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Handelsblatt reports that mediation fails over spat about Franco-German fighter aircraft
Handelsblatt reported on Saturday that mediators failed to resolve the dispute between the companies involved in a Franco-German fighter jet project. However, political leaders have the right to intervene. The newspaper cited?people who were familiar with the discussions as saying that the mediators, one from France and another from Germany, would each submit separate reports about their efforts. The paper said that German Chancellor Friedrich Merz will be briefed over the weekend on the current status of the dispute and plans to decide on Germany's stance by Tuesday. Merz 'is scheduled to meet French president Emmanuel Macron during the informal European Union'summit in Cyprus next Thursday and Friday,?it said. The 100 billion euro?FCAS project, which has been in crisis for years, is stalled because of a long-running dispute between Dassault Aviation (France) and Airbus (Germany and Spain), who represent the project. Dassault Aviation's head said that on April 1, he would give his company between two and three weeks to determine if a deal could be made on the air-combat system. Merz announced late last month that he would do everything he could to save the program and that two mediators were appointed to resolve differences. A spokesperson for Airbus Group in France declined comment. Dassault, the French presidency, and the German government did not respond to requests for comment.
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India increases inflation-linked allowances and approves a $1.4 billion maritime insurer pool
A minister announced on Saturday that India had approved a 129.8 billion rupees ($1.4 billion) guarantee to?a maritime pool?, as sanctions and wars prompt insurers?to withdraw coverage, threatening trade flow?. Ashwini Vashnaw, Information and Broadcasting minister, said that the pool would 'run for 10 year's?and could be extended another five years. According to a government statement, "there was a necessity for a domestic risk-covering pool in order to maintain sovereignty and the continuity of trade when coverage is withdrawn due to sanctions or geopolitical tensions." Reports earlier this month revealed that several major reinsurance companies, including India's sole state-backed reinsurer GIC, had either removed?coverage or raised premiums sharply, leaving the industry without much reinsurance assistance. Reinsurers help insurers spread risks, which is a vital support. The Iran war and Western Sanctions on Russia are among the 'issues that have led the insurance industry to reduce coverage. In a statement, it was stated that the insurance pool would cover all maritime risks including hull, machinery, cargo, and war risk. Members will issue policies using a combined underwriting capability of approximately?9.50 billion rupies. The inflation-linked allowance has been increased In a separate announcement, the government announced that inflation-linked allowances would also be increased by?2% starting on January 1. Dearness allowances and dearness reliefs are government mandated payments that are aimed at reducing inflation among employees and pensioners. The allowances are reviewed twice a year according to the consumer price index. Government data released earlier this month showed that India's CPI increased to 3.40% from 3.21% year-on-year. The price of cooking gas has increased, despite the fact that government tax cuts have protected consumers from the full impact.
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Ship tracking data shows five LNG-loaded Qatari vessels approaching the Strait of Hormuz.
Ship-tracking data on Saturday showed that five vessels loaded with LNG?from Ras Laffan in Qatar are approaching the Strait of Hormuz. The vessels would have been the 'first?to successfully transit LNG cargoes in the waterway after the U.S./Israel war against Iran started on February 28. Iran reopened Friday the Strait of Hormuz, which carried before the war a fifth the world's LNG traffic. This was after a separate ceasefire agreement, brokered by the United States, reached on Thursday between Israel and Lebanon. On Saturday, a convoy of oil tankers crossed the Strait of Hormuz. The data from the analytics firm Kpler showed that the vessels Al Ghashamiya Lebrethah Fuwairit Rasheeda Disha had moved to the east towards the Strait?Hormuz. The first four tanks are owned by QatarEnergy while?Disha, a chartered vessel by India's Petronet, is controlled by?Petronet. QatarEnergy didn't immediately respond to an inquiry for comment. "We see five vessels approaching the Strait of Hormuz. The five vessels were loaded at Qatar's Ras Laffan plant. Two of the five vessels are bound for Pakistan, while two others may be headed to India, and one has no known destination, said Laura Page at Kpler, who manages LNG Insight. "In addition, two ballast Adnoc ships enter the Gulf of Oman to moor near Fujairah. The vessel movements are in line with flaring data, which indicates that multiple trains have been restarted at Ras Laffan’s north site as well as UAE’s Das Island plant", she added. Qatar is the second largest LNG exporter in the world, with most of its shipments going to customers in Asia. The Iranian attacks have impacted 17% of Qatar’s LNG export capacity. Repairs are expected to take three to five more years to complete.
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UK's Cooper calls for full resumption of ship traffic through Strait of Hormuz
Yvette Cooper, British Foreign Secretary, said that despite a ceasefire between the 'Iran War' and 'the Strait of Hormuz war being declared on Saturday there had been no return to normal operation. She urged Tehran to allow full global shipping to resume. Cooper said on the sidelines of an Antalya diplomatic forum that "we are in a crucial diplomatic moment. A ceasefire is now in place, but we do not yet have a normal passage through strait." On Saturday, a convoy of tanks crossed the strait. This was the first significant movement of ships through the waterway since the U.S. launched its war against Iran on February 28, The Islamic Revolutionary Guard Corps of Iran announced on Saturday that Tehran has agreed to "a managed?passage of limited number of oil tankers and other commercial vessels through Strait of Hormuz". The strait would remain under Iranian control as long as the U.S. did not guarantee full freedom of movement for vessels traveling to and from Iran. Cooper stated that the U.S. - Iran?truce must develop into a lasting peaceful, and added that restoring the shipping along the waterway is urgent for the 'global economy. She said: "We need to open the Strait of Hormuz... as this will help all of our economies around the world, which are currently held hostage." Cooper stated that more than 50 countries have backed efforts in support of freedom?of?navigation, and over a dozen are prepared to provide maritime assistance, including demining, reassurance,?for ships, after the conflict is resolved. She said there was "considerable?work?to be done" to make the ceasefire a lasting settlement and called on all sides to maintain the truce. (Reporting and editing by Jonathan Spicer; Louise Heavens, Emelia Sithole Matarise, and Tuvan Gumrukcu)
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Tracking data from vessels shows a convoy of tankers crossing the Strait of Hormuz.
Data showed that a?convoy of 8 tankers crossed the Strait of?Hormuz Saturday. Some ship owners expressed their?hopes' that Tehran would allow them to leave the Gulf in a?short?ceasefire period during the Iran war. MarineTraffic reported that the group, which included a very large crude carrier (VLCC), oil product and chemical tanks and liquefied propane gas (LPG), was passing through Iranian water south of Larak Island. From the Gulf, more tankers could be seen. Since the U.S., Israel and Saudi Arabia launched their 'war on Iran' at the end February, Tehran has closed the Strait and forced all Gulf oil producers to cut production. Iran has reopened the Strait of Hormuz, which carried before the war a fifth?of world oil trade. This follows a separate ceasefire, brokered by the U.S., on Thursday, between?Israel? and Lebanon. Some ship owners said they may try to take advantage of the opportunity to leave Gulf as long as the ceasefire is in place. All asked to remain anonymous due to the sensitive nature of the situation. Since yesterday afternoon, several ships have been seen approaching the strait before turning around. This indicates that the passage is still restricted. A spokesperson for Iran's Revolutionary Guards stated in a statement released on Saturday: "Following previous agreements reached in negotiation, the Islamic?Republic of Iran acted in good faith and agreed to the controlled passage?of a?limited?number of commercial vessels and oil tankers through the Strait of Hormuz." International Energy Agency said that the closure of the Strait resulted in a 'largest ever supply loss' - 10 million barrels per day of oil and a 20% reduction in global liquefied gas supplies. Saudi Arabia, the UAE, Iraq, and Kuwait, top Gulf producers, say that they need a constant inflow and outflow, and an unrestricted flow through the Strait, to be able resume their steady oil export operations. (Reporting and writing by Bureaus; editing by William Mallard, Emelia Sithole Matarise)
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Ukraine strikes Baltic Sea port, Volga river industrial sites
Overnight, Russian local governors reported that Ukrainian drones had struck two industrial cities along the 'Volga River, as well as a port on the Baltic Sea near St Petersburg, which exports petroleum products. Governor Alexander Drozdenko announced that a fire was extinguished in the Vysotsk port, where a terminal operated by Lukoil handles the export of diesel fuel, vacuum gas oil, and naphtha. Vyacheslav Federischev, the governor of Samara region, confirmed that industrial targets were attacked in Syzran and Novokuibyshevsk. These cities are located around 1,800 kilometers (1,118 miles), to a southeast of Vysotsk. He didn't name the oil refineries, but both cities are home to oil refineries which have been repeatedly hit during?the?war in _Ukraine.
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American Airlines rejects merger talks United Airlines
American Airlines announced 'on Friday' that it is not interested in a merger between United Airlines, and that no such talks have taken place. This has diminished the prospects of a deal that could reshape the industry but would be subject to tough scrutiny by regulators. The combination of two major U.S. network providers would be the biggest consolidation in over a decade. It would further tighten a domestic market that is already dominated by 4 similar-sized players. The regulators, unions and consumers would be'very concerned about the increased fares and decreased competition. United Airlines CEO Scott Kirby discussed the possibility of merging with American Airlines during a meeting that he had with U.S. president Donald Trump in late February. The meeting took place three days before the U.S. - Israel war against Iran, which sent jet fuel costs soaring. Airlines have since raised fares and fees in order to offset the higher costs. American Airlines said in a press release that while changes to the airline industry may be needed, a merger with United would have a negative impact on competition and consumers. This is in conflict with the Trump Administration's approach towards the industry and the antitrust laws. United Airlines and White House didn't immediately respond to requests for comment. The White House previously stated that it had no opinion about a possible United Airlines merger with American Airlines. (Reporting by Megavarshini G. Somasundaram in Bengaluru; Editing by Pooja Desai)
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Tickets for public transport to World Cup matches are $150 at Soccer-New Jersey
Tickets for round-trip public transit to the World Cup games in New Jersey are now $150. They were previously less than $15 on an average day. Tickets for World Cup matches can cost thousands of dollars due to the increase of more than 10 times in transit fares. The CEO of World Cup New York/New Jersey's host committee stated on Friday that "we expect public transportation to sell out because it will be the fastest, most efficient way to get to a?stadium." This service will offer round-trips between New York City and the MetLife Stadium via trains and shuttles. World Cup ticket holders will have access to 40,000 non-refundable seats, which go on sale May 13th. The stadium can hold up to 80,000 people. SHUTTLE SERVICE FIFA will operate a shuttle bus service from Manhattan to the stadium. The round-trip cost will be $80, several times more than the regular price. It will transport up to 10,000 people. Tickets will be available on Friday. New Jersey Transit CEO Kris Kolluri explained that the increased prices were due to the increase in passengers and the cost of World Cup security. Kolluri explained that "all consumer protection triggers?that normally trigger a violation?do not apply to us because we are seeking reimbursement for the money we spend, and secondly, we aren't a for profit company." Other transportation options will be limited, such as ride-sharing, because the public parking lots around the stadium, which can normally hold more than 20,000 vehicles, will close on game days. The host committee has said that it will manage the traffic to reduce congestion around the stadium. It gave a location where cars could be dropped off, which is a 20 minute walk from the stadium. Penn Station, Manhattan, will be closed for other passengers four hours prior to and following the Games. The MetLife Stadium is hosting eight World Cup matches, including the final.
Turkey's Iran gas pipeline contract is nearing its expiration date, but no extension talks have yet taken place.
The long-term contract between Turkey and Iran for the?import of natural gas is due to expire within the next few months. Both countries could discuss a possible extension. However, no?negotiations have yet been initiated, according to the Turkish energy minister.
The agreement expiring in July calls for a delivery of 9,6 billion cubic meters of gas per year. However, actual flows are often far below the agreed amount.
Turkey imported 7,6 bcm of gas from Iran in 2012, which accounted for 13% total imports. Data from regulators shows that the pipeline's contracted volume was last reached in 2022.
According to our forecasts, we might need this gas pipe or the flow of gas from Iran for the supply security of Turkey. No negotiations are currently underway. I believe?they're busy with so many other things. We could sit down and discuss an extension," Alparslan Bayraktar said to reporters at a diplomatic forum in Antalya, a southern Turkish province.
Bayraktar, in reference to the Iran War, said: "But we haven’t started a discussion during the current conditions in the region."
Bayraktar said that Turkey is also seeking to diversify its natural gas supply, including by using Russian liquefied?gas.
Ankara issued a licence to BOTAS, a pipeline operator in Russia, for long-term LNG imports. This was reported by local media this month. BOTAS has been granted a 10-year licence by the regulator. This license was only given to countries where Turkey had long-term LNG contracts. These include Algeria and Oman.
When asked about LNG imports from Russia, Bayraktar replied that Turkey has not yet started to import LNG.
Turkey imports Russian gas through the BlueStream and TurkStream pipelines. Together, these two pipelines account for approximately 35% of Turkey's overall gas mix. Tuvan Gumrukcu, Can Sezer and Tuvan Gumrukcu (Reporting). Huseyin Haatsever wrote the article. Editing by Louise Heavens, Mark Potter and Mark Potter
(source: Reuters)