Latest News
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EU Naval Mission says LPG-laden Tanker is on Fire Off Yemen
In a press release, Aspides, the European Union naval force, said that the LPG-laden vessel MV Falcon, was on fire off the coasts of Yemen on Saturday after its crew reported an explosion which forced them to abandon ship. Aspides stated that the cause of explosion was not clear but it most likely an accident based on initial indications. Aspides said that at least 15 percent of the Cameroon flagged vessel was on fire. Aspides warned vessels to maintain a safe distance because the tanker, which was loaded with liquefied gas, could explode. Aspides stated in a press release that "the fire onboard is growing." "MV Falcon is a navigational danger." "Everyone in the area should exercise caution." The 26 crewmembers were being rescued by an operation. Two merchant ships sailing in the area have recovered 24 seafarers so far. Two merchant vessels, one of which was the MV Veda took the seafarers rescued from the ship to Djibouti escorted a Greek frigate. Aspides reported that two crew members have been reported missing. Ambrey, a British security company, said that the MV Falcon was traveling from Oman's Sohar Port towards Djibouti. The explosion happened as the ship was sailing 113 miles south of Aden, Yemen. According to maritime security sources, neither unmanned aerial vehicles nor missiles had been detected. Ambrey stated that the tanker did not match the profile of the Houthi militants in Yemen who are Iran-aligned. According to the Houthi news agency Saba, an official in the Houthi Defence Ministry said that the group has no connection with the incident. Since 2023, Houthi militants claim to have carried out numerous attacks against vessels in the Red Sea in solidarity with Palestinians in response to Israel's Gaza war. The attacks disrupted the flow of trade through the Red Sea, the Suez Canal and one of the busiest shipping routes in the world. Reporting by Enas Al Alashray and Muhammad Al Gebaly; Editing by Jan Harvey, Barbara Lewis and Renee Maltezou
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At least 15 people are killed in a bus crash that occurred in the northeastern region of Brazil
In a statement, the Brazilian Federal Highway Police reported that a bus accident occurred in Pernambuco in northeastern Brazil on Friday evening. The driver of the bus lost control and caused the crash. Accident occurred just before 8 pm. The driver lost control, went into the opposite lane and hit rocks along the side of highway. He then crashed with a sand embankment, overturned, and collided. According to the Federal Highway Police, the Federal Highway Police is investigating the causes of the accident. According to the police list, there were 30 passengers aboard. So far, half have been confirmed as dead, 11 women and 4 men. Total number of injuries has not been revealed. The driver suffered minor injuries. According to the statement, he underwent a test of breathalyzer, and received a normal result. The police said that there were indications some passengers might not have worn seat belts during the accident. (Reporting by Rodrigo Viga Gaier. (Writing by Luciana Magnalhaes Editing Marguerita Choy.
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Fire at Dhaka Airport cargo terminal causes flight delays and diversions
Officials said that flights out of Bangladesh’s main airport on Saturday were either delayed or diverted after a large fire broke out at the cargo terminal. Talha Bin Zassim, an officer with the Fire Service and Civil Defence Media Cell said that 36 firefighting units were working to put out the flames. Airport official Masudul Hasan informed reporters that operations at Dhaka’s Hazrat Shahjalal International Airport have been suspended. He added that all aircraft were safe. The cause of the fire was not immediately known. The problem affects both domestic and international flights. Air Arabia from Sharjah, United Arab Emirates, diverted a flight from Delhi bound for Dhaka to Chittagong and IndiGo from Delhi bound for Dhaka to Kolkata. Officials said that a Cathay Pacific plane from Hong Kong circled in the air after it failed to land at Dhaka Airport. The fire service, army, navy and air force all worked together to put out the fire. This is the third fire in Bangladesh reported this week. The fire that broke out at a Bangladeshi garment factory and adjacent chemical storage facility on Tuesday killed four people. At least 16 people Others were injured. Another fire destroyed a building of a Chittagong export processing zone garment factory on Thursday.
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Security firm reports that a tanker with a Cameroon flag issued a distress call to Ahwar in Yemen.
Ambrey, a British maritime security company, said that a tanker flying the flag of Cameroon issued a distress signal on Saturday following an explosion aboard as it passed around 60 nautical miles south-southeast of Ahwar in Yemen. The cause of explosion is unclear. Ambrey confirmed that it had received radio communications from the crew indicating their intention to abandon ship. A search and rescue effort was in progress. Ambrey said that the vessel was traveling from Oman's Sohar Port, to Djibouti. The tanker is not thought to have been linked to the Houthis, Yemen's Iran aligned militia. Since 2023 they have attacked numerous vessels in the Red Sea, targeting vessels they believe are linked to Israel as a show of solidarity with Palestinians in response to Israel's Gaza war. The attacks disrupted the flow of trade through the Red Sea, the Suez Canal and one of the busiest shipping routes in the world. Reporting by Enas Al Gebaly and Muhammad Al Gebaly, Editing by Jan Harvey & Barbara Lewis
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Sky News reports that Heathrow is considering WPP boss Jansen to be chairman.
Sky News reported that Philip Jansen, former CEO of BT Group and now chairman of marketing services group WPP is in advanced discussions with Heathrow’s board of directors and shareholders about becoming the chairman of the airport. The report cited sources to say that Jansen was the clear frontrunner of the shortlisted candidates. An announcement could be made within weeks, if discussions are successful. Could not verify the report immediately. Heathrow Airport didn't immediately respond to an inquiry for comment. Sky News reported in July that the British aviation hub had been working with headhunter Russell Reynolds Associates on recruiting a successor for Paul Deighton who assumed the position in 2016. Deighton’s term as chairman would have ended on April 30th, 2025 after nine years. Due to recent board changes, and the relatively new appointments of leadership, Deighton was asked to extend his tenure. Deighton stated in the annual report of the company that "I have... accepted to extend my role for a limited time as Chair to ensure continuity and security on the HAHL Board throughout this period transition". Sky News reported that Jansen’s experience as CEO of BT Group – a regulated company – from early 2019 until the end of 2024 was a key factor in his selection as he preferred candidate. According to his WPP profile, the executive began his career with Procter & Gamble and has held leadership positions at Sodexo Group and Telewest. He also worked at MyTravel, Travis Perkins and Sodexo Group. Rhea rose Abraham, Bengaluru reporter; Jan Harvey, editor
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China Eastern Airlines resumes flights as China and India restore air connections
China Eastern Airlines, a state-owned airline, will resume Shanghai to Delhi flights on November 9, according to the website of the airline. This comes as China and India resume their direct air links after a five year diplomatic freeze. According to the airline's ticketing platform, flights will be operated three times per week, on Wednesdays. Saturdays and Sundays. China Eastern Airlines didn't immediately respond to a request for comment sent via email. The Indian Foreign Ministry announced earlier this month the resumption of commercial flights between India and its neighbours after a 5-year-long freeze. The announcement came after Indian Prime Minister Narendra Modi visited China for the first time in seven years to attend a regional security summit of the Shanghai Cooperation Organisation. Both sides discussed how to improve their trade relations, and Modi expressed concern about India's growing bilateral trade deficit. The Indian and Chinese foreign ministers did not respond immediately to requests for comments on the Shanghai-Delhi flight. IndiGo, India's largest airline, announced previously that it would begin daily non-stop flight between Kolkata and Guangzhou. Guangzhou Baiyun International Airport, a state-backed airport, said that when IndiGo announced its plans to expand direct flights between Guangzhou (China) and Delhi (India), it would encourage airlines like IndiGo to offer more routes. After deadly clashes on their Himalayan border, the two countries suspended direct flights in 2020. This led to a long-lasting military standoff. (Reporting and editing by Tom Hogue; Amy Lv and Colleen howe)
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Ship tracking data shows Sinopec diverts supertanker away from US-sanctioned ports
According to Chinese consultants and ship tracking data, the latest U.S. sanction on a major Chinese crude terminal has forced Sinopec to divert one supertanker from its route and to ask certain plants to reduce crude processing rates. LSEG data revealed that a supertanker transporting oil to the Chinese Port of Rizhao, in Shandong Province, changed its destination at the weekend after U.S. sanctions were imposed on Friday on an import terminal located there. JLC Consultancy estimated that Sinopec’s October runs could drop by 3.36% compared to earlier plans, and may be around 5.16 million barrels a day. Sinopec has not responded to comments immediately. LSEG data revealed that the supertanker New Vista chartered by Sinopec’s trading arm Unipec, originally scheduled to discharge in Rizhao, on Sunday, has changed its destination to Ningbo or Zhoushan, for arrival on 15 October. New Vista is capable of carrying 2 million barrels and currently carries Abu Dhabi's Upper Zakum crude. The U.S. Treasury listed the Rizhao Shihua crude oil terminal, which is half owned by a Sinopec logistic unit, in a series of sanctions, including ships that transport Iranian crude and liquefied petrol gas. The U.S. announced that the terminal in Lanshan, in Shandong Province, a major Chinese oil refinery hub, had been sanctioned because it received Iranian oil aboard vessels sanctioned by the U.S. According to analysts and industry executives, one-fifth (or a fifth) of Sinopec’s crude oil imports passes through the Rizhao Terminal.
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Aeromexico, backed by Apollo, seeks a valuation of up to $2.9 Billion in US IPO
Grupo Aeromexico announced on Friday that it was aiming for a valuation up to $2.92billion in its U.S. Initial Public Offering, as the Mexican airline looks to go back public after more than two years. Aeromexico, based in Mexico City, and its existing shareholders seek up to $234.5 millions by offering 11,7 million American depositary shares priced between $18 and 20 each. After a successful bankruptcy reorganization, mature companies are often looking to return to the public markets. Aeromexico filed Chapter 11 bankruptcy in 2020, with $2 billion of debt. The pandemic had a major impact on travel demand. Aeromexico, which emerged from bankruptcy in 2022, is now backed by the alternative asset manager Apollo Global as well as U.S. carrier Delta. PAR Investment Partners, a private investment fund, intends to buy $25 million worth of Aeromexico stock in a simultaneous private placement. The price per share will be 95% of the IPO. Aeromexico was one of the first names to be used in the United States. IPO pipeline Publicly File paperwork In May 2024, LATAM Airlines, based in Chile Return to the Homepage After a $456,000,000 IPO, the New York Stock Exchange will be open in July 2024. PUBLIC MARKETS RETURN The legacy airline, founded in 1934 under the name Aeronaves was nationalized in 1959 by the Mexican Government. In 1971, it began operating under the name "Aeromexico". Aeromexico had been owned by the state for many decades, until 2007 when an investor group led by Citigroup bought it for $250 million. Bidding war Saba Family - The full-service carrier first went public in 2011, and traded on the Mexican Stock Exchange until 2022. Delisted As part of its bankruptcy restructuring. Aeromexico is a low-cost carrier that competes with Volaris, a low-cost airline focused on leisure and business passengers. Barclays, Morgan Stanley J.P. Morgan, and Evercore are all joint book-running managers. Aeromexico intends to list at the New York Stock Exchange using the symbol "AERO." (Reporting and editing by Anuj T. in Bengaluru, Arasu Kanagi Basil; Shrey Biswas).
Companies withdraw their guidance in the wake of Trump's tariffs
The tariffs that President Donald Trump imposed on April 2, and the pauses in some cases, have created uncertainty among companies around the world. Some of these companies have withdrawn or stopped giving financial guidance.
This is a list that includes companies who have taken such steps:
AUTOS & TRANSPORTATION
AUTINS GROUP A UK-based company that sells car components delayed its release of market guidance for the month of April, citing uncertainty due to U.S. Tariffs.
CUMMINS The U.S. truck engine maker withdrawn its annual forecast on 5 May.
Ford The U.S. automaker suspended its annual guidance May 5 after claiming that the levies will cost the company approximately $1.5 billion before interest and tax in adjusted earnings.
GENERAL MOTORS On May 1, General Motors, the U.S. automaker, cut its profit forecast for 2025 two days after removing its annual guidance despite reporting strong quarter results and receiving some clarity on automotive tariffs from the White House.
It also suspended plans to purchase $2 billion worth of shares during the first half year until the economy is more clarified.
The German group Merced on April 30, lowered its earnings forecast for 2025 after it reported a sharply lower first quarter profit.
POLESTAR On April 30, the U.S.-listed Swedish electric vehicle maker put a pause on its 2025 forecast as it prepares for possible tariffs.
STELLANTIS The French-Italian-American group on April 30 suspended its guidance for a moderate recovery this year, after a profit drop in 2024, and said it would review capital spending plans.
VOLVO CARS On April 29, the group, which is one of the European automakers most vulnerable to U.S. Tariffs, announced a cost-cutting program of 18 billion Swedish crowns (about $1.9 billion), a restructuring of their U.S. operations, and it retracted its earnings forecasts for the next two year.
AEROSPACE AND DEFENSE
ALASKA GROUP ALASKA Air Group, Seattle's airline, withdrew on April 23, its financial forecast for the full year citing macroeconomic uncertainties.
AMERICAN AIRLINES On April 24, the U.S. carrier canceled its financial forecast for 2025.
JETBLUE AERIALWAYS On April 29, the U.S. airline group canceled its forecast for 2025, citing economic uncertainty as a reason.
DELTA AIR LINES On April 9, the U.S. airline retracted its financial forecasts for 2025. It said that travel demand has "largely stalled", as tariffs have fueled economic uncertainty.
FRONTIER GROUP On April 11, Frontier Airlines' parent company, Frontier Group, retracted its full-year outlook and warned that it would suffer a loss for the first quarter.
SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEAT AIRLINES SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST ASIA The U.S. airline group canceled its financial forecasts on April 23
HEALTHCARE
BELLUSCURA On April 8, the U.S. medical device manufacturer retracted its 2025 guidance due to U.S. Tariffs on China.
UNITEDHEALTH GROUP The Company suspended its annual forecast because of surging medical costs, while CEO Andrew Witty resigned May 13.
Retail and Consumers
AMERICAN OUTFITTERS - The apparel company retracted its annual forecasts from May 13 because of economic uncertainty fuelled by tariffs.
BEYOND MEAT On May 7, the California-based company retracted its sales target for the year, citing a weak consumer demand as a result of macroeconomic volatility in America and high inflation.
CHARACTER GROUPS The British toymaker abandoned its annual forecasts on April 11 and said it expected tariff effects to be felt on China in the second half 2025.
CROCS On May 8, the U.S. shoemaker retracted its outlook for 2025 due to macroeconomic uncertainty.
DECKERS OUTDOOR
UGG Boots did not provide any warranty.
Annual targets
On May 22, due to macroeconomic uncertainty fueled by tariffs.
KRISPY KREME On May 8, the doughnut chain retracted its 2025 forecasts due to macroeconomic weakness and uncertainty surrounding McDonald's deployment schedule.
DIAGEO On February 4, the British spirits manufacturer retracted its forecast for medium-term growth in organic sales, citing a long-term decline in demand as well as uncertainty about tariffs.
LOGITECH, a Swiss-American manufacturer of computer parts, canceled its forecast for 2026 on April 10 citing uncertainty arising from Trump's policies. It kept its 2025 forecast.
MASCO CORP On April 23, the U.S. house improvement company retracted its annual profit forecast after it missed first-quarter profit and sales estimates. This was due to macroeconomic uncertainty caused by Trump's tariffs.
MATTEL On May 5, the Barbie doll producer retracted its annual financial target, adding that it would raise prices in the U.S. for certain products to offset higher input costs as a result of Trump's tariffs against key trading partners.
ROSS STORES
Discount store operator May 22,
Withdrawal
Tariffs could have a negative impact on the company's profitability in fiscal year 2025, according to its forecasts.
SKECHERS
On April 24, the footwear manufacturer retracted its annual results projection, citing Trump's unpredictable trade policies as fueling economic uncertainty.
SPECTRUM BRANDS The retailer company stated on May 9, it did not have enough visibility to continue to provide a earnings framework for 2020.
SPIN MASTER
The Canadian toy manufacturer retracted its 2025 outlook on the 29th of April until the climate stabilizes.
STEVEN MADDEN On May 7, the U.S. footwear maker retracted its guidance for 2025, citing the uncertainty caused by tariffs on imported goods into the U.S.
OTHERS
ALPHAWAVE IP GROUP On April 17, the British semiconductor company announced that it could not provide a financial outlook for 2025 and beyond due to global economic uncertainty caused by U.S. Tariffs.
ARM HOLDINGS The UK based chip manufacturer decided to not issue full-year guidance to the market on May 8 due to lower visibility caused by uncertainty in global trade and economic conditions.
AVERY DENNISON On April 23, the U.S. company, which manufactures packaging and labels products like radio frequency tags, retracted its annual forecast, adding that it would now be shifting to quarterly estimates due to macroeconomic uncertainty.
PAGEGROUP PAGEGROUP, a British recruiter, did not provide a financial outlook in its quarterly report on April 9, citing "increasingly uncertain" economic conditions.
(source: Reuters)