logo
Russian flag carrier Aeroflot reports adjusted net loss in Q1

Russian flag carrier Aeroflot reports adjusted net loss in Q1

Reutersa day ago

May 30 (Reuters) - Russian flag carrier Aeroflot (AFLT.MM), opens new tab on Friday reported an adjusted net loss of 3.4 billion roubles ($43.31 million) in the first quarter of 2025, down from net profit of more than 6 billion roubles in the same period a year ago.
Revenues for the quarter rose 9.6% year-on-year to 190.2 billion roubles and earnings before interest, tax, depreciation and amortisation (EBITDA) fell 17.4% to 49 billion roubles, Aeroflot said.
Aeroflot said its profits had been adjusted by exchange rate revaluations.
($1 = 78.5000 roubles)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Ukraine must urgently be given the €300bn of frozen Russian assets
Ukraine must urgently be given the €300bn of frozen Russian assets

The Guardian

time3 hours ago

  • The Guardian

Ukraine must urgently be given the €300bn of frozen Russian assets

Ukraine needs more than long-range missiles and fibre-optic drones in its fight with Russia. What it needs is more money, and lots of it. In particular, the war-torn nation should be handed the €300bn (£250bn) of frozen Russian assets stored mostly in accounts hosted by the Euroclear trading system. The Belgian government could confiscate the funds with the support of the EU Commission, or set up a way to use the Russian funds as collateral for a gigantic loan to Ukraine. Either way, Moscow has forfeited its right to the money, which is mostly central bank funds that were left behind after Putin gave the order to invade. As a statement of intent, confiscating the funds would be shock to Putin, hurt his pride and undermine support at home for the war. It would give Ukraine a much needed psychological boost after months of backpedalling through the Donbas while Russian forces exploit the dithering and equivocation in Washington. Donald Trump, who views Europe as weak and indecisive, would be left reeling by such a forceful act, which many have demanded since the start of the war and has gained traction in recent weeks as the bombardment of Ukraine has intensified. A short walk from the EU commission buildings, Euroclear's HQ is one of the largest hosts to international financial transactions in the world. Understandably, it is keen to hang on to its reputation as a cast-iron guarantor of secure trading to the world's biggest investors. In this role, the company has warned that a confiscation of the €183bn lodged in its systems would undermine Europe's role as a safe haven in the eyes of investors from South America to the Indian subcontinent. It has the backing of the French and Belgian governments, which are shareholders in the organisation. Recently another reason for keeping the money frozen and unused has come to the fore. Trump's tariff war and tax-giveaway budget has undermined the US as the home of free-market capitalism, offering the EU a chance to grab a bigger slice of the financial trading action. One analyst said: 'Europe needs to move quickly to take advantage of growing disillusionment in the US economy'. Yannis Stournaras, governor of the Bank of Greece, was another to argue that the prize would be toppling the dollar as the premier reserve currency and inserting the euro in its place. A decade ago, many considered the euro a currency with only a limited lifespan before a north/south split – pitching profligate Greece, Italy and Spain against austere Germany, the Netherlands and Austria – tore the single currency apart. Today the euro is seen as a stable currency while the dollar comes under daily attack. Now is the time to show Europe is the safest of havens in contrast to Trump's America. There are mutterings in Brussels that to grab this opportunity also means rejecting attempts to confiscate Russia's frozen billions. How would it look, they ask, if the EU invited more investment in the bloc via jointly issued 'stability' bonds, when in the same breath it announced the confiscation of investor funds. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion This is a fallacy that needs to be squashed quickly. It's true that a few autocratic despots around the world might withdraw their funds from European trading centres if Russia's money is taken away, fearing the same would happen to them, but EU banks should not be looking after their money anyway. And the Russia situation is extreme and cannot be thought of as the thin end of any wedge, or a slippery slope. Belgium and the EU have budged a little. The interest generated by Russia's frozen assets is given to Ukraine, and Belgium hands its shareholder dividend payments to the Volodymyr Zelenskyy war effort. And earlier this month Euroclear said it plans to seize and redistribute about €3bn of Russia's funds after Moscow last year grabbed investor cash of the same value. However, the motive was just to compensate investors who were foolish enough to leave their financial assets inside a country that has been explicitly threatening war since the 2014 invasion of Crimea. Such manoeuvring only emphasises how Ukraine needs all the money now, as a show of force and as an expression of unity as much for what it could buy. It matters because, as military chiefs discussed last week in a conference held by the UK's Royal United Services Institute, Putin has the capacity to invade other parts of Europe within months of success in Ukraine. And Nato is under-prepared. There is broader agreement across Europe as each week passes that Putin needs to be stopped. Military spending is the focus, and governments are promising to ramp up their commitments. Not by €300bn though, which is why the funds in Euroclear and other EU-based financial custodians must be seized. Even Rishi Sunak, writing in the Economist earlier this year, says he agrees that Russia has kissed goodbye to any rights over the funds. We just need chancellor Merz, president Macron and Keir Starmer to say the same.

The Documentary Podcast  The Fifth Floor: Russia's 'grey zone' war
The Documentary Podcast  The Fifth Floor: Russia's 'grey zone' war

BBC News

time5 hours ago

  • BBC News

The Documentary Podcast The Fifth Floor: Russia's 'grey zone' war

Grigor Atanesian from BBC Russian joins us to discuss the theories around 'grey zone' warfare techniques and if, why, and how Russia is deploying them against the UK. Plus, BBC Korean's Yuna Ku explains how companies and celebrities are striving to appear politically neutral before the upcoming South Korean elections; how the Grand Mosque in Mecca has been expanded over the years to accommodate large numbers of pilgrims, with Reem Alsheikh from BBC Arabic; and the story behind a 'lost' masterpiece that recently sold for $1.3m, with Merve Kara-Kaşka from BBC Turkish. Presented by Faranak Amidi Produced by Caroline Ferguson and Alice Gioia (Photo: Faranak Amidi. Credit: Tricia Yourkevich.)

Boxer turned Mayor of Kyiv Vitali Klitschko lands major blow as he blasts ‘authoritarian' Zelensky
Boxer turned Mayor of Kyiv Vitali Klitschko lands major blow as he blasts ‘authoritarian' Zelensky

The Sun

time6 hours ago

  • The Sun

Boxer turned Mayor of Kyiv Vitali Klitschko lands major blow as he blasts ‘authoritarian' Zelensky

KYIV's mayor and former world champion boxer Vitali Klitschko stepped into the ring with Volodymyr Zelensky - accusing him of "authoritarianism". The former heavyweight blasted the Ukrainian wartime leader for paralysing his city with "raids, interrogations and threats of fabricated criminal cases". 8 8 8 Klitschko said the president's decision to use martial law to appoint a rival military administration in Kyiv stopped his city from making progress. The 53-year-old mayor's claims come after ex-comedian Zelensky was taunted earlier this year by Donald Trump and his right-hand-man JD Vance. The Don tripled down on his criticism of Zelensky in a blistering Truth Social rampage in February, branding the Ukrainian President a "dictator" and a "moderately successful" comedian. And just days after that, a furious Trump dramatically booted Zelensky out of the White House amid a seething row over US backing of the Ukraine war, sparking global chaos. Trump has also accused wartime hero Zelensky of "refusing to have elections" - despite this being normal protocol under martial law. Klitschko's allegations towards Zelensky of authoritarianism come as his Kyiv administration faces a string of arrests. Some of Klitschko's deputies have been purged by the national anti-corruption bureau under an operation called Clean City. The probe has exposed widespread corruption under the mayor's watch - and seven of his subordinates have so far been arrested, with another three under investigation. The former athlete has now lashed out at Zelensky, saying that the work of his city council has been plagued by fake criminal cases and threats. He says that these hampered the ability of Kyiv authorities to make key decisions. Kyiv's mayor told The Times: 'This is a purge of democratic principles and institutions under the guise of war. Sky documentary reveals feud between Ukraine's president and Kyiv's mayor over child's death 'I said once that it smells of authoritarianism in our country. Now it stinks.' He also accused President Zelensky of using military administrations across the country to take power from elected mayors. This is not the first time ex-sportsman Klitschko - who is also said to have presidential ambitions - has called out his rival Zelensky. The Kyiv mayor called out the Ukrainian President in February amid stalling peace negotiations. Zelensky then hit back at the boxing champ, saying: "Klitschko is a great athlete, but I didn't know he was a great speaker." 8 8 8 Klitschko said that his recent criticism of Zelensky has been protected by his celebrity status. 'Many of the mayors are intimidated, but my celebrity status is a protection," he explained. "You can fire the mayor of Chernihiv, but it is very difficult to fire the mayor of the capital who the whole world knows." He added: 'That is why everything is being done to discredit and ruin my reputation.' Political scientist Volodymyr Fesenko said that the conflict betwene the two rivals goes deeper. The expert said it reflected concern about abuse of city funds in wartime, calling it a "response to manifestations of corruption in the Kyiv city administration". He told The Times: 'During the war money should go primarily to defence, to protect the country, yet there is all this construction." Questioning the corruption in Kyiv, he added: "In some other cities, even stadiums are being built. "In the Donbas there are large landscaping projects. The frontline is near by, and the money is not going to defensive structures, but to greenery." Kyiv locals have been baffled as luxury flats keep popping up instead of shelters or schools — often built on public land using a dodgy 'toilet loophole'. This starts with setting up a par-per-use toilet for example, to then receive something similar to squatters' rights. Many of the ten Kyiv officials under investigation have been charged with corruption relating to the approval of these land permits. Klitschko's ex-deputy has been charged with taking bribes to help war conscripts escape, while a former city councillor accused of embezzlement has fled to Austria. He responded to claims of corruption under his watch, saying that he had sacked eight of the officials being investigated. "I have 4,500 employees in this building alone and about 300,000 employees working for the city," he said. "Corruption cases sometimes happen, but we react harshly and quickly." He added: "We co-operate with law enforcement, provide all the necessary information and hope for an impartial investigation of all cases." Klitshcko's main rival in Kyiv, Tymur Tkachenko, has slated the mayor for showing 'weakness' during wartime. Tkachenko told The Times: 'Mr Klitschko could not close the brothel in the basement of the same building where he lives." He was referring to Tootsies, a notorious strip club raided and shut down by the security service last month as part of an investigation into sex trafficking. Klitschko hit back at claims he was tied to the strip club which is near a hotel complex he owns, calling it a 'lie' meant to smear him. 8 8

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store