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• UK authorizes military to board Russian Shadow Fleet Tankers

  Prime Minister Keir starmer announced on Thursday that he had authorized the military to board and arrest Russian vessels in British waters. This was to disrupt what his government claims is a network of vessels which enables Moscow to continue to export oil, despite Western sanctions. Other European nations such as France, Belgium, and Sweden have increased efforts to arrest Russia's shadow fleet of oil tankers that Moscow uses to fund its four year war against Ukraine. Starmer said he had approved of the more aggressive actions against the vessels, because Russian President Vladimir Putin "rubbed his hands" at the sharp increase in oil prices caused by the U.S. and Israel war against Iran. Starmer, who spoke at the Joint Expeditionary Force Summit held in Helsinki, said: "I strongly believe that we should pursue the shadow fleet with even greater intensity." "Together, we must shut off crucial sea routes for this vital trade in order to 'keep up the pressure against Putin. This year, Britain provided intelligence support and logistical assistance to the French military and U.S. forces who held Russian vessels. Starmer's announcement marks the first time that British forces were authorized to board Russian vessels. MOVE COULD FORCE RUSSIAN HIDES TO TAKE LONGER TRAVELS Downing Street has said that British law enforcement and military officials are preparing to board Russian vessels which do not surrender or use high-tech surveillance systems to avoid capture. Downing Street has said that criminal charges may be brought for violations of the sanctions legislation against owners, operators, and crew once the ships have been boarded. An official in Britain said that at least 12 Russian-sanctioned vessels passed through the Channel, the narrow waterway separating Britain from France, each month on average over the last year. Officials said that the British authorization to board Russian vessels could mean that these ships will avoid the Channel - one of the most important shipping lanes in the world - and take longer, costlier journeys. Russia's reliance on its shadow fleet allows it to continue exporting oil despite Western restrictions imposed after the full-scale invasion of Ukraine in 2022. The European Union's efforts to maintain pressure on Russia have been undermined by President Donald Trump and his administration, which gave countries a 30 day waiver to purchase?sanctioned Russian goods currently stranded in the sea. This was done to stabilize global markets for energy that were roiled due to the Iran War. The UK has imposed sanctions on 544 Russian shadow-fleet vessels. According to estimates by Britain, these vessels transport about three-quarters (75%) of the crude oil produced in Russia. British forces assisted the United States in January to'seize' a Russian flagged oil tanker off the coast of the North Atlantic. Later that month, they provided tracking and monitoring support for the French operation in order to board an sanctioned Russian tanker on the west Mediterranean. The shadow fleet of Russian vessels is characterized by opaque ownership and has raised concerns about the environmental risks. They are poorly regulated and ageing, and are prone to leaks, mechanical failures, and spills. This poses a threat to marine ecosystems. (Reporting and editing by Kate Holton, Andrew Heavens and Andrew MacAskill)

• Hapag-Lloyd to incur weekly costs of $40 to $50 Million due to Middle East conflict

  Hapag-Lloyd, the German shipping company, is facing additional costs of $40 to $50 million per a week because of the conflict in the Middle East. Chief Executive Rolf Habben Jansen said that this burden was "not sustainable" for a very long time. Habben Jansen, speaking at an online conference, said that the company is facing "a big challenge" because six of its vessels with 150 crew remain stranded on the Persian Gulf. He confirmed the crews were 'being provided with food and drinking water, and that efforts are being made to secure the release of the ships. 2026 OUTLOOK STILL UNCHANGED AFTER CHALLENGES Habben Jansen expressed confidence that the additional expenses would be balanced out in the months to come. The company expects earnings before interest tax, depreciation and amortization (EBITDA), to range between $1.1 billion and $3 billion. The outlook for "earnings prior to interest and taxes (EBIT)," ranges from a $1.5 billion loss to a $0.5 billion profit. Habben Jansen warned about the potential long-term effects of the conflict, particularly if it weakened demand. Hapag-Lloyd responded by implementing cost-saving measures, and leveraging synergies from its collaboration with Maersk. The Strait of Hormuz remains closed to commercial shipping since late February due to increased hostilities between the U.S., Israel and Iran. (Reporting and writing by Elke Ahlswede; editing by Matthias Williams, Louise Heavens, and Kirsti Knolle)

• The US-Israeli War on Iran has disrupted global business

  The U.S. and Israeli war against Iran has rattled businesses around the world, driving up energy costs, squeezing the supply of vital raw materials, and raising concerns about the reliability of the trade routes that are critical to the flow from goods such as food to car parts. Here are the major disruptions that have occurred so far: TRAVEL CHAOS Tens of thousands flight cancellations have been reported worldwide. Schedule changes and reroutings are also common. The Middle East has had its airspace closed due to threats from drones and missiles. The global aviation industry is experiencing its worst disruptions since the pandemic. Hubs like Dubai International Airport - the busiest airport in the world for international passengers - are being hit, as well as alternative transit points. Some travellers are boarding private jets to fly out of the Gulf. Others have taken a?long taxi drive across the desert into Saudi Arabia in order to catch a flight home. Air cargo that is time-sensitive has also been affected. From fresh produce to planes, shipments have been delayed due to the conflict. Airline Tickets Global airlines have raised the alarm about soaring jet-fuel prices. They warned of additional costs of hundreds of millions, increased fares, and even cuts to certain routes. EasyJet, a discount airline, expects ticket costs to increase towards the end the summer. Bloomberg News reports that United Airlines may raise fares by up to 20% in response to the oil price surge. Since the beginning of the war, jet fuel prices, which are the second largest expense for airlines after labour, has doubled, increasing the pressure on carriers. Airlines that have hedged against oil price spikes are now announcing fare increases, fuel surcharges, and capacity reductions as they struggle with the unprecedented increase in refinery margins. Indian airlines have suffered another blow due to the Middle East airspace restrictions. Since Pakistan banned Indian carriers last year, the Indian airlines counted the Middle East as a "crucial corridor" for flights to Europe or the U.S. India announced that it would remove the temporary fare caps on domestic tickets it imposed in December. The report cited a government directive. Lufthansa, Germany's largest airline, expects that the Iran War will weaken the dominance on Asian routes of Gulf carriers like Emirates and Qatar Airways. CRUISE As fuel prices rise, cruise operators prepare for rougher seas. Analysts warn that Carnival Corp's 2026 earnings could be hit the hardest as it is the only major U.S. Cruise Line not to hedge its fuel costs. DUBAI IMPACT The conflict has harmed the carefully constructed image of the Middle East as a high-end, safe vacation destination. The tourism industry in the Middle East is valued at $367 billion per year. The report also revealed how global air travel is heavily reliant on a few hubs, led by Dubai. Many stores in Dubai and other Middle Eastern shopping centers were closed or operated with a skeleton crew. DEFENSE INDUSTRY The United States has deployed advanced weapons against Iranian targets including stealth fighters and low-cost, one-way attack robots for the first combat time. During the attack, the Pentagon used artificial intelligence tools from Anthropic including its 'Claude' tools. The Pentagon signed framework agreements on March 25 with Lockheed Martin, Honeywell and BAE Systems in the UK to increase production of defense systems. CRITICAL METALS AND RAW MATERIALS Metals and energy flow are affected by disruptions in the Strait of Hormuz. Aluminium producers have stopped shipments in the Gulf, declared force majeure or rerouted their exports. This has sent prices and premiums soaring. Around 8% of the global supply of aluminium comes from the Gulf region. The helium price has risen after the Iran War disrupted the natural gas processing in Qatar. This exposes the vulnerability of this small but essential market, which supports industries ranging from semiconductor manufacturing and medical imaging. Nickel producers in Indonesia who depend on Middle East sulphur for their production could face output reductions. Due to supply chain issues, chemical firms Celanese Dow and Ecolab raised prices on some products. The Iranian attacks also affected 17% of Qatar’s natural gas export capacity. This poses a threat to supplies in Europe and Asia. Globally, policymakers are forced to rethink how to reduce their long-term dependency on oil and natural gas imports. The increasing?price for gasoline due to the Iran War could encourage consumers to buy EVs or hybrids. Brewers have warned about shortages in India as well. A shortage of gas caused by the war with Iran has driven up the price of glass bottles, and delays in shipping have affected the import of aluminium required by can makers. MEDICINE The war in the Middle East is disrupting the flow of critical medicines into the Gulf, threatening supply lines for cancer therapies and other temperature-sensitive ?drugs and forcing companies to reroute flights and secure overland alternatives into the region. The executives told us that there is currently little sign of shortages but that this could change if conflict continues. FOOD, FAST MUSIC AND LUXURY As reported in earlier March, some shipments of major clothing retailers'?garments were stuck at airports in India and Bangladesh due to the impact of conflict on flights. South Asia is the clothing manufacturing capital of the world. Fast fashion brands from around rely on Bangladesh, India, and Pakistan to supply them with new T-shirts and dresses. Richemont, Zegna and other luxury groups are also under pressure from the crisis. Restaurants and hotels in India have warned of possible disruptions due to a shortage of cooking gas, and households are rushing to purchase electric induction stoves. Some manufacturers in India are also increasing prices for distributors. Samyang Foods, a South Korean company, and other snack, cosmetics and toys makers in Asia have warned of a shortage of packaging material and rising costs due to the high energy prices and shortfall of naphtha. DATA CENTRES AND CHIPS South Korean officials warned that a long-term conflict could disrupt the supply of materials for semiconductor manufacturing? from the Middle East. Helium is one such material, and it's essential to chip production. Drone strikes in the UAE and Bahrain damaged data centres owned by Amazon. This raised questions about technology supply chains, and the pace of Big Tech expansion in the Middle East. Citigroup and Standard Chartered told Dubai staff that they could work from home. This was reported by sources as the banks responded to Iranian threats made against Gulf banking interests linked to the U.S. Citigroup has closed most of its branches and offices across the UAE until further notice. According to a notice sent to customers, HSBC closed all of its branches in Qatar and the UAE until further notice. The Financial Times, citing a reliable source, reported that the U.S. hedge-fund manager Millennium Management was considering relocating employees who don't want to return back to Dubai to Jersey. (Reporting and editing by buros, Josephine Mason, Shinjini Ganuli, Shreya biswas, Tasimzahid, Bernadettebaum)

• The Iran War dampens interest in early summer tourism to Cyprus and Greece

  The Iran conflict has led to a rise in cancellations of tourists from Cyprus The forecast for Cyprus' economic growth has been cut in the face of conflict * Greece and Turkey both see a slowdown in bookings By Michele ?Kambas LIMASSOL (Cyprus), March 26th, 2014 (Rtrs). The Iran conflict has caused a spike in cancellations of summer tourists in Cyprus as well as other countries that rely heavily on them. On February 28, the U.S. and Israel launched an attack on Iran, as Cyprus's tourism sector was about to reopen after winter. On March 2, as Iran launched counter-strikes against the island, a British base was hit by a drone, leading to a wave cancellations of tourists. Bookings are down, the latest sign that the war has had a wide-ranging impact. From disrupted oil supplies to massive flight cancellations, the economic outlooks around the world have gotten worse. AirDNA, a U.S. company that tracks short-term rental bookings, says the cancellation rate for these rentals has risen from 15% before the conflict up to 100% within a few days. This figure has since decreased, but was still around 45% on March 21. Greece and Turkey also saw slight increases in cancellation rates. Christos Angelides, director-general of the Cyprus Hoteliers Association, said that bookings in March were down by nearly 40% and that April's numbers would be similar. Nicholas Aristou is the commercial director of Muskita Hotels, Limassol. The company runs two luxury hotels. He hopes the slowdown doesn't continue into?the summer, when tourist visits usually?pickup. If we don't protect the high-season months, the destination could be in serious trouble by May. Pre-bookings may also slow in Greece. The war has impacted the growth expectations of Cyprus. The Central Bank of Cyprus reduced its economic growth forecast for 2026 from 3.0% to 2.7% this week, based upon the assumption that the conflict will last two months. EasyJet, Jet2 and other budget airlines claim that the demand for destinations in Cyprus and Turkey is waning and has moved to the west Mediterranean like Spain. Savvas Orphanos sat by himself in a central Limassol district, Ayios Andreou, among a variety of fridge magnets and?pottery. A downpour made an already slow time even worse when we visited. "Unfortunately, as you can tell by the lack of tourists in our area," he said. The impact of the summer tourist season is also felt in Greece. Aegean Airlines' spokesperson revealed on Thursday that the airline has seen a drop of double digits in summer bookings from Israel and Gulf States to Greece. George Vernicos of Greece's tourism association SETE said there was a decline in pre-bookings. However, this was partially offset by an influx of people booking flights before the price of plane tickets increased due to oil prices. He stated that the?demand for Greece's largest markets in North Europe and America has dropped. He said, "We're in an wait-and see phase." "There's a restraint, but the year continues to run positively. Also because the momentum was high before the start of the war." (Additional reporting by Renee Maltezou in Athens, Angeliki Koutantou and Edward McAllister; Editing by Edward McAllister and William Maclean.

• Maersk claims that the Gulf land-bridge routes can still accommodate food and medicines

  Maersk's regional director said that the shipping giant maintains food and medicine supply routes via "alternative land bridge routes" which still have "some spare capacity" despite the Gulf war. The U.S. and Israeli strikes on Iran, followed by Iranian attacks in the?region, as well as the closure of the Strait of Hormuz have brought the Gulf to an almost complete standstill. This has impacted global supply chains. Danish container shipping company A.P. Moller-Maersk uses a "land bridge" system that involves ports like Jeddah, Saudi Arabia, Salalah, Oman, and Khor Fakkan, United Arab Emirates to funnel cargo into the Gulf region before it is transported by land. Charles van der Steene said in an interview that Maersk is accelerating the network, and working with governments throughout the Gulf who have implemented faster procedures to accelerate deliveries. He added that while?it?is prioritising food and medicine, it still has capacity to spare on these alternative routes. Maersk’s board chair said Wednesday that the Middle East has a “pressing need” for?food imported disrupted due to?the conflict. According to the World Economic Forum, Gulf Cooperation Council countries import up to 85 percent of their food. (Reporting and editing by Joe Bavier, Andrei Khalip and Maggie Fick)

• H&M Q1 profits grow more than expected; March sales are up 1%

  H&M, the Swedish fashion retailer, reported a slightly higher?rise in operating profit than expected for 'December-February. '?and forecasted that March sales would rise by 1%. In a press release, CEO Daniel Erver stated that "at the end of the third quarter, our well-received Spring collections contributed to positive sales trends which continued into March." H&M’s operating?profit, which includes Christmas shopping, increased for a third quarter in a row to 1.51 billion crowns (about 162 million dollars) from a year earlier 1.20 billion. The average forecast of an LSEG survey of analysts was 1.39 billion. This is despite a 1% decline in organic sales. In January, the rival to Inditex reported that local currency sales were down by 2% in the first two quarters. H&M has said that it closely monitors developments in the Middle East, and their implications for global trade. It said that "good flexibility in the supply chains and a low percentage of air freight provide opportunities to adapt to changing conditions." The Middle Eastern market accounts for a very small part of the total sales. These markets are operated by franchise partners. On February 28, Israel and the United States launched coordinated strikes against Iran. Iran responded by launching strikes against 'Israel, U.S. base and Gulf States. The war has caused a spike in energy prices and hit global supply chains, causing an increase in the cost of fuel. Consumers are concerned about the impact of inflation driven by the war on their demand.

• UK authorizes military to board Russian Shadow Fleet Tankers

  Keir starmer, the British prime minister, said that he had 'given permission for military personnel to board and hold Russian ships. His government believes they are part of an alleged network of vessels which allows Moscow to export oil despite Western sanctions. The decision comes as other European nations are intensifying their efforts to disrupt Russia’s shadow fleet of oil tankers that Moscow uses to fund its four year war against Ukraine. Starmer said he had approved more aggressive actions against the vessels, because Russian President Vladimir Putin would likely be "rubbing his hand" at the sharp rise in oil price caused by the U.S. and Israel war against Iran. Starmer stated in a press release that "we're going to?after his?shadow fleet even harder. Not only will we keep Britain safe, but we'll starve Putin's war-machine of the?dirty profits' which fund his barbaric campaigns in Ukraine." Downing Street announced that British law enforcement and military officials are preparing to board Russian vessels which do not surrender, are armed or use "high-tech, pervasive surveillance" to avoid capture. Downing Street has said that criminal charges may be brought for violations of the sanctions legislation against owners, operators, and crew once the ships have been boarded. The shadow fleet is a way for Russia to continue exporting oil despite the Western restrictions that were imposed in 2022 after it invaded Ukraine. The European Union's efforts to maintain pressure on Russia have been undermined by the U.S. administration of President Donald Trump, which gave countries a 30 day?waiver? to purchase sanctioned Russian goods currently stranded in the sea. This was done to stabilize global energy markets that were roiled by the war in Iran. Starmer announced the decision before attending the Joint Expeditionary Force Summit on Thursday in Helsinki, where Britain is expected to call for greater coordination regarding the seizure of shadow fleet vessels. The UK has imposed sanctions on 544 Russian Shadow Fleet vessels. The vessels occasionally pass through the Channel which separates Britain from France. Britain estimates that about three quarters of the crude oil transported by Russia is transported on these ships. Shadow fleet vessels are often opaquely owned and raise concerns about the environmental risks. They include old, poorly regulated tankers that can be prone to leaks, mechanical failures, and spills. Andrew MacAskill reports.

• Austrian lower house opens the door to measures to combat rising fuel prices

  Austria's lower chamber of parliament approved a draft law?on Wednesday, paving the way for implementing?measures against rising petrol prices caused by the war in the Gulf. The?military strike? by Israel and the U.S. on Iran, and Iran's threat to block shipping through the Strait of Hormuz - through which a fifth of all global oil and gas is delivered - have pushed up oil prices, and Western governments are scrambling to cushion the blow for consumers. Austria's ruling coalition of three parties plans to return to motorists the extra revenue from higher petrol prices, in the form of a tax cut on diesel and petrol. The coalition also wants to limit 'profit margins of refiners and fuel retailers. The government stated that the measures would initially reduce fuel costs by approximately 10 eurocents (12 cents per litre) starting next month. The Greens, an opposition party, voted in favor of the draft legislation to give the government a two-thirds majority. "This government must accept full responsibility for the success or failure of its policies," said?Greens Leader Leonore Gewessler at a press briefing shortly before her party voted in favor of the legislation. Gewessler, however, also stated that she believes the'measures will be ineffective. She said fuel retailers will'simply increase their prices even further. And urged the Government to improve the plans. She explained her party's voting by saying, "We Greens won't let ourselves be used as an?excuse for this government failing to act and bring down prices."

• Maersk Shipping says Middle East urgently needs food imports

  A.P., the Danish container shipping?group's chairperson, said that the Middle East has a?pressing need? for food imports which have been disrupted? by the Gulf War. Moller-Maersk stated on Wednesday. According to the World Economic Forum (WEF), Gulf Cooperation Council nations - including Saudi Arabia, Qatar, and the United Arab Emirates -- import up to 85 percent of their food. The conflict that started?with U.S. and Israeli strikes on Iran, followed by Iranian attacks in?the region, and its closure of the Strait of Hormuz has brought'shipping to a standstill, rippling through global supply chains. Maersk temporarily suspended cargo bookings in many ports of the Gulf Region and introduced emergency bunker fuel surcharges throughout the world as compensation for rising fuel prices. Robert Maersk Uggla, Maersk Chairperson, said that the company employs more than 6,000 people in the region who provide essential logistic and transportation services to customers and communities. He told the annual general meeting of the shareholders of the group that there was a "pressing need" for food imports, which are often handled using cold chain solutions, such as Maersk reefer containers. He added that "as the Strait of Hormuz has been closed, we are now trying to find alternative ways to bring the cargo to the Gulf", without providing any further details. Hapag-Lloyd, the rival container shipping company, said earlier on Wednesday that it would incur 'additional costs' of $40 to $50 million per week as a result of the Iran crisis. It cited higher fuel prices, insurance premiums, and storage fees for containers. (Reporting and editing by Jan Harvey; Terje Solsvik)

• Sunexpress will charge a 10 euro surcharge on fuel starting May 1, due to rising costs

  SunExpress is a joint venture between Turkish Airlines and 'Lufthansa. It announced on Wednesday it would start imposing an extra fuel surcharge of $10 per passenger as a result of the rising costs for fuel due to the Iran war. Calculations based on data show that crude oil prices rose from $72.5 per barrel to $120 per barrel during the war and now trade at $100. This represents a 38% rise. Jet fuel prices are often even more expensive than crude oil. SunExpress said that it would introduce a temporary fuel charge of 10 euros per passenger, per flight segment between Turkiye (Turkey) and continental Europe. The statement said that the measures "would apply to all bookings made after April 1, 2026 for departures after May 1, 2026." $1 = 0.8628 Euros (Reporting and Writing by Tuvan?Gumrukcu, Editing by Louise Heavens).

• Fastweb cancels INWIT, sparking a telecoms tower dispute in Italy

  Swisscom's Italian subsidiary Fastweb terminated a long-term contract on Wednesday with INWIT. This escalated a dispute with the top telecom towers provider in the country. Fastweb, who inherited the INWIT contract through its acquisition last year of Vodafone Italy, was pushing for a renegotiation, something that the tower company had refused to do. Fastweb announced last week that it would form a joint venture to build up 6,000 telecoms masts in Italy with Telecom Italia, INWIT's 'other main customer. Sources said that TIM will follow Fastweb in terminating its deal with INWIT. The decision is expected to be made at a weekend board meeting. Fastweb stated that the decision to end the master service contract was due to INWIT's tower cost being above market levels and its refusal of formal negotiations in order to align with standard market conditions. INWIT's shares dropped as much as 10 percent on Wednesday, and they were down 5.7% at 1245 GMT. The company said Fastweb’s move was illegal, and that it would file an urgent application to a Milan Court to block it. The contracts that INWIT has signed with the two telecom operators to host their antennas on its 25,000 masts in Italy, which are owned by the tower company, account for the majority of its revenue of 1 billion euros ($1.16billion). INWIT, which was born as a'spin-off' of TIM's mobile 'tower' assets, merged with Vodafone's 'Italian mast' business in 2020. Vantage Towers and infrastructure fund Ardian are its two largest investors.

• Reeves: UK will provide energy assistance to 'those in greatest need'

  The British Finance Minister Rachel Reeves stated on Tuesday that the government's support to households in order to offset the increase in energy costs caused by the conflict in the Middle East will not compromise her plans to fix the public finances. Reeves said that we should learn from the past mistakes as we deal with this crisis. She said that the Conservative government 'pushed up borrowing rates, inflation and interest rates with its response to the rise in energy prices in 2022 after Russia's full scale invasion of Ukraine. Reeves said she was working to develop a more targeted strategy for households whose?energy costs are expected to rise from July. She said that "continuous planning" is being done for all eventualities to keep costs low for everyone, and to provide support for those in need while adhering strictly to our fiscal rules. Reeves stated that she would be meeting with representatives of supermarkets and banks this week to discuss ways they can help UK consumers. She also said that she asked officials to 'look at where they could cut certain agrifood tariffs in order to help 'keep a lid on the grocery inflation, keeping a mind to any implications for local producers. (Reporting and writing by Muvija, Sarah Young, and David Milliken; diting by Catarina demony).