Latest News
-
Guardian reports that UK's Rayner has been cleared by the tax authority.
The Guardian reported that Britain's former deputy prime minister Angela Rayner was cleared of committing a 'deliberate act of wrongdoing in her tax affairs. She said she wanted to "play her part" in any challenge against Prime Minister Keir starmer. Senior members of the ruling Labour Party have lined up to challenge Starmer. Rayner, however, was unable to run for the leadership until she settled a tax controversy that led to her resignation last year. Rayner said in an interview with The Guardian that she may run for the position if there were a contest. She added, "I will play my role". She said that Starmer "should reflect on" his decision to step down. The Guardian reported that Rayner settled for 40,000 pounds ($54,000.00) of unpaid stamp duty ($54,064.00), after initially paying at a lower rate. However, he has not paid any penalties as a result of this investigation. According to the report, HMRC also confirmed that there was no tax evasion. A spokesperson for HMRC declined to comment because of the law protecting taxpayer confidentiality. Rayner is one of Labour's most recognizable figures. She resigned from her roles as deputy premier, deputy Labour Party Leader and housing secretary after she admitted that she unintentionally paid a lower?tax on a purchase. When asked by The Guardian if Starmer would resign she replied: "Keir must reflect on that." Starmer has so far refused to resign, despite the fact that more than 90 legislators have called for him to do so after a 'drubbing' in local elections. Wes Streeting, the Health Minister, is expected to resign and challenge Starmer to be leader on Thursday. $1 = 0.7398 pounds (Reporting and editing by Jacqueline Wong, Paul Sandle and Rhea Abraham in Bengaluru; Kate Holton and Rhea Abraham in London)
-
Russia pounds Ukraine in massive air attack, killing 1
Officials reported that Russia had pounded the Ukrainian capital Kyiv and several other areas in a massive air attack on Thursday. At least one person was killed, while dozens were injured. The first combined drone and missile barrage after the brief ceasefire brokered by the United States came just hours after Moscow launched hundreds of drones during a daytime assault that killed six. Officials in Kyiv reported that one person was killed and several dozen injured during the overnight attack, which Prime Minister Yuliia Shvyrydenko claimed?targeted residential buildings and civilian infrastructure. The State Emergency Service posted images of rescuers searching through the rubble to find survivors in a collapsed apartment block. Mayor Vitalii Klitchko stated that?11 people have already been saved. Andrii Sybiha, Ukrainian Foreign Minister said that the attack during U.S. He wrote: "There shouldn't be any illusions or wishful thoughts. Only pressure on Moscow will force him to stop," he said on X. "I'm certain that the leaders of the United States, and China, have enough influence over Moscow to convince Putin to end the war." Oleksiy Kulba, Deputy Premier of Ukraine, stated that the strike on Thursday night also affected railway infrastructure and ports located in southern Odesa. According to the Ukrainian Air Force, Russia's barrage consisted of 675 drones as well as?56 missiles. The majority were shot down by air defences. It reported that 38 hits were recorded in 24 different locations. The fighting between Russia and Ukraine has now lasted for five years despite a U.S.-backed peace effort that has failed to produce any concrete results. (Writing by Ron Popeski, additional reporting by Gleb Garanich, Anna Voitenko; editing by Christian Schmollinger and Himani Sarkar.)
-
Maguire: Russia's boosted energy exports can cushion the blow of the Iran war.
Russia, despite its heavy sanctions and isolation from the international community, is quietly playing an important role in protecting global commodity markets against the full impact of war with Iran as well as the collapse of energy exports in the Middle East. Russian LNG exports have reached record levels so far in 2026. Meanwhile, the country's crude oil and thermal coal shipments have also increased to multi-year records to offset some of the?record-large declines from Middle East producers. The growth in?Russian energy exports this year is small compared to the increase in energy exports by the United States. This has led most assessments of the energy market balance to overlook it. The share of Russia in global exports from year to date of crude oil, liquefied gas and coal has reached its highest level in many years. This provides far-flung customers with vital energy supplies at a time when global markets are in chaos. The set-up is uncomfortable for policymakers who have to acknowledge that the same player that disrupts energy systems in Europe also acts as a stabiliser globally and helps limit energy shortages on key markets. GROWTH SPURT The U.S. government temporarily loosened sanctions against Russian crude oil and refined oil products. It wanted to ensure that major oil importers would have alternative options for purchasing oil after Iran had blocked shipping through the Strait of Hormuz at the beginning of March. Shipping data from Kpler shows that Russian exporters have taken full advantage of this reprieve. They increased LNG volumes by 12.3% compared to the previous year, reaching a record 13,4 million metric tonnes during the period from January 1 to May 11. The total Russian crude oil and condensate shipments increased by about 2 million tons, or 2.2%, from a year earlier to 91.3?million tonnes. This was the highest amount for this time period since 2023. The Russian thermal coal exports grew by 3% between January 1, 2025 and May 11, which was again the highest amount shipped during this period. SHARE SWELL Kpler data indicates that the higher volumes helped Russia to increase its share in global energy products exports this year. In the first five months of this year, Russia exported 8.4% of all global LNG. This was the highest share since 2022. The 16.2 million ton drop in LNG exports in the Middle East has overshadowed the 1.5 million ton increase in Russian LNG exports compared with 2025. The Russian cargoes, added to the 9,2 million tons of LNG exported by the U.S. in this year have helped soften the blow caused by the Middle East turmoil, and limited the price increases on global natural gas markets. Spot LNG prices in Asia, the region that imports most LNG, have fallen by almost $10 per million British Thermal Units since March when they reached a three-year high. This is due to the steady increase in global LNG exports in recent weeks. The global oil market has also been affected by the increased Russian supply, which posted its first annual increase between January and May 11, 2023. ACCOMMODATIONS ARE AWKWARD The increased Russian energy exports are dampening the crude, LNG, and coal markets. However, they also generate vital revenues for Moscow, even though Russia is still isolated from international communities following its invasion of Ukraine 2022. This highlights the dilemma faced by policymakers who want to reduce Russian influence in Europe as punishment for warring in Europe. Russia has weathered the sanctions of the West pretty well in recent years. This is mainly because it diverted shipments away from Europe's major markets to Asia's fast-growing ones. The rerouting of cargo has ensured that Russia's oil, coal and LNG remain staple ingredients of the global energy diet even though the location of consumption has changed. Many major energy product consumers will be grateful that Russia has remained strong. A more dramatic drop in Russian energy production and exports would have led to a?more acute tightening of the market in the aftermath of the Iran War. The fact that Russia is still a major energy exporter also highlights the harsh reality of the market. In times of turmoil on the energy markets, buyers will look to anyone who can provide the molecules they need, no matter how well-known or respected their country may be among other nations. Exports act as a pressure valve in key energy markets. They limit price spikes, and damage to price-sensitive economies. If the valve was completely shut off, there could be even greater shortages on the market and higher energy prices. These are the opinions of a columnist who writes 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.
-
The deceptive calm of the oil market will not last.
Physical oil is at the center of the storm, a calm that deceives after the initial panic to deal with the largest oil crisis in history. China's dramatic reduction in purchases has cushioned the blow of the Iran war so far, and U.S. exports have surged. This delicate balance could not last long, as the peak season for demand is approaching. The crude oil market is surprising calm, despite the sudden loss of nearly 20 million 'barrels of Middle Eastern Oil per day, or about a fifth of global supply, after Iran closed the Strait of Hormuz, shortly after the start of joint U.S. and Israeli airstrikes on February 28. This is because a large part of the world still has to adjust in a complicated, fragile way to ensure adequate supplies. Exports from the U.S., and other producers in the Atlantic Basin have increased dramatically. This has helped to fill a large part of Middle Eastern demand. China deliberately reduced its purchases, and other countries have been reducing their inventories in a rapid manner. This unexpected availability has eased the pressure on prices. Physical Brent crude oil is currently trading at around $110 per barrel, well below the peak of its crisis. This balancing act, however, is not sustainable. The oil market could enter a more dangerous phase as the closure of Hormuz is likely to continue for several weeks, despite the sputtering efforts to achieve peace. SUPPLY CRUMBLING The initial reaction to the Middle Eastern shortage of oil in the?hardest-hit regions' was to cut consumption. Asia, where 60% of oil was sourced from the Gulf until February, took the brunt. Refiners closed down units and governments implemented energy-saving measures. Emergency reserves were also released in large quantities. According to Kpler Shipping Data, Asian crude imports fell in April to just?18.7 million bpd. This is a sharp drop from the average of 25 million bpd expected in 2025. Refiners were forced to find alternative feedstock in far-flung places, primarily the U.S.A. and Latin America. This shift has fundamentally changed global trade flows. According to Kpler's estimates, U.S. oil exports by sea reached a new record of 8.55 million barrels per day in April, and will likely surpass 10 million in May. This cements America's position as the largest oil and natural gas producer in the world. The wave of emergency purchases drove up physical oil prices in March and April. As refiners competed to secure limited supplies, crude oil from the Atlantic Basin reached a record-high of $150 per barrel. Due to the long distances involved with shipping oil from these areas to Asia, there is a delay of up to 8 weeks between purchase and delivery. This means that replacement barrels have only just arrived. This, along with the dramatic drawdown of global crude inventories helps explain why the prices on the physical market have dropped significantly in recent weeks. CHINA FACTOR China is another key player that has contributed to easing the global scramble. After the Iran War broke out, China, the world's biggest oil importer, drastically reduced its crude purchases. Kpler reports that from a near record of 11.5 millions bpd seaborne imports in February, shipments dropped to 8 million in April, and will drop even further to 6.9 million in May. This is the lowest level for nearly a decade. In May, Chinese refiners largely avoided the market. They refused crude from Saudi Arabia and resold refined products from West Africa. This behaviour indicates that China's oil exports will continue to be low well into the summer. Beijing's vast oil stockpiles were estimated at 1.3 billion barrels in February, which is roughly equivalent to four months worth of imports. China does not provide detailed information on its oil reserves, which makes it difficult to determine how aggressively the country has used its reserves. The International Energy Agency reported that China's above ground crude stock fell by 7,000,000 barrels in march, marking the first drop in six months. The Paris-based agency does not have visibility into oil stored in underground caverns. China's unique situation is highlighted by the 27% increase in Asian imports between April and may, when excluding China. Kpler predicts that U.S. exports to the region will nearly double from 1.1 million barrels per day in April to 2 million barrels per day in May. DANGER ZONE The relative calm of today should not be misinterpreted as a new equilibrium. The world's oil stocks are rapidly depleting as the Hormuz Crisis enters its 12th week. According to the IEA, global inventories have dropped by 246 millions barrels, which is equivalent to 4 million bpd. Refiners will also be looking to increase their supply in the near future, ahead of the crucial summer season for fuel consumption in Northern Hemisphere. Politics could impede the U.S. surge in exports. Gasoline prices could rise sharply if the U.S. inventory shrinks and summer demand increases. The Trump administration has denied any claims of oil export restrictions, but that could change once American consumers start feeling the pinch. Overall, the market response to the "Hormuz" shock is a testament of the flexibility and depth?of the global petroleum system. The shock absorbers thin out with every passing day that Hormuz is blocked. The economic impact of this conflict will become more evident as summer approaches. Ron Bousso is a columnist at. 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.
-
Hantavirus risks to US public remain low, CDC states
The risk of hantavirus spreading to the general public is very low, according to the U.S. The Centers for Disease Control and prevention has over 100 staff working on this outbreak, a government official said on Wednesday. Please know that we are here to safeguard your health. Dr. 'David Fitter', incident manager of the CDC hantavirus response said that based on the current information the risk to the general public is low. Dr. Brendan Jackson is the CDC's team leader in Nebraska. He said that the CDC was conducting public health assessments in Nebraska where 16 out of 18?passengers? from the cruise ship affected by a hantavirus epidemic?were flown and?quarantined? on Monday. The group was aboard the MV Hondius - a luxury expedition ship that has been linked to an outbreak involving the Andes Virus, the only hantavirus known to have a limited 'person-to person' spread. Hantaviruses are usually spread by rodents. Medical clearance was given to a passenger, who was quarantined with others after being placed in Nebraska biocontainment on Monday because he tested positive for the 'hantavirus. Officials at a press briefing said that the passengers are being tested for hantavirus in U.S. medical facilities. 16 of the passengers were at the University of Nebraska Medical Center, and two others at Atlanta. One of the passengers is experiencing symptoms.
-
'Miraculous:' 11 survivors of plane crash rescued off Florida
All?11 passengers aboard a private plane that crashed in the sea near central Florida'survived' and were rescued by a u.s. rescuer a few hours later. Air Force Reserve Team, U.S. Coast Guard officials and Air Force officials announced on Wednesday. At a press conference held a day following the crash, Air Force Major Elizabeth Piowaty (commander of one of the aircraft that was involved in the rescue) told reporters: "It's pretty miraculous for all of those people to have survived." The plane that crashed, a twin engine turboprop with 11 adults aboard, was about 80 miles away from Melbourne, Florida. It activated an emergency locator which the Coast Guard picked up. The Coast Guard reported that Piowaty’s HC-130J Combat King II was already airborne during a training flight when the search began. Her crew joined the 'operation' immediately. Major said that her team found the life raft as a storm approached and dropped a package containing food, water, and extra flotation for the survivors to survive until rescuers reached them. At the briefing, Air Force Captain Rory Whipple recalled that the survivors had been on the raft "for about five hours" and they looked distressed, both physically and mentally. Officials said that the?survivors were ultimately hoisted to safety and flown to Melbourne Orlando International Airport to receive medical treatment by a crew of a hovering helicopter dispatched from an Air Force Reserve base near Melbourne. Whipple stated that the crew managed to get all 11 survivors in the helicopter using nine hoists. They completed the rescue within five minutes before they would need to refuel the helicopter mid-air. Officials from the Air Force and Coast Guard said that they did not have immediate information on the severity of injuries or the medical condition of survivors. The Coast Guard reported that the aircraft had suffered a 'engine failure'. According to the Bahamian authorities, they were investigating the cause of the accident. The Coast Guard reported that the plane had left Marsh Harbour, Bahamas and was heading to Freeport on Grand Bahama Island. This distance is about 100 miles. Reporting by Steve Gorman, Los Angeles; editing by Jamie Freed
-
Brazil's Amaggi acquires 40% stake in corn ethanol producer FS
FS is a 'leading corn ethanol 'producer' in Brazil. The agribusiness company Amaggi agreed to purchase a 40% stake, the companies said on Wednesday. This marks the agribusiness' entry into a rapidly growing industry that's gaining ground over sugarcane based biofuel. The deal, whose value wasn't disclosed, will support FS growth plans. FS operates three plants in the Mato 'Grosso area, which have a combined annual production capacity?of 2.5 billion liters of ethanol. According to the Sugarcane Industry Union (Unica), corn ethanol represented 27% of the total production in the Center South region for the harvest 2025/26. In a joint statement, the companies stated that they expect "significant synergies to be achieved" in areas like corn origination and optimization, logistics, and exports. Amaggi's CEO Judiney Carrvalho said that the operation was part of an?industrialization strategy and vertical integration of its operations. Amaggi, a company that specializes in?the trade, production, transportation, and processing of grains?will be a shareholder with Summit Agricultural Group, based in the United States. Bruce Rastetter said that the partnership brings together "two companies who have strong synergies between their operations." The deal is still subject to approval. It was submitted to Cade on Wednesday. (By Leticia Fukuchima and Roberto Samora, Sao Paulo, Edited by Matthew Lewis.)
-
Gulf crisis affects Australian and New Zealand companies, from airlines to banks
The U.S. and Israel war against Iran is causing financial stress for companies in Australia and New Zealand. Higher fuel prices are causing inflation, affecting consumer and business confidence and weighing on corporate earnings. Some of the companies in Australia and New Zealand have reported an impact on their business from the Middle East conflict. Air New Zealand New Zealand's Flag carrier predicted its largest annual pre-tax loss in four years two months after withdrawing their earlier 2026 forecast, as the Iran War pushed up jet oil prices, increasing costs and adding pressure from weak demand, fleet constraints, and increased costs. Air New Zealand forecasts its annual pre-tax losses between NZ$340 and NZ$390 ($201.8 million-$231.5 millions), a change from last year's NZ$189million profit. Air NZ announced a price increase in March after suspending its 'earnings forecast for the full year. Auckland International Airport Auckland International Airport in New Zealand said that flights to the Middle East from Auckland were affected. In March, the number of passengers on Middle Eastern routes dropped by 81% and seat capacity fell by 73% compared to a year earlier, according to airport operator. a2 Milk: New Zealand's A2 Milk has cut its profit forecast for fiscal 2026 as higher freight costs resulting from the conflict, and temporary disruptions in the supply chain have affected the availability of the infant formula under the China label on its largest market. Cleanaway Waste Management: The company's full-year earnings forecast was cut by A$20,000,000 ($14.17million), due mainly to higher costs, reduced activity and timing differences of cost recovery. Cochlear: Cochlear, an Australian manufacturer of hearing implants, has lowered its profit forecast for 2026 due to a?weaker trade in developed markets'. The company cited slower surgical volumes and consumer sentiment as reasons. The Middle East War has increased the risk of order cancellations and delivery delays, as well as a higher exposure to receivables. This will also worsen margin pressures and increase restructuring costs. Fletcher Building Fletcher Building in New Zealand said that it is 'indirectly exposed to the Middle East conflict through supply chains, freight lines, energy costs and the wider economic impact of construction demand throughout Australasia. Construction materials manufacturer expects to increase prices in all divisions. Plastics, where the company claims immediate exposure is present, will experience price increases of up to 36%. Other divisions can expect a 1%-5% increase. Flight Centre Travel: Flight Centre Travel, an Australian corporate travel manager, said that hostilities in Middle East temporarily disrupted international travel patterns. It estimated a profit impact of A$10,000,000 on its leisure segment in April. The firm expects foreign exchange headwinds to occur in the fourth quarter due to the translation of overseas profits, given the strength the Australian dollar. Its cost margin also fell from 9.2% during the third quarter, as it implemented measures such as freezing support roles. Fonterra: Fonterra, the New Zealand dairy company, said that the conflict could impact its supply chain and increase its inventory and costs during the second half of the year. It also contributed to the volatility in global commodity price. National Australia Bank National Australia Bank expects to incur a credit impairment charge of A$706 ($504.44 millions) in the first fiscal half of 2026. NAB stated that the volatility of interest rates in the second quarter, the weakening New Zealand dollar, and the increase in provisioning would result in a reduction of the common equity tier one capital ratio for the group by approximately 20 basis points on March 31. The company also plans to apply a discount of 1.5% to its dividend reinvestment program for the first half to raise A$1.8 billion and help strengthen its balance sheet. Orora: Orora, a packaging company, has lowered its earnings forecasts for its French subsidiary Saverglass. It also cancelled its share-buyback program citing war impacts. Due to the closures of shipping routes, the company also stopped bottle production in its glass production plant at Ras al-Khaimah (United Arab Emirates). Qantas: Qantas Airways is Australia's national carrier. It has raised its fuel costs outlook for the second part of the year by up to A$800m. However, it says that its planned A$150m share buyback program has yet to begin, citing the volatile and sharply increased jet fuel prices. Qantas has raised fares to offset the rising cost of its flights and shifted them towards stronger routes, such as Paris or Rome, where demand is still strong. They have also reduced their domestic capacity in the second quarter by approximately 5 percentage points. Qube Holdings Qube estimates that the Middle East conflict will have an impact on its EBITA of between A$10 and A$20 million for fiscal 2026. The logistics firm stated that recent events could encourage an increase in investment in alternative energy projects which would be beneficial to the company. Virgin Australia Virgin Australia expects a rise in fuel costs of between A$30 and A$40million ($21.39 to $28.52million) during the second half fiscal 2026. In mid-March, the airline announced that it would be adjusting its fares due to the rising costs in the aviation industry. Westpac: Westpac, Australia’s second largest bank by assets, has said that energy market shocks were causing profit pressures in the first half the financial year ending March 31. This led the lender to increase its credit provisions. Westpac's net margin for its Treasury and Markets division has been?weaker due to interest rate volatility related to the conflict. A weaker outlook is already leading credit provisioning up. Westpac has increased its provision for bad debts since the COVID-19 pandemic. Woolworths: Woolworths, Australia's largest grocery store, has said that the Middle East conflict is creating significant uncertainty for both customers and suppliers. This will increase the already high cost of living. Fuel price pressures, customer retention investments and fuel price increases will all affect the firm's forecasted growth in the domestic food segment for fiscal 2026. Woolworths has also announced that it will freeze the prices of 300 household staples from May 1 for a period of three months. This is due to cost pressures imposed by Australian suppliers as a result conflict. Worley: Worley estimated that the negative impact of the Middle East Conflict on its underlying EBITA in fiscal 2026 will be between A$30 and A$40 Million. The Australian engineering company warned that it would not be able to grow its underlying EBITA by more than 5% in fiscal 2026 but it continued to aim for higher revenue growth than fiscal 2025.
NTSB: runway safety system was not active before fatal Air Canada Express crash
The National Transportation Safety Board reported Thursday that a critical?runway safety?system failed to activate prior to a fatal?collision on March 22 between an Air Canada Express jet and a fire?truck, which killed two pilots. In its preliminary report, the NTSB said that the red runway entry lights that warn of unsafe crossings were still on three seconds prior to the collision. The NTSB stated that the system is designed to turn off the lights about 2 to 3 second before the plane reaches each intersection.
The Express CRJ-900 regional plane touched down about 2 seconds before it collided and was traveling at 104 mph when the accident occurred.
The NTSB is in charge of the investigation into the fatal crash of a CRJ900 jet operated by Air Canada regional partner Jazz Aviation. The crash sent 39 passengers and crew members to the hospital, six of whom suffered serious injuries. The ground surveillance system at the airport did not send out an alert to warn of any vehicles near the runway. And the fire truck which collided with a jet was missing a transponder, which would have sent its location to air traffic control.
NTSB: The truck driver who was involved in the accident recalled hearing "stop stop halt" on the tower frequency radio. He did not realize that it was for his vehicle. However, when he heard "Truck 1 "stop stop halt", he realized that this was the transmission for them and noticed that their vehicle had entered the runway. The NTSB stated that the local controller, who was handling the Air Canada plane, had 18 years' experience. The ground controller was the controller-in charge and had 19 years' experience.
The Federal Aviation Administration encourages airports to equip their fire trucks with transponders, as it makes tracking the vehicles easier at busy airports. (Reporting and editing by Stephen Coates; David Shepardson)
(source: Reuters)