Latest News
-
Source: Six Swiss International passengers injured in India after flight aborts.
Six passengers were injured in an emergency evacuation after a Swiss International flight from Delhi to Zurich was forced to abort early on Sunday morning. The Economic Times reported that one of the aircraft engines 'failed and caught fire as it was accelerating to take off, prompting crew members to stop the flight and initiate an emergency evacuation. The source said that the injured passengers had been taken to hospital. She was not authorized to speak with media and refused to identify herself. Flightradar24 reports that the aircraft involved was an Airbus A330. Delhi's Indira Ghandi International Airport?said on X earlier that it had declared a state of emergency following the occurrence on flight LX147. The?source said that runway operations have resumed at the airport and that all flights are on time. Delhi Airport, India's busiest airport, has four runways. Swiss International didn't immediately reply to an email seeking a comment. (Reporting from Akanksha Khushi in Bengaluru; Neha Arora, Abhijith Gaapavaram and Christian Schmollinger in New Delhi. Editing by Christian Schmollinger & Edwina Gibbs.
-
Local official: Ukrainian drone strikes apartment building in Russian Yekaterinburg
The regional governor announced on Saturday that a Ukrainian drone had struck a multi-storey apartment building in Russia's fourth largest city, Yekaterinburg. This was the first attack in the city since the start of the Russia-Ukraine war. Denis Pasler wrote in the Telegram app that there were no deaths, but minor injuries had been reported and one woman was admitted to hospital. He said that residents of the building were evacuated. "All emergency services work quickly." A video posted on X, a social media site, and confirmed by showed smoke pouring from the top of a high-rise modern building. The building's facade was blackened heavily and several windows were blown. Ukraine has not yet commented. The Yekaterinburg drone incident came after an overnight Russian attack on Ukraine that killed seven people and injured dozens. The city of Yekaterinburg has 1.5 million inhabitants and is situated in the Ural Mountains,?in Sverdlovsk, a region that is home to many defence-related factories. It is located 1,900 km away from Kyiv, the Ukrainian capital. During the Ukraine Conflict, which began in 2022?, Russia bombarded Ukrainian target with artillery and drones. Ukraine?struck deeply inside Russia? with sabotage group and drones. They killed Russian generals while attacking oil refineries, oil pipelines, and oil refineries.
-
Source: US considering using Defense Production Act for Spirit Airlines restructuring
Sources say that the administration of U.S. president Donald Trump is looking at using the Defense Production Act as a legal basis to bailout Spirit Airlines. CBS News reported the potential plan for the first time on Friday, citing U.S. officials who were familiar with the discussions. Sources said that the U.S. Government could use Title 3 of the Defense Production Act to invest in industrial capacities to ensure supply chains to support national defense. Kush Desai, White House spokesperson, said that the Trump administration is "continuing to explore possible options" in order to keep the airline?in operation' for both its employees and passengers. He said that reporting on the'mechanism or the structure of financing should be considered as speculation. Defense Production Act (DPA) is a?emergency authority which allows the U.S. Government to force private companies to prioritise federal contracts and increase output of critical goods. The Defense Production Act?allows loans to private companies for national defense purposes. This measure could offer support to the airline. Trump said that his administration is looking to buy the airline at "the right price" on Thursday. He told reporters in the White House that if the price of crude oil drops, he would be able to sell it at a profit. Budget carrier Spirit, based in Florida, is running out of time. Spirit's lawyer said that the budget carrier needs to access its cash or obtain new financing by the end next week. A court hearing has been scheduled for?next Monday as the lawyers of the company and creditors try to reach an agreement on a bankruptcy exit plan. Spirit's outside lawyer said that the Trump administration had made a financial offer to help it exit bankruptcy. This was being reviewed by major creditors. Spirit creditors' lawyer said they reviewed the terms of the government's offer on Thursday. Sources say that the offer includes $500 million of?financing, and a condition for the government to receive warrants equivalent to 90% of Spirit equity. Spirit would be able to exit bankruptcy with the senior debtor in possession financing. This is its second restructuring since 2025. (Reporting and editing by Bhargav Aharya, Chris Reese and Bhargav Shepardson; Kanishka Singh, Christian Martinez and David Shepardson)
-
Lavrov, the Russian Foreign Minister, says that US is ignoring international conventions and pursuing its own interest
In an interview broadcast Friday, Russian Foreign Minister Sergei Lavrov said that the United States had abandoned internationally recognised "diplomatic conventions" in pursuit of their own interests, particularly dominating the energy markets. Lavrov said, when he was interviewed by the Russian state television, that Washington's "dealings" with Latin America and Middle East were "returning us to a time where there was no international law." In an interview posted on the Foreign Ministry website, he stated that "the United States has declared that no one is allowed to dictate to them." It only cares about its own wellbeing and is prepared to defend that well-being through any means, including coups, kidnappings, or assassinations against leaders of countries who possess the?natural resources? needed by Americans. "Venezuela and Iran, our American friends do not conceal that it is all about oil." They have "a doctrine of dominance on global energy markets." Lavrov made reference to the 'capture of Venezuelan president Nicolas Maduro' in a U.S. military action in January and the death of Iranian Supreme leader Ayatollah Ayatollah Khamenei by joint U.S. - Israeli airstrikes towards the end of the month. Lavrov claimed that the United States had "cut off' Europe. He urged European states to abandon Nord Stream, a pipeline which carries Russian gas from Russia to Germany. This is not a way to approach international relations. Lavrov denounced 'European policy' as being driven by 'arrogance and disrespect for others. He said that the United States, in seeking to settle the four-year conflict in Ukraine, was also promoting "huge economic opportunities." "At the exact same time, all that I have just described happens in parallel. He said that we are being forced out of all global energy markets. If we are willing to do projects that will benefit both us and the Americans, then it is important that our interests are respected. We have not seen this yet. Rod Nickel, Editor of the Reporting (by Rod Nickel)
-
New York Sues US over cancellation of $73.5 Million in highway funding
New York has sued the Trump administration over its decision to withhold more than $73.5m in highway funding because of the'state's refusal to revoke some commercial driver licenses. New York Attorney General Letitia James, and Governor Kathy Hochul announced on Friday that the legal challenge seeks to reverse last week's decision by the U.S. Transportation Department to cancel funding after the state refused to comply with the federal government's demand to revoke some driver's licenses. New York claims that the loss of funding places New Yorkers in danger, while USDOT reported in December that an audit had found New York was issuing commercial licenses illegally to foreign drivers. USDOT declined to comment immediately. Hochul stated that "New York is once again facing devastating federal cutbacks for no more than political revenge." "It is reckless and illegal to take money from our roads that is needed for safety upgrades." USDOT also threatens to withhold $147 million annually in future years. New York stated that revoking the licenses would "disrupt key industries who rely on commercial driver and could lead to bus shortages affecting families and schools." New York, California and other states have sued the Trump Administration over its refusal to release transportation funds. They accused it of political motives. A judge in March ordered the USDOT to unfreeze funding of about $3 billion for rail projects in Chicago. USDOT had canceled at least $9.5 millions in reimbursements since October, from grants previously approved by former president Joe Biden. The city called the funding suspension a political act of retaliation. (Reporting and editing by Edward Tobin; David Shepardson)
-
The Avis rollercoaster brings a large index along with it
This month, the stock index of car rental company Avis Budget was taken on a roller coaster ride by white-knuckle traders. Avis shares fell 70% on Wednesday and Thursday. This was their largest-ever two day decline. They had previously quadrupled, a sign of investor euphoria for "meme stocks" that have taken on 'life of their own. These moves are often made by firms that do not have an exciting future and are subject to bets on their share price falling. Matthew Maley is the chief market strategist for Miller Tabak. He said: "Avis has matured - it doesn't do AI, and it won't cure cancer." It's chasing a short-term squeeze, which is ridiculous. It's a sign that money is sloshing about the system, looking for a place to go. DOW TRANSPORTATION'S WILD RIDE The Dow Jones Transportation Average was also dragged down by Avis, which is often seen as a barometer of the health of the U.S. Economy. The transport index was launched in 1896 and rose up to 33%, before falling back after Avis returned to earth. It also experienced its biggest single-day drop since March 2020. Investors said that the Avis incident -- where a company?currently worth $8 billion? moved an index that included firms like Uber, United Parcel Service and Delta Air Lines which are worth tens or hundreds of billions -- was the latest example of the limitations of "price-weighted" indexes. Price-weighted indexes are calculated by summing component share prices, rather than the market values used by the more widely employed market-value-weighted indexes such as the S&P 500. James St. Aubin said that a small company could wag the tail if it is compared to a benchmark. St. Aubin stated, "If you take a look at Avis it shows the types of problems with weighting schemes." On a market capitalization basis, it is only a fraction of the index. If you look at the index of prices, it's more like 20% since the share price is higher. The S&P Transportation Select Industry FMC Capped Index - a market-capitalization-weighted gauge tracking the same sector - posted muted swings. The index grew by 1.8% after a 2.4% drop on Wednesday. S&P Global declined to comment. The company owns Dow Jones and S&P and maintains them both. SQUEEZE MECHANICS Short squeezes were the primary cause of Avis Budget shares' action. Investors buying heavily shorted stocks pushed the price higher, forcing bearish traders to cover their shorts at higher prices. Investors borrow shares, sell them and then buy them back later at a lower price. They pocket the difference. According to LSEG, two hedge funds, SRS Investment Management Management and Pentwater Capital Management own together about 70% of Avis's outstanding shares. Pentwater Capital increased its stake recently, shrinking the float. Retail traders bought it up, adding momentum to meme-stocks and driving short sellers to billions of dollar losses in April. Avis was the single largest holding in the Roundhill Meme Stock ETF, an actively managed fund which targets stocks driven more by social media than fundamentals. The weighting for this ETF is 6.44%. Analysts are questioning if the Dow transport index provides meaningful insight on the sector and the U.S. economic - especially given the recent spike in oil prices due to the Middle East conflict. St. Aubin stated that no exchange-traded funds track the Dow Transport index. However, the S&P transport index is the basis for several funds including the $1.8billion iShares Transportation Average Fund. He said that most investors don't want to invest using a weighting system based on the price per share. The Dow Transport Index is based on Dow Theory, a century-old framework that holds that sustained movements in transportation stocks can confirm or deny trends of industrial activity. Some say that the Dow Theory has lost its relevance. Jay Hatfield is the chief executive officer and chief investment office at Infrastructure Capital Advisors. He said, "I don't think that Dow Theory really works, so I will just wish you Godspeed if you do follow it." "I find it anachronistic."
-
Galp doesn't expect a shortage of jet fuel in Portugal
Galp, Portugal's sole refiner and dominant jet fuel supplier, said that it does not anticipate any disruptions in supply despite the concerns expressed by certain European airlines ahead of the holiday travel season. Galp has said that it produces around 80% jet fuel for Portuguese airports at its Sines refinery. The crude oil is sourced primarily from Galp’s offshore fields in Brazil. The import of smaller quantities is primarily to meet the European standards for sustainable aviation fuel and to cover periods of high demand. European airlines have warned of the possibility that the Iran conflict could trigger jet fuel shortages. Europe imports about 75% of its jet-fuel from 'the Middle East. Galp stated that in the past, imports were primarily sourced from refineries located in Asia and the Middle East. However, it will now prioritise the purchase of jet fuel imported from the United States and West Africa. It added that these imports are likely to be concentrated from May through October. Galp stated that "at this'stage and under the current circumstances, there are no supply disruptions expected in the next few months." The demand is fully met by the national production of the Sines refinery and the stock levels, as well as the jet fuel imported through contracts already in place. Galp has been implementing mitigation measures to bolster supply resilience since early March. These include daily monitoring of supply and demand, tracking geopolitical risk, contracting cargo earlier, increasing stocks, and diversifying sourcing.
-
Union: Spirit Airlines employees must be protected by the US bailout
The?union that represents workers at Spirit Airlines stated on Friday?that any U.S. bailout for the bankrupt low cost carrier must protect its?employees. Marshall Huebner said that the Trump administration had'made a financial offer' to?help Spirit Airlines exit bankruptcy, which was being evaluated by its major creditors. The International Association of Machinists and Aerospace Workers (IAMAW), which represents Spirit's employees in the ramp service, has said that any bailout should not include "furloughs or layoffs" and must not involve shifting the burden to the people who run the airline. Spirit's problems predate the Iran War, but the spike in fuel prices that began late February has?made it worse. Huebner stated that the liquidation of Spirit will eliminate over 17,000 jobs, and result in billions of claims. The union cited an airline rescue program from the pandemic era that included restrictions on stock buybacks, dividends and executive compensation. Lawyers for Spirit creditors testified in court Thursday that they had studied the terms of the government offer, which sources claim includes $500 million of financing. The government is also required to receive warrants equivalent to 90% of Spirit?s equity. Spirit's second bankruptcy restructuring after 2025 would be able to be avoided with the senior debtor in possession financing. Donald Trump announced on Thursday that his administration is 'looking to buy the embattled carrier at the "right" price. He told reporters in the White House that if the price of oil drops, he would consider selling the airline for a profit. Spirit, a budget airline based in Florida, is running out of time. Huebner said Spirit needed a new financing plan or access to $240 millions of funds by next week. A?deal' would keep Spirit Airlines afloat at a time of higher fuel prices that are eating into the profits of carriers. However, the prospect of an American government-funded bailout is causing a backlash from the airline industry as well as members of Trump’s Republican Party. (Reporting and editing by Rod Nickel.)
The Asian spot price of GLOBAL LNG has fallen to a near-year low due to weak demand and recession concerns
The Asian spot price of liquefied gas (LNG), which is a product of the United States, fell to its lowest level in almost a year, due to weak demand, excessive stocks, and fears of a global economic recession caused by President Trump's tariffs.
Average LNG price for delivery to North-east Asia in May
Estimated June delivery prices were $11,30/mmBtu.
The price of Asian LNG is under pressure due to a weak seasonal demand and high inventories, as well as recession fears linked to the elevated U.S. China trade tensions, said Kpler analyst Go Katayama. He was referring to stocks in Japan and Korea.
The 90-day tariff suspension by the U.S. may have sparked some optimism, but it's limited. And the continued tariffs against Chinese goods keep the market cautious, according to him.
Restocking in Northeast Asia is subdued. It's unlikely that it will pick up until prices fall below $12/mmBtu, or unless weather forecasts become hotter.
Trump's tariffs on dozens countries have roiled the global markets, causing concerns about a possible recession and escalating tensions between China and America.
As a result of the tariffs, LNG importers are reselling cargoes sourced from the United States.
Wei Xiong, a Rystad analyst, says that China's halt on U.S. LNG exports will likely continue. However, a muted growth in gas demand will limit the incremental LNG demand.
She said that "the ongoing trade tensions, and higher tariffs, may increase the downside of the industrial sector as the export economy will likely slow down."
S&P Global Commodity Insights, a commodity research firm in Europe, assessed the daily North West Europe (NWM) LNG Marker price benchmark on April 10 at $10.127/mmBtu for cargoes to be delivered by May ex-ship. This represents a discount of $0.805/mmBtu compared to the gas price at Dutch TTF hub.
Spark Commodities set the price at $10.184/mmBtu for delivery in May, while Argus put it at $10.195/mmBtu.
Angola LNG sold a cargo to France rather than Asia, despite the closure of the inter-basin west African arbitrage holding.
According to Spark Commodities analyst Qasim Afghanistan, amid U.S. Tariff announcements on Monday, the U.S. Front Month Arbitrage to North-East Asia via Cape of Good Hope briefly achieved breakeven levels, before closing and pointing back to Europe.
He added that in LNG freight, Atlantic rates had dropped for the third consecutive week, to $22,500/day, on Friday. Pacific rates were down to $24,750/day. (Reporting and editing by Shailesh Kumar)
(source: Reuters)