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After chick hatches, Dutch confiscate 261 eggs suspected to be wild parrots at Schiphol
The Netherlands Food and Product Safety watchdog announced on Thursday that 261 suspected wild parrot eggs were seized at Amsterdam's Schiphol Airport after they were found?in the luggage of a couple flying from Central America into Asia. The eggs were discovered by customs officers on the 24th of March,?packaged individually in paper then grouped into bundles and wrapped in T-shirts. They heard chirping when they opened one of the bundles and found a parrot chick hatching. The bird was too young to identify its species. The Royal Military Police arrested the two travellers whose nationality and identity were not revealed. All parrots are protected by the CITES convention. This is a global treaty which regulates the trade of endangered plants & animals. Therefore, strict rules apply for the 'possession' and 'trade" of these birds & their eggs. The NVWA stated that the travellers had 'no documentation proving their legal ownership. The chick and eggs have been transferred to a specialist?care facility where the remaining eggs will be incubated. (Reporting and editing by William Maclean, Charlotte Van Campenhout)
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The US-Israeli War on Iran has disrupted global business
The U.S. and Israeli war against Iran has rattled businesses around the world, driving up energy costs, squeezing the supply of vital raw materials, and raising concerns about the reliability of the trade routes that are critical to the flow from goods such as food to car parts. Here are the major disruptions that have occurred so far: TRAVEL CHAOS Tens of thousands flight cancellations have been reported worldwide. Schedule changes and reroutings are also common. The Middle East has had its airspace closed due to threats from drones and missiles. The global aviation industry is experiencing its worst disruptions since the pandemic. Hubs like Dubai International Airport - the busiest airport in the world for international passengers - are being hit, as well as alternative transit points. Some travellers are boarding private jets to fly out of the Gulf. Others have taken a?long taxi drive across the desert into Saudi Arabia in order to catch a flight home. Air cargo that is time-sensitive has also been affected. From fresh produce to planes, shipments have been delayed due to the conflict. Airline Tickets Global airlines have raised the alarm about soaring jet-fuel prices. They warned of additional costs of hundreds of millions, increased fares, and even cuts to certain routes. EasyJet, a discount airline, expects ticket costs to increase towards the end the summer. Bloomberg News reports that United Airlines may raise fares by up to 20% in response to the oil price surge. Since the beginning of the war, jet fuel prices, which are the second largest expense for airlines after labour, has doubled, increasing the pressure on carriers. Airlines that have hedged against oil price spikes are now announcing fare increases, fuel surcharges, and capacity reductions as they struggle with the unprecedented increase in refinery margins. Indian airlines have suffered another blow due to the Middle East airspace restrictions. Since Pakistan banned Indian carriers last year, the Indian airlines counted the Middle East as a "crucial corridor" for flights to Europe or the U.S. India announced that it would remove the temporary fare caps on domestic tickets it imposed in December. The report cited a government directive. Lufthansa, Germany's largest airline, expects that the Iran War will weaken the dominance on Asian routes of Gulf carriers like Emirates and Qatar Airways. CRUISE As fuel prices rise, cruise operators prepare for rougher seas. Analysts warn that Carnival Corp's 2026 earnings could be hit the hardest as it is the only major U.S. Cruise Line not to hedge its fuel costs. DUBAI IMPACT The conflict has harmed the carefully constructed image of the Middle East as a high-end, safe vacation destination. The tourism industry in the Middle East is valued at $367 billion per year. The report also revealed how global air travel is heavily reliant on a few hubs, led by Dubai. Many stores in Dubai and other Middle Eastern shopping centers were closed or operated with a skeleton crew. DEFENSE INDUSTRY The United States has deployed advanced weapons against Iranian targets including stealth fighters and low-cost, one-way attack robots for the first combat time. During the attack, the Pentagon used artificial intelligence tools from Anthropic including its 'Claude' tools. The Pentagon signed framework agreements on March 25 with Lockheed Martin, Honeywell and BAE Systems in the UK to increase production of defense systems. CRITICAL METALS AND RAW MATERIALS Metals and energy flow are affected by disruptions in the Strait of Hormuz. Aluminium producers have stopped shipments in the Gulf, declared force majeure or rerouted their exports. This has sent prices and premiums soaring. Around 8% of the global supply of aluminium comes from the Gulf region. The helium price has risen after the Iran War disrupted the natural gas processing in Qatar. This exposes the vulnerability of this small but essential market, which supports industries ranging from semiconductor manufacturing and medical imaging. Nickel producers in Indonesia who depend on Middle East sulphur for their production could face output reductions. Due to supply chain issues, chemical firms Celanese Dow and Ecolab raised prices on some products. The Iranian attacks also affected 17% of Qatar’s natural gas export capacity. This poses a threat to supplies in Europe and Asia. Globally, policymakers are forced to rethink how to reduce their long-term dependency on oil and natural gas imports. The increasing?price for gasoline due to the Iran War could encourage consumers to buy EVs or hybrids. Brewers have warned about shortages in India as well. A shortage of gas caused by the war with Iran has driven up the price of glass bottles, and delays in shipping have affected the import of aluminium required by can makers. MEDICINE The war in the Middle East is disrupting the flow of critical medicines into the Gulf, threatening supply lines for cancer therapies and other temperature-sensitive ?drugs and forcing companies to reroute flights and secure overland alternatives into the region. The executives told us that there is currently little sign of shortages but that this could change if conflict continues. FOOD, FAST MUSIC AND LUXURY As reported in earlier March, some shipments of major clothing retailers'?garments were stuck at airports in India and Bangladesh due to the impact of conflict on flights. South Asia is the clothing manufacturing capital of the world. Fast fashion brands from around rely on Bangladesh, India, and Pakistan to supply them with new T-shirts and dresses. Richemont, Zegna and other luxury groups are also under pressure from the crisis. Restaurants and hotels in India have warned of possible disruptions due to a shortage of cooking gas, and households are rushing to purchase electric induction stoves. Some manufacturers in India are also increasing prices for distributors. Samyang Foods, a South Korean company, and other snack, cosmetics and toys makers in Asia have warned of a shortage of packaging material and rising costs due to the high energy prices and shortfall of naphtha. DATA CENTRES AND CHIPS South Korean officials warned that a long-term conflict could disrupt the supply of materials for semiconductor manufacturing? from the Middle East. Helium is one such material, and it's essential to chip production. Drone strikes in the UAE and Bahrain damaged data centres owned by Amazon. This raised questions about technology supply chains, and the pace of Big Tech expansion in the Middle East. Citigroup and Standard Chartered told Dubai staff that they could work from home. This was reported by sources as the banks responded to Iranian threats made against Gulf banking interests linked to the U.S. Citigroup has closed most of its branches and offices across the UAE until further notice. According to a notice sent to customers, HSBC closed all of its branches in Qatar and the UAE until further notice. The Financial Times, citing a reliable source, reported that the U.S. hedge-fund manager Millennium Management was considering relocating employees who don't want to return back to Dubai to Jersey. (Reporting and editing by buros, Josephine Mason, Shinjini Ganuli, Shreya biswas, Tasimzahid, Bernadettebaum)
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The Iran War dampens interest in early summer tourism to Cyprus and Greece
The Iran conflict has led to a rise in cancellations of tourists from Cyprus The forecast for Cyprus' economic growth has been cut in the face of conflict * Greece and Turkey both see a slowdown in bookings By Michele ?Kambas LIMASSOL (Cyprus), March 26th, 2014 (Rtrs). The Iran conflict has caused a spike in cancellations of summer tourists in Cyprus as well as other countries that rely heavily on them. On February 28, the U.S. and Israel launched an attack on Iran, as Cyprus's tourism sector was about to reopen after winter. On March 2, as Iran launched counter-strikes against the island, a British base was hit by a drone, leading to a wave cancellations of tourists. Bookings are down, the latest sign that the war has had a wide-ranging impact. From disrupted oil supplies to massive flight cancellations, the economic outlooks around the world have gotten worse. AirDNA, a U.S. company that tracks short-term rental bookings, says the cancellation rate for these rentals has risen from 15% before the conflict up to 100% within a few days. This figure has since decreased, but was still around 45% on March 21. Greece and Turkey also saw slight increases in cancellation rates. Christos Angelides, director-general of the Cyprus Hoteliers Association, said that bookings in March were down by nearly 40% and that April's numbers would be similar. Nicholas Aristou is the commercial director of Muskita Hotels, Limassol. The company runs two luxury hotels. He hopes the slowdown doesn't continue into?the summer, when tourist visits usually?pickup. If we don't protect the high-season months, the destination could be in serious trouble by May. Pre-bookings may also slow in Greece. The war has impacted the growth expectations of Cyprus. The Central Bank of Cyprus reduced its economic growth forecast for 2026 from 3.0% to 2.7% this week, based upon the assumption that the conflict will last two months. EasyJet, Jet2 and other budget airlines claim that the demand for destinations in Cyprus and Turkey is waning and has moved to the west Mediterranean like Spain. Savvas Orphanos sat by himself in a central Limassol district, Ayios Andreou, among a variety of fridge magnets and?pottery. A downpour made an already slow time even worse when we visited. "Unfortunately, as you can tell by the lack of tourists in our area," he said. The impact of the summer tourist season is also felt in Greece. Aegean Airlines' spokesperson revealed on Thursday that the airline has seen a drop of double digits in summer bookings from Israel and Gulf States to Greece. George Vernicos of Greece's tourism association SETE said there was a decline in pre-bookings. However, this was partially offset by an influx of people booking flights before the price of plane tickets increased due to oil prices. He stated that the?demand for Greece's largest markets in North Europe and America has dropped. He said, "We're in an wait-and see phase." "There's a restraint, but the year continues to run positively. Also because the momentum was high before the start of the war." (Additional reporting by Renee Maltezou in Athens, Angeliki Koutantou and Edward McAllister; Editing by Edward McAllister and William Maclean.
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Maersk claims that the Gulf land-bridge routes can still accommodate food and medicines
Maersk's regional director said that the shipping giant maintains food and medicine supply routes via "alternative land bridge routes" which still have "some spare capacity" despite the Gulf war. The U.S. and Israeli strikes on Iran, followed by Iranian attacks in the?region, as well as the closure of the Strait of Hormuz have brought the Gulf to an almost complete standstill. This has impacted global supply chains. Danish container shipping company A.P. Moller-Maersk uses a "land bridge" system that involves ports like Jeddah, Saudi Arabia, Salalah, Oman, and Khor Fakkan, United Arab Emirates to funnel cargo into the Gulf region before it is transported by land. Charles van der Steene said in an interview that Maersk is accelerating the network, and working with governments throughout the Gulf who have implemented faster procedures to accelerate deliveries. He added that while?it?is prioritising food and medicine, it still has capacity to spare on these alternative routes. Maersk’s board chair said Wednesday that the Middle East has a “pressing need” for?food imported disrupted due to?the conflict. According to the World Economic Forum, Gulf Cooperation Council countries import up to 85 percent of their food. (Reporting and editing by Joe Bavier, Andrei Khalip and Maggie Fick)
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Somalia's tuk-tuks stall as Iran war drives fuel price spike
Fuel prices are soaring in Somalia’s capital due to disruptions in oil shipments linked to the conflict with Iran. Many drivers in Mogadishu claim that they cannot keep their three-wheelers running because of the rising fares. Due to the conflict, around one-fifth of all oil and natural gas liquefied is now being shipped via the Strait of Hormuz. This has left African nations exposed and with rising fuel and food prices. There are no passengers. People walk or stay at home. "We raised the fares because of fuel price increases," Hasan Suleiman said in Mogadishu. The city is a small place and the passengers won't pay higher fares. He said that the tuk tuks had to be parked. Fuel prices have more than doubled in some areas of Somalia, increasing transportation costs for both?passengers? and?businesses? Already, 6.5 million people - or roughly one third of the Horn of Africa's total population - are suffering from severe hunger due to drought. "The tuk tuk needs to be fueled, and I have to support my family with the money it brings in." Jamal Omar is a 55 year old tuk-tuk. (Reporting and writing by AbdiSheikh; Editing and proofreading by William Maclean).
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China's Pony.ai will more than double the robotaxi fleet and debut in Zagreb
Pony.ai, based in Guangzhou, said that it expects its fleet of robotaxis to be able to double to 3,000 units this year across 20 cities worldwide. The company plans to launch Europe's very first robotaxi service in Croatia's capital Zagreb. Nearly half will be overseas. Pony.ai - which debuted its international operations in Doha in Qatar - joins other Chinese autonomous driving companies such as WeRide, Baidu's Apollo Go and Baidu, who are also expanding overseas. The fleet and operations will be managed by Croatian startup Verne. The service will be integrated into Uber's platform. This partnership creates an efficient and scalable path for international expansion. Pony.ai could share in the recurring revenue streams generated by local commercial services, said James Peng. The company has performed?on-road tests in regions like the Middle East and Singapore. Pony.ai's first profitable quarter was its fourth quarter net profit of $75.5 Million. The company achieved profitability in Guangzhou and Shenzhen by achieving single-unit profitability. The firm said that the increase in fair value of trading stocks was a major factor. The fourth quarter saw a six-fold increase in revenue from fare-charging, largely due to a larger fleet and higher adoption rates by users. As of Wednesday, the?company's total fleet size was 1,446 vehicles. This is up from fewer than 300 cars a year ago. (Reporting and editing by Qiaoyi Li, Ju-min Park)
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Cathay Pacific will increase fuel surcharges by 34% in response to the rising cost of jet fuel
Hong Kong-based Cathay Pacific Airways announced on Thursday that it will increase fuel surcharges across all routes by 34% starting April 1, and then review the charges every two weeks. The airline cited higher jet fuel costs due to the Middle East war. According to the International Air Transport Association (IATA), the global 'average jet fuel price' has almost doubled since the start of the Middle East war on February 28. It reached $197 per barrel by the week ending March 20. Fuel costs have risen by an unprecedented amount, accounting for up to 25% of industry operating expenses. This has forced airlines to increase fares, reduce capacity and re-evaluate financial forecasts. Hong Kong's flagship carrier said that fuel accounted for about 30% of Cathay Pacific's operating costs by 2025. However, partial hedging, which excludes the refinery component, leaves it vulnerable to a spike in prices. Cathay Pacific stated that if the steep rise in fuel costs could not be effectively mitigated, they would not be able to maintain the efficient operation of their network.
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S.Africa is about to make its rate decision, and war worries are weighing on emerging market stocks
Investors flocked to safer assets as they awaited clearer signals on whether the Iran War was truly de-escalating. U.S. president Donald 'Trump' said Iran was eager for a?deal? after nearly four weeks fighting. This claim was in stark contrast with comments made by Iran’s foreign minister who stated that Tehran was reviewing an American proposal, but did not plan to enter into talks to end the conflict. Jim Reid, a Deutsche Bank analyst, said that the market's attention was quickly shifting to Trump's deadline of five days. "There is still plenty of uncertainty.. given that Iran has publicly rejected the US several times." South Africa's stocks fell nearly 2% and the rand dropped 0.4% before the central bank's rate decision. Policymakers are expected to keep the interest rates at 6.75%. The central bank has a target for inflation, and the annual rate is easing back towards that. However, economic growth remains slow. Rates will be closely monitored as policymakers attempt to regain momentum without reinitiating price pressures. This is especially true as an energy-driven inflation crisis has put the South African Reserve Bank and its peers in emerging markets into a 'uncomfortable' situation. Mexico's central banks is also expected to remain steadfast later in the day. The broad index that tracks emerging-market stocks fell 1.6%. This erased much of the gains made in the previous session. The index has fallen more than 10% in the last month, and is now only clinging to gains of 3% so far this year. It has lost much of its early-year strength. UBS analysts said: "Despite recent volatility due to geopolitical tensions, higher oil prices and other factors, we continue to maintain a positive outlook for EM equities." The zloty of Poland tried to rise but was stuck at a low level. Stocks fell as investors weighed up the possibility of a fuel-tax cut that would ease prices at the pumps - an action in a nation already struggling with one of Europe's largest budget deficits. The currencies of Central and Eastern Europe were also subdued. Hungary announced on Wednesday that it would gradually stop natural gas deliveries to Ukraine until the Druzhba Pipeline resumes crude oil flows. Kyiv’s international?dollar bond prices fell by a little over a cent. From Warsaw to New Delhi to Sao Paulo and Seoul, governments in the emerging world are scrambling to protect their economies from the effects of a conflict that has been raging for a month. Oil prices are soaring after the Strait of Hormuz was closed. This has rattled?markets, and forced central banks in emerging markets to rethink their policies. At the beginning of the year, some countries, such as Hungary and Brazil, were planning to reduce interest rates. As the inflation risk is increasing due to war, these countries are forced to think about the possibility of a move in the other direction. (Reporting and editing by Arun K. Koyyur in Bengaluru)
Wall Street believes US corporate earnings can withstand rising oil prices
Wall Street believes that strong corporate earnings will boost stock prices, which have fallen since the Iran War began. They also believe that oil?prices will surge, reigniting inflation fears.
Oil prices have risen by?more than 30 percent since the beginning of the war at the end February.
LSEG data shows that despite the turmoil, the expected earnings growth for the S&P 500 in the first quarter is 14%. This compares to a?14.4% growth at the beginning of the year, and a 12.4% increase in the October 1 estimate.
"So much happens, but nothing is happening." In an interview, Krishna Chintalapalli said that companies are becoming more resilient against geopolitical risk, especially U.S.-based firms.
The war in the Strait of Hormuz has caused a surge in crude prices, which is fueling inflation fears and reducing the chances of Federal Reserve rate reductions this year.
JP Morgan estimates "each sustained 10% rise in oil prices can yield a 15-20 basis point hit to the GDP". If oil prices remain?around $100 per barrel throughout 2026, consensus EPS estimations could be adjusted lower by 2%-5% or more if oil price moves higher.
Brent crude, the global benchmark oil, was trading at around $103 and U.S. futures were near $91 on Wednesday.
Investors are concerned that the surge in oil prices and other related products, such as fertilizer, could spark inflation again and dent consumer spending. They also worry about Fed rate cuts. Earnings expectations are largely unchanged.
"The companies we talk to, regardless of whether they are in the middle of the AI boom or they are consumer oriented companies like Walmart or they're an industrial company like FedEx, take a certain amount of uncertainty going forward as normal," Chintalapalli stated.
LSEG - data through Friday revealed that 48% of 120 earnings forecasts from S&P500 companies for the first quarter were positive and 44% were negative compared to analyst expectations.
In a note that examined company comments, Lori Calvasina of RBC Capital Markets' head of U.S. Equity Strategy said, "Many companies stated?that it is early days or to soon to say?what the impact will be." She said that the outlook commentary she read made her think companies had good reason to remain calm, with earnings risk more likely to occur in the second half.
The upcoming earnings season has been made less stressful by the fact that airlines are among the most vulnerable companies to the rising crude oil prices and the reduced discretionary consumer spending power. United Airlines and Delta Air Lines announced recently that demand was strong, allowing them the flexibility to increase fares despite surging fuel costs.
Jim Baird is the chief investment officer of Plante Moran Financial Advisors, a Southfield, Michigan-based firm. "Companies generally play the expectations game pretty well, because they want to announce a beating in most cases," he said. "I wouldn't be shocked if some companies try to temper expectations to dampen excitement so that when they make the announcement, it is not as exciting."
Mike Wilson, Morgan Stanley's chief U.S. Equity Strategist, stated in a report that, as the forward earnings?growth remained high, the 12-month forward -price-to -earnings for the S&P 500 had dropped 15% since its October highs. This "supports our stance" that it is unlikely that this oil spike will end the business cycle.
Venu Krishna of Barclays' U.S. Equity Strategy raised Barclays' price target for the S&P 500 in 2026 from 7,400 to 7,650. This was due to the fact that the firm's?2026 S&P 500 price target has been raised from 7,400 to 7,650.
In the end, optimism about company earnings is based on the hope that Iran's conflict will not drag out.
Michael Arone is the chief investment strategist of State Street Investment Management, Boston. He said that everything suggests that investors or the market have convinced themselves that it's only a matter of weeks, perhaps a few months. There's nothing more to say from this perspective.
This quarter's earnings will not be as impacted. That's why you haven’t seen an enormous negative reaction. What they say about the outlook will be critical to our next steps, especially given where we stand in mid-April on the conflict.
(source: Reuters)