Latest News
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UK maritime firm aware of incident east from UAE's Khor Fakkan
Ambrey, a British maritime security company, said it was aware of a 22-nautical mile incident near the Strait of Hormuz in the United Arab Emirates. Israel and Iran are waging armed conflict for the fifth day running. The Strait is located between Oman, Iran and links Gulf of Oman in the north with Gulf of Oman in the south. Around a fifth (or 450 million barrels) of all oil consumed in the world passes through this strait. According to Vortexa, between the beginning of 2022 until last month, 17.8 to 20.8 millions barrels of oil, condensate, and fuels were transported through the strait every day. In the early morning hours of Tuesday, neither the Emirati Foreign Ministry nor the Khor Fakkan Container Terminal responded to the request for comment. Israel launched a massive attack against Iran on Saturday, claiming that it was the beginning of a long-term operation to stop Tehran from developing an atomic bomb. It said that its targets included nuclear facilities, missile factories, and military commanders. Iran has threatened in the past to close the Strait of Hormuz to traffic as a retaliation for Western pressure. Experts say that a closure of the Strait could impact on global oil prices and restrict trade. (Reporting and editing by Tom Hogue, Christopher Cushing and Enas Alashray)
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Mayor of London says that Oxford Street will be made traffic-free as part of a shopping area renovation.
LONDON, JUNE 17 - London’s Oxford Street will become pedestrianised. Mayor Sadiq Khan announced the move on Tuesday. The goal is to improve the area, create new public spaces, and help to drive growth. After consultations, the plan to eliminate cars and buses from Oxford Street, which has taken over 20 years to develop, is set to become reality. September The majority of Londoners, and their businesses, support the idea. The supporters of pedestrianising central London's mile-long stretch say that similar schemes in New York Times Square and La Rambla, Barcelona, have given new life to tired areas. Khan announced the results of a public consultation by saying, "We want Oxford Street to be reborn; it will become a global leader in shopping, leisure, and outdoor events, with a pedestrianised, world-class avenue." According to the Mayor's Office, Oxford Street receives a half-million visitors each day. However, many flagship shops, including House of Fraser, Topshop, have closed in recent years. Khan also said that the area has been neglected. He will work with the government to develop legislation that would allow traffic-free roads "as soon as possible". This will mean finding new routes to accommodate the dozens buses that travel along it every hour. Khan's plan to create a "beautiful space public" will bring in more tourists, spur new investment and create new jobs. (Reporting and editing by William James; Sarah Young)
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Sources say that Wizz Air is close to a deal with Pratt & Whitney for the purchase of new engines.
According to two industry insiders, Wizz Air has been moving towards a deal to buy engines for 177 Airbus jets that it already ordered. They said that an announcement could be made as soon as the Paris Airshow this week. It would also form part of a settlement reached with the engine manufacturer over groundings due to repair times. Wizz Air, RTX and Pratt & Whitney parent RTX both declined to comment. Last year, the airline that operates an all Airbus fleet said it had only two options – its current supplier Pratt & Whitney whose engines have been experiencing problems worldwide forcing airlines to ground their planes and CFM, a joint-venture between GE Aerospace, France's Safran, and GE Aerospace. Wizz Air's Chief Executive Jozsef Varradi said that the choice of engine supplier would be based on factors such as the cost to acquire, the durability of the engines, the operating costs and the cost guarantees for the aftermarket, he explained. Wizz Air was among the airlines forced to ground a number of planes because a powder-metal issue occurred with the Pratt & Whitney geared turbofan engine (GTF). The groundings had a knock-on effect on the company's 2025 financial year. This ends March 31. Its profit dropped by over 60%. (Reporting from Joanna Plucinska, Tim Hepher and Allison Lampert at Montreal. Editing by Matthew Lewis.)
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Tanure, a Brazilian tycoon, enlists Rothschild & Co to negotiate Braskem's bid
Two people with knowledge of the matter said that Nelson Tanure, a Brazilian businessman, has hired Rothschild & Co. as an advisory firm to help him conduct negotiations for his bid to buy Braskem, Latin America's biggest petrochemical company. Tanure's offer to purchase the controlling stake of Braskem from conglomerate Novonor in late May led to exclusive talks between the two companies. Tanure, which is known for its investments in companies that are undergoing financial restructurings, must also negotiate with the banks who hold Braskem shares as collateral to Novonor’s outstanding debts. They will also need to negotiate with Petrobras, Braskem’s second largest shareholder, and with other oil companies. Tanure Rothschild refused to comment. Newspaper O Globo was the first to report Rothschild's engagement with the Brazilian businessman. Tanure told a reporter in a recent interview that he has begun talks with banks and other key players about the deal, but has not yet revealed his offer. Tanure also stated that he wanted to keep Novonor as an minority shareholder, and give Petrobras a larger role in Braskem. (Reporting and editing by Alistair Bell; Luciana Magnhaes)
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Source: Mitsubishi Corp is in negotiations for an $8 billion US Shale acquisition.
A person familiar with this matter told me on Monday that Mitsubishi Corp was in negotiations to buy the U.S. Shale Production and Pipeline assets of Aethon Energy Management. The price is estimated at $8 billion. If the deal is struck, the Japanese conglomerate would gain a significant natural gas operation near the U.S. Gulf Coast and the energy export infrastructure being developed there. The source said that talks between Mitsubishi and Aethon were ongoing. She cautioned, however, that no transaction was guaranteed and spoke under condition of anonymity in order to discuss confidential discussions. The assets are operated and owned by the U.S.-based energy investment firm Aethon. However, other money managers RedBird Capital Partners as well as Ontario Teachers' Pension Plan in Canada also have significant stakes. Aethon, RedBird and other companies declined to comment. OTPP didn't immediately respond to a request for comment. Mitsubishi was not reachable outside normal Japanese business hours. Aethon's upstream assets, which are centered on the Haynesville Shale Formation in Louisiana and East Texas constitute one of the biggest privately owned U.S. Gas producers. Reports in November indicated that Aethon is exploring options for its operation, which includes more than 1,400 mile (2,250 km), of pipelines, across the Haynesville Basin and Wyoming, where Aethon has some production assets. Bloomberg News reported earlier Monday that Aethon and Mitsubishi were in talks, citing sources familiar with the issue.
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Sources say that Boeing's top executive Pope visited Air India's headquarters to discuss the plane crash.
Two sources say that the head of Boeing Commercial Airplanes Stephanie Pope met with the chairman of Air India in India on Monday. The companies are trying to determine the cause of the fatal Boeing 787 Dreamliner crash last week. One source said that Pope met Air India Chairman N. Chandrasekaran in Gurugram near the New Delhi airport. He was accompanied by Boeing India President Salil Gupte. Details of the discussion were not immediately available. The discussions took place four days after an Air India flight bound for London crashed seconds after takeoff in Ahmedabad, India. All but one of the 242 passengers on board were killed. According to Boeing's website, Pope is responsible for the design, production, and delivery of advanced aircraft to Boeing customers worldwide. One source said that the Dreamliner is fitted with GE engines. Russell Stokes, GE Aerospace CEO for Commercial Engines and Services and Vikram Rai its South Asia Chief, met Chandrasekaran Monday. Boeing declined to comment in a press release on Pope's meeting with Air India and his visit to the country, but stated that it was "focused" on helping its customer and supporting their investigation. GE and Air India didn't immediately respond to requests for comments. Sources declined to name themselves as the meetings took place in private. Boeing's new management has been trying to improve the public's perception of the company and gain trust after a series safety and production crisis. Air India has ordered more than 200 Boeing planes, including 20 787s, and is Boeing's largest customer. (Reporting and editing by Aditi Kalra, Aditya Shah)
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India plane crash victim flew home to bury father
Lawrence Christian flew to India to bury the father he had lost. His family is waiting for him to be buried a week later. Christian, 30, was a British citizen and one of 242 passengers aboard the Air India Boeing 787-8 Dreamliner that crashed in London last week, just seconds after it took off from Ahmedabad. His mother Ravina, who was sitting with her daughter Rinal at home in Ahmedabad and sobbing uncontrollably, said that when he sat in the plane he saw me on a video call. The last thing that he said is that he would call me when he lands. The worst aviation accident in a decade claimed the lives of all but one passenger. Around 30 people were killed on the ground. Ravina Christian's husband Daniel died in May from heart-related complications. Their son was the sole breadwinner for the family. Salvina Christian said, "We've lost everything. The three of us are left here." Everything has disappeared, including our strength, pride and dignity. "We have lost the light in our home." The family waited to receive Christian's body. The doctors at Ahmedabad’s largest government hospital rely on dental records and samples of DNA to identify the deceased. Imitaz Sayed, one of these people, is waiting to learn if Sayed Javed, his brother's spouse, son, aged six, and daughter, aged four, have been identified. The four passengers were in India to celebrate Eid with their family and visit their mother. They are presumed dead, but the pilot says that he has not given up hope they could have survived. There is still hope within. Everything is possible. He said outside the hospital that it is God who decides whether someone lives or dies. Reporting by Sunil Kataria, Sudipto Ganuly, Writing by Shilpa jamkhandikar and Editing by Alison Williams
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Sources say that Boeing's top executive Pope visited Air India's headquarters to discuss the plane crash.
Two sources say that the head of Boeing Commercial Airplanes Stephanie Pope met with the chairman of Air India in India on Monday. The companies are trying to determine the cause of the fatal Boeing 787 Dreamliner crash last week. One source said that Pope met Air India Chairman N. Chandrasekaran in Gurugram near the New Delhi airport. He was accompanied by Boeing India President Salil Gupte. Details of the discussion were not immediately available. The discussions took place four days after an Air India flight bound for London crashed seconds after takeoff in Ahmedabad, India. All but one of the 242 passengers on board were killed. According to Boeing's website, Pope is responsible for the design, production, and delivery of advanced aircraft to Boeing customers worldwide. One source said that the Dreamliner is fitted with GE engines. Russell Stokes, GE Aerospace CEO for Commercial Engines and Services and Vikram Rai its South Asia Chief, met Chandrasekaran Monday. Boeing, GE, and Air India have not responded to comments immediately. Sources declined to name themselves as the meetings took place in private. Boeing's new management has been trying to improve the public's perception of the company and gain trust after a series safety and production crisis. Air India has ordered more than 200 Boeing planes, including 20 787s, and is Boeing's largest customer. (Reporting and editing by Aditi Kalra, Aditya Shah)
UK invests $340 Million in Clean Tech for Air Travel
The UK announced that it will invest 250 million pounds ($340) in research to improve air travel. This includes zero-emissions flying, laser beam manufacturing, and reducing aircraft drag.
The UK said that funding research and development projects led Airbus, Rolls-Royce, and other smaller companies, as well as academic partnerships would increase private investment in the sector, and create new jobs.
The new funding will be announced by the Industry Minister Sarah Jones at the Paris Airshow tomorrow. It includes funding for a variety of projects, including the development of infrastructure to test liquid hydrogen systems, the fuel cell system, and the development of lightweight materials.
The announcement of funding came before the publication of the industrial strategy by the government, which is expected later this month. It will help to grow the country's advanced manufacturing and defence sectors.
Jones said that supporting major contractors is "incredibly important", however, the government wants to encourage more newcomers in the sector.
In an interview, she stated that "getting the supply chain ready of smaller businesses is the challenge and we want to build it up in the UK."
Airbus UK Chairman John Harrison said that the funding gives the industry the confidence needed to fuel innovation.
He said that initiatives such as these are essential to accelerate our decarbonisation journey, and advance sustainable, cutting edge manufacturing.
(source: Reuters)