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M&S to return to growth in profit after cyber-hack related slump
Marks & Spencer, a British'retailer', has forecast that profits will grow in its upcoming financial year. In 2025/26 the retailer suffered a 24% drop due to a hacking incident which led to a suspension of online clothing orders for seven weeks. This resulted in a decline in sales and margins. M&S is a 142-year old retailer that has been a household name in the UK for decades. It said it was entering its 2026/27 fiscal year with a 'clear plan' and a'strong balance sheet. They were also focused on improving product availability and customer service. It said that "Profit growth will resume in 2024/25". M&S's outlook for 'current year' includes higher fuel and freight costs, as well as continued government taxes and regulatory pressures on the sector. It said that these costs are being reduced through better buying, reinvesting in value to drive volume, and by reducing structural costs.
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Europe's airlines claim wars and red tape hold them back while rivals race ahead
A 'lobby' group representing Europe's major carriers has said that the continent's airlines have been losing ground to their 'global competitors' and require stronger EU support to combat rising regulatory costs, affordable sustainable 'jet fuel and to better manage crises. The European Union is seeking feedback on its new Aviation and Aeronautics Strategy. Submissions are due by Thursday. Airlines for Europe's (A4E), in its submission to the EU, seen on Wednesday, said that the COVID-19 epidemic, the closure of the?Russian airspace and the Middle East crisis, along with the growing global protectionism, have worsened EU carriers' competitive disadvantage. The group, which includes carriers such as Ryanair, Air France KLM, and Lufthansa has advocated for reforming air traffic control and limiting disruption in Europe. It also urged for looser sustainability regulations and to help make the sector more competitive globally. The group wants the EU to create a stronger framework for crisis management and an aviation waiver that would allow obligations be temporarily suspended or re-adjusted when they are clearly "impractical" or "counterproductive". Airline travel was disrupted by the COVID-19 pandemic, and also the U.S.-Israeli conflict with Iran. The document calls for the EU to address the "structural failure" of the market for sustainable aviation fuel (SAF), and deal with the challenges of airspace congestion, and the loss of market shares to non-EU airlines such as Chinese or Middle East carriers.
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China announces plans to buy 200 Boeing Jets and asks for an extension of the US tariff truce
The Chinese Commerce Ministry announced on Wednesday that China would buy '200 Boeing jets, and also seek to extend the trade agreement reached with the U.S. in Kuala Lumpur last year. Beijing confirmed the Boeing order for the first time in this statement. Last week, U.S. president Donald Trump traveled to China for a meeting with?President Xi Jinping. The trip produced a number of?trade pledges that included the Boeing purchase and access to agricultural markets. Trump stated after the Beijing Summit that Boeing could purchase 'as many planes as possible, adding that they would be powered by GE Aerospace engines. According to the Chinese Ministry of Commerce, the U.S. government will guarantee China's supply of aircraft engines and other components as part the Boeing agreement. It said that the two sides would seek reciprocal tariff reductions?on 30 billion dollars or more of goods for each other, and that U.S. duties on China could not exceed the levels set under the 'Kuala Lumpur agreement. China and the U.S. agreed in Kuala Lumpur, before a Trump-Xi'meeting' in South Korea last October. The agreement extended their tariff truce by a full year. The agreement included U.S. tariff reductions on Chinese products and a suspension of?Beijing’s new restrictions on magnets and rare earth minerals. Reporting by Ethan Wang, Liz Lee and Himani Sarkar; Editing by Thomas Derpinghaus and Himani Sarkar)
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US airlines oppose Trump's plan to force small airports to use security private
A group representing major U.S. According to written testimony obtained by the. Chris Sununu, CEO of Airlines for 'America?, will testify before a U.S. House of Representatives Committee on Wednesday. He will say that the U.S. Aviation Industry is concerned that private security remains an option and not a mandatory program. Last month, Donald Trump proposed that the TSA (which handles airport security operations) cut more than 9,400 employees and $1.5 billion annually from its budget. This proposal is a step in the direction of privatizing the agency that was created following the attacks on September 11, 2001. Some Republican lawmakers have proposed that TSA be privatized completely. The White House stated that the change in private security for small airports will 'cut the TSA payroll more than 4,500 positions. TSA wants to 'cut another 4,800 jobs by improving efficiency, eliminating redundant staffing and reducing redundancies. Sununu added in his testimony: "We support innovative solutions to accelerate the deployment and adoption of checkpoint technology and checked baggage as well as algorithms which increase efficiency." The proposed budget cuts would reduce the $7.8 billion agency budget by around 20%. This comes after TSA lost over 1,600 employees during funding disruptions in the fall of last year and spring. Trump nominated David Cummins last week, a senior Vice President?of Serco North America, who oversees the company's federal, state, and local government civil customer portfolio. The Biden administration expanded the TSA to screen a record 906 million passengers by 2025. The American Federation of Government Employees (AFGE), the union representing TSA security agents, opposes privatization. They say it will make air travel unsafe. Trump has criticised the TSA. On his first day in office, in 2025, he fired David Pekoske as its director, whom he had appointed to lead the agency during his first term. Pekoske was nominated by Joe Biden for a second term in 2022. (Reporting and editing by Tom Hogue, Jamie Freed, and David Shepardson)
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Hong Kong listings a target for foreign firms as IPOs rebound
?At least 10 companies, including those from Indonesia, South Korea, and Singapore, have applied for Hong Kong IPOs this year, and others are considering it, according to an executive at the Hong Kong Stock Exchange. The market's robust IPO growth is attracting global?firms. LSEG data shows that although foreign companies raised a lot less money than domestic firms - 110 Chinese firms and Hong Kong firms raised a total of $36.4 billion in '2025 - the listings by 10 global companies would make this the best year since 2020 for international debuts. According to Johnson Chui, the head of global issuer service at Hong Kong Exchanges and Clearing Ltd. (HKEX), who runs the city’s stock exchange, foreign listing hopefuls come from sectors such as technology, consumer and financials. He said that the pipeline is a mixture of first-time IPOs and concurrent dual listings as well as sequential dual listings. Chui said, "We believe that this is a start of the structural change for the next phase of international companies listing in Hong Kong." He added the appeal of the City had expanded beyond companies with China-exposure. He said, "The nexus has broadened." In the past, it was more about whether you had business in Greater China. There are now many successful companies who have no presence in this area of the world. According to LSEG 'data, the Hong Kong exchange was the top IPO market in the world last year, with $37.4bn raised through 115 deals. The bourse has been unable to attract large foreign listings, but it is now redoubling its efforts in an effort to increase the flow of foreign capital. Syngenta Group, a Swiss-based seeds, agrochemicals and chemicals company, plans to list up to $10 billion of shares in the second half this year. This move, according to sources reported in February, will likely boost HKEX’s ability to attract large-ticket listings. Separate sources confirmed that while Chui didn't give any details on foreign IPO hopefuls he was aware of Engine Biosciences and NiKang Therapeutics, two international biotech companies from Singapore. Sources familiar with plans of the two companies said that the discussions were preliminary and could change. The sources declined to be identified as the matter was confidential. Engine Biosciences refused to comment. NiKang did not respond. PIPELINE IPO Malaysian logistics company Teleport said it was considering Hong Kong as a venue for an IPO. "Our long-term plan includes a listing on the stock exchange," said CEO Pete Chareonwongsak. "We're keeping our options open." Separately, LSEG's data compiled on 4 May showed that 12 foreign companies could be in Hong Kong’s 2026 IPO pipeline. These included U.S. Blockchain infrastructure firm Blockdaemon and Malaysian branding for logistics group Capital A. HKEX announced that seven international companies will list in Hong Kong by 2025. According to LSEG, foreign companies have raised $22 billion in 156 transactions since 2000. This is a small fraction of the total market. The current pipeline, unlike the previous wave of 15 years, which was led by consumer brands such as Prada, Samsonite and others, is more diverse in terms of sector, geography, and listing structure. Citigroup's Asia Head of Equity Capital Markets Kenneth Chow stated that Hong Kong offers "the largest possible universe" for investors. This includes hedge funds, global?funds and Chinese institutions, as well as retail buyers. George Wu, a partner at DLA Piper, said that mining companies were being drawn to the region because China is driving demand for strategic minerals. Clifford Chance Capital Markets partner Jean Thio stated that Hong Kong has built a system which rivals Nasdaq, in terms of listed companies, analyst coverage and comparable markets in industries like biotech and AI. Chui, HKEX's Chui, said: "We believe Hong Kong is the best listing venue for international companies with an Asian connection."
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Senators criticize US Transport chief for road trip funded by corporate donors
Two Democratic U.S. Senators on Tuesday criticized Transportation Secretary Sean Duffy's road trip, which was filmed for a web series and paid for by donors of the companies that his department regulates. "Your vacation was paid for by Boeing and Toyota, United Airlines, Enterprise, Shell and Royal Caribbean Group", said Kirsten Gillibrand. She is the top Democrat in a Senate Appropriations Subcommittee. She pointed out that USDOT regulates these companies and other donors. Gillibrand told a budget meeting that "this road trip does not smell right." "I don't think that it is right, and you should explain to Americans why you are taking a trip that has been paid for by the companies you regulate." Similar concerns were raised by Democratic Senator Patty Murray. Duffy attacked both Democratic Senators for accepting their own political donations. Murray said that USDOT is responsible for determining whether Toyota will be required to carry out a safety recall. Toyota has declined to comment. Both Senators noted that a rise in 'oil prices during U.S.-Israeli War on Iran may prevent some Americans from going on road trips this summer. Murray pointed out that the cost of?jet fuel has risen dramatically this summer, making flights more expensive. Duffy defended his trip by saying that no taxpayer funds were used, and the trip was approved by an official of career ethics. He explained that the trip was part of a celebration of the 250th anniversary of the United States and an attempt to encourage people to go on road trips. The trip was filmed over a period of 24 days and included a visit to?the White House in Washington, Fenway Park Boston, St. Louis' Gateway Arch, and Philadelphia and Montana. Duffy stated that the sponsors of the event "nobody gets anything from me." Duffy said that Congress directed him to promote tourism and travel. Duffy, who is a father of nine and a former reality television star, also served as a member of Congress, claimed that the show did not pay him or his family any salary or production royalty. The road trip was a series of one- or two-day trips that took place over an eight-month span, as well as during his children's spring break. The five-part series will be available on YouTube. Citizens for Responsibility & Ethics in Washington filed a complaint alleging that the situation may have violated federal rules on gifting and travel. The group asked the Office of Inspector General of the Transportation Department to investigate. The group also pointed out that a Toyota car is prominently displayed in a series promotional video. (Reporting and editing by David Shepardson)
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US charges seven Chinese executives with illegal shipping container cartel
Officials from the Department of Justice announced on Tuesday that the 'United States' has charged seven Chinese executives, and four of the world's largest shipping container companies, with conspiring to limit supply in order to raise the price of containers, during the COVID epidemic. DOJ stated that the companies?manufactured about 95% standard dry -shipping containers in the world and conspired between November 2019 and?January 2024 to limit output and fix prices. The DOJ said that the scheme led to a 'U.S. Consumers paid more and waited longer for goods due to the pandemic. Stanley Woodward, Associate Attorney General at the time of announcing the case, said that these manufacturers took advantage of the pandemic and their market position to squeeze the supply chain. The?DOJ reported that one of the executives was arrested in France, April this year, by a 54-year-old marketing director for Singamas Container Holdings Ltd. Singamas didn't immediately respond to an inquiry?for comment about?the accusations.
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NERC claims that strong resource additions will boost US summer grid preparedness, but risks remain
In a report released on 'Tuesday, the North American Electric Reliability Corp. said that resource additions of record proportions had strengthened 'U.S. Grid readiness is a must for?the summer, despite the fact that risks are still high in certain areas. NERC's Summer Reliability Assessment reports that the addition of new bulk power system resources includes a'substantial influx' of solar, battery and a few?new gas-fired generators. The report did warn that grid reliability could be challenged by increased 'demand,' rapid growth of large load, low wind output, and the overlap of spring maintenance outages with early summer heat. NERC warned that the early summer heat and drought will increase reliability risk in several regions. In 2025, there were six regions at a high risk of a supply shortage in the event of abnormal summer weather conditions. By 2026, this risk is reduced to three regions and one locality. The growth in load?has been significant with an increase of 11 Gigawatts from 2025. This is a continuation of the 10 GW increase?in 2025 which doubled the growth from 2023-2024. Grid reliability will continue to be challenged by the 'rapid increase in demand,' especially during summer peak months. Reporting by Pooja menon in Bengaluru, Editing by Mark Porter
Spend a moment to think about the biggest diesel importers in the world: Maguire
The U.S. and Israeli war on Iran has brought the crude oil price to the forefront of public attention. Most economies are powered by fuels and not oil. The sharp rise in diesel prices this year will likely cause the greatest economic damage.
This is particularly the case in fuel-importing countries, who generally lack their own refinery capacity and must therefore rely on the international markets to supply diesel, gasoline and jet fuel, among other refined products.
Fuel prices are rising faster than crude oil in some of the world's most important fuel trading hubs. This is a blow to consumers who have no choice but to pay for their fuel due to the lack of alternatives.
The most significant increase in jet fuel prices has been in the majority of major trading regions. This is partly because the Middle East played a large role in the marginal supply of the fuel before the Iran conflict reduced ship traffic in the Strait of Hormuz.
Diesel, or gasoil, is a close second and has a much deeper impact on everyday economic activities.
Diesel is the main energy source for trucking fleets and rail systems. It also powers agriculture, construction, and agricultural equipment.
The Iran War has caused a 50% increase in diesel prices in some markets. Importers will continue to face shortages of diesel until the conflict is resolved.
Top Buyers
Australia is the world's largest importer of diesel fuel, largely due to the closing of old refineries, and the unusually diesel-intensive economy of the agriculture, mining and trucking sectors.
Data from commodities intelligence company Kpler show that Australia will import around 25 million metric tonnes of diesel in 2025. This is equivalent to about 2.10 million tons per month.
Australia has imported around 2,19 million tonnes a month so far in 2026. This is mainly due to an increase in purchases in March to 2.52 million tons, which was a 18-month record. The conflict in Iran triggered a panic among importers.
Fuel traders will continue to closely monitor the import volumes as the full impact of the higher import costs in 2026 is felt throughout the economy.
Turkey, the second largest diesel importer in the world, has cut imports by 24% since 2026 as a result of rising prices.
S&P Global predicts that Turkey's energy inflation will average 29% in this year, due to its heavy dependence upon imported energy products.
Fuel inventories below normal due to lower imports may exacerbate the inflation problems in Turkey, but trucking, the backbone of the logistics system in Turkey, will continue to be imported over the next few months.
Even if the high prices in Turkey cause more domestic economic pain, it is likely that continued Turkish interest will support international diesel until there is a significant recovery of global diesel supplies.
Other key importers
Diesel is a fuel that has a high demand, and it's difficult to reduce the imports despite the rising prices.
However, some other large diesel importers managed to reduce their import volumes in 2026 as compared to last year.
Kpler data shows that 10 of the top 15 diesel importers by 2025 have cut their imports this year in comparison to the average monthly imports of 2025.
Brazil, France Egypt, United Kingdom, and South Africa, which were ranked third to seventh on the importer rankings in 2025, have all reduced their import volumes this year in comparison to the same month in 2025.
The total?purchases made by these five nations between January and April was 17.3 millions tons. This compares to 21 million tons in the same period of 2025.
The 3.6 million ton drop in collective purchases in recent months has "freed up" supplies for other importers and ensured that diesel price did not rise any further during peak periods of shortage.
Diesel is essential to each of these economies, so an increase in imports can be expected, especially during periods of low prices tied to fluctuations in crude oil?prices.
The global diesel market is likely to remain supported by end-user demand for the near future, despite the cautious approach of cost-conscious imported who were forced to reduce their order sizes because of sticker shock.
Spare a thought, at the end, for those countries who rely the most on diesel. They are bound to a fuel that they cannot replace easily, regardless of the price.
Diesel is used to power the trucks and machinery that transport food, the machines that grow it, and the generators which keep the lights on in the event of a failure of the grid.
These economies are forced to slow down or pay more when supplies become scarce and costs rise.
Diesel's stubborn necessity in a world obsessed with crude benchmarks leaves the biggest importers the most vulnerable and the least able escape the squeeze.
These are the opinions of the columnist, an author for.
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(source: Reuters)