Latest News
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Wall Street Journal, April 9,
These are the most popular stories in the Wall Street Journal. The? has not?verified these stories and does not?vouch for their accuracy. Disney plans to eliminate up to 1,000 jobs in the next few weeks. Many of these will be in the marketing department. Anthropic was denied relief by a federal appeals court Wednesday after the Defense Department declared that Anthropic posed a risk to supply chains. The Trump administration is mulling over a plan that would punish members of the NATO alliance who he feels were unhelpful to the U.S. and Israel during the Iran War. U.S. Treasury secretary Scott Bessent reiterated the need for federal rules to govern digital assets. He said that he wanted rules?that would ensure cryptocurrency investment and development remain in the U.S. Delta Air Lines pulled all of its planned capacity growth for the current quarter on Wednesday and forecast profit that was below Wall Street's expectations. The company warned that the soaring costs of jet fuel due to the Iran War would cost it more than $2 billion in the upcoming June quarter. Meta announced Wednesday a new large-language model, its first new AI model of any significance in over a year. (Compiled by Bengaluru Newsroom)
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UK calls for Strait of Hormuz toll-free, wants Lebanon to be in ceasefire agreement
Yvette Cooper, British Foreign Secretary, will'say on Thursday, that'shipping through Strait of Hormuz must be free of charge, as it carries a tenth of the worlds oil and natural gas. This is to counter a move by Iran to gain control of the crucial waterway. Iran wants to charge ships a fee for passing through the Strait of Hormuz. The strait had been treated as a waterway by the U.S. and Israeli governments before the?war against Iran. "The fundamental freedoms of seas" cannot be sold or withdrawn unilaterally. Tolls are not allowed on international waterways. Cooper will make the statement that navigation "must be free" in his annual speech on foreign policy at Mansion House, London. Cooper will also reiterate the calls of world leaders that?Lebanon be included in a?two-week ceasefire agreement between Iran and?the U.S. agreed on Tuesday. Israel launched its biggest attack yet against Lebanon on Wednesday, targeting Iran-backed Hezbollah. Reporting by Gursimran in Bengaluru, editing by Sonali.
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ESR raises $850 Million from existing shareholders for Asia Growth
The Asia-Pacific asset manager and owner?ESR announced on Thursday that it has secured $850m in new equity from its existing shareholders to fund growth?in the data centres, real estate and logistics businesses. In a press release, the Singapore-based group stated that it would use this new capital to strengthen its balance sheet as well as support its expansion in Asia-Pacific with an emphasis on logistics assets and data centers. The fundraising is part of a larger strategy overhaul that ESR will be implementing after being taken private in July 2025 by a consortium including Starwood Capital Group and Warburg Pincus. ESR stated that the new equity is a result of more than $2 billion in net proceeds generated by divesting non-core assets and recapitalising balance sheet assets since January 2025. In a statement, ESR President Phil Pearce stated that "ESR is entering its next phase of expansion with a strengthened capital base and?a more specialized platform." The company stated that it would use the capital for growth initiatives in "priority markets" including Australia, Japan, and South Korea. It also said they were pursuing opportunities within Greater China, India, and Southeast Asia. ESR stated that it has a pipeline of development worth $9 billion and serves more than 1,500 customers in the logistics industry. It said that its data centres business had a pipeline of?more than 3 gigawatts for phased development on key markets. (Reporting and editing by Yantoultra ngi; Toby Chopra).
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FedEx and pilots reach tentative wage agreement after years of discussions
FedEx and the union that represents more than 5,000 of its Pilots reached a tentative agreement on Wednesday. This paved the way for wage increases after years of negotiation. Since May 2021, FedEx and the Air Line Pilots Association have been in discussions. The union stated that under the tentative agreement, hourly wages for pilots would increase by approximately 40% in 2026. This would be followed by annual increases of about 3% between 2028 and?2030. First?officers could receive up to $102,500 in retroactive pay for the time they missed out on during negotiations. The union stated that "the tentative agreement will be next presented to the FedEx Master Executive Council, for their review." It added that the deal had been reached during talks overseen by National Mediation Board. FexEx confirmed that it had reached a tentative agreement with the 'pilots' union. FexEx operates the largest cargo air fleet in the world, with 390 'cargo' jets and 313 'turboprop' planes. The delivery company's pilots narrowly rejected an agreement in 2023 that would have offered a?30% pay increase? and improved pension benefits? over younger pilots' fears about outsourcing. Reporting by Fabiola Aramburo and Mrinmay dey in Mexico City, editing by Sumana Nady
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Bousso: Iran's 'tollbooth' at Hormuz will hard-wire higher energy costs
For now, the war that shut down the Strait of Hormuz is over. Tehran's insistence on acting as the toll booth keeper for the world's critical?oil artery could make energy markets more vulnerable and lead to higher prices. According to U.S. president Donald Trump, the U.S., Iran and Pakistan agreed to a ceasefire on Tuesday, which was mediated by Pakistan. Tehran must halt its blockade against oil and gas through the Strait. According to an Iranian official, the waterway through which a fifth or more of the world's gas and oil flowed prior to the U.S./Israeli war against Iran, it could reopen by Friday, but in a?limited?fashion, under Iranian control. Tehran also said on Tuesday that it would charge ships passing through the strait a fee under a permanent deal. The strait is only 34 km wide (21 miles) at its narrowest part between Iran and Oman. Some media reports suggest that Oman is strongly opposing any such toll system under the existing agreements. Others claim that a similar toll system already exists. In an interview with ABC News, Trump stated that the U.S. also considered setting up a joint-venture to charge ships tolls to access Hormuz. It is unclear how such a plan would work in reality. Iran could have the upper hand. The conflict has shown?Tehran’s ability to use drones, sea mines and missiles to attack dozens of vessels - giving it powerful leverage without a formal ban. A toll system in Iran would violate one of the most fundamental principles of international law, freedom of navigation. Under this principle, ships may navigate international waters free of interference by coastal states. The United States has always positioned itself as a global guarantor, enforcing that principle through diplomatic pressure and naval patrols. Washington would be forced to make a major strategic shift if it allowed Iran to control the Hormuz Strait. This would also represent a shock to the Middle East's oil and gas industry, which is the lifeblood of many countries, including Saudi Arabia, United Arab Emirates, and Qatar. This would create a layer of permanent political risk, both for Gulf producers and customers. Tehran would have disproportionate control over which ships could transit at what time. Iran could, for instance, outright ban Israeli-owned vessels, slow Saudi shipments in order to exert pressure on Riyadh or use delays as a leverage in unrelated disputes. They would not want Tehran to have such a strong grip on their main trade route. The implications for Asian buyers would be serious. China, Japan South Korea and India are heavily dependent on Gulf supply. Even modest and unpredictable disruptions could have a significant impact on refining margins and spot prices for liquefied gas and inflation expectations. It is unclear how much damage will be caused by the transit of vessels from Iran to friendly nations like China, India, Iraq, and Pakistan. HIGHER COSTS The toll could be significant financially. According to reports, the toll could cost as much as $2 million for each transit. This is roughly equivalent to the total cost to charter a large crude carrier to travel from the Middle East all the way to China in 2025. In addition to the death toll, increased security risks will increase insurance premiums for LNG carriers and tankers entering the Gulf. This will further drive up transportation costs. The war-risk premiums, which were volatile even before the conflict, will likely continue to be a structural feature of the market. Some ships could try to follow the coastline of Oman while transiting Hormuz. This would reduce the overall traffic volume and still expose ships to Iranian missiles, drones, and fast-attack craft. ALTERNATIVE ROUTES OF EXPORT These risks, combined with the uncertainty surrounding relations with Iran, will likely lead Saudi Arabia and UAE to continue using alternative oil export routes that were used during the war for many months, if they are not years. Saudi Aramco, the state oil giant, began pumping large quantities of crude through its East West pipeline to the Red Sea Port of Yanbu soon after the outbreak of war on February 28. This was done in accordance with contingency plans that were developed specifically for such a situation. The pipeline can transport 7 million barrels a day. Of this, 5 million barrels a day are exported, and the remainder is used to feed domestic refineries. According to Kpler, Saudi Arabia exported an average of 3.3 million barrels per day from its west coast ports in March. This is nearly half of the volume it will export by 2025. Even these alternatives have proven to be vulnerable. An industry source said that the East-West pipeline had been hit by an Iranian attack just hours after ceasefire announcement. Flows were expected to be affected. The UAE also diverted additional volumes via its pipeline to Fujairah's oil terminal outside of the Gulf. Kpler reports that exports from Fujairah increased to 1.6m bpd from averaging 1.1m bpd since 2025. These routes are essential for producers and buyers to hedge against the Hormuz threat, but they do not offer a full solution due to their limited capacity and vulnerability to regional tensions. The mere possibility of Iranian oversight is already changing risk perceptions, even if the full toll system never materializes. Iranian control of the Strait would give Tehran disproportionate power in the region's economic lifeline. Saudi Arabia and allies will resist this, whether diplomatically or not. Although the ceasefire is holding, for Gulf oil exporters and their allies, the battle for Hormuz has just begun. Ron Bousso is a columnist at. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Russian drones damage substation in Odesa region, Ukrainian officials say
Officials from Ukraine said that Russian drones destroyed a substation in the southern Odesa region of Ukraine on Wednesday. Meanwhile, Moscow's forces repeatedly attacked areas further east, killing one person. Oleh Kiper, regional governor of Odesa region, said that emergency services were on the scene and there had been no reported injuries. DTEK is a large energy company. It said that?one of their substations was damaged. Crews were waiting for word to start repairs. DTEK stated that the area had been under Russian attack "almost around the clock". Ukraine's energy infrastructure has been attacked for months. In the four-year conflict, the Russian military has repeatedly targeted the Black Sea port of Odesa and the areas around it. Ivan Fedorov said that a glide bomb strike overnight killed a man outside of Zaporizhzhia in the southeast. Oleksandr Gisha, the Governor of Dnipropetrovsk, said that Russian artillery and drones attacked a number of towns in the region nearly 40 times during the day. Officials have also reported drone attacks in Sloviansk near the frontline in the eastern Donetsk Region, in Kherson in the south, and Sumy in the border region with Russia. Venyamin Kodratiev, the governor of southern Russia's Krasnodar Region, said that falling drone debris killed an individual on a balcony of a building located northeast of the Black Sea port of Novorossiysk. It was not possible to independently verify the accounts of either side. Reporting by Ron Popeski, Oleksandr Kozoukhar and Stephen Coates; Editing by David Gregorio & Stephen Coates
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US FAA fines American Southwest Airlines for alleged drug and alcohol violations
The US Federal Aviation Administration proposed on Wednesday a civil fine of $255,000 against American Airlines, alleging the carrier had violated employee drug- and alcohol-testing regulations. The FAA proposed an identical fine on Friday against Southwest Airlines. The FAA announced on Wednesday that American had allowed 12 flight attendants to return to safety-sensitive work without having completed all of the required follow-up tests between May 2019 and Dec 2023. American stated that it was reviewing FAA's notice. The'safety' of our team and customers is paramount. The airline stated that it takes drug and alcohol tests seriously, and works with the FAA on any issues. The FAA announced a fine of $304,000 against Southwest on Friday. It claimed that the airline failed to perform required drug and alcohol tests for 11 employees including pilots. flight attendants. and aircraft mechanics. ? The FAA stated that the employees had 'previously tested positively for alcohol or drugs, including marijuana and cocaine. The regulator stated that the employees performed safety-sensitive tasks between August 2021 to July 2024 when Southwest Airlines did not require them to undergo required follow-up tests. Southwest Airlines said that it takes its drug and alcohol testing responsibility seriously and continues to engage with the FAA. The airline stated that it took immediate action over two years ago to improve its procedures, and to strengthen oversight and accountability. Both airlines have 30 calendar days to respond. Reporting by David Shepardson and Kanishka Singh; editing by David Ljunggren, David Gregorio and David Gregorio
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Russian drones damage substation in Odesa region, Ukrainian officials say
Russian drones destroyed a power station in Ukraine's southern Odesa region, officials said. Meanwhile, Moscow's forces attacked areas further east repeatedly, killing one person and injuring eight others. Oleh Kiper said in Telegram that emergency services were still at the scene of the attack. He stated that no injuries were reported. DTEK is a large private energy company. One of its substations was damaged. Crews waited for word to start repairs. DTEK claimed that the area had been under Russian attacks "almost around the clock". Ukraine has been attacked by the Russian military for several months. The Black Sea port of Odesa is vital for many Ukrainian exports. Areas in the surrounding area have also been frequently targeted by the Russian military during the four-year conflict. Ivan Fedorov is the governor of Zaporizhzhia, a region in the south-east. He said that a glide bomb strike overnight killed a man outside a village near Zaporizhzhia, which is also known as Zaporizhzhia. Two women were also injured. Oleksandr Gánchá, the?governor in the Dnipropetrovsk Region, said that Russian artillery and drones had struck a number of?towns almost 40 times during the day. At least three people have been injured. Officials reported drone attacks that caused injuries in Sloviansk near the frontline, in eastern Donetsk Region, in Kherson Region to the south, and in Sumy Region, on the border of Russia. Reporting by Ron Popeski, Oleksandr Kozoukhar and David Gregorio
What is the issue in US discussions with Ukraine and Russia
Here are some issues that Russia and the U.S. are addressing in their talks to pave the way for the end of the war in Ukraine.
ENERGY INFRASTRUCTURE On March 18, President Vladimir Putin accepted a proposal from U.S. president Donald Trump that Russia and Ukraine cease attacks on the other's infrastructure energy for 30 days. Volodymyr Zelenskiy, the president of Ukraine, said that Ukraine would support this proposal.
The proposed 30-day blanket truce was not reached, as the U.S. and Ukraine both wanted. Since then, both sides have reported that they continue to strike their energy facilities.
NUCLEAR PLANTS According to a U.S. press release, Trump suggested during a phone call with Ukrainian president Volodymyr Zelenskiy, on March 19, that the U.S. might be able to help Ukraine run its nuclear power plants, as well as owning and operating some of Ukraine's energy infrastructure.
Zelenskiy denies that Trump discussed ownership, but he did say the Zaporizhzhia nuclear facility in Ukraine, Europe’s largest plant, which is occupied by Russia, was one of the topics. Russia and Ukraine accuse each other of putting the plant at risk by attacking it. Zelenskiy stated that Kyiv was ready to discuss U.S. participation in modernizing plant if the plant were returned to Ukraine.
BLACK SEA SHIPPING On March 24, U.S. officials and Russian officials met in Saudi Arabia to discuss a Trump initiative for a maritime ceasefire along the Black Sea.
The Black Sea Grain Initiative, which was launched in July 2022 by the United Nations and Turkey, allowed for the safe exportation of almost 33 million metric tonnes of Ukrainian grain.
The World Bank's Global Commodities Outlook from April 2024 stated that both Russia and Ukraine shipped grain without major issues. Zelenskiy said that he supports the idea of a maritime ceasefire. Kyiv, however, has not commented on Trump's Black Sea Initiative. It could use Mykolaiv in addition to the three other ports located in Odesa to export grain, iron ore, and other commodities.
Since 2022, Ukraine has caused significant damage to Russia's Black Sea Fleet, forcing Moscow out of its base on occupied Crimea.
PRISONER CHANGES Russia, Ukraine and both sides announced on March 19 that they had exchanged 175 prisoner of war. Russia also handed over 22 Ukrainian prisoners as a gesture of goodwill. Zelenskiy stated that the 22 Ukrainians are "severely injured warriors" and were persecuted by Russia for fabricating crimes.
NATO MEMBERSHIP
Putin wants Ukraine to drop its official ambitions to join NATO.
In its constitution, Ukraine states that joining NATO is a priority and that this would be the most effective way to guarantee security as part of any peace agreement. John Coale said last month that the United States has not ruled out a potential NATO membership or a negotiated return of Ukraine to its pre 2014 borders. U.S. defense secretary Pete Hegseth said this prospect was unrealistic.
Trump said that he did not believe Russia "would allow" Ukraine to join NATO.
UKRAINE POST-WAR SECURITY
Ukraine, whose NATO membership is not imminently in the cards, wants to strengthen its military as well as secure continued support from Europe and America. This will be part of any future peace agreement. After a peace agreement is signed, Britain and France plan to build a force of foreign ships, planes and troops in or around Ukraine as a deterrent.
Some Russian officials said that they would not accept such a force, and Moscow said a condition for a peace agreement is the reduction of Ukraine's military.
WESTERN SANCTIONES, ELECTIONS Putin said that he wanted the Western sanctions against Russia to be eased. He also wants a presidential elections in Ukraine.
Ukrainian law prohibits elections to be held during martial laws and Ukrainian officials claim that it's not the place of Moscow to dictate a date for an election.
Under Biden, the United States led a broad campaign of sanctions against Russia. This included measures to limit Russia's oil and gas revenue such as a $60 cap per barrel for Russian oil exports. According to sources, the Trump administration is examining ways in which it can ease sanctions in exchange for Moscow ending the war. Trump has also hinted at the possibility of large-scale tariffs and banking restrictions on Russia until peace was achieved.
RUSSIAN HOLDED TERRITORY
Russia wants control of all four partially-occupied eastern Ukrainian areas it claims as its own. It also wants the Crimean Peninsula, which it annexed and seized in 2014. Unnamed sources at a private Putin event told Russia's Kommersant that Putin wants the U.S. formally to recognise Luhansk and Donetsk as part of Russia, along with Crimea.
Ukraine has said that it will not recognise Russian sovereignty on Ukrainian territory, but it is aware it will need to be returned diplomatically in due course.
UKRAINIAN MINERALS Kyiv has been in talks with Washington about a deal that would give the United States a financial reward for the development of Ukrainian resources, namely rare earths which are used to make electronics. The deal fell apart after the disastrous meeting between Trump and Zelenskiy in the White House at the end last month. On March 19, the White House announced that it was moving beyond just a deal framework to focus on a long term peace agreement. Trump announced the next day that a rare earths deal would be signed in a very short time.
(source: Reuters)