2025-11-16 14:36

DUBAI, Nov 16 (Reuters) - Airbus expects the Middle East's regional aircraft fleet to more than double to 3,700 planes by 2044, an official said on Sunday. The European planemaker expects passenger traffic in the Middle East to grow at a compound annual rate of 4.4% over the next two decades, Airbus Head of Marketing in Africa and the Middle East Grainne van den Berg told a press conference. Sign up here. Airbus also expects the services market in the region to double to $29.9 billion by the end of 2044, van den Berg added. The forecast came ahead of the Dubai Airshow, the largest Middle East aviation event taking place on November 17-21. Airbus, which is among the planemakers taking part as it vies for orders with its main competitor Boeing (BA.N) , opens new tab, predicts widebody aircraft will make up 42% of total demand in the region by 2044, representing the highest share globally. "The Middle East is transforming global aviation, and the forecast fleet expansion is truly significant, particularly when it comes to widebodies," said Airbus President in Africa and Middle East Gabriel Semelas. "This region is becoming the long-haul hub now and into the future," Semelas added. https://www.reuters.com/business/aerospace-defense/airbus-says-middle-east-regional-aircraft-more-than-double-by-2044-2025-11-16/

2025-11-16 12:45

BELGRADE, Nov 16 (Reuters) - Serbia has seven days to decide on steps to safeguard fuel supplies from the Serbian refinery of Russian-owned NIS (NIIS.BEL) , opens new tab without nationalisation, President Aleksandar Vucic said on Sunday. Washington is seeking complete Russian divestment from NIS, which operates Serbia's only refinery, and on Saturday gave the company's owners three months to find a buyer. Sign up here. Banks have frozen NIS transactions and officials project that the Serbian refinery only has enough crude oil to operate until November 25. "The decision ... must be made over the next seven days; the refinery must operate," Vucic said on Sunday during a government session aired live on state television. Vucic said that Serbia wants to avoid nationalising Russian assets and is ready to make an above-market offer for the company should Russian negotiations with unnamed Asian and European partners fail. Russia's Gazprom Neft (SIBN.MM) , opens new tab and Gazprom (GAZP.MM) , opens new tab hold a combined controlling stake of 56% in NIS and have notified the U.S. Treasury's Office of Foreign Assets Control (OFAC) of their willingness to transfer control to a third party. Finance Minister Sinisa Mali warned on Sunday that prolonged sanctions on NIS could undermine Serbia's economic growth, credit ratings and foreign investment. Gazprom Neft controls 44.9% of NIS and Gazprom 11.3% while Serbia owns 29.9%, with the rest held by small shareholders. https://www.reuters.com/business/energy/serbia-has-week-resolve-nis-refinery-crisis-president-vucic-says-2025-11-16/

2025-11-16 11:40

Trump dropped tariffs on 200-plus food items Indian exporters had been hit harder than EU rivals among others Coffee, spices and tea among exempt products Gains could be limited, analysts say NEW DELHI, Nov 16 (Reuters) - Indian agricultural exporters are among the winners from U.S. President Donald Trump’s exemption of dozens of food items from his reciprocal tariffs regime, which some analysts say could help to revive lost demand. Trump on Friday removed tariffs he had imposed on more than 200 food products, including beef, as consumer concerns mount over rising U.S. grocery prices. Sign up here. Unlike EU and Vietnamese suppliers facing 15–20% duties, Indian exporters of tea, coffee, spices and cashew nuts were hit harder after Trump doubled tariffs to as high as 50% on imports of certain Indian goods, including a punitive 25% levy from the end of August on India's Russian oil purchases. Ajay Sahai, director general of the Federation of Indian Export Organisations (FIEO), says that between $2.5 billion and $3 billion of exports will benefit from the tariff exemptions. POSITIVE SIGNAL FOR WIDER TRADE TALKS "This order opens space for premium, speciality and value-added products," he said. "Exporters who shift towards higher-value segments will be better protected from price pressures and can tap rising consumer demand.” Officials involved in trade and farm export policy said the exemptions are also a positive signal for ongoing U.S.–India trade talks and could ease export pressure triggered by this year’s tariff increases. Exports of Indian goods to the U.S. fell nearly 12% year on year in September to $5.43 billion after tariffs were raised. Indian farm exports, estimated to account for $5.7 billion of the country's $87 billion of exports to the U.S. in 2024, were among those hit. "The move benefits Indian farmers and exporters of tea, coffee, cashew and fruits and vegetables,” a senior official involved in Indian farm export policy said on condition of anonymity. Ajay Srivastava, founder of the Global Trade Research Initiative lobby group, said India’s U.S.-bound farm exports - focused on a few high-value spices and niche products - would register limited gains given its weak presence in key exempt items such as tomatoes, citrus fruits, melons, bananas and fruit juices. “The tariff shift would marginally strengthen India’s position in spices and niche horticulture and help revive some lost U.S. demand after the tariff hikes,” Srivastava added. Latin American, African and ASEAN suppliers are likely to make larger gains, he said, adding that it was not immediately clear whether Indian exports will be exempt from 25% reciprocal tariffs or full 50% tariffs. Exporters, however, fear that other factors will keep potential gains in check, pointing to high freight costs, strong competition from Vietnam and Indonesia and tougher U.S. quality requirements. "Tariff relief is important, but market recovery also depends on logistics and our ability to match prices,” one exporter said. https://www.reuters.com/world/india/trump-tariff-rollback-offers-relief-indian-farmers-2025-11-16/

2025-11-16 09:22

TOKYO, Nov 16 (Reuters) - A volcano on Japan's major western island of Kyushu erupted multiple times on Sunday, sending a plume of smoke and ash as high as 4.4 kilometres (2.73 miles) into the air and causing dozens of flight cancellations. The volcano, which is called Sakurajima and is located on the southern tip of Kyushu near the city of Kagoshima, erupted at about 1 a.m. (1600 GMT on Saturday), the Japanese Meteorological Agency (JMA) said. There were two more eruptions at about 2:30 a.m. and 8:50 a.m. Sign up here. It is the first eruption reaching 4 km or higher in almost 13 months, Kyodo news agency said. Local media also reported 30 flights in and out of Kagoshima Airport were cancelled because of ashfall and related reasons. The JMA said volcanic ash drifted northeast following the latest eruption and that it expected ash to fall in Kagoshima as well as nearby Miyazaki Prefecture on Sunday. Sakurajima is one of Japan's most active volcanoes and eruptions of varying levels take place on a regular basis. In 2019 it spewed ash as high as 5.5 km (3.4 miles). https://www.reuters.com/business/environment/japans-sakurajima-volcano-erupts-ashfall-cancels-flights-2025-11-16/

2025-11-16 08:00

Greece will supply US LNG from December to March 2026 Deal signed during Zelenskiy visit to Athens Zelenskiy says Ukraine needs gas imports after Russian strikes ATHENS/KYIV, Nov 16 (Reuters) - Ukraine has secured imports of U.S liquefied natural gas (LNG) from Greece to cover its winter needs from December through to March next year, Greek and Ukrainian officials said on Sunday during a visit to Athens by President Volodymyr Zelenskiy. Ukraine will import gas via a pipeline that runs across the Balkan peninsula to secure critical supplies after Russian attacks on energy infrastructure and gas production facilities. Sign up here. Greek gas company DEPA and Ukraine's state firm Naftogaz said in a joint statement that the deal was effective starting December. Zelenskiy, speaking alongside Greek Prime Minister Kyriakos Mitsotakis, said deliveries would begin in January. "We rebuild each time the Russians destroy, but this truly requires time, much effort, equipment and, regarding gas...imports to compensate for the destruction by the Russians of our own production," Zelenskiy told reporters. Ahead of his Greek visit, Zelenskiy said Kyiv had allocated funds for gas imports from European partners and banks under European Commission guarantees, as well as from Ukrainian banks, to help cover nearly the 2 billion euros ($2.3 billion) needed. Ukraine's government was also working with U.S. partners to ensure full financing, he added. The deal comes after Greece clinched its first long-term deal to supply U.S. LNG to Europe from 2030 after the EU approved a ban on Russian LNG from 2027 over Moscow's war in Ukraine, which is now in its fourth year. "Greece is becoming an energy security provider for your homeland", Mitsotakis told Zelenskiy, adding that the agreement will also help stop Russian natural gas from entering Europe. ($1 = 0.8606 euros) https://www.reuters.com/business/energy/ukraine-agrees-gas-imports-greece-zelenskiy-says-2025-11-16/

2025-11-16 06:01

Saudi Arabia shifting focus to sectors such as AI, logistics Salary premiums for foreign recruits reduced amid cost-cutting drive, increased competition Saudi private sector salaries now comparable to UAE ABU DHABI, Nov 16 (Reuters) - Saudi firms are scaling back generous salary premiums that once lured top foreign talent into sectors such as construction and manufacturing as the kingdom reins in spending and reorders economic priorities, four recruiters told Reuters. Saudi Arabia, the world's top oil exporter, is more than halfway through its economic transformation blueprint, known as Vision 2030, aimed at reducing dependence on hydrocarbon income, creating jobs, and expanding industries such as tourism, real estate, mining and financial services. Sign up here. As part of the long-term plan, the kingdom has invested massively in multi-billion-dollar megaprojects, vastly increasing demand for high-skilled foreign workers, but has struggled with execution and delays. Foreign recruits should no longer expect to negotiate premiums of 40% or more, to sometimes even double their existing salaries, which were common earlier this decade, two of the sources said, with offers far more restrained now. "On the one hand you have the region's biggest economy rationalising and on the other side, you have a huge supply of candidates who are very open to coming to the region," said Magdy Al Zein, managing director at recruiter Boyden. "So what you get is employers rethinking packages. That definitely has happened." KINGDOM PIVOTING TOWARDS AI, LOGISTICS The change reflects a broader pivot by Saudi Arabia's $925 billion Public Investment Fund, which took a sizeable hit on its infrastructure and real estate-heavy megaprojects, towards sectors such as AI, logistics and mining, seen as offering better returns. Examples include NEOM, a $500 billion planned futuristic city in the desert, and the mountain tourism hub Trojena, host to the 2029 Asian Winter Games. The PIF and NEOM did not immediately respond to a request for comment. Saudi Arabia hired heavily for the megaprojects, targeting international talent with skills scarce in the local workforce. Project managers in the neighbouring United Arab Emirates, for example, could get offers of around $100,000 in Saudi Arabia for roles that paid $60,000 in the UAE, said Hasan Babat, CEO of Dubai-based Tuscan Middle East, a recruitment consultancy. NEOM and other PIF-backed ventures now face delays as the kingdom pursues a rationalisation drive. Saudi project activity remained sluggish in 2025, with awards nearly halving in the first nine months, according to Kamco Invest. Lower oil prices have weighed on public finances, widening the fiscal deficit, even as Saudi Arabia has curbed crude production to support the oil market. The kingdom needs oil prices at close to $100 to balance its budget, the IMF says. "The pace of development has slowed and this has led to a slowdown in recruitment. Now employers are negotiating salaries more than before, when there was a shortage, and companies have implemented cost-conscious measures," Babat said. Saudi companies may direct limited budgets towards "hot jobs" in sectors such as AI or digital, Tuscan’s October salary report said. The UAE, the Gulf's business and tourism hub, with a 90% expatriate population, has been a more attractive choice for many high-skilled workers, drawn not only by high, tax-free salaries but a more established network of international schools and healthcare provision. It has also implemented social reforms to permit a more liberal lifestyle. There is little difference now between average salaries in Saudi Arabia and the UAE, with only a 5 to 8% uptick on average, said Trefor Murphy, CEO of Dubai-based Cooper Fitch. "Convincing people to move from the UAE is a challenge, they expect a high premium," Boyden's Al Zein said. GROWING COMPETITION FOR JOBS IN SAUDI But Saudi Arabia - estimated to grow 4.4% this year - remains attractive for those outside the region, where the job market is tighter and growth is slower. The Saudi government has also accelerated labour market reforms and initiatives to boost the proportion of citizens in the private sector, increasing competition and the pool of applicants. Unemployment among Saudi citizens is at a historic low and the number of Saudis in the private sector grew 31% between 2016 and the second quarter of this year. "Packages are now far more measured, anchored to data, performance, and real market benchmarks. For some, that feels like contraction. For me, it signals maturity," said Louise Knutsson, CEO of Matches Talent in Dubai. To attract the best talent to Saudi Arabia, companies would need to offer predictable packages reflective of living costs, a balanced lifestyle for families and a clear purpose connected to the scale of what is being built, Knutsson added. ($1 = 3.6729 UAE dirham) https://www.reuters.com/world/middle-east/saudi-arabia-scales-back-salary-premiums-foreign-talent-recruiters-say-2025-11-16/