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TUI's bookings for future trips fall, but last-minute travel boosts the European travel giant.
TUI, Europe’s largest travel operator based on market share, reported an operating profit that was above expectations. Analysts warned about softer demand, but noted a trend toward last-minute bookings, and higher prices. While the company struggled to maintain its position in its core German markets, it has been able to improve its results by making its offering more international and focusing more on its more profitable businesses including hotels. The company's share price is still well below the levels of three years ago, but Chief Executive Sebastian Ebel has repeatedly stated that he hopes to see an improvement. At 0830 GMT, the stock price was down by?3.7%. The equity research firm Bernstein noted a "substantial drop in demand", but the company said that the results were expected. TUI cited a strong performance by holiday experiences, markets, and?airlines to report an?operating loss of 77.1 millions euros ($91.80) for the last three months of 2025. This is up from 51million euros a year ago and above the 66.7million euros predicted by analysts polled at LSEG. Ebel praised the "record-breaking" first quarter results. It added that this was despite the losses attributed to the impact of Hurricane?Melissa on the hotels in Jamaica. TUI stated that slightly lower winter and summer bookings in advance were not surprising. Ebel also pointed out that bad weather in Germany and Britain had resulted in a drop in retail visits at TUI. He told journalists on a conference call that tourists are booking their trips later, and that the demand is shifting?away to Asia and away from the United States. However, he was optimistic that the demand from Europeans who want to travel to the Caribbean would remain strong. TUI confirmed its December guidance, which stated that revenues will increase by 2 to 4%. The underlying operating profit is expected to rise by 7-10%. This means the company will not be able sustain growth after 2025.
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China's LNG imports will recover to previous levels in 2026, but not 2024.
Analysts say that China's imports of liquefied gas will increase in 2026, as global supply increases and prices fall, while the use for power generation and transportation rises. However, any rise in imports is likely to be modest, due to persistent weakness in China's economy. Analysts at five companies estimate that the world's biggest LNG?importer?will buy between 3% and 10% more super-chilled fuel in 2018 than last year, or approximately 70.5 to 75.5 millions metric tons. Even the most optimistic projections are below levels in 2024 following a 10% drop in imports due to a milder winter and weak industrial demand. This was the only instance in the last decade where imports declined outside of the pandemic. Analysts at Sublime China Information expect that the increasing use of LNG trucks will boost gas demand by 3.6 millions tons this year. LNG is usually cheaper than gas imported from Russia or produced in the United States. The increase in demand will not be met by either source. Rystad Energy, a consultancy, estimated that domestic?gas output will increase by 12 billion cubic metres (bcm), compared to a 25-bcm rise in demand. Gas pipelines in Russia are nearing capacity. S&P Global Energy (Kpler) and Rystad Energy (Rystad Energy) have forecast that at least 35 millions tons of LNG will be added to the global market this year. S&P Global Energy predicts that Asian spot LNG prices will average $9.50 to $9.50 for every million British thermal unit, while ICIS expects the price to fall below $9/MMBtu by the second half 2026. Prices were above $12/MMBtu on average last year. A WEAK ECONOMIC SYSTEM Although a drop in prices is positive for the demand, it remains to be seen if they will fall enough to encourage 'big purchases' when faced with cheaper alternatives. "Even if the price drops in 2026, LNG can't compete against domestic or imported pipeline gases, which have a cost advantage. So it remains a supplemental energy source," said Rystad analyst Xiong Wei. Analysts said that the gas demand of the industrial sector - a major consumer - is also missing, because the property market has been in a state of crisis for five years and there's no sign of an end. Analyst Yuanda Wang of consultancy ICIS said: "With industrial demand still relatively weak, it is debatable how much more demand a price reduction can stimulate."
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EIA: Venezuelan oil production could return to its pre-blockade levels by mid-2026
The U.S. Energy Information Administration reported on Tuesday that expanded U.S. licensing for Venezuela-related transactions is expected to restore the South American nation's oil production by mid-2026 to its level before the U.S. navy blockade in December. Venezuela's PDVSA state oil company was forced to?make deep cuts in production after Washington imposed the?strict naval blockade, to put pressure on Nicolas Maduro - the Venezuelan president captured by U.S. troops early January. The blockade prevented Venezuela from exporting oil. This led to an accumulation of millions of barrels in storage tanks and vessels on land. Venezuela produced between 1.1 and 1.2 million barrels of crude oil per day before the blockade. PDVSA has since reversed the majority of its output cuts, increasing total production to close to 1,000,000 bpd. The U.S. Government?lasts month authorized commodities traders Vitol, Trafigura, and oil major Chevron to export Venezuelan oil. This helped clear the storage accumulation. Washington also lifted some sanctions against Venezuela's oil sector last month to allow U.S. firms to sell its oil. (Reporting and editing by Rod Nickel in New York)
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Bertelsmann, a German logistics company, has acquired a majority stake in Indian firm
The head of Bertelsmann's investment division said that the German media and service group has acquired a majority stake in Lets Transport. It hopes to leverage its position in India as an?important market for growth. In an interview published Tuesday, Carsten Coesfeld, CEO of Bertelsmann Investments said: "We have now achieved 80%." Bertelsmann owns the publisher Penguin Random House, is active in education and services, and has a stake in Lets Transport. This ownership began in late 2018. The logistics company, founded in 2015, connects truckers with corporate clients across India. Coesfeld stated that the market for Lets Transportation is worth 14 billion dollars, and has a growth rate of 11% per year. However, 90% of this market is unorganised. Bertelsmann views India as a growth market in general. It is a highly attractive market. "We are convinced of its potential," he said. He refused to provide details about the investment. According to someone familiar with the matter, Bertelsmann invested a large amount of money, possibly in the double-digit millions. In a hypothetical sale scenario, Lets Transport would be worth a three-digit million dollar sum. This is Bertelsmann’s first strategic acquisition in India. Coesfeld stated that he would be willing to buy more assets across the supply chain for Lets Transport, which he described in a similar way to Uber. This includes warehouses.
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Trump demands that Ottawa and Washington hold talks about the new US-Canada Bridge
Donald Trump, the U.S. president, threatened on Monday to prevent the opening of a new $4.7 billion bridge linking Detroit and Windsor,?Ontario, as his latest salvo in a trade dispute with Canada. Trump cited Canada as the owner of the Gordie Howe International Bridge, Canada's refusal to stock certain U.S. alcoholic drinks on Canadian shelves, Canada’s tariffs on milk products, and its trade negotiations with China. Canada financed the bridge because the U.S. refused. It is expected to open within the next few months. Tolls will cover the costs over a period of 30 years. Trump posted on Twitter: "I won't allow this bridge to be opened until the United States has been fully compensated for all that we have done. And, Canada must treat the United States with the?Fairness and Respect we deserve." We will begin negotiations immediately. We should be able to own at least half of this asset, if not more, with all we have done for them. Rick Snyder, Michigan's former governor, accepted an offer from the Canadian government to pay for the majority of the costs of the new Gordie-Howe Bridge in 2012. He then took the unusual decision to use executive authority and?bypass' the legislature. Construction started in 2018 and is nearly complete. The U.S. Department of Homeland Security published on January 30, a rule declaring that the bridge is an official port of entrance. It says,?the bridge saves $12.7 million per year for travelers by reducing traffic congestion and travel times while easing flow of traffic. The Canadian Embassy and the bridge authority did not comment immediately. Local Politicians React A spokesperson for Michigan Governor Gretchen Whitmer (a Democrat) said that Canada financed the construction. The bridge was built by union workers on both sides of border and will be operated as part of a joint ownership arrangement between Michigan and Canada. It will open in some way. Elissa slotkin, a Michigan Democrat Senator, stated that "cancelling this project would have serious repercussions." Michigan businesses will face higher costs, less secure supply chain, and ultimately fewer jobs. She said Trump was "punishing Michiganders" for a trade conflict he began. Canada's trade agreement with China will only happen because President Trump kicked Canada in the teeth over the past year. Debbie Dingell, a Michigan Democrat representative, claimed that Trump had endorsed the bridge back in 2017. "Nothing's changed. Dingell stated, "We cannot forget Canada as our friend and ally." We must stop these cheap insults. It hurts the economy and doesn't help anyone. Detroit will be the largest U.S. border freight port in 2023. It is the second-largest U.S. cargo port by value. Commercial trucks are expected to trade $126 billion worth of goods. The Ambassador Bridge will handle truck traffic. According to a University of Windsor report, the Gordie Howe bridge will reduce crossing times by 20 minutes, saving truckers $2.3 Billion over 30 years. In his second term, Trump has threatened Canada and dramatically increased tariffs against the U.S. neighbor to the north. He said last month that he would impose 100% tariffs on Canada if they follow through with a deal with China. In January, Canadian Prime Minister Mark Carney visited China to restore the countries' strained relations and to reach a trade agreement with Canada's second largest trading partner behind the U.S. Trump said that the U.S. will decertify Bombardier Global Express jets in January and threatened to impose 50% import tariffs until Ottawa certifies a number planes made by U.S. competitor Gulfstream. Trump's administration has not taken any action against Canadian aircraft. Reporting by David Shepardson and Ryan Patrick Jones, both in Washington: Editing and proofreading by Caitlin webber, Lincoln Feast, and Thomas Derpinghaus.
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Teamsters union sues UPS for new driver buyout program
Teamsters Union announced on Monday that it has sued United Parcel Service for violating their national contract with the new buyout packages? offered by the delivery giant to drivers. The two agreed to a contract ?deal covering 340,000 Teamsters-represented workers in 2023. The ?deal averted ?a strike at UPS, which has more Teamsters-represented employees than any other U.S. company. UPS announced in January that it would close 24 facilities and cut up to 30 000 jobs as it sought to shift away from millions low-profit deliveries to its largest customer, the online retailer Amazon.com. The union stated that "the scope of UPS’s updated buyout is much wider than the payoff offered to workers last summer when UPS advertised payouts to more 'tenured drivers approaching retirement". As part of its network restructuring, the delivery company announced that it would offer a buyout to its drivers by July 2025. This included 20,000 job cuts and the closing 73 locations. The union announced in a press release that the latest buyout program, called Driver Choice Program, will be announced this coming week. According to the union, if implemented, this program would provide drivers with a lump-sum payment if they "legally commit to never working for UPS again." Teamsters has detailed six violations in its National Master Agreement filed with the Massachusetts District Court. UPS has failed to respond to over 57 requests for information and documents relating to the revised plan of driver buyout since late January, according to Teamsters. UPS sent an email to UPS saying that they had engaged the Teamsters on the topic of this issue in early January. They would address the Teamsters' response via the legal channels. UPS said in a statement that the court filing will not impact operations. FedEx, Amazon Logistics and other UPS competitors are not unionized. They offer lower wages to delivery employees and drivers. Reporting by Aishwarya Jain, Los Angeles and Lisa Baertlein; editing by Sriraj Kaluvila.
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Spain has agreed to new safety measures, which have led to the end of the strike by rail workers' unions
Spain's major unions of rail workers have called off their?three-day national strike that began earlier on Monday after the authorities agreed to?boost investment and reinforce staffing in response to a series of high-profile accidents. In the last?month?, several consecutive derailments, crashes, and deaths left dozens of people dead. This sparked public concern about the state of Spain’s rail infrastructure. A high-speed train crash on January 18 in southern Andalusia left 46 dead, while a derailment in northeastern Catalonia two days later killed a driver. In a recent statement, the Spanish Transport Ministry announced that it would invest 1.8 billion euro ($2.15 billion), in rail maintenance up until 2030. It will also hire 3,650 new workers to work for a public-funded rail administrator. The number of vehicles that are used to maintain road vehicles will increase and the number of train drivers who count their hours of work will be changed. SEMAF, the train drivers union, said in a statement that it had 'achieved all its demands through a deal which addressed daily safety concerns raised by drivers from all railway companies.' This included steps on infrastructure investments, working groups, and safety procedures. It added that the Transport Ministry, Adif, and Renfe, a state-owned railway company, had all committed to implement measures aimed at improving safety management. They also agreed to establish clear limits and responsibilities, and increase staffing. The country's two largest unions, CCOO and UGT told their railway members that the strike had been called off. CCOO warned it would closely monitor the proper implementation of the measures agreed upon. The smaller unions CGT, Sindicato Ferroviario and CGT said that they would strike 'until tomorrow, because they were excluded from the talks and hadn't been informed of its terms. The Transport Ministry set high service standards for commuter services, including 75% during rush hours and 50% off-peak. On Monday morning, passengers were checking the electronic boards at Barcelona's main train station, Sants, for any cancelled services. This is my third cancellation. Francois Monti (52), a French commuter, said he hoped the train he was booked on that was supposed to depart in an hour would actually leave. "But I know that the safety situation in the trains is complex, so I can understand the drivers."
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Union: Ukraine wheat exports are low due to logistics problems
Farmers union UAC reported on Tuesday that wheat exports remain extremely low in Ukraine, with just 27,000 metric tonnes?leaving out of the?700,000.?tons contracted for this month. Ukraine is one of the world's largest wheat producers and exporters. "Logistics is not always perfect." Blackouts prevent ports from operating at full capacity. Wheat is also competing with corn which is loaded before, according to a UAC report. Russia has intensified its strikes against Ukrainian ports and energy infrastructure. This has caused blackouts in entire regions, and severe restrictions on the?energy supply to ports and railways. UAC stated that due to logistical issues, Ukraine would not be able to export the full amount of wheat contracted. In January, 536 000 tons of the 620,000 tons contracted were exported. In December, 586,000 of the 1 million tons contracted left the country. APK-Inform, an agriculture consultancy, lowered its forecast for Ukrainian wheat exports in 2025/26 to 14.5 millions tons on Sunday from the previous estimate to?16.7million tons. The consultancy increased its forecast for ending grain stocks in?2025/26 to 11.5 millions tons, up from 6.8 million tons a month ago. It added that this volume could include 4.3 million metric tons of corn and 4 million metric tons of wheat. (Reporting and editing by David Goodman.)
CPC Blend oil prices drop as traders become more cautious about supply, say sources
CPC Blend crude, for February loading, is trading at the biggest discount to Brent since late 2022, as buyers are holding back following a'months-long period of export disruptions including field outages and bad weather, and Ukrainian drone strikes, according to four traders.
The main route of export for Kazakh oil via the Caspian Pipeline Consortium has been interrupted repeatedly, leading to large cancellations.
The traders reported that several February-loading CPC blend cargoes were sold at Brent minus $5 per barrel. The traders added that the discount had narrowed this week due to a new demand for more attractive prices.
The traders said that the weak differentials were due to the fact that many buyers had already purchased February barrels from other sources, in order to avoid CPC's unpredictable supply.
CPC Blend exports could fall by as much as 35% in this month, as Kazakhstan's Tengiz Oilfield slowly recovers after fires that occurred at power plants in January.
They also said that higher war-related risk for ships entering Russia’s Black Sea ports and logistical issues also affected differentials. Drones attacked two oil tankers, one of which was chartered by the United States, in mid-January. Oil major Chevron was heading towards a Russian terminal when drones struck two oil tankers in the Black Sea.
CPC Blend last saw a discount in 2022 when the European Union embargo against?Russian crude oil drove the grade down to around dated Brent plus $9 per barrel. In 2023, prices rose after the sanctions clarified that transit volumes were not affected.
Russian companies also provide crude to the system. The CPC pipeline terminates at Yuzhnaya Ozereyevka, on Russia's Black Sea coastline. Reporting by Robert Harvey and in Moscow. Mark Potter (Editing)
(source: Reuters)