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Kremlin: Putin will discuss "Ukrainian blackmail" with Szijjarto.
The Kremlin announced that Vladimir Putin, Russian president, will meet with Peter Szijjarto, Hungarian foreign minister later on Wednesday to discuss Ukraine's "blackmailing of Slovakia and Hungary" over oil supplies. Kyiv said the Ukrainian branch Druzhba Oil Pipeline, which supplies Russian Oil?to Hungary & Slovakia, had been severely damaged by fire after a Russian attack on late January. It cannot be repaired quickly. Hungary and Slovakia both accuse Ukraine of deliberately delaying repairs out of political motives. Ukraine has been 'unhappy for a long time that they continue to buy Russian oil. Kremlin spokesperson Dmitry Peskov confirmed that Putin will discuss the issue with Szijjarto later on Wednesday. Szijjarto is a frequent Moscow visitor. You know the buyers of our oil like Hungary and Slovakia who are currently?facing?blackmail from the Kyiv government. The blackmail is a result of the intentional blocking of oil supplies through the Druzhba pipeline. Peskov said that this issue will be discussed today. On the same conference call, he told reporters that other European countries had not asked Russia to resume energy supply due to the Iranian situation. (Reporting and editing by Andrew Osborn. Anastasia Lyrchikova)
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UAE markets slide after reopening from a two-day stop during Iranian attacks
The stock markets in Dubai and Abu Dhabi reopened on Wednesday after a two day pause following Iran's unprecedented missile and drone attacks against the Gulf?nation. U.S. troops continued non-stop operations against Iran, as Israel launched wide-ranging attacks on Iranian missile and air-defense targets; a U.S. commanding officer said that the campaign was running ahead of schedule. The UAE Capital Markets Authority shut down the ADX on March 2, and DFM March 3. This was a step that went beyond usual closures for holidays and mourning. The combined market cap of both exchanges is approximately $1.1 trillion. The trading of billions of dollars worth of listed assets was frozen as investors waited for clarity about the extent of the damage caused by the weekend strikes in airports, ports, and residential areas of both emirates. Dubai's main stock index fell 4.7% intraday, its largest drop since May 2022. Blue-chip developer Emaar Properties led the declines with a 4.9% fall, while budget airline Air Arabia declined 5%. The tourism industry and airlines rushed to react to the more than 20,000 flight cancellations. Governments also moved quickly to repatriate travelers stranded across the Middle East. Top lender Emirates NBD dropped 5%. First Abu Dhabi Bank, Abu Dhabi's largest lender, lost 5%. Dana Gas, TAQA and other energy stocks were each down 5%. Aldar Properties fell 5%. ADNOC, which is the parent company for the entire fuel distribution, logistics and drilling chain, came under pressure. The entire complex was sold at the same time. Both exchanges announced that they will temporarily lower the price limit of securities to -5%. The Abu Dhabi Securities Exchange has instructed listed companies to assess their?financial exposure and operational risk and immediately disclose any material information which could influence investor decision. Abu Dhabi Commercial Bank plunged 4.9%. Abu Dhabi Commercial Bank, the UAE's third largest lender in terms of assets, said that it had restored its mobile app following a disruption which also affected its contact center. However, some features are still being reinstated. Ahmad Assiri is a research analyst at Pepperstone. He said that the closure sent a message to investors that regulators prefer orderly price discovery rather than a volatility rollercoaster. As markets re-price global and regional events from the past two days, traders should be prepared for a volatile phase of price discovery. Assiri said that volumes may be higher than average, as pent up orders "hit the tape". Assiri stated that the UAE's reopening will follow a similar pattern to the Saudi market, which has recovered from the initial shock of a 5% drop on Sunday to record gains by Tuesday. Saudi Arabia's benchmark?index?rose 1% on course to continue the previous session's gain, led by an increased of 0.9% Al Rajhi Bank, 3%, while petrochemical manufacturer?Saudi Basic Industries Corp. trimmed early gains to trade at 1.2%. However, the company is expected to suffer a massive loss in 2025. This result was due primarily to impairments and loss relating to divestment assets in Europe and America. Jabal Omar Development, which operates the Jabal Omar hotel and property complex within walking distance from the Grand Mosque of the Muslim holy city of Mecca, has advanced by about 5% following a sharp rise in its annual profit. Budget airline Flynas grew by 2.1%. However, oil major Saudi Aramco fell 0.7%. Oil prices rose 3% after the U.S. and Israeli war against?Iran disrupted Middle East supply. However, the pace of 'gains' slowed compared to previous sessions as President Donald Trump suggested that the U.S. -Navy could escort ships through the Strait of Hormuz. Qatar Islamic Bank, a company that has risen by 1.1%, boosted the index in Qatar by 0.6%. Industries Qatar, however, fell by 1.3% after the petrochemical manufacturer announced plans to suspend or cut certain products. The index in Muscat fell by 0.7%, while the index in Bahrain was down by 0.8%. The Kuwaiti index eased 0.2%. Egypt's blue chip index fell 1.6% outside the Gulf. (Reporting and editing by Ateeq Sharif in Bengaluru, Clarence Fernandez, Toby Chopra and Sumana Nady)
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Dassault CEO: FCAS fighter is 'dead if Airbus doesn't cooperate'
The head of French aircraft manufacturer Dassault Aviation said that he was aware of Airbus' refusal to collaborate with it on the next-generation fighter, and that "the FCAS project" would be dead unless this attitude changed. The aerospace industry is reportedly preparing to 'collapse' plans for the next phase in a development worth 100 billion euros ($116 billion), between France represented by Dassault and Germany and Spain represented by Airbus. "Airbus does not want to work with Dassault. End of story." Trappier said at a press conference: "I take note." Airbus declined ?to comment. The dispute is over the leadership of the core part of the project, which aims to build an interconnected flotilla consisting of crewed aircraft and armed drones under a single connective cloud. Trappier has proposed changes to the rules for the flying demonstration phase, which would clarify Dassault’s leadership in the core fighter and suppliers, while giving Airbus control over its own areas. Trappier was repeatedly asked about the fate of the 'flagship Franco-German project' at a results presentation. He defended France for its record of producing high-performance fighters such as the Rafale and accused Airbus of wanting to create a cumbersome Eurofighter partnership. Trappier, speaking of the crewed fighter element, said: "I've?said?from?the?start that I want clear?leadership and not only on paper." Airbus says that existing rules should be adhered to. Airbus CEO Guillaume Faury said last month that the relationship between Dassault and Airbus had not 'broken down completely', but appeared to 'turn the page on FCAS in its present form, raising for the first public time the possibility of having two separate fighters.
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Kenya Pipeline IPO gets 105.7% subscription, finance minister says
John Mbadi, the Finance Minister, said that Kenya Pipeline's Initial Public Offer (IPO) received a 105.7% subscriber rate. Mbadi stated that Kenyan individuals and institutions will receive 67.32% of the shares offered from this sale. The IPO was'shadowed' by lower valuations from?some banks and an extension of the offer. The government offered a 65% share in Kenya Pipeline Company in order to raise 824.67 million dollars. This is the first major deal in the region since 2008 when shares in Safaricom were sold, which raised more money in dollar terms. Mbadi said on Wednesday that the government will only accept what it has hoped to raise. The Nairobi bourse will begin trading the shares listed in this IPO on?March 9?.
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Russian drone strikes empty passenger train in Ukraine’s south, deputy PM claims
Oleksiy Kuleba, deputy prime minister, said that a Russian drone struck a passenger train which was empty in the southern Mykolaiv area of Ukraine early on Wednesday morning. He said that a Russian drone was also attempting to attack a train between Dnipro in the eastern-central region and Kovel, which is located in the northwest late on Tuesday. However, the attack was stopped by railway workers. The drone was only a few metres away from the locomotive. Ukrzaliznytsia (Ukrainian?national railroads) said that Russia intensified drone strikes on railway infrastructure and that rolling stocks were among the main targets. The operator reported that 18 strikes were recorded since March began, resulting in the damage of 41 facilities. The operator reported that locomotives, freight cars, specialised equipment used to repair infrastructure, and bridges were also targeted. On Monday, a Russian drone attacked a commuter train in Dnipropetrovsk Region. The attack killed one person and injured seven others.
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Spain's Sanchez: "You cannot play Russian Roulette with the destiny millions"
On Wednesday, Spanish Prime Minister Pedro Sanchez reaffirmed his opposition to the attack by the U.S. on Iran and Israel. He warned that the conflict could result in millions of lives being put at risk. Sanchez responded after U.S. president Donald Trump threatened to cut trade with Madrid due to its position in the conflict. Sanchez told the nation in a televised speech that "you cannot play Russian Roulette with millions of lives." Tensions increased between the two NATO Allies after Sanchez condemned the U.S., Israeli and other bombings against Iran as reckless and unlawful. He also banned U.S. aircraft using air and naval bases in southern Spain to launch an offensive against Tehran. Sanchez stated that the world cannot solve its problems through wars and bombs. He said that the position of the Spanish Government could be summarized in four words, 'No to war'. Sanchez appeared to refer to Trump's threats to retaliate against those who oppose their values and interests. Sanchez cited the 'negative knock-on effect of the Iraq War, ranging from a rise in terrorist attacks to the skyrocketing energy prices to argue that the 'consequences of this attack on Iran are just as nebulous, and would not lead to an international order that is more just.
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Mr Lufthansa uses crisis playbook to address costs and union disputes
Carsten Spohr, the chief executive of Lufthansa, is firmly focused on his expansive airline empire. In the background, giant screens flash flight delay data as well as other performance indicators. Spohr is a former pilot who has been in charge of a company that includes Germany's flagship airline, ITA Airways, Eurowings and other firms for more than a decade. He also led the firm through the pandemic, and a fatal crash, which occurred in?2015. Spohr, one of the most prominent and divisive airline chiefs in recent years, is hoping to leverage his crisis management experience to help him overcome challenges, such as geopolitical disruptions and delays with plane deliveries, and to keep investors happy after years spent fighting unions and reducing shares. Spohr said he would focus on efficiency, centralise management of the 12 airlines in the group and increase long-haul flights. Spohr told his office, which was surrounded by glass, that it helps to be a pilot in order to know the company well. "Anyone can run a business in good weather." It's in crisis situations at the end that you can show your leadership. Spohr is trying to get rid of the regional laggard label that Lufthansa has against Air France-KLM, British Airways and IAG. This has taken some of the heat off but the margins are still narrow and the shares remain below the levels at which Spohr began his tenure. Spohr stated that the company was improving in all areas, including punctuality, operations and efficiency. He added that he has no intention of stepping down before 2028, although "that is up to my wife and board to decide". In the first nine months of 2025, more than 80% (of the flights) operated by Lufthansa reached the hubs of the airline in Frankfurt and Munich on time. This is the best punctuality rating in ten years. Spohr admits that Lufthansa, which he called "the problem child" of the group in the past, has struggled. He wants margins to increase to?8-10% from 4.4% between 2028- 2030. This may require Spohr to continue his "tough", impatient approach. Investors and those close to him have said that this had caused tension in the past. Hendrik Schmidt, a Lufthansa shareholder DWS, praised Spohr for his long-term experience. "The board must work as a unit." When asked about Spohr's record, Ryanair CEO Michael O'Leary praised him for his achievements, but admitted that he sometimes rubbed people the wrong way. He said, "I think he's done a fantastic job." Lufthansa is set to publish its annual results on Friday. STANDOFF WITH UNIONS Spohr must convince his supporters that Lufthansa’s darkest days are behind them. These were marred by missed goals, delivery delays and a slew of expensive strikes. Last month, hundreds of Lufthansa flight were cancelled due to pilots and attendants walking out. This caused disruptions for over 100,000 passengers. Andreas Pinheiro is the president of Lufthansa Union VC. He said that when Spohr became CEO, there was a lot of optimism about smoother relations. However, this did not last. He said that the "euphoria of the pilot at the helm" was quickly replaced by "skepticism", as the workers were "deliberately pitted together". Spohr acknowledged the complexity of discussions with labour representatives but said that state-backed Middle Eastern carriers had a different set of challenges when it came to hiring and terminating people. He said, "It is not an even playing field." Peter Gerber, CEO of Condor, a rival German airline, who worked for Spohr in Lufthansa at one time, defended Spohr's handling of union disputes and praised Gerber's quick thinking and ability to adapt during crises. Gerber said, "He may have lived and breathed airline industry more than anyone else." The Germanwings crash of 2015 was perhaps the most difficult time in his career. He is responsible for Lufthansa's safety. 'MR LUFTHANSA' Analysts and investors see the complex fleet of older Boeing and Airbus planes as a "major drag" on Lufthansa. Spohr claims that new deliveries will enable the airline to "finally unlock growth" including better fuel efficiency and lower maintenance costs. After losses in 2024 the core brand?Lufthansa is being overhauled. This includes major investments in fleet renewal and updating outdated cabins. Spohr's close associates spoke of his prominence and level of control. Former aviation officials who worked with Spohr called him "effectively demigod". Ingo Speich, who is the head of Deka Investments, which owns a stake in Lufthansa said that if Spohr achieved his goals, it would enhance his legacy. He added that "no decision important bypasses him". He said, "Carsten is Mr Lufthansa."
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Andy Home: Risks to Western aluminum supply increase as Iran war escalates
The Strait of Hormuz is the Gulf's main shipping chokepoint, and it is no longer just about oil?and?gas. According to the International Aluminium Institute (IAI), the region is a major producer of aluminum, with over 8% global production last year. Smelters from Bahrain, Qatar, Saudi Arabia, and the United Arab Emirates ship over 5 million metric tonnes of metal through the Hormuz Strait every year. Bauxite, alumina and other materials are transported the opposite way in order to feed the smelters. These plants have not yet been targeted directly in the increasing hostilities. Qatar Aluminium, owned jointly by Norsk Hydro of Norway and QatarEnergy in Qatar, is already facing closure due to the disruptions caused by the suspension of the country's natural gas production. The greater the danger to Western manufacturers, the longer the Strait of Hormuz remains blocked. Key Western Supplier Middle East has become a major hub for aluminium production in the past two decades. The region's vast gas reserves are used to power the energy intensive smelting processes. The Gulf Cooperation Council's (GCC) production has increased from 2.7 millions tons in 2010 up to 6.2 millions last year. It is now the second-largest regional supplier, outside of China. Make that the biggest. In the IAI's figures for Europe (the largest non-Chinese production hub in Europe on paper), there are 4 million tons of Russian metal produced annually. Due to Ukraine sanctions, Russian aluminum cannot be imported into the U.S. The European Union has also phased out imports for the same reasons. GCC metal producers are a key component of Western supplies of a material used in a variety of industries, from packaging to automotive and construction. MULTIPLE CHANNELS Multiple channels are involved in the potential impact of Western buyers. Gulf smelters export more than just primary aluminium. The smelters are also important producers of alloys, and they feed the local clusters of semi-manufactured products plants. According to World Bureau of Metal Statistics' official data, Bahrain exported 1 million tons of metal alloys, 500,000 tons of finished products, and 160,000 tonnes of virgin metal in the past year. Exports were made to more than 70 countries, with significant amounts going to Europe and America. A protracted stoppage of regional production or exports would affect multiple countries, and many parts of the processing chains. VULNERABLE MARTENS Aluminium is still as vulnerable to supply disruptions as it has been for years. China's smelter industry has reached its 45 million ton capacity limit, causing both exports and output growth to slow. The phase-outs of Russian imports and the closing of the Mozal Smelter in Mozambique have squeezed Western buyers. London Metal Exchange's (LME) stock, which includes metal stored off-warrant, dropped by 331,000 tonnes last year. It has also fallen another 84,000 tonnes since January 1. LME Aluminium prices were already rising before the Iran Crisis. The news on Tuesday that Qatar Aluminium may be facing a suspension in operations, has pushed three-month metal up to $3,315 a ton. This is within striking distance from January's near-four-year-high of $3,356. Power THREAT Western aluminium purchasers are likely to experience a supply shock. However, it is also possible that a second one will occur in the form higher energy prices. The closure of other smelters because of high electricity prices is one reason that GCC has become such an important part of the Western market. Mozal, a Mozambican plant that is a major European supplier, is an example. The surge in power prices that followed the invasion of Ukraine by Russia four years ago has led to the loss of several plants across Europe. Western aluminum producers do not need another energy shock. The last thing Western buyers want is to lose their supply due to producers on the other side of the Strait of Hormuz. Andy Home is a journalist. This column is a favorite of yours? Open Interest (ROI), a data-driven, thought-provoking commentary on the markets and finance is available at Open Interest. 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 seven days a weeks.
Dassault Aviation sees an increase in sales and operating profit by 2026.
Dassault Aerospace, a French company, announced on Wednesday that its operating profit would rise to '635 million euro ($737.4million) in 2025 from just '519 million euro a year ago. This was due to an increase of 19% in net sales up to 7.4 billion Euros.
The maker of Rafale and Falcon business aircrafts released a statement in which they predicted that net sales would increase to 8.5 billion euro in 2026 and 28 Rafale and 40 Falcon jets would be delivered.
Dassault reported earlier that Rafale deliveries increased to 26 from 21 in 2025, and Falcon deliveries rose to 37 units from?31. However, this was still short of the target of '40. The planemaker has received orders for 26 Rafale in 2025 and 31 Falcons.
Dassault Aviation shares were up 1.7% at the opening of Paris trading. This was a significant improvement over the STOXX 600, which had remained unchanged. The stock is up 22% so far this year and has extended a rally that saw a 71% increase in 2025.
"The military and geopolitical contexts, combined with tariffs, create uncertainty in business activities." In a recent statement, CEO Eric Trappier stated that "tax pressures are eroding our company's competitiveness".
Trappier has flagged that there is still uncertainty surrounding the Future Combat Air System (FCAS), a troubled fighter jet project.
Dassault Aviation's and Airbus's rivalry over the leadership of this 100 billion euro project, which brings together France, Germany?and Spain?is threatening to undermine it.
(source: Reuters)