Latest News
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The Foreign Minister of Hungary has announced that Russia will release two ethnic Hungarian prisoner of war
Peter Szijjarto, Hungary's foreign minister, said in a statement issued after he met with Russian President Vladimir Putin?in Moscow on Wednesday that two ethnic -Hungarian prisoners of... war would be released by.... Russia. Szijjarto traveled to Moscow one day after Hungary's prime minister Viktor Orban had a telephone call with Putin. They discussed the Middle East situation, Ukraine and whether there was enough crude oil and gas available for Hungary. Orban's Government has made Russia's War on Ukraine a major topic in his election campaign for the 12th April parliamentary elections, increasing tensions between Budapest & Kyiv. Szijjarto stated?earlier Wednesday on his Facebook page, that two ethnic Hungarian prisoner of war?have recently requested help from Hungary. Szijjarto stated, "I hope after our 'talks that more people will fly home on the plane as opposed to those who came this way." Ukraine is home for around 150,000 ethnic Hungarians. Most of them live in Transcarpathia. Orban's government has been at odds with Kyiv over the language rights of ethnic Hungarians for many years. Orban's government also accused Kyiv of conscripting ethnic Hungarians who Budapest claimed should not have been called into service. Last Friday, the Foreign Minister summoned Kyiv’s?ambassador in Budapest to protest against the conscription. Orban, the Hungarian prime minister,'maintained a warm relationship with Moscow after the beginning of the conflict in Ukraine and is unwilling to give up its purchases from Russia of oil and gas,' which has caused tensions with Europe. Hungary announced last month that it would 'block' the next EU package of sanctions against Russia, as well as a 90-billion euro (105-billion dollar) EU loan to Ukraine for its defense against Russia until the Druzhba Pipeline resumes shipments.
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Middle East Unrest Costs Wizz Air $58 Million in Profits for FY26
Wizz Air announced 'on Wednesday that the conflict in the Middle East will 'decrease its 'net profit for fiscal 2026 by approximately 50 million euros ($58.19 millions), pushing it below the previous forecast. According to the airline, roughly one-third?of the impact stems from the cancellation of several scheduled routes within the region while the remainder reflects the weaker macroeconomic conditions caused by the Iran conflict. On January 29, the company forecast a range of FY26 results ranging from a loss of?25 million?euros up to a profit of?25 million euros. Wizz has suspended flights from and to Israel, Saudi Arabia and other countries in the region, including Dubai, Abu Dhabi, and Amman, until March 7. This is after U.S.-Israeli strikes against Iran led to a retaliatory wave of missile attacks. Airlines and tourism operators are scrambling to manage the fallout from the U.S.-Israeli air war on Iran. More than 20,000 flights have been cancelled in the Middle East over the past few days. Wizz Air is scheduled to release its FY26 results at 11:59 AM on June 11.
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Senators briefed on Texas drone incident by the US
Senators have been informed that U.S. officials are to give a classified briefing to key senators on Wednesday, following two incidents in Texas with 'government drones' which prompted the Federal Aviation Administration (FAA) to close 'airspace? for airplanes. The U.S. Military shot down an unintentional government drone on February 25, using a laser-based system to combat drones. This prompted the FAA, who oversees flight restrictions around Fort Hancock in Texas, to extend this area. The FAA announced on February 18 that it would halt all flights at El Paso Airport, Texas for 10 days. However, the FAA reversed course after eight hours and lifted its order. The FAA's action was prompted by Customs and Border Protection using a?high energy laser system near the Mexican border in order to combat drone threats. Senate Commerce Committee Chair?Ted Cruz (a Texas Republican) said: "I requested the?classified Briefing because I wanted to understand what exactly happened." Aides to Congress said that the briefing from the FAA, Pentagon, and Homeland Security Department is only for the top Republicans and Democrats of three key committees. Senator Maria Cantwell is the top Democrat in the Commerce Committee. She said that drone attacks have become a major issue, but emphasized a need for coordination between the military and FAA. "I hope they'll tell us how to better address these issues in the future." Cantwell stated that the environment was changing. The Pentagon refused to comment on the briefing. The FAA was concerned about the use and safety of the laser anti-drone systems. They agreed to lift the restrictions in El Paso, if the Pentagon agreed to postpone further testing until an FAA safety evaluation. CBP used the laser technology to "take down" four suspected cartel drones in February, despite warnings from the FAA. The technology had not been deemed to be safe for use near commercial flights. A congressional aide said that agencies had stated the laser was never deployed in the United States before. (Reporting and editing by Peter Graff.)
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US extends flight restriction to Haiti's capital until early September
The U.S. federal aviation administration announced on Thursday that it would extend its?ban on U.S. flights landing in the?Haitian Capital Port-au-Prince until September 3 citing threats from armed groups. The FAA suspended all flights in November 2024 after three commercial jetliners from the United States were hit by gunfire. Later, it allowed flights to resume at six other airports in the northern part of Haiti but maintained its ban on Port-au-Prince. The FAA announced on Thursday that it would extend the restriction due to the security forces' inability to stop attacks on aircraft in Port-au-Prince, Haiti and the surrounding areas. U.S. planes are allowed to fly over Port-au-Prince at a height of 10,000 feet (3,048 meters). In the midst of a political vacuum, armed gangs are in control of much Haiti's capital. There is no president or election scheduled, and an expanded U.N. security force is still pending. According to the FAA, since?September 2025 Haitian groups have used small arms fire to 'attack at least three aircraft in an area where U.S. Civil Aviation is prohibited. The FAA stated that "an expanded and shifted gang-operating area increases the risk of small arms 'fire to civil aviation operations?at lower altitudes." The agency continues to allow flights into six airports: Port-de-Paix (Cap-Haitien), Pignon (Jeremie), Antoine-Simon, and Jacmel. Rosalba o'Brien, Rosalba Shepardson and David Shepardson report.
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Urals differs have remained the same despite a growing interest in Asia for this grade.
The differential between Urals crude and dated Brent has remained relatively unchanged, although buyers in Asia have increased their 'interest' in this grade due to Middle Eastern oil supply disruptions. They are still weighing the risks as well as the duration of the shortages. The disruption to the flow of oil through the Strait of Hormuz, at the southern tip of Gulf, has led to a tightening of availability of Middle Eastern grades and increased freight rates. According to two traders and an industry source, Indian refiners are contacting Russian sellers about March and April deliveries. Chinese buyers also show interest, but recent purchases have left them with supply. The traders reported that the demand for Russian oil grades was 'on the rise', but new price signals were still awaited as trades had not yet been concluded. The discounts in Chinese and Indian port on a delivery-basis were also not much different from the levels before?the conflict in Iran. PLATTS WINDOW Traders said that no bids or offers for Urals, Azeri BTC, and CPC Blend were made on the day. Intelligence sources and military analysts say that Iranian drone attacks could disrupt the Strait of Hormuz indefinitely, but it is unclear how long they could continue. Libya's maritime agency issued an advisory to the media on Wednesday stating that a Russian gas?tanker Arctic Metagaz, IMO number 9243148, sank off Libya's coast after a fire and explosions. (Reporting and Editing by Shailesh Kuber)
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Israeli Airlines to Increase Flights to Tel Aviv This Week
Israel's three airlines announced that they would begin to resume flights at the Ben Gurion International Airport in Tel Aviv, as the?airspace of Israel is expected to gradually open later on Wednesday. Israir is one of Israel's smaller airlines, along with Arkia. It announced that it would be flying to Ben Gurion from Rome, Berlin and Athens on Thursday, as well as Batumi, Rovaniemi/Lapland, and Rome. During the first phase, only one passenger flight will be allowed to land per hour. Ben Gurion didn't give a timetable for the second phase of opening up to two passenger flights an hour. Israel's airspace - was closed on Saturday, at the beginning of U.S. and Israeli strikes on Iran. This triggered a missile barrage?from Iran towards Israel, leaving tens if not thousands of passengers stranded.abroad. Arkia operates one flight from Rome to Tel Aviv on Thursday, but six flights from Athens and Larnaca on Friday. Both airlines are simultaneously operating daily repatriation flight to Taba, Egypt, which is adjacent to the Israeli Red Sea resort of Eilat?and Aqaba, Jordan, which also borders Eilat from a number of European cities. El Al Israel Airlines, the flag carrier, has announced that it is planning to fly rescue flights from more than 20 cities, including New York City, Miami, Los Angeles and Bangkok as well as London, Paris, London and other European cities, in order to bring back 40,000 passengers who are stranded abroad. It plans to fly nine times on Thursday, from nine European cities, including Athens and Milan. Israel's airlines halted the sale of tickets between March 15th and March 21st to accommodate customers whose cancelled flights could be accommodated when airspace reopened. Reporting by Steven Scheer. (Editing by Louise Heavens, Mark Potter and Mark Potter.)
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Israeli Airlines to Increase Flights to Tel Aviv This Week
As the?airspace of Israel is expected to gradually open later on Wednesday, two Israeli airlines have announced that they will'start' to resume flights at Ben 'Gurion International Airport in Tel Aviv. Israir - one of Israel's smaller carriers, along with Arkia - said that it would be flying five flights from Rome, Berlin and Athens to Ben Gurion, on Thursday, as well as Batumi, Rovaniemi, and Rovaniemi/Lapland. In the first phase, only one passenger flight per hour is allowed to land. Ben Gurion didn't give a timetable for the airport to open. Israel's airspace closed Saturday, at the beginning of U.S. and Israeli strikes on?Iran. These attacks triggered a missile barrage from Iran towards Israel, stranding tens of thousand of passengers abroad. Arkia operates one flight on Thursday from Rome to Tel Aviv, but six flights from Athens or Larnaca on Friday. Both airlines are simultaneously operating daily flights from many European cities to Taba, Egypt (which is adjacent to the Israeli Red Sea resort of Eilat) and Aqaba, Jordan, which also borders Eilat. Flag carrier El 'Al Israel Airlines has announced that it is planning rescue flights to and from over 20 cities including New York City, Miami, Los Angeles, Bangkok, London Paris, and other European cities. This will bring home an estimated 40,000 passengers who are stranded overseas. It has not yet released a schedule. Israel's airlines have stopped ticket sales between March 15th and March 21st to accommodate customers whose flights had been cancelled once the airspace reopened. (Reporting and editing by Louise Heavens, Steven Scheer)
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Indian gas companies restrict local supply due to Middle East Crisis
Gas importers and other sources confirmed on Wednesday that several Indian?companies had restricted their domestic?supply, including the 'important' fertiliser industry, due to a force majeure provision due to the escalating conflict across the Middle East. Qatar, India's main supplier of liquefied gas, has been affected by the U.S. and Israel's war against Iran. Lower gas supplies have already affected the production of several fertiliser companies, including the Indian Farmers?Fertilisers Cooperative Ltd and Kribhco Fertilizers Ltd. Both companies failed to respond to the request for comments outside of normal working hours. Gujarat Gas Ltd., which supplies domestic and industrial customers with gas, announced in a filing to the stock exchange that it declared "force majeure" to limit gas supplies to industries as of Thursday. Its parent company GSPC gets the majority of its?gas from Qatar National Oil Co and Abu Dhabi National Oil Co to sell locally. Petronet LNG Ltd, India's largest gas importer, issued a notice of force majeure to its supplier QatarEnergy and local buyers GAIL (India) Ltd., Indian Oil Corp., and Bharat Oil Corp. after its three LNG tanks were unable reach the Ras Laffan loading port. GAIL and IOC already have reduced gas supplies for industries, according to a report on Tuesday. QatarEnergy also sent a notice Petronet, "indicating the potential of a 'force majeure event'" due to hostilities occurring in the region. As of yet, the companies have not announced any reductions in gas supply for automobiles or households. According to government data, India imported 27 millions tonnes of LNG in 2024/25. This is about half its total gas consumption. Qatar is the main supplier of LNG. The attacks on Iran, and the retaliatory strikes by Tehran, have caused the transit of the 'Strait of Hormuz' between Iran, Oman and the world to come to a halt. This area carries one fifth of all oil used globally as well as large amounts of liquefied gas. Reporting by Nidhi verma, Editing by Nivedita battacharjee and Andrei Khalip
LME fines PAC Global Services Spain PAC Global Services Spain PAC Global Services Spain PAC Global Services Spain PAC Global Services Spain PAC Global Services Spain PAC Global Services 250,000 pounds for violations in the warehouse
The LME announced on Wednesday that it had fined PAC Global Services Spain?250,000 pounds ($334,175) as a disciplinary action for violating its rules.
In a notice to members, the exchange, which is the oldest and largest market for industrial metals in the world, listed eight PGS violations of its warehouse agreement.
The most serious violations were found during an investigation at a PGS warehouse in Taiwan. Copper was discovered in a yard in the open outside of the facility.
The notice stated that "the storage of metal outside an approved?LME shed is an egregious violation of the warehouse agreement... as such, the financial 'penalty' reflects this."
According to the LME's website, PGS operates 39 LME-registered warehouses in Europe and Asia.
Hong Kong Exchanges and Clearing Ltd. is the owner of LME.
(source: Reuters)