Türkiye to Set Sustainable Aviation Fuel Mandates for Airlines, Suppliers

Turkish Airlines (THY) aircraft are pictured on the tarmac of Istanbul Grand Airport in Istanbul, Türkiye May 23, 2023. REUTERS/Yoruk Isik/File Photo
Turkish Airlines (THY) aircraft are pictured on the tarmac of Istanbul Grand Airport in Istanbul, Türkiye May 23, 2023. REUTERS/Yoruk Isik/File Photo
TT

Türkiye to Set Sustainable Aviation Fuel Mandates for Airlines, Suppliers

Turkish Airlines (THY) aircraft are pictured on the tarmac of Istanbul Grand Airport in Istanbul, Türkiye May 23, 2023. REUTERS/Yoruk Isik/File Photo
Turkish Airlines (THY) aircraft are pictured on the tarmac of Istanbul Grand Airport in Istanbul, Türkiye May 23, 2023. REUTERS/Yoruk Isik/File Photo

Türkiye will set mandates for airlines and jet fuel suppliers to boost uptake of sustainable aviation fuel, with a goal of reducing aviation emissions by 5% by 2030, its civil aviation authority said on its website.

The move is aimed at complying with the UN International Civil Aviation Organization's emission reduction scheme that will become mandatory in 2027.

The new rules will oblige airlines to use sufficient SAF in international flights involving Türkiye to meet the 5% emissions reduction goal. They will also require jet fuel suppliers in the country to procure SAF to meet that target, and domestic oil refiners Tupras and Socar to start producing SAFs, Reuters reported.

The authority will publish minimum emission reduction targets before the end of the third quarter each year, it said, adding it would penalize airlines and jet fuel suppliers for any non-compliance.

Airline operators must load 90% of the SAF they need for international flights in Türkiye, the authority said.

Aviation is responsible for 2.5% of global energy-related CO2 emissions, according to the International Energy Agency.

Tupras, Türkiye's largest oil refiner, aims to produce 20,000 metric tons of SAF at one of its major plants in 2026, the company said earlier this year.

It aims to lift production up to 400,000 tons by building a new unit at its Izmir refinery, pending a final investment decision.

DB Tarimsal Enerji, a local biofuel firm, also aims to produce 100,000 tons of SAF at a new plant.

Türkiye's jet fuel demand fell 4% last year to 6.26 million tons, or 135,000 barrels per day, according to the country’s energy regulator.



Hapag-Lloyd Raises Outlook for Third Time on Strong Freight Rates

Hapag-Lloyd containers at a loading terminal at the harbor in Hamburg, Germany, July 13, 2025. (Reuters)
Hapag-Lloyd containers at a loading terminal at the harbor in Hamburg, Germany, July 13, 2025. (Reuters)
TT

Hapag-Lloyd Raises Outlook for Third Time on Strong Freight Rates

Hapag-Lloyd containers at a loading terminal at the harbor in Hamburg, Germany, July 13, 2025. (Reuters)
Hapag-Lloyd containers at a loading terminal at the harbor in Hamburg, Germany, July 13, 2025. (Reuters)

German container shipping company Hapag-Lloyd on Wednesday raised its full-year earnings outlook for the third time this year, citing strength in freight rates and a stronger-than-expected performance ‌in the ‌fourth quarter.

The stock was ‌up ⁠2.4% at 0925 ⁠GMT.

The upgrade adds to a series of positive outlook revisions across the European logistics sector, where resilient global trade, elevated shipping ⁠rates and persistent ‌supply-chain disruptions have ‌supported earnings and boosted profitability.

Hapag-Lloyd ‌now expects full-year earnings ‌before interest and tax of $2.0 billion to $2.4 billion, up from previous expectations of $1.25 billion to $1.75 ‌billion.

The company also lifted its 2026 earnings before ⁠interest, tax, ⁠depreciation and amortization guidance to $4.6 billion to $5.0 billion, from $3.9 billion to $4.4 billion previously.

The latest increase follows earlier upgrades in July and September, reflecting sustained strength in container shipping markets and management's improved expectations for year-end trading.


Gold Gains After Steep Drop, but Hawkish Central Bank Signals Weigh

People buy gold jewellery on the occasion of 'Dhanteras' as part of Diwali celebrations, the Hindu festival of lights, in Kolkata on November 6, 2026. (AFP)
People buy gold jewellery on the occasion of 'Dhanteras' as part of Diwali celebrations, the Hindu festival of lights, in Kolkata on November 6, 2026. (AFP)
TT

Gold Gains After Steep Drop, but Hawkish Central Bank Signals Weigh

People buy gold jewellery on the occasion of 'Dhanteras' as part of Diwali celebrations, the Hindu festival of lights, in Kolkata on November 6, 2026. (AFP)
People buy gold jewellery on the occasion of 'Dhanteras' as part of Diwali celebrations, the Hindu festival of lights, in Kolkata on November 6, 2026. (AFP)

Gold prices climbed on Wednesday, but remained anchored near the $4,000 level after a sharp selloff in the previous session following a hot US inflation print and hawkish policymakers' comments that tilted market expectations towards further and larger ‌rate hikes.

Spot ‌gold rose 0.5% to $4,051.31 per ounce ‌by ⁠0916 GMT after dropping ⁠as much as 3% to $4,013.29 on Tuesday. US gold futures for December delivery gained 0.7% to $4,059 per ounce.

"Gold is seeing some slight relief after its post-CPI declines," said Han Tan, chief market analyst at Bybit.

"However, it's a tough ask for gold bulls to keep pushing prices higher, given ⁠the prospects of more Fed rate ‌hikes in the pipeline."

Data released on ‌Tuesday showed US consumer prices rose more than expected in ‌October, with the CPI increasing 0.4%. Economists polled by Reuters ‌had forecast a 0.3% rise.

Traders raised the odds of a December Federal Reserve rate hike to 100% from 84% before the data, as per CME's FedWatch tool. Expectations of a ‌larger, half-percentage-point hike also increased.

Ahead of the data, Fed Governor Christopher Waller said a core inflation ⁠reading ⁠of 0.3% in October would prompt him to consider a half-point hike at the December meeting.

Other policymakers also maintained a hawkish tone, with Fed Bank of Philadelphia President Anna Paulson signaling further US rate hikes and Fed Vice Chair for Supervision Michelle Bowman reaffirming the central bank's focus on curbing price pressures.

Although gold is typically seen as an inflation hedge, higher interest rates diminish its appeal, as gold bullion pays no interest.

Among other metals, spot silver climbed 2.7% to $52.87 per ounce, and palladium gained 4.1% to $1,066.66 per ounce.


Oman Posts Third-Quarter Budget Surplus as Revenue Rises 16%

Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)
Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)
TT

Oman Posts Third-Quarter Budget Surplus as Revenue Rises 16%

Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)
Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)

Oman's ‌public revenue rose 16% by the end of the third quarter to 9.828 billion Omani rials ($25.53 billion), the Oman News Agency said in a post ‌on X on ‌Wednesday.

Public spending ‌rose ⁠9% to about ⁠9.74 billion rials, and the state budget recorded a surplus of about 90 million rials ⁠at the end of ‌the ‌third quarter.

Public debt ‌fell by more ‌than 600 million rials from a year earlier, to about 14.1 ‌billion rials from 14.7 billion.

Dues paid ⁠to ⁠the private sector and received through the financial system totaled more than 1.43 billion rials by the end of the third quarter.