Latest News
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Local official: Ukrainian drone strikes apartment building in Russian Yekaterinburg
The regional governor announced on Saturday that a Ukrainian drone had struck a multi-storey apartment building in Russia's fourth largest city, Yekaterinburg. This was the first attack in the city since the start of the Russia-Ukraine war. Denis Pasler wrote in the Telegram app that there were no deaths, but minor injuries had been reported and one woman was admitted to hospital. He said that residents of the building were evacuated. "All emergency services work quickly." A video posted on X, a social media site, and confirmed by showed smoke pouring from the top of a high-rise modern building. The building's facade was blackened heavily and several windows were blown. Ukraine has not yet commented. The Yekaterinburg drone incident came after an overnight Russian attack on Ukraine that killed seven people and injured dozens. The city of Yekaterinburg has 1.5 million inhabitants and is situated in the Ural Mountains,?in Sverdlovsk, a region that is home to many defence-related factories. It is located 1,900 km away from Kyiv, the Ukrainian capital. During the Ukraine Conflict, which began in 2022?, Russia bombarded Ukrainian target with artillery and drones. Ukraine?struck deeply inside Russia? with sabotage group and drones. They killed Russian generals while attacking oil refineries, oil pipelines, and oil refineries.
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Source: US considering using Defense Production Act for Spirit Airlines restructuring
Sources say that the administration of U.S. president Donald Trump is looking at using the Defense Production Act as a legal basis to bailout Spirit Airlines. CBS News reported the potential plan for the first time on Friday, citing U.S. officials who were familiar with the discussions. Sources said that the U.S. Government could use Title 3 of the Defense Production Act to invest in industrial capacities to ensure supply chains to support national defense. Kush Desai, White House spokesperson, said that the Trump administration is "continuing to explore possible options" in order to keep the airline?in operation' for both its employees and passengers. He said that reporting on the'mechanism or the structure of financing should be considered as speculation. Defense Production Act (DPA) is a?emergency authority which allows the U.S. Government to force private companies to prioritise federal contracts and increase output of critical goods. The Defense Production Act?allows loans to private companies for national defense purposes. This measure could offer support to the airline. Trump said that his administration is looking to buy the airline at "the right price" on Thursday. He told reporters in the White House that if the price of crude oil drops, he would be able to sell it at a profit. Budget carrier Spirit, based in Florida, is running out of time. Spirit's lawyer said that the budget carrier needs to access its cash or obtain new financing by the end next week. A court hearing has been scheduled for?next Monday as the lawyers of the company and creditors try to reach an agreement on a bankruptcy exit plan. Spirit's outside lawyer said that the Trump administration had made a financial offer to help it exit bankruptcy. This was being reviewed by major creditors. Spirit creditors' lawyer said they reviewed the terms of the government's offer on Thursday. Sources say that the offer includes $500 million of?financing, and a condition for the government to receive warrants equivalent to 90% of Spirit equity. Spirit would be able to exit bankruptcy with the senior debtor in possession financing. This is its second restructuring since 2025. (Reporting and editing by Bhargav Aharya, Chris Reese and Bhargav Shepardson; Kanishka Singh, Christian Martinez and David Shepardson)
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Lavrov, the Russian Foreign Minister, says that US is ignoring international conventions and pursuing its own interest
In an interview broadcast Friday, Russian Foreign Minister Sergei Lavrov said that the United States had abandoned internationally recognised "diplomatic conventions" in pursuit of their own interests, particularly dominating the energy markets. Lavrov said, when he was interviewed by the Russian state television, that Washington's "dealings" with Latin America and Middle East were "returning us to a time where there was no international law." In an interview posted on the Foreign Ministry website, he stated that "the United States has declared that no one is allowed to dictate to them." It only cares about its own wellbeing and is prepared to defend that well-being through any means, including coups, kidnappings, or assassinations against leaders of countries who possess the?natural resources? needed by Americans. "Venezuela and Iran, our American friends do not conceal that it is all about oil." They have "a doctrine of dominance on global energy markets." Lavrov made reference to the 'capture of Venezuelan president Nicolas Maduro' in a U.S. military action in January and the death of Iranian Supreme leader Ayatollah Ayatollah Khamenei by joint U.S. - Israeli airstrikes towards the end of the month. Lavrov claimed that the United States had "cut off' Europe. He urged European states to abandon Nord Stream, a pipeline which carries Russian gas from Russia to Germany. This is not a way to approach international relations. Lavrov denounced 'European policy' as being driven by 'arrogance and disrespect for others. He said that the United States, in seeking to settle the four-year conflict in Ukraine, was also promoting "huge economic opportunities." "At the exact same time, all that I have just described happens in parallel. He said that we are being forced out of all global energy markets. If we are willing to do projects that will benefit both us and the Americans, then it is important that our interests are respected. We have not seen this yet. Rod Nickel, Editor of the Reporting (by Rod Nickel)
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New York Sues US over cancellation of $73.5 Million in highway funding
New York has sued the Trump administration over its decision to withhold more than $73.5m in highway funding because of the'state's refusal to revoke some commercial driver licenses. New York Attorney General Letitia James, and Governor Kathy Hochul announced on Friday that the legal challenge seeks to reverse last week's decision by the U.S. Transportation Department to cancel funding after the state refused to comply with the federal government's demand to revoke some driver's licenses. New York claims that the loss of funding places New Yorkers in danger, while USDOT reported in December that an audit had found New York was issuing commercial licenses illegally to foreign drivers. USDOT declined to comment immediately. Hochul stated that "New York is once again facing devastating federal cutbacks for no more than political revenge." "It is reckless and illegal to take money from our roads that is needed for safety upgrades." USDOT also threatens to withhold $147 million annually in future years. New York stated that revoking the licenses would "disrupt key industries who rely on commercial driver and could lead to bus shortages affecting families and schools." New York, California and other states have sued the Trump Administration over its refusal to release transportation funds. They accused it of political motives. A judge in March ordered the USDOT to unfreeze funding of about $3 billion for rail projects in Chicago. USDOT had canceled at least $9.5 millions in reimbursements since October, from grants previously approved by former president Joe Biden. The city called the funding suspension a political act of retaliation. (Reporting and editing by Edward Tobin; David Shepardson)
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The Avis rollercoaster brings a large index along with it
This month, the stock index of car rental company Avis Budget was taken on a roller coaster ride by white-knuckle traders. Avis shares fell 70% on Wednesday and Thursday. This was their largest-ever two day decline. They had previously quadrupled, a sign of investor euphoria for "meme stocks" that have taken on 'life of their own. These moves are often made by firms that do not have an exciting future and are subject to bets on their share price falling. Matthew Maley is the chief market strategist for Miller Tabak. He said: "Avis has matured - it doesn't do AI, and it won't cure cancer." It's chasing a short-term squeeze, which is ridiculous. It's a sign that money is sloshing about the system, looking for a place to go. DOW TRANSPORTATION'S WILD RIDE The Dow Jones Transportation Average was also dragged down by Avis, which is often seen as a barometer of the health of the U.S. Economy. The transport index was launched in 1896 and rose up to 33%, before falling back after Avis returned to earth. It also experienced its biggest single-day drop since March 2020. Investors said that the Avis incident -- where a company?currently worth $8 billion? moved an index that included firms like Uber, United Parcel Service and Delta Air Lines which are worth tens or hundreds of billions -- was the latest example of the limitations of "price-weighted" indexes. Price-weighted indexes are calculated by summing component share prices, rather than the market values used by the more widely employed market-value-weighted indexes such as the S&P 500. James St. Aubin said that a small company could wag the tail if it is compared to a benchmark. St. Aubin stated, "If you take a look at Avis it shows the types of problems with weighting schemes." On a market capitalization basis, it is only a fraction of the index. If you look at the index of prices, it's more like 20% since the share price is higher. The S&P Transportation Select Industry FMC Capped Index - a market-capitalization-weighted gauge tracking the same sector - posted muted swings. The index grew by 1.8% after a 2.4% drop on Wednesday. S&P Global declined to comment. The company owns Dow Jones and S&P and maintains them both. SQUEEZE MECHANICS Short squeezes were the primary cause of Avis Budget shares' action. Investors buying heavily shorted stocks pushed the price higher, forcing bearish traders to cover their shorts at higher prices. Investors borrow shares, sell them and then buy them back later at a lower price. They pocket the difference. According to LSEG, two hedge funds, SRS Investment Management Management and Pentwater Capital Management own together about 70% of Avis's outstanding shares. Pentwater Capital increased its stake recently, shrinking the float. Retail traders bought it up, adding momentum to meme-stocks and driving short sellers to billions of dollar losses in April. Avis was the single largest holding in the Roundhill Meme Stock ETF, an actively managed fund which targets stocks driven more by social media than fundamentals. The weighting for this ETF is 6.44%. Analysts are questioning if the Dow transport index provides meaningful insight on the sector and the U.S. economic - especially given the recent spike in oil prices due to the Middle East conflict. St. Aubin stated that no exchange-traded funds track the Dow Transport index. However, the S&P transport index is the basis for several funds including the $1.8billion iShares Transportation Average Fund. He said that most investors don't want to invest using a weighting system based on the price per share. The Dow Transport Index is based on Dow Theory, a century-old framework that holds that sustained movements in transportation stocks can confirm or deny trends of industrial activity. Some say that the Dow Theory has lost its relevance. Jay Hatfield is the chief executive officer and chief investment office at Infrastructure Capital Advisors. He said, "I don't think that Dow Theory really works, so I will just wish you Godspeed if you do follow it." "I find it anachronistic."
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Galp doesn't expect a shortage of jet fuel in Portugal
Galp, Portugal's sole refiner and dominant jet fuel supplier, said that it does not anticipate any disruptions in supply despite the concerns expressed by certain European airlines ahead of the holiday travel season. Galp has said that it produces around 80% jet fuel for Portuguese airports at its Sines refinery. The crude oil is sourced primarily from Galp’s offshore fields in Brazil. The import of smaller quantities is primarily to meet the European standards for sustainable aviation fuel and to cover periods of high demand. European airlines have warned of the possibility that the Iran conflict could trigger jet fuel shortages. Europe imports about 75% of its jet-fuel from 'the Middle East. Galp stated that in the past, imports were primarily sourced from refineries located in Asia and the Middle East. However, it will now prioritise the purchase of jet fuel imported from the United States and West Africa. It added that these imports are likely to be concentrated from May through October. Galp stated that "at this'stage and under the current circumstances, there are no supply disruptions expected in the next few months." The demand is fully met by the national production of the Sines refinery and the stock levels, as well as the jet fuel imported through contracts already in place. Galp has been implementing mitigation measures to bolster supply resilience since early March. These include daily monitoring of supply and demand, tracking geopolitical risk, contracting cargo earlier, increasing stocks, and diversifying sourcing.
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Union: Spirit Airlines employees must be protected by the US bailout
The?union that represents workers at Spirit Airlines stated on Friday?that any U.S. bailout for the bankrupt low cost carrier must protect its?employees. Marshall Huebner said that the Trump administration had'made a financial offer' to?help Spirit Airlines exit bankruptcy, which was being evaluated by its major creditors. The International Association of Machinists and Aerospace Workers (IAMAW), which represents Spirit's employees in the ramp service, has said that any bailout should not include "furloughs or layoffs" and must not involve shifting the burden to the people who run the airline. Spirit's problems predate the Iran War, but the spike in fuel prices that began late February has?made it worse. Huebner stated that the liquidation of Spirit will eliminate over 17,000 jobs, and result in billions of claims. The union cited an airline rescue program from the pandemic era that included restrictions on stock buybacks, dividends and executive compensation. Lawyers for Spirit creditors testified in court Thursday that they had studied the terms of the government offer, which sources claim includes $500 million of financing. The government is also required to receive warrants equivalent to 90% of Spirit?s equity. Spirit's second bankruptcy restructuring after 2025 would be able to be avoided with the senior debtor in possession financing. Donald Trump announced on Thursday that his administration is 'looking to buy the embattled carrier at the "right" price. He told reporters in the White House that if the price of oil drops, he would consider selling the airline for a profit. Spirit, a budget airline based in Florida, is running out of time. Huebner said Spirit needed a new financing plan or access to $240 millions of funds by next week. A?deal' would keep Spirit Airlines afloat at a time of higher fuel prices that are eating into the profits of carriers. However, the prospect of an American government-funded bailout is causing a backlash from the airline industry as well as members of Trump’s Republican Party. (Reporting and editing by Rod Nickel.)
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Airline cancels flights due to Middle East conflict
The global air travel industry is still severely affected by the Iran War. Many people are unable to fly when they planned, after major Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi were closed. The following is the latest information on flights in alphabetical order. AEGEAN AIRLINES The largest airline in Greece will resume its flights to Tel Aviv on April 28 from Athens, from Heraklion on?April 30 and from Rhodes & Larnaca on?May 21. Thessaloniki-Tel Aviv flights are cancelled up until June 26. Riyadh will resume its flights on May 21. The flights to Beirut, Dubai and Erbil are all cancelled until the end of June. AIRBALTIC AirBaltic, a Latvian airline, has announced that flights to Tel Aviv are cancelled until May 31, 2019. Dubai flights are cancelled until 24 October. AIR CANADA The Canadian carrier has canceled flights to Tel Aviv, Dubai and Abu Dhabi until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv till May 31. AIR FRANCE-KLM Air France has suspended Tel Aviv flights to Beirut, Dubai, and Riyadh until May 3. KLM suspends flights to Riyadh and Dubai until the 14th of June. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai, Riyadh and cargo freighter service to Dubai, Riyadh and Dubai until May 31. In April, the airline will increase passenger flights from Hong Kong to London, Paris, and Zurich to meet an increased demand for travel to Europe. It intends to continue operating all scheduled flights beyond June. The U.S. carrier cancelled flights between New York and Tel Aviv, and has delayed the start of its Atlanta to Tel Aviv route till September 5. The launch of the Boston-Tel Aviv flight, originally scheduled for late October, was delayed until further notice. EL AL ISRAEL AIRLINES Israel's carrier announced that it will continue to expand its operations and, from April 27, operate flights to around 40 active gateways. All flights to Dubai have been cancelled until May 31, 2019. EMIRATES The UAE airline announced that it would be operating a reduced schedule and flying to more than 100 different destinations. ETIHAD AERWAYS The UAE carrier has announced that it operates a commercial flight schedule from Abu Dhabi to around 80 destinations. FINNAIR The Finnish airline has cancelled all flights to Doha until July 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. The airline will only resume its Dubai flights by October. British Airways, owned by IAG, will reduce flights to the Middle East once services resume. Jeddah is no longer a destination. From July, it plans to reduce the number of flights to Dubai, Doha and Tel Aviv from two daily flights to just one. Riyadh will be reduced from two daily flights in mid-May to just one. The changes will be in effect until the end of the summer season on October 24. One Dubai service will resume on October 16th. Iberia Express, the Spanish low-cost carrier of IAG, has cancelled all flights to Tel Aviv until May 31. KUWAIT AIRWAYS On April 26, the airline will resume flights to 17 destinations out of Kuwait International Airport after authorities reopened Kuwait's airspace. Jazeera Airways is another Kuwaiti carrier that has resumed service from Kuwait to nine destinations after temporarily moving operations to Saudi Arabia. JAPAN AIRLINES Japan Airlines suspends scheduled Doha-Tokyo and Tokyo-Doha flight schedules until June 1. Japan Airlines will operate additional flights between Tokyo, London and Doha on April 25. The Polish airline has suspended flights to Tel Aviv till May 31. The airline also cancelled flights from March 31 to May 30, and Riyadh to June 30. The airline will operate its winter route from Dubai to October. LUFTHANSA GROUP Lufthansa and other airlines, including Swiss, Austrian Airlines and Brussels Airlines, have suspended flights from Dubai and Tel Aviv to Dubai until May 31. Flights to Abu Dhabi and Amman, Beirut Dammam, Riyadh Erbil Muscat Tehran, Riyadh Erbil, Brussels Airlines, Swiss, Austrian Airlines, and Edelweiss have been suspended until May 31. Eurowings, a low-cost carrier, has suspended its flights to Tel Aviv and Erbil from May 11 to May 14, and to Dubai and Abu Dhabi until October 24. ITA Airways has extended the suspension of flights from Tel Aviv, Riyadh, and Dubai to May 31. MALAYSIA AIRLINES Malaysian Airlines has suspended all flights to Doha until June 14 NORWEGIAN AIR The low-cost carrier has delayed the launch of Tel Aviv and Beirut flights until June 15. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Beirut, Kuwait Bahrain Doha Dammam Riyadh Dubai Abu Dhabi Sharjah and Abu Dhabi until June 1. QANTAS Australia's flag-carrier is increasing flights to Rome and Paris in response to an increase in demand for European destinations. The number of flights to Paris will be increased from three to five per week, and the Perth to Singapore service will go up to 10 per week. A new schedule for flights will be implemented gradually from mid-April until late July. QATAR AIRWAYS From April 23, the carrier will resume daily flights from Damascus to Dubai, Sharjah and Abu Dhabi. ROYAL MAROC Moroccan airline said that flights to Doha and Dubai were cancelled up until June 30, while those to Doha were canceled through May 31. SINGAPORE Airlines In response to increased demand, the carrier has extended its Singapore-Dubai suspension until May 31 and added services on the Singapore-London Gatwick route from late March until 24 October. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights from Dubai to April 30. WIZZ AIR Low-cost carrier suspends flights from Europe to Amman, Dubai and Abu Dhabi until mid-September. All flights to Medina are suspended indefinitely. (Compiled by Josephine Mason and Jamie Freed. Elviira Loma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani. Editing by Sumana Nady, Joe Bavier Mark Potter Milla Nissi -Prussak Susan Fenton Rod Nickel
What could be causing the Iberian Power Outage?
A massive blackout in Spain, Portugal, and parts of France has halted trains and bank machines, as well as traffic lights. It was one of the biggest power system failures ever seen in Europe.
Cyber Attack?
The Spanish grid operator Red Electrica has ruled out cyber attacks as the cause, but the High Court of Spain said that it will open an investigation in order to determine the reason.
Spain's Prime Minister Pedro Sanchez
Red Electrica said on Tuesday that just because it had ruled out any cyber attacks on its systems did not mean they could not have occurred.
EXPLAINATIONS SO FAR
Red Electrica reported that it had identified at least two incidents in southwest Spain of power loss caused by solar plants. This led to instability in the electrical system, and a breakdown in its interconnection with France. Electrical system collapsed, impacting both Spanish and Portuguese systems.
During the power outage, Spain exported electricity to France and Portugal. The exports to France reached close to their net export capacity up to 1000 local time. Red Electrica data shows that exports to France ceased at 1235 local times, from 868MW earlier.
On Tuesday, EU Energy commissioner Dan Jorgensen announced that the European Union would begin a comprehensive investigation into the power outages occurring in Spain and Portugal.
The Spanish grid is connected to those of France and Portugal as well as Morocco and Andorra.
What causes power outages?
Extreme weather conditions such as high winds, storms or lightning are the most common causes of unplanned power cuts that disable electricity on a wide scale. At the time of the collapse on Monday, it was a fair day.
When there are faults in power stations, distribution lines, or substations, they can cause power outages.
To ensure stability, the flow of electricity between systems is kept at 50 Hertz. Backup systems will disconnect power generation sources and other assets from the grid if that level changes.
SPAIN'S ENERGY MULTIPLE
Data from the think tank Ember show that Spain is among Europe's largest producers of renewable energy. It relies on wind and sun for 43%, which is well above the average global rate.
Red Electrica's data shows that solar photovoltaic (PV), wind, and nuclear power plants made up 59% of Spain’s electricity during the blackout. Solar PV was 50%, wind 3% and nuclear almost 15% on the same date last year.
The data revealed that in just five minutes between 1230 and 1035 local time (1030-1035 GMT), on Monday, the solar PV production dropped by over 50%, from 18 gigawatts to 8 GW. The cause of the drop is unknown.
What factors could be involved?
Experts and industry sources stated that the Spanish grid had very little inertia. Inertia is the energy stored in large rotating steam or gasoline turbine driving and rotating generators. It acts as a cushion as it can be quickly used to compensate sudden changes in supply or demand.
Solar provides a small rotating mass for the grid.
Around 5% of Monday's electricity was generated by gas-fired generators. In Spain, coal generation will be phased out by 2025. The largest coal-fired plant in Spain was shut down last year.
How can power be restored?
A "black start" is the process of restoring electricity after a major outage. This involves slowly restarting each power plant and reconnecting it to the grid.
Spain increased its power imports and turned on more hydropower and gas plants as it tried to regain power.
EXCESS RENEWABLES?
The collapse on Monday has led to a debate over whether the volatile supply of solar and winds has made Spain's electricity systems more susceptible to an outage.
The Prime Minister Sanchez stated on Tuesday that there is no problem with excess renewable energy. He added that the demand was low at the time of blackout and there was an ample supply.
EU Commissioner
Jorgensen
The cause of the blackout can't be attributed to a particular energy source.
The rapid growth of renewables has led to grid overloads during periods with high sunlight and low demand. Wholesale electricity prices have sometimes fallen to zero or even negative, forcing solar farms into a reduction of their output.
Analysts predict that solar farms will continue to expand in Spain and Portugal, resulting in a rise in negative price-hours in 2025 (reporting by Nina Chestney and Pietro Lombardi; editing by Jason Neely and Susan Fenton; and Gareth Jones).
(source: Reuters)