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 "The fundamental freedoms of seas" cannot be sold or withdrawn unilaterally.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
Key minutes in the recent history of Boeing's 737 MAX
Boeing has actually accepted plead guilty to a criminal fraud conspiracy charge and pay a fine of $ 243.6 million to fix a U.S. Justice Department investigation into 2 737 MAX deadly crashes, the federal government said in a court filing on Sunday.
Previously this month, Boeing accepted redeem Spirit AeroSystems for $4.7 billion in stock and Airbus relocated to handle the supplier's loss-making Europe-focused activities.
Here is a timeline of current issues surrounding limit given that the crashes in 2018 and 2019:
OCTOBER 2018: A Lion Air MAX airplane crashes in Indonesia, killing all 189 individuals on board.
NOVEMBER 2018: The U.S. Federal Air Travel Administration ( FAA) and Boeing begin evaluating the need for software application or design modifications to 737 MAX jets following the Lion Air crash.
MARCH 2019: An Ethiopian Airlines MAX crashes, eliminating all 157 individuals on board. China becomes the first nation to ground the MAX, followed by others including the U.S. FAA.
APRIL 2019: The FAA forms an international group to examine the safety of 737 MAX. Boeing cuts monthly production by almost 20%.
SEPTEMBER 2019: Boeing's board creates a permanent security committee to manage development, manufacturing and operation of its airplane.
OCTOBER 2019: Boeing fires Kevin McAllister, the top executive of its commercial aircrafts department.
DECEMBER 2020: The company fires CEO Dennis Muilenburg in the wake of the twin crashes.
JANUARY 2020: Boeing suspends 737 production, its most significant assembly-line halt in more than 20 years.
MAY 2020: Boeing resumes 737 MAX production at a low rate.
JUNE 2020: Boeing starts a series of long-delayed flight tests of its revamped 737 MAX with regulators at the controls.
NOVEMBER 2020: The U.S. FAA lifts the grounding order, enabling the 737 MAX to fly once again.
DECEMBER 2020: U.S. Congress passes legislation to reform how the FAA accredits new planes, consisting of requiring producers to reveal specific safety-critical details to the regulator.
JANUARY 2021: The European Union Air Travel Security Agency authorizes the MAX's go back to service in Europe.
MARCH 2021: China's air travel regulator says significant safety worry about the MAX required to be effectively addressed before conducting flight tests.
APRIL 2021: Boeing stops 737 MAX shipments after electrical problems re-ground part of the fleet.
NOVEMBER 2021: Existing and former Boeing directors reach a. $ 237.5 mln settlement with shareholders to settle suits over. security oversight of the 737 MAX.
OCTOBER 2022: The FAA tells Boeing that some essential files. sent as part of the accreditation evaluation of the 737 MAX 7. are insufficient and others need a reassessment.
DECEMBER 2022: U.S. Congress agrees to extend a due date for. new requirements for modern cockpit signals stemming from the 2020. legislation after extreme lobbying from Boeing.
APRIL 2023: Boeing stops briefly shipments of some 737 MAXs to. handle a new supplier quality problem involving non-compliant. fittings.
JULY 2023: Boeing's first shipment of the 737 MAX 7 is. postponed to 2024.
AUGUST 2023: Boeing determines a brand-new 737 MAX supplier. quality issue involving improperly drilled holes on the aft. pressure bulkhead.
SEPTEMBER 2023: Boeing 737 MAX deliveries fall to their. lowest levels considering that August 2021.
DECEMBER 2023: Boeing makes its first direct delivery of a. 787 Dreamliner to China given that 2019, viewed as a precursor to the. nation possibly thawing shipments of the 737 MAX.
JANUARY 2024: A mid-air cabin blowout forces Alaska Air to. perform an emergency situation landing of its just recently obtained 737 MAX 9. airplane, triggering the FAA to ground 171 of these jets and. initiate an investigation. The FAA bars Boeing from increasing. MAX output, but raises the grounding of MAX-9s as soon as examinations. were completed.
FEBRUARY 2024: The U.S. National Transport Safety Board. published its initial report on the Alaska Air event. According to the examination, the door panel that flew off the. jet mid-flight appeared to be missing out on 4 essential bolts.
MARCH 2024: The FAA's 737 MAX production audit found. several circumstances where Boeing and provider Spirit AeroSystems. allegedly stopped working to abide by making quality control. requirements. This came days after Boeing said it was in. initial talks to buy Spirit.
The planemaker likewise stated top boss Dave Calhoun would step. down at the end of the year.
APRIL 2024: 737 MAX production falls as U.S. regulators action. up factory checks and employees slow the assembly line outside. Seattle to complete exceptional work.
May 2024: The U.S. Department of Justice states Boeing. breached its commitments in a 2021 arrangement that shielded it. from prosecution over 737 MAX crashes in 2018 and 2019.
The FAA head says he does not anticipate the firm will quickly. provide Boeing the authority to increase 737 MAX production.
July 1, 2024: Boeing obtains Spirit AeroSystems back in an. all-stock deal for $4.7 billion in equity value. The deal comes. as Boeing, which had actually sold Spirit in 2005 to cut costs, efforts. to resolve its quality obstacles and accelerate jet shipments.
July 7, 2024: Boeing consents to plead guilty to a criminal. fraud conspiracy charge and pay a fine of $243.6 mln to solve. the U.S. Justice Department examination into the two 737 MAX. deadly crashes in 2018 and 2019.
(source: Reuters)