Latest News
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Turkish Airlines invests $2.3 billion in new projects
Turkish Airlines announced that it held a groundbreaking ceremony on Thursday at eight locations. The total investment value is more than 100 billion lira (2.32 billion dollars). It said that the projects included investments in Europe's biggest wide-body aircraft engine maintenance facility, world's biggest aircraft catering facility, second phase of SmartIST, which will be the 'largest cargo facility' in the world, additional aircraft maintenance hangars and an ecommerce complex. When all phases are completed, these investments will create over 36,000 jobs. Turkish Airlines Chairman Ahmet Bolat stated that while our company's contribution is currently $65 Billion, it will reach $144 Billion when we reach our target peak in 2033.
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Aluminium prices in the US reach record levels due to tariffs and low stock
Aluminum consumers in the United States pay record prices. These are significantly higher than the import levies, transport costs, and other factors would suggest. This is because tight supplies globally exacerbate the impact of the tariffs, and the low U.S. inventory. Aluminium is needed by industries like automotive, aerospace and packaging. Aluminum prices can have a knock-on effect on the economy, as they increase manufacturing costs, squeeze margins, and eventually drive inflation. In June, President Donald Trump increased tariffs on U.S. aluminum imports from 25% to 50% to encourage local production. Aluminium?costs have increased by 40% for U.S. customers since then, to over $5,200 per metric ton. Aside from the disruption caused by U.S. Tariffs, aluminium traders have also been monitoring other supply shortages. Prices on the London Metal Exchange have risen by more than 20% in the last year, the highest level since April 2022. This was a few months after Russia invaded Ukraine. Consumers began to shun Russian aluminium. US ALUMINIUM STOCKS SHRINK On the physical market in the U.S., buyers typically pay a premium plus the LME aluminium price. This premium covers costs like freight, handling and insurance. The tax component of premium increases as the LME price goes up, because the tariff is calculated in percentage. The duty on aluminium shipments into the United States will be $1.550 at $3,100 per ton. This is up from $1.300 in June. The Midwest aluminium premium hit a record of 96c per lb, or $2,116 per ton this week, up by 65% since June. The premium is much higher than the costs justify. The market expects the LME to continue trending higher, said Jorge Vazquez at Harbor Aluminium, who added that the premium for a pound should be around 86c. Last year, exporters of aluminium from the United States diverted their aluminum to Europe because the premiums did not reflect the tariffs fully. Local stocks therefore shrank. Vazquez, Gregory Wittbecker and Wittsend Commodity Advisors estimate that U.S. aluminum stocks have fallen below 300,000 tonnes from 750,000 at the start of 2025. "Canadian suppliers halted discretionary shipments because they were losing cash, which resulted in a decline in U.S. Wittbecker stated. The price of the shortage in physical aluminum is rising, but I am unsure how much it can rise. Trade Data Monitor reports that the United States will import nearly four million tonnes of aluminum in 2024, with Canada accounting 70% of those shipments. (Reporting and editing by Barbara Lewis; Pratima Deai)
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US Energy chief: US and China can play equal roles in Venezuela
U.S. Energy Sec. Chris Wright stated that there is room to balance the roles of the United States and China in Venezuela, to allow for commerce. However, Washington will not let Beijing have a major influence over the Latin American nation. Wright said in an interview with Fox Business Network that he expects to?see Chevron rapidly grow its operations in Venezuela, while ConocoPhillips and Exxon Mobil will also be looking to play a positive role. "I think you'll see China playing a long-term role in Venezuela. The United States will control oil flow as long as the United States is dominant in Venezuela, and the rule of law. He told FBN's Mornings with Maria program that it would be fine. Is it possible to achieve a balance with China? "I think so." Can there be trade with China in a framework where Venezuela's principal partner is the United States? Sure. Will we allow Venezuela to be a?client state of China'? "Absolutely not," he said. Wright said that he had been 'talking to executives of top U.S. Oil Companies since Saturday. He also stated that many companies are 'disappointed they weren't invited to the industry meeting on Friday at the White House. (Reporting and editing by Andrew Heavens, Chizu Nomiyama, and Susan Heavey)
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Aluminium prices in the US reach record levels due to tariffs and low stock
Aluminum?consumers are paying record prices in the United States, far above what import levies and transportation costs would justify, due to tight supplies worldwide and the 'impact' of tariffs on low U.S. stocks. Aluminium is needed by industries like automotive, aerospace and packaging. Aluminum prices can have a knock-on effect on the economy, as they increase manufacturing costs, squeeze margins, and eventually drive inflation. In June, President Donald Trump increased tariffs on U.S. aluminum imports by 50% to encourage local production. Aluminium costs have risen since then for consumers in the U.S. Consumers have seen a 40% increase to $5,200 per metric ton. Aluminium traders are also monitoring other supply shortages. Prices on the London Metal Exchange have risen by over?20% in the last year, the highest level since April 2022. This was a few months after Russia invaded Ukraine. Consumers started to avoid?Russian aluminum. US ALUMINIUM STOCK DROP Buyers of aluminium on the physical market in the U.S. typically pay a premium to cover?costs like freight, handling and insurance. The tax component of premium increases as the LME price goes up, because the tariff is calculated in percentage. The duty on aluminium shipments into the United States will be $1.550 at $3,100 per ton. This is up from $1.300 in June. The Midwest aluminium premium hit a record-high of 96 cents per lb, or $2,116 per ton this week, an increase of 65% from?June. The premium is much higher than the costs justify. The market expects the LME to continue trending higher, said Jorge Vazquez at Harbor Aluminum. He added that the premium should be around 85 cents per lb. Last year, exporters of aluminium from the United States diverted it to Europe because the premium was not enough to reflect the tariff. Local stocks therefore shrank. Vazquez, Gregory Wittbecker and Wittsend Commodity Advisors estimate that U.S. aluminum stocks have fallen below 300,000 tonnes from 750,000 at the start of 2025. "Canadian suppliers halted discretionary shipments because they were losing cash, leading to a decline in U.S. inventory," said?Wittbecker. "The U.S. shortage of aluminium is being priced but I doubt how high the premium will go." Trade Data Monitor reports that the United States will import nearly four million tonnes of aluminum in 2024, with Canada accounting 70% of those shipments. (Reporting and editing by Barbara Lewis; Pratima Deai)
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Frontier Airlines parent company appoints new CEO
James G. Dempsey was appointed Chief Executive Officer of the 'Frontier Group', parent company to 'Frontier Airlines, on Thursday. The company announced last month that longtime CEO Barry Biffle was leaving and appointed an insider,?Dempsey, as interim leader. Frontier said that it now expects its adjusted earnings per share to be at the upper?end of their previous?forecast, which was between 4 cents and $20 cents. This is due to the strong revenue performance throughout the quarter while also overcoming the effects of the shutdown. Before the bell, shares of the Denver-based company rose 2.5%. Dempsey - who has been Frontier's president for the last 10 years - was responsible for its commercial operations, customer service, operations research and planning. He ?joined Frontier as CFO in 2014, prior to ?which he held senior management roles at Ryanair Holdings and various management roles at PricewaterhouseCoopers.
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Sources say that a drone struck a Russian-bound tanker in the Black Sea.
According to an alert from Lloyd's List Intelligence on Thursday and another maritime security source, a Russia-bound oil ship suffered a drone strike in the Black Sea. This prompted them to ask for Turkish coastguard help and divert their course. Lloyd's List Intelligence, a maritime data specialist, said that the Elbus, a Palau-flagged vessel, "experienced a unmanned marine vehicle and drone attack on Wednesday targeting its engine room." No injuries or pollution were reported by the 25 crew members. A security source based their assessment on a drone attack. The incident was not clear. Late November, insurance rates for shipping rose after Ukrainian?drones? hit two Russia bound tankers?in the Black Sea. The incidents prompted Moscow and Ankara, respectively, to issue threats of retaliation, while Ankara urged calm. In early December, a vessel flying the Russian flag claimed that it was also attacked at sea. However, Kyiv denied that they were involved. When asked about Elbus, the Security Service of Ukraine didn't respond. The Turkish Transport Ministry was not available for comment. The Russian Embassy in Ankara did not respond to a request for comment. The Black Sea is crucial for shipping grain, oil, and oil products and its waters are shared with?Turkey. Russia. Ukraine. Bulgaria. Georgia. The Lloyd's notice stated that the vessel would be heading to Novorossiysk, Russia on Wednesday from Singapore. Marinetraffic data revealed that the Elbus sat down a few kilometers off the northern Turkish town of Inebolu, on Thursday. It had diverted its course from an earlier one to the east across the Black Sea. Lloyd's reported that the ship dropped anchor on its own at Inebolu Anchorage. The Inebolu Harbour Master did not answer calls.
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Ukraine restores power to southeast following Russian strikes
On 'Thursday, Ukrainian officials raced to restore power after Russian strikes plunged the two regions in the south-east into a?near total blackout overnight. Critical infrastructure was forced to rely on reserves. Moscow has intensified attacks on Ukraine's power system, as Ukrainian forces fight off Russian advances in the battlefield and Kyiv is under U.S. pressure for a peace agreement. The Deputy Premier of Ukraine,?Oleksiy?Kuleba, said that repairs are still being carried out to restore heat and water supply to over 1 million customers in the industrialised area of Dnipropetrovsk. Energy ministry reported that nearly 800,000 customers in the affected region were still without power early Thursday morning. However, the other region, Zaporizhzhia, had been restored. Zaporizhzhia Governor Ivan?Fedorov stated that it was the first total blackout in his region "in recent years", but that officials were quick to react. "A difficult evening for the region." "But 'light" always wins," wrote he on Telegram?on Thursday. Ukraine's Energy Ministry said that eight mines in the Dnipropetrovsk area had experienced blackouts but that workers?had been evacuated. Mykola Lukashuk is the head of the Dnipropetrovsk Regional Council. He said that it could take a full day to restore water supplies in the city of Pavlohrad. The Prime Minister Yulia svyrydenko warned late on Tuesday of an impending "cold snap" in Ukraine. On Wednesday, the energy ministry said that weather conditions have already caused power outages in some settlements across at least four different regions. (Reporting and editing by Philippa Feletcher; Dan Peleschuk)
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French aerospace companies worry about 'weaponisation of global supply chains'
France's aerospace sector expressed concerns on Thursday about the "weaponisation of global supply chains" as major powers pursue their geopolitical goals. It also warned that rare earths remain a possible pressure point, despite an?U.S. - China trade truce. Olivier Andries is the president of France's GIFAS aeronautical association and CEO of Safran. He said that 90% of the industry’s needs for rare elements are supplied by China. "There's a trend to weaponise the supply chain and use the dependence on critical supplies as a means of creating a geopolitical edge. This is especially true for 'rare earths, which is a sensitive subject," he said. Many modern products such as jet engines contain small but significant amounts of rare earths, or the magnets that they are made into. Andries said that he was concerned about the lack of an internal budget for 2026. He added that parliamentarians have "lost direction". Sebastien lecornu, the French prime minister, is trying again to pass a budget after the lawmakers passed an emergency law. Andries stated that France's plans for defence are progressing well, despite the increased spending in Europe due to the political pressure from the U.S. and the conflict in Ukraine. Asked about the future ?of a Franco-German-Spanish fighter project, which is engulfed ?in disputes between Airbus and Dassault Aviation, Andries said: "There is a very strong political will at ?the highest level in France and Germany to go ahead. For things to progress, there must be agreements and manufacturers who are willing to work together. (Reporting and editing by Louise Heavens, Jane Merriman, Florence Loeve)
Greece offers cheaper fuel and damage coverage to farmers in a bid to end the blockade
Greece offered farmers full compensation for any future losses in production and cheaper fuel on Wednesday, as a desperate attempt to persuade them that the protests which have affected travel and some businesses should stop.
Since late last year, farmers have been stationing thousands of tractors across Greece to protest high production and payment delays.
The centre-right Prime Minister KyriakosMitsotakis has called on farmers to stop the "blockades" and enter into talks.
Farmers have threatened to take further action if their demands are not met, including minimum prices for their products.
The Greek Ministers have admitted that payments began a month after the scandal over farm aid, but in November they were delayed because EU approval was required. Farmers received 4.46 billion euros (3.8 billion dollars) as aid and other payments. This is a 13% increase compared to 2024.
The Agriculture Minister,?Kostas?Tsiaras, announced that this year, he would offer cheaper agricultural 'diesel to producers of cotton and wheat and will also provide 160 million Euros in additional assistance for stockbreeders and cotton and grain producers.
Tsiaras stated that the government was using all available methods to fix a decade's worth of problems and introduce transparency rules in order to restart the primary sector.
Athens has also promised to amend the rules quickly to allow for?full compensation' in future cases of damage to livestock or crops.
Bulgaria, Greece's neighbor, said Wednesday that it had filed a formal complaint regarding the blocking of border crossings. This has caused "serious difficulties" for Bulgarian exporters and citizens and has violated EU rules on free movement.
EU agriculture ministers meanwhile are meeting in Brussels to discuss the possibility of a free-trade agreement with South American bloc Mercosur.
The European Commission needs to have a majority of 15 members representing 65% or the EU's population in order to authorize the bloc to sign this deal. However, the European Parliament would need to approve it.
Tsiaras stated that the agreement should include "clear, practical safeguard clauses", as well as fair play rules. Reporting by Angeliki Koutantou, Editing by Alexander Smith.
(source: Reuters)