AirAsia close to buying at least 100 Airbus jets in shift to A220, sources say
PARIS: AirAsia is in advanced discussions to place an order for at least 100 Airbus jets at next week's Paris Airshow, a deal likely to mark the introduction to its fleet of the planemaker's smallest jet, the A220, industry sources said.
AirAsia and Airbus declined to comment. - Reuters
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The Star
an hour ago
- The Star
US weekly jobless claims steady at higher levels
WASHINGTON: The number of Americans filing new applications for unemployment benefits was unchanged at higher levels last week as labour market conditions continued to steadily ease. Initial claims for state unemployment benefits held steady at a seasonally adjusted 248,000 for the week ended June 7, the Labor Department said on Thursday. Economists polled by Reuters had forecast 240,000 claims for the latest week. Claims could remain elevated, with the school year ending this month as some states allow non-teaching staff to collect benefits during the long summer holidays. Though there have been no widespread layoffs as employers hoard workers amid economic uncertainty spawned by President Donald's aggressive tariffs, the labor market is steadily losing steam. An immigration crackdown by the White House is also slowing employment gains. Nonfarm payrolls increased by 139,000 jobs in May, down from 193,000 a year ago. A lagging measure of employment, the Quarterly Census of Employment and Wages (QCEW), has suggested a much slower pace of job growth between April 2024 and December 2024 than reported in the survey of establishments from which the nonfarm payrolls data is compiled. Economists said this partly reflected reduced labor supply because of immigration restrictions imposed by former President Joe Biden's administration in mid-2024. The QCEW data is derived from reports by employers to the state unemployment insurance programs. Economists said the QCEW data raised the possibility that payrolls could be revised substantially down from April 2024 through May 2025. Much would, however, depend on the QCEW data for the first quarter. "All things considered, we think the 2025 benchmark revision is most likely to revise down job gains from April 2024-March 2025 by 800,000-1.125 million, with the range for August's preliminary benchmark announcement about 200,000 higher," said Jonathan Millar, a senior economist at Barclays. "This would trim monthly payroll gains over the benchmark period by about 65,000-95,000 per month relative to the current estimate of approximately 150,000 per month." The claims report showed the number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 54,000 to a seasonally adjusted 1.956 million during the week ending May 31. Recently laid off workers are struggling to find work, though the median duration of unemployment dropped to 9.5 weeks in May after surging to 10.4 weeks in April. - Reuters
The Star
2 hours ago
- The Star
Most G7 members ready to lower Russian oil price cap without US
FILE PHOTO: Russian flag with stock graph and an oil pump jack miniature model are seen in this illustration taken October 9, 2023. REUTERS/Dado Ruvic/Illustration/File photo BRUSSELS/PARIS (Reuters) -Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said. G7 country leaders are due to meet on June 15-17 in Canada where they will discuss the price cap first agreed in late 2022. The cap was designed to allow Russian oil to be sold to third countries using Western insurance services provided the price was no more than $60 a barrel. The European Union and Britain have been pushing to lower the price for weeks after a fall in global oil prices made the current $60 cap nearly irrelevant. The sources, who declined to be named, said the EU and Britain are ready to lead the charge and go it alone, backed by the other European G7 countries and Canada. They said it is still unclear what the U.S. will decide, though the Europeans are pushing for a united decision at the meeting. Japan's position also remains uncertain, they said. "There is a push among European countries to reduce the oil price cap to $45 from $60. There are positive signals from Canada, Britain and possibly the Japanese. We will use the G7 to try to get the U.S. on board," one of the sources said. The White House had no immediate comment. During the G7 finance ministers meeting in the Canadian Rockies last month, U.S. Treasury Secretary Scott Bessent remained unconvinced there was a need to lower the cap, according to sources. However some U.S. Senators may endorse the idea, including Lindsay Graham, who in recent weeks told reporters he supports lowering the cap. Graham is pushing a hard-hitting new set of Russia sanctions that could impose steep tariffs on buyers of Russian oil. The EU has proposed lowering the price to $45 a barrel in its latest 18th package of sanctions. The package must have unanimity from member states in order for it to be adopted, which could take several weeks. Russia's largest export grade, Urals, trades at around a $10 a barrel discount to the Dated Brent benchmark out of Baltic ports. Brent futures have been trading below $70 a barrel since early April. Sources said Washington's buy-in was not essential to lower the cap owing to Britain's dominance in global shipping insurance, and the EU's influence on the Western rules-abiding tanker fleet. The U.S., however, does matter when it comes to dollar-denominated payments for oil and its banking system. The EU and its Western allies have been progressively cracking down on Russia's shadow fleet of tankers and related actors, which work to circumvent the cap. The pressure has started to hurt Moscow's revenues and Western allies hope this will push more of the oil trade back under the cap. Russia's state-owned oil producer Rosneft reported a 14.4% slump in profits last year. (Reporting by Julia Payne and John Irish; Additional reporting by Jarrett Renshaw in Washington; Editing by Jan Harvey)
The Star
2 hours ago
- The Star
European foreign ministers ready to toughen action against Russia
Germany's Minister of Foreign Affairs Johann Wadephul, Poland's Minister of Foreign Affairs Radoslaw Sikorski, European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas, Ukraine's Foreign Minister Andrii Sybiha, Italian Foreign Minister Antonio Tajani and NATO Secretary General Mark Rutte attend a joint press conference, on the day of a meeting to discuss the latest developments in Ukraine and security in Europe, at Villa Madama in Rome, Italy, June 12, 2025. REUTERS/Guglielmo Mangiapane ROME (Reuters) -Foreign ministers from large European countries said on Thursday they were ready to step up pressure on Russia, "including through further sanctions" involving the energy and banking sector, to weaken Moscow in its war with Ukraine. The meeting in Rome involved representatives from France, Germany, Italy, Poland, Spain, Britain and the European Union. NATO Secretary General Mark Rutte and a Ukrainian representative also joined the talks. "We are determined to keep Russian sovereign assets in our jurisdictions immobilised until Russia ceases its aggression and pays for the damage it has caused," the countries said in a statement. (Reporting by Angelo Amante, editing by Gavin Jones)
