logo
Olympics-Italy's Leonardo, TechnoAlpin sign partnerships for 2026 Games

Olympics-Italy's Leonardo, TechnoAlpin sign partnerships for 2026 Games

Yahoo25-03-2025

(Reuters) - Italy's aerospace and defence company Leonardo will provide communication systems to the 2026 Winter Olympic and Paralympic Games, the company and the local organiser Milano Cortina 2026 Foundation said on Tuesday in a joint statement.
Under the partnership, Leonardo will supply radio and multi-technology communication systems, which will help coordinate events and operations during the Games which are spread across a large area of northern Italy.
"Leonardo is supporting a project that strengthens the country's international image while promoting the universal values of sport," Leonardo CEO Roberto Cingolani said.
The organisers also signed on Tuesday a commercial partnership with TechnoAlpin, an artificial snow-making company based in the northern Italian city of Bolzano.
The company will also supply snow-making machines to the organising committee, a role it also fulfilled at the last Winter Olympics in Beijing.
"The partnership highlights our technological know-how and commitment," TechnoAlpin CEO Erich Gummerer said in a statement.
The Olympics will be jointly hosted by the city of Milan and the Alpine resort of Cortina d'Ampezzo next February, with five other locations being used for competition. The Paralympics will take place in March 2026.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Analysis-OPEC+ would struggle to cover major Iranian oil supply disruption
Analysis-OPEC+ would struggle to cover major Iranian oil supply disruption

Yahoo

time39 minutes ago

  • Yahoo

Analysis-OPEC+ would struggle to cover major Iranian oil supply disruption

By Ahmad Ghaddar and Seher Dareen LONDON (Reuters) -Oil market participants have switched to dreading a shortage in fuel from focusing on impending oversupply in just two days this week. After Israel attacked Iran and Tehran pledged to retaliate, oil prices jumped as much as 13% to their highest since January as investors price in an increased probability of a major disruption in Middle East oil supplies. Part of the reason for the rapid spike is that spare capacity among OPEC and allies to pump more oil to offset any disruption is roughly equivalent to Iran's output, according to analysts and OPEC watchers. Saudi Arabia and the United Arab Emirates are the only OPEC+ members capable of quickly boosting output and could pump around 3.5 million barrels per day (bpd) more, analysts and industry sources said. Iran's production stands at around 3.3 million bpd, and it exports over 2 million bpd of oil and fuel. There has been no impact on output so far from Israel's attacks on Iran's oil and gas infrastructure, nor on exports from the region. But fears that Israel may destroy Iranian oil facilities to deprive it of its main source of revenue have driven oil prices higher. The Brent benchmark last traded up nearly 7% at over $74 on Friday. An attack with a significant impact on Iranian output that required other producers to pump more to plug the gap would leave very little spare capacity to deal with other disruptions - which can happen due to war, natural disasters or accidents. And that with a caveat that Iran does not attack its neighbours in retaliation for Israeli strikes. Iran has in the past threatened to disrupt shipping through the Strait of Hormuz if it is attacked. The Strait is the exit route from the Middle East Gulf for around 20% of the world's oil supply, including Saudi, UAE, Kuwaiti, Iraqi and Iranian exports. Iran has also previously stated that it would attack other oil suppliers that filled any gap in supplies left due to sanctions or attacks on Iran. "If Iran responds by disrupting oil flows through the Strait of Hormuz, targeting regional oil infrastructure, or striking U.S. military assets, the market reaction could be much more severe, potentially pushing prices up by $20 per barrel or more," said Jorge Leon, head of geopolitical analysis at Rystad and a former OPEC official. CHANGE IN CALCULUS The abrupt change in calculus for oil investors this week comes after months in which output increases from OPEC and its allies, a group known as OPEC+, have led to investor concern about future oversupply and a potential price crash. Saudi Arabia, the de facto leader of OPEC, has been the driving force behind an acceleration in the group's output increases, in part to punish allies that have pumped more oil than they were supposed to under OPEC+ agreements. The increases have already strained the capacity of some members to produce more, causing them to fall short of their new targets. Even after recent increases, the group still has output curbs in place of about 4.5 million bpd, which were agreed over the past five years to balance supply and demand. But some of that spare oil capacity - the difference between actual output and notional production potential that can be brought online quickly and sustained - exists only on paper. After years of production cuts and reduced oilfield investment following the COVID-19 pandemic, the oilfields and facilities may no longer be able to restart quickly, said analysts and OPEC watchers. Western sanctions on Iran, Russia and Venezuela have also led to decreases in oil investment in those countries. "Following the July hike, most OPEC members, excluding Saudi Arabia, appear to be producing at or near maximum capacity," J.P. Morgan said in a note. Outside of Saudi Arabia and the UAE, spare capacity was negligible, said a senior industry source who works with OPEC+ producers. "Saudi are the only ones with real barrels, the rest is paper," the source said. He asked not to be named due to the sensitivity of the matter. PAPER BARRELS Saudi oil output is set to rise to above 9.5 million bpd in July, leaving the kingdom with the ability to raise output by another 2.5 million bpd if it decides to. That capacity has been tested, however, only once in the last decade and only for one month in 2020 when Saudi Arabia and Russia fell out and pumped at will in a fight for market share. Saudi Arabia has also stopped investing in expanding its spare capacity beyond 12 million bpd as the kingdom diverted resources to other projects. Russia, the second largest producer inside OPEC+, claims it can pump above 12 million bpd. JP Morgan estimates, however, that Moscow can only ramp up output by 250,000 bpd to 9.5 million bpd over the next three months and will struggle to raise output further due to sanctions. The UAE says its maximum oil production capacity is 4.85 million bpd, and told OPEC that its production of crude alone in April stood at just over 2.9 million bpd, a figure largely endorsed by OPEC's secondary sources. The International Energy Agency, however, estimated the country's crude production at about 3.3 million bpd in April, and says the UAE has the capacity to raise that by a further 1 million bpd. BNP Paribas sees UAE output even higher at 3.5-4.0 million bpd. "I think spare capacity is significantly lower than what's often quoted," said BNP analyst Aldo Spanjer. The difference in ability to raise production has already created tensions inside OPEC+. Saudi Arabia favours unwinding cuts of about 800,000 bpd by the end of October, sources have told Reuters. At their last meeting, Russia along with Oman and Algeria expressed support for pausing a hike for July. Sign in to access your portfolio

Verstappen sets Canada pace after Leclerc crash
Verstappen sets Canada pace after Leclerc crash

Yahoo

timean hour ago

  • Yahoo

Verstappen sets Canada pace after Leclerc crash

Max Verstappen is one penalty point away from a one-race ban after his collision with George Russell in Barcelona [Reuters] Canadian Grand Prix Venue: Circuit Gilles Villeneuve, Montreal Dates: 13-15 June Race start: 19:00 BST on Sunday Coverage: Live commentary of first practice, third practice and qualifying on BBC Radio 5 Sports Extra 2, with FP2 on Sports Extra. Race is on BBC Radio 5 Live; live text updates on BBC Sport website and app Advertisement Ferrari's Charles Leclerc crashed in first practice at the Canadian Grand Prix as Red Bull's Max Verstappen set the pace. Leclerc misjudged Turn Three after locking his brakes going into the corner and collected the barrier as he speared across the grass, just under halfway through the session. He was fastest at the time but ended the session 10th. Leclerc tried to cut across the grass after locking his brakes on the entry to the difficult right-left chicane but collected a barrier and destroyed the left-hand side of his car. "I'm sorry," Leclerc said to the team over the radio. "I locked up and should have gone straight. I thought I could make the corner but I hit the wall." Advertisement Verstappen set the pace from Williams' Alex Albon and Carlos Sainz. The four-time champion was 0.039 seconds quicker than Albon and 0.082secs ahead of Sainz. Charles Leclerc walks back to the pits after crashing his Ferrari during first practice [Reuters] Mercedes' George Russell was fourth fastest, from Ferrari's Lewis Hamilton, Racing Bulls' Isack Hadjar and McLaren's Lando Norris on a track that was obviously slippery and dirty. Championship leaders McLaren appeared to struggle. Norris had a number of moments around the demanding Circuit Gilles Villeneuve and finished up 12th. The Briton's team-mate Oscar Piastri, the championship leader, was 14th as McLaren tested a new front wing and front suspension. Advertisement The wing is a test item that is not expected to be used after Friday, but the suspension is aimed at curing the 'numb' feeling in the car's front axle that has particularly affected Norris this season. But Norris went off track on the exit of Turn One and came close to losing control at the hairpin a number of times. Racing Bulls' Liam Lawson, Alpine's Pierre Gasly and Leclerc completed the top 10. Gasly's team-mate Franco Colapinto had an early spin at Turn Two without harm and ended up 19th. Red Bull's Yuki Tsunoda was 11th, 0.734secs behind team-mate Verstappen, and Aston Martin's Fernando Alonso 12th.

Major Airlines Cancel 650 European Flights as Delays Rock Travelers
Major Airlines Cancel 650 European Flights as Delays Rock Travelers

Yahoo

timean hour ago

  • Yahoo

Major Airlines Cancel 650 European Flights as Delays Rock Travelers

The Israeli strikes against Iran are affecting travelers around the world as multiple major airlines have canceled or delayed flights. And they're not just flights to Israel. The turmoil is affecting worldwide travel. Multiple major airlines have cancelled or diverted "thousands of flights," straining airlines already struggling with profitability, according to Reuters. Eurocontrol told Reuters that it's not just the Middle East; about 1,800 flights to and from Europe were affected by the turmoil on June 13 by mid morning, including 650 cancelled flights, Reuters reported. Air India announced a string of diverted flights, including some from or to European destinations and the U.S. There were 15,964 delayed flights worldwide on June 13 with 928 cancellations, including 168 into or out of the U.S., FlightAware reported. Flight tracking sites showed there was no commercial air travel over Iran, Israel, Jordan, Syria, and Iraq on June 13. The airports in Tehran, Tel Aviv, and Amman were all closed. Global air travel has been disrupted, CNN reported. According to Reuters, flying through the Middle East region is an "important route for international flights between Europe and Asia," especially since Russian and Ukrainian airspace was already shut down. Travel to Israel or the Middle East was impacted most. Airlines that had canceled, delayed, or "redirected" flights on June 13 included "Emirates, Etihad, Qatar Airways, and Air India, as well as the German-based Lufthansa," according to CBS. In addition, El-Al and Isair, which are Israeli airlines, "evacuated planes from Tel Aviv," CBS reported. The cancellations affected the region around Israel but also "beyond," the network reported. Israel's Ben-Gurion airport was completely closed to air travel passengers. Emirates "canceled flights to and from Iraq, Jordan, Lebanon and Iran," CBS reported. According to Reuters, El Al Airlines, Air France, Ryanair, and Wizz, suspended flights to and from Airlines Cancel 650 European Flights as Delays Rock Travelers first appeared on Men's Journal on Jun 13, 2025

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