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FedEx expects revenue to rise 11% by 2026, but shares fall after margin drop
FedEx beat estimates for its quarterly profits?and projected an 11% increase in revenue by 2026. However, shares fell 5.7% after a margin drop in the core express segment. Delivery giant also predicted earnings per share between $16,90 and $18,10 for the year. It has shifted its fiscal year from May to coincide with the calendar, instead of its previous year-end. Analysts are still working on'models' that will allow them to compare the new forecast with their previous one. It also follows its June 1 spin-off of its freight trucking division, FedEx Freight. This is part of a multiyear effort by FedEx to streamline its operations and reduce costs. FedEx and UPS have to navigate the changing U.S. Trade Policies, including the ending of duty-free shipments for "de minimis", low-value e-commerce from China-linked discount retailer Shein?and Temu. This has had a negative impact on volumes. LSEG data shows that while its adjusted profit for the fourth quarter of $6.31 surpassed analysts' estimates of $5.96 but margins at its Federal Express core segment dropped to 7.7% compared to 8.4% a year ago as employee costs, fuel costs and outsourced transportation costs rose. Strong domestic demand helped boost quarterly revenue by 12.6%, to $25 billion. This was higher than the $24.04 billion expected. FedEx announced it would also buy back up to $1 billion worth of shares in 2026. Wall Street is focusing on the performance and results of FedEx's package delivery business. It is experiencing a?softness? in ecommerce, along with emerging strength? in the premium overnight business. FedEx's core segment, express, reported a revenue increase of 14%. The freight trucking division's revenue grew by 5%. Federal Express's segment operating results improved in the third quarter due to higher U.S. domestic package yields and International Priority Package yields, the company stated in a press release. Reporting by Nandan Mandyam from Bengaluru, and Lisa Baertlein from Los Angeles. Editing by Vijay Kishore.
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FedEx expects a 11% increase in revenue by 2026 after strong fourth-quarter profits on pricing
FedEx, a global delivery company, said that it expects its revenue to increase?about 11 percent and earnings per share to be in the range of 16 to 18 dollars. This comes after reporting on Tuesday a higher profit for the fourth quarter, helped by increased rates. FedEx's fiscal year has been aligned with the calendar. The fiscal year of FedEx ended on May 31, previously. This comes just weeks after FedEx Freight was spun off on June 1, as part of a multi-year effort to streamline its operations and reduce costs by billions of dollars. FedEx reported an adjusted profit per share of $6.31 for the quarter ending May 31 compared to $6.07 one year earlier. The quarter's revenue increased 12.6%, to $25 billion. This was largely due to strong domestic demand. FedEx and UPS are navigating the evolving U.S. Trade Policies, including the end of U.S. Duty-Free, "de minimis", low-value e-commerce from major China-linked discount retailer like Shein and Temu. This has had a negative impact on volumes. Wall Street is focusing on the performance of FedEx's package delivery business. It is still experiencing a softness in ecommerce, while gaining strength in its premium overnight business. FedEx's core segment, express, reported a 14% increase in revenue. The freight trucking division's revenue increased by 5%. Federal Express' segment operating results have improved in the last quarter, due to higher U.S. domestic package yields and International Priority package returns," the company stated in a press release. The world's biggest?air cargo operator reported an increase of?66% in fuel costs during the third quarter. It has a fleet of 391 turboprops and 391 cargo planes. (Reporting from Nandan Mandayam, Bengaluru; Lisa Baertlein, Los Angeles; editing by Vijay Kishore).
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El Nino could increase gas exports from Argentina to Brazil according to OLACDE's executive
A representative of the 'Latin American and 'Caribbean 'Energy Organization' (OLACDE), said that the El Nino phenomenon could cause Argentina's natural-gas sales to 'Brazil' to increase in the spring months in the Southern hemisphere. A strong El Nino will increase rainfall and frequency in Argentina. This would allow for greater use of hydroelectric power plants. The phenomenon will cause drought in western Brazil. This will require more natural gas to produce electricity at thermal power plants. Guido Maiulini of the strategic advisory department told Friday that Argentina may be able to export surpluses due to El Nino's impact on the Parana River. OLACDE is a regional organisation of 27 countries. Maiulini didn't estimate the amount that?gas sales, which are currently done ad-hoc, could increase. For the first time last year, Argentina exported gas to Brazil through Bolivian pipelines from its Vaca Muerta shale. REGIONAL GAS MARK Argentina is developing Vaca Muerta, located in the western part of the country. This area holds the second largest unconventional gas reserves worldwide and the fourth largest oil reserves. According to OLACDE a greater regional integration of gas is possible due to Vaca Muerta’s unconventional?resources? and?unmet demands in certain markets. OLACDE estimates that expanding regional trade would require an investment of $18 billion for infrastructure in 'Brazil and Uruguay, Paraguay and Chile, Bolivia, Argentina, Bolivia, Brazil, Uruguay. This includes a new gas pipeline connecting the Argentine province Santa Fe with 'Brazil Porto Alegre' and modifications to an existing pipeline linking Argentina to Bolivia. Maiulini said Argentina is currently negotiating with Brazil new gas export deals using pipelines located in Bolivia. (Reporting and writing by Eliana Razewski, Leila Miller, Editing by Rod Nickel).
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UN agency: UN evacuation plan for ships stranded in Gulf underway
The United Nations shipping agency announced on Tuesday that an evacuation plan is in place to allow hundreds of ships with 11,000 seafarers stuck?in?the Gulf to sail through the Strait of Hormuz. This follows the agreement between Iran and the U.S. to end hostilities. A spokesperson for the United Nations said, "We've started to contact the ships in order to begin the evacuation." The International Maritime Organization's (IMO) spokesperson said that the evacuation would begin as soon as possible. The IMO stated that it had?secured the necessary safety assurances and verified conditions for safe sailing. In a press release, IMO Secretary General Arsenio Dominguez stated that "this?large-scale?operation will be carried out closely in cooperation with Iran and Oman as well as all other coastal'states' in the region. The United States, too, are involved." Oman's Defence Ministry said in a separate advisory that the evacuation process, under the IMO Plan, which has been discussed for months, would be phased. It said that "given the elevated collision risk in the current climate,?a gradual and managed evacuation of vessel traffic was required." The Omani Ministry said that the "so-called Traffic Separation Scheme" was not safe to use at the moment and two temporary routes north and south could be used as evacuation routes. The advisory from the Ministry stated that "parties coordinated by IMO will contact each vessel individually to inform them of the?transit date they have been assigned." The scheme adopted by the IMO in '68 established routes through Iranian - and Omani waters. The waters surrounding Hormuz are a major risk due to floating mines. (Reporting and editing by Gareth Jones, Andrew Cawthorne and Jonathan Saul)
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Nord Stream 2 pipeline owner sues EU over Russian gas ban
A public document revealed that the owner of the Gazprom controlled Nord Stream 2 pipeline has filed a lawsuit against the European Union at the second highest court in the bloc, attempting to overturn the EU's phase-out of binding gas imports from Russia. In response to Moscow's invasion of Ukraine in 2022, the EU passed a law requiring all Russian gas imports to cease by late 2027. This would cut off all ties with Europe’s former largest supplier. The ban prevented the revival of the Nord Stream System - two double pipes under the Baltic Sea built by Russia's Gazprom state-controlled company to deliver 110 billion cubic meters of gas to Germany annually. Both structures were damaged by an explosion that occurred in August 2022. Russia accused Ukraine of the attack. Kyiv denied any involvement. Nord Stream 2 AG (the Swiss entity that owns a pipeline of the same name) has filed a suit before the EU General Court to overturn the EU ban. They claim that the EU ban is effectively securing the pipeline. Gazprom owns Nord Stream 2 AG. The applicant argues that the regulation essentially denies it the ability to use its pipeline commercially. The lawsuit stated that this is de facto expropriation, without compensation. Gazprom didn't immediately respond to an inquiry for comment. Both the European Parliament's and the Council of the EU's spokespeople declined to comment on the lawsuit. Nord Stream 2 is completed. However, Germany halted it just before Russia invaded Ukraine. The pipeline never began to operate. Nord Stream 1 has been delivering gas to Germany since more than a decade. The EU enacted its Russian gas embargo using a law which?required the approval of a strengthened majority of EU member countries. This was done to override?opposition by Hungary and Slovakia. Nord Stream 2 AG argued in its lawsuit that the Russian gas embargo was a sanction like measure that required approval from all EU member states. The lawsuit was filed on April 27th and published last week in the official journal of the EU. After the explosions, only one of the four pipelines - a part of Nord Stream 2 - remained intact. This month, Russian President Vladimir Putin stated that the pipeline could begin pumping gas "tomorrow." Before 2022, the EU will import around 40% of its gas. This dropped to 13% in the last year. (Reporting and additional reporting by America Hernandez, editing by Philip Blenkinsop & David Gregorio; Additional reporting by Kate Abnett)
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TotalEnergies CEO: We must invest in Gulf pipelines so as to avoid Hormuz.
By America Hernandez PARIS, June 23. CEO Patrick Pouyanne told an energy conference held in Paris that TotalEnergies must 'prioritise' the construction of pipelines to?export gas and oil?from the Middle East without having to send ships through the Strait of Hormuz. Pouyanne was asked to share his lessons learned over the past three-months of the Iran crisis, as Total is the major oil company most exposed to the Middle East. The Iran war has crippled the waterway that carries a fifth of the world’s oil to global markets. "The Strait of Hormuz is a real threat. We must act." "There is only one way to ensure that it does not remain a danger: we must invest into pipelines in order to bypass the Strait of Hormuz, this is our absolute priority," said he. Pouyanne also mentioned other export routes through Syria, Abu Dhabi and Iraq. Pouyanne explained that if you were in Iraq, and needed to reach the sea you could either go through Kuwait or Saudi Arabia or head towards Syria or Turkey. He said that Total found oil in Iraq in 1929 and built a?Iraq to Syria pipeline in just six years. The?world's biggest tanker of the time transported the oil across the Mediterranean, to a refinery in southern France. He added, "If our predecessors were able to do it 100 years ago, I think we should be able to do it again today."
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TSA: US agencies have confiscated more than 300 drones in the vicinity of World Cup sites
The Transportation Security Administration announced on Tuesday that U.S. agencies have seized more than 300 drones in the vicinity of FIFA 'World Cup venues, since the tournament started on June '11. Air traffic controllers must give specific permission for all aircraft operations on match days, including drones. This is within a three nautical mile radius and up to 3,000 ft above the ground around stadiums. The FBI field office in Miami said that it issued tickets to 49 drone operators for unauthorized flights, and confiscated 54 drones. The Federal Aviation Authority?has banned drones from overflying matches and fan gatherings in the United States. Drones are prohibited at?fan gatherings within a radius of one nautical mile and up to 1,000 feet above ground level. FAA officials said that drone operators who violate restricted airspace can be fined up to $100,000 and face criminal charges, as well as the confiscation of their drone. FBI teams are also stationed at World Cup stadiums in order to "detect and disable" unauthorised drones. Last year, Donald Trump signed an Executive Order to strengthen U.S. Defenses against threatening drones. Homeland Security Department also installed new counter-drone defense systems at the U.S. Mexico border in Texas. A man plead guilty last year after he was accused of violating defense airspace by flying a drone above a National Football League post-season game in Baltimore, in January 2025. Separately, Massachusetts?man charged with illegally?flying drone near the end line of April 2024 Boston Marathon. This prompted law enforcement officers to seize the drone mid-air. (Reporting by David Shepardson; Editing by Sanjeev Miglani)
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Gulf oil tanker prices nearly double as Middle East producers increase exports
Shipping data and sources indicate that oil tanker operators have made record profits this week after almost doubling the cost of hiring vessels to travel through the Strait of Hormuz or the wider Gulf region. This is due to the increasing demand for the waterway as it slowly begins to pick up. The strait's traffic has been relatively low since Iran lifted the effective blockade after agreeing on a 60-day truce with the U.S. last week. Meanwhile, talks are continuing to reach a permanent agreement to end the war. The number of vessels passing through Hormuz has dropped to a fraction of what it was before the conflict started on February 28. According to market estimates, up to 100 tankers are still stuck in the Gulf with their cargoes, adding to an already tight supply of vessels, as Middle Eastern producers increase exports. According to ship brokers, and other industry sources, the rates for hiring a vessel outside of the Strait?Hormuz are now $190,500 per day, up from $106,500 one week earlier. The prices also increased outside the Gulf area. According to ship brokers and industry sources, the average daily earnings of very large crude carriers have increased by over $50,000 in the last week for cargoes that need to pass through Hormuz. Ship broker Clarksons stated that "tanker owners were preparing for a surge in Middle East crude cargoes over the next few weeks. They are encouraged by the fact spot TCEs, or earnings (averaged more than $100,000/day) despite the drop in cargo volume following the U.S. Iran hostilities." In a statement, it stated: "This shows that the supply of (tankers) is extremely tight. A reopening of Hormuz will further tighten capacity." FLURRY OF TENDERS FROM MIDDLE-EAST PRODUCERS Middle Eastern producers have been offering crude in a frenzy of tenders, especially Abu Dhabi National Oil Company. They are encouraging buyers to load from within the Gulf and this is boosting demand for tankers. Sinokor, one of the largest operators of supertankers in the world, did not reply to a comment request. The group's Belgium B supertanker, the last vessel to enter the Gulf and load cargoes for the group on Monday, was heading towards terminals in Iraq. Ship tracking data from MarineTraffic revealed this on Tuesday. Insurance industry sources say that while tanker rates are up, war risk insurance costs have fallen in the last five days, to about 3% of a ship's value, from around 5% a week earlier, excluding discounts. It would be a reduction of hundreds of thousands in insurance costs for ships. After months of supply disruptions, buyers in India, such as the country's largest refiner Reliance have sought crude from this region. Reliance has not responded to a comment request.
Lebanon audits MEA Safety as Pilot Groups Voice Conflict Concerns
Lebanon's aviation regulator?performed a safety audit on Middle East Airlines after pilot groups expressed concerns that crews are being asked to fly near airstrikes, and penalized for reporting safety incidents. Letters seen by show. The audit focuses on the Beirut-based flag airline MEA which has kept Lebanon in touch through war, financial collapse and even when many foreign airlines have avoided Middle East airspace due to'missile and drone risk' since the Iran War began on February 28,
In a statement released?on? Wednesday, the MEA stated that it would continue to fly "after obtaining international guarantees" that the airport will remain outside of the conflict zone. MEA's fleet of 20 planes, which operates in the Middle East and Europe, as well as West Africa, was praised by Lebanese authorities for its continued flights and contribution to an economy more and more dependent on tourism and remittances.
The audit that took place over the past two weeks is "an annual process that has been planned for years and does not relate to the letter mentioned above", it said, adding that MEA hadn't had an accident in 60 years.
MEA had earlier stated that it has an excellent safety record and that all flights conducted during hostilities are based on risk assessment developed with the Lebanese Civil Aviation Authority and Lebanon's Government.
Multiple Israeli airstrikes landing near Lebanon's sole commercial airport since 2024 has raised concerns for the International Federation of Air Line Pilots' Associations. (IFALPA), a federation of global pilot unions. This is due to the history of civilian planes being shot down in or near conflict zones.
Israeli strikes against Lebanon have increased this year as the conflict between Iran-backed Hezbollah and Israel has intensified.
While some people may consider flying civilian aircraft with passengers through high-risk conflict zones in wartime heroic, we find this to be an unconscionable risk," IFALPA president Ron Hay wrote on May 12 in a letter to Lebanon's Central Bank, which owns a majority stake in MEA. The Banque du Liban referred questions to MEA. The airline said that the sons of MEA's chairman and LCAA's chairman were both MEA captains and had flown throughout the period.
REGULATOR CONDUCTS MEA SECURITY AUDIT
Mohammed Aziz (LCAA's head and air crash investigator) told IFALPA, in a letter dated May 15, that his team was going to conduct an aviation audit of MEA. They would also "engage in a dialog?with MEA in order to discuss your concerns stated in your letter." MEA stated that the LCAA's oversight activity on MEA between May 18 and June 1 confirmed compliance by the carrier with "regulatory requirements" as well as operational safety.
Aziz said that a meeting was held with MEA on Monday but that the LCAA was still in process. "We were in the middle of mediating between the pilots" and MEA.
MEA released a statement on Wednesday saying that the audit results "refuted", but did not provide any further details. MEA pilots said that they had financial incentives to fly because per-flight payments constituted a large part of their salaries. However, these have been cut due to the economic collapse in Lebanon that began in 2019.
IFALPA and other aviator organizations flagged cases in which pilots who reported unintentional mistakes to improve safety were punished by being sent to "training", which meant they lost out on their per-flight payment. Hay told me by phone that "we know for sure" that pilots had spoken up, and actions were taken against them. MEA stated that IFALPA’s allegations were unfounded, and training assignments were in accordance with regulatory requirements.
MEA stated in a public statement that, of the 32,000 flight it has operated since 2025's beginning, four of them had to be reviewed and five pilots sent on additional training flights. The MEA said that no training flights of this kind were conducted in 2026.
Pilots Contact Partner Airlines in the U.S. and Europe The safety concerns led pilot groups contact SkyTeam, an airline alliance that includes MEA, Air France, Delta Air Lines, and other carriers.
Dara van Langen, the chair of the SkyTeam Pilots Association said in an interview that if you are putting your passengers on a plane operated by a partner airline, you will want to make sure it is safe.
The U.S. Federal Aviation Administration and the European Union Aviation Safety Agency both require that airlines within their jurisdiction audit codeshare partners from other countries to ensure similar safety. Air France, who has a codeshare deal with MEA, says it audits its codeshare partners regularly. SkyTeam, Delta and other interline carriers with less comprehensive agreements said that they were aware of the pilots' concerns and were closely monitoring the situation.
MEA PAYS WORKERS IN CIVIL AVIATION
IFALPA also expressed concern that MEA paid LCAA employees overseeing aviation safety. A spreadsheet containing financial assistance received by LCAA for the month of November was reviewed. It showed that MEA paid dozens of LCAA workers, including three 'aviation safety workers.
If your airline pays (in part) for the oversight of its airline, then you don't have to say anything. Hay, IFALPA spokesperson said. MEA stated that it provided financial assistance in coordination with government to ensure Lebanon’s aviation infrastructure was functional after the collapse of its currency. It said that the pay of air traffic controllers was reduced by over 90%, to less than $100 per month.
The carrier claimed that its support of the LCAA did not impact the "independence or authority" of the agency, and Aziz and other leaders were not paid. (Reporting from Allison Lampert, Montreal; Additional reporting provided by Maya Gebeily, Beirut; Editing done by Jamie Freed and Alexander Smith).
(source: Reuters)