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As the Middle East conflict escalates, airlines cancel more flights
The global air travel industry is still severely affected by the Iran war, which forced major Middle Eastern hubs to close, including Dubai Doha, and Abu Dhabi. This left tens or thousands of passengers stranded. The latest flight information is listed below alphabetically: AEGEAN AIRLINES Greece's biggest carrier has cancelled flights from Tel Aviv to Beirut, Amman and Erbil until April 22. Baghdad and Erbil will be canceled until May 24. Dubai flights have been cancelled through April 19, and Riyadh flights until April 18. AIRBALTIC AirBaltic, a Latvian airline, announced that all flights to Tel Aviv have been cancelled up until April 29. All flights to Dubai are cancelled until October 24. AIR CANADA All flights from Canada to Tel Aviv and Dubai have been cancelled until the end of March. AIR EUROPA Spanish Airlines has cancelled all flights from Tel Aviv to April 10. AIR FRANCE KLM Air France has cancelled Tel Aviv, Beirut and Dubai flights until the end of March. Riyadh and Dubai flights will be cancelled until the 24th. This includes flights departing Dubai on March 25. KLM has suspended flights from Riyadh to Dammam, Dubai and Tel Aviv up until May 17, and until April 11, respectively. CATHAY PACIFIC Hong Kong Airlines has cancelled all passenger flights and cargo flights from Dubai and Riyadh to April 30. The airline has added more flights to London between March 21-28 due to an increase in demand. U.S. airline has cancelled flights between New York and Tel Aviv until May 31, and Tel Aviv to New York until June 1. Atlanta-Tel Aviv flights have been paused from August 4 to 5. Flights from Tel Aviv will be halted until June 1. EL AL ISRAEL AIRLINES The Israeli airline said that operational constraints prevent regular flights out of Israel except in "rare, exceptional situations" and it continues to make efforts to get passengers back home. The airline also called on authorities to open Ramon Airport, near Eilat. EMIRATES The UAE airline announced that it would operate a reduced schedule after a partial opening of the regional airspace. ETIHAD AERWAYS The UAE carrier said that it operated a limited schedule of commercial flights between Abu Dhabi, and select destinations. FINNAIR The Finnish airline has cancelled all Dubai flights up until 29 March and Doha flights till 2 July, while continuing to avoid Iraq, Syria, Iran, and Israel's airspace. FLYNAS Flynas, a Saudi low-cost airline, has extended the suspension of its flights to Dubai, Abu Dhabi Sharjah Doha, Bahrain Kuwait Iraq and Syria, until March 31, 2019. British Airways, owned by IAG, has extended the cancellations to Amman and Bahrain until May 31, and Doha until April 30. Flights to Bangkok and Singapore have also been added. Flights to Abu Dhabi are suspended until the end of this year. INDIGO The Indian airline has temporarily suspended its operations in Doha, Kuwait and Bahrain, Dammam as well as Fujairah Ras Al Khaimah Sharjah, Fujairah. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha to Tokyo flights until April 1; All flights from Tel Aviv to Dubai are cancelled until May 31, according to the Polish airline. The airline has also cancelled its flights to Riyadh and Beirut until April 30, as well as to Riyadh from March 31 through April 30. LUFTHANSA GROUP German airline group Lufthansa has suspended flights from Tel Aviv to Abu Dhabi, and also to Beirut, Dubai and Amman. Flights from Riyadh to Riyadh are suspended until April 5 and flights to Tehran through April 30. MALAYSIA AIRLINES Malaysia Airlines has suspended all flights to Doha until the 28th of March. NORWEGIAN AIR Low-cost airline has delayed the launch of Tel Aviv services and Beirut flights to June 15 from April 1 and 4 respectively. All Dubai flights have been cancelled through April 8. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Kuwait, Bahrain and Doha Dammam until April 13th. Pegasus Airlines, Turkey's national airline, has cancelled flights to Riyadh until March 24. QATAR AIRWAYS The airline said that it would be operating a limited number of revised flights until the 28th March. SINGAPORE Airlines Singapore Airlines has announced that it will suspend its Singapore-Dubai flight until April 30 and add new services between Singapore Gatwick and London from March 31 to November 24. It will also increase the number of flights between Singapore and Melbourne (from March 29 to November 24) to meet increased demand. TURKISH AIRLINES Turkish Airlines has cancelled the majority of Middle East flights up until March 31. SunExpress has cancelled flights from Dubai and Bahrain to its joint venture with Lufthansa until 23 March. VIETNAM Airline Vietnam Airlines, the country's flag carrier, plans to cut 23 flights per week on several routes within Vietnam from April. WIZZ AIR The low-cost carrier has suspended flights from Europe to Israel and other destinations in the Middle East until March 29. Flights to Dubai, Abu Dhabi and Amman will be available until mid-September. (Compiled by Josephine Mason and Jamie Freed; edited by Matt Scuffham and Mill Nissi Prussak.
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Highlights of the EU-Australia Trade Agreement
The EU and Australia signed a free trade agreement on Tuesday, as Europe tries to diversify its markets and extend its ties beyond traditional partners. The following are some of the key points in the agreement: AGRICULTURE The tariffs on key EU exports such as wine, sparkling?wine and some fruits and vegetables will be zero from the first day. This includes preparations, fruit juices and chocolate. In three years, the tariffs on EU Cheese will be zero. The EU will also eliminate tariffs on the majority of Australian agricultural products, including wine, nuts and fruit and vegetables; honey, olive oils, most dairy products; wheat, barley, and seafood. Australian beef, lamb meat, sugars, wheat glutens, rices, skimmed powdered milk, and butter will all receive either new or expanded tariff rate quotas. PROTECTED EUROPEAN Produits After a relatively brief phase-out period, some EU "geographical indicators" names such as Pecorino romano? or Ouzo will be protected. Prior Australian users of some products, such as feta and gruyere can keep the right to use these terms provided that the origin is clearly labeled. Prosecco producers in Australia can continue to produce and sell the wine on their own soil. After 10 years, exports will cease. AUTOMOBILES Australia will liberalise the market for all EU cars, including passenger cars, except for a few truck tariff lines, which will be removed gradually over a short time. Australia will also raise the threshold for luxury cars tax on EU electric vehicles from A$120,000 to A$120,000 (83,600). Around 75% of the electric vehicles imported from the EU are exempted. CRITICAL MINERALS EU will eliminate tariffs on imports of?critical minerals from Australia and?hydrogen. Australia will open investment opportunities to Europeans in this sector. You can also find out more about The agreement will make it easier to sell services in Australia for EU firms, such as in maritime transport, financial services, professional and business services. The agreement will eliminate discrimination, and increase opportunities for EU service providers and Australian investors. INVESTMENTS EU investors will receive the most favourable treatment of any foreign investor in Australia and, in many cases, be treated the same as Australian investors. Both EU and Australian companies will be allowed to operate freely in the other's territory. $1 = 1.4255 Australian Dollars (Reporting and editing by Praveen Manon and Christine Chen, Sydney)
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Democrats condemn the detention of a distraught woman at San Francisco Airport by federal officers
After the videos went viral, local officials in California condemned the detention of a woman?crying at the San Francisco International Airport by federal officers on Sunday. A video posted on Monday by an NBC affiliate showed a woman wailing and crying as she was restrained. Her daughter was seen crying and watching as officers held her down. Scott Wiener (Democrat) said that the incident proved that federal actions brought nothing but chaos and fear. San Francisco Mayor Daniel Lurie is also a Democrat. He said that what happened was "upsetting." U.S. Department of Homeland Security's Immigration and Customs Enforcement agency, which has been overseeing Republican President Donald.Trump's crackdown on immigration, announced that the videos showed people being arrested in the u.s. illegally. DHS reported on X that "ICE officers arrested Angelina LopezJimenez, and Wendy GodinezLopez in the San Francisco International Airport." The family was subject to a final removal order from Guatemala for 2019. Democratic?U.S. Doris Matsui, a representative from California, said that the woman who was detained by ICE is a Sacramento resident and called her "our neighbor" and 'a member of our local community. Human rights activists have condemned Trump's crackdown on immigration and the use of ICE agents by his administration. They say that it violates free speech and due process rights and creates an unsafe environment for ethnic minorities. Trump claims that his actions are aimed at improving domestic security and reducing illegal immigration. The airport claimed it had not been involved or informed in advance of the incident. It called it "isolated." The airport said that operations at the airport continued unaffected, and there were no 'impacts on flights or passenger processing as a result of this incident. San Francisco Police released a statement stating that it did not take part in the incident. DHS stated that the incident 'took place before ICE officers deployed to airports. Trump sent armed immigration agents on Monday to help 'ease the hours-long lines of security at major airports?strained by staff shortages. Democrats refuse to fund the DHS unless new restrictions are placed on the immigration agents' actions. The standoff between Trump’s Republicans and the opposition Democrats was not likely to end anytime soon.
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Sources say that Iranian oil is being offered at a premium to Brent to India
Three industry sources reported that traders?offered Iranian oil at a premium over ICE Brent to Indian refiners after Washington temporarily removed sanctions in order to ease the energy shortage caused by the U.S. and Israeli war against Iran. India, which is the third largest oil consumer and importer in the world, hasn't received a shipment from Tehran since May 2019, after being pressured by the United States to stop buying Iranian crude. India is 'hit hard' by the disruption of energy shipping via the Strait of Hormuz due to the war against Iran. The conflict has now entered its fourth week. The sources say that India's refiners only have one month to maximize their purchases of oil and LPG from Iran, which is located geographically near India. Indian refiners bought millions of barrels after the U.S. lifted its sanctions on Russia to try and curb the rise in oil prices. India is also suffering from a severe shortage of LPG (primarily used in cooking). Payments in Dollars or even Rupees The sources stated that traders and the National Iranian Oil Co. are looking for payments in dollars. Some parties will even accept payment in Indian rupees. Sources could not be identified because they weren't authorised to talk to the media. Fatih Birol said that the current energy crisis was worse than both oil shocks in the 1970s combined. Scott Bessent, U.S. Treasury secretary, said that the Trump administration issued a waiver of sanctions for 30 days on Friday to allow purchase of Iranian oil at sea. According to the Office of Foreign Assets Control, this waiver is applicable to oil loaded onto a vessel (including tankers subject to sanctions) on or before 20 March and discharged on 19 April. According to sources, Iranian oil was offered at a $6-$8 premium per barrel over the ICE Brent. Payment would be made within seven days after cargo arrival. They added that Indian refiners wanted to make sure of the payment system before they signed any 'deal' with NIOC, as Iran has been cut off from the SWIFT payments system. Sujata Sharma, joint secretary of the federal oil ministry told reporters that any decision by oil companies to purchase Iranian fuel was "a technological-commercial decision".
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Vietnam Airlines plans domestic route cuts due to jet fuel shortage, regulator says
Vietnam's aviation authority announced that flag carrier Vietnam Airlines will cancel 23 flights a week across several routes in April due to looming fuel shortages. Vietnam imports most of its jet fuel, but the Middle East war is disrupting the supply. Vietnam Airlines, part of the state-owned Vietnam Airlines Corp., prioritises routes that are 'critical for national connectivity, trade and tourism, diplomacy, and domestic travel,' said CAAV in a late Monday statement. The statement said that from April 1, it will cancel 23 flights a week and suspend seven domestic routes to save fuel. These include services from Hai Phong, to Buon Ma Thuot, Cam Ranh and Phu Quoc, as well as from Ho Chi Minh City to Van Don, Rach GIa and Dien Bien. Vietnam Airlines did not respond immediately to a request for comment. The CAAV warned that flight restrictions could begin in April after China and Thailand halted their jet fuel exports due to the war in Iran. The authority said that Vietnamese airlines are planning to implement fuel surcharges for international routes starting in early April. (Reporting and editing by John Mair; Phuong Nguyen)
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As ships reroute to the Cape, African bunkering hubs benefit
The hip-refuelling businesses along Africa's coastline are seeing a boom in business, as more ships divert around Cape of Good Hope. This is due to the Middle East war reshaping the global shipping routes and boosting Africa's role as an important bunkering hub. Since the Houthi attacks against Red Sea shipping in late 2023, carriers have avoided the Suez Canal as well as the Bab el-Mandeb strait. U.S., Israeli and Strait of Hormuz closures and strikes against Iran have reinforced this shift. This has led to expectations that Africa's Bunkering Sector will benefit from the prolonged instability. Container carriers such as Hapag-Lloyd, Maersk and CMA CGM have announced this month that they will reroute vessels around Cape of Good Hope. Detours prolong voyage times, but allow vessels to refuel in emerging African supply areas. This accelerates investment by fuel providers and trading houses. Existing suppliers of bunker in Africa such as Denmark’s Monjasa have reported increased demand in the last few years. Meanwhile, new players like Vitol Bunker Partner, Peninsula Flex Commodities, Global Fuel Supply and Bunker Partners have announced plans to expand. The Red Sea security situation has positively affected volumes, causing more vessels reroute southwards of Africa, said Monjasa's spokesperson Thorstein Andreasen. Monjasa - which operates in West Africa and supplies fuel to Fujairah - reported an increase in bunkering during the first weeks of the Iran War. Andreasen stated that "no matter what the outcome of the conflict is, we expect the overall volatility to be high for a significant period of time." NEW ROUTES BECOME 'OPERATIONAL REALITY' Along the Cape Route, the scale of the shift can be seen. Cape Chamber of Commerce and Industry reported that diversions increased 112%?as of the beginning of March, signaling what carriers see now as a permanent change in operations. After nearly two years operating in these conditions, it's becoming increasingly difficult to describe our setup as temporary. Instead, it has?become a adaptation to a different operational reality," Bhavan Vempati said. He is the head of Asia Market for Oceans at Maersk. He said Maersk bunkers ports in West Africa, including Tangiers. This trend has attracted new players. Flex Commodities, based in Dubai, launched physical bunkering in Namibia's Walvis Bay & Luderitz. Rakesh Sharma, Flex's managing director, said: "We target the growing traffic around Cape Town and the offshore markets around the region by offering an alternative to the traditional bunkering stop in the area." He added that the company will initially focus on West Africa where there is a shortage of supply, especially offshore. Moses Komodatam, the operations manager at Misa Energy in Ghana, said that Misa Energy is increasing its volumes in order to meet a?rising need in offshore bunkering areas. Moses Komodatam, the operations manager at Misa Energy in Ghana, said that they are increasing their bunkering volume to meet?rising demand in offshore bunkering zones. Tahra Sergeant, Africa Regional Manager at the International Bunker Industry Association, says that long-term growth prospects go beyond geopolitical disruption. Investment in port infrastructure and Africa's position on global shipping routes are supporting demand. Mauritius Ports Authority announced at a conference in March last year that overall bunker fuel sales had almost doubled?at Port Louis, to a record of 929,043?metric tons by 2024, from 509 837 tons the year before. PwC reported earlier this month that regulatory issues in South Africa, historically the continent's biggest bunkering hub, caused it to lose business to Port Louis, Walvis Bay, and other countries. Bunker volumes dropped to 80,000 tons per month in 2024, from 130,000 tons in 2023. GROWTH IS IMPACTED BY RISKS IN SECURITY, SUPPLY AND ACCESS Sources in the industry warned that African bunkering is faced with a number of obstacles, ranging from limited infrastructure and piracy to the uncertainty of supply due to the closure of the Strait of Hormuz which curtails Middle Eastern oil exports. Emril Jamil is a senior analyst with LSEG. He said that "given the loss in crude supply and refinery runs,?fuel supply will tighten up across all bunkering 'hubs". Misa Energy's Komodatam stated that long-term challenges include infrastructure bottlenecks such as congestion in the Port of Tema, Ghana, and high costs of products because of tax regimes. Uncertainty is also created by tax and licensing disputes. Algoa Bay in South Africa, a major refuelling port for international shipping, is experiencing reduced bunkering capacities since the tax crackdown of late 2023.
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NTSB investigates controller as part broader investigation of LaGuardia Airport collision
Investigators are looking into the fatal collision between an 'Air Canada Express jet and a firetruck at New York LaGuardia Airport. They want to speak to an air traffic controller who was dealing with another emergency just before the crash. The Chair of the National Transportation Safety Board, Jennifer Homendy, told reporters at LaGuardia airport that the controller will be part of an investigation by this independent federal agency which "will rule nothing out." Air traffic control staffing is a concern at U.S. major airports, following the accident that killed two pilots while seriously injuring nine others. Homendy stated that the collision occurred shortly before midnight Sunday during a controller's overnight shift. Normally, the controller would be relieved of duty following such an incident. She said, "It was a pretty traumatizing experience for the air traffic controller." "We will want to interview the air traffic controller and others who were in that tower." U.S. experts in air safety said that the investigation would focus on the communications between the plane landing and the controller, as well as the trucks. The U.S. Federal Aviation Administration reported 80 runway incursions in the quarter ending December 31. This is up from 54 during the same period last year. The NTSB has recovered the flight data recorder and cockpit voice recorder to be analyzed. Prior Emergency The air traffic controllers decide when aircraft can land, take off and when vehicles on the ground can enter the runway. According to a recording on liveatc.net, the controller who called for Air Canada Flight 8646 land was trying to locate a gate for United Airlines flight 8786 that had complained about a "bad smell". United pilots declared an emergency and decided to not fly due to the smell that made flight attendants sick. As the Air Canada Express CRJ-900 operated by regional partner Jazz Aviation landed, the fire trucks that appeared to have cleared the same controller for crossing Runway 4 were heading to the United flight. The controller said "Stop truck one, Stop" shortly after authorizing passage across the runway. The plane hit the firetruck as it arrived. According to a separate audio uploaded by liveatc.net an unidentified controller, who appears 'to be the one responsible for the crash,' told another pilot that he was dealing with an earlier emergency, after the collision. He said, "I'm sorry," in a trembling voice. The pilot who had witnessed the crash responded, "Nah, man, you did the best you could." The pilot said that the previous incident "wasn’t good to see." STAFFING LEVELS At LaGuardia, as well as other major airports, air traffic controllers are often responsible for multiple flights. Four commercial?pilots said it wasn't uncommon to have a single controller handling both the tower and ground, which are two different roles in air traffic control. "The real question is, 'What is the sleep and work schedule of this controller and is fatigue a problem?' John Cox, a pilot and aviation safety expert from the United States, said: Homendy stated that it was premature to discuss staffing. Sean Duffy, the U.S. Secretary of Transportation, dismissed any concerns about understaffing. Duffy said to reporters in LaGuardia, on Monday, that the airport has 33 air traffic control officers at an airport that is aiming for 37. Duffy denied reports that the controller worked alone on Sunday night. Flightradar24 flight records show that 51 flights landed at LaGuardia in the hour prior to the Air Canada Express crash. This is more than double the 23 scheduled flights during the hour when the crash occurred. The cause of the jump is not known. Reporting by David Shepardson, Allison Lampert and Dan Catchpole from New York; editing by Peter Henderson and Jamie Freed).
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Enbridge: Canadian crude re-exports to the Gulf Coast will surge due to pipeline projects
Gulf Coast reexports of Canadian heavy crude oil will rise significantly in the next decade, thanks to pipeline projects that are approved and planned to transport more oil from Canada into the U.S. Colin Gruending said that the opening of Canada’s Trans Mountain pipeline by 2024 will redirect a large share of Canada’s crude oil exports to British Columbia’s Pacific Coast and away from U.S. Gulf Coast Terminals. Enbridge's expansion plans for its Mainline crude oil pipeline network mean that some of Canada's newly-found export capacity will go through the Gulf of Mexico to reach international markets. Gruending stated that between 200,000 and 400 barrels of Canadian crude are currently re-exported to the Gulf Coast. He said, "But forecasts are based on the assumption that this will continue to grow." Enbridge believes that?India and many?African countries could buy re-exported Canadian oil to meet their needs for oil in the future decades, he said. Its crude network transports around 30% of North America’s crude output. It approved the expansion of its Mainline and Flanagan south pipelines in the U.S. last fall. This will increase the capacity by 250,000 bpd for Canadian heavy oil shippers transporting oil to the U.S. Midwest. Additional capacity is expected in 2027. It is also measuring commercial interest in a'second phase' of its Mainline extension, which could be completed 'in 2028. This would add another 250,000 bpd to the capacity. Enbridge's rival South Bow proposes to partner with U.S. Pipeline Company Bridger Pipeline in order to?revive portions of the cancelled Keystone XL pipe. If the project goes forward, it would increase Canada's oil exports to America by more than 12 percent. The Trans Mountain pipeline, which runs from Alberta to Canada's westcoast, is also planning a series of?improvements that could increase the capacity by 360,000 barrels per day. Enbridge's forecast suggests that Canadian oil production is expected to increase by 1,000,000 bpd between 2035 and 2035. Canada Energy Regulator estimates that Canada will produce 5.3 million barrels per day of crude oil on average by 2025. Reporting by Amanda Stephenson, Houston; Editing and proofreading by Sonali Paul
Wall Street Indexes Rise After Trump Postpones Strikes on Iran's Power Plants
Oil prices dropped after President Donald Trump announced that he had told the military to delay strikes against Iranian power plants due to "productive discussions" with Tehran.
Mohammad Baqer Qalibaf, Iran's Parliamentary Speaker, posted on social media, that no "talks" had been held between Iran and the U.S. This contradicts Trump's claim that the United States and Iran have just concluded a day-long meeting in which they reached "major agreement". He also said that a settlement could be made soon to end the war.
The U.S. stock market fell sharply last week. However, it recovered quickly on Monday following Trump's remarks that sent oil prices down. The equities were trading lower in the morning after Trump's comments sent oil prices down.
Iran has denied that Trump was trying to initiate talks with someone in Iran about ending the war. The Iranian denials have caused a significant increase in the stock market today, although it is not at its highest level.
The preliminary data shows that the S&P 500 rose 73.77, or 1.13% to 6,580.25 while the Nasdaq Composite grew 300.94,?or 1.39, to 21,948.55. The Dow Jones Industrial Average grew 631.06 or 1.39% to 46,211.53.
The CBOE Volatility Index (Wall Street's fear gauge) has retreated after reaching its highest level in two weeks.
On Monday, oil prices fell by more than 10%. The S&P 500 has 11 major industries. Consumer discretionary, a cyclical sector, saw the biggest gains. Meanwhile, defensive sectors like healthcare and consumer staples showed a weaker performance.
The price of oil is the only thing that matters. In the short-term, nothing else matters. When oil prices go down, stocks rise and vice versa," explained Bob Doll. Chief investment officer of Crossmark Global Investments. What's hot today isn't a big surprise. "It's about things that are sensitive to the economy."
According to CME's FedWatch, investors have reduced their bets on an interest rate hike by the U.S. Federal Reserve from 25% to approximately 12% for December.
After reducing bets on rate cuts last week, traders now believe that the rates will remain unchanged at year-end. This is after the central bank struck a more hawkish tone in response to rising inflation fears.
On Monday, the Russell 2000 small-cap index outperformed large-capindices. The Russell 2000, which is sensitive for higher interest rates, ended Friday more than 10% below the record close from January 22. This confirmed that it was in correction territory.
Alaska Air, American Airlines, and United Airlines were all up on Monday as oil prices fell. Norwegian Cruise Line, Carnival Corp. and Viking Holdings are all among the cruise ship operators that saw their shares soar.
S&P 500 Banking Index showed its largest daily gain since before the war.
This week, investors will be watching for Fed speakers, surveys of business activity and consumer sentiment.
Synopsys stock has rallied since activist investor Elliott Investment Management made a multi-billion dollar investment in the electronic design and automation company. (Reporting from Sinead carew in New York; Purvi Agarwal in Bengaluru, Twesha dikshit in Bengaluru, and Johann Cherian at Bengaluru. Editing by Mrigank dhaniwala and Pooja desai.
(source: Reuters)