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Merz: Germany is ready to secure the transit of Hormuz after the end of hostilities
Friedrich Merz, the German chancellor, said that Germany would be willing to help secure transit routes through the Strait of Hormuz once hostilities ended, provided they had a mandate from the United Nations and German parliament approval. Merz, speaking to reporters the day before the talks in Paris, said that they would also discuss whether U.S. forces could participate in a missions. It has led to a halt in traffic through the Strait of Hormuz, which typically carries about 20% of world oil and liquefied natural gas flows. The war has caused a halt to traffic through the Strait of Hormuz which normally carries around 20% of world oil and gas. Sources in the German government said that Germany would be able to contribute Type MJ332-class reconnaissance or minehunters, and? that a naval logistic base could be set up in Djibouti. Source: A deployment of German frigates is unlikely. Merz refused to answer a specific question at a press conference about a newspaper article stating that Germany is willing to offer expertise in maritime surveillance and demining. The German defence ministry declined to comment. Merz said that a?ceasefire at least provisional would be needed before?any mission along the 'Strait of Hormuz, and that Iran must stop its military nuclear program. Reporting by Andreas Rienke, Writing by Madeline Chambers, Editing by Miranda Murray & Sabine Wollrab
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Vietjet signss finance lease agreement with SPDB for ten Chinese-made COMAC aircraft
Vietjet, Vietnam's budget airline, has signed a finance leasing?agreement with China's SPDB Financial Leasing for 10 COMAC C909 aircraft. To Lam made the announcement during his first overseas visit since becoming state president of Vietnam last week. The financial terms of the deal were not disclosed by the airline, but it will allow them to expand their operations based previously on two COMAC Jets in an agreement?with Chengdu Airlines. COMAC, based in Shanghai, aims to challenge Airbus and Boeing's?dominance? in the global aircraft market. However, it has relied on domestic airlines, and smaller operators, in Southeast Asia. These include those in Vietnam and Cambodia. Brunei and Laos are also part of the region. Vietnam approved the 'operation of the C909 last year following a Hanoi visit by Chinese President Xi Jinping. Vietjet stated that the deal would allow for the introduction of Chinese made COMAC aircraft on routes between Vietnam and China. Five new routes will be opened between Ho Chi Minh City and Hanoi, Vietnam, as well as Hangzhou, Enshi and Guilin in China. The airline currently operates?135 Airbus aircraft and has?nearly 600?on order from Boeing and Airbus. These include a mixture of narrow-body and large-body planes. Reporting by Phuong nguyen. Editing by Jane Merriman, Barbara Lewis and Barbara Lewis
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TPG invests $100 Million in Student Mobility Company
TPG, a private equity firm, has invested $100 million in Zum. The deal values the company as $1.7 billion. Zum announced this on Thursday. Zum reported that the valuation is higher than Zum's previous 2024 Series E round of funding, which valued it at $1.3 billion. The company has now achieved break-even adjusted earnings, before interest, tax, depreciation and amortization. TPG's Rise Fund is making the investment, which targets financial returns as well as measurable social and environment outcomes. This brings Zum's total capital raised up to $430million. In 2016, Ritu Narayan founded Zum, a software company that provides services and products to modernize the fragmented student transportation system in the United States. Zum offers electric buses, route optimization, and tracking tools. The company stated that it serves over 4,500 schools in 17 states. Narayan told. "And school districts are seeing reduced absences and better learning outcomes... We would consider that student transportation is more than just transportation. She said, "It's about the access to education." She said that TPG's investment would help the company "expand to additional states and develop their newly-unveiled Connected Mobile Experience platform." Organic growth is the company's top priority. It may also consider acquisitions and an IPO in the future. Steve Ellis, managing partner at TPG's Rise Funds, said, "This business... operates in a large, highly fragmented, $50 billion market." "None [of the] existing legacy operators has built a fully integrated, modern technology stack... It gives you a "real right to victory." The company announced that Ellis would join its board of directors as part the investment. (Reporting and editing by Abigail Summerville, New York; Lincoln Feast, Joe Bavier and Echo Wang)
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TPG invests $100 million in Student Mobility Company Zum
Zum reported on Thursday that a private equity firm, TPG, had invested $100 million in 'Zum. Zum reported that the valuation is higher than Zum's previous 2024 Series E round of funding, where it was valued at $1,3 billion. This is because the company has reached breakeven adjusted earnings prior to interest, taxes depreciation and amortization (EBITDA). TPG's Rise Fund is making the?investment, which targets both financial returns and measurable outcomes in social and environmental areas. Zum's capital has now reached $430 million. In 2016, Ritu Narayan founded Zum, a company that provides software and services to modernize the fragmented U.S. student transportation system. Zum offers electric buses, route optimization, and tracking tools. The company said that it served?more then 4,500 schools in 17 states. Narayan told. She said, "School districts are seeing reduced absences and better learning outcomes...We would consider that student transportation is about more than just transportation. It's about accessing education." She said that TPG's investment would help the company to expand into additional states and develop its technology platform. It may also pursue acquisitions and consider an IPO in the future. But organic growth is their top priority. Steve Ellis, managing partner at TPG's Rise Funds, said: "This business... operates in a large, highly fragmented, $50 billion market." "None [of the] existing legacy operators has built a fully integrated, modern technology stack...It gives us a real right of victory." The company announced that Ellis would join the board of directors as part the investment. Abigail Summerville reported from New York and edited by Echo Wang, Lincoln Feast.
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Andy Home: The crisis of aluminum in the ROI: War, tariffs, and a market that is running out of products.
The Iran War is triggering a global crisis on the?aluminium markets, with potentially devastating effects in sectors such as construction, packaging and transport. Even if war ended tomorrow, it would take Emirates Global Aluminium up to one year to recover from damage caused by a missile attack?on the Al Taweelah Smelter last month. Aluminium Bahrain, which is the largest single-site production facility outside of China, was also hit. However, the extent of the damage is not known at this time. Alba and Qatar Aluminium had both reduced production prior to the attack due to power shortages. The Strait of Hormuz is severely restricted, and the production loss could increase as smelters exhaust their raw material stocks. According to Wood Mackenzie, the global market could face a deficit of up 4 million metric tonnes this year. Western buyers will be the ones to bear the brunt of this massive supply cut and policymakers may have to make some tough choices in the coming weeks if they wish cushion the impact. THINK INVENTORY COVER In the past, markets could have turned to "the London Metal Exchange" (LME) if they needed extra metal. In the early part of last decade, the registered inventory was over 5 million tons. LME stock has since decreased to less than 400,000 tons, with another 100,000 tonnes sitting in the "off-warrant" category. CME warehouses were also raided. The total deliverable stock has fallen by 70% since January and now only amounts to 1,864 tonnes. These figures are misleading. Russian metal, that many Western users cannot use because of sanctions imposed following the invasion of Ukraine is accounted for by 270,000 tons in the LME's registered inventory at the end March. The non-Russian component has been the subject of a dispute between traders. In the first week in March, someone cancelled 98,000 tonnes of Indian aluminium registered on the LME. However, last week time spreads were so high that they had to re-warrant a large portion of it. The benchmark spread between three-month cash and the benchmark cash The market tightened to $95.50 per tonne, the highest since 2007. Power Constraints The idle smelter capacities, especially in the U.S., and Europe, could theoretically be reactivated to help relieve the pressure on metal supplies. During previous energy crises, however, the majority of this capacity has been taken offline. Electrolysis is used to produce metal in smelters. A typical smelter can consume as much energy as a city of the size Boston. It seems unlikely that much of the capacity mothballed will be restored, given the impact the Iran War has had on energy prices. Even before hostilities began in the Gulf, a global shortage of affordable energy was forcing many more closures. In March, the Mozal Aluminium Smelter, which is owned and operated in majority by South32 Australia, was put on care and Maintenance after it failed to secure a commercially viable power supply contract. Wood Mackenzie says that even if you allow for increased recycled production, and the softer demand caused by the energy impact on manufacturing activities, there is still a significant deficit in the global aluminum market over the next year. UNPALATABLE CHOICES The West will be most affected by this deficit, forcing governments to make unpalatable decisions. Two countries can help reduce the shortfall. China is the largest producer of aluminium in the world. China is a major producer of semi-manufactured metals such as wire, rod and?plate. The rest of world has spent the past decade building trade barriers to stop the Chinese exports, accusing Beijing that it is undermining its competitors. Western aluminum users do not need more Chinese products at low prices. They require primary metals and alloys. The only remaining country is Russia, which is the producer of both primary metals and the variety of alloys with added value produced in the Gulf. After the 2022 invasion, Japanese manufacturers have already started to show signs of returning to Russian supplies. U.S. buyers and European buyers will need to follow suit. President Donald Trump has increased import tariffs on aluminium to 50%, which is a further aggravating factor in the United States. The cost of imported ingot has risen to more than $2,500 per tonne above the LME price. This is a four-year high of $3,580 a tonne. This is a cost-price equation for the time being. The longer the Gulf disruption continues, the quicker stocks will deplete. It may eventually stop being a matter of price and become more of a concern of having enough metal for manufacturing orders. Andy Home is a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn 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 seven days a weeks.
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Lufthansa reduces capacity due to fuel price increases and labour disputes
Lufthansa, a German airline, announced on Thursday that 27 aircraft from its subsidiary CityLine would be permanently withdrawn from service in the coming week due to rising jet fuel costs and industrial action-related costs. In a statement, the company explained that this move was part of a larger?package? of measures to deal with 'rising costs. Four 'older Airbus A340 600 long-haul aircraft are to be withdrawn at the end of summer from the core brand fleet. According to the group, the short- and medium-haul fleets will be reduced by 5 aircraft during the winter schedule of 2026/2027. Discover, its'more cost-efficient subsidiary', will expand faster with new 'Airbus A350 jets. Lufthansa and the pilots' union Vereinigung Cockpit are currently engaged in a bitter dispute over the company?pension plan. On?Thursday, pilots began their fourth round of strikes. A two-day strike will continue until?Friday. (Reporting from Ilona?Wissenbach, Frankfurt; Friederike Heine, Berlin; editing by Miranda Murray and Thomas Seythal.)
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Maguire: ROI-Pain in the pump will give US EV Sales a new boost this summer
Despite President Donald Trump's decision to scrap federal subsidies for clean cars, the highest average gasoline prices?since 2022 are likely to reignite the demand for electric cars in the U.S. According to LSEG data, U.S. gas prices will average $2.96 per gallon between May and 'August of this year. This is due to the onset of the U.S.-Israeli war against Iran which has'slashed a?oil shipments out of the Middle East. This price is nearly 40% higher than the same months last year. The average American driver will pay more than 80 cents (21 cents) per gallon during peak driving season in the U.S. Fuel costs are a daily reminder for many Americans. Used EV sales have seen a strong increase in 2026, and new EVs sales reached multi-month records in March. The continued sticker shock at the gas pumps in the summer, when Americans are on vacation and driving long distances for fun, will likely increase the appeal of electric vehicles (EVs), which can be recharged at home or at the increasingly dense network of charging stations. FULLY EXPOSED Fuel prices in the United States have risen this year, despite the fact that the country is the world's biggest crude oil producer. This has added to the frustration of?U.S. consumers. The Energy Institute reports that U.S. crude and condensate oil production has increased by 140% in the last five years, thanks to advances made in oil production using shale deposits. Over the last decade, the revolutionary changes in oil extraction techniques have helped the United States go from being a "net importer" to an "exporter" of oil. This has sparked a boom among U.S. energy companies. The U.S. Energy Information Administration shows that the average retail gasoline price is currently about 50% higher than it was in 2010. ANECDOTAL APPEAL U.S. drivers are increasingly turning to electric vehicles to reduce fuel costs. The desire to reduce pollution has also sparked demand for EVs. Sales of EVs have increased by roughly 13 times over the last decade, and they will account for 10% of all new car sales between 2024 and 2025. Since late 2025, the U.S. EV market has been slowing down. New EV sales have dropped sharply in the first quarter of 2026 compared to the previous year. The recent surge in gas prices since the bombings of Iran led to a drop in fuel and oil shipments out of the Middle East, has reignited interest in EVs. The number of searches on the internet for EVs or hybrid cars, and their sales, is a crude way to measure this interest. Google, the most popular search engine for the U.S., reports that the search trends for "EV Sales", "EV Deals", "Hybrid Sales" and "Hybrid Deals" all reached record highs during the past few weeks as the Iran conflict drove gasoline prices up. Search results do not always reflect actual sales, and it is only a matter of time before we know how many searches lead to actual purchases. Combined with increased dealer incentives, and more aggressive'marketing of EVs from manufacturers' it is clear that the consumer awareness about EVs in 2026 has recovered strongly. Fuel costs are also steadily rising. The allure of EVs and Hybrids that are cheap to operate could rise even higher in the months ahead. Forward markets suggest that fuel costs will remain high during what is usually the busiest driving season in the U.S. These are the opinions of the columnist, an author for. You like this column? Check out Open Interest, your new essential source for 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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Nigeria flags flood risks in 33 States and warns of widespread flooding in 2026
The hydrological agency warned on Thursday that Nigeria faces a "high risk" of widespread flooding in 2026. More than 14,000 communities are at risk across 33 of the 36 states of the country, as well as Abuja's Federal Capital Territory. The Nigeria Hydrological Services Agency, in its annual flood outlook released on Monday, said that the worst flooding would occur between July and September, at the height of the rainy season. This will threaten cities, farms and critical infrastructure. NiHSA reported that 14,118 communities are?classified high risk', while another 15,597 are?at moderate risk. The figures are in line with recent years. The major cities of Abuja, Lagos, Port Harcourt and Delta could be affected by severe urban flooding. Coastal states like Bayelsa and Delta are also vulnerable to river floods and tidal flooding. Nigeria is prone to flooding, especially during the rainy seasons that begin in April and end in October. In 2022, the worst floods in more than a decade killed over 600 people and displaced 1.4 millions. Farmland was destroyed on 440,000 hectares (1.09 million acres). Last year, over 200 people were killed in a single flooding incident. (Reporting and writing by Camillus Eboh, Elisha Gbogbo editing by Gareth Jones).
Insurers claiming to be avoiding payment claim that Nord Stream explosions are due to war
Insurers told a London 'court' on Thursday that the Nord Stream pipelines in Ukraine were targeted by Russia as a 'direct result' of its invasion. They are trying to avoid paying nearly 580 millions euros ($684million) for blasts which hit the pipelines.
Nord Stream has filed a lawsuit against Lloyd's and Arch Insurance for explosions that occurred in September 2022, which ruptured the pipelines transporting Russian gas from under the Baltic Sea into Germany.
The explosions, for which no one has claimed responsibility, have largely cut off Russian gas supplies in Europe. This marks a significant escalation of the conflict.
On the request of German prosecutors, two Ukrainians were arrested in Italy and Poland on the basis of traces of explosives found on a boat connected to the explosions.
Russia accuses Ukraine of being the perpetrator, but Kyiv has repeatedly denied any involvement.
The Swiss-based Nord Stream is suing over damage to its Nord Stream '1 pipelines, claiming it has a right to compensation of 580 million Euros.
INSURERS FIGHT A LAWSUIT REGARDING EXPLOSIONS IN 2022
Lloyd's Arch and their lawyers claim that Nord Stream's policy does not cover damage caused by war, or on the orders of any government.
Simon Salzedo the lawyer for the insurers, stated in court documents that experts said the explosions could have only been carried out by state actors from Ukraine or Russia, or sub-state actors with help from the state.
Insurers will try to prove that the explosions of 2022 were caused by the Ukraine War or ordered by a state at the London High Court.
Years have passed as investigators in Germany, Sweden and other countries try to determine responsibility. Italy extradited an Ukrainian national to Germany in the past year. However, a Polish court refused extradition of a second suspect.
Salzedo stated that the insurers did not have to prove the identity of the attacker or the reason for the attack, only that the explosions were more likely than not influenced by the Ukraine war.
Nord Stream lawyers stated that no expert was able to identify which government or governments were responsible. They also said that the "only established fact" is that Ukraine has denied involvement repeatedly.
(source: Reuters)