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US Homeland Security claims it helped Spain in its investigation of former PM Zapatero
A spokesperson for the Department of Homeland Security (DHS) confirmed that it assisted Spanish police with a money laundering probe, which led to a High Court investigation of former Spanish Prime Minister Jose Luis Rodriguez Zapatero. A Spanish court said on Tuesday that Zapatero was being investigated for allegedly running an influence-peddling network and money laundering. This is another blow to a leftist government plagued by corruption scandals. The report said that the network led by Zapatero made money by lobbying the public authorities for third parties, primarily the Spanish airline Plus Ultra which was bailed out by the government in 2021. Zapatero is a close ally to the current Prime Minister, fellow Socialist Pedro Sanchez. He led Spain between 2004 and 2011. The DHS spokesperson said that the Madrid Homeland Security Investigations office "assisted" the Spanish National Police with an investigation into laundering 'international public funds', which led to the proceedings brought against Zapatero. The spokesperson stated that "while we cannot comment 'on the details of a criminal investigation, at this time HSI is committed to working with international partners to combat global crime, protect communities, and uphold rule of law." The High Court stated in its writ that the HSI had extracted information from a cell phone?of Rodolfo?Reyes, who has ties to Plus Ultra, is also under investigation, and given this information to Spanish Police. Zapatero remains active in politics. He has appeared at rallies to support the Socialist candidate in regional elections in Andalusia. He has been a mediator internationally with the Venezuelan Government to release political prisoners. The court stated on Tuesday that the alleged scheme was designed to influence approval of a public aid package worth EUR53 million ($61.51million) to Plus Ultra via Spain's solvency fund during the COVID-19 epidemic. Jose Luis Calama, who conducted the investigation, found that the network had used shell companies and simulated documents to conceal the source and destination of EUR1,95 million. $1 = 0.8626 euro (Reporting Ted Hesson; additional reporting Joan Faus, Charlie Devereux and Aislinn laing; editing by Aislinn and Gus Trompiz).
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Qatar Airways rebuilds global network following Iran War Profits
State-owned Qatar Airways reported a'more than 7 percent decline in net profit on Wednesday, but it 'flagged progress?in re-building its global schedule while it navigates through the impact of Iran war. Since the beginning of the conflict in the Middle East at the end of February, thousands of flights have been cancelled due to temporary airspace closures. Qatar Airways posted a net profit of 7,08?billion qar ($1.94 billion), for the 12-month period ending March 31, as passenger numbers dropped from 43.1 to 41.8 million. In a recent statement, CEO Hamad Al-Khater stated that "we are actively rebuilding our global networks with confidence that comes from having a balance sheet which has never been more solid, partnerships who have proven their strength when we most needed them, and an organization that has 'demonstrated, under real pressure, what it can do." Gulf carrier said it aims to reach 160 destinations with its network by summer. Qatar Airways, Dubai's Emirates and other major Gulf airlines are gradually restoring their networks. However, capacity is still below the pre-war level. The renewed?attacks against the United Arab Emirates this month have cast uncertainty over a fragile truce that began in April.
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EU selects tungsten and rare earths as first stockpiles to curb China's dependence
Three sources with knowledge of the matter said that the European Union has shortlisted tungsten and rare earths for its first joint stockpile. The goal is to reduce its dependence on China. One of the sources, and a third source, said that the EU was also in talks with Rotterdam, the largest port in the Netherlands. This is one of the most concrete measures taken by the EU to protect its economy from Beijing, which has a 'dominance' in the production of critical minerals that are vital to defence, semiconductors and energy transition. After Beijing's export restrictions sent shockwaves throughout the global economy, Western allies including the United States are racing to build their own stockpiles. Two sources stated that magnesium was on the list of priorities, and one source said that graphite and germanium were expected to be in the final mix. The majority of minerals considered, with the exception of magnesium, are on NATO's 12 essential elements for the defense industry. Metals are used in many other products, including aircraft, cars and semiconductors for smartphones. They also play a role in renewable energy infrastructure, such as wind turbines. The European Commission announced its stockpile initiative in December. Ten EU countries participate in the planning in groups headed by Germany, France and Italy. The G7 has given France the priority to diversify critical mineral supplies. In parallel, the bloc is also in talks about establishing a permanent secretariat. This will ensure that this work continues beyond the rotating presidency. A spokesperson for the Port of Rotterdam declined to comment immediately. A spokesperson from the European Commission declined comment. Reporting by Julia Payne, Pratima Dasai and Bernadettebaum. Editing by Bernadettebaum.
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M&S to return to growth in profit after cyber-hack related slump
Marks & Spencer, a British'retailer', has forecast that profits will grow in its upcoming financial year. In 2025/26 the retailer suffered a 24% drop due to a hacking incident which led to a suspension of online clothing orders for seven weeks. This resulted in a decline in sales and margins. M&S is a 142-year old retailer that has been a household name in the UK for decades. It said it was entering its 2026/27 fiscal year with a 'clear plan' and a'strong balance sheet. They were also focused on improving product availability and customer service. It said that "Profit growth will resume in 2024/25". M&S's outlook for 'current year' includes higher fuel and freight costs, as well as continued government taxes and regulatory pressures on the sector. It said that these costs are being reduced through better buying, reinvesting in value to drive volume, and by reducing structural costs.
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Spend a moment to think about the biggest diesel importers in the world: Maguire
The U.S. and Israeli war on Iran has brought the crude oil price to the forefront of public attention. Most economies are powered by fuels and not oil. The sharp rise in diesel prices this year will likely cause the greatest economic damage. This is particularly the case in fuel-importing countries, who generally lack their own refinery capacity and must therefore rely on the international markets to supply diesel, gasoline and jet fuel, among other refined products. Fuel prices are rising faster than crude oil in some of the world's most important fuel trading hubs. This is a blow to consumers who have no choice but to pay for their fuel due to the lack of alternatives. The most significant increase in jet fuel prices has been in the majority of major trading regions. This is partly because the Middle East played a large role in the marginal supply of the fuel before the Iran conflict reduced ship traffic in the Strait of Hormuz. Diesel, or gasoil, is a close second and has a much deeper impact on everyday economic activities. Diesel is the main energy source for trucking fleets and rail systems. It also powers agriculture, construction, and agricultural equipment. The Iran War has caused a 50% increase in diesel prices in some markets. Importers will continue to face shortages of diesel until the conflict is resolved. Top Buyers Australia is the world's largest importer of diesel fuel, largely due to the closing of old refineries, and the unusually diesel-intensive economy of the agriculture, mining and trucking sectors. Data from commodities intelligence company Kpler show that Australia will import around 25 million metric tonnes of diesel in 2025. This is equivalent to about 2.10 million tons per month. Australia has imported around 2,19 million tonnes a month so far in 2026. This is mainly due to an increase in purchases in March to 2.52 million tons, which was a 18-month record. The conflict in Iran triggered a panic among importers. Fuel traders will continue to closely monitor the import volumes as the full impact of the higher import costs in 2026 is felt throughout the economy. Turkey, the second largest diesel importer in the world, has cut imports by 24% since 2026 as a result of rising prices. S&P Global predicts that Turkey's energy inflation will average 29% in this year, due to its heavy dependence upon imported energy products. Fuel inventories below normal due to lower imports may exacerbate the inflation problems in Turkey, but trucking, the backbone of the logistics system in Turkey, will continue to be imported over the next few months. Even if the high prices in Turkey cause more domestic economic pain, it is likely that continued Turkish interest will support international diesel until there is a significant recovery of global diesel supplies. Other key importers Diesel is a fuel that has a high demand, and it's difficult to reduce the imports despite the rising prices. However, some other large diesel importers managed to reduce their import volumes in 2026 as compared to last year. Kpler data shows that 10 of the top 15 diesel importers by 2025 have cut their imports this year in comparison to the average monthly imports of 2025. Brazil, France Egypt, United Kingdom, and South Africa, which were ranked third to seventh on the importer rankings in 2025, have all reduced their import volumes this year in comparison to the same month in 2025. The total?purchases made by these five nations between January and April was 17.3 millions tons. This compares to 21 million tons in the same period of 2025. The 3.6 million ton drop in collective purchases in recent months has "freed up" supplies for other importers and ensured that diesel price did not rise any further during peak periods of shortage. Diesel is essential to each of these economies, so an increase in imports can be expected, especially during periods of low prices tied to fluctuations in crude oil?prices. The global diesel market is likely to remain supported by end-user demand for the near future, despite the cautious approach of cost-conscious imported who were forced to reduce their order sizes because of sticker shock. Spare a thought, at the end, for those countries who rely the most on diesel. They are bound to a fuel that they cannot replace easily, regardless of the price. Diesel is used to power the trucks and machinery that transport food, the machines that grow it, and the generators which keep the lights on in the event of a failure of the grid. These economies are forced to slow down or pay more when supplies become scarce and costs rise. Diesel's stubborn necessity in a world obsessed with crude benchmarks leaves the biggest importers the most vulnerable and the least able escape the squeeze. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Europe's airlines claim wars and red tape hold them back while rivals race ahead
A 'lobby' group representing Europe's major carriers has said that the continent's airlines have been losing ground to their 'global competitors' and require stronger EU support to combat rising regulatory costs, affordable sustainable 'jet fuel and to better manage crises. The European Union is seeking feedback on its new Aviation and Aeronautics Strategy. Submissions are due by Thursday. Airlines for Europe's (A4E), in its submission to the EU, seen on Wednesday, said that the COVID-19 epidemic, the closure of the?Russian airspace and the Middle East crisis, along with the growing global protectionism, have worsened EU carriers' competitive disadvantage. The group, which includes carriers such as Ryanair, Air France KLM, and Lufthansa has advocated for reforming air traffic control and limiting disruption in Europe. It also urged for looser sustainability regulations and to help make the sector more competitive globally. The group wants the EU to create a stronger framework for crisis management and an aviation waiver that would allow obligations be temporarily suspended or re-adjusted when they are clearly "impractical" or "counterproductive". Airline travel was disrupted by the COVID-19 pandemic, and also the U.S.-Israeli conflict with Iran. The document calls for the EU to address the "structural failure" of the market for sustainable aviation fuel (SAF), and deal with the challenges of airspace congestion, and the loss of market shares to non-EU airlines such as Chinese or Middle East carriers.
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China announces plans to buy 200 Boeing Jets and asks for an extension of the US tariff truce
The Chinese Commerce Ministry announced on Wednesday that China would buy '200 Boeing jets, and also seek to extend the trade agreement reached with the U.S. in Kuala Lumpur last year. Beijing confirmed the Boeing order for the first time in this statement. Last week, U.S. president Donald Trump traveled to China for a meeting with?President Xi Jinping. The trip produced a number of?trade pledges that included the Boeing purchase and access to agricultural markets. Trump stated after the Beijing Summit that Boeing could purchase 'as many planes as possible, adding that they would be powered by GE Aerospace engines. According to the Chinese Ministry of Commerce, the U.S. government will guarantee China's supply of aircraft engines and other components as part the Boeing agreement. It said that the two sides would seek reciprocal tariff reductions?on 30 billion dollars or more of goods for each other, and that U.S. duties on China could not exceed the levels set under the 'Kuala Lumpur agreement. China and the U.S. agreed in Kuala Lumpur, before a Trump-Xi'meeting' in South Korea last October. The agreement extended their tariff truce by a full year. The agreement included U.S. tariff reductions on Chinese products and a suspension of?Beijing’s new restrictions on magnets and rare earth minerals. Reporting by Ethan Wang, Liz Lee and Himani Sarkar; Editing by Thomas Derpinghaus and Himani Sarkar)
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US airlines oppose Trump's plan to force small airports to use security private
A group representing major U.S. According to written testimony obtained by the. Chris Sununu, CEO of Airlines for 'America?, will testify before a U.S. House of Representatives Committee on Wednesday. He will say that the U.S. Aviation Industry is concerned that private security remains an option and not a mandatory program. Last month, Donald Trump proposed that the TSA (which handles airport security operations) cut more than 9,400 employees and $1.5 billion annually from its budget. This proposal is a step in the direction of privatizing the agency that was created following the attacks on September 11, 2001. Some Republican lawmakers have proposed that TSA be privatized completely. The White House stated that the change in private security for small airports will 'cut the TSA payroll more than 4,500 positions. TSA wants to 'cut another 4,800 jobs by improving efficiency, eliminating redundant staffing and reducing redundancies. Sununu added in his testimony: "We support innovative solutions to accelerate the deployment and adoption of checkpoint technology and checked baggage as well as algorithms which increase efficiency." The proposed budget cuts would reduce the $7.8 billion agency budget by around 20%. This comes after TSA lost over 1,600 employees during funding disruptions in the fall of last year and spring. Trump nominated David Cummins last week, a senior Vice President?of Serco North America, who oversees the company's federal, state, and local government civil customer portfolio. The Biden administration expanded the TSA to screen a record 906 million passengers by 2025. The American Federation of Government Employees (AFGE), the union representing TSA security agents, opposes privatization. They say it will make air travel unsafe. Trump has criticised the TSA. On his first day in office, in 2025, he fired David Pekoske as its director, whom he had appointed to lead the agency during his first term. Pekoske was nominated by Joe Biden for a second term in 2022. (Reporting and editing by Tom Hogue, Jamie Freed, and David Shepardson)
A US doctor who has been in contact with an Ebola patient will be hospitalised in Czech Republic
Czech officials confirmed that a U.S. physician is being transferred from Uganda to a hospital in Prague after coming into contact with an Ebola-infected patient.
Adam Vojtech, the Health Minister on 'X' on Wednesday, said that the doctor was showing no signs of the deadly virus. He will be hospitalized as a precaution after a request from the United States.
In eastern Democratic Republic of Congo there have been more than 130 confirmed deaths linked to the Ebola outbreak. Cases have also been confirmed in neighboring Uganda.
The Faculty Hospital Bulovka, a specialist in infectious diseases, in Prague said late on Tuesday that the patient would be transported in an isolation unit, and expected to arrive Wednesday evening.
The hospital stated that "the case does not present a threat to the public of the Czech Republic and procedures are set for similar situations."
Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization, declared Saturday that the outbreak of "the rare Bundibugyo virus strain" was a public health emergency of international concern. This is the first time the WHO director has taken such a step before convening a committee to deal with the emergency.
Experts are concerned by the outbreak because it spread undetected for several weeks in a heavily populated area that had been ravaged with widespread violence.
A deadly outbreak in eastern Congo between 2018 and 2020 killed more than 2,300 people. (Reporting and editing by Andrew Heavens; Jason Hovet)
(source: Reuters)