Latest News
-
New York Times Business News - April 15, 2019
These are the most popular?stories from the New York Times business pages. These stories have not been?verified and we cannot vouch for their accuracy. Both sides reported that they had a positive discussion, although it wasn't immediately clear if a framework for peace was agreed upon. OpenAI announced that it would share its new A.I. GPT-5.4 Cyber, a?model that will be shared with hundreds of organizations before being expanded to thousands more in the next few weeks. Canadian Prime Minister Mark Carney announced that he will temporarily suspend the federal gas tax from 'early September onwards. He is the latest country to act to assist consumers who are facing rising prices at the pumps due to 'the war in Iran and disruptions to global energy markets. - 'The U.S. House of Representatives overwhelmingly passed a bipartisan aircraft safety bill. This has set up a'showdown' with the Senate where leaders have proclaimed that certain provisions are not enough to prevent midair collisions. (Compiled by Bengaluru Newsroom)
-
China ordered Maersk and MSC not to operate Panama ports, according to FT.
The Financial Times reported that China has told the Danish shipping company Maersk and Swiss-based Mediterranean Shipping Company to stop operating ports on the Panama Canal. The report cited 'two people who were familiar with the discussions' as saying that Maersk and MSC Shipping received a directive from China's state planner to immediately withdraw from the Balboa and Cristobal port. Could not confirm the report immediately. Maersk Shipping, China's Foreign Ministry, and the State Planner did not respond immediately to requests for comment. The report stated that Maersk and MSC were warned not to "engaged in illegal activities which harm the interests Chinese companies and to maintain commercial ethics and international laws." Panama has granted temporary concessions of 18 months to keep the terminals operational. APM Terminals is a unit?of Maersk and TIL Panama is a?unit?of MSC. CK Hutchison is facing heavy criticism in China after announcing a plan to sell 43 ports across 23 countries in March '2025, including Balboa & Cristobal, to a group led by a family-run Italian shipping company MSC and BlackRock. (Reporting and editing by Sonia Cheema, Subhranshu Sahu, and Gnaneshwarrajan in Bengaluru)
-
Reports from FT claim that Iran used a Chinese spy satellite to target US military bases.
The Financial Times reported on Wednesday that Iran had secretly purchased a Chinese spy satellite. This gave the Islamic Republic the ability to target U.S. bases in the Middle East during the recent war. According to the report, which cited leaked Iranian documents, the Islamic Revolutionary Guard Corps Aerospace Force acquired the TEE-01B satellite in 2024, after it had been launched from China. The newspaper reported that Iranian military commanders had directed the satellite to monitor major U.S. Military sites. It cited time-stamped coordinates lists, satellite imagery and orbital analyses. The images were captured in March, before and after missile and drone strikes?on these locations. Could not verify the report. Earth Eye Co, the CIA, the Pentagon, China's Ministry of Foreign Affairs and Defence, and The White House did not respond immediately to our requests for comment. According to the report, as part of the agreement, the IRGC gained access to commercial ground station operated by Emposat. Emposat is a Beijing-based 'provider of satellite data and control services with a nationwide network that extends across Asia, Latin America, and other regions. FT reported that satellite images captured on March 13-14 and 15 showed the Prince Sultan 'Air Base 'in Saudi Arabia. The U.S. president Donald Trump confirmed on March 14 that US planes had been?hit? at the base. The report states that the satellite monitored Muwaffaq Salti Air Base, in Jordan, as well as locations near the Fifth Fleet Naval Base in?Manama in Bahrain and Erbil Airport in Iraq around the time IRGC claimed attacks on facilities there. Reporting by Shivani Tana in Bengaluru, Editing by Sonali and Neil Fullick
-
The day after Gulf Exit, a sanctioned tanker returns to the Strait of Hormuz
The U.S. sanctioned tanker, Rich Starry,?arrived back at the Strait of?Hormuz Wednesday, after leaving the Gulf the previous day,?shipping information showed. It failed to?break a U.S.?blockade?on ships calling at Iranian port. U.S. president Donald Trump announced the ban on Sunday, after the weekend talks between the U.S. government and Iran in Islamabad failed to produce a result. The U.S. Central Command reported on X that "no ships were able to get past the U.S. Blockade during the first 24 hour period." Six vessels complied with the direction of U.S. Forces to turn around and re-enter a port in Iran. On Tuesday, the first U.S.-imposed blockade day, at least eight ships crossed the waterway. The Chinese tanker was one of them. Two oil tankers were stopped by a U.S. destroyer Tuesday as they attempted to leave the Iranian Port of 'Chabahar in the Gulf of Oman, according to a U.S. government official. U.S. sanctions were placed on The Rich Starry, and its owner Shanghai Xuanrun Shipping Co., for their dealings with Iran. No immediate comment could be obtained from the company. Kpler data revealed that the Rich Starry was a medium-range methanol tanker, which carried about 250,000 barrels. It was loaded in the port of Hamriyah (United Arab Emirates). LSEG data reveals that the Very 'Large Crude Carrier Alicia is another vessel sanctioned by the United States, which entered the Gulf on Wednesday via the strait. Kpler data shows that the empty tanker capable of carrying two million barrels is headed to Iraq on Thursday to load a cargo. The blockade?has created even more uncertainty for shippers and oil companies, as well as war risk insurers. Industry sources reported on Tuesday that traffic is only a fraction of the 130 daily crossings before the U.S.-Israeli war on Iran began in February.
-
Official: US destroyer intercepts two oil tanks attempting to leave Iran
Two oil tankers were intercepted by a U.S. destroyer on Tuesday as they attempted to leave Iran, just a day after President Donald Trump’s blockade took effect. They were instructed to turn back, according to a 'U.S. Unnamed official said. Officially, the ships left Chabahar on the Gulf of Oman. The warship contacted them via radio communication. Uncertain whether there were any other warnings. The disclosure provides more detail on the beginning of Trump's Blockade. It aims to press Iran to stop its effective closing of the Strait of Hormuz. This is a chokepoint for around 20% of world oil. Trump hopes that 'the blockade' will force Iran into accepting America’s terms to end a war started by the U.S. on February 28th, including opening up the Strait of Hormuz. Trump claims that this was also part of the ceasefire agreement with Iran, which expires next week. Experts are cautious. Noam Raydan, at the Washington Institute for Near East Policy, said that tracking data showed one tanker doing a U turn after the blockade began. However, he cautioned a number of ships using?Iranian crude oil to go dark. We don't yet know how effective the product is. Raydan stated that we are still on day two. The U.S. official said that the two tankers are?among six merchant vessels which the U.S. Central Command stated in a press release earlier on Tuesday, had followed orders to turn around and re-enter a port of Iran on the Gulf of Oman. Central Command has confirmed that no ships have been able to pass the blockade, which was put into place on Monday morning at 10:00 in Washington (1400 GMT). More than 10,000 troops According to the U.S. Military, this massive blockade involves more than 10,000 U.S. troops, a dozen or so warships, and dozens of planes. The U.S. Military says it will support freedom of movement for vessels that transit the Strait of Hormuz as long as they do not go to or from Iran. Trump announced the blockade after the weekend talks failed to bring an end to the war. Oil prices rose above $100 per barrel on Monday, before falling on Tuesday in hopes of more talks. If Trump's plan succeeds, it would remove Iran's biggest?point of leverage when negotiating with the U.S. He could also open the Strait to global trade again. Experts say that a blockade is a war act which requires a large number of warships to be committed for an extended period of time. This could trigger a new round of retaliation by Tehran, and strain an already fragile ceasefire. The threat of Iran to the shipping industry has caused oil prices worldwide to soar by about 50%. Around 5,000 people are believed to have been killed in the hostilities. The U.S. has weakened Iran's army by thousands of military strikes. Analysts say that Tehran emerged from the conflict with a hard-liner leadership and a hidden stockpile highly enriched nuclear uranium. Raydan warned that Iran would likely retaliate if the blockade was successful and lasted for a long time. He cited Iranian threats to attack Gulf States which host U.S. troops and Iran's previous attacks on ships. Raydan stated that "we're in a testing period." (Reporting and editing by Chris Reese; Idrees Al and Phil Stewart contributed to this report).
-
Gulf crisis affects Australian and New Zealand companies, from airlines to banks
The U.S. and Israel war against?Iran is causing financial strains for companies in Australia and New Zealand. Higher fuel prices are stoking inflation, affecting consumer and business confidence, and weighing on corporate earnings. Westpac Banking Corp. and Qantas Airways warned Tuesday that the soaring fuel prices, and consumers' struggles with high costs and borrowing fees, could affect their earnings. Some of the companies from Australia and New Zealand have reported an impact on their business due to the Middle East conflict. Air New Zealand New Zealand's Flag carrier announced a price increase in March after suspending its earnings forecast for the full year. The airline announced on April 7 that it would cut flights in May and June. This will affect?about 4% of all flights and 1% total passengers. a2 Milk New Zealand's A2 Milk has cut its profit forecast for fiscal 2026 as higher freight costs and supply chain disruptions due to the conflict have affected its China-label formula infant milk product in its largest market. Cleanaway Waste Management: The company's full-year earnings forecast was cut by A$20,000,000 ($14.17,000,000) largely due to higher costs, reduced activity and timing differences of cost recovery. Fonterra New Zealand's largest dairy producer stated that the conflict could impact?its supply chains and increase its inventory and costs in second half of year while also contributing to volatility in global commodities prices. Orora: Orora, the packaging?company, has lowered its earnings forecasts for its French unit Saverglass. It also cancelled its share-buyback program. The company cited the war as the reason. Due to the closures of shipping routes, the company also stopped bottle production in its glass production facility located at Ras al-Khaimah (United Arab Emirates). Qantas: Qantas Airways is Australia's national carrier. It has raised its fuel costs outlook for the second-half of the year up to A$800m. However, it said that its planned A$150m share buyback program had not yet begun. The airline cited the volatile and sharply increased jet fuel prices. Qantas has increased fares to offset the rising cost of its flights and shifted them towards stronger routes like Paris and Rome where demand is strong. They have also reduced domestic capacity by about 5 percentage points during the June quarter. Virgin Australia Virgin Australia announced in mid-March it would be adjusting its fares as rising costs in the aviation industry are "exacerbated" by the Middle East situation. Westpac: Westpac, Australia's no. Westpac, Australia's no. Westpac's net interest margin for its Treasury and Markets division has been weakened amid the interest rate volatility related to the conflict. A weaker outlook is already leading to higher credit provisioning. Westpac's provision for 'potential bad debt' is at its highest level since the COVID-19 pandemic. Auckland International Airport Auckland International Airport in New Zealand said that flights to the Middle East from Auckland were affected. Airport operator: The Middle Eastern routes experienced a 81% decrease in passenger numbers in March compared to a year earlier, and a 73% drop in seat capacity. $1 = 1.4118 Australian Dollars (Reporting and editing by Sherry Phillips, Maju Samuel, Jasmeen Shaikh in Bengaluru)
-
Canada's oil and gas revenues will surge due to the Iran war but new investments are being held back.
Senior executives from Canadian oil and gas companies said that they expect sharply higher profits for 2026 due to a 'price surge caused by the Iran War.' However, these earnings will be returned to shareholders rather than invested in new major capital projects. The executives admitted that their financial fortunes had changed drastically in the wake the Middle East conflict, which has disrupted the global oil and natural gas supply and sent Brent and West Texas Intermediate crude benchmarks soaring. The CEOs of Canada, which is the fourth largest oil producer in the world, said that the shock in commodity prices will not translate into an increase in drilling in Canada or the approval of new oil sands projects. The CEOs cited a?uncertainty as to how long high oil prices will continue, as well as a continuing concern over perceived regulatory and political barriers in Canada. "We are a commodity-based company." "We participate when we see energy prices increase globally," said Jon McKenzie in an interview. McKenzie is the CEO of Cenovus Energy. "But at this stage, I don't believe it will have any long-term or strategic impacts on anyone's operating plans." OIL PRICES?HIGHER THAN EXPECTED Many Canadian companies expected WTI prices to average $60 per barrel in 2026, but prices have soared since the start of the war, and now range from $90-$100 a barrel. Mike Verney is executive vice president of McDaniel & Associates and said that this would mean a "massive change" in the profitability for producers compared to what they had expected. Brian Schmidt, CEO at Tamarack Valley Energy said that the cash flow would be about C$650 (472.21 millions). "What we are 'forecasting' now is that it will be around C$1billion." Schmidt stated that unless Canada builds a new crude oil export pipeline, its oil producers will not be able to significantly increase production because the existing pipeline capacity is?almost maxed out. Executives expressed concern about their ability grow without an agreement between the Canadian and Alberta governments with industry on industrial carbon pricing. Jamie Heard said that the Iran war had changed Tourmaline Oil’s cash flow forecasts for this year and probably for next year, too. He said that while cash flow is not expected to reach the levels of 2022, when the Canadian Industry as a Whole reaped record profits because of the Ukraine War and the global commodity shock resulting from it, they could get "closer" to this range. Heard stated that Tourmaline would return the majority of its Iran profits to its shareholders. This could be in the form a special dividend. Heard said that Tourmaline understands war premiums are fickle, and we need to earn these cash flows before we can announce new allocations.
-
United's Chief takes the fight against American to the White House with a merger pitch
Scott Kirby, the CEO of United Airlines has been arguing for more than a ten-year period that only two premium airlines can be supported in the U.S. He has now taken that view to the White House, where he floated the idea of merging with American Airlines, his fiercest competitor. Kirby's strategy can be traced to the closing of?the American/US Airways merger on December 9, 2013. Kirby was then a senior executive at American. Kirby told a New York audience in March 2025 about a conversation he had with his team at American about the future of the airline industry. Kirby said, "There is only enough room for two premium airlines in the United States." "We're pushing United out of Chicago." After being passed over by American for the CEO position, he left three years after the 2013 merger. He was hired by United and spent the last decade trying to reverse that strategy, fighting against American at Chicago's O'Hare Airport. The latest move extends that rivalry outside of the playing field. Sources revealed late Monday that Kirby met President Donald Trump in February and pitched the American Airlines merger to him, appealing to Trump's broad ambition to create U.S. Corporate Champions. It wasn't immediately clear if United had approached American to discuss a possible deal or if the idea was still preliminary. United and American declined to comment on this article. Kirby has also spent months engaging the administration, according to people familiar with the situation. This included an appearance on Katie Miller Podcast, the show hosted by Stephen Miller's wife. Kirby's participation in the show was criticized by far-right activist, Laura?Loomer. Loomer wrote: "Scott Kirby was the guy who fired employees for refusing the COVID vaccine and spent years acting as a Biden climate cultist." "Scott Kirby, a wolf dressed as a sheep is not a good thing." BATTLE OF AIRLINE CHAIRMEN This rivalry is also visible in public. The?CEOs from American Airlines and United Airlines appeared at the J.P. Morgan Conference last month -- Robert Isom of American Airlines in the morning, and Kirby of United in the afternoon. Kirby was asked to comment on Isom's description of United's Chicago expansion when he was present. He said, "I took that as a complement." Robert?Mann is a former airline executive and consultant who said that the rivalry has gone beyond normal competition. He said, "It is a grudge-match to some extent." "Robert Isom against Scott Kirby after school in the schoolyard -- Brass knuckles." Kirby argues that shocks such as the current fuel price spike will "accelerate" the gap between brand loyal airlines and the rest, creating opportunities for consolidation. FUEL PRICE SPIDING: AN OPPORTUNITY OR A RISK? American has parts of this profile. Its shares and earnings are behind those of its competitors and the unions have criticized management harshly. However, its own numbers complicate the picture. Last month, CFO Devon May stated that the airline had a first-quarter liquidity of more than $10 billion and a debt level at ten-year lows. It is still one of the largest U.S. airlines with the highest leverage. Isom stated last month that "Americans are built for times like these, no matter how long it takes." This leaves American, which is in the middle: not strong or weak enough on its own to command a high valuation but not weak enough for it to be a target of easy acquisition. Kirby's argument for a merger is based on the international scale. A combined airline could reach more markets in which foreign carriers dominate long haul flying. This was a pitch for the White House focused on trade deficits. The domestic reality is not in favor of the argument. The merger would bring together two of the biggest U.S. Airlines with a lot of overlap, such as Chicago O'Hare airport and other major hubs in Texas. These are the exact markets that regulators will most likely scrutinize and then demand asset sales. WINNERS AND LOSSES IN MERGER PLAN A sale is a better option for American investors than waiting on a turnaround. Stocks rose more than 8 percent on Tuesday, reflecting the expectation of a premium to be paid for a company worth about $7 billion. This is less than one-third of United's market capitalization of $31 billion. The arithmetic is in the opposite direction for United shareholders. Fuel costs are rising due to the Iran War. United has about $20 billion of?long-term?debt and is working towards an investment-grade credit rating, a milestone that its finance chief said last month the airline expected to reach before the end this year or the next. Adding American's approximately $25 billion debt would leave the combined firm with around $45 billion of liabilities. United's ability to maintain its balance sheet would be put to the test, even though it is promoting financial discipline and investment grade ratings. The deal would also bring American more than 139,000 staff and a fleet over 1,000 aircraft. This risk is heightened by the?surge of fuel prices. Jamie Baker, an analyst at J.P. Morgan, cut his United earnings estimate last week to a loss of $1 per share for the entire year if fuel prices remain high. Although sustained high fuel prices will shift structural advantage to high-margin airlines like Delta Air Lines, and United Airlines, industry officials privately state that a United-American merge would be difficult in the current climate. One industry official said that a United acquisition of American would be "like digesting a whale". (Reporting and editing by Joe Brock, Matthew Lewis and Rajesh Kumar Singh from Chicago)
The day after Gulf Exit, a sanctioned tanker returns to the Strait of Hormuz
Shipping data revealed that the U.S. sanctioned tanker Rich Starry returned to the Strait of Hormuz?on Wednesday, after?exiting?the Gulf?the day before. It failed to overcome a U.S. ban on vessels visiting Iranian ports. Donald Trump, the U.S. president, announced the blockade Sunday following the failure of weekend talks between the U.S. government and Iran in Islamabad. The U.S. Central Command reported on X that "no ships were able to get past the U.S. Blockade during the first 24 hour period." Six vessels complied to U.S. orders to turn around and re-enter a port in Iran. On Tuesday, the first of the U.S.-imposed blockade, at least eight ships crossed the waterway. Two oil tankers were stopped by a U.S. destroyer on Tuesday as they attempted to leave the Iranian Port of Chabahar in the Gulf of Oman, according to a U.S. government official.
U.S. Sanctions were imposed on The Rich Starry, its owner Shanghai Xuanrun Shipping Co., and their dealings with Iran. The company was unable to be reached for comment.
Kpler data revealed that the Rich Starry was a medium-range vessel carrying around 250,000 barrels methanol. It was loaded in the port of Hamriyah, United Arab Emirates.
The blockade is causing even more uncertainty for oil companies, war risk insurers and shippers. Industry sources reported on Tuesday that traffic is still a fraction of what it was before the U.S.-Israeli 'war on Iran' began on February 28. Kpler data and LSEG showed that the Very Large Crude Carrier Alicia, a vessel sanctioned by the United States, which has a history of transporting Iranian oil since 2023, is entering the Gulf on Wednesday via the strait. Kpler data shows that the empty?tanker capable of carrying 2 million barrels is headed to Iraq on Thursday to load a cargo. According to the data, the Malta flagged VLCC Agios Fanourios 1 entered the Gulf on Wednesday via the strait in a second transit attempt. The tanker was one of several vessels which attempted to enter the Gulf during Sunday's ceasefire agreement between the U.S. and Iran.
According to data and trade sources, it is headed?to Iraq for Basra crude to?Vietnam’s Nghi Son refinery.
Eastern Mediterranean Maritime which manages Agios Fanourios 1 and Nghi Son Refinery & Petrochemical have not responded to comments immediately.
(source: Reuters)