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The grid operator, the government and watchdog are all blamed in Spain's Senate investigation of blackouts
According to preliminary conclusions published on Wednesday, an investigation by the Spanish Senate has blamed?the government as well as the country's grid operator and energy monitor for the 'unprecedented' blackout last year. The upper house, which is controlled by opposition People's Party(PP), is the first to place blame for the outage on April 28, '2025 that left large areas of Spain and 'Portugal in darkness for as long as 16 hours. According to the nine-month investigation, the blackout wasn't an accident that was unforeseeable. It was caused by structural flaws that had been known for years. The blackout was a result of a vulnerability that had been known for some time. It also reflected a failure by the PP to act with diligence. The preliminary report noted that repeated voltage fluctuations in the weeks leading up to and including the blackout were evidence of the system's increasing problems. The Senate Commission held the grid operator 'Red Electrica', a Redeia unit, and the Energy Ministry primarily liable?for this outage. It also criticized energy and antitrust regulator CNMC, for what they referred to as inaction on the part of the regulator and supervisory authorities. The inquiry 'heard testimony from dozens witnesses, including Energy minister Sara Aagesen and Redeia Chair?BeatrizCorredor, as well as CNMC Head?CaniFernandez. The final report is due this week. However, no changes are expected to the preliminary findings. Reporting by Emma Pinedo, Pietro Lombardi and David Latona; editing by David Latona
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Gulf stock exchanges rise on optimism about US-Iran Peace Talks
Investors are encouraged by optimism over renewed U.S. - Iran?peace negotiations. The United States announced on Wednesday that it had completely halted all sea traffic to and from Iran despite President Donald Trump's suggestion that negotiations to end the conflict could resume this week. Trump stated that U.S. officials and Iranian officials could meet again within the next couple of days in Pakistan, while Vice President JDVance expressed his optimism about the current state of the talks, even though the discussions last weekend ended without a breakthrough. Both officials in Pakistan and Iran have also said that the talks could be restarted soon. Dubai's main stock index rose 1.7%. This was boosted by the 1.6% increase in Emaar Properties, a blue-chip developer. Air Arabia, a budget airline, has risen by 3.4%. Aldar Properties grew 1% in Abu Dhabi. Saudi Arabian?Mining Company traded 1.7% higher, while the benchmark index rose 0.4%. Saudi Aramco, the oil giant, also rose 0.2%. Brent crude futures rose 1% to $95.77 per barrel after falling nearly 5% over night to below $100. Separately the International Monetary Fund said on Tuesday that the growth in the Middle East will be sharply slowed this year due to the fallout of the Iran War. The?Qatari Index rose 0.4% led by a rise of 0.7% in the Gulf's largest lender, Qatar?National Bank. Majed al-Ansari, a spokesperson for the Gulf state, denied that there were 'any talks' with Iran about?payments aimed at halting attacks. Instead, the Gulf state said its demands had been conveyed to Pakistan and America, instead.
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Magyar, a Magyar from Hungary, will meet with MOL's leadership to discuss fuel supply
Peter Magyar, Hungary's acclaimed election winner, said that he will need to speak with the leaders of oil company MOL in order to ensure fuel security. The centre-right TISZA party (Respect and Freedom), led by Magyars, won a landslide victory at Sunday's elections. This ended the 16-year reign of nationalist Prime Minister Viktor Orban. Orban set a price cap for fuel in early March as the global prices of diesel and petrol rose due to a rise in oil prices fueled by the conflict with Iran. The government of Hungary also prohibited the export of crude, diesel and 95-octane gasoline and announced that it would release 45-days worth of fuel reserves. This was in response to a stoppage of supplies via a pipeline transporting Russian oil through Ukraine. The Hungarian Hydrocarbon Stockpiling association reported that Hungary's strategic oil reserves and oil products had fallen to 44 days net imports at the end of March from 91 days in February. The association announced on Tuesday that replenishment is 'underway' and reserves have since increased to 53 days net imports. The European Union requires that member states maintain 90 days net imports. Magyar stated that the acting government had a great responsibility to do something in the next 20-30 day's regarding the strategic oil reserve. "Everyone is hoping that the Druzhba Pipeline can restart by April's end, but even then it will take time to replenish strategic reserves." "The TISZA government must ensure that the security of supply is maintained in the coming weeks, under the outgoing administration. MOL responded to an emailed question on Tuesday by saying that the crude oil supply was unaffected as the oil was still coming through the Adriatic pipeline, even though the Druzhba Pipeline was still closed. We have reached agreements for deliveries with companies in the United States, following agreements with Libyan, Kazakhstani, Norwegian, and Saudi Arabian companies. MOL reported that the Danube Refinery was operating at a reduced capacity as a result of a fire which occurred in one of its units last October. Fuel supply in Hungary is uninterrupted. Reporting by Krisztina than and Anita Komuves, Editing by Andrew Heavens & Louise Heavens
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UAE stock exchanges rise on optimism about US-Iran Peace Talks
Early trading in the United Arab Emirates on Wednesday saw the stock markets?build on the gains of the previous session?as optimism about renewed U.S. - Iran peace talks boosts investor sentiment. Even though Donald Trump said that negotiations to end the war with Tehran could resume this week, the United States announced on Wednesday that it had halted all sea traffic to and from Iran. Trump stated that U.S. officials and Iranian officials may meet again in Pakistan within two days. Vice President JDVance expressed his optimism about the current state of talks, despite the fact that last weekend's discussions were unsuccessful. Dubai's main stock index rose 1.6%. This was boosted by a 2.7% increase in Emaar Properties, the blue-chip developer. Air Arabia, a budget airline, jumped by 3.1%. Aldar Properties grew 2.9% in Abu Dhabi. Reporting by Ateeq Sharif in Bengaluru, Editing by Neil Fullick
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Overnight, Russia launched more than 300 drones and missiles against Ukraine
Ukraine officials reported that Russia had attacked Ukraine with drones and ballistic missiles overnight, targeting port infrastructure to the south. Ukraine's airforce said that Russia launched 324 unmanned aircraft in the time period between 6 p.m. and 1500 GMT on Tuesday, as well as three ballistic missiles. The air defence units destroyed or neutralised 309 drones. However, the missiles and thirteen drones were hit in nine different locations. Oleksandr Gáncha, regional governor of the Dnipro region, confirmed on Telegram that three people were injured by a Russian drone attack overnight on the city. Ganzha posted photos of a building that had a huge hole on one side. Five people were killed and more than 30 injured in a Tuesday missile attack on the city. Ihor Taburets said that four people were treated for injuries after an overnight drone attack in Cherkasy. Ivan Fedorov said that a woman was killed early Wednesday morning in shelling of Zaporizhzhia, located in the south-east of Ukraine. Fedorov wrote on Telegram that a 74 year old saleswoman had been killed at a kiosk. The attack also damaged nearby residential buildings, a business premises, and car parks. Oleh Kiper, regional governor of Odesa, Ukraine, reported that port infrastructure in the southern region on the Black Sea was subjected to another drone attack. Damages were reported at administrative and warehouse buildings. Officials from the Kyiv area also reported an attack by drone.
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New York Times Business News - April 15, 2019
These are the most popular?stories from the New York Times business pages. These stories have not been?verified and we cannot vouch for their accuracy. Both sides reported that they had a positive discussion, although it wasn't immediately clear if a framework for peace was agreed upon. OpenAI announced that it would share its new A.I. GPT-5.4 Cyber, a?model that will be shared with hundreds of organizations before being expanded to thousands more in the next few weeks. Canadian Prime Minister Mark Carney announced that he will temporarily suspend the federal gas tax from 'early September onwards. He is the latest country to act to assist consumers who are facing rising prices at the pumps due to 'the war in Iran and disruptions to global energy markets. - 'The U.S. House of Representatives overwhelmingly passed a bipartisan aircraft safety bill. This has set up a'showdown' with the Senate where leaders have proclaimed that certain provisions are not enough to prevent midair collisions. (Compiled by Bengaluru Newsroom)
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China ordered Maersk and MSC not to operate Panama ports, according to FT.
The Financial Times reported that China has told the Danish shipping company Maersk and Swiss-based Mediterranean Shipping Company to stop operating ports on the Panama Canal. The report cited 'two people who were familiar with the discussions' as saying that Maersk and MSC Shipping received a directive from China's state planner to immediately withdraw from the Balboa and Cristobal port. Could not confirm the report immediately. Maersk Shipping, China's Foreign Ministry, and the State Planner did not respond immediately to requests for comment. The report stated that Maersk and MSC were warned not to "engaged in illegal activities which harm the interests Chinese companies and to maintain commercial ethics and international laws." Panama has granted temporary concessions of 18 months to keep the terminals operational. APM Terminals is a unit?of Maersk and TIL Panama is a?unit?of MSC. CK Hutchison is facing heavy criticism in China after announcing a plan to sell 43 ports across 23 countries in March '2025, including Balboa & Cristobal, to a group led by a family-run Italian shipping company MSC and BlackRock. (Reporting and editing by Sonia Cheema, Subhranshu Sahu, and Gnaneshwarrajan in Bengaluru)
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Reports from FT claim that Iran used a Chinese spy satellite to target US military bases.
The Financial Times reported on Wednesday that Iran had secretly purchased a Chinese spy satellite. This gave the Islamic Republic the ability to target U.S. bases in the Middle East during the recent war. According to the report, which cited leaked Iranian documents, the Islamic Revolutionary Guard Corps Aerospace Force acquired the TEE-01B satellite in 2024, after it had been launched from China. The newspaper reported that Iranian military commanders had directed the satellite to monitor major U.S. Military sites. It cited time-stamped coordinates lists, satellite imagery and orbital analyses. The images were captured in March, before and after missile and drone strikes?on these locations. Could not verify the report. Earth Eye Co, the CIA, the Pentagon, China's Ministry of Foreign Affairs and Defence, and The White House did not respond immediately to our requests for comment. According to the report, as part of the agreement, the IRGC gained access to commercial ground station operated by Emposat. Emposat is a Beijing-based 'provider of satellite data and control services with a nationwide network that extends across Asia, Latin America, and other regions. FT reported that satellite images captured on March 13-14 and 15 showed the Prince Sultan 'Air Base 'in Saudi Arabia. The U.S. president Donald Trump confirmed on March 14 that US planes had been?hit? at the base. The report states that the satellite monitored Muwaffaq Salti Air Base, in Jordan, as well as locations near the Fifth Fleet Naval Base in?Manama in Bahrain and Erbil Airport in Iraq around the time IRGC claimed attacks on facilities there. Reporting by Shivani Tana in Bengaluru, Editing by Sonali and Neil Fullick
Fuel costs rise as Middle East conflict disrupts flights and increases airline fares
Qantas Airways, Scandinavian SAS, and Air New Zealand all announced price increases on Tuesday. They blamed the Middle East conflict for the sudden spike in fuel prices.
New Zealand's national carrier, Air New Zealand, said that jet fuel prices have risen from $85-$90 per barrel prior to the U.S. and Israeli strikes on?Iran to $150 to $200. It suspended its financial forecast for 2026 because of uncertainty surrounding the conflict.
The 'war' has disrupted an important oil-export route, increasing airline costs and causing fares to rise on certain routes. This is causing concern over a wider impact on global travel.
A spokesperson for SAS said that "increases this large make it necessary to act in order to maintain stability and reliability operations," adding that it had implemented "temporary pricing adjustments."
Last year, the largest Scandinavian airline temporarily changed its fuel hedging strategy due to unpredictability of market conditions. It said it would not hedge fuel consumption for the next 12 months.
Many Asian and European Airlines, such as Lufthansa, and Ryanair have implemented oil hedging, which secures a portion of their fuel supply at fixed prices.
Finnair, who had hedged 80% of their fuel purchases in the first quarter, warned that the fuel supply could even be at risk if the conflict continued.
Finnair's spokesperson stated that a prolonged fuel crisis could impact not only its price but also its availability. This was at least temporary.
Kuwait, one of the largest jet fuel suppliers to Europe's north-west, has had its output cut.
AIRSPACE CHAOS IN THE MIDDLE EAST
Flightradar24 reported on X that planes arriving at Dubai on Tuesday were temporarily placed in a hold pattern due to an alleged missile attack. This highlights the chaos of the Middle East's airspace. The planes eventually?landed.
In response, airlines have already adjusted their networks and prices. Qantas announced it was looking at relocating capacity to Europe, as airlines and customers seek to avoid disruptions in the Middle East. Cathay Pacific also said that it would be adding flights to London and Zurich by March due to airspace closures on Asia-Europe routes and capacity restrictions.
Air New Zealand has increased fares on domestic, short-haul, and long-haul flights, and warned that more price increases or changes to schedules may be forthcoming if jet fuel costs continue to rise. Hong Kong Airlines announced that it will also increase fuel surcharges up to 35.2% beginning Thursday.
Air India announced on Tuesday that it will begin to increase fuel surcharges for its domestic and international flights, citing the rising price of jet-fuel.
Some European carriers stated that they did not see a need to increase prices immediately. IAG, British Airways' owner, stated that it had no immediate plans to raise fares and was well-hedged for the short term. British Airways said, however, that it had brought forward its winter-season flight to Abu Dhabi due to the "continuing uncertainties."
After the sale of Airline shares, shares in the airline have stabilized.
Oil prices dropped to $90 per barrel from $119 per barrel on Monday, after U.S. president Donald Trump announced on Monday that the war might be ending soon.
In Europe, airline stocks were up between 4 and 7 percent. In afternoon trading, shares of Delta Air Lines and United Airlines as well as American Airlines fell between 1%?and 2%.
The majority of major U.S. carriers no longer hedge fuel costs. This is in contrast to European and Asian carriers who continue to actively maintain hedging programs. Fuel is usually their second largest expense, after labor.
Airlines are forced to raise fares in order to cover rising costs without fuel hedges. The latest data from Deutsche Bank shows that U.S. airfares are rising quickly. Both?last minute tickets and advance purchase fares have risen over the last week.
Analysts say that the backdrop should allow the market to absorb higher prices, as passenger traffic continues to exceed the growth of airline seat capacity. Some carriers are forecasting record demand for spring break.
As fuel costs rise, airlines are expected to reduce their growth plans and increase their pricing power. It is still unclear whether or not these measures will be sufficient to protect the profit margins.
Analysts are expecting major U.S. carriers to update their outlooks in advance of an industry event next week. However, some have already reduced their profit and capacity predictions for the current quarter as well as the entire year. Analysts from Melius have, for instance, cut their estimates of net income by 10%.
CONFLICTS SHRINKING AVAILABLE AIRSPACE
The tightening of airspace, in addition to the high cost of fuel, threatens to bring down the travel industry worldwide, as pilots are rerouting to avoid the Middle East conflict, and the capacity on popular routes is filling up.
Cirium reports that Emirates, Qatar Airways, and Etihad account for approximately one-third the passenger traffic between Europe, Asia, and Australia. They also fly more than half of passengers from Europe, to New Zealand, Pacific Islands and Australia.
Many European airlines are already struggling with the lack of airspace created by the conflict in Ukraine. They avoid Russian airspace, and fly longer international routes. With even less airspace available, the airlines say that their business is now even more difficult.
(source: Reuters)