Latest News
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Minister: Slovakia will not accept new EU sanctions against Russia until Druzhba is restarted.
The Slovakian Foreign Minister said that the country is prepared to block the European Union’s?latest package sanctions against Russia?for their invasion of Ukraine, until the Druzhba?oil?pipeline is operational?again. Slovakia and Hungary are in a dispute with Ukraine about the suspension of Russian Oil Supplies through Druzhba following an outage in the line, which Kyiv claims was caused by a Russian Attack in late January. Kyiv has said that repairs will take time. However, Ukrainian President Volodymyr Zelenskiy stated?that Druzhba could be operational at the end of this month. TASR reported that Juraj Blanar, the Slovak Minister of Foreign Affairs was quoted as saying during a session in parliament: "If the Druzhba 'oil pipeline' is not operational and if the 20th package (of EU sanctions) has been approved we will not accept it." Blanar stated that Slovakia has "no other tool" to force Ukraine and the European Commission back to the pipeline. A row over the Ukraine loan has led to Hungary blocking a 90 billion euro (106.01 billion dollars) EU loan and imposing new'sanctions' on Russia. Analysts and EU officials expect Hungary's new leader, Peter?Magyar, to remove Hungary's objections on the loan and sanctions once he assumes office, likely in mid-May. Blanar said, according to TASR, that Slovakia would not block the loan.
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Nigerian Airlines threaten to stop flights due to rising jet fuel prices
Nigerian Airlines will cease all flight operations on April 20 unless the crippling jet fuel prices are brought down. They accused the country's fuel marketers for artificially inflating them. Airline Operators of Nigeria (an industry group composed of around 12 mainly domestic carriers) complained to the Major Energies Marketers Association of Nigeria in a letter dated April 14 that jet fuel had increased by approximately 270% since February. AON's letter, seen by us, called the increase in jet fuel prices in Africa's largest nation "astronomical" and "artificial", saying that it was far greater than global crude oil price increases. The letter stated that "currently, airline revenues do not cover the cost of fuel." As a result of the 'Iran war', rising jet fuel prices have thrown global aviation into turmoil, forcing airlines around the world to increase fares, curtail growth plans, and rethink forecasts. According to the African Airlines Association, African airlines are especially 'vulnerable', since jet fuel accounts for 30% to 40% of their costs of operation, while global averages range from 20% to 25%. MEMAN, in response to AON, disputed the figures of the airlines, saying that the quoted price is more than 40% higher than a "survey-based average" market. They also added that jet fuel distribution requires specialised equipment, and that it's more expensive. AON stated that raising ticket costs to'reflect the fuel cost airlines are facing in Nigeria, could reduce passenger numbers. The Nigerian aviation sector used about 2.1 million litres per day of?jet fuel last month, according to data from the country’s petroleum products regulator. The data showed that the only domestic jet fuel manufacturer in Nigeria, Dangote Petroleum Refinery, did not make any deliveries to the domestic market during March. Data from the?tanker tracking firm Kpler revealed that Nigeria's clean petroleum exports - gasoline and diesel, as well as kerosene, jet fuel, and kerosene - had more than doubled in March. Dangote didn't immediately respond to our request for comment. (Reporting and editing by Joe Bavier; Isaac Anyaogu)
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As tensions over Iran show, Lufthansa grounded planes and easyJet bookings fell.
EasyJet, a British airline, said that its bookings were?lagging behind last year's figures. Lufthansa in Germany was the first major airline to ground aircraft due to high fuel prices as airlines accounted for the cost of the Iran War. Investors have warned easyJet that it may need to revise its outlook for the entire year, as uncertainty about jet fuel supplies, and the impact of war, could lead to other revisions. Wizz Air announced that its net profit would be cut by 50 million euros ($59 million). Air France-KLM will report its first quarter results on April 30 after adding a fuel surcharge to its tickets. Dutch carrier KLM (a subsidiary of Air France KLM) announced on Thursday that it will cut 160 flights due to fuel prices in the next month. Analysts predict that further capacity cuts, grounded flights, and surcharges will be implemented. Markets will closely monitor airline results to get a better idea of how the war is impacting their fragile revenue and profit margins. Nigerian airlines warned on Thursday that they may stop flying because of high jet fuel costs, and the European Union is set to announce measures to increase refinery capacity following warnings from European airports about an impending fuel crunch. The conflict in the Middle East is causing near-term uncertainty about fuel prices and customer demand. EasyJet reported that the booking curve had shortened as expected in recent weeks. This has resulted in a lower than usual forward visibility. EasyJet shares dropped by up to 9%. Ryanair, Wizz Air and other airlines also fell. Lufthansa's shares fell 1.36% by 1416 GMT, shortly after the announcement. Analysts and investors have said that easyJet may need to revise their forecast for the year. However, the strength of the airline's holidays business and its balance sheet could help shield it from the current turmoil. Dudley Shanley said, "We expect the forecast to come back in FY26," adding that lower bookings and yields are contributing to investor scepticism. Later Bookings, More Domestic Travel The Iran War has sent jet-fuel prices soaring. This has upended the global aviation industry, forcing airlines to increase fares, curtail growth plans, and rethink their forecasts. EasyJet CEO Kentonjarvis stated on a press call that travelers are booking closer before their travel dates. There has been a shift in the initial travel patterns to domestic city destinations. We're seeing a shift towards a later booking period. If there's any shift in travel, it is a slight move away from the eastern Mediterranean and a small amount towards the western Mediterranean," Jarvis said, adding that travel was slowly improving to Cyprus, Egypt, and Turkey. Lufthansa launched several new flights into Asia to take advantage of the shifting demand due to war. It promised to continue with its restructuring strategy and promised investors a more cost-efficient, streamlined company. The decision to ground 27 planes for its CityLine subsidiary and four older jets for its core carrier Lufthansa has rattled unions. In recent weeks, pilots and cabin staff at Lufthansa have been involved in costly and disruptive strikes. Summer Fuel Hedged The airlines have stated that it is hard to predict the demand in 2026, as travelers fear price increases and travel chaos. EasyJet's Jarvis stated that 30% of the seats for the July to September fourth quarter were sold. However, load factors (the percentage of seats filled by paying passengers) was uncertain. He said that it would depend on the market conditions in late summer and the outcome of the conflict over the next two weeks. EasyJet had warned that the Iran War would increase ticket prices at the end of the Summer and have impacted bookings. It said it had well hedged fuel volatility, with 70% summer fuel fixed at $706 per ton. Nevertheless, the hedges will start to unwind towards the end the summer. This could result in higher fares. "Pricing will be protected for the short-term." Jarvis told reporters that if the price of fuel continues to rise, it will affect all industries.
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Boeing launches satellite platform with 26 delivery targets by 2026
Boeing and its Millennium 'Space Systems unit are working together to increase production capacity -and launch a new'satellite platform. They want to meet a growing order backlog. Boeing aims to deliver 26 satellites in 2026 compared with just four in 2025. The company wants to tap into the increasing dependence on satellite infrastructure in the defense and internet connectivity sectors. Boeing stated in a press release that the new mid-class?platform for satellites, Resolute?will be used to address missions requiring "more capabilities than a small satellite, and greater speed and flexibility than typical large satellite programs." Boeing announced that it would 'invest in integrating their products with those of 'Millennium to boost production. Modern conflict is increasingly shaped by space-based technologies. These include satellite-based communications and?surveillance. This tech was used in the 'U.S. The technology was used during the?U.S. (Reporting by Nandan Mandayam in Bengaluru; Editing by Sahal Muhammed)
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Merz: Germany is ready to secure the transit of Hormuz after the end of hostilities
Friedrich Merz, the German chancellor, said that Germany would be willing to help secure transit routes through the Strait of Hormuz once hostilities ended, provided they had a mandate from the United Nations and German parliament approval. Merz, speaking to reporters the day before the talks in Paris, said that they would also discuss whether U.S. forces could participate in a missions. It has led to a halt in traffic through the Strait of Hormuz, which typically carries about 20% of world oil and liquefied natural gas flows. The war has caused a halt to traffic through the Strait of Hormuz which normally carries around 20% of world oil and gas. Sources in the German government said that Germany would be able to contribute Type MJ332-class reconnaissance or minehunters, and? that a naval logistic base could be set up in Djibouti. Source: A deployment of German frigates is unlikely. Merz refused to answer a specific question at a press conference about a newspaper article stating that Germany is willing to offer expertise in maritime surveillance and demining. The German defence ministry declined to comment. Merz said that a?ceasefire at least provisional would be needed before?any mission along the 'Strait of Hormuz, and that Iran must stop its military nuclear program. Reporting by Andreas Rienke, Writing by Madeline Chambers, Editing by Miranda Murray & Sabine Wollrab
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Vietjet signss finance lease agreement with SPDB for ten Chinese-made COMAC aircraft
Vietjet, Vietnam's budget airline, has signed a finance leasing?agreement with China's SPDB Financial Leasing for 10 COMAC C909 aircraft. To Lam made the announcement during his first overseas visit since becoming state president of Vietnam last week. The financial terms of the deal were not disclosed by the airline, but it will allow them to expand their operations based previously on two COMAC Jets in an agreement?with Chengdu Airlines. COMAC, based in Shanghai, aims to challenge Airbus and Boeing's?dominance? in the global aircraft market. However, it has relied on domestic airlines, and smaller operators, in Southeast Asia. These include those in Vietnam and Cambodia. Brunei and Laos are also part of the region. Vietnam approved the 'operation of the C909 last year following a Hanoi visit by Chinese President Xi Jinping. Vietjet stated that the deal would allow for the introduction of Chinese made COMAC aircraft on routes between Vietnam and China. Five new routes will be opened between Ho Chi Minh City and Hanoi, Vietnam, as well as Hangzhou, Enshi and Guilin in China. The airline currently operates?135 Airbus aircraft and has?nearly 600?on order from Boeing and Airbus. These include a mixture of narrow-body and large-body planes. Reporting by Phuong nguyen. Editing by Jane Merriman, Barbara Lewis and Barbara Lewis
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TPG invests $100 Million in Student Mobility Company
TPG, a private equity firm, has invested $100 million in Zum. The deal values the company as $1.7 billion. Zum announced this on Thursday. Zum reported that the valuation is higher than Zum's previous 2024 Series E round of funding, which valued it at $1.3 billion. The company has now achieved break-even adjusted earnings, before interest, tax, depreciation and amortization. TPG's Rise Fund is making the investment, which targets financial returns as well as measurable social and environment outcomes. This brings Zum's total capital raised up to $430million. In 2016, Ritu Narayan founded Zum, a software company that provides services and products to modernize the fragmented student transportation system in the United States. Zum offers electric buses, route optimization, and tracking tools. The company stated that it serves over 4,500 schools in 17 states. Narayan told. "And school districts are seeing reduced absences and better learning outcomes... We would consider that student transportation is more than just transportation. She said, "It's about the access to education." She said that TPG's investment would help the company "expand to additional states and develop their newly-unveiled Connected Mobile Experience platform." Organic growth is the company's top priority. It may also consider acquisitions and an IPO in the future. Steve Ellis, managing partner at TPG's Rise Funds, said, "This business... operates in a large, highly fragmented, $50 billion market." "None [of the] existing legacy operators has built a fully integrated, modern technology stack... It gives you a "real right to victory." The company announced that Ellis would join its board of directors as part the investment. (Reporting and editing by Abigail Summerville, New York; Lincoln Feast, Joe Bavier and Echo Wang)
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TPG invests $100 million in Student Mobility Company Zum
Zum reported on Thursday that a private equity firm, TPG, had invested $100 million in 'Zum. Zum reported that the valuation is higher than Zum's previous 2024 Series E round of funding, where it was valued at $1,3 billion. This is because the company has reached breakeven adjusted earnings prior to interest, taxes depreciation and amortization (EBITDA). TPG's Rise Fund is making the?investment, which targets both financial returns and measurable outcomes in social and environmental areas. Zum's capital has now reached $430 million. In 2016, Ritu Narayan founded Zum, a company that provides software and services to modernize the fragmented U.S. student transportation system. Zum offers electric buses, route optimization, and tracking tools. The company said that it served?more then 4,500 schools in 17 states. Narayan told. She said, "School districts are seeing reduced absences and better learning outcomes...We would consider that student transportation is about more than just transportation. It's about accessing education." She said that TPG's investment would help the company to expand into additional states and develop its technology platform. It may also pursue acquisitions and consider an IPO in the future. But organic growth is their top priority. Steve Ellis, managing partner at TPG's Rise Funds, said: "This business... operates in a large, highly fragmented, $50 billion market." "None [of the] existing legacy operators has built a fully integrated, modern technology stack...It gives us a real right of victory." The company announced that Ellis would join the board of directors as part the investment. Abigail Summerville reported from New York and edited by Echo Wang, Lincoln Feast.
The price of Russian gas imported to Bosnia has increased by 4.59%
The price of natural gases in Bosnia's autonomous Bosniak - Croat Federation was raised by 4.59% on April 1, matching an increase made by Russian gas supplier Gazprom export LLC.
The government responded to a request from Energoinvest, Bosnia’s largest importer of gas from the Russian state-owned producer Gazprom.
Since 2021, Bosnia and Herzegovina has been completely dependent on Russian gas delivered through the TurkStream pipeline and via a route that crosses Turkey, Bulgaria and Serbia.
In a press release, the government announced that it had agreed to increase the wholesale gas price to 827.42 Bosnian marks ($519.2) per 1,000 standard cubic meters, excluding VAT.
The Federation is the largest gas consumer of the country, where natural gas makes up up to 8% of its energy consumption.
In an effort to diversify its energy sources, the Federation?on Wednesday chose a U.S. The company will be the lead investor and main developer of a 'long-delayed' pipeline project that will bring?gas from a terminal for liquefied gas on the Croatian Island of Krk to Bosnia. Reporting by Daria Sucic. Mark Potter (Editing)
(source: Reuters)