2026-01-14 12:39
Airspace cleared after major comms outage, governor resigns Outdated systems blamed, said to pose risks amid tourism boom EU standards met but tech upgrade plan delayed until 2028 ATHENS, Jan 14 (Reuters) - An eight-hour radio outage at Greek airports last week that forced authorities to clear the airspace was partly due to outdated communications systems, investigators said, as the issue showed infrastructure gaps in a key tourist destination. The report on Wednesday by the investigatory panel, commissioned by the government, prompted the resignation of one high-ranking official. Sign up here. Flights were suspended into and over Greece on January 4 when air traffic controllers lost contact with most planes, including dozens heading for Greek airports, as radio frequencies went down and were replaced by static. Aviation experts said the incident was unprecedented in the southern European country. KEY TELECOM INFRASTRUCTURE BASED ON OUTDATED TECH The cause of the outage, which occurred as multiple systems fell out of sync and caused a scramble in communications between airport towers and planes, remains unclear, the report by the five-member investigating committee said. A transport ministry official said in response that Greece's systems were in line with EU standards, though the ministry had implemented an upgrade plan expected to be completed in 2028. Unions, who have been calling for upgrades for years, say the system is dangerous, especially amid a tourism boom with millions flying to Greece every year. On Wednesday, they said the report "fully vindicates" their concerns. AVIATION AUTHORITY GOVERNOR STEPS DOWN The governor of the Civil Aviation Authority, George Saounatsos, resigned on Wednesday, Greece's transport ministry said in a statement, adding that incumbent deputy governor George Vagenas would stand in until a new governor is hired. The investigatory report said that while the incident was "low risk" in terms of flight safety, the Civil Aviation Authority's voice communication system and critical supporting telecom infrastructure were based on outdated technology. That infrastructure is no longer supported by manufacturers and lacks operational guarantees, said the report, submitted to the transport ministry and published late Tuesday. Greek telecom provider OTE had since 2019 warned the civil aviation authority that its systems needed new circuits, the report said, urging upgraded transceivers and other changes. It also recommended creation of a crisis-response mechanism between the civil aviation authority and OTE. https://www.reuters.com/business/aerospace-defense/greek-airspace-blackout-linked-old-systems-not-cyberattack-report-says-2026-01-14/
2026-01-14 12:37
22% of companies achieving 'climate leadership' Helped by more companies getting SBTi sign-off Corporates still pushing ahead despite politics, CEO says LONDON, Jan 14 - Japanese companies have topped an annual ranking of corporate climate efforts in part because more have now had their targets signed off by a leading independent validator, non-profit data tracker CDP said on Wednesday. Japan took the lead with 22% of companies achieving what CDP defined as "climate leadership", followed by the UK with 17%, the European Union with 16%, and China and Southeast Asia at 8%, it said in a report, co-authored with consultants Oliver Wyman. Sign up here. As the world's only independent environmental disclosure system, CDP assesses over 10,000 companies on their awareness of environmental issues, management practices, transparency and performance. It also looks at whether targets have been signed off by the Science-Based Targets Initiative (SBTi), a leading independent standard setter - something that had helped the Japanese firms outperform, CDP Chief Executive Sherry Madera said. Now in their second year, the rankings showed that global companies were still prioritising sustainability, despite geopolitical and economic uncertainty and a recent wave of climate regulatory rollbacks in the U.S. and Europe, she said. Companies were also assessed on climate, water and forest performance, which covers emissions and climate strategy, water use and risk management, and deforestation risks in key commodities, such as palm oil, soy, timber and cattle. The report found that all of the top-performing companies on climate and most of those leading on the topics of water and forest tied executive pay to environmental goals. “Maybe companies are becoming quieter when celebrating their wins in the market, but they are still working towards sustainability, and year-on-year, leaders in the Corporate Health Check are the ones who link their executive pay to climate leadership and that trend has solidified," said Madera. https://www.reuters.com/sustainability/cop/japanese-companies-lead-climate-leadership-cdp-data-shows-2026-01-14/
2026-01-14 12:37
MOSCOW, Jan 14 (Reuters) - Russia's defence ministry said on Wednesday that an attack on the oil tanker Matilda in the Black Sea on January 13 was carried out by two Ukrainian strike UAVs about 100 km from the city of Anapa in Russia's Krasnodar region. Drones struck two oil tankers in the Black Sea on Tuesday, including one chartered by U.S. oil major Chevron (CVX.N) , opens new tab, the companies involved said, as they sailed toward a terminal on the Russian coast. Sign up here. Reuters was unable to immediately verify the report. https://www.reuters.com/world/europe/russia-says-attack-oil-tanker-near-cpc-was-carried-out-by-ukrainian-drones-2026-01-14/
2026-01-14 12:36
B50 biodiesel plan scrapped due to technical and funding concerns, officials say Indonesia to raise crude palm oil export levies to 12.5% from March 1 Scrapping B50 plan bearish for palm oil futures, analyst says JAKARTA, Jan 14 (Reuters) - Indonesia has scrapped plans for a mandatory B50 grade of palm oil-based diesel this year and will stick with B40 owing to technical and funding concerns, government officials said on Wednesday, easing concerns over strains on global palm oil supplies. Indonesia had planned to launch the B50 grade - a blend of 50% palm oil-based biodiesel and 50% conventional diesel - in the second half of this year. Its mandate for B40, which uses a blend of 40% palm oil-based biodiesel, will remain in place. Sign up here. The biodiesel mandate in Indonesia, the world's top palm oil producer, often affects global palm oil prices as increased domestic use reduces the available exports of the versatile vegetable oil. Government officials met on Wednesday to discuss the biodiesel programme and its funding. "This year, it will stay at B40," Deputy Energy and Mineral Resources Minister Yuliot Tanjung said after the meeting. "There will be an increase of diesel production from Balikpapan refinery, so B40 is sufficient." The government is reviewing the timeline to complete trials of B50 fuels, especially for trains, heavy equipment and machinery, energy ministry official Eniya Listiani Dewi told reporters after the same meeting. Benchmark palm oil prices in Malaysia lost 0.52% on Wednesday after the news. It gained as much as 1.33% earlier in the trading session. "Indonesia scrapping its B50 plan for 2026 is bearish for palm oil prices as the market was expecting more absorption of CPO for the additional blend," said Anilkumar Bagani, commodity research head at a Mumbai-based brokerage Sunvin Group. A B50 blending in the second half of this year was expected to absorb an additional 2.2 million tons of CPO to around 13.6 million tons used for biodiesel mandate last year, according to an estimate by palm oil think tank Indonesia Palm Oil Strategic Studies. "The price buffer due to the B50-related hopes shall start to ease now and palm oil will be seen at discount against competing oils due to higher carryover, especially at Malaysia," Bagani added. The decision added pressure to palm oil futures after Malaysia reported its palm oil inventories surged in December to a near seven-year high, breaching the psychologically important 3 million-metric-ton threshold. In answer to a question from reporters on whether the B50 mandate would be implemented in 2027, chief economic minister Airlangga Hartarto said that would depend on the gap between prices of conventional diesel fuel and palm oil-based fuel. LEVY HIKE Indonesia subsidises its biodiesel programme by plugging the price gap between fuels made from crude oil and palm oil, using proceeds from palm oil export levies collected by the Indonesian Estate Crop Fund Agency (BPDP). The ever expanding mix, from B15 for only a few sectors in 2015 to B40 for nearly all diesel machines today, has put pressure on BPDP's ability to subsidise the programme. To sustain the agency, the government will raise the levy rates, Airlangga said. Indonesia will raise crude palm oil export levies to 12.5% starting from March 1, said BPDP chief Eddy Abdurrachman. Levies for refined products will also be raised by 2.5 percentage points. It currently collects 10% levies on crude palm oil, with the rate for more refined products ranging between 4.75% and 9.5%. The levy increase would affect Indonesian palm oil competitiveness in the global market and drive buyers to other suppliers such as Malaysia, Indonesian Palm Oil Farmers Association (POPSI) said. Indonesia's energy ministry has allocated 15.65 million kilolitres of palm oil-based biodiesel for this year's mandate, of which 7.45 million kilolitres will be subsidised. The Indonesian Palm Oil Association, GAPKI, said the decision to stick with B40 was the right move as it could balance CPO production, domestic needs and export volume. "The policy is expected to maintain CPO prices against the competitive fossil fuel prices and sustain CPO exports volume for optimal revenues from the levy," GAPKI Secretary General Hadi Sugeng said. https://www.reuters.com/sustainability/climate-energy/indonesia-scraps-plan-introduce-b50-biodiesel-this-year-will-raise-palm-oil-2026-01-14/
2026-01-14 12:34
KYIV, Jan 14 (Reuters) - Ukrainian lawmakers appointed former prime minister Denys Shmyhal as energy minister and first deputy prime minister on Wednesday amid escalating Russian strikes on the power sector. Shmyhal, 50, one of Ukraine's most experienced government officials, was widely praised for maintaining relative economic stability and keeping government operations running after Russia's invasion in February 2022. Sign up here. He was Ukraine's longest-serving prime minister, running the government from 2020 to July 2025, when he was appointed defence minister. https://www.reuters.com/world/ukraine-lawmakers-appoints-former-pm-shmyhal-energy-minister-2026-01-14/
2026-01-14 12:30
LONDON, Jan 14 (Reuters) - The pound rose on Wednesday, gaining against the dollar, euro and yen, ahead of economic growth data later this week that might help shape expectations for Bank of England monetary policy in the coming months. Sterling was up 0.2% at $1.3447. It has barely made any headway against the dollar so far in January, but has gained ground against the euro , which has lost 0.7% so far this month. Sign up here. Geopolitical tensions in Iran and Greenland, along with U.S. President Donald Trump's latest attack on the independence of the Federal Reserve have made investors more cautious about the dollar in the last week or so. Investors have warmed to the pound so far in 2026. Weekly data from the U.S. regulator shows they cut their bearish sterling positions by the most in five months in the first week of January . Speculators now hold a long dollar position - one that assumes the U.S. currency will rise against the pound - worth just $2.577 billion, down from $6.586 billion at the end of December, the largest such position since September 2019. UK inflation cooled more quickly than expected towards the end of 2025, while growth remains sluggish. Markets expect just two rate cuts from the BoE this year, something analysts at Morgan Stanley say is overly optimistic and weak readings of growth and price pressures could prompt a drop in the pound. "Soft UK employment and CPI for December would be key catalysts for markets to reprice for a February BoE rate cut, compared to almost nothing priced currently," they said in a note. Consumer price data lands next week, along with monthly jobs figures, while GDP data is due on Thursday. Economists polled by Reuters expect the UK economy to have contracted by 0.2% in the three months to November, leaving the annual rate of growth at 1.1%. https://www.reuters.com/world/uk/sterling-edges-higher-key-uk-data-flurry-up-ahead-2026-01-14/
