Latest News
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Norway temporarily reduces petrol and diesel taxes amid Middle East War
The Norwegian parliament passed a bill on Thursday to reduce petrol and diesel taxes temporarily, in order to ease the soaring costs of fuel after the Middle East war, which drove up oil prices. The opposition Conservative Party proposed a vote on short notice, bypassing the traditional fiscal process which can take months to complete. The Labour Party minority government said that any changes to fiscal policy would be included in'regular committee review,' which would have delayed voting until at least June. According to Finance Minister Jens Stltenberg, a temporary tax reduction on petrol and diesel between April 1 and September 1 could cost the state at least $342 million in lost revenues. The voting record of the parliament also showed that several?proposals for temporary reductions in CO2 taxes were passed. This added several billion crowns to the?overall cuts. On Thursday, the Centre Party, who cast the final?vote said that it would support "any proposal" to reduce taxes. $1 = 9.6499 Norwegian Crowns (Reporting and editing by Terje Solsvik, Himani Sarkar, and Louise Rasmussen).
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Algerian national airline orders 10 Boeing 737 MAX-8 planes to modernize its fleet
Air Algerie, Algeria's national carrier, announced?on Thursday that it had placed an order for ten Boeing 737 MAX 8 aircraft as part of the country's strategy to develop civil aviation. The airline stated that the acquisition is part of its efforts to modernize their fleet, expand its route network and improve customer service. Five of the aircraft will be delivered this year in the second half, and the remaining five next year. No financial details have been disclosed. Air Algerie said the move was part of a broader strategy to meet the needs of the domestic and international markets and keep up with the aviation sector. They added that it would improve the airline's market position and competitiveness. (Reporting and editing by Susan Fenton; Tarek amara)
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United Airlines tentatively agrees to a labor agreement with flight attendants
United Airlines flight attendants'reach a tentative labor agreement of five years with the carrier, according to their union, which announced this on Thursday. Cabin crews voted against an earlier proposal last year. The union said that the 'agreement' includes higher base salaries and new restrictions on overnight flights. United Airlines said that the agreement would provide flight attendants with immediate increases?upon the ratification of the contract. The top?pay would reach $100 an hour by the end, making them the highest paid in the industry. The agreement includes a boarding bonus, compensation for long gap between flights and signing bonuses for each flight attendant. United said that these bonuses would amount to $740 million. According to estimates, the previous tentative agreement, which was rejected by the 'flight attendants' last year, would deliver a '40% financial gain in the first year of the new contract. (Reporting and editing by Rod Nickel; Rajesh Kumar Singh)
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Anchorage, a crypto platform that brings Sun's Tron cryptocurrency to US investors
Anchorage Digital, an U.S. crypto platform regulated by the federal government, announced on Thursday that it will 'add Justin Sun’s Tron Blockchain to its network', increasing access to investors in the U.S. investors. Sun has reached another milestone in its regulatory history with the deal with Anchorage. This month, Sun settled charges brought by the U.S. Securities and Exchange Commission for $10 million. Sun and his companies have not admitted or denied wrongdoing according to the SEC. Anchorage, based in San Francisco, is the only federally chartered cryptocurrency bank in the United States. It provides services such as crypto custody, settlement, and other services to financial firms, hedge funds, and other crypto players. Nathan McCauley, CEO and co-founder of Anchorage Digital, said in a press release that by supporting Tron through Anchorage Digital’s regulated platform we are helping to bring one of crypto's biggest ecosystems into a framework. Anchorage clients can now custody Tron’s tronix. This could pave the way for a greater adoption of this token in the U.S., and boost Tron’s goal to expand in the country. Singapore is home to the Tron Foundation which oversees this blockchain?network. Investors in the United States who want to trade and invest in Tron’s token do so primarily through decentralized exchanges. These aim to eliminate the middleman, allowing users to transact on a blockchain directly. Donald Trump promised to change policies towards digital assets on the campaign trail, and has been pushing to make the U.S.?a global hub of cryptocurrencies. Sun, who is a major supporter of the Trump family's crypto-?venture World Liberty Financial said in a statement that Tron’s partnership with Anchorage would help to "expand secure institution access" to blockchain network. (Reporting and editing by Michelle Price, Alexander Smith, and Hannah Lang in New York)
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US House committees pass sweeping aviation safety regulations
Two U.S. House Committees unanimously passed sweeping aviation reform legislation in response to dozens of recommendations made after the January 2025 collision between an American Airlines regional jet and a U.S. Army Black Hawk helo that killed 67. The House Armed Services Committee passed a 53-0 vote to require collision prevention technology on all military aircraft, except for fighters, bombers, and drones, by 2031. Separately, the House Transportation and Infrastructure Committee voted 62-0 to establish requirements for aircraft and helicopters to be equipped with collision mitigation technology. The legislation addresses deficiencies in the Federal Aviation Administration safety culture. It also enhances air traffic training and procedures and improves the safety of the airspace surrounding Reagan Washington National Airport where the fatal accident occurred. The National Transportation Safety Board has said that the ALERT Act is a safety bill that addresses the 50 recommendations it made after the mid-air collision. Jennifer Homendy, Chair of the NTSB, hailed the action as historic. She said it was the first instance that Congress committees had passed legislation addressing all the board's recommendations after a major aviation accident. The bill also requires the use of ADS-B, a safety system by the year 2031. The bill also includes a review of the flight frequency at Reagan National, which is home to the busiest airport in America. Last month, the U.S. House of Representatives?failed? to pass a separate bill on aviation after the Pentagon?withdrew? its?support despite pleas by lawmakers and the relatives of those who died in the American Airlines crash, the worst aviation disaster for the United States since 2001. The ROTOR act was unanimously passed by the U.S. Senate back in December. The bill was passed by the Senate unanimously in December, but under the fast-track legislation designed to speed up the process, it needed two-thirds of the House votes to be approved. The House and Senate will likely meet in order to resolve any differences between the two measures before any legislation can become law if the ALERT Act is passed by the House.
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Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the global aviation industry. Airlines have been forced to increase fares and revise their financial forecasts. In recent weeks, jet fuel prices have increased from $85-$90 per barrel up to $150-$200 per barrel. This is a major financial blow to an industry that relies on fuel for a quarter or more of its operating costs. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline is expecting a significant impact on its first quarter results from the suspension of Middle East flights as well as a spike in fuel prices. AIR FRANCE-KLM The airline group announced that it would be increasing the price of long-haul tickets to offset rising fuel costs. Cabin fares will increase by 50 euros ($57). AIR NEW ZEALAND On March 10, the airline was among the first to announce a large increase in ticket prices. The airline also suspended its earnings projections for the full year due to volatile fuel markets. Price increases are NZ$10 on domestic flights, NZ$20 for short-haul international flights and NZ$90 for long-haul flights. Further price, schedule and network changes may be made if fuel prices continue to rise. AKASA AIR Akasa Airlines, based in India, announced that it would be introducing fuel surcharges ranging from 199 to 1,300 Indian Rupees ($2 - $14) for domestic and international flights. AMERICAN AIRLINES Fuel prices are on the rise, and U.S. carriers expect to see a $400-million increase in their first quarter expenses. CATHAY PACIFIC Hong Kong Airlines announced that it will increase fuel surcharges for all routes starting March 18. The airline cited a doubled in jet fuel prices from the beginning of the month. Last month, the carrier, which reviews fuel charges monthly, kept them at $72.90 per flight between Hong Kong and Europe, or North America. CEBU AIR The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies and try to minimize the impact. EASYJET EasyJet CEO Kenton Jarvis told European consumers to expect higher ticket costs towards the end summer when fuel hedges end. FRONTIER AÉRIENS Fuel prices have risen significantly since the airline's last forecast, and it is now reviewing its full-year outlook. HONG KONG Airlines The airline announced that it would 'raise fuel surcharges up to 35% starting March 12th, with the biggest increase occurring on flights between Hong Kong, Bangladesh, and Nepal where the charges will rise from HK$284 to HK$384 (US$49). British Airways' owner IAG stated on March 10 that it does not intend to increase ticket price?immediately?, since it has hedged a large amount of fuel for the short to medium term. INDIGO India's largest airline announced that it will begin charging fuel fees on both domestic and international flights as of March 14. The charges include 900 rupees per flight to the Middle East, and 2,300 rupees per flight to Europe. Sources say that the company is lobbying for fuel tax reductions by the Indian government. PAKISTAN INTERNATIONAL FLIGHTS Fuel surcharges are cited as the reason for raising domestic flight prices by $20, and international flight rates by up to $100. PHILIPPINE AERLINES The airline stated that it had enough fuel to support its scheduled operations but didn't have a forecast beyond June or May. The company president Richard Nuttall said CNBC that the Philippines may eventually look at measures like rationing fuel purchases, as some countries have already done. QANTAS AIRWAYS On March 26, the Australian airline, which had already announced that it would increase international fares, announced it would be adding flights to Rome Paris and Singapore. The airline said that it would be monitoring fuel prices, demand and fuel security. It could also make other changes. Scandinavian Airlines announced that it would cancel 1000 flights in April due to high jet fuel and oil prices. In March, the airline said that it had canceled "a couple hundred" flights. SAS, which has already raised flight prices, stated that the surge in fuel costs would be a "blow" to the aviation industry, even if they tried to absorb them. SPRING AIRLINES Budget Chinese airline said that it will increase fuel surcharges for domestic flights starting April 5. Details to be announced later. THAI AIRWAYS The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices. TURKISH AIRLINES LUFTHANSA SunExpress, the joint venture between Turkish Airlines, Lufthansa and Lufthansa announced that it would "impose a temporary fuel charge of 10 euros per passenger on routes between Turkey, Europe and Asia from 1 May." Bookings made after April 1 for departures after May 1 will be subject to the surcharge. UNITED AIRLINES Scott Kirby, CEO of the U.S. carrier, said that the airline will cut unprofitable flights in the next two quarters to prepare for the oil price remaining above $100 by the end 2027. Chief Commercial Officer Andrew Nocella stated that United was able to increase fares without affecting bookings. VIETJET Due to possible fuel shortages, the Vietnamese budget airline has adjusted flight frequencies on certain routes. VIETNAM Airline Vietnam's Aviation Authority announced that the carrier will cancel 23 flights a week on domestic routes starting in April after it requested assistance from the government to remove an environment tax on jet fuel. VIRGIN AUSTRALIA Virgin Australia announced that it would be adjusting its fares in order to reflect the rising costs across the aviation industry, which were said to have been significantly exacerbated due the Middle East situation.
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The Iran War complicates WHO emergency medical supply routes
Officials from the World Health Organization said that they are finding alternative 'routes' to transport emergency medical supplies via their Dubai hub, to?crises like Lebanon, by long overland trips. However, rising fuel prices could hinder shipments in the event of a prolonged Iran war. Aid shipments by the global health organization from the United Arab Emirates had been completely halted due to restrictions on air, sea, and land routes caused by 'the Iran conflict', which began February 28th with U.S. - Israeli air strikes. Iran responded by firing "drones and rockets" at energy and other facilities across the Gulf while militant group Hezbollah brought Lebanon into a regional war by shooting on Israel to support its patron Iran. The WHO official said that the UAE has provided funding for the transportation of supplies such as insulin and emergency kits from Saudi Arabia to Lebanon, a country where over 3,000 people were injured. They have also funded charter flights to other hotspots, like Kabul in Afghanistan. Paul Molinaro, WHO's head of Operations, Support and Logistics, said on Thursday that the cost and lead times will increase as we find workarounds. A UAE official confirmed that the UAE was supporting its partners. Molinaro, however, said that the Dubai backlog had not been cleared completely. He cited smaller medical shipments "that remain stranded". Two shipping companies waived the insurance surcharges, he said. The International Federation of Red Cross and Red Crescent Societies (IFRC) said that it was planning to transport ambulances from Dubai overland to Lebanon, but road costs were higher by around 30%. There were also delays at the border. Molinaro, when asked about the?risk of drug shortages', said that he was most concerned about the oil price increases leading to a depletion of fuel stocks in poorer nations and aid stowaways. He said that "serious problems could arise six to eight weeks from now." "I believe we'll feel it quicker than shortages in drugs, plastics, and equipment." (Reporting and editing by William Maclean, Emma Farge)
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Air China's losses will increase in 2025 due to fare pressure and the risks of an Iran war.
Air China reported a loss of $1.77 billion ($256.17 millions) on Thursday, reversing signs that the carrier was recovering. The?country's flag carrier?was hurt by market competition. The company estimated a loss for the full year of 1.3 to 1.9 billion yuan, but it was significantly higher than its 2024 net loss of 233 millions yuan under IFRS standards. The airline posted a profit of 3,64 billion yuan during the 'fourth quarter, after a profitable third quarter fueled by the 'peak summer season. Air China's annual report stated that it will be focusing on efficiency and profitability this year. It also warned of external risks, such as those arising from fluctuations in jet fuel prices and exchange rates. Air China has lost money every year since 2020. The state-owned carrier is still struggling to make a profit after the pandemic despite the fact that the global industry returned to profitability in 2023. The factors that have contributed to this are the downward pressure on ticket prices, the reduced demand for international travel and the competition between its domestic competitors as well as China's expanding high-speed rail network. Airline also faces challenges resulting from the U.S. and Israeli war on Iran. This has disrupted aviation operations around the world, increased jet fuel costs, and caused some airlines to increase fares & boost fuel surcharges. China's state-owned airlines do not hedge against an increase in oil prices. The shares of Hong Kong listed?Air China fell more than 30% in the last month, compared with a 5.8% drop on the wider market.
Zelenskiy: Ukraine uses strikes to pressurize Russia after oil sanctions have eased
Volodymyr Zelenskiy, the president of Ukraine, said that Ukraine uses long-range attacks on energy infrastructure in order to'maintain the pressure' on Russia following the easing of international oil sanctions against Moscow this month as a result the Iran War.
Washington granted a 30-day exemption to countries this month to purchase sanctioned Russian crude oil and petroleum products that were stranded on the sea. The waiver was issued to stabilize the global energy markets, which had been roiled by conflict in the Middle East.
Ukraine's European Allies who want to continue?pressure on Russia for it to end its four-year old war have criticised Washington's move.
Zelenskiy, when asked about the recent escalation of Ukrainian attacks against Russian energy infrastructure in Zelenskiy's interview, noted that international sanctions policies are changing: "The pressure in the world on Russia is decreasing." In an interview late Wednesday, he said that Ukraine, unlike many other countries, has its own sanctions, namely its long-range capability.
Zelenskiy said that despite the recent heavy Russian missile and drone strikes on Ukrainian cities, pressure must be maintained on Moscow: "If Ukraine doesn't respond to their attacks then Russia will continue to fight without even thinking about pauses."
RUSSIAN EXPORTS DISRUPTED Sources said that on Wednesday, Russia’s Baltic ports, Ust-Luga, and Primorsk, suspended crude oil and petroleum products loadings after Ukrainian drone strikes sparked blazes. Smoke was visible as far away as Finland. Primorsk resumed fuel and oil?loadings Thursday, but at a lower capacity due to damage to the infrastructure.
Ukraine's SBU said in a Wednesday statement that its long-range drones flew over 900km (560 miles) to strike the Ust-Luga Terminal from their Alpha Special Operations Centre. Calculations based on data from the market showed that on Wednesday, at least 40% of Russia’s oil export capability had been stopped.
It is the worst oil supply disruption that Russia has ever experienced in modern times. Russia is the world's 2nd largest oil exporter. The shutdown has hit Moscow at a time when oil prices have risen above $100 per barrel as a result of the Iran War. Interfax reported that Russia's Transneft, the monopoly oil pipeline company in Russia, will attempt to redirect oil exports away from Baltic Sea ports damaged due to drone attacks. Reporting by Daniel Flynn, Olena Hartmash and Andrei Khalip
(source: Reuters)