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United-American mega-deal pitch drives up shares; antitrust issues loom
The merger of United Airlines with American Airlines would create an industry giant and attract the scrutiny of regulators, unions, and consumer advocates who are concerned about higher fares and less competition. According to two sources, United Airlines CEO Scott Kirby floated a merger between the 'two carriers' to U.S. president Donald?Trump? in late February. However, industry officials quickly highlighted the significant antitrust hurdles such a deal could face. Details of Kirby’s proposal weren't immediately clear. Both carriers' shares rose on Tuesday morning, despite the fact that oil prices were still high due to the conflict between Israel and Iran. This has affected travel demand. Investors viewed the?potential agreement' as a rare bright point for an airline that has struggled to produce consistent profits in recent quarters and keep?costs in check. United shares rose about 2% in pre-market trading. American Airlines has been working to catch up with its rivals Delta Air Lines and United Airlines. These airlines have benefited from the strong demand for premium travel, while also better tailoring their product to market shifts. A deal of this size could give United the boost in market share and capacity it needs to take the lead from Delta Air Lines. Delta has long been the leader in the industry for profitability and premium revenue. American Airlines shares have fallen by 14.1%, and United Airlines' share price has dropped by 10.4% since the U.S. - Israel war against Iran began late in February. Executives from the airline and aviation industries have warned of the potential impact of a sustained period with high fuel prices on the industry. This could result in a reshaping by cutting margins, restricting capacity growth and increasing pressures on financially-weak carriers. Sources say that Kirby brought up the idea of a merger during a meeting at the White House on February 25, which was centered around the future of Washington Dulles International Airport. This meeting took place three days before conflict broke out. He said that a combined carrier would be 'better positioned to compete in the international market, where foreign carriers are responsible for the majority of long-haul capacity between and to the United States. Despite U.S. citizens being a large portion of these travelers. Antitrust experts and industry officials?said that any attempt to gain approval would face'steep obstacles,' citing concerns over competition, higher fares and job losses, as well as significant route overlap on a U.S. market already dominated primarily by four major airlines. United and American did not comment on the matter, nor did the White House. Reporting by Shivansh Tiwary, Rashika Singh and Harikrishnan Nair; Editing by Tasim Zahid and Harikrishnan Nair
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Cuba's top destinations are deserted and without fuel or power due to US sanctions
As the sun sets in Palpite - a small village on the edge the vast Zapata Swamp - the road suddenly becomes a hive of activity. The red?land crayfish that used to attract hundreds of thousands tourists each year are no longer present. A U.S. energy blackout has left a large part of the island without electricity. What tourist would want to come here in these conditions? Manuela Arencibia Baez, owner of a rental home, laments that it is now mostly empty. It's located just 2 miles down the road, in Playa Larga. This beachfront resort is the top destination for overnight stays. She said she had lost track of how many reservations she had to cancel. This included those made by tourists who were already in Cuba and couldn't find a driver with enough gas to travel the two-hour trip from Havana to the south and east. Arencibia is not alone in his concerns. The number of international tourists dropped 56% from the previous year in February. Both hotels in Playa Larga are closed. The majority of Playa Larga's tourist attractions have also been closed. Cuba has been suffering from shortages for decades, due to a state-run economic system and Cold War-era restrictions. Trade embargo complicates financial transactions and fuel imports. More than a dozen tourism workers and residents of the Zapata area told us that this time was different. Arencibia said, "We're worse off than we were during the coronavirus outbreak." He rattled off a long list of cancelled reservations from countries such as Switzerland, Canada France and Germany. The power cuts are now 22 hours long, and residents have only a few hours of light to 'call their loved ones in Miami or Havana or prepare food before the food rots. Many communities are running out of water. The availability of medical services, which was always difficult in remote areas of the country, is now limited due to power outages and a lack of communication. Fuel for independent travelers who used to rent cars and flock to the area is now scarce. Trump's fuel ban coincided with the peak tourist season in Cuba. This was a disaster for an industry that had already been crippled by shortages, but which still contributed 10% to foreign currency earnings as late as 2024. Fuel shortages forced many airlines to reduce flights, forcing hotels and other services to close. This affected destinations like Varadero and Cayo Coco as well as the east coast of Havana. "These months, I'm always booked," said Fidel Silvistre Fuentes. The 67-year old rental home owner has been providing accommodations for birdwatchers from around the globe who have come to see the bee-hummingbird, one of the smallest species in the world, as well as other endemics. "Now, we're empty." GHOST TOWN Varadero, Cuba's most popular sun and beach destination has fewer private rental homes than the Zapata Swamp area. It feels now like a ghost city. Potholes are getting deeper on the single access road to the region. The coast between Playa Larga at the bottom of the bay and Playa Giron further out feels abandoned. It is inhabited mostly by crabs and wayward residents riding horses and on bicycles. Even the top attractions in the region are closed. A guard revealed to a reporter that the Cueva de los Peces - a transparent, seemingly bottomless 'cave filled with tropical fish in vibrant colors - has been closed for more than two months. In areas like Zapata where there are few options for residents to work other than tourism, the impacts can be particularly severe. Jorge Alberto Brito is a hats and souvenirs seller who lives on a few pesos per day. "Without doubt, we've hit rock bottom." LUCKY FEW Fidel Fuentes, who rents an apartment in Playa Larga is one of the few lucky ones with enough money to buy solar panels and lithium batteries for storage. This gives his apartment a competitive edge over the competition. He says it hasn't worked. "Tourists don't come to Cuba to stay in comfortable accommodations, they come for the National Park, to enjoy bird watching, dive services, boat rides and fly fishing...experiences that are simply?not available right now," he stated, citing transportation and fuel shortages. Few tourists are still willing to take the risk of traveling to the area. Blair Andrews is an American tourist who has visited Cuba so many times that he knows the guides of a Bay of Pigs diving operation by first names. She said that electricity and mobile service was the least of her worries. She said, "I'm coming back because Cubans are great hosts and have beautiful cultures," as she strapped her tank on before diving into the aqua-green waters of the Bay of Pigs. "I am very saddened by what is happening to them." (Reporting and editing by Dave Sherwood, Alistair Bell and Ayose Naranjo)
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US truckers' diesel spending on Middle East conflict reaches record high
More than 3 million U.S. trucks that move goods from factories, to grocery stores and construction sites, are facing the highest diesel prices for years. This is adding pressure to the industry because the Iran War-related spikes in oil prices threaten to reduce freight demand. Since the start of the Iran War, the Strait of Hormuz has been a vital artery of global energy flow. The price of diesel, which is used to fuel trucks, has increased by $1.89 or 50%. Diesel and gasoline prices also soared as crude oil prices, the basis for both, rose. This led to higher transportation costs and increased prices of many consumer goods. Experts warn that there is no relief in sight, as diesel prices have reached all-time highs in logistic hubs such as California and Texas. A ceasefire between the U.S.A. and Iran announced last week also appears fragile. The state of the U.S. economic climate is closely tied to trucking. According to American Trucking Associations, in 2024 the industry will have moved nearly three quarters of all freight, including retail and manufactured goods, and generated $906 Billion in revenue. According to fleet management software provider Samsara, U.S. fleets spent an average of $5.52 per gallon of diesel on Monday. This is higher than the previous all-time record of $5.50, set in June 20, 2022, after?Russia invaded Ukraine. Fuel spend data from Samsara, which includes discounts and surcharges and is based on more than 5,500 fleets across the U.S., represents almost 1 billion gallons of fuel. Jason Miller, supply chain professor at Michigan State University, said that no company had $5.60 per gallon of diesel in their budget bingo cards for 2026. FedEx, a delivery firm that also runs one of America's largest trucking companies, has said the U.S. and Israeli war on Iran may have an impact on the fourth quarter performance, if rising fuel prices cause customers to withdraw. Small firms are hit the hardest According to a March survey by DAT Freight & Analytics, 18% of the 540 trucking companies surveyed had ceased operations because of the rise in fuel prices. Around 44% of the firms, of different sizes, from all over the U.S. were more selective with load weights, and around 45% drove fewer miles. Small businesses dominate U.S. trucks. As of June 20, 2025, ATA reported that there were 580,000 registered motor carriers in the United States, 91.5% of which operated 10 trucks or less. In a recent market update, DAT’s Dean Croke, principal analyst, said that the surge in diesel prices had wiped out profits from December, January, and February for many small carriers and owners-operators. He added that most operators were still just above breakeven. Heather Hickson Griffith is a former Marine with more than 10 years of experience driving a big truck. She pays up to $8 a gallon for fuel in California, which is consuming her savings quicker than the spike in fuel prices of 2022. In order to save money, the Oklahoma heavy equipment hauler stopped eating in restaurants. Daniel Griffith, her husband, runs cargoes to the East Coast where fuel is less expensive. GKZ Trucking is a small company with 21 owner-operators that does not have the heft to recover higher fuel costs. They are also more susceptible to cash flow problems and profits squeezes as prices rise. Hickson Griffith, an independent driver from Texas, often pays out of pocket for fuel. They can find it difficult to convince customers to reimburse them if prices increase. The large companies negotiate fuel discounts with fuel suppliers and use surcharges to recover higher fuel costs. Hickson said that without relief, he would be in pain to the point of no returns by the end of the calendar year. Avery Vise is vice president of FTR Transportation Intelligence and said that the soaring diesel prices could drive thousands of small truckers out of business. This would worsen an already limited trucking capacity. Vise stated that freight rates will rise more than 2022. Researchers at Texas A&M Transportation Institute discovered that transportation costs are a relatively small part of the cost of goods, but can reach 20% or more for certain staples such as?milk. Inflation is still below the levels of 2022 Russia-Ukraine energy shock when supply chain disruptions due to pandemics and massive federal expenditures?contributed?to soaring prices. RISE OF FUTURE PRICE INCREASES As midterm elections approach, President Donald Trump's Republican Party and the high price of fuel have become a major political headache. Since the Middle East conflict escalated, diesel prices have reached record highs in California, Hawaii Nevada, North Carolina, and Texas. Kelly Soderlund is the head of insight at?Samsara. She said that the rise in diesel prices far outpaced the rise in gasoline prices. The two prices rose together in the early days of?Ukraine War. She said that today's fuel costs are more expensive for truckers than consumers. Patrick De Haan is the head of GasBuddy's petroleum analysis. He said that motorists should be prepared for another round price increases after the ceasefire talks between Iran and the U.S. failed to produce an agreement at the weekend. This sent oil prices sharply up. He said that the move towards a complete blockade of Strait of Hormuz was compounding global concerns about supply and could further disrupt flows.
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Since the start of the Iran war, oil tankers have been transiting Strait of Hormuz.
The U.S. ban on ships entering or exiting Iranian ports has added to the uncertainty surrounding shipping through the Strait of Hormuz. This area of waterway, which was all but closed since the beginning of the Iran War, is now even more uncertain. The Strait of Hormuz is the route through which approximately one fifth of all global oil and gas exports pass. The following is a list of non-Iranian tankers which have passed through the Strait of Hormuz since the start of the U.S.-Israeli War with Iran, on February 28. They are listed according to their cargo destinations. MALAYSIA Liberia's Very Large Crude Carrier (VLCC), Serifos, entered and left the Hormuz Passage test anchorage on April 10, bypassing Iran's Larak Island. On April 10, the Liberia-flagged Very Large Crude?Carrier (VLCC)?Serifos entered and exited the Hormuz Passage trial anchorage that bypassed Iran's Larak Island. Ocean Thunder, a vessel chartered by Petronas and loaded with Iraqi crude, passed the waterway in Malaysia on April 5. It is expected to discharge 1 million barrels Basrah heavy crude oil at Pengerang, Malaysia, on April 18. Two people with knowledge of the situation said that both tankers were among seven Malaysian-linked vessels that Iran had cleared to pass through the Strait. Cospearl Lake, a VLCC flying the Chinese flag, and He Rong Hai left the Strait of Hormuz in April. Cospearl Lake, loaded with Iraqi crude oil, will arrive in China's Zhoushan Port on May 1. He Rong Hai will be heading to Myanmar in order to unload its Saudi crude cargo. Unipec is the trading arm of Sinopec. Kpler data revealed that the VLCC Dhalkut passed through the Strait of Hormuz on April 2 and is now heading to Myanmar, where it will discharge Saudi crude by April 22. The crude oil that is discharged in Myanmar usually goes to PetroChina’s Yunnan refinery. A spokesperson for the Chinese Foreign Ministry said on March 31 that, after consultation with all relevant parties, three Chinese ships had recently passed through the Strait of Hormuz. In March and April, at least two VLCCs as well as two Suezmax tankers left the Gulf to unload crude oil in India. VLCC Habrut will discharge Abu Dhabi crude oil for Indian Oil Corp. on April 15 after it crossed the Strait of Hormuz on April 2. Kpler data revealed that on March 28, the VLCC Marathi discharged Saudi oil at Sikka for Reliance Industries. Data shows that the Liberia flagged Smyrni Suezmax tanker left the strait in March and discharged 1,000,000 barrels of Saudi oil at Mumbai on March 16 for the state refiner Hindustan Petroleum Corp. The data showed that another suezmax tanker, the Shenlong, left the strait in March 6, and discharged 1 million barrels of Saudi crude to Mumbai on March 11 for the state refiner Hindustan Petroleum Corp. Kpler data shows that the Gabon-flagged Msg is headed to India's Pipavav Port after having passed through the strait in April 9. Liberia's Navara, a tanker that sailed the strait in March 31 discharged fuel oil on April 8 at Sikka Port. The government announced in late March that two tankers bound for India and carrying 94,000 tons of liquefied gas had safely crossed the Strait of Hormuz. Kpler data revealed that BW Tyr was discharged in Mumbai and Pipavav from April 5 to April 7 and BW Elm at three Indian ports from April 6 to April 15. Four other LPG tankers, all with Indian flags, had already left the Strait - Shivalik, Nanda Devi Pine Gas and Jag Vasant. PAKISTAN Two Pakistani flagged tankers entered Gulf on April 12, Data showed that the Aframax tanker Shalamar was heading to the United Arab Emirates to load Das crude on Monday, and the Panamax-sized Khairpur was heading to Kuwait to fill refined products. Aframax tanker P. Aliki sailed through the strait in March and discharged Saudi crude oil at Karachi, Pakistan on March 31. THAILAND According to a Thai official, the owner of the tanker, Bangchak Corporation, the tanker has successfully passed the Strait of Hormuz after diplomatic coordination with Iran. The vessel was not forced to pay to get through the blockade. Kpler data revealed that the Suezmax tanker Pola released 1 million barrels Khafji crude in Thailand and Singapore. (Reporting and editing by Ruth Chai, Florence Tan, and Janane Venkatraman).
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Delta Air Lines scales back sustainable fuel and net-zero targets, Bloomberg News Reports
Bloomberg News reported that Delta Air Lines removed two important environmental targets from its sustainability page late last week. The report stated that the 'Atlanta-based carrier has rephrased their quest to achieve zero emissions by 2050 as an "aspiration" rather than a goal. SAF, which is largely made from waste cooking oil or 'waste cooking oil', can reduce emissions by a significant amount compared to traditional jet fuel. It is still two to five time more expensive than conventional jet fuel. According to a Delta spokesperson quoted in the Bloomberg report, the airline still considers?SAF one of the best ways to reduce carbon emissions, but the slow progress it has made threatens the climate goals for the industry. Delta did not respond immediately to a comment request. Willie Walsh (director-general, International Air Transport Association) said in February that the shortage of new, efficient aircraft and alternative fuels was pushing up the profits of suppliers and putting the industry's main emissions goal at risk. IATA's 350 member airlines set a target for reducing emissions by?2%-3% of global total in?2021. This effort is heavily dependent on the use of SAF, and timely access to new planes and engines that are delayed by supply-chain problems. Reporting by Heera Ghosh and Kanjyik in Barcelona, with editing by Shashesh Kuber.
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United and American Airlines rise after Kirby merger with Trump
United Airlines and American Airlines stocks rose in premarket trading Tuesday, after United CEO Scott Kirby, according to sources, had reportedly pitched the idea of a merger between the two carriers to U.S. president Donald Trump back in February. The merger of two major U.S. airlines could be the largest airline consolidation since more than a decade. United States shares rose 2%, while American stocks grew by 4%. The two stocks have both fallen in recent weeks as the U.S. - Israel war against Iran has sent jet fuel prices soaring. American is down 14.1%, and United is down 10.4% since the conflict began in late Feb. Kirby brought up the idea at a White House meeting on February 25, which was focused on the future Dulles Airport in Washington, according to sources. He said a combined airline would be able to "better compete on the international stage, where foreign carriers are in control of a majority long-haul capacity from and to the U.S. despite that most passengers were U.S. citizens. Antitrust experts and industry?officials said that approval would be difficult, citing concerns about?competition, higher fares, lost jobs, and significant route overlaps in a highly concentrated U.S. air?market, which is dominated by just four large carriers. United and American refused to comment and the White House didn't respond to requests for comments. (Reporting and editing by Harikrishnan Nair; Rashika Singh)
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As Iran's war chokes jet-fuel supply, airlines urge EU to step up
A document seen by?by shows that European airlines have called on the European Union (EU) to take emergency measures in order to deal with the consequences of the 'Iran War, such as widespread airspace closings and growing concerns about jet?fuel shortages. In a document, the industry group "Airlines for Europe" (A4E), has asked the EU to introduce a number of crisis response actions, including EU level monitoring of jet fuel supply, a suspension of the EU carbon market for aviation and the scrapping of certain aviation taxes. Since the U.S. and Israel war against Iran began on February 28th, the aviation sector has been affected by airspace closings. The European Union Aviation Safety Agency has banned European airlines from operating within the airspace of'several Gulf nations including the UAE's and Qatar up until April 24th. After the Strait of Hormuz was closed, the sector also faces a?crunch in jet fuel. Airports Council International Europe, a group of industry professionals, warned last week that Europe might face a severe jet fuel shortage within three weeks. The A4E paper urged Brussels, which is a type of jet fuel, to consider a joint EU purchase of kerosene. After Russia cut gas deliveries to Europe in 2022, the EU implemented a joint gas purchase program to try to maintain supplies. The model hasn't been used for oil or kerosene yet. A4E's members, which include Lufthansa and Air France-KLM, as well as easyJet, have also called on the EU to amend their legal requirement that?countries maintain?90 day of emergency oil reserve, since this does not currently include a requirement regarding jet fuel. The document also asked for clarifications on the existing legislation. This included confirmation that "airspace closures resulting from conflict and operational effects" will be treated as justified non-uses of slots. The European Commission has said that it will present a package of measures to counter the impact of the Iran War on energy markets on April 22. However, this has not been confirmed to include any specific measures for jet fuel.
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Citigroup upgrades US stocks as earnings and tech strength soothe Mideast war worries
Citigroup is now bullish on U.S. stocks, joining the flurry?of?brokerages who are betting on robust corporate earnings and attractive valuations following recent pullbacks. They also believe that U.S. tech stocks will contribute more to global earnings growth. In a late-Monday note, the 'Wall Street' brokerage upgraded U.S. equity to "Overweight", from "Neutral". S&P 500 index has recovered nearly 9% since a low of seven months in late March. This is due to optimism that the Middle East conflict will ease the risk of an oil-driven inflation. BlackRock Investment Institute and other Wall Street brokerages, including BlackRock Investment Institute which upgraded U.S. equity on Monday, shared similar views. They favored U.S. stocks above their global peers. Citi strategists wrote in a 'Monday note that the (U.S. market) has derated, and trades now at a premium compared to developed markets excluding the U.S., which is?closer to historical averages. At a time when global earnings growth is slowing down and skewing more towards technology, Citi stated that while all sectors will see a rise in earnings per share by 2026, the tech sector is expected to account for about 50% of this increase. The brokerage downgraded emerging markets equities, however, to a "Neutral", pointing out that many EMs are still highly vulnerable to energy shortages. In addition, the strength of the dollar could exacerbate these headwinds. The MSCI Emerging Markets Index has fallen 2.8% since the start of the conflict. This is due to the fact that the war with Iran has pushed up oil prices. It also caused concerns over inflation, external balances deteriorating, and capital flows in energy-importing countries. Citi also?upgraded their year-end MSCI EM target to 1,770, from 1,540. The brokerage also upgraded the global materials sector to "Overweight", saying that improved earnings momentum and stronger growth prospects have elevated its appeal while it is still cheap. The brokerage downgraded global communication services to "Underweight". Reporting by Joel Jose in Bengaluru and Kanishka AJmera; editing by Rashmi AYICH
After storm, the Bahia Blanca grain terminal in Argentina is nearing normal operation.
A port board member said that activity at Argentina's Bahia blanca commercial grain port has begun to normalize after a severe thunderstorm disrupted operations last Friday.
Port officer: The terminals will be fully operational again on Tuesday.
The port city of Bahia Blanca is located southwest of Buenos Aires and is Argentina's second largest grain terminal, but it still lags behind Rosario Port Conglomerate in Santa Fe Province.
Bahia Blanca was hit by a torrential downpour of more than 300 millimeters (11.8 in) in just a few short hours, resulting in severe flooding and causing the deaths of at least 16 people. The city, located about 600 km (400 miles), suffered severe structural damage.
In an interview, Dolores Valdemoros said that the port is expected to be fully operational tomorrow (Tuesday), because grain trucks have already entered.
"Ships have begun to enter." "They are testing to make sure everything is working," she said.
Many ships in Argentina, which is a major global grain exporter, complete their loading at Bahia Blanca, after passing through Rosario. According to port data, in January 980,460 tons of grain was loaded at Bahia Blanca.
(source: Reuters)