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Emirates reports winter bookings on certain routes up after summer rebound
Emirates, the Gulf carrier, said that its winter bookings were 'up on the year' on some routes, and it is expanding to new destinations. This comes after a successful summer, which was "above expectations", as airlines in the region recovered from the Iran War. Emirates said in a press release that South Africa, Brazil and India, along with Nepal, were countries where the demand "is currently?tracking forward from last year". The report noted a shift in the way customers make travel decisions, with more people making them closer to departure. Fuel prices and flight disruptions in the Middle East and beyond were affected by the Iran war earlier this year. Middle Eastern carriers have had their networks disrupted by the conflict, but are gradually resuming operations. DUBAI ATTRACTS STRONG INBOUND TRADE, AIRLINE SAYS Emirates stated in a statement that the airline is currently operating around 93% its capacity before disruptions. It added that more than 8,6 million passengers were carried between July and August. Seat load factors of more than 75% were recorded on all flights to and from West Asia, Europe, Middle East, Americas, and Africa during the summer. Dubai's business hub and tourism hub, the Gulf, continued to attract a large number of visitors, including residents, in the months leading up to the new academic year. Dubai Airports, which recorded a drop of more than 30% in traffic during the first half of the year, announced last week that it expects the annual passenger traffic will reach "around 70 million" by the end of the year. Emirates announced on Monday that it will begin flying to Helsinki in October and is adding capacity on routes such as Accra and Hanoi.
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AirBaltic declares bankruptcy under Chapter 11 as Iran war costs bite
AirBaltic, a Latvian airline, filed for bankruptcy protection in New York under?Chapter 11?of the U.S. Bankruptcy?Code, the company said on Monday. This was?part of a restructuring?to lower debt, given the stress the airline industry is experiencing due to the?Iran War. AirBaltic announced in a press release that it had received a financing commitment of EUR350 million (405 million dollars) from lenders such as Strategic Value Partners (SVP), Barclays (Hayfin Capital Management), Morgan Stanley, and Oaktree Capital Management. This was to support the company's operations during its restructuring. Jet fuel prices have doubled due to the U.S. War with?Iran, which has caused the 'worst crisis in the airline industry since the COVID-19 Pandemic. Since months, investors and executives have warned that carriers with stretched?balance?sheets?and higher exposure to volatility in oil prices?would be the hardest-hit by this conflict. AirBaltic is owned in majority by the Latvian Government. The company said that its decision was made to protect itself from creditors while it negotiates restructuring its debt. The airline said that flights would continue to operate according to schedule during the court-supervised restructuring process. The war has claimed a second airline victim, after the U.S. discount carrier Spirit Airlines collapsed in May. Spirit Airlines had not been able to secure the support of its creditors for an?U.S. Government bailout plan. AirBaltic’s liquidity situation has deteriorated in recent months because of increased fuel prices. This is on top of the financial pressures which had already led to a EUR30m Latvian state loan?in April. AirAsia is Southeast Asia's biggest budget airline. It has been under financial pressure due to the rising cost of jet fuel and large foreign exchange losses.
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Gold falls as oil rally fuels rate-hike betting ahead of Fed meeting
Gold prices fell on Monday as an increase in oil prices fueled inflation fears, raising expectations that the U.S. Federal Reserve will raise interest rates this week. After posting its third consecutive weekly drop on Friday, spot gold fell 0.6% to $4,321.26 an ounce at 0724 GMT. U.S. Gold Futures fell 1.1% to $4361.20. "Gold doesn't seem to be able to find conditions that suit it. "Gold isn't finding conditions to its liking," Tim Waterer, KCM Trade chief market analyst said. As a hedge against uncertainty, dips will still be sought by buyers while the geopolitics and rates policy are fluid. Data last week confirmed expectations that the Fed will raise interest rates. U.S. consumer price indexes accelerated in August while a key measure of underlying inflation showed its biggest increase in four month. According to CME FedWatch, traders are now pricing in an 87% probability of a rate increase at the central banks policy meeting this Tuesday and Wednesday. This is up from 67% before the last week's inflation data. BOJ will also likely raise rates this Friday. Persistent inflation and robust economic growth has raised the prospect of more rate hikes from major central banks, amid rising energy costs and little sign that Middle East tensions are easing. Gold is often viewed as a hedge against inflation, but higher interest rates can make it less appealing. Oil prices rose more than 2% on Monday, after new Houthi attacks on Saudi Arabia and 'Iranian' attacks on ships in Gulf added to supply concerns caused by the closure of Saudi oil pipeline. The Middle East diplomacy has been weakened after the postponement of a meeting between Iran, and other Gulf states. Silver spot fell 1.3%, to $63.63 an ounce. Platinum dropped 0.4%, to $1789.35. Palladium, too, was down 0.4%, to $1293.46.
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Executive says that the IPO of humanoid robotic maker Boston Dynamics is unlikely to happen before 2027.
Boston Dynamics, Hyundai's humanoid robotics unit, will not likely pursue an IPO next year. This is because the company has yet to scale up its Atlas robots and it remains unprofitable. Investors' enthusiasm for Hyundai Motor's robotics ambitions helped to send its shares to new highs in the first half of this year. When asked if an IPO could be possible in the next year, the executive replied that it would not be easy. He added that "we need to see the conditions and situations" without going into detail. He requested not to be identified publicly as the matter was confidential. Hyundai Motor Group did not disclose a timeline or a valuation target in relation to a possible Boston Dynamics listing. The group didn't immediately respond to an?request for comments. Boston Dynamics is not available to comment outside of business hours. Investors and analysts have been closely watching Boston Dynamics since the company unveiled the updated Atlas robot at the Consumer Electronics Show Las Vegas in January. The company has the option to pursue an IPO in the United States in order to finance its growth. Due to the increasing interest among investors, analysts have estimated the company's growth in sales and its potential valuations. Hyundai acquired a controlling interest in Boston Dynamics by 2021. In July, the company announced its plans to become a fully-owned subsidiary of SoftBank, acquiring their roughly 10% stake for an undisclosed price. Media reports at the time said that the transaction would have been worth approximately 500 billion won (371,51 million dollars). Investors have taken note of the South Korean group’s move into robotics. Hyundai Motor shares have more than doubled in value since January when it unveiled its Atlas robot. However, they've lost much of that gain due to a lack updates on the company's robotics strategy. Shares of Hyundai, the third largest auto group in the world, along with its affiliate Kia have risen by 25% this year. This is behind the 60% increase seen on the wider market. IPO IS YEARS AWAY Analysts believe that Boston Dynamics will not go public within the next few year because humanoid robotics have yet to be widely deployed in factories. Hyundai said that it plans to deploy humanoid robotics in its U.S. factory in Georgia by the year 2028. The robots will then be deployed across the company's manufacturing network. Analysts have called these targets ambitious. Kim Hyun Su, senior fund manager of IBK Asset Management in Seoul said: "It might take a lot more time before humanoid robotics replace humans at the assembly line." "It is not difficult to get robots to dance, but it is challenging to get them to carry heavy loads or to be involved in manufacturing." Tesla CEO Elon M Musk, whose firm is developing the Optimus robot humanoid, described the humanoid robotics as the "hardest product to scale manufacture" that the electric vehicle maker has ever made. Boston Dynamics's valuations are highly variable. Samsung Securities said that market estimates put its value between 50 trillion won (US$50 billion) and 100 trillion dollars (US$100 trillion) Kim Joon-sung of Meritz Securities said that a Boston Dynamics IPO is more likely to happen in 2030 or 2029 because Hyundai must first gather large quantities of operational data before selling robots to external customers. IBK Securities said in August that Boston Dynamics' value could reach 141 trillion won by 2030 when the company is expected to generate approximately 11 trillion won of revenue. According to a filing by Hyundai Glovis which owns about 11% of the company, Boston Dynamics has a loss of 528.4 trillion won in 2025. The filing stated that the total losses between 2021 and 2025 totaled nearly 1.7 trillion dollars. Hyundai Motor Group executive chair Euisun Chung, Kia, Hyundai Mobis, and Hyundai Motor Group, as well as Hyundai Motor Group, Kia, and Hyundai Motor Group, are also shareholders of Boston Dynamics.
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Hy24, a hydrogen fund, has agreed to buy a stake in the Opal pipeline from Uniper.
Uniper, Germany, announced on Monday that it had agreed to sell a 20% stake in the 'gas pipeline Opal', one of Europe’s largest transmission corridors. This brings it closer to completing the asset sales demanded by Brussels, in exchange for approval of the utility's'state bailout' 2022. The sale of the stake to Hy24, a joint venture of private equity fund Ardian with asset manager FiveT Hydrogen, is subject to regulatory approval and the non-execution by Gascade of Opal's coowner right of preemption. No financial details have been disclosed. Uniper has only two assets to sell by the end of 2026. These are its helium business and a majority stake in Unipro, a Russian division. However, Uniper has indicated that this latter sale may not be feasible.
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Accidents involving passenger boats and ferrys in Southeast Asia
Two fatal ferry accidents in Southeast Asia in the last week, in Indonesia and the Philippines, have brought maritime safety to the forefront. Ferries are an important part of transport in the region because Indonesia has over 17,000 islands and the Philippines more than 7,600. Below are some details about recent maritime accidents in Southeast Asia involving passenger ferries or tourist boats. INDONESIA September 2026 – Six people have died and 129 are still missing following the capsize of a passenger vessel with 243?people on board in the Java Sea. The Java Sea is the water between Indonesia’s four largest?islands, Java, Sumatra Sulawesi, and Borneo. The Java Sea is the scene of several major maritime and air accidents. These include the Tampomas II sinking in 1981 in which?approximately 600 people perished, according to some estimates. Another plane crash in 2007 killed more than 100 people. PHILIPPINES - September 2026 – At least 76 passengers died after a ferry carrying over 130 passengers caught fire while traveling from Manila to Coron, Palawan. INDONESIA. August 2026 – One person was killed and over 200 were rescued when a?ferry traveling from the tourist island Bali caught fire in the waters near the island Lombok on 12 August. INDONESIA, August '2026 - Five passengers and crew died after a ferry caught fire near Madura Island. VIETNAM - In July 2026, at least 15 Indian tourists were killed when a boat capsized near the southern island of Phu Quoc in Vietnam. PHILIPPINES - January 2026: At least 18 people were killed when a boat carrying over 300 people capsized on its way to the southern province 'Sulu. INDONESIA, 2025 – Three of Fernando Martin’s children and the Spanish soccer coach died when their boat capsized near a popular tourist destination in the Padar Island Strait.
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Foreex-Dollar firms and yen wobbles at 7-month high before Fed, BOJ decision
Investors pondered the possibility of rate hikes by the Federal Reserve and?Bank of Japan. Meanwhile, a rise in oil prices?amped down risk sentiment. As the fighting in the Middle East intensifies, global policymakers are faced with unpredictable pricing pressures. Oil prices have risen well above $100 a barrel. Rates have also been impacted by steep sales of long-end bonds. The European Central Bank increased rates last week, and warned against further increases. This was ahead of the Fed's policy announcement on Wednesday, and a widely anticipated rate hike by the BOJ this Friday. The Bank of England will likely remain unchanged on Thursday but the vote is likely to close. CME FedWatch showed that traders increased their bets on a Fed rate increase after Friday's data showed a rise in U.S. consumer prices in August. They priced in an 86 percent chance of gaining this week, and another later in the year. Kieran?Williams, Intouch Capital Markets' head of Asia FX, said that markets are heavily conditioned for a hawkish weekend. The bigger surprise risk in FX is not who raises rates, but rather who fails to confirm current pricing. DOLLAR FINDS FOOTING AHEAD of FED MEETING The euro fell 0.28% to $1.1565 while the last price of sterling was $1.3503. After two weeks of small declines, the U.S. Dollar Index, which measures greenback against six currencies, is now 0.23% higher. U.S. Treasury Yields remain near multi-year-highs. The 2-year yield, typically moving in line with Fed rate expectations is edging away from a recent high of 4.61% after increasing 26 basis points in the past week. The dollar has not been able to move significantly higher despite rising?yields, and changing rate expectations. Central banks in major countries are also expected raise rates. In a recent note, Commonwealth Bank of Australia strategists said that Fed Chair Kevin Warsh must match his tough rhetoric and policy actions or risk further damaging his credibility in controlling inflation. They said that "there is a slight chance of the USD easing if the FOMC raises, but Warsh plays the risk of a follow-up increase in the press conference." Brent crude futures also rose by 2%, to $106.7 a barrel. This was after the Houthi attacks?on Saudi Arabia?and Iranian attacks on vessels in the Gulf compounded the supply concerns that were already present following the closure of the Saudi oil pipeline. BOJ RECKONING: RISING YEN FACES BOJ RISE The Japanese yen fell 0.3% to 154.03 against the U.S. Dollar, but it was still not far off its seven-month high of 152.89 it reached last week. There are signs of a change in the market's sentiment towards the currency. Speculators have taken a net-long position on the yen for first time since Feb. Analysts at MUFG noted that "a 25 bps increase is almost already fully priced," noting that BOJ must signal that it plans to stick with the faster pace of hikes in order for the yen strengthen further. The yen has risen 4% in the last month, mainly due to expectations that the BOJ would?be quicker with rate increases and signs of possible repatriation by domestic investors. TD Securities expects that the BOJ will hike about once a quarter, compared to its semi-annual, gradual pace. It stated that not putting another increase on the table would risk a knee jerk dollar/yen rise back to 157-160. Ben?Bennett is the head of investment strategy at L&G Asset Management for Asia. He said that central banks around the world will be closely watching the Fed’s policy change. If it appears that the Fed will be raising rates, the BOJ could again feel pressured to respond with a hawkish message. Otherwise, we may see a renewed weakness in the yen.
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Gold falls as oil rally fuels rate hike bets before Fed meeting
Gold prices fell on Monday as an increase in oil prices raised inflation fears, which fueled expectations that the U.S. Federal Reserve would raise interest rates during its policy meeting later this week. By 0528 GMT, spot gold had fallen 0.5% to $4,327.09 an ounce after posting its third consecutive weekly drop on Friday. U.S. Gold Futures fell 0.9% to $4367.50. "Gold doesn't seem to be able to find conditions that suit it. "Gold isn't finding conditions to its liking," Tim Waterer, KCM Trade chief market analyst said. As a hedge against uncertainty, dips will still be sought by buyers while the geopolitics and rates policy are fluid. Data last week confirmed expectations that the Fed will increase interest rates. U.S. consumer price indexes accelerated in August while a key measure of underlying inflation showed its biggest rise in four months. According to CME FedWatch, traders are now pricing in an 87% probability of a rate increase at the central banks policy meeting this Tuesday and Wednesday. This is up from 67% before the last week's inflation data. BOJ will also likely raise rates this Friday. This is because persistent inflation and robust economic growth has raised the prospect of more rate hikes from major central banks. Gold is often seen as a hedge against inflation, but higher interest rates can make it less appealing. Oil prices rose more than 2% on Sunday after Houthi attacks on Saudi Arabia and Iranian attacks on Gulf ships compounded concerns over supply following the closure of an important Saudi oil pipeline. Middle East diplomacy appears to be in decline?after the postponement of a meeting between Iran &?other Gulf States. Silver spot fell 1%, to $63.80 an ounce. Platinum dropped 0.2%, to $1792.59 and palladium dropped 0.4%, to $1293.86.
Ukraine claims it has struck oil installations in Russia's Moscow and Oryol regions
Ukraine announced on Tuesday that it had hit an oil refinery in the vicinity of Moscow, as well as a facility located in Russia's Oryol Region which is part of Druzhba Pipeline System exporting oil into Europe. Hungarian Foreign minister Peter Szijjarto stated on Tuesday that crude oils were no longer being shipped via the Druzhba pipeline system after an attack by a Ukrainian drone on a metering facility.
"Explosions...were...recorded...in the area of? The Steel Horse linear production dispatch (Oryol Region, Russia) manages the technological processes for Druzhba Oil Pipeline," Kyiv General Staff stated in a press release.
The facility is "an important component of supplying oil to Ust-Luga Seaport in Leningrad Region".
Russian officials announced on Tuesday that Ukraine launched its largest drone attack ever on Moscow. At least three people were killed and the four airports of the Russian capital were briefly shut down.
The Druzhba Pipeline, which transports Russian crude oil through Belarus, Ukraine and Hungary to Hungary and Slovakia. Reporting by Olena Hartmash, Editing by Andrew Heavens, Peter Graff
(source: Reuters)