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Most Gulf stocks retreat amid deadlocked US-Iran talks
The major Gulf stock exchanges declined on Monday morning amid signs that U.S. Iran talks have stalled. This has effectively closed the Strait of Hormuz. U.S. president Donald 'Trump' dismissed Iran's response on Sunday to the U.S. proposal for peace talks that aim to end the war. He called Tehran's requests "totally inacceptable." Iranian media reported that Tehran's proposal included a comprehensive ending to the war, a lifting of sanctions, compensation, and recognition of the control it has over the Strait. Since the beginning of the war in late February, Iran has effectively blocked the Strait. This has disrupted a vital route that carries a fifth?of all the oil and gas produced worldwide. Dubai's main stock index fell 0.5%. This was due to a 0.8% drop in blue-chip developer Emaar Properties, and a 1.0% decline in toll operator Salik. Air Arabia, a budget airline, was among the 'losers'. Its share price fell by 1.7%. Aldar Properties lost 1.4% in Abu Dhabi. Defense Ministry: The United Arab Emirates air defences fought off two drones from Iran that were launched on Sunday. This was the latest of a series of attacks?on oil-rich Gulf countries. Saudi Arabia's benchmark stock index rose 0.2%. This was helped by the 0.5% increase in oil major Saudi Aramco a day after it reported a 25% rise of its?first quarter profit.?As its East-West pipe ran at full capacity, to offset disruptions caused by tensions between Iran and the United States in the Strait of Hormuz. The Qatari Index fell by 0.1%. The Qatari Defence Ministry reported that a cargo vessel traveling from Abu Dhabi, was struck by a drone Sunday morning in Qatari waters, north-east of Mesaieed Port. This caused a small fire, which was quickly contained. The vessel continued to travel towards the port without any injuries.
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Africa-France Summit: New partnerships and deals on the menu
On Monday, French President Emmanuel Macron - and more than 30 African leaders - kicked off a conference in Kenya aimed at diversifying Paris’ partnerships?on Africa's continent and clinching?new investment?deals. The?Africa Forward Summit? is the first event France has organized in an English-speaking country since 1970. It follows a number of setbacks that occurred in former colonial nations in West Africa, which have been moving to reduce French influence. The convention began with a business meeting attended by Macron and Kenyan president William Ruto, at the University of Nairobi. In addition to the more than 30 African Presidents, Vice-Presidents, and Prime Ministers who attended, there were executives from leading French firms like TotalEnergies or Orange, as well as Africa's richest industrialist, Aliko Dangote, a Nigerian. On Sunday, during a visit to Kenya, Macron announced that the French shipping company CMA CGM would invest 823 million dollars to modernise an existing terminal in Mombasa. KENYA WANT?SUMMIT RESULT DISCUSSED IN G7 Kenya is hoping to use the summit as a way to attract French investors who are looking to take advantage of the pan African?free trade zone (AfCFTA) which is currently being implemented across the continent. Ruto wants to also advance the talks to make the global financial system more fair to heavily indebted African nations, a campaign that France has committed to supporting. The Kenyan President will attend the G7 Summit next month at Evian-les-Bains on the invitation of France which is the rotating president. Kenyan Foreign Ministry Musalia Mudavadi said: "We think it's good if the G7 can mainstream critical outcomes of this meeting as important agenda items." France's closest African ties have always been in its former colonies, located in the west and the centre of Africa. However, there is a growing anti-French sentiment. Since 2020, coups in Mali, Burkina Faso, and Niger have brought military officers to power who expelled French soldiers and invited Russian mercenaries. France handed over its last major military base in Senegal in July last year after Senegalese president Bassirou Diomaye Faye declared that French bases were not compatible with the sovereignty of their country. In a Sunday news conference, Macron played down the absence of certain leaders at the summit. He said that several West-African leaders, including Faye would be there, and France is still looking for connections with people in those countries. He said, "We may disagree with certain governments...but never with people." $1 = 0.8506 Euros (Reporting and editing by Aaron Ross, Jacqueline Wong, and Gus Trompiz; Additional reporting in Paris by Gus Trompiz)
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South Korea vows to respond after attack on cargo vessel in Strait of Hormuz
The Blue House of South Korea's president condemned Monday a recent attack on a Korean-operated cargo ship in the Strait of Hormuz. It said that it would respond as soon as the attacker was identified. A Blue House official confirmed that experts conducted a preliminary forensic analysis on the damage done to the port stern. An attack on the vessel caused a fire to break out in its engine room. The official stated that Namu, operated by HMM Co., was not in violation of the rules at the time, in the waters off the United Arab Emirates. It was an attack on a commercial vessel, which cannot be justified. Wi Sung-lac told a press briefing that "we condemn this in the strongest terms." Wi is the South Korean presidential national security advisor. Wi Sung-lac, the South Korean national security adviser to the president, said that the damage to the vessel had been identified during the forensic examination by South Korean officials at a Dubai port. A Blue House official said that the damage wasn't known immediately after the attack because it was located in "the lower port stern". The official stated that it was unknown what role Iran might have played in the attack. Tehran had previously denied any responsibility for the attack, which involved a powerful impact on the side. The Iranian Embassy in South Korea issued a statement on Monday saying that it had no official position or update but would let the public know if any new information was available. Donald Trump, the U.S. president, said that Iran fired at the South Korean ship a short time after the incident. He urged Seoul to support U.S. efforts to secure the shipping through the strait. (Reporting and editing by Ed Davies, Jack Kim, Heejin Kim)
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The evacuation of passengers from a cruise ship infected by a virus will be completed on Monday
Spain's Health Minister has announced that the evacuation of passengers from an?Australian-flagged luxury ship affected by a deadly outbreak of hantavirus will be completed Monday, with flights from the Netherlands and Australia. Officials have announced that two flights from Australia will transport six passengers?from?the?Spanish Island of Tenerife? and one from the Netherlands will transport 18 passengers. Both flights will also carry passengers from other countries who did not send their repatriation flight, according to officials. According to the World Health Organization's Friday tally, eight people who are no longer aboard the ship have become ill. Six of them have been confirmed as having contracted the virus. Three people have died, a Dutch couple as well as a German. The U.S. Dept. of Health and Human Services announced on Sunday that one of 17 Americans returning to the United States has tested positive for Andes virus strain, while another has mild symptoms. According to the French health minister, a French passenger tested positive for this virus. The person's condition was also deteriorating. The WHO reported six cases, but it was unclear if the two French cases were among them. On May?3, the MV Hondius carried 147 passengers, including crew. A cluster of severe respiratory illness among passengers was reported to WHO. The vessel had already departed by then with 34 passengers. It sailed out of Argentina in March, stopping in Antarctica and other?locations, before heading north, to the waters west of Africa, off the coast of Cape Verde. Last week, the vessel was temporarily held in Cape Verde after it became aware of an outbreak. Health officials in Johannesburg first discovered the outbreak on May 2, after treating a British passenger who had been admitted to intensive care three weeks earlier after leaving the ship. The luxury ship left Cape Verde on Wednesday for Spain's Canary Islands, off West Africa. After the outbreak was discovered, the WHO and European Union requested that the country manage the evacuation. On Sunday and Monday, passengers will be flying from Tenerife to Canada, the Netherlands Turkey, Britain, Ireland and the United States. Some passengers were also flown to Madrid. The passengers will undergo testing upon arrival, and will then be transported to quarantine facilities or hospitals. Maria Van Kerkhove said that the WHO recommends a quarantine of 42 days for all passengers on board from Sunday. On Monday evening, thirty crew members will stay on board the ship and sail it to the Netherlands where the vessel will be disinfected. Health officials reminded a public that was still scarred by the COVID-19 Pandemic, that the virus is less contagious than the COVID-19 and poses little risk to the population as a whole. In an interview with CNN, acting U.S. CDC director Jay Bhattacharya said that the 17 U.S. ship passengers would have the option of being isolated at home or in a Nebraska facility. The Spanish health ministry has also played down the risks to the general population. The ministry added that no rodents were found aboard the ship. Reporting by Bureaus; Writing by Raju Gopikrishnan, Editing by Stephen Coates
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Turkish Airlines evacuated after a tyre flame ignited on landing in Kathmandu
Authorities said that a Turkish Airlines tyre caught fire after it landed in Kathmandu on Monday. The airport was closed for one hour. After the fire, all 277 passengers on the Airbus A330, including 11 crew members, were evacuated using the emergency exits. The fire started in the rear right tire of the aircraft. The plane was towed onto the taxiway after the fire was extinguished. "It is grounded," Bhul stated. Turkish Airlines reported that a smoke was detected in the landing gear as it towed and that technical inspections had been conducted. Initial assessments suggest that the smoke was caused by a malfunctioning hydraulic pipe," Yahya Ustun said, senior vice president of communications for the airline, on social media platform X. He added that an additional flight was planned to?return the passengers. (Reporting and writing by Gopal Sharma, Sakshi Dayal, Clarence Fernandez & Jamie Freed).
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British paratroopers drop hantavirus-suspected samples on Tristan da Cunha
British paratroopers dropped medics and supplies on Britain's remotest overseas territory, Tristan da Cunha. This was after a suspected case of hantavirus had been confirmed. Six paratroopers - and two military clinicians - from the 16 Air Assault Brigade jumped 'from a RAF A400M transport plane that flew 6,788km (4,218miles) from RAF Brize Norton in Oxfordshire to Ascension Island. Then another 3,000km due south to Tristan da Cunha. On Saturday, oxygen and other medical supplies were dropped alongside the aircraft. A RAF Voyager refueled the A400M in mid-flight. In a statement, the Ministry of Defence stated that this was the first time UK military personnel have deployed medical 'personnel' to provide humanitarian assistance via parachute jump. Supplies were intended for a British passenger who, according to UK authorities, was on a cruise ship that docked in the island between April 13-15 and was affected by an outbreak of hantavirus. The WHO reported that the man had symptoms consistent with hantavirus and was stable in isolation. The Ministry of Defence said that oxygen supplies were at an all-time low on the island, and an airdrop of medical personnel with vital care was the only way to reach the patient before it was too late. Tristan da Cunha is home to around 200 people and lies halfway between South Africa, South America, and Africa. It's the most remote inhabited island in the world, located more than 2,400km away from its nearest inhabited neighbor, St Helena. The island is usually staffed by a two-person medical team to provide for its needs. It can only be reached by boat, as there is no airstrip. On May 7, a military plane delivered PCR tests to Ascension Island where a British man had debarked from the cruise ship before he was'medically evacuated' to South Africa. "The arrival of parachutists, medical personnel, and medical supplies has hopefully reassured Tristan da Cunha's people," said Brigadier Ed Cartwright. He is the Officer Commanding 16 Air Assault Brigade. (Reporting and editing by Aislinn laing)
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Ministry of Defense: South Korean ship hit by unidentified object in Strait of Hormuz on May 4, says
After a Friday inspection, the Foreign Ministry announced on Sunday that the stern of a South Korean shipper's bulk carrier, HMM, was struck by an unidentified object while it was stranded on the Strait of Hormuz on May 4. Seoul reported an explosion and fire on the same vessel, the HMM Namu, in the strait while it was anchored near the United Arab Emirates. The incident did not cause any injuries. U.S. president Donald Trump stated at the time that an Iranian attack was responsible for the incident. Seoul investigated the incident and the vessel, which was damaged by fire on Monday, was towed into a port in Dubai. The ministry stated that it was unclear what the object was and that debris would be collected to analyze. Trump asked South Korea to join a U.S. led effort, currently suspended, dubbed "Project Freedom" to ensure shipping through the Strait after?the incident. The Iranian embassy in South Korea denied responsibility for this attack. The embassy did not respond immediately to a request made outside of normal working hours for comment on the object. A spokesperson for the HMM declined to comment on this statement. Reporting by Heejin KIM Editing by Bernadette BAUCH
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Swiss Air CEO says no immediate fuel shortage, eyes contingency plans
Swiss International Air Lines' CEO said in the NZZ on Saturday that the airline has enough jet fuel to last for the next six weeks. However, the company is exploring contingencies such as "tankering", amid industry warnings of fuel shortages linked to the Iran War. The newspaper Neue Zurcher Nachricht quoted SWISS CEO Jens Fehlinger as saying that "the current forecasts of our suppliers, oil companies and refineries, are good." European airlines are warning of possible jet?fuel shortages in the coming weeks due to the U.S. - Iran conflict, which has caused energy prices to soar and curtailed'supply. "If there were to be a kerosene shortage, it would be first seen in Africa and?Asia. He told NZZ that he saw no evidence of this at the moment. The outlook is stable. However, Fehlinger stated that the airline, along with its parent company, Lufthansa Group were working on contingency planning, including "tankering," which involves filling up aircraft to capacity at a location where fuel supplies are plentiful, and then bringing additional fuel back to Zurich. Fehlinger said that such practices are currently prohibited by regulation, but there may be discussions with policymakers about reopening the possibility. He said that another option would be to strategically refuel at airports with good infrastructure along flight routes. For example, in Vienna, for flights from Europe to Asia. According to Fehlinger, the high oil prices will likely affect fares in time. SWISS has protected itself against recent fuel market volatility by hedging 80% of its kerosene requirements for the year. This will limit the immediate impact of increasing prices. He said that the airline had only seen a 20% rise in fuel costs.
E.ON acquires OVO as part of UK energy shake-up
German utility E.ON will soon become Britain's biggest energy supplier after it announced on Monday that it would buy rival Ovo Energy at an undisclosed price.
According to the data of?regulator Ofgem, the deal will?create one of the UK’s largest energy suppliers. The?two companies are already the third and fourth biggest providers.
The acquisition adds 4 million OVO subscribers to E.ON’s 5.6 million existing customers in the United Kingdom. According to the German company, this is an important growth market.
Marc Spieker is E.ON’s Chief Operating Officer for Commercial Operations. He said, "The planned purchase of OVO will strengthen our retail business. It also underlines our commitment as the partner of choice to our customers."
OVO, in a separate statement, said that the UK energy market had undergone a significant?change over the past few years. This was due to expectations of financial resilience and increased regulatory oversight.
The report said that these changes had altered the economics in the sector, especially for standalone energy retail businesses. It added that the changing market would favor greater scale and better access to long-term financing.
The firms stated that the parties had 'agreed' not to reveal the purchase price. They said the deal would close in the second half of 2026 pending regulatory approvals, including those from Britain’s Competition and Markets Authority.
(source: Reuters)