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Commerzbank's supervisory board met 11 times in order to discuss UniCredit 2025.
According to the annual report published by Commerzbank on Wednesday, a special committee of the?supervisory council met '11 times' in '2025 to discuss Italy's UniCredit. The Italian bank is the largest shareholder and made a hostile takeover bid last week. Commerzbank’s supervisory committee formed a temporary committee when UniCredit began to amass its large stake in?2024. The annual report stated that the committee had "conducted a thorough examination of UniCredit’s stake in Commerzbank, and its impact on the bank. It also received reports from the board of managing director as well as external and internal advisers." Last week, UniCredit increased the 'pressure on Commerzbank by submitting a lowball offer to increase its?stake above?30%. The?management of Commerzbank has called UniCredit’s approach hostile. UniCredit has been rejected by both the German government and unions. The German government is a large Commerzbank investor. In the annual report, it was stated that 'the special committee discussion?on UniCredit included a?market climate and the share price of both banks.
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Mobico, owner of National Express, appoints Iglesias to be its CEO in order to turn around the company
National Express's owner Mobico Group named insider Paco Iglesias its new Chief Executive Officer?on Wednesday. The company is looking to streamline its operations and increase profits. At 0836 GMT, the company's share price was down 1% to 19.6 pence. Iglesias is currently the chief operating officer of the company and has been the head of its largest unit, which is the Spanish transport business Alsa, since 2016. In a press release, Executive Chairman Phil White stated that "(Iglesias is) the ideal candidate to lead the business into its next chapter of growth and ensure the value inherent in Group's Portfolio is better reflected." Mobico took steps to help stabilize the business, including cost-cutting measures, integrating certain?of its companies and reevaluating contracts. White, who had taken on executive responsibilities in May of last year after the departure from CEO Ignacio Garat will resume his role as non-executive chairman starting October. In February, Mobico forecast an adjusted operating profit for 2026 of between 195 and 210 million pound ($261.03 to 210 million pounds), compared to the 198 million pounds reported by 2025.
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Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The U.S. and Israeli war against Iran has caused a surge in jet fuel costs, which has impacted the global aviation industry. Airlines have raised fares?and revised financial forecasts. In recent days, jet fuel prices have increased from $85 to $90 per barrel up to $150 to $200 per barrel for an industry where fuel can account for as much as a quarter or more of their operating costs. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline anticipates that a rise in fuel prices and the suspension of Middle East flights will have a "notable" impact on its first quarter results. AIR FRANCE-KLM The airline group announced that it would 'increase long-haul tickets prices due to the rising fuel costs. Cabin fares will increase by 50 euros ($57.50) per round trip. AIR NEW ZEALAND On March 10, the airline was among the first to announce a large increase in ticket prices. The airline also suspended its earnings projections for the full year due to volatile fuel markets. Price increases for domestic flights are NZ$10 ($6), NZ$20 for short-haul international routes and NZ$90 for long-haul flights. Further price, schedule and network changes may be made if fuel prices continue to rise. AKASA AIR Akasa Airlines, based in India, announced that it would be introducing fuel surcharges ranging from 199-1300 Indian rupees (between $2 and $14) for domestic and international flights. AMERICAN AIRLINES Fuel prices are on the rise, and U.S. carriers expect to incur $400 million more in expenses for the first quarter. CATHAY PACIFIC Hong Kong Airlines announced that it will increase fuel surcharges for all routes starting March 18. The airline cited a doubled in jet fuel prices from the beginning of the month. Last month, the carrier, which reviews fuel charges monthly, maintained them at $72.90 per flight between Hong Kong and Europe, North America, or both. CEBU AIR The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies and try to minimize the impact. EASYJET EasyJet CEO Kentonjarvis says European consumers can expect to pay higher ticket prices at the end of summer when fuel hedges end. FRONTIER AÉRIENS Fuel prices have risen significantly since the airline's forecast was made, and it is now reviewing its outlook for the full year. HONG KONG Airlines The airline announced that it would increase fuel surcharges up to 35.2% starting March 12. The biggest increases would be on flights between Hong Kong, the Maldives and Bangladesh, and?Nepal where the charges would go from HK$284 to HK$384 (49 dollars). British Airways' owner IAG announced on March 10 that it does not intend to raise ticket prices immediately as it has hedged a large portion of its fuel in the short to medium term. INDIGO India's largest airline announced that it will begin charging fuel fees on both domestic and international flights as of March 14. The charges include 900 rupees per flight to the Middle East, and 2,300 rupees per flight to Europe. Sources say that the company is lobbying for the Indian government's reduction of fuel taxes. PAKISTAN INTERNATIONAL FLIGHTS The airline said that it would increase domestic and international flight prices by $20, and up to $100 depending on fuel surcharges. PHILIPPINE AERLINES The airline stated that it had enough fuel to support its scheduled operations but didn't have a clear picture beyond the months of May and June. The company president Richard Nuttall said that the Philippines may eventually look at measures like rationing fuel purchases, as some countries have already done. QANTAS AIRWAYS The airline announced that it would increase fares on international routes, and consider adding capacity to its existing Europe routes in the next few months. Scandinavian Airlines announced that it would cancel 1000 flights in April due to high fuel and oil prices. In March, the airline said that it had "cancelled" a few hundred flights. SAS, which has already increased flight prices, stated that the surge in fuel costs would be a major blow to the aviation sector, even if they tried to absorb it. THAI AIRWAYS The Thailand-based airline said that it would increase fares between 10 and 15% to combat rising fuel prices. UNITED AIRLINES Scott Kirby, CEO of the U.S. carrier, said that the airline is preparing to cut unprofitable flights in the next two quarters. He also predicted that oil prices would remain over $100 until 2027. He added that at those levels the fuel bill would be more than double the profit earned by the airline in its best-ever year. Andrew Nocella, United's Chief Commercial Officer, said that the company was able to increase fares in response to a rapid rise in jet fuel and oil prices. VIETJET Vietnamese budget airline said it had reduced flight frequencies on certain routes due to possible fuel shortages. VIETNAM Airline Vietnam's Aviation Authority announced that the carrier plans to cancel 23 flights a week on domestic routes starting in April after it requested assistance from the government to remove a tax on jet fuel. VIRGIN AUSTRALIA Virgin Australia announced that it would be adjusting its fares in order to reflect the rising costs across the aviation industry, which were being exacerbated significantly by the Middle East situation.
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Japan PM Takaichi requests IEA chief to release additional oil stocks
When they met on Wednesday, Sanae Takaichi, the Japanese prime minister, asked Fatih Birol of the International Energy Agency for a 'coordinated release' of additional oil stockpiles. Tokyo is trying to protect itself against a long-term Middle East conflict. Takaichi said that Japan would open joint oil stocks co-owned with producing nations to compensate for the Middle East's supply shortage. Birol?said in Australia, this week, ahead of a Group of Seven Meeting that the IEA was consulting with governments from Asia and Europe regarding the release of additional?stockpiles if needed. The Iran war has disrupted the flow of?oil from the 'Middle East. Takaichi stated in a post on social media that he had asked for the preparation of an additional coordinated release to prepare for a possible prolongation of the situation. "We will continue working closely with the IEA." Birol, who spoke in Tokyo on Tuesday, said that the 400 million barrels of oil and oil products held by the consuming nations, which the IEA coordinates, represents only 20% of their total oil and oil product stocks. Birol told Takaichi that he was "ready to move forward if and when it is necessary." Hitoshi Nagasawa said that 45 Japan-related vessels are still stuck in the Gulf because the Strait of Hormuz is closed. He also heads the?NYK Group of Japan, which is one of the largest shipping companies in the world. Reporting by Kiyoshi Okasaka, Katya Glubkova and Kentaro Komiya; Editing and production by Thomas Derpinghaus and Chang-Ran Kim
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Turkey's Middle East oil dependency manageable at 10% supply amid Iran War
Energy Minister Alparslan bayraktar stated on Wednesday that despite the Iran conflict, Turkey's dependence on Middle East crude oil is at a "manageable and minimal" 10% of total supplies. On a programme of the state-run Anadolu Agency, he stated that the war caused a "crisis in global energy security". He added that Turkey, as a "large energy importer" and a neighbor to Iran, has taken steps to diversify its energy supply. Bayraktar said that a $1 rise in the price per barrel of oil cost Turkey $400 million. When asked about the natural gas supply, Bayraktar replied that there have been no cuts yet from Iran but said this was still a possibility. He said, "Reports indicated that Iranian gas had been cut off a few days ago." This has not happened yet. This does not mean that it will not happen in the future. We are therefore?diversely addressing any risks that could arise here. He said that as part of its diversification efforts, Turkey was planning to sign a deal with TotalEnergies in the near future. Bayraktar also said that connecting the flow from Syria to the Iraq - Turkey crude oil pipeline was a priority for them, and had been communicated to their Syrian counterparts. Can Sezer, Tuvan Gumrukcu and Jonathan Spicer edited by Alison Williams, Christian Schmollinger and Jonathan Spicer.
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British industrial parts manufacturer RS Group reports lower revenue due to Mexico's woes
RS Group, a provider of electronic and industrial components, warned on Wednesday that its annual 'like-for like' revenues would be lower due to the tough market conditions in Mexico. The distributor of?industrial and electrical equipment and solutions said that it expects to see a decline in its Americas revenues in the second half as tariff-driven concerns continue to constrain market conditions in Mexico. It expects to see a?decrease of 0.6%? in LFL revenue for the year ending on March 31 from 3.88 billion pounds (2.90 billion pounds) that it made last year. According to a compiled consensus by the?company, analysts?expect that the firm will log an annual revenue?of?2.92billion pounds. A strict cost discipline will help the firm to achieve a pretax adjusted profit that is marginally higher than the 'average market expectation' of 241 million pounds.
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Which firms will clean-up after the Iran War is over? Maguire
After the U.S. and Israeli air strikes against Iran are over, a new competition is likely to begin: the race for contracts to repair damaged oil and natural gas infrastructures and to restore shipping lanes – and influence – across the 'Middle East. The destruction does not stop in Iran. Fatih Birol, head of the International Energy Agency, warned that at least 40 energy assets in nine Middle Eastern countries have been "severely" or "very severely" damaged. It will take time to repair oil and gas fields and refineries, as well as pipelines, Fatih Birol said. Fatih Birol said that the current crisis is worse than both the oil shocks in the 1970s and the impact of Russia-Ukraine gas war combined. Engineering specialists are lining up for the rebuilding of pipelines that have been destroyed, while logistics companies can repair ports and terminals that have been bombed out. A select group of businesses is ready to turn the end to the conflict into a lucrative business boom. Here are some of the sectors and companies that could be competing for the many energy and port reconstructions projects likely to arise in the Middle East after the war ends and the cleanup begins. ENGINEERING CONGLOMERATES Once the fighting has stopped, multinational engineering giants are among the first to be called to the?Iran to assess the damage and create reconstruction plans. Companies with experience in the repair and construction of oil rigs, refining plants, pipelines, and natural gas liquefaction will play an important role in Iran’s recovery, and in restoring revenue to the country. The ultimate winners will be determined by political affiliations. Both the Iranian and U.S. government are expected to have strong opinions on how contracts should be divided up. After several weeks of constant?bombing, there should still be plenty of work for everyone. SLB (formerly Schlumberger), Halliburton and Baker Hughes, as well as the privately-held Bechtel Corp., are all major U.S. companies with large oil and gas engineering departments. The obvious candidates on the Iranian side are the Khatam-al Anbiya Construction company, controlled by the Islamic 'Revolutionary Guard Corps' (IRGC), and the Mapna Group - the largest oil, gas, and power contractor in the country. The Middle East is home to many international firms, including Italy's Saipem and France's Technip. Larsen and Toubro, India, and Dubai's Sidara, also have extensive operations there. They will therefore have the contacts and experience required to start work quickly. CNPC of China, NMDC in the United Arab Emirates and Petrofac from Britain are also regionally present and will likely compete to win bids. OIL & GASS MAJORS After pipelines and energy infrastructure are repaired, oil and gas producers around the world will look to step up to resume well site extraction and restore the region's refineries. National energy companies throughout the region will likely feature prominently. These include National Iranian Oil Company, QatarEnergy and Abu Dhabi National Oil Company. Shell, TotalEnergies (France), and Exxon Mobil (U.S.) are among the international oil majors with extensive operations in the Middle East. They will also look to protect their position. The destruction is so massive that it gives a'sense of opportunity. Israeli strikes have damaged four units in Iran's South Pars Gas Field, and Iranian attacks in Qatar's Ras Laffan Industrial City have caused extensive damage to the LNG facilities. It will take many years to repair. SHIPPING & UTILITIES Damage does not end at the wellhead. The region's ports, power grids, and water systems have all been affected, and require a similar amount of reconstruction. Recent bombardments have caused significant damage to large ports and merchant vessels in the Iranian waters, as well as scores of other naval and merchant vessels. The Strait of Hormuz, a narrow 'chokepoint' between Iran and Oman that passes roughly a fifth of world crude oil and LNG, has been closed. Reopening the Strait will be necessary for a return to normal energy flows around the globe. Specialists in marine salvage and harbour reconstruction will be needed to restore port facilities and clear shipping channels. The recovery effort is expected to take years. Tavanir, a state-owned company, and Mapna Group, a private group, operate the majority of Iran's transmission and generation networks. They will anchor the recovery efforts at home. Rosatom, the Russian company that manages Iran's Bushehr reactor, near recent strike zones faces a much more complex challenge. This is because any reconstruction effort supported by the United States will likely be challenged. Desalination plant that provide clean water to Iran and Bahrain, as well as parts of israeli electricity grid were also affected, extending the scope of rebuilding beyond Iran's border. Even if fighting ended today, there would still be years of reconstruction to come. 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.
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Western powers failed to secure shipping on the Red Sea. Hormuz is going to be more difficult
Western allies negotiating a way to protect energy shipping through the Strait of Hormuz face a harsh reality. A similar effort that began years ago in the Red Sea cost billions of dollars, and ultimately failed to defeat Yemen's Houthis. The Red Sea experience, which cost billions of dollars and resulted in four ships being sunk and more than $1billion spent on weapons, is a stark reminder of the Strait of Hormuz. This shipping artery, used by a fifth or the world's oil and LNG supply, has been blocked by Iran - an adversary more powerful than the Houthis. Iran's threats against the strait, and its attacks on the energy infrastructure of nearby Gulf nations has sent oil prices soaring. This is the biggest disruption in oil and gas supply in history. Without the reopening of the strait, energy, food, and other products will be more expensive. Kuwait Petroleum CEO Sheikh Nawaf Sabah Al-Sabah stated in a fiery live video stream to the CERAWeek Energy Conference in Houston, Texas on Tuesday that "there is no substitute for Strait of Hormuz". It is the world's Strait, according to international law and in practical terms. On Tuesday, U.N. Security Council Members were negotiating resolutions to protect the strait. Some nations, like Bahrain, took a strong stance, which would authorize the use "all necessary measures" to defend the strait – including the use force. The interview was conducted with 19 maritime and security experts, who discussed the many challenges that the U.S. faces in protecting the Strait. Iran has more sophisticated military forces than the Houthis. It also has an arsenal of drones, missiles and floating mines. The Red Sea is a much more difficult place to defend convoy operations than the Strait of Hormuz, said retired Rear Adm. Mark Montgomery. He was part of the 1988 U.S. oil tanker escorts that crossed the Strait of Hormuz in the Iran-Iraq War. This is a major concern for U.S. president Donald Trump, who must justify the Iran War to the inflation-weary American public now that gasoline costs nearly $4 per gallon. Analysts said that the spike in energy costs is unlikely to reverse itself until the waterway is opened. Trump has not been committed to U.S. involvement. He first said that the U.S. Navy would escort vessels when necessary, and then, more recently, he stated that other nations should lead the effort. Since the joint U.S. and Israeli attacks against Iran began on February 28, Iran has blocked many ships from entering the'maritime chokepoint. A lawmaker in Iran told state media that Iran is considering the idea of charging vessels who want to enter the strait a fee. THE HORMUZ QUAGMIRE In December 2023 the U.S. launched a mission to protect Red Sea shipping against the Houthis. European nations joined in a few months after. The Houthis sank 4 ships between 2024-2025, despite the fact that the allies destroyed hundreds of missiles and drones. The passageway that once carried 12% of the world's trade is now mostly avoided by shippers, who prefer to travel around the Horn of Africa, a journey which takes much longer. Joshua Tallis is a naval analyst with the research firm CNA. The danger zone surrounding the Strait of Hormuz can be up to five times larger than the Houthis attack zone surrounding the Bab el-Mandeb Strait which flows into the Red Sea. The Iranian Islamic Revolutionary Guard Corps is a professional army with access to funding and its own weapon factories. Military experts say that to provide escorts in the Strait, up to 12 large warships like destroyers would be needed, supported by drones, helicopters and jets. This is to "account" for the limited space available for maneuvering. To protect against drones and explosive-laden unmanned or manned vessels, overhead air coverage is essential. Analysts at SSY said that while a destroyer could intercept missiles, it couldn't sweep mines simultaneously, manage GPS disruption, or counter drone-boat swarms coming from multiple directions. Analysts think that Iran's IRGC fighters are hiding missiles and drones in caves and buildings along the steep mountainous coast. Experts said that in some areas, the shore is so close to ships, drones can swarm them within five to ten minutes. "There are drones, ballistic missiles and floating mines. Even if you could destroy these three capabilities, there would still be suicide operations," said Adel Bakerawan, Director of the European Institute for Studies on the Middle East & North Africa. Tom Sharpe, retired commander of the Royal Navy, says that the U.S. has not faced these threats in the Red Sea. He said that the stakes are high for dealing with these threats. If (the Americans) lost a destroyer, that would change the equation. Sharpe said that 300 people could be killed, referring to the?potential death of U.S. sailors. U.S. Secretary of Defense Pete Hegseth stated earlier this month that there is no evidence that Iran has mined the Strait. This was after reports that Iran deployed a dozen mines along the waterway. Bryan Clark, a Hudson Institute expert on autonomous warfare, says that a combination of mine clearance, military escorts, and air patrols will eventually allow the strait to be reopened. Clark said that it could take months to finally erode the IRGC's threat.
Port of Brownsville to limit ship traffic due to Hurricane Beryl
Port of Brownsville, along the U.S.Mexico border, stated on Wednesday that it would restrict ship traffic due to gale force winds from Typhoon Beryl, a. Classification 4 typhoon heading for the Gulf.
Only vessels that will have the ability to finish and sail by Friday. night or Saturday morning will be enabled to come in, said. Michael Davis, Harbor Master at Port of Brownsville.
All river barges will need to leave no later than twelve noon on. Friday and vessels staying in the port needs to double up lines. and make sure that they are appropriately anchored, the port said in its. notice.
Typical operations are expected to resume on Tuesday, Davis. added.
The Port of Corpus Christi stated it has raised its Cyclone. Readiness Status to Cyclone Readiness Level 3 due to. anticipated tropical conditions in the Gulf of Mexico.
The Port continues to keep an eye on possible effect situations for. the establishing system in and around the Coastal Bend region,. the port added in its notice.
The U.S. Coast Guard executed Port Condition Scotch from. the Colorado locks to the U.S. Mexico border, that includes the. port of Corpus Christi. Whiskey is set when windstorm force winds are. anticipated to reach the port within 72 hours.
(source: Reuters)