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Partially resumed flights restore some gold flow from Dubai's key hub
Three sources with knowledge of the matter said on Friday that the resumption in some flights to 'Dubai' has allowed for gold flows from this major global trading hub?to partially resume this week. Since the U.S. and Israel war against Iran began on February 28, deliveries of physical gold from and to Dubai, a major hub that supplies Switzerland, Hong Kong and India, have been affected. One source said that the traffic is still constrained but some deliveries have resumed. He declined to be identified because he wasn't authorised to talk to media. Due to the high weight-to-value ratio of gold, it is transported by air due to insurance and security concerns. FlightRadar24 data showed that Dubai flights were 37% higher than usual as of Thursday. Another source said that the reduced flight traffic increases insurance and ground transportation fees for bullion delivery. Gold is currently trading at a lower price than London, which will help to ease the impact on India, as it is a major consumer of gold. Traders expect India's demand for gold to be subdued over the next two weeks. A Mumbai-based dealer at a private bank said, "Only limited flight (from Dubai) has resumed, which is helping to bring in some 'bullion. But demand in India is still weak." (Reporting and editing by Polina Deitt and Rajendra Jhadhav)
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US airlines' loyalty and profits are reshaped by credit-card cash
Since years, the fortunes and success of U.S. Airlines have been determined by fuel costs, fares, and how full their cabins are. A growing portion of their cash is now coming from co-branded cards. This trend can be seen in the way loyalty programs reward travellers. United Airlines announced last month that regular members who do not have its card would earn 3'miles per dollar spent on eligible flight, while cardholders earn 6'miles. The airline said that regular members would need to have a United card in order to earn miles for basic economy tickets. American Airlines no longer offers AAdvantage Miles and Loyalty points on basic economy flights. Delta Air Lines allows customers to use their co-branded American Express card to qualify for elite status. The reason is evident from a review of the filings made by major U.S. Airlines between 2021 and 2025. Banks pay airlines billions in payments for loyalty points and other rewards tied to the programs. In some years, this money is equal to operating income. This money is not tied to ticket sales. It's a distinction that has a new relevance, as the Middle East conflict has pushed jet-fuel prices up and squeezed airline margins. It also makes airlines more vulnerable to changes in bank strategy, credit conditions, and political decisions. CHEAPEST FARES, FEWER REWARDS The airlines are changing the loyalty program rules to focus on credit card spending, which makes it harder to earn rewards for low-cost fares. The value of frequent flyer membership has declined over the years, according to Jay Sorensen. He is the head consultant at IdeaWorks. Its 2025 U.S. Domestic Reward Report shows that reward "payback", which links cash fares with award prices, has fallen by half since 2019. This is because several airlines have reduced or eliminated mileage earning on their cheapest tickets. David Robertson, of the Nilson Report, said that some consumers might abandon airline cards if they feel that redeeming miles is out of their reach. This could lead to pressure from banks who buy miles in bulk. The airlines reject the notion that cards will replace flying as the primary way to earn rewards. Alaska Airlines' loyalty chief Kevin Scott stated that non-cardholders continue to "earn meaningful value by flying." He said that co-branded cards are meant to enhance the program and not replace traditional earning. BILLIONS? FROM BANKS Although the amounts are different across the industry, the totals are high. Delta will receive $8.2 billion from American Express by 2025, which is roughly 14% of its adjusted operating revenue. This cash amount is 1.4 times the adjusted operating income. Delta's spokesperson confirmed that some of the cash received is immediately recognized as revenue, while other amounts are deferred until all miles have been redeemed. American reported receiving $6.2 billion from partners and co-brands in cash by 2025, which is roughly four times the adjusted operating income. The airline is expecting its new cobranded credit card agreement to Citi to help it narrow its profit gaps with rivals Delta & United. Alaska's loyalty revenue accounted for about 16% total revenue. CFO Shane Tackett said that the co-branding partnership helped stabilize results during demand fluctuations. The?business' also links airlines closer to their bank partners and credit cycle. Delta Airlines claims that nearly all its marketing agreement cash comes from American Express. Southwest Airlines, on the other hand, says that most of the points it sells are sold to JPMorgan Chase. Brian Riley, payments analyst, says that banks tighten lending in times of recession and reduce co-branded marketing. This slows new account growth, and can affect airline earnings over the next two to three quarters. POLITICAL PRESSURE Merchants and legislators are also putting pressure on the credit-card loyalty model to change the fees that help fund rewards. A bipartisan bill known as the Durbin Marshall proposal in the U.S. Congress would require more competition for payment-network routing. Supporters say this would lower merchant costs. Airlines for America, a trade group, warned that the bill could threaten airline credit-card benefits, citing a similar regulatory shift which affected debit-card incentives. They also said that consumers valued airline loyalty programs. Merchants and consumer group disagree. Dylan Jeon, of the National Retail Federation, said that premium reward cards have the highest interchange rate, and that merchants pass those costs onto consumers. Researchers say that high interchange fees in the U.S. help to fund generous rewards. Research shows that caps in Europe, Australia and other countries have reduced rewards and increased annual fees, leading some cards disappear. Separately President Donald Trump proposed a 10% cap on credit card interest rates for a year, which banks and airline groups said could harm rewards programs. SCRUTINY REGULATORY The regulatory scrutiny of airline rewards programs has also been a topic of discussion. The U.S. Department of Transportation spokeswoman said that the department had asked American, Delta Southwest, and United for information in 2024 about their reward programs and policies. The Department of Transportation is reviewing the responses from all four airlines. John Breyault is vice president for public policy at National Consumers League. He said that a stronger disclosure was needed, as airlines could change the earning and redemption value without giving clear notice to customers. Breyault stated that "the modern airline is just a huge rewards program which happens to fly planes." (Reporting and editing by Matthew Lewis in Chicago, with Rajesh Kumar Singh reporting from Chicago)
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Minister says Turkey is considering selling the operating rights to highways and bridges
Transport Minister Abdulkadir Uraloglu stated that Turkey was looking to sell some operating rights of highways and bridges in order to reduce budget pressures. However, the country has no plans to sell these assets. Heavy maintenance on major highways and roads increases the cost to the state. Uraloglu added that Ankara was working to see if this work could be transferred?to private operators. "Highways are not sold. "We are examining the possibility of granting 'operating rights' for certain periods, and transferring the cost to the operator in order to avoid additional pressure on budgets," Uraloglu stated. "There has been no final decision. We already know how much we'll spend. We will make decisions based on the size of revenue that we are able to?obtain," he said. He did not specify which highways or bridges would be included in the plan. Media reported earlier that Ankara was seeking to privatize some roads and bridges. (Reporting and writing by Tuvan Gümrukcu; editing by Susan Fenton).
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Honda's $15,7 billion writedown on EVs is painful but China problems loom in the future
Honda's $15,7 billion write-down of its electric car business is more than just a painful reversal in its strategy for the U.S. It also highlights that it will face even greater challenges from China where there is a growing technological gap. On Thursday, Japan's second largest automaker announced that it would restructure the EV business, primarily in the U.S., and write off the value of some Chinese operations. This could be worth up to 2.5 trillion yen (approximately $15.7 billion). It also said it would?report?its first ever annual loss since its 70-year history as a publicly listed company. It announced that it would cancel the three battery-powered models planned for the U.S. where demand for electric vehicles has plummeted since President Donald Trump cut subsidies. Batterie-powered cars made up just 2.5%, or 84,000 vehicles, of Honda's global sales in 2014. The size of the write-down reflects Honda's massive investments in research and production capacity, as it sought greater volumes of EVs. He said that the automaker should've acted faster to stop this investment when Trump came back to power. He said, "They took too long to think about this." They cancelled these projects almost on the eve before they were released. Honda unveiled its first two "Honda 0 Series" concept vehicles, including the Saloon Sedan, at the CES tradeshow in Las Vegas, in January 2024. It had anticipated that the first cars in the series would be available this year in North America. These plans have been cancelled, with the company canceling the three models which were to be produced in the U.S. The company will experience cash outflows up to 1.7 trillion Japanese yen as part of its financial hit. This is mainly due to the costs of compensating their suppliers. In a client note, Seiji Sugiura said, "We were stunned by the sheer magnitude" of the write-down. Tokai Tokyo Securities' research arm, Tokai Tokyo Intelligence Laboratory is the senior analyst. This decision was made at a critical time, before mass production and after significant budgets were already committed. It was therefore a difficult call. Honda said it will pivot to hybrids and look at strengthening its line-up in India and cost-competitiveness there, where it believes that it can expand. CHINA'S PERFORMANCE SIGNS DEEPER EV TRUUBLES Honda may be able to clear the decks, but fixing the China business could prove a greater challenge. The automaker said it was unable to compete with the newer Chinese companies, primarily because they have shorter development cycles and are stronger in software-driven vehicles. This includes advanced driver assistance systems. Honda said in a press release that it was unable to produce products with a better value than those of the newer EV makers, resulting in a decrease in competitiveness. Vincent Sun, senior analyst at Morningstar said that Honda was uncertain about its ability to meet the technology challenge in the long-term. He said, "This move makes me concerned about Honda's long-term technological competitiveness." Honda launched several battery-powered vehicles in China, the largest auto market in the world, but sold only 17,000 units last year. This was just 2.5% its sales of 677,000 cars and just one fifth of the global total of electric vehicles. Analysts said that Sony Honda Mobility, the joint venture between Honda and Sony Group to develop the Afeela sedan, could also pose a risk. Honda announced on Thursday that the direction of its joint venture is being discussed but no decision has been made.
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Didi announces Q4 loss of $ 43 mln despite overseas expansion drive
Didi Global reported a net loss on Friday for the?fourth quarter as China's biggest ride-hailing service?accelerated its?international?expansion, increasing?costs. The company, which dominates China's market for ride-hailing services and has expanded in Latin America primarily with ride-hailing, food delivery and other services, reported a net loss to the tune of 43.48 million yuan (300 million yuan) over the last three months. This compares to a net loss in the same period of the previous year of?1.3bn yuan. The company reported that revenue grew 10.5%, to 58.4 bn yuan. The international revenue, which is only a tiny fraction of the total sales, has jumped by 47% to 4.4 billion yuan. Didi’s core business, China Mobility, saw its revenue increase 9%, to 51.7 billion Yuan. Last year, the company increased its overseas investments, expanding food delivery services in additional cities including Brazil's Sao Paulo. The adjusted losses from the international segment increased to 3.4 billion Yuan in 2024 from 700 million Yuan during the same period. This impacted the overall profitability. Alibaba Group, Meituan and other rivals in China are integrating ride-hailing services into their broader apps, appealing to users who want to consolidate multiple service providers. Didi began expanding in early 2023, following a regulatory crackdown which began?in?2021 after it pursued an U.S. IPO without Beijing's consent. $1 = 6.8999 Chinese Yuan (Reporting and editing by Jacqueline Wong, Clarence Fernandez and Liam Mo)
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Minister says Turkish ship can pass through Strait of Hormuz
Abdulkadir Uraloglu, Turkish Transport and Infrastructure minister, said that a Turkish-owned ship which had been awaiting near Iran received permission to pass through the Strait of Hormuz after he and his officials contacted Tehran. Uraloglu, in comments made to Turkish media Thursday and released Friday, said that Ankara has declared the highest level of security warning for?strait. He also stated that Ankara continues contact with Iranian officials about the situation regarding the remaining 14 Turkish owned vessels. Uraloglu stated that "Fifteen Turkish-owned ships were present; we received permission from the Iranian authorities to use an Iranian port by one of these vessels, and it was approved." The ministry confirmed that the Rozana was the ship which 'passed the strait. The ministry added that Turkish vessels in the area had 171 crew members. The U.S. and Israeli war against Iran has effectively closed the Strait of Hormuz. This has left tankers, other ships, stranded. This has stoked fears about global energy supply. The ministry also announced that Turkish Airlines and Ajet cancelled flights from March 19 to March 20, including flights to Iran. Pegasus Airlines has cancelled flights from?Kuwait to Bahrain, Doha, Beirut, Iraq and Dubai, Abu?Dhabi and Sharjah, until 23 March, while cancelling Iran flights till 28 March. Turkish Airlines has announced that it will be adding flights to Oman. It also said that 76 flights have been diverted from Turkey since the beginning of the conflict on February 28. Tuvan Gumrukcu, Darin Butler, Alex Richardson and Darin Butler edited the article.
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Thai family waiting for news of missing relative in ship attack on Straits of Hormuz
Sommai Butdee, a rural Thai woman in the northeast, awaits news of her missing nephew. He is one of the three crewmembers of the 'Thai flagged vessel, which was hit by two projectiles as it traveled through the Strait of Hormuz earlier this week. Sommai (58) gathered her family under the wooden stilt house in Ban Sai, Surin Province, on Friday. She held up her phone and showed a picture of her 27-year old nephew Panupong Muentan who had graduated from a merchant maritime training centre. "He didn't ?say much. I wished him safe travels. He'd worked at sea before, maybe once or twice. He said, "Don't worry. "There's no need to be afraid," Sommai replied, remembering their last meeting in February. Sommai raised her niece and described him a good, devoted man who hoped to?help pay off his family's debts and his siblings' tuition fees by his?work in the engine room. "They only went there to earn a living and to work. They had no idea what was going on in the rest of the world. We never imagined it would end up this way. Dechawat, his 70-year-old uncle, said that all of his parents and family members were sad. Bangkok has asked Tehran to apologize and clarify the incident. Sihasak Phuangketkeow, Thai Foreign Minister, told reporters in Bangkok on Friday that Thailand was 'not a part of the conflict. The ship did not carry anything controversial. There have been other ships that had a safe passage. Our vessel should have also been treated this way. The U.S. and Israeli war against Iran has disrupted the global trade via the Strait of Hormuz. Iran's Revolutionary guards said in a Tasnim report that the ship had been "fired on by Iranian fighters". The Omani Navy rescued 20 other crewmembers who had abandoned ship and were in a lifeboat. Precious shipping, the ship owner, said that three crewmen were missing and believed to be in engine room. If he lives, I just want to hug. I hope that he's safe. "I would be so happy," Sommai replied. (Additional reporting and writing by Chalinee Triasupa, Editing by Kate Mayberry; Chayut setboonsarng)
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Wall Street Journal, March 13,
These are the top stories from the Wall Street Journal. The Wall Street Journal has not'verified' these stories, and cannot vouch for the accuracy of their content. ByteDance's Chinese parent company, TikTok, is building computing power outside China using high-end Nvidia processors. Qantas Airways has agreed to pay over US$74m to settle a class-action lawsuit for its decision to not offer immediate cash refunds on flights that were canceled during the Covid-19 pandemic. Stryker stated that a cyber-attack related to the Iranian conflict continues to disrupt its operations including order processing and manufacturing. The nonprofit that produces the television show "Sesame" has filed a lawsuit against the parent company of 'SeaWorld,' alleging they haven't paid royalties or shortened the operations of an aquatic park themed 'Sesame' with little notice. Lululemon Athletica's founder Chip Wilson has warned prospective chief-executive candidate that the company's problems stem more from its board than its leadership vacancy. A?Qatari investment fund has made a bid for the privatization of pizza chain Papa John's International.
Data shows that Russian exports of seaborne oil products in February fell by 3.3% compared to the previous month.
Data from industry sources and calculations revealed that Russia's seaborne?oil product -exports for February 2026 fell 3.3% from the previous month to 7.97?metric tons?. This was due to a combination of?unplanned?refinery _outages? and harsh weather conditions in key ports.
According to the data, oil exports from Russia’s Baltic ports - Primorsk Vysotsk St. Petersburg Ust-Luga -- decreased by?11.4% on a month-to-month basis to 4.7 millions tons.
Since mid-February, Russian Baltic ports have barred non-ice class tankers from entering. Ice1 and Ice2 vessels are allowed to enter with icebreakers.
The data revealed that, in contrast to the Baltic Sea, oil products exports from Black Sea ports and Azov Sea ports rose by 13.7% over the previous month, to a total of?2,565 million tonnes.
Last month, oil?product?exports to the Arctic ports of Murmansk & Arkhangelsk dropped from 61.200 tonne in January.
Data from industry sources revealed that fuel exports at Russia's Far East ports increased by 8% in February, to 665 tons.
(source: Reuters)