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Middle East flights suspended by airlines
There are still many airline services that have been disrupted across the Middle East as a result of the 12-day air conflict between Iran and Israel, which ended on Tuesday with a ceasefire brokered by the United States. Safety concerns and airspace closures continue to impact airline traffic in the area. Here are some airlines that have cancelled flights from and to the region. AEGEAN AIRLINES The Greek airline has cancelled flights to Tel Aviv and Beirut as well as to Amman and Erbil until the early flight on September 8th. AIRBALTIC AirBaltic, a Latvian airline, announced that it had cancelled all flights from and to Tel Aviv up until September 30. AIR CANADA The Canadian carrier suspends its flights between Toronto and Dubai until the 4th of August. The Canadian carrier had already delayed the resumption to service between Canada and Israel until September 8. AIR EUROPA Spanish airline cancels flights from and to Tel Aviv through July 31. AIR FRANCE-KLM The French flag carrier has suspended flights to Tel Aviv up until July 14. The airline plans to resume flights between Paris-Charles de Gaulle airport and Beirut on June 26, and flights to and out of Dubai and Riyadh from June 25. KLM has cancelled all flights from and to Tel Aviv, until at least the 31st of July. AIR INDIA It said that the Indian airline would "gradually" resume flights from and to the Middle East beginning June 24, and it will also resume flights between the East Coast of the U.S.A. and Canada at the "earliest possible opportunity." The Indian airline will resume flights to and from Europe from June 24. All flights from and to Israel, except for New York, are being cancelled by the Israeli airline until June 30. Flights to Eilat have been cancelled until June 28. DELTA AIR LINES Travel to, from or through Tel Aviv could be affected between June 12 and July 31. EL AL ISRAEL AIRLINES The Israeli airline increased flight frequencies and added more flights from major destinations as of June 24. It added that flights will continue to operate according to schedule, with the exception of a few cancelled ones, starting next week. ETIHAD AERWAYS Etihad has announced that it will no longer be operating flights between Abu Dhabi, Tel Aviv and Tel Aviv after July 15. EMIRATES Emirates has temporarily suspended its flights to and out of Iran and Iraq, until June 30. FINNAIR Finnair has cancelled all flights from and to Doha until June 30 as well as flight AY1982 for July 1. Finnair also added that they would not be flying over the airspaces of Iraq, Iran or Syria. FLYDUBAI The UAE airline announced that it plans to resume its full network schedule on July 1, 2019. On June 26, it will resume flights to Tel Aviv and Damascus. British Airways, a subsidiary of IAG, has announced that flights to Tel Aviv will be suspended until July 31, and flights to Amman or Bahrain will be suspended until June 30, inclusive. British Airways also suspended flights from and to Doha until June 25. Iberia Express of IAG, the low-cost airline that IAG owns, announced previously that it would cancel its flights from Tel Aviv to June 30. Iberia resumes its Doha flights on the 27th of June. ITA AIRWAYS Italian Airlines announced that it will extend the suspension of Tel Aviv flight until July 31. This includes two flights scheduled for August 1. JAPAN AIRLINES The Japanese airline has cancelled all flights to Doha from July 2 until July 2. LUFTHANSA GROUP Lufthansa has suspended flights from and to Tel Aviv, Tehran and Beirut until July 31. Amman and Erbil flights are cancelled through July 11. German Airlines added that they would not use the airspace of these countries until further notice. PEGASUS Turkish Airlines has announced that they have cancelled all flights to Iran, Iraq, Lebanon and Jordan up until July 7. QATAR AIRWAYS Qatar Airways has temporarily canceled flights from and to Iraq, Iran and Syria. RYANAIR Ryanair has cancelled all flights from and to Tel Aviv, and Amman up until October 25. Romania's flag airline said that flights from Tel Aviv to Beirut would resume on the evening of June 27 and 28. TUS AIRWAYS Cypriot Airlines has announced that it will resume flights to and from Israel. UNITED AIRLINES According to the U.S. airline, travel from and to Tel Aviv could be affected between June 13, and August 1, 2013. There may be problems with flights to and from Dubai between June 18th and July 3th. WIZZ AIR Wizz Air announced that it would suspend its flights to Tel Aviv, Amman and the United Arab Emirates from June 30 to September 15, and cancel all other flights until then. Hungarian Airlines will not overfly Israeli, Iraqi and Iranian airspaces until further notice. (Reporting and compilation by Bureaus, Elviira Louma, Tiago Brandao; Editing by Matt Scuffham and Alison Williams.
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Ivory Coast targets 50% cocoa production locally within two years
The head of the national regulator announced that Ivory Coast will increase its domestic cocoa production to 50% within two years. This is up from the current 42%, he said. Yves Brahima Kone, the managing director of Ivory Coast’s Coffee and Cocoa Council, said that cocoa processing was essential to boost local industry and support economic growth. Kone, who spoke at the opening of the Abidjan plant in Abidjan, the commercial capital of Ivory Coast's country, said that the Ivory Coast has invested to boost the domestic industry. He said that five plants will be completed and operational in two years. Older facilities will also be upgraded. Kone said that "thanks to our investment and others in progress, our installed grinding capacity is 1,06 million tons which is more than 50% of our total production." The Abidjan Grinding Plant was inaugurated by the regulator on Thursday, in partnership with a Singaporean affiliate of Malaysian chocolate group Guan Chong Berhad. In two years, it will be increased to 110,000 tonnes. The warehouses of the top cocoa producer have a capacity to store 150,000 tons. In two years, the San Pedro plant, located at the port of the southwest part of the country will double its storage capacity to 100,000 tonnes and be able to match Abidjan. Transcao, the grinding company of the regulator, will be able to grind 210,000 tons of cocoa and store 300,000 tonnes of beans in two warehouses. We needed to invest in this sector in order to accelerate the processing of cacao beans in Ivory Coast. Kone stated that this gives others confidence, as they know we are also committed and taking the same risk. (Editing by Ayen deng Bior and Anait Miridzhanian, editing by David Evans).
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Sources say that Kazakhstan's TCO has shipped the first oil from Kazakhstan to Germany via Druzhba.
Two industry sources said that Kazakhstan's Tengizchevroil exported 100,000 metric tonnes of oil to Germany via Russia's Druzhba pipe last month, as it ramped up production. TCO is 50% owned by Chevron, 25% by ExxonMobil, 20% KazMunayGaz, and 5% Lukoil. Tengiz is the largest oilfield in Kazakhstan. The consortium declined comment. The Caspian Pipeline Consortium is Kazakhstan's primary oil export channel. It ships around 80% via Russia's Black Sea Terminal. The world's biggest landlocked country, however, is trying to diversify its routes of export. Chevron announced in January that it had started a $48 billion expansion at Tengiz. This is due to the high levels of sulphur and harsh weather conditions. KazMunayGaz reports that the production on the field between January and May was 15.9 millions tons. The Kazakhstani oil exports via the Druzhba pipeline (Friendship), built by the Soviets, will increase this year from 1.5 million to 2,000,000 tons or 40,000 barrels a day. KEBCO is the name given to Kazakhstan's oil that comes via Russia. This distinguishes it from Russia’s Urals blend, which has been sanctioned by Western countries. Mark Potter is responsible for editing and reporting.
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The rupee has its best week for over two years, as the dollar struggles to recover.
The Indian rupee has had its best week in January 2023 as an Iran/Israel ceasefire reduced oil prices, and slashed demand for safe-haven dollars. Worries about the Federal Reserve's independence have also added pressure to the greenback. The rupee rose 1.3% in a week, the best performance it has had in over two years. It closed at 85.4750 per U.S. Dollar on Friday. Crude oil prices fell by more than 11% in the past week, after Iran and Israel agreed to a ceasefire at the end of a 12-day conflict that included U.S. involvement. The dollar index fell 1.5% for the week, as investors were unnerved at the recent signs of a deterioration in the independence of the U.S. Central Bank. They pushed the greenback to its lowest level in more than three years. "A part of the dollar's decline is due to Washington's inability to predict policy, and this is not likely to change," MUFG said in a recent note. The rupee has risen this week, but continues to trail behind its Asian counterparts due to persistent dollar weakness that is expected over the next 2025. The rupee has not changed much this year, despite currencies such as the Korean won or offshore Chinese yuan being up between 2% to 9%. Analysts and bankers believe that, while rupee underperformance will likely persist, a weaker dollar along with portfolio inflows in the short term should support the currency. In the past few sessions, foreign investors have been buying Indian government bonds. Block trades and Initial Public Offerings have also attracted global interest. Investors will try to gauge future policy rates by focusing on the U.S. Personal Consumption Expenditure (PCE) Inflation data and remarks from Fed policymakers later on Friday.
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German industry leaders to meet with EU sector chiefs on sector challenges
A source with first-hand knowledge said that Germany will send some top industrial CEOs next week to Brussels to discuss with EU chief Ursula von der Leyen how to maintain the competitiveness of the sector in the face of trade wars, high energy prices and other challenges. Source: The meeting, which will be led by Hendrik Wüst, state premier of North Rhine-Westphalia and include CEOs from Thyssenkrupp Rheinmetall Lanxess Lanxess Lufthansa is expected to attract the CEOs for Thyssenkrupp Lufthansa Rheinmetall, Lanxess Lanxess among others. North Rhine-Westphalia, Germany's largest state, is also its industrial heartland. It has been under pressure for years from Asian competitors, bureaucracy, high energy prices and increasing trade barriers. Sources said that the CEOs of E.ON Covestro and Lanxess, as well as Henkel, DHL and Uniper, will attend the July 2 working lunch. Source: The companies that attended the meeting all have their headquarters in North Rhine-Westphalia and employ around 1,5 million people. They also generate around 500 billion euro ($585 billion) in combined sales. Brussels and Washington are seeking to reach a deal ahead of the July 9 deadline, set by U.S. president Donald Trump. If an agreement cannot be reached, U.S. goods could be imported at 50% of their EU equivalents. Politico was the first to report on the meeting. (1 dollar = 0.8544 euro) (Reporting and editing by Christoph Steitz, FriederikeHeine, Ludwig Burger and Sabine Wollrab)
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China bans power banks that are not certified and have been recalled from planes
China's aviation regulator has banned passengers from carrying power bank without Chinese safety certification marks, or those that have been recalled recently by manufacturers due to safety concerns. This move applies to all passengers boarding flights in China. It follows a global series of incidents involving lithium batteries, such as power banks, and planes overheating. A spare power bank could have been the cause of an Air Busan fire that occurred in January. In March, a Hong Kong Airlines flight flying from China to Hong Kong had to land in China because a fire broke out in an overhead luggage compartment. When they are damaged or faulty, lithium batteries found in laptops, mobiles, electronic cigarettes, and power banks may short-circuit, causing extreme heat, smoke, or fire. As passengers bring more battery-powered devices on planes, they are becoming a greater concern for aviation safety. The U.S. Federal Aviation Administration recorded three overheating incidents of lithium batteries in planes every two weeks last year, compared with just one a week during 2018. China's Civil Aviation Administration announced on Thursday that power banks must clearly be marked with "3C", short for China Compulsory certification, which authorities require products that may impact health, safety and environmental protection. This month, several leading power banks manufacturers in China such as Anker and Romoss recalled battery products because of safety concerns. China's market regulator revoked and suspended the 3C certification for several battery cell and power bank manufacturers. Airlines around the world have tightened their power bank regulations since the Air Busan incident. Although aviation rules say that power banks are to be kept in cabin luggage, airlines have been banning them on board. Since 2014, China has prohibited passengers from using power banks to charge devices during flights. Southwest Airlines became the first U.S. carrier to require that portable charging devices be visible during flights. Reporting by Beijing Newsroom, Editing by Aiden Lewis
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Tanjug Agency reports that the US has postponed sanctions against Serbian NIS Oil Company for a fourth time.
Tanjug News Agency reported that the United States had postponed its sanctions against NIS, a Russian-owned Serbian Oil Company for a forth time. NIS has secured three waivers so far, with the last expiring later this Friday. NIS, which has a majority ownership by Russia's Gazprom and Gazprom in Pancevo (just outside Belgrade), operates Serbia's sole oil refinery. The plant has a capacity of 4.8 millions tons per year and can meet the majority of Serbia's oil needs. The sanctions could threaten its crude oil supplies. The Office of Foreign Assets Control of the U.S. Treasury placed initial sanctions on Russia's petroleum sector on 10 January, and gave Gazprom a 45-day deadline to sell its NIS holdings. Gazprom transferred to Gazprom a stake in NIS of approximately 5.15% on February 26 in an effort to avoid sanctions. Gazprom owns 11.3% of NIS while Gazprom holds 44.85%. The Serbian Government owns 29.87% of NIS, while the rest is held by small investors. NIS imports 80% of the oil it needs via Janaf, Croatia's pipeline operator. The rest is covered by the crude oil produced in Serbia. (Reporting and editing by Alex Richardson, Joe Bavier and Aleksandar Vaovic)
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Transneft reports that oil flow will continue to decline in 2025
Transneft, Russia's oil pipeline monopoly, has seen its oil flow continue to fall this year despite the OPEC+ agreement and technological challenges. This was confirmed by Maxim Grishanin on Friday. He also stated that due to the decline in turnover, the revenues would not reach the level typical of the last 10 years until 2030. Transneft, which operates 67,000-kilometre-long (42,000-mile) oil pipeline network, handles more than 80% of all the oil produced in Russia. Transneft CEO Nikolai Tokarev stated that the company will ship 447 million metric tonnes (around 8,94 million barrels of oil per day) in 2024. This includes 435 million tons from Russia and 12 million ton of oil from Kazakhstan. The total flow was down from 460 millions tons in 2023. Transneft earns most of its revenue from the tariffs it charges on oil and petroleum products shipped through its vast network of pipelines. (Reporting and editing by Jane Merriman, Joe Bavier and Vladimir Soldatkin)
Harris vs Trump: Stocks to view as White House race goes into last stretch
Just days ahead of the Nov. 5 governmental election in the U.S., investors are attempting to evaluate how stock markets will react as polls and betting platforms indicate a tight race in between Vice President Kamala Harris and previous President Donald Trump.
Harris' lead over the Republican politician has actually dwindled to a single percentage point in the final stretch of the presidential contest, according to a Reuters/Ipsos survey published on Tuesday.
A majority of a dozen experts that Reuters talked to anticipate a Trump go back to enhance equity markets, with some favoring a. split government.
Crypto stocks and small-caps have actually gained in the lead up to. the election.
Trump's pledge to cut corporate taxes and decline. regulations could improve markets in the short-term if he wins,. stated Bel Air Investment Advisors Chairman Todd Morgan.
On the other hand, Trump has assured to
double down on trade tariffs
, especially against China, and
rescind
all unspent funds under a signature Biden-Harris climate. law that includes numerous billions of dollars in aids. for electrical cars, solar and other tidy energy. innovations.
A divided Congress may be the very best outcome as it limits what. the president can achieve and invest, according to Brian. Klimke, primary market strategist at Cetera Financial investment Management.
Here's a list of stocks and sectors that could move on the. election outcome:
TRUMP TRADE
BANKS: A Trump win or Republican sweep might raise Wall. Street banks such as JPMorgan Chase, Bank of America. and Wells Fargo on enhanced domestic investment,. looser guidelines, domestic job additions and tax cuts, Bank of. America experts said.
However, concerns around a wider trade deficit and tariffs. are viewed as negative for the sector.
M&A recipients consist of Goldman Sachs, Morgan. Stanley, Lazard and Evercore in the middle of a more. lenient technique to antitrust guideline enforcement.
CRYPTO: A more responsive regulatory approach to digital. possessions under a Trump win might benefit crypto stocks, according. to TD Cowen experts who highlighted the probability of the. former president calling a pro-crypto SEC chair.
MicroStrategy, Riot Platforms, MARA. Holdings, Hut 8 and Bit Digital. climbed in between 3.4% and 45% in October.
ENERGY: Morgan Stanley experts believe a Trump presidency. might prioritize decreasing the regulative problem on domestic oil. and gas production, while thinking about the possibility of more. limiting trade policies.
Trump's assistance for nonrenewable fuel source industries might benefit. oil and gas stocks, as he would likely pursue policies that. favor domestic energy production, stated Daniela Hathorn, senior. market expert at Capital.com.
Trump might utilize authority to rapidly increase. production levels, which would benefit expedition business. such as Chevron, Exxon Mobil, and ConocoPhillips .
He could likewise reverse the Biden administration's time out on. allowing brand-new LNG export projects, likely benefiting Baker. Hughes and Chart Industries. Nevertheless, Trump's. proposed 60% tariff on imports from China might strike LNG. exporters like Cheniere Energy and New Fortress Energy. in case of any vindictive actions.
TRUMP-RELATED STOCKS: Trump Media & & Innovation Group. , in which Trump owns a bulk stake, software application company. Phunware and video-sharing platform Rumble. stand to gain even more if he wins. Both Phunware and Trump Media. & & Technology have actually doubled in October after sluggish efficiency. in recent months.
JAIL OPERATORS: Geo Group and CoreCivic. might gain from Trump's re-election, on guarantees of a crackdown. on illegal migration and limitations on legal immigration,. which might improve demand for detention centers.
PROVIDERS: Wells Fargo analysts said the proposed tariff on. Chinese imports under a Trump term could harm demand for parcel. providers FedEx and United Parcel Service, and. forwarder C.H. Robinson Worldwide, which have. substantial direct exposure to China.
SMALL-CAP STOCKS: U.S.-focused business could gain from. business rewards and tariffs that favor domestic production. The small-cap Russell 2000 index has actually increased nearly 9% so. far in 2024.
HARRIS BASKET
HOMEBUILDERS: Harris' pledge to develop more homes and minimize. expenses for tenants and home buyers mostly through tax. rewards, combined with a benign interest-rate environment,. might increase homebuilders D.R. Horton, KB Home,. Lennar, PulteGroup, Zillow Group and Toll. Sibling.
HEALTH CARE: The sector has been a key focus for the Harris. project.
She has actually vowed to cut healthcare expenses by executing caps. on prescription drug costs, such as restricting insulin rates to. $ 35. This could weigh on profit margins for pharmaceutical. giants such as Eli Lilly, Merck, and Pfizer .
Andrew Wells, CIO of SanJac Alpha, nevertheless, anticipates. health care insurance companies such as Humana and UnitedHealth. Group to likely benefit from expanded protection under a. Harris presidency.
BUSINESS TAXES: Harris' proposition to tax corporations and. the wealthy consists of a 28% business tax rate which could. assist the U.S. deficit.
According to Stock Analysis, Microsoft, Apple. , and Alphabet were the three companies. shouldering the highest income taxes over the past 12 months,. collectively amounting to $67.73 billion.
It is extremely unlikely to see a blue wave, but if that. happens, the market response could be temporarily unfavorable due. to the potential customers of greater business tax rates, said Cetera's. Klimke.
RENEWABLE STOCKS: Green energy is poised to flourish under. Harris, with the capacity for increased rewards and. supportive policies as well as guidelines on huge oil companies,. according to Capital.com's Hathorn.
Harris will aim to considerably lower pollution by 2035,. lining up with the Paris Agreement-- a climate pact Trump has. swore to withdraw.
Significant U.S. renewable resource firms such as NextEra Energy. and hydrogen manufacturers consisting of Plug Power and. Blossom Energy might also benefit.
(source: Reuters)