Latest News
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India's Adani Group streamlines internal structure to speed up decisions
The Indian billionaire Gautam adani's group announced on Friday that it would be undergoing an internal restructuring to speed up decision making. Adani Group's move comes at a time when investment activity is picking up in India, Asia's third largest economy, driven by heavy infrastructure expenditure and a revival of private capital expenditure. According to the plan, the company plans to introduce a?three-layer structure of organisation with fewer decision makers. The group stated that "the strategy is anchored on three pillars and supported by strong liquidity, and access to capital. This enables accelerated capex deployment and faster project implementation." The conglomerate has undergone a second restructuring since 2015. It spun off its ports business and power business into separate listed companies, Adani Power and Adani Ports. Adani also said that the group would streamline its contractor base by focusing on larger, more experienced partners to improve coordination and speed of execution, as well as provide them with easier access to finance. Adani Enterprises, the flagship company of the group, reported its first quarterly loss since 17 quarters on Thursday. The firm was unable to cope with the higher depreciation due to the newly opened airport near Mumbai, and the copper plant in Gujarat in western India, as well as a rise in expenses.
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Indian Oil increases prices for industrial LPG and jet fuel for foreign Airlines
Indian Oil Corporation, India's largest state-run refiner, has raised the prices of liquefied petrol gas for industries and jet fuels for foreign airlines as of Friday. The refiner said that the price of a 19 kilogram?commercial LPG for industrial clients has been?increased by 993 rupees or 47.8% to 3,071.5 Rupees. The refiner said that the price of aviation turbine fuel for international airlines has been raised from $1,435.31 to $1,511.86. The prices of household LPG (primarily used for cooking fuel) were not revised. The 'company' also said that the jet fuel prices for domestic airlines were not revised. The price increases come in the wake of a sharp rise?in the global oil prices.?These have risen above $100 per barrel since?the Strait of?Hormuz was closed?amid a continuing Iran war. (Reporting and editing by Sumana nandy in Bengaluru)
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Australia's Coles flags fuel-driven cost pressures even as quarterly sales rise
Coles warned on Friday about the cost pressures coming from its suppliers and operations, especially in fuel, shipping and packaging. The Australian retailer also reported an increase in revenue for its third quarter. The 'country's 2nd largest grocer stated in a press release that customer behaviour had also changed. More shoppers were cooking at home to save money, and less people were eating out. Meanwhile, geopolitical tensions related to the 'Iran war, continued to drive up fuel prices, as well as other input costs. Coles reported a 3.1% increase in group sales revenue for the 12-week period ending March 29, up from A$10.38billion a year ago. This is in line with Visible Alpha's consensus estimate of A$10.68billion. The revenue from supermarket sales grew by 4%, to A$9.78billion ($7.04billion) in the period. This was due to targeted weekly promotions as well as an expanded range of?low cost products. The segment's e-commerce sales grew by 24.8%, to A$1.33billion during the quarter. The Grocer said that Supermarkets sales revenue growth in the first part of the 'fourth?quarter is largely similar to the previous quarter. Coles reported that the Middle East fuelled geopolitical unrest and impacted consumer sentiment. Coles stated that "as a consequence, we are currently expecting flow-on?impacts on Liquor earnings," reflecting the?reduced fractionalisation of fixed costs across the second half.
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Sky News reports that British Airways pilots narrowly reject pay reform
Sky News reported that British Airways pilots rejected IAG's proposal to overhaul their pay on Thursday. According to the report, the airline's proposals included a 4% pay rise, but were paired with a cut in pension contributions and the reduction of the hourly Flying Pay Bonus awarded to pilots. The rejection highlights the tensions between British Airways' pilots and the carrier, as they both seek to change long-term career and pay structures while offering modest wage increases. The British Airline Pilots' Association said that they had communicated the democratic decision of their members to British?Airways. While a pay deal for 2026 is already in place, the BALPA intends to hold more discussions with the company based upon?member feedback. The report stated that the union members voted against the changes made by the airline proposal with a small margin. Just under 51% of them voted against the proposed changes. We are aware of the result?of the Pilot Career Structure Consultative Ballot. British?Airways spokeswoman said: "We will continue to work closely with BALPA, and we will review?the feedback that has been received before determining the next steps." Sky reported that some union-represented British Airways Pilots, which is about 80% of the total number, or approximately 4,000 people, have expressed growing concerns over recent attempts to "pressure" them into accepting a worse pay and conditions. BALPA represents 85% of UK pilots. Reporting by Abu Sultan from Bengaluru and Mrinmay and Carlos Mendez from Mexico City. Editing by Sahal Muhammad.
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US railroads Union Pacific and Norfolk Southern seek approval for $85 Billion Merger
Union Pacific and Norfolk Southern submitted a revised merger request?with the Surface Transportation Board on Thursday, requesting approval for an $85 billion tie up to create the United States' first coast-to-coast rail freight operator. Railroads claimed that the deal would save shippers $3.5 billion per year. The railroads said that the deal would increase service reliability, divert truck freight to rail, maintain shipper options, and deliver "broad public benefits" while protecting union jobs. A number of groups including freight shippers, who are concerned about higher rates, and attorneys general from some states have raised concerns over the proposed merger. Former President Joe Biden had a strict anti-merger policy, and it was unthinkable for him to support the merger. Railroads predicted that the network would take approximately 2.1 millions trucks off the roads, with savings that could reduce consumer prices. According to the revised application, the combined company is expected to need 1,200 new union jobs in the third year. The companies offer a "jobs for life guarantee" - any union employees who had a job when the merger took place will still have one. Comments on the completeness and accuracy of the revised application are due by May 8, according to the board. The American Fuel & Petrochemical Manufacturers Association said that the deal would "have significant consequences for American refiners and petrochemical producers as well as the broader economic system." The history'shows that consolidation has too often led to higher prices, longer transit time and?reduced services. The deal could reshape America's freight railroad industry by helping to streamline operations, and eliminating interchange delays at hubs such as Chicago. The Trump administration has preferred to approve large transactions, or impose remedies instead of blocking them outright. Railroads have struggled to cope with fluctuating freight volumes, rising fuel and labor costs, and increasing pressure from shippers regarding?service reliability. This is the first major railroad merger that has been reviewed under a stricter framework than was in place over two decades ago. The new framework requires applicants to demonstrate their transaction will enhance competition, not just preserve it, while providing demonstrable benefits to the public. Reporting by David Shepardson. Editing by Louise Heavens & David Gregorio
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Air Canada cancels its 2026 fuel demand forecast due to the Iran War
Air Canada lowered its full-year profit forecast for the year on Thursday as the war in Iran increased jet fuel prices and clouded the outlook. Fuel prices have almost doubled since the start of the conflict, trapping airlines between rising expenses and tickets purchased months in advance with 'fixed fares. The surge in demand has forced airlines to adopt a mitigation strategy, resulting in capacity cuts, fare increases, and increased fees for services like checked baggage. Air Canada also reduced some flights to New York in the future to cut fuel costs. The carrier announced a core profit forecast for the second quarter and said it expected to report an adjusted EBITDA of between C$575m and C$725m. Air Canada CEO Michael Rousseau stated that, "Supported with solid demand, we expect to offset between 50-60% of the estimated additional fuel expenses through various commercial and costs actions." It reported a first-quarter net income of C$48m, or C$0.16 per share. This compares to a loss of C$102m, or C$0.40 a share, one year earlier. The?carrier's adjusted loss per share was C$0.05 The Canadian flag carrier estimated its 2026 adjusted earnings, before interest, taxes, depreciation and amortization, in the range C$3,35 billion ($2,47 billion), to C$3,75 billion. (1 Canadian dollar = 1.3584 dollars) (Reporting and editing by Sriraj K. Kalluvila in Bengaluru)
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Panama's president: US-China dispute has caught a port in Panama
Panama President Jose Raul Mulino stated that his country has a 'positive relationship' with China despite the fact that it is caught in a dispute between China and the U.S. He also defended Panama's 'takeover' of Hong Kong-based CK Hutchison's port contracts. He spoke at a regular news conference after receiving a message he described as "high level" from the Chinese government, which acknowledged that the dispute over port contracts would be heard by an international arbitration court and was not a matter between the Panamanian or Chinese governments. The message received by China's ambassador to Panama marked a "friendlier approach", even though he noted a surge in detentions and checks of Panama-flagged vessels?in China. Mulino, a reporter, said: "In a sense, we are being swept along by the result of a?problem between the United States and China." CRITICAL CANAL Control of the Panama Canal's entrance ports is a source of geopolitical tensions between Washington and Beijing. CK Hutchison lost its port concessions, which it held for almost three decades, after a Panama Supreme Court ruling in January. The decision was widely viewed as a result of U.S. efforts to limit Chinese influence on the strategic waterway. Panama handed temporary operations over to Maersk APM Terminals, and MSC TIL Panama. Panama Ports?Company announced that it would challenge the move through international arbitration. It also accused Panama's Government of a wrongful takingover. Mulino stated, "We didn't expropriate ports. We?took them over because they had no contract." "I have no interest in escalating the problem with China." He expressed concern over the unusually large number of Panama-flagged vessels being detained by China. This issue prompted the U.S. to express support for Panama's sovereignty this week in a statement. China accused the U.S. and China of politizing the ports. Mulino said he had not made a decision?on the next steps. He said: "I don't want this to escalate because of a geopolitical dispute, or for our Panamanian flagged vessels to be used in an attempt to exert pressure." "I do not think that's fair." Reporting by Elida Moreno; writing by Daina Beth Sool; editing by Rod Nickel
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Trump signss order authorizing pipeline project that partially revives Keystone XL Line
On Thursday, U.S. president Donald 'Trump signed an order granting a 'cross-border permit' to a project which would revive a re-built Keystone XL pipe to transport Canadian _crude oil from the U.S. Canada border to Wyoming. If the pipeline is built, it could increase Canada's crude oil exports to America by over 12%. The project was only allowed to proceed with a presidential permit. The new proposal would take a different route across the United States than the 'previous Keystone XL project,' which was canceled in '2021 by the former U.S. president Joe Biden after years of Indigenous and Environmental opposition. It will 'use some of 'the previously built pipe in Canada, where Keystone XL is fully permitted. South Bow, a company set up in 2024 by TC Energy to take over the oil pipeline business of former Keystone XL promoter TC Energy, will be taking over this oil pipeline business. Bridger Pipeline is South 'Bow's U.S. Partner. They recently submitted a proposal to Montana regulators. The proposal describes construction of a 1,038-km (?645-mile) pipeline capable of transporting 550,000 barrels per day. It will begin near the U.S. Canada border in Phillips County Montana and then transit to Guernsey Wyoming. Analysts say that Guernsey does not serve as a final market for crude oil. Therefore, additional links will be needed to transport the oil to refinery hubs in Cushing, Oklahoma, Patoka, Illinois, and along the Gulf Coast of America. The project will need to be approved by the state regulatory authorities. (Reporting and writing by Ryan Jones; Editing by David Ljunggren, Edmund Klamann and Christian Martinez)
Officials say that a Russian attack on port infrastructure in Ukraine’s Odesa Region has caused damage to the infrastructure,
Oleh Kiper, the regional governor of Odesa said that a Russian drone attack occurred overnight and damaged port infrastructure in Ukraine's southern Odesa Region. Two people were injured by this attack.
After strikes on a sixteen-storey building in Odesa an?apartment and a?roof caught alight, the roof was also destroyed. Emergency services reported that the fire engulfed a high-rise's?12th level.
The photos show a burning high-rise and firefighters at the scene.
Ukraine's seaports Authority? said that ports on the Danube River and in Greater Odesa?were attacked.
The strikers caused damage to the berthing and storage facilities, as well as local fires that were quickly brought under control.
It added that the ports "continue to operate". Reporting by Anna Pruchnicka, Editing by Jacqueline Wong
(source: Reuters)