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TUI's quarterly loss shrinks on booking resilience in spite of Iran War
Europe's largest tour company, TUI, ?posted a slightly narrower-than-expected second-quarter adjusted operating loss ?on Wednesday thanks to ?resilience in ?bookings. The?German tour operator reported a loss for the March 31 quarter of 188 millions euros ($221million), 9% less than the year before, despite the 40 million euro hit caused by the Iran War that forced flight cancellations and ship rerouting. Analysts surveyed by LSEG projected a loss of 194 millions euros. "The very good results give us confidence for the second half." Due to geopolitical challenges and dynamic operating conditions this will require a great deal of dedication and flexibility, Chief Executive Sebastian Ebel stated in a press release. The company has confirmed that it will achieve an operating profit adjusted between 1.1 billion and 1.4 billion euro for the financial year 2026. This is in line with its April forecast. TUI suspended its revenue forecast for the upcoming fiscal year in April due to the spiraling jet fuel prices and the uncertainty surrounding the war in the Middle East. Airlines have warned about the impact of the war on the travel industry, and tourists are booking more trips at the last minute to avoid any disruption.
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E.ON announces slight increase in core earnings for the first quarter, but keeps outlook
E.ON, Europe's largest network operator, reported a 2% increase in core profits in the first quarter, it announced?on Wednesday. This was partly due to its industrial customers in Germany, its home market. The company confirmed that the adjusted core profit for the period of January to March was $3.87 billion. It also confirmed its outlook for this year. The company said that investments in the period dropped to 1.4 billion euros, down from 1.5 billion the previous year. It cited a 'cold winter in Germany which caused delays in upgrading the network infrastructure. Finance chief Nadia Jakobi stated: "We are building the infrastructure Europe's electrified energy systems needs in these economically and geopolitically difficult times - high-performing digital and future-proof." E.ON - which announced plans to purchase British energy retailer 'Ovo Energy' earlier this week - said that it expects an adjusted net profit of 2.7 to 2.9 billion euro this year. In a survey conducted by the company, analysts expect a core adjusted profit of 9.6 billion dollars and a net adjusted profit of 2.9 milliards euros. ($1 = 0.8522 euro) (Reporting and editing by Kirstiknolle, with Christoph Steitz)
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Document shows that the Vietnam state oil company has asked US Navy to allow tankers through the blockade.
In a Tuesday letter, the trading arm of Vietnam’s state oil company urged the U.S. Navy not to block a crude oil tanker with Iraqi oil from securing vital supplies for a Vietnamese refinery. The U.S. Military has extended its shipping blockade against Iran to include contraband cargoes, but has stated that other oil exports to the Gulf are allowed to pass through. Data from the MarineTraffic platform revealed that the Maltese flagged Agio Fanourios I supertanker made a U turn on May 11 after sailing out of the Strait of Hormuz and into the Gulf of Oman. In response to a question about the tanker, the U.S. Central Command issued a statement. The statement did not make it clear if the U.S. Navy will eventually allow the vessel's voyage to Vietnam. According to Iran's semiofficial Tasnim News Agency, the vessel had used Iran's designated tanker route on Sunday. The U.S. and Israeli war against Iran has led to the closing of?the Strait of Hormuz, leaving hundreds of ships stranded. This critical waterway is where 20% of global energy supplies pass. In a letter sent on May 12 to U.S. diplomatic and military missions, Petrovietnam Oil Corporation Vice President Hoang Dinh Tung stated that "this cargo is of great importance to Nghi Son Refinery and the?Socialist?Republic of?Vietnam." "NSRP feedstock inventories are critically low. Any further delay could halt refinery throughput and have cascading effects for millions of Vietnamese businesses, consumers, public services, and industries." PVOIL confirmed "unambiguously" that the vessel was loaded with Basra crude oil from Iraq, sold by Iraq's State Oil Company SOMO between April 10-14.
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Britain will bring 10 people into the UK as a precautionary measure after an outbreak of hantavirus
Britain announced on Tuesday that 10 people from remote islands, including passengers of cruise ships and medical staff, who have had contact with confirmed cases, would be brought to Britain for precautionary isolation. The UK Health Security Agency stated that the individuals are already isolated and do not show symptoms. It said the move was taken 'as a preventative measure. All 10 are British citizens. The outbreak is 'linked to luxury cruise ship MV Hondius which traveled through the South Atlantic and stopped at various places. The 10 people who are being sent to Britain come from the British overseas territories of Saint Helena Island and Ascension Island. According to the 'website of the cruise line,' 32 passengers and one crew member disembarked at Saint Helena. Two guests were evacuated for medical reasons via Ascension Island. In a Monday statement, the governor of Saint Helena Ascension Tristan da Cunha stated that residents on Ascension Island, who had treated a confirmed case, were being moved to Britain, as a precaution. Replacement clinicians have been flown in to maintain health care?on island. Governor Nigel Phillips stated that on Saint Helena a'small number of people who had traveled aboard the cruise ship have been assessed as higher-risk contact. UKHSA recommended that, even though the risk of illness was low, they be moved to Britain in order to complete their self isolation. The British government didn't immediately respond to an inquiry for more details. The 'health agency' added that the risk to the public was low, and it said they would continue to monitor and trace people connected to the ship. (Reporting and editing by Cynthia Osterman & Rod Nickel; Sam Tabahriti)
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Official Iranian says that the oil spill in Gulf is likely due to tanker dump.
Iran's top environment official stated on 'Tuesday' that the suspected oil spill in the Gulf near Iran’s Kharg Island was likely caused by a tanker dumping waste water, and not an oil leak. Satellite imagery shows a suspected oil spill that covers dozens of square kilometers of sea near Iran’s main oil hub, Kharg Island. Images from Copernicus Sentinel-1 and Sentinel-2 satellites on May 6-8 showed a likely spill, which appeared as a gray and white slick. State media reported that?Iranian vice-president Shina Ansari stated: "Our results of monitoring show that the spill was caused by ballast water discharged from a tanker from outside Iran, and there have not been any oil leaks reported from Iran's?pipelines or?oil facilities." Louis Goddard said that the images likely showed an oil slick. He said it was the largest slick to occur since the U.S. and Israel war against Iran began 70 days ago. Iran's Oil Terminals Company said on Sunday that inspections had found no evidence of leaks in storage tanks, pipelines or tankers near the island. Reporting by Dubai Newsroom; Editing Cynthia Osterman
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Source: Ivory Coast officials will be sent to the cocoa farmers' protests in order to quell them.
Sources close to the Coffee and Cocoa Council of Ivory Coast (CCC), have confirmed that officials will be sent to the centre-eastern region to ease tensions between farmers and council members who protested last week about unsold cocoa beans they'say are rotting', despite the council having promised to purchase the beans. Farmers and cooperatives said on Tuesday that they haven't been paid for the beans they sold during their main crop. This has fueled protests and discouragement, which could affect the next harvest. CCC managers are going to M'Batto in the centre-east, where last week police used tear gas on dozens of farmers who blocked roads and demanded payment for their cacao. CCC and agriculture ministry did not respond to requests for comment. The CCC and the agriculture ministry were not immediately available for comment. The government has launched a program to collect unsold beans. However, many farmers and cooperatives claim they have still not received payment for the main crop cocoa harvested between October and March. UNPAID COCOA HAZARDS NEXT FARM The head of the cooperative in the Daloa region, which represents?more? than 300 farmers, said that it still has about 150 metric tonnes of beans left over from the main harvest. He said that the farmers were demoralised by the payment delays and mistrustful of their cooperative. Some farmers have become ill, but lack money to pay for medical care. Albert Konan is a farmer who manages the cooperative. He said that the situation would affect the next main crop harvest, because the growers had been counting on large sums of money for the maintenance of their plantations. The cocoa trader in Europe said that the current situation is not affecting prices or supplies as it is localised. However, there is concern about next season's impact if the issue is not resolved. Farmers may decide to keep their cocoa. In the western regions Soubre and Duekoue several farmers have said that they are resigned to selling the main-crop of cocoa at the lower mid-crop of 1,300 CFA Francs ($2.34) a kilogram. We can't get the main crop price of 2,800 Francs per kilogram. Salif Kone who farms near Duekoue said that the beans in the main crop were going bad so he sold them at 1,300 Francs per kilogram. The Ivorian platform for sustainable cocoa, which advocates farmers and proposes reforms for better cocoa governance said that it was aware of farmers who still hold unsold main crop stocks, but it couldn't estimate the volume involved. "The government has made efforts to reduce inventories (unsold). Despite all these efforts, farmers are still not paid for cocoa that has been bought. Pauline Zei is the manager of this platform. She said, "We understand their distress."
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Britain will bring 10 people into the UK as a precautionary measure after an outbreak of hantavirus
British health officials announced on Tuesday that 10 individuals from remote British islands who are 'contacts' of those involved in the hantavirus epidemic will be brought into the UK to undergo precautionary isolation. UK Health Security Agency stated that the individuals are already isolated and do not show any symptoms. It was a precautionary measure, it said. The outbreak is linked to the luxury cruise ship, MV Hondius. It travelled across the South Atlantic and made several stops. The 10 people who are being transferred to Britain come from Saint Helena Island and Ascension Island, two overseas territories. The cruise company's site states that 32 passengers and one crew member disembarked the ship at Saint Helena, and two other guests were evacuated for medical reasons via Ascension Island. The British 'government' did not respond immediately to a question about the identifies of the individuals. The agency added that there was a very low risk to the public and said it would continue to monitor and trace people connected to the ship. (Reporting and editing by Cynthia Osterman; Sam Tabahriti)
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Document shows that Vietnam's state oil firm urges the US Navy to allow tankers through Hormuz
PV OIL, the trading arm of Vietnam’s state oil firm, has written to the U.S. Navy urging it to allow an Iraqi crude oil tanker to pass through its blockade in the Middle East Gulf and supply a Vietnamese refinery with critical supplies. The US military has extended its shipping ban on Iran to include contraband cargoes, but has stated that other oil exports are allowed to pass through. Ship tracking data from the MarineTraffic platform revealed on Tuesday that the?Maltese flagged Agio Fanourios I, carrying 2 million barrels of crude, left the Strait of Hormuz and was sailing into the Gulf of Oman on May 10. It then made a U turn on May 11. The US Navy did not confirm whether the vessel was detained or stopped. The?U.S. and Israeli war against Iran has led to the closing of the Strait of Hormuz, leaving hundreds of ships stranded. This critical waterway is where 20% of global energy supply passes. In a letter dated May 12, Petrovietnam Oil Corporation Vice President Hoang Dinh Tung - who was sent to U.S. military and diplomatic missions - said that "this cargo is of great importance to the Nghi Son 'Refinery, to the Socialist Republic of Vietnam, and to the Vietnamese People." "NSRP feedstock inventories have reached critical levels; any further delay could halt refinery throughput and cause cascading effects for millions of Vietnamese businesses, consumers, public services, and industries." PVOIL confirmed "unambiguously" that the vessel was loaded with Basra crude sold by the Iraqi oil company SOMO between April 10 and 14. U.S. officials didn't immediately respond to an inquiry for comment.
China's fishing vessel raises concern off Argentina
A radio on an Argentine Coast Guard ship picked up a garbled Mandarin message from boats nearby.
The vessels were part of a fleet of 200 Chinese fishing boats that spend several months each year in the waters off South America, primarily to catch squid for 'the world's biggest squid markets'.
Over the past decade, the size of the flotilla increased by almost 50%. Buenos Aires increased its surveillance in that period to ensure the flotilla didn't fish within the exclusive economic zones where Argentina controls all maritime resources.
Interviews with four Argentinean and four U.S. officials revealed that Washington also had concerns about overfishing outside of the country's borders, and suspicions about intelligence gathering. Washington began highlighting global overfishing of Chinese-flagged ships in the late 2010s when the first Donald Trump Administration started to stress U.S. rivalry with Beijing. Trump, who extended a $20 billion financial lifeline to the government of Argentinean leader Javier Milei last year, has declared U.S. 'dominance' over the Western Hemisphere as a major objective of his administration.
Washington is at odds with China because it has invested heavily in Latin America over the past 20 years, including Argentina. Beijing has built port facilities in Brazil and Peru, developed Venezuela's petroleum sector and established a military-run station for space observation in Argentina.
In response to questions, the Chinese Foreign Ministry stated that suspicions about intelligence gathering surrounding the fishing fleet are "pure speculations without any factual foundation."
The ministry stated that "China is an responsible fishing nation. It strictly enforces the regulations of its distant water fishing activities, and engages in mutually beneficial fishing cooperation with the relevant countries according to international law."
The U.S. helped Argentina improve its patrols to protect its waters against illegal fishing. This included approving the purchase of P-3C Orion maritime reconnaissance aircraft, which are U.S. origin.
Marcelo Rozas, vice-minister of defense for 2025, has said that Argentina had suspicions about some Chinese fishing vessels being equipped with antennas which are incompatible with fishing activities.
He said that they may have been looking to intercept communications or information, but did not provide any details on the antennas.
Buenos Aires, Washington, and Argentina have discussed Chinese vessels observed by Argentina moving in a way that indicates they may be mapping the continental plate for undersea resource, said Juan Battaleme.
Only Argentina is allowed to explore and exploit the resources in its shelf under international law.
Washington was worried that China's fleet is being used to establish a regional presence, and to?test Argentina’s ability to control their waters in the South Atlantic which provides access to Antarctica, and other important water passages.
People interviewed for this article did not offer any evidence to support their suspicions. The review of maritime movement from January 2025 until March 2026, using a ship tracking platform developed by New Zealand's Starboard Maritime intelligence?found no evidence that Chinese-flagged ships were engaged in mass seabed map activity around Argentina at that time. Data from the firm did not exclude such an activity on a smaller-scale.
Battaleme, without revealing any details, said that Argentine officials notified Beijing whenever incidents of possible seabed map mapping were spotted.
He said that the Chinese officials responded with "ambiguous excuses"?about why a boat's trajectory had been changed.
China's Foreign Ministry ?did not address a question on its interactions with Argentine officials in its statement.Argentina's defense ministry and coast guard did not respond to requests for comment.
A spokesperson from the U.S. Department of Defense declined to comment on specifics of the private diplomatic or intelligence discussions with Buenos Aires. However, Washington viewed Argentina as a "key leader in regional safety."
A Pentagon spokesperson stated that the Pentagon was concerned about activities which "challenge sovereign nations' ability to manage their waters" and "aware of the global concerns regarding dual-use nature certain distant-water fisheries fleets".
MASSIVE FLEET
The size of China's massively subsidized far-water fishing fleet is the root cause of global overfishing concerns. It is the largest fleet in the world.
According to the London-based ODI Global, China's naval fleet is composed of over 16,000 boats. However, in 2023 the Chinese government stated that this number was only 2,500.
Oceana, a U.S. nonprofit organization, said that last year about half of visible global fishing activities can be attributed Beijing.
Chinese fleets have expanded around the world, largely because Beijing has overfished its own coasts and depleted stock levels.
Collin Koh is a security expert at Singapore's S. Rajaratnam School of International Studies. He said that such fleets in the South China Sea include militia units, whose members are fishermen by day but who can be called upon to assist Beijing with security tasks.
Gregory Poling, an expert in maritime security at the Center for Strategic and International Studies (CSIS), said that he saw no evidence of systematic militia activities by the Chinese off the coast of Latin America. He said that China had not acknowledged publicly the presence of commercial vessels in its maritime miltia.
U.S. officials who are studying the Chinese presence in Argentina "wonder... whether these boats played any role in gathering intel for the Chinese," according to Jana Nelson, the top Pentagon official in the Biden Administration for this region.
She stated that she didn't know if the conclusion was reached.
The fleet is located near strategic waters. U.S. aircraft carrier ships pass through the Strait of Magellan which connects the Atlantic Ocean and Pacific Oceans, and offers an alternative to the Panama Canal.
Despite Milei’s friendship with Trump, and his previous remarks that Argentine waters are "invaded" by illegal fisherman, his government has avoided mentioning China directly when discussing the foreign vessel. Other countries operate fishing boats as well. While most are Chinese-flagged, there are also other nations that operate in this area.
Battaleme stated that unlike Washington, Argentina does not have a rivalry strategic with China. Beijing, Argentina's largest trading partner since March, buys important agricultural exports such as soybeans and cattle. Beijing has become a major player in the investment world, investing money in sectors ranging from renewable energy to infrastructure and lithium.
Battaleme said that it was in Argentina's best interest to find out if China gathers intelligence by using its fleet.
He said that in this sense, North American interests and ours coincide.
'SURPRISE FACTOR'
The majority of the squid-fishing near Argentina occurs at night when boats use beams to attract Illex Squid migrating into the high seas. Trawlers drag nets during the day to capture other fish.
Argentina raised its concerns about overfishing in discussions with Beijing and other countries, hoping to achieve an agreement that would protect the stock.
"They are fishing viciously in the region," said Marcela, a specialist on squid at Argentina's National Institute for Fisheries Research and Development.
I was aboard the Argentine Coast Guard ship Azopardo when it sailed outside the EEZ of the country, towards the bright lights from the fleet's squid boat.
On the radar screen, a red line marked where the EEZ began. Outside were hundreds of green triangles that represented foreign boats.
Bruno Cian, auxiliary coast guard officer, said: "The idea is that there should be a surprise element." To see who is infringing." Even as recently as 2016, Argentina sank an illegally fishing Chinese trawler.
The days of coast guards chasing boats on the high seas, firing warning shots to try and capture them for fishing illegally are over.
The data from the Coast Guard shows that there were only four suspected incidents of illegal fishing by foreign vessels in the EEZ during 2021-2025.
Battaleme stated that "we are certain that the Chinese now know that we can monitor them." Reporting by Leila Mille in Buenos Aires, and Farah Masters in Hong Kong. Additional reporting by Pete McKenzie. Editing by Katerina Ang.
(source: Reuters)