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UK delays HS2 rail line beyond 2033
Transport Minister Heidi Alexander announced on Wednesday that the opening of Britain's high-speed railway line HS2, which connects London to central English city Birmingham, would be delayed beyond the previously planned 2033 date. Since the project was approved in 2012, it has faced cost overruns. The project's ballooning costs forced the previous government two years ago to cancel it. You can cancel your order by clicking here. The northern half of the project is between Birmingham and Manchester. The cost of the project has risen to over 100 billion pounds. It was originally expected to be completed by 2026 at a cost of 33 billion pounds (44 billion dollars). Alexander expects to know the costs and the opening date of the line by the end the year. HS2 was You can also find out more about The project was intended to increase capacity and catch up Britain with other European countries that have extensive high-speed tracks. However, Alexander claimed the project was derailed due to a lack in cost control and leadership. She said that this must be a "line in the sand". "This government has delivered HS2 between Birmingham and London after years mismanagement, flawed reports and ineffective supervision." Alexander stated that the project would be reset with the goal of encouraging suppliers to save money and renegotiating construction contracts. The Labour government, which will be elected in 2024 has accelerated the planning process for new energy sources. Transport It has put projects at the centre of its growth strategy. It has supported expansion at London's Heathrow Gatwick Airports. Reporting by Sarah Young, editing by James Davey, and Catarina demony.
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Iberia, the Spanish airline, plans to expand its long-haul fleet from 70 to 80 aircraft
Iberia plans to expand its fleet of long haul aircraft from 45 to 70 by the middle next decade. The Spanish airline announced this in a strategy plan published on Wednesday. Iberia, owned by International Consolidated Airlines (Ica), plans to invest 6 milliards d'euros ($6,90 billion) in the plan. Iberia CEO Marco Sansavini said to reporters that 70% the investment required for the expansion of its fleet will be funded by the company's own cash flow. He said that the company would also be adding four short-haul aircraft in 2026-2027. Sansavini stated that "all our fleet will be Airbus aircraft, allowing us to be efficient." From its hub in Madrid, the airline, which is part of a group including British Airways, Aer Lingus, and Vueling will continue to be a leader on routes between Europe, and Latin America. Sansavini also said that it plans to add direct flights from Toronto, Philadelphia, and Monterrey, Mexico, in response to the strong sales performance in North America.
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Hilton and Marriot announce plans to expand in Africa
Hilton and Marriott, two of the largest hotel chains in the United States, have announced expansion plans to Africa as a way to take advantage of rapid tourism growth on the continent. Hilton announced on Wednesday its plans to triple the number of hotels in Africa to 160. In a statement, the company said it would enter Angola for the first, as well as Ghana and Benin, before returning to Madagascar and Tanzania. It did not provide a time frame for its expansion plans. Marriott said that it expects to have 50 new properties in place by 2027. Marriott will also enter five new countries, including Cape Verde and Ivory Coast. The existing African portfolio of the group includes nearly 150 properties with 26,000 rooms in 20 countries under 22 brands. The airlines have increased their African capacity. Emirates offers 161 flights a week across Africa. It has recently added daily services to Entebbe, and Addis Ababa. United Airlines launched the Washington-Dakar direct route in May, and Delta will start a daily seasonal flight to Accra starting in December. The United Nations World Tourism Organization reports that international arrivals on the continent increased by 9% in the first quarter 2025 compared to the same period before the pandemic. This is 16% higher than the pre-pandemic 2019 period. This momentum is translating to economic impact. World Bank and national data show that tourism accounts for between 3 and 7 percent of the gross domestic product (GDP) in countries like Kenya, Morocco, and South Africa and as much as 15 percent in tourism-heavy nations such as Namibia. (Reporting and editing by David Goodman.)
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After Israel's attack on Iran, airlines suspend flights
International airlines have stopped flights to certain Middle East destinations following Israel's attacks against Iran. Here are some airlines that have canceled flights from and to the region. AEGEAN AIRLINES Aegean Airlines, a Greek airline, has cancelled all flights from and to Tel Aviv, including the early morning flight of July 12. It also canceled all flights from and to Beirut, Amman and Erbil, up until the morning arrivals on June 28. AIRBALTIC AirBaltic, a Latvian airline, has announced that it will cancel all flights from and to Tel Aviv up until the 23rd of June. AEROFLOT After Israel's attack on Iran, Aeroflot announced that it has cancelled flights between Moscow-Tehran and changed other routes in Middle East. AIR EUROPA Spanish airline cancels flights from and to Tel Aviv through July 31. AIR FRANCE-KLM Air France has suspended flights to and out of Tel Aviv, until further notice. KLM announced that all flights from and to Tel Aviv have been cancelled until July 1. Some flights from, to or via Beirut could also be affected. Transavia has announced that it will not be operating flights between Tel Aviv and Amman, or Beirut and Beirut. AIR INDIA Air India announced that several flights are either being diverted to another destination or returning back to their original origin. Israeli Airlines announced that all flights will be cancelled until June 21, 2018. BLUEBIRD AERWAYS The Greek airline announced that all flights between June 13 - June 24 inclusively have been cancelled. Bookings for the dates between June 25 - June 30 will be closed until there is more clarity on security. DELTA AIR LINES Travel to, from or through Tel Aviv could be affected between June 12 and July 31. EL AL ISRAEL AIRLINES El Al Israel Airlines announced that it has cancelled its regular flight schedule between EL AL & Sundor until June 23. ETHIOPIAN AIRLINES Ethiopian Airlines has suspended flights in both directions between Addis Ababa, Ethiopia and Tel Aviv until June 22, 2018. ETIHAD AERWAYS Etihad Airways has announced that it will cancel flights between Abu Dhabi, Amman and Tel Aviv between June 20 and 22. EMIRATES Emirates has temporarily suspended its flights from and to Jordan (Amman), Lebanon (Beirut), Iran (Teheran), and Iraq (Baghdad, Basra and Basra), until June 30, and Iran (Teheran), and Iraq (Baghdad, Basra and Basra), until June 30. FLYDUBAI Flydubai has temporarily suspended its flights to and out of Iran, Iraq and Israel until June 30, 2018. GEORGIAN AIRWAYS The Georgian Airlines has cancelled all flights from and to Tel Aviv up until 22 June. British Airways, owned by IAG, has suspended its flights from Tel Aviv until July 31, and Amman and Bahrain flights are also suspended until June 30. Iberia Express, IAG's low cost airline, informed customers that flights to Tel Aviv would be cancelled until June 30, 2016. ISRAIR Israeli Airlines has announced that all flights to and from Israel have been cancelled until June 30, 2018. ITA AIRWAYS Italian Airlines announced that it will extend the suspension of Tel Aviv flight until July 31. This includes two flights scheduled for August 1. LUFTHANSA GROUP Lufthansa has suspended flights from and to Tel Aviv, Tehran and Beirut until July 31. Amman and Erbil flights are cancelled through July 11. German Airlines added that it will not use the airspace of these countries until further notice. PEGASUS Turkish Airlines has cancelled all flights to Iran and Iraq until June 30, and to Lebanon, Jordan and Lebanon until June 23, according to the airline. QATAR AIRWAYS Qatar Airways has temporarily canceled flights to and from Iraq Iran and Syria. RYANAIR Ryanair has announced that it will cancel flights from and to Tel Aviv up until September 30. Romania's flag airline said it has suspended all commercial flights from and to Tel Aviv, as well as to Beirut and Amman, until June 20, and until June 23, respectively. TUS AIRWAYS The Cypriot Airlines cancelled all flights scheduled to depart and arrive in Israel until June 24, inclusive. The airline said that flights scheduled to depart between June 25 and 30 will be closed for sales pending any further developments. TURKISH AIRLINES Turkish Airlines, along with other Turkish operators, have canceled flights to Iran and Syria until June 16th, according to the Turkish transport minister. UNITED AIRLINES According to the U.S. airline, travel from and to Tel Aviv could be affected between June 13, and August 1. WIZZ AIR Wizz Air has announced that it will suspend its flights to and from Tel Aviv, Amman and Jordan until September 15. Hungarian Airlines will not overfly Israeli, Iraqi or Iranian airspaces until further notice. (Reporting and compilation by bureaus, compiled by Agnieszka Olesnka, Elviira Loma, and Tiago Brancao; Editing by Matt Scuffham, Alison Williams and Matt Scuffham)
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Turkey's Pasifik Eurasia, China Railway unit sign rail transport deal
Pasifik Eurasia Lojistik announced that it had signed a railway transportation agreement with a subsidiary China Railway for the launch of cargo train services on a corridor connecting China to Europe via Turkey, bypassing Russia. The initial plan is to operate 10 train services, and eventually 1,000. It is anticipated that the Middle Corridor will see a significant increase in freight volume thanks to the partnership with China's state-owned railway logistics company. The Middle Corridor, a China-Europe freight route that is promoted by the West, includes Kazakhstan, Azerbaijan and Georgia, as well as Turkey. Fatih Erdogan, Chairman of Pasifik Holding's parent company, said that the agreement would provide time and cost savings compared with the North Corridor through Russia. Erdogan stated that the cost of shipping through the Middle Corridor is 500-1000 dollars cheaper per container than the Northern Corridor after the Ukraine-Russian war. The agreement will also reduce the time it takes to travel from China to Europe. This is currently between 25-35 working days, as opposed 40-53 on the other route. (Reporting and editing by Daren Butler, Ed Osmond and Ceyda Kaglayan)
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Maguire: US energy investors manage exposure as the tax bill debate continues.
Energy equity investors have been adjusting their positions in the U.S. Power sector to try and pick winners and reduce losers before the final passage of President Donald Trump’s tax-and spending bill. The "One Big, Beautiful Bill Act", which contains aggressive reductions to tax credits and incentives related to clean energy generation using renewable sources, has caused a sell-off of stocks in the sector. The bill also accelerates the phase-out for federal support of electric vehicles, clean energy components manufacturing and wind farm developments. The latest U.S. Senate proposal - which is a tweaked version of the version passed by the U.S. House – preserves support for geothermal, battery storage and nuclear projects. It also triggered gains in nuclear stocks. Energy investors will continue to jostle for position in the coming weeks as Congress makes more adjustments to the proposed bill. The following is a list of key exchange-traded fund (ETF) and equity sectors in the energy sector that were and will be the most affected by the proposed budget. SOLAR SOCKS The stocks of companies involved in solar panel production, inverter installation and solar system installations will be among the worst affected by the bill's final composition. Many Republican legislators and the Trump administration are opposed to federal subsidies for solar energy for several reasons. These include concerns over its intermittent nature and its heavy dependence on components manufactured in China and other countries. The Senate's latest budget bill proposal eliminates all solar subsidies and tax credits by 2028. The solar industry has already been affected by the rising cost of installation due to the interest rates. Now, the rapid elimination of federal assistance has severely impacted the prospects of several companies. The stocks of solar panel manufacturers First Solar, Sunrun, and SolarEdge as well as inverter maker Enphase have all fallen by at least 20% in the last month. This is due to the ramifications that the proposed bill has. Invesco's Solar ETF shares fell to five-year lows on April. They are now down 50% in the last two years, as investors have jettisoned their positions. The sector's outlook has also dimmed under the Trump administration. Nuclear and geothermal Many energy investors who wanted to exit the solar sector have shifted their money into the nuclear industry, which is gaining support under Trump's administration. Global X Uranium ETF gained over 35% of its value in the last month and has recently reached its highest levels for more than a decade. Investors are drawn to this fund because of the possibility of a shortage of uranium, the primary fuel used in nuclear power plants, if more reactors come online after the tax bill is passed. The latest bill negotiations have preserved provisions that support the geothermal sector, which has led to a recent rally in stocks of companies involved in geothermal energy production. Since early May, shares of Nevada-based Ormat Technologies have risen by more than 30%. Ormat Technologies makes power converters and geothermal plants. MAJOR, GRIDS AND LNG As the demand for fossil fuels is likely to increase due to the elimination of clean energy subsidies, investors in the energy sector have recently increased their positions within funds and companies that are part of the traditional oil and natural gas industry. The SPDR Energy Select Fund, which owns several major oil producers and gas companies, has rallied due to recent tensions in Middle East as well as the better outlook for U.S. demand for gas if renewable energy is stopped. The proposed bill will benefit firms with large gas production businesses if it slows down the growth of renewable energy and increases the U.S. electricity sector's dependency on gas. The Trump administration has been supportive of expanding LNG exports, which has helped the shares of companies in the liquefied gas sector. Shares of Cheniere Energy, the largest U.S. exporter of LNG, are up over 50% in the last year and around 10% for the year to date. Investors also increased their exposure in ETFs, and to companies that are dedicated to upgrading the U.S. grid. These have positive outlooks no matter what the final tax bill looks like. First Trust North American Energy Infrastructure Fund has gained about 4% year-to date, while First Trust Smart Grid Infrastructure Fund has gained around 12%. Investor interest in battery storage is expected to grow, and the iShares Energy Storage and Materials ETF has already been on the radar of investors. The value of the fund has fallen by around 5% so far this season, in part due to the dimmed prospects for solar power growth. This is because utilities are pairing battery systems with solar panels to ensure round-the clock supplies. In the months to come, utilities will likely continue to increase their use and adoption of battery systems, even if their solar system uptake slows down. This is because the combination of solar plus batteries remains the most efficient way to add new power to U.S. Grids. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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LME's new Hong Kong storage facilities are attracting a lot of interest in metal deliveries, according to the CEO.
According to the CEO of the London Metal Exchange, there is a strong demand for metal delivery before the new warehouses open in Hong Kong next month. This is partly due the tightness of the copper market. The LME approved the construction of three new warehouses in Hong Kong last month, bringing the total up to seven. This is part of its efforts to increase its presence in this city, which is the gateway for the world's largest metals consumer - China. Hong Kong's high costs have led to questions regarding the viability and cost of new storage facilities in comparison with other Asian sites like Korea or Malaysia. Matthew Chamberlain, Chief Executive Officer of LME, said on the sidelines at the International Derivatives Expo: "They can place metal in the warehouses but it will not show on our numbers because the location won't be live until July 15th." My understanding is that there is a great deal of interest to get some metal into there before then." Since Hong Kong Exchanges and Clearing acquired the LME, in 2012, obtaining approval for warehouses to store LME traded metal in China has been a major strategic objective. Chamberlain stated that the exchange, which is the oldest and largest industrial metals market in the world, would like to open warehouses on the mainland of China but this would be subject to approval from the Chinese authorities. But ultimately, it is up to the mainland policymakers whether they want LME storage warehouses. He said that Hong Kong had a wide range of locations for different types of clients, including several close to the northern border of Shenzhen, and the mainland. Chamberlain stated that "they'll be in a position to serve Chinese metal owners, who want, for example to put copper into an warehouse, truck it just across the border to the new territories and put it into a storage facility," This is a very important topic right now, with the tightening of copper. This will enable people to attack those backwardations with greater effectiveness. The fall in stocks at LME-registered storage facilities has created a premium or backwardation for contracts with shorter maturities. Copper Stocks In LME registered storage warehouses, the 107.350 tons has dropped by 60% since March. This is their lowest level since May 2024. Eric Onstad is responsible for the reporting. (Editing by Jane Merriman.)
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Gaz-System, a Polish company, will receive a loan of $593 million for the country's floating LNG Terminal
BGK announced on Wednesday that Polish pipeline operator Gaz-System would receive a 2.2-billion-zloty loan ($593-million) from the state bank to finance the onshore portion of Poland's floating storage and regasification units near Gdansk. Marta Pustula, BGK's Deputy President, told reporters that the loan will be financed by funds from the European Union and will go towards the construction of a pipeline of 250 km (155 miles) to connect the terminal with the Polish gas network. Pustula said that the loan would be paid back over a period of 25 years. The floating storage unit and regasification will be located in the Bay of Gdansk. It is expected to be finished in 2028. Gaz-System has completed its expansion of its LNG Terminal in Swinoujscie. This increased its capacity to 8,3 billion cubic meters, which is nearly 50% of the domestic gas demand. ($1 = 3.7112 zlotys) (Reporting by Marek Strzelecki; Editing by Emelia Sithole-Matarise)
Careem suspends its decade-old Pakistan services
Careem, Uber’s ride-hailing division in the Middle East will suspend its Pakistani service on 18 July, citing economic issues, increasing competition, and capital restrictions. This marks an end to its core business, which was pioneered in Pakistan nearly a decade earlier.
This move highlights the strains on Pakistan's digital industry as tech firms cut back due to high inflation, weak demand from consumers, and tighter capital flows. Careem's nearly 10-year run is over. The app was launched in 2015, and quickly became the dominant player in mobile apps.
In a LinkedIn posting on Wednesday, Mudassir Shaikha, Careem's co-founder, CEO, and founder, Mudassir Sheikha said, "This was a very difficult decision." The challenging macroeconomic realities, increasing competition and global capital allocation, made it difficult to justify the levels of investment required to deliver a reliable and safe service in the country.
Careem has helped to normalize digital payment, app-based bookings and female ridership.
In recent years, newer players such as the Latin American inDrive and Russia's Yango have entered major cities with low-cost models.
Uber will leave Pakistan in 2022.
Since 2022, Pakistan's startup eco-system has been under pressure as venture capital funding has dried up, the inflation rate soared to 38%, before dropping to 3.5% and consumption has weakened. Airlift, Swvl VavaCars, and Truck?It?In are among the startups that have closed or reduced their operations.
Uber, Lyft, and Grab, among others, have diversified their services to include payment and delivery. In emerging markets, rising costs, regulations, and thin margins have increased the pressure.
Uber is still operating in some parts of the Middle East, North Africa and Europe but has pulled out where profits are not possible. (Reporting and editing by Toby Chopra in Islamabad, Ariba Sharif in Islamabad)
(source: Reuters)