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El Al increases flights to bring back stranded passengers following the Iran-Israel ceasefire
El Al Israel Airlines has announced that it is working to organize an airlift for tens and thousands of passengers who have been stranded in Israel due to widespread flight cancellations since the beginning of the Israel-Iran War on June 13. El Al, Israel’s flag carrier, announced that following a 12-day ceasefire, and the gradual opening up of Ben Gurion Airport in Tel Aviv, the airline would increase its schedule and use its entire fleet, and add thousands of additional seats within the next 24 hour. The airline, which cancelled all regular flights until June 27, said that it would offer one-way flights to and from New York City, Los Angeles (Bangkok), London (Paris), Rome, Athens (Bucharest), Bucharest, Tbilisi, Bangkok, Bucharest, Bucharest, Bucharest, Bucharest, Bucharest, Bucharest, Bucharest, Bucharest, Tbilisi. Israel's airspace was largely closed for nearly two weeks as Israel and Iran exchanged air attacks. However, Israeli carriers began rescuing passengers in the last few days. Flight frequencies increased Tuesday, after U.S. president Donald Trump announced an agreement between Israel and Iran on a ceasefire. Israel has not yet fully opened its airspace. El Al's fleet consists of Boeing 787 Dreamliner aircraft and 737 aircraft. Israel's Airports Authority said earlier that day it was working to return to normal operations in the next few hours and was working with all airlines and partners in Israel's airports, "to ensure a safe and orderly process for passengers." Other smaller Israeli carriers also operated rescue flights. Arkia Airlines reported that it was returning passengers from Milan, Athens and Vienna, as well as Larnaca, Cyprus. Israir will operate flights on Wednesday from Varna in Bulgaria and on Friday from Baku. Israel is also working to allow nearly 40,000 tourists leave Israel. Many left Israel via the border crossings to Egypt and Jordan as well as by boat to Cyprus.
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US and European airline shares rise amid hopes for an Israel-Iran truce
On Tuesday, shares of U.S. airlines and European airlines increased while oil prices fell on the expectation that a ceasefire would be maintained between Israel and Iran. Air France KLM and British Airways' owner, Lufthansa, all saw gains between 6-10%, while Wizz Air grew by 3.2%. In the morning, Delta Air Lines, American Airlines and United Airlines all saw gains of about 4%. The U.S. president said that Israel has stopped its attack after his order to maintain a ceasefire of several hours. Iranian and Israeli media both reported that Israel had launched new airstrikes on Iran just minutes after Trump's comments, before he left for The Hague to attend a NATO summit. Susannah Streeter is the head of money markets and currency at Hargreaves-Lansdown. As several countries shut down their airspace following the attack on Al Udeid U.S. base in Qatar by Iran, airlines worldwide have cancelled flights to many Middle Eastern destinations including major international hubs like Dubai and Doha. Qatar and the United Arab Emirates reopened since their airspace. Russ Mould, investment director at AJ Bell, said: "Travel stocks have moved higher both because of the implications on fuel costs as well as because the potential impact to foreign travel that could have been caused by any further escalation in Middle East tensions has seemed to be swerved." The Energy Stocks Take a Hit The oil majors were hit hard after crude prices dropped to their lowest level in two weeks. In the last seven days, oil has lost 10% of its value. In a recent note, Mukesh SAHDEV, Rystad's global head of commodities markets, stated that a de-escalation of tensions was more likely to occur than a complete blockade of Strait of Hormuz, which would have caused a spike in oil price. Assuming the ceasefire is maintained, we expect the oil price to remain near $70 per barrel until a US-Iran agreement becomes clear. European energy stocks fell 3%. BP and Shell were down around 5% each, while Equinor in Norway was down around 7%. Exxon shares were down about 1%, and Chevron's as well.
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Doha airport chaos: Thousands of passengers stuck at the airport and long queues in Dubai
The operations at the two busiest airports on the planet, Doha and Dubai, slowed down to a crawl Tuesday. Thousands of passengers faced long delays and cancellations due to the temporary closure of the airspace the day before. Qatar, Bahrain and Kuwait closed their airspace on Monday night after Iran struck a U.S. base in Doha, the capital of Qatar. This forced airlines to cancel hundreds of flights or reroute them, creating a queue of passengers stranded. Dubai airports in the United Arab Emirates temporarily halted their operations. U.S. president Donald Trump announced that a ceasefire had been reached between Israel and Iran and asked for both sides to respect it. This raised hopes of a peaceful end to the 12-day conflict, but violence continued with reports of deadly attacks in both countries. "I haven’t slept in 19 hours." "I've been standing in this queue for nine hours," said Lily Rogers (21), who was waiting in a 200 metre (656 foot) long line at Doha's Hamad International Airport. The psychology student was on her way to Southeast Asia for a holiday. She said that those waiting in line received only water. Virgin Australia estimates that more than 25,000 passengers are stranded in Doha Airport. According to a witness, the lines were so long some passengers had to jump queues. This led them into arguments. FlightRadar24, a flight tracking website, reports that around 250 flights at Hamad Airport were cancelled, and another 238 were delayed. FlightRadar24 showed that long queues also formed at Dubai International Airport, the busiest in the world. There, 145 flights had been cancelled and more than 450 were delayed. Qatar Airways announced that it is "making progress" in restoring the schedule, with possible disruptions up until June 26. Dubai Airports, as well as the Dubai Government Media Office, were not available to comment immediately. BUSY HUB Middle East airports are among the busiest on the planet. They cover an area that stretches from Iran and Iraq all the way to the Mediterranean, and serve as a hub for connecting flights between Europe and Asia. Since the beginning of the conflict between Russia and Ukraine airlines have been forced to avoid the airspace above both countries. Dubai transported over 92.3 million passengers in the last year. The average daily passenger count was more than 25,000. Airline companies from British Airways to Lufthansa have already stopped flights to Middle East destinations because of airspace closures and safety concerns following Israel's strike against Iran on 13 June. Many airlines have cut flights to Dubai and other hubs that are usually resilient, following the U.S. attack on Iran. According to independent aviation analyst Brendan Sobie, based in Asia, the restrictions and closures had ripple effects throughout the region as most passengers transit through Hamad Airport on their way to other destinations. Airport data shows that only 22% of passengers who travel through the airport in 2024 have Qatar as their destination. Air India has suspended all flights between the Indian Subcontinent and destinations such as the U.S. East Coast and Canada. Analysts say that this poses a problem for Indian carriers, as they don't have access to Pakistani skies. After a short military conflict, the two neighbours in April blocked each other's access to airspace. Air India announced on Tuesday that it would resume these flights as soon the airspaces are reopened, while other airlines such as flydubai warned of delays due to congestion in airspace. It's frustrating," said Julien Moutte. The Paris bound passenger had been stuck in Doha's terminal for 15 hours. Reporting by Luke Tyson, Amr Alfiky and Mark Bendeich from Dubai and Doha; Additional reporting by Allison Lampert from Montreal; Writing and editing by Joseph Mason and Bernadettebaum.
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Carnival increases profit target for the year on stable cruise demand
Carnival Corp. raised its annual profit estimate after beating revenue estimates for the second quarter on Tuesday, driven by resilient demand among travelers booking cruises in destinations such as the Caribbean and Mediterranean. In premarket trading, shares of the company rose 6.5%. Its cruise portfolio includes Holland America, Princess and Princess Cruises. Carnival Corp. and Royal Caribbean Group, a rival cruise operator, have expanded their portfolios of private islands themed with carnival to meet the demand from cruisers who want exclusive destinations. Carnival has committed to spending $600 million on the development of Celebration Key, a private resort destination in Grand Bahama that includes water slides, entertainment venues and dining establishments. The facility will debut in July. Packages that include drinks, Wi-Fi and excursions encourage guests to spend more money onboard. This increases revenue for cruise lines. According to data compiled and analyzed by LSEG, the cruise operator reported sales for the quarter ending May 31 of $6.33 Billion, compared with analysts' expectations of $6.21 Billion. The company forecasts adjusted earnings per share in fiscal 2025 of approximately $1.97. This compares to the previous expectation of $1.83. (Reporting from Savyata Mihsra in Bengaluru, Editing by Tasim Zaid)
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New England Electric Grid operates on precautionary alert
On Tuesday, the electric grid in Boston and its surrounding area was on precautionary alert as it was anticipated that the surplus power would narrow to a razor's edge due to the high temperatures. ISO New England, which operates the electric grid for six states, started operating on a precautionary basis late Monday, as the energy supply tightened. The wholesale electricity prices in the last 24 hours indicate a tightening of supplies. The grid reported nearly $430 per Megawatt Hour (MWh), which is a tenfold increase compared to prices when the system was not stressed. In order to prepare for the scorching heat of Tuesday, the grid instructed power plant operators to refrain from any testing or maintenance which could affect electric reliability. New England has adopted the same strategies as other grids in the east half of the United States to balance supply and demand for electricity. They also asked power plant operators to postpone maintenance and increased imports from neighboring regions. According to the National Weather Service, temperatures in Boston will reach 100 degrees Fahrenheit on Tuesday afternoon. ISO New England predicted that the electricity demand late Tuesday would reach 26,000 megawatts. This is short of August 2006's record of 28,130 megawatts. ISO New England forecasted that electricity demand would reach 24,803MW in normal weather conditions and 25,886MW during periods of weather above average, like a prolonged heat wave. According to the latest forecast, demand will peak at 25,800MW on Tuesday evening. The surplus capacity was predicted to drop to 266MW, which is a significant decrease from the typical margins of several thousand megawatts in more temperate weather.
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India aviation regulator says multiple defects reappearing on aircraft
India's aviation regulator announced on Tuesday that it found "multiple instances" of aircraft defects recurring at Mumbai and Delhi Airports, the two busiest in the country. It attributed this to inadequate checks of jetliners. The Directorate General of Civil Aviation's (DGCA) special audit was conducted to improve safety following the recent terrorist attacks. Air India crashes into deadly crash This month, 271 people were killed. The regulator did neither name the airlines or specify the types of defects that were found. Two airports serve the largest Indian airlines, such as IndiGo and Air India, as well many international carriers. The DGCA stated that the repeated occurrences of defects showed "ineffective monitoring" and "inadequate rectification actions". The government agency also found violations, such as a maintenance engineer failing to follow safety procedures prescribed by the manufacturer. The regulator found that no survey was conducted at one airport, which it did not name. This is despite the fact that new construction had taken place in the area. This issue has been brought to light after an Air India plane crashed into a doctor's office. hostel , killing dozens. The DGCA stated that the findings were communicated to operators concerned so they could take corrective actions within seven days. These shortcomings were discovered as part of "a comprehensive surveillance" conducted at night and in the early morning at major airports, including those in Delhi and Mumbai. After the crash of June 12, the regulator ordered Air India said it had carried out new checks on its Boeing 787 fleet, but that these tests revealed no major safety issues. DGCA was reported to have said, citing sources. You can cancel your order if you wish. Air India's planned visit to its headquarters in New Delhi on Tuesday to conduct an annual regulatory audit, as the airline dealt with the fallout of several Middle Eastern countries closing their airspace temporarily due to the Israel-Iran conflict. Reporting by Abhijith Ganadavaram, edited by Andrew Heavens and Mark Heinrich
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Con Edison of New York urges its customers to conserve electricity during heatwave
Con Edison, a New York-based utility, has asked its customers to conserve electricity during the current heatwave. It has also reduced voltage by 8 percent in certain parts of east Brooklyn to protect equipment while crews make repairs. AccuWeather meteorologists predicted that temperatures in New York City - the largest city in America - could reach 98.6° Fahrenheit on Tuesday. The use of air conditioning by both homes and businesses is increasing as temperatures rise, putting extra strain on the grid. In some areas, the heatwave has pushed up power prices to their highest levels since January. New England's next-day electricity prices The spot power price at the PJM West hub rose by about 17% on Tuesday to $189 per megawatt-hour The price of the cheapest car in America remained above $200 for the second consecutive day. This compares to an average price of $81 per megawatt-hour in New England this year, and $47 for calendar 2024. In PJM this year alone, the average is $56 and in calendar 2020 it's $42.
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Cheniere board approves Corpus Christi LNG expansion project
Cheniere Energy announced on Tuesday that its board has approved the final investment decisions for the expansion project of Corpus Christi's liquefied gas project. Bechtel Energy, the largest U.S. exporter of LNG, said that it has been asked by CCL Midscale Trains 8 and 9 to begin construction. Cheniere plans to double the current LNG production at Sabine Pass to 90 million tonnes per year by expanding export facilities in Corpus Christi and Sabine Pass. The company also said that it is working on expanding brownfield liquefaction capacities at the Corpus Christi terminal and Sabine Pass Terminal. The company plans to implement the plan in phases, beginning with the initial single-train extensions at each site. If completed, the platform's capacity would reach up to 75 mtpa by the early 2020s. The United States is currently the largest LNG exporter in the world. Commercial activity in this sector has increased since President Donald Trump lifted the moratorium on new LNG permits shortly after assuming office in January. Cheniere announced in February that it would aggressively pursue regulatory permits for expanding capacity. Cheniere announced on Tuesday that it will be investing more than $25 billion in cash available through 2030 to support growth, share repurchases and balance sheet management, as well as dividends. The company also increased its forecast for the capacity of run-rate LNG to between 60 mtpa & 63 mtpa, up from 54 mtpa & 57 mtpa. Cheniere said that after the completion of CCL Midscale Trains 8 and 9, along with debottlenecking expected and CCL Stage 3 in this decade, the Corpus Christi terminal's total liquefaction capability is expected to exceed 30 mtpa. (Reporting and editing by Tasim Zahid and Sriraj Kalluvila in Bengaluru)
Sohn Hong Kong's top hedge fund picks include Indian pharma and China robotaxis
At the Sohn Investment Conference in Hong Kong, hedge funds shared their best investment ideas. These ranged from Chinese self driving taxis to an Indian drug retailer and a Korean nuclear power plant builder.
The geographical diversity of this year's selections is greater than last year. This suggests that investors are actively trying to diversify their exposure in order to combat tariff uncertainty and market volatility.
Flight Deck Capital, based in San Francisco, sees potential upside for Baidu's auto-driving division.
Jay Kahn, Flight Deck's managing partner and founder of Flight Deck, said that Apollo Go is similar to Google's self driving unit Waymo. "It's the only robo taxi player in China who's not reliant on capital markets for scale," he added.
He predicts that China's ride-sharing and taxi industry will grow to $237 billion in 2034. Apollo is expected to take a 15% share of the market. He said that the market currently values this segment and Baidu's cloud services at zero.
Investor optimism about Chinese companies going overseas is not affected by the escalating U.S./China trade war.
Apeiron Capital, Hong Kong's investment bank, has endorsed Chinese ride-hailing service DiDi Global. It cited its improved margin at home as well as its rapid market share growth in Latin America. Triata Capital, meanwhile, is optimistic about Chinese discount ecommerce player PDD (owner of Temu).
The monthly active users of Temu are bigger than Amazon's, according to Triata CIO Sean Ho.
Two investors are interested in India's healthcare sector.
Arisaig Partners, a Singapore-based investment firm, favors MedPlus Health Services, a leading Indian pharmacy chain, because its private label products enhance its low price proposition and widen the gap between it and its competitors.
"Inflation has dropped, the government is focusing more on the middle-class and consumer spending has risen from a low base. In an interview conducted before the conference, Vatsal mody, partner at Arisaig Partners and head of India Research said that he believes this is a time when consumer spending will improve.
Panvira Management, an India-based hedge funds startup, is bullish about Piramal Pharma. It expects its growth to reach the high teens as well as benefiting from normalised tax rates.
SECURITY AND A ACTIVISTS
Other hedge funds are focusing on the opportunities created by geopolitical conflict in the security industry.
Jon Jhun who manages MY.Alpha Management’s new Korea-focused funds chose Hyundai Engineering & Construction, which is engaged in nuclear plant design, procurement, and construction.
He said that "Korea dominates ex-Russian and ex-China's nuclear supply chain."
Frontline Global Management, a Hong Kong-based company, chose the Spanish defense firm Indra Sistemas in the belief that it will win more European contract.
Palliser Capital, a UK hedge fund, disclosed at the event that it owned a 3% stake of Japan's Toyo Tire. The hedge fund urged the tire manufacturer to increase shareholder returns by setting an "best-in class" performance target, and to release its excess capital, which amounts to about $900,000,000, to shareholders.
Seth Fischer’s Oasis management is long Japanese entertainment chain Round One. It believes it will receive a higher rating as it enters the restaurant business, aiming to bring Michelin quality Japanese food to the U.S.
(source: Reuters)