Lawyer: Jimmy Lai, a Hong Kong tycoon, will not appeal his conviction and 20-year sentence.

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• Sources: China and Iran in talks to ensure safe oil and gas transit through Hormuz

  China and Iran are in negotiations to allow Qatari LNG vessels and crude oil ships through the Strait of Hormuz, as the U.S./Israeli war against Tehran intensifies. The war has now entered its sixth day, and the vital shipping passageway is all but closed. Countries around the globe are cut off from one fifth of the global oil and LNG supplies. According to sources, China, which enjoys friendly relations with Iran, and relies heavily upon Middle Eastern products, is upset by the Islamic Republic's decision to paralyze?shipping across the Strait. It is pressuring Tehran to allow safe passage to vessels. About 45% of the oil used by the world's second largest economy comes from this Strait. Ship tracking data revealed that a vessel called the Iron Maiden, after switching its signalling from 'China-owner' to 'Iron Maiden' overnight, passed through the Strait. However, far more sailings are needed to 'calm' global markets. Since the beginning of the conflict, crude oil prices have risen by more than 15 percent amid production stops as Iran attacks energy facilities in Gulf and ships crossing Strait. The missiles of the Assad regime have reached countries as far away as Cyprus, Azerbaijan, and Turkey. This has destabilised global markets, and prompted major economies to issue warnings about inflation. Vortexa's vessel tracking data revealed that the number of crude tankers transiting the Strait dropped to just four on March 1, a day after hostilities erupted, from an average of 24 vessels per day since January. According to Vortexa, and Kpler, there are still around 300 oil tanks in the Strait. Mike McDougall, a sugar?industry veteran, told Middle East sugar executives that there are currently?some ships? transiting the Strait. All of them are either Chinese or Iranian owned. Jamal Al-Ghurair of Al Khaleej Sugar in Dubai said that some sugar-carrying ships are allowed to cross the Strait, while others aren't, without providing any further details. The Iranian government announced earlier this week that vessels from the United States, Israel and European countries or their allies will not be allowed to pass through the Strait of Hormuz. However, the statement did not mention China. Reporting by Jonathan Saul, Marwa Rashad. May Angel and Sarah El Safty contributed additional reporting; writing by May Angel. Editing by Nick Zieminski.

• The war in Iran enters its sixth day.

  Residents described the U.S. and Israeli campaign against Iran as intensifying on Thursday, while Iran vowed retaliation anywhere in response to a U.S. strike on a ship thousands miles away from the battle 'zone. The abrupt postponement in Iran of the planned three-day'mourning period for the slain Supreme leader Ali Khamenei has disrupted apparent plans to quickly anoint Khamenei’s 'hardliner son' as his successor. "Today's worse than yesterday" They are attacking northern Tehran. We are stuck. It is like a war zone. Mohammadreza (36), a phone call from Tehran, said, "Help us", with a shaking voice, as Israel's latest wave of attacks on Iranian government targets erupted. IRAN PROMISES REVENGE FOR WARSHIP SINKING Although some financial markets in the world recovered from their falls earlier this week, the impact of the campaign has intensified. Countries around the globe are now cut off from one fifth of global oil and gas supplies. Iran has vowed revenge after a U.S. warship was torpedoed by a U.S. ship off the coasts of Sri Lanka, killing more than 80 sailors. Iran's foreign minister stated that Washington would "bitterly" regret the precedent set by its sinking of a ship without warning in international waters. General Kioumars Heydari of the Revolutionary Guards told state television: "We will fight Americans anywhere they are." The body of Supreme Leader Ayatollah Ayatollah Khamenei was to be laid in state at a prayer hall in Tehran from Wednesday night to kick off three days of mourning. The memorial, which was expected to bring thousands of mourners into the streets, has been abruptly and indefinitely delayed shortly before the event was scheduled to begin. The Iranian officials said that they were close to naming Khamenei’s successor and the most likely candidate was his son Mojtaba. A powerful hardliner, Mojtaba's selection would be seen as a bold act of defiance. The Iranian government did not give a reason for the delay, but one source said it was partly due to a fear of assassination among those who would attend while Israeli and U.S. planes remained 'in the sky. The memorial ceremonies of Shiite religious and political leaders, particularly those who are seen as martyrs of the faith, are well known for their mass public displays. The announcement of the younger Khamenei's successor during the mourning period will allow him to gain power while the followers of his father are on the streets. This will help to rally support and make it harder for opponents to challenge. Israel said that it would kill anyone who replaces Khamenei and continues his hostile policy. Hacking of Iranian TV Two sources who are familiar with Israel's plans for battle said that after killing many Iranian leaders in a nearly week-long series of strikes, Israel now planned to move into a second phase where it would target the underground bunkers which Iran uses to store its missiles. Israel says its goal is to topple Iran's clerical leaders. Washington claims its aim is to stop Tehran from being able project force outside its borders. It has also called for Iranians to rise and seize the power. The death of the supreme ruler was openly celebrated by many Iranians, whose security services had just killed thousands of antigovernment protesters in the worst unrest to hit Iran since 1979's Islamic Revolution. On Thursday, state television broadcast a video featuring Reza Pahlavi. The exiled son and leader of the opposition in Iran, Reza is the son of Iran’s last shah. We all share a heavy burden. Together, we will continue on this path to a 'final victory. "Long live Iran", he said. One woman, 25, in Tehran asked for her name to not be used due to security concerns. She said that those who were against the government weren't able to go out on the streets because the country was being attacked. However, they had expressed their anger by posting online videos celebrating Khamenei’s death. She said, "If Mojtaba took over, he would be killed too, so we don't worry about it." Israelis were sent to shelters by air raid sirens. Military spokesman Effie Defrin stated that the number of missiles launched daily from Iran has decreased, but "the threat remains". He said that the longer we continue to intensify damage and eliminate launchers, the less the threat will grow. IRAN CONTROLS THE STREAM OF HORMUZ, REVOLUTIONARY GARDENS SAY The war had a global economic impact. Above all, the disruption to tanker traffic in the Strait of Hormuz where a fifth of the world's oil and liquefied gas flow along Iran coast. The Iranian Revolutionary Guards claimed that they had attacked a U.S. oil tanker in northern Gulf, and that the vessel was on flames. This is the latest report of many similar attacks. The Guards announced that Iran would control the passage through the Strait. Azerbaijan reported that four Iranian drones crossed its border, injuring four people. It was preparing to respond. Iran, which has launched missiles and drones against U.S. ally in the region, denies responsibility for the incident.

• China's Estun Automation will price its Hong Kong listing at the bottom of the range and seek $191 million

  Estun Automation, a Chinese industrial 'robot'maker, said that it would set its price for its Hong Kong listing at the lower end of its range. It aims to raise HK$1,49 billion ($190.54 millions) through the sale of shares. Estun's decision is a result of global markets remaining skittish following the Iran War that erupted in February 28. This triggered a rush for cash which has boosted volatility and squeezed the risk appetite. Estun has offered 96.8 millions H shares at HK$15.36 each, below the maximum HK$17 per share announced last week. Estun is one of a number of companies that sought to list in Hong Kong after the Lunar New Year holidays, continuing a rapid start in share launches for 2026. Hong Kong's stock exchange had its best start to a year since at least 2021. IPOs raised $5.5 billion and second listings about $5.5 million in January. This is the highest since $7.6 in?January of 2021. KBANK'S MUTED DEBUT IN KOREAN Investor caution is also evident in the trading of new securities around the region. South Korean online lender KBank finished just slightly above the IPO price, after a jump of up to 19% in its debut on Thursday. Estun said last week that funds raised from the offer would be used to support the manufacturing capacity of the company, as well as?research and development and overseas growth initiatives. The company is expected to announce the final offer price this Friday. Its shares are scheduled to debut at?the Hong Kong Stock Exchange on March 9. Hong Kong deals also move?towards pricing and debut. This could provide a more accurate gauge of sentiment post-crisis. Shenzhen Zhaowei Machinery & Electronics, and Alsco Pooling Service will be pricing their products soon in this upcoming week before they debut on the Hong Kong bourse alongside Estun on March 9. In Asia, UI Boustead REIT, a Singapore-based REIT, announced in a Thursday statement that its manager UIB REIT Management had registered the prospectus to?its proposed IPO on the Singapore Exchange. Sunway Healthcare is a Malaysian company. In an email response on Thursday, the company said that it is still on track to launch its IPO on Bursa on March 18. Reporting by Nikita Marie Jino in Bengaluru, and Yantoultra ngui in Singapore. Editing by Maju Sam and Susan Fenton.

• Shares of UAE companies continue to fall as the Middle East conflict intensifies

  The UAE stock exchanges fell on Thursday morning, continuing losses from the previous day after the reopening of the bourses following the two-day trading suspension triggered by Iran’s 'unprecedented barrage' of missiles and drones that targeted the Emirates. After a two-day suspension of trading, the?UAE stock markets opened on Wednesday following Iran's drone and missile attacks against the Gulf state. Investors waited to learn more about the extent of damage caused by the weekend attacks that hit airports, ports and residential neighborhoods in both emirates. Both exchanges have announced that they will temporarily lower the price limit on securities by 5%. The U.S. - Iran war intensified on Wednesday, after a U.S. sub sank a naval?vessel of Iran off Sri Lanka and killed at least 80 people. NATO 'air defenses' shot down an Iranian ballistic missile heading toward Turkey. Dubai's main stock index fell more than 4% as stocks declined across the board. Top lender Emirates NBD, and blue-chip developer Emaar Properties, both lost 4.9%. Air Arabia.DU>, a budget airline, also declined by 4.9%. Utility firm Dubai Electricity &?Water Authority grew by 4.4%. First Abu Dhabi Bank, the largest lender in the country, fell 4.9%, while?Aldar Properties dropped 5%. Abu Dhabi Commercial Bank was among the other banks to fall, with a?5% drop. Qatar National Bank, the Gulf's largest lender in terms of assets, rose 1.7%, bucking the trend. Qatar, the largest liquefied gas producer in Gulf, declared "force majeure" on Wednesday. According to sources, it may take a minimum of a month for production levels to return back up. Prices of oil jumped more than 3% on Wednesday, as fears grew over the potential disruptions in Middle East oil and natural gas supplies due to an escalating U.S./Israeli conflict with Iran.

• Mike Dolan: ROI-Europe is able to absorb the Mideast energy shock, but not much else.

  Europe is worried about an economic blow similar to the invasion of Ukraine in 2004. Initial fears could be exaggerated if futures markets are accurate. That's a very big "if". The European markets were shivering at the prospect of yet another energy crunch that would drive up inflation and sap demand. The soaring?oil price has hit the markets of major importing countries around the globe. Europe is particularly vulnerable to the resumption of disruptions in natural gas supply, which were already halted by Russia's invasion of Ukraine in 2022. Crude oil, although below the Tuesday peaks, is still more than 10% higher than last week. It's also at its highest level in over a year. European natural gas futures remain more than 50% higher than last Friday, and are also at levels from over a year ago. Money markets have begun to price in a small possibility of a rate hike, even though they have ruled out the probability of another European Central Bank rate cut. Benchmark 10-year government lending rates increased by more than 10 basis point? and euro stock indices fell up to 6%. Is it too much or only the beginning? All of this is put into perspective by a quick glance at the reaction to Ukraine's invasion. The six-month period following the February 2022 attack saw European?gas prices triple, ECB interest rates rise 100 basis points, German bund yields increase 135 basis points, the euro fall by 16% against the US dollar, and euro stocks plummet 22%. Not yet, at least. Expectations of inflation are not changing yet The gas price spike is nowhere near Ukraine's initial spike, despite Qatar's Wednesday halt to liquefied gas production after its installations and exports were blocked. The key difference is the way in which markets value long-term inflation expectations. In the seven months following the invasion of Ukraine, these expectations rose by 70 basis points to 2%. Even though the Iran attacks occurred only five days ago, expectations have barely changed. Most investors are firmly convinced that the energy shortage and conflict in the region is temporary and will allow prices to return to normal by the end of the summer. For what it's really worth, the Polymarket prediction market sees a 40% probability that the current Iranian government falls by mid-year. Energy traders see it as a time-limited shortage. Brent crude oil prices, for instance, are expected to drop by more than $10 a barrel before the end of the year, and return to their pre-attack levels. Prices of natural gas futures are higher for a longer period of time. The rates at the end-of-year are about $10 more than they were one month earlier. The gap will close within a year. Most economists are concerned about the economic impact of the war, but no one can really see it at this time. There are some key differences this time around. While ECB hawks may be wary of trying to "see-through" an inflation rise, as they did in the past, after the pandemic or in Ukraine, where many said central banks tightened too late in order to prevent steep price increases, there are also important differences. For a start, monetary and fiscal policies are?already tighter than they were then. The ECB was also at risk of a significant undershoot of its 2% target inflation over the 'next year. The economists at Deutsche Bank point out that the relatively small energy futures movements so far, and the undisturbed expectations of long-term inflation on the market are "more consistent" with eliminating the risk of inflation undershooting the 2% target than with overshooting. The ECB's baseline for inflation is still on target, but rising energy prices are muddying the waters. According to its "ready reckoners" or standard rule-of thumb models, the increase in geopolitical uncertainties this year could result in a 0.25 percent drop off of euro zone GDP. Geopolitical shock in 2022 knocked one point off the GDP. Europe is still vulnerable to the global energy market, not just in the Middle East, but also because of its heavy reliance on U.S. LNG during a period when trade and diplomatic relations between Washington are fractious. As it is, the system can probably take it on its chin. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Sign up for Morning Bid U.S., my weekly newsletter. You can also listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.

• Airline share prices rebound after a resumption of Middle East flights

  Airline shares recovered on 'Thursday, as more flights left the Middle East. This provided some respite for carriers who had lost billions in value due to the U.S. and Israeli strikes against Iran earlier in the week. The government has been scrambling for flights out of the Middle East to accommodate tens and thousands of citizens who have been stranded due to the U.S.-Israeli conflict against Iran. This conflict has caused the closure of most of the airspace in the region because of the threat of missiles striking passenger planes. Dubai, the busiest airport in the world, handles over 1,000 flights per day. Its closure has disrupted travel and caused ticket prices to soar on popular routes, such as Australia-Europe. Emirates and Etihad Airways now operate a limited number services?from Dubai and Abu Dhabi via the safe air corridors of the United Arab Emirates, while Qatar Airways flight from Doha remains completely halted. Flightradar24 reports that as of Thursday morning's early hours, Emirates flights have left Dubai for destinations such as Sydney, Amsterdam and Mumbai. However, the majority of these services remain cancelled. The Australian government announced that three commercial flights are scheduled to depart from the United Arab Emirates and arrive in Australia on Thursday. This follows the arrival of 200 Australians on a flight by Emirates from Dubai on Wednesday evening, where there were emotional scenes at the arrival gates, as families embraced their returning travellers. The?U.S. State Department said that a U.S. charter flight brought Americans from the Middle East to the United States, and other flights were being arranged for various locations in the region. State Department announced. Canada has said that it is working on repatriating stranded Canadians by organizing seats on commercial flights, and hiring charter flights. Air India announced that it would be flying a Boeing 787 with more capacity on Thursday to bring back passengers who were stranded on the Mumbai-Dubai Delhi route. ASIAN AIRLINE SHARE REBOUND After a double-digit drop in recent days, many Asian airline stocks have recovered amid concern over the length of the conflict and the impact on oil prices. Kenny Ng is a securities analyst at China Everbright Securities International. He said: "I consider this recovery to be short-term and its sustainability will depend on the current situation in the Iranian Conflict." The New York Times, citing briefed officials, reported that operatives of Iran's Ministry of Intelligence had expressed an openness to U.S. Central Intelligence Agency?to talk about ending the war. Shares of Hong Kong's Cathay Pacific Airways grew by 4.2%. Qantas Airways jumped more than 1%, and Korean Air Lines rose more than 5.0%. Air China, China Eastern Airlines, and China Southern Airlines all fell between 1%-?3% on the Hong Kong and Shanghai market, stabilising from steeper drops earlier in the week. Asian airlines are very sensitive to Iran because of the exposure they have through energy and routes, both in terms of revenue and cost. Gary Ng is a senior economist with Natixis. He said that any news about reducing the length of the war could easily change sentiment. Airspace is so constrained that airlines have to make reroutes, carry more fuel, or stop for refueling to avoid sudden divergence or long flight paths along safer corridors. Some expatriates and marooned tourists have tried to escape the Middle East via Saudi Arabia or Oman where the airspace is still open.

• US lawmakers express concern about Intel's testing tools from a China-linked firm

  As reported first by. ACM Research is a California-based producer of chipmaking equipment that has deep roots in China and two overseas units which were sanctioned by the U.S. ACM Research's customers include Chinese companies sanctioned by the U.S. such as YMTC, SMIC and YMTC. This raises questions about whether ACM can pass sensitive Intel information to Chinese clients. The lawmakers wrote to Intel CEO Lip Bu Tan on Wednesday that "by operating in Intel's facility, ACM can gain exposure to cutting edge chipmaking processes which may materially improve quality and competitiveness for?ACM as well as Chinese military companies." Intel stated in a statement that "ACM Tools are not used in Intel’s semiconductor production processes." The company also said that it fully complies to U.S. laws, regulations and works regularly with the U.S. Government on security issues. ACM didn't immediately respond to the request for comment on this story. The company had previously said that it couldn't comment on "specific engagements" with customers, but it revealed the shipment of three tools to a major U.S. semiconductor manufacturer. These are currently being tested and many have already met performance standards. ACM has previously stated that it does pose a threat to national security, noting that the U.S. unit sanctioned in Shanghai is "bifurcated" and "isolated" from its U.S. operation. It also added that U.S. clients are directly supported by U.S. personnel with robust safeguards protecting customer trade secrets. The Chinese Embassy at Washington has not responded to a comment request immediately. The letter is also signed by Democrats Elissa slotkin and Andy Kim, as well as Republicans Jim Banks, Pete Ricketts. It shows a bipartisan concern over China's increasing role in the?U.S. The semiconductor industry. The House Selection Committee on China stated in October that it had "reviewed reports with concern?that ACM Research...?has sold (semiconductor production equipment) to a U.S. semiconductor manufacturer who also formally certified ACM Research tools for use on its production line." On?Wednesday, the lawmakers noted that Intel faces special responsibilities because of its U.S. Government stake. Intel had resisted calls from President Donald Trump for his CEO to resign in August due to his alleged ties with China. They wrote: "This raises important questions about Intel’s fiduciary responsibilities and?approach towards safeguarding the public interests, including how?the company benefits American taxpayers and economic interests," They added that "Intel’s involvement with Chinese companies on the blacklist calls into question if taxpayer dollars are subsidizing activity which could directly threaten U.S. National Security and leadership in semiconductor manufacture." (Reporting and editing by Diane Craft, Thomas Derpinghaus and Alexandra Alper)

• US lawmakers express concern over Intel's testing on tools made by a Chinese-linked firm

  A group of bipartisan U.S. legislators led by Democratic Senator Elizabeth Warren and Republican Tom Cotton raised concerns on Wednesday about national security issues regarding?Intel?s testing of ACM Research's chipmaking tools, which was first reported by?. ACM Research is a Fremont-based manufacturer of chipmaking equipment. It has deep roots in China, and two overseas units were sanctioned by the United States. ACM Research's customers include Chinese companies like YMTC CXMT SMIC that are sanctioned. This raises questions about whether ACM can pass sensitive Intel information to Chinese clients. The lawmakers wrote to Intel CEO Lip-Bu Tan on Wednesday that "by operating in Intel's facility, ACM can gain exposure to cutting edge chipmaking processes which?may improve the quality and competetiveness of ACM as well as Chinese military companies." Intel stated in a press release that "ACM Tools are not used by Intel's semiconductor production processes." The company also said that it fully complies to U.S. laws, regulations and regularly engages with the U.S. Government on security issues. ACM didn't immediately respond to the request for comment on this story. The company had previously stated that it could not comment on "specific customer engagements" but confirms that "ACMR’s U.S. Team has sold and delivered numerous tools from our Asian Operations to domestic customers." The company also revealed that it had shipped three tools from its Asian operations to a major U.S. semiconductor manufacturer. These are currently being tested, and some of them have already met performance standards. The letter is also signed by Democrats Elissa slotkin and Andy Kim, as well as Republicans Jim Banks and Pete Ricketts. It shows a bipartisan concern over China's increasing role in U.S. Semiconductor Manufacturing. The House Selection Committee on China stated in October that it had "reviewed reports with concern" that ACM Research...has allegedly sold (semiconductor production equipment) to a U.S.-based semiconductor manufacturer who also officially certified ACM Research tools for use on its production line. The lawmakers noted on Wednesday that Intel, who resisted President Donald Trump's calls for the CEO to resign in August due to alleged ties with China, now faces unique responsibilities because the U.S. Government owns a stake. They wrote: "This raises serious questions about Intel's approach to protecting the public interest and its fiduciary responsibilities, as well as how it benefits American taxpayers and economic interests." They added: "Intel’s involvement with Chinese companies on the blacklist raises questions about whether taxpayer dollars subsidise activities that may directly threaten U.S. security and leadership in semiconductor production." (Reporting and editing by Diane Craft; Alexandra Alper)

• Urals differs have remained the same despite a growing interest in Asia for this grade.

  The differential between Urals crude and dated Brent has remained relatively unchanged, although buyers in Asia have increased their 'interest' in this grade due to Middle Eastern oil supply disruptions. They are still weighing the risks as well as the duration of the shortages. The disruption to the flow of oil through the Strait of Hormuz, at the southern tip of Gulf, has led to a tightening of availability of Middle Eastern grades and increased freight rates. According to two traders and an industry source, Indian refiners are contacting Russian sellers about March and April deliveries. Chinese buyers also show interest, but recent purchases have left them with supply. The traders reported that the demand for Russian oil grades was 'on the rise', but new price signals were still awaited as trades had not yet been concluded. The discounts in Chinese and Indian port on a delivery-basis were also not much different from the levels before?the conflict in Iran. PLATTS WINDOW Traders said that no bids or offers for Urals, Azeri BTC, and CPC Blend were made on the day. Intelligence sources and military analysts say that Iranian drone attacks could disrupt the Strait of Hormuz indefinitely, but it is unclear how long they could continue. Libya's maritime agency issued an advisory to the media on Wednesday stating that a Russian gas?tanker Arctic Metagaz, IMO number 9243148, sank off Libya's coast after a fire and explosions. (Reporting and Editing by Shailesh Kuber)

• LME fines PAC Global Services Spain PAC Global Services Spain PAC Global Services Spain PAC Global Services Spain PAC Global Services Spain PAC Global Services Spain PAC Global Services 250,000 pounds for violations in the warehouse

  The LME announced on Wednesday that it had fined PAC Global Services Spain?250,000 pounds ($334,175) as a disciplinary action for violating its rules. In a notice to members, the exchange, which is the oldest and largest market for industrial metals in the world, listed eight PGS violations of its warehouse agreement. The most serious violations were found during an investigation at a PGS warehouse in Taiwan. Copper was discovered in a yard in the open outside of the facility. The notice stated that "the storage of metal outside an approved?LME shed is an egregious violation of the warehouse agreement... as such, the financial 'penalty' reflects this." According to the LME's website, PGS operates 39 LME-registered warehouses in Europe and Asia. Hong Kong Exchanges and Clearing Ltd. is the owner of LME.

• Buyer interest in Russian Oil is up in Asia but prices are stable, traders say

  Five traders said that concerns about Middle Eastern oil supply are causing buyers to be more interested in Russian oil. However, prices haven't yet responded. Analysts and traders said that disruptions to the flow of oil through the Strait of Hormuz, at the southern tip of Gulf, have led to a tightening of Middle Eastern grades. Two traders and a source in the industry report that Indian refiners are contacting Russian suppliers about March and April deliveries. Sources claim that Indian refiners have begun consulting the government on the possibility of "additional Russian exports". Chinese buyers also show interest in the product, despite recent purchases leaving them with a surplus. One trader stated that China "bought large quantities at low prices before the Lunar New Year so it could afford to wait until the outlook for the war in Iran became clearer." One trader said: "Buyers are expecting the conflict in Iran to be resolved'soon, and they are unwilling to pay more for Brent at its current levels." In recent months, China has taken in barrels that India had displaced, resulting in a multi-month increase of its seaborne purchase at deeply discounted rates, traders reported. According to the latest LSEG data, the discount for Russian Urals crude loaded from the port Primorsk, free on board (FOB), was $25-26 a barrel to dated Brent. This is in line with recent estimates. The discounts in Chinese and Indian port on a delivery-basis were also not much different from the levels before the start of conflict in Iran. China and India have been the largest buyers of Russian crude oil, although India has recently reduced its purchases under pressure from Washington. Indian imports are expected to drop sharply in April due to scheduled major maintenance at Nayara Energy, which is owned by Rosneft of Russia and a leading buyer. The traders reported that other Indian refiners are also planning to reduce their purchases, though the turmoil in the Middle East has forced a few to re-evaluate their plans. Interfax reported that Russian Deputy Prime Minister Alexander Novak stated on Wednesday Moscow was ready to increase oil supply to China and India. (Aizhu Chen and Siyi Liu in Singapore; Nidhh Verma in New Delhi, editing by Jason Neely.)

• Chief commercial officer of Adidas Israel says that a bomb has hit an Adidas store in Israel

  Adidas' chief commercial officer announced on Wednesday that a bomb had hit one of the company's franchise shops in Israel, but no injuries were reported. This was in the context of the ongoing war in Iran. Mathieu?Sidokpohou, Adidas' chief commercial officer, told journalists at a press briefing that "we had one franchise in Israel that was indeed attacked three days ago." He said, "Fortunately the store was closed so no one in our team was affected." "So far, the business has not been our top priority in that area. It's the people who come first." As the U.S. and Israel conflict with Iran escalated, many stores in Dubai as well as other major Middle Eastern hubs were forced to close or operate with a skeleton crew. Adidas CEO Bjorn Gulden stated at the same conference that "we have people sitting in shelters". Adidas has 350 franchise and chain stores in six countries that are affected by 'the war. Gulden stated that Adidas would suffer a revenue impact from the closed?stores? in Middle East and delays with?some of their products being sent via air freight throughout the region. (Reporting and editing by Matthias Williams, Miranda Murray and Helen Reid)