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United Airlines abandons merger talks with American Airlines following rejection of their merger proposal
United Airlines announced on Monday that it had stopped its pursuit of a merger with American Airlines after the latter declined to engage in a first approach. Scott Kirby, CEO of United Airlines, said: "I wanted to tell that story to American but they refused to engage with me and responded instead by 'publicly closing the doors. Kirby brought up the idea of a merger with American during a meeting in late February with U.S. President Donald Trump, according to people familiar with the situation. The meeting was to discuss the future development of Washington's Dulles Airport. The combination of two of the U.S.'s largest network carriers would have been the biggest consolidation in a decade. It would have further tightened a market that was already dominated by four similar-sized players. Analysts and experts are concerned about the antitrust implications of a possible tie-up due to its size. Reporting by Shivansh Tiwary, Bengaluru. Editing by Shinjini Ganuli
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Data shows that shipping traffic through Hormuz is still low, despite the absence of any US-Iran agreement.
Shipping data revealed on Monday that at least seven ships?mostly dry bulk vessels? had crossed the Strait of Hormuz in the last 24 hours. This is consistent with the recent tepid activity, and talks between Iran & the United States are stalling. According to data from ship tracking specialists SynMax and Kpler, the vessels involved included dry bulk vessels?leaving Iranian ports and ships leaving Iraqi port. The shipping traffic that passed through the vital waterway at the 'entrance to Gulf' during an uneasy ceasefire, between Washington and Tehran, represents only a fraction the 140 average daily passages prior to the Iran War beginning on February 28, 2008. The U.S. Central Command has redirected 37 ships since a blockade against Iran was imposed in April 2013, the military announced on April 25. According to satellite analysis by TankerTrackers.com, six Iranian 'tankers' returned to Iranian ports in the last few days and sailed through Hormuz with 10.5 million barrels?of?oil. TankerTrackers.com estimates that around four million barrels?of?Iranian?oil onboard tankers passed through the U.S. ban?on April 24. Reporting by Jonathan Saul Editing and Bernadettebaum by David Goodman
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Environmentalists from the Western Balkans demand renewable energy over US gas projects
Environmental activists in the Western Balkans urged their governments on Monday to ignore the lobbying by the United States for the construction of gas infrastructure in the area and instead focus on renewable energies, in accordance with EU policy. The U.S. is looking to reduce the Western Balkans' dependence on Russian oil and gas, as the European Union intends to ban all Russian imports by the year 2028. Activists claim that new gas projects will have a negative effect on climate change and the economy. They argue long-term investment won't pay off. The Three Sea Initiative Summit in Dubrovnik is expected to conclude an inter-governmental agreement between Bosnia and Herzegovina and Croatia later this week regarding the transport of U.S. Natural Gas to Bosnia via a terminal for liquefied?gas on the Croatian Island of Krk. The agreement authorizes AAFS Infrastructure & Energy LLC, a U.S.-based company, to build and operate the Southern Interconnection gas pipeline under a concession contract. In a statement, activists from 47 nongovernmental organisations stated that "permitting, expropriation, and construction would easily take a decade, and the cost of infrastructure alone could be billions even before gas costs are added." They called on the governments of Albania and Bosnia to make autonomous decisions on their energy plans, in accordance with EU legislation, policy, and on the basis of updated, publicly available data and public consultations. AAFS Infrastructure and Energy LLC was formed in the United States last year and is run by Jesse Binnall - a former Trump attorney - and Joseph Flynn - the 'brother of Trump’s?former National Security Advisor Michael Flynn. It has announced that it will invest around 1.5 billion euros (1.76 billion dollars) in the project. Earlier this week, Bosnia's Regional Parliament?amended a law regulating the project of a gas pipeline to name AAFS?as its key investor and leader. Last week, the EU delegation warned Bosnia, which is aspiring to join the EU, that the country must 'align its legislation and standards, including in energy policy, with those of the EU. The EU delegation stated in a press release that "Bosnia and Herzegovina is a country with a huge renewable energy potential. EU energy policy for BiH aims to help the country realize this potential."
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Singapore courts: Thailand's 'Land Bridge Plan' is $31 billion amid the Hormuz Crisis
The closing of the Strait of Hormuz 'given Thailand the impetus it needed to move forward with a long-standing plan to establish a?logistics link between the Indian Ocean and the Pacific Ocean. Its government sought to court Singapore on Monday as a?potential investor. Thailand's government?said?it was reviving its "Land Bridges" project across the narrow southern peninsula, after recent disruptions along the Strait of Hormuz highlighted the vulnerability of global shipping choking points including the Malacca Strait. During a period of political turmoil, the previous administration had drafted a Land Bridge law. However, the proposal was abandoned due to incomplete environmental and health impact assessment and public hearings. The Transport Minister Phiphat Ratchakitprakarn stated at the weekend that a proposal would be submitted to the cabinet in either June or July, and the government will seek investors to fund the estimated 30.97 billion baht project. This could start in the third quarter. ALTERNATIVE ROUTE The Land 'Bridge' is a decades-old concept that envisions two deep sea ports in Ranong, on the Andaman, and Chumphon, on the Gulf of Thailand, connected by 90 km (56 mi) of rail and road, plus energy infrastructure such as pipelines. The project will provide an alternative to the Malacca Strait - the 900 km (550 miles) long channel that is shared by Indonesia, Thailand Malaysia and Singapore. It provides the shortest route between East Asia and the Middle East and Europe. Anutin Charnvirakul, Thai Prime Minister, presented the plan during a Monday meeting with Chan Chun Sing. Singapore is a major regional investor and sits at one end of the Malacca Strait. Last year, more than 100,000 ships, mostly commercial, passed through the strait. Rachada Dhanadirek, a Thai government spokesperson, said that?Chan expressed interest in the proposal. Indonesia's Finance Minister last?week created a stir when he openly speculated about how countries could impose a toll on ships to monetise Malacca Strait. He later clarified that this would not be possible and made several?clarifications. The Land Bridge has been deemed more viable than "Kra Canal", an old idea that was rejected due to security, environmental and financial concerns.
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Maguire: China's clean technology exporters are cashing in on the Iran war, which has affected oil and gas flows.
Exporters of solar systems, batteries, electric vehicles, and other clean energy components from China posted record sales in the last month, as the Iran War and the subsequent closure of Strait of Hormuz halted oil and gas supplies?from the Middle East. Ember's data shows that the combined sales of Chinese clean-energy parts and products in March totalled $26 Billion. This was the highest clean-tech monthly tally recorded by the world's largest battery, EV, and solar panel manufacturer. The total of'monthly' receipts was up by 30% compared to February, and 52% higher than the same month of 2025. This is due to the earthquake shock caused by the bombings in the Middle East as well as the closure of important shipping lanes. BATTERY BOOM Last month, battery systems were China's largest seller of all clean energy components. Sales totaled just over $10 billion. This compares with average monthly battery exports of $7 billion since 2025. It also marked a significant acceleration in the global order for battery systems for electric vehicles and energy storage by utilities. Europe was the leading region for Chinese batteries imports. It accounted for 43% of the total or $4.3 billion, followed by Asia which absorbed 29%. In March, Germany was the largest market for Chinese batteries ($1.26 billion). This was followed by the United States ($823 million), Netherlands ($635 millions), Vietnam ($597million) and Australia ($595million). Germany registered the biggest monthly increase in battery imports in comparison to February. Import purchases increased by $286 million in March. Vietnam and Oman both registered monthly increases of more than $200 million in the last month. SOLAR SPURT The export of Chinese solar systems jumped the second-highest in March. From $2.1 billion in February, the total jumped to $4.8?billion, the highest monthly total in the last 20 years. Asia was the most popular destination with a total of?43%, or $1.3 billion, followed by Europe. The Netherlands ranked as the largest overall importer of solar panels in March. They paid $400 million. This was a nearly $200 million increase over the previous month and compares with a monthly average around $264 millions since 2025. Last month, India, Indonesia, and the Philippines were the top five buyers of solar systems from China. EXPORT VOLATILITY OF EV China's electric vehicle exports have been in turmoil so far in 2026, as changes in subsidy programs in various countries affected consumer demand before the Middle East War disrupted global commerce and consumer confidence. Even so, the total EV sales for the first quarter of 2026 was just over $21 Billion, a record compared to the $12 Billion in the same period of 2025. Europe was the top destination for Chinese EVs, with 45% of sales in March. Asia followed, with a 25% share. Belgium was the top exporter of EVs, followed closely by Brazil, Germany, United Kingdom and Australia. The EV exports to the Middle East in March were marked by a steep drop in sales as air raids brought the goods to a standstill. In March, China exported 4% of its EVs to the Middle East, but that number will rise to 11% by 2025. In March, the Middle East saw a sharp decline in the deliveries of grid systems made in China for the same reason. This shows that China's exporters have also suffered from the Iran War. Those drops in Middle East delivery also point to potential pent up demand once trade flows resume and peace is restored. This puts Chinese clean-tech exporters in an excellent position to maintain strong global sales, even when Middle-East oil, gas, and fuel flows start to recover. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X 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 7 days a weeks.
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JetBlue Airways' return to profitability may be affected by the Spirit bailout and its large fuel bill
JetBlue Airways, which was on its way to its first profit since the pandemic began, has been forced to increase its debt in order to quell bankruptcy speculation. New York-based JetBlue Airways began the year with a sense of confidence that a multi-year restructuring, which was launched in 2024, would be successful as cost pressures had eased and demand for travel remained strong. Fuel prices have increased since the Middle East war broke out, and a possible U.S. bailout for Spirit Airlines could undermine JetBlue's fragile recoveries. Wall Street wonders if the airline can survive the worst jet-fuel supply crisis in the history of the industry, a result of Washington's Iran war. The war is destroying profits for U.S. carriers, even though they are reporting high demand. INVESTORS WAIT FOR QUARTERLY RESULT JetBlue will report its quarterly results on February 2, and Wall Street is expected to scrutinize the impact of high jet fuel prices on the carrier's margins. The company?recorded net annual losses since 2019, and has promised to break even this year on a net-basis. Jet Forward, its turnaround program, netted the airline $300 million before taxes, interest and other expenses in 2025. Its forecast for 2026 also included a similar amount, assuming a fuel average of $2.27 / gallon. Last month, however, the airline revised its fuel estimate for the first quarter to $3.01-$3.06 per gallon. JetBlue would have to spend $2.5 billion, or $450 million more, than in 2025 if it consumed 826 million gallons in 2026 at $3.04 per gallon. The costs of these increases would cancel out the savings that JetBlue had made last year from its lower fuel consumption, which could have been used to pay off some of the $9.5 billion it owed in debts and lease obligations. Daniel McKenzie is an equity analyst with Seaport Research. He expects JetBlue to increase its fuel expenses by 40% annually to $2.9 billion. He assumes JetBlue will offset about 30% of these costs by higher revenues, resulting in a pre-tax profit of approximately $1.1 billion. JetBlue has declined to comment about this story. LIQUIDITY NOT AN IMMEDIATE CONCERN JetBlue concerns go beyond jet ?fuel prices. Spirit Airlines' rescue by the government could lead to a renewed competition among JetBlue's leisure travelers for low-cost routes. Budget carrier JetBlue is taking steps to correct its course. JetBlue CEO Joanna Geraghty said last week that the low-budget airline was not contemplating bankruptcy this year. JetBlue's debt is high for its size but it ended the year with $2.3 billion cash. JetBlue has also significant assets that it can borrow against. Joseph Rohlena of Fitch's North American Airlines analyst said that JetBlue was not concerned about liquidity at this time. Fitch downgraded JetBlue's credit rating earlier this month to CCC+. The company was worried about its ability to pay for fixed expenses with?its earnings. Rohlena, who was referring to raising money, said that if fuel prices remain high, or if the demand for oil starts to fall, and they start to burn more cash, then it may be necessary to return to the market. JetBlue is a smaller?carrier with fewer international flights. It also offers premium seating options that are highly sought after by affluent travellers. Even these carriers have reported significant pressure due to rising fuel prices. Delta expects to recover 40 to 50 cents for every dollar more it spends on extra fuel in this quarter. United will see a similar gap, before it improves later in the year. Alaska Airlines only recovers about a third of the fuel increase. This forced it to withdraw their forecast.
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Spain urges you to buy airline tickets as the Iran war increases oil prices
Spain's tourism and industry minister has advised consumers to buy tickets as early as possible in order to avoid higher prices caused by the rising oil price triggered by the war in Iran. Spain, which welcomed 97 million record tourists in 2018, 3.5% more than 2024, could continue to grow at a similar rate this year. Industry and Tourism Minister Jordi Hereu stated. In an interview with the 'Spanish newspaper Expansion published on Monday, he warned that higher fuel prices could push up airfares, and have a negative impact?on demand. Hereu stated that "we recommend that people purchase their tickets as soon as possible because (airlines are using kerosene purchased some time ago) and there is a price fluctuation involved." "... It's already obvious that prices have increased and this could impact demand," he added, adding that Spanish authorities and European authorities are taking measures to avoid fuel shortages. Since the U.S. launched strikes against Iran on February 28, prices have risen by about 50% due to disruptions in global oil supply. Last week, Transport & Environment said that rising oil prices have added more than $100 to long-haul flight prices from Europe. This cost is likely to trigger higher ticket prices. Hereu stated that Spain was the fourth largest economy in the Eurozone and had a higher stock of kerosene than other countries. He warned that "if the countries who send tourists to Spain have problems, then we will too." (Reporting and Editing by Ros Russel)
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Russian diesel cargoes are redirected from Brazil due to global price surge
Data from traders and LSEG revealed that two tankers carrying Russian ULSD (ultra-low sulphur Diesel) were diverted to other destinations mid-journey, after leaving Brazil. The cargo was shifted to Brazil after the first half of the journey. This happened because traders took advantage of the spike in prices worldwide due to the Iran War. It is rare that the terms of the initial or subsequent deals are not clearly defined and that the buyers are changed after the cargo has left the original port. According to shipping data, the Flora 1 under Cameroon's flag is sailing towards the Suez Canal after loading about 37,000 metric tons of diesel in Primorsk on March 31. Last week, another vessel, the Aurora sailing under the Sao Tome & Principe flag, made a U turn deep in the?Atlantic. The tanker, which loaded 37,000 tonnes of diesel in Primorsk last March 22, was originally destined for Brazil but now is heading towards the Strait of Gibraltar. Its final destination is still unknown. According to LSEG, two additional tankers loaded with a total of 106,000 tons diesel from Primorsk in April were stalled on their way to Brazil and drifting aimlessly. It was not immediately clear why the tankers stalled. SELLERS MAY SEEK HIGHER MARGIN DELIVERIES The traders said that a change in course mid-way through a trip could indicate a widening of the price gap between regions as sellers search for higher-margin deliveries. Brazil is a major producer of diesel, but it depends on imports to satisfy its domestic demand. This accounts for 20-30% or the country's total fuel consumption. The current sanctions do not prohibit the export of Russian diesel to Brazil. An executive from the Brazilian state-run Petrobras PETR3.SA stated last month that six of its 11 domestic oil refineries are operating beyond their installed capacity in order to produce fuel locally amid a spike caused by the Iran Conflict. Since?March 20,23, Russia has become the largest diesel supplier in Brazil. This is a result of the European Union banning Russian oil products. LSEG data shows that diesel shipments to Brazil from Russian ports could exceed 800,000 tonnes in April. Prior to the sanctions, Europe was the main destination of Russian diesel. (Reporting and Editing by Bernadette B. Baum)
Construction-related accidents are on the rise in Thailand
A crane fell onto a train moving in the northeastern part of Thailand on Wednesday, killing dozens of people. This is just the latest in a string of construction accidents that have occurred in recent years.
Other fatal construction accidents in Thailand
March 28, 2025: A?partially constructed 30-storey Bangkok tower collapsed in a 7.7-magnitude quake which struck central Myanmar. At least 89 people were killed.
Construction was carried out by Italian Thai Development PCL - a large construction company that was also involved in building the rail line at the time of Wednesday's accident.
In?August, the president of ITD and 21 other suspects were charged with violating construction regulations as well as causing death by negligence. The case is still pending, and he initially denied the charges.
On March 15, 2025, a bridge under construction on the Rama III - Dao Khanong expressway Project collapsed in Bangkok. At least five people died and?27 were injured. ITD was also a part of the joint venture for the?highway.
The authorities launched an investigation, and the contractors offered compensation to the victims. In August, the incident led to the government introducing a system of "contractor reports cards" to improve oversight over companies involved in public infrastructure projects.
August 24, 2024: Three workers were killed in a tunnel collapse in Nakhon ratchasima Province in northeastern Thailand. The same project that caused the incident on Wednesday was involved. The collapse took place during heavy rains in the'region.
In an accident that occurred on November 29, 2024, four Myanmar workers and two Thai workers died in Samut Sakhon Province, south of?capital Bangkok. The accident happened at the construction site of a?elevated autobahn. A concrete segment and a crane fell during the construction of the elevated highway, causing six injuries.
March 29, 2024: Seven people died and many were injured, including a person who lost a leg, when a crane collapsed on a construction site at a Chinese steel factory in Rayong Province in eastern Thailand. (Compiled by PanuWongcha-um, DevjyotGhoshal and Sharon Singleton; Editing by Sharon Singleton).
(source: Reuters)