Latest News
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NTSB: US airlines need to improve their pilot training in the event of smoke in the cockpit
After a 2023 smoke-in cockpit incident, the?National Transportation Safety Board recommended on Wednesday that pilots be better prepared for such emergencies. The?board cited a Southwest Airlines flight in December '2023 of a 737 MAX after a bird flew directly into the engine. Smoke quickly filled the cockpit. The NTSB warned that if such an incident occurred during nighttime or under instrument meteorological conditions the results could be disastrous. Southwest has not yet commented. The NTSB reported that the Southwest flight crew had difficulty seeing the instruments and items on the checklist as the visibility decreased within seconds. The pilots put on oxygen masks and completed emergency procedures. They declared an emergency, returned safely to the airport, and declared an emergency. The 139 passengers on board were not injured. The NTSB stated that passenger airlines do not have to simulate realistic smoke in cockpit training, even though the Federal Aviation Administration is notified of near-daily in-flight emergencies caused by smoke in the cockpit. The NTSB stated that "existing training is often verbal discussions of a smoke-event rather than immersive simulations involving reduced visibility and?elevated work load". The board recommended the FAA work closely with industry in order to "develop realistic, standardized smoke-in cockpit simulation training for pilots" and integrate that training into its guidelines for overseeing "airline training programs." The FAA decided not to take any immediate action in 2024 after convening a board of review to?consider the concerns regarding Boeing 737 MAX engine, including the '2023 incident. A bird strike caused smoke to fill the passenger cabin of a Southwest flight departing Havana in March 2023. Boeing published a bulletin in February 2024 to alert flight crews about possible flight deck and cabin impacts associated with severe engine failure. (Reporting and editing by David Shepardson)
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Carney will visit Calgary this Friday to announce a deal on industrial carbon pricing, sources claim
A source from the Alberta government and an industry insider with knowledge of this plan said on Wednesday that Canadian Prime Minister Mark Carney would 'visit' Calgary on Friday in order to announce details about a new agreement with Alberta regarding industrial carbon pricing. A third source familiar with the deal said that Canada and Alberta, its largest oil-producing province, are close to a deal which will increase the cost of credit in the industrial carbon market of the province to C$130 per metric ton by the year 2040. The Globe and Mail reported the credit cost and date agreed upon on Wednesday. Alberta frozen?its headline carbon price for industrial use in May 2025. Credits on its market are currently trading between C$20 to C$40 per metric ton. Experts say this is too low for polluters to be motivated to invest in technology to reduce emissions. Sources who weren't authorized to reveal the plans said Carney would visit the oil and gas?city, for the first since November when he agreed with Premier Danielle Smith to work together in order to boost investment in energy production. The sources said he ?will announce the new industrial carbon pricing plan, aimed at strengthening Alberta's pollution pricing regime while also clearing the path for Alberta's plan to propose a one-million-barrel-per-day crude oil pipeline to British Columbia's northwest coast. Third source: The agreement will include escalating price floors for carbon to ensure Canada's large emitters continue to be incentivised to reduce their emissions each year. Source: The agreement will see Alberta's carbon headline price increase to $100 a metric ton by next year, compared to the current $95 a metric ton. It will then rise to $130 per ton in 2030, and then escalate 1.5% each year beginning in 2036. The Prime Minister's Office did not confirm that the visit had taken place. Environmentalists want Alberta's carbon credit market price to reach C$130 in 2030 and not?2040. They have claimed that a shorter timeframe would encourage companies make immediate efforts to lower their emissions. Alberta and the oil and natural gas industry have been lobbying to delay the implementation date. They argue that a carbon price regime which puts Canada's oil sands industry at a disadvantage will slow down the growth of oil sands production at a time when the country wants to increase its energy exports while reducing its dependence on the U.S. The federal government said that?its approval for a new pipeline is dependent on Canadian oil companies investing in emission reductions through carbon 'capture technology. Adam Waterous, the executive chair of Canada’s fifth largest oil company, Strathcona Resources told reporters on Wednesday that companies would not invest in pipelines until the government lifted an existing ban on oil tanks off Canada’s northwest coast, and addressed other barriers. Reporting by Amanda Stephenson, Calgary; Editing and production by Aurora Ellis and David Gregorio
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Carney will visit Calgary this Friday to announce a deal on industrial carbon pricing, sources claim
A source from the provincial government and an industry insider with knowledge of the deal said on Wednesday that Canadian Prime Minister?Minister?Mark Carney would visit Calgary on Friday in order to announce details of a new agreement with Alberta regarding industrial carbon pricing. The Globe and Mail reported first that Canada and its main oil-producing Province of Alberta were on the verge of a deal which will increase the?effective credit cost of the industrial carbon market in the province to C$130 per metric ton by the year 2040. Alberta froze its industrial carbon price headline in May last year. Credits in the market trade for between C$20 and C$40 per metric ton, which experts say is too low to encourage polluters to invest in emissions reduction technologies. Sources who weren't authorized to reveal the plans said that Carney would visit the oil and gas city for the very first time since November when he agreed with Premier Danielle Smith of Alberta to boost energy production investment. They said he will announce the new industrial carbon ?pricing plan, which is aimed at strengthening Alberta's pollution pricing regime while also clearing the path for Alberta's plan to propose a new one-million-barrel-per-day ?crude oil pipeline to British Columbia's northwest coast. Environmentalists want to see Alberta's industrial carbon price reach C$130 in 2030 and not 2040. They argue that a shorter timeframe would encourage companies to take immediate steps to reduce emissions. Alberta and the oil-and-gas industry are lobbying for an earlier implementation date. They argue that a carbon pricing system would put Canada's oil sands industry at a competitive disadvantage, and slow the growth of oil sands production. This is at a time when the country wants to increase its energy exports while reducing its dependence on the U.S. The Prime Minister's Office spokesperson refused to confirm the visit.
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Traders say that the exports of Russian ESPO Blend crude oil from Kozmino will increase by 1.5% in May.
Three sources familiar with the plan say that Russia will increase 'ESPO Blend oil' loadings at its Far East Kozmino Port to 4.3 million metric tonne a month in May from 4.1 million metric tonne a month earlier. Calculations showed that ESPO loadings at Kozmino would increase by 1.5% per day in May compared with April. The planned amount is equal to 1,04?million barley per day. Since last summer, oil exports from Kozmino?have been increasing, and now stand at?around 1?million barrels per day, due to the increased capacity of the port and pipeline system, traders reported. Transneft, the operator of the Eastern Siberia-Pacific Ocean pipeline, said that it would expand the pipeline to Asia in order to increase exports through Kozmino. RIA reported this on 'Tuesday citing Transneft vice president Sergei Androninov. RIA reported that Transneft planned to finish the expansion in 2029. The ESPO Blend is the flagship oil grade of Russia for Asian markets. Russia is trying its best to increase?oil?exports to the East, as European countries have reduced their energy purchases from 2022. (by journalists in MOSCOW, edited by Kiro Donovan).
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FedEx to split freight units in two equal shares
FedEx announced on Wednesday that it would give its shareholders a share of the trucking company it is selling for every two shares they hold in the parcel delivery firm. FedEx Freight will be listed as an independent company at the New York Stock Exchange under the symbol "FDXF" on June 1. FedEx Freight is the U.S.'s largest provider of "less-than truckload" services. The company lists its list at a moment when the rate for truckloads has improved, and federal regulators have severely restricted commercial driver licenses for non-citizens. Most trucking executives, however, have stated that they have yet to witness a meaningful improvement in the demand. FedEx Freight announced?last week that it is expecting a 12% operating margin in 2026 on revenue projected at $8.7 billion, and an adjusted operating profit of $1.1 billion. Marshall Witt, FedEx Freight’s finance chief, said last month that FedEx Freight’s average revenue growth will be between 4% and 6% over the next few years. Core profit is also expected to rise between 10% to 12% per year. FedEx Freight is in competition with XPO, 'Saia' and Old Dominion Freight Line. FedEx Freight assets are not fully appreciated by FedEx, according to analysts. FedEx Freight will pay its parent FedEx a dividend in the amount of $4.1 billion as part of the spin-off. This is before its separation on June 1. (Reporting from Nandan Mandayam, Bengaluru. Editing by Leroy Leo.)
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Officials say that Russia launched a massive drone attack against Ukraine and killed three people.
Officials said that Russia launched a drone attack against Ukraine during the day on Wednesday. The attack targeted?critical infrastructure and killed at least three people in western Ukraine. NATO member Poland was also prompted to?scramble its fighter jets. HUR, Ukraine's military intelligence service, said that the drone attack was intended to overwhelm Ukrainian air defenses and warned of missile attacks in the future. The attack could last a long time, according to the report. "Russia is continuing its strikes, and doing so brazenly. They are deliberately targeting our rail infrastructure and civil sites in our cities," said President Volodymyr Zelenskiy on Telegram. "It's important to resist every attack with resilience." It's important to stand up for Ukraine and not be silent about Russia’s war." This was the first major attack since a ceasefire brokered by the United States between Ukraine and Russia that ended on Monday. The Polish army reported that Poland had scrambled its fighter jets in response to Russian air strikes against Ukraine. Zelenskiy reported that at the beginning of the attack more than 100 Russian drones entered Ukrainian airspace. There was no immediate data on the scale of the attack. HUR reported that Moscow targeted critical infrastructure, essential services, and government buildings in major cities. WESTERN UKRAINE: ATTACKS The governor and police reported that three people died and six others were injured in Rivne region, located to the northwest. Khmelnytskyi, a neighboring region, was also attacked, said its governor, adding that 3 people were wounded. The acting mayor of Lutsk said that explosions were also heard in the city located in the northwest. Serhiy Beksrestnov, a defence adviser, said that the strike showed how the use of drones has evolved by Moscow. The tactics have changed from attack to attack. He said that this time a large number of drones was moving between 5km and 10km from the Belarus border to overwhelm Ukraine's air defences and get to the western areas. Since the beginning of its invasion, Russia has carried out most major missile and drone strikes at night. It has, in recent months, sent more drones and missiles at daytime. Regional officials reported that Russian drones also targeted the southern cities Kherson and Odesa where nine people were injured. Moscow has denied 'intentionally' attacking civilians, but it is known that thousands have been killed during the conflict. It also claims that strikes on civilian infrastructures are justified if they reduce Ukraine’s fighting ability. Kyiv's long-range attacks against Russia's energy sector have intensified in recent months, though at a lesser scale. (Reporting from Anna Pruchnicka, Gdansk; additional reporting by Yuliia Dyesa, Kyiv; Editing by William Maclean).
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Snam is on course to reach its 2026 goals after quarterly gains in core profits
Gas grid operator Snam in Italy said that it was "fully on track" for its 2026 goals after posting a 1.8% increase in its quarterly core profit. It added that tensions in the Middle East, Ukraine and elsewhere had no significant impact on their business. Snam's first-quarter earnings (EBITDA), i.e. before interest, taxes, depreciation, and amortization, were 775 million euros, which was in line with the company's consensus estimate of 771 millions euros. The results reflected the growth in revenues regulated, mainly in the gas infrastructure business, as well as changes within the group. It has now fully consolidated the terminal for liquefied gas offshore the Tuscan city Livorno. Snam stated that the adjusted net profit dropped?7.6%, to 375 millions euros. This was slightly higher than the 363 million euro consensus provided by Snam. The reason for this is due to increased depreciation,?amortisation? and financial charges. The group has confirmed its financial targets for?2026, which include a?adjusted EBITDA of approximately 3.1 billion euro and?adjusted?net profit above 1.45 billion euros. Gas storage level was 50% as of end-April.
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Freeport LNG closes one liquefaction trains at Texas export facility for maintenance
Freeport LNG announced on Wednesday that one of its three liquefaction train at the liquefied?gas export plant in Texas would be taken offline for scheduled maintenance. In an email, a company spokeswoman said that they expect the train to be back in service safely in the coming weeks. Freeport LNG is one of the most closely watched LNG export facilities in the world because its shutdown and startup have caused huge price swings on global gas markets. U.S. Gas prices tend to drop when Freeport shuts down because of the lower demand from the plant. However, they usually rise once the liquefaction train at Freeport restarts as the plant uses more fuel. However, U.S. Gas futures are up about 1% so far on Wednesday despite the expected feedgas drop at Freeport. According to energy analysts, the increase in U.S. Gas prices is primarily due to a drop?in production over the last few days. Data from the financial firm LSEG'showed that gas flows into Freeport are on track to 'decline from 1.9 billion cubic feet per days (bcfd), over the previous four days, to 1.6 bcfd on Wednesday. Three liquefaction plants at Freeport can convert about 2.4 billion cubic feet per day of gas to LNG. A?billion cubic foot of?gas can?supply?about 5 million U.S. households for a single day. Reporting by Anjana Anil from Bengaluru, and Scott DiSavino from New York. Editing by ChizuNomiyama.
EU loan gives Ukraine a lifeline, but more assistance is needed to end the war
According to economists and government officials, Kyiv could need additional money this year to meet its military needs. Ukraine's budget projects a huge deficit of 1.9 trillion hryvnias (43 billion dollars) by 2026, which is around a fifth of its economic output. However, economists claim that this figure significantly underestimates the costs of the?war against Russia.
Maksym Samoiliuk, an economist at Kyiv's Centre for Economic Strategy (a?think tank), said that military spending will be assessed more realistically now that the delayed loan has been approved. This is because factors like a pay increase for military personnel expected this summer can be taken into consideration.
Samoiliuk stated that the loan was crucial because it created space to deal with pressures on Ukraine's defense budget.
The remaining 90 billion euro will be paid to Ukraine in 2027. The majority of the loan will be used for military expenditures, while around 17 billion euro per year is allocated to general budget needs like health and education.
A group of over 20 allies, in addition to Ukraine’s own budget for military expenditures, funds the purchase of U.S. made weapons through the PURL program.
Viktor Orban, the Prime Minister of Hungary, had blocked the EU loan from Ukraine for several months. He accused Ukraine of being slow to repair an oil pipeline that Kyiv claimed was damaged by a Russian drone. The pipeline transports Russian oil from Russia to Hungary and Slovakia. Following Orban's loss in the April 12 elections, the resumption on oil flow Wednesday allowed EU ambassadors to approve the loan.
Yuliya Marcuts, Vice President for Macro and Public Finance, at the KSE Institute in Kyiv (an economic think tank), estimated that budgetary spending on defence could be increased by as much as 10 billion euro, depending on the outcome of the conflict on the front lines.
Markuts stated that Ukraine?also increased its military expenditure estimates last year. Part of this was covered by government bonds as well as loans from the Extraordinary Revenue Acceleration Loans (ERA), a G7 initiative.
"How will this year be?" She said that, although it's difficult to predict, "there could be a repeat of this," adding that the EU loan may cover the revised budget.
Confidence in Tomorrow
If the EU loan is not paid by June, economists predicted that Ukraine will run out of cash and have to cut back on public services.
The approval of the EU aid package by ambassadors was welcomed by many Ukrainians. Under President Donald Trump, the U.S. has cut back on aid to Ukraine.
Hanna Fedotova is a 58 year old nursery caretaker who said that EU funding provides stability to Ukraine's institutions of state "and, most importantly, for education".
Fedotova, a nurse in the basement of a nursery in Zaporizhzhia in the south-east, said: "This aid is all about confidence for tomorrow. The certainty that we'll be able to continue doing our job."
The EU loan must only be repaid in the event that Russia pays war reparations to Ukraine.
Volodymyr Zelenskiy, the president of Ukraine, has stated that Ukraine needs additional funds to fight even though it received an EU loan. "We say 90 billions and that's enough to cover everything." "That's not true," Zelenskiy said in an interview with a Russian newspaper last month.
More Money Needed
Zelenskiy stated that the loan "only allows Ukraine order 60%" of the weapons it can produce. Ukraine needed 5 billion Euros to upgrade its electricity sector in the wake of Russian attacks.
Zelenskiy stated that Ukraine needed $15 billion, despite the fact that allies spent $5 billion last year on PURL weapons, mostly for air defence equipment.
We can't protect all of it, but we should. Where can we get the money? He said he was hopeful that the defence cooperation agreements with Gulf states could provide additional financing. The EU admits that its two-year loan covers only around two thirds of Ukraine's needs for external financing. Valdis Dombrovskis, EU Economy commissioner, said that international partners will still have to commit funding for 2027. However, the funding needed this year is covered.
Ukraine has access to other financing sources. Yulia svyrydenko, the Prime Minister of Ukraine, announced last week that it would receive 2.7 billion euro from the EU Ukraine Facility after parliament had approved some long-overdue reforms. Ukraine agreed to a $8.1 billion IMF four-year loan in February.
All this money is tied to a number of conditions, including tax and governance reforms that are not popular. Last week, the IMF agreed to delay the imposition on VAT for entrepreneurs following a backlash from the parliament.
Samoiliuk stated that "Ukraine’s ability to maintain the momentum of reforms" will be the main issue moving forward. "Ukraine’s international partners need to apply more pressure...and stress that Ukraine needs these reforms."
(source: Reuters)