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After the crisis, India's Petronet is expecting to receive a full supply of Qatar LNG.
A. K. Singh, the chief executive of India's largest?gas importer Petronet LNG, said that he expects to recieve his full contracted amount from Qatar once the?political situation? in?the Middle East stabilizes. Qatar, India’s largest LNG provider, has signed a contract with Petronet to supply 9-10 cargoes of LNG per month, or 7.5 million tons. In March, however, the?supplies ceased following the?Closure of the Strait of Hormuz. Iran also struck two of Qatar’s 14 LNG trains, forcing it to declare force majeure. Qatar has said that repairs will prevent the production of 12.8 million tonnes per year of LNG from Qatar for three to five more years. Singh stated that Petronet did not receive cargo from trains damaged by attacks. Singh said at a press briefing that he hoped and expected his supplies would not be cut. He added that Qatar had notified the company about force majeure in May deliveries. Petronet is building three new LNG tanks, two in a new import terminal in eastern India and another at the Kochi terminal to the south. Singh also said that they are scouting land to build four more tanks near their Dahej terminal which processes 22.5 million tons per year in western Gujarat.
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Wall St to open mixed as US-Iran tensions unnerve investors
Wall Street's major indexes are on course for a choppy opening on Monday, as 'heightened investor anxiety' over the Middle East conflict has tempered optimism following last week's earnings. Futures were thrown into turmoil at the start of the week following conflicting reports regarding a U.S. Warship near the Strait of Hormuz. Tehran claimed that it forced a U.S. Warship to return after it tried to enter the Strait of Hormuz. The semi-official Fars News Agency in Iran reported that two missiles hit the warship. However, the United States has denied this report. Investors were prompted to pause after a strong earnings run last week as they assessed the aggressive rhetoric from Washington and Tehran, and the risk of a renewed escalation. Mark?Malek is chief investment officer of Siebert Financial. He said: "I do not believe that the markets are properly pricing in the long-term risk that will come." There will be more shoe drops. You'll see it in your future earnings, he said. He was referring to the increased risk of higher oil prices. As oil prices remain high, the conflict has continued to exacerbate the global economy. Brent crude futures are now trading at over $110 per barrel, up 2.5% from Monday. At 8:44 am. At 8:44 a.m. ET, Dow E Minis dropped 131 points or 0.26%. S&P 500 E Minis lost 5.25 point or 0.07%. Nasdaq E Minis gained 31 points or 0.11%. History has shown that May marks the beginning of a six-month period when stocks are weaker. According to Fidelity data, from 1945 until April 2026 the S&P 500 gained on average about 2% between May and October. This compares to an average gain of 7% between November and April. Adam Turnquist is chief technical strategist for LPL Financial. He said that seasonal patterns are useful in the past, but not always reliable indicators of what's to come. Oil prices falling and tensions in the Middle East easing could continue to support equities. This is especially true if earnings are resilient. Berkshire Hathaway announced on Saturday it had been a net seller of stocks for 14 consecutive quarters. Conglomerates are often seen as bellwethers of the U.S. economy. The conglomerate is closely monitored for its insights into valuations and market conditions. GameStop shares fell 3.6%, while eBay's rose 7.3%. This was after the video game retailer announced a plan to buy eBay for $56 billion. After Amazon.com announced on Monday that it would be rolling out "Amazon Supply Chain Services", which will allow other businesses to access its logistics network, shares of FedEx and United Parcel Service dropped 4.5% and 3.3% respectively. Reporting by Niket Nishant and Utkarsh hathi in Bengalur; editing by Arun K. Koyyur, Pooja D. Desai
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Ukraine: Russia is intensifying drone attacks on Ukrainian ports
Kyiv reported on Monday that Russia had stepped up its attack against Ukrainian port infrastructure this year. It used?more 800 drones to carry out its attacks, which is more than ten times what it did in the same time period last year. Keep the seaports open in southern Odesa, as they are vital to Ukraine's wartime economy and hard currency revenue. Oleksii Kulba, Ukraine's Minister of Infrastructure, said that despite the attacks, Ukraine's ports have processed more than 30 millions metric tons since the beginning of the year. In recent months, almost daily Russian attacks have been reported on Ukraine's south?region. Damage to port infrastructure and warehouses has also been regularly reported by?officials. Kuleba, a Telegram user, said that since the start of Moscow’s full-scale invasion in Ukraine, which began in February 2022, Russian'strikes' have damaged or destroyed more than 900 ports, including 177 civil vessels. Data from the central?bank showed that exports of goods to Ukraine increased by just 0.6% year-on-year in March. (Reporting and editing by Alexander Smith; Yuliia?Dysa)
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JetBlue and Frontier share prices rise as Spirit shares fall to make room for growth
Frontier Airlines shares and JetBlue Airways shares rose in premarket trade on Monday after rival Spirit Airlines closed shop. This fueled hopes that the carriers could capture a?marketshare, control prices and absorb displaced customers. JetBlue's shares rose by about 5% while Frontier's gained 4%. After failing to secure creditor support for the U.S. Government bailout plan, bankrupt 'carrier Spirit' ceased its operations on Saturday, becoming the industry's?first casualty linked to Iran war. Spirit cancelled all flights and started a planned wind-down. This ended a 34-year-old run based on a model with no frills that had lost its appeal as more travelers chose comfort after the pandemic. Its exit would allow rivals to gain market share and ease the price wars that have squeezed the margins of the U.S. airlines, especially in "leisure-heavy" markets like Florida. Cirium, an aviation analytics firm, reported that Spirit had 4119 domestic flights between May 1 and 15 scheduled, offering 809 638 seats. Frontier and JetBlue both pursued Spirit at one time, but Frontier was the first to do so in early 2022 with a cash-and stock merger deal. JetBlue outbid Frontier, and the two companies signed a $3.8 Billion deal. However, in January 2024 a federal judge blocked this tie-up on antitrust grounds. FRONTIER AND JETBLUE MOVE TO THE BENEFIT Frontier, Spirit’s main competitor in the ultra-low cost segment, was already making gains in Spirit’s Florida-based airline’s stronghold markets, as Spirit reduced capacity during its bankruptcy proceeding, picking up price sensitive passengers. JetBlue is also gaining on the overlapping routes, and with travelers who are upgrading from basic flying. Its goal is to make Fort Lauderdale its third major hub following New York John F. Kennedy Airport (JFK) and Boston Logan Airport. Tom Fitzgerald, TD Cowen's analyst, wrote in a note: "We believe that the Blue Sky partnership between United and JetBlue is best positioned over time to capture (Spirit’s) revenue." Fitzgerald said that while Frontier Airlines and Spirit have a similar business model and a similar overlap, the Blue Sky loyalty utility program is more likely to offer 'value for money' in places like Fort Lauderdale, Orlando, and Newark, among other markets. JetBlue acted quickly to offer $99 rescue fares to Spirit passengers stranded at Fort Lauderdale-Hollywood International Airport, Florida. JetBlue also announced plans for an expansion of service in the Spirit hub's largest airport, Fort Lauderdale-Hollywood International Airport, Florida. The airline expects to have nearly 130 daily departures this summer from Fort Lauderdale, which is the largest number of flights in its history. This will be 75% more than 2025.
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The US has pledged to increase shipping through the Strait of Hormuz, but most of it is at a standstill.
On Monday, there were no signs that?increased vessel?traffic through the Strait?of Hormuz had increased. This was a day after?President?Donald Trump announced the U.S.'s intention to begin efforts to increase shipping. MarineTraffic data revealed that only one tanker and a small, sanctioned LPG carrier as well as a few cargo vessels, a cable-laying ship, and a few cargo ships passed through the Gulf of Oman Monday. There were no tankers or commercial vessels in line to transit. German shipping group Hapag-Lloyd stated that transit was impossible for their vessels due to unclear procedures regarding safe passage. U.S. CENTCOM (Central Command) announced that it would help restore freedom of movement through the strait beginning Monday while continuing to blockade iranian ports. BIMCO, a shipping association, said that the industry had not received any information about the U.S. operation or its intentions, and the overall security situation remained unchanged. Jakob Larsen said that it was not yet clear if the Iranian threat against ships could be reduced or eliminated without Iran's consent to allow commercial?ships to safely transit the Strait of Hormuz. BIMCO issues security alerts to the industry. The International Maritime Organization reported that hundreds of commercial vessels, and possibly up to 20,000 mariners, have been unable transit the waterway due to the Iran War. The Joint Maritime Information Center, led by the United States, said that the threat level to maritime security in the strait remained 'critical' and advised mariners on how they could avoid the strait via Omani waters south of traffic separation?scheme. CENTCOM called U.S. missions "defensive", and stated that they would combine military coordination with diplomatic efforts. Iran warned the U.S., while at the same time, Iran. The Navy was told to keep out of the Strait of Hormuz, and commercial vessels were instructed to coordinate their passages with Iran's military. It also released a map showing what it claimed was Iran's?control?area. Pakistan has confirmed that all 22 crew of the Iranian flagged container ship Touska were evacuated to Pakistan by U.S. Forces last month and will be returned home. Pakistan's Foreign Ministry said that the vessel would also be returned to its owners after repairs. It called this a "confidence building measure". The U.S. Navy's blockade of Iranian ports, which began on April 13, has also reduced Tehran's oil imports. (Reporting and editing by Alexander Smith; Additional reporting in London by Ahmad Ghaddar; Reporting by Nerijus Adomiaitis)
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Wall St Futures fall as US-Iran tensions increase volatility
Wall Street futures were volatile on Monday following?conflicting news reports about a?U.S. The presence of a warship in the Strait of Hormuz has heightened investor anxiety about the Middle East conflict. The futures market fell after the Fars news agency reported that two missiles were fired at a U.S. ship attempting to cross through the Strait of Hormuz. Later, they reduced their losses after an Axios journalist posted on X a statement that a senior U.S. government official denied the attack. The fluctuations highlighted how sensitive investors are to headlines relating to the conflict, especially when they consider geopolitical risk against a backdrop of strong earnings. The U.S.-Iran War remains a major concern, despite the recent strong quarter reports of corporate America. As oil prices remain high and the risk of renewed hostilities continues, the conflict has continued to impact on global economies. At 6:49 a.m. At 6:49 a.m. ET, Dow E Minis dropped 189 points or 0.38%. S&P 500 E Minis fell by 6.5 points or 0.09%. Nasdaq E Minis lost 5.25 or 0.02%. The oil price rose by 3.7% to $110 per barrel. Brian Jacobsen is the chief economist strategist at Annex Wealth Management. He said that the markets can see through the fog if it's likely to lift in a reasonable time frame. It's important to remember that the moment is not permanent. It's easy to overlook this when you are living the "for now" part. Berkshire Hathaway announced on Saturday that they were a net seller of stocks for the fourteenth consecutive quarter. Conglomerate is often seen as a bellwether for the U.S. Economy. Its insight into market conditions and valuations are closely monitored. In premarket trading, GameStop shares fell 4% while eBay shares rose 9.5% after the videogame retailer announced a proposal to purchase eBay for $56 billion. Shares in?logistics companies FedEx and United Parcel Service dropped?more?than 2% after Amazon.com announced on Monday that it would be rolling out "Amazon Supply Chain Services", allowing other businesses to access its logistics network. (Reporting and editing by Arun K. Koyyur, Pooja D. Desai and Utkarsh H. Hathi from Bengalur)
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Lazard hires Ure, former Western Midstream chief executive officer as senior advisor
Lazard, an investment bank, has hired former Western Midstream Partners Chief Executive Michael Ure to be a senior advisor in the group's energy, infrastructure, and power. Ure, who is based in Houston, has been in management and executive roles for more than 20 years, according to the statement. He worked at Occidental Petroleum as senior vice president of business development and Shell. He was most notable as the head of Western Midstream. Ure was named CEO of Western Midstream in August '2019. He guided the company as Occidental acquired Anadarko Petroleum, giving it control over Western Midstream. Ure remained in this position until October 2024. George Bilicic is the global head of energy, power & infrastructure at Lazard. He says that Ure's experience leading Western Midstream during a period of?significant?strategic change and organizational activity, including complex capital-allocation, acquisition and merger activity, will give Ure an?unique vantage point which will strengthen the?strategic advice?which Lazard gives to clients in the global energy market. Peter Orszag is the CEO of Lazard. He said, "Leaders such as Michael have a unique perspective on how important decisions are made. This strengthens Lazard's differentiated advice to clients."
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Amazon expands its logistics network for other businesses
Amazon.com announced on Monday that it would be launching "Amazon Supply Chain Services", which will allow other businesses to access its logistic network. The company announced that businesses of all sizes and types can now store, move and deliver anything from raw materials to final products, using Amazon's supply-chain network. This includes freight, fulfillment and distribution, as well as parcel shipping. In premarket trading, UPS and FedEx shares fell by 1.5% and 2.5% respectively. Amazon announced that Procter & Gamble and American Eagle Outfitters, both apparel firms, were among the earliest to sign up for a supply-chain service. Amazon has a network of more than 80,000 trailers, 24,000 intermodal container and 100 aircraft. (Reporting by Deborah Sophia in Bengaluru; Editing by Shilpi Majumdar)
Financial Times - Oct 24
The following are the leading stories in the Financial Times. Reuters has actually not validated these stories and does not guarantee their accuracy.
Headings
- Addison Lee to be bought by Singapore-listed group in 269 mln pounds deal
- UK ministers explore utilizing break stipulations in asylum real estate agreements
- Arm cancels Qualcomm's chip design licence amidst legal dispute
- UK competition regulator to probe investment barriers
- Intesa Sanpaolo unveils plans to cut 9000 tasks
Overview
- Addison Lee, the UK-based private-hire taxi and carrier business, has actually accepted be purchased by Singapore-listed transportation conglomerate ComfortDelGro in an offer valuing the organization at 269.1 million pounds ($ 347.68 million).
- Britain ministers are eager to renegotiate terms or end the contracts for asylum accommodation with outsourcers including Serco and Mears as personal companies made big earnings.
- SoftBank owned Arm has told US chipmaker Qualcomm it will cancel its chip style licence, raising the stakes in a copyright conflict set to go to trial in December.
- The Competition and Markets Authority, Britain's. competitors watchdog, has actually released a research study into barriers to. investment in the UK, consisting of how competition affects the. beauty of the UK as an investment destination.
- Intesa Sanpaolo, Italy's largest bank, revealed. intend on Wednesday to axe almost 10 per cent of its labor force as. it aims to decrease expenses and accelerate its digital. change.
(source: Reuters)