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• Wall Street Journal, July 23,

  These are the most popular stories in the Wall Street Journal. The?has not?verified these stories and?does not?vouch for their accuracy. Union Pacific has struck a deal with Canadian National Railway in which it will give Montreal Railway more access to the Midwest, in exchange for the company ending its opposition to Norfolk Southern's merger with the American railroad. After the companies made concessions in relation to film distribution, the European Union has approved Paramount's $81 Billion bid to purchase Warner Bros Discovery. IBM CEO Arvind Krsna urged the company to shift its sales force away from large licensing deals and towards consumption-based cloud-based models after lowering its revenue growth forecast for the full year. Taco Bell executives held late-night meetings to discuss the chain's response to an outbreak of cyclospora linked to shredded romaine lettuce. Officials diverted supply trucks and mobilized field teams to remove cases of contaminated romaine lettuce. Prologis, a U.S. warehouse owner, increased its final bid for U.K. competitor Segro from?14 billion pounds to $ 18.74 billion and has ruled out any further increases. Penske Corp and Mitsui offered $210 per share for the sale of Penske Automotive Group, a potential deal worth $3.78 Billion.

• Paris wheat prices soar as Russia restricts night operations in Novorossiysk Port

  The price of European wheat soared on Wednesday due to renewed drone attacks and the closure of Novorossiysk, the major Russian grain export hub, overnight. Benchmark 'September' milling wheat traded on Paris-based Euronext was up 4.5% at 1530 GMT, to 245.25 Euros per metric ton. Chicago wheat increased by 4% at the same time. Three grain industry sources reported on Wednesday that Russia has temporarily banned vessel movements into and out of Novorossiysk port between midnight and 5 a.m. due to drone attacks by Ukraine. The port is operating as normal outside of the nighttime restrictions, and grain shipments are not affected. A French trader stated that "the closure of Novo makes people nervous because they don't know when it will end, even though it is temporary and only overnight." Prices of wheat have increased in recent weeks following attacks by Ukraine and Russia on grain ships, port infrastructure and other facilities in the Black Sea Sea of Azov. The Ukrainians have focused their attacks on Novorossiysk on the oil terminals and not on the large grain terminals. A German trader stated that "any major disruption in?wheat shipments at Novorossiysk will have a severe impact on the global market." Russia announced on Wednesday that it had 'hit the Ukrainian cities of Odesa & Chornomorsk and port infrastructure, as well as vessels which?it claimed were supporting the Ukrainian army. The harvest in Europe was moving quickly. Traders estimated that about half of the crop had been harvested, but heatwave damage would likely reduce output. According to a German trader, the decline in annual production is between 600,000 and 1 million tonnes. Euronext data on Wednesday showed that non-commercial participants increased their net long positions in Euronext milling wheat futures, options and contracts to 111 938?contracts from 23 588 the previous week. (Reporting from Sybille De La Hamaide and Michael Hogan, Hamburg; editing by Tasim Zaid)

• How the Houthi blockade of the Red Sea strengthens Iran's grip over global energy supplies

  Houthis, who are allied with Iran, in Yemen, will blockade Saudi Arabia's maritime traffic, they announced on Monday. This would further restrict a global market for energy, which is already severely restricted due to Iran's closing of the Strait?of Hormuz. Why it matters, and what it means to the Iran War and the global energy crises: How big is the risk to global energy markets? It's not clear what the Houthis will do to blockade Saudi Arabia along the Red Sea Coast, their northern neighbor. Or if they would return to attacking shipping. Yemen is located on the strait of?Bab el-Mandeb - the southern entrance to the Red Sea - so closing it would create a 'new front' in the conflict between Iran and the U.S. and the energy crisis. The Red Sea is now a vital alternative outlet for Gulf Oil and other products, with Hormuz disrupted. If both major Middle East oil export routes were closed simultaneously, a serious disruption would be the result. The partial blockade of Iran's Strait of Hormuz by Israel and the U.S. after their attack on it on 28 February disrupted the majority of oil and other Gulf exports, causing prices to rise and a global energy crisis. Saudi Arabia responded to this by redirecting more than 70% its daily crude oil exports to Yanbu, a port on the Red Sea. Ships bound for Europe leave Yanbu via the Suez Canal. Those headed to Asia pass through Bab el-Mandeb. According to Kpler's and Signal Ocean's data, Yanbu has shipped an average of 4 million barrels per day over the past few weeks. This is up from 973,000 bpd one year ago. According to Kpler, the total petroleum volume transiting Bab el-Mandeb in June was 7.4 million bpd, which is about 7% global oil production. This represents an increase from 4.2 million bpd a year ago. This has helped to stabilize the global oil price by stabilizing the energy market. Last week, it was reported that Saudi Arabia is looking at expanding its crude oil pipeline along the Red Sea Coast. Gulf oil exports flowed freely when the Houthis attacked?Red Sea Shipping in November 2023. Who are the HOUTHIS and do they close RED SEA ENERGY routes on behalf of Iran? In the 1990s the Houthis were a military, religious and political movement that fought guerrilla warfare against the Sanaa government. Since more than a century, they have waged a civil war with the internationally recognized, Saudi-backed government and attacked Gulf neighbours using missiles and drones. The truce of 2022 between Yemen's warring parties largely held up until last week when Yemen's internationally recognised government claimed it had attacked Sanaa Airport to prevent an Iranian plane from landing. The Houthis claimed that Saudi Arabia was to blame and, in response, fired missiles into Abha Airport in the mountainous southwest of the Kingdom. In an interview with Press TV, a senior Houthi, politburo-member Mohammad al-Farah warned that if things continued to escalate, Bab el-Mandeb could be closed. Iran supports the Houthis in its regional "Axis of Resistance", including Lebanon's Hezbollah, and Iraqi Shiite militias. However, its ties to the Yemeni movement is less clear than those with these other groups. Houthis don't recognise Iran's supreme ruler as their ultimate authority religiously in the same manner that Hezbollah or Iraqi groups do. They are motivated primarily by domestic issues, even though they share Iran's ideology. Hezbollah is said to have helped Iran arm, fund and train the Houthis. The Houthis claim to be independent and do not accept that they are Iranian proxies. It is not clear to what extent the Houthis' stance on Bab el-Mandeb, the Red Sea and their own strategic priorities are influenced by Iran. What happened when the HOUTHIS attacked RED SEA SHIPS before? The Houthis started firing on Israel and ships in the Red Sea after the Hamas attack of October 7, 2023 and Israel's devastating Gaza campaign. They said they were doing this in support for Palestinians. The attacks caused a major disruption in global shipping. Maersk and Hapag-Lloyd, among other large companies, diverted around Africa, a route that was much longer and more expensive. Suez Canal Authority data show that the Red Sea traffic is still not recovering. The traffic through the Suez Canal in 2025 will be 52% lower than in 2023 and its lowest level in 50 years. The U.S. led mission to restore freedom of navigation in the Red Sea included repeated strikes against Houthi targets, and a defensive offensive that destroyed hundreds of drones. Some Houthi attacks continued until last summer. They only ended completely after the Gaza ceasefire. The Houthis announced last month that they would ban all ships from the Red Sea linked to Israel after Israel re-launched military attacks on Iran. Maersk announced this month that the threat never materialized and that Hapag-Lloyd and Maersk are now resuming certain Red Sea routes they abandoned last year during Houthi attacks. WHAT HAS THEIR ACTION BEEN DURING THE LATEST IRAN WAR? Hezbollah, the Iraqi groups and even the U.S. military joined the war with rocket and drone attacks after the initial U.S.-Israeli strikes against Iran. The Houthis were relatively quiet. Abdul Malik al-Houthi, the leader of the group, said on March 5, "Our fingers are ready to fire at any time if circumstances warrant it". Iranian commanders warned repeatedly that the Houthis might join the war. In late March and earlyApril, the Houthis launched some missiles and drones attacks against Israel. Esmaeil Quds Force Commander Esmaeil Quaani of the Revolutionary Guards Quds Force said on June 1, they could choke off Red Sea. It may have changed now with their announcement on Monday of the blockade against what they called "criminal" Saudi Arabia as retaliation to what they said the kingdom was sieging its ports and airports including last week's strikes. (Compiled and edited by William Maclean, Jason Neely and Angus McDowall)

• French and Benelux stocks: Factors to watch

  Here are some company news and stories that could impact the markets or stocks in France and Benelux. PARIS AIRPORTS/AIRFRANCE KLM: France’s civil aviation authority has asked airlines to reduce flights by 20% at Paris-Orly airport on Thursday evening, due to storm risk. Delays are also expected at Paris Charles de Gaulle Airport. AEROPORTS de PARIS SA : The Paris airport operator reported that June group traffic dropped 1.4%, to 33.4 millions passengers. It also revised its 2026 passenger traffic growth projection for Paris from a range of 1.5-2.5% to 0.5%. AEDIFICA: Aedifica, a Belgian investor in healthcare real estate, announced an investment of around EUR21 million into two care homes located in Spain and Finland. AXA: Ardian, a private equity firm, announced that AXA would be?selling its 10% stake in Ardian while Wafra and Assurances du Credit Mutuel (ACM), respectively?increased their respective shares in Ardian. The Financial Times reported Thursday that Dassault Systems, a French software company, is in negotiations to purchase drug-trial software developer ArisGlobal for around $2 billion from Nordic Capital. This was based on the reports of people familiar with this matter. VINCI SA : French infrastructure group Vinci reported that its airports division experienced a 1.3% decline in passenger traffic to 85.1 millions in the second quarter 2026. WORLDLINE SA - French payments company Worldline has announced that it was selected by the European Central Bank to take part in the Eurosystem pilot project for the digital euro. Pan-European market data: European Equities speed ?guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX ?sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European ?pct losers........................ Main stock markets: Dow Jones ............... Wall Street report ..... Nikkei 225............. Tokyo ?report............ London report ........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report..... (Gdansk Newsroom)

• Chinese titanium firms look to expand beyond their home market

  Chinese titanium suppliers used this week's 'Farnborough Airshow' to court aerospace customers. They bet that tight global supplies of a critical metal will outweigh any concerns about U.S. Tariffs. Titanium is a vital material in aircraft production because of its light weight, strength and corrosion resistance. It's used for landing gear, jet engines and airframes. Supplies have been squeezed by a number of shocks over the past few years. From the COVID-19 pandemic to Western sanctions against Russia, a major producer of titanium after its full-scale invasion in Ukraine 2022. To U.S. Tariffs on Chinese Imports under President Donald Trump. Nearly two dozen 'Chinese' firms, such as HST Titanium (HongshengTai), Jinda Titanium (Jinda Titanium) and Baoji YongshengTai (Baoji YongshengTai), showcased products ranging in size from titanium sponges and ingots, to ceramic brake plates, at Farnborough. They were looking to expand their market beyond the domestic one dominated by COMAC, "There is a lot of competition within China, and they want to expand their overseas market," Karolina Jackowicz, a metals specialist at CCMA (a raw materials distributor that advises Chinese suppliers) said. CHINA SEEKS OVERCOME TRUMP TARIFS While U.S. Tariffs on Chinese Titanium initially hurt the suppliers, executives in the industry said that they still see opportunity in America, where supplies are constrained and production has stopped. Also in Europe, there was a lot of interest. Airbus has confirmed that at least three Chinese suppliers who declined to name themselves, have their titanium used in the aircraft. Airbus has not responded to a request for comment regarding its use of Chinese Titanium. John Strickland, an aviation analyst, said that the large Chinese presence at Farnborough - one of the largest aerospace events in the world - highlighted a renewed push for Western markets. They are networking. They're networking. They are explaining their product. He said, "They're showing off their product." COMAC was the most prominent Chinese aerospace and defense firm at the air show. COMAC is attempting to compete with Boeing and Airbus in commercial aviation, but it remains dependent on foreign suppliers of key technologies including jet engines. Strickland expects COMAC, and Chinese aerospace suppliers, to play an increasing role in the global market. However, they will have to develop the support ecosystem that is essential to Boeing and Airbus’s success. This includes?maintenance networks, spare parts distribution, engineering support, and aircraft leasing services. Strickland stated that "if they deliver their planes... in terms reliability, performance and in particular, a market that shows they can develop infrastructure worldwide, that's what the airlines want." (Reporting and editing by Joe Brock, Sharon Singleton and Shivansh Twary)

• EasyJet CEO: Once the takeover is formalised, EasyJet will adhere to EU regulations

  EasyJet will contact the regulators in the European Union over ownership regulations as soon as the 'British carrier' has received a formal offer from one of its potential suitors. CEO Kenton Jarvis responded to the report on Thursday. Reports on Wednesday said that the EU could tighten airline ownership regulations, which would potentially complicate easyJet's takeover. Both of easyJet’s bidders, Apollo and Castlelake, are based in the United States. The airline has chosen Apollo's PS5.7billion ($7.6billion) bid over Castlelake's?lower offer. Jarvis explained that the board would consider both value and deliverability in evaluating any 'offer. Deliverability includes, for example, being an ally of Europe and being regulated as such." Jarvis added that easyJet,?Apollo and regulators will likely work "hand-in hand".

• Sources say that Kazakhstan's oil production plummets following drone attacks which forced the exporting terminal to close.

  Two industry sources reported on Thursday that oil production in Kazakhstan has decreased?since?the closure?of a Black Sea Terminal, which serves as a main outlet for the nation's crude shipments. The terminal was also recently targeted by drone strikes. Tengiz, Kazakhstan's biggest oilfield, is the field where the decline was most pronounced. Sources claim that the production there has more than halved to 406,000 barrels a day on Wednesday, from an average of 925,000 bpd in July. According to a source, the average oil and gas condensate production in Kazakhstan fell on Wednesday from 2.07 million bpd to 1.63 millions bpd. Chevron's and Kazakhstan's Energy Ministry did not immediately respond to requests for comments. After suspending loadings Monday, the Caspian Pipeline Consortium has stopped receiving oil from Kazakhstan due to attacks against oil tankers at their Black Sea?terminal. CPC, the company that accounts for over 80% of Kazakhstan's oil exports, had suspended loadings at this outlet earlier. Russia accused Ukraine of targeting CPC tankers in its "ambition" to further destabilise global oil markets. Ukraine has not made any comments on the attacks, despite a recent escalation in its attacks on Russia's infrastructure for energy. The suspension of loads from the CPC pipeline, which exports 2% of the 'global' oil, is a further concern for the 'global? oil market, as the war in Iran already has disrupted the supply from Saudi Arabia, and other Gulf producers. (Reporting and Editing by Alexandra Hudson, Louise Heavens).

• Channel Tunnel operator: EU software problems could delay biometric checks

  Getlink, the operator of the Channel Tunnel, warned on Thursday that software problems could cause the biometric phase to be delayed past the original deadline of September 6, affecting car passengers who use the tunnel. The Chief Executive Yann Leriche stated that the biometric component for the new Entry/Exit System has yet to be implemented in passenger vehicles. He also warned that the software at the European level is not fully stable. Travel disruptions during holiday seasons are a concern for airline groups as well as British authorities. Leriche said to reporters: "I won't tell you that we're not experiencing any problems, but there is one problem?that impacts us all and?for which there is no immediate solution. The software provided by the European Union." Getlink, the company that operates the Channel Tunnel on a concession lasting until 2086 has invested EUR80,000,000 ($91,000,000) in preparing its terminals for EES. Leriche reports that the queues in the tunnel are generally only one or two hour long, as opposed to?significantly more delays' reported at certain airports. All this bad press, especially coming from the British, because 80% of tourists are British, creates an impression that the problems can't be solved. But, if we do our jobs, they're largely manageable. The Paris-based firm also announced that it had filed a lawsuit against the British government for revaluing business rates, which tripled their annual tax bill. Leriche stated that the company would give the UK government until the end the summer to reconsider their position before launching a formal legal challenge. Eurotunnel's owner has raised its guidance for full-year earnings to EUR835 to EUR870 millions, up from EUR820 to EUR860 in the past, and assumed only limited disruptions due to the rollout of the new entry system. $1 = 0.8763 Euros (Reporting and Editing by Edmund Klamann; Gianluca Nostro, Zakarya Melani)

• Football-Argentina's football Association denies reports that Tapia was summoned to US courts

  The Argentina Football Association (AFA) said on Wednesday that it is "completely false" to claim that Claudio Tapia, the treasurer of AFA and Pablo Toviggino were ordered by U.S. court judges to provide 'evidence'. The AFA did acknowledge, however, a third-party was summoned before a U.S. Grand Jury and could potentially provide evidence regarding several people, including representatives from the organization. Local media reported that FBI agents had detained Tapia, Toviggino and the Argentina team at New York’s JFK Airport before they boarded the charter flight after the World Cup Final. They also requested Tapia’s devices. Infobae, a media outlet in Argentina, reported that U.S. authorities were investigating?more $300 million in AFA commercial contracts?. This comes amid a wider scrutiny of Argentine finances after raids conducted in December in a'money laundering probe. A witness said that federal agents questioned Tapia and Toviggino in a bus parked at the airport for 30 minutes as the Argentinean team 'prepared to board their flight. The Port Authority of New York & New Jersey, which is a transportation agency, referred the matter to the FBI. The FBI declined comment. The association did NOT name the third person summoned by U.S. courts, but they stressed that U.S. officials had not targeted Tapia nor Toviggino. It is a lie to say that Claudio Tapia, or Pablo Toviggino has been called to testify before the United States Justice System. The association also said that it was false to say their cell phones, or other electronic devices had been seized. The statement stated that the document "in question" did not impose any personal measures on the AFA President or Treasurer. It also does not impose any procedure obligations on them, nor does it record any seizure or confiscation property belonging to either of them. Reporting by Lucila Tsvetkova and Maria Tsvetkova, writing by Natalia Siniawski and editing by Daina Beth Sola and Toby Davis.

• US NTSB does not rule out the possibility of age and service in Ryanair 737 engines incident

  The U.S. National Transportation Safety Board announced on 'Wednesday that it had not ruled out the possibility of age or service problems in a?investigation into an occurrence in which a passenger was partially sucked out a broken window in a Boeing 737 NG after an engine failure. The letter contradicts Ryanair CEO Michael O'Leary, who on Monday said that an initial investigation found "foreign objects damage", and not the age of the aircraft or its servicing conditions. Jennifer Homendy, Chair of the NTSB, wrote to O'Leary in a letter that the NTSB had not reached this conclusion. Our investigators are still evaluating whether age or service issues were a factor. She asked him to refrain further from public comments about the investigation. Ryanair and Boeing didn't immediately respond to our requests for comments. According to Federal Aviation Administration and video, the NTSB is currently investigating the incident that occurred on July 10, in which a part of the aircraft's engine broke away and smashed a window shortly after taking off from Thessaloniki, Greece. The plane was headed for Germany when it lost pressure. It landed in an emergency. O'Leary said that the initial indications would indicate a foreign object damaged to the engine during takeoff in Thessaloniki. However, analysts were unable to confirm this. O'Leary stated that the aircraft was 18 years old, and the engine had been overhauled and fully serviced in the last two year. He said that in approximately?28-days, a 'draft report' on the incident will be released. This will be followed by a detailed report. FAA Administrator Bryan Bedford said last week that the incident, which had echoes to two Southwest Airlines Boeing 737 NG flights in 2016, and '2018, prompted a reevaluation of?the response?to these incidents. He added: "I do not think early indications show (the recent Ryanair issue) is a replica of what the Southwest Airlines incident was." (Reporting and editing by Aurora Ellis; David Shepardson)

• Farnborough Airshow: Boeing and Airbus battle it out as orders surpass 300

  As the Farnborough International Airshow nears its conclusion in the United Kingdom, airlines have revealed over 300 plane orders. Boeing has a slight advantage over European rival Airbus in the race for sealing deals, according to a tally. Here are some of the biggest deals, with 327 firm orders. This is slightly more than?the previous Farnborough airshow in 2024. The?tally falls short of the 800 orders that were expected, due to supply-chain issues and production bottlenecks. SMBC AVIATION CAPITAL Boeing and SMBC Aviation Capital have announced that they have ordered 100 737-MAX aircraft, 60 737-10 jets and 40 737-8. SMBC announced that it had placed a firm 100 Airbus A320neo family aircraft order, including 65 A321neos and 35 A320neos, for delivery to begin in the first half of the decade. RIYADH AIR Saudi carrier exercised options on 28 Boeing 787 Dreamliners placed in 2023. 20 of these aircraft were converted to the larger 787-10 version. The firm has also confirmed the purchase of six Airbus A350 1000 aircraft, bringing its total A350 1000 order book up to 31 aircraft. PHILIPPINE AERIALLINES Boeing has announced that it received a "new order" from Philippine Airlines for up to twenty 787-10 Dreamliner twin-engine widebody jets. The order is composed of 15 firm orders, and five options. The airline has also placed orders for nine Airbus A350s and secured purchase rights for another five. It expects to receive its first Airbus A350 in early 2030. AERCAP The leasing giant AeroCap has placed an order to deliver 15 Boeing 787 Dreamliners between 2033 and 2033. FLYNAS Saudi Arabia's budget airline Flynas has confirmed an order for 25 more Airbus aircraft. Flynas has now committed to Airbus 235 aircraft. OTHER ORDERS: Uganda Airlines has announced that it has placed orders for four Boeing 737 MAX narrowbody planes and four Boeing 787 jets. Boeing and MSC Air Cargo have announced that MSC Air Cargo has ordered five 777-8 Freighters. IBA, an aviation intelligence and advisory firm, said that Luxair had ordered two Boeing 737-10s worth $124m, based upon estimated prices after discounts. Shohin Airlines, a Tajikistani carrier, has ordered four Airbus A320neo family aircraft. BermudAir, a startup airline, has ordered 10 Airbus A220 aircraft to expand its routes. BermudAir plans to order up to 20 A220 aircrafts by 2030. EMBRAER JETS Brazilian aircraft manufacturer Embraer announced that Japan's Fuji Dream Airlines had placed a firm two-jet order for the?E175 regional jet. Embraer has already included the?order in its backlog. Abra, a South American airline group, also ordered Embraer 20 E2 aircraft. This was the first order Embraer received from this airline group. Embraer announced that Spanish regional carrier Binter has ordered five E2 aircraft from the Brazilian planemaker, increasing its fleet of Embraer's latest generation regional jets. ENGINE ORDERS British 'Airways has announced that it will be using Pratt & Whitney GTF engine for up to 63 incoming Airbus A320neo aircraft. Singapore-based BOC Aviation has placed its largest ever engine order of up to 300 CFM International engines to support the expansion of its Airbus and Boeing narrowbody fleet. IndiGo, India's largest carrier, signed a "memorandum-of-understanding" with CFM International for more than 1,000 LEAP-1A engine purchases. This would be a record for CFM International, who has been criticized by the industry over maintenance delays.

• US politicians promote aviation and space business at Farnborough Airshow

  U.S. politicians fought with European counterparts for investment from aerospace, defense, and space companies as the industries boomed. The number of U.S. government and private companies exhibiting at the show has increased by 21% since the previous event in 2024. Now, the U.S. accounts for around a third. Nine U.S. Senators, several Governors and other local officials and state officials attended. Gareth Rogers is the chief executive officer of the Farnborough International Airshow. As global tensions increase, governments are increasing their?defence expenditures. Meanwhile, the aerospace supply chain is spending more to keep up with thousands of plane orders for Boeing, Airbus, and Embraer, which will take years to complete. The space industry is also benefiting from more satellite and space launches. Some states, such as Kansas and Alabama, held parties in London for potential investors. Meanwhile, dozens of booths were set up at the airshow, promoting their attributes to prospective companies, including low taxes and regulations, competitive energy costs, and a skilled workforce. Aerospace Industries Association (AiA), a U.S. industry trade group, stated that the U.S. aerospace and defense industry will generate $1 trillion in business activity by 2025. This represents 1.6% of U.S. GDP, which supports more than 2.1 millions American jobs. U.S. officials cite the greater pay in North America, which is about 40% higher than the average national salary. The push comes as trade tensions are at an all-time high. Trump's administration has threatened to impose new tariffs on the aerospace sector, but delayed their implementation pending new negotiations. UK AND EU INCREASE SUPPORT FOR THE INDUSTRY The U.S. The?U.S. will also be facing stiff competition. The European Union will increase defence spending by 8.6% in 2026 to a new record of EUR454million ($518.10million). European countries also create new programs that aim to increase aerospace investments and jobs. The British government announced a PS600 ($802.50) package of support for the UK Aerospace Industry on Wednesday. This includes PS500 million?for aerospace research?and?technology projects?and a new PS100?million aerospace supply chain fund?working with industry partners such as Airbus, Rolls-Royce?, GKN Aerospace? and Safran?. The UK wants the market value of this sector to double by 2035. Virginia Governor Abigail Spanberger stated that her state has made efforts to develop a highly skilled workforce. She also said the state had invested hundreds of million dollars in order to provide sites for aerospace companies who wish to expand or construct. "We don't want to get complacent when we look to the future, because technologies are constantly changing," Spanberger said. He noted that Virginia is home to significant aerospace and defence companies and the Pentagon. Cleveland Mayor Justin Bibb cited the aerospace industry, NASA research center and manufacturing workforce in northeast Ohio as potential benefits. "The cost of doing business in Cleveland is a great deal more affordable than in Silicon Valley, the coast or the South," Bibb stated.