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Spain's Minister calls on power companies to publish blackout data
Sara Aagesen, Spain's energy minister, called on power companies on Monday to "make public" all information they had relating to the massive?"blackout" that struck?Spain and Portugal in April last year to ensure a transparent investigation into its root causes. The April 28 outage, which left parts of the Iberian Peninsula with no power for as long as 16 hours, prompted multiple investigations by both the government and grid operator. The reports all point out that a sudden surge in voltage is the immediate cause. However, there was no blame assigned and the information provided by the companies was anonymous. Aagesen said at a Senate hearing: "I would like to ask that companies make this information public, as they have it." She added, "I think it would be the best for all citizens." Aagesen said there had not been any warnings of a possible blackout, like "the one that occurred last year" and that there were "sufficient regulatory" and technical mechanisms to prevent it. Aagesen stated that the blackout would not have occurred if the regulatory elements and mechanisms were in place. She said that the Spanish power system was now better prepared to handle a similar incident. (Reporting and editing by Pietro Lombardi)
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Engineers say that Libya's El Feel Oilfield has been shut down since Thursday.
Two El Feel engineers reported that the El Feel oilfield in Libya has been closed since Thursday because National Oil Corporation, the state-owned oil company, used its 'pipeline' to transport crude from Sharara after its pipeline had been damaged by fire. The engineers said that the flow of Sharara oil was redirected through the El Feel pipeline and the Hamada pipe to the storage tanks at Zawiya. An engineer at the Sharara oilfield said that Sharara's alternative pipelines can pump between 80,000 and 100,000 barrels of oil per day. El Feel is operated by Mellitah Oil and Gas. This joint venture between NOC and Italy’s Eni has a capacity of between 80,000 and 90.000 bpd in normal circumstances. One of the engineers said that production at El Feel should resume within a week or 10 days. Sharara, Libya's largest oil producing area, has a capacity between 300,000. bpd and 320,000. The field is connected to the country's?120,000-bpd Zawiya refining facility, located about 40 km (25miles) west of Tripoli. The field is operated in a joint venture between NOC and Repsol via Acacus Oil Company, TotalEnergies OMV, Equinor. Since the 2011 uprising in Libya against Muammar Gadhafi, Libyan oil production has been repeatedly closed for various technical and political reasons. Reporting by Ayman Al-Werfali Writing and Editing by Ahmed Elumami
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Pope Leo: aerial military strikes must be banned
Pope Leo, the first U.S. pope, criticized 'aerial bombings on Monday. He said they were indiscriminate, and that they should be banned. This was his 'latest anti-war comment, as the U.S./Israeli war against Iran entered its fourth week. Leo, first U.S. Pope, didn't mention the growing conflict - in a meeting with executives from Italy's ITA Airways - but he condemned the exploitation of air power. The pope said that "no one should be afraid of?threats to death and destruction?that might 'come?from the?sky. He said that aerial bombings were a terrible thing to do, and should be banned for good. "Yet, they still exist... This is not progress; this is regression!" The pope has repeatedly called for a ceasefire to be declared in the Iran War. On Sunday, he described the conflict as a "scandal for the entire human family." ITA Airways is a German-owned airline, controlled by Lufthansa, that replaced the bankrupt national carrier Alitalia. It's the airline that flies the Pope out of Rome for his overseas trips. (Reporting and editing by Alvise Armillini and Hugh Lawson; Reporting by Joshua McElwee)
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TSX futures drop as Middle East tensions increase oil and weigh on gold
Futures tied to Canada's resource heavy stock index fell Monday, as threats to energy infrastructure in Gulf drove oil prices sharply higher. Gold and silver also declined. As of 6:23 a.m., June futures for the?S&P/TSX Composite Index were down?1%? ET (1023 GMT). Oil prices rose on Monday after Iran's Revolutionary Guards announced that they would strike power plants in Israel as well as sites supporting U.S. bases located in the Gulf to retaliate against any attack on their electricity network. U.S. crude oil rose by 3% to?pass $100 per barrel as the markets prepared for further disruptions in energy supply through the 'Strait of Hormuz. In its fourth week of fighting, the war has caused major damage to energy plants in the Middle East, and almost stopped shipping through Hormuz. Goldman Sachs, a brokerage firm, raised its forecast for 2026 Brent and WTI. It said that 'extended disruptions of crude flows through the Strait and increased strategic stockpiling will likely leave a market more tight and risk-averse. The Canadian market is highly vulnerable to fluctuations in crude oil prices, as it is the top commodity exported by the country. The S&P/TSX Composite Index of the Toronto Stock Exchange has now dropped nearly 9% in the last week. The spotlight will be on Canada’s?materials industry on Monday, as gold fell to a four month low and'silver' and platinum?slid to the lowest levels since mid-December amid fears of rising interest rates and an inflation spike due to the?Iran war. Investors are also monitoring transportation headlines following the collision of an 'Air Canada Express CRJ900 with a Port Authority Emergency Vehicle on the LaGuardia airport runway late Sunday. The crash killed a pilot and copilot, and injured more than a dozen other people, according to U.S. officials. 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 Diti Pjara in Bengaluru, Rashika Singh)
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Greece announces subsidies for consumers and farmers to protect them from rising energy prices
Kyriakos Mitsotakis, the Greek Prime Minister, announced on Monday that Greece would offer subsidies for fuels and 'fertilisers' and discounts on ferry tickets worth a total of 300 million euros ($346million) to protect consumers and farmers against rising energy prices resulting from a rift with Iran. Mitsotakis’ centre-right government?imposed this month a three-month limit on profit margins for fuel?and dozens?of products on supermarket shelves?to?avoid profiteering. He announced on Monday that he would be providing diesel at 16 cents a litre and vouchers for fuel to 3 million customers. In a televised address, he said: "Our goal is to ensure that rising product costs do not pass on to consumer goods." He added that farmers will receive a '15% subsidy for fertilisers and ferry owners will be compensated by the state if they offer discounts or help to contain travel costs.
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Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The U.S. and Israeli war against Iran has caused a surge in jet-fuel prices that has impacted the global aviation industry. Airlines have raised fares and revised their financial forecasts. In recent days, jet fuel prices have risen from $85 to $90 per barrel up to $150 or $200 per barrel for an industry that accounts for as much as a quarter of its operating costs. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline stated on March 12 that it expects the suspension of Middle East flights, as well as a rise in fuel prices, to have "notable impacts" on their first-quarter results. AIR FRANCE KLM, the French airline, announced on March 12, that it would be increasing ticket prices for long-haul flights to offset rising jet fuel costs. The airline said that cabin fares will increase by 50 euros (57 dollars) per round-trip. AIR NEW ZEALAND On March 10, the airline was among the first to announce a large increase in ticket prices. The airline also suspended its earnings forecast for fiscal 2026 due to the unprecedented volatility of global jet fuel markets. Price increases for domestic flights are NZ$10 ($6), NZ$20 for short-haul international routes and NZ$90 for long-haul flights. Further price, schedule and network changes may be made if fuel prices remain high. AKASA AIR Akasa Airlines, a domestic and international airline in India, announced on March 14, that it would be introducing a fuel charge ranging from 199-1300 Indian Rupees ($2-$14). AMERICAN AIRLINES On March 17, the U.S. airline said it was expecting a $400?million increase in expenses for the first quarter due to the surge in jet fuel prices. CATHAY PACIFIC Hong Kong Airlines announced that it will increase fuel surcharges for all routes starting March 18. The airline cited a doubled in jet fuel prices from the beginning of the month. In March, the airline said that it reviews fuel surcharges every month and kept them at $72.90 per flight between Hong Kong and Europe and North America. CEBU AIR On March 13, the Philippines-based airline stated that the sharp increase in fuel prices was a major concern. It would continue to evaluate its pricing and distribution strategies to minimize the negative impact. FRONTIER AÉRIENS According to a statement made on March 17, the airline has revised its full-year outlook as jet 'fuel prices have risen significantly since it released?the outlook. HONG KONG Airlines The airline announced that it would increase fuel surcharges up to 35.2% starting March 12. The biggest increases would be on flights between Hong Kong, Bangladesh, and Nepal where the charges would go from HK$284 to HK$384 (US$49). British Airways' owner IAG stated on March 10, that it does not intend to increase ticket prices immediately as it has hedged a large amount of fuel in the short to medium term. INDIGO India's largest airline announced that it will begin charging fuel fees on both domestic and international flights as of March 14. The charges include 900 rupees per flight to the Middle East, and 2,300 rupees per flight to Europe. Sources say that the company is also lobbying for a reduction in fuel taxes by the Indian government. PAKISTAN INTERNATIONAL AIRLINES On March 12, the Pakistani airline announced that it would increase domestic and international flight prices by $20, and up to $100. It cited higher fuel surcharges. QANTAS AIRWAYS The Australian airline announced on March 10, that it will increase fares on international routes and consider adding capacity to its existing Europe routes. On March 17, the Scandinavian airline announced that it would cancel a thousand?flights? in April due to high prices for jet fuel and oil. The airline cancelled "couple hundred flights" in March. SAS, which has already raised flight prices, stated that the surge in fuel costs would be a blow to the aviation industry even if they tried to absorb it. THAI AIRWAYS On March 11, the Thai-based airline announced that it would increase fares between 10 and 15% to offset rising fuel prices. UNITED AIRLINES Scott Kirby, CEO of the Chicago-based airline, said on March 20, that the company is preparing to cut unprofitable flights in the next two quarters because oil prices are expected to stay above $100 until 2027. If oil prices remain at $100 until the end of 2027, then its annual fuel bills will increase by more than two times?the profits it earned in its most profitable year ever?, CEO Scott Kirby said on March 20. According to local officials, fuel prices have increased by 70%, causing operating costs to increase. VIRGIN AUSTRALIA Virgin Australia announced that it would be adjusting its fares in order to reflect the rising costs across the aviation industry, which were exacerbated significantly by the Middle East situation.
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Greece opens trial in 2023 train accident that killed 57
The trial for a 2023 train crash in Greece that claimed 57 lives began on Monday amid strikes and protests against the role the state is perceived to have played in the accident. On February 28, 2023, a?passenger /train? carrying students from Athens up to Thessaloniki in northern Greece collided at Tempi (central Greece) with a freight?train?. This was the worst accident of its kind to ever happen in Greece. It triggered an investigation that lasted for years. The crash that caused a fireball, and explosion shed light on state failures including corruption, safety shortcomings, and years of neglecting the rail network during the debt crisis of last decade. Demonstrators in Greece have been holding mass protests to demand political accountability and the end of immunity for politicians. On Monday, 36 people including a station master, rail managers and others will be tried on charges that range from causing traffic chaos which led to deaths, to negligent manslaughter, to causing bodily injury. There have not been any political trials. There will be more than 350 witnesses, including victims' families, survivors, and workers in the training industry. National investigators said that the majority of victims were killed in the crash but as many as seven others died from the fire. Rail services were suspended on Monday as 'Greek railway workers' staged a 24-hour symbolic strike. The people of the city?Larissa rallied in front of the court. Investigations found that in 2023, a co-funded project to install safety systems launched in 2014 was still years behind schedule. Families of victims have also accused the authorities of attempting to conceal evidence. The centre-right, which denies any wrongdoings, has promised justice, and committed to complete railway reform by 2027. Reporting by Renee Maltezou, editing by Edward McAllister & Toby Chopra
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Wall Street Journal, March 23,
These are the top stories from the Wall Street Journal. The Wall Street Journal has not'verified' these stories and does not vouch for the accuracy of their content. The Federal Aviation Administration announced that the airport will be closed until Monday evening after an Air Canada Express plane collided with an emergency vehicle late Sunday at LaGuardia Airport, in New York City. Mark Zuckerberg, Meta's Chief Executive Officer, is creating a CEO agent that will help him do his job. Another AI tool, Second Brain, that can index and query project documents, is also gaining traction internally. Activist investor Elliott Investment Management made a multi-billion dollar investment in the 'electronic design automaton company Synopsys. They believe that there is room for improvement and growth at this'software company. Elon Musk said Tesla and SpaceX would team up to create a massive new chip factory in Austin, Texas to support his ambitious plans for artificial intelligent, robots, and human settlements on the moon.
Poste, Italy's largest company, launches a $12.5 billion cash-and-share offer to purchase Telecom Italia
Poste Italiane, the majority-owned Italian national postal'service', announced on Sunday that it was launching a cash and share offer to purchase TIM (the former phone monopoly) for 10.8 billion eur ($12.5 billion).
Poste, TIM's biggest shareholder, has said that it will offer 0.167 euros cash and 0.0218 newly-issued Poste shares in exchange for each TIM stock tendered. This would value TIM shares at 0.635 euro apiece, or a 9.01% increase over Friday's closing prices.
Poste stated that the takeover, aimed to take TIM private would give the group a mobile and fixed line telecoms network as well as a leading position within cloud and data center infrastructure.
Poste stated in a?statement that the combined group would have a pro forma revenue of 27, billion euros, and an operating profit 5 billion euros. It has more than 150.000 employees.
Poste stated that the combined benefits would be 700 million euros per year. Of this,?500 millions euros would come in cost savings, such as?lower finance?costs.
Poste, who owns just under 27% of TIM said that it expected to complete the 'transaction' by the end the year. Cost savings and revenue benefits will be realized within two years.
The company stated that it expects to see a positive impact on its earnings per share in 2027.
(source: Reuters)