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Wesfarmers, Australia's largest retailer, increases retail prices to offset rising freight costs
Wesfarmers Australia's largest non-food retailer announced?on?Tuesday that it would be raising some of its product prices due to higher?freight costs and fuel costs resulting?from the Iran _war. Fuel surcharges levied by domestic and international transport companies, as well as the hardware retailer Kmart and conglomerate based in Perth, are having a "major impact" on cost. Rob Scott, CEO of Macquarie Australia in Sydney, said that when costs increase some prices will have to rise. "There are certain costs that will need to be passed on, such as transport and fuel costs. PVC pipes, and other building materials, are likely to be more expensive as a result. Scott stated that the cost of some products will increase, especially in the building product area. "Our low-cost model allows us to keep our prices at the lowest possible level across all of our businesses." Wesfarmers lithium mining operations also face?some pressure on costs from rising diesel prices. However, Scott said that fuel was only a 'pretty minor component' of the overall operating expenses. Scott said that the conflict had affected the 'price of fertilisers, but Wesfarmers benefited from government-backed purchases. This allowed them to ensure urea deliveries despite the price volatility. Reporting by Christine Chen, Sydney; editing by Sonali Paul
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American Pilots Union Chief says United CEO's idea of a merger showed 'boldness'
The head of American Airlines pilots' union, Scott Kirby, told his?members the merger idea of United Airlines CEO Scott Kirby was the "bold vision" that the airline needed. However, the?union did not endorse a tie-up of the two airlines. Nick Silva, President of the Allied Pilots Association, said in an email sent to pilots on 'Monday that Kirby’s vision was "transformative". This could have a positive impact for American Airlines, its pilots, and passengers. Silva's message demonstrates how Kirby’s rejected proposal is now a major pressure point within American. APA does not support a merger but its president uses the idea to argue American needs a stronger strategy and more ambitious leadership to catch up with competitors. Silva wrote: "(Kirby's) bold vision of the future of air travel could be transformative to our?passengers and the communities we serve. And, most importantly, you, our American employees, whom our C-suite chose to disrespect. American did not respond immediately to a request for comment. United announced last month that it had abandoned its pursuit of a fusion with American, after the rival carrier refused to engage in a dialogue following an initial approach. American said that a merger between United and American would be bad for the competition and consumers. UNION PRESSURE Since years, American Airlines has been behind Delta Air Lines & United in terms of profitability. The unions of the airline have made?that gulf into a governance problem, urging the board to hold the company's top executives accountable. In February, APA urged American to?take?decisive action? and requested a?full-board meeting. Flight attendants' union of the airline also issued a vote of no confidence in Chief Executive Robert Isom, and demanded a leadership change. It is rare for labor groups to publicly call for a change in leadership outside of formal contract negotiations. The unions of American Airlines have tied the airline's performance with strategy and execution. Silva urged American pilots read Kirby’s message. He said the United chief had explained why he thought a merger would be transformational for both airlines, and could withstand regulatory scrutiny. Silva said that while Kirby's vision is only "aspirational" at this time, it shows how far behind domestic and international competitors the United States has fallen. Silva said APA’s message focused on the lack of a strategy for the long term, the "unacceptable state" of the airline and the union’s openness to “any path forward” that would allow pilots the opportunity to work in an airline that values them and "not only competes, but leads the industry." He wrote: "It is clear that bold ideas and leadership will be required to restore 'American Airlines to a place of prominence among global carriers. HURDLES FOR MERGER Kirby brought up the idea of a tie with American at a meeting scheduled with Trump in late February to discuss the future Dulles Airport, according to sources last month. The idea was born out of escalating competition between the carriers in Chicago and elsewhere, but it faced "severe antitrust hurdles" due to their overlap in key markets. Trump has said that he is against a merger of the two carriers. Silva expressed his hope that senior management would give full consideration to all the strategic options which could help?American move forward, rather than dismissing them "quickly and defensively." Silva's email also suggests that people who are interested in the future of American might be contacting APA. He claimed that American management recently asked if anyone was "trying to get APA pilots aboard with an alternative plan" or the airline. Silva wrote: "The answer is yes." He didn't identify the people behind these efforts or whether United was involved. (Reporting and editing by Edmund Klamann, Stephen Coates and Rajesh Kumar Singh)
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Drones disrupt relative calm for months in Sudan's capital and hit airport
Sudan's military blamed the United Arab Emirates (UAE) and Ethiopia for a drone strike on Monday that targeted Khartoum Airport. This is the latest of a series of attacks in recent days which has broken months?of relative calm?in Sudan's capital. Could not independently verify these claims. The allegations were made late Monday night. Neither country has commented immediately. Sudan accuses the UAE of backing paramilitaries called Rapid Support Forces, an allegation the Gulf state denies. Ethiopia was accused of involvement in the conflict by Sudan earlier this year. Residents report that since Friday, strikes have been launched against military targets as well as civilian areas of a city in which people, ministries, and international agencies began returning after the army regained control in March 2025. Witnesses reported that Monday's drone strikes targeted Khartoum International Airport, where the first fighting between the military forces and paramilitary Rapid Assistance Forces began in April 2023. The airport received its first flight internationally in three years just last week. Asim Awad Abdulwahab, the army spokesman, said that the government has evidence that the attacks on several states that began March 1 originated from Ethiopia's Bahir Dar Airport. He was referring to data from a drone that had been downed mid-March and that had links to the airport as well as the United Arab Emirates. He said that the army had linked a drone launched from Ethiopia's Bahir Dar airport to Monday's attack. Abdelwahab stated that "What Ethiopia and the UAE have done against Sudan is direct aggression and will not be met with silence." DRONES HAVE DOMINATED CONFLICT Locals who spoke under anonymity said that they believed that the Rapid Support Forces was behind the new attacks. The RSF is yet to comment on the attacks. The Information Ministry announced earlier that no injuries or damage were caused in the airport attack. It will resume normal operations following routine safety procedures. Drone warfare is the primary tool in the conflict that has caused what the U.N. describes as the worst humanitarian disaster on earth, with hundreds of thousands of deaths from violence, disease and hunger, and millions of refugees. Over the weekend, witnesses reported that drones struck Khartoum and its twin city Omdurman in addition to the cities of al-Obeid west of Khartoum and Kenana south of it. Emergency Lawyers, a group of activists, reported that one killed five civilians in a bus in southern Omdurman, on Saturday. On Sunday, another?killed the family of Abu Agla Keikal a tribal leader who had defected to the army from the RSF during the earlier war. These attacks follow another defection by al-Nour al-Guba. A senior RSF officer who was welcomed into Khartoum with his forces?late last week, raising fears about tensions in the army coalition. Sudan's conflict erupted when the RSF and Sudanese Army fell out over plans for integrating their forces and transitioning to democracy. RSF "quickly" took over Khartoum, but was forced out last year. Since then, it has consolidated its control over the Darfur region in the west and opened a second front in the Blue Nile State along Ethiopia's border, which is also marked by drone attacks. Ethiopian media reported in February that it was hosting a training camp for thousands of RSF fighters and upgraded Asosa Airport airport to accommodate drone operations. (Written by Nafisa Altahir, edited by Andrew Heavens & Lincoln Feast)
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Chevron CEO: Shortages in oil supply to begin appearing
Chevron's Chairman and CEO, Mike Wirth, said that physical shortages of oil would start to appear around the world? due to a?closure of the Strait of Hormuz. Through this strait 20% of the global crude supply passes. Wirth, during a Milken Institute sponsored discussion, said that economies will shrink first in Asia as the demand adjusts to the reduced supply. The strait is still closed due to the U.S. - Israeli?war against Iran. Wirth noted that the surplus supply on?commercial markets was being consumed, as were tankers in shadow fleets, which avoided sanctions and national strategic reserve. He said that the demand must be able to match supply. "Economies will have to slow down." Wirth stated that Asia is most dependent on Gulf oil production and refinery, followed by Europe. Wirth said that although the United States is a net oil exporter, the impact will be felt in other parts of the world. He noted that the last scheduled shipment from the Gulf of Mexico was being unloaded at the Port of Long Beach, which supplies Los Angeles and Southern California. Wirth stated that the overall impact of the Hormuz shutdown is "potentially?as big as in the 1970s." In the 1970s, two?major disruptions of supply shook economies all over the world. Fuel rationing was common and long lines were seen at retail pumps. Due to the Hormuz shutdown, Spirit Airlines closed its doors over the weekend. Jet fuel prices increased amid tighter supply.
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US crude oil prices drop by more than 1% as traders assess supply risks
U.S. crude oil prices fell more than 1% on Tuesday, as investors weighed up the impact of?Iranian?attacks?on ships in the 'Strait of Hormuz? and the news that Maersk operated a U.S. flagged ship which had passed through the strait with U.S. Military. U.S. West Texas Intermediate traded at $104.88 per barrel by 2236 GMT, a drop of $1.54 or 1.5%. Maersk announced that the Alliance Fairfax - a U.S. flagged vehicle carrier operated by Farrell Lines - left the Gulf on Monday accompanied by U.S. Military assets, alleviating immediate fears of a supply disruption. U.S. Central Command, Centcom, said on X Monday that American forces are actively assisting efforts to restore commercial ship traffic through the Strait of Hormuz. The oil prices jumped by more than 6 percent on Monday, after U.S. president Donald Trump launched a new effort to reopen Hormuz for shipping. This prompted Iran to retaliate to keep its grip on the vital energy transit route. Several commercial ships were reportedly hit, and a UAE oil terminal was set ablaze 'after an Iranian attack' as Trump's attempts to use the U.S. 'Navy' to free up'shipping' provoked the biggest 'escalation' in the war since a ceasefire declaration four weeks ago. (Reporting and editing by Nia William and Himani Sarkar; Anushree mukherjee, Bengaluru)
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American Pilots Union Chief says United CEO's idea of a merger showed 'boldness'
The head of American Airlines pilots' union told members that United Airlines CEO Scott Kirby's merger proposal showed "the bold vision" that the carrier needed, but the union did not endorse a tie-up. Nick Silva, President of the Allied Pilots Association, said in an email sent to pilots Monday that Kirby's vision was "transformative" and could benefit passengers, communities, and American Airlines pilots. Silva, who did not support the merger of United-American, used Kirby's email as an occasion to criticize American's leadership. The unions are putting pressure on them because they have been underperforming financially. American didn't immediately respond to an inquiry for comment. Last month, United announced that it had ended its pursuit for a merger with American. The rival carrier refused to engage after an initial approach. American said that a merger between United and American would be bad for the competition?and consumers. UNION PRESSURE BUILDINGS The email suggests that, despite the fact that American rejected the merger proposal due to major regulatory obstacles, it has caused a new source of pressure within the airline. For APA it is part of a broader argument stating that American must adopt a more aggressive strategy in order to compete with its stronger rivals. "(Kirby's) bold vision for air travel could be transformative to our passengers, communities we serve and, most importantly, you, our American employees that our C suite has chosen not to respect: You," wrote Silva. Silva said Kirby’s vision might only be an "aspirational" one for the moment, but that its ambition showed?how far American has fallen behind domestic and international rivals. The unions that represent American's flight attendants and pilots have criticised the company's financial performance and its failure to match Delta Air Lines or United. Silva said APA’s message focused on the lack of a strategy for the long term, the "unacceptable state" of the airline and the union’s openness to "any way forward" which would allow pilots to work for an airline who?values and respects them, and that "not only competes, but leads the industry." Silva wrote: "It is clear that bold ideas and leadership will be required to restore American Airlines to its rightful place as a global airline." (Reporting and editing by Edmund Klamann; Rajesh Kumar Singh)
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American Pilots Union Chief says United CEO's idea of a merger showed 'boldness'
The head of American Airlines’?pilots' union,?Scott?Kirby, told his members that the "bold vision'' of United Airlines CEO Scott Kirby's merger 'idea was exactly what the carrier needed. However the union did not endorse a tie-up of the two airlines. Nick Silva, president of the Allied Pilots Association, said in an email sent to pilots on 'Monday that Kirby’s vision can be "transformative" both for passengers and communities, as well as American Airlines pilots. Silva, who was criticized by American's unions for the carrier's poor financial performance, used Kirby’s proposal to criticize the leadership of the company. American didn't immediately respond to an?request for comments on the issue. United announced 'last month that it had ended its pursuit for a merger with American after the rival carrier declined to engage in a first approach. American has said that a merger with United would be bad for the competition and consumers. (Reporting and editing by Edmund Klamann; Rajesh Kumar Singh)
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Southwest considers hiring Spirit Airlines mechanics in advance of the Boeing MAX 7 arrival
Southwest Airlines is interested in hiring aircraft mechanics from the now-defunct Spirit Airlines. A union official announced this on Monday, as Southwest Airlines prepares to receive Boeing's 737 MAX 7 jets early next year. The U.S. airline is hiring mechanics to support its red-eye flights, and in anticipation of the arrival of the MAX 7 jet early in 2027. This will be pending certification by the Federal Aviation Administration this year. Bret Oestreich is the president of Aircraft Mechanics Fraternal Association. He has talked to executives at Texas based Southwest about hiring mechanics who were employed by Spirit when it ceased operations on Saturday morning. Both airlines have members of the union. Oestreich added that Southwest was also replacing retiring mechanics. Spirit landing slots, engines, and aircraft will be in high demand, as the airline industry struggles to find new planes and spare parts and is battling congestion at U.S. airports. American Airlines, too, is reportedly interested in Spirit mechanics. Southwest has informed its pilots that it plans to hire 1,072 new pilots this year. This is 200 more than was expected, according to a source with knowledge of the situation. A second source warned that the number may be lower if jet-fuel prices continue to remain high. Southwest did not comment on hiring targets but stated that it "continually evaluates new talent". Surging jet fuel costs due to the U.S./Israeli war against Iran are squeezing airline margins and pushing some airlines to the edge. Airlines are also trying to introduce more fuel-efficient planes, like the MAX, into their fleets in order to cut operating costs and?ground older planes which consume more fuel. Southwest Airlines will be the first airline to receive a MAX 7 aircraft. CEO Bob Jordan has stated that he anticipates the plane to be certified in August 2026. Boeing CEO Kelly Ortberg stated in April that the U.S. aircraft manufacturer expects certification to take place this year, with deliveries starting in 2027.
What global business leaders have met with Chinese President Xi Jinping?
On Friday, the Chinese president Xi Jinping met with some of the biggest business leaders in the world.
The Chinese leader has met with chairmen, CEOs, and company presidents from major international firms that operate in China for the second consecutive year after the China Development Forum (an annual business conference) held over the weekend.
The meeting last year was focused on the executives of U.S. businesses doing business in China. This year, there were more than 40 participants from around the world.
RAY DALIO BRIDGEWATER ASSOC.
Billionaire Dalio is the head of one of the largest hedge funds in history. He's considered an expert on China investing.
BILL WINTERS is the CEO of STANDARD CHARTERED
When China lifted the foreign ownership cap in 2020, the bank was the very first to establish a securities firm that was owned by foreigners.
STEVE SCHWARZMAN is the CEO of BLACKSTONE GROUP
Schwarzman, who was to meet with Xi before the meeting, said Blackstone, which is the largest alternative asset manager in the world, would "play a proactive role" in promoting U.S. China economic and trade collaboration.
PAUL HUDSON is the CEO of SANOFI
The French drugmaker announced in December last year its largest investment to date in China, a base for insulin production in Beijing worth 1 billion euros ($1.1 billion).
AMIN NASSER PRESIDENT AND CEO SAUDI ARAMCO
Saudi Aramco announced two joint ventures in the refining, petrochemical and state oil industries of China. Middle Eastern energy company has recently increased cooperation with Chinese private companies.
CRISTIANO aMON, PRESIDENT and CEO of QUALCOMM
Qualcomm, a chip-making giant, derived 46% its revenue from its latest fiscal year's customers with headquarters in China.
RAJESH SUBRAMANIAM, PRESIDENT & CEO, FEDEX INC.
FedEx celebrated its 40th anniversary in China last year, where it employs nearly 11,000 people and facilitates international shipping to Chinese customers.
PASCAL SORIT, CEO of ASTRAZENECA
AstraZeneca is AstraZeneca’s second largest market. Last week, the company announced that it would spend $2.5 billion to build a second research and development center in Beijing.
MIGUEL ANGEL BORREGO is the CEO of THYSSENKRUPP.
Decarbon Technologies, a segment of the German industrial giant, has expressed its intention to continue investing in China’s green energy transformation.
BELEN GARIJO is the CEO of MERCK
The company, which makes drugs, lab equipment, and semiconductor chemicals, had a large presence in China. Its annual sales accounted for approximately 3 billion euros.
OLA KALLENIUS, CEO, MERCEDES-BENZ
Mercedes' biggest market is China, and it also has one of the largest manufacturing facilities. In recent years, local EV makers have put pressure on the German automaker. The company says it will continue to invest heavily in China to protect and grow their market share in the coming years.
OLIVER ZIPSE is the CEO of BMW
BMW's share is also under pressure in China, a key market, as local automakers gain market share with cheaper EVs. This forces their European competitors to slash price.
GEORGES ELHEDERY is the CEO of HSBC HOLDINGS
Elhedery, a former finance chief at HSBC, was promoted last year to CEO. He became the bank's first Mandarin speaker.
TOSHIAKI HIGASHIHARA, EXECUTIVE CHAIRMAN, HITACHI LTD.
Hitachi Ltd. is concerned about the pressure on its prices to drop in China, as economic growth slows.
AKIO TOYODA - CHAIRMAN TOYOTA MOTORS
Last month, Toyota announced that it would establish a company owned by the Lexus brand in Shanghai for the development and production of EVs.
KWAK Noh-Jung, CEO of SK HYNIX
Memory chip manufacturer has significant manufacturing facilities in China. These include Wuxi, Dalian and Chongqing.
KLAUS ROSENFELD, THE SCHAEFFLER GROUP
Schaeffler Greater China is an important business partner and supplier to the automotive and industrial sector in the second largest economy of the world.
HUBERTUS BAUMBACH is the CEO of BOEHRINGER INGELHEIM
Boehringer Ingelheim China employs about 4,000 people and focuses on biopharmaceutical manufacturing, animal health, and human pharmaceuticals.
DAVID A. RICKS is the CEO of ELI LILLY
Eli Lilly has received approval for the weight-loss drug, tirzepatide, in China. The company will expand its Suzhou manufacturing facility to produce this in-demand drug along with other pipeline drugs.
JON ABRAHAMSSON, RING, CEO of INTER IKEA GROUP
IKEA China serves 90 million customers each year. The company has stated that it sees plenty of room for growth in a market with over 1.4 billion consumers.
VINCENT CLERC is the CEO of AP MOLLER – MAERSK
In 1924, the Danish shipping giant called in at Shanghai for the first time. Today it has over 18,000 employees working in China.
ROLAND BUSCH PRESIDENT AND CEO of SIEMENS
Siemens, a German industrial conglomerate, recently reported a tepid demand on its main market in China. This was coupled with an increase in competitive pressures.
ALBERT BOURLA is the CEO of PFIZER
Pfizer invested more than $1.5 billion into its Chinese operations. The company is focusing on oncology drugs, vaccines and rare diseases.
EMMA WALMSLEY is the CEO of GSK
After repairing its relationship with local officials after a corruption scandal a decade ago, the global biopharma company is increasing its dealmaking activities in China.
JAY Y. LEE, CHAIRMAN SAMSUNG ELECTRONICS
In 2024, China will surpass the United States in terms of the firm's largest market thanks to the strong sales made by memory chips. (Reporting and editing by Mark Potter. Casey Hall)
(source: Reuters)