Latest News
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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
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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.)
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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.
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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).
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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
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Maguire: ROI-Charting of the impact of the Iran Crisis on Energy Markets.
Since the start of the U.S. - Iran war, the repercussions are felt around the globe. U.S. gasoline prices, European gas prices and Asian 'tanker freight' rates have all risen sharply. The interconnectedness of global energy markets is illustrated by the transmission of market jitters via?the fuel, power and shipping sectors, despite recent efforts to increase energy security and domestic energy production. Here is a list of the key markets that have been affected since the conflict began over the weekend. SHIPPING OUT After the bombings last weekend and the closure of the Strait of Hormuz, the global tanker fleet was one of the hardest-hit sectors. A fifth of the world's oil, fuel, and LNG passes through this well-known maritime chokepoint. As a result, virtually all energy liquid carriers have been affected by the traffic disruptions, and the scramble that followed to reroute the shipments. The cost of chartering an extremely large crude carrier (VLCC), which was around $120,000 per day last week, has risen to over $450,000 per day since the fighting began. China is the world's biggest oil importer. Domestic crude oil prices are also surging this week. They have risen by 31% from last Friday, compared with 12% for Brent and U.S. Crude Oil Futures during the same time period. The supply chain chaos has not only affected China. The fuel tanker prices from Singapore to Japan, and the U.S. and Europe also increased this week due to the tightening of energy supplies globally and the panicked mindset of all oil and fuel purchasers. GAS & FUELS The price of natural gas in Europe has also risen sharply this week. This is because several European countries are still heavily dependent on gas to power their industries and for electricity, but have drained local gas stocks to levels not seen for many years. The benchmark European gas prices surged after the news broke that Qatar had halted the loading of liquefied gas, following the attack on its main gas liquefaction plants by Iranian drones at the weekend. Prices for European gas futures have increased by almost 70% since Friday. Even prices for December 2026 are up around 40% on the expectation of a continued tightening in global gas supply while Qatar remains off-line. Brent crude oil futures have also surged higher in the past week. Prices for May futures, which are close by, rose by around 12% since Friday. Year-end prices were up by about 3%. The fear that shipping routes from the Middle East may remain blocked for a long time has boosted sentiment on all major oil markets. This is especially true as storage tanks in the Middle East fill up quickly and producers are forced to cut production if they cannot resume exports within a short period of time. U.S. futures gasoline prices have also followed the same trend, despite the fact that America is a major producer and exporter of crude oil. Fuel distributors are responding to tighter oil supplies in the world and higher logistics costs by increasing prices. U.S. president Trump announced steps to restore "ship traffic" in the Middle East to lower energy costs for U.S. customers. This included a proposal that the U.S. Navy would escort oil tankers through Strait of Hormuz. Energy prices will likely continue to rise in the near future, despite the fact that the U.S. and Israel are still increasing their bombing campaigns and causing more damage to the energy and logistic channels throughout the Middle East. This means that even more steep increases in the price of power, fuel, and freight could be seen in the weeks to come on all major energy markets. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Investors weigh war risks and earnings as they continue to rally Europe's STOXX 600
The European share market rose on Thursday as the rebound from the previous session gained?steam. Meanwhile, the Middle East conflict remained a cloud over the markets and investors sifted through earnings. By 0949 GMT, the pan-European STOXX 600 was 0.3% higher. The STOXX 600 recovered from some early losses, and built upon Wednesday's gains, the biggest in over three months. It was trying to recover from sharp losses earlier in the week. The banks, which were the epicenter of the recent selloffs, gained about 0.5%. Airlines, on the other hand, had mixed results, with only Air France gaining nearly 1%. Luxury names with a high export component lagged behind, but utilities, which are often used as bond substitutes, rose 1%. The day's tentative positivity?was unfolding in a grim geopolitical background. The U.S. and Israel war against Iran is now in its sixth day, with no immediate resolution in sight. Tehran launched?a new wave of attacks at Israel and the U.S. Senate voted against a motion to stop the U.S. campaign. The price action we are seeing?right now, is very jittery. Ipek Ozkardeskaya is a senior analyst at Swissquote. It's best to take a step back. We will see the volatility continue into the coming weeks if we don't bring an abrupt and clear end to this conflict. Europe is heavily dependent on oil and LNG imports, and tighter conditions in the supply due to war could drive energy and transportation costs up. This pressure comes at a difficult time for policymakers. Growth is already tepid and the renewed rise in oil prices could reignite inflation fears. Oil was up over 15% this week and 3% for Thursday. Traders awaited remarks from ECB president Christine Lagarde in the afternoon for signals about the future policy?path. ECB Vice-President Luis de Guindos stated that the bank may adjust its stance if the conflict 'persists. Francois Villeroy de Galhau, a policymaker, said he did not see any reason to raise rates. Morgan Stanley, the latest Wall Street firm, has also 'projected that the ECB would hold rates at the current level through 2026 due to inflation risks arising from the conflict. Defence stocks continued to rise on the expectation of increased spending. Airbus rose by 2.4%. This was one of the largest gains in the STOXX 600 after activist hedge funds TCI Fund Management increased their stake to 5%. Rentokil Initial jumped 12.1% following the pest control company's announcement of a 4% increase in adjusted annual pretax profit. DHL, the German logistics company, fell 3.4% following a decline of 1.3% in its fourth-quarter operating profits. This was mainly due to its freight forwarding division. Reporting by Avinash in Bengaluru, editing by Sherry Phillips and Harikrishnan Nair
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DHL shares fall on cautious profit outlook
DHL's 2026 outlook is more cautious than analysts' expectations. A 'weak macroeconomic' backdrop weighs heavily on DHL's prospects. The shares of the German logistic group were down 3% at 0919 GMT, and ranked last on the blue-chip index of the country. DHL anticipates that its earnings will exceed 6.2 billion euro ($7.2 billion) this year. This is after it reported an operating profit for '2025 of 6.1 billion euro. According to a consensus provided by the company, EBIT was expected to be slightly lower than analysts' average expectations. Tobias Meyer, CEO of Tobias Meyer Group, said that there is "significant geopolitical uncertainty and volatility out there" as was evident in the first two?months?of this year. "Our forecast does not assume an improvement in the global economy." As the Middle East conflict intensifies, logistics and shipping companies face increasing disruptions on air and sea routes. Meyer,?during an investor call, said that DHL had historically benefited more from the turmoil in the Middle East than it had suffered. "We have an established road network throughout the Middle East, which allows us to deliver cargo to airports that remain open," Meyer said. Analysts had predicted that DHL's operating profit for the fourth quarter would fall 1.3%, to 1.83 billion euro. This was due to its freight forwarding division, which saw a 36% drop in earnings. European logistics and shipping operators are 'fighting against a weaker demand, a series trade disruptions and tariffs that were imposed by U.S. president Donald Trump. We see declining freight rates in air and ocean freight. Meyer stated that the economic conditions in Europe and Germany are affecting road freight. Reporting by Emanuele Bernro and Matthias Inverardi, 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.
(source: Reuters)