Latest News
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Adani Airports calls on India to relax the seat cap for foreign airlines
Adani Airports urged India on Wednesday to relax limits on how many seats foreign carriers can sell?on flights into and out of?the country, saying that the curbs were holding back its ambitions to become a world aviation hub. These limits are part of bilateral agreements to protect domestic carriers, but they have long frustrated overseas carriers. Dubai's Emirates has, for instance, said that demand is much higher than the weekly seat limits under the India-UAE agreement. Arun Bansal, Chief Executive of Adani Airports, said that "in the short-term" bilateral agreements are limiting growth in Indian aviation. He made this statement during a discussion panel at an Indian airshow in Hyderabad. For India to become a hub we need a open skies approach. A spokesperson for the Indian government?didn't immediately respond to an inquiry for comment. India has the fastest growing aviation market in the world. Adani Airports is part of Gautam Adani’s billionaire group and operates eight airports. It plans to bid on 11 more in its $11 billion expansion plan. IndiGo and other Indian airlines have supported the government's decision on seat caps. They argue that a rapid liberalisation could harm domestic carriers who are still expanding fleets. (Reporting and editing by Aditya K. Kalra, Mark Potter and Abhijith G. Ganapavaram from Hyderabad)
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TSX futures rise ahead of Fed and BoC rate decisions; gold rallies
The futures for Canada's main index of stocks rose on Wednesday, as gold prices reached a new high. Investors awaited the interest rate decisions that would be made by the U.S. Federal Reserve later in the day. As of 5:41 a.m., March futures for Toronto's S&P/TSX composite index were up 0.16%. ET. Spot gold rose 1.6% and briefly surpassed $5,300 an ounce as the U.S. Dollar sank to four-year lows before stabilizing after President Donald Trump dismissed January's decline. At its next policy meeting, the Fed is expected to?keep rates unchanged. However, the decision will likely be overshadowed due to concerns about the central bank's independence amid Trump's efforts to gain more?control over monetary policy. The Bank of Canada is scheduled to announce its decision at 9:45 am. It is widely expected that the Bank of Canada will also keep its rates unchanged. According to a poll conducted on Friday, a majority believe that the Canadian central banks will maintain rates through 2026 based on the expectation of?economic growth? and inflation that is largely controlled. Investors remained cautious ahead of rate decisions, as the Toronto benchmark stock index did not change much on Tuesday. In light of concerns about a 'AI bubble,' the market will also be looking at earnings from Microsoft and Meta due after the bell for clues on profitability in the tech sector. Canadian railway operator Canadian Pacific Kansas City, Celestica, a firm that provides electronic manufacturing services, and CGI, a tech consulting firm, are all scheduled to report earnings in Canada later today. CLICK CODES TO GET CANADIAN MARKETS UPDATES: TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting and editing by Jonathan Ananda in Bengaluru, Utkarsh T. Tushar Hathi)
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Storm Kristin knocks 800,000 people out of power in Portugal before crashing into Spain
Authorities said that Storm Kristin caused more than 800,000. people in central and northern Portugal to lose electricity on Wednesday morning. The storm knocked down trees and utility poles, damaged homes and disrupted motorway and railway traffic, before it moved inland into Spain. According to emergency services, at least one person was killed when a fallen tree fell onto their car on the outskirts Lisbon. In a country with 11 million people, civil protection authorities reported?1,500 incidents related to weather. These were triggered by wind gusts up to 150 km/h and heavy rain. Grid operator E-Redes stated that technical teams are working to restore power to about 855,000 'clients, after initial efforts were hampered by severe weather. The storm then moved eastward into Spain. Spain is still recovering from the effects of Storm Joseph, a previous system. On Tuesday, strong winds in Torremolinos killed a woman when a palm was felled by the wind. Snow covered more than 160 roads in?Spain on Wednesday. This included 27 motorways, such as?A-6, which connects Madrid to the north. In central Madrid, snow also covered the rooftops but did not cause any major problems. AEMET, the Spanish weather agency, warned of strong winds in large parts of Spain. Some gusts were even hurricane force. Authorities in southern Almeria province have issued a'red alert' due to the severity of the wind. In some places, local authorities have closed parks and suspended outdoor sports and educational programs.
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Vitol executive: Kazakhstan oil export losses will ease global oil glut
The Asia head of trader Vitol said that Kazakhstan lost more than 40 million barrels from crude exports due to 'damage near the Caspian Pipeline Consortium. Kieran Galagher, a speaker at the Indian Energy Week conference, said that the market had been impacted by the massive shut-in of CPC 'Kazakh Group. This has had a real impact on the immediate increase in stocks. Tengiz oilfield's?largest oilfield, Tengiz?, experienced a?outage in this month. Gallagher stated that the global crude oil stock is expected to increase by 700,000 barrels a day (bpd), which is lower than the over a million bpd predicted by many analysts. In its January monthly oil report, the International Energy Agency predicted that global oil supply would surpass demand by 4,25 million barrels per day in the first quarter. The main reason why the supply has risen faster that the demand is because the producer group OPEC+ - which includes the 'Organization of the Petroleum Exporting Countries and?allies such as Russia - began boosting production in April 2025, after years of cutting. Other producers such as the U.S. Guyana, and Brazil have also increased their output. OPEC+, however, has paused production increases for the first three months of 2026. (Reporting and writing by Mohi Nairayan Editing by David Goodman.)
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Egypt demands the release of four Egyptian citizens who were detained in a tanker that was seized by Iran
Egypt announced on Wednesday that they are working to secure the release of four citizens who were arrested?by Iran?last month. Tehran had seized a tanker in the Gulf on suspicion of "smuggled gasoline". The Egyptian Foreign Ministry said in a statement that four Egyptian crewmembers were currently on board the Reem AlKhaleej vessel, which is docked at the Bandar Abbas port of Iran. Iran announced last month that they had seized an oil tanker from a foreign country carrying 4 million litres of fuel smuggled near the Iranian Island of Qeshm. The Iranian government did not reveal the name of the ship or its nationality but said 16 foreign crew were detained for 'criminal' charges. Iran has one of the lowest fuel prices in the world due to its heavy subsidies and the sharp fall of the national currency. It has also been trying to curb widespread fuel smuggling, both by land and sea, to Gulf States.
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Montenegro may face fuel shortages as a result of truckers' blockade
Montenegro may face fuel shortages as a result of regional protests and the blockade by truck drivers?of Bar's Adriatic port over restrictive EU entry laws?that could lead to their deportation if they exceed Schengen visit limitations. Montenegro has no own oil refinery and so the port of Bar is a major entry point for fuel imported from abroad. The port of Bar is also home to the largest fuel?depots in the country. The blockade of border crossings that began Monday in Serbia, Bosnia and Montenegro, and North Macedonia has halted transportation along a crucial road corridor connecting?the EU to Turkey and the Middle East. The Montenegrin Energy Ministry issued a statement late on Tuesday in which it said that they had asked the oil companies to provide information about their stocks and the period estimated during which fuel supplies can be kept regular. The current fuel supplies have been effectively reduced to what is available in petrol stations. This will allow the market to continue to function 'for just a few days more. The ministry also advised people to refrain from purchasing excessive amounts of fuel at petrol station. Montenegrin Police said that the truckers had a permit allowing them to protest until Thursday midday. Truckers want to extend the time they can stay in Schengen, claiming that they are quickly reaching the limit due to the volume of freight they carry. (Reporting and editing by Ros Russell; Aleksandar Vasovic)
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Maersk: Storms and snowfall disrupt cargo flow in Europe
Container shipping company Maersk said on Wednesday that storms and heavy snowfall were disrupting cargo flow across the south-west and western parts of Europe, as well as affecting deliveries into and out of northern areas. Portugal and Spain are among the countries that were affected by severe weather alerts on Wednesday. Meanwhile, Italy declared a state-of-emergency on Monday for its southern regions which had been ravaged?by an intense storm last week. Maersk stated that terminals in the western Mediterranean had ceased operations. There is no current timeline for their resumption. Maersk sent an advisory to its customers saying that the severe weather conditions were causing industry-wide disruptions. "Vessels are sheltering, and terminals have to stop working or work with reduced productivity," it said. Maersk has not named the terminals affected, and its spokesperson did not respond immediately to a question for comment. The advisory stated that "this situation affects the entire industry and we expect delays and closings to continue to impact vessels and terminals on a wide scale." Last week, rival?shipping company CMA CGM?said that one of their ships lost 58 containers in the sea due to 'unexpectedly strong weather off Malta. Some additional containers were also damaged on the vessel's deck. Reporting by Stine Jacquebsen and Soren Jppesen, Copenhagen; Editing and production by Terje Solsvik & Jan Harvey
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Albanese: Australia is committed to retaking control of Darwin Port
Australia is committed to returning to Australian ownership a major northern port that has been leased to a Chinese firm for 99 years, said Prime Minister Anthony Albanese on Wednesday. This was after Beijing's ambassador to Canberra had warned of possible trade retaliation. The Northern Territory government sold Darwin Port in 2015 to Landbridge, a Chinese company for A$506 millions. This was criticized by the United States. The contract was awarded just a few short years after the United States deployed the first group of rotating Marines to Darwin. U.S. and Australia have expanded air bases in Australia’s north for U.S. bombers. Albanese, who was in East Timor for an official visit Wednesday, said that his government has made it clear that it wants the port to be returned to Australian ownership. He said, "It is in the 'national interest of Australia that this?port returns to Australian hands." Landbridge Australia, the port's owner did not respond immediately to a comment request, but in November, said that the port was in good financial standing. Xiao Qian - China's Ambassador in Canberra - told reporters on Wednesday at the annual press conference that Beijing would take "measures to protect the Chinese Company's interests" if a forced sale of the Port was made. Xiao told the Australian Broadcasting Corporation that if Landbridge were forced to leave this port, it could also have a negative impact on "substantive investment, cooperation, and trade" between Chinese companies in that part of Australia. Xiao is not the only one to criticise Albanese for his election promise?last year that the strategically located Northern port would be returned to?local ownership. Guo Jiakun, spokesperson for the Chinese Foreign Ministry, said that at a regular press conference in Beijing: "China would like reaffirm that the Chinese enterprise concerned obtained the lease of the Port?of Darwin by market means." "Their legitimate interests and rights should be protected fully," he said. (Reporting from Sydney by Kirsty Neetham; Additional reporting in Beijing by Liz Lee; Editing by Raju Gopikrishnan).
Vancouver port could fire foremen but grain won't be affected
Port of Vancouver foremen are to be locked out Monday if they do not abandon a strike proposal, said employers on Friday. Grain handling will remain unaffected.
The west coast of Canada is a major exporter of Canada's resources, such as potash, coal and forestry products. It also exports pork and beef. Last year, a 13-day strike at Vancouver and Port Rupert disrupted over C$6 billion of trade.
The British Columbia Maritime Employers Association stated that the lockout of over 700 foremen would be preventative, as the International Longshore and Warehouse Union unit representing them had issued a 72 hour strike notice.
The association stated in a press release that if the union withdraws its strike notice then the lockout on Monday will not take place.
Both sides have been in long-term negotiations over a union deal, and they've done so with the assistance of a federal mediator. The strike would also impact the port of Prince Rupert.
In a press release, it stated that "in anticipation of an escalating strike action and unpredictable strikes", the BCMEA had decided to take defensive measures in the form a coast-wide lockout.
The long-hauling operations of grain vessels and cruise operations will be unaffected.
The lockout notice was issued by the association to "facilitate an orderly and safe winding down of operations", in anticipation of a possible strike.
Canadian Press reported that ILWU Local 514 President Frank Morena stated in a press release that the union had planned only "limited job actions" like refusing overtime or accepting certain technological changes.
The impasse is the result of a long-simmering dispute about pay and working conditions. Both sides have expressed concerns over automation.
On Thursday, the Canadian Union of Public Employees began a strike in the Port of Montreal. The workers there are represented by the Canadian Union of Public Employees. Termont operates two terminals that handle 40% of container traffic but only 15% of cargo.
In August, the Federal Government imposed binding arbitration to end a labour dispute between Canada's major railways. This affected grain and other exports on the West Coast.
The government has refused to intervene in collective bargaining for other disputes other than mediation. (Reporting and editing by David Ljunggren, Alexander Smith, and Ed White)
(source: Reuters)