Federal safety investigators have successfully retrieved the ‘black box’ recorders from the wreckage of a UPS cargo plane that crashed in Louisville, Kentucky, claiming the lives of 12 individuals. The incident occurred during takeoff on Tuesday evening, when the 34-year-old MD-11 freighter, bound for Honolulu, burst into flames shortly after clearing the runway fence. The crash ignited a series of fires, including a petroleum recycling facility, and scattered debris across a half-mile radius. The Louisville airport reopened on Wednesday, but the affected runway will remain closed for ten days. Todd Inman of the National Transportation Safety Board (NTSB) confirmed that the flight data recorder and cockpit voice recorder were intact and will be analyzed in Washington, D.C. The NTSB aims to issue a preliminary report within 30 days, though a full investigation could take up to two years. Kentucky Governor Andy Beshear declared a state of emergency to expedite disaster response efforts. The crash disrupted operations at UPS Worldport, the company’s global air cargo hub, but services are expected to resume by Thursday morning. Investigators are focusing on the plane’s left engine, which detached during the crash, as a potential factor in the accident. Boeing and GE Aerospace have pledged support to the investigation. This marks the first UPS cargo plane crash since 2013.
分类： business
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APT Global publishes inaugural ESG report and unveils sustainable 400-person labour accommodation
APT Global, a Dubai-based marine and offshore engineering services provider, has taken significant strides in sustainability by releasing its inaugural Environmental, Social, and Governance (ESG) Report and inaugurating Hayat Haven, a state-of-the-art accommodation facility for 400 workers. These initiatives highlight the company’s dedication to reducing its environmental impact, enhancing governance transparency, and prioritizing employee welfare. The ESG report details APT Global’s achievements, including a 22% reduction in greenhouse gas emissions intensity, a 68% waste diversion rate from landfills, and a 19% decrease in water consumption per project. The company also introduced a Marine Habitat Protection Programme to minimize environmental harm from underwater operations. On the social front, APT Global invested over 45,000 hours in employee training, achieved zero lost-time injuries across major projects, and increased female representation in leadership roles to 27%. Governance improvements include quarterly ESG reporting with independent verification and enhanced anti-corruption policies. Hayat Haven, the new worker accommodation, features energy-efficient systems, modern amenities, and robust safety measures, reflecting APT Global’s commitment to workforce wellbeing. CEO Anil Abraham emphasized that sustainability is central to the company’s competitiveness and societal responsibility. The launch event in Dubai was attended by government officials, industry leaders, and sustainability experts, marking a pivotal moment in APT Global’s journey toward a greener, safer, and more inclusive maritime sector.
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UAE inflation holds steady amid global uncertainty, GCC follows suit
In a testament to economic resilience, the United Arab Emirates (UAE) has sustained stable inflation levels despite global economic volatility. According to the International Monetary Fund’s (IMF) Regional Economic Outlook, the UAE’s inflation is projected to average 1.6% in 2025, slightly lower than the 1.7% recorded in 2024, with a modest rise to 2.0% anticipated in 2026. This trajectory remains well within the central bank’s target, underscoring the nation’s effective fiscal management and price stability. Dubai’s Consumer Price Index (CPI) rose to 2.9% year-on-year in September 2025, up from 2.4% in August, driven primarily by significant increases in the Housing, Water, Electricity, and Gas category, which surged by 5.8%. Other contributing factors included rebounds in Recreation and Culture, alongside modest rises in Education and Food & Beverages. However, declining Transport costs helped temper overall inflation. The broader Gulf Cooperation Council (GCC) region has mirrored this stability, with inflation expected to remain below or at the 2% target through 2026. Saudi Arabia, the GCC’s largest economy, recorded a 2.2% year-on-year inflation rate in September 2025, with notable increases in Personal Goods & Services and Housing. The Kingdom’s central bank aligned with the U.S. Federal Reserve’s rate cut, reducing its repo and reverse repo rates by 25 basis points. Other GCC nations, including Bahrain, Oman, and Qatar, reported mild inflation figures, supported by increased oil production and stabilized energy prices. Globally, inflation dynamics remain complex, with the U.S. experiencing a 3% year-on-year rise in September, prompting the Federal Reserve to cut rates. Meanwhile, declining global food prices, as indicated by the FAO Food Price Index, have provided some relief to import-dependent economies. However, geopolitical tensions and trade disruptions continue to pose risks. The GCC’s inflation outlook remains cautiously optimistic, with regional stability offering a buffer against global economic challenges.
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Qatar Airways sells entire Cathay Pacific stake for $897 million
Qatar Airways has finalized the sale of its entire 9.7% stake in Cathay Pacific Airways for approximately $897 million (HK$6.97 billion), marking its complete withdrawal from Hong Kong’s flagship carrier after an eight-year investment. The transaction, announced late Wednesday, involves Cathay repurchasing the shares at HK$10.8374 per share, representing a 4% discount to its last closing price but a 35% premium over the original purchase price paid by Qatar Airways in 2017. The deal will be funded through Cathay’s internal resources and existing credit lines.
Qatar Airways initially acquired the stake in 2017, becoming Cathay’s third-largest shareholder after Swire Pacific and Air China. The Gulf carrier’s exit aligns with its disciplined portfolio strategy, aimed at optimizing investments and positioning itself for long-term growth, according to CEO Badr Mohammed Al-Meer. The move also reflects Qatar Airways’ broader strategy of divesting from certain global airline investments to focus on core operations.
For Cathay, the buyback is seen as a positive development, reducing the number of shares in circulation and potentially easing selling pressure on its stock. Cathay’s shares surged 4.8% following the announcement, with Air China and Swire Pacific also experiencing gains. The Hong Kong-based airline, one of Asia’s largest cargo carriers, has been recovering from pandemic-induced losses and recently reported a 20% increase in passenger numbers for September compared to the previous year.
Cathay Chairman Patrick Healy emphasized the buyback as a sign of strong confidence in the company’s future, which includes a HK$100 billion investment plan over seven years for fleet renewal and other upgrades. Despite the divestment, both airlines will maintain their partnership through the oneworld Alliance, ensuring continued collaboration in the global aviation sector.
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UAE Islamic finance market poised for major expansion amid global momentum
The United Arab Emirates (UAE) is emerging as a global powerhouse in Islamic finance, with its sector poised for significant expansion. As of the first half of 2025, Islamic banking assets in the UAE reached $242.7 billion, accounting for 18% of the nation’s total banking assets. This growth is part of a broader global trend, with Islamic finance now valued at over $5.5 trillion worldwide. The UAE ranks as the fourth-largest Islamic finance jurisdiction globally, driven by a robust national strategy aiming to more than double Islamic banking assets and sukuk listings by 2031. The strategy includes increasing Islamic banking assets to Dh2.56 trillion ($697.5 billion) and boosting sukuk issuances to Dh660 billion ($179.8 billion).
Standard Chartered’s report, ‘Islamic Banking for Corporates: Broadening Horizons,’ highlights the UAE’s consistent outperformance of conventional banking growth. The report emphasizes the sector’s alignment with environmental, social, and governance (ESG) principles, making it increasingly attractive to global investors. Sustainable sukuk, for instance, saw subscription rates of 4.3 times their issuance value in 2024, compared to 3.1 times for traditional sukuk. This demand is driven by non-traditional investors, particularly from Europe.
Digital innovation is also reshaping the Islamic finance landscape. Tokenized sukuk and blockchain-enabled platforms are streamlining cross-border transactions and reducing costs. Malaysia is leading in integrating digital assets into Islamic finance, while the UAE is exploring similar advancements to enhance its financial infrastructure.
Corporate sectors such as real estate, logistics, and food production are leveraging Shariah-compliant financing to access new markets and diversify funding sources. In July 2025, UAE-based developer Arada raised $450 million through its largest sukuk issuance to date, oversubscribed 4.4 times. This underscores the growing investor demand for Shariah-compliant assets, which continues to outpace supply.
The UAE’s proactive approach and strategic investments are positioning it as a global hub for ethical and sustainable finance. For corporates navigating a values-driven world, Islamic banking is no longer just an alternative—it’s a competitive advantage.
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Divided Bank of England holds key interest rate at 4% despite hopes inflation has peaked
The Bank of England (BoE) has decided to maintain its benchmark interest rate at 4% during its latest policy meeting on Thursday. The decision, made by the nine-member Monetary Policy Committee (MPC), was widely expected, though some analysts had speculated on a potential quarter-point reduction to 3.75%. The vote was notably close, with five members favoring no change and four supporting a rate cut. Governor Andrew Bailey emphasized the need for greater certainty that inflation is on a sustainable path toward the bank’s 2% target before considering further reductions. Currently, the annual consumer price inflation rate stands at 3.8%, nearly double the BoE’s target. The MPC noted in its meeting minutes that inflation has likely peaked at a lower level than previously forecasted in August, when the last rate cut was implemented. Economists anticipate that inflation will continue to decline in the coming months, potentially reaching the target by next year, which could pave the way for a rate cut at the December meeting. The upcoming UK budget announcement on November 26 is expected to play a pivotal role in shaping economic policy, with Treasury chief Rachel Reeves signaling potential tax increases aimed at reducing inflation and stabilizing the economy. Since initiating rate cuts in August 2024, the BoE has adopted a cautious approach, adjusting rates every three months. Thursday’s decision marks the first time the bank has opted against a rate cut within this quarterly framework. Meanwhile, the US Federal Reserve recently reduced its key interest rate for the second time this year, though Chair Jerome Powell cautioned that further cuts are not guaranteed, citing economic uncertainties and internal divisions among policymakers.
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France urges EU to investigate Shein for selling illegal items including child-like sex dolls
France has formally requested the European Union’s executive arm to investigate fast-fashion giant Shein for allegedly selling illegal items, including child-like sex dolls and weapons, on its expansive online marketplace. Two French ministers, Roland Lescure and Anne Le Henanff, have sent a letter to Henna Virkkunen, the European Commission’s executive vice-president for tech sovereignty, urging immediate action. The ministers emphasized that Shein must comply with the Digital Services Act (DSA), the EU’s regulatory framework aimed at ensuring online platform safety and user protection. The French government has initiated procedures to suspend access to Shein’s marketplace in France unless the platform demonstrates compliance with national laws. Authorities discovered not only child-like sex dolls but also significant quantities of illegal ‘Class A’ weapons, including firearms, knives, and war materials, on the platform. Shein, which was classified as a ‘very large online platform’ by the EU last year due to its 45 million European users, faces stringent regulatory requirements. Non-compliance could result in suspension and fines of up to 6% of its annual profits. The company, founded in China in 2012 and now headquartered in Singapore, has pledged to collaborate with French authorities to address concerns promptly.
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US and European energy leaders in Greece to talk ways to better supply Ukraine
ATHENS, Greece — Energy ministers from the United States and European nations convened in Athens on Thursday to strategize on leveraging a newly enhanced regional pipeline network to bolster gas supplies to war-torn Ukraine. The meeting, hosted by the Atlantic Council, a Washington-based think tank, saw the participation of U.S. Energy Secretary Chris Wright, Interior Secretary Doug Burgum, over 80 U.S. officials, EU energy ministers, and executives from leading American liquefied natural gas (LNG) companies.
President Donald Trump aims to capitalize on the United States’ status as the world’s leading LNG exporter to persuade the EU to increase its purchases of U.S. gas. This initiative is part of broader trade negotiations, with Europe already being the largest market for American LNG. The EU is also committed to eliminating all Russian gas supplies within the next two years, shifting focus to the Vertical Corridor, a north-south gas route connecting Greece with Bulgaria and Romania.
Greek Prime Minister Kyriakos Mitsotakis emphasized Greece’s strategic geographic position as the natural entry point for American LNG into Europe. ‘The Vertical Corridor is a project of great geopolitical and economic importance to us,’ Mitsotakis stated during talks with U.S. officials. ‘We’re happy that it’s becoming a reality.’
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World shares are mixed after upbeat economic updates and earnings reports boost Wall St
European stock markets opened lower on Thursday, failing to sustain the momentum from a broad rally in Asian markets, which had been buoyed by a rebound on Wall Street. Despite positive economic updates and a steady stream of quarterly earnings reports from U.S. companies, concerns over surging valuations of Big Tech firms weighed on investor sentiment. Germany’s DAX dropped 0.2% to 24,003.24, while France’s CAC 40 fell 0.5% to 8,033.11. The UK’s FTSE 100 also slipped 0.2% to 9,761.18. Futures for the S&P 500 remained flat, while the Dow Jones Industrial Average futures edged down 0.1%. In contrast, Asian markets saw a strong recovery. Tokyo’s Nikkei 225 surged 1.3% to 50,883.68, and Hong Kong’s Hang Seng jumped 2.1% to 26,485.90. However, Nissan Motor Co. faced a 1.7% decline after announcing the sale of its Yokohama headquarters to raise cash, coupled with a reported loss of 221.9 billion yen ($1.4 billion) for April-September. South Korea’s Kospi rose 0.6%, and Taiwan’s Taiex gained 0.7%. Meanwhile, autonomous driving companies Pony.ai and WeRide saw their shares plummet by 9.3% and 10%, respectively, in their Hong Kong stock exchange debut. Cathay Pacific Airways, however, gained 4% following Qatar Airways’ decision to sell its 9.57% stake in the Hong Kong-based carrier. In the U.S., Wall Street had reversed its prior day’s dip on Wednesday, driven by gains in the technology sector. Alphabet, Broadcom, and Meta Platforms led the charge, offsetting losses from Nvidia and Microsoft. The S&P 500 rose 0.4%, the Dow industrials gained 0.5%, and the Nasdaq composite added 0.6%. Investors continued to focus on corporate earnings and forecasts, which provided critical insights into consumer behavior and economic trends amid a government shutdown that has halted key economic data releases. A weaker job market remains a concern for the Federal Reserve, which recently cut its benchmark rate for the second time this year to stimulate economic growth. In early Thursday trading, U.S. benchmark crude oil rose 26 cents to $59.86 per barrel, while Brent crude advanced 25 cents to $63.77. The U.S. dollar weakened against the Japanese yen, and the euro strengthened slightly against the dollar.
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Money-losing Japanese automaker Nissan is selling its headquarters building to gain cash
In a strategic move to bolster its financial recovery, Nissan Motor Co. announced on Thursday the sale of its headquarters building in Yokohama for 97 billion yen ($630 million). The Japanese automaker, which has been grappling with significant financial losses, will lease back the property and continue to use it as its headquarters. The transaction with Tokyo-based real estate operator MJI Godo Kaisha, a subsidiary of Hong Kong-listed Minth Group, is expected to yield a gain of 73.9 billion yen ($480 million) for Nissan. The proceeds will be allocated toward modernizing internal systems, accelerating the adoption of AI-driven technologies, and enhancing digital operations across the company. Nissan, known for its March subcompact and Infiniti luxury models, has been striving to return to profitability after reporting a staggering 670.9 billion yen ($4.4 billion) loss for the fiscal year ending in March. Under the leadership of new CEO Ivan Espinosa, a seasoned Nissan executive with two decades of experience, the company is implementing a comprehensive turnaround strategy. This includes workforce reductions of 15%, affecting approximately 20,000 employees globally, and the closure of its flagship factory in Oppama, Japan. Nissan emphasized that the sale of its headquarters building aligns with its disciplined approach to capital efficiency, unlocking value from non-core assets to support its transformation during challenging times. The company remains committed to innovation, competitiveness, and aggressive research to secure future growth.