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Bunge explores alternative routes amid worsening shipping crisis in the wake of Iran war
Bunge, the global grains trader, is looking at alternative shipping routes to reduce disruptions caused by the Middle East conflict. The company has not provided details about any alternate routes but said that it has seen so far a "limited impact" on its ocean-going ships. After U.S. and Israeli strikes against Iran, the Strait of Hormuz has been severely constrained in terms of trade. The International Grains Council estimates around 22 million metric tonnes?of grain, oilseeds, and products deliveries into the Persian Gulf flowed through the Strait of Hormuz in the last five years. This represents about 3% of the global trade. Bunge's logistics network handles shipments of fertilizers as well as grains, oilseeds and grain products. Analysts warn that the Strait is responsible for 25% to 35%?of?the world’s raw-material fertilizer trade. Its closure could disrupt?supply chain and increase production costs, a rise that would?ultimately?be felt?by consumers. Nutrien, Canada’s largest agricultural chemical company, announced on Wednesday that it is?closely engaging with customers as the conditions in?the Middle East continues to evolve. Commodities traders Trafigura and Glencore declined to comment on ?any impact from the ?conflict, while Bunge rivals Archer-Daniels-Midland ?and Cargill did not immediately respond to ' requests for comment. Reporting by Sumit S. Saha in Bengaluru, Katha Kalia in Chennai and Vallari Srivastava at the University of California. Editing by Shilpa Majumdar
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Zelenskiy claims that the Druzhba pipeline could be restarted in about a month.
Volodymyr Zelenskiy, the Ukrainian president, said that in one month and a quarter it may be possible to re-start a damaged Druzhba?pipeline. It is difficult to find alternatives, so the European Union has not imposed sanctions on Russian oil. In response, Hungary has taken steps to obstruct EU assistance for Ukraine. Both countries have accused Ukraine of being slow in repairing its infrastructure - something Kyiv denies. Zelenskiy was speaking at a press conference in Kyiv where Sergii Koreteskyi, CEO of the Ukrainian state energy company Naftogaz said that the main pumping station for the pipeline had been damaged by the attack. Zelenskiy claimed he didn't want to restart Druzhba, because it transports Russian crude oil. However, Kyiv may have no other choice if the only way was to reopen the line in order to unblock an important EU aid package. Zelenskiy said to reporters that "we can give the information that repair is possible within a month and a half, if EU countries have no choice but to block funding for our military because we supply Russian oil in Hungary and Slovakia." After a meeting of his top officials from the government and parliament, he stated, "We will prepare all and then make a decision accordingly." DISPUTE OVER OIL SUPPLIES The dispute erupted after deliveries were stopped on January 27?when a Russian strike damaged infrastructure in west Ukraine. Ukraine continues to transport oil to Hungary, Slovakia, and the other EU countries that still import Russian crude despite the ongoing war. Global?energy prices are soaring since the U.S., Israel and other countries began airstrikes against Iran last weekend. This has disrupted oil and gas supply. Hungarian Prime Minster Viktor Orban has threatened Ukraine, a pro Moscow leader who faces?elections in the next month, with "political tools and financial instruments" to force it to reopen its pipeline. Hungary also delayed the approval of an EU funding package worth 90 billion euros ($104 billion) for Ukraine insisting on a resumed shipment. Zelenskiy stated that there were no other financial options available to a cash-strapped Ukraine. Koretskyi, Naftogaz, said that repairs were in progress, but the damage was extensive. This included the pumping station and electronics. The work will take some time. Koretskyi said that Ukraine is evaluating funding requirements for underground reservoirs due to Russia's ongoing attacks.
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Main union: Seafarers may refuse to sail in the Mideast Gulf region
The leading shipping and labour groups have said that seafarers are entitled to refuse to sail on ships traversing the Middle East Gulf, which includes the Strait of Hormuz. This is because the threat level in the region has been raised to the highest level. As the U.S. war against Iran intensifies, around 300 ships are anchored both sides of the Strait. Nine ships have suffered damage since?February 28 and one seafarer has been killed. According to the International Bargaining Forum, a group of mariners, commercial shipping companies, and maritime unions, reached a negotiated agreement on Thursday. Seafarers can refuse to enter the area and receive compensation equivalent to two months’ basic wages and repatriation costs. The International Transport Workers' Federation said that in addition to receiving higher wages, compensation would be doubled if they died or became disabled. Stephen Cotton, ITF's General Secretary, said: "Today’s designation provides critical protections to seafarers aboard vessels covered by IBF agreements if they are operating in this dangerous region." "The fact that we are taking these?measures is a damning?indictment of the?situation facing seafarers in today's world." No worker should be forced to take the risk of being 'killed or injured simply because they are doing their job, especially when that job involves transporting goods and oil which keep the global economy running. Reporting by Jonathan Saul, Editing by Andrew Cawthorne & Andrei Khalip
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McKesson names Sysco CFO Cheung as Vitalone retires
Kenny Cheung, the finance director at food distributor Sysco, will succeed Britt Vitalone. Vitalone has been with the firm for more than 20 years and served as its CFO for eight of those years. He will continue to serve as a strategist, supporting the transition, as well as the planned separation of the business. Evercore ISI analyst Elizabeth Anderson said that today's announcement had a "feeling of an end of an era" to it. She added that Vitalone helped McKesson navigate through the COVID-19 disruptions as well as the opioid litigation settlements. The shares of the largest U.S. drug distributor fell 5% this morning. The stock had gained six-fold in the time that Vitalone was at the helm. Michael Cherny, analyst at Leerink Partners, said that any sudden changes for a company which has outperformed for many years can raise some questions in the short term. However, the strength of its portfolio and the depth of its operating bench allows for a smooth transition. Anderson stated that Cheung's "cultural fit" with McKesson will be "good", adding that he helped the company to execute more consistently after a period of misexecution. He previously worked as the finance director at Hertz, a car rental company. Cheung will begin his new job at McKesson on 29 May. Sysco also announced that Cheung would remain at the company until April 17. McKesson's C-suite changes coincide with its reliance on specialty drug distribution and oncology to drive growth.
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Berkshire Hathaway resumes its share repurchases. CEO Abel purchases Berkshire stock
Berkshire Hathaway announced on Thursday that it had begun repurchasing shares after a two-year break. Greg Abel, who succeeded Warren 'Buffett in January as CEO, is putting his stamp on the company. Berkshire began its first stock repurchases on Wednesday. These repurchases may help Berkshire reduce the $373.3 billion cash position at year's end, which has grown because Buffett was unable to find stocks and companies to purchase. Abel revealed that he purchased 21 Berkshire Class A Shares on Wednesday, for $14.6 million. This represents the after-tax equivalent of his salary of $25 million. He plans to make similar purchases in future. As of Wednesday, the 63-year old now owned 249 Class A Shares worth approximately $182 million. In his first interview on CNBC, in New York, as CEO of the company?Abel stated that he had consulted Buffett about buybacks and purchases. The Thursday disclosures could ease concerns that Omaha-based Berkshire had been too cautious in investing capital and that Abel should have shown a greater commitment to the conglomerate worth more than $1 trillion. Buffett is still the chairman of Berkshire and has almost all his wealth in Berkshire shares. Abel received $870,000,000 in?2022 after he sold Berkshire Hathaway Energy, his 1% share. Berkshire shares rose by 1.5% during morning trading. They had been lagging behind the Standard & Poor 500 by over 30 percentage?points since Buffett announced he would be stepping down from his position as CEO. Berkshire also owns Geico auto insurance, BNSF?railroads, many manufacturing and industrial businesses, Duracell, Fruit of the Loom and $297.8 Billion in stocks, led by Apple. ABEL SAYS THAT HE IS LOOKING FOR LONG-TERM Abel told CNBC Berkshire buys stock back when its intrinsic value exceeds the current market price. This creates long-term value to shareholders. He stated that, "with the change of leadership", it was important that disclosures be made that buybacks were resumed. Abel, who is Berkshire's chief executive officer, said that the company normally announces buybacks every quarter. Cathy Seifert is an analyst with CFRA Research. She said that the buybacks sent a "positive message" after Monday's shares suffered their largest one-day % decline since Buffett stepped aside. She said that for the near-term gains to continue, Berkshire must improve its fundamentals. Abel says that adding to his Berkshire holdings allows him to align himself with shareholders in the long-term. He stated that he envisioned himself as a chief executive for at least 20 years. Berkshire, unlike many large companies does not grant equity or stock options. Abel stated, "The idea is that our shareholders are owners and they can use their tax dollars to purchase Berkshire. I will do the same." "Nobody else in corporate America is doing this." Abel, like Berkshire, does not plan to pay dividends in the near future. PACIFICORP DRAWS LINES IN COVERING WILDFIRE CLAIMS Abel also spoke about the lawsuits that are being brought against Berkshire PacifiCorp over wildfires in Oregon, which will be raging from?September 2020 onwards. Victims blame the utility's failure to turn off power lines. S&P Global warned that it could 'downgrade' the utility from junk to junk status. PacifiCorp is facing a $50 billion exposure on top of all cases settled. Abel stated that "we're willing to accept absolute responsibility" for any damage caused by lightning. However, PacifiCorp resisted. Abel said, "We are absolutely sorry that the lives of these people have been affected." "We are sorry for their situation. It's not up to the utility to shoulder those costs and obligations. This is where we draw the line. (Reporting from Jonathan Stempel, New York; Additional reporting by Arasu Kanagi Basil, Bengaluru; Editing by Arun K. Koyyur and Nick Zieminski).
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As flights to the Middle East cease, governments plan repatriations
Commercial flights have been grounded in some parts of the Middle East due to the escalating conflicts following U.S.-Israeli strikes on Iran. This has left foreigners stranded and prompted governments to plan for repatriations. The European Commission has announced that it is now coordinating the repatriation of citizens under the EU Civil Protection Mechanism, as more member states ask for help in evacuating their citizens from the Middle East. Six flights have already been made to Bulgaria, Italy and Slovakia. Ten EU countries, including Belgium, Czech Republic France, Cyprus Luxembourg and Romania, have activated this mechanism so far. In alphabetical order, below is what government officials and representatives have said about the repatriation plan: AUSTRIA Austria's Foreign Ministry said that it had helped 117 vulnerable citizens leave the UAE via Israel and neighbouring countries. It also planned a charter flight for 170 passengers from Muscat, but warned that travellers would have to take land departures at their own risk. BULGARIA GullivAir and Bulgaria Air, as well as the State Aviation Operator, will return Bulgarian citizens to Dubai, Abu Dhabi, and Oman this Wednesday and Thursday. The flights include a GullivAir Boeing 737 flight via Oman and a Bulgaria Air Boeing 737 rotating through Dubai. CZECH REPUBLIC According to the CTK news agency, government officials and Czech government officials, three flights have been organised so far from Oman, Jordan, and Egypt in order to evacuate 175 people who were stranded. ESTONIA The Estonian Foreign Ministry announced on Wednesday that it had organized a flight from Muscat to the United Arab Emirates and Oman with 180 seats. This would cost 400 euros for each passenger. FINLAND The Finnish foreign ministry announced that Finland would organize a single flight to bring home the approximately 3,000 Finns who are currently living in the United Arab Emirates. The flight will leave Muscat, Oman this weekend. The tickets will cost 2300 euros each, plus any travel expenses to Muscat. FRANCE On Wednesday, the French Foreign Minister announced that several flights were being planned to bring home French nationals who are currently in the area. Around 400,000 French citizens live in this region. France has said that it has deployed consular teams to Israel's border with Egypt and Jordan in order to facilitate the land exits for people so they can fly onward. It has also put in place similar mechanisms in the UAE, at the borders with Oman, and Saudi Arabia where airspace remains open. GERMANY Johoann Wadephul, German Foreign Minister, announced that two more flights, each carrying about 250 passengers, are planned for Thursday and/or Friday, following the arrival of the first flight in Frankfurt on Thursday. He said that commercial air traffic has increased and Germany is reviewing its options for further assistance. GREECE According to the Greek Foreign Ministry, 162 Greeks were repatriated between Tuesday and Thursday from the Middle East. HUNGARY In a press release, the Hungarian Foreign Ministry said that 87 people had been?repatriated from Amman in Jordan on Wednesday, and another flight with 88 passengers was scheduled for Thursday. On Friday, a flight will depart from Sharm es Sheik in Egypt. Hungary signed a deal with Flydubai to rent a plane on Thursday and Friday for the repatriation of Hungarians from Dubai. On Saturday and Sunday, Hungary will be departing from Riyadh in Saudi Arabia with two flights. The Italian Foreign Ministry said that about 2,500 Italians had returned from Abu Dhabi and Riyadh on commercial flights organized by the ministry. The consulate has increased its staffing levels in Oman and in the UAE, and it is now coordinating the return of large groups from the UAE, and other transiting via land via Qatar, Kuwait and Bahrain, and Saudi Arabia. Additional Italians living in Oman, Israel and Thailand, as well as the Maldives, are also being helped or given priority for transport. Netherlands The Dutch Ministry of Foreign Affairs announced that repatriation from the Middle East would resume on Friday. Flights include a KLM flight out of Muscat, the capital city of Omani, and a TUI service from Sharm el-Sheikh in Egypt. The contribution per person is 600 euros. POLAND A Polish army spokesperson said that the first of two Polish aircraft sent to Oman for repatriation of Polish citizens will land in Poland around midnight on Friday. ROMANIA The Romanian foreign ministry announced on Wednesday that FlyDubai had scheduled two flights from Dubai to Bucharest for Wednesday and Thursday. The ministry has received over 3,000 requests for repatriation and around 16,000 people are registered in the region. SERBIA Air Serbia's flight from Sharm el-Sheikh landed in Belgrade at dawn on Wednesday with 67 passengers evacuated from Israel. SLOVAKIA The Slovak Foreign Ministry reported that two evacuation flights from Jordan, organised by Slovakia, landed Tuesday. They carried a total 127 people, mainly Slovaks. There are more flights planned. SLOVENIA The prime minister's statement said that on Tuesday, four buses were organized by Slovenia, escorted and accompanied by police officers, to transport Slovenian citizens, families with children, from Dubai to Muscat Airport in Oman. Two more flights are scheduled for late afternoon or evening on Wednesday. Jose Manuel Albares, Spain's Foreign Minister, announced on Tuesday that the country has started evacuating citizens from the Middle East. He said that more than 175 Spanish citizens arrived in Abu Dhabi on a flight on Tuesday night. Additional flights are expected to arrive from the UAE via Istanbul. Albares said that Spain would also reinforce its embassies located in the UAE and Saudi Arabia to facilitate repatriations and provide support. THAILAND Thailand will 'evacuate' its nationals to Turkey by land on 7 and 10 March, while those stranded are either returning to their home countries or will do so once the airspace is reopened. UNITED ARAB EMIRATES State news agency WAM reports that the UAE Civil Aviation Authority will start operating "special flight" across all airports in the country to assist some of the tens and thousands of passengers stuck in the region. UNITED KINGDOM The British Foreign Office announced that British chartered flight will leave Oman on Friday after technical delays on Tuesday. Priority will be given to vulnerable UK citizens who wish to leave the area, following the registration of 130,000 UK citizens in the region.
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Ministry says more than 20,000 Israelis have returned since the start of the Iran war
The Transportation Ministry announced on Thursday that more than 20,000 Israelis who are currently abroad have decided to return home since the start of the Iran Air War on Saturday. Israel began to open its airspace 'Thursday' and allowed a few flights to land at Ben Gurion International Airport, near Tel Aviv. Israel's airspace closed Saturday, at the beginning of the U.S. and Israeli strikes against Iran. This triggered a missile barrage from Iran towards Israel, leaving tens thousands of passengers stranded overseas. According to the ministry, 120,000 Israelis who are abroad want to return home. The operation to bring them back to Israel is expected to take between seven and ten days. Israel's Population and Immigration Authority reported that nearly 300,000 Israelis had flown overseas in the past three months and airlines said tens and thousands of customers wanted to return. The company said that it is working on expanding the options to enter and leave?Israel via air, land or sea crossings. The majority of Israelis who have arrived in Israel so far have done so via land crossings to the Red Sea resort city Eilat. Israeli Airlines has been operating flights to Eilat from European cities, including Taba in Egypt and Aqaba in Jordan. Israel's four airlines, El Al, Israir and Arkia, have started flights to Tel Aviv. These flights will continue. Airspace is gradually being opened but only incoming flights, with a maximum of one landing per hour, are allowed due to the frequent missiles fired by Iran. "We're doing everything we can to get every Israeli back home safely," said Transport Minister Miri Regev. She was previously a Brigadier-General in the military. She said: "With the opening up of the airspace, Israelis began to return to Israel. We continue to work around the clock with all parties in order to increase the options of returning to and leaving the country, according to security restrictions." Israir, Arkia and El Al flights from Athens and Rome were the first to arrive. There are also plans to fly from other European cities, the United States, and Asia. Ben Gurion said that outgoing flights will resume on Sunday, but at first they will be limited to only 50 passengers per flight. Israel's airlines halted the sale of tickets between March 15 and 21 in order to accommodate customers whose flights had been cancelled when the airspace reopened. (Reporting and editing by Philippa Fetcher, William Maclean.
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As the Middle East conflict escalates, airlines cancel flights
The global air travel industry is still severely affected by the Iran war, which forced the closure of key Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi. This left tens and thousands of passengers stranded and disrupted thousands of flights. The following is a list of the most recent flights by airline alphabetically: AEGEAN AIRLINES The largest airline in Greece has suspended all flights from and to Tel 'Aviv, Beirut and Erbil until the morning arrivals on March 10. Flights to and from Dubai, Abu Dhabi and Riyadh will be suspended until the evening arrivals on March 6 and flights from Riyadh, Jeddah, and Riyadh until early morning arrivals on March 7. AIR BALTIC AirBaltic, a Latvian airline, said that all flights from and to Tel Aviv have been cancelled until March 9. AirBaltic said that all flights to and out of Tel Aviv have been cancelled until March 9. AIR CANADA The Canadian carrier plans to resume flights on March 23, after suspending all flights until March 22, to and from Dubai, Tel Aviv and the Middle East. AIR EUROPA Spanish Airlines has canceled all flights to Tel Aviv from March 9 until now. AIR FRANCE KLM Air France cancelled flights from and to Tel Aviv, Beirut and Dubai until?March 8, and to and fro Riyadh and Dubai until March 6. This includes a flight departing from Dubai on the 7th of March. KLM announced that flights from and to Dubai, Riyadh, and Dammam have been suspended until March 8 and flights from and to Tel Aviv for the rest of winter. CATHAY PACIFIC Hong Kong Airlines has cancelled all flights from and to Dubai, and to and Riyadh through March 14. The U.S. airline has cancelled flights between New York and Tel Aviv until March 22, as well as Tel Aviv and New York. EL AL ISRAEL AIRLINES El?AL and Sundor flight to and from Israel have been cancelled until 2?a.m. Local time on March 8. EMIRATES The UAE airline announced that it would operate a reduced schedule of flights until further notice. ETIHAD AERWAYS The UAE carrier suspended all commercial flights from and to Abu Dhabi until 3:00 PM GMT on March 6th. FINNAIR The?Finnish airline has cancelled Doha flights and Dubai flights up until March 29, and is avoiding airspace in Iraq, Iran Syria and Israel. British Airways, owned by IAG, has announced that flights to Tel Aviv have been cancelled until March 9, and that flights to Amman Abu Dhabi, Bahrain Dubai Doha, Doha, Doha, Doha, Doha, Doha, Doha, Doha, Doha, Doha, Doha are cancelled up to March 7. There is a reduced schedule for Larnaca. Iberia Express is IAG's low cost airline that has cancelled all flights from and to Tel Aviv until March 10. ITA AIRWAYS ITA Airways has extended the cancellations of flights to and from Tel Aviv till March 22. Dubai cancellations were extended until March 10. JAPAN AIRLINES Japan Airlines has suspended flights between Tokyo and Doha scheduled for February 28 through March 14, as well as Doha-Tokyo until March 15. All flights to and from Tel Aviv have been cancelled by the Polish airline until March 18. The airline also cancelled flights from Riyadh to Dubai and Dubai to Riyadh. LUFTHANSA GROUP The German airline group that includes Lufthansa and Austrian Airlines as well as Swiss, Brussels Airlines and Swiss Airlines suspended flights from Tel Aviv to Beirut until March 28, and Amman to Erbil by March 15. Tehran flights were suspended until April 30, and Dammam, Dubai, and Abu Dhabi flights were suspended until March 10. Flights from Larnaca to?on March 7 will resume. MALAYSIA AIRLINES Malaysia Airlines has suspended all flights from and to Doha until 7 March. The Malaysian carrier temporarily resumed its return services from and to Jeddah, Madinah between March 4 and 8. NORWEGIAN AIR The Nordic airline will fly to Tel Aviv from June 15 instead of April 1, and to Beirut on April 4. PEGASUS Turkish Airlines has cancelled all flights to Iraq, Jordan, and?Lebanon up until March 6, and flights to Iran till March 12. QATAR AIRWAYS The airline said that it has suspended flights from and to Doha because of the closure of Qatari aviation. SINGAPORE Airlines Singapore Airlines has cancelled all flights from and to Dubai through March 7. Scoot, its low-cost carrier, cancelled flights from and to Jeddah until March 7. Turkish Airlines has cancelled flights from and to Bahrain, Iran and Iraq, Jordan, Kuwait and Lebanon, Oman and Qatar, Syria, the UAE and Dammam, as well as to and from Saudi Arabia. WIZZ AIR This low-cost carrier suspended flights from and to Israel, Dubai Abu Dhabi, Amman and Abu Dhabi until March 15. Flights from Jeddah to Medina and back will resume on March 8. (Compiled by Josephine Mason and Jamie Freed; reporting by bureaus. Editing by Barbara Lewis and Louise Heavens; Christian Schmollinger; Matt Scuffham; and Milla Nissi Prussak.
Starmer: UK-US relationship still special despite Trump criticism
Keir starmer, the British Prime Minister, said that Britain and the United States continue to have a "special relationship". They also share intelligence. This was after Donald Trump had rebuked Starmer for hesitating in supporting U.S. airstrikes against Iran.
Starmer, the British leader who initially refused to allow the United States use British bases in the U.S. - Israel campaign, has been attacked personally by the U.S. President, who claimed that the British leader is "not Winston Churchill".
Starmer, speaking at a recent press conference, defended both his decision to initially deny access to the bases and to then participate in "defensive operations" against Iran after Tehran responded by attacking its neighbors.
Starmer stated that "the special relationship is operating?right away." Starmer said that the U.S., and British, were working together in the area to "protect the U.S. as well as the British from harm in our joint bases. We're also sharing intelligence 24/7 in the usual manner."
Starmer, in addition to the criticism from Trump, has also been criticized by other allies, such as Cyprus, where a drone made by Iran hit one of Britain’s military bases there.
The prime minister has been criticized at home as well, by Reform UK leader Nigel Farage. Farage is a Trump-supporter on the right. He accused him of being dithering.
He said on Thursday that "Keir Starmer's alienation of the?American Administration is not just putting his personal relationship at risk, but also a relationship with another country who we would be?defenceless without."
Starmer's Government said this week that it would 'deploy' a warship as well as helicopters equipped with anti-drone capability to blunt Iran's retaliatory attacks. On Thursday, he announced that he would be sending four more Typhoon fighter planes to Qatar for additional protection.
The UK, along with a number of other European countries, are looking for ways to return citizens who have been stranded by the Middle East conflict, which has closed a number of the busiest airports in the world.
Starmer stated that more than 4,000 British citizens had registered in the UAE and returned to the UK on commercial flights. (Written by Michael Holden; additional reporting by Andrew MacAskill, Elizabeth Piper and William James, editing by William James).
(source: Reuters)