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HSBC Hong Kong Mobile Banking Services restored after issues
HSBC said Monday that all 'digital'services were back to normal in Hong Kong before 2 p.m. local (0600 GMT) after customers experienced problems using the HSBC?mobile banking application earlier in the day. In an email to customers, the bank stated that "all our services were back to normal before 2:00 pm today." We apologize for any inconvenience caused. It had earlier stated that some customers were experiencing difficulty in accessing certain services, and it was working on a solution. HSBC 'didn't say what caused the problem or how many customers were affected. Reports stated that'some users were locked out of the application earlier in the day. Media reports from the time said that Hong Kong services of the bank also experienced a disruption in late January.
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Shippers remain cautious as one LNG tanker passes Hormuz following US-Iran agreement on deal
Data from a ship tracking system showed that India's Petronet had sent a liquefied gas tanker across the Strait of Hormuz on Monday, the first shipment since the United States reached a deal with Iran to reopen this strategic waterway. The limited traffic highlights the caution among shippers, who welcomed the deal but still await more details (including mine clearances in the strait) before allowing vessels to pass. The global oil price fell by about 4% on the Monday after the United States and Iran signed a memorandum in Switzerland on Friday, which outlines the steps to be taken to resume shipping across the Strait. The U.S. and Israeli war against Iran, which began on February 28, has stopped most shipping through the Strait. This is the route used by a fifth or more of the world’s oil, liquefied natural gas, and other vital products like aluminium and Urea. Data from Kpler showed that the LNG tanker Disha had been west of strait ever since it picked up its cargo in Qatar's Ras Laffan. Sources familiar with the situation said that the cargo would be delivered to India's Dahej terminal, even though the shiptracking data didn't indicate its destination. Petronet didn't immediately respond to an inquiry for comment. Ship tracking data from Kpler revealed that 155 tankers carrying oil and chemicals were estimated to be in the Mideast Gulf as of June 15. This is down from the 201 tanks at the end May. Oil Brokerage's estimate stood at 215 tankers. Anoop Singh is the global head of Oil Brokerage’s shipping research. The physical freight rate will probably remain high and the trading will be slow until then. Singh stated that if the traffic jams on either side were not restricted, they could be resolved in 8-10 days according to OB's calculations. In anticipation, shipowners have placed nearly 60 VLCCs, or Very Large Crude Carrier, more than usual in the few days before sailing to ports west of Hormuz. The Japanese Shipowners' Association spokeswoman said that the group, while welcoming the peace accord, wanted to "wait a little bit longer for'more concrete information'" when the U.S. Iran pact was signed on June 19th. The spokesperson stated that there had been reports of mines being laid in the region. She added: "Given this situation, we cannot just say, 'Right, let's move' based solely on the news about the agreement." Nippon Yusen is the largest?shipper in Japan. It said that it hoped to return operations to normal as quickly as possible. However, a spokesperson stated it was still too early to comment about the schedules of Japan linked vessels "stranded" in the Gulf. He refused to reveal how many of the company's vessels remain in the Gulf. A Mitsui ?O.S.K. Lines spokesperson stated: "We are aware that there have been signs of progress toward a ceasefire. However, our policy is unchanged. We will not resume navigation until safety has been confirmed."
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Bousso: Iran's fragile deal with oil offers relief, but there are still risks associated with the Hormuz pipeline.
Energy exporters and buyers will breathe a collective sigh of relief when the U.S. and Iran deal ends months of fighting. The fragile calm could not prevent future flare ups and cast doubt on how quickly or fully the tanker traffic in the crucial waterway will return to normal. Iran and the U.S. announced an agreement late Sunday night to lift the blockade on the Strait of Hormuz. This is where?a fifth of the world's oil and LNG passed before the?war broke out on 28 February. After both sides sign the agreement on Friday, it is expected that the Strait of Hormuz will reopen. This is good news for the energy markets that are in a crunch, but it leaves open the major disputes which sparked the U.S.-Israeli bombing campaign on Iran, such as the future of Tehran’s nuclear program. This ambiguity leaves room for confusion, disagreements and new confrontations. In fact, tensions are already rising again. Iran's refusal to link any deal with Israel's campaign in Lebanon against Hezbollah has threatened to derail talks. The Iranian-backed militia have exchanged fire repeatedly with Israel including at the weekend. The status of Hormuz is not clear. The deal gives Tehran a powerful tool, even though both the U.S.A. and Iran are committed to lifting the blockade. Iran's willingness to and ability to block the Strait for months has broken a decades-old Taboo. It raises the possibility that Iran could do it again, or just threaten to, whenever it wants to gain leverage over its Gulf neighbors or adversaries. This shift could have long-lasting consequences. Long after the flow of energy resumes, it is likely that shippers and buyers will be more cautious. Already, some significant adaptations have been made. Saudi Arabia has increased its shipments out of Yanbu, a Red Sea port, by a factor of three since March. The loadings have tripled to around 4.5 millions barrels per day. This is roughly 60% more than pre-war. United Arab Emirates have also increased exports out of Fujairah outside the Strait. Even after the reopening of Hormuz, it is unlikely that Riyadh or Abu Dhabi will reverse their shifts in full. The shipping behaviour may also change. Charterers and tanker owners will likely reduce their time in the Gulf to avoid being stuck if tensions erupt again. This caution will be reinforced by high insurance costs and concerns about security. These factors indicate that transit through Hormuz is unlikely to return to the pre-war level of 20 million barrels per day any time soon. In the months and years to come, a flow of 16 million bpd or more is more likely. This residual risk should help to support prices. Brent crude is now trading below $85 a barrel, down from $118 in March. However, a higher risk premium due to geopolitics and a more complex logistical system will likely prevent the price from fully reverting to its pre-war level of $60s. The Flood of Relief Reopening the Hormuz will lead to a multi-phased adjustment of global energy flows. First, the Gulf will be the source of this wave. The first wave of tankers will be those stranded in the Gulf during the blockade. They will start to leave almost immediately, supplying energy-starved countries and markets. Kpler estimates that around 60 million barrels worth of crude oil and refined products remain in floating storage inside the Gulf because they are unable to leave through Hormuz. Then, an influx will follow of vessels headed toward the Gulf in order to reduce the swollen Middle Eastern domestic inventories and resume export programs. Normalisation of logistics will take some time. Supply chains may take up to 60-90 days to fully rebalance due to port congestion, sailing distances and scheduling bottlenecks. It takes about three weeks to sail from the Middle East into Asia. This means that the return of shipments won't bring immediate relief to the most vulnerable markets. The impact of the conflict on global oil supplies will still be significant, even if it is not immediate. The regional producers can bring back 11 million bpd in oil production that was shut down during the conflict. They will also be able to reactivate refining capacity and LNG export capability. Some volumes may return in a few weeks, but the full recovery will take longer. It is difficult to restart fields, refineries, and export terminals following prolonged outages. Infrastructure damage caused by the war may take months, or even years, to repair. A?RESILIENT MARKET BUT STRESSED MARKET Reopening comes at a time when the balance between supply and demand is strained. The summer in the Northern Hemisphere is usually the time when global fuel consumption peaks, due to increased travel and air conditioning. The return of Middle East oil will, therefore, initially only slow down the rapid decline in global inventories. According to the U.S. Energy Information Administration, oil stocks dropped at an average rate of 5.3 millions bpd from March to May. Remember that the market has been surprisingly resilient during this conflict. The combination of commercial and strategically oriented?stock releases and the surge in U.S. imports, the weaker Chinese demand and the partial relaxation of sanctions against Russian and Iranian crude oil helped to cushion the shock. These measures did not eliminate the economic damage but they kept it manageable, effectively buying time for global economies. This time was running out fast, as inventories were dangerously low. The U.S. and Iran agreement 'comes at the right time. The agreement is not a good way to prevent a new confrontation between the U.S. and Iran because it does nothing but cover up the core issues at the core of the conflict. The message for oil markets is clear: although the acute risks from the supply shock are over, the structural vulnerabilities revealed during the war will remain. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Japanese shippers await details on Hormuz reopening, mine clearance
Japanese shippers welcomed the U.S. - Iran peace 'agreement' on Monday, which will reopen Strait of Hormuz. However, they are waiting for more details of the agreement?and the clearance of mines before allowing their ships to pass the chokepoint. The association claims that 38 vessels with Japanese connections are still stranded on the Strait of Hormuz. The U.S. and Israeli war against Iran, which began on 28 February, has largely halted shipping through the strait. This is the transit route of?roughly a five percent of the world’s oil and liquefied gas supply?alongside vital products such as aluminum and urea. The global oil price fell by?4% after U.S. president Donald Trump and Iran’s deputy foreign minister announced that they had reached an initial agreement to end the conflict and resume traffic through the Strait of Hormuz. A spokesperson from the Japanese Shipowners' Association stated on Monday that the group was happy with the peace accord, but wanted to "wait for more concrete details", which they expected to receive by June 19, the date the U.S. and Iran?pact will be signed in Switzerland. The spokesperson stated that there had been reports of mines being laid in the area. She added: "Given this situation, we can't just say, 'Right now, let's go,' based solely on the news about the agreement." Nippon Yusen is the largest shipper in Japan. It said that it hoped to return operations to normal as soon as possible. However, a spokesperson stated it was still too early to comment about the schedules of Japan-linked vessels stuck?in Gulf. He refused to say how many ships of the company remain in the Gulf.
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IFM Global offers a 'best and last' bid of $5.2 billion for Australia's Atlas Arteria
IFM Global Infrastructure Fund increased its bid to takeover 'Australia's Atlas Arteria a week ago, to A$7.40bn ($5.24bn). It called the revised offer its 'best and final proposal. IFM raised its offer for Atlas Arteria to A$5.10 from A$4.75. Atlas had rejected the previous bid a month earlier, calling it opportunistic. Atlas's bid price was announced at the end of April. The new offer represents a 17.8% increase. Atlas shares were up 0.4% to A$2.82 at 0015 GMT while the benchmark index rose 1.3%. The toll operator stated that a'report by an independent expert' also concluded the offer wasn't fair or reasonable. IFM's'statement' on Monday said that Atlas' independent directors' claims, 'that more value can be created by asset sales' are 'dishonest'.
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Manufacturers and unions warn that the UK is losing jobs to other countries due to high energy prices
A manufacturing group and a trade union warned that Britain risks losing?major industries due to high energy costs. They urged the government to do more to reduce?companies bills. In an industrial strategy announced a year earlier, Britain committed to reducing electricity costs in energy-intensive industries, by exempting these from certain green levies. Since then, the scheme has been expanded and retroactively applied. Industry group Make UK said a survey showed that more than half of its members had not seen any benefit from this strategy. A quarter of them had either moved their production overseas or were considering it. Stephen Phipson of?Make UK said that Britain faces deindustrialisation if manufacturers don't get relief from high prices. He called for the scheme to be extended?to all industries and?rolled-out more quickly. We cannot afford to delay our actions by political turmoil or further consultations. The Government must act immediately to save thousands of jobs in Britain. Keir starmer is facing discontent from his Labour legislators?after several U-turns. Some people are supporting Greater Manchester Mayor Andy Burnham in the event that he faces a leadership challenge, if he returns this week to parliament after a special elections. Starmer is under pressure from competing demands - such as those relating to defence and welfare - due to the 'Iran War. Phipson stated that extending the scheme to all companies would cost PS3 billion (about $4 billion) per year and eliminate 2.5 million jobs. The Trades Union Congress, a trade union federation, backed the call for greater relief. General Secretary Paul Nowak said the scheme should expand to "protect jobs and maintain factories and plants operating."
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Bousso: Iran's fragile deal with oil offers relief, but there are still risks associated with the Hormuz pipeline.
Energy exporters and buyers will breathe a collective breath of relief when the U.S. and Iran deal ends months of fighting by reopening Strait of Hormuz. The fragile calm could not prevent future outbreaks and it is unclear how soon or fully tanker traffic in the crucial waterway will return to normal. Iran and the U.S. announced an agreement late Sunday night to lift the blockade on the Strait of Hormuz. This is where a fifth of the world's oil and LNG flowed through before the February 28th war. Both sides are expected to sign the agreement on Friday. This is a 'good thing' for energy markets that are in a crunch, but it leaves open the major issues, such as the future of Tehran’s nuclear program, which sparked the U.S.-Israeli bombing campaign. This ambiguity leaves room for confusion, disagreements and renewed confrontation. In fact, tensions are already rising again. Iran's refusal to link any deal with Israel's campaign in Lebanon against Hezbollah has threatened to derail talks. The Iranian-backed militia have exchanged fire repeatedly with Israel including at the weekend. The status of Hormuz is not clear. The deal gives Tehran a powerful tool, even though both the U.S.A. and Iran are committed to lifting the blockade. Iran's willingness to and ability of blocking the Strait for months broke a decades old taboo. It now has the potential to do it again, or even threaten it in the future whenever it wants leverage over its Gulf neighbors or adversaries. This shift could have long-lasting consequences. Even after the flow of energy returns, it is likely that shippers and buyers will be more cautious. Already, some significant adaptations have taken place. Saudi Arabia has increased its exports from Yanbu, a Red Sea port, by three times since March. This is roughly 60% more than before the war. United Arab Emirates have also increased exports out of Fujairah outside the Strait. Even after the reopening of Hormuz, it is unlikely that Riyadh or Abu Dhabi will reverse their shifts in a complete manner. The shipping behaviour may also change. Charterers and tanker owners will likely reduce their time in the Gulf to avoid being stuck if tensions erupt again. This caution will be reinforced by high insurance costs and concerns about security. These factors indicate that transit through the Hormuz may not reach its peak pre-war of 20 million bpd anytime soon. In the months and years to come, a flow of 16 million bpd or more is more likely. This residual risk will help to support prices. Brent crude prices have fallen below $85 a barrel, from their March peak of $118. However, the higher geopolitical risks and complex logistics will likely prevent a complete unwind to pre-war $60 levels. The Flood of Relief Reopening the Hormuz will lead to a multi-phased adjustment of global energy flows. First, the Gulf will be the source of this wave. The first wave of tankers will be those stranded in the Gulf during the blockade. They will start to leave almost immediately, supplying energy-starved countries and markets. Kpler estimates that around 60 million barrels worth of crude oil and refined products remain in floating storage inside the Gulf because they are unable to leave through Hormuz. Then, an influx will follow of vessels headed toward the Gulf in order to reduce Middle Eastern onshore inventory and restore export programs. Normalisation of logistics will take some time. Supply chains may take up to 60-90 days to fully rebalance due to the long distances travelled, congestion in ports and scheduling bottlenecks. It takes about three weeks to travel from the Middle East to Asia. This means that the resumption in shipments won't bring immediate relief to the most vulnerable markets. The impact of the conflict on global oil supplies will still be significant, even if it is not immediate. The regional producers can bring back 11 million bpd in oil production that was shut down during the conflict. They will also be able reactivate refining capacity and LNG export capability. Some volumes may return in a few weeks, but the complete recovery could take longer. It is difficult to restart fields, refineries, and export terminals following prolonged outages. Infrastructure damage caused by the war may take months, or even years, to repair. A RESILIENT BUT?STRETCHED MARK Reopening the plant also comes at an?important time for supply-demand equilibrium. The summer in the Northern Hemisphere is usually the time when global fuel consumption peaks, due to increased travel and air conditioning. The return of Middle East oil will, therefore, initially only slow down the rapid decline in global inventories. According to the U.S. Energy Information Administration, oil stocks dropped at an average of?5.3m bpd from March to May. Remember that the market has been surprisingly resilient during this conflict. The combination of commercial and strategic stock releases, increased U.S. imports, weaker Chinese demands, and partial easing sanctions on Russian crude and Iranian oil helped to cushion the shock. These measures did not eliminate the economic damage but they kept it manageable, effectively buying time for global economies. This time was quickly running out, as inventories were dangerously low. The U.S. and Iran agreement is not a moment too early. The agreement, by obscuring the underlying issues at the core of the U.S. - Iran conflict, does not reduce the risk of a new confrontation. The message for oil markets is clear: although the acute risks from the supply shock are over, the structural vulnerabilities revealed during the war will remain. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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State highway patrol reports 12 deaths in Missouri plane crash
Law enforcement officials reported that 12 people died in the crash of a private plane on Sunday in Butler, Missouri. Missouri State Highway Patrol reported that the crash happened near Butler Memorial Airport about 60 miles south of Kansas City. The?agency posted on X that "at this time, reports indicate that all occupants (12 in total) have died." A spokesperson for Bates County Emergency Management confirmed to local TV station Fox4 that the victims included 11 skydivers and one pilot. Bates County Sheriff Chad Anderson told reporters that the plane had taken off from Butler Memorial Airport and crashed shortly after. Anderson stated that the plane was not a commercial airliner. It was a local aircraft that took off from a local airport. Anderson said at a press conference that "this appears to be an accidental." He said that family members of the victims were present when the crash occurred. Anderson?said that officials from the?U.S. Federal Aviation Administration were at the'scene of a crash, and National Transportation Safety Board Investigators are on their?way. Anderson said that multiple local fire departments as well as?coroners offices responded to an emergency call shortly before 11:15 a.m. (1630 GMT) As of Sunday afternoon, authorities were still 'working to identify the victims and notify their families. (Reporting and writing by Gnaneshwarrajan; editing by Sergio Non, Edmund Klamann and Christian Martinez)
As the Middle East conflict escalates, airlines cancel more flights
The global air travel industry is still severely affected by the Iran 'war,' with many people unable to reach their destinations as planned after major Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi were closed.
Here are the latest flight information in alphabetical order.
AEGEAN AIRLINES
The largest airline in Greece has cancelled flights from Tel Aviv to Beirut and Tel Aviv to Amman. Flights to Riyadh, Amman and Riyadh were also cancelled until June 27, and flights to Tel Aviv to Amman until 26 June. The airline has cancelled flights to Erbil, Baghdad and Dubai until June 29, and Erbil and Baghdad up until July 2.
AIRBALTIC
AirBaltic, a Latvian airline, has announced that flights to Tel Aviv are cancelled until May 31. Dubai flights are cancelled through October 24.
AIR CANADA
The Canadian carrier has canceled flights to Tel Aviv, Dubai and Abu Dhabi until September 7.
AIR EUROPA
Spanish Airlines has cancelled all flights to Tel Aviv till May 3.
AIR FRANCE-KLM
Air France has suspended Tel Aviv flights to Beirut, Dubai, and Riyadh until April 19.
KLM has suspended its flights to Tel Aviv and Riyadh until May 17.
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 from London to Paris to Zurich to meet the increased demand for travel to Europe.
The U.S. carrier cancelled all New York-Tel Aviv flight and has delayed the start of its Atlanta-Tel Aviv routes until September 5. The launch of the Boston-Tel Aviv flight, originally scheduled for late October, was delayed.
EL AL ISRAEL AIRLINES
Customers who had planned to leave Israel by April 18, 2018, have been informed that their flights, including the return flight, will be cancelled. The airline operates a limited number flights to key destinations.
EMIRATES
After a partial opening of the regional airspace, Emirates Airlines has announced a reduced schedule.
ETIHAD AERWAYS
The UAE carrier has announced that it operates a commercial flight schedule from Abu Dhabi to around 80 destinations.
FINNAIR
The airline has cancelled all flights to Doha until July 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. Dubai flights will only be resumed in October.
FLYNAS
Saudi budget airline suspends flights to Dubai, Abu Dhabi Sharjah Doha, Bahrain Kuwait Iraq and Syria.
British Airways, owned by IAG, has extended the cancellation of flights to Amman and Bahrain until May 31 and Doha until April 30. They have also added flights to Bangkok, Singapore, and Maldives. In May, a third daily flight will operate between London and Mumbai. Flights to Abu Dhabi are suspended until the end of this year.
Iberia Express is IAG's low cost airline. All flights between Tel Aviv and Tel Aviv have been cancelled until May 31.
JAPAN AIRLINES
Japan Airlines suspends scheduled Doha-Tokyo and Tokyo-Doha flight schedules until May 10. Japan Airlines has also announced that it will be adding extra flights between Tokyo, London and Doha until May 11.
KUWAIT AIRWAYS
Starting April 5, the airline will resume its flights from Dammam to India.
The Polish airline has suspended flights to Tel Aviv till May 31. The airline also cancelled flights from March 31 until May 30 to Beirut and Riyadh. The airline will operate its winter route from Dubai to October.
LUFTHANSA GROUP
Lufthansa and Swiss Airlines suspended flights from Dubai and Tel Aviv to Abu Dhabi until May 31. They also suspended flights to Amman, Beirut Dammam, Riyadh Erbil Muscat and Tehran to October 24. Lufthansa Cargo will remain the same except for Tel Aviv, which is suspended until April 30.
Eurowings, the low-cost carrier, plans to suspend its flights to Tel Aviv and Erbil until April 30, and to Dubai, Abu Dhabi, and Amman until October 24.
MALAYSIA AIRLINE
Malaysian Airlines has suspended all flights to Doha through June 14.
NORWEGIAN AIR
Low-cost airline 'has delayed planned launches of Tel aviv and Beirut service to June 15 The airline cancelled Dubai flights until April 8 for the rest of the winter.
PEGASUS
Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Beirut, Kuwait Bahrain Doha Dammam Riyadh Dubai Abu Dhabi Sharjah and Abu Dhabi until May 1.
ROYAL MAROC
Moroccan airline?says that flights to Doha and Dubai have been cancelled until June 30, while flights to Doha will be cancelled until May 31,
QANTAS
Australia's national carrier has added flights to Rome, Paris and London to respond to a surge in demand on European routes. The number of flights to Paris will be increased from three to five weekly return flights, and the Perth to Singapore service will go from daily to ten flights per week. A new schedule will be implemented gradually for flights starting in mid-April. It will run until late July.
QATAR AIRWAYS
The airline said that it will gradually increase flights to Doha from 120 destinations by mid-May.
SINGAPORE Airlines
In response to increased demand, the carrier has extended the suspension of Singapore-Dubai flights until May 31. It also added services on Singapore-London Gatwick (late March) and Singapore-Melbourne (late March-October 24).
TURKISH AIRLINES
SunExpress, a joint venture between Turkish Airlines and Lufthansa that operates flights to Dubai, has cancelled all flights until 30 April.
WIZZ AIR
Low-cost airlines have suspended flights from Europe to Israel, Dubai, Abu Dhabi, and Amman until the middle of September. All flights to Medina are suspended permanently. (Compiled by Josephine Mason and Jamie Freed. Elviira Louma, Tiago Branao, Agnieszka Olesnska, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani, and Bernadette Hogg. Sumana Nady, Joe Bavier, and Mark Potter edited the book.
(source: Reuters)