Latest News
-
Air India CEO: Successor will be "hands-full"
Air India CEO Campbell Wilson said on Thursday that his successor would have "hands-on" work, as the carrier deals with the fallout of the Iran War and the strong U.S. Dollar. Wilson, who announced his resignation from Air India last month, has said that he will be leaving the company in two or three months. Wilson said that the next four years will be "just as challenging, but in a slightly different way" at a luncheon event in New York. "The person who takes over the role will have a lot on their plate, but I want to make sure that the right person has been chosen to continue the work." According to reports, Singapore Airlines executive Vinod Kanan and Air India commercial head Nipun Aggarwal were the frontrunners for the position of new CEO at Air India. Air India's image has been tarnished as well by "a series of safety failures". Wilson stated that it was "always clear" that he would serve a four-year tenure at Air India. However, he said he would help his successor by taking'steps'. Wilson said, "I will be flexible for as long it takes them to find someone to replace me and I'll make sure we have a smooth transition."
-
Executives say that Canada's investment climate in oil and gas is improving.
Industry executives stated 'on Thursday that Canada is more attractive to oil and gas investors under the Prime Minister Mark Carney, despite the fact that costs of doing business remain a concern which could limit long-term growth in the energy sector. The oil and gas industry, which has long complained about the onerous regulations and environmental policies of the federal government in Canada, have given a measured response to a recent deal between the federal and Alberta-based governments. The agreement eliminated certain environmental rules and set terms for a new industrial pricing policy on carbon for Alberta's Oil Sands Sector. It also pledged to accelerate regulatory approvals. Carney and the Alberta ?government have said the deal will help pave the way for construction of a 1-million-barrel-per-day crude oil pipeline to British Columbia's coast. Nick McKenna, President of ConocoPhillips Canada, said that the agreement improves the risk profile for oil and gas investment in Canada. He also warned that Canada was still in competition with other countries for investment capital, especially the U.S. where the Trump administration is pushing to increase oil and gas output. McKenna stated that the cost of doing business in a particular jurisdiction is important. It is a very competitive environment. Alberta said it plans to submit a proposal to the federal government for Canada's West Coast Oil Export Pipeline before July 1. Construction is expected to begin by September 2027. No private company has committed to building the pipeline. Enbridge, Canada’s largest pipeline operator said this week in an email that it would only consider participation if and when the conditions and policies were right. Canadian oil sands companies are eager to increase production, but to fill a new 1-million-bpd pipe by mid-2030s will require investment in new oil projects. This would represent a radical shift from recent industry focus on improving efficiency and returning money back to shareholders. Kendall Dilling, President of the Oil Sands Alliance, stated that Alberta's new pipeline proposal would require oil companies to invest up to C$100 billion (72.5 billion dollars) in new production. Oil sands has claimed that any industrial carbon tax would put Canada at a competitive disadvantage against the U.S. and make it more difficult to attract foreign capital to support growth. The new federal-provincial agreement ensures Alberta will raise its carbon price gradually, providing an incentive for heavy polluters to invest in pollution reduction technology. It also meets a condition that Carney set before his Government would consider fast-tracking the?new crude export pipeline. The Carney government also said that approval of the pipeline is contingent on oil sands firms committing to build an proposed carbon capture-and-storage project. However, under the deal the project could be phased in and result in less emission reductions than what the companies initially pledged in 2020.
-
US gas exporters request to delay EU methane regulations
A top official of the national suppliers' lobby said that U.S. gas exporters want Europe to defer the implementation of a new law on methane emissions. He warned, however, that the regulatory risk was already preventing long-term contracts between European customers and U.S. companies. Charlie Riedl, Senior Vice President at the Natural Gas Supply Association, said that U.S. Exporters want clarifications about the new methane laws and are asking the European Commission to clarify the law's compliance based on input from the industry. Riedl, speaking on the fringes of the Flame gas and LNG Conference in Amsterdam, initially suggested a need for at least one year of delay, but clarified later that he wasn't proposing a timeframe for a postponement. The EU methane law requires that imported gas comply with monitoring and verification rules equal to Europe's or meet a voluntary standard called "Oil and Gas Methane Partnership 2.0.5". Riedl stated that "I am aware of several companies represented by the association who have told their commercial staff to not sign long-term contracts... due to the uncertainty". The United States is now Europe's biggest supplier of liquefied gas (LNG), replacing a drop in Russian gas pipelines after Moscow invaded Ukraine in 2022. According to the International Energy Agency, global gas markets will remain tight because the conflict in Iran disrupted a fifth or more of the world's LNG supply. Some companies have signed supply agreements with U.S. firms to fill the void caused by the?expected delay in new supplies from Qatar because of the damage 'caused by war. Oil and gas companies in Europe, as well as majors from the United States, called on Brussels to suspend its methane emission law. They warned that it could disrupt Europe's fuel supply. The European Commission has offered more flexible options for companies to comply with its policies, but it has not rolled back this policy. It is a key pillar in the EU's climate strategy. Reporting by Francesca Landini from Amsterdam and Marwa Rashed in London. Editing by Tomasz Janovowski
-
Trump promises to retrieve uranium in Iran
Donald Trump, President of the United States, vowed on Thursday to'recover' Iran's stockpile of highly enriched Uranium. This was despite Iran's comments that they would not give the material over. We will get it. We don't have to, and we don't even want it. Trump told reporters at the White House that he would probably destroy it once we had it. But we wouldn't let them keep it. Iran is thought to have about 900 pounds (or more) of highly enriched Uranium. Trump claims that U.S. airstrikes and Israeli airstrikes destroyed it a year or so ago. Trump's war on Iran is centered around preventing Tehran from developing a nuclear weapon. Two?senior Iranian?sources' have confirmed that Iran's Supreme leader has issued a directive stating that near-weapons grade uranium shouldn't be sent abroad.
-
Americans returning from DRC who have Ebola must enter the US through Washington Dulles
The State Department announced Thursday that as Ebola cases increase in the Democratic Republic of the Congo (DRC), Uganda, and South Sudan, Americans who visited these countries within the past three weeks should only return to the United States via Washington Dulles, for enhanced screening. In response to the Ebola epidemic, Customs and Border Protection and the U.S. Centers for Disease Control and Prevention are implementing enhanced public health screenings at Dulles. CBP reported that an Air France flight on Wednesday from Paris to Detroit was diverted to Montreal because a passenger "in mistake" from the DRC boarded. Marco Rubio, Secretary of State, said that the purpose of the diversion is to prevent Ebola from reaching the United States. "We diverted a flight to Detroit last night because we had to protect the American public. The first objective is to ensure that Ebola does not reach the United States. "Objective number two is to do everything we can to assist the people in DRC and other neighboring countries so that it does not spread." The CDC announced on Monday that it would suspend entry for travelers who had been to the DRC or South Sudan in the weeks prior to their arrival in the United States in order reduce the risk of Ebola spreading. The ban does NOT apply to Americans and lawful permanent residents. In 2014, travelers from three African countries who were returning to the United States due to Ebola fears had their luggage screened at five U.S. Airports, including Dulles in Washington, New York JFK in New York, Chicago O'Hare, and Atlanta. The rebel alliance in control of the area confirmed on Thursday that a case of Ebola had been detected hundreds of kilometers away from the epicenter of the outbreak, in the eastern part of the Democratic Republic of Congo’s South Kivu province. According to the World Health Organization, the outbreak is linked to 139 fatalities. As of Wednesday, 600 suspected cases were reported in Ituri province and North Kivu. According to the World Health Organization, two cases were also confirmed in Uganda. Over the weekend, the WHO declared that the outbreak of the Bundibugyo virus strain, which is not vaccinated, was a public health emergency of international concern. Earlier this week, Ugandan Information minister Chris Baryomunsi said the U.S. "overreacted" when it banned most travelers from Uganda along with DRC, South Sudan and South Sudan.
-
Telecom Italia converts its savings shares ahead of Poste
Telecom Italia will conclude a 'transaction' on Thursday to convert a special share class?carrying a higher investor remuneration to ordinary shares. This long-awaited move is expected to remove a source of extra costs for the group. Telecom Italia launched its conversion plan in late December, after a court decision netted them EUR1 billion ($1.16billion). The majority of TIM savings investors accepted the offer during a voluntary phase which ended on Tuesday. 93.5% took up the offer. Davide Leone's financial investment firm, which began amassing TIM savings shares and became the main holder in 2024, explained that it was a "bet" on a process of "normalisation" for TIM. "One step was the simplification the dual share classes. Others in the past identified this as a?issue that they repeatedly tried to solve." TIM, after a failed privatisation in late 1990s, has spent many years in restructuring. This culminated in the sale in 2024 of its fixed-line networks to reduce debt, and TIM's expected return in public hands this year, following a takeover from state-backed conglomerate Poste Italiane. Poste's offer comes amid the prospect for consolidation in the telecommunications sector. Price competition has caused margins to be squeezed, which makes it difficult to maintain looming investments into 5G. Leone, who after converting a 13 percent savings share stake will?own about 3% of TIM, refused to comment on Poste’s bid. Poste's investment into TIM, however, aligned Italy with other major European countries that have kept a stake in former telephone monopolies. He said he seized a chance to start buying TIM’s?savings share in 2024 after a business plan sparked a “bad market reaction”, pushing prices up to "levels we regarded as attractive long-term valuations."
-
Chinese container ship one of few vessels to cross Hormuz in deadlock over open waterway
Data showed that a Chinese-operated ship was "among the few" to cross the Strait 'Hormuz? in the last 24 hours. This comes as the uncertainty about reopening this critical waterway grows, with the talks between the U.S.A. and Iran at a standstill. Prior to the start of the war against Iran on February 28, the average daily shipping through the strait was 125-140 passages. As a result of the conflict, 20,000 sailors are still stranded on hundreds of ships in the?Gulf. According to an analysis based on ship tracking data, there were 10 ships per day that entered and left the strait. This included cargo vessels, as well as other ships like chemical and liquefied petroleum tankers. Crude oil tankers only accounted for a small percentage of total traffic. Analysis based on data from ship tracking. According to data analytics specialist SynMax, the Chinese-flagged Zhong Gu Nan Chan small container ship crossed the Strait within the last 24 hours. On Thursday, a SynMax analysis of separate Kpler data revealed that most of the other 10 vessels were dry bulk or container ships entering the Gulf of Oman. Only one Iran-linked oil tanker crossed into the Gulf of Oman. There is a fragile ceasefire in place, but no major breakthrough has occurred in the?peace effort. The U.S. blocking of Iranian ports, and Tehran's control of the Strait of Hormuz - a vital global oil supply route - complicates negotiations, which are mediated by Pakistan. Fearnleys, a shipbroker, said this week that they had been disappointed in the past by indications of a possible deal. "We definitely need the waterways opened, not only for the shipping industry but also for the global economy. Meanwhile, the market is more or less the same. Reporting by Jonathan Saul, Editing by Chiara Rodriguez
-
Official: Trump will delay Biden's refrigerant regulations in an effort to reduce costs
According to a White House spokesperson, the Trump administration plans to defer compliance with two Biden era rules governing refrigerants on Thursday as part of a broader effort to undo former President Biden's environmental agenda. Grocers, semiconductor makers and other companies using hydrofluorocarbons would be affected by the actions. Hydrofluorocarbons are potent greenhouse gasses that are used in air conditioning and refrigeration systems. The requirements for compliance?are derived from an Environmental Protection Agency rule that was issued in 2023 to?reduce emissions of superpollutants. The official also said that the Environmental Protection Agency will propose to roll back other restrictions on HFCs via a separate "rule" affecting the transporters of refrigerated products. First reported by USA Today and expected to be announced at a White House gathering by U.S. president Donald Trump, the move will also include EPA administrator Lee?Zeldin. White House officials said that easing restrictions could result in savings for consumers of up to $2.4 billion. Zeldin stated that "Americans had every right to be frustrated with the Biden-era rules on refrigerants." "They did not protect the?health of humans or the environment, and instead piled on expensive, unattainable regulations beyond what the law required." The EPA 'last week proposed a lowering of wastewater limits at coal-fired.power plants. They said the changes would reduce electricity costs. Reporting by Steve Holland and Jarrett Renshaw, Editing by Chizu Nimiyama and Mark Porter
Panama Canal veteran Ilya Espino appointed next administrator
Ilya Espino De Marotta has been?selected to be the new administrator of the 'Panama Canal. Panama's president Jose Raul Mulino made the announcement in a Thursday post on X. Espino is a?engineer with more than 40 years of experience in the canal. She has been serving as the Canal's deputy administrator since 2020. She will succeed Ricaurte Vaquez as the first female leader of the entity.
After Mulino posted on social media that Espino had been appointed, Jose Ramon Icaza confirmed the appointment. He said it was the result of "months?of?deliberation."
Espino, in a speech delivered at the headquarters of the board of directors on Thursday, thanked the board for its "vote of confidence" and said: "I'm committed to continuing working for my nation from the Panama Canal."
The Panama Canal Authority is a self-governing autonomous agency which runs a major freight route?through Central America. This channel connects the Pacific Ocean to the Atlantic Ocean and handles 5% global maritime trade. Control of the entrance ports of the canal has become tense due to geopolitical tensions. Espino takes over the Canal Authority at a time of tension. In recent months, the Panama Canal has experienced increased demand mainly because of the U.S./Israeli war against Iran which has disrupted international trade corridors.
Panama Canal officials have stated that they do not plan to restrict vessel traffic for the remainder of 2026, even if El Nino's severe weather pattern, which is expected to begin in the second half year of this year, affects the traffic through the area. The Canal authority closely monitors the weather predictions, especially El Nino. It could cause drought in Central America, and have caused restrictions on passage through the waterway.
In recent months, tensions in Panama have been high as well.
Disputes over port contracts
In?the country there is a dispute between China and the U.S. over the acquisition of port contracts by a Hong Kong-based unit of CK Hutchison. (Reporting and editing by Brendan O'Boyle; Elida Moreno)
(source: Reuters)