January. Peru doesn't have a large car industry that can complain about Chinese sales, but it has caused tension elsewhere, including in Brazil. Some Chinese companies are investing in Brazil's factories, where the tariff barriers encourage local production. BYD started assembling EVs at Ford's old plant in Bahia in October and Great Wall Motors launched partial production at a repurposed Mercedes Benz facility in August. Ricardo Bastos is the director of Institutional Affairs for GWM Brazil, and President of the country's EV Association, ABVE. He said that the company anticipates exporting vehicles to the region from its Brazil factory by 2027, or possibly earlier, leveraging favorable trade agreements between Mexico, Chile, and the South American trading bloc Mercosur. Bastos stated in an interview that "Brazil is the third country after Russia and Thailand to receive a factory (GWM). It's a strategically sound decision, demonstrating the strength Latin America has." Brazil is also importing large quantities of Chinese vehicles. Calculations show that the largest ship in the world, which carries around 22,000 cars, docked earlier this year at Brazil's Itajai Port. Brazilian labor and industry groups claim that China is using the temporary low tariffs for EVs on South America's biggest car market in order to increase its exports, rather than invest to build Brazilian factories and to create jobs. BYD was also criticized for reports about poor working conditions at its Bahia factory. Since then, the government has moved to reimpose import duties. The government has since re-imposed import duties on foreign EVs. Brazil may soon be able to match Chancay's role as a regional hub. Vitoria, on Brazil's southeast Atlantic coast, is currently the leader in vehicle imports. Stephen Deng, BYD Argentina's Country Manager told the media in October that BYD was expecting Brazilian arrivals in 2027. Deng stated, "I believe Argentina could adopt the same EV prices as Brazil in the future." Bresciani said that South America still has a long way to go before EVs are adopted, citing the lack of charging stations and distances. Zwiebach stated that it is difficult to travel along the entire coast of Peru from Tumbes all the way to Tacna. "But it costs less to operate and you never need to visit the service garage."
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The Gulf's most important bourses are muted due to lower oil prices and Fed rate uncertainty
The majority of Gulf stock markets declined in the early trading on Monday as oil prices fell. Investors awaited the release of a number of U.S. Economic data after the end of government shutdown. After a two-day suspension, loadings at Novorossiysk, the Black Sea port which had been attacked by the Ukrainians, resumed after the suspension. Brent traded at $63.91 per barrel as of 0810 GMT. The benchmark index in Qatar fell 0.6% due to a broad decline. Industries Qatar dropped 1.4% while Qatar National Bank eased 1%. Dubai's benchmark index fell 0.3% due to pressure from consumer staples, real-estate and communications stocks. Emaar Properties fell 2.2%, while Spinneys 1961 Holding dropped 2.5%. Most constituents were in red. The benchmark Abu Dhabi index fell 0.5%. Abu Dhabi Commercial Bank dropped 2.2%, and Presight AI Holding fell 2.5%. ADNOC Drilling fell 1% while ADNOC Gas and ADNOC Logistics, as well as ADNOC Distribution, also slipped. Separately, on Friday the European Commission gave conditional approval to Abu Dhabi National Oil Company's (14.7 billion euro) offer for German chemicals company Covestro. Saudi Arabia's benchmark index rose by 0.2% with all sectors showing positive returns. Saudi National Bank rose 1%, and Arabian Drilling climbed 3.5%. The company announced that it had renewed four rig contracts worth more than 533.22 million riyals. This week, the main U.S. release will be Thursday's non-farm payrolls for September. The market's expectations of a U.S. rate cut in December are now below 50%, after Federal Reserve policymakers adopted a cautious tone. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are pegged with the dollar.
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The PM claims that the explosion on a Polish railway track was caused as a result of sabotage
Donald Tusk, the Polish prime minister, said that an explosion on Sunday destroyed a rail track along the Warsaw-Lublin line. The blast was caused by sabotage. Tusk posted on the social media platform X that "the explosion of an explosive devise destroyed the rail track." "Emergency Services and the Prosecutor's Office are on the scene." Damage has been found on the same route closer to Lublin," he added. On Sunday, the local police reported that a train conductor had reported damage to a railway line in central Poland. Warsaw said that it has been the target of sabotage in the past because its role as the hub for Ukraine's aid in the Russian War. Moscow has denied such acts.
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New York Times Business News - November 17,
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. The U.S. Department of Transportation (DOT) and the Federal Aviation Administration (FAA) announced they would lift the flight restrictions that had been imposed at 40 airports just a little over a week prior during the shutdown of the federal government, citing an improved staffing level among air traffic control officers. Despite the protests of local and state leaders, the Pentagon has ordered hundreds of National Guard troops to leave Chicago and Portland in Oregon, only weeks after President Donald Trump had ordered them there. According to the U.S. Southern Command (USSC), the U.S. Military killed three more people who were accused by the Trump Administration of smuggling drug by sea. This brings the total number of deaths from this campaign to at least eighty-three since the beginning September. (Compiled by Bengaluru Newsroom)
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Japan's tourism share falls as diplomatic dispute with China worsens
After China warned its citizens not to travel to its North Asian neighbor following an increasing diplomatic split over Taiwan, stocks in Japan related to tourism plunged. Isetan Mitsukoshi is a department store with significant sales from Chinese tourists. Its stock dropped 10.7% and it's on track to have its largest drop in over a year. Tokyo Disneyland operator Oriental Land dropped 5.9%, and Japan Airlines (JAL), fell 4.4%. Beijing warned Chinese nationals against traveling to Japan on Friday. Minoru Kihara said on Monday that any attempt by China to restrict travel will violate the agreement between leaders. Japanese media reported that senior Japanese diplomat Masaaki KANAI will visit China on Monday in order to meet with counterpart Liu Jinsong to try to ease tensions. The China-Japan conflict over Taiwan, and Beijing's advice to avoid travel to Japan, will have a negative impact on consumer-facing industries in the near future. This was stated by Masahiko LOO, senior fixed income analyst at State Street Investment Management. He added that "Chinese tourists account for approximately 25% of Japan's traffic inbound, making department shops, luxury retail and hospitality especially vulnerable." Tourism has grown to be a major part of Japan's economic growth, fueled by the weakening yen. According to the Japan National Tourism Organization, more than 650,000 Chinese tourists visited Japan in September. They were only surpassed by South Koreans. According to Takahide Kuchi, executive economist of Nomura Research Institute, the Beijing travel boycott could cause Japan's gross domestic product (GDP) to fall by 0.36 percent on an annual basis. ANA Holdings said that it would continue to monitor the situation and added that the status of reservations for flights from or to China had not changed so far. Its shares fell 3.5%. Spring Japan, the low-cost subsidiary company of JAL, has confirmed that there have been no changes made to their flight schedule, although they are receiving inquiries about cancellations from customers. Fast Retailing, the operator of more than 900 Uniqlo shops in China, has dropped by 5.3%. Ryohin Keikaku (the operator of Muji stores) is down 9.4%. The Nikkei index, the benchmark for Japanese stocks, was down by 0.4%. Tensions between Tokyo and Beijing have flared up since Japan's newly elected Prime Minister Sanae Takaichi said on November 7 that a Chinese attack on Taiwan could amount to a "survival-threatening situation" and trigger a potential military response from Tokyo. The spat was a result of a disagreement between Japan and the United States over the decision to discharge wastewater from the Fukushima Daiichi reactor into the ocean. This dispute has been affecting trade and tourism for many years. According to Alicia Garcia-Herrero of Natixis, Asia-Pacific Chief Economist, a diplomatic rift between Japan and China could have a greater impact on Japan's tourism sector. She said that the Japanese government's insistence on using rare earth metals has only marginally decreased since it began to diversify. China produces 90% of rare earths and rare-earth magnets in the world, which are used for a variety of technologies. Chinese companies that have exposure to the Japanese markets also suffered. The shares of Linkage Software, a software company that derives the majority of its revenue from Japan, dropped 3%. South Korea's Tourism Industry will benefit from the economic turmoil in Asia. Lotte Tour Development, based in Seoul, saw its shares rise 9.6% on the Monday.
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Oil falls after loadings resume at key Russian export hub
The oil prices dropped on Monday, wiping out the gains of last week, as loadings were resumed in the Black Sea port of Novorossiysk, which had been suspended for two days following an attack by Ukraine. Brent crude futures fell 53 cents or 0.82% to $63.86 per barrel at 0423 GMT. U.S. West Texas Intermediate crude futures traded at $59.53 per barrel, down 56c or 0.93% since Friday's closing price. Both benchmarks gained more than 2% Friday, ending the week modestly after exports at Novorossiysk & a Caspian Pipeline Consortium Terminal in the neighbouring city were suspended. This affected the equivalent of 2% global supply. According to two sources in the industry and LSEG, oil loadings resumed at Novorossiysk on Sunday. Ukraine's increased attacks on Russia's infrastructure for oil remain a concern as further disruptions are possible. Ukraine's military announced on Saturday that it had struck Russia's Ryazan Oil Refinery. Kyiv General Staff confirmed on Sunday that it had also struck the Novokuibyshevsk Oil Refinery in Russia’s Samara Region. Toshitaka Takawa, an analyst with Fujitomi Securities, said that investors are trying to assess how Ukraine's attack will affect Russia's oil exports over the long-term, as well as locking in profits following last Friday's rally. "Overall, there is still a perception of an oversupply due to OPEC+'s production increases," he added, adding that WTI will likely stay around $60 a barrel and fluctuate within a $5 range. Investors also monitor the impact of Western Sanctions on Russian trade and supply flows. After November 21, the United States banned deals with Russian oil firms Lukoil, and Rosneft to encourage Moscow into peace talks on Ukraine. Donald Trump, the U.S. president, said on Sunday that Republicans were working on legislation to impose sanctions against any country that does business with Russia. He also said that Iran could be added to this list. Earlier in the month, OPEC+ decided to raise December production targets by 137,000 barrels a day, just as they did for October and November. The group also agreed to put a stop to the increases during the first quarter next year. ING stated in a recent report that it expected the oil market to remain in a surplus until 2026. It warned of increased supply risks, as Ukraine intensified drone attacks on Russian energy installations and Iran seized an oil tanker in Gulf of Oman following its transit of the Strait of Hormuz. This is a major route used by about 20 million barrels of oil a day. Last Tuesday, the latest data on positioning showed that speculators had increased their net-long positions in ICE Brent from 164 867 lots to 12,636 over the previous reporting week. ING stated that this was primarily driven by short-covering, and suggested that some participants were reluctant at the moment to be short due to supply risks associated with uncertainty regarding sanctions. Baker Hughes, an oil services company, reported on Friday that the number of oil rigs in the United States increased by three in the week ending November 14. Reporting by Yuka obayashi in Tokyo, Sam Li in Beijing and Jamie Freed. Editing by Sonali Paul & Jamie Freed.
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Japan's tourism share falls as diplomatic dispute with China worsens
After China warned its citizens not to travel to its North Asian neighbor following an increasing diplomatic split over Taiwan, shares in Japanese tourism companies plunged Monday. Isetan Mitsukoshi is a department store with a large number of Chinese customers. Its sales have dropped 11.4% and are on track to be the largest drop in over a year. Tokyo Disneyland operator Oriental Land dropped 5.1% while Japan Airlines fell 3.9%. China warned Japan on Friday that it would suffer a "crushing defeat" if Japan used force to interfere over Taiwan and warned Chinese citizens not to visit Japan. Kyodo reported that Tokyo asked Beijing to take "appropriate steps" in response to the travel warning on Saturday. Tourism has grown to be a major part of Japan's economic growth, largely due to the weakening yen. According to the Japan National Tourism Organization, mainland Chinese tourists accounted for about 24% (second most) of all visitors to Japan in September. According to Takahide Kuchi, executive economist of Nomura Research Institute, the Beijing travel boycott could cause Japan's gross domestic product (GDP) to fall by 0.36 percent on a yearly basis. Ryohin Keikaku (the operator of Muji stores) dropped 9.4% on the Tokyo stock exchange. Fast Retailing has over 900 Uniqlo shops in mainland China. Its shares dropped by 5.6%. The Nikkei index of stocks fell 0.7%. Tensions between Tokyo and Beijing have heated up since Japan's newly elected Prime Minister Sanae Takaichi said on November 7 that a Chinese attack on Taiwan could amount to a "survival-threatening situation" and trigger a potential military response from Tokyo. According to Alicia Garcia-Herrero of Natixis, the chief economist for Asia Pacific, a diplomatic rift could be more damaging to Japan than a mere dent to its tourism industry. She said that the Japanese government's insistence on using rare earth metals has only marginally decreased since it began to diversify. Over 90% of rare earths are produced in China. Rare earth magnets are also made there. They're essential to a variety of technologies. Chinese companies that have exposure to the Japanese markets also suffered. The shares of Linkage software, whose sales are largely derived from Japan, dropped 3.5%. Airline companies were also hit hard, with mainland listed shares of Air China (China Eastern) and China Eastern falling by more than 2%.
Air India resumes flights to China nearly six years after the last flight
Air India announced on Monday that it would resume flights from New Delhi to China in February 2026 after a nearly six-year hiatus. It also plans to launch a Mumbai to Shanghai route later this year.
The carrier stated that the development is subjected to regulatory approvals.
The Guangzhou Baiyun International Airport in China announced last month that flights would resume between China and the United States after a five-year hiatus. This marked a cautious easing of tensions on both sides.
Air India released a statement saying that the reinstatement of Air India services to Shanghai was a result of recent India-China agreements which restored air links paused at the beginning 2020.
Indian Prime Minister Narendra Modi
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China attended a regional security meeting of the Shanghai Cooperation Organisation earlier this year for the first time since 2007.
Modi and Chinese president Xi Jinping discussed ways to improve trade ties in the face of global tariff uncertainty. Manvi Pant reported from Bengaluru, Sherry Jacob Phillips edited the story and Nivedita Battacharjee provided editing.
(source: Reuters)