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Urals crude price at Russian ports drops below $100 per barrel
The price of Urals crude in Russia's western ports fell below $100 per barrel late last week. This was a drop from the 14-year high but still at their highest level since mid-2022. Urals were trading above $100 per barrel during most of April, amid a global shortage of energy due to the Iran War. The average Urals prices on a FOB basis (free on board), however, have increased this week at Primorsk, and Novorossiisk The price of a barrel fell to about $90, following the decline in Brent oil prices. This was due to a fragile truce between Iran and the United States. Iran. The average Urals barrel price between the beginning of the year and?April 24, was $65 compared to an average?of $45 prior to the outbreak of the war on February 28. Traders said that the average Urals discount on FOB basis to Brent dated in Russia's west ports was $18 in April. This is down from $22 per barrel in March and $24 per barrel in February. Prices for cargoes delivered in Indian ports have risen by about $18 per barrel since end-March. They went from a?discount of around $10 to a?premium of?roughly 8 per barrel?to Brent. Exporters' margins were trimmed by higher freight rates, but the increased global crude prices due to tensions in the Gulf more than offset those costs. In the first half of April, the Russian oil price in roubles that is used to calculate tax exceeds the level assumed by the federal budget by 46%. This was due to the rise in global oil prices. The budget for Russia in 2026 assumes a price per barrel of oil of $59 Reporting by Mark Potter Mark Potter (Editing by Mark Potter).
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The Moldovan parliament has voted to end the energy state of Emergency
The Moldovan parliament has voted to lift the energy'state of emergency' from Saturday. This was 'imposed' after Russian 'attacks' in neighbouring Ukraine knocked down a powerline that provided most of Moldova's electricity needs. Officials in Moldova have stated that the Russians attacked in March, putting out of action the Isaccea - Vulcanesti power line. This line carries electricity?from Romania into Moldova, passing 40 km (25 miles) through Ukrainian territory. This line is responsible for up to 70% of Moldova's electrical needs. The 101-member chamber of deputies voted 69 times in favor of lifting the emergency measure. The declaration of an emergency was not made on a whim. It was "a carefully considered, crucial decision made at a critical time," said Prime Minister Alexandru Munteanu. He said that at the time, Moldova was facing two serious threats - disruptions on the fuel market and pressure on the electricity grid. He said that the government was able to?avert a shortage of fuel? thanks to this measure. However, opposition parties had earlier questioned the merits of it.
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Kenyan plane skids from runway, but passengers are unharmed
An aviation official reported that a passenger plane smashed into roadside shrubs at a remote airstrip located in northeastern Kenya, but all 36 passengers escaped unharmed. A source with the Kenya Airports Authority confirmed that an Embraer operated by Kenyan carrier EBB Air took off at 6:56 am from Nairobi's Jomo Kenyatta International Airport carrying 32 passengers and 4 crew members. A spokesperson for the airline stated that they had no immediate comment. Source: The plane skidded off the runway after landing on the Mandera airstrip around 8:30 am, then overshot it and plunged into thicket. Images shared online showed that the tail end of the plane was sticking out, while the rest of its body was buried under the bush. The pictures have not been verified. The aviation source said, "Everyone is accounted for and we're waiting for the authorities to investigate the cause of this accident which caused significant damage on the aircraft." Daily Nation, a local media outlet, also reported that all passengers escaped without injury. The police commander of Mandera County was cited as the source. Mandera Airstrip is near Kenya's borders with Somalia and Ethiopia. It is used by humanitarian flights that deliver aid to refugee camp hosting Somalis who have been displaced, and also for chartered services. EBB?Air primarily operates domestic flights between Nairobi and Mandera County. (Reporting and writing by Edwin Okoth, Elias Biryabarema, Editing by Bate Felice and Alia Williams).
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Strait of Hormuz: Only five ships can pass through in 24 hours
Shipping data from Friday showed that only five ships have passed through the Strait of Hormuz, including an Iranian oil tanker. This is after Iran seized two container vessels this week, and the U.S. has continued to blockade Iranian ports. The shipping traffic that passes through the 'crucial waterway' at the entrance to?Gulf? during an uneasy ceasefire, between Washington and Tehran, represents only a fraction the 140 average daily passages prior to the Iran War beginning on February 28, 2008. "Most shipping companies will need to have a stable ceasefire, and both sides of conflict must reassure them that the Strait of Hormuz can be safely transited," Jakob Larsen said, Chief Safety and Security Officer? at shipping association BIMCO. In the interim, shipping will only be allowed to use routes near Iran and Oman. These routes are too narrow to safely handle the volume of shipping that normally passes through the Strait of Hormuz, Larsen said. On Friday, the MarineTraffic platform and a Kpler analysis showed that the Iranian-flagged oil products tanker Niki was one of the few vessels to leave the Strait without a destination. The U.S. Navy had imposed a blockade on the ship if she continued to sail eastward. There are few signs of a return to peace talks nearly two months after Israel and the U.S. launched their strikes against Iran. Hapag-Lloyd, a container shipping company, said Friday that one ship had crossed the strait. However, it did not give any details about the circumstances. Helga, a supertanker flying the Comoros flag, arrived Friday at an oil loading terminal in Basra's southern port. It was the second vessel to arrive in Iraq since the closure of the strait. The use by Iran of a swarming of small fast boats on Wednesday to seize two container ships near the Strait of Hormuz has raised concerns among shipping and oil companies. The?latest seizure makes it?clear that even an 'open Strait of Hormuz' is not a Strait of Hormuz safe for seafarers and ships, or cargo," Peter Sand said in a Xeneta intelligence note. Lloyd's List Intelligence analysis showed that between April 22 and April 23 seven vessels traversed the Strait. Six of them were involved in Iran related trade. The closing of the strait has disrupted the supply of a fifth of?oil in the world and of liquefied gas (LNG). This has triggered an?energy crisis worldwide. The Gulf is still stranding hundreds of ships with 20,000 seafarers. War risk insurers and the oil companies are waiting for signs that the risks have decreased so they can begin preparing to sail. (Reporting and editing by Jonathan Saul, Elke Ahlswede)
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Indian shares fall by a week's worth due to high oil prices and poor IT forecasts
Indian shares dropped on Friday. They posted a 'weekly loss' as Middle East tensions led to higher oil prices. IT stocks also fell after Infosys and HCLTech issued weaker forecasts. The BSE Sensex fell 1.27%, while the Nifty 50 dropped?1.14%?to 23,897.95. After two weeks of gains, the benchmark indexes have lost 1,9% and 2,3% respectively. Iran has demonstrated its control over the Strait of Hormuz by releasing a video of commandos storming an?ship after the collapse of the peace negotiations, and the indefinite extension of the ceasefire?by U.S. president Donald Trump. Brent crude was hovering around $107 per barrel. The rally over the past two weeks, driven by hopes for progress in U.S.Iran talks, indicates some buying support. However, sentiment and markets will remain subdued if crude oil remains above $100 per barrel, said Aishvarya Dadheech. HSBC and J.P.Morgan cited the impact of higher crude prices on India, citing factors such as inflation, a swollen import bill and a drag on corporate earnings and growth. 11 of 16 major sectors posted losses for the week. Small-caps and mid-caps both fell 0.9%. The IT index fell 5.3% in a single day, and 10.3% over the course of a week. HCLTech and Infosys both suffered losses of 16.6% and 12.4% respectively on the back of their poor fiscal 2027 revenue estimates, due to macro-uncertainty and subdued consumer spending. This week, the market value of IT index constituents fell by over $26 billion. Dadheech said that "muted earnings and the cautious comments of IT companies reinforce concerns about AI-driven deflationary pressure on revenues." Nestle India, a consumer giant, jumped 10.6% in this 'week despite the general weakness. This was after it posted a sharp increase?in its quarterly profit due to strong demand. Reliance Industries, the index heavyweight, fell 2.7% in this week's trading ahead of its quarterly report due at Friday's close.
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As the Middle East conflict shakes markets, global companies are delaying IPOs and cutting dividends.
The Middle East conflict affected global financial markets, logistics and hampered the supply of raw materials essential to many industries. In alphabetical order, here is a list?of?some companies that have reacted?to the crisis?by postponing or withdrawing their initial?public?offerings? Due to the geopolitical instabilities, which have clouded an offering's outlook, Romanian Telecoms Operator said it would delay plans to list its Spanish division on April 23, 2019. DOMETIC GROUP The Swedish outdoor technology company has withdrawn its dividend proposal for 1.00 swedish crowns per share ($0.11) and instead proposed no dividend for the year 2025. The company said that geopolitical events had heightened economic uncertainty and that there were signs indicating that demand and trading conditions are weaker than expected. LOVEHOLIDAYS Online Travel Agent?Loveholidays? is preparing to postpone an up to $1,3 billion London IPO because the conflict has affected market sentiment. MCCOY GLOBAL The Canadian 'well construction automation company announced that it would suspend its quarter dividend in order to maintain financial flexibility due to the conflict in the Middle East. It said the conflict had created uncertainty, and affected logistics and delivery schedules. PHONEPE Walmart-backed Indian Fintech said that it has halted plans for an IPO due to geopolitical tensions causing volatility on global capital markets. It said it would restart the process when the global capital markets were stable. SEVEN & i HOLDINGS 7-Eleven, the chain operator, announced on April 9 that it would delay the listing of its North American operations until its fiscal year 2027 or later. This was originally scheduled for the second half of 2026. The reason given? Market uncertainty and consumer spending risks. TURKISH AIRLINES The Turkish carrier announced on April 10 that it would not be distributing any dividends from its net profit for 2025, instead opting to'retain earnings in order to preserve cash. XED EXECUTIVE DELIVERING The executive education platform is the first company in India's low tax GIFT City area to?launch a public offering. It said that it had withdrawn the IPO due to a weak?market mood caused by the Middle East conflict, and delays in completing the video-based verification of customers for non-resident Indians, and foreign investors.
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Macron: France and Germany continue to work together on the fighter jet project
Officials said that on Friday, French President Emmanuel Macron & German Chancellor Friedrich Merz?tasked? their respective defence ministries to continue working on?the controversial Franco-German FCAS Fighter Jet Project. Plans to develop an 'futuristic air-combat system' with Spain are hanging by a thread due to a public disagreement over control between France Dassault Aviation, and Airbus which represents Germany and Spain on the 100 billion euro ($116.85billion) project. Macron replied "No" when asked by a journalist if the FCAS was dead. The French 'president' said that he and Merz had discussed the matter on the sidelines of an EU summit in Cyprus. He said, "We had an excellent discussion with the chancellor this morning, and we gave a directive to our defence ministers to work on specific areas on a variety of different topics." "Not only the future combat aircraft but also various levers of?our countries' cooperation." The German government's spokesperson confirmed that the two leaders had a discussion. The Chancellor and President of the United States instructed their respective defense ministers to continue to work on different areas of cooperation, and to decide on next steps. The spokeswoman stated that this work would be completed within the next few weeks. The German and French defence ministers offered different timelines on Wednesday for a final decision to be made about the fighter jet project. One said that the leaders of the two countries would make a quick decision, while the other stated that mediators wanted more time to discuss it. The disagreement centres on?leadership?of plans to build a fleet of interconnected crewed aircraft and armed drones, under a 'common digital umbrella. Insiders expected Germany and France to abandon the development of a joint fighter jet, but continue their cooperation on drones, and the so-called 'digital backbone', which would allow data exchange between jets, drones, and other sensors, such as ground radar. Macron would face political difficulties if he retracted the plan.
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Indonesia confirms that it does not plan to charge a toll in the Malacca Strait
Indonesia's finance minister said on Friday that the country has no plans to charge tolls for ships traveling through the Malacca Strait. His comments earlier in the week about monetising this strategic route caused a stir. Purbaya Yudhi reaffirmed a clarification given by the country's Foreign Minister on Thursday, that Southeast 'Asia’s largest economy will not impose tariffs along the Malacca Strait. Purbaya said at a press briefing that Indonesia would adhere to the U.N.?Convention on the Law of the Seas (UNCLOS), which outlines the rules that?govern the waterways used for navigation internationally. Purbaya caused a stir on Wednesday by?openly discussing ways countries could impose a toll on ships as a means to monetise this strait. He then noted that such an arrangement is not possible. As a result of the effective closure of the Strait Of Hormuz in the Middle East, policymakers have been forced to consider the security of other maritime chokepoints. The US has described the Malacca Strait as a 900 km (550 mile) long waterway. Energy Administration describes the Malacca Strait as the largest oil transit chokepoint in the world. It is bounded by Indonesia, Thailand and?Malaysia, and offers the fastest sea route between East Asia and the Middle East and Europe. Data from Malaysia's Marine Department shows that more than 102,500 ships, mostly commercial vessels transited the Malacca Strait in 2025. This is up from around 94,590 in 2024.
Kedrion warns that a conflict in the Middle East could disrupt supplies of plasma to Iran
Kedrion, an Italian biopharmaceutical firm, said on Friday that it might struggle to deliver plasma-based medicine to patients in Iran if the disruption of shipping through 'the Strait of Hormuz' persists.
Ugo Di Francesco, the chief executive of the company, said that rising fuel costs could make logistics costs too expensive.
In an interview, Di Francesco said: "It is a matter of logistics. We need to be able to deliver products physically to patients."
He added, "So far we haven't experienced any significant impacts on our ability to ensure the availability of therapies."
Kedrion manufactures life-saving treatments for rare and ultrarare diseases. Its plasma collection system consists of 76 centres - 68 are in the U.S., and the rest are in the Czech Republic.
Permira is the company's controlling shareholder, with a 63.2% stake. The Italian Marcucci family holds 16.3% of the company, while Italian investment companies FSI and?CDP Equity are minor shareholders.
Kedrion and Britain's Bio Product Laboratory merged in 2022, creating a global group of plasma derivatives. Kedrion employs approximately 5,400 people.
The company reported revenue of 1.78 billion euros (?1.65 billion) in 2025. This is an increase of?4.5% from 2024. It also posted adjusted core earnings of 341.4 millions euros, which represents a 22.6% rise.
Di Francesco stated that the U.S. was responsible for 61% of their revenue last year. This share is expected to increase to 65% by 2026. (Editing by Gavin Jones & Mark Potter)
(source: Reuters)