Latest News
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Wall Street Journal, April 9,
These are the most popular stories in the Wall Street Journal. The? has not?verified these stories and does not?vouch for their accuracy. Disney plans to eliminate up to 1,000 jobs in the next few weeks. Many of these will be in the marketing department. Anthropic was denied relief by a federal appeals court Wednesday after the Defense Department declared that Anthropic posed a risk to supply chains. The Trump administration is mulling over a plan that would punish members of the NATO alliance who he feels were unhelpful to the U.S. and Israel during the Iran War. U.S. Treasury secretary Scott Bessent reiterated the need for federal rules to govern digital assets. He said that he wanted rules?that would ensure cryptocurrency investment and development remain in the U.S. Delta Air Lines pulled all of its planned capacity growth for the current quarter on Wednesday and forecast profit that was below Wall Street's expectations. The company warned that the soaring costs of jet fuel due to the Iran War would cost it more than $2 billion in the upcoming June quarter. Meta announced Wednesday a new large-language model, its first new AI model of any significance in over a year. (Compiled by Bengaluru Newsroom)
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UK calls for Strait of Hormuz toll-free, wants Lebanon to be in ceasefire agreement
Yvette Cooper, British Foreign Secretary, will'say on Thursday, that'shipping through Strait of Hormuz must be free of charge, as it carries a tenth of the worlds oil and natural gas. This is to counter a move by Iran to gain control of the crucial waterway. Iran wants to charge ships a fee for passing through the Strait of Hormuz. The strait had been treated as a waterway by the U.S. and Israeli governments before the?war against Iran. "The fundamental freedoms of seas" cannot be sold or withdrawn unilaterally. Tolls are not allowed on international waterways. Cooper will make the statement that navigation "must be free" in his annual speech on foreign policy at Mansion House, London. Cooper will also reiterate the calls of world leaders that?Lebanon be included in a?two-week ceasefire agreement between Iran and?the U.S. agreed on Tuesday. Israel launched its biggest attack yet against Lebanon on Wednesday, targeting Iran-backed Hezbollah. Reporting by Gursimran in Bengaluru, editing by Sonali.
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ESR raises $850 Million from existing shareholders for Asia Growth
The Asia-Pacific asset manager and owner?ESR announced on Thursday that it has secured $850m in new equity from its existing shareholders to fund growth?in the data centres, real estate and logistics businesses. In a press release, the Singapore-based group stated that it would use this new capital to strengthen its balance sheet as well as support its expansion in Asia-Pacific with an emphasis on logistics assets and data centers. The fundraising is part of a larger strategy overhaul that ESR will be implementing after being taken private in July 2025 by a consortium including Starwood Capital Group and Warburg Pincus. ESR stated that the new equity is a result of more than $2 billion in net proceeds generated by divesting non-core assets and recapitalising balance sheet assets since January 2025. In a statement, ESR President Phil Pearce stated that "ESR is entering its next phase of expansion with a strengthened capital base and?a more specialized platform." The company stated that it would use the capital for growth initiatives in "priority markets" including Australia, Japan, and South Korea. It also said they were pursuing opportunities within Greater China, India, and Southeast Asia. ESR stated that it has a pipeline of development worth $9 billion and serves more than 1,500 customers in the logistics industry. It said that its data centres business had a pipeline of?more than 3 gigawatts for phased development on key markets. (Reporting and editing by Yantoultra ngi; Toby Chopra).
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FedEx and pilots reach tentative wage agreement after years of discussions
FedEx and the union that represents more than 5,000 of its Pilots reached a tentative agreement on Wednesday. This paved the way for wage increases after years of negotiation. Since May 2021, FedEx and the Air Line Pilots Association have been in discussions. The union stated that under the tentative agreement, hourly wages for pilots would increase by approximately 40% in 2026. This would be followed by annual increases of about 3% between 2028 and?2030. First?officers could receive up to $102,500 in retroactive pay for the time they missed out on during negotiations. The union stated that "the tentative agreement will be next presented to the FedEx Master Executive Council, for their review." It added that the deal had been reached during talks overseen by National Mediation Board. FexEx confirmed that it had reached a tentative agreement with the 'pilots' union. FexEx operates the largest cargo air fleet in the world, with 390 'cargo' jets and 313 'turboprop' planes. The delivery company's pilots narrowly rejected an agreement in 2023 that would have offered a?30% pay increase? and improved pension benefits? over younger pilots' fears about outsourcing. Reporting by Fabiola Aramburo and Mrinmay dey in Mexico City, editing by Sumana Nady
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Bousso: Iran's 'tollbooth' at Hormuz will hard-wire higher energy costs
For now, the war that shut down the Strait of Hormuz is over. Tehran's insistence on acting as the toll booth keeper for the world's critical?oil artery could make energy markets more vulnerable and lead to higher prices. According to U.S. president Donald Trump, the U.S., Iran and Pakistan agreed to a ceasefire on Tuesday, which was mediated by Pakistan. Tehran must halt its blockade against oil and gas through the Strait. According to an Iranian official, the waterway through which a fifth or more of the world's gas and oil flowed prior to the U.S./Israeli war against Iran, it could reopen by Friday, but in a?limited?fashion, under Iranian control. Tehran also said on Tuesday that it would charge ships passing through the strait a fee under a permanent deal. The strait is only 34 km wide (21 miles) at its narrowest part between Iran and Oman. Some media reports suggest that Oman is strongly opposing any such toll system under the existing agreements. Others claim that a similar toll system already exists. In an interview with ABC News, Trump stated that the U.S. also considered setting up a joint-venture to charge ships tolls to access Hormuz. It is unclear how such a plan would work in reality. Iran could have the upper hand. The conflict has shown?Tehran’s ability to use drones, sea mines and missiles to attack dozens of vessels - giving it powerful leverage without a formal ban. A toll system in Iran would violate one of the most fundamental principles of international law, freedom of navigation. Under this principle, ships may navigate international waters free of interference by coastal states. The United States has always positioned itself as a global guarantor, enforcing that principle through diplomatic pressure and naval patrols. Washington would be forced to make a major strategic shift if it allowed Iran to control the Hormuz Strait. This would also represent a shock to the Middle East's oil and gas industry, which is the lifeblood of many countries, including Saudi Arabia, United Arab Emirates, and Qatar. This would create a layer of permanent political risk, both for Gulf producers and customers. Tehran would have disproportionate control over which ships could transit at what time. Iran could, for instance, outright ban Israeli-owned vessels, slow Saudi shipments in order to exert pressure on Riyadh or use delays as a leverage in unrelated disputes. They would not want Tehran to have such a strong grip on their main trade route. The implications for Asian buyers would be serious. China, Japan South Korea and India are heavily dependent on Gulf supply. Even modest and unpredictable disruptions could have a significant impact on refining margins and spot prices for liquefied gas and inflation expectations. It is unclear how much damage will be caused by the transit of vessels from Iran to friendly nations like China, India, Iraq, and Pakistan. HIGHER COSTS The toll could be significant financially. According to reports, the toll could cost as much as $2 million for each transit. This is roughly equivalent to the total cost to charter a large crude carrier to travel from the Middle East all the way to China in 2025. In addition to the death toll, increased security risks will increase insurance premiums for LNG carriers and tankers entering the Gulf. This will further drive up transportation costs. The war-risk premiums, which were volatile even before the conflict, will likely continue to be a structural feature of the market. Some ships could try to follow the coastline of Oman while transiting Hormuz. This would reduce the overall traffic volume and still expose ships to Iranian missiles, drones, and fast-attack craft. ALTERNATIVE ROUTES OF EXPORT These risks, combined with the uncertainty surrounding relations with Iran, will likely lead Saudi Arabia and UAE to continue using alternative oil export routes that were used during the war for many months, if they are not years. Saudi Aramco, the state oil giant, began pumping large quantities of crude through its East West pipeline to the Red Sea Port of Yanbu soon after the outbreak of war on February 28. This was done in accordance with contingency plans that were developed specifically for such a situation. The pipeline can transport 7 million barrels a day. Of this, 5 million barrels a day are exported, and the remainder is used to feed domestic refineries. According to Kpler, Saudi Arabia exported an average of 3.3 million barrels per day from its west coast ports in March. This is nearly half of the volume it will export by 2025. Even these alternatives have proven to be vulnerable. An industry source said that the East-West pipeline had been hit by an Iranian attack just hours after ceasefire announcement. Flows were expected to be affected. The UAE also diverted additional volumes via its pipeline to Fujairah's oil terminal outside of the Gulf. Kpler reports that exports from Fujairah increased to 1.6m bpd from averaging 1.1m bpd since 2025. These routes are essential for producers and buyers to hedge against the Hormuz threat, but they do not offer a full solution due to their limited capacity and vulnerability to regional tensions. The mere possibility of Iranian oversight is already changing risk perceptions, even if the full toll system never materializes. Iranian control of the Strait would give Tehran disproportionate power in the region's economic lifeline. Saudi Arabia and allies will resist this, whether diplomatically or not. Although the ceasefire is holding, for Gulf oil exporters and their allies, the battle for Hormuz has just begun. Ron Bousso is a columnist at. You like this column? Check out Open Interest, your new essential source for 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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Russian drones damage substation in Odesa region, Ukrainian officials say
Officials from Ukraine said that Russian drones destroyed a substation in the southern Odesa region of Ukraine on Wednesday. Meanwhile, Moscow's forces repeatedly attacked areas further east, killing one person. Oleh Kiper, regional governor of Odesa region, said that emergency services were on the scene and there had been no reported injuries. DTEK is a large energy company. It said that?one of their substations was damaged. Crews were waiting for word to start repairs. DTEK stated that the area had been under Russian attack "almost around the clock". Ukraine's energy infrastructure has been attacked for months. In the four-year conflict, the Russian military has repeatedly targeted the Black Sea port of Odesa and the areas around it. Ivan Fedorov said that a glide bomb strike overnight killed a man outside of Zaporizhzhia in the southeast. Oleksandr Gisha, the Governor of Dnipropetrovsk, said that Russian artillery and drones attacked a number of towns in the region nearly 40 times during the day. Officials have also reported drone attacks in Sloviansk near the frontline in the eastern Donetsk Region, in Kherson in the south, and Sumy in the border region with Russia. Venyamin Kodratiev, the governor of southern Russia's Krasnodar Region, said that falling drone debris killed an individual on a balcony of a building located northeast of the Black Sea port of Novorossiysk. It was not possible to independently verify the accounts of either side. Reporting by Ron Popeski, Oleksandr Kozoukhar and Stephen Coates; Editing by David Gregorio & Stephen Coates
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US FAA fines American Southwest Airlines for alleged drug and alcohol violations
The US Federal Aviation Administration proposed on Wednesday a civil fine of $255,000 against American Airlines, alleging the carrier had violated employee drug- and alcohol-testing regulations. The FAA proposed an identical fine on Friday against Southwest Airlines. The FAA announced on Wednesday that American had allowed 12 flight attendants to return to safety-sensitive work without having completed all of the required follow-up tests between May 2019 and Dec 2023. American stated that it was reviewing FAA's notice. The'safety' of our team and customers is paramount. The airline stated that it takes drug and alcohol tests seriously, and works with the FAA on any issues. The FAA announced a fine of $304,000 against Southwest on Friday. It claimed that the airline failed to perform required drug and alcohol tests for 11 employees including pilots. flight attendants. and aircraft mechanics. ? The FAA stated that the employees had 'previously tested positively for alcohol or drugs, including marijuana and cocaine. The regulator stated that the employees performed safety-sensitive tasks between August 2021 to July 2024 when Southwest Airlines did not require them to undergo required follow-up tests. Southwest Airlines said that it takes its drug and alcohol testing responsibility seriously and continues to engage with the FAA. The airline stated that it took immediate action over two years ago to improve its procedures, and to strengthen oversight and accountability. Both airlines have 30 calendar days to respond. Reporting by David Shepardson and Kanishka Singh; editing by David Ljunggren, David Gregorio and David Gregorio
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Russian drones damage substation in Odesa region, Ukrainian officials say
Russian drones destroyed a power station in Ukraine's southern Odesa region, officials said. Meanwhile, Moscow's forces attacked areas further east repeatedly, killing one person and injuring eight others. Oleh Kiper said in Telegram that emergency services were still at the scene of the attack. He stated that no injuries were reported. DTEK is a large private energy company. One of its substations was damaged. Crews waited for word to start repairs. DTEK claimed that the area had been under Russian attacks "almost around the clock". Ukraine has been attacked by the Russian military for several months. The Black Sea port of Odesa is vital for many Ukrainian exports. Areas in the surrounding area have also been frequently targeted by the Russian military during the four-year conflict. Ivan Fedorov is the governor of Zaporizhzhia, a region in the south-east. He said that a glide bomb strike overnight killed a man outside a village near Zaporizhzhia, which is also known as Zaporizhzhia. Two women were also injured. Oleksandr Gánchá, the?governor in the Dnipropetrovsk Region, said that Russian artillery and drones had struck a number of?towns almost 40 times during the day. At least three people have been injured. Officials reported drone attacks that caused injuries in Sloviansk near the frontline, in eastern Donetsk Region, in Kherson Region to the south, and in Sumy Region, on the border of Russia. Reporting by Ron Popeski, Oleksandr Kozoukhar and David Gregorio
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 revise their financial forecasts.
In recent weeks, jet fuel prices soared to $150-200 per barrel from $85-$90 per barrel. This is a major financial blow to an industry that relies on fuel for up to 25% of 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 prices will have "notable impacts" on its results for the first quarter.
AIRASIA X
Malaysian Airlines executives announced that the company has cut 10% of its flights in the group and imposed a fuel surcharge of around 20%.
AIR FRANCE-KLM
The airline group announced that it would increase the price of long-haul tickets to "address rising fuel costs", with cabin fares to be raised by 50 euros ($58).
AIR INDIA
The Indian flag carrier said that it would revise the fuel surcharge, from a flat domestic rate to a grid based on distance. It said that fuel surcharges for international routes do not compensate for an exponential increase in jet fuel costs.
AIR NEW ZEALAND
On April 7, the airline announced that it would cut flights in May and June, and raise fares. It was among the first airlines to announce a large increase in ticket prices after the conflict began. The airline also suspended its earnings forecast for the full year due to volatility in the fuel markets.
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 its fuel surcharges by 34% on all routes starting April 1, and to review them every 2 weeks. The CEO of the carrier said that it would maintain its flight capacity despite high fuel costs, but warned that the plan to increase passenger capacity by 10% could be changed if fuel prices rise.
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 and try to minimize the impact.
CHINA EASTERN EXPRESS AIRLINES
Air China said that it would increase fuel surcharges on domestic flights starting April 5. Flights of less than 800km will be charged a surcharge of 60 yuan, and flights above 800km will be charged a surcharge 120 yuan.
DELTA AIR LINES
Delta announced that it would reduce capacity by 3.5 percentage points compared to its original plan, and increase fees for checked baggage in order to offset the rising costs of jet fuel. The price of the first and second checked bags will increase $10 and the third bag will increase $50.
The U.S. airline canceled all capacity increases for the current quarter, and predicted profits below Wall Street expectations. The CEO of the company said that it would not update its full-year forecast due to uncertainty about how long fuel prices would rise.
EASYJET
EasyJet CEO Kentonjarvis warned that European consumers can expect to pay higher ticket prices at the end of the summer when fuel hedges end.
FRONTIER AÉRIENS
Fuel prices have increased dramatically since the airline issued its forecast for the full year.
GREATER BAY Airlines
The Hong Kong-based firm said that it will increase fuel surcharges for most routes from April 1 while maintaining charges on routes to mainland China and Japan.
The carrier has announced that the?surcharge' for flights between Hong Kong, Philippines and other destinations will double.
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, 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 begin charging fuel fees on both domestic and international flights as of March 14. The charges include 900 rupees per flight to the Middle East, and 2,300 rupees per flight to Europe. Sources say that the company is lobbying for the Indian government's reduction of fuel taxes.
JETBLUE AERWAYS
Low-cost airline based in the United States has announced that it will increase fees for optional services, such as checked luggage, due to "rising operating expenses". The airline said that baggage prices would rise either by $4 or $9.
Sources with knowledge of the situation have confirmed that KOREAN Air, South Korea's flag carrier, will be in emergency mode as oil prices rise. The airline will implement a phased response based on the oil price level and increase company-wide efficiency to offset rising fuel costs.
PAKISTAN INTERNATIONAL FLIGHTS
Fuel surcharges are cited as the reason for raising domestic flight prices by $20, and international flights by up to $100.
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 had already raised flight prices, stated that the surge in fuel prices would be a major blow to the aviation sector, even if they tried to absorb it.
SPRING AIRLINES
Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5. Details to be revealed later.
SOUTHWEST?AIRLINES
The American carrier announced that it would increase the fees for checked bags by $10 each for the first two bags. This will bring the cost to $45 and $55 respectively for the first bag.
The Portuguese airline claimed that its price increases would partially offset the impact of fuel prices changes on its revenues.
THAI AIRWAYS
The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices.
TURKISH AIRLINES LUFTHANSA
SunExpress,?a joint venture of Turkish Airlines and Lufthansa said that it would impose temporary fuel surcharges of 10 euros per person on routes between Turkey, and Europe, starting May 1. Bookings made after April 1, for departures after May 1, will be subject to the surcharge.
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 the oil price remaining above $100 by the end 2027.
Andrew Nocella, United's Chief Commercial Officer, said that the airline was able to increase fares in response to a rapid rise in jet fuel and oil prices. In an email, the carrier also announced that it would increase first and second checked baggage fees by $10 to customers traveling in the U.S.A., Mexico, Canada, and Latin America.
VIETJET
Vietnamese budget airline said it had reduced flight frequencies on certain routes due to possible fuel shortages.
VIETNAM Airline
Vietnam's Aviation Authority announced that the carrier will cancel 23 flights per day on domestic routes starting in April after it requested assistance from the government to remove a tax on jet fuel.
VIRGIN AUSTRALIA
Virgin Australia announced that it would be adjusting its fares in order to reflect the rising costs across the aviation industry, which were being exacerbated significantly by the Middle East situation.
WESTJET
Canadian Press reported that the airline would add a C$60 fuel surcharge ($43) to certain bookings, and also combine flights due to rising costs.
(source: Reuters)