Latest News
-
Venezuela asks for grid repairs but does not guarantee payment
Two sources said that when potential financiers and providers of Venezuela's electrical industry met with government officials in Caracas, they were primarily concerned about?how to pay them for repairing the country's deteriorating grid. Sources said that the executives were hesitant as the nation tried to jumpstart the $100 billion reconstruction plan, which was pushed by Washington. Since she succeeded the deposed president?Nicolas Maduro? in January, Delcy Rod has made it a priority to ensure stable electricity. However, the cash-strapped nation has not been able to pay suppliers on time to help industries like oil and gas recover. A representative of an equipment supplier that works with the government and the state energy company PDVSA said, "I came back from Venezuela very skeptical," after attending one of the Caracas meeting. The power plants need to be repaired. They haven't been done in 10 years. "But they have no idea how we will be paid." Venezuela has less than 40% of its generation capacity available. This leads to frequent power outages, which limit the country's manufacturing capability. Under the late president Hugo Chavez, Venezuela's thermal power plants were expanded through 2013. However, these projects left unpaid billions of dollars to contractors. Some of them are now being asked to return. There is still a lack of clarity about which projects are to be prioritized, and the supplies required to fix and reinforce the country's thermal and hydroelectric plant. The sources say that this uncertainty, along with the uncertainties surrounding payments and authorizations from Washington and Caracas will delay investment. Venezuela's Ministry of Communication, Corpoelec and the state-run PDVSA oil company did not respond to requests for comments. No Payment Solutions in Sight After the April meetings, Rodriguez's Government approached companies including Siemens Energy, GE Vernova, and Mitsubishi Power to repair the grid. Siemens?Energy confirmed that they met with government officials. A spokesperson for GE Vernova stated that the company was "motivated to meet the current moment" in support of the Venezuelan people. Mitsubishi Power declined to comment on a request. According to independent data, only 2,500 megawatts, or 13%, of Venezuela's 36,000 megawatts of installed generation capacity are available. This is primarily due to the poor condition of the fuel-powered plants. Rodriguez did not go into detail about her plans but said that the initial focus is on fixing 'two large thermal power plants which have underperformed for years. She said, "Solutions will not come overnight," last week at a rally held in Valencia, which is one of the many cities that have experienced frequent power outages. Some multinationals are hesitant to return to Venezuela because of the experience they had during the Chavez years. After Venezuela provided them with promissory note instead of cash, several companies that were not paid filed arbitration cases or took legal action overseas. Many of those were sold at huge discounts. In the years that followed, no further work was done in part because of U.S. Sanctions which are now being loosened. Sources say that Rodriguez's government rejected a recent proposal by a group foreign companies seeking to be reimbursed for initial repairs and parts. They cited legal obstacles. One executive of a potential financier said that some proposed receiving direct payments from U.S. Treasury accounts that collect the proceeds from oil sales in the country. Venezuela has debts to multilateral institutions, banks and other financial institutions, which is another obstacle in the way of financing. Blackouts and Rationing to be Lengthened Venezuela's most important industry, the oil and gas industry, has been hampered by power problems. PDVSA has been unable to restart gasoline production units at the Paraguana Refining Center (one of the largest in the world, with 955,000 barrels per day installed capacity) due to several blackouts that have occurred this year. This has caused fuel to be delayed, resulting in long lines of waiting drivers. One of the sources stated that PDVSA was assessing its repair and equipment needs. He added that the company he represents would "not repeat past mistakes" in regards to its position regarding extending credit to Venezuela. A three-year stabilization program will require at least $15 billion to repair the 'grid. According to Miguel Lara, a power expert, without it, only minor repairs can be made. He said, "It is a complex problem. It's like a puzzle." "I don’t know what power supply will support economic reactivation that they are talking about." Lara stated that the demand last year was 14,700MW. This left a deficit at least 1,500MW. In the first quarter of this year, there were 35 major?outages on the grid. This compares to a historical average of 3-5 events per annum. He added that the theft and misuse of spares parts also contribute to infrastructure problems. In March, Bernerd Da?Santos (executive vice president of AES in the United States) warned that Venezuelan transmission lines must be strengthened urgently. He said that if the government adjusted tariffs in order to reduce subsidies, and provided legal certainty for contracts, then investment would be possible. A company document revealed that some energy producers including Spain's Repsol have already made open?requests for sourcing their own power plants, and other supplies. Repsol didn't respond to a comment request. Residents are left without power for increasingly long periods, up to 10 hours per day. A group of young men play basketball in the western city Maracaibo. It is Venezuela's second most important after Caracas. The only light on the court comes from a motorcycle headlight. Fernando Urdaneta, a 20-year old student, said: "We used play here everyday. But rationing has increased." "At the very least, we won't stop working out, get bored, and leave our house which becomes an oven."
-
Dubai Airports CEO: UAE airspace restored allows for expansion of operations at Dubai airports
CEO Paul Griffiths announced on Monday that 'Dubai Airports operations and flights will be stepped up as the United Arab Emirates airspace has been cleared. Capacity is increasing in accordance with the available routes. The UAE's Aviation Authority said that on Saturday, the air traffic was back to normal following the lifting of precautionary measures taken on February 28, when the Iran War began. Griffiths stated in a LinkedIn posting that despite disruptions from the conflict, Dubai International Airport and Al 'Maktoum International Airports handled over six million passengers and 32,000 aircraft movements, as well as more than 213,000 tons of cargo. The travel demand through Dubai is still strong. Dubai International Airport, the busiest travel hub in the world, has handled 18.6 millions passengers during the first quarter 2026. This is down from 23.4 million one year ago, according to the Dubai Media Office. Griffiths said, "Demand to travel through Dubai is strong and DXB has a good 'positioning to increase capacity and help airlines and guests during a period of constant adjustment." According to its operator, on February 11, 'DXB was expecting to handle close to 100 million passengers this year before the war broke out and Gulf airspace closed for nearly two months. (Reporting by Federico Maccioni. Written by Tala Ramadan, Nayera Abdallah. Mark Potter (editing by Mark Potter).
-
Baltic Exchange denies Mercuria’s claims over Hormuz cargo losses
Baltic Exchange, world's leading provider of benchmark indices for shipping, denies allegations made by Mercuria that its data on oil tanker prices caused losses to the commodity trader. Mercuria, a Swiss company, said in a court filing dated April 30 that the losses were due to oil tanker prices which did not take into account the closure of the Strait of Hormuz. Mercuria has sued the 'Baltic Exchange claiming that they have not met their statutory and contractual responsibilities in producing the TD3C Benchmark based on the voyages from the Middle -East to Asia. The London-based exchange owned by Singapore's SGX said that the Baltic produces benchmarks according to established and robust governance frameworks, methodologies, and oversight processes. The Baltic said that they were confident in their ability to continue to meet and exceed all of their statutory, contractual, and regulatory obligations for the production and distribution of the TD3C standard. The company added that "while we wait for the full details of the claim, Mercuria seeks declaratory relief from English High Court in order to force the Baltic to depart from these processes." The Baltic has full confidence in its processes, believes that the claim made by Mercuria lacks merit and will defend it vigorously, according to the company. U.S. and Israeli war against Iran began on 28 February. Since then, hundreds of ships, including 20,000 seafarers, have been stranded in the Gulf. Only a handful of ships are willing to sail daily through this vital chokepoint. (Reporting and editing by Thomas Derpinghaus; Jeslyn Lerh)
-
Gulf markets benefit from early optimism about Middle East resolution
Investor confidence was boosted by the opening of most major Gulf exchanges on Monday. Donald Trump, the U.S. president, said that the United States would start efforts on Monday morning to help ships stuck in the Strait of Hormuz. He did not give any details of his plan. Iran's military warned U.S. troops on Monday to avoid entering the Strait of Hormuz, after President Donald Trump announced that the United States was going to start helping free ships stranded by the U.S. and Israeli war against Iran. He did not provide any details of the plan. Trump's priority is to secure a nuclear deal with Tehran, but Iran wants the talks to be delayed until after the war. It also wants rival blockades against Gulf shipping to be lifted first. Dubai's main stock index rose 1.2%. This was led by the 3.2% increase in blue-chip developer Emaar Properties, and a 1.6% rise in toll operator Salik Co. In Abu Dhabi, the index grew 0.6%. This was boosted by an increase in stocks of companies linked to Abu Dhabi National Oil Company. ADNOC Drilling jumped by 4.6%, ADNOC Gas grew by 0.9% and ADNOC Logistics & Services grew by 3%. United Arab Emirates left OAPEC on Sunday after announcing in April that it would also quit OPEC+ and OPEC to increase output. The UAE's withdrawal from the cartel could also?allow for the Gulf State to increase production when exports resume since?it wouldn't be bound by OPEC quotas. Speculations that the UAE might leave OPEC have been going on for years. It can remain profitable even in periods of prolonged low prices, thanks to its vast reserves and among the lowest production costs in the world. The Qatari Index rose by 0.3%. Saudi Arabia's benchmark indices fell by 0.5%, mainly due to a drop of 3.8% in Saudi Arabian Mining Co. Saudi Aramco, the oil giant, also slipped 0.2%. Brent crude futures dropped 6 cents or 0.1% to $108.11 per barrel at 0400 GMT, after falling $2.23 Friday.
-
ADNOC CEO: UAE's withdrawal from OPEC is not directed at anyone
Sultan 'Al 'Jaber, CEO of Abu Dhabi - National Oil Company, said that the decision by the United Arab Emirates to leave OPEC and OPEC+ is not aimed at anyone in particular but serves national interests. The oil-rich Gulf nation left the group on 1 May, widening the rift with Saudi Arabia. Saudi Arabia is the leader of the Organization of the Petroleum Exporting Countries. Al Jaber, in a speech delivered at the "Make It In The Emirates Conference", said that "the United Arab Emirates sovereign decision to reposition themselves within the global energyscape, and to leave OPEC and OPEC+ is not a choice made against anyone." The UAE and Saudi Arabia, once firm allies have developed a simmering rivalry. They clash on issues ranging from oil policy, regional geopolitics, and the race to attract foreign talent and capital. Al Jaber stated that the UAE's decision to leave OPEC was in its national interest and long-term strategy objectives. It would give it greater capability to accelerate investments, expand, and create value while remaining a trustworthy and responsible partner on global energy markets. He called on the private sector and the sovereign wealth funds of the UAE to take bold decisions, saying that the UAE has shown resilience in the face of Iranian attacks. "This phase?requires bold and serious decisions. Al Jaber stated that investing at home or in direct domestic investments is not an option anymore; it's a priority. UAE is a long-time ally of the United States in the Middle East and has been a reliable regional financial and business hub. The 'Iranian missile attacks on U.S. bases and Gulf states has shattered this region's safe haven aura, and investors are now frightened. Yoused Saba (reporting), Tala Ramadan (additional reporting), Nayera Abdallah (writing), Bernadette B. Baum, Emelia Sithole Matarise and Emelia Sithole Matarise edited this article.
-
Data shows that Russian pipeline gas exports into Europe fell by 1.7% year-on-year in April.
The TurkStream pipeline, which is operated by the Russian energy giant Gazprom, has reduced its average daily natural gas?gas?supplies into Europe from 41 million cubic meters to 41 millions cubic metres in April compared to a year ago. Prices rose sharply after shortages arose from the closure of the Strait of Hormuz - a conduit that carried a fifth of global oil and gas. Turkey is the only route through which Russian gas can be transported to Europe. This is because Ukraine did not extend its five-year agreement with Moscow, which expired in January 2025. According to calculations based on data provided by the European Gas Transmission Group Entsog, total Russian gas supplied to Europe via TurkStream was 1.23 billion cubic meters?last months. This is down from 1.25 billion cubic metres in April 2025. Exports increased 7.3% on an annual basis in the first four month of this year to around 6.2 billion cubic meters. Gazprom has not responded to a request for comment. Since the beginning of 2023, it has not published its own monthly statistics. According to calculations, the company's exports of gas to Europe fell by 44% to 18 bcm last year, the lowest level since the mid-1970s. This was due to the closing of the Ukrainian route. In 2018-2019, Russian pipeline gas exports to Europe reached a peak of around 180 billion cubic meters per year. (Reporting and writing by Oksana Kobieva, editing by Kira Donovan).
-
Gulf crisis affects Australian and New Zealand companies, from airlines to banks
The U.S. and Israel war on Iran is causing financial stress for companies in Australia and New Zealand. Higher fuel prices are a major factor, as they increase inflation, erode consumer and business confidence, and reduce corporate earnings. Below are some companies in Australia and New Zealand who have reported an impact of the Middle East conflict. Air New Zealand, New Zealand's national carrier, suspended its full-year earning outlook in early March and announced that it had increased fares because of volatility on the jet fuel market. It was one of the first carriers who announced price increases. On April 7, the airline announced that it would cut flights by 4% in May and June. This will affect around 1% of passengers and 4% of flights. Auckland International Airport, New Zealand: Auckland International Airport reported that flights to the Middle East from Auckland were affected. In March, the number of passengers on Middle Eastern routes dropped by 81% and seat capacity fell by 73% compared to a year earlier, according to airport operator. New Zealand-based a2 Milk has cut its profit forecast for fiscal 2026 as higher freight costs and supply chain disruptions due to conflict have affected the availability of the China-label infant formula product on its largest market. Cleanaway Waste Management has slashed their full-year operating profit forecast by approximately A$20million ($14.17million), due largely to higher costs, reduced activity and timing differences when it comes to cost recovery. Cochlear, an Australian manufacturer of hearing implants, has lowered its profit forecast for 2026 due to weaker trading on developed markets. The company cited slower surgical volumes, lower referrals for hearing aids, and a softer consumer attitude. The company stated that the Middle East War has increased risks such as order cancellations, delays in delivery, and a higher exposure to receivables. It also said that restructuring costs and margin pressure have been worsened by the Middle East conflict. Endeavour Group: Pub-operator Endeavour warned of fuel and freight inflation due to the war in Iran, which would increase their supply chain costs by A$6-A$8 million. The company said that it was experiencing price pressure in its entire supply chain because of?higher fuel prices linked to the Middle East Conflict. Owner of liquor chain Dan Murphy's, has launched a three-year drive to improve efficiency. The goal is to save A$100,000,000 by 2027, by reducing the number of support offices and optimising store layouts, among other things. Fletcher Building, New Zealand: Fletcher Building, New Zealand, said that it is 'indirectly exposed to the Middle East conflict through supply chains, freight lines, energy costs and the wider economic impact on the construction demand in Australasia. Construction materials manufacturer expects to increase prices in all divisions. Plastics will be affected by price increases of up to 36%. Other divisions will only see a 1%-5% increase. Fonterra New Zealand, a dairy producer, said the conflict could impact its supply chain and increase its inventory and costs in second half of year. It also contributed to volatility in global commodities prices. National Australia Bank: National Australia Bank said that it expects credit impairment charges of A$706 ($504.44 millions) in the first fiscal half 2026. NAB stated that the volatility of interest rates in the second quarter, the weakening New Zealand dollar, and the increase in provisioning would result in a reduction of the common equity tier one capital ratio for the group by approximately 20 basis points on March 31. The company also plans to apply a discount of 1.5% to its dividend reinvestment program for the first half to raise A$1.8 billion and help strengthen its balance sheet. Orora Packaging Company: Orora has lowered its earnings forecasts for its French division Saverglass, and cancelled the share buyback program. The company cited the impact of war. Due to the closures of shipping routes, the company also stopped bottle production in its glass production plant at Ras al-Khaimah (United Arab Emirates). Qantas Airways: Australia's flag-carrier, Qantas Airways has raised its fuel costs outlook for the second half year by as much as A$800,000,000 and announced that it had not yet started its planned A$150,000,000 share buyback, citing the sharply increased and volatile jet fuel price. Qantas has raised fares to offset the rising cost of its flights and shifted them towards stronger routes, such as Paris or Rome, where the demand is still strong. They have also reduced their domestic capacity in June by approximately 5 percentage points. Qube Holdings: Qube anticipates that the Middle East conflict will have an impact on its EBITA of between A$10 and A$20 million in fiscal 2026. The logistics company said that the recent events may support a rapid acceleration of investment in alternative energy projects which could be beneficial for the firm. Virgin Australia: Virgin Australia expects fuel costs to increase by around A$30 to A$40 million ($21.39 to $28.52 millions) in the second half fiscal 2026. In mid-March, the airlines announced that they were adjusting their fares due to the rising costs in the aviation industry. Westpac: Westpac, Australia's no. Westpac, Australia's no. Westpac's net margin for its Treasury and Markets division has been weakened amid the interest rate volatility caused by the conflict. A weaker outlook had already led to higher credit provisioning. Westpac has increased its provision for bad debts since the COVID-19 pandemic. Woolworths Woolworths is the largest Australian supermarket. It said that the Middle East conflict had created uncertainty for both customers and suppliers. This has exacerbated the already severe cost of living pressures. The company also warned that the domestic food segment's earnings growth would not reach the top end of the range in fiscal 2026 due to fuel price pressures, and customer retention investments. Woolworths has also announced that it will freeze the prices of 300 household staples from May 1 for three months, as cost pressures imposed by conflict on Australian suppliers are driving up prices across all supermarkets. Worley: Worley estimates that the negative impact of the Middle East Conflict on its underlying EBITA in fiscal 2026 will be between A$30 and A$40 Million. The Australian engineering company warned that it would not be able to grow its underlying EBITA by more than 5% in fiscal 2026 but still aimed to increase revenue in fiscal 2026.
-
Sources say that the Air India CEO search has narrowed down to Singapore Air executive Kannan and insider Aggarwal.
Two sources who have direct knowledge of this matter say that Vinod Kanan, the Singapore Airlines CEO and Air India's Nipun Aggarwal, the commercial head of Air India are the frontrunners for the position of new CEO at Air India. This suggests that the search for the next CEO of India's second largest airline is close to completion. New Zealander Campbell Wilson announced last month that he resigned from the airline due to its persistent losses and regulatory scrutiny. One source said that the board of 'Tata Sons', the majority owners of the airline is currently discussing both names. There has not been a final decision and another candidate could emerge as the frontrunner. Tata Sons' spokesperson did not respond to a comment request. Air India refused to comment. Aggarwal and Kannan did not reply to text messages seeking a comment. Singapore Airlines owns a quarter of Air India. The rest is owned by Tata Sons. Air India's choice of a CEO is made at a critical time. The airline is facing heavy losses, increased regulatory scrutiny following a fatal crash last year and operational disruptions caused by the Iran War, which has?driven up costs and compounded effects of Pakistan’s airspace restriction. In April last year, Pakistan banned Indian carriers in its airspace following tensions between the two neighbours. Kannan was the CEO of Vistara - the joint venture between Tata Airlines and Singapore Airlines - before it merged with Air India. Kannan is a seasoned aviation professional who began his career in 2001 with Singapore Airlines. He has since held various roles within the airline. Aggarwal began working for Air India in 2022, after Tata Sons acquired the airline from the Indian government. According to Air India, he played a "key role" in the transformations of several Tata Group Companies between 2017 and 2020. He has also worked as an investment banker with Bank of America Merrill Lynch.
Sweden arrests Chinese Captain of suspected Russia-linked vessel
A Swedish prosecutor announced on Monday that the Chinese captain of an 'oil tanker' seized in Swedish territorial waters and suspected to have Russian links was arrested on suspicion of carrying false documents, as well as violating laws on seaworthiness. On Sunday, the coast guard and police boarded a ship flying the Syrian flag in Swedish territorial water.
In a press release, Senior Prosecutor Adrien?Combier-Hogg stated that the captain, who was not identified, would be interrogated Monday. Authorities stated that the vessel was believed to be part of the shadow fleet. This clandestine network is a clandestine group of?vessels Russia used to evade Western sanction imposed against it in response to the Ukraine War. The arrest of the Jin Hui on Sunday was Sweden's 5th such action in the past year.
Russia has not yet commented on this latest action but has condemned previous interceptions of its vessels as hostile.
The suspect's reaction to the seizure of the ship or the charges against him was not immediately known.
The 'coast guard' said that the ship, which had an unclear destination and was not believed to be carrying a cargo was listed on several sanction lists, including those of the European Union (EU) and Britain. (Reporting from Terje Solsvik, Oslo; and Jesus Calero, Gdansk. Editing by Barbara Lewis.)
(source: Reuters)