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IndiGo, the Indian airline, warns that costs will increase after cancellations have hit profits.
IndiGo, India's largest airline, warned on Thursday of increased costs per passenger for the full year. It also said that it had taken a $63-million hit in the third quarter after one of India's worst aviation crises. The airline's profit for the quarter fell 75%, to 6.13 billion rupees (66.9 millions dollars), due to an unplanned disruption that forced it to cancel thousands flights at the beginning of December. On a call following earnings, Chief Financial officer?Gaurav Negi revealed that the country's biggest airline expects its unit costs (the average cost to fly an aircraft seat) to rise by a mid-single digit percentage for the year ending in March 2026. This is compared to an earlier projection which predicted no increase in costs. IndiGo relies on damp-leased aircraft to meet demand. CFO Negi stated that several planes are still grounded due to Pratt & Whitney engines issues. This arrangement will increase costs. IndiGo is responsible for the cabin crew, while the lessor provides the jet and the pilots. Under Increasing Regulation Scrutiny IndiGo faces a competition investigation and increased regulatory scrutiny. India's aviation regulator cut the carrier's capacity domestically by 10% during the winter schedule. It also warned its executives and fined the firm. When asked if IndiGo's board discussed accountability with the CEO following the disruptions CEO Pieter Elbers replied, "The board is deliberating." DUPRECIATING RUPEE IS DRIVING EXPENSES UP IndiGo incurs over 60% of its costs in dollars. The depreciation of the local currency also drives up expenses. IndiGo, the airline that controls nearly two-thirds of the aviation market in India, has seen its revenue increase by 6%. However, expenses have risen at a faster rate, increasing by 10%. The airline's second largest expense, dollar-denominated aircraft leases, rose 19%. The carrier incurred a charge of 14.67 billion rupees during the quarter. This included 5.77 billion for disruption costs, such as refunds to passengers and fines by the regulator. The rest of the charge is due to India's newly enacted labor code. IndiGo expects that fourth-quarter seat-kilometre capacity will also grow by 10%. Unit revenues, however, are expected to fall by a "early to mid" single-digit percentage.
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Trump says Greenland agreement framework has been reached, and rules out tariffs
Donald Trump, the U.S. president, abruptly reversed his position on Wednesday, saying that he would not use force to take 'Greenland. He also ruled out using tariffs to gain leverage. A deal is in sight for the resolution of the dispute over the Danish territory, which could have caused the biggest rupture in transatlantic ties in decades. Trump's retraction of his weeks-long rhetoric, which shook NATO and threatened a global trade war, came on a quick trip to Davos in Switzerland for the annual World Economic Forum meeting. Trump suggested that Western Arctic allies can forge a deal to satisfy his desire for the "Golden Dome", a missile-defense system, and gain access to vital minerals, while blocking Russia's and China’s ambitions in the Arctic. After a meeting with NATO Secretary-General Mark Rutte, Trump told reporters that "it's a contract with which everyone is very pleased." "It is a long-term deal. It's a long-term, ultimate deal. It puts everyone in a good position, particularly as it pertains minerals and security." He said: "It is a deal for life." A NATO spokesperson stated that seven NATO allies would work together in the Arctic to ensure their collective safety. The spokesperson stated that "Negotiations will continue between Denmark, Greenland and the United States to ensure that Russia and China do not gain a foothold in Greenland - either economically or militarily." DENMARK: RESPECT DANISH SOUVENIRITY, GREENLAND IS CRUCIAL Trump stated on his Truth Social platform that?the?U.S. NATO and the U.S. had "formed a framework for a future deal in respect of Greenland, and in fact the entire Arctic Region," Denmark stated that the issue should not be dealt with on social media but rather through private diplomacy. Lars Lokke Rasmussen, Denmark's foreign minister, told Danish public broadcaster DR that it was crucial to respect the integrity and sovereignty (of Denmark) as well as the right of Greenlandic people - to self-determination. Rasmussen confirmed that he spoke with Rutte, but refused to give details about what was agreed. Greenland’s government has not responded to a comment request. Trump claimed that he had asked Vice President JDVance, Secretary Marco Rubio and Special Envoy Steve Witkoff, to participate in further discussions. In a speech in a Swiss Alpine resort earlier in the day?the Republican U.S. President acknowledged the financial markets' discomfort over his threats and ruled force out. Trump said, "People thought that I would use violence. But I don't have to use it." "I don’t want to use violence." "I won't use any force." S&P 500 index rose 1.2% as a result of the change in stance on tariffs. This added to the recovery of the market after the steepest drop in equities for three months. NATO allies are unnerved at Trump's increased threats to take the territory of Denmark, a NATO ally that has been a U.S. ally for many years. In his first year as president, Trump has repeatedly issued severe threats, which spooked the markets, before rescinding them or watering them down. Steve Holland reported from Davos, Trevor Hunnicutt from Washington, and Dave Graham and Ariane Luthi contributed additional reporting. Terje Solsvik also contributed. Stine Jacobsen and Soren Jeppesen were interviewed.
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Oil prices settle higher on force majeure at Kazakh field, slow Venezuela exports
The oil prices rose 0.5% on Wednesday, as a result of optimism about tighter supplies after a temporary closure at two large Kazakh fields and the low volume?of Venezuelan oil exports that highlighted slow progress towards reversing production cuts in South America. Brent futures rose 32 cents or 0.5% to $65.24 per barrel. The U.S. West Texas intermediate crude contract rose by 26 cents or 0.4% to $60.62 per barrel. Both contracts closed 1.5% higher than the previous session, after OPEC+ member Kazakhstan?halted production at its Tengiz oilfields and Korolev on Sunday because of power distribution problems. Four industry sources said on Wednesday that oil from the vast Kashagan fields was diverted for the first to the domestic market due to bottlenecks at the Black Sea CPC Terminal after drone attacks seriously damaged equipment. According to a letter from TCO, the operator of Tengiz Oilfield has declared force majeure on crude oil deliveries in the 'CPC pipeline system. On Tuesday, three industry sources were quoted as saying that oil production could be stopped at two Kazakh fields for seven to ten days. PDVSA vessel tracking data and documents showed that the volume of Venezuelan crude oil exported to the U.S. under the $2 billion deal reached 7.8 million barrels Wednesday. This highlights the slow progress?that has prevented state-run oil companies from fully reversing the recent production cuts. A preliminary poll on Tuesday showed that U.S. crude and gasoline stocks were likely to have increased by about 1.7m barrels in the last week, while distillate stockpiles are expected to be down. In its latest oil market report on Wednesday, the International Energy Agency revised higher its 2026 global oil consumption growth forecasts. This suggests a slight reduction in surpluses for this year. Analyst Giovanni Staunovo at UBS said that the increased geopolitical risks, which put pressure on oil markets because?tariffs might slow economic growth, led to a risk-off attitude. The American Petroleum Institute will release its weekly inventory figures at 4:30 pm EST on Wednesday. Government data will be released on Thursday at 12 noon EST, a day after due to the U.S. federal holidays on Monday. Reporting by Stephanie Kelly, Katya Glubkova, and Emily Chow, in London; Editing by Mark Potter. Kirsten Donovan. Elaine Hardcastle. Paul Simao. Rod Nickel.
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Spanish train drivers strike for three days after fatal derailments
Spain's largest train drivers' union called a nationwide three-day strike on February 9-11, demanding measures to ensure railway safety following three derailments within 48 hours that caused crashes which left dozens of people dead, including two drivers. The commuter train that derailed in Gelida, near Barcelona, on Tuesday was killed by the driver, and four other passengers were seriously injured. The announcement came after two trains collided near Adamuz, in the southern province Cordoba. It was one of Europe's most serious train accidents. One of the 43 victims was a train driver. Sources and experts have said that a large piece of machinery discovered near the Adamuz accident site could be the missing undercarriage. Investigators are searching for it to find out why the accident occurred. The Transport Minister Oscar Puente said that investigators have taken photos and analysed the fragment. He added that it seemed logical that the fragment would have flown into the stream after the collision between the two trains. Puente stated that authorities are working to resume the Madrid-Andalucia railway link, which was suspended after Sunday's accident on February 2. Adif, the rail network operator, said that a rock fell on the track during the same storm and caused a third derailment on Barcelona's regional train network on Tuesday. The train operators' union SEMAF stated that the fatal accidents in Adamuz, and Gelida were a turning point in demanding that all actions be taken to ensure the safety of rail operations. The statement added that "those who are responsible for the safety of railway infrastructure" would be held criminally liable. UNION HAD WARNED ABOUT WEAR AND TEAR According to a copy seen by?by, SEMAF warned Adif last August about the severe wear and tear on the railway track, where the two crashes occurred. The letter said that potholes, bumps and imbalances of overhead power lines were causing frequent breakdowns. Puente said to reporters that "we do not (share) the view that a general strikes is the best way forward", adding that he will meet with unions. He said that the Adamuz incident was not caused by human error, but the cause of the technical failure has yet to be determined. It is also very complex. He said that small marks were found in the front bogies on some older trains and the derailed train, but it would be premature for him to directly link them to infrastructure defects. PRISING APART CARRIAGE Rescuers found another body at the Adamuz crash scene, bringing the total to 43. They were tearing apart the second carriage belonging to the state operator Renfe which housed its cafeteria. Overnight, cranes were used to remove the last carriage of the derailed private train Iryo. Puente stated that the time between derailment and collision was only nine seconds. This left no time for the trains to brake. Authorities previously stated that the gap between derailment and collision was 20 seconds. The recordings of phone calls between the Iryo driver and the Madrid control center suggest that he, along with passengers in the five front carriages, didn't realize there was a collision. After climbing down the train to inspect the damage, he called again to request ambulances. Adif announced on Wednesday that it had imposed a "further" speed limit along the Madrid-Barcelona route after a driver reported poor track conditions in a stretch of 78 kilometers. It had told drivers on Tuesday to slow down because it was concerned about the condition of the track. Adif's maintenance team had inspected the track overnight and identified four points in need of repair. Adif announced on Wednesday that trains travelling between Madrid, the capital of Spain, and Valencia in the east have been instructed to limit their speed along a 1.8 km stretch of line. On Wednesday, regional trains in Catalonia were suspended to allow for inspections of the tracks following recent storms. Renfe published a picture of its President Alvaro Fernandez Heredia riding a replacement bus as he returned to Madrid from Adamuz. Reporting by Corina Pounds, Emma Pinedo and Jesus Calero. Writing by Charlie Devereux. Editing by Andrei Khalip and Sharon Singleton.
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TSA reports that 6% of US travelers are not complying with ID requirements as a new $45 fee begins Feb 1
Senior Transportation Security Administration official said Wednesday that approximately?6% of U.S. airline passengers do not display IDs meeting stricter federal standards. The agency is preparing to charge $45 for passengers without enhanced identification to board flights starting February 1. The TSA will begin enforcing "REAL ID" standards in May 2025. Passengers without this new identification are given warnings and subjected to enhanced screening. TSA announced a new fee for passengers who do not have REAL IDs in December. They urged them to obtain the documents or pay the fee before they arrive at the airport. The $45 charge will cover travel within a 10-day time period. Ha Nguyen McNeil, TSA's Deputy Administrator, said that compliance had improved from 93% to 94% in the last year. She said that the Trump administration decided to 'raise the fee from $18 up to $45 following a re-evaluation of the costs associated with 'dealing with travellers without "REALID." About 2.5 million people fly daily in the United States. McNeil explained that the fee was set to cover the cost of processing passengers without valid ID, and to "ensure they don't pose a danger to our skies." If you don't pay in advance, it could take up to 30 minutes for you to pass through security. Children under the age of 18 are not required to show an ID at airport checkpoints. Most travelers use state-government-issued driver's licenses that meet the requirements but ?passports issued by any government are also acceptable, as are other forms of ID, including permanent resident cards, Department of ?Defense IDs and DHS trusted traveler cards. The Congress approved last year new federal standards that are?stricter for the issuing of identification cards, but enforcement has repeatedly been delayed. These IDs are also required to enter a federal building. The 2005 law implemented the recommendation of the 9/11 commission that the U.S. Government set standards for the issue of sources of ID, such as drivers licenses. The law establishes minimum security standards in the issuance of licenses and their production.
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Davos participants react on Trump's Greenland Speech
Donald Trump, the U.S. president, ruled out using force to take control of Greenland in a bid on Wednesday. However, he said in a speech at Davos?that no other country could secure?the autonomous Danish territories. Here are some comments from a few of the people who listened to the World Economic Forum speech. GAVIN NEWSOM GOVERNOR OF CALIFORNIA It was a speech of very little importance. "He wanted Greenland the week before. He said that we should talk about Greenland, which he wanted two weeks earlier. The European Union responded by saying, "We're happy to negotiate and we never kicked you away." You sort of left. You can still place your bases there. '" The stock market's reaction shows that this?thing has frightened many people. "I am worried about NATO." I'm worried about trust and truth. CONRADIN CRAMER, HEAD OF CANTONAL GOVERNMENT FOR THE CITY BASEL, SWITZERLAND It is a bit of a relief that we live in such "crazy" times. The world's relief at the news that the president of the largest?NATO nation will not use military force against another NATO member country shows just how insane things have become. PHILIP GORDON IS A BROOKINGS EXPERT, AND A FORMER ASSISTANT OF THE US PRESIDENT DURING BIDEN ADMINISTRATION. Gordon said that the biggest takeaway from Trump's decision to rule out the use of force in Greenland was the fact that he had ruled it out. "There was an enormous sigh?of relief among the audience." He said that the worldview outlined in the speech by Trump would be very troubling for other countries: "We're entering a new era where middle powers will have to find ways to survive a world without the protection of the U.S. protection." AL GORE, FORMER VICE PRESIDENT OF THE UNITED STATES It is insane to try to wreck these alliances in the same way that he did to the East Wing. When asked if Trump's actions made NATO more secure, he replied: "Of Course Not - It's Ridiculous." ALASTAIR CAMPBELL, BRITISH POLITICAL STRATEGIST When asked what he thought was the most important takeaway from the speech, Campbell replied, "How embarrassing everything was." (Reporting and editing by Mark John, Ariane Lithi, Dave Graham, DAVOS Switzerland.
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Ukrainian power grid executive killed while supervising repair at damaged facility
The company reported that a senior executive of Ukraine's state-owned grid operator Ukrenergo was killed?while overseeing repairs to a damaged power facility,? caused by a Russian strike. The company didn't say how Oleksiy died. They only called it "tragic". Evropeiska Pravyda, an unnamed local media outlet, reported that Brekht died after receiving a shock from one of the substations. The company posted a statement on social media saying that "Death... caught up with him" where he felt it necessary to be in order to "restore light as quickly as possible to the people." Ukrenergo didn't immediately reply to a question about the cause of Brekht’s death. Ukrenergo reported that Brekht was 47 years old. He is an executive who briefly?served at the top of the company in the last year. Electrical engineers in Ukraine have been working around the clock, under hazardous conditions, for weeks now after Russia intensified its attacks on Ukraine’s grid during an extreme cold spell. This left hundreds of thousands without heat and power across the country. (Reporting and editing by Alison Williams; Max Hunder)
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Egypt's current account deficit shrinks to $3.2 Billion in the July-September quarter
The central bank reported that Egypt's deficit on its current account decreased to $3.2 billion between July and September 2025. This is compared to $5.9 billion for the same period one year ago. The 'bank attributed this to an increase in remittances by Egyptians who work abroad, which reached $10.8 Billion in the first quarter, up from $8.3 Billion a year earlier. The Suez Canal's revenues also increased to $1.05billion from July to September of 2025, up from $931.2mil the previous year. Revenues from the canal were hit by attacks?by Yemeni Houthis, who are aligned with Iran, against shipping routes in the Red Sea. Net foreign direct investment 'inflows' reached $2.4 billion, up from $2.7 billion the previous year. Egypt's tourism revenues also increased, reaching $5.5 billion from $4.8 billion the year before. Reporting by Jaidaa?Taha, Yomna?Ehab and Ahmed Elimam
US Energy Secretary tells executives that Venezuelan oil production can increase 30% in the near future
Three executives present at the meeting claim that U.S. Energy Sec. Chris Wright informed oil company executives in Washington on Wednesday "that Venezuela's production can increase 30% from its current?900,000.?barrels a day within the short to medium term." U.S. president Donald Trump has asked U.S. oil executives for $100 billion in order to improve Venezuela's oil industry. This is a major goal of Washington following the capture of Venezuelan leader Nicolas Maduro by U.S. forces earlier this month.
Venezuela's oil production has plummeted due to years of underinvestment and sanctions. In the 1970s, Venezuela produced 3.5 million barrels per day (bpd), which accounted for about 7% of global oil supply. Today it produces just 1%.
Wright's meeting behind closed doors took place at the World Economic Forum, in Davos (Switzerland).
LITTLE IMPACT
One person said that an increase of 300 000 barrels per day will have little effect on the global market. In 2025, the global oil supply will be 106 million barrels a day.
Wright told the group that the world will need to use all energy sources, including renewables, in order to meet the rapid growth of demand.
Wright said that the U.S. intends to control Venezuela's petroleum resources indefinitely. Washington has made deals with Vitol, Trafigura and other trading houses to move 50,000,000 barrels of oil stuck in tankers or storage following a U.S. oil blockade that lasted a month.
Due to the rapid growth of shale gas and oil, the U.S. is now the largest energy producer in a world that can quickly adjust production based on?prices. Saudi Arabia and Russia, the two major rival oil producers, rely mainly on conventional oil production that is less flexible and can take years to develop.
Venezuela has a large amount of heavy oil reserves that are expensive to extract and relatively difficult.
"You need to heat the ground and dilute the crude oil, then heat the pipelines in order to transport Venezuelan Oil. One of the executives at the meeting stated that it takes a great deal of time and money to transport Venezuelan oil.
One said that U.S. companies and others would face challenges in terms of safety, inspection and standards if they came to Venezuela as the equipment is outdated. Trump met with 15 oil executives in the first week of this month. Exxon CEO Darren Woods told Trump that Venezuela's laws would have to be changed before it was a good investment. (Reporting by Dmitry Zhdannikov; Writing by Stephanie Kelly; Editing by Joe Bavier, Kirsten Donovan)
(source: Reuters)