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Maguire: Iran war is worse for natural gas than oil.
The Iran war seems to have a similar impact on oil and gas, as missiles, drone attacks and shipping disruptions choke the Strait of Hormuz. Underneath the surface symmetry, there is a serious imbalance. Gas consumers are more affected by the 'global supply chain' because it has less rerouting and storage options than the oil markets. The construction and repair of key gas infrastructure, liquefaction plant in particular, is more expensive and complex than the equivalent oil infrastructure. Oil refineries are able to resume operation more quickly after a shutdown than export hubs for?liquefied?natural?gas. The prices have shown the imbalance: European and Asian benchmarks for gas have increased far more than crude oil in the time since the conflict started, a difference that indicates gas will take longer to recover than oil. BAD TIMING This disruption could not have come at a worse time for gas. According to the Energy Institute the growth in global gas demand is roughly double that of oil over the last decade. This is due to the expansion of pipelines and storage systems. This growth trajectory was widely expected to continue in the future, particularly as emerging economies move away from coal. The global LNG industry has grown steadily due to the positive outlook for the gas market. The world's second largest LNG exporter, Qatar, has suddenly ceased to export LNG after Iranian attacks cut off 17% of its export capacity. The resultant increase in gas prices has served to warn consumers about the dangers of relying heavily on imports and is likely to slow down the addition of gas-fired energy capacity. Gas for electricity has never been so affordable. Solar panels and batteries are a cheaper and faster way to boost electricity than constructing new gas facilities, which may take many years. Costs for gas turbines, in particular, have also risen this decade due to global shifts of manufacturing capacity and the soaring demand from wealthy economies that are building data centers. SHIFT PIPELINE These forces have already begun to reshape the areas where new gas capacities are being built. Global Energy Monitor reports that the U.S., the world's largest natural gas exporter and producer, has increased its share in the pipeline planned for new gas capacities from 10% to 33% by the beginning of 2026. Gas power components are being sought by U.S. utilities, and other tech giants to increase electricity for artificial intelligence applications. This aggressive push squeezes out cost-sensitive markets. India, a fast-growing economy that was once expected to be a major consumer of gas, has cut back on plans to increase gas capacity. India's energy firms are adding coal-fired power to their mix of power sources to offset this. India is expanding its oil refinery base, and it is expected that fuel production and exports will grow through 2030. Storage Squeezer Gas storage is more difficult than oil. The crude and refined products can be stored easily in land-based tanks and on ocean tankers. This will help to prevent supply disruptions. Natural gas, on the other hand, takes up much more space when stored at normal room temperature. It must then be compressed or supercooled to a liquid form for better storage. This limits the storage of gas and increases its cost. Gas consumption is also highly seasonal. In most countries, demand peaks during winter but drops sharply in shoulder seasons. The demand for refined fuels is fairly consistent throughout the year in many major economies. Storage operators are unable to profitably time their sales and purchases due to the large fluctuations in gas consumption. This is unlike fuel storage companies that can expect multiple tank farm turnovers every year. THE BOTTOM LINE The war has caused significant disruptions to both oil and gas flow. The oil industry is expected to recover faster. The major Middle East oil producers are already redirecting supplies via pipelines outside of the Strait of Hormuz. This should help oil supplies rebound even as the Iran Conflict drags on. The global gas system, on the other hand, has no immediate way to overcome the sudden drop in Qatari gas supplies. This will have repercussions throughout the gas supply chain and may accelerate the search for alternative fuels by industry and power companies. Even a quick end to the fighting will not bring much relief to gas prices. The damage to Qatar's exports alone is likely to take many years to repair and those buyers who have already started to shift away from gas are unlikely to change their minds. It is likely that some major economies, such as the U.S., will continue to be heavily dependent on gas. In response to recent gas supply cuts, more cost-sensitive markets could collectively 'curb' their exposure to gas, leaving a permanent mark on an industry which, up until recently, was gearing itself for the exact opposite. These are the opinions of a columnist who writes for. 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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TSX futures fall as oil prices rise, Middle East tensions remain a focus
The short-lived relief that came from President Donald Trump's five day pause in strikes against Iran's infrastructure for energy has faded, and investors are still gripped by the uncertainty surrounding the 'war' in the Middle East. As of 6:02 a.m. ET, June futures for the S&P/TSX Composite Index were down by 0.5%. ET (1002 GMT). Oil prices rose on Friday on concerns about supply after Iran denied having talks with the U.S. on ending the Gulf War, contradicting Trump’s statements that a deal might be reached soon. The war, now in its fourth week has brought the Strait of Hormuz to a near standstill and crippled the energy infrastructure throughout the Middle East. The Canadian stock market is particularly vulnerable to changes in oil prices because crude is one of the country's most important exports. Investors remained on edge due to the conflict. Gold pared some of its losses as well. After reaching its lowest level since November 24, spot gold fell 0.2%. The TSX is dominated by gold miners. The benchmark index posted its largest?gains in five weeks on Monday. This was boosted by hopes that Middle?East tensions would ease. This optimism was short-lived. TransAlta Corp., which is a Canadian company that owns power-generation assets, will be the focus of corporate news after National Bank of Canada upgraded its stock from "sector performance" to "outperform". Jamieson Wellness Inc. also attracted attention when CIBC began?coverage of the company with an "outperformer' rating and a?price target of C$43 (31.27). Click on CODE: TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory ($1 = 1.3750 Canadian Dollars) (Reporting and editing by Sahal Muhammad in Bengaluru)
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Officials say that Russian strikes on Ukraine have killed five people and cut the power lines in Moldova.
Officials said that Russian strikes on Ukraine have killed at least 5 people, damaged houses and affected energy supplies, including a power line between 'Moldova and Europe, overnight and early Tuesday morning. Volodymyr Zelenskiy, the president of Ukraine, said that damage was reported in 11 areas after heavy drone and missile attacks. He also issued a fresh appeal to allies for them to provide air defence munitions to Kyiv. He has warned repeatedly that Kyiv will be left with a shortage of missiles, as Washington focuses on the U.S. and Israeli war in Iran. It's important that we continue to support Ukraine. He said that it was important to implement all air defense agreements?on-time" as Russia continued its four-year war in Ukraine. Ukraine's Air Force said that Russia had?launched 34 missiles, and 392 drones during the latest attacks against critical infrastructure? and that 25 missiles, and 365?"drones" were downed or neutralised. According to the energy ministry, some consumers in six areas were without electricity. Telegram reported that a drone attack and missile strike on Zaporizhzhia in the south-east of the country killed one person. He posted photos of the damage done to 20 apartment blocks and showed firefighters fighting a fire in a highrise building. The regional governor reported that two people, including a child of five, were killed in an attack near the eastern city Poltava. He also said that residential buildings - and a hotel - had been damaged. Local prosecutors reported that a 61-year old passenger died in an attack against an electric train in Kharkiv's northeastern region, and one person was also killed by shelling in Kherson in the south. The overnight strikes have cut off Moldova's main power link to Europe, said Moldovan President Maia Sandu. "Alternative routes have been established, but the current situation is fragile." She said that Russia alone is responsible. Mihai Popsoi, Moldova's Foreign Minister, said that the Isaccea - Vulcanesti electricity line, which links energy systems in Moldova to Romania, was affected. Reporting by Anna Pruchnicka, Editing by Daniel Flynn and Jacqueline Wong; Timothy Heritage.
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Shares rise after India's HDFC Bank hires outside law firms to review the resignation of its ex-chairman
HDFC Bank in India said Tuesday that it approved the appointment of external law firms to review Atanu Chakraborty's resignation from his role as part-time chairman. He resigned last week citing disagreements over "values" and ethics. After the announcement, the company's stock rose by 1.3%. This ended a run of three days of losses which had eroded $16.27 billion from the market value of the stock that weighed the most in benchmark indexes. India's largest lender to the private sector said earlier that the abrupt departure, which caused shares to plummet and analysts questioning if there was a governance concern, could have been the result of a rift with the management. Chakraborty didn't go into specifics. Please read my letter. Chakraborty replied to a message sent by text on Tuesday that the letter made no claims or insinuations. "I have resigned and I will not investigate the actions of the organization." HDFC Bank has announced that it is hiring both domestic and foreign firms to review the letter, "to strengthen the robust governance standards" of the bank. The firms were not named in the statement. Source familiar with the deliberations said that the law firms will review minutes from past board meetings in order to determine if the differences mentioned by the chairman are true. The source declined to identify herself as this is a sensitive issue. Sources confirm that the bank will not sue Chakraborty to recover damages for damage caused to Chakraborty's reputation. The Reserve Bank of India stated last week that HDFC Bank is professionally managed and financially stable. There are "no concerns" on record about its governance or conduct. Keki Mistry, a former HDFC Group executive and long-time HDFC Group executive, has been appointed as interim non-executive Chairman for three months by the RBI. Chakraborty was appointed as part-time Chairman?in April 2020 and reappointed from May 2024 to May 4, 2027. He oversaw the $40 billion merger of HDFC Bank with HDFC Ltd., creating a financial behemoth. Since Chakraborty resigned, HDFC Bank shares have dropped by nearly 12%. CONDUCT OF INDEPENDENT DIRECTORS Tuhin Kanta Panta, the head of SEBI, which regulates listed companies, refused to comment on individual matters, when asked if they would ask Chakraborty for more details. Pandey said that independent directors are required to follow the regulations' code of conduct. Pandey added that independent directors must follow the code of conduct set out in regulations. Pandey stated that "no one can insinuate without a proper record of evidence." "Such comments have an effect on minority shareholders." Independent directors must be accountable for what they say. Chakraborty was a non-executive chairman and independent director on the board. Pandey said that the Reserve Bank of India (RBI), which is the primary regulator of HDFC Bank would likely look into different aspects of the issue. Reporting by Chris Thomas from Mexico City, Gopika Gopakumar from Mumbai and Komal Salescha from Bengaluru. Additional reporting by Jayshree Upadhyay. Editing and proofreading by Sumana and Clarence Fernandez.
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UN aims to improve food security for Rohingyas in Bangladesh
A spokesperson for the United Nations Food Agency said that it will revamp its program for Rohingya refugee?in Bangladesh in April to ensure food security?for every household. In the ninth year of a crisis affecting more than?1million Rohingya, funding pressure is increasing on humanitarian groups. The majority of these Rohingya fled violent military crackdowns that occurred in Myanmar in 2017, and now live in overcrowded camp with limited access to education or jobs. The World Food Programme's new, needs-based approach is aimed at ensuring that the minimum food requirements of all refugees are met, while providing greater support to those who face?the biggest challenges. A WFP Bangladesh spokesperson said that the new system would allocate monthly food aid according to the household food insecurity levels determined by a survey in 2025. Kun Li, spokesperson for the Ministry of Health, said that "Differentiated Ration Size is in accordance with global 'best practices' and will ensure equitable distribution to those most in need." WFP is the'sole provider' of food assistance for Rohingya refugee families in Bangladesh. This includes about 150,000 new arrivals from 2024. Mohammed Mizanur Rahman is Bangladesh's top official in charge of the refugee camps. He said that 33% are highly vulnerable households, 50% are moderately vulnerable and 17% are vulnerable. "Our rations are shrinking due to the global funding crunch," said Mohammed Jashim. Mohammed Jashim is a Rohingya Refugee, father of three children between the ages of four and 11. "I appeal to the international community to not forget us. We are unable to get home at this time. Please don't leave us." In terms of food security, the WFP's latest scheme classifies households as "extremely" or "highly" insecure. The southern coastal town Cox's Bazar will receive monthly sums of $12. $10. and $7. Bhasan Char is an island in the Bay of Bengal that's home to 31,000 Rohingya. They will receive larger payments, $13, $11 or $8, to reflect the higher costs and commodities there. Families with children, the elderly, women or disabled people, as well as households headed by children are eligible for an additional $3 in fresh food vouchers per person each month. The WFP said that international support is essential for the continuation of life-saving assistance, including food and basic services, to Rohingya refugee communities and vulnerable host populations in Bangladesh. (Reporting and editing by Clarence Fernandez; Ruma Paul is the reporter)
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Vietnam receives funding for energy and transport at EU-Vietnam Business Forum
On Tuesday, at a business forum between the EU and Vietnam in Hanoi, financial deals and grants totaling 560 million euros ($650 million) were announced to support projects in Vietnam that promote 'clean energy' or'sustainable transport. The agreements include a 200 million euro deal between the European Investment Bank (EIB) and Vietnamese lender Techcombank, to support solar and wind power projects, energy efficiency and e-mobility. The French?development agency AFD, along with its private-sector subsidiary Proparco, signed loan agreements for 230 million Euros with Vietnamese state utility company EVN to help develop the Bac Ai hydroelectric plant. * The European Union has also announced a grant of?40 millions euros to support Vietnam's plans for public transport investment, while Germany and France have announced additional grants in the areas of technical and vocational training as well as energy transition.
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Maguire: Iran war is worse for natural gas than oil.
The Iran war seems to have a similar impact on oil and gas, with missiles, drone attacks and shipping disruptions choking the Strait of Hormuz. Underneath the surface symmetry, there is a serious imbalance. Gas consumers are more affected by the global supply chain because it has fewer rerouting and storage options than the oil markets. Gas infrastructure, liquefaction plant in particular, is more complicated and expensive to build and maintain than oil equivalents. Oil refineries are able to resume operation more quickly after a shutdown than LNG export hubs. Prices have made this imbalance clear: European and Asian benchmarks for gas prices are much higher than crude oil benchmarks since the conflict started, an indication that gas will take longer to recover than oil. BAD TIMING This disruption could not have come at a worse time for gas. According to the Energy Institute the growth in global gas demand is roughly double that of oil over the last decade. This is due to the expansion of pipelines and storage systems. This growth trajectory was widely expected to continue in the future, particularly as emerging economies move away from coal. The global LNG industry has grown steadily due to the positive outlook for the gas market. The world's second largest LNG exporter, Qatar, has suddenly had its LNG supply cut off after Iranian attacks knocked down 17% of their export capacity. This could last up to five more years. The resultant increase in gas prices has warned consumers about the dangers of heavy import dependence and will likely slow the addition of new gas-fired energy capacity. Gas for electricity has never been so affordable. Solar panels and batteries are a cheaper and faster way for power providers to increase electricity than adding new gas capacity. This can take many years to develop. Costs for gas turbines, in particular, have also risen this decade due to global shifts of manufacturing capacity and the soaring demand from wealthy economies that are building data centers. SHIFT PIPELINE These forces have already changed the location of new gas capacity. Global Energy Monitor reports that the U.S., the world's largest natural gas exporter and producer, has increased its share in the pipeline planned for new gas capacities from 10% to 33% by the start of 2026. Gas power components are being sought by U.S. utilities, and other tech giants to increase?electricity supply for artificial intelligence applications. This aggressive push squeezes out cost-sensitive markets. India, a fast-growing economy that was once expected to be a major consumer of gas, has cut back on plans to increase gas capacity. India's energy firms are adding coal-fired power to their mix of power sources to offset this. India is expanding its oil refinery base, and it is expected that fuel production and exports will grow through 2030. Storage Squeezer Gas storage is more difficult than oil. The crude and refined products can be stored easily in land-based tanks and on ocean tankers. This will help to prevent supply disruptions. Natural gas, on the other hand, takes up a lot more space than oil at room temperature. It must then be compressed or supercooled to a liquid form for better storage. This limits the storage of gas and increases its cost. Gas consumption is also highly seasonal. In most countries, demand peaks during winter and then drops sharply in shoulder seasons. The demand for refined fuels is fairly consistent throughout the year in many major economies. Storage operators are unable to plan their sales and purchases in a way that is profitable, as compared to fuel storage companies who can expect to have multiple tank farms turn over each year. THE BOTTOM LINE The war has caused significant disruptions to both oil and gas flow. The oil industry is expected to recover faster. The major Middle East oil producers are already redirecting supplies via pipelines outside of the Strait?of Hormuz to ports that are not affected by the conflict in Iran. This should help oil supplies rebound even though the conflict continues. The global gas system, on the other hand, has no immediate way to overcome the fall in?Qatari supply, which is likely to send reverberations through the gas supply chain and speed up the search by industry and power companies for alternative fuels. Even a quick end to the fighting will not bring much relief to gas prices. The damage to Qatar's exports alone is likely to take many years to repair and those buyers who are already reversing their course, won't be able to do so. It is likely that some major economies, such as the U.S., will continue to be heavily dependent on gas. In response to recent gas supply cuts, more cost-sensitive markets could collectively 'curb their exposure to gas,' leaving a permanent mark on an industry which, until recently, was gearing up exactly for the opposite. These are the opinions of the columnist, an author for. 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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New York Times Business News - March 24,
These are the most popular?stories from the New York Times business pages. The New York Times has not verified the accuracy of these stories. The Trump administration announced that it would create a consortium of investors to invest more than $1 trillion in energy projects, minerals and semiconductors to create "a new source" for the critical goods controlled by the United States. Interior Department: The Trump Administration will pay French energy giant TotalEnergies almost $1 billion for abandoning?its plans to?build?wind farms?off the East Coast. Federal Aviation Administration investigates whether a United Airlines flight problem distracted an air traffic controller at LaGuardia Airport's tower during a critical moment, and whether this led to a runway accident which killed two pilots. After a court ruled against a previous press policy, the U.S. Defense Department announced it would adopt a new set of restrictions for journalists. It will close an indoor workspace and replace it with an outdoor area outside the main Pentagon Building. (Compiled by Bengaluru Newsroom)
Dubai's DXB Airport is expected to handle 100 million passengers in this year
Dubai International Airport (DXB), which is the world's busiest travel hub and is expected to?handle close to 100 millions passengers this year, according to its operator. This will build?upon a record-breaking performance in 2025.
Dubai Airports said that it expects to have 99.5 million passengers by 2026 as the demand grows across major markets.
DXB handled 95,2?million passengers in 2018, up 3.1% compared to 2024. India, Saudi Arabia, and Britain were its top three markets. Egypt, Italy, and China all experienced double-digit growth.
Dubai is the Middle East’s largest tourism and trade hub. It's home to the tallest tower in the world, as well as palm-shaped islands. According to government statistics, it is also an important connecting point for flights from Europe to Asia.
Dubai Airports said that in 2025 DXB had its busiest day, month, quarterly and annual records. It was operating at the limit of physical capacity, while consistently delivering operational excellence.
The emirate announced that it would be investing $35 billion in its second airport (Al Maktoum, operated by Dubai Airports) to'meet the rising demand for air travel and the rapidly growing population.
When completed, the expansion will be able to handle 260 million passengers annually. (Reporting by Federico Maccioni. Mark Potter (Editing by Federico Maccioni)
(source: Reuters)