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Gulf carriers resume limited flight, but missiles fuel uncertainty
Emirates and Etihad Airways resumed limited flight schedules from their United Arab Emirates hubs to major global cities on Friday. However, the threat of missiles piled pressure on the airlines who were scrambling to accommodate travellers. Since the U.S. and Israel war against Iran began, most of the Middle East's airspace is still "closed" over missile and drone fears. Authorities have set up charter flights and secured seats on limited commercial services in order to evacuate tens and thousands of people. According to French Transport Minister Philippe Tabarot, a government-chartered Air France Flight to bring French citizens back from the United Arab Emirates had to return on Thursday because of missile fire in that area. He said, "This situation reflects instability in the area and the complexity of the repatriation operation." Etihad announced on Friday that it would resume a limited schedule of flights through March 19. Flights will be operated to and from Abu Dhabi, as well as 25 other destinations, including London, Paris Frankfurt, Delhi New York, Toronto and Toronto. Flightradar24, a flight tracking website, said that as of Thursday, Dubai's airport traffic, which is normally the busiest in the world, had nearly doubled since Wednesday. However, it was still only 25% above normal levels. Dubai-based Emirates is one of the UAE’s two flag carriers. It announced late Thursday that it would operate a reduced schedule until further notice to 82 destinations, including London, Sydney and Singapore. Customers transiting through Dubai will only be accepted as long as their connecting flight is operating. Travellers on routes from Europe into the Asia-Pacific region have been particularly affected by the limited operations at Middle Eastern hubs. Cirium data shows that Emirates, Qatar Airways, and Etihad Airways together fly around a third of passengers from Europe into Asia, and more than half to Australia, New Zealand, and the nearby Pacific Islands. Qatar's Doha hub is still closed, but it has arranged a small number of relief flights out of Oman and Saudi Arabia. Cirium data showed that since February 28, when the conflict began, until March 5, more than 44,000 scheduled flights were made in and out the Middle East. More than 25,000 of those flights have been cancelled. JET FUEL PRICES SOAR, SHARES FALL Singapore jet fuel prices are soaring due to higher oil prices The traders blamed the shortages of Middle Eastern refiners for the record-breaking price. After some profit-taking, the price of oil on Thursday dropped to $195 per barrel. However, it remained almost double what it was last week. Qantas Airways shares fell by more than 3 percent on Friday. Air New Zealand's stock was down almost 7%. Hong Kong's flagship airline Cathay Pacific dropped more than 2 percent. Singapore Airlines also lost more than 1 per cent. Hong Kong listed shares of major Chinese airlines including Air China and China Eastern Airlines and China Southern Airlines are down between 2% to 4%. TRAVELLERS DESCRIBE CHAOS IN SCRAMBLE TO LEAVE Some passengers who were able to return home by commercial flight from Dubai on Thursday said it was "absolute confusion" for them to get there. Ed Short, who arrived at Heathrow Airport in London on a British Airways flight, said that he had paid £1500 ($2,005.05) for a ticket to Muscat. "We'd spent about 20,000 pounds ?booking Emirates flight instead. We're hoping to get them back." The conflict is not showing any signs of ending, and it appears that the disruption to air travel and air cargo will continue. Flynas, the Saudi budget airline, will begin a limited number flights between Saudi Arabia & Dubai on Friday.
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Lawyer: Jimmy Lai, a Hong Kong tycoon, will not appeal his conviction and 20-year sentence.
Jimmy Lai, a Hong Kong media tycoon who was sentenced to 20 years in prison for sedition and collusion with foreign forces, will not appeal against his conviction. His lawyer announced this on Friday. Lai's legal team member said on Friday that he will not appeal his sentence, which has been criticized by countries such as Britain and the U.S. Lai was sentenced to prison in February after being convicted on two counts of conspiring with foreign forces, and one count for publishing seditious material. This brought an end to a five-year legal battle. In a surprise decision, a Hong 'Kong court reversed his conviction for fraud and prison sentence last month in a separate matter.
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Compass Gas files for IPO in Brazil
Compass Gas e Energia is a Brazilian?natural?gas distributor, a 'unit of the local?conglomerate Cosan. It announced on a 'Thursday that it has filed an initial public offer (IPO) in Brazil. Compass, a company that also operates in the other parts of gas chains, announced in a filing with the Securities and Exchange Commission (SEC) that the offering would consist of existing shares. It added, "more details about the deal will be revealed in due course." This move comes after a resumption in IPOs this year by Brazilian companies?through shares offerings by digital banks PicPay & Agibank, both of which are based in the United States. The last IPO in Brazil took place in September 2021, when fertilizer manufacturer Vittia offered shares. The deal is still not finalized. In December last year, the sanitation company BRK Ambiental filed to be listed in Brazil, Latin America’s largest economy. Cosan raised more than 10 billion reais last year through share offerings in order to reduce its debt. Cosan has been looking for a solution to the 'billions of dollar debt' at Raizen, its sugar?and alcohol?joint-venture with Shell. Compass, controlled by Cosan, and with?lender Bradesco as one of its minority shareholders, filed for an IPO in Brazil in 2020, but it was cancelled. Compass reported that investment?banks BTG Pactual and Bank of 'America were hired to manage the IPO. (Reporting and editing by Christopher Cushing, Inigo Alexander and Andre Romani)
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Brazil's BNDES invests up to $285 Million in the transport group Simpar
Securities filings on Thursday showed that Brazil's state run national development -bank BNDES will invest up to 1,5 billion reais ($285m) in order to become a minority shareholder in the local?transport -conglomerate Simpar, and some of its subsidiaries. According to filings, Simpar, Movida, and Vamos, two of its subsidiaries launched separate private shares sales on Thursday in order to raise capital which could "surpass" 3 billion reais. The?filings revealed that BNDES had committed to buying stocks worth 'as much as 1,35 billion reais across three share sales of Simpar group. The filings showed that other investors, such as Simpar's controlling investor, will also purchase shares. According to the filings, the?state-run banks will only be allowed to hold a 10% stake each in Simpar's company. BNDES launched a plan last year to resume direct purchases of stakes in businesses, focusing on green transition and decarbonization. It had previously implemented a divestment program during the administration Jair Bolsonaro. Aloizio Mercadante, President of BNDES, said that the new investment aligns with current President Luiz inacio Lula da So's policies on truck fleet renewal and?access to light vehicles. He cited efforts to?more sustainably transport people and goods, and reduce emissions. The filings indicated that BNDES could invest up to 680 millions reais at Simpar, 375 million reais at Movida, and 300 million reais at Vamos. Simpar announced that the bank would also be able to purchase up to 5% of road carrier JSL, another company in the Simpar group. The deal could amount to 112 million reals.
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Sources say that the FAA is seeking to reduce flights at Chicago O'Hare Airport.
Sources told?that the Federal Aviation Administration has informed airlines that it plans to 'cut' a few hundred extra daily flights from Chicago O'Hare Airport 'this summer compared to what was originally outlined?last week. Sources told?that the Federal Aviation Administration has informed airlines that it wants to?cut a few hundred additional daily flights at Chicago O'Hare airport?this summer over what was outlined?? last week. The FAA announced a limit of 2,800 flights per day last week. This is down from the 3,080 operations per day that were planned for summer but still above the 2,680 flights per days in the previous summer. They cited concerns over airline delays and overscheduling. Sources say that the FAA informed airlines last week it wanted to limit flights "to about 2,500 per day", but this number is still under discussion. The FAA is expected to have another meeting with United, American, and other carriers next week. The FAA has told airlines that it believes further cuts are necessary to prevent flights from being disrupted. According to the current schedules, 2026 would be the busiest summer at O'Hare. Last week, the FAA stated that the "increase in traffic is significant and will stress the air traffic control system, the terminal and the runway." The FAA, United & American and United declined to comment. United will operate 780 flights a daily from Chicago O'Hare in this month. This is an increase from the average of 541 flights per day last January. The carrier stated that it is increasing mainline departures out of O'Hare 20% more than last summer. American Airlines announced in December that it would increase spring departures by 30% from 2025 to include 100 daily departures. The number of daily departures will increase from 484 in the summer of last year to 526 for this summer. American Airlines told its employees that United's "reckless scheduling" at O'Hare would lead to "long tarmac delays, missed connections, disrupted staff sequencing, and cascading system disruptions." United Airlines said that it was grateful to the FAA and Transportation Department for convening this meeting. It also shared their commitment to "running a reliable and safe operation" at O'Hare. The FAA has announced that it will reduce flight numbers for the summer season which begins March 29 and ends October 25. David Shepardson, Chris Reese, and David Gregorio edited the report.
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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)
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South Bow signs binding agreements with shippers to revitalize parts of Keystone XL
Canadian 'pipeline operator South Bow announced?on Thursday that it had launched a formal open season? to seek?binding long-term shipping commitments? for a revival?of part of the Keystone XL?oil pipeline. This move could boost Canada’s crude _exports?to the United States?by more than 12%. Open season runs until March 30. Transportation commitments are sought from Hardisty in Alberta to the United States. Delivery points. South Bow will then?conduct a?60-day review before deciding the next steps. The company awaits a decision from the Trump Administration on whether or not to approve 'the project. If approval is granted, additional pipeline links would need to be built to U.S. refinery hubs. South?Bow acquired the Keystone XL Pipeline following its spin-off TC Energy. In 2021, then-President Joe Biden canceled the pipeline. The 'Canadian section of the line is already built and has all Canadian regulatory permits.
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Peru suspends exports of gas after pipeline rupture sparks energy crises
Energy and Mines minister Angelo Alfaro announced on Thursday that Peru has suspended natural gas exports due to a ruptured pipeline at the largest gas field in the country. The stop follows a reported leak on Sunday that forced Transportadora de Gas del Peru to'shut down' a section to isolate the damage. Alfaro told Congress that this is the worst energy crisis in the past 20 years. He added, "The reduction in the supply of (gas) has been brutal. Only 10% are being delivered." The Ministry of Energy and Mines declared a 14 day emergency for the national pipe network in order to prioritize supply?for residents, businesses, and essential services, while repairs were underway. TGP had also implemented 'temporary' restrictions on gas supply to industrial and electricity sector?users, while it repaired the leak. Pluspetrol, an energy firm, suspended the production of liquefied?gases on Wednesday following a?outage that cut off the flow of natural?gas to its Pisco 'fractionation plant. According to data from the company, this facility provides?approximately 70 percent of Peru's LPG consumption.
Veracruz State, Mexico: Oil spill damages livelihoods
Residents of Veracruz, a Mexican state, are concerned by the recent appearances of oil on local beaches. This has disrupted the livelihoods of the residents, who fear that it could contaminate the lagoon?where the communities raise fish and shrimp.
Residents of Jicacal on the Gulf of Mexico have organized to remove as much of this hardened tar from the beaches as possible, as the viscous spill moves along the coast. Authorities have not revealed what caused the spill.
Veracruz has a high oil activity in Mexico. This is true on both land and sea. The state oil company Pemex has ruled out any spill or leak from its facilities.
Aurora Apolonia Martinez said, "We went fishing as usual and cast our nets. We realized that the nets were full of oil." She described how she 'noticed the presence of spilled crude which rendered the 'fishing nets inoperable.
Pemex didn't?immediately answer a question about whether they had any new information regarding the spill after the surveillance it promised to carry out.
Cemda is an environmental group that said this week, since March 1, more than a dozen spills sites have been identified on the beaches of Veracruz, and Tabasco, which are located along the Gulf of Mexico coast.
Pemex denies responsibility for spillage. The company has had several similar incidents in the past few years. In October, 2.7 million liters of oil were recovered in Veracruz after an oil leak in a pipeline.
Jicacal, and its neighboring town of Las Barrillas in Veracruz are both fishing villages and popular tourist destinations. The spill also has a negative impact on the local tourism industry. It discourages people from visiting the coast.
"We are interested in cleaning up the whole beach," said Nicolas Vargas of Las Barrillas. He said that tourists would not come to the area if the beach was not cleaned.
(source: Reuters)