Money

Russia’s largest freight carrier suspends all flights over Boeing sanctions

Published

3 years ago

March 20, 2022

Ahron Young

Russia’s largest cargo airline has suspended all flights using Boeing aircraft due to Western sanctions.

Sanctions have cut off the supply of most aircraft and parts to Russia.

The United States and Europe have closed their airspace to Russian airlines, and Moscow has imposed the same measure on them.

Volga-Dnepr said in a statement it had stopped operations of two of its subsidaries – AirBridgeCargo and Atran – that use 18 Boeing 747 and 6 Boeing 737 airplanes due to sanctions and a decision by Bermuda’s Civil Aviation Authority (BCAA) to terminate their safety certificates.

“The management of Volga Dnepr has made a conscious decision to find a possible solution together with partners and state regulators,” it said in a statement.

Volga-Dnepr, which describes itself as the world leader in the oversize and heavy cargo market, continues to fly Russian-made aircraft including An-124 and Il-76 cargo jets.

Russia has passed a law allowing the country’s airlines to place aircraft leased from foreign companies on Russia’s aircraft register.

Money

France receives lowest credit rating due to crisis

France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

Published

2 days ago

September 13, 2025

Ahron Young

France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

In Short:
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.

Fitch Ratings has downgraded France’s credit rating from AA- to A+, the lowest ever recorded, amid ongoing political and fiscal challenges.

The decision comes shortly after Prime Minister François Bayrou was removed in a vote of no confidence regarding his €44 billion austerity plan.

President Emmanuel Macron has appointed Sébastien Lecornu as the new prime minister, marking the fifth leadership change in under two years.

Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.

The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.

Political Instability

The new prime minister faces a divided parliament and must secure budget approval by October 7.

The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.

Money

Trump moves to fast-track removal of Fed governor Lisa Cook

Published

2 days ago

September 12, 2025

ticker NEWS

The White House is set to fast-track a ruling on firing Federal Reserve Governor Lisa Cook, just days before the crucial FOMC meeting.

The move comes as markets reel from surging inflation, weak jobless data, and global currency shifts, raising questions about the Fed’s independence and the stability of policy decisions.

Money

ANZ job cuts spark banking clash

ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.

Published

5 days ago

September 10, 2025

ticker NEWS

ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.

ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.

The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.

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