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Somali regions reject Mogadishu’s decision to cut off ties with UAE
Three autonomous regions of Somalia with close ties to the United Arab Emirates (UAE) have rejected a central government decision taken this week to "sever" ties with UAE, which has been a long-term sponsor. Somalia canceled all agreements with the UAE on Monday, including those in the security field. The country accused the Gulf of having undermined Somalia's sovereignty by 'training and funding' its army, and investing in its ports. Somalia has not provided any further information about its motives for this move. Mogadishu investigates allegations that the UAE escorted a separatist leader from Yemen to Somalia via Somalia. Separately the UAE was linked to Israel's recognition of Somaliland as an independent country last month. Somaliland is a breakaway region in northern Somalia. The UAE Ministry of Foreign Affairs didn't immediately respond to an inquiry for comment on Somalia’s decision. The UAE has had long-standing interests in the Horn of Africa region and Red Sea, where they have often fought with wealthy Gulf states to gain influence. Somaliland, Puntland, and Jubbaland, two semi-autonomous countries in the north, and the south, have said that they will not recognise the decision of Mogadishu, to cut off ties with UAE. "Somalia’s daydreaming doesn't change anything" "The UAE is here to stay no matter what a weak government in Mogadishu claims," Khadar Hussein abdi, Minister of Presidency of Republic of Somaliland said late Monday. The regional government of Jubbaland said that Mogadishu’s decision is "null, void", and all existing "security and developmental agreements" will remain in place. Puntland stated that the decision will not have any impact on the relations between itself and the UAE. This includes the coastal city Bosaso, where a subsidiary owned by DP World in the UAE has a 30 year concession to operate the port. Expanding Influence UAE leverages its wealth for years to extend its influence in the Horn of Africa. They use a combination of economic, diplomatic and military clout. Since the 1970s, Somalia's federal govt. has had only a limited authority in the country. It has also failed to defeat islamist militants despite international support including African peacekeepers as well as U.S. aerial strikes. Senior Somali sources claim that the UAE trained hundreds of Somali troops between 2014-2018 and continues to pay salaries and provide logistics for around 3,400 Somali military officers and special forces troops in the capital. It has also formed bonds directly with regional governments and committed hundreds of millions to ports and military facilities along the coasts of global shipping routes. Speaking on condition of anonymity in order to discuss sensitive diplomatic issues, two Somali officials said that instead of the UAE funding, the country could seek help from wealthy Gulf rivals Qatar and Saudi Arabia. (Writing by David Lewis).
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UK prosecutors claim that the Russian captain did nothing to prevent the crash of a US tanker.
British prosecutors stated on Tuesday that the captain of the container ship which collided with a U.S. oil tanker off Britain's east cost last year, did "absolutely" nothing to prevent an avoidable fatal collision. Vladimir Motin (59) was the Russian captain of the Portuguese flagged Solong, which hit the Stena Immaculate tanker that was anchored on March 10, 2025. Motin, who was arrested four days earlier, was charged with the murder of Mark Pernia (38), a Filipino national, and member of the Solong crew. His body has not been located and is presumed to be dead. Tom Little, the prosecutor at London's Old Bailey Court, said that Pernia’s death could have been prevented. Little told the jury that "he would still be alive today if not for the grossly negligence?conduct" of the man on the dock. He stated that the Solong was on a collision path with the Stena Immaculate for more than 30 minutes before the crash. The Stena Immaculate was carrying "very large quantities" of aviation fuel. Little testified that Motin had a duty to Pernia as Solong's Captain and as he "was on sole watch duty at the bridge" prior to the fatal accident. Little said, "In the end, he didn't do anything, nothing at all, to prevent the collision."
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Wall Street futures fall as JPMorgan begins earnings season; inflation tests loom.
U.S. Stock Index Futures fell on Tuesday, as investors awaited a key inflation report to get fresh clues about where interest rates will go next. JPMorgan Chase's earnings for the fourth quarter kicked off earnings season. JPMorgan Shares were up by 1.1% during choppy trading in the premarket after Goldman Sachs' quarterly profit exceeded estimates. However, a one-time fee associated with its deal to take over Apple’s credit card partnership was also weighing down on them. There are many other big banks that will be reporting later this week. Expected to Post a Stronger Quarterly Results S, helped by a pick-up in dealmaking. BNY increased its target for an important profitability measure but shares of the custodian banks fell 0.6%. Delta ?Air Lines Shares fell by 5.6%, despite the fact that the airline had projected a 20% increase in earnings by 2026. United Airlines and American Airlines both fell by about 3%. At 6:55 am. At 6:55 a.m. ET, Dow Eminis had fallen 11 points or 0.01%. S&P Eminis had dropped 7.5 points or 0.11%. Nasdaq Eminis fell 67.25 or 0.26%. Focus on the Interest Rate Outlook The markets are preparing for the next inflation report at 8:30 a.m. The December data is expected to show a rise in consumer prices, which would support the Federal Reserve's decision to hold interest rates when they meet later this month. Wall Street began the week in a bad mood after U.S. authorities opened a criminal probe into the Fed chair Jerome Powell. This sparked new concerns about the central bank’s independence, and drew sharp criticism from prominent Republicans. Markets bounced back in the afternoon session as tech giants and Walmart gained, sending the S&P 500 to new record closings. Investors have shrugged off geopolitical worries, such as U.S. military actions and the capture of Venezuelan president Nicolas Maduro ten days ago. Instead, they are focusing on artificial intelligence, and their expectations for strong earnings, which has propelled the indexes up to new heights. Since the start of this year, investors have been attracted to small-cap stocks due to their high valuations. However, it is yet unknown if the trend will continue. BlackRock Investment Institute's strategists predict that the gap between the "Magnificent 7" tech giants, and the rest, will continue to narrow. They also expect a rise in economically sensitive sectors. Productivity gains from AI may help offset earnings downgrades. Russell 2000 gained 6.2% during the first seven days of trading in 2026 compared to a S&P 500 rise of 1.9%. KeyBanc upgraded the shares of both chipmakers to "overweight" and Intel shares gained 3.4%. (Reporting and editing by Maju Samuel in Bengalur; reporting by Medha Singh, Pranav Kashyap).
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CPC Blend oil loadings resumed after the storm, but January exports were 70% behind schedule according to sources
Four sources claim that January exports are already 70% behind schedule after the weather-related suspension of the Caspian Pipeline Consortium terminal. The interruption to CPC oil exports limits supply for the vast Tengiz oil fields and Kashagan oil field operated by U.S. oil majors and European oil companies. The CPC Blend oil loadings may be further complicated by a drone attack that took place on Tuesday near the CPC terminal. The CPC pipeline, which handles more than 80% of Kazakhstan's oil exports, transports oil to the Black Sea terminal at Yuzhnaya Ozereyevka, near Novorossiysk. Two sources claim that the 'CPC' has already cancelled 19 oil cargoes originally planned to be loaded in January, as its terminal operations are still restricted to a single mooring (SPM), and winter storms disrupted loadings. One of them stated that the exports had been at just 500,000 barrels per day in January, which is about 70% less than the initial loading schedule. CPC has been working to resume SPM 3 operations for the past few months, but the winter storms have made it difficult to complete repairs. This has delayed the completion of the work. SPM 3 and SPM 2 were still not operational as of Tuesday. CPC's terminal can only work at half its capacity with SPM 1 - and bad weather is also a constraint. The weather forecasts indicate that storms will return after January 17, complicating loading. One source involved with CPC exports stated that it was difficult for the terminal to keep up with the plan because there is only one SPM operational. CPC suspended oil exports at the Black Sea terminal on December 30 of last year. Loading resumed on January 5 for two days. CPC's representative refused to comment on terminal operations.
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Delta places Boeing 787 in order to forecast earnings growth on premium travel demand
Delta Air Lines, on Tuesday, forecast a 20% increase in earnings by 2026, citing strong corporate and consumer demand, as well as rising sales for premium travel. The airline also announced that it had agreed to purchase 30 Boeing 787-10 aircraft to bolster its long-haul fleet. The shares of the airline fell by nearly 5% during premarket trading, as the forecasts were largely "below" estimates. As lower-income consumers are under pressure due to inflation and a weaker purchasing power, the airline is benefiting from a resilient demand from higher-income travelers. This divergence was apparent in the December quarter when the overall passenger revenue increased by just 1%. However, this masked a growing gap within the cabin. The revenue for main-cabin tickets fell by 7% compared to a year ago, but revenue from premium products grew by 9%. Delta CEO Ed Bastian stated that the majority of Delta's seat expansion is planned for premium products. The main cabin will see little growth. The airline's long term strategy is reinforced by the fact that new aircraft are configured with more premium seats. Bastian said that the outlook was "upbeat," noting the record bookings at the beginning of the year. However, the airline maintains a range in its forecast because of ongoing geopolitical uncertainty and policy-related uncertainties. Delta, based in Atlanta, expects a full-year adjusted earnings per share between $6.50 and $7.50 as well as free cash flow between $3 billion and $4 billion. Delta expects revenue growth between 5% and 7% for the March quarter. It also forecasts adjusted earnings per share of $0.50-$0.90. LSEG surveyed analysts who expect earnings per share of $7.25 for the year, and $0.72 for each quarter. INTERNATIONAL RECOVERY - UNVEIL Bastian stated that the international demand is still strong, despite markets like Canada and China not yet fully recovering. Capacity to China remains well below pre-pandemic levels. He said that the World Cup soccer tournament could be a catalyst for inbound travel and ease a blockage in international demand. In 2025, the airline had its highest ever level of premium revenue and diversification. Nearly 60% of its total revenue came from premium cabins and loyalty programs, as well as other non-ticket revenue sources such as its long-standing relationship with American Express. Bastian, a Delta spokesperson, told reporters that Delta's customers prioritize travel and high-quality experiences. The disparity in consumer spending has also changed the shape of the U.S. aviation industry. Low-cost and Ultra-low-cost Carriers, who rely heavily upon price-sensitive travellers, have struggled with weak profitability and excess capacities, leading to consolidation and retrenchment. Allegiant announced plans to purchase Sun Country Airlines while Spirit Airlines filed for bankruptcy. Bastian stated that "the lower-end consumers are struggling." We are fortunate to not live in that area. BOEING ORDER DIFFERSIFIES LONG HAUL FLEET Delta's adjusted fourth-quarter earnings of $1.55 per share barely beat analyst's expectations. However, results were affected by the longest U.S. government shutdown in history, which caused tens and thousands of flight disruptions, and reduced quarterly profits by about $200 million. In 2025, the airlines also suffered a drop in demand due to the sweeping U.S. Tariffs that eroded consumer confidence. Delta's outlook for 2026 assumes that these disruptions won't be repeated. Delta, as part of its long-term fleet plan, will purchase 30 Boeing 787-10 widebody planes, with an option for another 30, and deliveries are expected to begin in 2031. Delta will have a brand-new aircraft with the 787-10. Bastian explained that the aircraft was chosen for its efficiency and flexibility in mid-range international routes. This includes those across the Atlantic, to South America and other destinations where ultra-long range capability is not needed. He said that the 787-10 was cheaper to operate than larger widebodies like the Airbus A350 on many missions. Delta Airlines has been a strong proponent of Airbus for the last 15 years. Its fleet is centered around the A220, A320, and A350 narrowbody aircraft, as well as its flagship A330 widebody. Bastian explained that the Boeing order was a deliberate attempt to diversify the suppliers and reduce reliance on one manufacturer, as the airline expanded internationally. He said that it was difficult to run a business if the airline relied on a single supplier. (Reporting and editing by Jamie Freed; Reporting by Rajesh Kumar Singh)
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Delta's Boeing 787 order is a bet on the premium travel market and its positive outlook.
Delta Air Lines, which has a long-haul fleet, forecast a 20% increase in earnings by 2026. It cited strong corporate and consumer demand, as well as rising sales. As lower-income customers are under pressure due to 'inflation' and a weaker purchasing power, the airline is benefiting from a resilient demand from higher-income travellers. This divergence was apparent in the December quarter when the overall passenger revenue increased by just 1%. However, this masked a growing gap within the cabin. The revenue for main-cabin tickets fell by 7% compared to a year ago, but revenue from premium products grew by 9%. Delta CEO Ed Bastian stated that the majority of Delta's seat expansion is planned for premium products. The main cabin will see little growth. The airline's strategy is reinforced by the fact that new aircraft are equipped with more premium seats. Bastian described the outlook for the airline as "upbeat" pointing out record booking trends at the beginning of the year. However, the airline maintains a range in its forecast because of ongoing geopolitical uncertainty and policy-related uncertainties. Atlanta-based Delta Airlines expects adjusted earnings per share for 2026 to be between $6.50 and $7.50, with free cash flow between $3 billion and $4 billion. Delta expects revenue growth between 5% and 7% for the quarter ending March, with adjusted earnings per share ranging from $0.50 to $0.90. LSEG surveyed analysts who expect earnings per share of $7.25 for the year, and $0.72 for each quarter. International Recovery Uneven Bastian stated that the international demand is still strong, even though some markets, such as Canada and China, have not recovered fully. Capacity to China remains well below levels before the pandemic. He said that the World Cup soccer tournament, which is coming up in a few months' time, could unlock international travel and ease a blockage. The airline ended 2025 having the highest premium and diverse revenue of its history. Nearly 60% of its total revenue came from premium cabins and loyalty programs, as well as other non-ticket revenue sources such as its long-standing relationship with American Express. Bastian, a Delta spokesperson, told reporters that Delta's customers prioritize quality travel experiences and continue to value them. The imbalance of consumer spending has also changed the shape of the U.S. aviation industry. Low-cost and Ultra-low-cost Carriers, who rely heavily upon price-sensitive travellers, have struggled to maintain profitability due to excess capacity and weak profits, leading them into consolidation and retrenchment. Allegiant announced plans to purchase Sun Country Airlines while Spirit Airlines filed for bankruptcy. Bastian stated that "the lower-end consumers are struggling." We are fortunate to not live in that area. BOEING ORDER DIFFERSIFIES LONG HAUL FLEET Delta's adjusted fourth-quarter earnings of $1.55 per share barely beat analyst's expectations. However, results were affected by the longest U.S. government shutdown in history, which caused tens and thousands of flight disruptions, and reduced quarterly profit by about $200 million. In?2025 airlines also suffered a drop in demand due to the sweeping U.S. Tariffs that eroded consumer confidence. Delta's outlook for 2026 assumes that these disruptions won't be repeated. Delta will purchase 30 Boeing 787-10 Widebody Aircraft as part of its fleet strategy. It has options to buy an additional 30 aircraft. Deliveries are expected to begin in 2031. Delta will be introducing a new aircraft with the 787-10. Bastian stated that the aircraft was chosen for its efficiency and flexibility in mid-range international routes. This includes across the Atlantic, to South America and other destinations where ultra-long range capability isn't required. He said that the 787-10 was cheaper to operate than larger widebodies like the Airbus A350 on many missions. Delta Airlines has been a strong Airbus supporter for the last 15 years. Its fleet is based on Airbus' A220, A320, and A350 narrowbody aircraft, as well as its flagship A330 widebody. Bastian explained that the Boeing order was a deliberate attempt to diversify the suppliers and reduce reliance on one manufacturer, as the airline expanded internationally. He said that it was difficult to run a business if the airline relied on a single supplier. (Reporting and editing by Jamie Freed; Reporting by Rajesh Kumar Singh)
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Air India faces UK lawsuits from the estates of those who died in a 2025 plane crash
Air India is facing a London suit from the 'estates' and relatives of some of the deceased in relation to the crash of the passenger jet that occurred on June 20, 2025, which resulted in the death of 260 people. According to court records, 11 plaintiffs filed a personal injury lawsuit at the High Court on December 18. Further details were not immediately available. A Boeing 787-8 Dreamliner carrying 242 passengers bound for London Gatwick Airport 'lost height seconds' after take-off from the western city of Ahmedabad, on June 12. It erupted into a fireball when it struck a medical school hostel. The crash killed 19 people at the ground and one person on the plane. Air India, and the lawyers who represent?the claimants? did not respond immediately to a request for comment. Families of the four victims are notified separately. suing Boeing In the United States, the claim was that the accident was caused by allegedly defective fuel switches. The lawsuit, filed in September blames Boeing, Honeywell and the switch manufacturers for the crash. (Reporting and editing by Sarah Young, Muvija M, Sam Tobin)
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Aena Spain records record 332,6 million passengers by 2025
Aena's Spanish Airports tallied 321.6 million passengers? in 2025. This marks a third consecutive annual record. The company has exceeded its February forecast by?320 millions. This represents a 3.9% rise from 2024. These gains highlight Spain's appeal as a European tourism center, even though the global airline industry is struggling with delays in aircraft deliveries, labor shortages and rising operating costs which have?limited capacity growth elsewhere. The operator reported that the airports in Spain with the most passengers are Madrid's Adolfo Suarez Barajas, Josep Tarradellas Barcelona El Prat, and Palma de Mallorca. Aena stated that it is developing its investment plan to accommodate the increasing demand for 2027-2031. In a statement, the company stated that "Traffic records for recent years are a clear indicator of this need as well as of a situation which will 'arise in future years regarding infrastructure." The company has not provided an updated outlook beyond 2026. (Reporting and editing by Matt Scuffham in Gdansk)
Oil prices spike on potential Iranian supply disruption
The oil prices continued to rise on Tuesday as heightened concerns about the major Iranian producer and possible supply disruptions overshadowed the?prospects of an increased crude supply coming from Venezuela.
Brent futures rose $1.20 or 1.9% to $65.07 per barrel at 1150 GMT. This is the highest Brent has been since mid-November. U.S. West Texas Intermediate Crude climbed $1.23 or 2.1% to $60.73.
John Evans of PVM Oil Associates said, "The oil markets are building some price protection to counter geopolitical factors." Evans highlighted the possible exclusion of Iran’s?exports as well as the problems in Venezuela, the talks about the Russia-Ukraine conflict and the Greenland issue. Iran, one the largest producers of oil in the Organization?of Petroleum Exporting countries, is currently facing its most violent anti-government protests in many years. Donald Trump warned of possible military action after a government crackdown on protesters led to thousands of arrests and hundreds of deaths, according to a rights group. Trump said on Monday that any nation that conducts business with Iran would be charged a 25% tariff on all business done with the United States. Iran exports most of its oil to China. Unidentified drones also struck four Greek-managed tankers on Tuesday. Eight sources said that the tankers were on their way to the Caspian Pipeline Consortium terminal near the Russian coast.
Janiv Shah of?Rystad said that for the moment, concerns over a glut in supply have been put on hold. He added that excessive refinery output in Europe is weighing down the gasoil markets.
Unrest supports Brent's Premium Brent crude oil's price premium over Middle East benchmark 'Dubai' rose to its highest level since July on Tuesday as geopolitical tensions between Iran and Venezuela boosted the global 'price marker', LSEG data revealed.
Barclays stated in a note that "unrest in Iran added approximately $3-4 per barrel to the geopolitical premium of oil prices."
The markets are also concerned about the additional crude oil supply that will hit the market with a return of Venezuelan exports. Trump announced last week that Caracas was ready to 'hand over to the U.S. up to 50 million barrels oil subject to Western sanctions. Oil trading houses from around the world have beaten U.S. energy giants in the race to control Venezuelan oil flows. Reporting by Seher DAREEN in London, Anushree MUKHERJEE in Bengaluru, and Jeslyn LERH in Singapore. Editing by Bernadette BAUME and David GOODMAN
(source: Reuters)