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Lufthansa and pilots union cannot agree on arbitration offer
Both the VC Pilots' Union and Lufthansa, a German airline, are unable to agree on whether to arbitrate after both parties have put forth different conditions. VC, who has threatened to strike, said on Wednesday that Lufthansa rejected its 'offer of arbitration' in their ongoing labor dispute. It said that Lufthansa had made a number of demands as a condition to the proceeding, including the need to resolve outstanding labour disputes at the core Lufthansa and its cargo subsidiary. Andreas Pinheiro, a representative of VC, said that this calls into question established agreements. A spokesperson for the airline group responded that it was still available to arbitrate. In a recent statement, a Lufthansa spokesperson said: "We are prepared for extensive arbitration in the case of Lufthansa Classic or Lufthansa Cargo." "To get a new start, we must include all of our major collective bargaining issues in arbitration, including retirement and transitional benefits as well as compensation and working conditions." (Writing and Editing by Madeline Chambers).
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Slovak refiner says no deal yet on Adria pipeline tests
Slovnaft, a Slovak refiner of oil, said that it still had not reached an agreement with Croatia regarding tests to determine if the Adria pipeline can carry enough oil for Hungary and Slovakia. Existing shipments have?enabled?it to increase production. It is a new alternative route for oil to Slovakia and Hungary. This has been made more important by the Druzhba Pipeline, which runs through Ukraine and carries Russian crude. Slovnaft, a unit of the Hungarian oil and gas group MOL, has been able to increase processing following a decline caused by Druzhba's outage. Chief Executive Gabriel Szabo said this in a televised news conference. According to him, tests on the Adria Pipeline, including those in different?weather situations, are needed to determine if it has the capacity to serve both countries. Szabo stated that MOL and Croatian JANAF had agreed to begin testing in March. However, there was still disagreement over details. SLOVNAFT SAYS THE REFINERY IS RUNNING NEAR CAPACITY Slovnaft was forced to reduce production and borrow crude oil from the national reserves following the Druzhba shutdown, which Ukraine claims was caused by an attack on the pipeline by Russia in late January. Ukraine's president Volodymyr Zelenskiy announced on Tuesday that Druzhba will be restarted before the end of April. Slovnaft ?has since returned the borrowed crude thanks to shipments of seaborne non-Russian oil through the Adria and the 6-million-metric-ton-per-year refinery, which exports diesel to neighbouring countries, ?is now running near 100% capacity, Szabo said. Szabo stated that "we are running at 90% if not 100%, but our 'technical capacity' is limited because we must process crudes other than Russian." He added that supplies to Slovnaft was also enabled by a?outage' at another MOL refinery, in Hungary after a fire. This limited the amount required through Adria. Slovnaft is investing in 'technological changes' to exclusively use non-Russian oil blends by 2027. The European Union has plans to wean itself off Russian oil. However, Hungary and Slovakia objected and the European Commission delayed submitting legal proposals on the issue. (Reporting from Jan Lopatka in Prague and Jason Hovet; editing by Emelia Sithole Matarise)
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Navantia, a Spanish company, and TKMS in Germany will explore strategic cooperation
The companies announced on Wednesday that TKMS, a maker of warships, and Navantia, a state-owned company in Spain, had signed a memorandum to explore a 'cooperation' on 'naval projects', 'including the 'potential production' of TKMS submersible designs at Navantia shipyards. Both companies cite a growing demand for ships and bottlenecks of shipyard capacity in Europe. * Parties agreed to begin management-level discussions in full compliance with 'competition and export controls regulations * The goal of the talks is to examine how closer collaboration can help realising projects "more quickly, efficiently and cost-effectively". * Navantia is owned?by SEPI, a Spanish holding company that reports to the Ministry of Finance. It employs?nearly 6,000 workers in Spain * TKMS is owned by the?German industrial company Thyssenkrupp and employs?more? than 9,100 people in shipyards located in Kiel, Wismar & Itajai Brazil * Oliver Burkhard, CEO of TKMS (Reporting and Editing by Linda Pasquini).
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Maguire: How China is filling the energy gaps left by the US-Iran conflict.
Since the U.S.-Israel war against Iran began over a week ago, the world's biggest energy importer and consumer has changed its supplier mix to respond to the disruption in oil, fuel and gas flows from the Middle East. Data from commodities intelligence company Kpler show that China will import roughly half its total?imports from the Middle East by 2025. This includes crude oil, refined fuels and liquefied gas. The U.S.-Israeli war against Iran has slowed down tanker shipping to other parts of the world, forcing China, and other major energy consumers, to look for alternative sources?of energy products. This article will show you how China has historically relied on Middle East energy products and which countries are increasing their shipments to China now that the war against Iran has stopped all shipping through the Strait of Hormuz. CRUDE OIL AND REFINED PRODUCTS Kpler data indicates that China will import 642 million metric tonnes of crude oil, refined petroleum products, LNG, and LPG by 2025. Of these, 317 million or 49.4%, will come from Middle Eastern suppliers. The Middle East is the only region that comes close to meeting China's energy import needs. South America ranks second with a share of 12%, while East Asia and West Africa each have a share of about 8.5%. China will import 3.6 billion barrels worth of crude oil in 2025. The Middle East is expected to supply around 52%. The Middle East's share of China's total imports of oil has plummeted due to the reduction in outbound oil shipments since the beginning of the war at the end February. It fell to a record low of 31% only in May. The total crude oil exports to China from the Middle East were 581 millions barrels between January and May. This represents a 28% drop from 2025. China, to make up for the shortages caused by Iran and Saudi Arabia has increased imports from South America, Eastern Europe and Russia. Brazil and Russia have both registered strong volumes year-over-year in China, so far, 2026. China's total crude oil imports through the first five month of 2026 are down about 10% compared to the same period in 2025. This shows China's ongoing difficulties in replacing Middle Eastern supply. China's combined fuel imports from January to May are around 11% lower than the same period in 2025. They total around 51 million barrels. Kpler reports that Middle Eastern suppliers will account for 41% of China’s total imported refined products in 2025. However, they supplied less than 1% of the product in May due to the closure of shipping routes. China's fuel exports to the Middle East have dropped by 20% from January to May to 19.2 million barrels. Imports from other regions have fallen by 4% to 31.6 million barrels. Algeria and Egypt have both seen a steep increase in fuel exports from China in 2026. LNG & LPG In 2025, China imported about 40% of its LPG and LNG supplies from Middle Eastern countries. The closure of outbound traffic has affected China's gas market. China's total LNG and LPG imports to China from the Middle East fell by 43% between January and May. They were down from 15 million metric tonnes in the same period last year. The total gas shipments of all other regions also decreased this year but only by 12%. This shows that the Middle East has seen a much greater drop in volumes than other suppliers. The total LNG exports from the Middle East in January-May are estimated at around 6 million tonnes, or about 2.5 million tonnes less than the same period in 2025. Other major LNG exporting areas, including Australasia, have also seen a year-over-year decline in LNG sales to China. This is mainly due to the persistent weakness in key industrial sectors of China in 2026. China's total LNG exports are still down only 15% this year. This means that the Middle East has seen a drop in imports twice as large as China's total LNG exports. China's total LPG imports, which are primarily used by petrochemical companies and rural areas to heat and cook, have fallen by about 25% in 2026 as compared with a year earlier. The war against Iran has not had a material impact on China's imports of LPG from the Middle East. The country's chemical sector is still struggling, and this means that the overall demand for LPG has remained muted in comparison to last year. Meanwhile, demand for household heating will have peaked in early January, at the height of winter. The Middle East conflict could have a greater impact on China's LPG export volumes if the Middle East conflict continues for several months longer and impacts restocking patterns ahead of winter next year. 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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The grid operator, the government and watchdog are all blamed in Spain's Senate investigation of blackouts
According to preliminary conclusions published on Wednesday, an investigation by the Spanish Senate has blamed?the government as well as the country's grid operator and energy monitor for the 'unprecedented' blackout last year. The upper house, which is controlled by opposition People's Party(PP), is the first to place blame for the outage on April 28, '2025 that left large areas of Spain and 'Portugal in darkness for as long as 16 hours. According to the nine-month investigation, the blackout wasn't an accident that was unforeseeable. It was caused by structural flaws that had been known for years. The blackout was a result of a vulnerability that had been known for some time. It also reflected a failure by the PP to act with diligence. The preliminary report noted that repeated voltage fluctuations in the weeks leading up to and including the blackout were evidence of the system's increasing problems. The Senate Commission held the grid operator 'Red Electrica', a Redeia unit, and the Energy Ministry primarily liable?for this outage. It also criticized energy and antitrust regulator CNMC, for what they referred to as inaction on the part of the regulator and supervisory authorities. The inquiry 'heard testimony from dozens witnesses, including Energy minister Sara Aagesen and Redeia Chair?BeatrizCorredor, as well as CNMC Head?CaniFernandez. The final report is due this week. However, no changes are expected to the preliminary findings. Reporting by Emma Pinedo, Pietro Lombardi and David Latona; editing by David Latona
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Gulf stock exchanges rise on optimism about US-Iran Peace Talks
Investors are encouraged by optimism over renewed U.S. - Iran?peace negotiations. The United States announced on Wednesday that it had completely halted all sea traffic to and from Iran despite President Donald Trump's suggestion that negotiations to end the conflict could resume this week. Trump stated that U.S. officials and Iranian officials could meet again within the next couple of days in Pakistan, while Vice President JDVance expressed his optimism about the current state of the talks, even though the discussions last weekend ended without a breakthrough. Both officials in Pakistan and Iran have also said that the talks could be restarted soon. Dubai's main stock index rose 1.7%. This was boosted by the 1.6% increase in Emaar Properties, a blue-chip developer. Air Arabia, a budget airline, has risen by 3.4%. Aldar Properties grew 1% in Abu Dhabi. Saudi Arabian?Mining Company traded 1.7% higher, while the benchmark index rose 0.4%. Saudi Aramco, the oil giant, also rose 0.2%. Brent crude futures rose 1% to $95.77 per barrel after falling nearly 5% over night to below $100. Separately the International Monetary Fund said on Tuesday that the growth in the Middle East will be sharply slowed this year due to the fallout of the Iran War. The?Qatari Index rose 0.4% led by a rise of 0.7% in the Gulf's largest lender, Qatar?National Bank. Majed al-Ansari, a spokesperson for the Gulf state, denied that there were 'any talks' with Iran about?payments aimed at halting attacks. Instead, the Gulf state said its demands had been conveyed to Pakistan and America, instead.
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Magyar, a Magyar from Hungary, will meet with MOL's leadership to discuss fuel supply
Peter Magyar, Hungary's acclaimed election winner, said that he will need to speak with the leaders of oil company MOL in order to ensure fuel security. The centre-right TISZA party (Respect and Freedom), led by Magyars, won a landslide victory at Sunday's elections. This ended the 16-year reign of nationalist Prime Minister Viktor Orban. Orban set a price cap for fuel in early March as the global prices of diesel and petrol rose due to a rise in oil prices fueled by the conflict with Iran. The government of Hungary also prohibited the export of crude, diesel and 95-octane gasoline and announced that it would release 45-days worth of fuel reserves. This was in response to a stoppage of supplies via a pipeline transporting Russian oil through Ukraine. The Hungarian Hydrocarbon Stockpiling association reported that Hungary's strategic oil reserves and oil products had fallen to 44 days net imports at the end of March from 91 days in February. The association announced on Tuesday that replenishment is 'underway' and reserves have since increased to 53 days net imports. The European Union requires that member states maintain 90 days net imports. Magyar stated that the acting government had a great responsibility to do something in the next 20-30 day's regarding the strategic oil reserve. "Everyone is hoping that the Druzhba Pipeline can restart by April's end, but even then it will take time to replenish strategic reserves." "The TISZA government must ensure that the security of supply is maintained in the coming weeks, under the outgoing administration. MOL responded to an emailed question on Tuesday by saying that the crude oil supply was unaffected as the oil was still coming through the Adriatic pipeline, even though the Druzhba Pipeline was still closed. We have reached agreements for deliveries with companies in the United States, following agreements with Libyan, Kazakhstani, Norwegian, and Saudi Arabian companies. MOL reported that the Danube Refinery was operating at a reduced capacity as a result of a fire which occurred in one of its units last October. Fuel supply in Hungary is uninterrupted. Reporting by Krisztina than and Anita Komuves, Editing by Andrew Heavens & Louise Heavens
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UAE stock exchanges rise on optimism about US-Iran Peace Talks
Early trading in the United Arab Emirates on Wednesday saw the stock markets?build on the gains of the previous session?as optimism about renewed U.S. - Iran peace talks boosts investor sentiment. Even though Donald Trump said that negotiations to end the war with Tehran could resume this week, the United States announced on Wednesday that it had halted all sea traffic to and from Iran. Trump stated that U.S. officials and Iranian officials may meet again in Pakistan within two days. Vice President JDVance expressed his optimism about the current state of talks, despite the fact that last weekend's discussions were unsuccessful. Dubai's main stock index rose 1.6%. This was boosted by a 2.7% increase in Emaar Properties, the blue-chip developer. Air Arabia, a budget airline, jumped by 3.1%. Aldar Properties grew 2.9% in Abu Dhabi. Reporting by Ateeq Sharif in Bengaluru, Editing by Neil Fullick
US approves Wizz Air's application to fly between the UK and US
The U.S. The 'U.S. Transportation Department granted tentative approval on Thursday for Wizz Air, a budget airline that operates flights between the UK and 'U.S.
The UK subsidiary of Wizz Holdings applied for a foreign carrier permit in January to begin operating flights between the UK and the US "as quickly as possible." USDOT announced that it had tentatively approved the application but would give opponents 21 days to submit objections, which it will then consider before making a decision.
Wizz Air UK has requested permission to launch passenger services under the 2020 Air Transport Agreement, also known as the Open Sky?Agreement. The final authorization will last for two years after the date of approval.
The carrier is making a second attempt to enter the U.S. market. In 2022, its Hungary operations will apply for a foreign carrier permit in order to fly all-cargo to the U.S.
Wizz's low cost?model will benefit as global tourism spending increases, and Europeans are increasingly interested in U.S. destinations such as Nashville and Boise.
Travel to the traditional tourist hotspots has slowed in recent years due to the Trump administration's immigration crackdowns, rising trade tensions and other factors.
The upcoming World Cup of soccer is also expected to increase travel to the U.S.
Wizz Air CEO Jozsef Varradi said this week that the airline is expecting to limit the financial impact of the conflict in Iran to the fiscal year ending this month.
After a profit warning, the shares of this budget airline were slammed. (Reporting and editing by David Shepardson)
(source: Reuters)