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CEO of ITA Airways says that despite rising jet fuel costs, ITA Airways won't cut flight schedules.
The group's chief executive stated that ITA -Airways does not plan to reduce flights due to a rise in jet fuel prices. He added that 80% of the group's fuel requirements are covered for the remainder of the year. Joerg Eberhart, CEO of the Lufthansa group, said that the Italian airline, which is owned by Lufthansa, will increase ticket prices between 5% to 10% this year in order to offset the rise in fuel costs caused by the U.S. and Israeli 'war on Iran. Fuel is now twice as expensive as it was before the crisis. Jet fuel is responsible for 30% of all our costs. Eberhart, who spoke to reporters in Rome, said that without hedging we would have to raise prices by 30%. This would be "difficult". He also?added that the company is looking to increase fuel efficiency by?technical means. The carrier's?current strategy also includes a goal to reduce?the age of its fleet. More modern jets are key to improving fuel efficiency.
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Sources say that Russia's vast Kirishi refinery has halted processing after a drone attack.
?Russia's vast Kirishinefteorgsintez (Kirishi) oil ?refinery halted processing on Tuesday following Ukrainian ?drone attacks ?which damaged ?the ?plant's units and caused a fire, two industry sources said. Surgutneftegaz which controls the refinery did not respond immediately to a comment request. Sources who requested anonymity because of the sensitive nature of the situation said that three of four crude distillation unit (CDU) at the refinery had been damaged by the drone attack. Sources said that it is difficult to estimate the time needed for the repairs of damaged units. They added that secondary units also suffered damage. Alexander Drozdenko, the region governor of Leningrad, said early on Tuesday that there had been an fire in the industrial zone at?Kirishi. Kirishi refinery suffered several drone attacks this year. The most serious one occurred in May. The refinery has a capacity of?around 400,000 barrels a day, or?20 million metric tons. In recent years, it has been processing?around 18 millions tons per year?representing around 7% of Russia's total oil refining volume. Guy Faulconbridge, Guy Faulconbridge (Reporting)
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What we know of the passengers on cruise ships affected by Hantavirus
According to the World Health Organization, seven passengers aboard a cruise ship sailing in the Atlantic Ocean, including three people who died, have either been 'confirmed' or'suspected' of having hantavirus. Based on the information provided by WHO and national authorities, here are some facts about passengers: A 70-year old man from the Netherlands was the first to die aboard the ship. On April 6, he developed mild diarrhoea, a headache and fever. He died on April 11, after suffering respiratory distress. On April 24, his body was removed from the vessel in Saint Helena. The wife, aged 69, of the first victim was killed. She was ill on the ship and disembarked in Saint Helena. She was supposed to fly to the Netherlands from Johannesburg, South Africa on April 25, but she collapsed in the airport and died on April 26. Thirdly, a British passenger fell ill after the ship left Saint Helena. He was treated at Ascension Island and then medically evacuated from there to South Africa on the 27th of April. He is still hospitalised in Johannesburg and is in isolation at an intensive care unit. Fourth case: a German woman died on the ship, May 2, five days after she developed symptoms. Three other suspected cases are still on the ship, which is docked near the coast of Cape Verde. They have been reporting a fever or gastrointestinal symptoms. WHO reports that medical teams are in Cape Verde evaluating patients and collecting samples for testing. (Reporting and editing by Nellie Pettit; Alison Williams).
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Cummins increases revenue forecast on robust power demand
Cummins raised its revenue forecast for the year?on May 5, supported by a?resilient market for its power generation equipment, and expectations of an improving North American on-highway vehicle market. In premarket trading, shares of the U.S. truck engines maker rose 4%. The company's revenue forecast for 2026 is now 8%-11% higher than its previous estimate of a 3%-8% growth. Generator sales were boosted by demand tied to the artificial intelligence-driven expansion of data centers. The CEO of?Rumsey stated that the North America truck market?began improving from a low cyclical level" during the third quarter. The Indiana-based firm had earlier?flagged a weak demand on?the North American market for trucking, where lower freight volume and margin pressure has weighed down fleet investments and orders of engines. Cummins Power Systems, which manufactures generators, reported a 19% increase in first-quarter sales. Meanwhile, its Distribution segment saw sales grow 7%. The company reported a profit per share of $4.71 for the three months ended March 31. This included charges of $1.44 each diluted share relating to the completion of 'the sale of low-pressure fuel cells business. The company reported a profit of $5.96 a share for the quarter that ended March 31, 2013. Revenue increased 2.7% from a year ago to $8.4 Billion. According to LSEG data, analysts expected an average of $8.35 billion. Apratim Sarkr and Aatreyee Dasgupta reported; Joyjeet Das edited.
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Fuel costs are increasing and Frontier Airlines is forecasting a bigger than expected loss in the second quarter.
Frontier 'Group, parent company of low-cost carrier Frontier Airlines, forecast a larger-than-expected loss for the second quarter on Tuesday due to a'surge in jet fuel prices. The airline's stock?plunged by 9% during pre-market trading. As fuel costs skyrocketed after Iran closed the Strait?Hormuz, airlines around the globe cut capacity, increased fees for checked baggage and added fuel surcharges in order to cope with the soaring fuel prices. Even though most U.S. airlines meet their domestic fuel needs, they are still exposed to higher prices. Low-cost carriers, unlike full-service carriers, have less levers available to increase ancillary revenues to withstand a rise in fuel prices, which typically make up about a quarter of their operating expenses. Budget airlines in the United States have asked for $2.5 billion to help them deal with the rising fuel prices. Transportation Secretary Sean Duffy, however, said that they do not need government assistance as they already "have cash." Frontier's...quarterly results are just days after Spirit, Frontier's rival, became the first victim of the Iran War-driven fuel crisis?last weekend. Spirit failed to secure the government support it needed to exit its second bankruptcy. Frontier is expecting a second-quarter loss between 45 cents and 60 cents. This is higher than the 43 cent loss analysts expected, according to LSEG data. The airline's adjusted loss for the quarter ended March 31, up from 19 cents, was 30 cents. (Reporting by Nandan Mandayam in Bengaluru; Editing by Maju Samuel)
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Ukraine intensifies medium-range attacks on Russian forces
Volodymyr Zelenskiy, the President of Ukraine, said that Ukrainian troops were rapidly increasing the medium-range drone attacks on Russian forces. This is a sign of a growing ability for Kyiv’s?outmanned?military in its fight against Moscow, now in its fifth year. Kyiv, facing renewed Russian offensives on the eastern front is increasingly turning to so-called middle strikes, which target logistics hubs and troop concentrations as well as air defence systems located dozens of kilometers behind the frontline. Zelenskiy stated on Tuesday that the number of strikes over 20 km has quadrupled compared to March. He wrote "And there will even be more" on X. This is a priority." Ukraine is embracing medium range strikes, which are aimed at assets that are beyond the reach first-person view drones. It also wants to develop its own defence industry and wean itself from reliance on Western assistance. LOGISTICS DEPOSITS, AMMUNITION STORES AND COMMAND POSTS The Kyiv Defence Ministry announced last week that Ukrainian troops had carried out more than 160 mid-range strikes in April, with a range between 120 and 150 km. The targets included 65 depots of?ammo and?logistics, as well 33 control points and workshops for drones as well as 17 command posts for troops in the occupied Ukraine as also Russian border areas. In a statement released on May 1, it stated that "we are hitting resources and disrupting supplies, (and) we're reducing the intensity and mobility of troops." The April strikes are part of a systematic campaign to exhaust Russia. This increased effort comes at a time when Russian forces are increasing pressure on heavily fortified key cities in the East?in an attempt to capture the remainder of Ukraine's war-torn Donetsk Region. PAVE THE WAY for LONG-RANGE Strikes Ukraine, outgunned and outmanned on the battlefield has intensified its attacks on energy and military-industrial sites deep within Russia in order to weaken Kremlin war machine. In recent weeks, Ukrainian forces carried out multiple strikes against a Russian refinery and seaport in the southwest Tuapse region of Russia. This resulted in black smoke clouds and oil spilling in to the Black Sea. On Tuesday, 'Zelenskiy' said that Ukraine used its own Flamingo Cruise Missiles to hit Russian military and industrial sites, including defence manufacturing in the city of Cheboksary located 1,500 km from Kiev. Robert Brovdi said that his drone forces had struck 25 air-defence systems and 13 radars and electronic warfare systems in April, to pave the way for Kyiv’s long-range campaigns. He said that the destruction of air defence systems on an operational level, which is consistent and routine, opens up corridors to intensify deep strikes against military-industrial-energy-sector installations.
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Maguire: Booming US energy exports are under scrutiny as domestic fuel costs bite.
U.S. energy exporters helped to plug global shortages of key products due to the Iran War. Sharply increasing domestic fuel prices raise questions about whether it is worth sending as much fuel overseas when pump prices are rising at home. U.S. oil firms have taken advantage of the disruptions in Middle East shipments to meet urgent demands from customers all over the world. Data from commodities intelligence firm Kpler show that from January to April, the combined U.S. shipment of these six key energy products increased by?20% compared to?the same period in 2025, reaching over 153 millions metric tons. The increase of roughly 25 million tons in U.S. fuels, oils and LNG exports from a year ago has helped to counter the drop of roughly 82 millions of tons in Middle East exports since the conflict began on February 28. These exports also caused a shortage of fuel at home. This was especially true in the transportation fuel market, where gasoline and diesel prices had risen to record highs. U.S. legislators have taken steps to protect consumers from future fuel and energy price increases. They've implemented waivers for fuel blending, and proposed a suspension of federal gasoline taxes. The U.S. political landscape is likely to be influenced by the upcoming midterm elections in 2026. This will lead to further discussion on how to reduce energy and fuel costs. SWING SUPPLIER The U.S. has a number of refineries that are geared towards exports along the Gulf Coast. These are ideally positioned to take advantage of the surge in global fuel demand since Iran shut down the Strait of Hormuz for tanker traffic about two months ago. Energy flows from U.S. port have been steadily increasing, and exports of key energy products reached all-time records within the last month. From January to April 2025, U.S. gasoline exports have increased by 27%, diesel exports 23%, LNG 26%, and ethane (30%). U.S. jet-fuel exports have also risen, registering an 82% rise from the previous year as refiners met panicky international buyer orders. PRICE RESPONSES The record U.S. energy products deliveries likely helped to limit the price hikes of fuels across the globe, even though they remain higher in Asia because the region is heavily dependent on Middle East oil supplies. The U.S. has also seen a rise in fuel prices, due to the international crude oil price rally, which grew from about $70 per barrel at the end of February to $115 this past week, according to Brent futures. Fuel prices have risen sharply due to the roughly 64% increase of crude oil costs since the beginning of the Iran conflict. The average U.S. gas price has risen from $2.91 per gallon to $4.10 in April. This trend continues as the nation enters the summer driving season, which is usually the most expensive. The U.S. Energy Information Administration reports that diesel prices have risen even more dramatically, going from $3.72 a gallon in early February to $5.50 a galon last month. The steep price hikes mean that U.S. gas costs are around 30% higher and diesel is around 54% higher than they were a year earlier, despite President Trump's promises to reduce energy costs when he returned to office. EIA data show that U.S. natural gas prices have risen by 14% for residential consumers in the past year and are at their highest levels since 2026. The sharp rise in electricity consumption for data centers, AI, and power plants has led to higher?natural gas prices this year. The record high LNG exports has also helped to keep gas prices low for many consumers, particularly in areas where gas is supplied by both exporters and other users. As we approach the peak period for household electricity and transport fuels, tensions between domestic consumers and companies that export energy products will only increase. Consumers who push back hard enough may see moves to restrict energy as a way to reduce consumer prices. This may be a major concern for officials when the November midterm elections roll around. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X 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 7 days a weeks.
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Sources say that Canada-US pipeline is close to meeting commitment requirements
Four sources with knowledge of the situation said that a proposed 'pipeline' for transporting Canadian crude oil into the United States was close to getting the minimum commitments required from oil companies to move forward. If approved, the 'Alberta to Wyoming pipeline' proposed by Canadian company South Bow Corp, and its U.S. partner?Bridger Pipeline could increase Canada’s crude oil exports to U.S. more than 12%, providing much needed pipeline takeaway capacity for Canada. Donald Trump signed an order last Thursday granting the project a cross border permit. Joe Biden, president of the United States, will formally revoke the permit required to build the Keystone XL pipeline in 2021. This is the last major oil pipeline between Canada and the United States. The new proposal follows a different route in the U.S. compared to the canceled Keystone XL. However, South Bow would restore about 150 km (93 mi) of the Canadian portion that is already built but sitting idle. This pipe would then connect to Bridger’s proposed pipeline in Montana, and extend approximately 645 miles up to Guernsey Wyoming. The four sources reported that oil companies had committed to moving at least 400,000 barrels a day (bpd), which is 72% of the initial capacity of the pipeline of 550,000 bpd. According to a regulatory submission by Bridger, the project could eventually move up to 1,13 million barrels per day. According to Canada's energy regulator, oil production was 5.5 million barrels per day at the end of January. This could rise to 6.1 million bpd in 2030. Two sources stated that South Bow and Bridger were aiming to secure contracts with long-term durations for 450,000 bpd. This would allow them to surpass the 80% threshold required by pipeline operators before they can proceed with construction. Cenovus Energy, Canadian Natural Resources Ltd. (CNRL) and other top shippers have already committed to moving oil through the pipeline. Other shippers include Tamarack Valley and Whitecap Resources. Strathcona Resources is also included, according to the source. Sources spoke under anonymity because shipper commitments remain confidential. South Bow has not commented on the committed capacity of the project, stating that it is still in its early stages, subject to ongoing discussions with stakeholders, rights-holders, and commercial parties, as well as regulatory processes and evaluation. Bridger declined comment. In a filing with the regulatory authorities in March, Bridger said that the project was developed as a response to market interest. Commercial discussions were also ongoing. Cenovus CNRL Tamarack Strathcona and CNRL declined to comment about commitments. Whitecap CEO Grant Fagerheim stated that the oil industry has engaged in the pipeline project constructively and that there appears to be enough momentum to reach the minimum thresholds for the project. He added that the support from the U.S. government was very helpful. The company declined to comment on further commitments. CANADA'S OIL COMPANY ARE INTERESTED IN THE U.S. PIPELINE These commitments show the eagerness of Canadian oil companies to increase their takeaway capacity. The country's oil production has been stifled for years by a lack pipelines. Existing pipelines are being expanded by rival pipeline operators. Enbridge approved the expansion of its Mainline and Flanagan south pipelines last fall. This will allow 150,000 additional barrels per day (bpd) of Canadian heavy crude oil to be transported to the U.S. Midwest. The company will bring this additional capacity online in 2027. It is also looking for commercial interest to a second stage of its Mainline expansion. This phase, it said, could be operational in 2028, adding another 250,000 bpd in capacity. The Trans-Mountain Pipeline, which runs from Alberta up to Canada's West Coast for export into the U.S. West Coast, and Asia, also plans a series enhancements that will?increase capacity by 360,000 BPD. Bridger's proposal currently is to build a pipe from Montana to Guernsey in Wyoming. This would be built at locations along existing pipeline infrastructure. Analysts say that Guernsey, while a refinery hub, is not a final market for crude oil. Therefore, additional links to other refining centers, such as Cushing, Oklahoma and Patoka in Illinois, or the U.S. Gulf Coast, would be needed. AJ O'Donnell is an analyst with Tudor Pickering Holt & Co. and said that the project would be one of 'the most economical options' for shippers looking to increase oil supply out of Western Canada before the end of this decade. While uncertainty still remains about the final economics of this project, O'Donnell wrote that it was the most logical way to add incremental oil egress capability through the end decade. "Our view, is that more egress will be needed, regardless of geopolitical background." (Reporting from Arathy S. Somasekhar, in Houston; Amanda Stephenson, in Calgary; editing by Edmund Klamann.)
UAE stock exchanges rise on optimism about US-Iran Peace Talks
Early trading in the United Arab Emirates on Wednesday saw the stock markets?build on the gains of the previous session?as optimism about renewed U.S. - Iran peace talks boosts investor sentiment.
Even though Donald Trump said that negotiations to end the war with Tehran could resume this week, the United States announced on Wednesday that it had halted all sea traffic to and from Iran.
Trump stated that U.S. officials and Iranian officials may meet again in Pakistan within two days. Vice President JDVance expressed his optimism about the current state of talks, despite the fact that last weekend's discussions were unsuccessful.
Dubai's main stock index rose 1.6%. This was boosted by a 2.7% increase in Emaar Properties, the blue-chip developer.
Air Arabia, a budget airline, jumped by 3.1%.
Aldar Properties grew 2.9% in Abu Dhabi. Reporting by Ateeq Sharif in Bengaluru, Editing by Neil Fullick
(source: Reuters)