Latest News
-
As the Middle East conflict escalates, airlines cancel more flights
The global air travel industry is still severely affected by the Iran War. Many people are unable to travel to their destinations as planned after major Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi were closed. The latest flight information is listed below alphabetically: AEGEAN AIRLINES The largest Greek?carrier cancelled flights from Tel Aviv to Beirut, Amman and Erbil until April 22. Baghdad and Erbil were also canceled until May 24. Dubai flights have been canceled until April 19, and Riyadh flights until April 18. AIRBALTIC All flights to Tel Aviv have been cancelled by Latvia's AirBaltic until April 29. All flights to Dubai are cancelled until October 24. AIR CANADA All flights from Canada to Tel Aviv and Dubai have been cancelled until May 2. AIR EUROPA Spanish Airlines has cancelled all flights from Tel Aviv to April 10. AIR FRANCE KLM Air France has cancelled Tel Aviv, Beirut and Dubai flights until April 4, and Riyadh and Dubai flights until March 31. They have also cancelled an April 1 departure out of Dubai. KLM has suspended flights until May 17 to Tel Aviv and Riyadh. CATHAY PACIFIC Hong Kong Airlines has cancelled all flights to Dubai and Riyadh up until May 31. In April, the airline will increase its passenger flights to London and Paris, as well as adding capacity in London. The U.S. airline cancelled all flights between New York and Tel Aviv, and put off the start of Atlanta-Tel Aviv until September 5. The airline said that the launch of its Boston-Tel Aviv flight, scheduled for late October, has been postponed until further notice. EL AL ISRAEL AIRLINES Customers who were planning to leave Israel by April 4 have had their flights, and return flights as well, cancelled. The airline is operating a small number of flights. EMIRATES The UAE airline announced that it would operate a reduced schedule after a partial opening of the regional airspace. ETIHAD AERWAYS The UAE carrier announced that it operated a limited schedule of commercial flights between Abu Dhabi, and approximately?80 destinations. FINNAIR The Finnish airline has cancelled all flights to Dubai until March 29, and Doha until July 2. It continues to avoid the airspace over Iraq, Iran and Syria. FLYNAS Saudi budget airline Flynas has suspended flights to Dubai and Abu?Dhabi until March 31. British Airways, owned by IAG, has extended the cancellation of flights to Amman and Bahrain until May 31, and Doha until April 30. Flights to Bangkok and Singapore have also been added. Flights to Abu Dhabi are suspended until the end of this year. INDIGO The Indian airline has temporarily suspended its operations in Doha, Kuwait and Bahrain, Dammam as well as Fujairah Ras Al Khaimah Sharjah and Fujairah. JAPAN AIRLINES Japan Airlines has suspended its scheduled flights between Tokyo and Doha until April 10, and Doha to Tokyo until April 11. All flights from Tel Aviv to Dubai and back have been cancelled, according to the Polish airline. The airline has also cancelled all flights to Riyadh and Beirut until April 30, as well as to Riyadh from March 31 through April 30. LUFTHANSA GROUP Lufthansa and other airlines, including Austrian Airlines and Brussels Airlines as well as Edelweiss, have suspended flights from Dubai and Tel Aviv to Abu Dhabi until May 31 and to Amman, Beirut Dammam, Riyadh Erbil Muscat and Tehran to October 24. Lufthansa Cargo will be the same except for Tel Aviv, which is suspended until April 30. Eurowings, a low-cost carrier, plans to suspend flights to Tel Aviv through April 30, and to Beirut, Erbil, Dubai, Abu Dhabi, and Amman until October 24. MALAYSIA AIRLINES Malaysia Airlines has suspended flights to Doha until April 15 NORWEGIAN AIR It has delayed the launch of Tel Aviv services from April 1, to April 4 respectively. All Dubai flights have been cancelled through April 8. PEGASUS Pegasus Airlines, Turkey, has cancelled all flights to Iran, Iraq and other countries including Amman, Beirut Kuwait, Bahrain Doha Dammam Dubai Abu Dhabi Sharjah until April 13th. Pegasus Airlines, Turkey's national airline, has cancelled its flights to Iran, Iraq and other countries including Amman in Lebanon. Kuwait Airways is also cancelling their flights until April 13. QANTAS Australia's flag-carrier is adding flights to Rome, Paris and London to meet a surge in demand for European routes. Perth-Singapore will be increased from daily service to ten flights per week, and five return flights to Paris per week. QATAR AIRWAYS The airline said that it would only operate a limited number of flights up until the 28th March. SINGAPORE Airlines The carrier has extended its suspension of Singapore-Dubai flights to April 30 and added services on Singapore-London Gatwick, Singapore-Melbourne, from late March until the 24th of October in order to meet increased demand. TURKISH AIRLINES Turkish Airlines has canceled most Middle East flights up until the end March. SunExpress, a joint venture between Lufthansa and SunExpress has cancelled flights from Dubai to Bahrain to April 30. WIZZ AIR The low-cost carrier has suspended flights from Europe to Israel and other destinations in the Middle East until mid-September. (Compiled by Josephine Mason and Jamie Freed; edited by Matt Scuffham and Mill Nissi Prussak.
-
The CEO of the European Payments Initiative says Trump's fears have boosted its appeal
The CEO of the European Payments Initiative, who is based in Brussels, said that fears of President Donald Trump's administration limiting Europe's?access to U.S. payment infrastructure has boosted regional adoption of a rival European payment platform. Wero, a payment platform developed by the Brussels-based firm, is an alternative to Mastercard Visa and Apple Pay, which dominate in-store payments across Europe. Founded by 16 major European banks including BNPParibas, Deutsche Bank and other payment providers in 2020, the group now has 45 members. Fintechs Mollie and Worldpay have recently joined, as well as N26 and?. EUROPEANS FEAR BEING CUT OFF from US PAYMENTS System EPI's CEO,?Martina Weimert, said that there is a sense urgency to reduce European dependence on U.S. companies. In an interview, when asked if merchants were preparing for the possible cut-off of Europe from the financial systems of the Trump administration, she replied "absolutely". She also said that two large merchants had cited Wero's international resilience as the reason they chose it. Weimert stated that this scenario was not a completely 'out of the blue' event. She said that these things can happen very quickly. Trump's "America First", which is upending the global order, and tearing apart long-standing transatlantic relations, has prompted European Union efforts in order to reduce their reliance on U.S. firms, especially those involved in strategic industries such as payments, technology, etc. Wero is facing a steep uphill battle when it launches in 2024. According to the European Central Bank, it is currently only used for peer-to -peer transfers. International card schemes such as Visa and Mastercard, however, account for two thirds of euro zone card transactions. The national payment schemes supported by the banks of Spain and Italy raises concerns about fragmentation despite their promises to work together on a pan European platform. DIGITAL EURO SCEPTICISM Wero is now available in Belgium, France, and Germany. Its number of users has risen from 43.5 million to 52.5 million, which is still only a small fraction of the payments industry in Europe. EPI has plans to expand into Luxembourg and the Netherlands within the next 12 months. Weimert stated that she did not see the digital euro which the ECB intends to issue in 2020 as competition, but rather something that could be incorporated into Wero's wallet. She was concerned if it arrived soon enough. "I have no problem with the digital euro. "I don't have a problem?with the digital euro."
-
After chick hatches, Dutch confiscate 261 eggs suspected to be wild parrots at Schiphol
The Netherlands Food and Product Safety watchdog announced on Thursday that 261 suspected wild parrot eggs were seized at Amsterdam's Schiphol Airport after they were found?in the luggage of a couple flying from Central America into Asia. The eggs were discovered by customs officers on the 24th of March,?packaged individually in paper then grouped into bundles and wrapped in T-shirts. They heard chirping when they opened one of the bundles and found a parrot chick hatching. The bird was too young to identify its species. The Royal Military Police arrested the two travellers whose nationality and identity were not revealed. All parrots are protected by the CITES convention. This is a global treaty which regulates the trade of endangered plants & animals. Therefore, strict rules apply for the 'possession' and 'trade" of these birds & their eggs. The NVWA stated that the travellers had 'no documentation proving their legal ownership. The chick and eggs have been transferred to a specialist?care facility where the remaining eggs will be incubated. (Reporting and editing by William Maclean, Charlotte Van Campenhout)
-
The US-Israeli War on Iran has disrupted global business
The U.S. and Israeli war against Iran has rattled businesses around the world, driving up energy costs, squeezing the supply of vital raw materials, and raising concerns about the reliability of the trade routes that are critical to the flow from goods such as food to car parts. Here are the major disruptions that have occurred so far: TRAVEL CHAOS Tens of thousands flight cancellations have been reported worldwide. Schedule changes and reroutings are also common. The Middle East has had its airspace closed due to threats from drones and missiles. The global aviation industry is experiencing its worst disruptions since the pandemic. Hubs like Dubai International Airport - the busiest airport in the world for international passengers - are being hit, as well as alternative transit points. Some travellers are boarding private jets to fly out of the Gulf. Others have taken a?long taxi drive across the desert into Saudi Arabia in order to catch a flight home. Air cargo that is time-sensitive has also been affected. From fresh produce to planes, shipments have been delayed due to the conflict. Airline Tickets Global airlines have raised the alarm about soaring jet-fuel prices. They warned of additional costs of hundreds of millions, increased fares, and even cuts to certain routes. EasyJet, a discount airline, expects ticket costs to increase towards the end the summer. Bloomberg News reports that United Airlines may raise fares by up to 20% in response to the oil price surge. Since the beginning of the war, jet fuel prices, which are the second largest expense for airlines after labour, has doubled, increasing the pressure on carriers. Airlines that have hedged against oil price spikes are now announcing fare increases, fuel surcharges, and capacity reductions as they struggle with the unprecedented increase in refinery margins. Indian airlines have suffered another blow due to the Middle East airspace restrictions. Since Pakistan banned Indian carriers last year, the Indian airlines counted the Middle East as a "crucial corridor" for flights to Europe or the U.S. India announced that it would remove the temporary fare caps on domestic tickets it imposed in December. The report cited a government directive. Lufthansa, Germany's largest airline, expects that the Iran War will weaken the dominance on Asian routes of Gulf carriers like Emirates and Qatar Airways. CRUISE As fuel prices rise, cruise operators prepare for rougher seas. Analysts warn that Carnival Corp's 2026 earnings could be hit the hardest as it is the only major U.S. Cruise Line not to hedge its fuel costs. DUBAI IMPACT The conflict has harmed the carefully constructed image of the Middle East as a high-end, safe vacation destination. The tourism industry in the Middle East is valued at $367 billion per year. The report also revealed how global air travel is heavily reliant on a few hubs, led by Dubai. Many stores in Dubai and other Middle Eastern shopping centers were closed or operated with a skeleton crew. DEFENSE INDUSTRY The United States has deployed advanced weapons against Iranian targets including stealth fighters and low-cost, one-way attack robots for the first combat time. During the attack, the Pentagon used artificial intelligence tools from Anthropic including its 'Claude' tools. The Pentagon signed framework agreements on March 25 with Lockheed Martin, Honeywell and BAE Systems in the UK to increase production of defense systems. CRITICAL METALS AND RAW MATERIALS Metals and energy flow are affected by disruptions in the Strait of Hormuz. Aluminium producers have stopped shipments in the Gulf, declared force majeure or rerouted their exports. This has sent prices and premiums soaring. Around 8% of the global supply of aluminium comes from the Gulf region. The helium price has risen after the Iran War disrupted the natural gas processing in Qatar. This exposes the vulnerability of this small but essential market, which supports industries ranging from semiconductor manufacturing and medical imaging. Nickel producers in Indonesia who depend on Middle East sulphur for their production could face output reductions. Due to supply chain issues, chemical firms Celanese Dow and Ecolab raised prices on some products. The Iranian attacks also affected 17% of Qatar’s natural gas export capacity. This poses a threat to supplies in Europe and Asia. Globally, policymakers are forced to rethink how to reduce their long-term dependency on oil and natural gas imports. The increasing?price for gasoline due to the Iran War could encourage consumers to buy EVs or hybrids. Brewers have warned about shortages in India as well. A shortage of gas caused by the war with Iran has driven up the price of glass bottles, and delays in shipping have affected the import of aluminium required by can makers. MEDICINE The war in the Middle East is disrupting the flow of critical medicines into the Gulf, threatening supply lines for cancer therapies and other temperature-sensitive ?drugs and forcing companies to reroute flights and secure overland alternatives into the region. The executives told us that there is currently little sign of shortages but that this could change if conflict continues. FOOD, FAST MUSIC AND LUXURY As reported in earlier March, some shipments of major clothing retailers'?garments were stuck at airports in India and Bangladesh due to the impact of conflict on flights. South Asia is the clothing manufacturing capital of the world. Fast fashion brands from around rely on Bangladesh, India, and Pakistan to supply them with new T-shirts and dresses. Richemont, Zegna and other luxury groups are also under pressure from the crisis. Restaurants and hotels in India have warned of possible disruptions due to a shortage of cooking gas, and households are rushing to purchase electric induction stoves. Some manufacturers in India are also increasing prices for distributors. Samyang Foods, a South Korean company, and other snack, cosmetics and toys makers in Asia have warned of a shortage of packaging material and rising costs due to the high energy prices and shortfall of naphtha. DATA CENTRES AND CHIPS South Korean officials warned that a long-term conflict could disrupt the supply of materials for semiconductor manufacturing? from the Middle East. Helium is one such material, and it's essential to chip production. Drone strikes in the UAE and Bahrain damaged data centres owned by Amazon. This raised questions about technology supply chains, and the pace of Big Tech expansion in the Middle East. Citigroup and Standard Chartered told Dubai staff that they could work from home. This was reported by sources as the banks responded to Iranian threats made against Gulf banking interests linked to the U.S. Citigroup has closed most of its branches and offices across the UAE until further notice. According to a notice sent to customers, HSBC closed all of its branches in Qatar and the UAE until further notice. The Financial Times, citing a reliable source, reported that the U.S. hedge-fund manager Millennium Management was considering relocating employees who don't want to return back to Dubai to Jersey. (Reporting and editing by buros, Josephine Mason, Shinjini Ganuli, Shreya biswas, Tasimzahid, Bernadettebaum)
-
The Iran War dampens interest in early summer tourism to Cyprus and Greece
The Iran conflict has led to a rise in cancellations of tourists from Cyprus The forecast for Cyprus' economic growth has been cut in the face of conflict * Greece and Turkey both see a slowdown in bookings By Michele ?Kambas LIMASSOL (Cyprus), March 26th, 2014 (Rtrs). The Iran conflict has caused a spike in cancellations of summer tourists in Cyprus as well as other countries that rely heavily on them. On February 28, the U.S. and Israel launched an attack on Iran, as Cyprus's tourism sector was about to reopen after winter. On March 2, as Iran launched counter-strikes against the island, a British base was hit by a drone, leading to a wave cancellations of tourists. Bookings are down, the latest sign that the war has had a wide-ranging impact. From disrupted oil supplies to massive flight cancellations, the economic outlooks around the world have gotten worse. AirDNA, a U.S. company that tracks short-term rental bookings, says the cancellation rate for these rentals has risen from 15% before the conflict up to 100% within a few days. This figure has since decreased, but was still around 45% on March 21. Greece and Turkey also saw slight increases in cancellation rates. Christos Angelides, director-general of the Cyprus Hoteliers Association, said that bookings in March were down by nearly 40% and that April's numbers would be similar. Nicholas Aristou is the commercial director of Muskita Hotels, Limassol. The company runs two luxury hotels. He hopes the slowdown doesn't continue into?the summer, when tourist visits usually?pickup. If we don't protect the high-season months, the destination could be in serious trouble by May. Pre-bookings may also slow in Greece. The war has impacted the growth expectations of Cyprus. The Central Bank of Cyprus reduced its economic growth forecast for 2026 from 3.0% to 2.7% this week, based upon the assumption that the conflict will last two months. EasyJet, Jet2 and other budget airlines claim that the demand for destinations in Cyprus and Turkey is waning and has moved to the west Mediterranean like Spain. Savvas Orphanos sat by himself in a central Limassol district, Ayios Andreou, among a variety of fridge magnets and?pottery. A downpour made an already slow time even worse when we visited. "Unfortunately, as you can tell by the lack of tourists in our area," he said. The impact of the summer tourist season is also felt in Greece. Aegean Airlines' spokesperson revealed on Thursday that the airline has seen a drop of double digits in summer bookings from Israel and Gulf States to Greece. George Vernicos of Greece's tourism association SETE said there was a decline in pre-bookings. However, this was partially offset by an influx of people booking flights before the price of plane tickets increased due to oil prices. He stated that the?demand for Greece's largest markets in North Europe and America has dropped. He said, "We're in an wait-and see phase." "There's a restraint, but the year continues to run positively. Also because the momentum was high before the start of the war." (Additional reporting by Renee Maltezou in Athens, Angeliki Koutantou and Edward McAllister; Editing by Edward McAllister and William Maclean.
-
Wall Street believes US corporate earnings can withstand rising oil prices
Wall Street believes that strong corporate earnings will boost stock prices, which have fallen since the Iran War began. They also believe that oil?prices will surge, reigniting inflation fears. Oil prices have risen by?more than 30 percent since the beginning of the war at the end February. LSEG data shows that despite the turmoil, the expected earnings growth for the S&P 500 in the first quarter is 14%. This compares to a?14.4% growth at the beginning of the year, and a 12.4% increase in the October 1 estimate. "So much happens, but nothing is happening." In an interview, Krishna Chintalapalli said that companies are becoming more resilient against geopolitical risk, especially U.S.-based firms. The war in the Strait of Hormuz has caused a surge in crude prices, which is fueling inflation fears and reducing the chances of Federal Reserve rate reductions this year. JP Morgan estimates "each sustained 10% rise in oil prices can yield a 15-20 basis point hit to the GDP". If oil prices remain?around $100 per barrel throughout 2026, consensus EPS estimations could be adjusted lower by 2%-5% or more if oil price moves higher. Brent crude, the global benchmark oil, was trading at around $103 and U.S. futures were near $91 on Wednesday. Investors are concerned that the surge in oil prices and other related products, such as fertilizer, could spark inflation again and dent consumer spending. They also worry about Fed rate cuts. Earnings expectations are largely unchanged. "The companies we talk to, regardless of whether they are in the middle of the AI boom or they are consumer oriented companies like Walmart or they're an industrial company like FedEx, take a certain amount of uncertainty going forward as normal," Chintalapalli stated. LSEG - data through Friday revealed that 48% of 120 earnings forecasts from S&P500 companies for the first quarter were positive and 44% were negative compared to analyst expectations. In a note that examined company comments, Lori Calvasina of RBC Capital Markets' head of U.S. Equity Strategy said, "Many companies stated?that it is early days or to soon to say?what the impact will be." She said that the outlook commentary she read made her think companies had good reason to remain calm, with earnings risk more likely to occur in the second half. The upcoming earnings season has been made less stressful by the fact that airlines are among the most vulnerable companies to the rising crude oil prices and the reduced discretionary consumer spending power. United Airlines and Delta Air Lines announced recently that demand was strong, allowing them the flexibility to increase fares despite surging fuel costs. Jim Baird is the chief investment officer of Plante Moran Financial Advisors, a Southfield, Michigan-based firm. "Companies generally play the expectations game pretty well, because they want to announce a beating in most cases," he said. "I wouldn't be shocked if some companies try to temper expectations to dampen excitement so that when they make the announcement, it is not as exciting." Mike Wilson, Morgan Stanley's chief U.S. Equity Strategist, stated in a report that, as the forward earnings?growth remained high, the 12-month forward -price-to -earnings for the S&P 500 had dropped 15% since its October highs. This "supports our stance" that it is unlikely that this oil spike will end the business cycle. Venu Krishna of Barclays' U.S. Equity Strategy raised Barclays' price target for the S&P 500 in 2026 from 7,400 to 7,650. This was due to the fact that the firm's?2026 S&P 500 price target has been raised from 7,400 to 7,650. In the end, optimism about company earnings is based on the hope that Iran's conflict will not drag out. Michael Arone is the chief investment strategist of State Street Investment Management, Boston. He said that everything suggests that investors or the market have convinced themselves that it's only a matter of weeks, perhaps a few months. There's nothing more to say from this perspective. This quarter's earnings will not be as impacted. That's why you haven’t seen an enormous negative reaction. What they say about the outlook will be critical to our next steps, especially given where we stand in mid-April on the conflict.
-
Somalia's tuk-tuks stall as Iran war drives fuel price spike
Fuel prices are soaring in Somalia’s capital due to disruptions in oil shipments linked to the conflict with Iran. Many drivers in Mogadishu claim that they cannot keep their three-wheelers running because of the rising fares. Due to the conflict, around one-fifth of all oil and natural gas liquefied is now being shipped via the Strait of Hormuz. This has left African nations exposed and with rising fuel and food prices. There are no passengers. People walk or stay at home. "We raised the fares because of fuel price increases," Hasan Suleiman said in Mogadishu. The city is a small place and the passengers won't pay higher fares. He said that the tuk tuks had to be parked. Fuel prices have more than doubled in some areas of Somalia, increasing transportation costs for both?passengers? and?businesses? Already, 6.5 million people - or roughly one third of the Horn of Africa's total population - are suffering from severe hunger due to drought. "The tuk tuk needs to be fueled, and I have to support my family with the money it brings in." Jamal Omar is a 55 year old tuk-tuk. (Reporting and writing by AbdiSheikh; Editing and proofreading by William Maclean).
-
China's Pony.ai will more than double the robotaxi fleet and debut in Zagreb
Pony.ai, based in Guangzhou, said that it expects its fleet of robotaxis to be able to double to 3,000 units this year across 20 cities worldwide. The company plans to launch Europe's very first robotaxi service in Croatia's capital Zagreb. Nearly half will be overseas. Pony.ai - which debuted its international operations in Doha in Qatar - joins other Chinese autonomous driving companies such as WeRide, Baidu's Apollo Go and Baidu, who are also expanding overseas. The fleet and operations will be managed by Croatian startup Verne. The service will be integrated into Uber's platform. This partnership creates an efficient and scalable path for international expansion. Pony.ai could share in the recurring revenue streams generated by local commercial services, said James Peng. The company has performed?on-road tests in regions like the Middle East and Singapore. Pony.ai's first profitable quarter was its fourth quarter net profit of $75.5 Million. The company achieved profitability in Guangzhou and Shenzhen by achieving single-unit profitability. The firm said that the increase in fair value of trading stocks was a major factor. The fourth quarter saw a six-fold increase in revenue from fare-charging, largely due to a larger fleet and higher adoption rates by users. As of Wednesday, the?company's total fleet size was 1,446 vehicles. This is up from fewer than 300 cars a year ago. (Reporting and editing by Qiaoyi Li, Ju-min Park)
Maersk claims that the Gulf land-bridge routes can still accommodate food and medicines
Maersk's regional director said that the shipping giant maintains food and medicine supply routes via "alternative land bridge routes" which still have "some spare capacity" despite the Gulf war.
The U.S. and Israeli strikes on Iran, followed by Iranian attacks in the?region, as well as the closure of the Strait of Hormuz have brought the Gulf to an almost complete standstill. This has impacted global supply chains.
Danish container shipping company A.P. Moller-Maersk uses a "land bridge" system that involves ports like Jeddah, Saudi Arabia, Salalah, Oman, and Khor Fakkan, United Arab Emirates to funnel cargo into the Gulf region before it is transported by land.
Charles van der Steene said in an interview that Maersk is accelerating the network, and working with governments throughout the Gulf who have implemented faster procedures to accelerate deliveries.
He added that while?it?is prioritising food and medicine, it still has capacity to spare on these alternative routes.
Maersk’s board chair said Wednesday that the Middle East has a “pressing need” for?food imported disrupted due to?the conflict. According to the World Economic Forum, Gulf Cooperation Council countries import up to 85 percent of their food. (Reporting and editing by Joe Bavier, Andrei Khalip and Maggie Fick)
(source: Reuters)