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The war in Iran enters its sixth day.
Residents described the U.S. and Israeli campaign against Iran as intensifying on Thursday, while Iran vowed retaliation anywhere in response to a U.S. strike on a ship thousands miles away from the battle 'zone. The abrupt postponement in Iran of the planned three-day'mourning period for the slain Supreme leader Ali Khamenei has disrupted apparent plans to quickly anoint Khamenei’s 'hardliner son' as his successor. "Today's worse than yesterday" They are attacking northern Tehran. We are stuck. It is like a war zone. Mohammadreza (36), a phone call from Tehran, said, "Help us", with a shaking voice, as Israel's latest wave of attacks on Iranian government targets erupted. IRAN PROMISES REVENGE FOR WARSHIP SINKING Although some financial markets in the world recovered from their falls earlier this week, the impact of the campaign has intensified. Countries around the globe are now cut off from one fifth of global oil and gas supplies. Iran has vowed revenge after a U.S. warship was torpedoed by a U.S. ship off the coasts of Sri Lanka, killing more than 80 sailors. Iran's foreign minister stated that Washington would "bitterly" regret the precedent set by its sinking of a ship without warning in international waters. General Kioumars Heydari of the Revolutionary Guards told state television: "We will fight Americans anywhere they are." The body of Supreme Leader Ayatollah Ayatollah Khamenei was to be laid in state at a prayer hall in Tehran from Wednesday night to kick off three days of mourning. The memorial, which was expected to bring thousands of mourners into the streets, has been abruptly and indefinitely delayed shortly before the event was scheduled to begin. The Iranian officials said that they were close to naming Khamenei’s successor and the most likely candidate was his son Mojtaba. A powerful hardliner, Mojtaba's selection would be seen as a bold act of defiance. The Iranian government did not give a reason for the delay, but one source said it was partly due to a fear of assassination among those who would attend while Israeli and U.S. planes remained 'in the sky. The memorial ceremonies of Shiite religious and political leaders, particularly those who are seen as martyrs of the faith, are well known for their mass public displays. The announcement of the younger Khamenei's successor during the mourning period will allow him to gain power while the followers of his father are on the streets. This will help to rally support and make it harder for opponents to challenge. Israel said that it would kill anyone who replaces Khamenei and continues his hostile policy. Hacking of Iranian TV Two sources who are familiar with Israel's plans for battle said that after killing many Iranian leaders in a nearly week-long series of strikes, Israel now planned to move into a second phase where it would target the underground bunkers which Iran uses to store its missiles. Israel says its goal is to topple Iran's clerical leaders. Washington claims its aim is to stop Tehran from being able project force outside its borders. It has also called for Iranians to rise and seize the power. The death of the supreme ruler was openly celebrated by many Iranians, whose security services had just killed thousands of antigovernment protesters in the worst unrest to hit Iran since 1979's Islamic Revolution. On Thursday, state television broadcast a video featuring Reza Pahlavi. The exiled son and leader of the opposition in Iran, Reza is the son of Iran’s last shah. We all share a heavy burden. Together, we will continue on this path to a 'final victory. "Long live Iran", he said. One woman, 25, in Tehran asked for her name to not be used due to security concerns. She said that those who were against the government weren't able to go out on the streets because the country was being attacked. However, they had expressed their anger by posting online videos celebrating Khamenei’s death. She said, "If Mojtaba took over, he would be killed too, so we don't worry about it." Israelis were sent to shelters by air raid sirens. Military spokesman Effie Defrin stated that the number of missiles launched daily from Iran has decreased, but "the threat remains". He said that the longer we continue to intensify damage and eliminate launchers, the less the threat will grow. IRAN CONTROLS THE STREAM OF HORMUZ, REVOLUTIONARY GARDENS SAY The war had a global economic impact. Above all, the disruption to tanker traffic in the Strait of Hormuz where a fifth of the world's oil and liquefied gas flow along Iran coast. The Iranian Revolutionary Guards claimed that they had attacked a U.S. oil tanker in northern Gulf, and that the vessel was on flames. This is the latest report of many similar attacks. The Guards announced that Iran would control the passage through the Strait. Azerbaijan reported that four Iranian drones crossed its border, injuring four people. It was preparing to respond. Iran, which has launched missiles and drones against U.S. ally in the region, denies responsibility for the incident.
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GAIL, India's gas utility, is considering reducing its supply to customers following the Petronet LNG forced majeure
GAIL (India), a long-term natural gas supplier in India, said it would assess whether to reduce supplies after receiving a 'force majeure' notice from Petronet LNG. This was due to 'constraints placed on vessels by the Middle East conflict escalating. India's imports from Qatar of liquefied gas have been affected by the U.S.-Israeli war against Iran. After some vessels were 'hit', the fallout from U.S. and Israeli attacks on Iran has caused the transit of LNG through the Strait of Hormuz. GAIL announced that, as of March '4, the allocation of LNG to GAIL from Petronet has been reduced to zero. The potential impact due to the force majeure cannot be quantified. GAIL said that LNG from other suppliers and sources is not affected at this time, according to a stock exchange statement. Petronet LNG is India's largest gas importer. It issued a notice of force majeure to its supplier QatarEnergy and local buyers such as GAIL?and Indian Oil Corp. after its LNG tanks were unable reach the LNG loading facility at Ras Laffan. GAIL and IOC already reduce gas?supplies? to industrial customers, according to reports on Tuesday. According to government statistics, India imported 27 millions metric tons LNG in 2024/25. This is about half its total gas consumption. Qatar is the largest supplier of LNG. Separately, ONGC Petro Additions said it was operating its 'Dahej gas crinker in western 'India at a 'dramatically lower capacity due to falling supplies. It said that lower run rates at Dahej cracker would impact downstream petrochemical facilities.
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Berkshire CEO talks about buybacks and own purchases of company shares
March 5 - Berkshire Hathaway CEO greg abel says that he spoke with his predecessor, warren buffett, before deciding to resume stock repurchases Abel claims that 'berkshires' disclosure of stock repurchases was a once-off event Abel has expressed disappointment in the kraft-heinz investment. However, the new ceo of the food company is taking the right approach when evaluating the future of kraft-heinz. Greg ?abel interview ends Abel claims that his purchase of Berkshire stock is to demonstrate alignment with investors, and he plans to?do it every year Abel claims that Buffett is "in the office" every day and they talk at least every two days if not every day. Abel said berkshire would act 'decisively' and 'quickly' if a major investment opportunity?arises Abel states that berkshire has no specific plans to reduce Kraft?heinz investments. Abel claims that berkshire’s pacificorp should?not?? take responsibility for a wildfire in 2020 caused by lightning Abel believes that repurchases are a way to create long-term value for shareholders. Abel claims that his purchase of 21 class a berkshire shares represents the 'after-tax value' of his annual salary Abel does not expect berkshire to pay a dividend to shareholders in the near future
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Delta's top management reshuffles as Carter becomes president and Janki, CFO, moves to COO
Delta Air 'Lines announced a 'wide-ranging' leadership shake-up on Thursday, naming Dan Janki Chief Operating Officer and promoting Peter Carter as President as the carrier prepares to retire longtime Operations chief John Laughter. The changes will take place on April 1. The changes will take effect on April 1. Ed Bastian, Delta CEO, said Laughter was instrumental in rebuilding the TechOps division after Delta's bankruptcy in 2005, guided the airline's integration with Northwest Airlines and steered its operations through COVID-19. Janki's new role will include responsibility for a number of major aspects of the airline’s operation, such as flight operations, customer service, in-flight services, reservations, safety, and security. Delta announced that Erik Snell, the company's chief customer experience officer will take over Janki's role as finance chief. Carter's new role will be president. He will also take on responsibility for Delta's international portfolio, real estate and sustainability teams, as well as global policy, legal and other matters. Delta said Alain Bellemare would become the chairman of Delta TechOps while Chief Marketing Officer Alicia Tillman will be leaving the company. Ranjan Goswami is to take on the expanded role as chief marketing and product officers. Bastian said that the changes reflect Delta's management depth and efforts to develop leaders who will guide the airline for years to come. Delta's executive ranks have been reshaped by the latest changes after former President Glen Hauenstein retired last month. Bastian has publicly stated that he does not plan to retire, and that he intends to stay at Delta in the near future. (Reporting and editing by Jamie Freed; Rajesh Kumar Singh)
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Cuban electrical grid restored after blackout
Cuba's Energy Ministry announced on Thursday that power was being restored to the nation after a?outage? on Wednesday. The island's communist government, which is run by Trump, has been under increased pressure to reduce oil shipments. The ministry announced on X that the grid had been reconnected by 'early Thursday' from Guantanamo, in eastern Cuba, to Pinar del Rio, in the far western part of the island. According to the local utility EELH in Havana 22?substations? and 102 distributions circuits?representing roughly?36%?of the city?had been restored. The firm stated that the process would continue gradually as the conditions of the national grid permit. Union Electrica UNE, the electric company in Cuba, said that on Wednesday night's blackout was due to a?unexpected outage at Antonio Guiteras thermalelectric plant located about 100 km (62miles) east of Havana. Cuba has experienced a number of blackouts over the past few years. This was even before U.S. action to stop oil shipments from Venezuela, Cuba's top supplier, after Washington ousted Nicolas Maduro as leader in January. Cuba's government attributes its economic crisis to years of economic sanctions by the United States, which contributed to a lack of investment in electricity generation and grid. Reporting by Daniel Trotta, Writing by Gabriel Araujo, Editing by Aida Pelaez-Fernandez
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Orban: Hungary will force Ukraine reopen a key pipeline for Russian Oil
Viktor Orban, the Prime Minister of Hungary, said on Thursday that Hungary would use "political and financial tools" to force Ukraine to reopen a key pipeline - Druzhba - which carries Russian oil into Hungarian refineries. Since late January, Ukraine has suspended the flow of Russian oil through the Druzhba pipeline to Hungary and Slovakia. Kyiv claims that the pipeline had been seriously damaged by an fire following a Russian attack. Hungary and Slovakia - the only European Union countries that still import Russian oil - have accused Ukraine for deliberately delaying a resumption in?oil flow due to political reasons. Kyiv claims that the pipeline can't be repaired in a short time. Orban said at a business event: "I would like to make it clear that we are going to win and we'll win with force." "We do not have a military force, and I can assure everyone that it is not in our plans. "We have financial and political tools," he added, without providing any further details. Hungary rejected new EU sanctions against Russia as well as a large loan for Ukraine in the Druzhba Pipeline dispute last month. Since 2010, the veteran leader, who has been in power since 2010, has made the Ukraine conflict a central point of his reelection campaign in a 12 April ballot. He accuses his 'centre-right opponent'?Peter Magyar, of plotting to drag Hungary in the war raging in the next-door. Magyar denies this'suggestion. Most polls indicate that Magyars' Tisza Party is leading by a large margin. However, the result of the vote remains unclear. "There will be no compromise." Orban stated that "we will defeat them and wrestle down the blockade of oil, forcing the Ukrainians back to the shipments." (Reporting and Editing by Gareth Jones.)
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China's Estun Automation will price its Hong Kong listing at the bottom of the range and seek $191 million
Estun Automation, a Chinese industrial 'robot'maker, said that it would set its price for its Hong Kong listing at the lower end of its range. It aims to raise HK$1,49 billion ($190.54 millions) through the sale of shares. Estun's decision is a result of global markets remaining skittish following the Iran War that erupted in February 28. This triggered a rush for cash which has boosted volatility and squeezed the risk appetite. Estun has offered 96.8 millions H shares at HK$15.36 each, below the maximum HK$17 per share announced last week. Estun is one of a number of companies that sought to list in Hong Kong after the Lunar New Year holidays, continuing a rapid start in share launches for 2026. Hong Kong's stock exchange had its best start to a year since at least 2021. IPOs raised $5.5 billion and second listings about $5.5 million in January. This is the highest since $7.6 in?January of 2021. KBANK'S MUTED DEBUT IN KOREAN Investor caution is also evident in the trading of new securities around the region. South Korean online lender KBank finished just slightly above the IPO price, after a jump of up to 19% in its debut on Thursday. Estun said last week that funds raised from the offer would be used to support the manufacturing capacity of the company, as well as?research and development and overseas growth initiatives. The company is expected to announce the final offer price this Friday. Its shares are scheduled to debut at?the Hong Kong Stock Exchange on March 9. Hong Kong deals also move?towards pricing and debut. This could provide a more accurate gauge of sentiment post-crisis. Shenzhen Zhaowei Machinery & Electronics, and Alsco Pooling Service will be pricing their products soon in this upcoming week before they debut on the Hong Kong bourse alongside Estun on March 9. In Asia, UI Boustead REIT, a Singapore-based REIT, announced in a Thursday statement that its manager UIB REIT Management had registered the prospectus to?its proposed IPO on the Singapore Exchange. Sunway Healthcare is a Malaysian company. In an email response on Thursday, the company said that it is still on track to launch its IPO on Bursa on March 18. Reporting by Nikita Marie Jino in Bengaluru, and Yantoultra ngui in Singapore. Editing by Maju Sam and Susan Fenton.
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Iranian warship, sunk by US-torpedo, participated in Indian drill
It was the first time in World War II that the United States sank an enemy vessel using a torpedo. These details are based on the accounts of Sri Lankan, U.S., and Iranian officials about the incident that occurred on 'March 4th, as part of U.S., Israeli, and Iranian attacks against Iran and its military resources. Current Status of Relief and Rescue The Sri Lankan Navy began a search and rescue operation on Wednesday morning after receiving a distress signal from the Iranian warship IRIS Dena. When rescuers arrived, the ship was already sinking, and only a thin oil slick remained on the surface. About 130 people were on board the vessel. Sri Lanka has recovered the remains of 87 sailors and rescued another 32. They were treated for minor injuries in hospital and are expected to be discharged on Thursday. The search for 10 crew members still missing continues. What was the ship doing in waters off Sri Lanka? After being attacked by a U.S. sub, the?ship sank in Sri Lanka's exclusive zone economic, 19 nautical miles from the southern port city of Galle. Dena returned to Iran from India after participating in a naval drill in India between February 16 and February 26 off the coast of Visakhapatnam, a southern Indian city. The Iranian warship was one of 18 foreign warships that participated in the biennial MILAN exercises, along with ships from Sri Lanka and Australia, Japan, and Russia. More than 70 officials from over 70 countries, including representatives from the United States, Britain and Australia, attended. India called the exercise one of the largest multinational naval drills in Indo-Pacific. It aimed to strengthen interoperability and maritime domain awareness, as well as collective response capabilities. RESPONDERS TO THE SINKING? India's Navy welcomed Dena as a "reflection of the long-standing cultural links between the two countries". Videos of Iranian sailors marching in the streets of Visakhapatnam have been circulated since the sinking. Seyed Abbas Araghchi, the Iranian foreign minister, said on X: "Dena was a guest of India’s Navy and was struck without warning at international waters." He said that the U.S. will "bitterly regret" the precedent they have set. New Delhi hasn't officially commented on the attack. However, many Indians have praised Sri Lanka for its role in saving lives. India's main Opposition Congress Party criticised the silence of the government, saying that the conflict "reached our backyard", and questioned New Delhi's role in providing "net security" to the Indian Ocean Region. (Written by Saurabh Singh; edited by Philippa Fletcher).
Officials say that Lloyd's Market is working with the US government on Gulf maritime plans
The Lloyd's market in London is in contact with the United States. The International Development Finance Corporation of the U.S. government is negotiating with Lloyd's Market officials about a plan to provide political risk assurance and guarantees for maritime trade in the Gulf.
Lloyd's engages constructively with U.S. Development Finance Corporation, and other relevant stakeholders. The market is focused on maintaining its position as the "global centre for excellence in war risk insurance." A Lloyd's spokesperson stated.
Sheila Cameron, CEO of the Lloyd's Market Association (LMA), who represents all underwriting companies in the Lloyd's market, said in a separate statement that the LMA welcomed Donald Trump's engagement.
Since Sunday, 1 March, at least 40 vessels have passed through the Strait of Hormuz.
Cameron, citing statistics, said that there were still approximately 1,000 vessels in the Persian/Arabian Gulf, of which approximately half are oil and gasoline tankers. The combined hull value is more than $25 billion.
Cameron said that the vast majority of the vessels in question were insured on the London market, and the insurance is still in place.
Insurance broker Marsh said that it met with U.S. government officials on Wednesday to?explore? solutions for restoring maritime commerce.
Trump announced on Tuesday that the U.S. Navy would be able to escort oil tankers across the Strait of Hormuz, if needed. He also said he had instructed the International Development Finance Corporation (IDFC) to provide guarantees against political risks for maritime trade in the Gulf.
As the conflict in the Middle East intensified, the London marine insurance market expanded the area it considers high-risk in the Gulf. (Reporting and editing by Jonathan Saul, Lisa Baertlein)
(source: Reuters)