Airline stocks tumble after Israel strikes on Iran
LONDON: European airline stocks tumbled in early trading on Friday after Israel launched widescale strikes against Iran, which pushed the oil price up by 7 per cent and ignited a rush out of risk assets.
Shares in Lufthansa dropped almost 5 per cent on the Tradegate platform, while those in Air France-KLM and EasyJet fell 3-4 per cent.
Airlines cleared out of the airspace over Israel, Iran and Iraq and Jordan on Friday after Israel launched attacks on targets in Iran, Flightradar24 data showed, with carriers scrambling to divert and cancel flights to keep passengers and crew safe.
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Barnama
33 minutes ago
- Barnama
Top News Headlines In Cambodia, Indonesia, Myanmar, & Vietnam: June 14, 2025
The Cambodia-Thailand Joint Border Committee will hold its first meeting on Saturday after a 12-year hiatus. Cambodia is awaiting Thailand's position on whether it will cooperate in bringing the four disputed areas to the International Court of Justice. Senate President Hun Sen urged law-abiding nations to encourage Thailand to pursue legal proceedings at the International Court of Justice to resolve the ongoing border dispute. The Kingdom wants to seek a peaceful resolution through bilateral dialogue and legal means. 1. DAYTIME HUSTLE FORCES JAKARTANS TO FIND JOY IN NIGHTTIME WORKOUTS -- THE JAKARTA POST After a packed day working as a sales and marketing officer, 35-year-old Jonathan Kasim finds joy in multiple strength exercises he does twice a week at the Gelora Bung Karno (GBK) sports complex in Central Jakarta. 2. ENVIRONMENT MINISTER DEMANDS CLEANER FUEL AS JAKARTA RANKS AMONG WORLD'S MOST POLLUTED CITIES -- JAKARTA GLOBE Environment Minister Hanif Faisol Nurofiq is calling on state-owned energy giant Pertamina to immediately adopt European-grade fuel standards as Jakarta reels from a surge in air pollution that has placed it among the most polluted cities globally. MYANMAR 1. CRACKING DOWN ILLEGAL FOREX TRADING -- THE GLOBAL NEW LIGHT OF MYANMAR The Central Bank of Myanmar advised individuals and institutions not to engage in illegal foreign currency trading without a valid licence. Those travelling abroad to study, work, medical treatment and for pilgrimage can buy foreign currencies at authorised banks' foreign exchange counters. 2. FOOD TRADE FAIR TO ENCOURAGE BUSINESS -- THE GLOBAL NEW LIGHT OF MYANMAR The Food and Beverage Myanmar trade show will be held at the Yangon Convention Centre from June 27 to 29, 2025. Companies can showcase their products ranging from beverages, meat, fish, dairy items, fruits and ready-to-eat food. VIETNAM 1. SWEDISH MEDICAL UNIVERSITY TO SUPPORT VIETNAM -- VIETNAMPLUS Vietnam and Swedish top medical university Karolinska Institute plan to expand further cooperation in medical training and research. Officials may work in healthcare challenges such as neonatal mortality and care for premature infants. 2. VIETNAMESE COFFEE EXPORTS SOARING THIS YEAR -- VIETNAMPLUS Coffee exports hit a new record of RM20 billion (US$4.7 billion) in the first five months of this year. It was largely driven by a rise in shipments to key markets — the European Union and the United States. -- BERNAMA BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies. Follow us on social media : Facebook : @bernamaofficial, @bernamatv, @bernamaradio Twitter : @ @BernamaTV, @bernamaradio Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial TikTok : @bernamaofficial
The Star
4 hours ago
- The Star
From shophouse to global hub: Malaysia's automotive journey
Asia's very first automotive assembly activities date back almost one hundred years. The pioneers in local assembly used to be Ford, when in 1926 was incorporated in Singapore as Ford Motor Company of Malaya Ltd. Operating from a small shophouse garage, it began with wheel-fitting and touching up early Model-T kits sourced from Ford England and Canada. A far cry from the state-of-the-art assembly plants that can push out thousands of units a month today. The first fully-fledged automobile assembly plant was set up in Singapore by Ford, with production facilities of completely knocked-down (CKD) vehicles. During the Japanese occupation, the plant was used to produce military trucks. In the post-war years, as newly independent nations began charting their economic futures, industrialisation – and with it, automotive manufacturing – became a natural focus. The Asean blueprint for development post-independence has been largely industrialisation-focused and began to look at reducing their reliance on imported vehicles. Over time, the most critical starting point is to upskill the talent, implement government policies and incentives, and build local infrastructure to support it. The automotive supply chain has grown tremendously, a spark that has ignited investments, skills development, and technology transfers – powering hundreds of thousands of livelihoods. As the supply chain became more embedded, global brands began to eye countries like Thailand, Indonesia, and Malaysia as suitable hubs for regional expansion. Initially manufacturing for the domestic market, post-war economies were flourishing, and mobility was an essential part of this growth. The following decades saw the automotive industry evolve organically, gradually increasing the local content component in alignment with national policies, attracting interest and investment from European and Japanese brands, who saw Asean as an attractive hub for regional expansion. The era of complex automotive supply chains Digitalisation, trading blocs, and supply chain-related technologies gave the world a massive boost when it came to regional integration. Cars were now being built with content from multiple countries, with each component being optimally sourced at the best quality and price from vendors across the region. This allowed for increasingly resilient supply structures, with better flexibility and scalability. Toyota, with its Toyota Production System, pioneered manufacturing and logistical processes that are emulated globally, optimising complex supply chains to clockwork precision. Today, your car could be designed in Japan, made in Malaysia, with tyres from Thailand, brakes made in Indonesia and seats from Vietnam – a truly Asian testament to integration – and Malaysia played the role of quiet architect. Working fantastically together, with each component coming together at the right time and in the right specification on the final assembly line. Domestic or export? Why not both? Export-oriented hubs that also serve the local economy are a great move forward. Jobs created, skills enhanced, technology infusion, and the local market gains access to more advanced cars – the economic benefits multiply. Whilst the world's leading car brands do not originate from Asean, the region remains a strong manufacturing base and a key source of growth, ensuring their significant and enduring presence here. The rise of xEV and China In more recent times, the rapid growth of electrification has shifted the technological focus, attracting big leaps in investment, technology, and upskilling. One cannot talk about electrification without mentioning China. China is integral to electrification. Supported by a thriving local economy, the country has been able to grow the local infrastructure exponentially in developing batteries, their component technologies, and raw material extraction and refinement, and is now the linchpin of critical technologies in the pursuit of a green future. It is a space that is rapidly evolving, too, as governments increasingly view energy transition as a matter of national security and critical industries. New iterations of batteries and platforms continue to leapfrog previously cutting-edge technologies. Can Asean keep up with this pace of evolution? While no one region can match China's scale overnight, Asean's opportunity lies not in direct competition – but in complementing the ecosystem. In a world of shifting alliances, agility and trust matter more than sheer volume. Supply chain interdependencies and geopolitical conditions will make alliances and partnerships a critical, if not essential, pathway to joint prosperity in the region. Asean member countries make up 670 million people, making it the fifth most populous region. Collectively, they produce around 4.5 million cars annually, making it the fifth largest sub-regional market. Global brands recognise the potential, catapulting Asean as a hub for manufacturing, exports, and component supply. Asean's generally trade-friendly policies also make it favourable for manufacturers looking to access markets they otherwise cannot. This cushions the impact of geopolitical tensions, like the tariff wars. Malaysia, Indonesia, and Thailand are well-positioned to capitalise. In the process of building these support networks for car brands, we continue to grow and flourish. Our talent pool, technology and training skills, research and development, and production capabilities continue to expand. From a humble shophouse to regional relevance, Malaysia's journey reflects the power of steady progress. And our future – built on talent, trust, and tenacity – is going strong.
The Star
12 hours ago
- The Star
Soccer-Excessive financial demands scuppered pre-Club World Cup signings, says Al-Hilal CEO
FILE PHOTO: Soccer Football - Saudi Pro League - Al Hilal v Al Qadsiah - Kingdom Arena, Riyadh, Saudi Arabia - May 26, 2025 Al Hilal's Aleksandar Mitrovic celebrates scoring their first goal REUTERS/Hamad I Mohammed/File Photo (Reuters) -Al-Hilal CEO Esteve Calzada said they were confident in their Club World Cup squad's strength despite failing to secure any big names in the tournament's build-up, adding that talks with several targets collapsed due to excessive financial demands. The Riyadh-based club, backed by Saudi Arabia's Public Investment Fund, parted ways with marquee signing Neymar earlier this year, but still boasts prominent players including Ruben Neves, Joao Cancelo, Aleksandar Mitrovic and Sergej Milinkovic-Savic. However, unlike Real Madrid who bolstered their squad with Trent Alexander-Arnold and Manchester City, who added Tijjani Reijnders and Rayan Cherki, Al-Hilal made no major European acquisitions during the tournament's designated transfer window. The club's most notable addition ahead of Wednesday's opening match against Real Madrid in Miami was Italian manager Simone Inzaghi, appointed earlier this month. "This is the first time we've faced this transfer window... It's been difficult for us to find our bearings, including finding the right coach (Inzaghi) who could take charge of the team for the tournament," Calzada told Spanish daily Marca in an interview published on Friday. "We operate with a budget that we have to meet, and it's true that sometimes some players or agents don't understand that... There's been a lot of activity, but in the end we haven't made any deals." Asked about the challenges they faced in the mini transfer window, given the club's reputation for big spending, the CEO said players were demanding too much money. "Firstly, because we have a lot of confidence in our team, and secondly, because the circumstances haven't been right, including the fact that some people have gone crazy with the fees they're asking for; they think we can reach any figure," he added. "Truly, what a player can earn in Saudi Arabia will always be much more than what they can earn in Europe. But clearly, we don't have unlimited resources, nor do we print money. "In fact, we've missed out on opportunities to sign players precisely because they believed money was inexhaustible, and we have to manage the club sustainably and on reasonable terms." After their match against Real Madrid, Al-Hilal will face Austria's RB Salzburg and Mexico's Pachuca in Group H. (Reporting by Shifa Jahan in BengaluruEditing by Toby Davis)
