Latest News
-
Italian tax police search multiple office in IT contract probe
Two sources who have direct knowledge of this matter confirmed that the Italian tax police had searched the offices of several state-linked organizations and 'companies as well as an executive's office in Rome, as part of an investigation into the public IT procurement contracts. Sources said that the investigation is an extension of the 2024 probe, which was launched into Sogei (the Treasury's IT firm) in order to investigate a alleged scheme of rigging IT procurement contracts by creating slush fund. The company, Polo Strategico Nazionale, manages cloud infrastructures for the public sector. Sources said that police had also entered a building of the defence ministry and a Telecom Italia executive's office in Rome. The Defence Ministry?said that it would provide its full cooperation and support to the judiciary authorities. Terna, TIM, PSN (which is owned by TIM), Leonardo, CDP Equity, and Sogei were not available to comment. Sources say that Rome prosecutors are 'investigating allegations of corruption and money laundering' linked to certain contracts awarded by the companies searched as well as the environment ministry. Sources confirmed that 26 people are under investigation. (Reporting and editing by Crispio Balmer, Alex Richardson and Crispio Parodi)
-
Interfax reports that Transneft, a Russian oil company, wants to divert oil away from ports attacked by terrorists.
Interfax reported Thursday that the Russian oil pipeline monopoly Transneft would try to redirect oil from Baltic Sea ports damaged by drone strikes, according to the head of the company. Calculations based on data from the market indicate that 'at least 40 percent of Russia's export capacity has been halted due to Ukrainian drone attacks and a dispute over an attack on a pipeline. Ukrainian drones have attacked the Baltic Sea ports of Primorsk,?Ust-Luga and other major hubs of Russian oil exports this week, forcing them suspend their loadings. It is hard to move such large volumes in a short time. The CEO of Transneft, Nikolai Tokarev, was quoted by Interfax as saying that these are large amounts. He said, "As far as our company is concerned, we'll do all we can to get things done as soon as possible." Tokarev didn't say if the ports ceased operations. PRIMORSK IS a major outlet for urals CRUDE Primorsk is one of the major outlets for Russia's Urals crude oil and high-quality diesel. Sources claim that Ust-Luga exported 32.9 metric tons of oil products in 2012, while Primorsk shipped 16.8 million. (Reporting and writing by Maxim Rodionov, Anastasia Teterevleva, Editing by Mark Trevelyan & Barbara Lewis).
-
Sources say that the Kirishi oil refinery in Russia has ceased operations following a drone attack.
Russia's Kirishinefteorgsintez oil ?refinery, ?one of the largest in the country, halted processing on Thursday following Ukrainian drone attacks that caused fires in some parts of the plant, two industry sources said. This stoppage will exacerbate Russia's current oil supply problems as 40% of the country's crude oil exporting capability has already been closed due to drone attacks, tanker seizures and the Druzhba Pipeline?closure in Ukraine. Sources said that two primary and some secondary units caught fire following repeated drone attacks. One source said that it was difficult to predict the time for repair of the damaged units. They were not allowed to be named as they had no authority to speak?to the media. The refinery is controlled by Russian oil major Surgutgeftegaz. They did not respond to an immediate request for comments. GOVERNOR: MORE THAN 20 DRONES SHOT DOWN Alexander Drozdenko said earlier on Thursday that more than 20 drones had been shot down in the area, including Kirishi where the refinery was located. "The attack has been?repelled in the Kirishi District. Drozdenko stated on Telegram that there was damage to the industrial area. Drozdenko did not say which part of the industrial area was damaged. Ukraine repeatedly attacked the refinery last year. According to industry sources, the refinery will process 17.5 million tons of oil (350 000 barrels per day), which is 6.6% of Russia’s total oil refining volume. The country produced a total of 2 million tonnes of gasoline, 7.9 million tons diesel, 6.9 million tons fuel oil, and 600,000 metric tons bitumen. Two sources say that Russia's Baltic Sea port of?Primorsk? and Ust-Luga?, which are major export outlets?, suspended crude oil and oil product?loadings on Wednesday after Ukrainian drone strikes. Russian officials claimed earlier Wednesday that a fire had broken out in Ust-Luga following a drone attack by Ukraine. Reporting by Guy Faulconbridge; Editing by Jamie Freed, Barbara Lewis and Guy Faulconbridge
-
Senior diplomat: US support Taiwan in defence and energy
In a speech to senior Taiwanese officials on Thursday, the top U.S. diplomatic representative in Taiwan tried to send a "reassuring" message that the U.S. government supports the island in terms of?both strengthening its defences and assuring energy supplies during Iran's?war. Despite the lack of formal diplomatic relations, the 'United States' is Taiwan's largest arms supplier and international supporter. Raymond Greene, speaking at an American Chamber of Commerce dinner in Taiwan with President Lai Ching te and top officials in attendance, said that U.S. obligations under the Taiwan Relations Act, which mandates, among other things arms sales, remained "rock-solid". "Our goal is to create an environment where the two sides can settle their differences peacefully and without coercion. He said that to achieve this goal, we view dialogue and deterrence both as sides of the same stable coin. Greene said, "In this context we continue to support Taiwan’s efforts to obtain critical?defence capability," pointing out Taiwan's focus to acquire cost-effective systems, such as integrated air and missile defenses, and drones. TRUMP TO MEET XI IN MAY Greene, the head of the American Institute in Taiwan which manages relations when formal diplomatic ties are not present, spoke just a few days after U.S. president Donald Trump announced that he will meet?Chinese leader Xi Jinping mid-May. This trip was postponed because of the Iran War. Beijing, which never renounced using force to subdue the island, demanded that U.S. arms sales be stopped to Taiwan, a democratically-governed country. Greene said that the United States would supply Taiwan with more natural gas and crude oil to "further reduce the effects of ongoing global commodities supply disruptions", though he didn't mention the Middle East war directly. He added that CPC, Taiwan's state owned refiner and U.S. LNG exporter Cheniere Energy, had recently agreed to double CPC's gas imports from the U.S. As I said last summer, America is ready to help Taiwan meet its energy needs using all available technologies and sources. (Reporting and editing by Joe Bavier, Alex Richardson and Ben Blanchard)
-
UK authorizes military to board Russian Shadow Fleet Tankers
Prime Minister Keir starmer announced on Thursday that he had authorized the military to board and arrest Russian vessels in British waters. This was to disrupt what his government claims is a network of vessels which enables Moscow to continue to export oil, despite Western sanctions. Other European nations such as France, Belgium, and Sweden have increased efforts to arrest Russia's shadow fleet of oil tankers that Moscow uses to fund its four year war against Ukraine. Starmer said he had approved of the more aggressive actions against the vessels, because Russian President Vladimir Putin "rubbed his hands" at the sharp increase in oil prices caused by the U.S. and Israel war against Iran. Starmer, who spoke at the Joint Expeditionary Force Summit held in Helsinki, said: "I strongly believe that we should pursue the shadow fleet with even greater intensity." "Together, we must shut off crucial sea routes for this vital trade in order to 'keep up the pressure against Putin. This year, Britain provided intelligence support and logistical assistance to the French military and U.S. forces who held Russian vessels. Starmer's announcement marks the first time that British forces were authorized to board Russian vessels. MOVE COULD FORCE RUSSIAN HIDES TO TAKE LONGER TRAVELS Downing Street has said that British law enforcement and military officials are preparing to board Russian vessels which do not surrender or use high-tech surveillance systems to avoid capture. Downing Street has said that criminal charges may be brought for violations of the sanctions legislation against owners, operators, and crew once the ships have been boarded. An official in Britain said that at least 12 Russian-sanctioned vessels passed through the Channel, the narrow waterway separating Britain from France, each month on average over the last year. Officials said that the British authorization to board Russian vessels could mean that these ships will avoid the Channel - one of the most important shipping lanes in the world - and take longer, costlier journeys. Russia's reliance on its shadow fleet allows it to continue exporting oil despite Western restrictions imposed after the full-scale invasion of Ukraine in 2022. The European Union's efforts to maintain pressure on Russia have been undermined by President Donald Trump and his administration, which gave countries a 30 day waiver to purchase?sanctioned Russian goods currently stranded in the sea. This was done to stabilize global markets for energy that were roiled due to the Iran War. The UK has imposed sanctions on 544 Russian shadow-fleet vessels. According to estimates by Britain, these vessels transport about three-quarters (75%) of the crude oil produced in Russia. British forces assisted the United States in January to'seize' a Russian flagged oil tanker off the coast of the North Atlantic. Later that month, they provided tracking and monitoring support for the French operation in order to board an sanctioned Russian tanker on the west Mediterranean. The shadow fleet of Russian vessels is characterized by opaque ownership and has raised concerns about the environmental risks. They are poorly regulated and ageing, and are prone to leaks, mechanical failures, and spills. This poses a threat to marine ecosystems. (Reporting and editing by Kate Holton, Andrew Heavens and Andrew MacAskill)
-
Hapag-Lloyd to incur weekly costs of $40 to $50 Million due to Middle East conflict
Hapag-Lloyd, the German shipping company, is facing additional costs of $40 to $50 million per a week because of the conflict in the Middle East. Chief Executive Rolf Habben Jansen said that this burden was "not sustainable" for a very long time. Habben Jansen, speaking at an online conference, said that the company is facing "a big challenge" because six of its vessels with 150 crew remain stranded on the Persian Gulf. He confirmed the crews were 'being provided with food and drinking water, and that efforts are being made to secure the release of the ships. 2026 OUTLOOK STILL UNCHANGED AFTER CHALLENGES Habben Jansen expressed confidence that the additional expenses would be balanced out in the months to come. The company expects earnings before interest tax, depreciation and amortization (EBITDA), to range between $1.1 billion and $3 billion. The outlook for "earnings prior to interest and taxes (EBIT)," ranges from a $1.5 billion loss to a $0.5 billion profit. Habben Jansen warned about the potential long-term effects of the conflict, particularly if it weakened demand. Hapag-Lloyd responded by implementing cost-saving measures, and leveraging synergies from its collaboration with Maersk. The Strait of Hormuz remains closed to commercial shipping since late February due to increased hostilities between the U.S., Israel and Iran. (Reporting and writing by Elke Ahlswede; editing by Matthias Williams, Louise Heavens, and Kirsti Knolle)
-
Yemen's Houthis are ready to join the Iran war if necessary, raising new shipping risks
The Houthis are known to disrupt international shipping Leader of Iran-aligned group says that the group is ready to fight if war breaks out, * Bab al-Mandab, a choke point of importance By Emma Farge and Mohammed Ghobari ADEN/GENEVA - A Houthi leader said that the Iran-aligned movement in Yemen, which attacked the Red Sea during the Gaza War, is ready to strike again the 'key waterway, as a show of solidarity with Tehran. This would exacerbate the global economic and oil crisis caused by the Middle East conflict. The Houthis could open a new front of conflict, and the Bab al-Mandab Strait, off the coast of Yemen would be a clear target. It is a critical shipping chokepoint, and a narrow passageway, that controls sea traffic to the Suez Canal, after Iran closed the Strait of Hormuz. Iran's Shi'ite ally in Iraq and Lebanon has joined the regional war triggered by U.S. and Israeli airstrikes on Tehran. Yemen's Houthi Rebels, who are heavily armed, capable of attacking Gulf neighbours, and disrupting maritime navigation in the Arabian Peninsula have yet to join the war. "We are fully prepared militarily with all options." "We are fully prepared militarily with all options," the Houthi leader said. "Until now, Iran is doing very well. It is defeating its enemy every day. The battle is moving in the right direction. If anything goes wrong, we will be able to assess. OPENING A NEW FRONT? Analysts and diplomats say that the Houthis have been waiting for the right moment to join the conflict in coordination with Iran to exert maximum pressure. This could be an opportunity if the Strait of Hormuz is effectively closed to Gulf Arab hydrocarbons exports, and the Red Sea becomes a major source of oil. Iran could open a second front in the Bab Al-Mandab strait if an attack is made on Iranian territory or its islands. This was stated by an unnamed Iranian source to Iran's semiofficial Tasnim on Wednesday. The Houthis have launched previous attacks in the area. Bab al-Mandab (or the Gate of Tears) is the southern outlet of the Red Sea. It lies between Yemen and Djibouti on the Arabian Peninsula, and Eritrea and Djibouti on the African coast. The Suez Canal is one of the world's major seaborne routes, especially for crude oil and fuels from the Gulf, bound for the Mediterranean through the SUMED Pipeline on?Egypt?s Red Sea Coast, as well commodities headed for Asia including Russian oil. Bab al-Mandab, at its narrowest part, is only 18 miles (29 km). This limits traffic to just two channels. The Houthis fired on international shipping on the Red Sea after the attack by Hamas on Israel on October 7, 2023. This attack triggered a devastating Israeli campaign in Gaza. In October 2025, the Houthis, an armed, political, and religious group, stopped their attacks after a ceasefire brokered by the United States between Israel and Hamas. Amr Al Bidh, senior leader of the separatist Southern Transitional Council in Yemen, said at a Geneva conference: "When they realize that Iran needs them most, they will act." (Editing by Keith Weir).
-
The CEO of the European Payments Initiative says Trump's fears have boosted its appeal
The CEO of the European Payments Initiative, who is based in Brussels, said that fears of President Donald Trump's administration limiting Europe's?access to U.S. payment infrastructure has boosted regional adoption of a rival European payment platform. Wero, a payment platform developed by the Brussels-based firm, is an alternative to Mastercard Visa and Apple Pay, which dominate in-store payments across Europe. Founded by 16 major European banks including BNPParibas, Deutsche Bank and other payment providers in 2020, the group now has 45 members. Fintechs Mollie and Worldpay have recently joined, as well as N26 and?. EUROPEANS FEAR BEING CUT OFF from US PAYMENTS System EPI's CEO,?Martina Weimert, said that there is a sense urgency to reduce European dependence on U.S. companies. In an interview, when asked if merchants were preparing for the possible cut-off of Europe from the financial systems of the Trump administration, she replied "absolutely". She also said that two large merchants had cited Wero's international resilience as the reason they chose it. Weimert stated that this scenario was not a completely 'out of the blue' event. She said that these things can happen very quickly. Trump's "America First", which is upending the global order, and tearing apart long-standing transatlantic relations, has prompted European Union efforts in order to reduce their reliance on U.S. firms, especially those involved in strategic industries such as payments, technology, etc. Wero is facing a steep uphill battle when it launches in 2024. According to the European Central Bank, it is currently only used for peer-to -peer transfers. International card schemes such as Visa and Mastercard, however, account for two thirds of euro zone card transactions. The national payment schemes supported by the banks of Spain and Italy raises concerns about fragmentation despite their promises to work together on a pan European platform. DIGITAL EURO SCEPTICISM Wero is now available in Belgium, France, and Germany. Its number of users has risen from 43.5 million to 52.5 million, which is still only a small fraction of the payments industry in Europe. EPI has plans to expand into Luxembourg and the Netherlands within the next 12 months. Weimert stated that she did not see the digital euro which the ECB intends to issue in 2020 as competition, but rather something that could be incorporated into Wero's wallet. She was concerned if it arrived soon enough. "I have no problem with the digital euro. "I don't have a problem?with the digital euro."
As the Middle East conflict escalates, airlines cancel more flights
The global air travel industry is still severely affected by the Iran War. Many people are unable to travel to their destinations as planned after major Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi were closed.
The latest flight information is listed below alphabetically:
AEGEAN AIRLINES
The largest Greek?carrier cancelled flights from Tel Aviv to Beirut, Amman and Erbil until April 22. Baghdad and Erbil were also canceled until May 24. Dubai flights have been canceled until April 19, and Riyadh flights until April 18.
AIRBALTIC
All flights to Tel Aviv have been cancelled by Latvia's AirBaltic 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 May 2.
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 April 4, and Riyadh and Dubai flights until March 31. They have also cancelled an April 1 departure out of Dubai.
KLM has suspended flights until May 17 to Tel Aviv and Riyadh.
CATHAY PACIFIC
Hong Kong Airlines has cancelled all flights to Dubai and Riyadh up until May 31. In April, the airline will increase its passenger flights to London and Paris, as well as adding capacity in London.
The U.S. airline cancelled all flights between New York and Tel Aviv, and put off the start of Atlanta-Tel Aviv until September 5. The airline said that the launch of its Boston-Tel Aviv flight, scheduled for late October, has been postponed until further notice.
EL AL ISRAEL AIRLINES
Customers who were planning to leave Israel by April 4 have had their flights, and return flights as well, cancelled. The airline is operating a small number of flights.
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 announced that it operated a limited schedule of commercial flights between Abu Dhabi, and approximately?80 destinations.
FINNAIR
The Finnish airline has cancelled all flights to Dubai until March 29, and Doha until July 2. It continues to avoid the airspace over Iraq, Iran and Syria.
FLYNAS
Saudi budget airline Flynas has suspended flights to Dubai and Abu?Dhabi until March 31.
British Airways, owned by IAG, has extended the cancellation of flights 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 and Fujairah.
JAPAN AIRLINES
Japan Airlines has suspended its scheduled flights between Tokyo and Doha until April 10, and Doha to Tokyo until April 11.
All flights from Tel Aviv to Dubai and back have been cancelled, according to the Polish airline. The airline has also cancelled all flights to Riyadh and Beirut until April 30, as well as to Riyadh from March 31 through April 30.
LUFTHANSA GROUP
Lufthansa and other airlines, including Austrian Airlines and Brussels Airlines as well as Edelweiss, have suspended flights from Dubai and Tel Aviv to Abu Dhabi until May 31 and to Amman, Beirut Dammam, Riyadh Erbil Muscat and Tehran to October 24. Lufthansa Cargo will be the same except for Tel Aviv, which is suspended until April 30.
Eurowings, a low-cost carrier, plans to suspend flights to Tel Aviv through April 30, and to Beirut, Erbil, Dubai, Abu Dhabi, and Amman until October 24.
MALAYSIA AIRLINES
Malaysia Airlines has suspended flights to Doha until April 15
NORWEGIAN AIR
It has delayed the launch of Tel Aviv services from April 1, to April 4 respectively. All Dubai flights have been cancelled through April 8.
PEGASUS
Pegasus Airlines, Turkey, has cancelled all flights to Iran, Iraq and other countries including Amman, Beirut Kuwait, Bahrain Doha Dammam Dubai Abu Dhabi Sharjah until April 13th. Pegasus Airlines, Turkey's national airline, has cancelled its flights to Iran, Iraq and other countries including Amman in Lebanon. Kuwait Airways is also cancelling their flights until April 13.
QANTAS
Australia's flag-carrier is adding flights to Rome, Paris and London to meet a surge in demand for European routes. Perth-Singapore will be increased from daily service to ten flights per week, and five return flights to Paris per week.
QATAR AIRWAYS
The airline said that it would only operate a limited number of flights up until the 28th March.
SINGAPORE Airlines
The carrier has extended its suspension of Singapore-Dubai flights to April 30 and added services on Singapore-London Gatwick, Singapore-Melbourne, from late March until the 24th of October in order to meet increased demand.
TURKISH AIRLINES
Turkish Airlines has canceled most Middle East flights up until the end March. SunExpress, a joint venture between Lufthansa and SunExpress has cancelled flights from Dubai to Bahrain to April 30.
WIZZ AIR
The low-cost carrier has suspended flights from Europe to Israel and other destinations in the Middle East until mid-September. (Compiled by Josephine Mason and Jamie Freed; edited by Matt Scuffham and Mill Nissi Prussak.
(source: Reuters)