Latest News
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Italian-led EU forces board a sanctioned Russian tanker in the Mediterranean
A naval mission from the EU led by Italy boarded on Sunday a tanker belonging to 'Russia's shadow fleet. This is the second time in less than two weeks that a vessel has been boarded. Europe is intensifying its scrutiny of vessels suspected of helping Moscow bypass oil sanctions. The Italian Defence Ministry reported that the Toa Payoh tanker, which was subject to EU sanctions and was sailing from Benin towards Istanbul, had been intercepted just west of Pantelleria, an island in Sicily. According to a source with knowledge of the operation, the vessel only switched to a Cameroon registration last week. The inspection was conducted by the maritime authorities to ensure that the tanker had the legal right to fly the Cameroon Flag and that all of its registration documents were valid. Sources said that the EU Naval Mission, Operation EUNAVFOR Med Irini did not have authority to seize vessels at such inspections. Therefore, the Toa Payoh wasn't detained. The?documentation collected during the boarding is still being reviewed and can be used by national officials for a later sequestration, if needed. Toa Payoh’s captain initially refused to cooperate with EUNAVFOR MED’s mission. A team of Italian military personnel was then sent to board the vessel using a helicopter launched from the EUNAVFOR MED flagship, Thaon di Revel. The inspection, which was carried out by a Greek vessel with the assistance of a Polish maritime surveillance aircraft, took about two hours. It was concluded'safely,' according to the ministry. No immediate comment was made by Russia. The Sunday operation comes after the July 20 boarding of MV South Star. This tanker was also linked to Russia's Shadow Fleet and was inspected by Irini Forces over suspicions that it was also sailing under a false banner. The European Union has imposed sanctions against scores of vessels it claims are part of Russia's "shadow fleet", which is used to circumvent restrictions on oil exports ever since its invasion of Ukraine. EUNAVFOR Med Irini was launched in 2020 as a naval mission of the EU to enforce an arms embargo imposed by the U.N. on Libya. Since then, EU governments have expanded its scope by authorizing it to conduct verification boards. (Reporting and editing by Kevin Liffey, Alex Richardson and Crispian Balmer)
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Italian-led EU forces board a sanctioned Russian tanker in the Mediterranean
The Italian Defence Ministry reported that an EU team led by Italy boarded on Sunday a tanker from Russia's "shadow fleet" to verify the nationality and flag registration. It was not immediately clear if the vessel had been held while the checks were being carried out. The ministry reported that the Toa Payoh tanker, which was under EU sanctions and sailing under the?flag of Cameroon's, had been intercepted by Italian authorities in the Mediterranean west of the island of Pantelleria while traveling from Benin towards Istanbul. The captain of the ship initially refused to cooperate. A team of Italian military 'personnel' then 'launched' a helicopter from the 'Thaon di Revel', the flagship of EUNAVFOR MED Irini. The inspection was carried out by a Greek vessel, assisted by a Polish maritime surveillance aircraft. It lasted two hours, and the ministry reported that it was completed safely. The Italian authorities examined the documentation that was obtained during the inspection. The European Union imposed sanctions on scores vessels it says are a part of the "shadow fleet" that Russia has used to circumvent its oil export restrictions since its invasion in Ukraine. EUNAVFOR MED 'Irini' is a naval mission of the EU launched in 2020 with the aim to enforce a U.N. -imposed arms embargo against Libya. Since then, EU governments have expanded?its mandate by authorizing it to conduct verification boards of vessels suspected of flying false flags. (Reporting and editing by Kevin Liffey; Crispian Balmer)
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After talks fail, WestJet flight crews strike
Flight attendants at Canada's WestJet went 'on strike' on Sunday, after failing to reach an agreement with the country's second-largest airline. This resulted in the cancellation of flights during busy summer travel seasons. The Canadian Union of Public Employees (CUPE), which represents 4,400 flight-attendants at the carrier owned by Onex Corp., gave a 72-hour notice on Thursday, signaling that there could be a strike if negotiations failed to yield an agreement. In a Sunday Facebook post announcing the?strike, the?union didn't provide any details. CUPE and airline 'didn't immediately respond to emailed requests for comments outside of business hours. The union wants to pay its members from the moment they arrive to the moment they leave, but that's not the case. WestJet canceled 309 flights from Sunday night to Monday morning in anticipation of the strike. The company stated on its website that it did this to "minimize the risk of guests and aircraft being stranded." The strike is part of a larger effort by flight attendants to challenge compensation structures that pay cabin crew primarily when the aircraft is moving. (Reporting from Sumedha Mukherjee, Bengaluru. Editing by Joe Bavier & William Mallard.
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Thirteen die in tourist plane crash over Peru's Nazca Lines
Authorities in Nazca Province said that a?small tourist aircraft crashed Saturday while flying over the 'Nazca lines archaeological site' in southern Peru. Thirteen people were killed. In a press release, the Peruvian Ministry of Commerce and Tourism stated that 11 foreign tourists and 2 crew members were aboard. Local authorities reported that the plane crashed near Pueblo Viejo. This is approximately 6 km (4miles) away from the city of Nazca, and about 12 km (7miles) from Nazca Lines. Local authorities reported that the small plane was owned by the local Peruvian carrier Aerodiana and took off from Pisco Airport. The company did not respond to requests for comment. According to reports from the local press, it happened at 12:55?pm. The plane was on a sightseeing flight at the time and was preparing to return. According to RPP, the Peruvian radio station, after the crash, a fire broke out in the plane, rendering any rescue efforts impossible. Firefighters, police officers and municipal officials were sent to put out the fire and begin initial rescue operations. Local authorities have said that they will conduct an investigation to determine the cause of this crash. Social media footage shared showed what appeared to be the wreckage of a small aircraft on an arid landscape. I was unable independently to verify the footage. Nazca Lines are a series of geometric and huge drawings etched in the desert plains of southern Peru. They attract around 100,000 tourists annually. The Nazca Lines are usually viewed from small aircraft that fly over the site. The Nazca 'lines were suspended Friday because of winds above 40 kph, which caused dust to be blown around and reduced visibility. Local media reported that strong winds forced two small planes carrying Peruvian tourists, and six other aircraft carrying foreigners to divert their flights to Marcona Airport.
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Crimean families line up for hot food as Ukraine cuts power supply
A chef prepared to serve dozens if people who were waiting for a hot meal after Ukrainian attacks had cut off power in their kitchens. Fuel supplies in cities and towns throughout Crimea, the area that Russia annexed as part of Ukraine in 2014, were limited for most of the summer due to Ukrainian attacks on power plants and other infrastructure. Ukraine says that it is "bringing the war home to Russia" through intensified strikes on the territory and deep within the country controlled by its neighbor. Oksana Mdyud, the head of Massandra's town administration, said that her workers serve 200 people a day. She said, "We are preparing hot meals because not everyone can cook food hot on an electric stove." Marina, a local woman, complained that her leg pain made it difficult to descend from her 10th floor?apartment, but her lack of electricity sent her on a 'hunt' for a gas cooker and cylinders. She said that her apartment was empty. "We have an electric cooker, that's all." Alexandra, a resident of a nearby older age, also said that she was lured by the aroma of the food after being without electricity for 10 days. She added that "they turned it back on today at 4 o'clock", but was not sure if the lights would be still on when she got home. Reporting by Lucy Papachristou, Writing by Andrew Heavens
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Iraq is expecting to extend pipeline agreement with Turkey, INA reports
Iraq is planning to sign a?agreement for a year to continue Iraqi crude?flows?through?the Turkish?port of Ceyhan. This was announced by the oil ministry, according to Iraqi News Agency. The agreement would renew a 'decades long bilateral arrangement which expired on Monday, which allowed the operation of Baghdad’s 'only working export pipeline, the Iraq Turkey Pipeline (ITP). Salim al Rikabi, INA's spokesman, said that Iraq's Oil Minister is visiting Turkey on Saturday to sign an agreement providing for a daily capacity of 750,000 barallons. The extension will give time to negotiate a comprehensive agreement. The Turkish government wants the pipeline with its?capacity to transport 1.5 million barrels of oil per day to be fully utilised, and possibly extended to southern Iraqi fields. According to Turkish data, the pipeline currently carries?170,000 barrels per day.
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UKMTO reports two incidents of tanker accidents off Oman
The 'United Kingdom Maritime Trade Operations' (UKMTO), a division of the United Kingdom Government, said : "On Saturday we received reports...of two maritime incidents...off Oman. One incident involved a tanker that was hit by an unknown projectile." UKMTO reported that in the first incident a tanker struck by a projectile unknown about 11 nautical miles northeast of Oman’s Lima. The damage to the engine room left the vessel without command. The UKMTO said that there were no reports of casualties or environmental impacts. Later, the UKMTO reported that it received a second report of an incident?21 nautical mile northeast of Oman’s Khasab. The tanker's master reported a large explosion and splash in close proximity to his vessel. However, no damage was reported. Lima and Khasab lie on Oman's Musandam Peninsula, at the entrance to the Strait of Hormuz. This is a strategic shipping chokepoint through which a fifth of the world's oil consumption passes. In recent weeks, shipping through the Strait of Hormuz was a risky endeavor. Ships reported security incidents and shipowners took 'additional measures' as hostilities between Iran and the United States escalated. Reporting by Hatem Mahar and Enas Alashray; Editing By William Mallard & Kirsten Donovan
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India's record renewable power generation in July reduces coal's share to a 1-year low
In July, the share of coal in India's power generation mix fell to its lowest level?in an entire year as renewable energy production surged?to a new record high. The data revealed that renewable power has risen to 20% of India's total mix. The data showed that the number of kilowatt hours (kWh) consumed in July was 36.25, a 30% increase from last year. Grid-India, the state-run regulator, calculated that coal-power generation dropped to 65.7% from 69% in July. India's clean energy generation has risen as solar and wind output have exceeded 100 gigawatts. This is the first time that this figure was higher than 42.8%. Manoj Kumar, analyst at the Centre for Research on Energy and Clean Air said that the majority of peak power demand occurs during the daytime, when solar contributes more. He cited a rising renewable share in the nation's electricity generation. The data revealed that coal-fired electricity generation increased by 12.8% on an annual basis to 119.40 Gigawatt Hours in July. Analysts attribute the rise in coal-power production to a decline in hydropower and due to an El Nino pattern where "searing heat" is driving the demand for cooling at night. El Nino has caused a significant shift in rainfall patterns and elevated temperatures. This is why hydropower generation fell for the second consecutive month. CREA stated that the lower hydro generation due to El Nino combined with increased power demand could result in a gap in power generation of nearly 18 billion kWh. This will lead to an increase in coal-fired energy in India. Data showed that India's electricity production in July increased 10.4% compared to a year ago, reaching 181.79 billion kWh. Sethuraman N.R.; William Mallard, Editor
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.
(source: Reuters)