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Sweden's highest court allows transfer of ship to Ukraine
Sweden's highest court announced?on Thursday that it had upheld an?order that a cargo ship seized in the Baltic Sea this year can be?given to Ukraine where it is suspected illegally transporting grains from Russian-occupied territories. The Supreme Court dismissed the appeal of owners of the?the Caffa ship, which was seized off southern Sweden in March on suspicion of sailing under a false flag and violating maritime safety and ship laws due to an?lack seaworthiness. The Ukrainian government has been looking for the ship in connection with a suspected war crime investigation involving the removal and appropriation of property from Russian occupied territory. Lower Swedish courts stated that these alleged actions may constitute a crime of war?under Swedish Law, meaning Sweden can transfer the vessel and any related evidence to Ukraine. The Supreme Court will not grant leave to appeal. The Court of Appeal decision is final, the Supreme Court said in an?August 4 ruling. Police said that the majority of the crew on Caffa were Russians. (Reporting and writing by Anna Ringstrom; editing by Terje Solsvik).
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Russia's'safari-like' attacks on civilians in Ukraine's Zaporizhzhia are an attempt to create panic amongst the people.
Two?Russian bombs that hit Kateryna lahuta's business in Zaporizhzhia, Ukraine's southeast city last month shattered any semblances of security the entrepreneur had. Moscow's forces, since the beginning of their invasion in 2022, have been positioned just south of Zaporizhzhia - a major manufacturing city with 700,000 residents - and hammering at it with drones and missiles. A new wave of attacks have made life more dangerous for the residents as part of Russia's escalating war in Ukraine. "Even a half year ago, it was still frightening, and there were strikers. Lahuta said, "But it wasn't this way." "Now, it's a'safari.'" Ukrainians use the term "safari" to describe drones that 'hunt down' vehicles or civilians in the streets. Kherson residents, who live on the front lines of the conflict, have suffered for years from this. Reporters visiting Lahuta’s business were forced to take cover when they heard the buzzing noise of a drone. These small, agile helicopters drones are loaded with explosives and controlled by video. They have turned Ukraine's front line into a "kill-zone". Attacks aimed at scathing the public Russia denies targeting civilians during the war that began in 2022 with its full invasion of Ukraine. Standing in the charred remains of the processing plant that supplied Lahuta's stores, Lahuta claimed Russian attacks had driven customers away and made planning for the future near impossible. "Everyday is a battle." Officials?say that Russia wants to create panic and damage infrastructure by increasing the frequency of strikes in the city. They also claim they are using FPVs, for the first, as well as larger, more destructive, glide bombs. Zaporizhzhia, the capital of Zaporizhzhia, is one of four Ukrainian provinces that Russia has claimed to be its own despite only controlling three quarters. Russian ground troops failed to advance in a narrow corridor, south of the city. The Ukrainian military had put up a stiff resistance there for months. Governor Ivan Fedorov said that Russian FPV-drones attack groups of civilians and vehicles, particularly in the south of the city. "The enemy's priority is to put maximum pressure on civilians," he stated during an interview conducted in an underground school that was built as a bomb shelter. The range of FPV drones has been extended, while air-launched missiles such as the one that hit Lahuta’s business can't be intercepted unless more advanced air defences are in place. The Russian Defence Ministry didn't immediately respond to an inquiry for comment. KILLER DRONES TARGET ZAPORIZHZHIA BUSES Cafes and commuters in central Zaporizhzhia give a feeling of normality, despite the frequent air raid alerts. Even on Friday evenings the city is subdued. Many office and residential building in the vicinity of the engine-building giant Motor Sich bear the scars from repeated bombardment. In southern Kosmos, roads will be covered with drone netting in order to protect them from FPV drones which have been hitting vehicle roofs and windshields over the past few weeks. Two private bus drivers who drive a route serving Kosmos say that an increase in attacks has scared drivers and passengers. One of the drivers who refused to give his name said that drone netting would not save him from the "big ones". Fedorov stated that less than 5% enemy FPV drones are able to get past Ukrainian air defences. On the worst days - which are usually several times per month - that could still be up to ten drones injuring or damaging people. Volodymyr Sukachov, director of the city transit authority, has said that they have begun to experiment with drone monitors for bus drivers and are testing new shatterproof glasses. He said that 12 city-run tramcars or buses were damaged this year by FPVs and larger munitions. However, there is no plan to reduce service. Ania Syvova (34), a seamstress from the south of the capital with a husband who is fighting in the conflict, witnessed an FPV drone smash into a bus as she returned home last month. She said, "Maybe I've got a good angel," with a smile. Residents learn to live with danger Syvova said that she and her child, who attends an underground kindergarten with a 6-year-old, have both learned to adapt to daily dangers. She said, "It's awful but we are used to it." "For the moment, unfortunately, there is no other one." Ihor Terekhov, the mayor of Kharkiv (northeast Ukraine), said that Russia is using similar tactics to attack other frontline cities. FPV drones have been "one of the most important instruments of terror" in Kharkiv. He stated that 45 strikes were registered in the last month. Fedorov stated that Russia also attacks Zaporizhzhia 4 to 6 times per day using glide bombs. He told Ukrainian TV that eight bombs were dropped by Russia on residential areas in an hour-and-a-half, killing one and wounding 31. Residents have described recent attacks as occurring around noon or early evening. Tetiana (38), a government employee from the area, told reporters that Russian forces had "gone crazy" and bombarded her neighborhood six times in a single week last month. She was torn about whether she wanted to stay or go, as people depended on her to keep the services running. She said "I'm already completely empty" as she glanced at the charred car shells littered in her yard. "No emotions." (Editing by Daniel Flynn & Kevin Liffey).
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Fraport exceeds earnings expectations as overseas airports compensate for Frankfurt weakness
Fraport, the German airport operator, surpassed expectations for its second quarter earnings on Thursday as a result of a growth in its international airports that helped to offset weakened passenger traffic at Frankfurt. In a LSEG survey, analysts had predicted that second-quarter EBITDA would rise 0.7% to 386.3 millions euros ($446million), but the actual result was?372million euros. EBITDA for the first half of 2013 grew to 582.3 millions euros. The first-half revenue increased 4% to 2.1 billion Euros. The number of passengers at Frankfurt Airport, Germany's largest airport, decreased by 0.8% due to strikes and disruptions resulting from the conflict in the Middle East. Most of Fraport's South American and South-Eastern European airports saw an increase in passenger numbers, but Antalya traffic also decreased. The results show that despite disruptions in some markets, air travel demand remains strong. However, growth in Frankfurt continues to lag behind other overseas locations. In April, hundreds of daily flight cancellations were caused by pilot and union strikes at Lufthansa. The airline accounts for the majority of seats available at Frankfurt Airport. According to Frankfurter Allgemeine Zeitung, this affected around 700,000 passengers. Fraport shares were up by?1.1% in pre-market trading at 05.36 GMT.
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Qantas and the pilots' union have reached a provisional agreement on pay in talks
Qantas, an Australian pilots union and the airline announced on Thursday that they had reached a?provisional agreement? on a wage package after long-haul?pilots voted this week in favor of industrial action. This agreement would cover approximately 1,700 pilots flying Qantas Airbus A380, A330 and Boeing 787 jets on long-haul routes. The short-haul crews are covered by a separate contract. The Australian and International Pilots Association has expressed its satisfaction with the progress made during discussions at Australia's industrial arbitrator, the Fair Work Commission. "A broad agreement has been reached" (with Qantas). AIPA President Andrew Marshall stated by email that they hoped the agreement could be formalised within a few days. Qantas said it was happy to have reached "in principle" agreement on a deal which would provide significant pay increases, improved rostering and more career advancement opportunities while balancing its needs. After negotiations on pay and conditions of employment failed to yield an agreement, a majority among the long-haul airline pilots approved a protected action ballot. A Qantas union for ground workers announced on Thursday that 650 workers will vote soon?on industrial actions. In Australia, protected industrial action, such as strikes or work stopspages, is only possible if the Fair Work Commission approves a ballot that will be voted on by union members. Any industrial action must be announced in advance to the employer. Reporting by Renju José in Sydney, Editing by Jamie Freed
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I Squared buys Indonesia's Cella and targets a six-fold increase in capacity
I Squared Capital, a global infrastructure investor, will purchase Indonesian logistics and cold storage company Cella. This marks its entry into Southeast Asia’s largest economy, as it plans to expand a lot over the next 4 or 5 years. Harsh Agrawal, senior partner at Cella and based in Miami, said that the investor wants to increase Cella's cold storage and warehouse space from 231,000 square meters to approximately 1.5 million square meters. I Squared has announced that it will purchase the entire business of NWP Property, a Japanese logistics facility specialist and CRE. The financial terms of the deal were not disclosed. I Squared stated that the deal should close by?the third-quarter of 2026. Agrawal stated that the management team of Cella, headed by CEO Bonny Setiawan will remain at the company. Indonesia faces a crisis in investor confidence due to concerns about government spending and policy direction. Meanwhile, President Prabowo is pursuing a goal of an 8% economic growth by 2030. Agrawal said I Squared would invest in Indonesia's growing middle class and rising consumption, as well as the need for modern cold storage infrastructure and logistics. Agrawal stated that despite some short-term noises, he believes in the long-term trajectory of growth of the Indonesian Market. Cella operates and owns five modern cold storage and?logistics facilities in Greater Jakarta and Surabaya. Agrawal stated that the sites were almost completely occupied. They serve both multinational and Indonesian customers in e-commerce and third-party logistics as well as retail and consumer products. Agrawal stated that I 'Squared would fund the acquisition through its Growth Markets II Fund. Agrawal said that the company will expand its operations in Surabaya, as well as larger cities such as Medan. The location of these new facilities will be determined by customer needs and supply chain requirements, he explained. I Squared had previously invested in Royal Cold Storage, a cold storage company in the Philippines. I Squared invests and manages assets worth more than 60?billion dollars and is involved in digital, environmental, social and power infrastructure. Cella will be I Squared’s cold storage and industrial logistics platform in Indonesia. It is expected to be founded in 2022 with a headquarters in Greater Jakarta. (Reporting and editing by Nia William; Yantoultra ngui)
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Suncor CEO: Despite government's oil-friendly stance, Suncor is not ready to accelerate output growth.
Suncor Energy's CEO said on Wednesday that the company is not ready to increase production plans, despite the large-scale reforms promised by the Alberta and federal governments to boost growth in Canada's petroleum industry. These comments highlight the uncertainty surrounding whether the federal government’s more friendly stance towards the energy sector will translate to increased company investment and a higher output for Canada, the fourth largest oil producer in the world. Suncor's outlook is unchanged since its investor day in March, Rich Kruger, CEO of Suncor, said during a conference call. He added that there's still work to be done to convert last month's Memorandum of Understanding between the oil-sands industry, and government, into legislation. Kruger stated that it is still unclear how the agreement will affect his plans. Kruger and other oil sands CEOs signed a nonbinding agreement with Alberta and Canada in July to set out the conditions for the development of the 'Pathways' carbon capture and storage project. This would reduce greenhouse gas emissions from oil sands. Mark Carney, the Canadian Prime Minister, has endorsed Alberta’s vision for a new pipeline that would export 1 million barrels per day to the Pacific Coast. However his support depends on whether the Pathways project is implemented. Carney's government has been working to mend relations with the Canadian oil industry for a number of years. The industry had fought many of Justin Trudeau's environmental policies. Carney has reversed or diluted many of these policies and promised to accelerate the permitting process for major energy projects. Many of the?proposed policy changes are not yet drafted into legislation. Enbridge, the Canadian pipeline operator, announced last week that it would 'postpone' a planned expansion of Mainline by 250,000 bpd due to oil producers unwillingness to commit significant production increases. Kruger stated that while the tone of the 'Canadian Government is more positive than in the past decade, the company wants to take its time before making any commitments to accelerate their growth plans. Suncor announced in March that it expected to increase its upstream production from 840,000 to 870,000 barrels per day (bpd) by 2028. Kruger stated that Suncor has the option of ramping up more quickly if so desired. He said, "We haven't changed to this mode at all. But we do have flexibility." (Reporting from Amanda Stephenson, Calgary; editing by Nia William)
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Iran Ministry: Iran and Oman have reached an agreement on the coordinates of the route through Hormuz
Esmaeil baghaei, spokesperson for the Iranian Foreign Ministry, said that Iran and Oman had'reached an agreement on the geographic coordinates of a shipping route across the Strait of Hormuz. A joint announcement is being finalised if certain third parties do not interfere. Baghaei said that such an agreement between Iran and Oman, would not guarantee the security of this strategic waterway. A senior Iranian official and two regional officials told reporters on Wednesday that the proposed deal between Oman and Iran would give Tehran control of ships entering the 'Gulf via the Strait of Hormuz. This is one of the biggest concessions made to Iran yet. Sources rebutted claims by U.S. president Donald Trump, that a deal to reopen the Strait of Hormuz was imminent. They said important details had to be agreed. Esmaeil baghaei, spokesperson for the Iranian Foreign Ministry, described the negotiations between Tehran and Muscat as being "professional" in nature and "moving ahead", saying that "the two sides had reached a mutual understanding on the geographic parameters of the route discussed". Baghaei said that, "if third parties don't obstruct this process, then the joint statement between these two countries, which contains the?"main considerations" and "key points of understanding", is in the final stages. Reporting by Elwely Elwelly, Menna ala El Din and Alison Williams. Editing by Ros and Alison Williams.
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Increased Black Sea attacks put pressure on global commodity flow
The Black Sea region is the latest strategic trade chokepoint that has been hit by an escalating conflict. The Black Sea is an important route for grain, crude oil and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across the Middle East. Kayoko Gotoh, a U.N. representative, told the Security Council last week that "the consequences... are already evident in global agricultural markets." "We cannot allow this dangerous spiral to continue." The U.S./Iran conflict has disrupted oil flows through the Strait of Hormuz, and a maritime ban imposed by Houthis in Yemen who are aligned with Iran on Saudi Arabian ports & ships has increased risks for Red Sea shipping. GRAIN EXPORTS STRAINED According to the Infrastructure Ministry, Ukraine reported 35 attacks in July on vessels in port, 22 at sea, and 67 strikes?on port infrastructure. Ukraine is estimated to have targeted dozens tankers that are involved in the Russian oil trade. Already, the escalation has affected trade flows. FESCO, a Russian shipping company, said 'this week that it has suspended new orders for shipments via the Black Sea following a drone attack on one of its ships. Russia has intensified its strikes on civilian vessels and the port infrastructure in southern Odesa, Ukraine. Through this hub, more than 90% Ukraine's agricultural products are exported. Both Russia and Ukraine claim that they only target military targets. More than four years after the end of the war, agricultural products are still Ukraine's main source of export revenues. Kyiv seeks alternative export routes. However, Agriculture Minister Taras Voysotskyi said this week that they will not reach their full capacity until August. They would also only handle about half of the volume normally shipped via Black Sea ports. Trade sources reported that since July 10, shipping activity in the Sea of Azov which leads to the Black Sea has been restricted. This has affected activity at Taman, the main Russian grain port. The export of grain from Novorossiysk and Tuapse continues, but at a lower rate than before. Oil exports have also been affected. In July, Ukrainian tanker attacks damaged several vessels. This forced the temporary suspension of loading operations in Novorossiysk as well as the Caspian Pipeline Consortium terminal (CPC), the main outlet for Kazakh crude. In a report published this week, shipbroker BRS stated that the CPC system was a vital?export route in Kazakhstan. It handles roughly 80% percent of the country's oil exports. Any disruption could have a negative impact on regional supply. Ambrey, a British maritime security company, advised clients that vessels continuing to call at Black Sea port should carry out comprehensive voyage threat assessment and that crews should remain within designated safe muster areas during drone attacks. Stephen Cotton, General Secretary of the International Transport Workers' Federation, a leading union of seafarers, said: "The killings of innocent civilian seafarers are?unacceptable. They cannot be considered 'collateral damages' in order to achieve military goals - this is an immoral precedent and a very dangerous one." BLACK SEA WAR INSURANCE JAMMERS Shipping costs are also increasing due to rising security risks. According to market estimates, the average daily Black Sea oil tanks costs have increased from $200,000 to more than $300,000. According to insurance sources, war insurance costs for port visits to terminals in the Black Sea have increased to 2% of ship value, up from 1% just two weeks ago. Insurance sources say that even small increases can add up to hundreds of thousands in extra costs for each voyage. Niels Rasmussen is the chief shipping analyst at shipping association BIMCO. He said that if the Black Sea volumes continued to be reduced as they have been over the last two weeks, the global dirty (crude) oil tanker volume could fall by 3%. (Reporting and editing by Ros Russell; Additional reporting by George Abbott of The Insurer & Bureaus, with additional reporting from Jonathan Saul)
Challenges facing new Air India CEO Tewolde Gebremariam
Air India, which is owned by Singapore Airlines and the Tata Group, named Tewolde Gebremariam its new CEO. This comes at a time of great challenges for Air India. From record losses to safety lapses, they have been under intense scrutiny from regulators.
Here are the major challenges that former Ethiopian Airlines CEO,?Mr.?Mahmoud?Al-Ghani?faced:
SAFETY & COMPLIANCE The Air India Boeing 787 crash in Ahmedabad, June 2025 that killed 260 people has increased scrutiny on the airline's safety culture and operations. Indian regulators have reprimanded Air India over lapses, including the operation of an Airbus A320 in multiple flights without having a valid airworthiness review certificate and not conducting required checks on emergency equipment. In December, the airline admitted that it had to improve its process discipline, culture of communication and compliance.
Air India Group has recorded record losses of over $2 billion for the fiscal year 2025-2026 that ended in March. This compares to a loss a year ago of around $1.13 billion.
Since its return to privatization in 2022, the airline hasn't reported a profit. Singapore Airlines (SIA) auditors flagged signs that its investment in the 'carrier could be impaired due to difficult operating conditions and uncertainty over geopolitical issues, but SIA stated a formal evaluation concluded there was no need for a write-down.
GEOPOLITICAL DISRUPTION & AN UNPROFITABLE NETWORK
Air India has been forced to cancel flights, increase routes and reduce some of its most important international services due to the ban by Pakistan on Indian airlines from using its airspace until April 2025. Foreign carriers have expanded as a result of the disruption.
MODERNISING FLEET
Air India acquired an aging fleet and cabins that were outdated after years of decay. The shortage of seats, components and supplies has slowed down the refurbishment programme. The airline has retrofitted the cabins of 27 of its older Airbus A320neos, and is currently upgrading its widebody fleet. Air India has over 500 aircraft ordered. ? Tata, the airline's owner, pushed it to reduce costs and record losses.
Campbell Wilson, Tewolde’s predecessor, consolidated Tata’s aviation business by merging Vistara with Air India, and combining all of its low-cost carriers into Air India Express. N. Chandrasekaran, Chairman of Tata Sons, has said that the airline is entering a critical execution and expansion period.
(source: Reuters)