Latest News
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Ten bodies found after ferry capsizes near Guyana coastline
Guyana's government announced on Monday that 10 bodies were recovered from a ferry capsized over the weekend off the coast with 133 passengers on board. The ship flipped late Saturday night. Authorities have suggested that an incorrect 'passenger manifest' and drug use by the crew could have been a contributing factor to this?disaster. The MV Barima capsized as it traveled from the capital, 'Georgetown' to the village of Port Kaituma in the northwest. Although 67 survivors, including 15 children, were rescued Sunday morning, dozens of people remain unaccounted for. Search teams expanded their area of search to 1,040 sq km (401 sq miles) with the help of private energy sector vessels and divers. Officials said that the vessel's captain, and at least one other crewmember are in police custody after testing positive for marijuana. Mark Phillips, Prime Minister of Canada, has ordered an investigation into possible institutional failures. Phillips promised that anyone found guilty will be prosecuted. Reporting by Kemol King
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Red Sea war insurance rates rise after Houthi Blockade, say sources
Insurance industry sources say that the cost of insurance for shipping goods through the Red Sea increased 'on Monday, after Yemeni Houthis, who are Iran-aligned, announced a naval blockade against Saudi Arabia. This increased risks to merchant shipping. The Houthis' move opens up a new front in the war against Iran waged by the United States and increases the danger to energy supplies and global trade outside the Gulf. Sources who declined to identify themselves due to the sensitive nature of the issue said that the indicative war risk premiums increased to around 0.75%, up from 0.3%, the day before the Houthi announcement. A seven-day trip can cost hundreds of thousands more dollars for even a minor change. It is unclear how the Houthis will 'carry out' a naval blockade against Saudi Arabia, their northern neighbour along the Red Sea coast, or if it would include a return of attacks on shipping. Since the U.S. and Israel's conflict with Iran started on February 28, Saudi Aramco has increased its use of the Yanbu Terminal in the Red Sea. Ambrey, a British maritime security firm, said that vessels flying the Saudi Arabian flag, those owned or operated by Saudi Arabia, and vessels on their way to or from Saudi Arabia, as well as vessels in Saudi Arabian ports or en route, were all deemed 'at high risk' of being attacked by Houthis. The Houthis committed a mistake during the Red Sea Crisis of 2024 by targeting ships with outdated affiliations to firms. Ambrey stated that it is possible for vessels to be targeted because of a mistaken identity. Saudi oil exports could be halted to Asia if the Bab el-Mandeb strait is closed. This would also reduce the global supply of oil by 7%. Red 'Sea traffic is still not back to normal since Houthi attacks on Yemeni coasts began in November 2023, in what they called a'solidarity war with Palestinians. The Gaza ceasefire of October 2013 was the only time that all Houthi attacks ceased. In recent months, there have been more suspected Somali piratery and hijackings of ships in the Gulf of Aden. This has increased the dangers to shipping. (Reporting and editing by Susan Fenton; Jonathan Saul)
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Senators from the US at an airshow reassure foreign defense companies and urge tariff-free trading
Nine?U.S. senators from both parties have formed a bipartisan group. Senators sought on Monday to reassure defense contractors of?American allies about the growing demand for their product and asked?the Trump Administration not to impose tariffs on aerospace products. At the Farnborough Airshow, Republican Senator Jerry Moran said: "Our message is to encourage them to improve their capability to send a message that the signal of demand is real." "We're doing things in Congress to suggest that demand will only grow." Moran said, "We must increase the demand for our country's protection." He added that the event would allow lawmakers to talk with Europeans, "to'reiterate and commit ourselves to the United States wanting to participate in global economy and national security. Senator Jeanne Shaheen, a Democrat from the United States, said that the senators represented a wide swath in the country where aerospace was important. She said that the U.S. was exhibiting at Farnborough in its largest ever presence. She pointed out that last year China was more visible at the Paris airshow. Shaheen stated that "the fact?that America has such a large?presence is important, not only for America's industry, but also the partnerships we need around the globe to improve not only our economic security, but our national safety." Shaheen stated that the U.S., European Union and other countries need to collaborate in order to meet the?needs of defense and the backlog. The U.S. Commerce Department announced earlier this month that it had finished a probe of imported commercial aircrafts, jet engines, and parts. It found foreign goods raised U.S. National Security concerns, but the Trump Administration is not?immediately seeking new tariffs. After a brief tariff on aviation in 2018, the Trump administration bowed to pressure from the U.S. Aviation sector and agreed to exempt aircrafts and parts as part of trade deals. Moran, Shaheen, and others oppose tariffs. Eric Fanning CEO of the Aerospace Industries Association noted that the U.S. Aerospace and Defense industry saw a 25% increase in exports over the past?year, with more than two million U.S. employees. Fanning stated that "we are by far the world leaders." Airplanes, parts and accessories have been exempt from tariffs since 1979 under the Civil Aircraft Agreement. The U.S. sector has enjoyed an annual surplus of $75 billion. (Reporting and editing by Alexandra Hudson; Reporting by David Shepardson)
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Aircraft orders are up at the Farnborough airshow, as Boeing and Airbus compete for deals
As the 'Farnborough International Airshow' opened on Monday, more aircraft orders are expected to be announced this week. The?British show is one of the largest gatherings in the sector. Sources in the industry said that despite expectations of 800 or more aircraft, 'dealmaking' is expected to fall short. This is because?Airbus &?Boeing are still struggling with production bottlenecks and supply-chain constraints. Here are some of the most important deals that have been made so far. SMBC AVIATION CAPITALS Boeing and SMBC Aviation Capital have announced that they have ordered 100 737-MAX aircraft, including 60 737-10 jets and 40 737-8 jets. The 737-10 is SMBC Aviation Capital’s first order for the highest-capacity variant of the 737?MAX. SMBC announced that it had placed a firm 100 Airbus A320neo family aircraft order. Airbus'?order includes 65 A321neos and 35 A320neos, and deliveries are expected to start in the first half decade of the?decade. INDIGO India’s largest airline signed a memorandum with CFM International for the purchase of over 1,000 LEAP-1A engine. This would be a record-breaking deal?for an engine manufacturer that has been criticized by industry due to maintenance delays. RIYADH AIR The 'Saudi carrier exercised its options on 28 'Boeing 787 Dreamliners, from an order placed in the year 2023. 20 of these aircraft were converted to the 787-10 variant. The firm has also confirmed a further six Airbus A350 1000 aircraft orders, bringing its total A350 1000 order book up to 31 aircraft. PHILIPPINE Airlines announced that it had placed a new order with Boeing for 20 Dreamliner 787-10 widebody twinjets. The order is composed of 15 firm orders, and five options. Philippine Airlines, which has operated Boeing aircraft for many years, including the 777-300ERs it currently operates, has never before operated Boeing's Dreamliner 787-10. Other Deals Japan's Skymark Airlines and Aviation Capital Group have agreed to lease seven Boeing 737 MAX 10 narrowbody twinjets. Deliveries will begin in 2028. Airbus' first order at the show was a commitment from UK's National Police Air Service to purchase two more H135 helicopters, bringing their fleet renewal program up to nine H135s. Delivery is expected to begin in 2028. British Airways has announced that it will be ordering Pratt & Whitney GTF engine for up to 63 Airbus A320neo jets, 33 'firm orders' and 30 options. Singapore-based BOC Aviation has placed its largest ever engine order. It will purchase and option 300 CFM International engines in support of its growing Airbus and Boeing narrow body fleet.
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EU wheat is flattened on signs that Russian/Ukrainian attacks at ports are not escalating
The European wheat futures were unchanged in Paris on Monday, traders said. They were relieved that the attacks by Russia and Ukraine on grain terminals and?shipping of grains? had not increased. The European wheat market posted its largest weekly gain in more than four decades on Friday, after Russia and Ukraine repeatedly struck each other's grain terminals and grain shipping facilities. Both sides had left them largely unaffected during their war. The benchmark September milling grain on the Paris-based Euronext ended the daytime sessions unchanged at EUR234.75 (USD267.97) per metric ton. It gained 8.4% on fears that the attacks on grain shipments could reduce Black Sea wheat exports. One German trader stated that despite the continued attacks against grain ships, they did not appear to be worsening. Ukraine seems to be concentrating their attacks on tankers. He said it was a relief that Ukraine did not strike the massive grain terminals in Russia's Novorossiysk Port, which could have caused major disruptions to the grains markets. One French trader stated that the market seemed to be taking a break despite the events of last weekend. I think the trend shouldn't change much in the absence of visibility regarding a possible?agreement. I've heard that Black -Sea FOB wheat values are still quite firm. This also limits the downside of the market. Euronext declined despite more bad news about French crops. Argus Media reported on Monday that France's soft 'wheat' crop will fall to 30,80 million metric tonnes this year, down 7.6% compared to '2025. This is after hot and dry weather 'hit yields' in the 'European Union's largest producer of the cereal.
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Executives say that private investors need to invest in defence to make up for the funding deficit.
Senior finance executives told the Farnborough Airshow that private investors need to fill the gap left by cash-strapped governments. But, too many bottlenecks and barriers discourage investment. Cathal Deasy said that "public spending will not be enough. We need to mobilize private capital in large quantities." He added that national governments must act more quickly and with greater clarity. According to event organizers, bankers and investors have attended the annual aerospace conference in record numbers this year. They are attracted by the prospect of 'cashing in' on a global boom for defence investing amid increasing geopolitical tensions. Investor sentiment has recently cooled, as reflected by the weaker stock prices of defence firms. The Franco-German defense group KNDS, for example, put its'stock market listing on hold until conditions improve. Farnborough is expecting to host more than 600 finance delegates, a threefold increase compared to 2025. These include executives from Goldman Sachs and JPMorgan, as well as Qatar's sovereign fund. Amin Mansour is a vice-chairman at Dutch bank ING. He told the press ahead of the event that banks are now more willing to invest in the defence sector. The bank has about 50 bankers who work across sectors on funding deals, compared to just a few five years ago. REVOKING DEFENSE VALUATIONS This year, the recent rally of European defence stocks has slowed. The index of aerospace and defence stocks is up by 1.3% from the beginning of 2026. Meanwhile, the broader?STOXX 600 has gained 8%. A senior executive from one of the largest U.S. private equity firms, who refused to be identified, said that valuations for defence companies had been "reckoned" in the last year, but have since become more investible. Some said that despite the fact that many smaller defense contractors are still missing out on private funding due to factors such as complex procurement, they continue to be disadvantaged. Ephraim Rudman is a partner in Apollo's financial institutions group. He said that getting capital into the supply chain was a challenge and created bottlenecks. (Reporting and editing by Tommy Wilkes, Sharon Singleton, Alun John)
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A northern city lost trains to London on the day Andy Burnham became UK PM
Andy Burnham, who was elected as the new prime minister of England on the same day that he promised to invest and give more power to the north, suffered a blow when one of its key train operators cut many direct services from the region to London. Burnham, a former mayor of Greater Manchester, promised to gain greater control over key privatised services, such as trains, in order to boost productivity and connectivity, improve living conditions, and revive the economy. East Midlands Railway imposed a new timetable on Monday that disrupted services from Sheffield, Nottingham and London. The company did not specify a date by which services would resume. Cutbacks are an example of the frustration Burnham promised to address. Britain struggles to build, maintain and operate infrastructure reliably. Many of its services are delivered by private companies who do not report to local politicians. Oliver Coppard is the mayor of South Yorkshire Mayoral Combined Authority, which oversees Sheffield and its neighbouring towns. He told? It was a "test case" to see if Burnham's promise of empowering the regions could fix these problems. Coppard stated that he was now reduced to saying to private companies, "Do better". "That's just not good enough." "I want to bring back the power and control in South Yorkshire so that we can make these decisions and change these systems so that they work for people." EMR stated that the timetable reduction was due to the delays in the introduction of new Hitachi train models. EMR data showed that almost one out of five scheduled services between Sheffield and 'Nottingham to London will be either cut or run using fewer carriages. The company acknowledged that "temporary changes" may cause inconvenience, but said it would do its best to minimize the impact. The Department of Transport did not respond to a request for comment. Sheffield is a city known for its steel industry and has a population close to 600,000. Boeing and McLaren Automotive are two of the major employers. Henri Murison is the head of?Northern Powerhouse Partnership', a business-backed lobby group for investment in Northern England. He expressed concern that the news might permanently damage the area's attractiveness. (Reporting and editing by Hugh Lawson; Reporting by Andy Bruce)
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China suspends aviation company linked to Beijing light aircraft crash
China's Civil Aviation Authority on Monday ordered the operator of a light aircraft that crashed into Beijing’s tallest building in late August to suspend operations, ground aircraft and eliminate “major safety risks”. The pilot of a two-seater, single-engine light sport aircraft was killed in the rare crash that occurred during rush hour evening rush hours in Beijing's crowded?central business district. Local government officials have confirmed that 13 other people were injured in the crash. Local government officials said that the pilot suffered from insomnia, anxiety and had written in his diary about ending his own life. Questions remain about how the plane managed to enter the restricted airspace. The North China Regional Administration (CAAC) of the Civil Aviation Administration of China said that the aviation authorities were "unable to confirm" whether the qualifications of the companies' pilots and the airworthiness of the aircraft met the flight safety requirements for the items of operating licenses applied for. The notice also named a company called Dongshi Kunpeng General Aviation. It wasn't immediately clear whether Dongshi Kunpeng - a company based on the outskirts of Beijing - had any connection to the crash. Outside of normal business hours, it was impossible to reach Dongshi Shuangyue and Dongshi Kunpeng. In a 2024 promotional video, the Beijing-based Dongshi Shuangyue was shown as being the owner and operator of the plane that crashed last month, with registration number B-12PP. According to a source with knowledge of the incident in June, The Financial Times reported that the aircraft belonged to Dongshi Shuangyue. This company offered low-altitude scenic flights, flight training and hands-on experience programs in the suburb Pinggu District, located about 50 km from the center of Beijing. The notice did not mention the crash, but ordered the companies to immediately eliminate hidden hazards, suspend temporary production and business operations and stop using aircraft. The company cited their prolonged suspension of flight activities for the order to suspend operations. A document from the CAAC shows that both companies were listed in its registry of general aviation operators licensed in May. Reporting by Beijing Newsroom, Editing by Alexander Smith
West Africa's ECOWAS group signss agreement supporting Nigeria-Morocco atlantic Gas Pipeline, reports a statement
According to a Moroccan-Nigerian statement, member states of the Economic Community of West African States signed an intergovernmental agreement in 'Freetown on Sunday backing the 'Nigeria - Morocco Atlantic gas pipeline.
According to a joint?statement?by Morocco’s hydrocarbons & mining agency ONHYM & Nigeria’s state oil firm NNPC, the pipeline will transport up to 30 billion cube metres (bcms) of natural gases a year through 13?West African nations to Morocco.
The statement stated that 15 bcm of that capacity will be?available for Moroccan and European markets via an?existing pipe that links 'Morocco with Spain.
The pipeline was agreed upon a decade earlier between the Moroccan King, and the Nigerian President. It would cover 6,900 km along a hybrid off-shore-onshore route, and cost an estimated $25 billion.
The project has completed the feasibility study and front end engineering design (FEED).
OnHYM told the public in April that the pipeline would help spur "economic integration" across West Africa, by facilitating industrial development and increasing electricity generation, while helping Morocco establish itself as an energy bridge between Africa, and Europe.
According to the statement, the next step is the?signing a deal 'between Morocco and the gas-rich Mauritania.
(source: Reuters)