Latest News
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Cuban electrical grid restored after blackout
Cuba's Energy Ministry announced on Thursday that power was being restored to the nation after a?outage? on Wednesday. The island's communist government, which is run by Trump, has been under increased pressure to reduce oil shipments. The ministry announced on X that the grid had been reconnected by 'early Thursday' from Guantanamo, in eastern Cuba, to Pinar del Rio, in the far western part of the island. According to the local utility EELH in Havana 22?substations? and 102 distributions circuits?representing roughly?36%?of the city?had been restored. The firm stated that the process would continue gradually as the conditions of the national grid permit. Union Electrica UNE, the electric company in Cuba, said that on Wednesday night's blackout was due to a?unexpected outage at Antonio Guiteras thermalelectric plant located about 100 km (62miles) east of Havana. Cuba has experienced a number of blackouts over the past few years. This was even before U.S. action to stop oil shipments from Venezuela, Cuba's top supplier, after Washington ousted Nicolas Maduro as leader in January. Cuba's government attributes its economic crisis to years of economic sanctions by the United States, which contributed to a lack of investment in electricity generation and grid. Reporting by Daniel Trotta, Writing by Gabriel Araujo, Editing by Aida Pelaez-Fernandez
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Orban: Hungary will force Ukraine reopen a key pipeline for Russian Oil
Viktor Orban, the Prime Minister of Hungary, said on Thursday that Hungary would use "political and financial tools" to force Ukraine to reopen a key pipeline - Druzhba - which carries Russian oil into Hungarian refineries. Since late January, Ukraine has suspended the flow of Russian oil through the Druzhba pipeline to Hungary and Slovakia. Kyiv claims that the pipeline had been seriously damaged by an fire following a Russian attack. Hungary and Slovakia - the only European Union countries that still import Russian oil - have accused Ukraine for deliberately delaying a resumption in?oil flow due to political reasons. Kyiv claims that the pipeline can't be repaired in a short time. Orban said at a business event: "I would like to make it clear that we are going to win and we'll win with force." "We do not have a military force, and I can assure everyone that it is not in our plans. "We have financial and political tools," he added, without providing any further details. Hungary rejected new EU sanctions against Russia as well as a large loan for Ukraine in the Druzhba Pipeline dispute last month. Since 2010, the veteran leader, who has been in power since 2010, has made the Ukraine conflict a central point of his reelection campaign in a 12 April ballot. He accuses his 'centre-right opponent'?Peter Magyar, of plotting to drag Hungary in the war raging in the next-door. Magyar denies this'suggestion. Most polls indicate that Magyars' Tisza Party is leading by a large margin. However, the result of the vote remains unclear. "There will be no compromise." Orban stated that "we will defeat them and wrestle down the blockade of oil, forcing the Ukrainians back to the shipments." (Reporting and Editing by Gareth Jones.)
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China's Estun Automation will price its Hong Kong listing at the bottom of the range and seek $191 million
Estun Automation, a Chinese industrial 'robot'maker, said that it would set its price for its Hong Kong listing at the lower end of its range. It aims to raise HK$1,49 billion ($190.54 millions) through the sale of shares. Estun's decision is a result of global markets remaining skittish following the Iran War that erupted in February 28. This triggered a rush for cash which has boosted volatility and squeezed the risk appetite. Estun has offered 96.8 millions H shares at HK$15.36 each, below the maximum HK$17 per share announced last week. Estun is one of a number of companies that sought to list in Hong Kong after the Lunar New Year holidays, continuing a rapid start in share launches for 2026. Hong Kong's stock exchange had its best start to a year since at least 2021. IPOs raised $5.5 billion and second listings about $5.5 million in January. This is the highest since $7.6 in?January of 2021. KBANK'S MUTED DEBUT IN KOREAN Investor caution is also evident in the trading of new securities around the region. South Korean online lender KBank finished just slightly above the IPO price, after a jump of up to 19% in its debut on Thursday. Estun said last week that funds raised from the offer would be used to support the manufacturing capacity of the company, as well as?research and development and overseas growth initiatives. The company is expected to announce the final offer price this Friday. Its shares are scheduled to debut at?the Hong Kong Stock Exchange on March 9. Hong Kong deals also move?towards pricing and debut. This could provide a more accurate gauge of sentiment post-crisis. Shenzhen Zhaowei Machinery & Electronics, and Alsco Pooling Service will be pricing their products soon in this upcoming week before they debut on the Hong Kong bourse alongside Estun on March 9. In Asia, UI Boustead REIT, a Singapore-based REIT, announced in a Thursday statement that its manager UIB REIT Management had registered the prospectus to?its proposed IPO on the Singapore Exchange. Sunway Healthcare is a Malaysian company. In an email response on Thursday, the company said that it is still on track to launch its IPO on Bursa on March 18. Reporting by Nikita Marie Jino in Bengaluru, and Yantoultra ngui in Singapore. Editing by Maju Sam and Susan Fenton.
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Iranian warship, sunk by US-torpedo, participated in Indian drill
It was the first time in World War II that the United States sank an enemy vessel using a torpedo. These details are based on the accounts of Sri Lankan, U.S., and Iranian officials about the incident that occurred on 'March 4th, as part of U.S., Israeli, and Iranian attacks against Iran and its military resources. Current Status of Relief and Rescue The Sri Lankan Navy began a search and rescue operation on Wednesday morning after receiving a distress signal from the Iranian warship IRIS Dena. When rescuers arrived, the ship was already sinking, and only a thin oil slick remained on the surface. About 130 people were on board the vessel. Sri Lanka has recovered the remains of 87 sailors and rescued another 32. They were treated for minor injuries in hospital and are expected to be discharged on Thursday. The search for 10 crew members still missing continues. What was the ship doing in waters off Sri Lanka? After being attacked by a U.S. sub, the?ship sank in Sri Lanka's exclusive zone economic, 19 nautical miles from the southern port city of Galle. Dena returned to Iran from India after participating in a naval drill in India between February 16 and February 26 off the coast of Visakhapatnam, a southern Indian city. The Iranian warship was one of 18 foreign warships that participated in the biennial MILAN exercises, along with ships from Sri Lanka and Australia, Japan, and Russia. More than 70 officials from over 70 countries, including representatives from the United States, Britain and Australia, attended. India called the exercise one of the largest multinational naval drills in Indo-Pacific. It aimed to strengthen interoperability and maritime domain awareness, as well as collective response capabilities. RESPONDERS TO THE SINKING? India's Navy welcomed Dena as a "reflection of the long-standing cultural links between the two countries". Videos of Iranian sailors marching in the streets of Visakhapatnam have been circulated since the sinking. Seyed Abbas Araghchi, the Iranian foreign minister, said on X: "Dena was a guest of India’s Navy and was struck without warning at international waters." He said that the U.S. will "bitterly regret" the precedent they have set. New Delhi hasn't officially commented on the attack. However, many Indians have praised Sri Lanka for its role in saving lives. India's main Opposition Congress Party criticised the silence of the government, saying that the conflict "reached our backyard", and questioned New Delhi's role in providing "net security" to the Indian Ocean Region. (Written by Saurabh Singh; edited by Philippa Fletcher).
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DHL warns about delays but continues to accept Middle East Orders
DHL's chief executive said he would continue to accept delivery orders for the Middle East, but warned that there could be delays. Tobias Meyer, CEO of German logistics group DHL, said that the escalation in the U.S. - Iran war has an impact on the entire region. This includes deliveries to Israel, which are currently being sent via Cyprus. Meyer said that DHL is still committed to its Middle East?investment plan. He said that "these?are long term investments?and are of the opinion the region is still appealing." As the conflict enters its sixth day, logistics and shipping companies face increasing disruptions across air and sea routes. Iran's closing of the Strait of Hormuz Sunday forced major ocean carriers such as Maersk and Hapag-Lloyd to once again divert vessels around Africa. This added significant transit time and cost. FedEx, the U.S. parcel company, announced on Monday that it was temporarily suspending its services in five countries of the region. Reporting by Emanuele Bernro from Gdansk; editing by Milla Nissi-Prussak
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Mexico intensifies investigations into the fuel smuggling of drug cartels
Mexico has expanded its investigation into fuel smuggling in seaports, which was highlighted?in an investigation 2025 into cartel-linked crimes. According to the February document, the anti-corruption minister is in charge of internal investigations at the ports of Guaymas and Tampico as well as Ensenada. It also oversees the Navy and Customs Agency. The government had previously acknowledged investigations into suspected fuel smuggling in the Port of Tampico, and 14 people were arrested last year for allegedly being involved. These included customs agents and Navy officers. The government's comments on fuel smuggling were in response to questions posed by the National Action Party (PAN), an opposition party, about the alleged?corruption in state agencies which allowed fuel smuggling in Mexico to flourish. The fuel smuggling part was part of a 217-page answer to senators' questions about the administration’s performance in achieving its policy goals. Local media first reported on the section of this document that is available on the Senate's website. Mexico's Attorney General, Navy, or Customs Agency did not respond to requests for comment. Neither did the port administrations in Guaymas and Tampico, nor Ensenada. Fuel smuggling is a Mexican crime that involves falsifying customs and shipping paperwork, mainly on fuel imported from the United States. Smugglers avoid a high Mexican tax on gasoline and diesel by declaring that it is a different type of petroleum product exempt from duty. Savings can be as high as half the value of a shipment. According to the U.S. Treasury Department, illicit fuel and stolen crude oil are now Mexico's cartels' second largest source of revenue behind narcotics. Smugglers are now using oil tankers instead of trucks and rails, which is a sign that cartels may be working with corrupt port insiders. In its investigation of 2025, the government tracked down a'vessel' that discharged imported diesel at the ports Ensenada, and Guaymas, which was declared by?Mexico as a?tax-free fuel, costing $7 million to the government in lost duties. According to three Mexican security officials, and a document of undated government security that was viewed by us, the importer is suspected to be an unofficial front for the Jalisco New Generation Cartel. PAN asked the federal government in its questions to explain the steps it was taking to investigate, dismantle, and punish those involved in the fuel-smuggling networks, including any high-ranking officials. The?U.S. has put intense pressure on the Mexican President Claudia Sheinbaum. President Donald Trump is under pressure to crackdown on drug cartels. PAN and its president's office have not responded to our requests for comment. (Reporting from Stefanie Eschenbacher, Mexico City; Additional reporting by Diego Ore, Mexico City; Shariq Khan, Bangalore; Editing by Marla Dickerson and Stephen Eisenhammer.
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Maguire: ROI-Charting of the impact of the Iran Crisis on Energy Markets.
Since the start of the U.S. - Iran war, the repercussions are felt around the globe. U.S. gasoline prices, European gas prices and Asian 'tanker freight' rates have all risen sharply. The interconnectedness of global energy markets is illustrated by the transmission of market jitters via?the fuel, power and shipping sectors, despite recent efforts to increase energy security and domestic energy production. Here is a list of the key markets that have been affected since the conflict began over the weekend. SHIPPING OUT After the bombings last weekend and the closure of the Strait of Hormuz, the global tanker fleet was one of the hardest-hit sectors. A fifth of the world's oil, fuel, and LNG passes through this well-known maritime chokepoint. As a result, virtually all energy liquid carriers have been affected by the traffic disruptions, and the scramble that followed to reroute the shipments. The cost of chartering an extremely large crude carrier (VLCC), which was around $120,000 per day last week, has risen to over $450,000 per day since the fighting began. China is the world's biggest oil importer. Domestic crude oil prices are also surging this week. They have risen by 31% from last Friday, compared with 12% for Brent and U.S. Crude Oil Futures during the same time period. The supply chain chaos has not only affected China. The fuel tanker prices from Singapore to Japan, and the U.S. and Europe also increased this week due to the tightening of energy supplies globally and the panicked mindset of all oil and fuel purchasers. GAS & FUELS The price of natural gas in Europe has also risen sharply this week. This is because several European countries are still heavily dependent on gas to power their industries and for electricity, but have drained local gas stocks to levels not seen for many years. The benchmark European gas prices surged after the news broke that Qatar had halted the loading of liquefied gas, following the attack on its main gas liquefaction plants by Iranian drones at the weekend. Prices for European gas futures have increased by almost 70% since Friday. Even prices for December 2026 are up around 40% on the expectation of a continued tightening in global gas supply while Qatar remains off-line. Brent crude oil futures have also surged higher in the past week. Prices for May futures, which are close by, rose by around 12% since Friday. Year-end prices were up by about 3%. The fear that shipping routes from the Middle East may remain blocked for a long time has boosted sentiment on all major oil markets. This is especially true as storage tanks in the Middle East fill up quickly and producers are forced to cut production if they cannot resume exports within a short period of time. U.S. futures gasoline prices have also followed the same trend, despite the fact that America is a major producer and exporter of crude oil. Fuel distributors are responding to tighter oil supplies in the world and higher logistics costs by increasing prices. U.S. president Trump announced steps to restore "ship traffic" in the Middle East to lower energy costs for U.S. customers. This included a proposal that the U.S. Navy would escort oil tankers through Strait of Hormuz. Energy prices will likely continue to rise in the near future, despite the fact that the U.S. and Israel are still increasing their bombing campaigns and causing more damage to the energy and logistic channels throughout the Middle East. This means that even more steep increases in the price of power, fuel, and freight could be seen in the weeks to come on all major energy markets. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Investors weigh war risks and earnings as they continue to rally Europe's STOXX 600
The European share market rose on Thursday as the rebound from the previous session gained?steam. Meanwhile, the Middle East conflict remained a cloud over the markets and investors sifted through earnings. By 0949 GMT, the pan-European STOXX 600 was 0.3% higher. The STOXX 600 recovered from some early losses, and built upon Wednesday's gains, the biggest in over three months. It was trying to recover from sharp losses earlier in the week. The banks, which were the epicenter of the recent selloffs, gained about 0.5%. Airlines, on the other hand, had mixed results, with only Air France gaining nearly 1%. Luxury names with a high export component lagged behind, but utilities, which are often used as bond substitutes, rose 1%. The day's tentative positivity?was unfolding in a grim geopolitical background. The U.S. and Israel war against Iran is now in its sixth day, with no immediate resolution in sight. Tehran launched?a new wave of attacks at Israel and the U.S. Senate voted against a motion to stop the U.S. campaign. The price action we are seeing?right now, is very jittery. Ipek Ozkardeskaya is a senior analyst at Swissquote. It's best to take a step back. We will see the volatility continue into the coming weeks if we don't bring an abrupt and clear end to this conflict. Europe is heavily dependent on oil and LNG imports, and tighter conditions in the supply due to war could drive energy and transportation costs up. This pressure comes at a difficult time for policymakers. Growth is already tepid and the renewed rise in oil prices could reignite inflation fears. Oil was up over 15% this week and 3% for Thursday. Traders awaited remarks from ECB president Christine Lagarde in the afternoon for signals about the future policy?path. ECB Vice-President Luis de Guindos stated that the bank may adjust its stance if the conflict 'persists. Francois Villeroy de Galhau, a policymaker, said he did not see any reason to raise rates. Morgan Stanley, the latest Wall Street firm, has also 'projected that the ECB would hold rates at the current level through 2026 due to inflation risks arising from the conflict. Defence stocks continued to rise on the expectation of increased spending. Airbus rose by 2.4%. This was one of the largest gains in the STOXX 600 after activist hedge funds TCI Fund Management increased their stake to 5%. Rentokil Initial jumped 12.1% following the pest control company's announcement of a 4% increase in adjusted annual pretax profit. DHL, the German logistics company, fell 3.4% following a decline of 1.3% in its fourth-quarter operating profits. This was mainly due to its freight forwarding division. Reporting by Avinash in Bengaluru, editing by Sherry Phillips and Harikrishnan Nair
Japan considers Alaska LNG Pipeline pledge to win Trump’s favour
Three officials with knowledge of the situation say that Japan may offer support for a $44billion gas pipeline in Alaska to appease U.S. president Donald Trump and avoid potential trade friction. Sources said that officials in Tokyo believe Trump will bring up the project, which is a key part of the U.S. security and prosperity, at his first meeting with Japanese Prime Minister Shigeru ishiba in Washington, as early as next week.
The overall cost of gas is causing Japan to doubt the viability the 800-mile pipeline that would link fields in Alaska to a southern port where the gas could be liquefied before being shipped to Asian consumers. Officials said that Japan is willing to look into a possible deal, if requested.
One person said that Tokyo could include this commitment along with other concessions such as increasing defense spending and manufacturing investments in the U.S. to reduce the $56 Billion bilateral trade deficit, and stave off tariffs.
The White House didn't immediately respond to an inquiry about the meeting. The Japanese foreign ministry stated that it was too early to talk about the issue.
No details of Japan's potential interest in the Alaska Project have been reported previously. They spoke under the condition of anonymity as they were not authorized to speak to the media. One of the executive orders Trump issued when he assumed office on January 20 promised to unlock Alaska's potential resource, including "the sale and transportation Alaskan LNG to other areas of the United States or allied nations in the Pacific region". Trump has presented the project as a win-win for Alaska and U.S. ally nations in Asia who are looking for a reliable source of energy. Japan has plenty of access to LNG and its companies have traded more than half the country's domestic consumption last year. The Alaska pipeline can still help Japan diversify its supply away from more risky sources such as Russia and the Middle East, which account for around one-tenth (10) of its gas imports.
Ishiba stated in the parliament on Friday, that although Japan must reduce its reliance on fossil-fuels, there are "things that we should ask from the U.S. regarding stable energy supply". Ishiba did not mention Alaska or give any specifics.
Officials warned that Ishiba would not be able make any firm commitments regarding LNG, such as investing in the Alaska Project, when he met Trump. A fourth official stated that any deal must offer flexibility and reasonable pricing, as well as allowing Japanese buyers the option to resell LNG purchased.
Trump has threatened to impose tariffs on a variety of foreign goods, but has revealed little since his return to office about his policy towards economic and security relations with Japan. The topic has dominated the political discourse in Japan. A key U.S. ally and major foreign investor, Japan was shaken by Trump's tariffs on imports of steel and his demand that Tokyo pay more for hosting American troops during his first term.
The media in Tokyo is focusing on whether Ishiba can recreate the bond between Trump and former Japanese Prime Minister Shinzo Abe during Trump's first term.
Abe was the first foreign president to meet Trump following his election victory in 2016. The pair became close friends and played golf together.
Ishiba’s administration sought advice from U.S. policy experts and lawmakers with connections to Japan and Trump, as it did not have such intimate knowledge of Trump’s inner circle. These include former U.S. Ambassador to Tokyo Bill Hagerty, who is a Tennessee Senator, and Kenneth Weinstein from the Hudson Institute.
Weinstein said he encouraged Japan to strengthen energy partnerships with the U.S., and that the Alaska Project deserved serious consideration. Hagerty’s office didn't respond to any questions.
Ado Machida is a Tokyo-based entrepreneur who was on Trump's team of transition after his election win in 2016. He said that an offer from Japan to purchase more LNG and to support the Alaska LNG Pipeline would "probably be the easiest" way for Trump to accept.
Machida said that Trump would want to know the Japanese government's response to his proposal. He added that he spoke to Japanese officials about it.
One of the officials stated that state banks, such as the Japan Bank for International Cooperation, could finance the Alaska project for trading firms like Mitsubishi Corp and Mitsui & Co. Japan relies on these companies to secure its oil, gas, and coal reserves abroad.
Mitsubishi has reached an agreement in 2022 with Alaska Gasline Development Corporation, the state-owned company that oversees the LNG proposal to evaluate the feasibility of ammonia production. Mitsubishi hasn't committed to the project past an assessment. Mitsubishi and Mitsui refused to comment on possible investments and discussions regarding the Alaska LNG Project. JBIC stated that it would provide support on a case by case basis, taking factors such as the involvement of Japanese companies into consideration.
A spokesperson for AGDC stated in a press release that it had spoken with Japanese leaders of the energy industry about the project. However, they did not provide any specifics.
Despite opposition from environmentalists, the project was first approved under Trump's previous term. In 2020, it received final legal approval and in 2022 Federal Energy Regulatory Commission authorization. AGDC announced this month that it has entered into an agreement to advance the pipeline with Glenfarne.
(source: Reuters)