Latest News
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Emirates hires cabin crew, ground service staff and pilots
It said that the parent company of Emirates Airlines is planning to increase its workforce by 17300, including more pilots, engineers, cabin crew and catering staff as well as cargo and ground handling personnel. Emirates Group, which is owned by Dubai’s sovereign wealth fund ICD and has a workforce of 14%, plans to hire 350 new staff members in different roles in the group's financial year, ending in March next year. It said that the new jobs would include more than 4,000 positions at its ground handling firm dnata. Emirates is a major player in Dubai's positioning as a global hub. D33 is a 10-year strategy that aims to boost the economy of Dubai by attracting foreign investment and investing in tourism. According to data from the government, between January and the end of May, 8.68 million people stayed overnight in the city-state, an increase of 7% compared to a year ago. In a statement, Emirates said that as part of its recruitment drive, it will host over 2,100 open-days and other talent acquisition activities in 150 cities across the country. (Reporting by Federico Maccioni; Editing by Susan Fenton)
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Air India claims that the power generator of a flight caught fire at Delhi Airport, triggering checks
Air India announced on Tuesday that it had grounded a passenger plane for inspections after a generator caught fire soon after landing in New Delhi, India's capital. A spokesperson for the airline stated that the auxillary power unit of the aircraft caught fire as passengers exited the aircraft. The APU was shut down automatically, the spokesperson said. APU is a generator of electrical power that is typically found at the back of an airplane. Its main function is to power the aircraft's essential systems and start the main engine while it is at the airport. The airline stated that passengers "disembarked normal" and were safe, but the aircraft which flew from Hong Kong suffered some damage. The airline did not provide any details on the damage to the aircraft. Flightradar24 data showed that the impacted flight was an Airbus A321. Air India has informed the Indian aviation regulator about the incident. India's aviation regulator did not respond to a request for comment. Air India is under increased scrutiny after one of its planes crashed in June in Ahmedabad, a city in western India. The crash killed 260 people. Air India's jet engine suffered damage after it went off the runway during a heavy rain storm in Mumbai, on Monday. Reporting by Abhijith Gaparavam, New Delhi; Hritam Mukherjee in Bengaluru and Ananta Agarwal at Bengaluru. Editing by Maju Sam.
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Egypt's current account deficit shrinks to $13.2 Billion in nine months from March
Egypt's deficit in its current account decreased to $13.2 billion from $17.1 billion a year ago, according to the central bank of Egypt. The bank attributed a slimmer deficit to a 86.6% rise in remittances sent by Egyptians who work abroad as well as an increase in the services surplus as reflected in 23% more tourism revenue. Oil exports fell by $430.5 millions to $4.2 billion from $4.6 billion a year ago, while oil imports grew by $4.8 billion from $9.7 to $14.5 billion. Egypt is seeking to import additional fuel oil and natural gas liquefied this year in order to meet its energy needs after experiencing blackouts due to periods of unstable gas supply over the last two years. After Israel's air conflict with Iran, the drop in natural gas supply to Egypt has intensified concerns. Suez Canal revenue fell to $2.6 billion from $5.8 Billion a year ago, as the Yemeni Houthis continued to attack ships in the Red Sea, causing the decline. The Iran-aligned groups says that it attacks ships connected to Israel in order to support Palestinians in Gaza. Egypt's tourism revenues reached $12.5 billion between July 2024 and March 2025 compared to just $10.9 billion a year ago. The remittances of Egyptians who work abroad have increased from $14.5 billion to $26.4 billion. Foreign direct investment reached $9.8 billion compared to $23.7.
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Enbridge, a Canadian company, will invest $900 million in Texas solar project
Enbridge, an energy infrastructure company, announced on Tuesday that it had made a final decision to invest $900,000,000 in a 600-megawatt solar power plant in Texas. The demand for clean electricity from tech companies is driving growth in renewables. Meta Platforms signed a contract for a long term to buy 100% of the renewable output from this project to power its regional operations. Meta is one of several large technology firms that invest in renewable energy for their data centers. Clear Fork, located near San Antonio is expected to be operational by 2027. Matthew Akman is Enbridge's executive Vice President of Corporate Strategy and President of Power. He said that Clear Fork shows the increasing demand for renewable energy in North America by blue-chip companies involved in data centers and technology. Enbridge has already begun construction on the project and expects it to have a positive impact on its earnings and cash flow by 2027. (Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)
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India's Akasa Airlines sees Boeing deliveries increasing in the coming years
Ankur Goel, the chief financial officer of India's Akasa Airlines, said that he expects Boeing to increase its plane deliveries in the next few years. The airline aims to have a fleet size of 226 aircraft, up from 30 at present, by 2032. The airline expects the number of available seat kilometers, a measure for passenger capacity, to grow by over 30% in this fiscal year. This is on top of a 50% increase last year. Goel, at a press conference in the capital of India, did not give a breakdown by year, but he said that deliveries were expected to rise over time. In an earlier report, it was reported that Akasa Air executives privately criticized Boeing for the delayed delivery of planes and scrambled to reassure hundreds of anxious pilots without jobs. Mumbai's low-cost carrier, which began operations three years ago, ordered 226 Boeing 737 MAX planes. Delivery delays have occurred as the 737 MAX program has been under regulatory scrutiny following a cabin panel explosion mid-air last year, and the effects of a 7-week workers strike. Goel has not provided any revenue or profit data for the fiscal year 2024-25. Akasa quadrupled its revenue to $356 millions in the year prior, but saw its loss increase to $194 from $86. In May, Akasa's domestic market share was 5.3%. This compares to the combined 90+% held by IndiGo and Air India Group. Akasa was founded with the support of Rakesh Jhunjhunwala - dubbed India’s Warren Buffett - and went on an hiring spree. Within two years, it began operating international flights from Qatar to Saudi Arabia. In February, despite challenges, Akasa raised an amount of unspecified capital from the investment arm of Indian billionaire Azim Premji and Jhunjhunwala family. Reporting by Abhijit Panapavaram from New Delhi and Manvi Pant in Bengaluru. Mark Potter edited the article.
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The rupee continues to lose value as the outflows and tariff concerns continue to exert pressure
The Indian rupee fell for the fifth consecutive session on Tuesday. This was due to the likely outflow of domestic equity and increasing concerns about an imminent deadline for signing trade agreements with the United States. The rupee closed the day at 86.3675 per dollar, a 0.1% decline. The rupee is down around 0.6% in its five-day losing streak. This was mainly due to a modest recovery in the dollar index and foreign portfolio withdrawals. There are also concerns about the economic impact of President Donald Trump’s ongoing trade war. The equity markets in Asia and Europe fell on Tuesday. Wall Street futures were also flat, after the S&P 500 index and Nasdaq had reached record highs the previous session. The regional currencies traded in a mixed manner and India's benchmark equity indices, the BSE Sensex (Sensex) and Nifty50 (Nifty50), closed a tad down. Analysts said that while the markets have shown relatively little reaction to the White House's latest trade salvos in July, the complacency could start to fade when the deadline for the trade agreements approaches. "Markets will be put to the test in the next few days, as the likelihood of no trade deal before the deadline of 1 August increases," ING stated in a report. As reported on Tuesday, the prospects of an interim deal between India and the United States being reached before the deadline are dimming, as the talks over tariff reductions on key agricultural products and dairy products remain in deadlock. Without a trade agreement, Indian exports will be subject to 26% of tariff. According to EU diplomats, the European Union is also preparing countermeasures for the United States as prospects of a trade agreement that's acceptable are fading. (Reporting and editing by Nivedita Battacharjee; Jaspreet Klra)
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Tropical Storm Wipha lands in Vietnam, but heavy rains continue in the Philippines
Tropical Storm Wipha has weakened since making landfall on northern Vietnam Tuesday. Authorities are on high alert because heavy rains could cause flooding or mudslides. The Philippines is still struggling with the monsoon rains which began last week. The national weather agency reported that Wipha hit northern provinces Ninh Binh & Thanh Hoa on Tuesday early afternoon, with winds speeds up to 74kph (46mph), after initially approaching at around 100kph. Wipha, the first major typhoon of the year, is the result of Vietnam's long coastline that faces the South China Sea. Typhoons are deadly in Vietnam and they often strike the country. Authorities warned that heavy rains up to 50cm (20 inches) would continue through Wednesday morning. They also cautioned people to be on the lookout for landslides and flooding in urban and mountainous areas. Around 350,000 soldiers have been put on alert. As Wipha approached, Prime Minister Pham Minh Chinh put coastal provinces in emergency mode. Residents were nervous following the destruction caused by Typhoon Yagi last year, which killed 300 people and damaged $3.3 billion. As the storm approached, Ngo Van Thuong (40), a warehouse manager from Ha Long City told reporters, "I've learned from last year’s mistakes when we underestimated Yagi." Thuong stated that "doorways and roofs need to be given more attention. I've also placed sandbags atop the roof since yesterday." The Nguoi Lao Dong reported that a fishing boat capsized in Quang Ninh Province early on Tuesday morning, but all nine fishermen aboard were saved. The state media reported Tuesday afternoon that the airports of Quang Ninh, Haiphong, and Hanoi had resumed their operations. On Tuesday, many offices in Hanoi were closed, including the U.S. Embassy. A resident of Cat Ba Island, Haiphong said: "We haven’t forgotten about Yagi and have taken additional measures to deal with Wipha." Flooding, closures in the Philippines Wipha intensified the monsoon rains in the Philippines. This led to knee-to-hip-deep flooding throughout the country, forcing the closure of schools, cancellation of flights, and suspension of government activities for a second consecutive day. As the relentless rains that swept across the north of the country last week continue to batter the nation, thousands of families are still in evacuation centres. The President Ferdinand Marcos Jr. is currently in the United States on an official trip. He said that government agencies have been mobilised to offer assistance. Marcos stated in an audio message that "relief supplies are available and being delivered to the affected areas along with medical teams." "We are ensuring that transport, electricity and water supply is stable for those who have been affected." Wipha, at the time a typhoon, slammed into Hong Kong and southern China on Sunday. The storm passed Hong Kong with more than 110mm of rain falling in three hours. Maximum wind gusts reached 167kph.
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The US gasoline market is impacted by high imports and a soft summer demand
U.S. gas prices may fall below $3 per gallon for the first summer in four years, as bad weather dampens demand and an increase in imported fuel fills up inventories. The price of gasoline has been slashed in recent months. This is great news for Americans who are traveling this summer. After Russia's invasion of Ukraine in 2022, consumers faced record-high prices at the pump. The latest Consumer Price Index showed that gasoline prices dropped 8.3% in the 12 months ended June. U.S. crude oil prices plummeted more than 20% amid concerns about a lackluster demand, and the trade war with China. Lower oil prices lower the cost for refiners to produce motor fuels. Some of these savings are typically passed onto consumers. Analysts say that presidents have a limited influence on fuel prices. Fuel consumption in the week ending July 4, which is usually a period of high consumption, fell 2.5% compared to the same period last year. Analysts believe the drop in fuel demand was due to the extreme heat that blanketed parts of the nation, and may have discouraged many drivers. AAA data shows that the national average gasoline price after Independence Day dipped down to $3.14 a gallon. This is the lowest summer month average in the last four years. Gas prices in the U.S. averaged $3.14 per gallon after Independence Day. This was the lowest price during summer months since 2004. The summer is usually the peak season in the U.S. for gasoline consumption. However, gasoline product supply, which is the U.S. Energy Information Administration proxy for demand, averaged 9.2 millions barrels a daily over the last four weeks. This represents a 1% decrease from the same time period last year. The U.S. is expected to reduce its gasoline consumption permanently from the peak of 9.3 million bpd it reached in 2018. Patrick De Haan is the head of Petroleum Analysis at GasBuddy. He said, "As August approaches, I believe gasoline will continue to weaken." He added that "the national average is likely to fall below $3 per gallon by September." De Haan stated that the downward trend could continue as OPEC’s decision to increase crude production in August by a higher-than-expected 548,000 bpd adds further pressure on oil prices. Imports JUMP Imported gasoline entering the U.S. also triggered a spike in storage demand. The weekly U.S. imports of gasoline peaked at 100,700 barrels per day in mid-June, the highest level in more than a year. This was due to an influx from Canada and Europe. Imports were up 7% in June compared to the previous year. According to The Tank Tiger, the storage broker, in the U.S. demand for gasoline tanks has increased since March. In June, it reached a record high of three years. Steven Barsamian is the chief operating officer of The Tank Tiger. According to government statistics, the steady flow of imports helped to lower gasoline prices by 5 cents per gallon on the U.S. East Coast. This region represents almost a third in the total U.S. demand for refined products. GasBuddy's De Haan reported that the Dangote oil refining plant in Nigeria has increased production of gasoline to U.S. standard, which is boosting imports. Shipments from the Irving Oil refinery, located in New Brunswick, have also consistently landed on the New York Harbor, according to De Haan. The Tank Tiger's Barsamian explained that the U.S. East Coast is more likely to be oversupplied than other U.S. markets due to limited transportation and pipeline capacity. The increased flow of gasoline from the U.S. Gulf Coast market to the East Coast was likely due to an increase in the flows along Colonial Pipeline's main gasoline route. This pipeline delivers fuel to East Coast markets. Colonial Pipeline informed shippers that it would increase capacity on Line 1 from 5% to 7 % above summer volume, according to an notice seen by. Colonial confirmed the increase in pipeline volume. Reporting by Nicole Jao in New York and Shariq Khan; editing by Liz Hampton, Ni Williams and Ni Hampton
Poste Italiane raises its profit forecast after beating Q2 earnings expectations
Poste Italiane raised its profit forecast for the year following a better-than expected second quarter operating result, thanks to its financial services division.
The adjusted earnings before interest and tax (EBIT), which is a measure of profit before taxes, rose 10.4% to 864 millions euros ($1.01billion), comfortably exceeding the company's consensus estimate of 790million euros.
The financial conglomerate, which is owned by the state, has announced that it will now target an operating profit adjusted of 3.2 billion euros for this year. This is up from 3.1. billion euros as it had originally guided.
The total revenues for the third quarter increased by 4.5% to 3.260 billion euro, which was slightly higher than the consensus estimate of 3.206 billion euro.
Poste shares rose 2.7% after the earnings announcement, beating a flat blue-chip index in Milan.
Poste Italiane is now the largest investor in Telecom Italia, surpassing France's Vivendi.
The majority of Poste Italiane's shares are owned by the Italian Treasury, and the state-owned lender Cassa Depositi e Prestiti. $1 = 0.8549 euro (Reporting and Editing by Keith Weir).
(source: Reuters)