Europe

Denmark's Government said on Friday that the ongoing turmoil in the Middle East may prevent some overseas votes from being counted in the country's general election of March 24. The war in Iran has caused major disruptions to global air travel, including the closure of Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi. This has left passengers and cargo stranded. The Ministry of Foreign Affairs said that under these circumstances, it could not guarantee that postal ballots cast in countries affected will arrive on time for general elections. It said that the risk was for 'votes cast' in...

As the conflict in the 'Gulf escalates, premiums on maritime insurance for war coverage have risen -- some by over 1000% -- causing a dramatic increase in the cost of transporting energy along a vital maritime corridor. The conflict sparked Saturday by Israeli and U.S. airstrikes against Tehran has paralyzed shipping through the Strait of Hormuz. Iran said on Monday that it would shoot at any ship that tried to pass through the Strait of Hormuz. At least nine vessels in the area have been damaged since the conflict began. Ship owners can claim for any damage their vessel or...

Azerbaijan has evacuated its diplomats to Iran, according to Foreign Minister Jeyhun Bayramov on Friday. This comes a day after Baku claimed that four Iranian drones crossed the border into Azerbaijan and injured four people at Nakhchivan. Bayramov, speaking at a press conference in Baku said that Azerbaijan is evacuating its employees from its embassy in Tehran and consulate in Tabriz. Tabriz is the largest city in Iran's northwestern region, where ethnic Azerbaijanis reside. On the orders of President Ilham Aliyev instructions were given to evacuate our embassy in Tehran, as well as the consulate in Tabriz, from Iran. These...

Hong Kong conglomerate 'CK Hutchison' said Friday that it had 'escalated the legal battle in Panama following the?government seizing its port operations. It has petitioned for a re-examination of the decree behind this takeover. Panama occupied illegally facilities, seized property, and ignored consultations. The company took further legal action at the national and international level. CK Hutchison’s Panama Ports Company, which manages a?two terminals close to the strategically important Panama Canal, has filed an administrative request?seeking reconsideration for the Panamanian executive action, which led to the confiscation of?its property and occupation of its facilities, CK Hutchison stated. Panamanian authorities raided...

The Lloyd's market in London is in contact with the United States. The International Development Finance Corporation of the U.S. government is negotiating with Lloyd's Market officials about a plan to provide political risk assurance and guarantees for maritime trade in the Gulf. Lloyd's engages constructively with U.S. Development Finance Corporation, and other relevant stakeholders. The market is focused on maintaining its position as the "global centre for excellence in war risk insurance." A Lloyd's spokesperson stated. Sheila Cameron, CEO of the Lloyd's Market Association (LMA), who represents all underwriting companies in the Lloyd's market, said in a separate statement...

State railways reported on Thursday that Ukraine increased grain exports to its Black Sea ports by 5.5% year-on-year in February, reaching a total of 2.3 million metric tonnes, despite Russian attacks on the transport infrastructure. Odesa, a Black Sea port, is the hub for 90% of Ukraine's exports. In a recent report, the state-owned?Ukrzalizhytsia rail company stated that "in February, we experienced an increase in shipments but were hindered by a deterioration in weather conditions and attacks on port infrastructure." The Ukrainian Farm Lobby UCAB announced this week that grain exports in Ukraine rose?1% from January to 3.4 metric tons....

Azerbaijan’s Foreign Ministry lodged an official protest at the Iranian Embassy on Thursday, after a pair of Iranian drones crossed the border and injured two people in a Nakhchivan airport. The?foreign minister said that the attack on Azerbaijan's territory violates international law and its principles and contradicts them. "We demand the Islamic Republic of Iran to clarify the matter as soon as possible, provide an explanation, and take the necessary urgent measures in order to prevent similar occurrences in the future." Baku reported that the Iranian ambassador in Azerbaijan was summoned by Baku to receive an official protest note. Azerbaijan...

The Ukrainian Sea Ports Authority reported late Wednesday that a Russian drone had damaged a civilian Panama-flagged ship transporting 'corn near the Ukrainian port of 'Chornomorsk' in the Black Sea Odesa area. The ports authority announced on Telegram that the vessel was struck while it was en route to leave the port, but did not specify the extent of damage. The Ukrainian Navy said that one crew member was injured?in an attack on the "BULL", which had left the port and was headed towards the Bosphorus Strait. A statement posted on social media stated that the captain refused to assist...

The Ukrainian Sea Ports Authority reported late Wednesday that a Russian drone had damaged a civilian Panama flagged vessel transporting corn in the Black Sea Odesa area near the Ukrainian port of Cronomorsk. The port authority said that the vessel was struck while it was en route out of the harbor and that some crew members were injured. They did not specify the extent of damage or how many crewmembers had been injured. Odesa is the hub port for 90% of Ukraine's exports. In recent months, Russia has attacked Ukraine's ports and maritime export routes, which are vital for its...

Insurance broker Marsh announced on Wednesday that it met with U.S. officials in order to discuss solutions for restoring the maritime trade amid the escalating conflict in 'the Middle East. This waterway is a crucial chokepoint between Iran & Oman and transports about a fifth (or a fifth of the global trade in crude oil & liquefied gas). The shipping through the Strait has been slowed down significantly after Iranian attacks on commercial vessels. This raises concerns about a prolonged disruption of global energy supplies. Marsh, who helped establish an international insurance facility for Ukrainian commerce in 2023, welcomed a...

According to an advisory published on Tuesday, London's marine insurers have widened their high-risk area in the Gulf as the conflict rages in the Middle East. Underwriters closely follow the Joint War Committee's guidance, which is comprised of syndicate members and representatives of the London Insurance Company Market. In a statement, the JWC declared that waters surrounding Bahrain, Djibouti Kuwait, Oman, and Qatar were high-risk zones. In a statement by the committee's secretary Neil Roberts, the JWC decided to review the areas during a meeting held on Monday. "In light of recent events", Roberts stated. He also added that these...

Data from LSEG and market sources showed that Russia's seaborne gasoil and diesel exports dropped 21% last month compared to the previous one. This was due to harsh weather conditions and unplanned refinery repairs disrupting fuel loadings. The sources say that the ultra-low-sulphur exports from Primorsk in the Baltic fell to 1.563 millions tons last month from a record of 2.256 million tons the previous month, due to severe frosts in the Baltic Sea and unplanned refinery maintenance. Since mid-February, non-ice-class vessels are barred from entering Primorsk. Ust-Luga and Vysotsk have also been restricted. However, icebreakers escorting ice1 and ice2...

A customs official stated in a Friday court filing that the U.S. Customs Agency is preparing a system to refund tariffs imposed by President Donald Trump, which were ruled illegal. Brandon Lord, a Customs and Border Protection officer, made the declaration as government lawyers and a federal trade court met to try and hammer out an agreement for the return of $166 billion worth of tariff payments to 330,000 importers. Last month, the Supreme Court ruled that President Donald Trump's tariffs were unconstitutional. The Supreme Court, however, did not specify how tariffs collected should be refunded. This left'small importers' worried...

DHL's chief executive said he would continue to accept delivery orders for the Middle East, but warned that there could be delays. Tobias Meyer, CEO of German logistics group DHL, said that the escalation in the U.S. - Iran war has an impact on the entire region. This includes deliveries to Israel, which are currently being sent via Cyprus. Meyer said that DHL is still committed to its Middle East?investment plan. He said that "these?are long term investments?and are of the opinion the region is still appealing." As the conflict enters its sixth day, logistics and shipping companies face increasing...

The European share market rose on Thursday as the rebound from the previous session gained?steam. Meanwhile, the Middle East conflict remained a cloud over the markets and investors sifted through earnings. By 0949 GMT, the pan-European STOXX 600 was 0.3% higher. The STOXX 600 recovered from some early losses, and built upon Wednesday's gains, the biggest in over three months. It was trying to recover from sharp losses earlier in the week. The banks, which were the epicenter of the recent selloffs, gained about 0.5%. Airlines, on the other hand, had mixed results, with only Air France gaining nearly 1%....

DHL's 2026 outlook is more cautious than analysts' expectations. A 'weak macroeconomic' backdrop weighs heavily on DHL's prospects. The shares of the German logistic group were down 3% at 0919 GMT, and ranked last on the blue-chip index of the country. DHL anticipates that its earnings will exceed 6.2 billion euro ($7.2 billion) this year. This is after it reported an operating profit for '2025 of 6.1 billion euro. According to a consensus provided by the company, EBIT was expected to be slightly lower than analysts' average expectations. Tobias Meyer, CEO of Tobias Meyer Group, said that there is "significant...

European?shares dipped?on Thursday due to a?growing?Middle East Conflict, and a series of patchy corporate results. As of 8:10 AM GMT, the pan-European STOXX 600 index was down by 0.3% to 610.72. On Wednesday, the benchmark index had its best day for'more than three months. It recovered some of the earlier losses. The mining sector was the worst affected, with a decline of 1.5%. The U.S. and Israel war with Iran is now in its sixth day, but there's no quick resolution in sight. Iran launched another barrage of missile attacks on Israel earlier that day. And the U.S. Senate voted...

DHL, the German logistics company, forecast on Thursday a "higher operating income for 2026" that was in line with market expectations despite deteriorating geopolitical conditions. The company expects earnings before interest and taxes to exceed 6.2 billion euros ($7.2 billion) after reporting 6.1 million euros last year. The free cash flow, excluding acquisitions, should be in the range of 3 billion euros. The company provided a consensus that showed both targets were in line with analysts' average predictions. Tobias Meyer, CEO of Tobias Meyer & Co. said that there is "significant geopolitical uncertainty and volatility out there" as was evident...

Friends began texting him to congratulate him the day after the U.S. Supreme Court ruled against the tariffs which had cost Day?Owl, a backpack company owned by Ian Rosenberger, tens and thousands of dollars. He did not share their joy. Rosenberger said, "I can't imagine any way that I could get the?money back." His Pittsburgh-based firm, which had only a few million dollars of sales, probably couldn't afford to pay for attorneys' fees. Around 2,000 companies have filed lawsuits for refunds at the U.S. Court of International Trade. This includes?FedEx?,?Costco?, and L'Oreal?, with many more likely to follow. The Supreme...

Italy's tax authorities announced on Tuesday that they had seized 27,4 million euros ($31.8 million) from two French units of CEVA Logistics. This is a new chapter in investigations into alleged tax fraud, and illegal labor practices. This move, which targets the French multinational known for its partnership in Ferrari's F1 Team, is similar to other actions taken against Italian logistics and delivery companies, such as FedEx, DHL, Amazon, etc. Milan prosecutors accuse CEVA of issuing fake invoices in order to?mask cheap labour, bypassing labour laws and tax laws and avoiding?taxes and social security payments. CEVA Logistics?did not immediately respond?...

Importers are rushing to a U.S. trade court that is little known to get their share of the more than $130 billion of tariff refunds. The court must now decide how to handle what will be an explosion in cases. According to court records, multinationals like FedEx,?L'Oreal, and hundreds of smaller firms have filed around 2,050?lawsuits with the U.S. Court of International Trade, Manhattan, seeking refunds on?tariffs? imposed by President Donald Trump last year. These cases may be just the tip of the iceberg. The tariffs, which were declared illegal by the Supreme Court in February 2018, were levied against...

FedEx was sued in federal court on behalf of customers who were seeking refunds after the U.S. Supreme Court decided this month that President Donald Trump had illegally imposed emergency tariffs worth billions of dollar on imported goods. The proposed class-action in federal court in Miami Florida seeks compensation for potentially millions of shippers that paid import duties and other fees on products they claim?should've entered the United States without duty. FedEx issued a statement Friday saying: "If FedEx receives refunds, we will refund the shippers or consumers who initially incurred these charges." The lawsuit filed on Friday alleged that...

Court filings show that the French beauty group L'Oreal, British vacuum'manufacturer Dyson, and contact 'lens manufacturer Bausch + Lomb are the 'latest' corporations to sue the U.S. government for refunds on tariffs paid as part of President Donald Trump's trade emergency measures. This comes days after the U.S. Supreme Court ruled these duties illegal. These cases were filed in the U.S. Court of International Trade on Monday, joining a long list of prominent companies that have sued since Friday's landmark decision. Sol de Janeiro, a U.S. skincare company and fragrance company and global transportation company FedEx also filed complaints in...

?French beauty company L'Oreal, British vacuum maker Dyson, and contact lens manufacturer?Bausch + Lomb are the 'latest' corporations to file a lawsuit for'refunds' of tariffs paid as part of President Donald Trump's trade emergency measures. This comes days after the U.S. Supreme Court ruled that the duties were illegal. These cases were filed in the U.S. Court of International Trade on Monday, joining a long list of notable companies that have sued following Friday's landmark decision. This week, the global transportation company FedEx as well as U.S. skincare company Sol 'de Janeiro filed complaints. Court documents reveal that more than...