Latest News
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Ukraine renews its attacks on Russian energy sites. What has been struck?
In recent weeks, Ukraine has intensified its attacks on Russian energy installations as peace talks failed to make progress. Volodymyr Zelenskiy, the president of Ukraine, said that Ukraine used long-range attacks on?energy to maintain pressure on Russia following the lifting of international oil sanctions against Moscow in the aftermath of the Iran war. Here is a summary of the attacks. KIRISHI REFINERY The ?Kirishinefteorgsintez ?oil refinery in northwest Russia, 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. SARATOV REFINERY According to sources, the Saratov refinery controlled by Rosneft was attacked by a drone in March and since then, its crude distillation unit is no longer operational. The refinery will process 5.8 million metric tons of oil in 2024, which is 2.2% of the total Russian oil refining. ILSKY REFINERY On February 17, a fire broke out in the Ilsky oil refining plant, located in southern Russia. The cause was drone attacks. According to officials in the region, the fire was completely extinguished on February 18. Exports are the main focus of Ilsky's refinery. It has a?annual capacity of 6.6 millions tons of oil. VOLGOGRAD RIFINERY According to sources, drone attacks caused the Volgograd refinery owned by Lukoil to be completely shut down. Drones targeted, among others, the primary oil-processing unit CDU-1, whose daily capacity of 18,600 tonnes accounts for about 40% of the refinery's overall. The Volgograd refinery will process 13.7 million tonnes of oil in 2024. UKHTA RIFINERY According to officials in the region, a drone attack led to an explosion at the Ukhta Refinery owned by Lukoil on 12 February. Sources claim that the CDU-1 primary oil processing unit caught fire. The unit's capacity is approximately 6,000 tons per a day or one third of the refinery. By 2025, Ukhta Refinery in Northern Russia will process around 3,000,000 tons of oil. AFIPISKY REFINERY According to officials in the region, drone attacks caused a fire at the Afipsky Refinery on January 21, causing it to burn. Exports are the main focus of the refinery. In 2024, it will process 7.2 million tons of crude oil or 144,000 barrels a day. PORTS AND TTANKERS According to calculations based upon market data, at least 40% of Russia's capacity for oil exports was halted this week due to Ukrainian drone attacks, a disputed assault on a major pipe and the seizure or tankers. This week, drones have repeatedly attacked the Baltic Sea ports Ust-Luga, and Primorsk. These are the main hubs of Russian oil exports in the region. Three sources confirmed that the Primorsk Port resumed fuel and oil loadings on Friday, but at a lower capacity due to damage caused to its infrastructure. Transneft, the Russian oil pipeline monopoly, has cut crude intake by about 250,000 barrels a day following a drone attack in Ukraine on February 23, which targeted a pumping station serving major oil hubs. On January 13, drones attacked two oil tankers, including one chartered for U.S. oil giant Chevron CVX.N. They were sailing towards a terminal along the Russian coast. Mark Trevelyan (reporting) Barbara Lewis, Sharon Singleton and Mark Trevelyan (editing)
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Lavrov, Russian Foreign Minister, says US want to take over Nord Stream pipelines
Sergei Lavrov, Russian Foreign Minister, said that the U.S. was seeking to control the Nord Stream pipelines in 'the Baltic Sea' which were allegedly damaged by a mysterious blast in September 2022. The explosions that destroyed pipelines in Europe more than three year ago have largely halted the transit of Russian gas to Europe. This has squeezed energy supplies across the continent, even though?Russia already stopped most deliveries. Both Russia and Western countries have said that the incident was a sabotage. Investigators have spent years trying to solve the mystery behind the attack. Last year, a Ukrainian was arrested in Italy on suspicion of orchestrating the attacks. Lavrov told France Televisions that the U.S. is trying to dominate the global energy market. He cited Venezuela, where Washington effectively controls the largest oil reserves in the world, and Iran. According to the transcript of an interview published by the Russian Foreign Ministry, Lavrov stated that the United States "also now says it wants?"to takeover?the Nord Stream Pipelines." He ?did not provide details. The Wall Street Journal reported that in 2024, a?American investor, Stephen P. Lynch?, was looking to?buy the two-pronged Nord Stream 2 pipe, of which one line remains intact. (Reporting and editing by Lincoln Feast; reporting by Vladimir Soldatkin.)
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French and Benelux stocks - Factors to watch for on March 27
Here are some company news and stories from France and Benelux that could have an impact on a region's market or individual stocks. EIFFAGE: Eiffage, a French construction and concessions company, increased its stake to 29.40% in Getlink through an investment of 166.7 million euros ($192.37 millions) financed by cash reserves. This investment strengthened its position as Getlink's largest shareholder. SYENSQO N.V. Belgian'specialty chemicals' company Syensqo is redeeming all of its senior bonds of 500 million euro 2.750% fixed rates on March 31, 2026. MEDINCELL S.A. Pan-European market data: European Equities?speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX?index................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ Top 10?STOXX sectors...........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................?Eurotop 300 sectors..................................................... Pan-European market data: European Equities ?speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX ?index...................................... Top 10 ?STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 ?European pct gainers....................... Top 25 European ?pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE ?100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris ?items............ World Indices..................................... survey ?of world bourse outlook......... European Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report..... ($1 = 0.8666 euros)
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FT reports that UAE is willing to join forces with international force to reopen Strait of Hormuz
The Financial Times reported Friday that the United Arab Emirates has informed the U.S., and other Western allies, that it will participate in a multi-national maritime taskforce aimed at reopening the 'Strait of Hormuz. Reports indicate that the UAE is pushing dozens of countries towards creating a "Hormuz Security Force", which will defend the Strait against Iranian attacks and accompany shipping. The UAE has been the target of more Iranian attacks than any country in the region, including Israel. The U.S. has a number of allies who have stated that they do not have immediate plans to send ships to the Strait of Hormuz to clear the blockage. This is in response to President Trump's request for military assistance to keep the Strait of Hormuz open. France announced on Thursday that it has held discussions with 35 countries to find partners and proposals for a mission aimed at reopening the strait. However, this will only happen after the U.S./Israeli war against?Iran is over. Iran has blocked the Strait of Hormuz which transports about 20% of world oil and natural gas liquefied. This has pushed up energy prices and increased global inflation concerns. Reports indicate that the UAE and Bahrain are also working together on a U.N. Security Council Resolution to give a future taskforce a mandate. However, Russia and China may oppose this move. The U.N. Security Council has begun to negotiate resolutions that will protect commercial shipping in and around the Strait of Hormuz. This includes a Bahraini proposal which would authorize the use of "all necessary measures", as reported earlier this week. A senior Emirati official stated last week that the UAE could join a U.S. led effort to protect shipping on the Strait of?Hormuz, after Iran closed the waterway for ships. The waterway plays a vital role in the economy of 'the UAE', which is a major oil-exporter and trade hub. Iran has repeatedly attacked an Emirati oil port outside the Gulf, which is used to load exports. Could not verify immediately the report.
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FMC: China is detaining Panama flagged ships in a battle over port control
The United States Federal Maritime Commission (FMC) announced on Thursday that it is closely monitoring a'surge' in 'detentions in China of Panama-flagged ships, which appears to be tied to a Panama Court ruling against Hong Kong based CK Hutchison. The Panama Supreme Court invalidated in late January the legal framework that supported the 1997 concession granting CK Hutchison’s Panama Ports Company, the right to operate Balboa & Cristobal Terminals?on both the Pacific & Atlantic sides of Panama Canal. After the ruling, the Panamanian Government appointed U.S. subsidiaries Maersk APM Terminals (MSC) Terminal Investment Limited and Mediterranean Shipping Company (MSC), Terminal Investment Limited, as interim operators in 18-month agreements. The cancellation was a result of increasing pressure from the United States to limit Chinese influence in relation to the strategic canal that handles 5% of all maritime trade. Laura DiBella is the chairperson of FMC. She said that China's detention of Panama-registered ships far exceeded historic norms. According to a Lloyd's List Intelligence Report, the number of?ships detained by China since March 8 had reached almost 70. DiBella stated that the "intensified inspections" were conducted under informal instructions and appeared to be intended as a punishment for Panama following the transfer of Hutchison port assets. She said that the FMC was legally empowered to investigate whether foreign government regulations or practices could hurt U.S. commerce. DiBella stated that the Chinese Ministry of Transport summoned Maersk, MSC and other shipping companies to Beijing in a parallel move. CK Hutchison has been operating the?ports in Panama for almost 30 years. They have strongly rejected the court ruling, accused the Panamanian authorities of illegally seizing properties, and filed an international arbitration against Panama seeking damages of over $2 billion. The dispute also 'complicated' CK Hutchison’s planned $23 billion?sale of a majority stake?in its global ports business?to a consortium led?by BlackRock and MSC. The Chinese Ministry of Transport has not responded to an immediate request for comment. (Reporting and editing by Stephen Coates; Lisa Baertlein)
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Esentia energy approves expansion plan worth $205 million
Esentia Energy, a Mexican 'pipeline operator', announced a board decision on Thursday to approve a $205 million expansion. This will add 295 millions cubic feet of daily gas transport capacity. The Phase II project is part of a five year expansion plan aimed at 660 million cubic ft / per day of capacity additions. It's expected to start commercial operations in the first half of 2028. Details of the project * "Phase 2 is a continuation to our expansion plan, focused on meeting the growing demand for industrial development and data center growth in Central Mexico," CEO Daniel Bustos said. * The project involves installing 'two' new turbocompressors at compression stations located in Chihuahua, and aguascalientes where construction has already begun. Esentia reported that Siemens Energy would make 'additional improvements' to the auxiliary services and other compression sites in the entire system. (Reporting and editing by Kyrry Madry)
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US FAA investigates close call between United Jet and Army helicopter in California
Federal Aviation Administration (FAA) of the United States?said Thursday that it was investigating an incident between a United Airlines plane and a Black Hawk Army helicopter in California. The FAA reported that the 'United Boeing 737-8 jet was on final approach at John Wayne Airport, Orange County, California on?Tuesday - 8:40 p.m., when a Black Hawk flew in front of it. Flightradar24 (a flight tracking website) reported that the planes were 525 feet vertically apart. The FAA also investigates whether or not the incident violated their new policy that prohibits visual separation between helicopters and major airports. United stated that Flight 589 had left?from San Francisco and had been told by air traffic control, to keep an eye out for a military chopper flying near the airport. The pilots saw the helicopter and received a cockpit alert. They then leveled the aircraft and landed it safely. There were 162 passengers on board and six crew members. On Thursday, two U.S. House committees passed legislation to address concerns regarding separation between helicopters & airplanes as well as other issues. After the mid-air collision that resulted in 67 deaths near Reagan Washington National Airport on January 20, 2025, FAA regulations and legislation were passed. In issuing new rules, the FAA cited recent incidents including a "near miss" involving an American Airlines plane and a police helicopter near San Antonio Airport. The helicopter and the aircraft were on convergent courses when the 'helicopter' made a left-hand turn to avoid an American Airlines flight. A Beechcraft 99 cleared to land in Burbank Airport, southern California on March?2, as a helicopter flew through the final approach path. The helicopter turned away from the Beechcraft as the aircraft were on convergent courses. The FAA said that when helicopters are crossing airport arrival or departing paths, air traffic control will use radar to maintain specific vertical and lateral distances between the aircraft. The FAA has restricted helicopter traffic at airports such as Baltimore, Las Vegas, and Washington Dulles after the 2025 accident. (Reporting and editing by Mark Porter, David Gregorio and David Shepardson)
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Europeans press US on Russian support for Iran
The European powers accused Russia on Thursday of assisting Iran in targeting U.S. troops in the Middle East War and said that they would bring the matter up with the U.S. Secretary of State Marco Rubio during a G7 meeting of 'foreign' ministers in France. Rubio will attend the second day gathering of Western Democracies ministers. This is taking place in the midst of wars with Iran and Ukraine, uncertainty over the economy and growing unease about the unpredictable U.S. Foreign Policy under Donald Trump. Two Western security officials and a regional official near Tehran have confirmed that Russia provided satellite imagery to Iran. They also said the country helped Iran upgrade their drones so they could emulate the versions of Russian drones used against Ukraine. Some media outlets have reported that Russia has aided Iran in the conflict between the United States and Israel just as Tehran has aided Moscow in its war against Ukraine. Kaja?Kallas, the European Union's foreign policy chief, told reporters that Russia was helping Iran to use intelligence to target Americans and kill Americans at the G7 summit in Vaux de Cernay Abbey near Paris. "Russia also supports Iran with drones now so they can attack the neighbouring countries as well as the U.S. bases." Playing down concerns Steve Witkoff, U.S. Special Envoy to CNBC earlier this month, said that Russia denied sharing intelligence on U.S. assets with Iran in the Middle East. Witkoff stated that "we can take them at their word." Rubio appeared to downplay the allegations against Moscow before he left for Europe. "I believe Russia is currently focusing on their war. "I don't think I have anything else to say at this time," he added. Two European diplomats, however, said that ministers would be pressing the issue at Friday's meetings. These wars are interconnected. If America wants to end the Middle East war and Iran stop attacking them, then they should also "put pressure on Russia to prevent them from being able to assist them in this", Kallas said. Jean-Noel Barrot, French Minister of Foreign Affairs, echoed these remarks at a press conference. He said: "It's a fact that there has been and continues to be cooperation between Russia and Iran, in both directions. We are well aware of this." "There's a good reason to believe that Russia today is supporting Iran’s efforts, both militarily and otherwise, that appear to be directed in particular against American targets." Washington's partners also hope to gain more clarity about the U.S.-Israeli military operations and whether there is a meaningful diplomatic channel to end the conflict. Since U.S. & Israel attacked Iran on February 28th, Iran has launched attacks against Israel, U.S. base and Gulf States, and effectively blocked Middle East fuel exports through the Strait of Hormuz. In an effort to show Washington that it is serious, France organised a videoconference with 35 militaries around the world on Thursday. It was looking for partners and proposals to launch a mission to open the Strait after the U.S. - Israeli war against Iran. The G7 ministers - Britain Canada France Germany Italy Japan, the U.S. and Britain - are all present at the two-day meeting. (Parisa Hafezi, Humeyra Pauk and Simon Lewis contributed additional reporting from Washington and Dubai; Sudip Kar Gupta edited the story).
Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and review financial forecasts.
In recent weeks, jet fuel prices have risen from $85-$90 per barrel up to $150-$200 per barrel. This is a major financial blow to an industry that relies on fuel for as much as a quarter its operating costs.
Here is an alphabetical list of the ways airlines are responding to this issue:
AEGEAN AIRLINES
The Greek airline anticipates that the suspension of Middle East flights, and the spike in fuel costs will have a "notable" impact on its first quarter results.
AIR FRANCE-KLM
The airline group?said that it planned to raise long-haul ticket?prices to address rising fuel costs. Cabin?fares are set to?rise?by 50 euros ($57).
AIR NEW ZEALAND
On March 10, the airline was among the first to announce a large increase in ticket prices. The airline also suspended its earnings projections for the full year due to volatile fuel markets.
Price increases are NZ$10 on domestic flights, NZ$20 for short-haul international flights and NZ$90 for long-haul flights. Further price, schedule and network changes may be made if fuel prices continue to rise.
AKASA AIR
Akasa Airlines, based in India, announced that it would be introducing fuel surcharges ranging from 199 to 1,300 Indian Rupees ($2 - $14) for domestic and international flights.
AMERICAN AIRLINES
Fuel prices are on the rise, and American Airlines expects to incur $400 million more in expenses for the first quarter.
CATHAY PACIFIC
Hong Kong Airlines announced that it will increase fuel surcharges for all routes starting April 1. This is the second hike in two weeks following a hike on March 18. They will also review these charges every two weeks.
Last month, the carrier, which reviews fuel charges monthly, maintained them at $72.90 per flight between Hong Kong and Europe, North America, or both.
CEBU AIR
The Philippines-based carrier?said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies to minimize the impact.
EASYJET
EasyJet CEO Kentonjarvis said that European consumers can expect to pay higher prices for tickets towards the end summer when fuel hedges end.
FRONTIER AÉRIENS
Fuel prices have increased dramatically since the airline issued its forecast for the full year.
HONG KONG Airlines
The airline announced that it would increase fuel surcharges up to 35% starting March 12. The biggest increases would be on flights between Hong Kong, the Maldives and Bangladesh, and?Nepal where the charges would go from HK$284 to HK$384 (US$49).
British Airways' owner IAG stated on March 10, that it does not intend to increase ticket price immediately as it has hedged a large amount of fuel in the short to medium term.
INDIGO
India's largest?airline announced that it will introduce fuel charges for domestic and international flights from March 14. The charge for flights into the Middle East is 900 rupees and for flights into Europe, 2,300 rupees. Sources say that the company is lobbying for the Indian government's reduction of fuel taxes.
PAKISTAN INTERNATIONAL FLIGHTS
Fuel surcharges are cited as the reason for raising domestic fares up to $20, and international fares up to $100.
PHILIPPINE AERLINES
The airline stated that it had enough fuel to support its scheduled operations but didn't have a forecast beyond June or May. The company president Richard Nuttall said CNBC that the Philippines may eventually look at measures like rationing fuel purchases, as some countries have already done.
QANTAS AIRWAYS
On March 26, the Australian airline announced that it would be adding flights to Rome Paris and Singapore. It had previously said it would increase international fares. The airline said that it would be monitoring fuel security and prices, as well as demand. It could also make changes.
Scandinavian Airlines announced that it would cancel 1000 flights in April due to high fuel and oil prices. In March, the airline said that it had cancelled "a couple hundred" flights.
SAS, which has already raised flight prices, stated that the surge in fuel costs would be a major blow to the aviation sector, even if they tried to absorb them.
SPRING AIRLINES
Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5. Details to be announced.
THAI AIRWAYS
The Thai carrier announced that it would increase fares between 10% and 15% in order to "address the rising fuel costs".
TURKISH AIRLINES LUFTHANSA
SunExpress, the?joint-venture between Turkish Airlines, Lufthansa and Lufthansa', announced that it would begin imposing a temporary fuel charge of 10 euros per passenger on routes between Turkey, Europe and Africa, starting May 1. The fuel surcharge will be applied to all bookings made after April 1, for departures after May 1.
UNITED AIRLINES
Scott Kirby, CEO of the U.S. carrier, said that the airline will?cut unprofitable flights in the next two quarters to prepare for oil prices remaining above $100 until 2027.
Andrew Nocella, United's Chief Commercial Officer, said that the company was able to increase fares in response to a rapid rise in oil prices and jet fuel costs.
VIETJET
A potential fuel shortage has led to the Vietnamese budget airline reducing flight frequencies on certain routes.
VIETNAM Airline
Vietnam's aviation authority announced that the carrier will cancel 23 flights per day on domestic routes from April after it requested government assistance to remove an environmental tax.
VIRGIN AUSTRALIA
Virgin Australia announced that it would be adjusting its fares in order to reflect the rising cost pressures within the aviation industry, which were being exacerbated significantly by the Middle East situation.
GREATER BAY Airlines
Greater Bay Airlines, based in Hong Kong, said that it would increase fuel surcharges for most routes starting April 1, due to increased fuel prices related to the Iran War. However, charges on routes to mainland China and Japan will remain unchanged.
The carrier has announced that the surcharge on flights between Hong Kong, Philippines and other destinations will be more than doubled.
(source: Reuters)