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New Fortress Energy receives Nasdaq warning about share price
New Fortress Energy said that it received notice on Thursday from Nasdaq, stating that the liquefied natural gas developer no longer meets the requirement of the minimum bid price for continued listing. The company is facing a severe cash crunch. Mounting debt and missed interest payments have overshadowed the progress of its new projects, and it has repeatedly delayed its quarterly filings. The company's shares closed at 73 cents per share on Thursday. Since 19 March, the stock has been trading below the $1 minimum per share requirement. New Fortress stated that the notice had?no immediate impact on its listing. It added that it has a 180-day period to comply with the requirement. The company said it would consider all options available to gain compliance, including an?inverted split of outstanding shares. For the company to regain compliance with this requirement, its closing share price has to be at least $1.00 for a minimum?10 consecutive trading days prior October 28, 2026. New Fortress will be removed from the stock market if it fails to meet this requirement. New Fortress announced earlier this year that it would "separate" its Brazilian operations and create a separate company as part of a larger restructuring agreement with creditors to reduce its debt. Reporting by Vallari Shrivastava, Bengaluru. Editing by Tasim Zaid.
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Permian crude to US Gulf Coast pipeline is operational after oil spill
A pipeline that transports crude oil from the 'Permian Basin' in 'West Texas to Houston, was fully operational Thursday following a brief interruption due to a small leak. Traders received a'shipping notice' from ONEOK, seen by, on Wednesday. It noted that an incident affecting the BridgeTex pipe could cause temporary delays or interruptions to scheduled receipts and deliveries. The pipeline that connects the Permian - the largest shale formation - to Gulf Coast pipelines has been experiencing a surge in flow due to a record demand for exports resulting from the 'Iran War. The line is now operational again. The product has been contained and reclamation efforts are underway," ONEOK's spokesperson stated. ONEOK controls about '60%' of the approximately '400-mile Bridgetex crude pipeline, which has a transport capability?of?440,000 barrels a day. The remaining 40% is owned by Plains All American. (Reporting from Georgina McCartney in Houston and Arathy Sommesekhar)
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New Jersey lowers World Cup public transport fare to just $105
Local media reported that New Jersey reduced its round-trip fares to World Cup matches at MetLife Stadium from $150 to $105 on Thursday, after the original price was criticized by FIFA. The reduced fare is still less than the $15 that the same route would cost on an average day. It also exceeds the $80 round trip fare of FIFA's shuttle service to the stadium with 82,500 seats, which will be hosting?eight World Cup games including the final match on July 19th. Last month, the CEO of New Jersey's public transport?provider NJ Transit -?Kris Kolluri - cited increased security as well as a greater number of passengers because of the closure of the public parking around the stadium in order to justify a fare increase. NJ Transit has been contacted for comment on the price increase. Heimo Schirgi, the 2026 World Cup's Chief Operating Officer, said that the original $150 cost would "have a chilling effect" upon fans. Mikie Sherrill, the Governor of New Jersey, said that FIFA should be responsible for paying for the rides because?NJ Transit was "stuck with a $48-million bill" in order to ensure safety. (Reporting by Chiranjit Ojha in Bengaluru Editing by Toby Davis)
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Airline cancellations in response to Middle East conflict
Middle Eastern carriers increased capacity following the Iran War, and airlines outside the Gulf have rerouted flights between Europe & Asia away from major hubs in the area. The latest flight information is listed below alphabetically: AEGEAN AIRLINES On May 21, Greece's biggest carrier will resume flights from Heraklion to Tel Aviv, as well as Rhodes and Larnaca. Thessaloniki-Tel Aviv flights are cancelled up until June 26. Flights to Beirut and Riyadh will resume on May 12, and flights to Amman and Riyadh on?May 21, respectively. Dubai flights are suspended until August 31 and Erbil &?Baghdad flights until July 2. AIRBALTIC AirBaltic, a Latvian airline, has announced that flights to Tel Aviv are cancelled until the 28th of June. Dubai flights are cancelled until 24 October. AIR CANADA The Canadian carrier has canceled flights to Tel Aviv, Dubai and Abu Dhabi until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv till May 31. AIR FRANCE-KLM Air France suspends its Tel Aviv flights to Dubai, Beirut, and Riyadh through May 20, and until May 12 for Riyadh. KLM suspends flights to Riyadh Dammam, and Dubai until 28 June. CATHAY PACIFIC Hong Kong Airlines has suspended all flights to Dubai, Riyadh and cargo services until May 31, and will resume them on June 30. The airline plans to continue all scheduled flights after June. The U.S. airline has extended the suspension of service for Atlanta-Tel Aviv until November 30, and plans to resume New York JFK-Tel Aviv flights starting September 6. The launch of the 'Boston to Tel Aviv' route, originally planned for October, was delayed. EL AL ISRAEL AIRLINES All flights to Dubai have been cancelled until 31 May. EMIRATES Emirates Airlines, the airline of the United Arab Emirates, has announced that it now operates to 137 destinations. ETIHAD AERWAYS The United Arab Emirates carrier has announced that it operates a commercial flight schedule from Abu Dhabi to around 80 destinations. FINNAIR It has cancelled all flights to Doha until July 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. The airline will not resume Dubai flights until October. British Airways, owned by IAG, will reduce flights to the Middle East once services resume. Jeddah will be permanently dropped as a destination. India and Africa, however, will see increased capacity. From July 1, it plans to reduce the number of flights to Dubai, Doha and Tel Aviv from two daily flights to just one. Riyadh will be reduced from two daily flights down to one starting in mid-May. The changes will be in effect until the end of the summer season on October 24. One Dubai service will resume on October 16th. Iberia Express, the Spanish low-cost carrier of IAG, has cancelled all flights to Tel Aviv until May 31. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until May 31, and Doha-Tokyo until June 1. The Polish airline has suspended flights to Tel Aviv up until May 31. The airline also cancelled flights from March 31 through June 19 to Beirut and Riyadh. LOT will operate its winter route from Dubai to Riyadh in October. LUFTHANSA GROUP Edelweiss, Lufthansa and Swiss have suspended flights from Tel Aviv to Dubai and Brussels Airlines to Dubai until July 11th. Flights are suspended to Amman, Beirut Dammam, Riyadh Erbil Muscat and Tehran until October 24. Eurowings, a low-cost airline, has suspended its flights to Tel Aviv and Beirut until July 9, Erbil and Dubai until June 22, and Amman and Abu Dhabi until October 24. ITA Airways has extended the suspension of its flights to Tel Aviv and Riyadh until May 31. MALAYSIA AIRLINES From June 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR The low-cost carrier has delayed the launch of its Tel Aviv?and Beirut'services until June 15 PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Beirut Kuwait Bahrain Doha Dammam Riyadh Dubai Abu Dhabi Sharjah until June 1. QANTAS Australia's national carrier has added flights to Rome, Paris and other European destinations to meet the increased demand. The number of flights to Paris is increasing to five return flight?per week, up from three. Perth-Singapore will also increase from daily service to 10 per week. A new schedule will be implemented gradually for flights starting in mid-April and running until late July. QATAR AIRWAYS It said that it would resume passenger flights from Baghdad to Basra, Erbil and Baghdad airports in Iraq on May 10. The airline said that it will expand its international flight network from June 16 to more than 150 destinations. ROYAL MAROC The Moroccan carrier has announced that flights to Doha have been cancelled until June 30, and those to Dubai until May 31. SINGAPORE Airlines In response to increased demand, the carrier has extended the suspension of its Singapore-Dubai flights until August 2. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights from Dubai to June 7. WIZZ AIR Low-cost airlines suspend flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. All flights to Medina are suspended permanently. (Compiled by Josephine Mason and Jamie Freed. Elviira Louma, Tiago Branao, Agnieszka Oenska, Bernadette HOG, BoleslawLASOCKI, Romolo TOSIANI. Rod Nickel, Lisa Shumaker Jonathan Ananda Matt Scuffham Alexander Smith and Susan Fenton edited the book.
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Airbus April deliveries are 67, a year behind the previous year
Airbus has said that it delivered fewer planes in the year to April than during the same period a year ago, underlining the pressure on the European planemaker to speed up handovers to the airlines. The company reported that it delivered 67 planes in April. This brings the total number of deliveries this year down to 181, a 5.7% drop from the 192 aircraft it handed over in the same period a year earlier. It is working to increase the 'pace of customer handovers. Airbus struggles to reach its annual 'target' of delivering about 870 commercial planes after Pratt & Whitney engine supply shortages, and administrative delays in China, slowed down first-quarter deliveries. Deliveries were down by?16% last month compared to the previous year. Boeing has delivered more planes in the first quarter than its European competitor for the first time since 2023. CEO Kelly Ortberg is trying to'stabilize the U.S. aircraft manufacturer after years of setbacks which helped Airbus gain the ground. Monthly data revealed that the France-based group continued to deliver jets to Gulf carriers in April, despite "the war" in the Middle East. Three regional airlines, including Emirates, Etihad and Air Arabia, received aircraft last month. After the administrative delays in China have been resolved, deliveries to Chinese customers will also continue. The company said it sold 405 aircraft after cancelations, or a total net of 436. (Reporting and editing by Gianluca Nostro, Mateusz Rabiega, and Matt Scuffham).
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Telecom Italia CEO says it's too early to tell if Poste's bid should be raised
Telecom Italia Chief Executive Pietro Labriola stated?on Friday that it is too early to decide if a cash and share takeover offer from the state-backed Poste Italiane would be raised. Poste, the company that last year became TIM’s?single biggest?investor?, launched a 13 billion-euro bid in March to buy the remaining shares. The aim was to privatize the company and make it a digital national champion. Analysts have stated that the offer was too low and they expected a larger cash component. Labriola said to analysts on a call after the results that it was "too early and unfair" to make a decision about whether or not to increase Poste's offer. He said that TIM's board will have to give its opinion, but the shareholders will evaluate it independently. A source with knowledge of the matter said that the offer had not been agreed upon with TIM's Board, which is expected to give its opinion by August 10. Poste Chief Finance Officer Camillo Greco, in a separate conference call, said that the premium implied by this bid could be as high as 50% based upon unencumbered prices. He noted TIM shares had risen 110% since Poste made its initial investment. Poste has said that it is on track to close the deal by the end third quarter. Poste would pay?0.167 euros plus 0.0218 new Poste shares per TIM share. At 1720 GMT TIM shares were trading at 0.69 euro, just above a 0.68-euro implied price of the offer based upon Poste's share price. Poste, a company that offers services in the areas of payments, insurance, logistics and financials, owns 27% of TIM’s ordinary share capital. This stake will fall to 20% when TIM converts special shares into ordinary stocks this month.
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Canadian Natural President says growth of oil sands is dependent on a new West Coast pipeline
The president of Canadian Natural Resources stated on Thursday that Canada's oil-sands basin has a significant expansion potential, but?its long-term growth prospects are dependent on the construction a new crude pipeline to the Pacific Coast. Scott Stauth, the head of Canada's largest oil-and-gas producer, said this on a conference with analysts, after Canadian Natural announced that it had exceeded its first quarter profit expectations. This was largely due to higher production levels in the oil sands segment. "We need that pipeline to be able to grow oil sands in a significant way," said Stauth, referring to an Alberta government proposal ?for a new 1 million-barrel-per-day crude oil pipeline to British Columbia's northwest coast. Canadian Natural has seen its production grow, as have other oil sands companies. The company's total output increased from 1.58 million barrels of equivalent oil per day to 1.64 millions boepd in the three-month period ended March 31. The Jackfish?thermal sands project produced a record average of 134,396 barges per day. This was above its maximum production capacity. In April, the company reported that its facilities had also been operating above capacity. The output of all oil sands assets reached 630,000 barrels a day. Canadian oil producers want more capacity to take away the oil produced in their country. The new pipeline, which would carry 550,000 barrels per day (bpd), proposed by Canadian company South Bow with its U.S. counterpart Bridger Pipeline is intended to boost Canada's crude oil exports to the U.S. Both the Trans Mountain Pipeline (TMP) and Enbridge’s Mainline are planning capacity-enhancing projects. PIPELINE MULTIPLY PROPOSALS Stauth stated that Canadian Natural had long-term opportunities for growth, including an expansion of 150,000 bpd at its Jackpine Oil Sands site. This project is on hold until the company has confidence in their pipeline capacity. Stauth added that the long-term growth of Canada is also dependent upon 'the outcome of ongoing discussions?between Canada’s federal government and Alberta. They have been trying strike a deal regarding an industrial carbon pricing policy. Canadian Prime Minister Mark Carney has previously said a new West Coast pipeline would ?be contingent on oil sands producers constructing a massive carbon-capture-and-storage project to bring down their greenhouse gas emissions profile. Stauth did not mention that project, or any environmental goals, on Thursday. Canadian Natural reported a?profit adjusted of C$1.17 ($0.8587) for the three-month period ending March 31. According to data compiled from LSEG, analysts on average expected profit per share of C$1.01. Near midday, the company's stock was down nearly 4% to C$59.82 at Toronto.
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Report: US suspends ship protection plan as US oil tanker is hit near Hormuz
Caixin, the Chinese media outlet, reported that a Chinese-owned oil product tanker was attacked on Monday near the 'Strait of Hormuz. President Donald Trump launched a U.S. Plan to assist stranded ships, but then suspended it one day later. Caixin reported on Thursday that this was the first attack on a Chinese oil-tanker. Since the Iran conflict began, traffic through this vital strait has virtually stopped. It is through which 20 percent of the world’s oil and gas supplies pass. Caixin reported that the deck of a?unnamed ship caught fire. The ship's marking was "CHINA OWNER & CREW". The crew of the ship was not injured. China is still a major buyer of Iranian crude oil. Blockade of the Gulf of Oman China's Foreign Ministry did not reply to an out-of-hours comment request. Trump announced that the U.S. will begin assistance efforts for ships stuck in Hormuz on Monday. He suspended the effort a day after Iran launched drones and missiles against several ships, as well as its neighbours including the UAE. A COASTAL INCIDENT HAPPENED OFF UAE Sources in maritime security said that the damaged vessel was the Marshall Islands-flagged oil product and chemical tanker JV Innovation. It had reported an fire on its deck on Monday to nearby vessels. Reports say that the incident occurred near Mina Saqr in the Gulf, off the coast of the United Arab Emirates. Hormuz traffic has been paralysed by renewed attacks this week on ships due to the ongoing conflict between Iran and the U.S. China's Foreign Minister Wang Yi met with his Iranian counterpart Abbas Araghchi a day before in Beijing and the two discussed reopening of the strait. Sources and officials say that the U.S. is edging closer to a temporary, limited agreement with Iran, which would end the war but leave unresolved the most controversial issues. Reporting by Beijing Bureau, Jonathan Saul and Renee Maltezou from Athens and London; Editing and Toby Chopra by Bernadette and Toby Baum
Iran's state media reports that the US Navy was hit by missiles after an attack on an Iranian oil tanker.
Iranian state media reported on Thursday that U.S. naval units operating in the Strait of Hormuz area were hit by Iranian missiles following an attack on a?oil tanker by the U.S.
It added that U.S. naval vessels were "forced to retreat" after being damaged by Iranian missile attacks. The exact date of the incident is not known.
Iran's semiofficial news agency Tasnim reports that the Iranian navy attacked three U.S. destroyers in the Strait of Hormuz. The Pentagon did not respond immediately to a comment request. The U.S. Military announced on 'Wednesday that it had disabled an Iranian flagged oil tanker which was trying to sail towards an Iranian port.
The U.S. military said that U.S. troops hit the tanker’s rudder with an F-18 fighter jet. Reporting by Parisa Hafezi and Ahmed Tolba; additional reporting by Idrees Al. Editing by Nia William.
(source: Reuters)