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Cathay Pacific's CEO calls Air China's $170m stake sale a "tactical" move
Ronald Lam, CEO of Cathay Pacific Airways, said that Air China's decision on Tuesday to sell its 1.61% stake was a "tactical move". Lam spoke at an event celebrating Cathay Pacific's eightieth anniversary, hours after Air China announced it would sell 108.1 millions shares of the Hong Kong airline to Air China for HK$1.32billion ($169.57m). "I?understand that this is only a tactical move. Air China will continue to be our strategic long-term shareholder. Lam told reporters that he believed this was a certainty. Air China will have a 27.1% stake in Cathay Pacific after the sale. This will increase to 29.98% when the Hong Kong carrier completes the planned buyback by Qatar Airways. After the buyback, Swire -Pacific will still be the largest shareholder. Air 'China said that its shareholding in Cathay would be maintained at an "appropriate level". It remained confident about the Hong Kong carrier's future. In celebration of eight decades of operation, Lam announced that the iconic green and white livery of the airline would be returning to one of its Airbus A350 passengers jetliners as well as a Boeing 747 cargo jetline. The "lettuce-leaf sandwich" was the classic colouring introduced in the 70s. It remained popular until the early 90s. Lam said that the trip would bring back fond memories for many Hong Kongers who had travelled with him. He added that the airline will not add many new routes this year, but instead increase frequency on those already in place. Cathay Pacific shares, which have increased by more than 35% in the last year, fell?about 2 % on Tuesday. Last month, the airline announced that it would replace Patrick Healy as chair with Guy Bradley, chairman of Swire Pacific. Cathay Pacific said that it also expected strong financial results in the second half of 2025, and that its full-year 2025 earnings will exceed the HK$9.89bn profit reported in 2024.
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Japan's Chugoku region is hit by an earthquake measuring 6.2 magnitude
The Japan Meteorological Agency reported that a?earthquake? with a preliminary magnitude?of 6.2?hit the western Chugoku?region?of Japan?on Tuesday. This was followed by several large aftershocks. The agency stated that the epicentre of the earthquake was in eastern Shimane Prefecture. It added that there was no tsunami danger. Chugoku Electric Power runs the Shimane Nuclear Power Station about 32 km (20 miles) from the epicenter. The Nuclear Regulation Authority of Japan said that there were no irregularities in the plant. A spokesperson for the utility said it was checking any possible impact on the plant’s No.2 Unit, which is?operating? since December 2024 following the March 2011 disasters in Fukushima. Japan is one of the most seismically active countries in the world. The earthquake was strong enough to make moving 'difficult' without support. West Japan Railway announced that it had suspended Shinkansen Bullet-Train operations between Shin-Osaka to Hakata in the wake of the earthquake. Reporting by Satoshi sugiyama Editing Chang-Ran kim
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Mercedes offers autonomous driving technology for US city streets
Mercedes-Benz announced on Monday that it will launch in the United States a new advanced system of driver-assistance later this year. This will allow its vehicles to operate autonomously within city streets while under the driver's supervision. The system will likely compete with Tesla, who is the only American automaker to offer a similar product called Full Self-Driving. Mercedes' system MB.DRIVE ASIST PRO has been available in China since the end of last year. In the United States, it will cost $3950 for 3 years. Customers can choose a monthly subscription or an annual subscription, but pricing will be revealed later. Tesla's full self-driving package is $8,000 for a single purchase, or $99 a month as a monthly subscription. Automakers tend to limit the use of self-driving technology in their vehicles on highways where traffic patterns are predictable. The challenges of cities are greater, with pedestrians, cyclists, and other unexpected situations. Tesla is the only automaker with its Full Self Driving system that allows self-driving in city streets. Mercedes' system, like Tesla's, will require that drivers remain alert at all times and be ready to act. Mercedes' move into urban driving assist shows how software advancements are moving autonomous technologies from limited testing to commercial rollout. Full autonomy is still restricted in personal vehicles due to safety concerns and regulations. Elon Musk, Tesla's Chief Executive, previously stated that he would fill city streets with self-driving vehicles that did not require human intervention. This has not yet happened. Tesla, on the other hand, has concentrated on small improvements to FSD. It has also launched a robotaxi service in Austin, Texas, with safety monitors. Investors continue to view autonomous technology as an important revenue generator for automakers in the long term. Mercedes stated that the system uses around 30 sensors including cameras, ultrasonic and radar sensors. These sensors send data to a computer which can perform up to 508 trillion calculations per second. Nvidia announced that the new Mercedes-Benz 'CLA', the first Mercedes-Benz vehicle to feature the MB.OS Platform, will have driver-assistance functions powered by "DRIVE AV", the chip designer’s software, AI infrastructure, and accelerated computation. The system allows for over-the-air upgrades to future improvements in autonomous driving technology. (Reporting from Akash Sriram and Abhirup in Las Vegas, Editing by Tasimzahid)
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CANADA CRUDE-Western Canada Select's spread widens. Analysts say Venezuela is a long-term threat.
The discount between West Texas Intermediate and Western Canada Select futures in North America widened Monday as traders?assessed potential for further weakness if Venezuela was able to 'ramp up' its oil production over time. WCS for the February 'delivery' in Hardisty, Alberta settled at $13.55 per barrel, below the U.S. benchmark WTI. This is a drop from $13.15 last Friday. Oil analysts predicted that Venezuelan crude production could reach half a milion barrels per day within two years, if Venezuela was politically stable and U.S. firms invested there. Market observers say that any possible end of U.S. sanctions on Venezuela and the restoration of oil flow from Venezuela will 'likely have an adverse impact on the pricing of similar graded heavy crudes from Canada. Canada currently exports 90% of its oil to the U.S. Even if the sanctions are lifted, Randy?Ollenberger said, it would take time and massive capital investments to significantly increase Venezuelan production. He said that the longer it takes to lift sanctions, the more time Canadian oil producers will have to find alternatives, such as moving more barrels onto the Trans Mountain pipeline to export to Asian markets. Rory Johnston of Commodity Context, a newsletter founded by Rory Johnston and specializing in commodity markets, says that companies could export more Canadian barrels from the Gulf Coast to Asia. He said that Canadian crude was competing with Venezuelan barrels on the Gulf Coast before the imposition of U.S. sanctions. The discount on WCS then was greater than it is today. Johnston said, "It is not likely that Venezuela will be able to fill up Canadian barrels any way." The global oil price settled at $1 per barrel on Monday, after President Donald Trump announced that the U.S. will take control of South America, which has the largest oil reserves in the world, following the arrest and detention of its president.
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US awards radar contract to RTX and Indra for air traffic overhaul
Transportation Secretary Sean Duffy announced in a press release that the?United States awarded a contract on Monday to RTX Corporation and?Spain?s?Indra Systemas?to supply new radars for their aging air traffic system. This is a major step towards a multibillion-dollar revamp, he said. These awards are part of the $12.5 billion plan Congress approved in 2013 to revamp the country's air traffic control system. This effort comes after decades of complaints about airport congestion and technological failures, and it has gained urgency following a recent spate of high-profile incidents. Duffy's announcement did not specify the value of the contracts, but U.S. Federal Aviation Administration chief Bryan Bedford announced last month that the agency will spend $6 billion on air traffic control systems and telecom infrastructure by the end of the year. According to the agency, a further $20 billion is needed to upgrade the entire air traffic system. While our air travel system may be the safest anywhere in the world, the majority of our radars are from the 1980s. Duffy said, "It's unacceptable." Air traffic control problems at the Federal Aviation Administration have been brewing for years. But a series of high-profile incidents, near-misses, and a fatal crash between an American Airlines regional jet and a U.S. Army chopper in January that left 67 dead has sparked public concern. By June 2028, the contracts will allow for up to 612 radars to be replaced with modern surveillance radars that are?commercially-available'. The statement stated that replacements will begin in the first quarter of this year and will prioritise high-traffic zones. The project will replace surface radars in 44 airports; acquire 27,625 radios; and add 110 weather stations to Alaska. In a report from 2023, the Federal Aviation Administration's communications system was outdated and it could not get spare parts for some systems. The FAA announced in November that it had selected Peraton, an American national security company owned and operated by Veritas, to be the project manager for the overhaul of the U.S. air-traffic control system. (Reporting and editing by Lisa Shumaker; David Ljunggren)
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Shipping data shows that oil tankers sailing from Venezuela do not have a flag or safety documentation.
Shipping data revealed that tankers carrying Venezuelan crude oil and fuel sailed?in international waters?without a flag or safety documentation. Since they left Venezuelan water, the location of these vessels is unknown. To comply with safety and environmental regulations, all?commercial vessels must be registered or flagged with a particular country. Ship classification societies provide safety services, such as ensuring that ships are seaworthy. This certification is crucial for insurance and entry to ports. U.S. President Donald Trump imposed a ban on all tankers sanctioned for Venezuela in mid-December. This was before U.S. forces captured 'Venezuelan president Nicolas Maduro early Saturday morning. Trump said on Saturday that the oil embargo was still in effect after Maduro's removal. (Reporting and editing by Tomaszjanowski, Marianna Pararaga and Jonathan Saul)
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Berlin Mayor warns infrastructure after attack on power station
Berlin's Mayor said on Monday that the German capital's infrastructure was in need of better protection, two days after an arsonist attack left tens of thousands without electricity. The Volcano group, an activist far left, claimed responsibility for this attack, which shut down mobile connections, blocked heating in freezing temperatures, stopped trains, and forced hospitals into using backup generators. In an interview with the Bild newspaper, Interior Minister Alexander Dobrindt said: "Left-wing terrorists are back in Germany and they're getting worse." Volcano, which claims to be against fossil fuels and energy industries, has claimed a number of?attacks on Berlin and the Brandenburg region. Berlin Mayor Kai Wegner said at a press conference that "there will be discussions with the federal government on how we can protect our critical infrastructure better, particularly?in the region of the capital." In a period of growing geopolitical unrest, Germany and other Western countries have been alert to sabotage attempts on power, communication and transport systems. Early Saturday morning, a fire destroyed a cable over a canal. This cut off?power to around 45,000 homes and more than 2,00 businesses in southwest of the City, including the wealthy areas of Zehlendorf and Wannsee. Stromnetz Berlin said that although electricity has been restored to 14,500 households, a full restoration is not expected before Thursday afternoon. The Volcano Group claimed responsibility for an arson attack suspected to have taken place on a power pole near Tesla's factory outside Berlin in 2024. In its latest annual report, the agency of domestic intelligence said that left-wing militantism was a growing threat and specifically mentioned the Volcano Group. Bernhard Bullmann of Stromnetz Berlin said that restoring power to areas without electricity would require a complex operation, involving high tension lines and specialized staff. (Reporting and editing by Andrew Heavens; James Mackenzie)
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Mystery blackout in Greek airspace reignites debate on ageing systems
The Greek skies were a communication black hole for a few tense minutes on Sunday morning. The usual radio chatter of the air traffic controllers at the Athens airport suddenly disappeared, replaced by a piercing whistling. According to two controllers on duty and an aviation official, it became apparent that the controllers had lost touch with the majority of aircraft in Greek airspace. This included dozens of incoming flight, at the time. Internet systems appeared to be failing across the board. Even the press office of the civil aviation authority resorted instead to reading out statements on the phone, rather than sending them by email. The outage, lasting several hours, affected all of Greece's major airports and left thousands of travelers stranded. The authorities have ruled out cyberattacks, but there is still no explanation for the problem. They also admit that the systems did not get fixed and simply came back on their own. Suddenly, communications stopped. Unidentified controller said that you could only hear high-pitched whistling. "The problem is that we don't know what happened and how it ended." We need to know the exact cause so that it won't happen again. A senior official said that controllers were able to identify a few radio frequencies working in the tower but not enough for safe communication with pilots. In less than 30 minutes, Greece took the unprecedented step of suspending all flights in and out of its airspace. Help was provided by air traffic controllers in the entire region. One controller from a neighboring country reported that most of the communication between Greece and the neighbouring country was conducted over the phone because the radios had been down. Faithon Karaiosifidis, aviation safety expert, said: "We had black holes in Greek airspace." Imagine if this had happened during the height of tourist season in the summer. "The chaos." SCRUTINATING OUTDATED INFRASTRUCTURE The incident has re-ignited calls for upgrading?Greece’s aviation infrastructure. Unions and experts claim that it is outdated and underfunded following the country’s 2009-2018 debt crises. The government said Monday that the modernisation process is in progress and that existing systems are up to EU standards. The plan includes modernizing communication systems and is due to be completed in 2028. Last month, however, the European Commission sent Greece to the EU Court of Justice because it failed to implement "certain navigation procedures" designed to increase safety under low visibility conditions. Although it's not clear if these measures would have had any impact on Sunday, many are concerned that reform is too late. This incident once again exposes the weaknesses of an outdated and underfunded infrastructure for air traffic management. Human expertise was able to maintain safety, but it cannot compensate for systemic shortcomings. This is what Panagiotis Psarros said, the Chair of the Association of Greek Air Traffic Controllers. Experts claim that the problem goes beyond outdated equipment. Radios from the 1990s are still in use and there is a staffing shortage despite a tourism boom bringing millions of tourists to Greece every year. Karaiosifidis said that "the old technical equipment, and lack of personnel among air traffic controllers and electronics technicians... creates a bottleneck." In September, the unions caused delays by restricting flight arrivals that they claimed exceeded allowed limits. Now they have threatened to do it again.
European Financial investment Bank steps up multi-billion euro defence financial investments
The European Financial Investment Bank ( EIB) intends to ramp up its financial investments in European defence such as drones, satellites and cyber security, intending to inject a further 6 billion euros ($ 6.4 billion) into the sector, its head told .
The strategy highlights an increasing desire in Europe to provide to defence business after Russia's intrusion of Ukraine altered an entrenched view that the area was safe from attack and might rely on the United States for security.
It's clear we need to reinforce Europe ´ s security and defence market, EIB president Nadia Calvino told . We. have allocated 8 billion euros to buy this area, of which. only 2 billion have been invested.
The relocation marks another modest effort by Europe to maintain. with Russia, which has put its entire economy on a war footing.
Calvino stated a special team had actually been established to invest the. cash. We have actually developed a devoted workplace to speed up the. release of the 6 billion euros earmarked, she stated.
We are engaging actively with the European market so it. is to be anticipated that a pipeline of jobs will be established. in the second part of the year, she said, highlighting border. security, military movement, de-mining and military health centers.
The EIB, backed by nations in the area, has big. financial influence, although it is treading carefully in support. defence. It has backed a satellite project in Poland and a. German drone maker however steers clear of ammo, for instance.
The EIB just recently changed the guidelines underpinning its. activity, permitting it to provide to, or indirectly invest in,. defence firms.
Tim Lawrenson of the International Institute for Strategic. Research studies, stated the relocation was symbolically important and would send. a signal to other banks, which often took their lead from the. EIB, that it was appropriate to back defence business.
Any European tank is made up of countless parts built by. numerous small defence suppliers throughout Europe, he said. These business have actually struggled to obtain and stand to benefit. many.
Naturally 8 billion euros is little when compared to 2024. European defence costs of $476 billion, still less the $968. billion U.S. spend, he stated.
The change will do little to attend to how Russian arms. production is overshadowing that of Ukraine.
Ukraine's state budget plan for defence is 10 billion euros,. stated Herman Smetanin, CEO of JSC UDI, Ukraine's state-owned. weapon maker. Russia is investing 10 times as much. It's difficult. to eliminate a war with such an imbalance.
The European Union, which with other Western allies wishes to. consist of Russian advances and push back an increasingly assertive. rival, introduced an initiative in March 2023 to provide one. million weapons shells to Ukraine within 12 months.
But it delivered bit majority that amount by the. deadline.
(source: Reuters)