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FedEx must explain to consumers how they will receive tariff rebates, says US Treasury chief
FedEx must explain to the public how it plans to 'pass on any tariff rebates,' said U.S. Treasury Sec.?Scott Bessent after the global shipping firm sued for a refunded of emergency import duties ruled illegitimate by the U.S.?Supreme?Court. Bessent also questioned FedEx Chief Raj Subramaniam in an interview with NBC News on Tuesday evening, but provided no evidence that any wrongdoing had occurred. FedEx is a member of this business group, as are scores of other U.S. firms. FedEx filed suit in the U.S. Court of International Trade on Monday seeking a refund following a ruling by the Supreme Court last week that President Donald Trump exceeded his authority when he imposed sweeping emergency tariffs. French beauty group L'Oreal and British vacuum manufacturer Dyson, as well as contact lens manufacturer Bausch + Lomb, have all sued for refunds. Bessent, NBC's reporter, said that Subramaniam "should explain how he will get the money back to the consumers if he has passed on those costs," according to a transcribed version of the interview. Bessent said that the role of the company in the council was "very interesting" because China is the biggest payer of U.S. Tariffs, without going into detail. This statement contradicted an earlier report by the New York Federal Reserve that said Americans were paying almost all of Trump’s new tariffs. FedEx posted a?alert' at the top of their website to inform customers about the impact the court ruling could have on them. A spokeswoman from the company, when asked about Bessent’s comments, said: "If FedEx receives refunds, we will refund?the shippers who paid for those charges and to consumers." The exact timing of this and the process to request and issue refunds depends 'in part' on the future guidance provided by the government and court. Over $175 billion of U.S. tax collections could be refunded. Bessent told CNN on Sunday that lower courts would be responsible for any refunds following the Supreme Court's ruling. Bessent responded to NBC's question Tuesday night, "We will obey the lower court's ruling." Reporting by Susan Heavey and Lisa Baertlein, Los Angeles. Editing by Paul Simao.
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Profits of Spanish hotel chain Melia rise by 24% due to higher luxury rates
Melia, Spain's largest hotel chain, announced a 24 percent increase in profit for the full year on Wednesday, thanks to higher prices at its luxury resorts. Melia's yearly net income of?200.2 millions euros ($236million) exceeded analyst expectations by 151.23million euros, as predicted by LSEG. Melia reported that revenue per room increased by 5.4% in the past year. This is down from an 11% increase in 2024. However, room rate increases were more important to Melia's revenue than occupancy. Melia has been focusing on opening luxury hotels and expects the room rates in its Spanish resorts will rise by about 5%, according to CEO Gabriel Escarrer, last month. Spain, the company's main market, will help offset the weaker sales in the Caribbean. The world's second most visited country after France is on track to receive nearly 100 million visitors by 2026. Melia reported that bookings were up 11% compared to a year earlier, despite the fact that Spanish airport operator Aena stated on Wednesday it expected the number of passengers using its airports in Spain will grow at a lower pace than last. Melia's hotels in Cuba and Mexico may be affected by the economic?and?political?crises that are affecting those countries. Melia, Cuba's largest hotel chain, has closed three of the 30 hotels it operates in order to concentrate on more modern properties. The company stated that operations in Mexico have not been affected at all by the violence that broke out after the death of Mexican drug lord Nemesio seguera. However, it added that the outlook for the year 2026 may be affected short-term.
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Google will test new search results, a source claims as EU fines loom
Alphabet’s Google will soon begin testing changes to its search results in order to give competitors more prominence. A person with first-hand knowledge of the situation said this on Wednesday. The company is trying to avoid a fine from the EU for allegedly favoring their own services when searching for hotels, flights, and restaurants. Since it was accused of violating the Digital Markets Act in March last year, Google has made a number of proposals to appease rivals and EU regulators. After rivals complained about the insufficiency of these measures, Google has not implemented any of its proposals. Google is pitted against vertical search engines (VSSs) that are linked to specific sectors, such as airlines, hotels and restaurants. Source: Top-ranked RIVALS to be?displayed by default, source says Source: The previously unreported changes will display both VSS results and Google results by default. The list of vertical search engines will include hotels, airlines, restaurants, and transport services, all with data in real-time. Source: The changes are soon to be rolled out throughout Europe. Initially, they will focus on lodging searches, but later, flights and other services will also be added, she said, without giving further details. The European Commission refused to comment. These changes may help appease the European Commission, who enforces EU competition. The fines for Digital Markets Act violations can reach up to 10% of the company's annual global revenue. Google has been fined 9.71 billion Euros ($11.5 billion), or $9.71 billion, for antitrust violations in Europe. The EU's crackdown on Big Tech, which squeezes out competitors, has heightened tensions with the United States. A former European Commission official spearheaded a landmark digital services law that required online platforms to do much more to combat illegal and harmful content. Reporting by Foo Yeon Chee, Editing by Adam Jourdan & David Goodman
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Zelenskiy: Druzhba Pipeline repairs 'not so fast'
Ukraine's president?Volodymyr?Zelenskiy stated on Wednesday that despite the requests of the?European Union? and the protests from Hungary, repairs to the Druzhba Pipeline, which transports Russian oil to Eastern Europe?cannot be completed quickly. Since January 27, Ukraine has said that a Russian strike on pipeline equipment in western Ukraine was responsible for the suspension of Russian oil shipments to Hungary and Slovakia. Slovakia and Hungary blame Ukraine for the extended outage. Zelenskiy, a reporter, said that the Russians had destroyed the pipeline connecting the Black Sea port Odesa to Druzhba. "This isn't their first strike. They continue to attack the energy sector." The European Commission's Ursula von der Leyen stated that during her visit to Kyiv to mark the fourth anniversary since the beginning of the conflict between Russia and Ukraine, the EU is asking Ukraine to accelerate repairs. Zelenskiy stated, "They tell us to fix it but they know there has already been an attack on Druzhba." "Our people were hurt so that the system would work." ORBAN'S ACCUSATIONS Ukraine has continued to ship Russian oil across its borders despite the war. However, it stopped the transit of Russian Gas at the beginning of last year. Hungary accused Kyiv of intentionally delaying the restarting of the pipeline. The main route used to deliver Russian oil from Russia to Hungary and Slovakia has been since the 1960s. Hungarian Prime Minster Viktor Orban stated on Wednesday that the suspension was only political and Ukraine "prepared further actions". He said, "The Ukrainian government is exerting pressure on Hungary and Slovakia through an oil blockade." Ukraine did not respond immediately to his remarks. Orban and the EU have been at odds for many years over Ukraine. Orban has always maintained cordial relations with Moscow and refused to send arms to Ukraine. He also says that Kyiv shouldn't join the 27-nation EU. Attacks on NAFTOGAZ In recent months, Russia has intensified its attacks against Ukrainian power plants and the gas sector, causing severe power shortages. It also deprived Ukraine of nearly half its gas production capacity, forcing it to increase its imports from Europe. Hungary and Slovakia have threatened to stop emergency electricity exports into Ukraine due to the Druzhba conflict. On the request of U.S. president Donald Trump earlier this month, Russia agreed to take a temporary pause from its attacks. Zelenskiy stated that "Hungarians should appeal to Russians for an energy truce". Kyiv has repeatedly targeted Russian oil installations, including the Druzhba Pipeline section that runs through Russian territory. But it has also proposed a energy truce to Moscow. Ukraine's Naftogaz, the national oil and natural gas company, said on Wednesday that?60 Russian drones attacked its facilities to the north and east. Naftogaz released a statement saying that the strikes against gas storage and production facilities have been ongoing for two days. (Reporting and editing by Daniel Flynn and Aidan Lewis; Additional reporting by Anita Komuves, Budapest)
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Greer: US tariff rates could reach 15% or higher for some countries
U.S. trade representative Jamieson Greer said on Wednesday that the U.S. tariff rates for certain countries would rise from the newly imposed 10% to 15% or more, but did not name specific trading partners. Greer told Fox Business Network’s "Mornings with Maria” program that the Trump Administration does not plan to increase tariffs on Chinese products above current levels, as President Donald Trump is planning to visit China in the coming weeks. "Right Now, we have a 10% tariff. Greer stated that the tariffs would increase to 15% for some, then higher for others. "I think this will be in line" with other tariffs. Greer told Bloomberg TV that the White House is preparing a proclamation to raise temporary tariffs up to 15% "where necessary." Greer said that the White House was preparing a proclamation to raise temporary tariffs up to 15% "where appropriate." He added that foreign interests would want to lower the tariffs whenever the government increased them. People?are going sue us." NEW TARIFFS COMPATIBLE WITH EXISTING TRADE DEALS Greer said that the plan of the Obama administration to replace the emergency tariffs, which were struck down by the Supreme Court, with new duties and temporary tariffs, such as those under Section 122 of the Trade Act of 1974 (which went into effect Tuesday at 10%), is compatible with current trade agreements. He said that investigations into 'unfair trade practices' under Section 301 would be at the center of the replacement efforts, focusing on countries that have excess industrial capacity, employ forced labor in their supply chains, discriminate towards U.S. tech firms, or subsidize goods like rice, seafood, and other items. Greer stated that he, along with Treasury Secretary Scott Bessent, have raised the issue of excessive industrial capacity repeatedly with Chinese officials. He added that government-supported Chinese firms that are not profitable can continue to produce. He said: "I don't believe they will solve that problem completely, and that is part of the reason we need tariffs on China, Vietnam, and other countries with this problem." Greer responded that the administration does not intend to increase tariffs beyond those currently in effect. "We will stick to our agreement with them." Greer said Section 301 investigation can be used as an enforcement tool for the trade agreements that have been struck by the administration in recent'months. This includes a deal made with 'Indonesia which agreed to accept a tariff of 19% and open their markets to U.S. products. He said USTR will open a Section 301 inquiry into Indonesia's trading practices, to examine its industrial capacity and subsidies in the fisheries sector. The findings?would then be compared to the steps Indonesia takes to address U.S. concern and to meet its commitments as part of the deal. Then we will decide what tariffs should be applied. "We expect continuity in our trade deals," said Greer. Greer told Fox Business a nearly 100-year-old law, Section 338 from?the Tariff act of 1930, is "still a good law" that could be useful when countries discriminate the U.S. in trade with other countries. Tariffs up to 50 percent can be imposed on certain imports. He said that the focus of his investigation was on Section 301 national security investigations and Section 232 strategic industry-based Section 301 national security inquiries, where tariffs had proven to be "very durable." Greer stated, "They have stood up to scrutiny before and will do so again." Reporting by Susan Heavey, David Lawder. (Editing by Daphne Psaledakis Mark Potter and Paul Simao.
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EU: Croatia to assess legality of Russian oil imports
The European Commission announced on Wednesday that Croatia is evaluating whether it can import seaborne "Russian crude oil" to supply Hungary and Slovakia, after damage to the Druzhba pipe supplying these countries via Ukraine. The European Commission said that Croatia is assessing whether it can import seaborne?Russian crude oil to supply to Hungary?and Slovakia after the Druzhba pipeline supplying them via 'Ukraine 'was damaged. A spokesperson for the European Commission said that Croatia has informed them it is assessing whether it can accept Russian crude in its ports, under both EU and US sanctions. The Croatian Government did not respond immediately to a request for comment. Croatia has said that its Adria pipeline could import more oil but there is no reason for it to be Russian. Adria is an alternative supply route for Hungary and Slovakia. Janaf's operator said that on Wednesday, a cargo of non Russian crude oil was being loaded for Hungarian refiner MOL Group. Seven more were expected to arrive in April. In a post posted on X, Croatian Economy minister Ante Susnjar stated that "non-Russian crude oil is flowing normally through our system towards Hungary and Slovakia... this means that our allies and friends in Hungary?and Slovakia?have a reliable and secure route of supply." Janaf claims that Adria has enough capacity to cover the needs of oil refining in both countries. Janaf, MOL and others have disputed this. Failure to agree Last year, we reported on the results from capacity tests. The U.S. could impose sanctions on Russian crude oil that is shipped to Croatia. These sanctions are aimed at the top Russian oil exporters. EU sanctions prohibit imports of Russian crude oil carried by sea, but Slovakia and Hungary are exempt in the event that their pipeline supply is disrupted. POLITICAL DISPUTE Slovakia and Hungary accuse Ukraine of "stalling" repairs on the Druzhba Pipeline for political reasons. Hungary has retaliated by vetoing new EU sanctions against Russia and blocking a new EU loan to Kyiv. This strains Europe's pro Ukrainian consensus as we approach the fourth anniversary of the Ukraine War. Viktor Orban, Hungary's prime minister, faces the biggest challenge in 16 years to his power with a parliamentary vote on April 12. He has framed the election as an opportunity to choose between "War or Peace" Saying his opponents would drag Ukraine into war. Brussels is looking to ban all Russian oil imports by 2027. Plans to propose Just a few days after the elections in Hungary, mid-April saw legislation on this issue. In a letter dated February 20, the Ukrainian mission to the EU wrote to the European Commission that it was 'trying to repair the Druzhba pipe and offering to arrange alternative routes for oil transport to EU countries through its Odesa - Brody pipeline. The spokesperson for the European Commission said that they understand that Ukraine is willing to speed up the repairs, and the EU is considering the Odesa - Brody option. The spokesperson stated that "it might be more of a long-term solution than something which would be immediately a solution." (Reporting and writing by Charlotte Van Campenhout, Benoit VanOverstraeten, Ivana Skularac; additional reporting from Jason Hovet, Ivana Sekularac; editing by Jason Neely).
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Hungary accuses Ukraine of disrupting energy system in an effort to escalate a dispute over oil
Hungary's prime minister Viktor Orban on Wednesday accused Ukraine of planning to disrupt Hungary's?energy system and dispatched soldiers to safeguard infrastructure. This escalated a dispute that has undermined Europe’s pro-Ukraine majority. Hungary and Slovakia's leaders, who are the only ones in the EU to maintain relations with Moscow, have blamed Kyiv for a failure of the Druzhba pipeline, which supplies their refineries through Ukraine with Russian crude. Kyiv claims that a Russian drone attacked the pipeline in January, and they are fixing it as quickly as possible. Orban repeated in a video on Facebook that the Druzhba shut down was due to "political reasons, not technical ones". Orban stated: "I can see that Ukraine has prepared further actions in order to disrupt the Hungarian Energy System." "Therefore I have ordered the strengthening of protection for vital energy infrastructure." We will therefore deploy the soldiers and equipment needed to repel an attack?near energy facilities." Other measures include increased police patrols, and the ban of drone flights in certain areas. The Ukrainian Foreign Ministry didn't immediately respond to an inquiry for comment. SLOVAKIA?READY FOR MORE ACTIONS Hungary and Slovakia disagree with European Union members over the?military assistance for Ukraine which, they claim,?extends fighting. Both countries have fought with Ukraine about the transit of Russian fuel supplies, and they are opposing EU efforts to eliminate fossil fuel imports by the end 2027. Robert Fico, the Slovakian Prime Minister, said that based on available information it was possible for the Druzhba Pipeline to be operational. He blamed Ukraine President Volodymyr Zelenskiy's delays. The latest information from Kyiv is that the pipeline will not be operational until March 3, Fico said. Fico stated that "the Ukrainian president is probably mistaken in believing?that he could do whatever he wanted, but he's very, very wrong." Slovakia has stopped providing emergency electricity to Ukraine and said that it is ready to reciprocate. Kyiv is dependent on emergency electricity supplied by EU countries due to Russian attacks on the grid. Hungary maintained its veto over new EU sanctions against Russia, and also a massive loan to Ukraine. Orban's skepticism about support for Kyiv is a major theme in his campaign during the tight-fought election on April 12. He argues that his opponents will drag Hungary into conflict. UKRAINE SAYS: REPAIRS? NOT SO FAST Hungary and Slovakia had to release emergency reserve to supply their refineries due to the Druzhba Outage. MOL, the energy company of Hungary, operates refineries in Hungary and Slovakia. Adriatic pipeline from Croatia The company has ordered a number of tankers Saudi, Norwegian and Kazakh oil could be delivered in the coming weeks. A spokesperson for the EU said on Wednesday Ukraine is ready to accelerate repairs on Druzhba. But Zelenskiy, in Comments to reporters on Wednesday The work was not completed in such a short time. Reporting by Anita Komuves in Kyiv and Jason Hovet, Prague. Editing by Alexandra Hudson, Peter Graff
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Minister: Ukraine will cover 4,000 km roads with anti-drone Nets by the end of the year
Mykhailo Federorov, Ukraine's Minister of Defence, said that the country will speed up the installation of a?anti-drone?net over the roads in the frontline areas, with a goal of covering 4,000 km of roads?by the end of the year. The Russians have been using the remotely controlled aircraft to target military supply routes, and bases in Ukraine. The drones also targeted hospitals, infrastructure, and civilian traffic. Fedorov stated that a growing number of nets have been installed in the last year. However, more are needed. He added that an extra 1.6 billion hryvnias (37 million dollars) has been 'allocated to the budget for bolstering protection measures and countering Russian drones. Nets can snag propellers, preventing drones from reaching their target - high-value items, soldiers or civilians. In just one month we went from 5 km per day to 12?km per day. Fedorov, on Telegram's app, said that this significantly improved the safety and stability of military movements. In March, we plan to shut down 20 km of road per day. By the end of this year, we will install 4,000 more km of anti-drone road protection. Fedorov stated that Ukraine would 'expand the construction of fortifications in the northeastern regions' of Kharkiv, Sumy, and the northern Chernihiv region, which borders Russia.
Sources say that the CPC's disruption of loading has slowed down the recovery of Tengiz oil production in Kazakhstan.
Two industry sources have confirmed that the Tengiz oilfield in Kazakhstan is recovering more slowly than expected due to a disruption of loading at the marine terminal operated by?Caspian Pipeline Consortium near Novorossiysk (Russia) caused by bad weather conditions and 'drone alerts.
Kazakhstan is experiencing a perfect storm in its oil sector, due to Ukrainian drone attacks on CPC, the company that pumps 80% of?its exports. A power outage also halted Tengiz production, which accounted for 40% of Kazakhstan’s output.
Kazakhstan is restoring production in the supergiant oil fields, the deepest oil field producing oil in the world. However, the CPC that pumps oil into the Black Sea has been constrained.
According to two sources, who requested anonymity because of the sensitive nature of the situation?the oil production at Tengiz rose to 790,000. barrels per day on February 24. This is up from the 660,000 bpd of the previous day.
Sources said that this was still below the planned 950,000 bpd level. Calculations show that the current production level at Tengiz is 17% lower than the forecast.
TCO's Press Service did not respond immediately to the request for a comment. CPC's Press Service declined to comment.
Tengiz, located in western Kazakhstan, along the Caspian Sea shore, and the Korolev fields are estimated to contain recoverable crude oil of around 11.5 billion barrels.
TENGIZ
Tengizchevroil, a US-based company led by Tengizchevroil, said last week that production at the field is being ramped-up in stages.
According to one source, Tengiz is technically capable of meeting this deadline. However, oil intake to the CPC system has been restricted because tanker loading delays at the consortium's Black Sea Terminal in Yuzhnaya Ozereyevka close to Novorossiysk.
The source stated that the schedule for shipments in Yuzhnaya Ozereyevka had been delayed by five days. There was not enough storage space to compensate for the delays, so oil intake was restricted.
According to a source from the exporter of the grade, the CPC terminal remained closed last week for at least three full days. He added that recent loadings were regularly disrupted by weather alerts or drone warnings.
Another?industry?source' said that stormy weather hampered the mooring of tankers and their loading at the CPC terminal as well as the underwater vessel inspections which will be mandatory in Russian ports by 2025.
Reports indicate that the discount for the February CPC blend against Brent was the largest since late 2022, as buyers turned their backs on the market due to export instabilities.
CPC limited oil transshipment after a Ukrainian drone struck damaged one of its berths in December. Full capacity was restored only by the end January. Tengiz production was stopped?on 18 January following a power failure and returned to normal gradually on 31 January.
TCO exports the majority of its crude oil via the CPC, but some volumes are also sent via alternative routes such as the Baku-Tbilisi Ceyhan (BTC), and via the Druzhba Pipeline to Germany. (Reporting by ; editing by Guy Faulconbridge, Alexandra Hudson)
(source: Reuters)