Latest News
-
Officials say that Lloyd's Market is working with the US government on Gulf maritime plans
The Lloyd's market in London is in contact with the United States. The International Development Finance Corporation of the U.S. government is negotiating with Lloyd's Market officials about a plan to provide political risk assurance and guarantees for maritime trade in the Gulf. Lloyd's engages constructively with U.S. Development Finance Corporation, and other relevant stakeholders. The market is focused on maintaining its position as the "global centre for excellence in war risk insurance." A Lloyd's spokesperson stated. Sheila Cameron, CEO of the Lloyd's Market Association (LMA), who represents all underwriting companies in the Lloyd's market, said in a separate statement that the LMA welcomed Donald Trump's engagement. Since Sunday, 1 March, at least 40 vessels have passed through the Strait of Hormuz. Cameron, citing statistics, said that there were still approximately 1,000 vessels in the Persian/Arabian Gulf, of which approximately half are oil and gasoline tankers. The combined hull value is more than $25 billion. Cameron said that the vast majority of the vessels in question were insured on the London market, and the insurance is still in place. Insurance broker Marsh said that it met with U.S. government officials on Wednesday to?explore? solutions for restoring maritime commerce. Trump announced on Tuesday that the U.S. Navy would be able to escort oil tankers across the Strait of Hormuz, if needed. He also said he had instructed the International Development Finance Corporation (IDFC) to provide guarantees against political risks for maritime trade in the Gulf. As the conflict in the Middle East intensified, the London marine insurance market expanded the area it considers high-risk in the Gulf. (Reporting and editing by Jonathan Saul, Lisa Baertlein)
-
Berkshire CEO talks about buybacks and own purchases of company shares
March 5 - Berkshire Hathaway CEO greg abel says that he spoke with his predecessor, warren buffett, before deciding to resume stock repurchases Abel claims that 'berkshires' disclosure of stock repurchases was a once-off event Abel has expressed disappointment in the kraft-heinz investment. However, the new ceo of the food company is taking the right approach when evaluating the future of kraft-heinz. Greg ?abel interview ends Abel claims that his purchase of Berkshire stock is to demonstrate alignment with investors, and he plans to?do it every year Abel claims that Buffett is "in the office" every day and they talk at least every two days if not every day. Abel said berkshire would act 'decisively' and 'quickly' if a major investment opportunity?arises Abel states that berkshire has no specific plans to reduce Kraft?heinz investments. Abel claims that berkshire’s pacificorp should?not?? take responsibility for a wildfire in 2020 caused by lightning Abel believes that repurchases are a way to create long-term value for shareholders. Abel claims that his purchase of 21 class a berkshire shares represents the 'after-tax value' of his annual salary Abel does not expect berkshire to pay a dividend to shareholders in the near future
-
Delta's top management reshuffles as Carter becomes president and Janki, CFO, moves to COO
Delta Air 'Lines announced a 'wide-ranging' leadership shake-up on Thursday, naming Dan Janki Chief Operating Officer and promoting Peter Carter as President as the carrier prepares to retire longtime Operations chief John Laughter. The changes will take place on April 1. The changes will take effect on April 1. Ed Bastian, Delta CEO, said Laughter was instrumental in rebuilding the TechOps division after Delta's bankruptcy in 2005, guided the airline's integration with Northwest Airlines and steered its operations through COVID-19. Janki's new role will include responsibility for a number of major aspects of the airline’s operation, such as flight operations, customer service, in-flight services, reservations, safety, and security. Delta announced that Erik Snell, the company's chief customer experience officer will take over Janki's role as finance chief. Carter's new role will be president. He will also take on responsibility for Delta's international portfolio, real estate and sustainability teams, as well as global policy, legal and other matters. Delta said Alain Bellemare would become the chairman of Delta TechOps while Chief Marketing Officer Alicia Tillman will be leaving the company. Ranjan Goswami is to take on the expanded role as chief marketing and product officers. Bastian said that the changes reflect Delta's management depth and efforts to develop leaders who will guide the airline for years to come. Delta's executive ranks have been reshaped by the latest changes after former President Glen Hauenstein retired last month. Bastian has publicly stated that he does not plan to retire, and that he intends to stay at Delta in the near future. (Reporting and editing by Jamie Freed; Rajesh Kumar Singh)
-
Orban: Hungary will force Ukraine reopen a key pipeline for Russian Oil
Viktor Orban, the Prime Minister of Hungary, said on Thursday that Hungary would use "political and financial tools" to force Ukraine to reopen a key pipeline - Druzhba - which carries Russian oil into Hungarian refineries. Since late January, Ukraine has suspended the flow of Russian oil through the Druzhba pipeline to Hungary and Slovakia. Kyiv claims that the pipeline had been seriously damaged by an fire following a Russian attack. Hungary and Slovakia - the only European Union countries that still import Russian oil - have accused Ukraine for deliberately delaying a resumption in?oil flow due to political reasons. Kyiv claims that the pipeline can't be repaired in a short time. Orban said at a business event: "I would like to make it clear that we are going to win and we'll win with force." "We do not have a military force, and I can assure everyone that it is not in our plans. "We have financial and political tools," he added, without providing any further details. Hungary rejected new EU sanctions against Russia as well as a large loan for Ukraine in the Druzhba Pipeline dispute last month. Since 2010, the veteran leader, who has been in power since 2010, has made the Ukraine conflict a central point of his reelection campaign in a 12 April ballot. He accuses his 'centre-right opponent'?Peter Magyar, of plotting to drag Hungary in the war raging in the next-door. Magyar denies this'suggestion. Most polls indicate that Magyars' Tisza Party is leading by a large margin. However, the result of the vote remains unclear. "There will be no compromise." Orban stated that "we will defeat them and wrestle down the blockade of oil, forcing the Ukrainians back to the shipments." (Reporting and Editing by Gareth Jones.)
-
China's Estun Automation will price its Hong Kong listing at the bottom of the range and seek $191 million
Estun Automation, a Chinese industrial 'robot'maker, said that it would set its price for its Hong Kong listing at the lower end of its range. It aims to raise HK$1,49 billion ($190.54 millions) through the sale of shares. Estun's decision is a result of global markets remaining skittish following the Iran War that erupted in February 28. This triggered a rush for cash which has boosted volatility and squeezed the risk appetite. Estun has offered 96.8 millions H shares at HK$15.36 each, below the maximum HK$17 per share announced last week. Estun is one of a number of companies that sought to list in Hong Kong after the Lunar New Year holidays, continuing a rapid start in share launches for 2026. Hong Kong's stock exchange had its best start to a year since at least 2021. IPOs raised $5.5 billion and second listings about $5.5 million in January. This is the highest since $7.6 in?January of 2021. KBANK'S MUTED DEBUT IN KOREAN Investor caution is also evident in the trading of new securities around the region. South Korean online lender KBank finished just slightly above the IPO price, after a jump of up to 19% in its debut on Thursday. Estun said last week that funds raised from the offer would be used to support the manufacturing capacity of the company, as well as?research and development and overseas growth initiatives. The company is expected to announce the final offer price this Friday. Its shares are scheduled to debut at?the Hong Kong Stock Exchange on March 9. Hong Kong deals also move?towards pricing and debut. This could provide a more accurate gauge of sentiment post-crisis. Shenzhen Zhaowei Machinery & Electronics, and Alsco Pooling Service will be pricing their products soon in this upcoming week before they debut on the Hong Kong bourse alongside Estun on March 9. In Asia, UI Boustead REIT, a Singapore-based REIT, announced in a Thursday statement that its manager UIB REIT Management had registered the prospectus to?its proposed IPO on the Singapore Exchange. Sunway Healthcare is a Malaysian company. In an email response on Thursday, the company said that it is still on track to launch its IPO on Bursa on March 18. Reporting by Nikita Marie Jino in Bengaluru, and Yantoultra ngui in Singapore. Editing by Maju Sam and Susan Fenton.
-
Iranian warship, sunk by US-torpedo, participated in Indian drill
It was the first time in World War II that the United States sank an enemy vessel using a torpedo. These details are based on the accounts of Sri Lankan, U.S., and Iranian officials about the incident that occurred on 'March 4th, as part of U.S., Israeli, and Iranian attacks against Iran and its military resources. Current Status of Relief and Rescue The Sri Lankan Navy began a search and rescue operation on Wednesday morning after receiving a distress signal from the Iranian warship IRIS Dena. When rescuers arrived, the ship was already sinking, and only a thin oil slick remained on the surface. About 130 people were on board the vessel. Sri Lanka has recovered the remains of 87 sailors and rescued another 32. They were treated for minor injuries in hospital and are expected to be discharged on Thursday. The search for 10 crew members still missing continues. What was the ship doing in waters off Sri Lanka? After being attacked by a U.S. sub, the?ship sank in Sri Lanka's exclusive zone economic, 19 nautical miles from the southern port city of Galle. Dena returned to Iran from India after participating in a naval drill in India between February 16 and February 26 off the coast of Visakhapatnam, a southern Indian city. The Iranian warship was one of 18 foreign warships that participated in the biennial MILAN exercises, along with ships from Sri Lanka and Australia, Japan, and Russia. More than 70 officials from over 70 countries, including representatives from the United States, Britain and Australia, attended. India called the exercise one of the largest multinational naval drills in Indo-Pacific. It aimed to strengthen interoperability and maritime domain awareness, as well as collective response capabilities. RESPONDERS TO THE SINKING? India's Navy welcomed Dena as a "reflection of the long-standing cultural links between the two countries". Videos of Iranian sailors marching in the streets of Visakhapatnam have been circulated since the sinking. Seyed Abbas Araghchi, the Iranian foreign minister, said on X: "Dena was a guest of India’s Navy and was struck without warning at international waters." He said that the U.S. will "bitterly regret" the precedent they have set. New Delhi hasn't officially commented on the attack. However, many Indians have praised Sri Lanka for its role in saving lives. India's main Opposition Congress Party criticised the silence of the government, saying that the conflict "reached our backyard", and questioned New Delhi's role in providing "net security" to the Indian Ocean Region. (Written by Saurabh Singh; edited by Philippa Fletcher).
-
DHL warns about delays but continues to accept Middle East Orders
DHL's chief executive said he would continue to accept delivery orders for the Middle East, but warned that there could be delays. Tobias Meyer, CEO of German logistics group DHL, said that the escalation in the U.S. - Iran war has an impact on the entire region. This includes deliveries to Israel, which are currently being sent via Cyprus. Meyer said that DHL is still committed to its Middle East?investment plan. He said that "these?are long term investments?and are of the opinion the region is still appealing." As the conflict enters its sixth day, logistics and shipping companies face increasing disruptions across air and sea routes. Iran's closing of the Strait of Hormuz Sunday forced major ocean carriers such as Maersk and Hapag-Lloyd to once again divert vessels around Africa. This added significant transit time and cost. FedEx, the U.S. parcel company, announced on Monday that it was temporarily suspending its services in five countries of the region. Reporting by Emanuele Bernro from Gdansk; editing by Milla Nissi-Prussak
-
Mexico intensifies investigations into the fuel smuggling of drug cartels
Mexico has expanded its investigation into fuel smuggling in seaports, which was highlighted?in an investigation 2025 into cartel-linked crimes. According to the February document, the anti-corruption minister is in charge of internal investigations at the ports of Guaymas and Tampico as well as Ensenada. It also oversees the Navy and Customs Agency. The government had previously acknowledged investigations into suspected fuel smuggling in the Port of Tampico, and 14 people were arrested last year for allegedly being involved. These included customs agents and Navy officers. The government's comments on fuel smuggling were in response to questions posed by the National Action Party (PAN), an opposition party, about the alleged?corruption in state agencies which allowed fuel smuggling in Mexico to flourish. The fuel smuggling part was part of a 217-page answer to senators' questions about the administration’s performance in achieving its policy goals. Local media first reported on the section of this document that is available on the Senate's website. Mexico's Attorney General, Navy, or Customs Agency did not respond to requests for comment. Neither did the port administrations in Guaymas and Tampico, nor Ensenada. Fuel smuggling is a Mexican crime that involves falsifying customs and shipping paperwork, mainly on fuel imported from the United States. Smugglers avoid a high Mexican tax on gasoline and diesel by declaring that it is a different type of petroleum product exempt from duty. Savings can be as high as half the value of a shipment. According to the U.S. Treasury Department, illicit fuel and stolen crude oil are now Mexico's cartels' second largest source of revenue behind narcotics. Smugglers are now using oil tankers instead of trucks and rails, which is a sign that cartels may be working with corrupt port insiders. In its investigation of 2025, the government tracked down a'vessel' that discharged imported diesel at the ports Ensenada, and Guaymas, which was declared by?Mexico as a?tax-free fuel, costing $7 million to the government in lost duties. According to three Mexican security officials, and a document of undated government security that was viewed by us, the importer is suspected to be an unofficial front for the Jalisco New Generation Cartel. PAN asked the federal government in its questions to explain the steps it was taking to investigate, dismantle, and punish those involved in the fuel-smuggling networks, including any high-ranking officials. The?U.S. has put intense pressure on the Mexican President Claudia Sheinbaum. President Donald Trump is under pressure to crackdown on drug cartels. PAN and its president's office have not responded to our requests for comment. (Reporting from Stefanie Eschenbacher, Mexico City; Additional reporting by Diego Ore, Mexico City; Shariq Khan, Bangalore; Editing by Marla Dickerson and Stephen Eisenhammer.
Cuban electrical grid restored after blackout
Cuba's Energy Ministry announced on Thursday that power was being restored to the nation after a?outage? on Wednesday.
The island's communist government, which is run by Trump, has been under increased pressure to reduce oil shipments.
The ministry announced on X that the grid had been reconnected by 'early Thursday' from Guantanamo, in eastern Cuba, to Pinar del Rio, in the far western part of the island.
According to the local utility EELH in Havana 22?substations? and 102 distributions circuits?representing roughly?36%?of the city?had been restored. The firm stated that the process would continue gradually as the conditions of the national grid permit.
Union Electrica UNE, the electric company in Cuba, said that on Wednesday night's blackout was due to a?unexpected outage at Antonio Guiteras thermalelectric plant located about 100 km (62miles) east of Havana.
Cuba has experienced a number of blackouts over the past few years. This was even before U.S. action to stop oil shipments from Venezuela, Cuba's top supplier, after Washington ousted Nicolas Maduro as leader in January.
Cuba's government attributes its economic crisis to years of economic sanctions by the United States, which contributed to a lack of investment in electricity generation and grid. Reporting by Daniel Trotta, Writing by Gabriel Araujo, Editing by Aida Pelaez-Fernandez
(source: Reuters)