Latest News
-
After the Iran crisis, airlines gradually resume Middle East service.
After the U.S.-Israeli strike on Iran, more airlines are returning flights to the Middle East. However, major carriers are still 'cautious' and many routes will remain suspended until the fall. KEY POINTS The airlines have mostly resumed service through some parts of the Gulf but flights to Israel and Lebanon, as well as other destinations, remain disrupted. Dubai and Tel Aviv remain among the most affected destinations. Several European and Asian airlines have extended suspensions until October or even later. The Lufthansa Group remains one of the most cautious operators. Several airlines within the group have maintained?suspensions? to destinations such as Dubai, Riyadh and Beirut through late October. British Airways, Air France KLM, Air Canada and Wizz Air all extended their suspensions of Middle East routes. Several airlines that had previously stopped services are slowly returning. Cathay Pacific will resume Dubai and Riyadh flight service from September. Some SunExpress routes are already back in operation. AIRLINES WITH EXTENDED SUSPENsions Lufthansa Group suspends multiple Middle East destinations through October 24 on Lufthansa and SWISS as well as Austrian Airlines, Brussels Airlines ITA Airways, Brussels Airlines, SWISS IAG/British Airways: Dubai Tel Aviv Bahrain Amman services suspended until October 25. Reduced frequencies planned when services resume. Singapore Airlines suspends flights to Dubai until October 24. Wizz Air suspends services to Dubai, Abu Dhabi and Amman from Europe until mid-September. Air Canada suspends services to Tel Aviv and Dubai until October 24. AIRLINES MOVE TOWARD RESUMPTION Cathay Pacific: Plans to resume Dubai and Riyadh flights from September 1. Turkish Airlines/SunExpress: Restoring routes to Dubai?and Beirut gradually. Air France to resume Beirut flights on Aug. 2
-
Fuel shortages in Russia and restrictions on sales
Fuel shortages are affecting Russians in all 11 time zones. Ukrainian attacks on oil refineries have disrupted supply and caused long queues, high gasoline prices, and even rationing?in some regions. Fuel access has improved in Moscow and other cities, mainly due to measures such as increasing imports and clearing low-quality fuels for use. However, the situation in Russian-annexed Crimea is still tense. Fuel shortages began in June, when some regions began to restrict gasoline and diesel use. Here is the situation in some Russian regions: CENTRAL RUSSIA According to 'witnesses, local media, and service aggregators who monitor the availability of fuel?at gas stations, queues have decreased and restrictions on sale have been lifted in the Moscow, Bryansk Kaluga, and Smolensk areas, but the situation remains complex in Tambov Voronezh, and Yaroslavl. Surgutneftegaz, Tatneft and the authorities in Tver announced on the 20th of June that temporary restrictions were placed for individuals at the Surgutneftegaz stations. This was due to the increased demand. Igor Artamonov, the Governor of Lipetsk, said that there were shortages at several filling stations in the region, which includes the cities of Lipetsk, Yelets and Lipetsk. Kommersant reported that Tambov Governor Evgeniy Pryshov had imposed restrictions to prevent panic buying by restricting sales in cans and other containers. Regional media reported that authorities in the Vladimir region stated on June 21 "temporary logistics difficulties" caused long queues at gas stations. Sales were limited to 30-60 litres of fuel per vehicle. Alexander Avdeev, the Governor of Vladimir region, urged residents to avoid stockpiling and limit their travel. On June 19, a regional ministry reported that increased demand in the Kaluga region had led to long queues at gas stations. It was reported that there were reserves in place, and volumes are being replenished to ensure Ai-95 and Ai-92 for two weeks, and diesel and Ai-92 for three weeks. The Kommersant newspaper reported that private gas stations in parts of Tula were running out of certain grades of fuel, but the major networks did not have any problems with supply, according to Governor Dmitry Milyayev. Restrictions remain in effect for the majority of central region. SOUTH AND WESTERN RUSSIA The Southern part of Russia still faces the worst fuel shortages due to drone attacks on local refineries, and the additional demand for fuel from the Crimea peninsula. According to local media, Anna Kasyanenko, the regional agriculture minister, said that some Rostov filling stations ran out of gasoline because major refineries had cut production. Local media reported that in Makhachkala some stations limit?gasoline to no more than 20-litres per car, while diesel to 50-litres. CRIMEA AND SEVASTOPOL Residents in the Russian-annexed Crimea have reported that prices at gas stations recently increased by up to five times. Last week, the Crimea governor stated that fuel shortages would likely continue. Sevastopol - one of the biggest cities in Russian controlled Crimea - has restricted its power supply after Ukrainian attacks last week. Crimea has suspended summer camps for children and tourist activities until September due to fuel shortages, said Governor Sergei Aksyonov last month. The Crimean authorities, which are now based in Russia, declared a state-of-emergency on the peninsula to address economic problems on 26 June. From June 21, fuel stations in Crimea stopped all sales of fuel to individuals and companies. Sevastopol has also limited fuel sales, public transportation, cafes, street lights and the operation of its fuel stations. VOLGA REGION Fuel sales in the Volga River region are still severely restricted due to drone attacks that have intensified over the past few weeks. Local media reported that Tatneft stations in Udmurtia have stopped selling Ai-95. Rustam Minikhanov, the Tatarstan leader, held a meeting in June 2013 after lines formed at certain stations. Authorities have announced temporary limits to avoid panic buying. Roman Busargin, the Governor of Saratov Region, announced that a temporary limit of 30 litres was set per vehicle for refueling from June 23 through June 30. The cap is extended until further notice. On June 15, Governor Vyacheslav Federishchev announced that sales restrictions had been implemented at the filling stations of a regional network in the Samara Region. SIBERIA After a drone strike on the largest Russian refinery located in Omsk, the situation remains tight at the filling stations. Marina Kozharina said, on June 16, that the region faced a complex situation regarding fuel for agricultural purposes. Irkutsk, according to Governor Igor Kobzev, had switched over to a manual system of distribution by June 22. The new system prioritizes emergency services, transportation, municipal utilities, and agriculture. On June 23, Novosibirsk governor Andrey Travnikov announced that there would be restrictions at filling stations. Omsk governor Vitaly Khotsenko stated on June 22 that similar measures will be implemented to prevent panic and speculation. FAR EAST Thanks to its geographic distance from drone-affected areas, the Far East region is better able to deal with the fuel shortage than other Russian regions. However, a ban remains in place in many areas on filling portable fuel containers. Amur.life reported that authorities in the region announced restrictions on petrol sales at gas stations to avoid what they called "artificial panic" among the local population. Dmitry Demeshin, the Khabarovsk governor, said that on June 16, gasoline sales were restricted in Sovetskaya gavan and Vanino due to a shortage of supplies. (Reporting and editing by Sharon Singleton).
-
S&P and Nasdaq to open lower as chip weakness weighs
S&P 500 and Nasdaq are set to open lower?on Friday as chip stocks weakened anew, while investors analyzed fresh economic data in search of?clues?"on the state of the economy. Semiconductor stocks continued to fall from the previous session when investors shifted their attention from megacap technology names to banks and banks following strong results from major lenders. TSMC shares listed in the U.S. fell 3.9% during premarket trading despite the fact that the advanced AI chipmaker had reported a 77% increase in its second-quarter profits, which exceeded market expectations. Memory-chip manufacturers were among the largest decliners. Western Digital, Seagate Technology, and Micron Technology?were down 7.2%, 5,7%, and 5% respectively. The rally on Wall Street was fueled by optimism about AI spending?by hyperscalers. The benchmark S&P 500 is up more than 10% in this year, and it's still close to the record high of?June. This leaves the rally open to disappointment. Investors analyzed June retail sales figures. They showed a slight increase as the lower gas prices affected?receipts from service stations. Consumers on the hunt for bargains continued to drive spending. Bill Adams, Fifth Third Commercial Bank's chief U.S. economic officer, said that "slower retail sales growth" is actually a positive development, because it reflects lower gas prices and not weaker consumer demand. The report is positive for the second-quarter real GDP. Separately the weekly unemployment claims dropped to 208,000 in the week ending July 11 - below the economists' expectation of 217,000, and down from the 216,000 the previous week. At 8:46 a.m. The Dow E-minis rose 18 points or 0.03% and the S&P E-minis fell 28.5 points or 0.37%. Nasdaq E-minis fell 307.5 points, or 1.03%. UnitedHealth's latest quarterly report was a positive one. The healthcare giant raised its profit forecast for 2026, which sent shares up 6.8%, and kept Dow futures on the rise. Peers Humana & Centene both gained 4.4% and 3.5% respectively. Wednesday, the main U.S. indexes gained for a second consecutive session as this week's benign inflation report for June reduced worries about tighter Federal Reserve policies. According to CME's FedWatch, the markets are pricing in an 88% chance that the Fed will remain on hold during this month's meeting. The second quarter earnings season started strong, which has also boosted sentiment. However, geopolitical concerns remained prominent as tensions between the U.S. and Iran simmered. Iran has told the Houthi movement in Yemen to be ready to shut down the Red Sea Oil Route if?U.S. Sources told? that the US has struck Iran's power infrastructure. This poses a new threat to global energy supply. United Airlines?fell by 3.4% due to a new surge in oil prices that weighed on the company's third-quarter and year-end profit forecasts. GE Aerospace's stock dropped 2.9% despite its increased profit forecast for 2026. Netflix will report its earnings after the close of the stock market. Reporting by Ragini Mathur and Avinash in Bengaluru, Editing by Maju Sam and Devika S.
-
Boeing's engine supply is sufficient for months, GE Aerospace says in response to GEnx delays concerns
GE Aerospace CEO Larry Culp pushed against Boeing's concerns that GEnx delivery delays could slow down the 787 production ramp up, citing a sharp rise in shipments. Culp said that GE delivered widebody engines at a 30% increase from a year ago in the second quarter, while GEnx shipments increased by "significantly" more. He claimed that GE has several'months'' worth of GEnx engine on site at Boeing’s factory in Charleston South Carolina. He said, "We don't believe we are pacing the deliveries in any way." Boeing CEO Kelly Ortberg said that the 'planemaker’s goal to increase 787 -production from eight aircraft a week to ten aircraft a week depends in part on GE resolving GEnx deliveries delays and easing restrictions involving premium seat certifications. Culp stated that GE will need to increase deliveries in order to keep up with Boeing's higher production rate. He said, "GE is supporting and will support the 787 ramp." "We are highly motivated. We are well aligned. It's a non-issue. "We will be with them at every stage." 80% of the 787s are powered by GE engines. This program is critical for the engine manufacturer as the demand for widebody planes increases internationally. Culp responded that GE will work closely with Boeing as the 787 production increases to'meet the requirements of Boeing. He said that the supply chain for civil engines had also turned a corner. However, deliveries will need to increase further in the second and next year. (Reporting and editing by Chizu Nomiyama, Emelia Sithole Matarise and Rajesh Kumar Singh)
-
Freeport LNG, Texas will take in more natgas Thursday after closing on Wednesday, LSEG Data shows
Freeport LNG’s export -plant in Texas is on track to 'take in more natural gas Thursday' after all three liquefaction -trains closed on?Wednesday.?According to a report from the company and data provided by financial firm LSEG. Freeport's liquefied gas export plant is closely watched around the globe because its shutdown and restart caused massive price swings on global gas markets. U.S. gas costs usually fall when Freeport closes because demand for fuel drops. However, they typically increase as liquefaction trains restart at Freeport and demand increases. The return of Freeport is partly responsible for the increase in U.S. gas futures. Freeport officials had nothing to say about the Wednesday outage. Freeport informed Texas environmental regulators that on Wednesday, all three liquefaction train tripped because of a power interruption. LSEG data indicated that gas flow to Freeport was on track to increase to 0.6 billion cubic feet per day (bcfd),?upwards from 0.2 bcfd Wednesday. Freeport has been receiving a'reduced 1.2 Bcfd since July 10 during maintenance work that is expected to last through late August. Three liquefaction plants at Freeport can?convert about 2.4 billion cubic feet per day?of natural gas into LNG. A?billion cubic foot of gas can supply 5 million U.S. households for one day. (Reporting and editing by Joe Bavier; Scott DiSavino)
-
Former Atlantia chief executive sentenced to 12 Years in Prison for Genoa Bridge tragedy
A court in Italy sentenced Giovanni Castellucci, the former CEO of Atlantia, to 12 years in prison on Thursday for the fatal 2018 collapse of an autobahn bridge in Genoa's port city in the northwest. Atlantia owned the majority of shares in the motorway operator Autostrade per l'Italia when the tragedy occurred. 43 people were killed as their cars plunged off the flyover. The court was packed with relatives of the victims to hear the verdict of a case that became a symbol for the slow pace of justice in Italian criminal proceedings. The Italian legal system allows for at least two appeals of the first instance decision. Castellucci was already in prison serving a six year sentence for another fatal accident in 2013, on a viaduct south of Italy. He wasn't in court to hear the verdict. The trial included 57 individuals, including executives of companies, engineers, and officials from the Transport Ministry. Multiple manslaughter, criminal negligence and other serious charges are among the most serious. VEHICLES DROP FROM BROKEN BRIDGE The collapse of the 51-year-old Morandi Bridge during a summer thunderstorm on the eve a national holiday stunned Italy and led to years of investigation into the management and upkeep of its aging infrastructure. The collapse of a 50-metre-high (160-foot-high) section of the bridge, with 35 vehicles on it and plunging into warehouses or a riverbed below, shocked Italy. It triggered years-long investigations into management and maintenance. The disaster sparked a dispute that led to the sale of Atlantia’s controlling stake in Autostrade. Arguments that are in conflict with each other The current 'head of Autostrade' issued an open message on Wednesday to reiterate the company’s commitment to ensuring that a similar tragedy is not repeated. Arrigo Giana, CEO of Autostrade, wrote: "I am sorry for the pain caused to the families of the victims, the people in Genoa and all Italians by the tragic Morandi accident. I know that my gesture will never be able to erase their suffering." Prosecutors claim that the collapse was caused by years of insufficient maintenance, ignored warning signals and delayed safety works. They allege that vital work was put off while profits were generated and distributed. Defense lawyers reject this theory. They claim that the failure of the stay cable number 9 on the bridge was the result of a design flaw and that no maintenance program could have prevented it. Reporting by Emilio Parodi; Writing by Keith Weir, Alexandra Hudson and Sharon Singleton.
-
Boeing is close to approval of 737 MAX's anti-ice fix. This will pave the way for delivery.
Boeing executives have said that the company is nearing the 'final stages' of obtaining regulatory approval for a fix to the engine anti-ice systems on its 737 MAX jetliner. This will pave the way for the much-delayed MAX 7 & 10 versions entering service. The redesign addresses a problem that could cause engine failure or overheating. It was the main obstacle to the certification of Boeing's smallest and biggest versions. Cirium, an aviation analytics firm, reports that Boeing has built 30 MAX 7s already and nine MAX 10s are awaiting delivery. At least 28% (or more) of the outstanding MAX orders are for the larger MAX 10. In May, the U.S. Federal Aviation Administration announced that it would certify the smaller 737 MAX7 this summer. Southwest Airlines is by far the largest customer of this?version. Executives told reporters that the MAX 10's certification flight tests are 98% more profitable than other aircraft. Chris Payne said that the 737 MAX program vice president and general manger for Boeing development programs, Chris Payne, stated, "We only have two more flight tests to do and should be finished very soon." Years behind schedule The MAX 7 & 10 are years behind schedule in their certification, which has enabled Airbus to increase its market share. Boeing had to undergo a stricter certification process after two fatal MAX 8 accidents in 2018 and 2019 as well as scrutiny on the company's quality and production systems following a mid-air panel blowout that occurred on a near new Alaska Airlines MAX 9 in January 2024. Boeing was allowed to continue making the MAX 8, 8200, and 9 variants after the issue with the anti-ice systems was discovered by regulators in 2021. However, certification for the other versions of the MAX aircraft were delayed. Mike Sinnett is Boeing's senior Vice President of Product Strategy, Product Development and Development Programs. He said that the fix for the system reduces engine noise as well as fan flutter. He said, "It was a win-win situation for everyone." CFM International is a joint venture between GE Aerospace, France's Safran and CFM International to produce the LEAP-1B engines for the 737 MAX. Boeing claims that the majority of the retrofitting can be completed in a single maintenance shift for the existing MAX fleet. However, it will require new wiring, which is more intrusive. Boeing executives said they were working with regulators to develop a schedule allowing airlines to repair their planes while the aircraft are in the hangar undergoing 'heavy maintenance checks', thus reducing costs and disruption. MAX 10 will have an upgraded flight crew alerting system called an enhanced angle of attack system to meet the safety requirements set by Congress after the two MAX crashes in which 346 people were killed, and led to the model being grounded for 20 months starting in 2019. The system simplifies the flight-deck notifications that resulted from a faulty angle-of attack sensor. This caused pilots to be overwhelmed with information prior to the crashes in Indonesia and Ethiopia. Bill Quashnock said that the update was "an IOU" from the return to service (requirements), after the unfortunate accidents. He said that the new system will be installed on all 737 MAX jets?within 2 years of regulators certifying it. Boeing has also completed more than half of the certification flight tests for the 777-9, and is on track to begin delivering this new widebody jet in the next year. This was confirmed by Terry Beezhold. Boeing Vice President and General Manager of the 777-9 Program. The company has yet to meet several certification requirements. This includes getting regulatory approval for flights that travel long distances with only a few airports between. Reporting by Dan Catchpole, Seattle; editing by Jamie Freed
-
Source, shipping data: Iraqi crude oil loadings have more than doubled in the first half of July.
Iraqi crude 'loadings' more than doubled in the first half July to averaging 1.2 million barrels per day, according to Kpler and a direct source familiar with the flows. This was due to the accelerated exports after months of restrictions. Kpler data showed that crude exports averaged around 500,000 bpd during June. Kpler reports that despite the increase in monthly exports, Iraqi crude oil from the southern port of Basra is still "dramatically" down from levels before the Iran War, when it was above 3.2 millions bpd. A drone strike on a crude oil tanker in Basra, Iraq on Thursday led to the suspension of all crude oil loadings. According to Kpler, the Iraqi Kirkuk crude oil loadings through Turkey's Ceyhan port has also slowed since the war. They averaged 65,000 bpd so far in July, down from almost 200,000 bpd last February. Reporting by Ahmad Ghaddar. Enes Tunagur is the writer. Mark Potter (editing)
Sources say that Iraqi oil loadings are temporarily suspended after a drone strikes a tanker in Basra.
Iraq temporarily suspended oil loadings at its Basra terminal on Thursday before they were resumed, according to four Iraqi sources in the oil and security industries.
Sources added that the drone was not damaged or set ablaze and that it wasn't immediately apparent who launched it.
The head of Iraq's state-owned oil marketing company SOMO said that the incident did not involve a direct assault on terminals or vessels.
It is not targeting Basra Oil Terminal. It is not targeting Basra Oil Terminal. Ali Nazar stated that loading is done at the normal rate, depending on vessel availability.
A spokesperson for the oil ministry said that loadings are ongoing in southern Iraqi ports, and the ministry is investigating.
Four sources said that the oil tanker and another tanker were towed out of the port as a 'precautionary measure.
The state news agency did not provide any further details, but reported that a drone had crashed in Iraq's Faw Port on Wednesday without causing damage. The port's operations were not affected.
Due to the closure of the Strait of Hormuz, the Iran war has caused a disruption in oil exports out of Iraq's southern terminals.
Basim Mohammed, the oil minister of Iraq, said that Iraq, OPEC's 2nd largest producer, exported 10,000,000 barrels of crude oil through the Strait of Hormuz last month, down from 93,000,000 barrels per month prior to?the war.
Two oil officials reported on July 5 that total June exports were?about 24.5 million?"barrels.
Iraq also exports oil via Turkey, using the northern Kirkuk - Ceyhan pipeline.
Baghdad is trying to balance its relations with Iran, the U.S. and other neighbours despite the military tensions between them.
Tehran has launched attacks on Iranian Kurdish groups in northern Iraq while Iran-backed militants in Iraq have attacked Gulf neighbours.
(source: Reuters)