Latest News
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Cargo ship reports possible attack on crossing Hormuz
The British Navy agency UKMTO reported that a cargo ship had reported a suspected attack as it attempted to cross the Strait of Hormuz near the coast of Oman. The UN's International Maritime Organization (IMO) is helping ships to escape the Gulf. Hundreds of them have been stranded in that area since the Iran war began on February 28th. UKMTO reported that the ship had been struck by a projectile on its starboard-side 7.5 nautical mile southeast of Oman's Dahit port. Iran's Revolutionary Guards announced?on Thursday? that only routes that Iran has designated will allow vessels to pass through the strait safely. They also said that they would take action if vessels did not comply. According to British maritime risk management group Vanguard, and three maritime security sources, the vessel that was hit is the Singapore-flagged container ship Ever Lovely. Ambrey, a British maritime security company, said that the incident was classified as an attack on initial assessments. The UKMTO reported that the strike damaged the bridge of the ship, but did not cause any injuries or damage to the environment. Authorities are investigating and have advised vessels to "transit with caution". Evergreen of Taiwan, the ship's owner could not be reached immediately for comment.
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US drops brake pedal requirement for self-driving cars
The National Highway Traffic Safety Administration (NHTSA) proposed Thursday that the government should 'end its requirement for self-driving vehicles to have manual brake pedals. This would make it easier to deploy such vehicles on U.S. highways. The proposal does not apply to cars with a human driver. NHTSA has also stated that it will not abandon braking requirements for self-driving cars, such as strict standards on stopping distance. The?agency has proposed a number changes to help facilitate the introduction of self-driving cars. NHTSA has begun developing "safety performance" tests for self driving vehicles, as part of an independent standard. Automakers have expressed frustration with the slow pace of the agency's review of autonomous cars. According to the law, self-driving cars do not require NHTSA approval?if they are equipped with human controls like steering wheels or brake pedals, or?mirrors. NHTSA is authorized to grant petitions to allow up 2,500 vehicles per year to be operated on U.S. roadways without the need for human controls. However, it has spent many years reviewing petitions and has not taken any action. The NHTSA announced last year that it would streamline the review of these exemption requests. NHTSA asked for public comments in March on Amazon's self driving unit Zoox, which will deploy up to 2,500 specially-built robotaxis that do not require steering wheels. In 2018, GM petitioned NHTSA for approval to deploy up 2,500 cars without brake pedals or steering wheels on U.S. highways, but then withdrawn the petition in 2020. Detroit's automaker asked NHTSA for approval in 2022 to deploy vehicles without human controls, but this petition was withdrawn in October 2024. Separately on Thursday, NHTSA retracted a proposal from the Biden era to adopt a national voluntary framework?for evaluation and oversight?of?self driving vehicles. Automakers expressed concern that the requirements were too strict, and some safety advocates argued it would not give NHTSA sufficient oversight to ensure a level of safety appropriate.
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There are some flights to the Middle East that have resumed but there is still disruption.
Some airlines have resumed flights to certain parts of the Middle East, as diplomatic efforts intensify to resolve the conflict that erupted after the U.S.-Israeli strikes on Iran. However, many carriers continue to suspend flights, causing global travel disruptions. The following is a list of the current status of flights by alphabetical order. AEGEAN AIRLINES Thessaloniki-Tel Aviv flights were cancelled by Greece's largest airline until June 26. Erbil, Baghdad and Dubai flights are all cancelled until September 30. AIRBALTIC AirBaltic, a Latvian airline, has canceled flights to Tel Aviv and Dubai until the 28th of June. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR EUROPA Spanish Airlines has canceled flights to Tel Aviv from June 28 until now. Air France-KLM has suspended flights from Tel Aviv to Dubai until June 30, and flights between Beirut and Beirut up until July 5. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 9. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai and Riyadh through August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes until December 18. The airline plans to resume New York JFK-Tel Aviv flights in September, while Boston-Tel Aviv flights, scheduled for late October launch, have been postponed until further notice. FINNAIR Finnair has cancelled all Doha flights up until October 2 and continues to avoid the airspace over Iraq, Iran Syria, and Israel. In October, it will resume Dubai flights that are only operated during the winter. British Airways, owned by IAG, delayed the resume of flights to Doha and Riyadh to August 8th. Flights from Amman, Dubai, Tel Aviv and Bahrain will be paused for the rest of the summer until October 25. It plans to reduce the number of flights to Dubai, Doha and Riyadh to just one per day when it resumes, while dropping Jeddah from its list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 31, and Doha-Tokyo until September 1. Polish Airlines has canceled flights to Riyadh and Beirut until 30 June. LOT will begin operating its winter route from Dubai in October. LUFTHANSA GROUP Lufthansa has announced that it will resume Tel Aviv flights as soon as July 1. ITA Airways also confirmed they would resume Tel Aviv flights as of July 1. SWISS delayed the return of flights until August, while Brussels Airlines suspended its operations until October 24. The suspension of Dubai flights by SWISS and Lufthansa will continue until September 13th. Airline companies including Lufthansa and SWISS have suspended flights from Abu Dhabi to Amman, Beirut Dammam, Riyadh Erbil Muscat and Tehran. Eurowings, a low-cost airline, has suspended flights from Tel Aviv to July 9, Beirut to June 30, Erbil to June 30, and Dubai to Abu 'Dhabi until October 24. ITA Airways also extended its suspension of flights to Riyadh and Dubai until July 31. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier has delayed its planned launch of Tel Aviv and Beirut indefinitely and no new dates have been determined. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines In response to increased demand, the carrier has extended its Singapore-Dubai suspension flight until August 2. It also added services for Singapore-London Gatwick (late March) and Singapore-Melbourne (late March-October 24). TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights to Dubai until June 30, and to Bahrain, Beirut, and Erbil up until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Olenska, Tiago Branao, Agnieszka Oleskna, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, and Bernadette Hogg. Matt Scuffham and Alexander Smith edited by Milla Nissi - Prussak, Jonathan Ananda and Louise Heavens, and Sanjeev Miklani.
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German rail operator targets 80% on-time performance for long distances by 2035
The German state-owned rail company Deutsche Bahn aims to achieve 80% punctuality for 'long-distance' traffic by 2035. This is when the company hopes to complete a years-long reorganization and network overhaul. Evelyn Palla, the chief executive of the company, presented this goal to its supervisory board Wednesday as part a 10-year plan. Palla stated that the group would abandon earlier, growth-driven plans and focus on "realistic facts" instead. Germany's rail champion has become a symbol of national frustration. Deutsche Bahn has stated that in?2025 only a little over 60% of its long-distance train services will be on time. Deutsche Bahn compensated for delays in?2025 with more than EUR155 millions ($176.33 Million). The lack of investment over the years has worn down tracks, switches, and signal boxes. In 2026, the government and Deutsche Bahn plan to invest more than EUR23 billion in rail infrastructure, with 28,000 construction sites expected. Deutsche Bahn announced that the new strategy would result in a'slimmed-down holding, greater autonomy for business units and annual cost'savings of more than EUR500 million from 2028, as well as an operating profit of EUR1.7billion by 2030. Reporting by Kirsti Knlle Editing Madeline Chambers
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Ryanair allows parents to seat with their children at no cost, but only reluctantly.
Ryanair has "reluctantly", allowed parents to sit free with their children from Thursday. The change was said to be revenue neutral and came two weeks after the british competition watchdog launched an investigation into its policy. The?largest airline in Europe by passenger numbers required that adults traveling with children between the ages of 2 and 11 pay a "family seats" fee, which allowed up to four children per adult to sit together. The Competition and Markets Authority in Britain said that the surcharge usually costs around PS8 ($10.70), each way, and could 'constitute' forcing parents to pay Ryanair for its own child safety obligations and disability requirements under aviation rules. Budget carrier says families can still pay to reserve seats. If they do not pay, then random seats will be assigned to them for free, most likely at the back of the plane. Ryanair CEO Michael O'Leary stated that they would reluctantly adapt to the industry standard because we didn't want them to waste their time trying to explain to misguided regulatory bodies how much they misunderstand UK and Europe's consumer's interests. The airline claimed that Europe's regulators were stifling progress and innovation by requiring Ireland-based Ryanair?to align its policy with most other European Union airlines. CMA's spokesperson stated that the policy will be tested to see if it is in compliance with the law. If it is, then it will be a "win for families." "But that doesn't change the reality that families have been paying for'mandatory seats'. The spokesperson confirmed that the?investigation is still ongoing. Ryanair has reiterated that its prior policy fully complies to all applicable laws and regulations.
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Italy's State Railways chief will resign after a rift with the government
Sources said on Thursday that the chief executive of Italy’s state-controlled 'railway company Ferrovie dello Stato is expected to resign within the next few days after months if disagreements with the governing body. The relationship between Prime Minister Giorgia Melons government and the CEO of the company Stefano Donnarumma has been strained by the recurring delays and disruptions on the rail system, which are largely due to maintenance and upgrade work. Sources said that Donnarumma’s departure was decided by mutual consent during a Thursday meeting with Matteo Salvini, Deputy Prime Minister and Minister of Transport for the League far-right party. One source said that the main factors in the decision were the differing opinions about the future strategy of the group and the types of investments required for the network. Source: The government has expressed displeasure with Donnarumma for his past decisions such as the integration of two rail companies and also opposes his plan to use foreign funds to invest in high-speed rail. According to a source from the Transport Ministry, Donnarumma’s successor would be?selected from within the Ferrovie dello Stato 'group. Donnarumma became the new CEO of FS on June 20, 2024, after leading Terna as its power grid operator. According to sources,?Gianpiero Strasciuglio, the head of FS' train operator unit Trenitalia is the front-runner for his replacement. (Reporting and editing by Gavin Jones in Rome; Giulia Segriti, Rome)
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Airbus unions strike for the first time over an increase in office attendance
French unions have called for a one-day strike and protest at Airbus on Thursday, as the European planemaker is moving to increase the number of 'on-site working days' -for white-collar employees- to at least four a week. This rare action at Airbus follows a letter from Guillaume Faury, CEO, dated June 9, in which he urged improved focus, better quality, and a "personal presence on-site," following a slow start of the year for commercial aircraft deliveries. Airbus is under pressure to deliver its 870-jet annual target while dealing with supply-chain?strains. The CGT union has called for employees to "voice their anger" under the windows of CEO Guillaume Faury at Airbus' Blagnac facility near Toulouse. The CGT said that more than 100 employees had rallied, but did not disclose the full number of staff involved. No reports have been made of any impact to?production. Separately the CFDT union?called a rally for the 30th of June outside the same building and said that it was examining possible legal actions, arguing Airbus applied its remote-working agreement 2024 in bad faith. FO, Airbus France’s largest union, demanded that any changes be put on hold pending the 7th July meeting of Airbus European Works Council and claimed management had assured it that hybrid working agreements would remain valid until 2028. Faury’s letter was reported first by Bloomberg, and it has been seen by. Airbus, whose main operations are in France, Germany and Spain, as well as Britain, has told? Airbus, which has its main operations in France, Germany and Spain?and Britain?, told? Airbus spokesperson confirmed that the group-wide hybrid work policy was now in place. Flexibility remained part Airbus' culture, but the priority for the company was to ensure close collaboration among employees. This policy is only applicable to professionals in the white collar sector, such as engineers. Hybrid working is not available to all technicians and assembly workers. A CGT representative stated that the union requested an official meeting next week with Faury following Thursday's actions. (Reporting Gianluca Nostro. Tim Hepher contributed additional reporting. Mark Potter, Matt Scuffham and Mark Potter edited the article.
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The longest winning streak of 7 months for India's stock indexes is due to the oil slide
The Indian equity benchmarks posted their third consecutive 'weekly' gain on Thursday. This is the longest winning streak in seven months. Crude oil prices dropped to levels seen before the Iran-War and recent measures taken to bolster rupees and attract overseas inflows improved sentiment. The Nifty 50 gained 0.14% and reached 24,056. The BSE Sensex also rose 0.14%, reaching 77100.47. The indices had each risen by over 1% during the session before some profit-taking in the last hour. Investors trimmed 'their positions late in the day as markets are closed on Friday," said Ankur Punj. Wealth Brent crude dropped 1.4% to $72.7 a barrel after more tankers left the Strait of Hormuz, easing inflation and growth concerns for the third largest oil importer of the world. The?Nifty and Sensex gained 0.2% and 0.4% respectively for the week. The Reserve Bank of India Governor Sanjay Malhotra’s remarks denying a rate hike in the near future also helped to boost sentiment. Lower borrowing costs can support earnings, consumption, and valuations. Six out of 16 major sectors showed weekly gains. The mid-caps and small-caps both fell by 1.2%. The pharma index rose 2.1% after news that the U.S. FDA had reached out to Indian drugmakers about a crucial cancer drug. Two analysts say that investors' preference for sectors with less exposure to crude oil or El Nino risk aided the pharma and healthcare stocks. In the week following the RBI's decision to allow loans against foreign currency deposits, heavyweight financials, banks, and private lenders all rose by?1.3%, 0.9%, and?1.5% respectively. Bajaj Finserv AMC said that a below-normal monsoon was a short-term risk. However, the central bank's decision to mobilize foreign currency deposits and government's removal of bond taxes should encourage foreign investment and support markets. Metals posted a?a loss of 4.4% on a weekly basis, due to?weaker global prices and rising U.S. rate hike expectations for 2026. Interglobe Aviation, a stock company, climbed by 8.5% after lower oil prices eased concerns about the airline's costs.
EBRD supports privatisation efforts in Ukraine and could provide funding
Its president stated that the European Bank for Reconstruction and Development is in favor of efforts to privatize stakes in Ukraine's banks and nationalised industries and would be willing to finance these efforts.
Ukraine hopes to raise $295 million from privatisations this year, according to Prime Minister Yulia SVYRYDenko. This will help fund the reconstruction and bolster its budget, which has been strained for more than four years by war with Russia.
Kyiv seeks buyers for key assets including Ukrgasbank and Sense Bank, two large profitable banks. The aim is to'reduce the state dominance in this sector and attract foreign investment. The state controls over?50% in the banking sector.
We could finance future privatisations, depending on the buyers, said EBRD president Odile Renaud Basso, without mentioning the banks specifically.
Renaud Basso stated that there was "quite some?interest" in the tender launched by Odesa Region to operate two Terminals at Chornomorsk Port.
A private investor will operate and modernise port facilities under the concession. In recent months, Russia has targeted the Black Sea port infrastructure in Chornomorsk.
The EBRD, the World Bank’s private sector lending arm IFC and other financial institutions are helping the government to structure the concessions and oversee the tendering process.
The EBRD, in an effort to encourage private investment, is working with the National Bank of Ukraine and the National Securities & Stock Market Commission, as well as the Ministry of Finance, on the reform of the securities market.
Bank officials have said that legislation is in the works, with the aim of bringing in a strategic partner to run the platform.
The EBRD also funds power projects in response to Russian attacks on the electricity infrastructure. Renaud Basso stated that it had funding in place for "about 700 megawatts" of renewable energy.
The company also finances protective shelters to protect electricity transformers. She said that 118 of 135 important installations across the country will be protected before the end the year. Reporting by Daniel Flynn. Mark Potter edited the article.
(source: Reuters)