Latest News
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French Railways boss warns heat-vulnerable travellers to avoid trains
On 'Sunday, the SNCF head warned 'vulnerable people not to take the train during France's heatwave. Jean Castex, a reporter at the time, said: "We advise the most vulnerable to postpone or avoid their trip during this heatwave." * Former French Prime Minister?Castex said that a number of incidents were possible due to the high temperatures. Meteo France's latest update stated that 49 departments would be under a "red heatwave" warning starting at noon on Monday. This is 14 more departments than Sunday. The heatwave will intensify, reaching peaks as high as 42 degrees Celsius. It was also stated that "it is likely the heatwave will continue, or even worsen in some areas" for much of the next week. Reporting by Dominique Vidalon Editing By Louise Heavens And David Goodman
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Authorities say that the no-fly zone created by the Iran talks has disrupted flights to and from Zurich Airport.
Aviation authorities confirmed that a technical problem in air 'traffic control', which was triggered by security precautions?for the peace talks between the U.S.A. and Iran?in Switzerland?, caused disruptions? at the Zurich airport?on Sunday. They added that the problem has been resolved. Skyguide, a Swiss air traffic control authority, said that the glitch was caused by the integration of the restricted zone above Buergenstock in radar display systems. This is the Swiss mountain resort, where the negotiations are taking place. According to a statement, the zone was decided only at the last minute as the decision to hold the most recent round of discussions was not finalised until the following Saturday. Skyguide reported that operations have returned to normal. "The systems run smoothly and security is ensured at every time." A spokesperson for the airport said that by midday 12 arrivals had been cancelled and 14 departures. She added that at least 60 departures had been delayed. As outlined in a tentative peace agreement, U.S. Vice-President JD Vance met with Iran on Sunday for peace 'talks' at Buergenstock. However, the diplomacy of the U.S. was overshadowed when Iran announced that it had reimposed a blockade of the Strait of Hormuz. The Swiss government has promised that the talks will be held in a "reliable and discreet setting". This resort is located just over 50 kilometres south of the Zurich airport. Reporting by Alexandra Schwarz Goerlich; Writing by Rachel More, Editing by Barbara Lewis
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Five people killed in Ukraine attack as Crimea suspends fuel sales
The?Russian-installed 'governor' said that four people had been?killed? and 28 others wounded?in a ukranian drone attack against the russian-controlled peninsula Crimea. Local authorities in Russia's Krasnodar Region said that a Ukrainian drone strike on an oil transportation facility confirmed by Ukrainian president Volodymyr Zelenskiy killed one person on a passenger ship and set a?oil storage terminal on fire. The Russian Defence Ministry reported that 239 Ukrainian drones were shot down over night. Crimean Governor Sergei Aksyonov stated that 'fuel stations across peninsula have suspended sales to the public and businesses. Supplies are restricted to government agencies in charge of essential services and security. Ukraine intensified its drone attacks against Crimea, the home of the Russian Black Sea Fleet. The attack targeted the peninsula's fuel supply routes, which triggered a fuel shortage as the holiday season began. Local power grid operators reported "outages" in several areas due to damage to the electricity networks. Ferry traffic across the Kerch Strait, which separates Crimea from Krasnodar, was also temporarily suspended. The authorities also stopped traffic on the bridge connecting?Crimea and Russia's Krasnodar region for more than 9 hours, leaving 11 train running behind schedule. Louise Heavens (Reporting)
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Minister: Three Indian flagged oil tankers have cleared the Strait of Hormuz
Sarbananda Snowal, the shipping minister said that three Indian-flagged oil tankers with more than 860,000 metric tonnes of 'oil and 94 Indian crew have safely transited 'Strait of Hormuz. They are now en route to India. Sonowal announced on X the Desh Vaibhav?, Desh Vibhor?? and Sanmar Herald have all completed their transit. The United States and Iran have signed a ceasefire agreement, which has led to an increase in oil shipments through the Strait of Hormuz. Gulf producers are preparing to boost?exports regardless of concerns about?conditions that Tehran set for the use of the waterway. Washington and Tehran have released the text for the interim agreement they signed on Wednesday. U.S. president Donald Trump has warned that if the commitments made are not kept, he will resume his attacks against Iranian officials. Thirteen cargoes with Indian flags were stranded at the Strait of Hormuz prior to the?transit of?three cargoes Sonowal said, "Our Ministry is actively working with all relevant agencies in order to ensure 'the safety of the?Bharat seafarers as well as energy lifelines.
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Judge rules that the wife of Spanish PM must face corruption charges
A 'judge' ruled that the?wife of Spain’s Prime Minister Pedro Sanchez must face corruption charges, and is banned from leaving Spain. Begona Gómez is being investigated over allegations that she abused her position as wife of the Prime Minister to obtain work contracts. She denies all wrongdoing. The far-right groups brought the case. The investigating judge,?Juan Carlos Peinado, ordered Gomez surrender her passport and barred her from leaving Spain. She was also required to appear in court twice per month. Sanchez, Europe's last leftist leader, is weighing down by several corruption cases that are nearing or have already been tried. He hasn't been named in any of these cases, and he has claimed that they are all part of an effort to remove him from his office. The Socialist Party reacted quickly to the ruling of the judge, posting on social media X that "(Begona has been subjected?)to judicial and politcal persecution for two year. The development of today is a step forward in this process." Investigations are underway against several close friends, including the number three of the Socialist Party and Sanchez's ex-transport minister. The cases involve alleged kickbacks in connection with public works contracts, oil and gas deals, and the purchase of masks for the pandemic. They deny any wrongdoing. Separately the Spanish High Court announced that it was investigating ex-prime minister?Jose Luis Rodriguez Zapatero for allegations he led a?network?that benefited from lobbying government authorities on behalf third parties including airline Plus Ultra. He denies these claims. Reporting by Graham Keeley. Mark Potter edited the story.
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Nine people are still in critical condition following fatal UK train accident
The 'driver' of one of the trains was killed in the crash that occurred on Friday near Bedford, approximately 60 miles (100km) north of London. Around 5.15 pm local time (16:15 GMT), two passenger trains headed for London collided on Friday. One of the drivers of the two trains died at the scene. British Transport Police Chief Constable, Lucy D'Orsi, provided an update of those injured in the crash that occurred on Saturday. She said more than eighty people were hospitalized on Friday evening. She said that as of "this morning", 28 people were still in the hospital and nine are in critical condition. D'Orsi said that investigators were trying to determine what caused the accident. One of the passengers posted a video on Facebook on Friday showing what appeared to be the damaged front of one railcar entangled with another's back, while the carriages remained upright. In a blog post on X, Prime Minister Keir starmer called it a "devastating event". Buckingham Palace, the official residence of King Charles I, also released a statement saying that "His Majesty is deeply saddened by yesterday's rail crash in Bedford and is regularly kept updated on developments." "His thoughts?and sympathies are with the family of the deceased as well as with those who were injured or affected in such a tragic event." (Reporting and editing by William James)
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Judge rules that the wife of Spanish PM must face corruption charges
A?judge's ruling?on Saturday said that the wife of Spain’s Prime Minister Pedro Sanchez will be tried on corruption charges, and is banned from leaving the country. Begona Gomez faces an investigation for allegedly using her position as wife of the Prime Minister to obtain work contracts. She denies all wrongdoing. The case was brought by?far-right groups. The investigating judge Juan Carlos Peinado required Gomez to surrender her passport, bar her from leaving Spain, and require her to "report twice a monthly to court." This case is just one of many corruption?probes that are nearing or have already been tried and weighing down on?Sanchez. He's one of Europe’s last leftist leaders. He hasn't been named in the cases, but has claimed that they are all part of an effort to remove him from his office. Investigations are underway against several?close ally, including the number three of the Socialist Party and Sanchez's ex-transport minister. The cases involve alleged kickbacks in connection with public?works?,?oil contracts?, and the purchase of masks for the pandemic. They deny any wrongdoing. Separately the Spanish High Court announced that it was investigating Jose Luis Rodriguez Zapatero for allegations that he led a 'network' of lobbyists who profited by lobbying public authorities on behalf third parties including airline Plus Ultra. He denies these claims. Reporting by Graham Keeley. Mark Potter edited the story.
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Business Post reports that Ryanair CEO O'Leary believes fares will remain 'flat' this summer.
Michael O'Leary, Chief Executive Officer of Ryanair Group, told Ireland's Business Post newspaper that: He said: "We believe that?bookings will get a little boost as we move into the summer peak. I would use 'inverted commas' to say 'the peace agreement between Iran and the US.' But spot oil prices have fallen significantly." * "We don't expect prices to rise this summer into the peak. "I'm not sure that prices will drop, volumes are high, but pricing appears to be similar to last year," said he. We're not under pressure to hedge into May, June or July of next year. If prices fell to the low $80s, or even below $80, we would certainly start hedging summer '27. Here is the source text for more company coverage.
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)