Amsterdam’s Schiphol to invest EUR 6 bn by 2029 in airport expansion plans

Amsterdam’s Schiphol Airport is channeling EUR 6 bn (c. USD 6.7bn) in investments over the next five years to develop and upgrade airport facilities, according to a statement (pdf) released on Friday. The investment — the largest in the airport’s history — will look to boost capacity, enhance infrastructure, and improve services, including the airport’s baggage basement, climate-control systems, escalators, aircraft stands, and taxiways. This marks an extension of a previously announced EUR 3 bn investment from 2024-2027 on the back of implementing further maintenance works and improvements at the airport, Reuters reported.

Schiphol had a good 1H 2024: Schiphol recorded a 9% growth in cargo volumes to 700k tons in 1H 2024, while air traffic movements saw a 12% y-o-y increase to 230.4k during the same period, according to the statement. Air traffic movements remain 5% below pre-Covid 19 levels. Passenger numbers also inched up 9% y-o-y to 36.1 mn during the first six months of the year.

China + Philippines exchange accusations over vessel collisions: China and the Philippines are exchanging accusations of intentionally ramming coast guard vessels in the disputed waters of the South China Sea, Reuters reported on Saturday. The Philippines claimed that a China Coast Guard vessel 5205 “directly and intentionally rammed the Philippine vessel” without provocation, while Beijing said that a Philippine ship “deliberately rammed” a Chinese vessel. The collision — which happened near the Sabina Shoal in South China Sea — is the fifth in a month amid a long-running escalating rivalry between both parties. The ramming caused no casualties, but reportedly damaged the 97-meter Teresa Magbanua, one of the Philippines' largest coast guard cutters.

UK to join CPTPP to boost economy by GDP 2 bn annually in December: The UK is set to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 15 December after it received the final required ratification from its government and the group, Reuters reported on Thursday. The UK is slated to make over 99% of its current goods exports to CPTPP nations tariff-free when the agreement comes into force, boosting its economy by c. GBP 2 bn annually by 2040.

Background: The UK formally inked the accession treaty in July to help boost its trade links with CPTPP countries, which include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Britain is set to become the first new country to join the partnership which was initiated in 2018, according to Reuters.

OTHER STORIES WORTH KNOWING THIS MORNING-

• S-Oil adds SAF to Korean Air: S-Oil — the South Korean affiliate of Saudi’s oil giant Aramco — began supplying sustainable aviation fuel (SAF) for Korean Air's regular route to Japan. This makes S-Oil the first local refiner to supply domestically produced SAF to local carriers on a regular route. (Yonhap News Agency)