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China's C919 rivals Boeing and Airbus makes its debut outside Asia
China made its Middle East debut of its C919 jetliner at the Dubai Airshow, Monday. It was its first time outside East Asia. The display showcased plans to compete against Airbus and Boeing. The C919 aircraft in white with blue and green detailing took off around 3:30 pm local time (1130 GMT). It made several circle passes in the air before safely landing on the Al-Maktoum International Airport runway tarmac. COMAC, a Chinese aircraft manufacturer, has ambitious plans to compete with the dominant Western manufacturers Airbus & Boeing and their smaller Brazilian competitor Embraer. COMAC's C909 and C919 planes lack certification from Western regulators. They are therefore looking to other markets in order to boost their profile. C919: CHINA’S ANSWER FOR THE BOEING MAX 10, AIRBUS A321NEO On Monday, at the Airshow in London, hundreds of people waited to see the C919 aircraft parked alongside other aircraft. The pilot was seated in the cockpit of the C919 and talked to visitors about how he operated it. COMAC has developed plans for an aircraft family. Visitors took pictures of a C919 stretched variant at COMAC's stand in the main airshow exhibition hall. The aircraft, COMAC stated, would carry 210 passengers, and service the Asia-Pacific region. The longer version is aimed at the Airbus A321neo, and Boeing's 737 MAX 10 – the top end of single-aisle markets where Airbus and Boeing are battling it out for the most highly contested orders. COMAC displayed the regional C909 on the tarmac. This plane was China's very first jet-engined aircraft to enter commercial production in 2016 and enter service. So far, neither model has been a big global success. CHINA TAKES ON THE LAST BASEMENT OF WESTERN MACHINING COMAC also showed materials outlining the C929 wide body jet, originally developed with Russia but now solely driven by COMAC. However, there were few technical details. COMAC officials declined comment on their company's participation at the airshow, and stated that there was no planned media engagement. COMAC stated in a press release that it is "committed to open collaboration and looks forward building stronger and closer relationships with global partners and customers." Gulf countries enjoy strong ties with China. It is the largest trading partner of both Saudi Arabian and UAE. They have also welcomed Chinese firms' cooperation in the past few years in areas such as manufacturing, construction, and technology. Analysts don't expect China to capture a significant share of the global jet industry beyond deals with supporting countries anytime soon, but they say that its presence is a signal of its intention to penetrate one the last bastions for Western manufacturing. Stephanie Pope, CEO of Boeing Commercial Airplanes, welcomed COMAC to one of the industry's most prestigious events. She pledged that the company would maintain its edge by continuing innovation. Competition is good for the industry. Boeing benefits from it. "It makes us better as a whole," she said. (Additional reporting and editing by Adam Jourdan, Joe Bavier, and Tim Hepher)
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Low-cost carrier AirAsia X plans new long-haul European routes, CEO says
Benyamin Ismail, CEO of Malaysian low-cost airline AirAsia X who recently launched flights to Istanbul said that the company plans to launch more long-haul European routes in 2019. AirAsia X started flying directly to Istanbul from Kuala Lumpur starting November 14. The airline's return to Europe was a result of a restructuring process after it suffered a severe blow during the COVID-19 epidemic. AirAsia X operates four flights a week between Istanbul, Malaysia and Kuala Lumpur. The airline offers more than 150 000 seats per year. Ismail said on the sidelines a press event in Istanbul that the airline aims to increase the number of flights to daily between the two cities. Ismail stated that AirAsia X will connect Asia with European cities via Istanbul, and introduce other long-haul flights to Europe in an effort to expand AirAsia's footprint outside Asia. He said, "At the very least, one or two cities per year." He didn't say what European destinations the company is considering.
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Zelenskiy: Ukraine to receive 100 Rafale aircraft
The Ukrainian president Volodymyr Zelenskiy announced on Monday that he signed a contract with France for the purchase of 100 Rafale aircraft to strengthen Ukraine's military capability to combat Russia's invasion. Zelenskiy visits Paris to meet President Emmanuel Macron. This is at a moment when Russian missile and drone attacks have intensified in recent weeks, and Moscow reports ground advances in Zaporizhzhia's southeastern region. The channel reported that Zelenskiy had told French TV channel TF1/LCI he ordered 100 Rafale jet fighters. The Elysee confirmed that number, without revealing whether they were transfers or purchases. The TV footage shows Macron and Zelenskiy, in front of the Rafale and French and Ukrainian flags and a Rafale aircraft at Villacoublay Military Airport, signing a letter for the purchase of "French defense equipment". "An historic agreement was also prepared with France. There will be a substantial strengthening of our combat aircraft, air defence and other defence capability. This will happen on Monday, according to the schedule of the visit," Zelenskiy wrote in a Sunday post on X. How France could help Ukraine's air defence Since several weeks, there have been discussions about how France could increase its military support to Ukraine's air defenses. However, Macron's government is struggling with political and financial instability, which raises questions as to how much France actually can do. Macron promised last month that he would offer additional Mirage fighter planes after originally promising to deliver six. He also pledged to provide a new batch Aster 30 surface to air missiles produced by the European group MBDA for Ukraine's SAMP/T batteries of air defence. Two people who were briefed earlier on the issue said that the 10-year agreement for strategic aviation would include the delivery to Kyiv, of Dassault Rafale multi-role combat jets. The people who spoke to us said that some of the aircraft could be purchased directly from French stock, but the bulk will be long-term purchases and part Ukraine's effort to increase its fleet to 250 planes in the future, including the U.S. F-16 warplane and Sweden's Gripen. The rigorous training program for pilots of the future would require a lot of time. Two sources stated that Zelenskiy’s visit may also lead to deals for additional SAMP/T systems of air-defence, either from French stock or via long-term orders for next-generation systems such as missiles and antidrone systems. Sources said that it was unclear how these deals would finance. Macron's office stated that the goal of the media briefing was to "put French expertise in the arms industries at the service to Ukraine's defense" and to "enable Ukraine to acquire the systems needed to respond to Russian aggression". According to the schedule of the French presidency, which did not provide any specifics, Zelenskiy is scheduled to attend a morning briefing with various manufacturers including Dassault before signing a contract and a letter-of-intent later that day. In the afternoon, a separate forum will bring together Ukrainians and French companies working in the drone industry to discuss how they can work together. France and Britain have pushed to create a coalition consisting of 30 countries that are willing to send troops or assets to Ukraine, or to its western border, once a peace agreement with Russia has been reached. The key goal is to provide Ukraine with enough long-term economic and military aid to ensure that its army remains strong to deter future Russian attacks. (Written by John Irish, Ingrid Melander and Michel Rose, edited by Mark Heinrich, Frances Kerry).
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Since Russia's invasion in 2022, Ukraine has developed long-range weapons
Last week, Ukraine attacked the port of Novorossiysk in Russia and forced it to suspend its oil exports. The Neptune rocket it used was one of many long-range weapons Ukraine developed since the invasion in 2022. According to Kyiv, here is a list of the new Ukrainian weapons. LONG NEPTUNE Ukraine claims its "Long Neptune", a land-attack cruise rocket with a maximum range of 1,000 km (621 mi), is produced domestically. The missile was developed using the Neptune antiship missile, which had a shorter range before the invasion. Volodymyr Zelenskiy, the President of Russia, announced in March that its range had been increased. On Friday, the military confirmed that it was used to strike Novorossiysk - Russia's biggest Black Sea export hub. Ukraine claims to be producing more missiles. FLAMINGO Also known as FP-5 (Flamingo), this new land-attack cruise weapon is launched from the ground. Zelenskiy claims that it has a range up to 3,000 km (1.864 miles). He hailed it as Ukraine's best missile, and predicted that it would be in mass production before the end of the year. Fire Point is a Ukrainian private defence company that makes it. Zelenskiy stated in October that Flamingo was used against Russian targets, but he did not elaborate. LYUTYI This propeller-powered, long-range one-way attack drone was a mainstay of Ukraine's deep attacks on Russia's energy infrastructure this year. The drone is produced by aircraft maker Antonov and can fly over 1,000 km. FP-1 The FP-1 is a long-range, one-way drone that was developed by Fire Point. It has a range exceeding 1,000 km and has been used extensively to carry out deep strikes in Russia. Zelenskiy announced the first combat use of Palianytsia in August 2024. In October, the president announced that the weapon named after a Ukrainian bread had been used to hit Russian ammunition depots dozens of times. The Ukrainian Militarnyi Defence News outlet reported that it had a range 650 km (408 miles) with a turbojet motor which allows it to fly 900 km/h, much faster than any normal drone. Zelenskiy said that he expected Ruta to be in mass production before the end of the year. He claimed that in October, it was used to strike the first maritime platform with a range exceeding 250 km (155miles). Peklo is another "drone-missile". Zelenskiy stated in December 2024, that the Ukrainian military had received a first shipment of these weapons. Defence Express, a Ukrainian outlet, estimates that the range is around 700 km (435 mi). The Bars (Ukrainian for "leopard") is a drone missile that was first revealed to exist in April 2025. Last week, the Ukrainian military claimed that they used it to attack Russian targets. (Reporting and editing by Gareth Jones; Tom Balmforth)
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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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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 Visit our website to learn more about 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.
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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.
Trafigura's $600 Million Nickel Fraud Trial Starts in London
Trafigura filed a $600 million lawsuit against Indian businessman Prateek gupta in London's High Court over fake nickel cargoes on Monday. The commodities trading company claimed it had been the victim of an extremely large fraud.
Trafigura, a Geneva-based company, alleges Gupta is the mastermind behind a fraud that it discovered in November 20,22 when it examined some containers that were meant to contain high grade nickel. Trafigura inspected the containers and found that they contained carbon steel, which was worth only a fraction of what nickel is worth. Trafigura then carried out more inspections and incurred a $590-million charge. In February 2023, Trafigura sued Gupta's companies. Gupta admits that the supposedly high-grade nickel cargoes contained low-value material, but says Trafigura employees devised the plan. The parties then traded the difference in price between the cargoes.
He claims Trafigura created a complex web of transactions, totaling more than 500 trades worth $3.3 billion.
Trafigura's lawyers say that Gupta's and his companies' defense is "a fiction created after the fact by admitted fraudsters."
Nathan Pillow said that Trafigura had paid for garbage and suffered losses of hundreds of millions of dollars.
Trafigura is left with metal that's "worth about 2% of the price we paid" after recovering $10 million in trades valued at more than $500,000,000, Pillow said.
Gupta and former Trafigura executives are expected to testify during the five-week trial.
(source: Reuters)