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Early April, Russia increases oil exports through western ports despite drone attacks
Trading and port sources reported that Russia's crude exports increased in early April, compared to March. Calculations also showed this, despite the disruptions to loadings caused by drone attacks on energy infrastructure. In late March, Ukraine increased drone attacks against Russian oil export ports on the Baltic Sea, Black Sea, and major Russian refineries. This could lead to the state cutting its crude production due to disruptions in supply chains. Three trading sources and port sources reported that the Baltic ports of Primorsk, Ust-Luga and Novorossiisk loaded a total of about 2 million barrels of crude oil per day in the first seven days of April. This compares to a daily average of around 1.9 million barrels in March. Sources claim that Primorsk was the main source of the loadings. The city had been hit by a UAV attack late in March but resumed loadings soon after. After a drone strike on March 25, oil loadings were stopped at Ust-Luga. They resumed only?April 6 leaving very little oil at the beginning of the month. After a suspension of four days due to a drone strike, Russia's Black Sea Port?Novorossiisk re-started fuel and oil loadings at its Sheskharis terminal late Thursday. Sources said that a sudden increase in Primorsk loadings?in April and high export volumes from Novorossiisk in the first few days of the month before a drone strike have helped to offset the Black Sea exports halt. The Sheskharis Terminal was the target of a major drone attack in early March. This led to a five day halt on crude loading and delays with exports. (Reporting and Editing by Emelia Matarise Sithole)
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City Airlines strikes pay deal as Lufthansa strikes, disrupting tens thousands of passengers
Cabin crew from 'Lufthansa' and its regional unit Lufthansa CityLine went on strike for a full day, while Lufthansa City Airlines signed its first contract. The union UFO organized the industrial action, which will run from midnight to 10:00 pm (2000 GMT). Fraport, operator of Frankfurt Airport said on Friday morning that 580 flights had been cancelled. This affected 72,000 passengers, out of the 1,350 scheduled flights, and the 155,000 'passengers' expected for the day. Fraport said that the figures are for all airlines at the airport and not just Lufthansa. They may change throughout the day. CITY AIRLINES SHARPLY CONTRASTS WITH OTHER AIRLINES CityLine cabin staff walked out in nine airports, while the Lufthansa strike affected both Frankfurt and Munich, its major hubs. Jens Ritter, the brand chief of Lufthansa, criticized the strike as being "completely out of proportion." UFO negotiators claimed that escalation is inevitable due to the stalled talks. The walkout is in stark contrast to the developments at Lufthansa's newest subsidiary, City Airlines. There, Verdi, a rival union, secured the first collective wage agreement for 500 cabin and cockpit staff. Verdi stated that the deal reached last week after marathon talks will increase basic salaries between 20% and 35 % in three stages until March 2029. It also includes additional days off, more vacation, improved rostering, and expanded pension support. Impact of?Low-Cost Competition The differing?fortunes between the two subsidiaries are a reflection of a wider restructuring within the Lufthansa group. CityLine has historically handled short-haul flights and long-haul routes in Europe. CityLine's feeder operations will be transferred to City Airlines. City Airlines was founded in 2022 as an alternative cost-effective solution for the growing competition in Europe's Aviation Industry. CityLine staff are angry about the closure plan, as they fear losing their jobs and an uncertain future. (Reporting and writing by Klaus Lauer, Kirsti Knolle, Miranda Murray and David Holmes).
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Gains in UAE stocks ahead of US-Iran talks
As U.S.-Iran talks begin in Pakistan, and Israel is seeking to talk with Lebanon, the equity markets of the United Arab Emirates rose a little on Friday. This raised hopes for an easing of Middle East tensions and a reduction of the risk of disruptions in the Strait of Hormuz. On Saturday, delegates from Washington and Tehran will hold talks in Pakistan. Benjamin Netanyahu, Israeli Prime Minister, said on Thursday that he was'seeking direct discussions with Beirut. A day after the worst bombing of the war in Lebanon killed more than 300 and put Donald?Trump’s U.S. Iran ceasefire at risk. Dubai's main stock market recovered from early losses to close 0.4% higher. This was aided by gains in financial and industrial stocks. Air Arabia, a low-cost carrier, jumped 4.8% while Emirates NBD Bank, the largest lender in the UAE, climbed 3.4%. Abu Dhabi's benchmark stock index rose 0.02%, boosted by gains of 4.1% in the hypermarket operator Lulu Retail Holdings and 3.9% in Dana Gas. The?index's gains were hampered by a decline of 3.1% in Aldar Properties, the UAE's largest real estate firm. Due to the Iran crisis, Dubai has limited foreign airlines to only one flight per day to its airports. This has caused Indian carriers to be concerned about revenue losses, as they had more flights planned than any other airline. According to LSEG, the Dubai index grew by 4.2%, its biggest weekly gain in over ten months. Abu Dhabi also posted a 2.5% weekly increase.
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Sources say that the Black Sea port of Novorossiysk has partially resumed oil and fuel loadings following a drone attack.
Two sources familiar with port operations said that Russia's Black Sea Port?of Novorossiysk?partially resumed oil and fuel loadings? from its Sheskharis Terminal?later?on Thursday? after this week's suspension due to a drone strike. Sheskharis, Russia's largest oil terminal with a capacity to load 700,000 barrels of crude oil per day, suspended oil loadings Monday following a Ukrainian drone attack that started fires in a fuel terminal and at some berths. Oil tanker loading resumed on one berth and only a single cargo of about 80,000 tons is expected to leave Friday. After the strikes, the oil loading schedule would?be trimmed?and it was not clear when the port's full operation could resume. Sources confirm that Novorossiysk resumed oil and fuel loadings as well on Thursday. One of the sources stated that a?diesel?load was also made from?the?port this week.
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German Minister rejects windfall taxes idea, pushes commuter tax breaks
The German economy minister proposed on Friday giving higher tax incentives to 'commuters' but rejected proposals from 'the junior coalition partner of the government for an energy windfall tax', bringing into the open a dispute about how to combat soaring fuel costs. Germany, Europe's biggest economy, was already suffering from a weak global growth rate and tariff disputes. The Iran War has caused the largest-ever disruption in global energy supply. The measures must be targeted. The measures must be targeted at the areas that are most affected. Katherina Reiche, Economy Minister, told reporters that commuters and the "logistics sector" are among them. Germany offers commuters tax breaks that are calibrated based on the distances they travel. They can deduct a portion of their driving costs between home and a primary work place from their taxable income. Reiche, highlighting tensions between the conservatives of Chancellor Friedrich Merz and the Social Democrats of Finance Minister Lars Klingbeil, branded Klingbeil’s proposals as "expensive" and "ineffective". Klingbeil proposed an energy windfall-tax, hoping to regain policy initiative after his party suffered painful losses at two regional elections in this year. Reiche stated that the proposal violated Germany's Constitution. She said: "I categorically oppose the windfall tax." Esra Limbacher, the Deputy leader of the Social Democrats' group in parliament, said Reiche wasn't fit for her position. Limbacher said to the Rheinische Post that it was regrettable that an economics minister viewed herself as representing the oil companies, instead of working together with her coalition partner to provide relief for many small businesses. Reiche, also the energy minister, has called for a temporary reduction in diesel taxes on trucks and more direct payments for people who travel long distances for work. Germany has already taken some measures. One of them is limiting petrol prices to one increase per day. (Reporting and editing by Matthias Williams, Christina Fincher and Kirsti Knolle)
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Ghana cuts fuel taxes as Iran war drives up prices
Ghana will remove certain fuel taxes and charges levied by retailers and distributors along the?supply?chain to cushion consumers?from the rising pump?prices caused by the?Middle?East Conflict, said government spokesperson Felix Kwakye Ofosu on Thursday. He said that the measures will be implemented within a week. However, the exact levies that are to be eliminated won't be determined until stakeholder consultations have been held in the next few days. Ghana imports 70% of its refined fuel. It is one of many African countries that have seen steep increases in pump prices as a result of the U.S./Israeli war against Iran. The National Petroleum Authority raised the mandatory minimum prices for the April 1-15 pricing window. This pushed petrol up by around 15%, to 13.30 Cedis ($1.21) a litre (0.26 U.S. gal), and diesel up by roughly 19%, to 17.10 Cedis ($1.55). In approximately one week, the government will consult with stakeholders ahead of the next "pricing window". We know the exact amount. Kwakye said that it would be significant. The suspension would be for the first four weeks and then the government would review. He said that the Iran conflict was the sole cause of the price increases. Transport Minister has been asked to expedite the deployment of Metro?Mass Buses along high-traffic routes, with fares that are lower than those charged by private operators. This will ease commuters' burden. Reporting by Emmanuel Bruce, Editing by Clement Bonnerot & Elaine Hardcastle
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Starmer and Trump discuss military options in the Strait of Hormuz
Keir Starmer, British Prime Minister, said on Friday that he had discussed military capabilities and logistics of moving ships through the Strait of Hormuz with U.S. president Donald Trump the day before. Starmer stated during his visit to the Gulf that "we've been pulling a coalition together of?countries... working on an?political, diplomatic plan... but also?looking into military capabilities and... the logistics of moving vessels through the Strait." "That was the main focus of last night's discussion - a reflection on the topics I have been discussing, as well as a focus on implementing a practical plan in relation to navigation across the Strait." He didn't provide any further details. Starmer didn't answer directly when asked if he had discussed the U.S. threat of a?withdrawal?from NATO, but he did say that the alliance was both in?the U.S. as well as Europe's interest. He said that NATO is a defensive alliance 'which has kept us safer than we otherwise would have been for decades.
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US seeks to renew relations with Peru in advance of an uncertain election
Business leaders and senior officials say that as Peru prepares to hold its first round of presidential elections on Sunday, Washington will make its most aggressive push in recent years to bolster its influence in this major?copper-producing country, which has been a strategic partner for China. The outreach by the newly appointed U.S. Ambassador Bernie Navarro marks a?shift after a decade when China overtook United?States, especially in mining and infrastructure. Washington could use the upcoming elections - in which over 30 candidates vie for the presidency with no clear frontrunners - to rebuild relations as it seeks access to vital minerals and to push back against growing Chinese influence on South America. Felipe James of the Peruvian manufacturing industry chamber told Navarro that "the relationship with the U.S. has really strengthened" when they met in February for a meeting to launch a working group aimed at boosting trade and investment. The White House declared Peru as a major nonNATO ally in January. This move would enhance defense cooperation, and increase access to programs for trade and security. The State Department approved a package of equipment to modernize a Naval Base near the Port of?Callao the next day. Last month, Peruvian officials met with U.S. president Donald Trump and some of his closest regional allies to launch a coalition to combat Latin American drug cartels. Lockheed Martin, a U.S. firm, is in competition with companies from Sweden and France for the right to sell fighter jets to Peru. Navarro's engagement of Peruvian stakeholders reflected Trump’s “commitment to strengthen the U.S. -Peru partnership in shared priorities, including economic growth and cooperation on security,” a spokesperson for the State Department said. SECURITY CONCERNS Peru is the third largest copper producer in the world and also a major supplier for other minerals that are used to make semiconductors, defence systems and renewable technology. Last year, its trade with China reached a record of $50 billion. This was more than the $19 billion it traded with the United States. Executives say that Washington is focusing on the transparency and reliability U.S. companies working in Peru. Ambassador Navarro, meanwhile, has urged Lima leaders to reduce judicial risks, and address concerns about public safety at a time when organized crime is surging. Julia Torreblanca is the head of SNMPE, an association for mining and energy, and vice-president of corporate affairs of Cerro Verde. Cerro Verde is a copper producer owned by Freeport McMoRan. Navarro also cited Peru's recent political instability as a growing concern to the business environment. Since 2018, the country has seen eight different presidents. Last month, he said to local radio station RPP that the United States would never interfere with Peruvians right to self determination. However, stability was needed. Navarro was not available for interview at the U.S. Embassy. Analysts say that Peruvian Presidents are more concerned with surviving impeachment proceedings than developing a geopolitical plan. The economic weight of China's relationship with Peru has surpassed historic U.S. relations. Martin Cassinelli, of the Atlantic Council, said that there is a correlation between political instability in Peru over the last decade and Chinese investment. TRADING PLACES Washington has redoubled its efforts after Peru opened up as a new gateway for Chinese business with South America. Cosco Shipping operates the Chinese-built Chancay Megaport, located north of Lima. It has reduced sea journey times for goods bound for Asia, such as electric cars. Washington is concerned about foreign control over strategic infrastructure. Laura Richardson, former U.S. Southern Command Chief General, warned that it could be a "gateway for Chinese intelligence and military activities in South America." The efforts of Peruvian authorities to strengthen regulatory oversight have been blocked by a court ruling earlier this year that ruled in favor Cosco's claim Chancay was a private investment. The decision is being appealed. It will be difficult to break Peru's economic ties with China. In recent months, trade imbalances have increased. Peru has slipped back into a deficit after a brief excess in 2024. The Lima government is trying to remove tariffs that President Donald Trump imposed, arguing they violate the bilateral free trade agreement which has been in place since 2009. Margaret Myers, of the Inter-American Dialogue said that "China will not leave." She said U.S. effort would likely focus on areas where national security is at stake rather than trying to undermine China's importance in Peru. This will depend?on the results of the election this Sunday. All candidates are polling under 15%, which makes a runoff in June all but certain. Keiko Fujimori is a right-leaning politician, educated in?U.S. Keiko Fujimori, a right-leaning candidate educated in the?U.S. They ask: Do you want a gringo burger or some chifa? Alvarez said in an interview. Alvarez preferred a local speciality: fried Guinea pig.
Turkish Airlines replaces its CEO and Chairman, but withholds dividends citing geopolitical risk
Turkish Airlines underwent a major management revamp, replacing its CEO and Chairman, while also opting not to pay dividends from earnings in 2025, citing increased uncertainty across the operating environment, as well as geopolitical instability.
Ahmet Olmustur has been named CEO of Turkey's airline following the retirement from Bilal Eksi, who was previously Chief Commercial Officer.
Turkish Airlines announced to the Public Disclosure Platform that Murat Seker, the new chairman of the board who replaces Ahmet Bolat (who resigned), was named.
Changes are being made as the aviation industry struggles with fuel prices that fluctuate, capacity constraints and persistent disruptions caused by conflicts in the Middle East.
The board appointed Metin Gulsen as the 'chief financial officer'. Harun Basturk was previously a senior vice-president for regional sales and had been named senior vice-president of accounting.
The airline announced in a separate statement that it would not distribute any dividends from its net profit of 2.65 billion dollars ($118.2 billion) for 2025. Instead, they will retain the earnings to conserve cash.
The company stated that the decision was made because it believed that maintaining a solid cash position would better serve the long-term interest of shareholders given the current war in the Middle East and the uncertainty this brings.
Turkish Airlines has been paying out dividends to its shareholders for the past few years. The last time Turkish Airlines did not pay a dividend was in 2023. In 2025, it approved a cash payout of?6.88 Lira ($0.1540), per share from its 2024 profits.
Turkish Airlines shares rose 1.1%, while Turkey's BIST 100 index grew 1.37%
(source: Reuters)