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BA owner IAG confirms its interest in buying stakes in Portugal's TAP
British Airways' owner IAG submitted a formal statement of interest to buy a minority stake (up to 5%) in Portugal's flag airline TAP. However, it said that some issues needed to be resolved before the company would consider investing. IAG has become the third airline in Europe to express interest in privatising TAP. It joins Air France-KLM, and Germany's Lufthansa. A spokesperson for IAG confirmed on Friday that the airline had submitted a declaration of interest to the state-owned holding Parpublica "in accordance with the process of the government for the partial privatisation of TAP". The spokesperson said that "However, there are several conditions IAG would have to address before it could make an investment." PORTUGAL WANTS TO SELL 44.9% OF STAKE Portugal has relaunched its long-delayed TAP privatisation in July. It is looking to sell a stake of 44.9% to an airline that can boost the company's international scale and competitiveness. A further 5% will be offered to TAP staff. TAP's main assets are its connections with Brazil, Portuguese-speaking African nations and the United States, all from Lisbon, the hub that the government is keen to maintain and expand. "We think TAP's potential is significant within IAG. IAG stated that its decentralised model offers industry-leading margins, and is aligned with the Portuguese Government's goal of protecting TAP. Analysts often criticize IAG for its potential bid because the hub in Lisbon is so close to Iberia's base in Madrid, which is owned by IAG. Long-term, IAG could divert routes to Madrid from Lisbon, decreasing the importance of Portugal's hub. IAG, however, said that its record of investment shows "how it invests to strengthen airlines and benefit customers, employees, regional economies, and shareholder". (Reporting and editing by Paul Sandle, Conor Humphries and Sergio Goncalves)
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Two British teenagers plead not guilt to London Transport Cyberattack charges
Two teenagers have pleaded no contest to charges of hacking over a cyberattack in 2024 on London's public transportation system. One of the teens has also denied charges relating to two US health systems. In August 2024, Transport for London (TfL), the British capital’s tube and bus network that operates millions of trips each day was targeted. TfL stated at the time of the attack that personal data about customers was accessed. Thalha Jubair and Owen Flowers appeared before London's Southwark Crown Court on charges of conspiring to commit acts unauthorised against TfL under the Computer Misuse Act. Flowers has also been charged with crimes relating to California’s Sutter Health System, one of the biggest health systems in the U.S. and conspiring to infiltrate SSM Health Care Corporation’s networks. Jubair faces charges of failing to provide passwords for devices that were seized in March. Both denied the charges, and they will be tried at the same court in June. (Reporting and editing by Catarina demony, Paul Sandle and Catarina Tobin)
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Two British teenagers plead not guilt to London Transport Cyberattack charges
Two teenagers have pleaded guilty to hacking charges in relation to a cyberattack that took place on London's transport system in 2024. One of the teens has also denied charges related to health systems from the United States. In August 2024, Transport for London (TfL), the British capital’s tube and bus network that operates millions of trips each day was targeted. TfL stated at the time of the attack that personal data about customers was accessed. Thalha Jubair and Owen Flowers appeared before London's Southwark Crown Court on charges of conspiring to commit acts unauthorised against TfL under the Computer Misuse Act. Flowers is charged with crimes relating to California’s Sutter Health System, one of the biggest health systems in the U.S. and conspiring to infiltrate SSM Health Care Corporation’s networks. All charges were denied. (Reporting and editing by Catarina demony; Sam Tobin, Reporting)
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Indian Tejas fighter plane crashes at Dubai Air Show killing pilot
The Indian Air Force confirmed that a Tejas fighter plane, manufactured in India, crashed during a display at the Dubai Air Show on Friday and killed its pilot. Witnesses report that the fighter was at a low level at 2:15 pm (1015 GMT), before it came down in a fireball. Black smoke was seen rising behind an airstrip fence in footage from the scene. In a press release, the IAF stated that a court of inquiry was being formed to determine the cause of this accident. The crash is India's second known crash. It is important for India to modernise the air force fleet, which is mainly Russian or ex-Soviet fighters. The first crash occurred during an exercise in India, in 2024. Dubai's government posted a photo of firefighters dousing a smouldering wreckage. The government said that emergency teams were on site managing the situation. The accident occurred on the last day, Monday, of the Middle East’s largest aviation show. Reporting by Shivam Patel from New Delhi, and Federico Maccioni from Dubai. Editing by YPrajesh and Alex Richardson.
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Officials in Italy are concerned about Chinese involvement in energy grids
Two government sources say that Italy is worried about the impact of Chinese involvement on its energy infrastructure companies, which could hamper their plans to expand in Europe. Other countries, however, are wary of Beijing-linked deals due to security concerns. Last week, Rome's concerns were brought into sharp focus when Italian gas grid operator Snam canceled plans to buy a stake in Germany’s largest independent transmission company of gas after Berlin objected, according to officials who declined to be identified due to the sensitive nature of the matter. According to reports, the German Economy Ministry opposed Snam's deal due to State Grid Corporation of China being an indirect shareholder in Snam. Berlin is a major supporter of European Union efforts in coming up with plans to combat China's increasing industrial and political power, including Beijing dominance in rare earth production. CHINA SEEKS INVESTMENTS as Strategic Sources close to the issue said Berlin wanted to make Snam a financial investor, and thus prevent it from becoming an industrial partner of Germany's Open Grid Europe. The office of Prime Minister Giorgia Melli declined to make a comment. The State-owned Assets Supervision and Administration Commission of China, which supervises state-owned firms, has not responded to an email seeking comments. The German economy ministry stated that the decision to abandon this transaction was made by all parties involved. Foreign trade law allows the review of non-EU investments. In this case, the Ministry of Foreign Affairs said that only the indirect investment planned by the Chinese State Grid Corporation of China was examined. Italian state lender Cassa Depositi e Prestiti, or CDP, sold to the State Grid Corporation of China a 35 percent stake in CDP Reti in 2014. CDP Reti is a holding firm that owns 31.35 % of Snam and 29.85 % of Terna, a power grid company, as well as 26% of Italgas, Italy's largest gas distributor. Snam owns 13.5% of Italgas. The same representative of the Chinese state-owned company sits on the board of Snam and Terna. He also serves as a director for Italgas, CDP Reti and CDP Reti. This position gives him a good view into Italian energy policy. The first two sources claim that China's State Grid told Rome it was strategic to invest in Italian energy infrastructure. One of them said, "The Chinese group does not plan to sell the stake." Sources said that to liquidate the Asian investor, it would take billions of Euros. No state-backed company has the funds available. The indirect stakes in three Italian companies owned by China's State Grid are valued at more than 5 billion euro ($5.76 billion). CDP has declined to comment. ($1 = 0.8682 euros) (Additional reporting by Valentina Za and Elvira Pollina in Milan, Christoph Steitz in Frankfurt; Editing by Gavin Jones and Andrew Heavens) The CDP-State Grid pact detailing CDP Reti corporate governance expires next November. It will automatically renew unless either party opts out six months prior to the expiration date. ($1 = 0.8682 euro) (Additional reporting from Valentina Za in Milan and Elvira pollina in Frankfurt, with editing by Gavin Jones & Andrew Heavens).
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Maguire: US LNG export dominance will be tested as sellers look past Europe to Europe.
The U.S. has risen to the top in the global LNG exporter rankings thanks to a potent combination of American innovation and full-throated support from the political establishment. This narrative suggests that "freedom gas' shipments will continue to climb to all markets over the next few years. The U.S. is expected to export liquefied gas in the amount of a third of what the second largest exporter will do by 2025. However, due to the high proportion of LNG sales going to Europe, American LNG suppliers are at risk of experiencing rapid drops in volume as European consumers reduce gas consumption. The U.S. shares of LNG exports to the region with the highest imports, Asia, are far lower than those from Australia and Qatar, who enjoy much more affordable shipping times for key markets like Japan, China, and India. Exports will have to increase sharply on key markets outside Europe, where countries like Australia, Malaysia, and Russia already dominate. The increased competition will test the U.S.'s ability to remain as the world's top LNG supplier. It will result in higher transit costs and lower profit margins for U.S. sellers as they compete to get deals. EURO CENTRIC The European countries accounted for more than two-thirds (67%) of U.S. LNG exported this year. This is the largest concentration of U.S. LNG flows to one continent since 2022 when Europe's LNG demand spiked after Russia's invasion in Ukraine. Kpler data show that while Europe's total LNG needs in 2025 have increased by only 2%, despite the fact that Europe's LNG volumes have risen by 25% from last year. This is because Europe's power sector has re-tooled its generation sources to move away from fossil fuels. As Europe's utilities continue to accelerate the deployment of renewables and batteries, the regional gas demand will likely decline by 2030, leading to a shrinking LNG market. The International Energy Agency (IEA), in its latest outlook, forecasts that the total European Union's gas demand will decline by a little over 10% by 2035, due to a greater use of heat pumps and electric, as well as higher energy efficiency, and resulting from more renewables. FAR-FLUNG HEEADWINDS In order to offset the shrinking volume into Europe, U.S. LNG suppliers will need to look further afield and compete with other major LNG sellers in Asia to gain market share. Asia is currently the largest LNG-importing region. To sustainably increase volumes in cost-sensitive markets like China and India, U.S. Exporters may have to undercut their rivals' prices while incurring higher delivery costs. In 2025, U.S. LNG exports are only 8% of total LNG exports. Other exporters, such as Australia and Qatar, hold much higher Asian market share. For U.S. Liquefied Natural Gas to grow its share, it will have to be more affordable than other suppliers. The challenge will be to lower the sale price, as shipping LNG from Europe to Asia is more than twice the cost of shipping LNG from Europe to Asia. According to LSEG, the journey time of an LNG vessel between Sabine Pass (U.S.) and Rotterdam (Netherlands) is approximately 15 days. The journey from Sabine Pass in Louisiana to Dahej in India takes over 30 days. This is a double in travel time, as well as a greater amount of LNG leaking during the trip, which will reduce cargo revenue. The combination of lower sales prices and higher transit costs can not only erode profits, but also affect exporter creditworthiness. Longer journeys may require short-term credit because they will tie up cash flow for longer. The overall risk of LNG exporters will increase if they shift from servicing only cash-rich European customers to attracting demand from emerging markets firms with lower credit ratings. This may also result in higher credit line costs. TRADE TENSIONS The aggressive moves of U.S. LNG producers to increase market share in Asia may also cause trade tensions with Qatar. Qatar is heavily dependent on gas exports to earn its national income and plans to dramatically boost its LNG export volume. Qatar has pledged to invest heavily in the U.S. in the next decade, including in facilities which export LNG from the U.S. Gulf Coast. It could therefore renege on these commitments if U.S. LNG expansions are considered too disruptive. Canada, Russia Australia, Mozambique, and Mexico also have plans to increase LNG export volumes over the next few years. They will therefore be competing for the same markets as U.S. Exporters. In general, increased supplies from other suppliers and higher delivery costs for new markets could slow U.S. LNG growth in the future, forcing LNG exporters over time to accept a smaller share of global LNG exports. These are the opinions of a columnist who writes for. You like this article? 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India and Afghanistan launch air cargo services for trade
An Indian official in the foreign ministry announced on Friday that air cargo services will soon be available between India and Afghanistan. The two countries are seeking to restore their ties after their relations with Pakistan soured. Nooruddin Aziz, Afghanistan's Taliban trade minister, made the announcement during his visit to New Delhi. He urged India to increase trade and open cargo hubs, as Kabul sought to access grains, pharmaceuticals and industrial goods after its border with Pakistan was closed following military clashes. Anand Prakash is a joint secretary at the Indian Foreign Ministry. He said that the air freight corridors between Kabul and Delhi, and Amritsar in northern India have been "activated" and that cargo flights would be operating on these sectors "very shortly". "All formalities on our part are complete." "We are waiting for the Afghan side to complete all their paperwork... Once they finish them, cargo flights will begin," Prakash said on the sidelines an India-Afghanistan Business Conference. Indian airlines don't fly to Afghanistan because Pakistan has closed its airspace to them. Tensions between New Delhi, Pakistan and Islamabad have risen this year leading to the worst clashes they've had in decades. Afghan airlines have regular passenger connections from Kabul to Delhi. India and Afghanistan had historically friendly relations, but New Delhi doesn't recognise the Taliban government that came to power after the withdrawal by the U.S. led NATO forces from Kabul in 2021. In recent months they have re-calibrated their ties, due to deteriorating relations with Pakistan (a buffer country between India and Pakistan) as well as India's concern about China's intrusion into Afghanistan. Amir Khan Muttaqi, the Afghan Taliban's Foreign Minister, visited New Delhi in India last month. This was the first trip by a Taliban leader to India since 2021. Since then, the two countries have improved their ties. India has reopened its Kabul embassy that had been closed in 2021. Reporting by Nigam Prrusty, Writing by Sakshi dayal; Editing and YPrajesh by Alison Williams.
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German Ministry says Snam and ADIA have decided to cancel their planned OGE stake acquisition.
The German economy ministry reported that the Italian Snam, State Grid and ADIA had all decided to cancel a planned purchase of a stake in German gas transmission network Open Grid Europe. Snam agreed in April to purchase a 24.99% share in Open Grid Europe’s OGE, Vier Gas Holding, from a division Abu Dhabi’s ADIA. The deal was scrapped last week after a lengthy review by Berlin. According to sources, Germany was worried about China's participation as owner of Snam indirect shareholder State Grid in a possible deal that could have involved a critical part of Germany's energy infrastructure. The German economy ministry announced on Friday that foreign trade law permits the review of non-EU investments. In this case, the only indirect investment that was considered was the one by the Chinese State Grid Corporation of China. This group has a direct stake in Snam. (Reporting and editing by Miranda Murray, with Christoph Steitz)
Schiphol Airport invests $1.2 billion in foreign investment by 2035
A spokesperson for Amsterdam's Schiphol Airport confirmed a report in Financieele Dagblad on Friday that the airport planned to set aside around 1 billion euro ($1.15 billion), to purchase airport assets overseas between 2035 and 2045.
A spokesperson for the airport operator said that it was looking to diversify revenues. It owns stakes at two airports located in Australia and other airports situated in the Netherlands.
The spokesperson stated that there is no concrete plan yet, but the operator wants to "focus on the areas where the Netherlands have strong social, historic, or economic ties".
Schiphol Airport is Europe's 4th largest airport by number of passengers.
A mixed post-pandemic recovery in tourism, with leisure travel recovering more slowly than business, has led to a flurry of mergers and purchases by operators looking to diversify their markets or reduce exposure to certain ones. ($1 = 0.8691 euro) (Reporting and editing by Bart Meijer, Inti landauro)
(source: Reuters)