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Cathay Pacific reports 9.5% increase in annual profits on strong passenger demand and cargo demand
Cathay Pacific Airways announced a 9.5% increase in full-year profits on Wednesday, driven by a'strong passenger traffic recovery' and a robust cargo demand. The airline also said it would be increasing capacity this year, despite the geopolitical uncertainty. Hong Kong's flagship carrier's net profit topped HK$10.83billion ($1.38billion) in the year ending December 31. This was higher than the LSEG SmartEstimate prediction of HK$10.05billion and exceeded the HK$9.89billion recorded in 2024. Cathay Chairman Patrick Healy stated that the airline expects to increase passenger capacity by 10% this year, as they add frequencies and destinations to their network. This will also boost cargo capacity. The airline is facing headwinds due to the 'ongoing Middle East conflict', which has disrupted global operations and increased jet fuel prices, leading some airlines, including United, to increase fares and fuel surcharges. Healy stated in a press release that "the current global geopolitical climate is volatile and causes unexpected shifts in cargo and passenger traffic flows, as well as jet fuel prices." In '2025, revenue grew 11.9% to HK$116.8bn. This was largely due to a 15.8% increase in passenger revenue. The carrier carried 28.9?passengers in the year. This is a 26.5% increase from 2024. They achieved an 85.2% load-factor. Cathay has now made a profit for the third year in a row after?three years? of losses? due to the pandemic. During this time, it had also made?heavy layoffs?. ($1 = $7.8261 Hong Kong Dollars) (Reporting and editing by Jamie Freed; Additional reporting from Sameer Manekar, Bengaluru)
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Balcazar: Gas pipeline in Peru to be repaired this weekend
Jose Balcazar, the Peruvian president, said on Tuesday that the repairs of the main natural gas pipeline in the 'country should be 'finished' on Friday. This will allow natural gas supplies to return to normal this weekend. It could also bring the worst energy crisis the country has experienced in the past 20 years to an end. Transportadora de Gas?has worked to repair the Cusco Megantoni 'district' pipeline since early March when the rupture caused the government to impose emergency measures. Balcazar said that during a press briefing, the company anticipates reopening of natural gas supply on Saturday and distribution to be restored on Sunday. TGP's pipeline failure, which is the backbone system that supplies almost half of Peruvian electricity and the majority of LPG, forced gas rationing. This has pushed up energy prices, and exposed long-standing weaknesses in the Andean country's energy system. Balcazar said that in-person classes at schools and universities will'start back on Wednesday', after the government announced virtual classes due to rationing this week. Balcazar was a newcomer to the job, having been appointed by Congress in February following the ouster of his predecessor. The country is set to hold presidential elections on 12 April. Reporting by Marco Aquino; Writing by Brendan O'Boyle; Editing by Daina-Beth Solomon and Natalia Siniawski
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Local police in Switzerland say that at least six people have died in a bus fire.
A bus fire in a small Swiss town on Tuesday resulted in at least six deaths, prompting police to open a criminal probe. The Fribourg police confirmed that the bus was engulfed by flames while driving on a road near Kerzers. This town is located in the canton Fribourg and is about 20 kilometers (12 miles) from the Swiss capital Bern. Frederic Papaux is a spokesperson for the Fribourg Police. The police said that three injured persons were transported to hospital. Papaux reported that passengers escaped the bus in a panicked state, and were injured. No other vehicles were involved. The video shows the remains of the car after the fires have been extinguished. Papaux could not confirm unverified reports on social media that a passenger on the bus poured gasoline onto themselves or how the fire started. Guy Parmelin, the Swiss president, expressed his condolences to the victims and confirmed that an investigation was underway. In a statement posted on X, he said: "I am shocked and saddened that yet again people lost their lives in a serious Swiss fire." A fire in a Swiss ski resort called Crans Montana killed 41 people, injured 115 and shook Switzerland. Reporting by Olivia Le Poidevin, Editing by Neil Fullick
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La Prensa reports that China's COSCO Shipping has suspended operations at Panama's Balboa Port.
Local newspaper La Prensa on Tuesday reported that the Chinese shipping and logistics conglomerate COSCO Shipping has halted operations at the Balboa Port at the entrance of the Panama Canal. Could not immediately confirm the report. COSCO published a notice to clients, which was published by La Prensa. The company stated that empty containers should be returned to the Colon Container Terminal or the Manzanillo International Terminal in Colon Province. The newspaper reported that COSCO had not specified the reason for its suspension, or whether it was temporary or permanent. This move comes after a ruling by the Supreme Court of Panama in late January that canceled 'key port' contracts held by Panama Ports Company, a subsidiary owned by CK Hutchison from Hong Kong. APM Terminals - a Maersk unit - recently started 'temporary' operations at Balboa for a period of up to 18 months.
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Dassault Aviation unveils long-range Falcon 10X business jet
Dassault Aviation unveiled its latest long-range business aircraft, the Falcon 10X on Tuesday. This marked a "key milestone" as the French company competes with larger North American competitors at the upper end of the luxury market. Dassault announced that the new jet, which costs $80-million and has the largest cabin on the market, will be able to connect cities such as New York and Shanghai. The announcement was made at a ceremony in Merignac (France) for dozens of wealthy buyers and suppliers. The launch of a flying penthouse coincides with the competition between planemakers to service?the ultra wealthy and heads of state? at the top of the luxury jet industry, although CEO Eric 'Trappier stated that corporations would be the majority of projected sales. Trappier, a reporter at the time, said: "The role of this aircraft is to fly long distances in maximum comfort and safety." Trappier confirmed that the twin-engine aircraft will perform its maiden flight in the "near future" and begin service at the end of this decade. Analysts say the 10X’s large cabin, which can accommodate a dinner party for up to eight people, and its long range could help it win a three-way competition against Bombardier's big models and General Dynamics' Gulfstream. Both companies delivered four times as many jets in total by 2025 than Dassault. After a spike during the pandemic, wealthy travelers and corporate clients continue to demand private jets. Honeywell, a U.S. aerospace company, predicts that 8,500 business aircraft worth $283 billion will be delivered over the next 10 years. The Falcon '10X, with an intercontinental distance of 7,500 nautical mile (13,900 km/8.640 miles), will compete against the Global '8000 from Bombardier, and the Gulfstream?G800. Dassault, a French company controlled by a family, also produces Rafale fighter jets. The new design, which is a clean-sheet, comes with engines made by Rolls-Royce in Britain. (Additional reporting and editing by Emelia Sithole Matarise; Additional reporting by Allison Lampert)
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US Navy informs shipping industry that Hormuz escorts are not possible at this time
Sources familiar with the matter say that the U.S. Navy refuses almost daily requests by the shipping industry for military escorts to pass through the Strait of Hormuz, stating the risks of attack are 'too high at this time. The Navy's assessment of the situation indicates that Middle East oil exports will continue to be disrupted. It also differs from the statements made by President Donald Trump, who said the U.S. was prepared to provide a naval escort whenever necessary to resume regular shipments along this key waterway. Since the U.S. and Israeli war against Iran began more than a fortnight ago, shipping along the narrow strait is all but stopped. This has prevented exports of about a fifth the world's supply of oil. Global oil prices have soared to levels not seen since 2022. Iranian media reported last week that a senior official of Iran's Revolutionary Guards said the strait was closed and Iran would fire on any ships trying to pass. At least a few ships have been damaged. Three shipping industry sources said that the U.S. Navy held regular briefings to discuss this issue with its counterparts in the oil and shipping industries. During these briefings, it was stated that it would not be able to provide escorts at least for now. Sources who refused to be named due to the sensitive nature of the issue said that the shipping industry had been requesting naval escorts almost every day during the calls for a strait. One source said that the Navy's assessment from Tuesday's briefing has not changed. He added that escorts will only be possible when the threat of an attack is reduced. The Pentagon didn't immediately respond to a comment request. The President promises to provide naval escorts Trump said in recent days repeatedly that the United States was prepared to escort oil tankers through Strait of Hormuz?whenever necessary. The U.S. Navy will, when the time is right, escort the tankers through the Strait if necessary. "I hope that it won't be necessary, but if needed, we will escort tankers through the strait," he said during a Monday press conference held at his Mar-a-Lago Resort in Florida. General Dan Caine said that the U.S. Military has begun looking into options to potentially escort vessels through the Strait if it is ordered to do so. Caine told Pentagon reporters that they were looking at several options. An official in the United States told the U.S. Military that the U.S. has not yet escorted commercial ships through this strait. In the morning, U.S. Secretary of Energy Chris Wright removed a post from X where he claimed that the Navy successfully escorted a ship through. Hundreds of ships are anchored along the waterway. While some vessels have made voyages in the last few days, most of the shipping traffic is still on hold. SECURITY CHALLENGES MOUNT IN STRAIT Saudi Arabia's Aramco is the top oil exporter in the world. It said that if the war on Iran continues to disrupt shipping through the Strait of Hormuz, there will be "catastrophic" consequences for the oil markets around the globe. Analysts and maritime security experts said that securing the Strait would be difficult even with an international coalition because Iran has the ability to use mines or attack drones made cheaply. Adel Bakawan is the director of the European Institute for Studies on the Middle East and North Africa. According to two Iraqi port security officials, Iran damaged a crude-oil tanker in Iraqi waters last week using a remote controlled boat loaded with explosives. According to a maritime security source, the U.S. may have to take control of Iran's vast coastline in order to secure the strait. There aren't enough naval vessels for this and risks remain high, even with an escort. "One or two ships can be overwhelmed (by a swarm of fast boats or drones),” the source said. The Pentagon reiterated its threats to strike Iran harder on Tuesday unless shipments could flow through. It also said that it was attacking Iranian mine-laying ships and mine-storage sites. Reporting by Jonathan Saul, Arathy Sommesekhar and Phil Stewart from Washington; Jonathan Saul and Idrees Al in London; Phil Stewart and Idrees A in Washington; John Irish and Lisa Shumaker in Paris. Editing by Richard Valdmanis & Lisa Shumaker.
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US Navy informs shipping industry that Hormuz escorts are not possible at this time
Sources familiar with the issue say that the U.S. Navy refuses requests for escorts from the shipping industry to 'cross the Strait of Hormuz almost daily since the beginning of the 'war on Iran. They claim the 'risk of attack is a little too high at the moment. The Navy's assessment indicates continued disruption of Middle East oil exports. This is in contrast to President Donald Trump's statement that the U.S. was prepared to provide "naval escorts" whenever necessary to resume regular shipments along this key waterway. Since the U.S. and Israel war on Iran began more than a fortnight ago, shipping along the 'narrow strait' has been all but stopped. This has prevented exports of a fifth or so of the world’s oil supply. Global oil prices have soared to levels not seen since 2022. Iranian media reported that a senior official with Iran's Revolutionary Guards said the Strait was closed and Iran would fire on any ship attempting to pass. At least a few ships have been damaged. Three shipping industry sources familiar with this matter say that the U.S. Navy regularly briefs its counterparts in the oil and shipping industries and says during these briefings that it cannot provide escorts at the moment. Sources who refused to be identified due to the sensitive nature of the issue said that the shipping industry had been making requests for escorts by naval vessels almost daily during the calls. Sources said that the Navy's assessment from Tuesday's briefing has not changed, and that escorts will only be possible once the risk of attack is reduced. The Pentagon did no respond immediately to a comment request. Reporting by Jonathan Saul and Idrees Al, Phil Stewart, Arathy Sommesekhar, and John Irish, Editing by Richard Valdmanis, Lisa Shumaker
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Urals diffs are softer on the rising freight costs to Asia
According to calculations made by? Calculations on Tuesday. The cost of shipping vessels from Russia's Baltic Sea port to India has risen sharply, according to traders. Robert Fico, the Slovakian Prime Minister, said that after meeting with EU chief Ursula von der Leyen on Tuesday they agreed to resume oil transit through the Druzhba pipe via Ukraine and appreciated EU's readiness for financial and technical assistance for repairs. PLATTS WINDOW * There were no?bids on Tuesday for Urals or?Azeri BTC, and CPC blend, traders said. Donald Trump, the U.S. president and Vladimir Putin, his Russian counterpart discussed the war in Iran on Monday. This was just hours after the Kremlin's chief warned that a global energy shortage threatened the world economy. Reporting by Alan Barona; Editing Alan Barona
South Korea auditor finds cost cutting and faulty approvals on the Jeju Air crash scene
The state auditor stated that the South Korean transport ministry has been cutting construction costs for more than 20 years and approving unsafe airport safety structures. This was revealed in a report about aviation safety management following a Jeju?Air accident which killed 179 people.
In the 'December 2024 crash, a 'Boeing 747-800 was hit by birds and then belly-landed at Muan Airport. It overran its runway, killing nearly everyone aboard after it hit a concrete support of a localiser. Two flight attendants were the only survivors.
In a report released on Tuesday, the Board of Audit and Inspection stated that the Ministry built a concrete embankment 2.4 metres (7.9 ft) in height to be used as a localiser (a landing guidance system) at Muan Airport 'to reduce earthwork costs without properly reviewing relevant rules.
According to international standards, localisers should be designed so that they can break apart easily upon aircraft impact.
It is responsible for the construction of airports. The ministry transfers the operation to Korea Airports Corp. (KAC), but remains responsible for safety certification.
The auditor found that the ministry approved 14 localisers which were not compliant at eight airports, including Muan Gimhae Jeju. The auditor also stated that the ministry approved inspections and operating permits for up to 22-years, erroneously finding that frangibility standards were met.
The report identified wider shortfalls in the prevention of bird strikes and other aspects of management of air safety, and informed the Ministry of 30 cases of procedural or wrongdoing failure.
The Ministry of Land and Infrastructure and Transport "humbly" accepted the findings, and said that it would follow up with strict measures including localiser improvements and bird strike prevention.
We were unable to reach the spokespersons of KAC or Jeju Air for a comment.
A separate government-commissioned report ?found the crash might not have been deadly if there had ?not been a concrete embankment at the end of the runway, an opposition lawmaker said in January, citing a simulation ?contained in the report.
Public disclosure of a full "investigative" report is still pending. It has missed the deadline of one year for the release a progress report.
Since the crash, Muan Airport has been closed. When it will open is not known. (Reporting and editing by Ed Davies, Christopher Cushing, and Joyce Lee)
(source: Reuters)