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United Airlines CEO faces rightwing backlash after calling for US wealth tax

20 October 2026 at 21:06

Scott Kirby says wealth inequality is a ‘danger to society’ and calls for inheritance tax in recent interview

Scott Kirby, the CEO of United Airlines, is under scrutiny from conservative politicians and commentators for saying wealth inequality is a “danger to society” and calling for a national wealth and inheritance tax in a recent interview.

Talking to the New York Times, Kirby was asked about the growing public distrust of CEOs and whether he felt any responsibility to quell that distrust.

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© Photograph: Chip Somodevilla/AP

© Photograph: Chip Somodevilla/AP

© Photograph: Chip Somodevilla/AP

Andy Burnham faces climate revolt after approval of North Sea gas drilling

Jackdaw gasfield announcement signals UK’s commitment to North Sea industry but undermines green credentials

The Jackdaw gasfield will be given the go-ahead on Wednesday, signalling Andy Burnham’s commitment to the North Sea fossil fuel industry and threatening to trigger a row with climate campaigners and Labour MPs.

Miatta Fahnbulleh and John Healey, the energy secretary and chancellor respectively, will make the announcement from Aberdeen on Wednesday morning after more than a year of deliberations over whether doing so would violate the UK’s climate commitments.

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© Photograph: Andy Buchanan/AFP/Getty Images

© Photograph: Andy Buchanan/AFP/Getty Images

© Photograph: Andy Buchanan/AFP/Getty Images

Nato increases Black Sea deployment amid escalating deadly Russian attacks

Mounting anxiety as Russia’s war on Ukraine reaches Nato’s borders with targeting of vessels transporting agricultural cargo

Nato is deploying additional military assets to the Black Sea amid the recent deadly escalation of Russian attacks on merchant shipping, as five more vessels were attacked on Tuesday.

Russia’s military said it ⁠struck ​three cargo vessels in Ukraine’s ⁠port of Reni and two ⁠other cargo vessels en ​route ‌to ‌Odesa.

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© Photograph: MAPN/Romanian Defence Ministry/AFP/Getty Images

© Photograph: MAPN/Romanian Defence Ministry/AFP/Getty Images

© Photograph: MAPN/Romanian Defence Ministry/AFP/Getty Images

Nato increases Black Sea deployment amid escalating deadly Russian attacks

Mounting anxiety as Russia’s war on Ukraine reaches Nato’s borders with targeting of vessels transporting agricultural cargo

Nato is deploying additional military assets to the Black Sea amid the recent deadly escalation of Russian attacks on merchant shipping, as five more vessels were attacked on Tuesday.

Russia’s military said it ⁠struck ​three cargo vessels in Ukraine’s ⁠port of Reni and two ⁠other cargo vessels en ​route ‌to ‌Odesa.

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© Photograph: MAPN/Romanian Defence Ministry/AFP/Getty Images

© Photograph: MAPN/Romanian Defence Ministry/AFP/Getty Images

© Photograph: MAPN/Romanian Defence Ministry/AFP/Getty Images

European air fares could rise by as much as 20% in 2027, Ryanair boss predicts

20 October 2026 at 15:28

Conflict in Middle East is pushing jet fuel costs higher and many carriers are not hedged against such increases, Michael O’Leary says

Ryanair’s chief executive has predicted a record increase in European air fares next year, as airlines grapple with fuel bills pushed higher by the Middle East conflict.

Many carriers are not hedged against rising jet fuel costs, Michael O’Leary said, which he predicted would lead to airline bankruptcies and takeovers. He forecast these pressures would result in the price of plane tickets rising by as much as 20%.

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© Photograph: Alexandros Avramidis/Reuters

© Photograph: Alexandros Avramidis/Reuters

© Photograph: Alexandros Avramidis/Reuters

European air fares could rise by as much as 20% in 2027, Ryanair boss predicts

20 October 2026 at 15:28

Conflict in Middle East is pushing jet fuel costs higher and many carriers are not hedged against such increases, Michael O’Leary says

Ryanair’s chief executive has predicted a record increase in European air fares next year, as airlines grapple with fuel bills pushed higher by the Middle East conflict.

Many carriers are not hedged against rising jet fuel costs, Michael O’Leary said, which he predicted would lead to airline bankruptcies and takeovers. He forecast these pressures would result in the price of plane tickets rising by as much as 20%.

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© Photograph: Alexandros Avramidis/Reuters

© Photograph: Alexandros Avramidis/Reuters

© Photograph: Alexandros Avramidis/Reuters

A diesel tank burns at Transneft’s Druzhba hub as Ukraine keeps striking Russian energy despite Trump’s pressure

20 October 2026 at 14:40

diesel tank burns transneft’s druzhba hub ukraine keeps striking russian energy despite trump’s pressure · post fire nikolskoye oil fuel pumping station russia’s tambov oblast after drone attack 20 2026

Drones attacked an oil and fuel pumping station of Russia’s Druzhba pipeline system in Tambov Oblast overnight on 20 October, setting a diesel tank on fire, Ukrainian monitoring channel Exilenova+ reported, citing locals. Druzhba, Russian for “friendship,” is a Soviet-era oil pipeline, about 4,000 km long, that carries Russian crude west to Europe, including through a branch that crosses Ukraine. The struck station is on its Russian section. Tambov Oblast Governor Yevgeny Pervyshov confirmed a fire at an unnamed enterprise in Michurinsk district after what he called a Ukrainian drone attack. The station lies about 400 km from the front line.

Ukraine has spent months striking the refineries, terminals, and pipelines that fund Russia’s war, and its Defense Ministry says the strikes have knocked out more than half of Russia’s refining capacity. Washington wants them stopped. US officials reportedly tied intelligence sharing to a halt in refinery strikes, and US President Donald Trump called their resumption “a disgrace.”

Hours of attack before dawn

Russia’s regional alert system declared a drone threat at 03:38, Ukrainian military outlet Militarnyi reported. By 06:25, Exilenova+ said the Nikolskoye station was under attack, after Michurinsk had been under attack for several hours.

The Nikolskoye fuel pumping station in Russia’s Tambov region is under attack. pic.twitter.com/cA64vMgjsM

— Exilenova+ (@Exilenova_plus) October 20, 2026

Pervyshov said four Ukrainian drones were shot down over the region and no one was hurt. He did not name the site.

More footage from the Nikolskaya oil pumping station. Locals report that a tank containing diesel is on fire. pic.twitter.com/1jvbxSuGHo

— Exilenova+ (@Exilenova_plus) October 20, 2026

Ukraine has not commented. The General Staff’s 20 October list of overnight strikes does not mention Tambov Oblast.

The Nikolskoye oil and fuel pumping station in Russia’s Tambov Oblast, which drones attacked on 20 October 2026.
The Nikolskoye oil and fuel pumping station in Russia’s Tambov Oblast, which drones attacked on 20 October 2026. Map: Militarnyi/ESRI

A Druzhba fuel hub hit before

The Nikolskoye station belongs to Transneft, Russia’s state pipeline operator. It stores and pumps crude oil and refined fuels, including diesel, gasoline, and jet fuel. The complex has three tank farms and two pumping stations, and it can move up to 300,000 tonnes a day, according to Current Time.

Ukrainian drones hit a station of the same hub in August 2025, and Ukraine’s General Staff said then that pumping on the pipeline had stopped completely.

Strikes resume despite US pressure

Ukraine paused refinery strikes for three days after Trump announced an “energy ceasefire” on 11 October, while Russia fired 39 ballistic missiles at Ukraine’s grid. Since Kyiv resumed the strikes, drones have also hit an oil terminal and a fuel depot in St. Petersburg.

Kyiv reads other US moves as pressure too, from missed warnings of Russian ballistic launches to a Starlink cap that slows Ukrainian drones. President of Ukraine Volodymyr Zelenskyy told US senators he had offered a 30-day halt on refinery strikes in exchange for Patriot interceptors, but Trump’s envoys showed no openness.

31 in May, 63 now: Ukraine’s arms makers pile into a regime of tax breaks and shielded data

20 October 2026 at 13:33

Ukrainian Bulava/Mace loitering munition at the Eurosatory 2024.

Defence City, Ukraine’s special support regime for arms makers, now has 63 member companies, the Defense Ministry said in a 19 October release. That is more than double the late-May count, and Euromaidan Press calculations show the newcomers are, on average, much smaller firms.

Ukraine already buys most of its weapons at home. More than 75% of its 2025 weapons procurement budget went to domestic manufacturers. Most new weapons models cleared for military use are Ukrainian too: 892 of the 1,000 authorized from the start of 2026 to mid-June. Defence City is meant to turn that demand into more production capacity, and our calculations suggest it is now reaching smaller producers too.

Who is joining

Each resident’s figure in the ministry’s count is its qualified income, meaning revenue from selling weapons and military equipment. Applicants file details of their defense contracts for the previous calendar year with their application, the ministry’s guide shows. So the combined total changes as members join. It does not track month-to-month sales.

The 63 current residents have a combined qualified income of nearly $2.47 billion. At the end of May, 31 residents had $2 billion, the ministry reported. By July, 45 residents had over $2.07 billion, it added.

By Euromaidan Press calculations, the 32 companies added since May bring about $15 million each on average. The first 31 averaged about $64 million each. The math assumes all 31 early members remain, with unchanged figures. If they do, the newcomers are smaller producers on average, because each figure reflects a firm’s own prior-year weapons sales.

What residents get

The profit-tax break comes with a condition. Residents choose where their untaxed profit goes, but it must go to purposes the tax code allows, the ministry explained. If the money goes elsewhere, the break does not apply.

Residents also get customs incentives and state support to relocate plants and better protect production sites. They can rent state property without an auction. They can also ask to restrict access to sensitive information about them in public registries. Some defense export procedures are simplified too.

Resident status also makes a company eligible to be designated critically important to the defense industry. That lets it defer up to 100% of its staff liable for military service from the draft, the ministry noted.

To join, a company must confirm it meets the legal requirements and file an application with supporting documents. By law, the ministry has 10 working days to decide. If approved, a ministerial order grants the status, and the company enters the Defence City register.

Thames Water creditors secure former Labour minister to drive rescue deal

20 October 2026 at 11:49

Stricken UK water supplier lines up John Hutton as independent chair designate if takeover goes ahead

The group of Thames Water creditors pursuing a £10bn rescue deal for Britain’s largest water supplier has lined up a former senior Labour minister to chair the company, as it tries to win over the government.

The creditor consortium, called London & Valley Water, said on Tuesday that Lord John Hutton had been selected as independent chair designate of the Thames Water board, if the consortium’s deal is approved.

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© Photograph: Matt Dunham/AP

© Photograph: Matt Dunham/AP

© Photograph: Matt Dunham/AP

Billionaire Mukesh Ambani launches India’s biggest-ever IPO

20 October 2026 at 10:53

Low-cost broadband provider Jio Platforms aims for £81bn valuation when it floats on the stock market on Wednesday

India’s second-richest man, Mukesh Ambani, is launching what could be the country’s biggest-ever initial public offering (IPO), despite a stock market downturn.

Mumbai-based Jio Platforms, a telecoms company backed by Meta Platforms and Google, is hoping to raise up to 302bn rupees (£2.4bn) and is targeting a 10.3tn rupees valuation when it floats on the stock market from Wednesday.

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© Photograph: Amit Dave/Reuters

© Photograph: Amit Dave/Reuters

© Photograph: Amit Dave/Reuters

Brussels Selects 77 Industrial Projects for €3.4 Billion in EU Funding

20 October 2026 at 10:50

The European Commission has selected 77 industrial and technology projects across 23 European Economic Area countries to receive €3.4 billion in funding, as Brussels attempts to strengthen the continent’s manufacturing capacity and reduce dependence on imported energy and critical materials.

The funding, announced on Monday, 19 October, will come from the EU Innovation Fund, which uses revenues generated by the Emissions Trading System to support investment in technologies intended to reduce greenhouse gas emissions.

The selected projects include manufacturing facilities, renewable energy installations, advanced energy storage, critical raw materials processing and industrial carbon management. For the first time, the programme also includes a small modular nuclear reactor project and a direct air carbon capture and storage initiative.

The announcement comes amid growing concern over Europe’s industrial competitiveness, particularly as manufacturers face high energy costs, increasing competition from China and difficulties securing investment for major industrial projects.

Funding for industrial production

According to the Commission’s announcement, the 77 selected projects span energy-intensive industries, clean technology manufacturing, alternative fuels, transport and several other sectors.

Six projects concern critical raw materials, an area in which the EU has been seeking to reduce its exposure to foreign suppliers.

These investments are intended to strengthen European supply chains for technologies including batteries, renewable energy equipment and permanent magnets, which are essential components in electric motors and other industrial applications.

The funding follows renewed political pressure to expand the processing and production of strategically important materials inside Europe.

As EU Today recently reported, the European Parliament has been pressing for stronger measures to reduce dependence on China for critical raw materials used by European manufacturers.

China occupies a dominant position in several international processing and refining markets, leaving European companies exposed to supply interruptions and trade restrictions.

The Commission is seeking to support alternative production capacity through financial assistance, industrial regulation and measures designed to attract private capital.

However, the selection of projects for EU funding does not automatically mean that the proposed facilities will be built. Their implementation will still depend on financing agreements, regulatory approvals and commercial decisions.

Nuclear technology enters funding programme

The inclusion of a small modular nuclear reactor project represents a new development in the Innovation Fund’s portfolio.

Small modular reactors are designed to produce electricity or industrial heat using nuclear technology on a smaller scale than conventional nuclear power stations.

Supporters argue that modular construction could reduce certain project risks and provide stable electricity supplies for energy-intensive industries.

However, the technology faces substantial challenges involving construction costs, regulatory approval, supply chains and the transition from demonstration projects to commercial production.

The Commission published a European strategy for small modular reactors in March, outlining plans to accelerate their development and support the first operational facilities in the early 2030s.

The latest funding decision gives the technology access to a financial instrument principally associated with industrial decarbonisation and clean energy investment.

Another newly represented technology is direct air carbon capture and storage, which involves extracting carbon dioxide from the atmosphere and storing it.

Both technologies remain at comparatively early stages of commercial deployment in Europe, making their eventual costs and performance important considerations.

Emissions trading revenue finances investment

The Innovation Fund is financed through revenues from the EU Emissions Trading System, under which companies operating in covered sectors must obtain allowances for their greenhouse gas emissions.

Part of the revenue generated from auctioning allowances is reinvested into projects designed to introduce lower-emission technologies into industrial production.

The Commission estimates that the 77 newly selected projects could avoid approximately 290 million tonnes of greenhouse gas emissions during their first ten years of operation.

That figure is a projection based on the projects’ anticipated performance, rather than an achieved reduction. Actual results will depend on construction, commissioning and subsequent commercial operation.

The funding announcement also follows the publication of the EU’s broader industrial policy initiatives, which seek to increase domestic production of clean technologies and improve investment conditions for European manufacturers.

The Commission announced a separate allocation of more than €390 million to 135 environmental and climate projects under the LIFE programme on the same day. That funding is distinct from the €3.4 billion Innovation Fund selection.

Funding agreements still to be concluded

The companies and organisations behind the selected Innovation Fund projects must now complete the procedures necessary to obtain their grants.

During the Commission’s 19 October press briefing, officials indicated that project-specific grant amounts would become available when the agreements are signed, currently envisaged for the first quarter of 2027.

The final allocations and implementation conditions therefore remain subject to the grant preparation process.

For industrial companies, the principal test will be whether the European funding attracts sufficient additional investment to bring the selected technologies into commercial operation.

The results will also provide an indication of how effectively Brussels can translate its industrial policy objectives into additional European manufacturing capacity, particularly in sectors where supply chains remain concentrated outside the Union.

Image Credit: © European Union, 2024 / CC BY 4.0

EU Ministers Agree New Agricultural Market Rules as Farm Budget Dispute Continues

20 October 2026 at 10:29

European Union governments have agreed a negotiating position on new agricultural market rules intended to take effect under the bloc’s 2028–2034 budget, advancing reforms to support arrangements for farmers while leaving the most contentious financial questions unresolved.

The Council approved its partial negotiating mandate on Monday, 19 October, covering changes to the Common Market Organisation regulation, which governs agricultural markets across the European Union.

The proposals include new arrangements for wine producers, protein crops and oilseeds, revised marketing standards, changes to the EU school food programme and provisions intended to improve preparedness for agricultural market disruptions.

However, the agreement does not settle future funding allocations or the broader structure of agricultural subsidies, which remain under negotiation as EU governments attempt to reconcile farming expenditure with competing demands for defence, industrial investment and regional development.

Agricultural markets under review

The Council’s negotiating position retains much of the European Commission’s original proposal while introducing amendments intended to accommodate national differences in agricultural production.

Under the proposed arrangements, sector-specific interventions would become mandatory in several areas, including beekeeping, fruit and vegetables and, under certain circumstances, wine production.

The Council has also proposed flexibility for countries where particular sectors are absent or relatively undeveloped.

For the wine industry, governments would be able to seek exemptions from certain obligations where national circumstances justify different arrangements.

This would allow the framework to retain common European rules while avoiding requirements that would be inappropriate for member states with little or no domestic wine production.

Sectoral interventions form part of the mechanisms through which the EU supports agricultural markets and producer organisations. They can cover measures intended to improve competitiveness, manage production and strengthen farmers’ commercial position.

New provisions for protein crops

The Council has endorsed the establishment of a separate sector for protein crops and oilseeds, replacing existing provisions covering dried fodder.

The objective is to encourage domestic production and reduce dependence on imported agricultural inputs, particularly crops used in animal feed and food production.

European livestock producers rely on protein-rich feed ingredients, including soyabeans, that are often sourced internationally.

Greater domestic production could reduce exposure to fluctuations in global commodity prices, transport costs and disruptions to international supply chains.

Under the Council’s proposal, member states would be encouraged to recognise producer organisations specialising in protein crops and oilseeds.

Such organisations can help farmers coordinate production, marketing and investment, although the effectiveness of the proposed measures will depend on how they are implemented nationally.

The proposals follow broader EU efforts to improve supply security in sectors extending from agricultural inputs to critical industrial materials.

School food and product labelling

The negotiating mandate also preserves the EU school scheme, which provides support for the distribution of fruit, vegetables and milk to schoolchildren.

Under the proposed framework, the programme would move from a school-year financing cycle to a calendar-year system, with transitional provisions intended to prevent disruption during implementation.

The Council has maintained the Commission’s objective of encouraging healthier eating habits by limiting products containing high levels of free sugars and fats.

The proposal also opens the possibility of additional marketing standards for several agricultural products, including protein crops, beef, pork, sheepmeat, goatmeat and rice.

These standards could provide consumers with more detailed information about product origins, subject to the final legislation.

Such measures would also have implications for producers and food businesses, which would need to comply with any new requirements concerning classification, marketing and labelling.

The Council additionally supports the harmonisation of rules covering industrial hemp, while retaining safeguards concerning seed certification and the permitted level of tetrahydrocannabinol.

Farming subsidies remain contested

The agricultural market agreement forms part of negotiations over the next Common Agricultural Policy, which will operate within the EU’s new seven-year financial framework.

Under the Commission’s proposed budget structure, several funding streams, including agricultural and cohesion programmes, would be brought together within national and regional partnership plans.

The restructuring has encountered opposition from governments and agricultural interests concerned that farming could lose protected access to EU funding.

As EU Today previously reported, 17 member states have called for agricultural and regional development expenditure to be protected against further reductions.

The Council’s latest position addresses how agricultural markets should operate rather than determining the size of the financial support available to them.

A separate debate concerns the conditions for receiving direct farm payments, including the definition of an active farmer and the degree of discretion granted to national governments.

Those questions remain central to the continuing CAP negotiations, which are due to return to the Agriculture and Fisheries Council on 26–27 October.

Negotiations move to Parliament

The Council’s partial mandate now provides a basis for negotiations with the European Parliament on the agricultural market provisions.

The legislation will still require agreement between the institutions, while its financing will depend on the eventual settlement of the 2028–2034 budget.

Governments must also complete negotiations on the wider CAP framework, including direct income support and the distribution of responsibility between Brussels and national administrations.

The market agreement reached on 19 October therefore establishes important elements of the proposed agricultural rules, but leaves unresolved the level of financial support available to European farmers after 2027.

New Bradford railway station will ‘transform travel across the north’

Transport hub will offer through trains between Leeds and Manchester with ‘turn-up-and-go’ service

A new railway station will be built in Bradford to “transform how people travel across the north”, the government has announced.

The station will be at the heart of the Northern Powerhouse Rail (NPR) scheme, built on the current Bradford Interchange site but allowing through trains between Leeds and Manchester.

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© Photograph: Christopher Furlong/Getty Images

© Photograph: Christopher Furlong/Getty Images

© Photograph: Christopher Furlong/Getty Images

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