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What is Druzhba and why have EU sanctions against Russia been delayed?
The blocking of new EU sanctions against Russia, and funding for Ukraine, due to the stoppage in the last Russian oil flow into Europe via the Soviet-era Druzhba Pipeline, has caused a geopolitical conflict. What you should know What is DRUZHBA and what does it mean? Druzhba is an oil pipeline that transports crude oil via Ukraine from Russia to Eastern Europe. The Soviet-era connection was one of the'most important Russian oil arteries', transporting crude from West Siberia into Europe, including Belarus, Germany and other industrial countries such as Hungary, Poland, Slovakia, the Czech Republic, Ukraine, Hungary, Germany. According to Transneft, the Russian oil pipeline monopoly, Druzhba was able to pump over 1 million barrels of oil per day at its peak. This is over 1% global oil supply. After Moscow's invasion of Ukraine, most EU countries stopped importing Russian oil. By the beginning of 2018, Druzhba had been supplying around 200,000 barrels per day to Hungary and Slovakia. Hungary and Slovakia's leaders are the only ones in the EU who maintain close ties to Russia. They claim that buying oil from other countries is more expensive, and could 'endanger energy security. On February 12, the Ukrainian government announced that oil flows had been suspended since January 27, for more than two weeks. In the past, oil flows via Druzhba were disrupted and reported to the countries concerned within hours. Ukraine accused Russia of damaging pipelines with drones. Russia, Hungary, and Slovakia have all accused Kyiv, along with Russia, of delaying repairs out of political motives. WHAT IS THE IMPACT OF THE DAMAGE? Ukraine hasn't publicly revealed the extent of damage or a date when it plans to resume Druzhba deliveries. Kyiv claims that repairs are underway, but Russian shelling poses a security risk to these efforts. In a note sent by Ukraine to a meeting of EU government officials on oil supply on February 25, the document stated that Russian attacks on January 27, had damaged an oil-pumping station near Brody, as well as "technological equipment and auxiliary gear" of the Druzhba Pipeline. It was unable to access the sites and verify independently the extent of the damage. Why is the pipeline linked to EU sanctions? Hungary has retaliated by blocking a new EU loan to Kyiv and vetoing any new EU sanctions against Russia. This is a reaction to the stoppage in flows, which has strained the pro-Ukrainian consensus of Europe on the eve the fourth anniversary. Hungarian Prime Minster Viktor Orban, who's party trails behind the opposition in polls before an April 12th election, accused Ukraine on Wednesday of an "oil blocade". Orban said that his opponents were going to drag Hungary into a conflict in Ukraine. Slovakia has stopped providing emergency electricity to Ukraine due to the Druzhba conflict. Kyiv is dependent on EU countries for emergency electricity because its power infrastructure has been severely damaged by Russian drone and missile strikes. What's next? After Monday's ministerial talks failed, the EU has yet to reveal how it intends to resolve the impasse over its new?Russian sanctions. Croatia has offered to ship in non-Russian oil via its Adria Pipeline, replacing the oil that comes from Druzhba. Pipeline operator Janaf claims that Adria can deliver up to 280,000 bpd to Hungary and Slovakia. This is more than enough oil to replace the Russian 200,000 bpd. MOL, the Hungarian company, has said that Adria cannot supply those volumes. Maintaining?supplies through Druzhba for its operations is vital. MOL and Janaf announced on Wednesday that they would begin testing to confirm Adria’s capacity with international observers present. MOUNT RUSSIAN PROBLEMS OF EXPORT The stoppage of Druzhba supplies has not caused an immediate shortage of oil in Hungary or Slovakia. Both countries have ordered a release of emergency stocks. According to traders and analysts, the cut in Druzhba flow has added to Russian oil export problems and production. Due to U.S. sanctions, Russian oil exports to India and Turkey will drop in March or April. This will leave China as the primary buyer. Analysts say that drone attacks by the Ukrainian government have damaged several Russian refineries, which has reduced their ability to process crude oil. This, combined with problems exporting, may lead to a reduction in production. The market's jitters about supply disruptions in Russia and U.S.-Iran tensions has pushed benchmark crude oil above $70 a barrel. This is well above analyst predictions of $60 a barrel for this year. (Reporting from Kate Abnett and Dmitry Zhdannikov, with additional reporting by Ivana Skularac, Andrew Gray, and Barbara Lewis).
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Air France and others are not allowed to fight EU cargo cartel fines by the EU's top court
Air France KLM and British Airways, along with their peers, lost the fight on Thursday against EU cartel penalties totaling 776 million euros ($916 millions). This ended a saga that spanned more than two decades. The Court of Justice of the European Union, based in Luxembourg, ruled Thursday that the European Commission had the right to punish airlines who created and ran an air cargo cartel. The Court of Justice has rejected almost all of arguments presented by airlines. The Luxembourg-based court stated that only the appeal filed by SAS Cargo Group was upheld in part, due to errors made by General Court when calculating the amount?of?the fine imposed by this airline". In 2017, the European Commission, acting as the 'EU competition enforcer', reissued fines for 11 airlines who were involved in a cartel. This was after a lower court?abandoned its first fine of 799 millions euros, imposed in 2010, due to a?procedural error. Air France was fined the most, at 182.9 millions euros. KLM came in second with 127.1 million. British Airways, part of the International Consolidated Airlines Group, was fined 104 millions euros. The EU court has reduced the fines that SAS was ordered to pay from 70 million euros to 62,85 million euros. Lufthansa appealed against the Commission's decision, because it did not agree with its legal arguments. The EU watchdog stated that the cartel fixed air freight services, fuel surcharges and security charges from December 1999 to January 2006. These cases are: 'C-367/22 P Air Canada v Commission; C-369/22 P Air France and KLM v Commission; C-370/22 P Air France and KLM v Commission; C-378/22 P British Airways and Singapore Airlines Cargo, v Commission. C-379/22 P Singapore Airlines and Singapore Airlines Cargo, v Commission. C-379/22 P Singapore Airlines and Singapore Airlines Cargo, v Commission. C-380/22 P Deutsche Lufthansa
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Air France and others are not allowed to fight EU cargo cartel fines by the EU's top court
The European Court of Justice rejected on Thursday Air France KLM and British Airways, as well as almost all their competitors in their battle against fines totaling 776 million Euros that were imposed by the EU antitrust regulators nine years ago. The Court of Justice has rejected almost all of arguments presented by the airlines. The court in Luxembourg said that only the appeal filed by the SAS Cargo Group was partially upheld, due to 'errors committed by the General Court when calculating the fine imposed by this airline. In 2017, the European Commission - which is the EU's competition enforcer - reissued fines for?11 airlines who were involved in the cartel. This was after a lower court annulled its 2010 total fine of 799 millions euros due to a procedural mistake. These cases are C-367/22 P Air Canada and Others V Commission; C-369/22 P Air France and Others V Commission; C-371/22 P Air France and Others V Commission; C-379/22 P Singapore Airlines and Singapore Airlines Cargo, v Commission; C-378/22 P British Airways and Singapore Airlines Cargo, v Commission. C-380/22 P German 'Lufthansa and Others, v Commission. C-381/22 P Japan Airlines v Commission. C-382/22 Reporting by Foo Yon Chee and Editing by Charlotte Van Campenhout
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Poste's 2026 profits are higher after an increase in Q4 operating results.
Poste Italiane, a state-backed financial conglomerate, forecast a slight increase in profit for 2026 after reporting stronger-than-expected quarterly operating income. It is preparing to announce a new multiyear strategy later this year. The fourth-quarter earnings before tax and interest (EBIT), which were boosted by the insurance division, exceeded expectations. This was due to the release from a reserve. Poste has guided for an adjusted EBIT of over 3.3 billion euro this year. JPMorgan analysts have said that the forecast was slightly higher. Poste has also set an '2026 net profit target of 2.3 billion euro, up from 2.2 billion euro last year. "We achieved the best results in our history", said Chief Executive Matteo Del Fante, citing the strict cost control and the strong returns on the investment portfolio. Poste, which is almost two-thirds owned by Italy, increased its dividend by 16 percent a year to 1.6 billion euro. This amounts to an increase in the payout ratio from 70% to 73%. It promised to keep the payout ratio above 70% by 2026. Poste's profits have more than tripled under Del Fante. A former JPMorgan banker, Del Fante has been at the helm of Poste since 2017. Del Fante's mandate ends in April. He has applied for a three-year extension. However, there has been no political decision made about his future. Coalition talks on appointments to key state-controlled companies such as Poste are set to reach a critical phase in the coming weeks. Record Results The group's 2025 revenues, after adjusting for items like?transport costs?for gas and electricity in its power-supply business, increased 4%, reaching a record of 13.1 billion euro. This year, the group expects to increase this figure to 13.5 billion. Poste has expanded its business beyond the traditional delivery of mail and parcels to include insurance, payment, savings management, mobile phone, and energy services. In 2025 it purchased 27% of Telecom Italia, bringing back the former monopoly in the phone industry. JPMorgan stated that "TIM and Poste have revealed potential cross-selling benefits from a number of initiatives which we don't believe have been taken into consideration in the consensus." Poste, a company that operates around 13,000 post offices, announced it would integrate the financial and payment services business.
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Newspaper reports that Belgium will install an air defence system in Antwerp port by 2027.
Belgian newspaper Gazet van Antwerpen reported 'on Thursday that Prime Minister Bart De Wever had confirmed the installation of an air-defence at Antwerp Port. Last year, Belgium was forced to close a military base and several airports due to multiple drone sightings. Drones have also been spotted above?the port?of Antwerp including over the nuclear power plants, the BASF chemical plant and the Europa terminal. "An air-defence is coming to the port of Antwerp." According to the newspaper, De Wever stated that the Nasams-type system had already been ordered. The newspaper also stated that the?defence?ministry has specified that the first?battery?of the?air-defence?system is expected to arrive by 2027. The system is designed to provide protection against short-range threats such as drones, fighter jets and other short-range threats. Port?of Antwerp - Bruges and 'the Belgian Government' did not respond immediately to requests for comments. Charlotte Van Campenhout (reporting; Barbara Lewis, editing)
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CPC predicts a 12% increase in oil exports by 2025
The Caspian Pipeline Consortium (CPC), which transports oil from Kazakhstan to a terminal on the Russian Black Sea, increased its exports last year by 12%, reaching 70.52 millions metric tons. CPC, which is responsible for delivering'more than 1% of the world's oil, has been under scrutiny due to a number of disruptions in its operations. This includes a drone attack by Ukraine on November 29 that damaged a vital piece of exporting equipment. CPC, according to three industry sources earlier this month, plans to increase CPC Blend crude exports to 1.7 million barrels per day (bpd), up from 1.1million bpd in the revised February plan. CPC said Thursday that Kazakhstan's oil fields - Tengiz Karachaganak, and Kashagan -- will supply its network with 36.6 mt, 9.2 mt, and 17 mt respectively by 2025.
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Poste Italiane increases dividends after a solid quarter and sees a higher profit in 2026
Poste Italiane, a state-backed financial conglomerate, announced on Thursday that its net profit would'slightly increase this year as revenue reaches a new record. This comes after the company reported solid quarterly earnings and increased its dividend payout. Poste, a company owned almost two-thirds by the Italian government, increased its dividend by 16 percent year-over-year, distributing?1.6 billion euro. This amounts to an increase in the payout ratio from 70% to 73%. It promised to keep it above 70% by 2026. The company is aiming for a net profit of 2.3 billion euros in 2026 compared to the 2.2 billion euro result last year. Poste is the largest cash recipient for the Italian government, thanks to its direct 29,3% stake and another 35% held by state investor Cassa?DepositiePresti Poste has grown beyond the traditional business of mail and parcels, and now offers insurance, payments and savings management services, as well as?energy,?mobile phones and mobile phone service. The group's 2025 revenues, after removing?items like raw material purchase costs?or transport costs for electricity and natural gas in its power-supply?business?, increased 4% annually, reaching a record of 13.1 billion euros. This year, the revenue is expected to increase to 13.5 milliards.
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French and Benelux stocks: Factors to watch Thursday
Here are some company news and stories that could impact the markets in France and Benelux or individual stocks. AMG CRITICAL MATTERS AMG, a Dutch producer of critical materials, reported a Q4 revenue of?$446.6 million. The company's adjusted EBITDA was $43 million. It reported yearly adjusted EBITDA at $235 million. AMG proposed a total 2025 dividend per share of 0.40 euro and expected 2026 adjusted EBITDA to be between $210 and 240 million. EIFFAGE: Eiffage, a French construction and concessions company, reported a full-year revenue totaling 25.31 billion euro ($29.90 billion), and a net profit of 1 billion euro attributable only to the group. The group also announced a construction orderbook of up to 29,9 billion euro, and proposed a dividend of 4,80 euros per share. FNAC DARTY Fnac Darty, a French retailer specializing in entertainment, leisure, consumer electronics, and home appliances, reported a full-year revenue totaling 10.33 billion euro and an adjusted net profit from continuing operations amounting to 28 million?euros. Current EBITDA is 667 million euro and the proposed dividend per share is 1.00 euros. NEXITY: French real estate developer Nexity reported a full-year revenue totaling 2.74 billion Euros, with a positive free cash flow (107 million?euros) and nett financial debt of 278 millions euros. The company forecasted an improvement in operating profitability by 2026 as well as a?ongoing reduction of leverage ratio and possible return to 3.5x or less no later than the year 2027. RAMSAY GENERAL DE SANTE Ramsay Sante, a European leader in private hospitalisation and primary healthcare, reported a half-year revenue increase of 3.3% at 2.6 billion euro and stable consolidated EBITDA of 285 million euro with a margin of 11.0%. The group posted nil net income of 35 millions euros. SAINT-GOBAIN: Saint-Gobain, a French building materials company, announced that it had reached agreements to purchase a majority stake of Morteros de Europa (in the Dominican Republic) and Grouttech in both the Netherlands and Belgium. This will allow Saint-Gobain to enter the Dominican Republic's market and strengthen its position in the Benelux nations. VINCI: French construction and concessions company Vinci has successfully issued 500 millions euros of bonds that can be exchanged for ordinary shares of Groupe ADP by 2031. The bonds have a coupon rate of 0.75% annually?and the exchange price is set at 157.9410 euro per ADP share. Proceeds will be used to fund general corporate purposes. WORLDLINE: Worldline, a French provider of payment services, reported a fourth-quarter revenue of 1,03 billion euros with an organic contraction rate of 2.2%. The company also reported 737 million euro in adjusted EBITDA for the full year. Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers................................................................. Top 25 European pct losers................................................ Main stock markets: Dow Jones............... Wall Street report..... Nikkei 225............. Tokyo report............. FTSE 100............... London report........... xetra DAX............. Frankfurt items....... CAC-40................. Paris items............ World Indices................................................ Pan-European market data: European ?Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top ?10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... survey of world bourse outlook......... European Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report..... ($1 = 0.8464 euros)
The railway reports that grain exports from Ukraine to ports rose in February.
The volume of grain delivered to Ukraine's Black Sea ports for export has risen by 2% in February, compared to a year ago, but remains below the February 2025 levels. This was announced on Thursday by Ukrzaliznytsia, a state railway.
In a report, the railway stated that it has delivered approximately 2 million metric tonnes of grain this month. This is down 1.4% compared to a year ago.
The company stated that "this year, we will face new challenges: attacks on rail infrastructure and power substations which didn't happen last year."
An anonymous source in the transport industry, who asked to remain anonymous due to the sensitive nature of the issue, told? This month, strikes at the Odesa port hub have reduced export capacity up to 30% compared to pre-war levels.
Since the beginning of Russia's full scale invasion in 2022, the southern Odesa area - which is home to a major hub of shipping with terminals in the ports of Odesa and Chornomorsk as well as?Pivdennyi has been a target.
Local businesses have been forced to reduce prices in order to remain competitive on global markets due to attacks on the 'port infrastructure'.
The constant power outages caused primarily by Russian attacks on Ukraine's Energy Sector have made the situation worse, and in some cases?made production unprofitable.
Volodymyr Zelenskiy, Ukrainian president, said on Thursday that Russia had attacked Ukraine's energy grid with drones and rockets over night. Reporting by Pavel Polityuk. Mark Potter (Editing)
(source: Reuters)