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• BCG report: Green jet fuel production may not meet 2030 targets

  Boston Consulting Group's (BCG) report on Thursday found that the sustainable aviation fuel industry (SAF) is not meeting its 2030 targets because production hasn't ramped up fast enough. This year, European airlines will be required to use 2% SAF in their jet fuel. By 2030, this mandate is expected to increase to 6%. Many have complained about the cost of the fuel which is usually three to five time more expensive than conventional jet fuel. The report revealed that airports and airlines are only investing 1%-3% of their budget or revenue into SAF. High production costs and fuel price remain the main obstacles to adoption. Pelayo Losada, Managing Director of BCG and Partner in its Aviation-related Companies Report, said that the findings were positive but not fast enough. The report was co-authored by more than 500 aviation executives. Losada stated that "despite continuing to scale up the availability of sustainable aircraft fuel and we see this trend very clearly," there has been a slowdown of project development and gaps have become even larger to some of commitments made by some companies. Last month, it was reported that China's SAF projects were delayed due to low consumption. SAF is not a mandatory fuel in some countries, but it accounts for less than 0.3% of the total jet fuel produced in 2024. BCG's report shows that while SAF supplies increased by 1,150% globally over the past three years, new production facility announcements fell from 2022-2023 by 50 to 70 percent. BCG says that this is largely because of economic uncertainty, higher energy costs and increased operating costs. The current forecasts indicate that the supply will fall between 30% and 45% short of the 2030 commercial aviation targets. Losada claimed that many in the industry had the mentality "others will fix my problems", and called for collaboration across industries. (Reporting and editing by Jamie Freed; Marleen Plucinska, Joanna Plucinska)

• Airbus has set out its stall for new plane development

  Airbus gave an early glimpse at the technologies that will be used in its next aircraft, which is expected to replace its most popular A320neo. The new plane should enter service within 10 to 15 years. Guillaume Faury, who will begin his third three-year tenure as CEO in a few weeks, faces a key decision: when to replace industry's best-selling model that competes with Boeing 737 MAX's 737 MAX on the busiest market segment. Airbus claimed that the new aircraft would be 20-30% efficient than the A320neo. NASA in the U.S. has announced that it is developing a rival configuration for Boeing which could reduce fuel consumption, and therefore emissions, by as much as 30%. Airbus, on the other hand, keeps investors and competitors guessing about the scope and timing for any new project. Faury stated on Monday that the plane will be evolutionary, rather than revolutionary. However, Airbus has been warming up to an open-fan engine being studied by CFM, which he described as revolutionary. The company's top officials in development adopted a more relaxed tone on Tuesday at an event to promote Airbus' efforts to act as catalysts for decarbonisation. Bruno Fichefeux is the head of future programs at Boeing, the world's biggest planemaker. "We have to be sure that these technologies mature and are ready for us to design our aircraft around them. We're not there yet," he said at the Airbus Summit. "Our goal... would to introduce an airplane in the second half next decade." Analysts say that the focus on groundbreaking technology indicates that Airbus will not rush to introduce a new product, as rival Boeing is still struggling with financial issues and has important engine and wing developments in progress. Faury announced last year that Airbus would introduce a new aircraft towards the end the decade. The majority of analysts believe it will take around seven years to get it on the market. Airbus announced that it had made progress in its largest research project towards the design of a lightweight folding wing called Wing of Tomorrow, and was also studying new composite materials. Airbus confirmed it would be looking to increase production by 100 new aircraft per month, which is almost twice the current rate. Reports on Monday stated that Airbus, Boeing and their respective composite suppliers were each pushing for a sharp increase in production to 100 aircraft per month for the next jet. They are using more plastic materials and automating assembly. Airbus has said that it is still exploring the possibility of a hydrogen fuel cell-based aircraft for regional markets, despite having delayed development by 5 to 10 years compared to its original goal of 2035. (Reporting and editing by Mark Potter.)

• Financial Times – March 24,

  These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines Wood Group to continue takeover talks with UAE-based Sidara Heathrow's National Grid chief claims that the airport had "enough power" despite the fire shutdown Malaysia cracks down on Nvidia chips under US pressure James Hardie will buy Azek, a building products company for almost $9bn View the full article After a failed takeover attempt six months earlier, the British oilfield engineering and services firm Wood Group agreed to extend its deadline for talks. John Pettigrew, the chief executive of National Grid, has said that the electricity transmission system was able to supply enough power to Heathrow during the closure of the airport last week. This comes as the airlines' anger grew over the decision to close the airport for almost 24 hours. Zafrul Aziz, Malaysia's trade minister, said Washington demanded that Malaysia track closely the movement of Nvidia high-end chips entering the country. Washington suspects that some of these chips end up in China in violation of U.S. Export Rules. James Hardie Industries, a fibre-cement manufacturer in the United States, announced that it will acquire AZEK Company for $8.75 billion (including debt) as part of a cash-and-stock deal. The company is looking to increase growth by offering new products to homeowners.

• Financial Times – March 21,

  These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Heathrow Airport in London will be closed for the entire day due to a power outage GB Energy invests 110 million pounds in clean energy - European military power work on a 5-10 year plan for replacing US in Nato Accenture warns that Elon Musk’s Doge-led crackdown on spending is hitting revenue View the full article London Heathrow Airport has been forced to shut until midnight due to a "significant" power outage caused by a fire in a nearby substation. Solar panels and other forms of clean energy will be the first investments for Great British Energy, a new energy company owned by the UK government. The grant amount is 110 million pounds. The biggest European military powers are preparing plans to assume greater responsibility for the continent's defense from the US. They have also made a pitch to Trump's administration for a controlled transfer within the next 5 to 10 years. Accenture warns that Elon Musk’s attempts to cut U.S. Government spending are affecting its revenues. The consulting group has also highlighted threats from global uncertainty. (Compiled by Bengaluru Newsroom)

• Concerns about China's hold on Hong Kong are heightened by doubts surrounding the CK Hutchison Port deal

  Analysts say that the Chinese media's scathing criticism of CK Hutchison for its planned sale of Panama ports to a U.S.-based group highlights Beijing's growing grip on Hong Kong, and its vulnerability to global tensions. According to the announcement of the sale on March 4, the definitive documentation for port operations near Panama Canal should have been signed by April 2. However, sources claim that the signing will be delayed as it is not a strict deadline. CK Hutchison didn't immediately respond to a comment request. Wednesday was supposed to be the beginning of a larger deal in which a BlackRock led group would purchase 43 ports in 23 different countries. This week, pro-Beijing journalists continued to attack the CK Hutchison deal, which would have brought the company more than $19billion. They portrayed it as a possible violation of national safety and a betrayal China. Chinese authorities have also reviewed the deal for fair competition reasons. Steve Vickers, CEO of Steve Vickers and Associates Limited, a Hong Kong-based political and corporate risks consultancy, wrote: "This issue is a bad sign for Hong Kong no matter what happens next." If CK Hutchison caves in to Chinese demands, Hong Kong’s reputation as a place where Western investors feel safe to conduct business will be seriously damaged. Hong Kong's economy has been in turmoil since the COVID outbreak and China's national security law. Many people believe that Hong Kong is now becoming more authoritarian. In a report released earlier this week, the U.S. State Department stated that there is an "overall tendency... to centralize under Beijing." The report stated that Beijing allows Hong Kong to maintain some differences with mainland China in terms of commercial and trade policies, but only if these policies are unique to Beijing's interests. Christopher Beddor is the Deputy China Research director at Gavekal. He highlighted the wider implications of the Panama port deal. Beddor stated that it is difficult to avoid the conclusion Beijing views CK Hutchison now as a Chinese company with obligations towards the Chinese national interests, and will retaliate if the company does not meet these obligations. Markets will most likely do some reading-through to other Hong Kong conglomerates. Donald Trump, the U.S. president, had hailed BlackRock's transaction as an important step in "reclaiming" Panama Canal. Washington's reaction is still unclear if the deal falls through. However, sources have confirmed that the negotiations will continue with BlackRock. Telling a good HK story The controversy could cast a shadow on Hong Kong's massive events campaign, which is meant to put the city on a global map while telling "good Hong Kong Stories", as officials describe them. The Hong Kong Rugby Sevens was held last week in a 50,000-seat stadium on the harbour, as part of a "mega event" which also included Art Basel, Coldplay performances, and a soccer tournament that featured Liverpool, Arsenal Tottenham Hotspur, and AC Milan. Alicia Garcia Herrero is the chief Asia-Pacific Economist at Natixis. She said that there are two aspects to Hong Kong - social and business. She said that "Hong Kong (socially) is still safe, and is gaining momentum because of the direction in which the world is going." Herrero says that in business people are feeling "that Hong Kong is under a new regime." (Additional reporting from Hong Kong Newsroom, Scott Murdoch in Sydney and Tommasz Janowski; editing by Tommasz Janowski).

• Heathrow boss criticized for his resilience after lawmakers investigate shutdown

  Heathrow's boss was criticized for a 18-hour airport shutdown last month. An airline representative had said that he raised concerns days earlier about the hub’s resilience, and lawmakers were scrutinising the embarrassing incident. The closure of the airport on March 21 was caused by a fire at a nearby substation, raising concerns about the resilience and safety of the national infrastructure. About 300,000 passengers were left stranded by the incident and airlines lost millions of pounds. In an effort to learn from the past, members of Parliament quizzed Heathrow's chief executive, National Grid representatives, SSE, and airline representatives on Wednesday. Nigel Wicking said that he expressed his concern to the Heathrow Airline Operators' Committee, which represents 90 airlines at the Heathrow hub, on March 15, 2015. Wicking stated that he had warned Heathrow about his concerns regarding the substations. Wicking's concern was about resilience. Two days prior to the fire, he raised concerns after one of Heathrow’s runways was left without lights for a brief period of time due to theft of cable. Thomas Woldbye said that safety was Heathrow's main concern. Heathrow's CEO, Thomas Woldbye, said that safety was the main concern. Wicking stated that the airport should and could have begun flights earlier. He said: "I don't hear that there wasn't enough power to get into Heathrow." "I heard that it was taking time to get the power where it needed it to be at Heathrow." "10 hours was too long for me." Woldbye stated that the contracts between airports and power suppliers included resilience. He said that building full resilience would cost a lot of money, around 1 billion pounds.

• Maersk warns about growing uncertainty but expects US growth to continue

  Maersk, one of the largest container shipping groups in the world, stated on Wednesday that it had seen a robust demand for its products from the United States this year. It continues to forecast U.S. expansion, although tariffs could cloud the outlook. Maersk published its regular global market forecast before U.S. president Donald Trump announced reciprocal tariffs against nations that have duties placed on U.S. products later on Wednesday. In its market outlook, the company stated that "U.S. economic growth is (the main) scenario but volatile geopolitics clouds economic visibility." Maersk warned that the U.S. Tariffs could affect global trade flows, despite a robust start in 2025. It said it was monitoring early indicators of a possible slowing momentum that could impact global supply chains. The company cited the declining U.S. Consumer Confidence over four consecutive month as a concern for future demand. It said that consumers' reactions to perceived risks or financial uncertainty could lead them to be cautious in their spending. This, in turn, can have further ripple effects. Maersk reported that companies have increased their inventory in preparation for tariffs. (Reporting and editing by Terje Solsvik, Stine Jacobsen)

• Executives say that Trump's plan to impose reciprocal tariffs on ocean shipping increases the risk of chaos.

  The ocean shipping industry is on edge after President Donald Trump announced his new tariff plan. He has stoked a trade conflict that will stifle transport demand and force companies to scramble to manage the fallout. On Wednesday, the Trump administration will announce "reciprocal duties" against nations that impose duties on U.S. products. The move comes after the Trump administration imposed new import duties on products from Mexico and Canada, as well as steel and automobiles. Hapag-Lloyd, CMA CGM, MSC and Maersk are among the major global container shipping companies that transport the towering piles filled with colorful boxes of goods to U.S. clients like Walmart, Target, and Home Depot. They are titans of the ocean shipping industry, which handles 80% or so of all global trade. The industry is worth about $14 trillion per year. Trump's on-and off tariffs are also whipsawing companies. Blake Harden is the vice president for international trade at Retail Industry Leaders Association. "The implementation has caused confusion," he said. The companies haven't had the time, certainty and guidance that they needed to comply with these changes. During his second term, Trump invoked emergency powers in order to quickly add tariffs, which he sometimes retracted and then reinstated. Kit Johnson, Director of Import Compliance at John S. James Co. - a U.S. Customs Broker and Freight Forwarder with customers such as automakers, producers of chemicals, machines, medical devices, and textiles - said that importers do not know their duty costs from week to week. Johnson has seen a rise in the number of customers who choose to ship their autos by air, rather than shipping them by sea. This is a way for customers to avoid new tariffs. Container imports to the U.S. have also risen to record levels over the past few months, as companies rush in toys, bedding, furniture, machinery, and parts from China. The U.S. imports of containers from China, the world's No. 1 exporter have also surged to record levels in recent months as companies rushed in toys, furniture and bedding from China. Other vessel types and planes were called in to assist U.S. companies stockpile cars and other goods from Europe, the Far East and Ireland. According to data provided by freight pricing platform Xeneta, the average spot rate for a 40-foot shipping container on the important Far East-U.S. West Coast was $2,844 Tuesday. This represents a gain of nearly 16% in just one day. This rate is lower than it was one year ago when Houthi attacks were a relatively new threat and traders did not try to avoid tariffs. TARIFFS TAKE BITE Front-loading is a quick fix, but it's only temporary. Tariffs in retaliation could spark trade wars and suffocate the demand. Tariff tiffs are occurring as ocean shipping is put at greater risk by a separate Trump proposal to impose large U.S. Port Call Fees on ships that have links to China. Those who oppose this proposal claim that it will decimate the domestic energy and agriculture exporters Trump promised to help. The critics also say that it could rekindle pandemic chaos in ports, as vessel operators would be tempted to avoid paying fees by flooding some ports while starving other ports. The addition of this tax to tariffs has paralyzed the decision making process for how to sell, source and move goods. Peter Sand, Xeneta’s chief analyst, said: "You can't make important decisions about your supply chain if the rules keep changing." A Greek container shipping executive who asked to remain anonymous for fear of public comments negatively affecting business said that customers did not load cargo out of fear that they might be charged a high levy at the end a long ocean voyage. We are waiting and watching. Experts have started counting the damage caused by Trump's tariffs. According to the Institute for Supply Management's survey, the fear of levies has already slowed down the turnaround of the U.S. Manufacturing sector. This sector relies heavily on imports and exported goods and is a major driver for transportation. S&P Global Market Intelligence predicts that the volume of U.S. Ocean Container Freight Imports will drop by 0.7% in 2025. S&P stated that "While there was still strong growth in first quarter 2025, this is expected reverse in the second as tariffs bite." U.S. Customs and Border Protection, meanwhile, is scrambling around to reprogram and test the systems required to calculate and collect tariffs. In February, the Trump administration delayed its plan to collect duties from retailers such as Temu and Shein for direct sales of low value goods. This was after packages began piling up at New York’s John F. Kennedy International Airport. Johnson, a customs broker, said that the more tariffs there are, the harder it will be to keep up. Reporting by Lisa Baertlein, Victoria Waldersee, Rene Maltezou, and David Lawder, in Washington. Editing by Jamie Freed.

• Owner of cargo vessel that hit US tanker creates UK fund for litigation

  The owner of the cargo ship which struck a U.S.-contracted military tanker near England's northeastern coast last month has announced that it will set up a fund to cover potential lawsuits arising from the collision. MS Solong Schiffahrtsgesellschaft M & Co KG, a subsidiary of Ernst Russ which owns the Portuguese-flagged container ship Solong, was sued at London's High Court on Monday by the operators of the Stena Immaculate, which the Solong hit on March 10, according to court records. Last week, the Ernst Russ subsidiary filed a separate action at the Admiralty Court specialist court seeking "limitation in liability". The case was brought against Dutch logistics company Samskip. They had previously claimed that the Solong carried Samskip containers. Also, "all others claiming or entitled to claim damage or loss" in relation to the collision. In a press release, a spokesperson for Ernst Russ stated that the company was setting up a “limitation fund” which would be available to "parties with verified claims against Solong’s owner". The incident took place in UK territorial waters and there are many interested parties, including public authorities in the UK. Therefore, setting up a fund is the best way to proceed. Owners of the Solong want to ensure that a fund will be available for any claims. It is a standard procedure for large maritime accidents, and the fund offers security to potential claimants. The Solong crashed into the Stena Immaculate tanker, a Crowley-operated tanker that was transporting jet fuel. Crowley refused to comment. Unknown, but presumed dead, is a member of the crew of the Solong. Vladimir Motin has been charged with manslaughter through gross negligence. (Reporting and editing by Mark Porter, Jan Harvey and Sam Tobin)

• The UK has filed a lawsuit against the operator of a US jet fuel tanker for collision

  The manager of an American military-contracted oil tanker, which was hit by a cargo vessel off England's Northeast coast last month, filed a suit at London's High Court over the collision on Monday. Stena Bulk Marine Services (USA) LLC and Crowley-Stena Marine Solutions LLC filed a lawsuit against MS Solong Schiffahrtsgesellschaft M & Co KG, a subsidiary of Portuguese-flagged container ship Solong owner Ernst Russ , according to court records. On March 10, the Solong crashed into Stena Immaculate. This tanker was anchored and operated by Crowley. It was carrying jet fuel. The collision was reported to the Admiralty Court, a specialist court. Crowley and Ernst Russ didn't immediately respond to our request for comment. MS Solong Schiffahrtsgesellschaft M & Co KG brought a separate case at the Admiralty Court last week, seeking a "limitation of liability," according to court records. The case was brought against Dutch logistics company Samskip which, according to reports, owned the cargo aboard the Solong and "all others claiming or having the right to claim loss or damages" due the collision. Unknown, but presumed dead, is a member of the crew of the Solong. Vladimir Motin has been charged for manslaughter through gross negligence.

• Oil prices drop despite Trump's warnings about possible tariffs against Russian buyers

  Oil prices fell on Monday and are heading towards a modest quarter-loss, despite warnings from U.S. president Donald Trump, who warned that he could impose secondary tariffs against buyers of Russian crude oil if he felt Moscow was blocking his efforts in ending the war in Ukraine. Brent crude futures for June, the more active contract, fell 30 cents or 0.4% to $72.46 a barrel by 0330 GMT. Meanwhile, U.S. West Texas Intermediate oil declined 33 cents or 0.5% to $69.03 a barrel. Brent front-month, down 26 cents or 0.4% at $73.36, expires on Monday. Both benchmarks are on track to finish the month slightly lower and report their first quarterly decline in two quarters. Trump said that he is "pissed" with Russian President Vladimir Putin. He will impose secondary tariffs of 25%-50% on Russian oil buyers if he believes Moscow is hindering him in his efforts to end war in Ukraine. Trump claimed he would be able to impose new trade measures in a month. There are two ways to interpret the headlines, and the drop in price. Tony Sycamore, IG's market analyst, said that the first thing to note is that Trump's threats are not being taken seriously by the market. The second point is that Trump’s threats would, if implemented, be another step on the path towards a global trade war which will impact on growth and demand for oil. Trump Iran If Washington and Tehran cannot reach an agreement over Iran's nuclear program, Washington will bomb Tehran on Sunday. Secondary tariffs may also be imposed. OPEC+, a group that includes OPEC, Russia and its allies, will begin its monthly increase in oil production program in April. Last week, it was reported that the group would likely continue to increase oil production in May. Yuki Takashima is an economist with Nomura Securities. She said, "We expect WTI will stay between $65 and $75 as the market evaluates the impact of Trump's tariffs on the oil supply, global economy and the supply situation in the U.S. Saudi Arabia, the world's largest oil exporter, may reduce its crude prices to Asian buyers by a third-month low in May, following the sharp declines in benchmark price this month, traders have said. Iran also lowered its price for light crude oil for Asian buyers, to $3.95 per barrel over the average Oman/Dubai for April. Two sources who have direct knowledge of this matter said that the talks to restart Kurdish crude oil exports via the Iraq-Turkey pipe are at a standstill due to a lack clarity regarding payments and contracts. Reporting by Yuka obayashi and Anjana anil; editing by Saad sayeed

• Oil prices drop despite Trump's warnings about possible tariffs against Russian buyers

  Oil prices fell on Monday and are heading towards a small quarterly loss, despite warnings from U.S. president Donald Trump about secondary tariffs if he believes that Moscow is preventing him from ending the war in Ukraine. Brent crude futures for June, the more active contract, fell 17 cents or 0.2% to $72.59 a barge by 0028 GMT. Meanwhile, U.S. West Texas Intermediate oil declined 18 cents or 0.3% to $69.18 a barge. Brent front-month, up 8 cents or 0.1% at $73.71, expires on Monday. Both benchmarks recorded a weekly gain for the third time in a row on Friday. Both benchmarks were on course to finish the month almost flat and report their first quarterly decline in two quarters. Donald Trump, the U.S. president, said on Sunday that he is "pissed" with Russian President Vladimir Putin. He will impose secondary duties of 25 to 50 percent on Russian oil buyers if he believes Moscow is preventing him from ending the war in Ukraine. His harsh comments about Putin show his frustration over the lack of progress on a ceasefire. Trump claimed he would be able to impose new trade measures in a month. Investors are cautious about Trump's comments, which were meant to increase oil prices. However, doubts over their feasibility, and the upcoming OPEC+ output increase beginning in April, keep them on edge. He said: "We expect WTI will stay between $65 and $75 as the market evaluates the impact of Trump's tariffs on the oil supply, global economy and the U.S. supply. The OPEC+ group, made up of OPEC, Russia and its allies, will begin its monthly increase in oil production program in April. Last week, it was reported that the group would likely continue to increase oil production in May. Saudi Arabia, the world's largest oil exporter, may reduce its crude prices to Asian buyers by a third-month low in May, following the sharp declines in benchmark price this month, traders have said. Two sources who have direct knowledge of this matter, but spoke on the condition of anonymity, said that the talks to restart Kurdish crude oil exports via the Iraq-Turkey pipe are stalled due to a lack clarity regarding payments and contracts. Negotiations, which began in late February, failed to resolve a standoff of nearly two years that had halted the flow of goods from Iraqi Kurdistan, in the northern part of the country, to Turkey's Mediterranean Port of Ceyhan. Trump threatened Iran with secondary tariffs and bombings on Sunday if Tehran failed to reach an agreement with Washington regarding its nuclear program. Reporting by Yuka Obaashi