Latest News
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Gallagher: London marine insurers continue to offer coverage for the Middle East despite rising war risks rates
Angus Blayney, Marine Division Director at Gallagher, said that marine insurers 'in the London market' continue to offer cover in the Middle East despite the rising war-risk premiums resulting from the escalating conflict around the Gulf. Blayney stated that rates have increased based on the vessel type, cargo, and route, as U.S., Israeli, and Iranian forces continue to attack Iran around-the-clock, and Tehran continues its retaliatory drone and missile strikes. The Strait of Hormuz is a crucial oil export chokepoint that links Gulf producers like Saudi Arabia, Iran and Iraq to the Gulf of Oman, the Arabian Sea and the United Arab Emirates. It remains the focal point of the conflict's impact on the commercial world. Iran controls this narrow waterway. Blayney stated that "given the challenging maritime security environment, rates are higher than what owners and charterers have come to expect." Marine insurers continue to offer coverage and help to ensure that vital maritime commerce continues without interruption with adequate protection in place. Gallagher stated that Lloyd's of London has capacity available for clients who are looking for cover and that it has recently secured marine war risks solutions 'for many existing and new customers. MarineTraffic estimates that at least 200 ships including cargo vessels and oil tankers, as well as liquefied gas and LNG tankers, are anchored in the open water off the coasts major Gulf producers, such as Iraq, Saudi Arabia, and Qatar. Donald Trump, the U.S. president, said that the U.S. Navy would be able to begin escorting oil tankers through Strait of Hormuz in the event of a need. He said he had ordered the U.S. International Development Finance Corporation (IDFC) to provide financial guarantees and political risk insurance for maritime trade within the Gulf.
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Technical fault causes Iraq power grid blackout
Iraq's?electricity?ministry announced on Wednesday that all provinces were experiencing a blackout. The?government attributed the power outage to a?technical?fault. Since the government's electricity is only available intermittently, many?Iraqis have been relying on private generators to provide power. Others have used solar power to cover their electricity needs. The Ministry of Electricity spokesperson said that the sudden drop in gas supply to the Rumaila Gas-fired Power Plant in Basra Province was the cause of the power system shutdown. The spokesperson added that the power was being restored gradually. According to a senior source familiarized with power operations who requested anonymity on the matter, electricity would be restored within hours. A sudden shutdown at the Hamidiya Power Plant in western Anbar province in August 2025 caused a fault in the transmission network. Iraq, one of the largest oil producing countries in the world, has struggled since 2003 to supply its citizens with energy. Under-investment and mismanagement led to the grid being unable meet demand. Reporting by Menna Alaa Al-Din, Muhammad Al Gebaly, and Muayad Haeed. Mark Potter is the editor.
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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.)
US Postal Service hires restructuring advisers because it may run out of funds in 2027
The U.S. Postmaster General David Steiner said in an interview that the Postal Service will hire restructuring advisers to address its mounting financial problems.
In December, we reported that Steiner believed the Postal Service would run out of cash as soon as 2027. USPS reported net losses of approximately $120 billion between 2007 and now as the volume of first-class mail has dropped to its lowest level since late 1960s.
Steiner stated that USPS engaged consulting firm Alvarez & Marsal to assist with planning for any scenario.
Steiner said on Thursday that if we don't change anything, "we will run out of money in 12 months." Steiner said, "I don't want to find myself in a situation where we are six weeks away from running out of money and say, Oh hell, what will we do?"
Steiner will speak before the U.S. House of Representatives about the financial state of the Postal Service on?March 17. He will warn that if improvements are not made, there may be no Valentine's Day Cards delivered in February 2027.
Steiner stated that USPS mail volumes have dropped 110 billion pieces per year since the peak 15 years ago, translating into $86 billion of revenue at current prices.
USPS announced a net loss of $1.25bn for the quarter ending last month. USPS has urged policymakers to reform Postal Service Civil Service Retirement System, give USPS greater flexibility in pricing, and increase the $15 billion debt limit that it reached years ago.
Steiner stated that "if we cannot get help from outside, either from our regulator or Congress regarding the debt limit - everything has to be put on the table."
Steiner is hoping to be able to increase the price of first-class postage over the current 78c. He believes that Americans are willing to pay 90c or 95c per letter when most other countries charge $2 or more.
USPS launched a platform for online bidding in January to accept proposals to access its last-mile delivery network. This opened up more than 18,000 local processing centers and?destination units across the country to a wider range of customers who could raise much needed funds.
USPS delivers more than 170 millions U.S. addresses six days a weeks, and the last mile is the most expensive part. Companies like FedEx UPS, and Amazon.com also pay a lot for the last mile.
Congress will provide about $50 billion over the next decade in financial assistance to its future retirees and require them to enroll in government health insurance plans.
USPS no longer had to prefund retiree health benefits for both current and retired employees. This was a requirement that no other business or federal entity faced. Steiner's predecessor Louis DeJoy told Congress that the postal service would be in a "death-spiral" if it didn't reform. Reporting by David Shepardson, Washington; Aishwarya JAIN, Bengaluru. Editing by Sahal Muhammad and David Gregorio.
(source: Reuters)