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Uganda's budget forecasts for 2026/27 will increase by 16% annually
The finance ministry announced that Uganda will spend $84.3 trillion (22.65 billion dollars) during the fiscal year 2026/27, which runs from July to June. This is an increase of 16% compared to the?72.4 trillion ($22.65) shillings spent in the previous fiscal year. The new estimate is 7.8% higher than the previous estimate for 2026/27 and will prioritize projects in the transportation sector, the Finance Ministry said?on X on late Wednesday night after Henry Musasizi presented the proposed budget for parliamentary?scrutiny? and approval. The Ministry did not provide a reason as to why the funding was increased, but said that the top projects in this period were the expansion of the Standard Gauge Railways (SGR), the planned 95-kilometre Expressway linking the capital with Jinja City in the East and the extension of power into industrial parks. The expressway, estimated at $1 billion, is part of the Northern Corridor, an East African transport corridor connecting Kenya's coastline to a vast hinterland, including Uganda, Rwanda and Burundi. Uganda is developing a 272 km (169 mile) rail line, worth 2.7 billion euros ($3.1 billion), that will connect with Kenya's SGR. This will help lower the cost of shipping a country's products via the Indian Ocean port of Mombasa.
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Automobile industry group urges for the scrapping of US gas tax and adoption of vehicle fee
The head of a group that represents nearly all major automakers called on Wednesday for the scrapping of the 18.4 cent per gallon U.S. tax?on gas and replacing it with a vehicle charge?to pay for road repairs. John Bozzella is the head of the Alliance for Automotive Innovation, which represents General Motors (GM), Toyota, Volkswagen, Hyundai, and other major auto companies. He said that a government proposal should be used to address the growing financial shortfall within the highway trust fund. This would involve imposing a fee on each vehicle based on its weight. Congress hasn't raised the federal gas tax since 1993. As more Americans are driving EVs or more fuel-efficient cars, revenue from gas tax hasn't kept pace with highway repairs. The tax was not index to inflation and has lost over?60% in real terms. Bozzella stated that the fee would be collected in the same way as a registration fee. Bozzella stated that this policy would ensure every vehicle contributing to the maintenance of America's transportation system. Bozzella said that those who drive older vehicles, or travel long distances, are the ones who bear the financial burden. It's unfair." Since 2008, over $275 billion has been transferred from the general fund to pay for road repair. This includes $118 billion that came from the 2021 Infrastructure Law. Many Republicans are in favor of imposing a tax on electric cars to pay for road maintenance. House 'Republicans' proposed a new annual fee of $250 for EVs, and $100 hybrid EVs last year. However, it was not included in a massive spending and tax bill. The current surface transportation law, which is valid for five years, expires September 30. Some states charge EVs a fee to cover the cost of road repairs. In February 2025, some Republican senators proposed a tax of $1,000 on EVs to cover road repair costs. The majority of federally-funded road repairs are funded by diesel and gasoline taxes. EVs don't pay these taxes. The Electrification Coalition (an EV advocacy group) argued last year that a $250 charge for EVs is unfair, since the average gasoline-powered vehicle only pays $88 in federal gas taxes per year.
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US LNG exports reach record levels as Middle East conflict disrupts global supply
LSEG, a financial firm, reported that U.S. exports?of liquefied gas reached a record high in March. This was due to plants running above their nameplate capacity and the addition of new units. The number of shipments to Asia has more than doubled compared to the previous month. This is due to the Middle East conflict that has caused energy markets to be agitated and forced nearly 20% of the global LNG supply to go offline. Customers who depend on cargoes transiting the Strait of Hormuz have been forced to find alternative sources of LNG. The data shows that exports in March increased to 11,7 million metric tonnes, up from 9,94 million tons during February. They also surpassed the previous monthly record of 11 million tons set in December. QatarEnergy stopped LNG production following an Iranian attack on its facilities in the last month. The company has said that the outage may affect more than 12,000,000 metric tons of LNG per year for up to 5 years. The United States is the world's largest?LNG exporter The U.S. has the largest LNG exporter in the world. Its commercial model is based on flexible cargoes with destination options that buyers, many of whom have long-term contracts or locked-in supplies, can redirect to any markets. Most producers don't have a lot of spare capacity. "We're doing everything we can to help." We're looking closely at our maintenance schedules, but at the end, we need to be safe, and reliable. Jack Fusco said that the CEO of U.S. top exporter Cheniere, Jack Fusco, did not want to compromise anything in order to extract every last drop. However, some new U.S. capacity has begun ramping up. QatarEnergy's and Exxon Mobil’s Golden Pass LNG Project started output from its train which has a capacity of 6,000,000 tons per year, and Cheniere began production from the 1.5 mtpa Train 5 in its Corpus Christi Midscale Expansion. These additions could mean that March's record will be broken again in the near future. EUROPE RETAINS THE LARGEST BUILDERS The higher prices in Asia have helped to bring more U.S. gas into the region. In March, the average price of Asian spot LNG was $21.65 per million British Thermal Units. This compares to $16.17 for Dutch benchmark TTF. LSEG's ship tracking data shows that U.S. shipments to Asia increased by more than twice the amount of 970,000 tons shipped in February. Last month, Europe was the biggest buyer of U.S. LNG, taking in 7.49 million tons, or 64% of all March exports. This was slightly less than the 7,66 million?tons?shipped during February. LSEG data showed that more than 1 million tonnes of U.S. Liquefied Natural Gas (LNG) departed from the United States in March are currently signaling or idling at the entrance to Suez Canal. Eleven vessels with 880,000 tons of LNG are at sea waiting for a destination. Four carriers, totaling 280,000 tons, are anchored near the entrance to the Suez Canal. Egypt continues to purchase significant volumes. In March, it received 620,000 tonnes. The data revealed that South Africa and Jordan both took one shipment. The number of shipments to Latin America dropped to 430,000 tonnes in March, down from 520,000 tons the previous month. Curtis Williams, Houston (reporting) and Nathan Crooks & Andrea Ricci (editing)
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Petrobras lets distributors pay in installments for a 55% increase in jet fuel
Petrobras, the state-owned oil company in Brazil, said that it would allow distributors to pay in installments for a hefty increase announced in April's jet fuel price. Petrobras announced a 54.8% increase in jet 'fuel prices following the spike?in oil prices attributed to the U.S. and Israeli war against Iran. Petrobras stated in a press release that paying in installments would help to mitigate the impact on customers of the price hike while maintaining "financial neutrality" for the company. The oil firm said that distributors who supply airlines will face a'smaller 18% price increase in April and be allowed to pay the remainder in six instalments starting in July. Petrobras, the world's largest oil company, is responsible for the majority of refinery activity in Brazil. Reporting by Rodrigo Viga Gaier, Gabriel Araujo, and Andre Romani, in Sao Paulo. Editing by Louise Heavens.
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French Navy chief: China must engage in Strait of Hormuz discussions
France's Navy Chief said that China will at some point need to be more direct in restoring oil traffic flow through the Strait of Hormuz, as the number of vessels going through the Strait is likely to be inadequate. "We haven't seen the Chinese navy intervene to reopen this strait. There is a direct political discussion between Chinese and Iranian officials to allow a certain number vessels to pass. Will this be enough to restore normal flow of traffic? I don't believe that, said Admiral Nicolas Vaujour at the War & Peace Security Conference in Paris. "As a consequence,?China is likely to have to engage in more direct?the discussion and show its impatience at the fact that the Strait remains closed." Vaujour stated that France is working to get a number countries to the same table on a political level to first determine the conditions in which the strait can be reopened?in a permanent way. They were studying the Agenor mission, which was led by the EU and operated in the Strait of Gibraltar. He said that the military was also assessing if mines had been buried and would have to be "cleared". "This is not just a French question. This is a question that concerns all of our partner countries: Gulf States, the United States, and other European 'countries. It is a matter we are working on, if mining is confirmed. This hasn't been done yet. (Reporting and editing by Dominique Vidalon, Daniel Wallis, and John Irish)
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Aeroflot's CEO has said that the management of Russia's Aeroflot will recommend dividend payments in 2025.
In an interview on Rossiya-24, the airline's CEO Sergey Alexandrovskiy said that management will recommend dividends to be paid in 2025. As management, we're currently working on options & recommendations for?the payment dividends. He said that the management will "make a recommendation" regarding the payment of dividends in 2025. Aeroflot has paid a dividend to its shareholders of 5.27 roubles per share ($0.0654) for 2024. This is based on a new policy that stipulates the payment of 50% of adjusted net profits according to IFRS. Alexandrovskiy said that despite the market turmoil, he would keep his forecasts of air traffic and financial performance unchanged for 'the current year. Aeroflot carried 55.3 million passengers in the last year. This represents an increase of?0.1% on a year-over-year basis. Alexandrovskiy stated earlier that the company aims to maintain its traffic volume at least at the level of?2025 this year.
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CEO Ryanair says that if the jet fuel supply is disrupted in June, Ryanair may cancel flights.
Michael O'Leary, CEO of Ryanair, said that jet fuel supplies to Europe could be disrupted as early as June if the Middle East Conflict?does not?end in the next few months. This would force the airline and its competitors to cancel flights during the summer. O'Leary stated that the Irish airline, Europe's biggest by passenger number, holds daily calls with its fuel suppliers throughout Europe to assess supply, which they say will remain steady until the end of may. If this (the conflict) continues until the end of April we will be facing a supply risk in early June. O'Leary said at a press conference that if the conflict continues?into may, we won't be able to tell what's going on. "If the fuel supply is at risk of being 10% or 20% in June, July, or August then we will be forced to cancel some flights or reduce capacity." NO KNOCK ON IMPACT TO FARES O'Leary told Sky News that the supply disruption would begin in May. He later changed his mind. He said that the budget airline would cut flights on an ongoing weekly basis, focusing on airports with limited fuel supplies. Ryanair cannot afford to cut out routes that are losing money, as European airlines earn most of their profits from June through September. The United Kingdom, which imports oil from Kuwait in large quantities, is the European market that faces the greatest risk of a possible?jet-fuel shortage. The International Air Transport Association warns that the impact of the war on supply will be felt most in the Gulf region, where 25%-30% of Europe's demand for jet fuel is sourced. On Wednesday, the head of the International Energy Agency said that oil supply disruptions would increase in April and start to impact Europe's economic system. The biggest problem is likely to be a lack of diesel and jet fuel. On Wednesday, European airline stocks rose in hopes of a deescalation. At 1455 GMT, Ryanair shares were up 4.1%. O'Leary stated that Ryanair is not experiencing a significant impact from the conflict on its airfares so far and still expects to see ticket prices rise between 3 to 4% per year from April to June. Traffic will also grow about 5% during that time period. (Reporting and writing by Sam Tabahriti in Dublin, Editing by Sarah Young & Jan Harvey).
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Switzerland says that cancelling the U.S. Patriot system order is an option
It said that the 'Swiss Government will continue withholding payments to the United States for an order of a Patriot missile system until Washington gives definite delivery dates. In a recent statement, the government stated that payment milestones and delivery dates are still 'uncertain. Defence Minister Martin Pfister stated that the government still expects to purchase the system but is not ruling anything out. He told reporters in a press conference that he was currently negotiating with the United States all possible options, including a termination. However, he did not specify what conditions would be required for any cancellation. The government announced that it has brought forward the payment for a F-35A fighter jet order until the end of March 2026 in order to avoid any potential problems with the procurement. The Defence Ministry has announced that it will inform the Swiss Federal Council by the end of June about the next steps in the procurement of Patriot systems. (Written by Miranda Murray, Dave Graham and Matthias Williams; edited by Matthias Williams).
Malaysia Airlines reports higher earnings by 2025, but Middle East conflict clouds the outlook
Malaysia Aviation Group (the 'operator of Malaysia Airlines) reported higher profits in 2025, but warned on Thursday that the market volatility caused by the conflict in Middle East could affect its performance this year.
The Iran War, which has lasted for a month, has caused a global aviation shake-up. A sharp rise in jet fuel prices prompted airlines to raise fares and reduce?capacity.
MAG, which is owned by Malaysian sovereign fund Khazanah Nasional reported a 'net profit after tax and interest of 137 million ringgit (US$34.08million) for 2025 compared to a '54 million ringgit ayear earlier.
The revenue of the company?in 2025 will increase by?6%, to 14.5 billion Ringgit.
MAG President and Group Chief Executive Officer Nasaruddin Bakar said that geopolitical uncertainty continues to affect supply chains and cost structures. However, travel demand remains strong, especially from India and China, as well as on routes to Australia and New Zealand.
He said, "Fuel is so volatile. But we're prepared and will make sure our products and assets are ready to fly."
Nasaruddin stated that MAG's low-cost airline Firefly was actively reviewing and adjusting fares. He added?that it is estimated that the company will see a financial effect of 50 million ringgit for every dollar increase in oil _prices.
Malaysia Airlines suspends all flights from Doha to April 15
(source: Reuters)