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Austrian protesters close vital motorway linking Germany to Italy
Thousands of local residents closed down 'Austria Brenner Motorway' on Saturday. The Brenner is a vital north to south?corridor between Germany and Italy. They were protesting against the?tourists and trucks that are always clogging their roads. Karl Muehlsteiger was the leader of the protest, the mayor of Gries am Brenner. Gries am Brenner is one of the towns that are in the shadows of the Wipp Valley, a narrow valley with steep sides, and giant concrete stilts. Since?decades, the issue of excessive traffic and pollution in the valley that leads to the Brenner pass has been a source for tension between Austrians and Germans. Local authorities have taken various measures in Austrian 'Tyrol' to stop the flow of traffic, which has often prompted protests?across border. "You're making history!" Austrian news agency APA reported Muehlsteiger telling a crowd of 3,000 protesters that gathered at the motorway to symbolically block it, after police had cordoned both ends of corridor. The cars that arrived there turned around and left. Even though it was a holiday in some German states (including Bavaria), the eight-hour closure from 11 am did not cause chaos as many feared. Local media reported that trains passing along the same route were crowded. The local road, which runs parallel to the motorway from town to city was also closed for all traffic except locals and local traffic. A suspected arson attack overnight on electrical control units disrupted rail travel between Peri and Dolce near Verona?on Verona Porta Nuova - Brenner?line. Investigators were looking into possible links to radical environmentalist or anarcho-insurrectionist groups. (Reporting and editing by Kevin Liffey; Additional reporting in Rome by Crispian B. Balmer; Reporting by Christian Mang & Francois Murphy)
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Munich Airport briefly stops flights over drone sighting
The police and airport authorities confirmed that flights were halted at Munich Airport for an hour on Saturday morning after a pair of pilots saw a drone. A spokesperson for the airport said that during the shutdown, more than 20 flights which were due to land in Munich were diverted to another airport. Two pilots flying separate planes on the airport tarmac saw a drone hovering over the airport at around 9 am (0700 GMT). This prompted the closure, according to the witnesses. The flights resumed an hour after the first one. A police spokesperson stated that "extensive police operation, including a helicopter search of the area affected,?produced no results". The shutdown was lifted at 10:05 am, they added, after a thorough investigation into the incident had been launched. In October of last year, drone sightings caused more disruption at Munich airport. They forced several shutdowns in rapid succession. (Reporting and writing by Elke Ahlswede, Francois Murphy, Editing by Ros Russel)
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Five people are killed and over 40 injured in a chain-reaction crash on a Virginia highway
State police reported that five people died and over 40 were injured, including three critically, when a tour vehicle plowed into a sport-utility vehicle on a U.S. highway in Northern Virginia early Friday morning, triggering a chain reaction crash. Police said that a preliminary investigation revealed that the driver of the motor coach failed to slow down as it approached slower traffic in an area where construction was taking place along Interstate 95. This is a major highway corridor running north-south through the region. The bus then slammed a Chevrolet Suburban into another vehicle, and the Acura SUV. According to a press release from the state police, an Acura caught on fire. The accident occurred around 2:35 am?EDT on the southbound lanes of I-95, in Stafford County. This is about 45 miles southwest from Washington, D.C. The motor coach charter company E&P Travel in North Carolina operated the bus that carried about 34 passengers, including its driver, between New York City and Charlotte, North Carolina. Four of the five fatalities were in the Acura that was on fire - a man aged 45, a woman aged 44, a girl aged 13 and a boy aged 7 - all from Greenfield Massachusetts. According to police, the fifth person killed was a woman aged 25 from Worcester, Massachusetts. She was in a Chevy Suburban that had been hit by the bus. Police?stated that 44 people, including the driver of the bus, were injured and taken to hospitals in the area for treatment. Three of those patients are listed as being in a critical condition. Matthew Demlein, a spokesperson for the state police, said that charges are pending against the driver of the bus in relation to the accident. He declined to provide further details. Steve Gorman, Los Angeles; Sanjeev Mikleni, editing.
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Castlelake considers offer for British low-cost carrier EasyJet
Castlelake L.P., a U.S. investment firm, said on Friday that it was in the early stages of considering an offer for British budget airline easyJet. This sent the 'airline’s U.S. traded shares up nearly 10%. Castlelake stated in a press release that no approach had been made to easyJet's board and it was impossible to predict whether or not an offer would be made. According to UK takeover regulations, Castlelake must submit a firm bid by the 26th of June or abandon a deal. EasyJet announced the news a week ago, after warning that its outlook for the full year was 'uncertain' due to the Iran War driving up fuel prices and bookings being weaker during the summer peak season. According to LSEG's data, the?company is worth 3.02 billion pounds. The carrier's share price closed Friday at 398 pence and is down more than 22% for the year. As the Strait of Hormuz is constrained, the Iran conflict has disrupted global aviation. Jet fuel prices have risen by more than 80% in just a few months, forcing airlines to increase fares, reduce capacity, or accept'margin pressure. Castlelake entered into talks with Spirit Airlines in January, months before the bankrupt airline permanently ceased flight operations. Merit AirFinance is an aviation lending platform that was launched by the investment firm in 2013. It has $1.8 billion of deployable capital and aims to offer debt financing for airlines and aircraft lessors. EasyJet, in 2021, rejected an offer by rival 'Wizz Air. Instead, it raised $1.7 billion from shareholders, and went 'it alone' in an industry that is struggling to recover from pandemic.
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US Postal Service wants to force states to provide lists of voters
The U.S. As part of a new rule proposed on Friday, the Postal Service will require that states provide a list of voters who have received mailed ballots. This comes one day after an?internal judicial?judge refused to block immediately President Donald Trump's executive order. USPS's proposal was published in the Federal Register and would require that states provide the USPS with the names of voters who received mailed ballots. However, it would not be applicable to primary elections. The public has 30 working days to provide feedback on the plan. Postal Service proposes that states must also apply unique barcodes to outbound and return ballot mail envelopes. They say this "will facilitate law enforcement efforts" as well as help ensure adherence to federal laws. Carl Nichols, a U.S. District Judge in Washington, declined on Thursday to block Trump's order of March 31 regarding?mail-in votes but did not state if it was legal. A Boston judge has scheduled a hearing on Tuesday for a separate lawsuit brought by Democratic state attorneys against Trump, USPS and other parties challenging the voting order. The order directed that the federal government use data to verify the eligibility of voters in each state, ordered the Postal Service only to deliver mail-in ballots to those on the approved list. It also required states to keep election records for five years. A group of Democratic Senators claimed that the order sought to illegally transform USPS into an election administration agency, with the authority to determine who could vote by mail and establish ballot specifications. Trump, who is a Republican, has been promoting the false claim for years that his defeat in the 2020 election was due to widespread voter fraud. He has also called for tighter voting rules by mail ahead of the midterm elections of November. Trump will oust?Postmaster-General Louis DeJoy in?March 2025. David Steiner, the current Postmaster General of the USPS, has warned that USPS may run out money as early as next year.
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Swiss Federal Prosecutors Probe Terror Links to Knife Attack
The Office of the Attorney General (OAG), a Swiss federal prosecutor, has taken charge of the investigation into the knife attack that occurred at Winterthur Railway Station on Thursday. They are treating this case as terrorism-related. The federal prosecutor announced that criminal proceedings had been opened against the suspect on suspicion of multiple attempts at murder, participation in or support for a terrorist organization, and involvement with a terrorist group. Three Swiss men have been injured in the 'attack that took place in Winterthur on Thursday morning, just north of Zurich. Three men were stabbed, one in the leg and two in the neck. A third was stabbed on the thigh. All three men were taken to hospital, with the third requiring emergency surgery. The police arrested the suspected perpetrator, a dual Swiss-Turkish citizen of 31 years, at the station, just a few moments after the initial emergency call. Investigators have now focused on the motive of the attack. This includes a thorough review of the background and history of the suspect. The prosecutor's department said that its "main hypotheses" is that the attack was suspected to be terrorism. Police said that the suspect was reported to police in 2015, for "spreading propaganda" from the militant hardline group Islamic State. The Swiss newspaper Blick said it had also 'obtained a video of a man running out of Winterthur Station shouting 'Allahu akbar, an Arabic phrase that translates to 'God is the greatest. The video was not independently verified. The federal prosecutor said on Friday that the incident was a sign of jihadist-motivated terror in Switzerland. (Reporting and editing by John Revill)
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European shares gain monthly on Middle East Peace Hopes
European shares edged higher on Friday to close the month with gains. Investors clung to hopes that a proposed agreement could be reached extending a Middle East truce and reopening the Strait of Hormuz. Market optimism was sparked by reports that U.S. president Donald Trump had been weighing a preliminary U.S. Iran agreement. He said that he would reach a decision on the deal by Friday. Kathleen Brooks is the research director for XTB. She said that the market may test its patience if a deal cannot be reached by the end of June. This could have a major impact on the oil price as well as the rally in the global stock markets. The STOXX 600 pan-European index rose 0.1%, to 626 points. This was a positive week's end. The benchmark index was 'within striking range of record highs this week, and had secured a monthly gain of 2.5%. However, recent escalation in the Middle East conflict has capped further advancements. European stocks?continue?to lag behind tech-heavy counterparts in Asia and the United States because of the region's limited?exposure to technology stocks. Marija Veitmane is the head of equity analysis at State Street. When asked if a geopolitical solution?could spark a major rally Marija said no, pointing to structural demand destruction as well as looming rates hikes which could impact corporate profitability. The data confirmed the hawkish view, with inflation in four of the largest eurozone economies above the European Central Bank’s 2% target rate for the third consecutive month. Investors are pricing in 50 basis points tightening before year's end, according to LSEG. Crude oil prices, which are a vital resource in Europe's energy crisis, have fallen and could be on course for their first drop in two months. Airline stocks, such as Lufthansa, Air France, and consumer discretionary stocks, like luxury, are sensitive to energy price changes. Both have added more than 2%. Defence stocks are among the top sectors with a 0.7% increase. NATO has accused Moscow of reckless behavior and promised to "defend each inch of allied territory" following Romania's report that a Russian drone crashed into an apartment building in the member state of NATO during an attack against Ukraine. During geopolitical conflict, the sector usually gains on increased military spending. CTS Eventim rose 10.7% after the German ticket company said that its revenue grew by 23% during the first quarter of 2026. This was due to strong demand for live performances. Orkla shares fell 5.3% as UBS downgraded it from "neutral" to "sell", citing the increasing pressure from inflation and the Middle East Conflict. (Reporting and editing by Johann M Cherian, Bengaluru. Sherry Jacob Phillips, Joyjeet Das, Joe Bavier.
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Britain will step up its subsea cables protection in response to the rising Russian threat
Britain has proposed tougher punishments for shipowners or operators who damage'subsea cables,' including prison sentences. The aim is to deter Russia and hostile?states sabotaging the nation's infrastructure. Subsea cable carries over 99% of international data traffic. This includes calls, messages, and other internet services, as well as more than PS1.4 trillion worth of British financial transactions every day. Last month, Britain claimed to have exposed a Russian covert submarine operation around UK waters. This was a bluff? to hide other specialist vessels operating near critical underwater infrastructure. Liz Lloyd, the Telecoms Minister said that Britain had strong military capabilities for protecting cables. However, overhauling 140 year-old legislation will remove a "grey zone" of legal uncertainty around suspected malicious activities to increase deterrence. She said that "as hostile activity from Russia and other countries grows, protecting these cable is more important than ever" for our economy, daily life, and security. "That's why we intend to go further, with tougher sanctions for reckless damage and stronger security obligations as well as new powers to react quickly when incidents occur." Russia previously denied British allegations that it had threatened or targeted subsea cable. Lloyd said sabotage committed by an enemy state already carries a life sentence for the perpetrators, but that new laws will cover the use of proxy actors by state actors as well as reckless damage. She said that the government would also "work with cable operators and owner to reduce accidental damages arising from fishing activities or vessels dragging their anchors which, she said, "accounted for almost all cable outages". Lloyd stated that the company was consulting with industry about establishing a British repair ship in order to increase resilience. He added that a final decision would be made 'later this year. She added that the government would also examine?environmental regulations to accelerate the laying down of new cables in deep water where the impact on marine wildlife was very limited. (Reporting and editing by Kirsten Doovan; Paul Sandle is the reporter)
Opening Hormuz was the easy part. Bousso: Restoring oil flow is not the easy part
The sporadic shipping through the Strait of Hormuz highlights the uncertainty that hangs over the world's most critical oil and natural gas chokepoint. One thing is certain: even if all the guns are silenced, it will take years to restore the flow of oil and gas through the Strait of Hormuz to its pre-war level.
Iran announced on Saturday it would tighten control of the strait as a response to an?U.S. Blockade of Iranian tankers. Fired at several vessels. Warned?mariners about the closure. It was just hours after Tehran had announced a temporary "reopening" amid a 10-day ceasefire. Donald Trump, the U.S. president, said that negotiations were in progress and threatened to resume military action should shipping be disrupted once again. After the U.S. and Israeli aerial bombing of Iran began on February 28, Tehran effectively closed down the strait. Traffic through the strait, which normally transports around a fifth global oil and natural gas supplies, has been reduced to a trickle since then. Immediate impact was severe. The Gulf has been unable to release around 13 million barrels of oil per day and 300 million cubic metres of LNG per day, forcing oil producers to close refineries, LNG plants, and oil fields. This has impacted economies in Asia and Europe. Fighting has caused damage to the energy infrastructure and diplomatic relations in the region.
How will the recovery unfold, and at what point can the industry expect to return to pre-war levels of operation?
THE RELIEF RUSH
The speed of recovery depends not only on the diplomacy between Washington, D.C., and Tehran?but also on logistics and availability of tanker insurance, freight rates, and the willingness of the shipowners risking the passage.
According to Kpler, the first tankers leaving the Middle East are the 260 vessels that have already sailed into the Gulf. They carry 170 million barrels?of oil and 1.2 million tons of LNG.
The majority of these initial cargoes will likely be shipped to Asia. This region normally receives about 80% Gulf oil exports, and 90% of LNG.
After these vessels leave, over 300 empty oil tankers in the Gulf of Oman will slowly move into the Gulf to load terminals like Saudi Arabia's Ras Tanura or Iraq's Basrah Oil Terminal.
The first thing they will do is empty the onshore storage tanks that grew rapidly during the shutdown of 'Hormuz. According to the International Energy Agency, commercial crude storage in Gulf is currently?at around 262 million barrels. This is the equivalent of twenty days of interrupted production.
However, the logistics of tanker transport will continue to slow down any full-scale recovery in energy flows. A trip from the Middle East up to India's West Coast, for instance, usually takes 20 days. The longer-haul routes, such as those to China and Japan, can take up to two months.
Finding enough tankers can be difficult. Many are tangled up in the shipping of oil and LNG between Americas and Asia, which can take as long as 40 days.
Even under benign conditions, a full rebalancing and return to the pre-war rhythms of Gulf loading operations will take eight to twelve weeks.
CHICKEN AND EGG PROBLEM
Saudi Aramco, the United Arab Emirates ADNOC and other producers will need to restart production at oil fields and refineries that were closed during the fighting.
This will require careful coordination and the return of thousands skilled workers, contractors, and other professionals who were evacuated due to the conflict. The speed of recovery will be determined by the amount of storage available at coastal terminals. This creates a feedback loop that links upstream and downstream activity.
The IEA estimates around half of Gulf oil fields and gas reservoirs retain enough pressure to return production to pre-war levels?within two weeks. Another 30% of the oil and gas fields could return to pre-war output?within two weeks.
The remaining 20%, or roughly 2,5 to 3 million bpd, faces far more difficult technical challenges. Some fields may take several months to recover due to low reservoir pressure, damaged machinery and power supply issues. Repairing major energy assets such as Qatar's Ras Laffan LNG Hub, where 17% of its capacity was affected, could take five years. It could take up to five years to repair some complex and ageing wells in Iraq and Kuwait.
Drilling new wells in the region could offset any persistent supply losses, but this process would take at least one year and require an improvement of security conditions.
Iraq and Kuwait are expected to lift force majeure declarations once the backlog of tankers is cleared and oilfields resume a steady production. These clauses allow exporters suspend deliveries in uncontrollable situations such as war.
Even if the most optimistic scenario is realized - that peace talks are successful, no new conflicts occur and infrastructure damage is not as bad as feared – a return to full pre-war operations will take years.
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(source: Reuters)