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US strikes Iran once again as Tehran warns about 'existential warfare' with America
After reimposing its naval blockade, the U.S. attacked Iran's missile and coastal defense sites on Wednesday, while Iran threatened more regional energy exports by saying that it was in an "existential war" with America. This latest escalation is coming days after the collapse of a fragile truce, which raised the possibility of full-scale conflict, although analysts see it as less likely. Since Iran announced late Saturday that it had closed Strait of Hormuz, hostilities have increased. The military operations have also prevented ships from passing through the crucial artery that carried about a quarter of the world's oil and gas before the war. Brent crude oil closed Wednesday at an all-time high of $84.95 per barrel, a month's highest price. U.S. Central Command reported that the military attacked coastal defense systems, cruise missile storage sites and launchers on Iran's Greater Tunb Island at around 6 am EDT (10:00 GMT) and completed the wave within 90 minutes. Central Command announced a second round of strikes nine hours later. The strikes target Iranian military capabilities used to threaten vessels freely traversing the Strait of Hormuz - an international waterway crucial to global commerce. Central Command stated on X that the U.S. Military is holding Iran responsible at the direction of Commander in Chief. Three U.S. official?reported that U.S. attacks aimed at forcing the strait open are also targeting Iranian capabilities which the U.S. wants to destroy before it executes more complex operations. Iran's Mehr News Agency reported that four locations in the vicinity of Ahvaz, near the northern end of Persian Gulf and Bandar Abbas - Iran's main port city along the Strait of Hormuz - were attacked following the latest round of attacks. Mehr reported that no casualties were reported in either case. Iran's Tasnim reported that explosions could be heard in Konarak, which is located at the southern tip of Iran along the Gulf of Oman. IRIB, the Iranian state broadcaster, reported that the U.S. attack occurred near a Ahvaz hospital which houses a pediatric center. This forced the temporary evacuation of the hospital. IRIB reported that families have gathered in the streets around the hospital to take care of their children. IRIB said that families had come out to the streets around the hospital to care for their children. Qalibaf stated that "we are in a war of essential and existence with America." The war has caused thousands of deaths and millions of displacements, mostly in Iran and Lebanon where the conflict between Israel and Iran's militant group Hezbollah re-emerged. TRUMP SAYS IRAN WANT TO SETTLE Trump struck an ebullient note, as has been his custom since the U.S. & Israel began hostilities in February 28. He said, "We will have Iran defeated very soon." They will be defeated very shortly. Trump said that the Iranians wanted to "settle" so badly at a roundtable at the Pennsylvania Defense Innovation Summit. "They don’t like what we’re doing and they want to settle." Trump said that we'll see if we can settle with them or if we need to finish the deal. Trump claimed that U.S. negotiators were in contact with Iranian counterparts on Tuesday to urge them to "make a deal." IRAN THREATENS OTHER SHIPMENT ROUTES Iran is trying to establish permanent control of shipping in the Strait of Hormuz, and to charge fees to vessels that pass through it. This would represent a "major shift" in the power balance in a part of the world where the U.S. was long the guarantor of safety. The Islamic Revolutionary Guard Corps announced on Wednesday that it had attacked U.S. military sites in the region including Bahrain, Kuwait, and Jordan. Kuwait reported that its armed forces had intercepted four missiles and twenty drones fired by Iran on Wednesday. However, no injuries or damage was reported. CEASEFIRE DEAL FAILS An interim ceasefire agreement signed last month was supposed to lead to future negotiations, including Iran's Nuclear Program, and a permanent truce. However, a return to discussions has stalled. Tasnim News Agency quoted Esmaeil baghaei, a spokesperson for the Iranian Foreign Ministry as saying: "We do not have any plans to negotiate at this time and we are focused on our defense." Qalibaf is the speaker of Iran's Parliament and said, if Iran did not gain from its Memorandum of Understanding with the U.S. "we would have no reason to adhere to this understanding." Qalibaf stated that Iran has never been a fan of war, but must be prepared to fight to the bitter end to protect its national security and interests. Qalibaf said Iran should also use "the instruments of diplomacy, and negotiation," adding that choosing war or negotiation as the only course of action is deemed illogical. (Additional reporting from Jarrett Renshaw, Carlisle, Pennsylvania; Muhammad Al Gebaly, Cairo; Writing and editing by Aidan Lewis and William Maclean; David Brunnstrom, Daniel Trotta, Alexandra Hudson and Ros Russell; Sanjeev Milglani, David Gaffen and Alexandra Hudson)
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United's profit in 2026 is at the high end of its forecast, despite a renewed fuel price surge
United Airlines said Wednesday that it expects a 'full-year profit to be at the upper end of its previous forecast, betting on strong travel demand, higher fares, and a renewed rise in fuel prices, despite its earnings outlook for the third quarter falling short of Wall Street's expectations. In extended trading, shares fell 5%. The Chicago-based airline now forecasts that its fuel bill will be approximately $6 billion more than what it predicted at the beginning of the year. The top of the range is?about 5% higher than the $10.46 expected per share by LSEG's analysts. United expects adjusted earnings for the third quarter of $2.50-$3.50 per share, and an average fuel cost of $3.69 a gallon. According to LSEG, the $3 midpoint is compared with the average analyst estimate of $3.60 per share. The airline reported adjusted earnings per share of $1.99, which was higher than the analysts' expectation of $1.88. Revenue increased 16% to $17.7 Billion. PRICING POWER COVERS 'FUEL HIT' Major U.S. Airlines have enjoyed strong pricing power following a series fares increases that were pushed through this year during the fuel shock. Investors are watching to see if carriers can continue recovering higher costs while maintaining capacity growth. United Airlines said that it recovered approximately 50% of its fuel cost increase during the second quarter. It expects to recover between 80% and 90% of this increase in the third. It expects to offset the cost increase in the fourth quarter. Oil prices have risen by about 15% in the last month, as a result of renewed hostilities between Iran and the U.S. United based its third-quarter forecast and full-year projections on the prices of Tuesday, 14 July. United's fuel expenses are expected to have increased by $575 million in the last two weeks due to rising costs. Fuel prices would have remained stable since the beginning of July, according to United Airlines' third-quarter earnings estimates. Fuel prices are on the rise again, and this highlights the risks that airlines who raised fares in the past face. United still expects that its total revenue per seat mile, which is closely watched as a measure of "pricing power", will grow faster than the 12.1% increase posted in the 2nd quarter. The company expects that the current schedules for the fourth quarter will be reduced. United will discuss the financial results of its company in a conference call with investors and analysts on Thursday morning. (Reporting and editing by David Gaffen, David Gregorio and Rajesh Kumar Singh)
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United's profit in 2026 is at the high end of its forecast, despite a renewed fuel price surge
United Airlines announced a 'full year profit forecast at the upper -end of its previous 'forecast, as strong travel demand and increased fares offset a new surge in fuel prices. Chicago-based airline now forecasts 2026 adjusted earnings per share to be at the top end of its previous range of $9 to $11, despite a fuel bill that is expected to be $6 billion more than what it anticipated at the beginning of the year. The top?end?of this range is about 5% higher than the $10.46 expected by LSEG's analysts. United expects adjusted earnings for the third quarter to range from $2.50 - $3.50 per share, and an average fuel price between $3.69 and $3.69 per gallon. According to LSEG, the $3'midpoint' compares to analysts' averaging estimate of $3.60 a share. (Reporting and editing by David Gaffen; Rajesh Kumar Singh)
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The busiest US container ports sets a record for cargo in June
Port of Los Angeles, the busiest U.S. seaport for container shipping, said on Wednesday that it had set a record for June cargo as shippers, from retailers to data center builders, rushed to import goods in order to avoid increased fuel costs and U.S. tariffs. Executive director Gene Seroka stated that the Southern California port handled 1,002,734 TEUs last month. This is 12% more than June 2025. It marks the "third time" the 118 year old trade gateway has exceeded the 1,000,000 TEU mark. Port data shows that June imports increased by 13%, to?530.558, and exports rose 0.2%, to 126.365. Long?Beach, a port adjacent to the city, said Tuesday that it handled 779,331?TEUs?last?month, marking its?third busiest volume in June on record. This was boosted by an 11% increase in imports. Data from Descartes Systems Group, a provider of supply chain technologies, showed that overall, U.S. containers imports increased 8.2% from a previous year in June. The U.S. and Israeli war against Iran has disrupted shipping around the Middle East. Marine fuel prices have increased and some retailers and manufacturers are also concerned that key 'raw materials' and a 'factory good could become too expensive or scarce to ship. This month, the administration of U.S. president?Donald Trump will implement a new tariff strategy that relies on Section 301, a provision of U.S. Trade Law, allowing investigations into 'unfair trade practices. These 'new duties' are intended to rebuild Trump’s emergency tariffs that were struck down by the U.S. Supreme Court last February.
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Airbus and Boeing fly parts to the giant Antonov plane to ease supply problems
Airbus and Boeing 'chartered' one of the largest cargo planes in the world in recent weeks to speed up the shipments of aerostructures of some civil and military aircraft, a sign that the aerospace supply chain is still under strain. Three industry sources and two regulatory documents indicate that the Antonov An-124 is a four-engine giant transport aircraft chartered for airlifting parts for Europe's A350 plane and the Boeing 767 frame used for tankers and freighters. This follows a similar flight earlier this year carrying parts for a 777 freighter. Boeing's spokesperson stated that it uses "a variety transportation methods to ensure stability in our production," but did not comment directly on the An-124. Airbus' spokesperson stated that "we sometimes use the Antonov" without mentioning if this included its A350 wide-body jet, which has experienced delivery delays. This story, which details the An-124 for the first-time, highlights the pressure that manufacturers face to keep their assembly lines up-to-date and address pockets of delays, which threaten a recovery of production schedules. To move large parts from one production site to another, planemakers use a combination of dedicated sea freight networks, trucks and converted cargo jets. The cost of switching from one transport mode to another is high and it indicates that buffer stock are scarce. Analysts claim that the supply chain for aerospace has improved since the COVID-19 outbreak, with deliveries increasing this year. However, there are still concerns regarding the 'health of the aerostructures sector as well as other parts such seats. DELIVERY OF GIANT PLANE PARTS Sources in the industry said that Airbus's choice to fly A350 components rather than ship them by sea was due to deterioration of a former Spirit AeroSystems facility in Kinston, North Carolina. Airbus acquired this plant last December, as part of its joint breakup with rival Boeing. One source said that at the time parts were being shipped by sea, and a buffer stock was available of four sets. The source said that air freight was needed now to avoid further delays. Airbus informed customers in May of delays in A350 deliveries in the second half of this decade, due to difficulties in securing factory sections. "With regards to Kinston, we're making progress in separating from the former owner and integrating?into Airbus' landscape. The Airbus spokesperson stated that it is a multi-year complex journey. Airbus told analysts in a Wednesday pre-results presentation that it had not altered its assumptions about the impact of the Spirit acquisition on profits by 2026. Boeing, according to U.S. filings in late June, chartered the same Antonov to transport two 'upper fuselage sections' from a Daher Aerospace facility in Florida to its plant in Everett near Seattle. Boeing requested the use of the?An 124 between U.S. city in a letter dated June 22, which was reviewed by. If not avoided, "These delays would have a significant economic cost," the report added. Boeing sent a second?letter on July 1 supporting Antonov's exemption to transport the same Daher-made component. Daher declined to comment on operational issues. The 767 airframe, which was originally designed to be a passenger jet, is now being used for US refueling tanks and in its final stages of development as a commercial cargo aircraft. (Reporting by Allison Lampert, in Montreal, and Tim Hepher, in Paris; Editing and production by Joe Brock and Nick Zieminski).
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Canadian wildfire smoke chokes Toronto and threatens US cities
Toronto's air quality was the worst in the world on Wednesday, as smoke from wildfires in?northwestern?Ontario smoldered the skies and spread to the northeastern United States. Residents were warned about their health and asked to limit outdoor activity. Environment Canada reported that Toronto's Air Quality Health Index (AQHI), which is classified as "very risky," was 10+. Forecasts indicated that hazardous conditions might persist until Thursday night. New York City started feeling the effects a few days before the World Cup Final in New Jersey on Sunday. Local authorities issued a warning when air quality reached a dangerous level. They urged residents to reduce "strenuous outdoors activity" on Wednesday and Thursday and to take extra breaks. Smoke could persist into the weekend, according to the National Weather Service. IQAir, a Swiss company that specializes in air quality, ranked Toronto the world's worst city for air pollution, beating out Kinshasa, Delhi, and other cities. New York was ranked No. 5. In recent years, wildfire smoke from Northern Canada was a frequent summer event across large swaths in the United States. The video of a Canadian National train being engulfed in flames near Armstrong, Ontario that was shared on social networks went viral. Residents of Armstrong and Canadian National employees were evacuated from the area on Monday night. As a precaution, the company suspended rail operations in Armstrong, which is more than 500 kilometers north of Toronto. A poor air quality forced the City of Toronto to cancel the FIFA Fan Festival at Nathan Phillips Square and the England-Argentina World Cup Watch Party. More than 80,000 New Yorkers are expected to watch the World Cup Final in an open-air stadium located in New Jersey, on Sunday. Central Park, in Manhattan's hazy skies, will host another 50,000 people to watch the World Cup final. New York State Governor Kathy Hochul stated on social media that smoke from Canadian wildfires was creating unhealthy air conditions in the state. She encouraged people to be cautious, especially those who have health problems. The Government of Canada said that the wildfire season started more slowly in 2026 compared to 2023 or 2025 - the two "worst" seasons for wildfires - but warned that the fires are likely due warmer temperatures than usual across the country. According to the government, 835 fires were burning across the country on Wednesday. Of those, 112 were considered out-of-control. So far, the fires have spread over 4.7 million acres (1.9 million hectares). The majority of fires occurred in central provinces such as Manitoba, Saskatchewan and Ontario. Greg Evans, professor of Chemical Engineering & Applied Chemistry at the University of Toronto, said that Toronto was simultaneously affected by severe?heat' and wildfire smoke. He said, "I anticipate that this will happen more often in the coming decades. Cities and residents should prepare for it." Paula Oreskovich is a Toronto resident who noticed the haze as well as the smell of smoke when she went outside early in the morning. She expressed concern about the poor air quality, especially since wildfire smoke is a frequent feature of summers in recent years. "You have to be stupid if you don't care about climate change," said Oreskovich. Oreskovich stated that climate change is a fact.
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The largest US electric grid increases warnings in hot temperatures
The largest U.S. grid operators PJM issued a series warnings on Wednesday as temperatures soared, and congestion in transmission lines increased the spot price of wholesale electricity. PJM warns of low voltages and heavy loads on transmission lines. PJM data showed congestion on transmission lines, especially around Northern Virginia, which is home to the world's largest concentration of data?centers. According to the latest results of its annual capacity auction, PJM announced on Tuesday that it would cost more than $16 billion to ensure 'enough electricity supply to cover the most-demand days in the grid,' according to the company's report. PJM reported that without price caps the cost 'would have been almost $30 billion. The auction fell'short' of PJM's'reserve margin' target by approximately 7 GW. This weakened the grid's cushion against wild weather events and other unforeseen circumstances. The auction this year confirms a trend that is unacceptable: the growth of data centers outpaces new electricity supplies, degrading reliability and keeping prices capped, said Claire Lang-Ree - a climate and Energy advocate with National Resources Defense Council. PJM predicted that electricity?demand on Wednesday would reach 164.1 gigawatts at 6 p.m. Eastern Time (EDT) as air?conditioning usage surged. In PJM's area, temperatures hovered at 90 degrees Fahrenheit, or 32 degrees Celsius, in Chicago, Philadelphia, and Washington, D.C., as an example. PJM achieved an all-time demand record of 168.2 GW in July. Due to heavy congestion on transmission lines, the spot price of?electricity soared to more than $300 per megawatt-hour around midday on Wednesday. Prices were $30 per megawatt hour earlier in the day before businesses and residents turned up their air conditioners.
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There are some flights to the Middle East that have resumed but there is still disruption.
After the conflict following the?U.S. Some airlines have maintained suspensions despite the Israeli and U.S. strikes on Iran. Below is an alphabetical update of the flight statuses for airlines. AEGEAN AIRLINES The largest airline in Greece has cancelled all flights to Dubai and Erbil until August 31 and Baghdad and Erbil until September 30. AIRBALTIC Up until October 24, all flights to Dubai are cancelled. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR FRANCE-KLM Air France suspends its Beirut flights from August 2 to August 2. KLM has suspended its flights to Riyadh and Dubai until the 15th of July, according to a website statement. CATHAY PACIFIC Hong Kong Airlines plans to resume flights to Dubai and Riyadh on September 1. U.S. airline suspends service on the Atlanta-Tel Aviv routes until December 18. The airline plans to resume New York JFK-Tel Aviv flights starting September 6. Meanwhile, the launch of its Boston-Tel Aviv flight, originally planned for October, was delayed to a later date. FINNAIR Finnair has cancelled all Doha flights up until October 2 in order to avoid airspace over Iraq, Iran and Syria. The airline will resume its Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the return of its flights from Doha to Riyadh to August 8 and until August 1. Flights from Dubai, Tel Aviv and Bahrain to?Amman, scheduled to resume October 25, have been paused. When the airline resumes its services, it plans to reduce flights to Dubai, Doha and Riyadh to just one flight per day, while dropping Jeddah from the list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until September 1; The Polish airline will resume its operations in Beirut during the summer of 2027 and its winter route from Dubai. LUFTHANSA GROUP SWISS delayed the resume of flights to Tel Aviv till August and Brussels Airlines suspended its operations until 24 October. The suspension of Dubai flights by SWISS and Lufthansa will continue until September 13th. Lufthansa has suspended all flights to Abu?Dhabi until October 24, as have SWISS, Austrian Airlines, Brussels Airlines, Beirut Airlines, Dammam Airlines, Riyadh Airlines, Erbil Airlines, Muscat Airlines, and Tehran Airlines. Eurowings, a low-cost airline, expects to resume flights to the Middle East's remaining destinations this autumn, after resuming Erbil, Beirut, and Tel?Aviv. ITA Airways also extended its suspension of flights to Riyadh and Dubai until July 31, as well as until October 24, for operational reasons. NORWEGIAN AIR Low-cost carrier has delayed the launch of Tel Aviv and Beirut service?indefinitely' and no new dates have been set. SINGAPORE Airlines In response to increased demand, the carrier has extended the suspension of its Singapore-Dubai flights until October 24, and added services on Singapore-London Gatwick (late March) and Singapore-Melbourne (late March-October 24). TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa plans to resume its Antalya - Dubai route later on the 15th of July. WIZZ AIR Low-cost carrier has suspended flights from Europe to Dubai, Abu Dhabi and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed; edited by Louise Heavens, Jan Harvey, Philippa Fletcher, Philippe Scuffham, Jan Harvey, Elviira Olenska, Tiago Branao, Agnieszka Oleskna, Bernadette HOG, Boleslaw LaSocki, Alexander Klyve Gudbrandsen, Romolo Tosiani, Bernadette Hagg, Tiago Brandao
OECD: Global minimum tax boosted revenues, not jobs
The Organisation for Economic Co-operation and Development (OECD) said that countries applying a global minimum tax on multinational companies have seen a rise in corporate tax revenues without a loss of jobs or investments.
The global minimum tax is designed to stop the decades-long race for the lowest corporate tax rates by allowing countries the option to charge top-up taxes if profits are taxed at less than 15% in other jurisdictions, thus reducing the benefits of recording profits in low tax jurisdictions.
Over 60 countries and territories already have the rules in place, while many others are getting ready to implement them.
The Paris-based OECD estimates that the tax increased revenue to governments by EUR79 billion up to EUR109 billion ($90 to $124 billion), equivalent to 2,4% to 3,4% of global corporate tax receipts.
The study looked at how companies responded to the global minimum tax that was introduced in 2024. This tax is a cornerstone of international efforts to overhaul taxation for corporations and to deter large multinationals from shifting profits into low-tax jurisdictions.
The tax is aimed at multinational groups that have annual revenues above EUR750 millions. It aims to make sure companies are taxed at a rate of 15%, wherever they operate.
The OECD compared companies just above and below a threshold of revenue to determine the impact. The OECD found that firms covered by the new rules had higher effective tax rates. However, there was little evidence of an effect on employment or investment.
The study is based on actual company behavior, as opposed to previous OECD estimates that relied on modeling.
The estimate of revenue is lower than the OECD's projection before implementation that the reform would generate additional corporate tax revenues worldwide between $155?billion and $192 billion a yea. This is because the study only covers the first year.
The study only covers?2024. It does not reflect the subsequent?agreement that was negotiated by Trump's administration to exempt U.S. multinationals from the key elements of this regime via a separate "sidebyside" arrangement which recognises the United States’ existing minimum tax.
(source: Reuters)