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United's Chief takes the fight against American to the White House with a merger pitch
Scott Kirby, the CEO of United Airlines has been arguing for more than a ten-year period that only two premium airlines can be supported in the U.S. He has now taken that view to the White House, where he floated the idea of merging with American Airlines, his fiercest competitor. Kirby's strategy can be traced to the closing of?the American/US Airways merger on December 9, 2013. Kirby was then a senior executive at American. Kirby told a New York audience in March 2025 about a conversation he had with his team at American about the future of the airline industry. Kirby said, "There is only enough room for two premium airlines in the United States." "We're pushing United out of Chicago." After being passed over by American for the CEO position, he left three years after the 2013 merger. He was hired by United and spent the last decade trying to reverse that strategy, fighting against American at Chicago's O'Hare Airport. The latest move extends that rivalry outside of the playing field. Sources revealed late Monday that Kirby met President Donald Trump in February and pitched the American Airlines merger to him, appealing to Trump's broad ambition to create U.S. Corporate Champions. It wasn't immediately clear if United had approached American to discuss a possible deal or if the idea was still preliminary. United and American declined to comment on this article. Kirby has also spent months engaging the administration, according to people familiar with the situation. This included an appearance on Katie Miller Podcast, the show hosted by Stephen Miller's wife. Kirby's participation in the show was criticized by far-right activist, Laura?Loomer. Loomer wrote: "Scott Kirby was the guy who fired employees for refusing the COVID vaccine and spent years acting as a Biden climate cultist." "Scott Kirby, a wolf dressed as a sheep is not a good thing." BATTLE OF AIRLINE CHAIRMEN This rivalry is also visible in public. The?CEOs from American Airlines and United Airlines appeared at the J.P. Morgan Conference last month -- Robert Isom of American Airlines in the morning, and Kirby of United in the afternoon. Kirby was asked to comment on Isom's description of United's Chicago expansion when he was present. He said, "I took that as a complement." Robert?Mann is a former airline executive and consultant who said that the rivalry has gone beyond normal competition. He said, "It is a grudge-match to some extent." "Robert Isom against Scott Kirby after school in the schoolyard -- Brass knuckles." Kirby argues that shocks such as the current fuel price spike will "accelerate" the gap between brand loyal airlines and the rest, creating opportunities for consolidation. FUEL PRICE SPIDING: AN OPPORTUNITY OR A RISK? American has parts of this profile. Its shares and earnings are behind those of its competitors and the unions have criticized management harshly. However, its own numbers complicate the picture. Last month, CFO Devon May stated that the airline had a first-quarter liquidity of more than $10 billion and a debt level at ten-year lows. It is still one of the largest U.S. airlines with the highest leverage. Isom stated last month that "Americans are built for times like these, no matter how long it takes." This leaves American, which is in the middle: not strong or weak enough on its own to command a high valuation but not weak enough for it to be a target of easy acquisition. Kirby's argument for a merger is based on the international scale. A combined airline could reach more markets in which foreign carriers dominate long haul flying. This was a pitch for the White House focused on trade deficits. The domestic reality is not in favor of the argument. The merger would bring together two of the biggest U.S. Airlines with a lot of overlap, such as Chicago O'Hare airport and other major hubs in Texas. These are the exact markets that regulators will most likely scrutinize and then demand asset sales. WINNERS AND LOSSES IN MERGER PLAN A sale is a better option for American investors than waiting on a turnaround. Stocks rose more than 8 percent on Tuesday, reflecting the expectation of a premium to be paid for a company worth about $7 billion. This is less than one-third of United's market capitalization of $31 billion. The arithmetic is in the opposite direction for United shareholders. Fuel costs are rising due to the Iran War. United has about $20 billion of?long-term?debt and is working towards an investment-grade credit rating, a milestone that its finance chief said last month the airline expected to reach before the end this year or the next. Adding American's approximately $25 billion debt would leave the combined firm with around $45 billion of liabilities. United's ability to maintain its balance sheet would be put to the test, even though it is promoting financial discipline and investment grade ratings. The deal would also bring American more than 139,000 staff and a fleet over 1,000 aircraft. This risk is heightened by the?surge of fuel prices. Jamie Baker, an analyst at J.P. Morgan, cut his United earnings estimate last week to a loss of $1 per share for the entire year if fuel prices remain high. Although sustained high fuel prices will shift structural advantage to high-margin airlines like Delta Air Lines, and United Airlines, industry officials privately state that a United-American merge would be difficult in the current climate. One industry official said that a United acquisition of American would be "like digesting a whale". (Reporting and editing by Joe Brock, Matthew Lewis and Rajesh Kumar Singh from Chicago)
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Williams CEO: PA-NY Constitution natgas pipeline could be operational as early as 2027
Williams Cos CEO Chad Zamarin stated on Tuesday that the long-delayed Constitution Natural Gas Pipeline from Pennsylvania to New York could become 'operational' as early as 'the end of 202?, if everything goes according to plan. Zamarin's comments were made in Brooklyn, New York at the groundbreaking for the Northeast Supply Enhancement project (NESE), a long-delayed pipeline. "We're working with the states to finalize commercial agreements. That is really the next step." Zamarin stated that if we are able to accomplish this within the next few months, the?Constitution would be available online by the end 2027. Williams, after years of fighting state regulators for permits (especially water permits), canceled Constitution and?NESE by 2024. In?May 2020, the U.S. administration of President Donald Trump used New York's reconsideration on Williams' proposed gas pipelines in the state to reach an agreement with New York Governor Kathy Hochul and lift a federal prohibition against the construction of Norwegian Energy Firm?Equinor?s Empire Wind offshore Wind farm off New York. Hochul refused to approve either pipeline project, but stated that the state would work with private entities and the U.S. Administration on projects that meet the legal requirements of New York law. Constitution was designed to move approximately 0.65 billion cubic feet of gas per day from Pennsylvania to New York. NESE will move about 0.4 bcfd from Pennsylvania to New York, via New Jersey. A?billion cubic foot of gas is enough to power around five million U.S. households for one day. (Reporting and editing by Keith Weir; Additional reporting by Scott DiSavino, New York)
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European oil refining margins turn negative, bucking global trend
According to IEA and trade sources, European oil'refining margins are now negative. They lag behind?stronger margins? in Asia and the U.S. as a result of the?competition for crude? from Asian buyers because of the Iran War drives up costs, even though fuel prices have reached record highs. The IEA reported in its monthly report, based on Argus Media data, that the margins for Northwest European sweet light hydroskimming fell to a negative average of $6.45 a barrel in the week starting April 6. The data also showed that the margins for medium sour cracking were in the negative. The margins for light sweet cracking remain positive but have also shrunk significantly. The squeeze on margins is the result of the record-high physical crude oil prices as the conflict in Iran has disrupted Middle East flow. Analysts said that the?narrowing European Margin effectively shows these plants running at a deficit, and will likely prompt some to reduce crude oil processing into fuels. Trading sources say that simple European refineries without the upgrading units needed to extract higher-value products like jet fuel could be forced to reduce production if margins remain under pressure. However, there are no signs of widespread reductions yet. Neil Crosby, an analyst at Sparta Commodities, said that Europe will cut its utilisation as things stand. He added that the runs could drop by up to 500,000 barrels a day. ASIAN CONCURRENCE FOR CRUDE RAISES PRICES IEA data revealed that in contrast, the heavy sour cracking margins were stronger last week compared to the average for March. In Singapore, the IEA data showed that the medium sour cracking rates were also higher last week compared to their March averages. Trading sources say that the squeeze in Europe is due to rising crude prices as Asian refiners compete for cargoes. They also cite higher operating costs, such as electricity and natural gases. A trading source at a European refinery said, "It is typical of these crises." Fuel cracks are first to appear, but margins will be affected as crude prices and other costs rise. He said that the margins had dropped from $30 per barrel during?the first weeks of the conflict, to just under $4 today. Margins in Europe reached record levels in March. The IEA reported that in Singapore, margins were 14 times higher in March than they were in February. In?northwest Europe, margins for light sweet hydroskimming in 'March were nine times higher at $15.20 a barrel than they were in 'February. Some refineries even postponed planned shutdowns in order to benefit from the higher fuel price. IIR, an industry watchdog, reported that Sarroch, Italy's 300 000 barrel per day refinery, was forced to shut down for maintenance from mid-March until late May. Vitol, the refinery operator, declined to make any comments. (Editing by Alex Lawler, Jan Harvey)
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The U.S. Iran Blockade includes over 10,000 military personnel and ships, aircraft
U.S. Central Command announced on Tuesday that the U.S. 'blockade' of Iranian ports involved more than 10,000?military personnel, more than 12 warships, and dozens aircraft. The command reported that "no?ships? made it through the U.S. Blockade? and 6 merchant vessels obeyed the?direction of U.S. Forces to turn around in order to re-enter a?Iranian?port on the Gulf of Oman" a day after President Donald Trump's blockade took effect. The blockade is being enforced unbiasedly on all vessels entering or leaving Iranian ports, including those in the Arabian Gulf and Gulf of Oman. It said that U.S. forces "support freedom of navigation" for vessels transiting the Strait of Hormuz from and to non-Iranian port. Reporting by Bhargav Asharya and Doina chiacu, Editing by David Ljunggren
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The US power and natgas price turn negative in Texas, California and other states due to mild weather
U.S. spot electricity and natural gas prices in Texas, California and other states traded in the negative territory on Tuesday due to mild weather that kept both heating and cooling usage low. This allowed for more energy demand from 'hydro' and other renewable sources. Negative gas prices can be a sign of too much gas or power being produced, forcing some companies to reduce their output or pay other firms to buy the gas or power. Gas prices in West Texas at the Waha hub are average cash prices. The econometric index remained negative for 47 consecutive days, a record. Pipeline constraints continue to trap the gas produced by oil in the Permian region, the country's largest oil-producing shale area. Analysts have said for years that negative gas prices are a sign the Permian Region, which spans West Texas, and eastern New Mexico, requires more pipelines. There will be more pipes later this year but not enough to deal with the current amount of gas coming from the ground. Daily Waha prices averaged for the first time below zero in 2019. According to LSEG's pricing data, this happened 17 times between 2019 and 2020, six times each in 2023, once in 2024, 49 times each in 2024, and 39 times during 2025. It has also happened 56 times since the beginning of this year. Waha prices are currently averaging a negative $1.53 for every million British thermal unit (mmBtu). This is compared to a $1.15 positive price in 2025, and $2.88 positive over the last five years. Electric Reliability Council of Texas regions such as West and Panhandle also had negative power prices for several hours. TOO MUCH POWER IS CALIFORNIA In California, the electric prices have also fallen. Spot power at South Path 15 (SP-15 Hub) The price of electricity fell below zero on Tuesday for the first since March 2025. It was a negative 72 cents a megawatt-hour (MWh), down from $1.88, a positive amount, for Monday. This compares to a negative average of $16.85 in May 2024 and a positive average of $19.80 in 2026. In 2025 the average was $28.44 and in the last five years, it was $53.02. SP-15 prices were in the negative two times each in 2025, and 18 times in 2024. Gas prices are low at the PG&E citygate because there is little demand for electricity. The price of mmBtu in Northern California dropped to a new record low for the second day in a?row, falling to $1.21 on Tuesday. This compares to averages of $3.42 per mmBtu in 2025 and $1.95 in 2026. Power traders have noted that power prices often turn negative in western areas of the U.S. during the spring, when warmer temperatures melt snow in the mountains and increase the amount of water available to hydropower. The U.S. Northwest River Forecast Center, which tracks water flow in the Pacific Northwest region, predicted that the amount of water in the Dalles Dam along the Columbia River between Washington State and Oregon in 2026 would be 103% more than normal. This is well above the levels of 80% in fiscal 2025. 77% in 2024. and 76% in Fiscal 2023. The Dalles Dam is the second-to-last on the lower Columbia River. It's a critical point for measuring the amount of water that can be used to generate electricity in the Northwest. Reporting by Scott DiSavino, New York; Tim McLaughlin, Boston; Editing by Louise Heavens
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Bangladesh launches the 'Farmers' Card' in order to support agriculture sector
As part of its efforts to modernise the agriculture sector, Bangladesh launched on Tuesday a "Farmers' Card", aimed at extending direct support to millions?of?farmers?and streamlining subsidies. Agriculture ministry officials stated that the scheme is aimed at small farmers and sharecroppers, who are often without access to institutions such as banks. The programme also offers farmers access to low-interest loans and agricultural machinery as well as crop insurance, advisory services and subsidised fertilisers and seeds. "If the farmers in this country do well, if the farmers survive, then all of Bangladesh does well and the entire population of Bangladesh lives well," said Prime Minister Tarique Raham at the official launch of the'scheme' in Tangail District, central Bangladesh. Many wore traditional straw hats in order to block out the sun. "I feel proud for the first time to be a farmer." This initiative will allow us to grow," said Julekha Akhter who cultivates a small plot of land at Tangail. The scheme will be implemented in phases. It will begin with a pilot that covers more than 22,000 farmers from selected areas. Rahman stated that the government plans to extend it across the country over five years. This will bring approximately 27.5million farmers into this system. This scheme will connect farmers with digital information about the weather, crop management and market prices, which will help improve planning, productivity, and efficiency. The agriculture sector remains the cornerstone of Bangladesh's economy. It contributes 11-12% of gross domestic product, and it employs a significant portion of its workforce.
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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, affected logistical systems and hindered supply of raw materials vital to a wide range of industries. The following list is alphabetical and includes some of the companies that have responded to the current crisis by delaying their initial public offering or withdrawing dividends: DOMETIC GROUP The Swedish outdoor technology company has withdrawn its SEK 1,00 ($0.11) dividend per share and instead proposed no dividends for 2025. The company said that geopolitical events had increased economic uncertainty, and there were signs that demand and trading conditions would be weaker than expected. LOVEHOLIDAYS Sources familiar with the situation have confirmed that Loveholidays, an online?travel agency, is preparing to postpone a London IPO of up to $1.33 billion due to the current conflict affecting the market and causing travel chaos. MCCOY GLOBAL The Canadian 'well' construction automation company announced that it would suspend the quarterly dividend in order to maintain "financial agility" in light of the conflict in the Middle East. It said the conflict had created uncertainty, and affected logistics and delivery schedules. PHONEPE Walmart-backed Indian Fintech firm announced that it has halted plans to launch an IPO due to volatility on global capital markets caused by geopolitical tensions. The company said that it would resume its IPO process when the global capital markets were stable again. SEVEN & i HOLDINGS 7-Eleven announced on April 9 that it would delay the listing of the North American division until the?2027 financial year or later, from the second half 2026. The company cited market uncertainty and risks to consumer spending. TURKISH AIRLINES The Turkish carrier announced on April 10, that it would not be distributing any dividends from its net profit of?2025, but instead will retain the earnings in order to conserve cash. XED EXECUTIVE?DEVELOPMENT The executive education platform is the first company in India's low tax GIFT City area to launch an IPO. It said that it had withdrawn the IPO due to a?weakness of market sentiments? caused by the conflict?in the Middle East, and the delays in completing the mandatory video-based verification for foreign investors and non-resident Indians linked to this conflict.
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Airline cancels flights due to Middle East conflict
The global air travel industry is still severely affected by the Iran War. Many people are unable to reach their destinations as planned after major Middle Eastern hubs such as Dubai, Doha, and Abu 'Dhabi were closed. The latest flight information is listed below alphabetically: AEGEAN AIRLINES The largest airline in Greece has cancelled flights to Riyadh, Amman and Tel Aviv until June 27 and to Beirut and Beirut till June 26. The airline cancelled flights to Erbil, Baghdad and Dubai until June 29, and also to Erbil and Baghdad between July 2 and July 2. AIRBALTIC AirBaltic, a Latvian airline, has announced that flights to Tel Aviv are cancelled until May 31. Dubai flights are cancelled until 24 October. AIR CANADA The Canadian carrier has canceled?flights? to Tel Aviv until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv from May 3 until now. AIR FRANCE-KLM Air France has suspended Tel Aviv flights to Beirut, Dubai, and Riyadh until May 3. KLM suspends flights to Riyadh and Dubai until the 17th of May. CATHAY PACIFIC Hong Kong Airlines has cancelled all flights to Dubai and Riyadh up until 30 June. In April, the airline will increase its passenger flights from London, Paris, and Zurich to Europe to meet the increased demand. The U.S. carrier cancelled all flights between New York and Tel Aviv, and has delayed the start of the Atlanta-Tel Aviv flight until September 5. The launch of the Boston-Tel Aviv flight, which was originally scheduled for late October, has now been postponed until further notice. EL AL ISRAEL AIRLINES Customers who had planned to leave Israel by April 18th have been informed that their flights, including return flights, have been cancelled. From April 13, the number of destinations will be increased to 30 and then gradually increase throughout the rest of the Month. EMIRATES After a partial opening of the regional airspace, Emirates Airlines has announced a reduced schedule. ETIHAD AERWAYS The UAE carrier said that it operates a commercial flight schedule from Abu Dhabi to around 80 destinations. FINNAIR The Finnish airline has canceled its Doha flights up to July 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. Dubai flights will only be resumed in October. FLYNAS Saudia, the budget airline, has suspended flights until April 15 to Dubai, Abu Dhabi Sharjah Doha, Bahrain Kuwait Iraq and Syria. British Airways, owned by IAG, will reduce flights to the Middle East once services resume. Jeddah is no longer a destination and it will be permanently removed. From July 1, it plans to reduce the number of flights to Dubai, Doha, and Tel Aviv from two daily flights to just one. Riyadh's two daily flights will be reduced to just one starting in mid-May. The changes will apply until the end of the summer season on October 24. One Dubai service will restart on October 16. Iberia Express, the Spanish low-cost carrier of IAG, has cancelled all flights to Tel Aviv until May 31. JAPAN AIRLINES Japan Airlines suspends scheduled Doha-Tokyo and Tokyo-Doha flight schedules until May 10. Japan Airlines has also announced additional flights between Tokyo, London and Doha on April 25. The Polish airline has suspended flights to Tel Aviv till May 31. The airline also cancelled flights from March 31 until May 30, and to Beirut between June 30 and 30. The airline will operate its winter route from Dubai to?October. LUFTHANSA GROUP Lufthansa and Swiss Airlines suspended flights from Dubai and Tel Aviv to Abu Dhabi until May 31. They also suspended flights to Amman, Beirut and Dammam. Riyadh and Erbil were also affected. Lufthansa Cargo will remain the same except for Tel Aviv, which is suspended until April 30. Eurowings, a low-cost carrier, plans to suspend flights to Tel Aviv through April 30, and to Beirut, Erbil, Dubai, Abu Dhabi, and Amman until October 24. MALAYSIA AIRLINES Malaysian Airlines has suspended all flights to Doha through June 14. NORWEGIAN AIR Low-cost carrier has delayed the planned launch of Tel Aviv and Beirut flights until June 15. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Beirut, Kuwait Bahrain Doha Dammam Riyadh Dubai Abu Dhabi Sharjah and Abu Dhabi until May 1. ROYAL MAROC Moroccan airline cancels flights to Doha until June 30, and those to Dubai until May 31, QANTAS Australia's national carrier has added flights to Rome, Paris and other European destinations to meet the increased demand. The number of flights to Paris is to increase to five return flights a week, up from three. Perth-Singapore will also go from daily service to 10 flights. A new schedule for flights will be implemented gradually from mid-April until late July. QATAR AIRWAYS The airline said that it will gradually increase the number of flights from Doha, to more than 120 destination by mid-May. SINGAPORE Airlines In response to increased demand, the carrier has extended its suspension of Singapore-Dubai flights until May 31. It also added services on Singapore-London Gatwick as well as Singapore-Melbourne from late March through October 24. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights from Dubai to April 30. WIZZ AIR Low-cost carrier suspends flights from Europe to Amman, Dubai and Abu Dhabi until mid-September. All flights to Medina are suspended indefinitely. (Compiled by Josephine Mason and Jamie Freed. Elviira Loma, Tiago Branao, Agnieszka Olenka, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani. Editing by Sumana Nady, Joe Bavier Mark Potter and Milla Nussi-Prussak
Aurubis CEO anticipates US demand for copper to reduce Comex stocks
The massive copper stockpile at the U.S. Comex exchange
Comex has 532,000 metric tonnes of copper - nearly a quarter the annual U.S. demand - because traders shipped metal to America last year in anticipation of tariffs. The inventories have not fallen much since February when they peaked at 546,000 tons. Last week, arbitrage shipping copper to Comex was opened again.
Toralf Haag, CEO of Aurubis, said: "I believe it's an issue with supply security." "But, in my opinion, stocks will decline over the next few months due to strong local demand."
Haag declined to estimate the stock market's position at the end 2026.
Haag stated that Aurubis will finish the second phase, which is 90,000 tons of recycling per year, of its Richmond, Georgia recycling plant by the end September.
Haag stated that the decision to build a primary copper melting plant, expand the facility or build another recycling factory elsewhere in the U.S., which was previously planned for the summer of the northern hemisphere, is now most likely going to be made by the end 2026. Haag stated that Aurubis had experienced a "certain decline" in demand due to the Iran War and has seen less demand coming from Germany's struggling auto sector. However, other industries such as power and construction are compensating.
He added that data centres are "a big additional driver for copper".
Aurubis also sees an increase in demand for sulphuric acids as a result of the shortages caused by the conflict. The chemical is produced by the company at its smelting bases in Hamburg and Bulgaria.
Haag stated that "we are getting inquiries from around the world, and from players with whom we have never done business before." He added that because Aurubis sold long-term contracts it only benefited partially from the higher acid prices. Spot availability was also limited. (Reporting and editing by David Goodman.)
(source: Reuters)