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ESR raises $850 Million from existing shareholders for Asia Growth
The Asia-Pacific asset manager and owner?ESR announced on Thursday that it has secured $850m in new equity from its existing shareholders to fund growth?in the data centres, real estate and logistics businesses. In a press release, the Singapore-based group stated that it would use this new capital to strengthen its balance sheet as well as support its expansion in Asia-Pacific with an emphasis on logistics assets and data centers. The fundraising is part of a larger strategy overhaul that ESR will be implementing after being taken private in July 2025 by a consortium including Starwood Capital Group and Warburg Pincus. ESR stated that the new equity is a result of more than $2 billion in net proceeds generated by divesting non-core assets and recapitalising balance sheet assets since January 2025. In a statement, ESR President Phil Pearce stated that "ESR is entering its next phase of expansion with a strengthened capital base and?a more specialized platform." The company stated that it would use the capital for growth initiatives in "priority markets" including Australia, Japan, and South Korea. It also said they were pursuing opportunities within Greater China, India, and Southeast Asia. ESR stated that it has a pipeline of development worth $9 billion and serves more than 1,500 customers in the logistics industry. It said that its data centres business had a pipeline of?more than 3 gigawatts for phased development on key markets. (Reporting and editing by Yantoultra ngi; Toby Chopra).
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FedEx and pilots reach tentative wage agreement after years of discussions
FedEx and the union that represents more than 5,000 of its Pilots reached a tentative agreement on Wednesday. This paved the way for wage increases after years of negotiation. Since May 2021, FedEx and the Air Line Pilots Association have been in discussions. The union stated that under the tentative agreement, hourly wages for pilots would increase by approximately 40% in 2026. This would be followed by annual increases of about 3% between 2028 and?2030. First?officers could receive up to $102,500 in retroactive pay for the time they missed out on during negotiations. The union stated that "the tentative agreement will be next presented to the FedEx Master Executive Council, for their review." It added that the deal had been reached during talks overseen by National Mediation Board. FexEx confirmed that it had reached a tentative agreement with the 'pilots' union. FexEx operates the largest cargo air fleet in the world, with 390 'cargo' jets and 313 'turboprop' planes. The delivery company's pilots narrowly rejected an agreement in 2023 that would have offered a?30% pay increase? and improved pension benefits? over younger pilots' fears about outsourcing. Reporting by Fabiola Aramburo and Mrinmay dey in Mexico City, editing by Sumana Nady
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Bousso: Iran's 'tollbooth' at Hormuz will hard-wire higher energy costs
For now, the war that shut down the Strait of Hormuz is over. Tehran's insistence on acting as the toll booth keeper for the world's critical?oil artery could make energy markets more vulnerable and lead to higher prices. According to U.S. president Donald Trump, the U.S., Iran and Pakistan agreed to a ceasefire on Tuesday, which was mediated by Pakistan. Tehran must halt its blockade against oil and gas through the Strait. According to an Iranian official, the waterway through which a fifth or more of the world's gas and oil flowed prior to the U.S./Israeli war against Iran, it could reopen by Friday, but in a?limited?fashion, under Iranian control. Tehran also said on Tuesday that it would charge ships passing through the strait a fee under a permanent deal. The strait is only 34 km wide (21 miles) at its narrowest part between Iran and Oman. Some media reports suggest that Oman is strongly opposing any such toll system under the existing agreements. Others claim that a similar toll system already exists. In an interview with ABC News, Trump stated that the U.S. also considered setting up a joint-venture to charge ships tolls to access Hormuz. It is unclear how such a plan would work in reality. Iran could have the upper hand. The conflict has shown?Tehran’s ability to use drones, sea mines and missiles to attack dozens of vessels - giving it powerful leverage without a formal ban. A toll system in Iran would violate one of the most fundamental principles of international law, freedom of navigation. Under this principle, ships may navigate international waters free of interference by coastal states. The United States has always positioned itself as a global guarantor, enforcing that principle through diplomatic pressure and naval patrols. Washington would be forced to make a major strategic shift if it allowed Iran to control the Hormuz Strait. This would also represent a shock to the Middle East's oil and gas industry, which is the lifeblood of many countries, including Saudi Arabia, United Arab Emirates, and Qatar. This would create a layer of permanent political risk, both for Gulf producers and customers. Tehran would have disproportionate control over which ships could transit at what time. Iran could, for instance, outright ban Israeli-owned vessels, slow Saudi shipments in order to exert pressure on Riyadh or use delays as a leverage in unrelated disputes. They would not want Tehran to have such a strong grip on their main trade route. The implications for Asian buyers would be serious. China, Japan South Korea and India are heavily dependent on Gulf supply. Even modest and unpredictable disruptions could have a significant impact on refining margins and spot prices for liquefied gas and inflation expectations. It is unclear how much damage will be caused by the transit of vessels from Iran to friendly nations like China, India, Iraq, and Pakistan. HIGHER COSTS The toll could be significant financially. According to reports, the toll could cost as much as $2 million for each transit. This is roughly equivalent to the total cost to charter a large crude carrier to travel from the Middle East all the way to China in 2025. In addition to the death toll, increased security risks will increase insurance premiums for LNG carriers and tankers entering the Gulf. This will further drive up transportation costs. The war-risk premiums, which were volatile even before the conflict, will likely continue to be a structural feature of the market. Some ships could try to follow the coastline of Oman while transiting Hormuz. This would reduce the overall traffic volume and still expose ships to Iranian missiles, drones, and fast-attack craft. ALTERNATIVE ROUTES OF EXPORT These risks, combined with the uncertainty surrounding relations with Iran, will likely lead Saudi Arabia and UAE to continue using alternative oil export routes that were used during the war for many months, if they are not years. Saudi Aramco, the state oil giant, began pumping large quantities of crude through its East West pipeline to the Red Sea Port of Yanbu soon after the outbreak of war on February 28. This was done in accordance with contingency plans that were developed specifically for such a situation. The pipeline can transport 7 million barrels a day. Of this, 5 million barrels a day are exported, and the remainder is used to feed domestic refineries. According to Kpler, Saudi Arabia exported an average of 3.3 million barrels per day from its west coast ports in March. This is nearly half of the volume it will export by 2025. Even these alternatives have proven to be vulnerable. An industry source said that the East-West pipeline had been hit by an Iranian attack just hours after ceasefire announcement. Flows were expected to be affected. The UAE also diverted additional volumes via its pipeline to Fujairah's oil terminal outside of the Gulf. Kpler reports that exports from Fujairah increased to 1.6m bpd from averaging 1.1m bpd since 2025. These routes are essential for producers and buyers to hedge against the Hormuz threat, but they do not offer a full solution due to their limited capacity and vulnerability to regional tensions. The mere possibility of Iranian oversight is already changing risk perceptions, even if the full toll system never materializes. Iranian control of the Strait would give Tehran disproportionate power in the region's economic lifeline. Saudi Arabia and allies will resist this, whether diplomatically or not. Although the ceasefire is holding, for Gulf oil exporters and their allies, the battle for Hormuz has just begun. Ron Bousso is a columnist at. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Russian drones damage substation in Odesa region, Ukrainian officials say
Officials from Ukraine said that Russian drones destroyed a substation in the southern Odesa region of Ukraine on Wednesday. Meanwhile, Moscow's forces repeatedly attacked areas further east, killing one person. Oleh Kiper, regional governor of Odesa region, said that emergency services were on the scene and there had been no reported injuries. DTEK is a large energy company. It said that?one of their substations was damaged. Crews were waiting for word to start repairs. DTEK stated that the area had been under Russian attack "almost around the clock". Ukraine's energy infrastructure has been attacked for months. In the four-year conflict, the Russian military has repeatedly targeted the Black Sea port of Odesa and the areas around it. Ivan Fedorov said that a glide bomb strike overnight killed a man outside of Zaporizhzhia in the southeast. Oleksandr Gisha, the Governor of Dnipropetrovsk, said that Russian artillery and drones attacked a number of towns in the region nearly 40 times during the day. Officials have also reported drone attacks in Sloviansk near the frontline in the eastern Donetsk Region, in Kherson in the south, and Sumy in the border region with Russia. Venyamin Kodratiev, the governor of southern Russia's Krasnodar Region, said that falling drone debris killed an individual on a balcony of a building located northeast of the Black Sea port of Novorossiysk. It was not possible to independently verify the accounts of either side. Reporting by Ron Popeski, Oleksandr Kozoukhar and Stephen Coates; Editing by David Gregorio & Stephen Coates
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US FAA fines American Southwest Airlines for alleged drug and alcohol violations
The US Federal Aviation Administration proposed on Wednesday a civil fine of $255,000 against American Airlines, alleging the carrier had violated employee drug- and alcohol-testing regulations. The FAA proposed an identical fine on Friday against Southwest Airlines. The FAA announced on Wednesday that American had allowed 12 flight attendants to return to safety-sensitive work without having completed all of the required follow-up tests between May 2019 and Dec 2023. American stated that it was reviewing FAA's notice. The'safety' of our team and customers is paramount. The airline stated that it takes drug and alcohol tests seriously, and works with the FAA on any issues. The FAA announced a fine of $304,000 against Southwest on Friday. It claimed that the airline failed to perform required drug and alcohol tests for 11 employees including pilots. flight attendants. and aircraft mechanics. ? The FAA stated that the employees had 'previously tested positively for alcohol or drugs, including marijuana and cocaine. The regulator stated that the employees performed safety-sensitive tasks between August 2021 to July 2024 when Southwest Airlines did not require them to undergo required follow-up tests. Southwest Airlines said that it takes its drug and alcohol testing responsibility seriously and continues to engage with the FAA. The airline stated that it took immediate action over two years ago to improve its procedures, and to strengthen oversight and accountability. Both airlines have 30 calendar days to respond. Reporting by David Shepardson and Kanishka Singh; editing by David Ljunggren, David Gregorio and David Gregorio
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Russian drones damage substation in Odesa region, Ukrainian officials say
Russian drones destroyed a power station in Ukraine's southern Odesa region, officials said. Meanwhile, Moscow's forces attacked areas further east repeatedly, killing one person and injuring eight others. Oleh Kiper said in Telegram that emergency services were still at the scene of the attack. He stated that no injuries were reported. DTEK is a large private energy company. One of its substations was damaged. Crews waited for word to start repairs. DTEK claimed that the area had been under Russian attacks "almost around the clock". Ukraine has been attacked by the Russian military for several months. The Black Sea port of Odesa is vital for many Ukrainian exports. Areas in the surrounding area have also been frequently targeted by the Russian military during the four-year conflict. Ivan Fedorov is the governor of Zaporizhzhia, a region in the south-east. He said that a glide bomb strike overnight killed a man outside a village near Zaporizhzhia, which is also known as Zaporizhzhia. Two women were also injured. Oleksandr Gánchá, the?governor in the Dnipropetrovsk Region, said that Russian artillery and drones had struck a number of?towns almost 40 times during the day. At least three people have been injured. Officials reported drone attacks that caused injuries in Sloviansk near the frontline, in eastern Donetsk Region, in Kherson Region to the south, and in Sumy Region, on the border of Russia. Reporting by Ron Popeski, Oleksandr Kozoukhar and David Gregorio
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Southwest will fly wine free as an airline fee rises
Southwest Airlines is offering to fly wine?free of charge from certain parts of the United States. West Coast airlines have launched new flights to California's wine country, a rare freebie in an era of high fuel prices. The carrier announced on Wednesday that passengers will be able to "check in one case of wine" for free starting April 24, mainly from the wine regions along the West coast. The carrier announced its decision as it began service to Santa Rosa, California on Tuesday. Southwest Airlines and Delta Air Lines announced this week that they will increase fees for checked baggage, following the lead of United Airlines and JetBlue in the U.S. to offset rising jet fuel prices linked to the Middle East war. Jet fuel prices have been rising in the global aviation industry, and are expected to continue for several months despite a ceasefire agreement between the U.S. Iran. Since the pandemic began, U.S. airlines have built their business on premium travelers, corporate accounts, and loyalty program members. They bet that these customers will not pull out when fares increase.
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Fed rate cut betting revived, in a small way, by the ceasefire in the Iran war
Federal Reserve policymakers could consider lowering interest rates this year, now that the?announcement of a two-week pause in the Iran conflict?has eased fears about a resurgence of inflation. However, with the uncertainty surrounding the prospects for peace, and oil prices 30% higher than their prewar level, it is still far from certain. On Wednesday, traders bet on the possible impact of a lasting Middle East settlement and the reopening of Strait of Hormuz for shipping. Israeli airstrikes in Lebanon and an Iranian attack on a Saudi Arabian pipeline have raised uncertainty about the temporary truce. Minutes from the Fed meeting of March showed that some central bankers were willing to raise rates if inflation remained high. The data expected this week is likely to show that consumer prices rose in March at an unprecedented pace, not seen since 2022 when post-pandemic inflation peaked and triggered a round of aggressive Fed rate increases. Fed policymakers have said that a temporary spike in headline prices would not warrant a change in short-term rates. However, a longer-lasting conflict and higher prices which could affect household finances could force policymakers to make a tough choice. They could either keep rates high in order to combat inflation, or reduce rates to cushion the economy. As a U.S. peace delegation was heading to Pakistan this weekend for talks, traders hedged their bets. Interest rate futures contracts reflect a 1 in 4 chance that the U.S. will cut interest rates by year's end. This is down from a 65% probability of a rate reduction priced immediately following the ceasefire. However, it's also a big shift from the time before the ceasefire when traders had already built in some chances of a Fed interest rate hike. Evercore ISI's Krishna Guha wrote: "With conditions less likely to force the Fed to raise this year, we believe the market should be pricing closer to a full cut in the U.S.," The'shift in expectations of central banks after the ceasefire announcement is more apparent elsewhere - traders are reducing their bets that multiple rate increases by the European Central Bank and the Bank of England would occur. Mary Daly of the San Francisco Fed did not dwell on the implications of a ceasefire for interest rate policy when she spoke Wednesday. She told the St. George Area Chamber of Commerce that it is too early to tell how the 'Iran War and higher oil prices will affect the economy, because it depends how long the conflict lasts. She said, "There is a concern this may push inflation higher: it's our responsibility to focus on that." "There's concern that the labor market might not be as solid. But we don't see that. We're just seeing it settle in a good spot." (Reporting and editing by Andrea Ricci)
Libya's first oil company to be owned by a private firm is growing in the shadow of eastern commander
According to U.N. experts and shipping records, a Libyan company that is linked to a powerful faction in eastern Libya has exported at least $600,000,000 worth of oil since May. This marks the end of the National Oil Corporation’s monopoly over exports.
The little-known Arkenu Oil Company was established in 2023 and is the first private Libyan oil company to ship. This means that some of the oil revenue of Libya will likely be diverted away from the Central Bank of Libya.
Since the fall of Muammar Gaddafi, Libya has been divided by armed groups. It is now largely split between an internationally recognized government in Tripoli, located in the west, and a rival administration, controlled by Khalifa Hastar's forces, in the east.
The central bank of Tripoli has been at the center of many disputes, mainly over the distribution and use by that institution of the oil revenues. Haftar's troops, who control the majority of Libya's fields, have shut down production and exports periodically, most recently last August, to make sure money flows east.
Arkenu's ownership could not be determined. In a report submitted to the Security Council on Dec. 13, a U.N. expert panel said that Arkenu is indirectly controlled by Saddam Haftar. He is one of Khalifa Haftar’s sons.
Charles Cater is the director of investigations for The Sentry, a global investigative and policy organization.
For this article, we also interviewed Libyan experts, diplomats, traders, and reviewed over two dozen documents including letters from oil companies, government decisions, and bills of lading.
Arkenu's website and LinkedIn profile indicate that the company is headquartered in Benghazi. This city, located in eastern Libya, has a Mediterranean port with a terminal of oil under Haftar’s control.
Two sources claim that the company was founded in early 2023, by former employees of state-owned National Oil Corporation.
Arkenu website, but never received a response. A spokesman of the Libyan National Army (which Haftar commands) was also contacted without a response.
OPEC MEMBER
According to a U.N. Report, Saddam Haftar became chief of staff for the army's ground force in May of last year. This gave him control over the country's relations with its neighbouring countries, as well as its economic interests.
Arkenu's first connection to oil exports was when the Arabian Gulf Oil Company, a subsidiary of NOC awarded it ownership of a cargo in May. A letter dated 11 July seen by was the proof.
Arkenu exported seven more oil cargoes since then. Its total exports from May to December 2024 will be 7.6 million barrels based on shipping records and worth approximately $600 million if Brent crude average monthly prices are used.
Exxon Mobil, the U.S. oil giant, bought one of the cargoes destined to Italy on October 28, according documents and data reviewed by LSEG and Kpler.
According to a person with knowledge of the situation, Exxon purchased the cargo not directly from Arkenu but from another trader.
Unipec is the trading arm for China's Sinopec - the largest refiner in the world. At least two of these were destined for Britain or Italy.
Sinopec didn't respond to a comment request. It wasn't immediately clear whether Sinopec purchased the cargoes from Arkenu or another trader.
Requests for comments from the NOC, AGOCO, and central bank were not answered. The oil ministry refused to comment.
Libya, Africa's second largest oil producer, and a member of the Organization of the Petroleum Exporting Countries, has been in chaos since Gaddafi was overthrown, but oil exports remained under the control of the central government.
The NOC still accounts for a large part of Libyan exports. It has operated independently in this volatile country and maintained political neutrality.
Based on Kpler's data and calculations, it shipped 264 million barrels worth $21 billion in the same time period for Arkenu’s eight shipments.
SARIR AND MESSLA FIELD
Payments are made for NOC crude cargoes in dollars at the Libyan Foreign Bank, New York. Then they are transferred to the Tripoli Government's central bank account.
Shipping documents indicated that payments for Arkenu cargoes were to be made into accounts at the Dubai-linked state bank Emirates NBD, and Banque de Commerce et de Placements SA, both in Geneva. The documents did not indicate whether payments had been made to these accounts or where the money might have been deposited.
Emirates NBD stated that it could not confirm or deny client relationships because of internal policies and regulatory requirements. Banque de Placement confirmed or denied any client relationships in accordance with its policy.
U.N. experts say Haftar has the support of Egypt, Russia and United Arab Emirates.
He spent 20 years in the U.S. before returning to help rebels overthrow Gaddafi. He launched the Battle of Benghazi in 2014 and it has been his stronghold since then. His forces have a tight hold on the east of Libya where the majority of the main oilfields of the country are located.
Arkenu, in addition to being allowed to export crude oil, was also made a part-owner of the Sarir and Messla major oilfields. This is according to a letter from the NOC dated 10 July, during the tenure then NOC chairman Farhat Bengdara who resigned last week.
The letter didn't give any details about the partnership. AGOCO, a subsidiary of NOC, runs the two fields. They account for around 300,000. barrels of high-quality crude per day - same grade that Arkenu exports.
Cater, of The Sentry, said that there was no evidence to suggest that Arkenu had performed any development or services at the Mesla oil fields. Arkenu’s claims of hundreds of millions in NOC payments, made as oil export cargoes to Arkenu, raise serious suspicions of corruption.
Arkenu became a partner in the development of three smaller oilfields, Sultan and Latif (in Libya's east) and Tahara (in the west), according to an November 2023 cabinet resolution.
According to the U.N. Report, members of armed groups were appointed to different posts at the NOC as part of a reshuffle. This included setting up a separate office responsible for service contracts with private companies.
The U.N. report stated that "among them was an arrangement with the first privately owned oil company in Libya, Arkenu Oil Company."
(source: Reuters)