Latest News
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Wall Street Journal, March 12,
These are the most popular stories from the Wall Street Journal. These stories have not been?verified' and we cannot vouch for their accuracy. In a swift reversal that left U.S. Allies in shock, the Trump Administration went from opposing the biggest-ever intervention on oil markets to cajoling its allies into moving ahead with the maneuver within a few hours. A federal judge issued a preliminary restraining order to Amazon earlier this week, preventing Perplexity from using its Comet browser to access password protected parts of Amazon's site to make purchases on behalf of an?human client while the case is pending in court. Billionaire?Tilmanfertitta is in exclusive negotiations to purchase Caesars Entertainment, for a price of approximately $7 billion. He has beaten out a competing bid from billionaire Carl Icahn. Irth, a Qatari investment fund, has made a bid to buy the pizza chain Papa John's International. It agreed to pay $47 for each share. This would value Papa Johns around $1.5 billion. Janus Henderson’s board unanimously rejected an unsolicited acquisition proposal from Victory Capital. The board reaffirmed its recommendation to shareholders that they support a previously announced take-private deal by Nelson Peltz’s Trian Fund Management, and venture firm General Catalyst. Cintas, which makes?workplace products?, has agreed to buy UniFirst for $5.5 billion in an?agreement that was signed more than four years ago. (Compiled by Bengaluru Newsroom)
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Air New Zealand cuts flights due to fuel price hike.
Air New Zealand announced on Thursday that it would cut 5% of its flights or approximately 1,100 services, until early May, as the Iran War?drives up jet?fuel costs and disrupts travel, even in rural areas located thousands of miles away from the conflict zone. New Zealand Airlines led the way in this week's announcement of airfare increases, along with Qantas Airways from Australia, Scandinavian SAS, and Thai Airways. The sudden spike in fuel prices that has shaken the aviation industry around the world is blamed. Due to the drone and missile attacks that have severely restricted airspace, many airlines have been forced to cancel flights into and out of the Middle East conflict. This has caused the largest aviation crisis since the pandemic. Prices of oil?rose on Thursday, after Iraqi officials reported that Iranian explosive-laden ships had struck two fuel oil tanks amid global supply disruptions. Iran also said the world must be prepared for oil priced at $200 per barrel. Nikhil Ravishankar, CEO of Air New Zealand, told Radio New Zealand (owned by the state) that due to domestic and foreign flight cuts about 44,000 passengers out of 1.9 million who flew through early May will have to be accommodated. In the next few weeks, airports serving areas like?the popular New Zealand winemaking area Marlborough? and?westcoast city New Plymouth? will experience a reduction of services. Ravishankar stated that fewer long-haul routes would be cut as the U.S. routes are now more popular on their way to Europe after Middle Eastern airspace has been closed. He said, "People still want to go to Europe. We can bring them there via the U.S. Airspace, which is what we are focused on." Air New Zealand shares fell 1% on Thursday, following the same trend as Cathay Pacific in Hong Kong, Qantas Airways in Australia and Japan Airlines. Two drones were shot down near Dubai's airport, the busiest in the world. Bahrain evacuated a few planes as the attacks on infrastructure continue to disrupt air traffic across the Gulf. The war also has 'disrupted' shipping along the world's most important oil export route. Oil prices have soared and global travel has been disrupted. Airline tickets for some routes are sky-high and there are fears of a travel slump. Thai Airways, which has already taken on more passengers from and to Europe, said that travellers are also scrambling to find carriers that do not fly over the Middle East. Cathay Pacific is cancelling its flights to Dubai, Riyadh and other Middle Eastern cities until the end of the month. Instead they are adding more flights to London and Zurich to take advantage of the surge in demand for Asia to Europe flights that avoid the Middle East. The government of Vietnam warned that fuel shortages could affect domestic airlines as early as next month, highlighting the impact of the conflict outside the Middle East.
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Sources say that GLP, a logistics firm, is planning to list in Hong Kong at a valuation of $20 billion.
Two people familiar with the matter have said that Singapore's logistics company GLP, based in Singapore, is aiming for a?"valuation" of around $20 billion through a "Hong Kong Initial Public Offering", which could happen as soon as this year. GLP discussed the potential offer with advisors such as Citi and Morgan Stanley. This was confirmed by a source and a separate third person who had knowledge of the issue. People said that the size of an offer and a timeline were not finalised. According to Hong Kong's stock exchange rules, large-capitalisation?"companies" will typically float at minimum 15% of their shares during an IPO. Sources declined to be named because they did not want their information made public. GLP, Citi, and Morgan Stanley declined to comment. The offering, if completed, would be another name that stands out in a Hong Kong equity market that has been revitalised. It also stands out because the city's IPO pipe is dominated by China based companies. Hong Kong, which ranked first in the world for IPO fundraising 'last year, entered 2026 with a robust pipeline. It is off to its best start since 2021. Data from HKEX & LSEG show that $5.5 billion was raised in IPOs & second listings during January. Return to Public The Hong Kong listing will mark the return of GLP to the public markets. In 2017, a group led by CEO Ming Mei took the company private in a S$16 billion ($12.6billion) deal. Hopu Investment, Hillhouse and Bank of China Investment arm, Ping An Insurance Group, were among the investors who took GLP private. According to its website, GLP is a global thematic investor and business builder focused on logistics real estate and digital infrastructure. It said that the company manages more than 80 billion dollars in assets, including real assets and private equity. GLP has taken steps in the last few years to reshape and strengthen its business. In August, an Abu Dhabi Investment Authority wholly-owned subsidiary agreed to invest $1.5 billion into GLP. GLP completed the sale of GCP International in March 2025 to Ares Management. The deal included $3.7 billion up front and a possible earn-out amount of $1.5 billion. ($1 = 1,2728 Singapore Dollars) (Reporting from Kane Wu in Hong Kong, and Yantoultra ngui in Singapore. Editing by Thomas Derpinghaus).
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Nissan, Uber, Wayve unveil robotaxi tie-up
'Nissan Motors, Uber Technologies, and British'startup Wayve announced on Thursday that they would 'collaborate to develop a robotaxis. They aim?to roll out a pilot program in Tokyo by the end of 2026. Uber's first partnership with an autonomous vehicle in Japan. The plan calls for Nissan Leaf electric cars equipped with Wayve’s?self driving technology? to be available to customers through?Uber. Wayve CEO Alex Kendall stated in the statement that "we have been testing our technology across Japan since early 2025." "Partnering up with Uber and Nissan to begin pilot deployments of Robotaxis allows for us to introduce the technology in a responsible manner." In the first phase, the vehicles will be operated on Uber's platform with a safety-trained driver in each car. Uber will launch the service in Japan through a licensed taxi partner. Wayve, supported by SoftBank and Nvidia in August 2024, will partner with Uber. Both companies plan to launch their services in more than 10 cities around the world, including London. Nissan announced in September that it had "begun testing" a driver assistance system using Wayve's tech, ahead of its planned launch in Japan for the financial year 2027. (Reporting and editing by Clarence Fernandez; Maki Shiraki, Daniel Leussink)
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Joby Aviation's production model electric air taxi takes flight
Joby Aviation announced on Wednesday that it has begun flying its first aircraft, which will be tested by federal regulators to receive type inspection authorization (TIA), an important'milestone' towards the certification of commercial aircraft. Joby announced that pilots had begun the initial testing of an air taxi in the company's Marina facility, California. These test flights will be used to prepare for evaluations by U.S. Federal Aviation Administration pilots later in the year. Joby has worked with regulators to develop the designs, plans, and parts that will be used to build the first production model of the company. Joby test-pilots have already logged a total of?more than 50,000 miles in the company's development aircraft. Joby's air taxi is a six-rotor, electric aircraft that can take off and land vertically like a helicopter while flying horizontally like an airplane. It has room for four passengers and a pilot. The company plans to begin flying in Dubai later this year, where two out of four landing sites have already been constructed, according to a February announcement. It will begin limited operations in the U.S. as a participant of a White House initiative to speed up the integration of small aircraft and electric air taxis into the national airspace. Joby will be participating in five of the eight FAA pilot programs that were announced by the agency on Monday. Joby plans to produce four aircraft per month by 2027 at its manufacturing facilities in California, Ohio, and Dayton. (Reporting from Pranav Mathur, Bengaluru; Dan Catchpole, Seattle; Editing done by Lincoln Feast.
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Iranian oil continues to flow through the Strait of Hormuz, even as Gulf neighboring countries' exports are shut
A review of tanker-tracking data revealed that Iranian crude oil has 'continued to flow through Strait of Hormuz with a near-normal rate, even though attacks by Tehran on ships in this narrow strait have decimated the exports of other Gulf countries. According to an analysis by TankerTrackers.com a maritime intelligence firm that specializes tracking shadow fleets, a network used to transport oil from countries under Western sanctions, Iran has exported about?13.7 millions barrels of crude since Israel and the U.S. attacked the country on 28 February. Kpler, a vessel tracking service, estimated Iranian exports for the first 11 of March at around 16.5 million barrels. Iran's response to the Israeli-U.S. attacks included strikes on energy infrastructure in?the Middle East and ships in the Strait of Hormuz, which brought non-Iranian vessels transiting through the main gateway of Middle Eastern oil imports to a standstill. This forced producers in the area to reduce output. Iran's ability to continue exporting oil with no reported interceptions is in stark contrast to the U.S. military campaign in Venezuela which included a naval blocade and seizure of vessels attempting to enter Venezuelan waters. David Tannenbaum of Blackstone Compliance Services, a consulting firm, said that he was surprised by the U.S.'s failure to launch a similar campaign before starting this conflict or at this time, after their successful seizure of Venezuela-related ships in December. Matias togni, Next Barrel Oil and Shipping analyst, said that the U.S.'s efforts to stop Iran linked tankers could lead to more attacks against vessels passing through?the Strait of Hormuz. James Lightbourn is the founder and shipping financier of Cavalier Ship, a maritime investment and advisory firm. Lightbourn stated that if the U.S. seizes tankers it would be less of a loss to Iran if the strait was closed completely (for example, with mines). The White House of U.S. president Donald Trump did not respond immediately to a question about whether Washington intends to take any action against Iranian oil exports. IRANIAN EXPORTS ARE COMING AT A SAME RATE AS LAST YEAR TankerTracker.com data and?Kpler indicate that Iran's crude exports range between 1.1 and 1.5 million barrels of oil per day from February 28 to March 11, according to the data. Kpler data shows that the country exported 1.69 million barrels per day on average last year. The pace may pick up in days to come. According to a review of satellite images by TankerTrackers.com, multiple very large crude carriers - the largest oil vessels currently in service - are still loading oil on Iran's Kharg Island. Kpler data shows that Iran increased its exports in anticipation of Israeli and U.S. military action prior to the 28th February strikes. Data showed that Iran exported oil at a record 3.79 million barrels per day in the week of February 16. According to an analysis by Kpler & Lloyd's List Intelligence, six crude oil tankers left Iran between February 28 and March 1, including the U.S. sanctioned vessel Cuma which sailed this week. According to earlier reports, two liquefied gas tankers also subject to U.S. sanctioned departed Iran on Friday after loading their cargoes. A separate analysis revealed that at least 11 million barrels?of?crude crude oil were shipped out of Iran. Four?supertankers, which left Iran with 8 million barrels, arrived in the waters near?Singapore. The vessels are sailing in the same pattern within Iran's exclusive zone economic, which extends to up to 24 nautical miles beyond the local territorial limit of 12 nautical mile. Shipping sources say that this is seen as a way to protect the vessels by keeping them in Iranian waters. Reporting by Shariq KHan in New York, Jonathan Saul, Enes Tunagur and Arathy SOMASEKHAR in Houston, with editing by David Gregorio.
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MSC, a shipper, secures a 45-year concession at the Lagos port with Nigerdock
The Swiss-based shipping company, 'MSC,' has signed a 45 year?concession contract with Nigerian maritime firm Nigerdock to develop, operate and maintain a new container terminal in the Snake Island Port of Lagos. The MSC terminal will be part of a $1 billion investment in infrastructure and logistics that the company has announced in Nigeria. As supply chains change around the world, global shipping companies are attempting to establish long-term footholds on emerging markets. Nigeria, Africa's biggest economy, struggles with chronic congestion in Lagos' ports. MSC said the terminal, which will be built by ITB Nigeria & DEME Group is expected to be completed by 2028. The terminal will cover 30 hectares (74 acre) and include a 910 metre (3000 ft) quay that can handle ship-to shore cranes as well as mobile harbour cranes. It is expected to be ready by 2028. The new terminal will "open up opportunities and enhance efficiency" while elevating Snake Island Port to a major global shipping hub, said MSC President Diego Aponte. Snake Island Port, an '85-hectare facility, is operated by Nigerdock a maritime and logistics company. It consists of three terminals that serve the Lagos port complex. (Reporting and editing by Edmund Klamann; Isaac Anyaogu)
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Costco customers seek refunds for Trump tariffs
Costco Wholesale has been sued in a nationwide class action on Wednesday, seeking refunds to U.S. 'customers for higher prices charged. A Costco shopper filed a lawsuit in federal court, Illinois, seeking a declaration that any refunds received by the company for tariffs paid under the International 'Emergency Economic powers Act (IEEPA) must be returned to the customers. The Supreme Court ruled that Trump overstepped his authority when he used the emergency powers act to impose tariffs on a large scale last year. The order has set up a sprawling litigation at the U.S. Court of International Trade where more than 2,000 companies are suing the Administration to recover duties that they paid. FedEx, a global shipper, is currently facing a consumer class action that was filed last month in a federal court in Florida. Costco didn't immediately respond to an inquiry for comment. Matthew Stockov's lawyer did not respond immediately to a question for comment. The complaint stated that "this lawsuit seeks prevent Costco, third largest retailer in the World, from a double recovery." Costco has not committed to refund any part of the anticipated 'tariff refunds' to the consumers who incurred those costs. Costco CEO Ron Vachris said to analysts last week it was still unclear if and when businesses would receive a refund for the IEEPA tariffs that they had previously paid. He said that if Costco receives refunds, it will use them to lower prices and improve value for shoppers. The lawsuit filed on Wednesday claimed that the company had only promised "a potential future benefit to a group of future customers indeterminate." (Reporting and editing by David Bario, Aurora Ellis and Mike Scarcella)
Jet fuel prices are on the rise, and airlines have failed to implement hedging strategies.
As a sharp increase in oil prices shakes the global transport market, airlines are facing an additional threat. The price of jet fuel has risen much faster than crude oil prices.
Airlines that use hedging contracts in order to protect themselves from sudden increases in oil 'prices' are announcing fare increases, fuel surcharges, and capacity reductions as they struggle with the unprecedented increase in refining profits since the U.S. - Israel war on Iran. Jet fuel
WINNERS & LOSSES
The major?carriers of the U.S., China, and other countries have no hedging agreements in place. This leaves them exposed to sudden increases in fuel prices, which, according to aviation expert Hans Joergen Elnaes, historically tend to remain high for several months during times of unrest, such as the Middle East Crisis.
Low-cost carriers have historically carried the most price-sensitive clients. "They're the ones who get squeezed most in this climate," said?Nathan Gee. Bank of America's Asia Pacific Transportation Research head.
Hedging is a two-edged weapon. Hedging is a double-edged sword. It can protect airlines from fuel price spikes by using derivative contracts. However, it also exposes carriers to higher rates when the prices drop, which has led some carriers into financial trouble in the past. According to J.P. Morgan in Europe, where hedging contracts are common, a sustained increase of 10% in jet fuel costs could reduce Wizz Air’s operating profit this year by up to 31%.
Wizz, who reported a 50-million euro ($57.74-million) hit due to the Middle Eastern conflict has hedged 83% (through March) of its jet fuel requirements, but only 55% through the end of the year in March 2027. Jozsef Varradi, its CEO, said last week that it was "not naked" and well-protected.
Jet fuel was about $21 higher per barrel in Asia than before the conflict. However, the refining margin increased to $144 by March 4, and remained high, at $65 on Wednesday.
Gee, from BofA, said: "That is what happened last week?and everyone was less protected."
Air New Zealand, Australia's Qantas Airways and Virgin Australia do not fly to the Middle East. They are also more than 80% hedged for crude oil in the half year ending June. However, they have already raised fares to protect their margins.
BofA estimated that Asian airlines' net profits in 2026 could fall by an average of 6 percent for every $10 increase per barrel in the refining margins over 90 days.
Analysts said that many Asian airlines hedged only against Brent oil prices or did not hedge at all. Singapore Airlines and Virgin Australia were the exceptions as they had a greater protection against rising jet fuel prices.
Sharpe, Cathay's Sharpe, said that many airlines do not hedge jet fuel because it is a smaller market than oil and costs more to hedge.
She said, "The market is extremely thin and expensive." Fuel prices are highly volatile, and we do not have a crystal-ball to predict the future. ($1 = 0.8660 euros)
(source: Reuters)