Latest News
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Poland considers a VAT cut on fuel but does not exclude windfall tax
Poland could 'cut its VAT on petrol to lower prices at the 'petrol pump,' said the country’s finance minister on Thursday. He added that a windfall levy on oil company profits had not been ruled out. Fuel prices have already been capped in Romania and Hungary, two countries that are part of the same region. He said that the?government was working on lowering petrol prices. "Reducing the VAT is being analysed in depth; it's a 'likely solution. Domanski responded that the government is not planning to impose a windfall tax on oil companies. However, he did say that a possible law could be enacted if an analysis showed that certain companies were making high profits because of current market conditions. He said, "We do not rule out a tax on profits in excess."
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Hungary restricts gas supply to Ukraine
Hungary has banned the gas transmission system operator of Hungary from holding auctions for shipments to Ukraine during the third quarter as it moves to reduce supplies to its neighbor in a dispute over oil flows. On Wednesday, Prime Minister Viktor Orban said that Hungary will gradually stop sending gas to Ukraine once oil flow to Hungary is restored through the Druzhba Pipeline. Hungary and Slovakia, who are the only countries in Europe 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 late January, and they are repairing it as quickly as possible. The decree signed by Orban stated that "the transmission system operator can't announce a... capacity auction to be shipped to the Ukraine for the third quarter in 2026." In addition to the previously required quantities, it was also stated in the decree that?another 800 million cubic meters of natural gas should be stored at Hungary's storage sites. Ukraine's Ministry of Foreign Affairs spokesperson said that if Hungary stops gas shipment to Ukraine it will rob Hungary of more than $1 billion in revenue it received last year. An industry source said earlier this month that Ukraine purchased 180 mcm (or 28%) of its gas in March from Hungary. This is slightly less than it did in February. Orban had also warned earlier that Hungary would cut its electricity exports to Ukraine in the event oil flow through Druzhba did not resume. Separately data from Ukraine's gas distribution operator showed that gas supply levels from Hungary would remain the same on Thursday. Data showed that 8.3 mcm gas was nominated for supply to Ukraine on Wednesday, compared with 8.2 mcm. It showed that Ukraine will receive 24.7 mcm total of gas on Thursday from Hungary, Poland. Slovakia and Romania. Anita Komuves, Pavel Polityuk (Reporting). Mark Potter edited the article.
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Poland's LPP raises its 2026 margin forecast after posting a fourth-quarter profit that beat expectations
LPP, Poland's largest fashion retailer, reported a net profit for the fourth quarter that exceeded analysts' expectations. This was due to a combination of?higher revenue and lower costs. Reserved, the company's budget chain, and Sinsay are among its brands. The net profit for the quarter rose 58.7% compared to last year, reaching 714 million Zlotys, as opposed to a median polled forecast of 582 million Zlotys. The company reported that the 10.1% decrease in operating costs per sq. m. was a result of lower rental costs for new Sinsay Stores, cost control and logistics automation. LPP's sales grew by double digits in the fourth quarter, both in Poland and abroad. Total revenue rose nearly 14% from 6.46 billion to 6.46 zlotys. LPP, Poland's largest fashion retailer is expanding rapidly in Europe and Central Asia. This strategy is focused around its budget brand,?Sinsay. It aims to compete against fast-fashion retailers. The retailer has also increased its 'profitability outlook for 2026 by increasing its estimated gross margin from 55.0% to 55.5% and its expectations for core and net profit margins to 22-34% and 9-10%, respectively. LPP has warned, however, that the geopolitical tensions in the Middle East could affect its performance for this year. They note the increase in fuel prices, as well as transport and distribution expenses.
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In Bangladesh, 24 people are killed when a bus falls into a river as it is boarding ferries
Officials said that at least 24 people died when a bus carrying 40 passengers fell into the Padma River while attempting to board a ferry. The accident happened on Wednesday, when the bus lost its control as it approached a ferry in Rajbari District. This is about 100 km from Dhaka. According to the Fire Service, the Police and Civil Defence, the bus flipped and fell nearly 30 feet (9 meters) into the river. Fire Service official Talha bin Zasim stated that rescuers recovered 22 bodies from the submerged bus. These included six men, eleven women, and five children. He said that 24 people had been confirmed dead, including 2 women who died after being rescued. The search and rescue effort was led by four fire service units and 10 divers, with the support of the coast guard, army, police and local authorities. Officials are concerned that more passengers may still be missing. In Bangladesh, hundreds of people are killed in ferry and road accidents every year. (Reporting and editing by Tom Hogue; Ruma Paul)
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As a cyclone hits Australia's Pilbara mining centre, iron ore and LNG ports close.
The operator of the ports said that a tropical cyclone had struck the Pilbara region off the coast, causing the closure of key iron ore and LNG ports. Pilbara Ports reported that operations were shut down at the ports of Ashburton and Cape Preston West as well as Dampier and Varanus Island due to strong gales caused by Tropical cyclone Narelle. This system is a category 3. The operator stated that the forecast indicated category 4 by the afternoon of Thursday. Chevron and Mineral Resources use the Port of Ashburton for exports. Rio Tinto is a major user for iron ore and industrial salt. Varanus Island is operated by oil and gas producer Santos. Port 'Hedland remains open, as the world's biggest?export?point?for iron ore. Reporting by Christine Chen, Sydney; Editing and production by Muralikumar Aantharaman and Christopher Cushing
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US House committees to examine sweeping aviation safety changes
On Thursday, two U.S. House Committees will?consider sweeping aviation reform legislation in order to 'address the 50 recommendations made after a collision that occurred between a U.S..Army Black Hawk helicopter and an American Airlines regional.jet on January 20, 2025. The accident resulted in the deaths of 67.people. In an analysis reviewed by, the?National Transportation Safety Board stated that the revised ALERT Act requires largely implementation of its recommendations made after a year-long investigation. The bill will be discussed by the House Armed Services and Transportation and Infrastructure Committees. It establishes the requirements for aircraft and helicopters to have collision mitigation technology. It also addresses the FAA safety culture and improves air traffic control procedures and training. Last month, despite the pleas of lawmakers and the relatives of those who died in the American Airlines crash, the worst aviation accident to hit the United States since 2001, the U.S. House did not 'pass' a separate aviation law after the Pentagon withdrew their support. The ROTOR ?Act had been passed unanimously ?by the U.S. Senate in December and would have required aircraft operators to equip their fleets with a safety system known as the Automatic Dependent Surveillance-Broadcast, or ADS-B, by the end of 2031. The bill failed to receive the two-thirds vote needed to pass the House under the fast-track legislation. Last month, the NTSB said that an earlier version ALERT didn't meet their recommendations. The House committees are now considering a bill that would mandate the installation of airborne collision-avoidance?systems on aircraft by the year 2031, and the use of ADSB. The bill also requires that the Reagan National Airport, which is home to America's busiest airport, be reviewed for its ability to handle current traffic. The ROTOR act, passed by the Senate, would also 'boost oversight over commercial jet and helicopter flight routes and traffic near commercial airports. The House will likely hold a meeting with the Senate to resolve any differences between the ALERT Act and the House if it passes. The FAA has tightened the rules for helicopter safety and banned the use of the sighting system, mainly to maintain a safe separation between aircraft and helicopters near airports. (Reporting and editing by Himani Sarkar, Tom Hogue, and David Shepardson)
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Two Russians killed in Kharkiv and infrastructure damaged on the Danube by Russian attacks
Officials have confirmed that two Russians were killed in the northeastern Ukrainian city of Kharkiv, and its surrounding area. A strike on Izamil's Danube port damaged energy infrastructure as well as port facilities. In a Telegram statement posted early Thursday morning, prosecutors in Kharkiv Region said that a woman who was injured in an assault on Kharkiv died in hospital. Nine people were reported injured by strikes in two districts of the city, which is a target for Russian forces and located 30 km (18km) away from the border. The prosecution also claimed that a Russian drone had killed a driver in his vehicle in a neighborhood?closer the border. Local officials in Izmail, a town on the Danube in southwest Ukraine, said that the port and energy facilities had suffered damage. Vyacheslav gladkov, regional governor of Belgorod Region in Russia, stated that Ukrainian drones killed an 18 year old man riding a motorcycle near the border in a nearby village and a 'woman driving her car in Graivoron. Belgorod is?often attacked by Ukrainian forces during the four-year war between Kyiv and?Moscow. Sergei Sobyanin, the mayor of Moscow, said that 17 Ukrainian drones were intercepted on Wednesday and destroyed as they made their way into the capital. It is not uncommon for Russian drones to target the capital, and their number can vary widely. Could not independently verify the reports. (Reporting and editing by Ron Popeski, Michael Perry).
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As the big energy conference winds down, chaos at Houston's airport leaves attendees scrambling
The massive security queues at Houston's airport are a major concern for many people who will be returning home on Thursday or Friday. George Bush Intercontinental Airport is a victim of the partial shutdown. This has caused staffing shortages in some airports across the nation. Social media videos show long lines with travelers sleeping on the floor, and wait times of up to four hours. The lines at the Terminal E TSA checkpoint were long but moving on Wednesday morning. Houston, America's fourth largest city, has been the scene of the world's biggest energy conference for the past week. The worst travel problems have always been caused by the congestion on the multi-lane highways that surround Houston. Many attendees are now scrambling for another way home. Many rebook out of Houston’s smaller William P. Hobby Airport is a popular choice; some rent cars and drive to Dallas or San Antonio where the lines are shorter. Michael Gullo was due to return to Ottawa from Houston on Wednesday. He and a co-worker decided to cancel the flight on Tuesday night, and instead rebook out of Austin. They rented a car to drive the 2-1/2 hours to the airport in Ottawa Wednesday afternoon. Gullo explained, "We had to be home tonight and we weren't sure if that was possible from Houston." One attendee at the conference, who declined to be identified, stated that they considered driving to Dallas instead of flying back to Mexico City, but decided it would take just as much time. They considered switching airlines or departing from Hobby Airport which has a shorter waiting time. Even the leaders of multi-billion dollar companies are not immune from chaos. Pedro Pizarro of Edison International, the CEO of a utility company, said he had considered changing his travel plans to Hobby but decided to go with George Bush Intercontinental. Pizarro’s busy travel schedule should give him a status that will help him avoid the longest lines when he leaves Houston. As he waited in line at the conference for an afternoon cup of coffee, Pizarro said that a private jet wasn't in his plans. "I always fly commercial," said he. (Reporting from Amanda Stephenson, Nathan Crooks, and Liz Hampton in Houston. Additional reporting by Evan Garcia. Editing by David Gregorio.)
H&M Q1 profits grow more than expected; March sales are up 1%
H&M, the Swedish fashion retailer, reported a slightly higher?rise in operating profit than expected for 'December-February. '?and forecasted that March sales would rise by 1%.
In a press release, CEO Daniel Erver stated that "at the end of the third quarter, our well-received Spring collections contributed to positive sales trends which continued into March."
H&M’s operating?profit, which includes Christmas shopping, increased for a third quarter in a row to 1.51 billion crowns (about 162 million dollars) from a year earlier 1.20 billion. The average forecast of an LSEG survey of analysts was 1.39 billion. This is despite a 1% decline in organic sales. In January, the rival to Inditex reported that local currency sales were down by 2% in the first two quarters.
H&M has said that it closely monitors developments in the Middle East, and their implications for global trade.
It said that "good flexibility in the supply chains and a low percentage of air freight provide opportunities to adapt to changing conditions." The Middle Eastern market accounts for a very small part of the total sales. These markets are operated by franchise partners.
On February 28, Israel and the United States launched coordinated strikes against Iran. Iran responded by launching strikes against 'Israel, U.S. base and Gulf States.
The war has caused a spike in energy prices and hit global supply chains, causing an increase in the cost of fuel. Consumers are concerned about the impact of inflation driven by the war on their demand.
(source: Reuters)