Latest News
-
Senator calls on US to finalize regulations banning airline family seating fees
Democratic Senator Ed Markey on Saturday urged the U.S. Transportation Department to finalize rules that would prevent airlines from charging fees for seating families with young children together on a flight, if adjacent seats were available at time of booking. In August 2024, the DOT issued regulations under?former U.S. president Joe Biden after Congress ordered that it write regulations. Markey asked Transportation secretary Sean Duffy for action. Markey noted that the DOT had been unable to act for more than 18 months on this proposal, despite the fact that it was supported by JD Vance (now vice president), a former senator who has now joined the DOT. "Airlines shouldn't be able to force parents to decide between paying more or being separated from their children." Duffy's spokesperson did not comment immediately. Many major airlines have pledged to guarantee family seating at no additional charge. The DOT previously stated that all other large domestic airlines have policies that try to seat families together, but they do not 'guarantee' it. Airlines for America (which represents American Airlines, Delta Air Lines, United Airlines Southwest Airlines and others) did not comment immediately. In 2024, the proposal will prohibit airlines from charging fees for assigning seats to children who sit next to parents on U.S. flight. If it is not possible to offer adjacent seating to multiple children, the airlines will be required to place them in an aisle seat, behind or in front of a parent. If adjacent family seats are not available, the DOT will?require free rebooking or refunds for passengers who choose to skip that flight. If airlines did not comply, they could be subject to civil penalties. Markey cited a variety of other actions taken by DOT in order to reverse Biden's?aviation consumers?rules. In January, DOT announced that it would review its guidance in order to reduce the emphasis on imposing civil penalties against airlines that violate consumer protection laws and?to eliminate Biden's policies that emphasized enforcement. USDOT reversed?some penalties on airlines under the Biden administration in December. This included waiving $11 million from a fine that was imposed by Southwest as part of a $140-million settlement for?operational issues that left more than 2,000,000?passengers stranded in 2022. In November, the DOT retracted a proposal that was issued under Biden and sought to force airlines to compensate passengers in cash when they are responsible for U.S. flights being disrupted. (Reporting and Editing by Franklin Paul, Aurora Ellis and David Shepardson)
-
The EU should phase out the low-value package tax rules, say logistics giants
DHL, FedEx, and UPS called on 'European Union Finance Ministers' to implement new?duty regulations on?low value packages? on Friday. They warned of supply chain bottlenecks, and the impact this would have on some medical supplies. These rules are part of an effort to crackdown on cheap Chinese imports, such as those from online retailers Shein or Temu. In a letter dated 22 May, seen by the, three companies said the EU should implement a EUR3 flat rate duty on July 1 but defer "more complicated and unresolved" elements until they were?legally sure and 'operationally viable. The new data requirements, along with other changes mandated by the new rules, resulted in an amount of complexity which could not realistically be implemented before the deadline of July 1. In a letter, Mike Parra, CEO DHL Express Europe and Wouter Roels president of FedEx Europe and Daniel Carrera president of UPS EMEA said that they saw a "real" risk of shipments getting held up at EU border "without a stable and working legal framework". They wrote: "Such disruptions could affect the availability of medical supplies, delay industrial production and create bottlenecks across European supply chains. All?risks which are especially significant in today's geopolitical environment." (Reporting and writing by Tom Sims; Editing by Louise Heavens, Alexander Smith, and Louise Heavens)
-
CMA CGM profits drop as Iran War weighs on shipping
CMA CGM, France's largest shipping company, posted a lower core profit for the first quarter on Friday as weaker markets offset a growth in logistics. The outlook remains cautious due to trade uncertainty and the Iran War. CMA CGM, behind the Mediterranean Shipping Company in Switzerland (MSC) as well as Denmark's Maersk, is the third largest container shipping company worldwide. The group's earnings before interest, taxes, depreciation, and amortization (EBITDA), which were $3.09 billion in the previous year, fell to $2.11billion, while its net income, attributable to it, plummeted to $250m from $1.12billion. Total revenue for the?first quarter was $13.23 billion, down from $13.26. Shipping revenue fell 8.5% to $8.02 billion, while logistics revenue grew 6.6% to $4.56 bn. The Iran War has stranded hundreds of vessels, increased fuel and insurance prices, and forced carriers and shippers to use alternative routes and adjust their networks. Rodolphe Saade, Chairman and CEO of CMA CGM, said in a statement that the Group had a resilient performance during the first quarter 2026. This was attributed to the strength of the Group's shipping activities and its diversification. This month, a CMA CGM container vessel was attacked while it was transiting the Strait of Hormuz, causing injuries to crew members and damage to the vessel. Another vessel left the Gulf. CMA CGM stated that it had set up alternative routes to ensure cargo could continue to move to and from Gulf Countries despite the restrictions. It remained cautious, however, as the Iran 'war, oil prices and freight rates, and trade uncertainty all weighed heavily on its visibility. (Reporting and editing by Louise Heavens, Alexander Smith and Zakarya Méliani)
-
Swiss sanctions against Russia and Belarus are in line with EU actions
The Swiss government announced on Friday that it had expanded its sanctions against Russia and Belarus, adopting portions of the latest package of measures from the European Union in response to Moscow's conflict in Ukraine. The Federal Department of Economic Affairs (FDEA)?said that the new listings will take effect at 11 p.m. on May 22. Further 115 individuals and companies will be subject to asset freezing and a 'ban' on making funds available. Sanctioned individuals are also barred from entering Switzerland or transiting through it. The department stated that the newly listed targets included people and 'entities connected to Russia's energy and military-industrial complex, as well as 'individuals involved in the deportation and indoctrination Ukrainian children. It said that '60 more companies, some of which are based in a third country, will be subject to tighter export controls, with the aim of blocking the supply of 'critical goods for Russia’s military industry.
-
Carney emphasizes importance of Alberta following separation vote announcement
The Prime Minister, Mark 'Carney, stressed the importance of?Alberta to Canada on Friday. This comes a day after this oil-rich province held a non-binding vote on whether or not its residents wanted to stay in Canada. Carney's largely symbolic move could be a major challenge for him, as he is trying to promote national unity in the face of U.S. Tariffs and Donald Trump's talk about annexation. Carney told reporters that "Canada is one of the best countries in the world, but we can do better. We're working together with Alberta to make it better." "We are renovating the nation as we go." Carney said that Alberta's central position is crucial. He did not mention the referendum announcement. The'separation' advocates are upset with Justin Trudeau's environmental policies, which they say has undermined the oil and gas industries of the province. Carney?took over in March 2025 and?then rolled back a number of Trudeau?s green measures. (Reporting and editing by David Ljunggren, Deepa Babington and Promit Mukherjee)
-
State media reports that Syria has signed a deal with CMA CGM for the operation of two dry ports.
Syria's General Authority for Borders and Customs (GABC) has signed an agreement with French shipping and logistics group CMA CGM to operate two dry ports in the free zones around Damascus. The agreement covers the management and operations of the dry ports in support of logistics and trade. The deal coincided with the launch a trial freight rail linking Syria's main maritime access port,?Latakia, to Adra, after a 14-year stop due to the Syrian Civil War. CMA?CGM did not immediately respond to a request for comment. This agreement is a follow-up to a separate contract signed by CMA CGM in May 2025, under which the company secured a 30-year deal for modernising and operating Latakia Port. Rodolphe Saade is a Franco-Lebanese with Syrian roots. He has family ties in Syria. The European 'Union' restored full application to its 1977 'cooperation agreement' with Syria on May 11, ending a partial ban imposed in 2011, due to human rights infringements under Bashar al Assad. This move, which follows Assad’s?fall? in December 2024 as well as the lifting of the majority of EU economic'sanctions? in 2025 is intended to support Syria's 'economic recovery' and signal renewed EU involvement with the country. (Reporting and editing by Louise Heavens, Sybille De La Hamaide and Zakarya Melani)
-
Sources say that Trafigura will withdraw LME copper stocks ahead of the US tariff ruling
Two industry sources have confirmed that Trafigura, the commodity trader, plans to remove large amounts of copper from London Metal Exchange's warehouses in New Orleans. They cited a U.S. Tariff decision expected late in June. Trafigura, a Swiss company, declined to comment. The traders have moved large volumes of copper into the United States to prepare for possible import taxes that could increase shipping costs. The threat of import levies has increased the value for existing copper stocks, as holding copper in the United States allows customers to lock in supplies at pre-tariff rates. After a review, the United States will likely decide by late-June whether to impose tariffs on copper metal imports. U.S. US IMPOSED A 50% TARIFF ON COPPER LAST SEASON. This was part of a larger levy imposed on semi-finished products made from copper. Copper stored in LME-registered warehousing in the United States is usually kept in free trade zones or bonded areas, which means it hasn't entered the U.S. formally and isn't subject to import duties unless brought into the domestic market. LME data shows that more than 30,000 tons of copper was cancelled or marked for delivery in New Orleans, Louisiana on Thursday. LME data doesn't identify the companies responsible for inventory movement, but two sources who refused to be named said that the company was Trafigura. The total cancellations for Thursday exceeded 50,000 tons. The majority of the remaining 22,000 tons were stored in LME warehouses located in Kaohsiung. The total amount of cancelled LME copper stock is 391,900 tonnes, or nearly 30%. Total stock of 'copper' in approved warehouses by Comex The 574,864 metric tonnes is an increase of more than 550% from the February 2018 order by President Donald Trump to conduct a Section 232 Investigation, a process that is designed to 'determine if a product enters the U.S. In sufficient quantities, the product could threaten national security. Since February last year, traders are withdrawing copper from LME storages Shanghai Futures Exchange Industry sources say that the best way to export to the United States is to use a container. (Reporting and editing by Barbara Lewis; Additional reporting by Eric Onstad, Pratima Deai, and Polina.
-
Ireland hopes to pass a law lifting Dublin Airport's cap by the summer
Transport Minister said that the Irish government will enact legislation by mid-July lifting a limit on passenger numbers at Dublin Airport. This has been criticized by European and U.S. carriers. The government is rushing to lift the cap of 32 million passengers per year, which has been suspended in anticipation of a ruling from the European Court. Last year, the airport exceeded its limit by four million passengers. Darragh O'Brien, Ireland's Transport, Energy and Climate Minister, said in a?interview that he hoped to have the legislation passed by the Dail (lower chamber of parliament) and Seanad, the upper house, before the summer recess (mid-July). "If not then, early September will be the deadline," he said. O'Brien only previously committed to passing the legislation by?this end. Planners in 2007 capped the number of passengers who could use Ireland's main international airport at 32 million, in part to avoid local traffic congestion. Local residents are in favor of limiting the number of passengers at the airport. The airport carries 80% or more the air traffic in the country. Environmental groups warn that its removal will weaken the oversight of an industry with high emissions. Irish airline chiefs have opposed the measure, claiming it will harm the economy of the country. U.S. Airlines have also opposed this cap. Their representative body, as well as Irish carriers, warned that if it is not removed quickly the U.S. Government could take retaliation and restrict transatlantic flight from Dublin. Michael O'Leary, Ryanair's boss, said in response to O'Brien's schedule that the timetable would eliminate the threat that hung over the industry of being forced by regulators to reduce their capacity to meet the cap next summer. He repeated his calls for O'Brien move faster. He said that if the Americans don't pass the bill by the end June, there was a good chance they would take action. O'Brien stated that the U.S. Government was satisfied with his timeline. European airlines have warned that they may face jet fuel shortages in the coming weeks due to supply disruptions caused by the U.S./Israeli war against Iran. O'Brien stated that Ireland does not face any immediate supply shortages and the analysis of the government predicts no shortages in fuel for the remainder of the year. (Reporting and editing by Kate Abnett, Padraic Halpin and Louise Heavens).
ROI-Trump sanctions against Lukoil and Rosneft may reshuffle the global oil map, says Vladimirov
U.S. sanctions on Russian oil giants Lukoil, and Rosneft may trigger a structural restructuring of the global oil industry over the next 12 months. This could reverse Moscow's decades long efforts to increase its international influence through energy investments. The U.S. hit the Kremlin at its core when President Donald Trump imposed sanctions in October on Rosneft, Lukoil and other oil companies that account for two-thirds or more of Russia's oil exports. The measures officially took effect on 21 November. Calculations show that Russia's oil-and-gas?revenues?, which represent around a quarter in federal income, fell by about a third year-on-year in November. The earnings from fossil fuels for Russia, which is the second largest oil exporter in the world, have fallen to their lowest levels since sanctions were imposed following Moscow's invasion into Ukraine in 2022.
Turkey, India, and Brazil have reduced their purchases of Russian crude and traders are struggling with placing cargoes. This has left a record amount of Russian oil float at sea. China is likely to absorb some of this volume, but Moscow could be forced into selling at an even higher discount. The earlier measures, such as price caps, diplomatic sanctions and maritime restrictions, had only a limited impact on Moscow's finances. They were aimed at logistics and finance rather than the core of Russia's oil industry. Washington has increased the stakes by showing that Russia’s largest oil companies can no longer be sanctioned.
From dominance to?DIVESTMENT. The forced sale by Lukoil and Rosneft of their assets in Europe, the Middle East and Africa, as well as Latin America, could now reroute global supply chain and reshuffle ownership. The permanent loss of Russian corporate existence in key hubs would alter long-term trading patterns and investment patterns, not only short-term flows. Lukoil’s rush to sell its $22 billion portfolio of international assets before the temporary U.S. authorization expires December 13 could allow U.S. and Western investors to take back strategic ground from Moscow.
Lukoil has a large number of lucrative stakes in upstream assets, including the West Qurna-2 oil field in Iraq; the Karachaganak and Tengiz oil fields in Kazakhstan; Azerbaijan’s Shah Deniz gas field; as well as assets from Mexico, Ghana and Nigeria to Egypt and Nigeria.
The shift downstream is equally important. If these sanctions are maintained, Lukoil will have to divest its refineries in Bulgaria and Romania, as well as the Netherlands, which were pillars in Russian energy dominance in Europe. Lukoil Finland's subsidiary has already announced plans to close more than 400 service station after the Finnish government refused to grant exemptions. Lukoil secured a waiver that allows it to continue to operate hundreds of retail outlets in the U.S.A., Belgium and the Netherlands, as well as the Western Balkans. However, its share of the market is already small.
EASTERN EUROPE UNWINDS RUSSIAN LEVERAGE
Eastern Europe is experiencing the most dramatic change. The most dramatic changes are taking place in Eastern Europe.
Romania has chosen to comply with all sanctions, and has been accelerating the sale?of?the Petrotel refining plant, while Moldova has taken over Lukoil’s aviation fuel supply infrastructure in order to ensure stability. Hungary and Slovakia are the only EU member states that still import Russian barrels, despite the EU's specific sanctions exemption. Lukoil supplied most crude oil through the Druzhba Pipeline for many years. However, they have other options. They have alternatives, however. Hungarian PM Viktor Orban obtained a temporary U.S. exemption allowing oil and?gas?company MOL continue purchases. However, the exemption is only valid for one year. If Hungary does not stop these purchases, Russia will likely gain the last foothold on the EU oil markets.
RECLAMING STRATEGIC SPACES
New sanctions may also have a significant impact on the refined products markets, where Lukoil &?Rosneft are major players. The EU will close the "refining gap" in January. This means that major transshipment hubs, which imported large quantities of Russian crude to re-export refined products into Europe, will have to reduce their imports. The EU also targeted India's Nayara Refinery, whose principal shareholder is Rosneft.
There are still gaps. It will be difficult to enforce these restrictions on refined products. The EU still has no way to know if products coming from large net oil exporting countries, like Egypt and the United Arab Emirates are made from Russian crude. The global energy market has also adapted in order to keep Russian crude flowing. This includes the development of large “shadow fleets” - tankers operating outside the Western financial system. We now seem to be at an important turning point. Over the years, Russia has used its energy companies as a tool to extend its political and economical reach into Europe, Middle East, and beyond. The global power balance could be shifting in a decisive way.
(source: Reuters)