Latest News
-
Brazilian government blacklists Chinese automobile manufacturer BYD due to labor violations
According to a document obtained by on Monday, the Brazilian Labor Ministry added BYD to its list of employers who allegedly subjected workers to conditions that were similar to slavery. The document shows that the world's biggest electric vehicle manufacturer has been added to a list of employers who have allegedly subjected workers to conditions similar slavery. This was in a case from December 2024, when Brazilian authorities discovered around?163 Chinese employees in "slavery-like' conditions while building an auto factory in Brazil's northeastern Bahia State. BYD didn't immediately respond to a?request for comment made outside normal working hours. It has denied the claims of the government in previous years. The "dirty" list of Brazil is only created after the appeals process has been exhausted. The list is not only a source of serious reputational risk, but also a barrier to certain types loans by Brazilian banks. However, the companies can still continue to operate. If a court decides to remove a company from the list, then it will remain on the list for two years. Signing a deal with the government and committing to change your practices, as well as compensating workers who have been abused by employers can help you avoid being included. BYD has signed a pact?with labor authorities over the?issue, but not with government. The plant was inaugurated on October. Reporting by Fabio Téixeira, Editing by Christopher Cushing & Lincoln Feast
-
Source: Iran stops two Qatar LNG tankers that it had previously approved to transit Strait of Hormuz.
On Monday morning, Iran's Revolutionary Guards stopped two Qatari liquefied natural gas tankers heading towards the Strait of Hormuz and instructed them to remain in position without any explanation. The source, who spoke under condition of anonymity and had been briefed about the agreement, confirmed that Iran had allowed the vessels to pass through the strait as part of an agreement with the United States reached last week by Pakistani mediation. The source stated that "this was part of an agreement negotiated in the context of talks led by Pakistan last Thursday." Ship-tracking data revealed that both ships were located off the coast of the United Arab Emirates Monday evening, and they had not passed through Hormuz. If the vessels had successfully crossed the strait they would have been the first LNG cargoes to transit the waterway after the U.S./Israeli war against Iran began on February 28, The conflict that began with U.S. and Israeli strikes against Iran has caused thousands of deaths, as well as a rise in oil prices, which have hurt economies. The fighting and retaliatory strikes have effectively shut down tanker traffic in the Strait of Hormuz. This route carries around a fifth of global oil and LNG flows. Donald Trump, the U.S. president, said that Iran agreed to allow 10 oil tankers to transit the Strait of Hormuz on March 26, as an apparent gesture of goodwill in negotiations. Trump said: "They said to show that we are real and solid, and we're here, we're letting you have eight boats, or eight big boats, of oil." "I think they were right and they were real. I believe they were Pakistani flagged." The final count was 10 boats. The data from Kpler and LSEG shows that the two Qatari vessels Al Daayen & Rasheeda?loaded their goods in late February. The LNG was loaded from Ras Laffan in Qatar. Ship-tracking data revealed that they had been heading eastwards towards the strait, but turned back on Monday morning. On?Monday, the two vessels switched course signals. The Al Daayen changed its course to Ras Laffan after previously signaling Pakistan as the destination. Meanwhile, the Rasheeda signaled "for orders" (a generic placeholder) from Port Qasim in Pakistan. The data indicated that the Al Daayen was signaling for China earlier on Monday. Kpler data indicated that both tankers were controlled by QatarEnergy. QatarEnergy didn't immediately respond to an inquiry about the Revolutionary Guards of Iran stopping the ships. Mitsui O.S.K., Mitsui's joint owner, reported that a Japanese LNG tanker named Sohar LNG had successfully crossed the Strait. Lines announced on Friday. A company spokesperson refused to reveal when or if any negotiations took place. The tanker was, however, empty. Qatar is the second largest LNG exporter in the world, and most of its shipments are sent to Asia. The Iranian attacks have knocked down 17% of Qatar’s LNG export capability. Repairs are expected to take three to five more years to restore the fuel.
-
Asian airlines cut schedules, carry more fuel in tight supply conditions
As the Middle East conflict reduces jet fuel supplies in some countries, airlines across Asia have cut flights, added refuelling stations, and carried extra fuel from their home airports. This is adding pressure to an industry that has already been hit by a "sharp increase" in fuel prices. According to Kpler, European carriers should prepare for a similar disruption after Iran's closing of the Strait of Hormuz halted nearly 21% of the global supply of?seaborne?jet fuel. Oil shocks in the past primarily increased prices. This one, however, is also limiting physical supply and forcing governments, airports, and airlines to consider rationing. Shukor Yusof is the founder of aviation consultancy Endau Analytics. "They are concerned about the future because they don't know what will happen with the war and when we will know the supply chain or the feedstock will be coming from the Gulf region," he said. Analysts say that Asia, Europe, and Africa are the most vulnerable regions, as U.S. supplies are abundant. In Asia, the most affected markets are those with lower incomes, which depend on imports, such as Vietnam and Myanmar. Bo Lingam, the CEO of AirAsia X, told reporters that they now load extra fuel before flying into Vietnamese airports. He said that Vietnam limits the amount of gasoline they provide. JET FUEL RATIONING In the past, airports have experienced temporary jet fuel shortages caused by shipment disruptions or contamination. This has usually resulted in rationing and not complete outages. The airlines have responded by adding refuelling stations on longer routes, or by carrying less cargo. Ryanair CEO Michael O'Leary, who expressed concern that the Middle Eastern conflict might not end in this month, said last week that cutting flights could be a solution to a prolonged crisis. He told reporters that if there is a 10% or 20% risk in the fuel supply for June, July or August then we will be forced to cancel some flights or reduce capacity. Asia, with a smaller supply cushion and a greater dependence on the Hormuz flow, was 'hit faster. According to the aviation authority of Vietnam, Vietnam Airlines has reduced 23 flights domestically per week in order to save fuel. Cirium, a provider of aviation data, reports that some airlines in Myanmar have cut back on capacity for April due to fuel shortages. According to a source with knowledge of the situation, Air India will refuel in Kolkata when returning from Yangon to Delhi because fuel is short at Yangon Airport. A notice sent to pilots reveals that due to the Middle East crisis, Tahiti International Airport in the South Pacific has limited refueling for international flights to only the quantities necessary for flight operations. Pilots in Pakistan are advised to bring the maximum amount of fuel from abroad. This practice is expensive because it increases fuel consumption by carrying more fuel. Brendan Sobie is an independent aviation analyst based in Singapore. He said that some countries were better off than others. Some countries may limit (fuel) for foreign airlines which leads to tankering. Some countries may be doing this because they fear running out. DEMAND DESTRUCTION Some airlines have cut their capacity due to the more than doubled price of jet fuel since the beginning of the Iran War, while others have raised fares and added fuel surcharges. Batik Air Malaysia, for example, has reduced its domestic capacity by 36 percent. CEO Chandran Rama Muthy described the cuts as necessary and proactive in response to the "crisis mode" environment. He said that if we continued to operate without making any adjustments, the company would be exposed to more operational and financial risks. Due to the conflict, Gulf carriers like Emirates and Qatar Airways are operating at a much lower capacity than normal. Other global airlines have also reduced flights because fuel cost increases deter travellers. Analysts said that even with flight reductions, the airline demand does not fall fast enough to match a drop in jet fuel supply. Since the start of the crisis, 'calculations' show that at least 400,000 barrels of jet fuel per day that is normally produced in Asia-Pacific via crude that passes through the Strait of Hormuz has been affected. Alex Yap is a senior oil products analyst with Energy Aspects. He said that there was no easy way to replace the lost volumes. According to industry sources, flight cancellations have only reduced the demand for oil in Asia by 50,000-100,000 barrels per day. This suggests that deeper cuts are needed. Ellis Taylor, Cirium Asia's Asia Editor, said: "We are only at the beginning of this cycle (of flight reductions) because demand seems to be resilient. However, I believe any oil-spike-induced economic slowdown will hit demand in second half of year."
-
UN to vote on watered down Hormuz Resolution on Tuesday
Diplomats say that the U.N. Security Council will vote on a resolution on Tuesday to protect commercial shipping along the?Strait?of Hormuz. However, it is likely to be in a significantly watered down form, as China, which has a veto, opposed authorizing any force. Since the U.S. and Israel attacked Iran at the end February, oil prices have soared. The conflict has lasted for over five weeks, and Tehran has largely closed the Strait of Hormuz, an important energy artery. Bahrain, as the current Chair of the 15 member Council, has been working on multiple drafts to try to overcome the opposition from China and Russia. The latest version, as seen by, does not explicitly authorize the use of force. The text instead "strongly encourages States that are interested in using commercial maritime routes across the Strait of Hormuz, to coordinate defensive efforts commensurate with the circumstances to ensure the safety and security of the navigation through the Strait of Hormuz." The text says that such contributions can include "the escorting of merchant and commercial ships" and also supports efforts to "?deter attempts?to close, obstruct, or?otherwise interfere?with international navigation through Strait of Hormuz? Diplomats believed the watered down version would have a greater chance of success, but it was unclear whether it would be successful. It needs at least nine votes and no vetoes by the five permanent members: Britain, China France Russia and the U.S. Bahrain has received support from other Gulf Arab countries and Washington in its efforts to protect commercial shipping. A draft was released last Thursday which would have authorized "all defensive measures necessary" for this purpose. However, votes were delayed on Friday and on Saturday. Bahrain dropped the explicit mention of binding enforcement. China's opposition to a resolution authorizing force was expressed last Thursday. It said that it would "legitimize the unlawful and indiscriminate?use of force which would inevitably lead to further escalation?of the situation, and have serious consequences." Iran stated on Monday that it wants a lasting solution to the conflict and refused to allow the Strait to be reopened. Meanwhile, Donald Trump, the U.S. president, warned Iran it could "be taken out" if they did not meet the deadline of Tuesday night to reach an agreement. After speaking with his Russian counterpart on Sunday, Chinese Foreign Minister Wang Yi stated that China was willing to work with Russia at the Security Council to help calm the Middle East. Wang stated that the best way to resolve this issue is to have a ceasefire in the Strait as soon as possible. China is the largest buyer of oil that moves through the Strait.
-
Air NZ increases fares and cuts flights due to fuel cost more than doubling on Iran war
Air New Zealand said on Tuesday that it would slash its flights in May and June, as well as raise fares. The Iran War has disrupted global air travel as jet fuel prices have increased. The airline announced that the flight 'consolidations', its second in less than a month, would impact around 4%?flights, and 1% of all passengers traveling between?May?and June?. Air NZ's spokesperson stated that jet fuel prices are "more than twice what they normally would be." The company stated that affected customers will be notified starting at 2100 GMT on Monday. All notifications should be completed by the end of this week. Air 'NZ said in March, just two weeks after the war, that they would reduce?5% of their flights until early May. The closure of'major aviation hubs' in the Middle East has also had a negative impact on the sector. (Reporting and editing by Shreya Biwas in Bengaluru)
-
Fuel exports are soaring despite Trump's waiver on shipping.
According to analysts and 'trade 'data, the move by President Donald Trump to allow foreign-flagged ships to transport fuel and other goods from?domestic to international ports has had little effect on American oil supplies. Trump lifted the Jones Act restrictions for 60 days beginning March 17 in an effort to reduce the fuel price spike caused by the Iran War by increasing the shipments of oil from the U.S. Gulf Coast. Shipping data, however, shows that the move has not yet boosted U.S. crude oil flows between ports within the country. U.S. fuel imports reached a record-high last month as refiners sent more?fuel to Asia and Europe and reversed the traditional flow to export from U.S. East Coast. The Jones Act limits the movement of goods between U.S. port to only U.S. flagged vessels. The high prices of fuel in California, Hawaii and other states?U.S. were partly blamed on the low availability of these vessels. Markets that do not have pipeline connections with U.S. Gulf Coast refining facilities. Kpler data shows that the number of barrels shipped between U.S. port cities in March was virtually the same as February at 1.37 million. Kpler data revealed that liquids exports to other U.S. coast markets from the U.S. Gulf Coast fell to 770,000 barrels per day in March from 826,000 in February. The Middle East conflict has had the most impact on the Asian and European oil market, because Iran's blockade of Strait of Hormuz cut refiners off from their usual crude and fuel suppliers. As a result of this, U.S. refining companies are able to make more money by sending fuel overseas than they do within the U.S. European gasoil, which is used to price diesel across the region, was trading at over $200 per barrel on Monday. The U.S. ultra low sulfur diesel futures - the benchmark for U.S. pricing - were only under $185. Tom Kloza is the chief energy advisor at Gulf Oil. He said, "There are incredible arbitrage opportunities that involve various continents. I'm not certain when there might be a couple of vessels that can, for example, bring Gulf Coast products to the Northeast." Ship owners also earn more money by sending vessels to Asia from the U.S. Asian refiners are bidding for vessels in the Atlantic Basin to replace Middle East crude they have lost. The U.S. Gulf Coast has been impacted by this, with freight rates soaring. Kloza stated that "we are not seeing real results or response (to the Jones Act waiver), because all freight -- regardless of whether it was via U.S. or foreign flagged ships -- skyrocketed by the end March." Reporting by Shariq KHan in New York, and Anushree MUKHERJEE in Bengaluru. Editing by David Gregorio.
-
Amazon and USPS strike a deal that allows them to maintain 80% of the package volume
Amazon.com announced a new deal with the U.S. Postal Service on Monday. Postal Service for package deliveries. Sources said that the cash-strapped postal service would retain about 80% of their 'existing deliveries' from its largest customer. This 20% reduction is much better for the postal service than the 2/3 or even larger cut that Amazon threatened last month. USPS warned that it may run out of money as early as October. Sources said that Amazon would continue to expand its delivery service, but not at a rate which would rival USPS's ability to deliver by address. First reported the deal. USPS has an annual budget of $80 billion, and Amazon represents $6?billion, according to people who are familiar with the arrangement. Amazon released a statement saying, "We are pleased to have reached an agreement with USPS which will allow us to continue supporting our communities and customers together." USPS declined to comment immediately. David Steiner, the U.S. Postmaster-General, told reporters in December that USPS delivers about 1.7 billion packages to Amazon annually. Amazon had criticised USPS's plans to auction access to its last mile delivery network. Amazon announced in April 2025 that it would spend more than $4 billion by the end of 2026 to expand its rural delivery network across the United States. USPS announced last month it would be seeking approval for a temporary price increase of 8% for priority mail and package deliveries. The new prices will take effect on April 26. This is to address rising transportation costs. Steiner stated in March that increasing the cost of a first class stamp from the current 78 cents to 95 cents would assist USPS with cutting losses. USPS reported net losses of $118 billion between 2007 and 2015 as the volume of first-class mail fell to its lowest level since the 1960s. Reporting by David Shepardson, Jacob Bogage and Chris Sanders; Editing and Cynthia Osterage)
-
Mint reports that Air India CEO Campbell Wilson has resigned.
The Indian newspaper Mint reported that Air India CEO Campbell Wilson resigned. This comes as the airline struggles with persistent losses, and increased regulatory scrutiny after a crash in which 260 people were killed last year. The airline is dealing with persistent losses and delivery delays, as well as the'report' of a leadership change. The regulators have also reprimanded Air Canada for safety lapses. These include flying an aircraft without an airworthiness certification eight times and operating planes without checking the emergency equipment. The report cited two sources familiar with the situation to say that Wilson was currently serving his notice period. The newspaper added that it could not confirm if Tata Group - its majority owner - has found Wilson's?successor. The Hindustan Times reported that four people familiar with the situation said that Wilson's resignation had been accepted by the board at its meeting last week. Could not verify immediately the reports. Air India did not immediately respond to an outside of regular business hours request for comment. Air India's Board was reported to be looking for a replacement CEO in January. Wilson, an ex-Singapore Airlines veteran, had been brought on board to lead the airline's turnaround by 2022, after years of decline. Air India admitted in December that "urgent improvements were needed in the process discipline, communication and compliance culture," according to a report. report. Since the airline was bought by Tata 2022, it has been losing money. The financial pressure is 'worsening' since Pakistan banned Indian carriers last year. Air India's lucrative west routes will be further impacted by a prolonged Iran conflict. These routes were already re-routed due to Pakistani restrictions. N. Chandrasekaran is the chairman of Air India, who is also the head of Tata Group. Singapore Airlines owns a 25% stake of Air India. (Reporting and editing by Sonia Cheema; Chris Reese, David Gaffen and Sonia Cheema)
Australian stocks rise as banks and miners rally; Middle East is in focus
Australian shares rose more than 2.5% Tuesday, supported by banks and miners, as investors waited for clarity about the prospects of a?resolution? to the Middle East war.
As of 1252 GMT the S&P/ASX 200 was up 2.6% to 8,800 points after losing 1.1% the previous day, Thursday, before Easter.
President Donald Trump has maintained that despite the rhetoric, there is still hope for a quick resolution.
Investors cautiously returned to risk assets after the U.S. military did not escalate. This helped global equity markets edge higher.
U.S. equity indices closed modestly higher on Monday. Japan's Nikkei average futures rose 0.7% early in the day.
Investors are watching the developments in Iran as Trump sets a deadline of Tuesday for Tehran to reopen Strait of Hormuz. Trump said Iran would be "taken" if it did not comply. Tehran, however, rejected the temporary ceasefire and opted for a permanent solution to the conflict.
Gold stocks in Sydney rose by 2.8% as a result of higher bullion. Shares of Northern Star Resources rose 3.9%, while Evolution Mining gained 1.4%.
Since the start of the war, the sector has lost more than 22 %. This is due to a weaker dollar and lower bullion.
The mining index as a whole rose 3%. Rio Tinto, BHP and other heavyweights all saw gains of more than 2%.
Australian banks rebounded by 2.4% after a recent slump in the sector. The sector is down over 5% since the end of February. Lenders' margins could be supported by the expectation that interest rates will remain high for longer.
NEXTDC jumped by 10% after launching a wholesale A$1 billion offer of subordinated hybrid'securities' with a 100-year maturity to fund growth. This lifted the Australian technology indices 6%. Real estate grew by 1.7%, and consumer discretionary stock jumped 2.6%.
New Zealand's benchmark S&P/NZX 50 rose by 1.3% to 13,068.22. Investors are now focusing on the Reserve Bank of New Zealand's rate announcement scheduled for Wednesday. In a poll of 32 economists, the central bank is expected to keep rates at their current level as it balances inflation risk against weak growth. Reporting by Shruti Aggarwal, Bengaluru. Editing by Sherry Phillips.
(source: Reuters)