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Snam is on course to reach its 2026 goals after quarterly gains in core profits
Gas grid operator Snam in Italy said that it was "fully on track" for its 2026 goals after posting a 1.8% increase in quarterly core profits. It added that tensions in the Middle East, Ukraine and elsewhere had no significant impact on their business. Snam's first-quarter earnings (EBITDA), i.e. before interest, taxes, depreciation, and amortization, were 775 million euros, which was in line with the company's consensus estimate of 771 millions euros. The results reflected the growth in revenues regulated, mainly in the business of gas infrastructure, as well as changes within the group. It has now fully consolidated the terminal for liquefied gas offshore the Tuscan city Livorno. Snam stated that the adjusted net profit dropped?7.6%, to 375 millions euros. This was slightly higher than the 363 million euro consensus provided by Snam. The reason for this is due to increased depreciation,?amortisation?and financial costs. The group has confirmed its financial targets for?2026, which include a?adjusted EBITDA of approximately 3.1 billion euro and?adjusted?net profit above 1.45 billion euro. Gas storage level was 50% as of end-April.
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Freeport LNG closes one liquefaction trains at Texas export facility for maintenance
Freeport LNG announced on Wednesday that one of its three liquefaction train at the liquefied?gas export plant in Texas would be taken offline for scheduled maintenance. In an email, a company spokeswoman said that they expect the train to be back in service safely in the coming weeks. Freeport LNG is one of the most closely watched LNG export facilities in the world because its shutdown and startup have caused huge price swings on global gas markets. U.S. Gas prices tend to drop when Freeport shuts down because of the lower demand from the plant. However, they usually rise once the liquefaction train at Freeport restarts as the plant uses more fuel. However, U.S. Gas futures are up about 1% so far on Wednesday despite the expected feedgas drop at Freeport. According to energy analysts, the increase in U.S. Gas prices is primarily due to a drop?in production over the last few days. Data from the financial firm LSEG'showed that gas flows into Freeport are on track to 'decline from 1.9 billion cubic feet per days (bcfd), over the previous four days, to 1.6 bcfd on Wednesday. Three liquefaction plants at Freeport can convert about 2.4 billion cubic feet per day of gas to LNG. A?billion cubic foot of?gas can?supply?about 5 million U.S. households for a single day. Reporting by Anjana Anil from Bengaluru, and Scott DiSavino from New York. Editing by ChizuNomiyama.
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Price hikes and outlook cuts are used by airlines to combat the fuel price surge.
The aviation industry was blindsided by the sudden increase in jet fuel costs from $85 to $100 to $150 to $200 per barrel during the U.S./Israeli war on Iran. Fuel accounts for as much as a quarter or more of the operating costs, which has forced airlines to increase fares and review their financial forecasts. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights, as well as a spike in fuel costs, will have "notable impacts" on its results for the first quarter. AIRASIA X The executives of the?Malaysian airlines said that the company has cut 10% of its flights in the group. Fuel prices have also been increased by about 20%. AIR CANADA The volatility in jet fuel prices has caused the largest Canadian carrier to suspend its full-year forecast. Fuel prices have increased and the company has announced that it will reduce four of its 38 daily flights from New York. AIR CHINA, CHINA SOUTHERN AIRLINES, CHINA EASTERN AIRLINES China's "big three" airlines have reduced surcharges for domestic flights to 60 yuan (9 dollars) for flights less than 800 kilometers and 120 yuan (120 dollars) for those more than 800 kilometers, from respectively 10 and 20 yuan. AIR FRANCE-KLM The airline group has said that it expects a $2.4billion increase in fuel costs this year. It also downgraded the outlook for capacity to a 2%-4% increase from 2025. It had previously predicted a 3%-5% increase. Cabin fares will increase by up to 59 euros (50 euros) for round-trip flights. The group announced previously that it would be increasing long-haul ticket costs to combat rising fuel prices. KLM, the Dutch arm of the?group, announced?on 16 April that it would cancel 160 flights across Europe in a month's time due to increasing fuel prices. AIR INDIA Between June and August, the Indian carrier will temporarily reduce flights on several international destinations. Bloomberg News reported that the company was considering furloughing employees who were not technical and reducing flight capacity more than 20% over the next three month. The company said that it will also revise the fuel surcharge, moving from a flat surcharge for domestic travel to a grid based on distance. The company said that surcharges for international routes do not compensate the steep rise in fuel costs. AIR NEW ZEALAND On April 7, the airline announced that it would cut flights in May and June, and raise fares. It was one of the first airlines to announce a large increase in ticket prices after the conflict began. The airline also suspended its earnings forecast for the full year due to volatility in the fuel markets. AIR TRANSAT The Canadian airline announced that it would reduce its planned capacity by 6 percent from May to October of this year. Cuts are expected to be made on routes to Europe, the Caribbean and Cuba. AKASA AIR Akasa Airlines, based in India, announced that it would be imposing a fuel surcharge on both domestic and international flights ranging from 199 to 1,300 Indian Rupees ($2 - $14). ALASKA AIR Fuel prices are rising sharply, putting pressure on airline margins. The carrier had previously withdrawn its profit forecast for the full year and warned that earnings would be severely affected in the second quarter. The carrier has also reduced capacity in certain markets. AMERICAN AIRLINES The U.S. airline slashed their 2026 profit projection, pushing it to the lower end, a loss. They also said that they expected to see an increase in jet fuel costs of more than $4 billion for this year. The government has increased the fees for checked bags on domestic flights and short-haul flights by $50 for the third bag and $10 for each of the first two bags. It also reduced certain benefits to economy passengers. It said that higher fuel costs would increase its costs by approximately 140 billion yen (890 million dollars) this year. However, it is expected that hedging and cost reductions will limit the impact of the increased fuel prices to about 60 billion yen. It has said that it will consider introducing a domestic surcharge for fuel in the fiscal year starting April 2027. ASIANA AIRLINES Newsis reported that the South Korean airline would cut 22 flights from April to July because of fuel price increases. CATHAY PACIFIC Hong Kong Airlines will reduce fuel surcharges on most flights starting May 16 as part of its "agile" response to the volatile jet fuel price. 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. DELTA AIR LINES Delta announced that it would reduce capacity by 3.5 percentage points compared to its original plan, and increase fees for checked baggage in order to offset the rising costs of jet fuel. The increase will be $10 on first and third checked bags and $50 on second and fourth checked bags. The U.S. carrier pulled all planned growth in capacity for the current quarter, and forecast profits below Wall Street expectations. EASYJET EasyJet has warned that it will suffer a larger half-year loss before tax of between 540 and 560 millions pounds (729 and 756 million dollars), including an extra 25 million pounds of fuel costs in march. FRONTIER AERLINES The Wall Street Journal reported that a group of U.S. low-cost airlines, including Frontier, has proposed a $2.5 billion relief package to the U.S. Government. The report stated that the figure was based on the amount of jet fuel the group is expecting to spend this year in comparison to previous forecasts. Fuel prices have risen significantly since the carrier's forecast, and it has stated that it will be reviewing it. GREATER BAY Airlines The Hong Kong-based airline said that it will increase fuel surcharges for most routes on April 1, but keep them the same on routes to mainland China and Japan. HONG KONG Airlines The airline announced that it would increase fuel surcharges up to 35% on flights between Hong Kong, the Maldives and Bangladesh, and Nepal. Charges would go from HK$284 to HK$384 for these flights. British Airways' owner IAG has warned that the annual profit will be lower than expected, due to rising jet fuel prices and supply disruptions. It had previously announced that it would increase ticket prices in order to reflect the higher costs of jet fuel. Despite its fuel hedges it was still "not immune" from the wider fallout caused by fuel price volatility. INDIGO India's largest airline announced that it will introduce fuel charges for domestic and international flights starting March 14. The charge for flights into the Middle East is 900 rupees and for flights into Europe, 2,300 rupees. JETBLUE AERWAYS JetBlue announced that it would reduce hiring, cut capacity, and raise fares in order to mitigate the impact of the rising jet fuel prices. CEO Joanna Geraghty stated on a earnings call that the airline had suspended its outlook for the full year. Sources with knowledge on the subject have confirmed that KOREAN will be entering emergency management mode in April as oil prices continue to rise. LATAM AIRLINES The Chilean carrier has cut its core earnings forecast for 2026 after rising jet fuel costs pushed up costs. LUFTHANSA The German airline group has said that it will be hit by jet fuel prices of 1.7 billion euros in 2026. Its subsidiary ITA Airways announced that it would increase ticket prices by between 5% to 10% in 2026, in order to compensate for rising fuel costs. The group announced in April a new low-cost "Economy Basic", which limits free carry-on luggage to a "laptop or small backpack". The group had previously announced that 20,000 short-haul flight would be removed from their schedule by October, which is equivalent to approximately 40,000 metric tonnes of jet fuel. PAKISTAN INTERNATIONAL FLIGHTS The airline said that it would increase domestic flight fares up to $20, and international flights by up $100. It cited higher fuel surcharges as the reason for this. QANTAS AIRWAYS Qantas, an Australian airline, said that it has delayed a planned A$150-million ($109-million) buyback. It also increased its fuel estimate for the second half 2026 from A$2.5-billion to A$3.1-3.33 billion. Scandinavian Airlines announced that it would cancel 1,00 flights in April due to high jet fuel and oil prices. In March, the airline had cancelled "couple hundred" of flights. SPIRIT AIRLINES The U.S. Low-Cost Carrier shut down abruptly, after collapsing due to financial pressures. This included the sharp increase in fuel prices caused by the Iran War. SPRING AIRLINES Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5. Details to be announced in due course. SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES The U.S. airline forecast a second-quarter loss below the market's expectations, and its CEO warned that the spike in jet fuel would cost the airline billions of dollars during the quarter. The previous increase in the cost of checked bags was $10. The Portuguese airline claimed that its price increases would partially offset the impact of fuel prices changes on its revenues. THAI AIRASIA Thai low-cost airline said that it would reduce its overall seat capacity between May and July by 30% on average to offset the impact of rising aviation fuel costs and a softening of demand. THAI AIRWAYS The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices. The European airline, tour operator and travel agency cut their full-year profit forecast and suspended revenue guidance. They said they had incurred extra costs of about 40 million euro due to the March war, including repatriation and operational disruptions. TURKISH AIRLINES LUFTHANSA SunExpress, the joint venture between Turkish Airlines, Lufthansa and Lufthansa announced that it would charge a temporary fuel fee of 10 euros for each passenger on routes connecting Turkey with mainland Europe. The fuel surcharge will be applied to all bookings made after April 1, for departures on or after May 1. Turkish Airlines announced on April 10, that it would not be distributing any dividends from its net profit for 2025, instead choosing to keep the earnings and preserve cash. T'WAY AIR As part of measures taken to combat the effects of war, the South Korean low cost carrier announced that it would furlough cabin crew in May and/or June without pay. UNITED AIRLINES The CEO of the?U.S. Scott Kirby, the airline's CEO, said that ticket prices could rise up to 15%-20% to offset an increase in jet fuel costs. The company has already implemented five fare hikes late in the first-quarter, along with increased baggage fees that it says have begun to offset rising fuel prices. The carrier forecasted second-quarter profits and profits for the full year below Wall Street expectations. It said that it would recover only 40-50% through fares and revenue measures during the second quarter. This figure was expected to improve to 70-80% by the third quarter and up to 85-100% in the fourth. VIETJET Due to possible fuel shortages, the?Vietnamese low-cost airline has adjusted flight frequencies on certain routes. VIETNAM Airline Vietnam's Aviation Authority announced that the carrier will cancel 23 flights per week on domestic routes starting in April after it requested assistance from the government to remove a tax on jet fuel. VIRGIN ATLANTIC Corneel K. Koster, CEO of the Financial Times, said that although fuel surcharges will be added to fares this year, the airline still faces a struggle to become profitable. VIRGIN AUSTRALIA Virgin Australia has said that it expects an increase of jet fuel costs of between A$30 and A$40 million in the second half of the fiscal year. It also anticipates a 1% decrease in capacity for the fourth quarter. VOLOTEA The Spanish low cost airline has introduced a new pricing strategy that links ticket prices with fuel costs. This could add an additional surcharge after purchase of up to fourteen euros per passenger per flight. WESTJET Globe and Mail reports that the Canadian airline has reduced seat capacity in June. The Canadian Press reported previously that the airline would add C$60 ($44.50) to certain bookings, and combine flights due to rising costs. WIZZ AIR Low-cost carrier reassessed its forecast upwards citing strong bookings in advance and quick action to offset rising fuel prices and flight cancelations by adding capacity on new and existing routes and using promotional rates. The airline had warned of a possible profit drop at the beginning of the Middle East war.
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Ukraine claims it has struck Russian oil and gas infrastructure
Ukraine's military announced on Wednesday that it had?struck? a Russian oil terminal, refinery and gas processing plant. Kyiv is renewing attacks on energy infrastructure following a...short-lived truce. Robert Brovdi, commander of Ukraine's General Staff drone forces and the Telegram app, said that the Tamanneftegas Terminal in the Krasnodar Region and the gas plant in Astrakhan had been attacked. Both facilities are located in southern Russia. They added that the strikes had caused fires to occur at reservoirs. General Staff also added that a refinery located in Yaroslavl to the northeast of Moscow was also hit. The statement said that primary?oil refining units were also hit. Ukraine has targeted Russian oil installations 'as Moscow uses the revenues generated from its hydrocarbon reserves - now in their fifth year - to finance its war in Ukraine. (Reporting and editing by Andrew Heavens, Gareth Jones and Yuliia Dyesa)
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Nissan expects to earn more than $1 billion in profit this fiscal year despite the modest Iran War hit
Nissan predicted more than $1 billion in profit for its fiscal years on Wednesday. It predicted a relatively small hit from the?Iran war, and an increased?impact of cost-cutting. Nissan stated that the conflict would likely affect the operating profit forecast for this year of 200 billion yen (1,27 billion dollars) by less 15 billion yen. The estimate, however, only covered the first six months of the current year. Ivan Espinosa, Nissan's CEO, told reporters the Japanese automaker could ship "a good amount" to the Middle East despite the bottlenecks caused by the war. Espinosa stated that "we found routes to delivery product", adding that Nissan anticipated a sales reduction of 19,000 vehicles during the first half year of its business due to the conflict. Toyota, the largest automaker in the world, said last week that the Iran War would cost them $4.3 billion this year. Nissan anticipates that purchasing-related measures to cut costs and manufacturing steps will provide a 'boost' to the profit this year, while raw material prices are expected to be a drag. Julie Boote is an auto analyst with Pelham Smithers. She said that the greater risk for Nissan, Toyota, and other Japanese carmakers comes from the impact the conflict could have on global economies, especially in the key Asian markets. She said that no Japanese automakers had included this in their forecast. "They still seem quite optimistic about the level demand from Asia," she said. Nissan announced a profit for the fiscal year ending in March of 58.0 billion Japanese yen, which is slightly higher than a revised profit forecast of 50 billion yen released last month. The company booked a profit on improved cost performance and a one-time boost related to U.S. emission regulations, which offset the hit from Washington's Tariffs. According to a LSEG poll, analysts expected Nissan to report a loss for the fiscal year of 60 billion yen. The previous year, the company had posted a profit in the amount of 69.8 bn yen. Nissan, like other automakers, is under pressure from U.S. Tariffs and fierce competition in Europe from Chinese electric vehicle makers. The company said that U.S. tariffs had a negative impact on the profit of?286 billion Japanese yen for the last financial year. Espinosa wants to bring Nissan back to growth after years in turmoil. He is doing this by cutting the number of vehicles, the number of manufacturing sites, and jobs.
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Europe will enjoy easier train travels with the EU's new single-ticket plan
The European Commission proposed on Wednesday new rules to simplify train travel. They include allowing single ticket bookings throughout Europe. The proposal allows for travel between different countries in Europe and across rail lines to be booked using a single ticket. This would make it easier for passengers to compare prices while also protecting their rights as consumers if they miss a connection on'multi-leg' journeys. The aim is to help 'the EU reach its climate goals by making it easier for passengers to access more sustainable travel alternatives. The EU announced an action plan in November to increase interconnectivity between European rail hubs. This will make rail a more appealing alternative to short flights. The European Commission stated that "at present, it is difficult for EU citizens to compare all travel options and identify the most sustainable ones, particularly for cross-border travel. This is especially true for rail tickets." Rail companies will have an additional year to update their platforms and websites. Critics claim that the proposal has the wrong priorities. Alberto Mazzola is the executive director of CER, an organization that represents European rail operators. He said the EU should "focus on the delivery" of infrastructure, rather than the sale?of tickets. Mazzola explained that selling tickets is of limited value if you lack the infrastructure. (Reporting and editing by Inti landauro, Ali Williams and Alexander Chituc)
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Trump's plans for Greenland will likely spur investment and tourism, which is more likely to be profitable than mines.
Arctic tourism is likely to pay off faster than future plans to'mine' for minerals, according to the head of Denmark’s export credit agency. Greenland's and Denmark's governments have repeatedly rejected Trump’s demands that the autonomous Danish territory be a part of the United States. Since Trump's plans thrust Greenland to the forefront, there has also been an increase in interest for doing business there. "I'm actually convinced that this time is different. Peder Lundquist is the chief executive of Danish export credit agency EIFO. Lundquist said, "We think there's a quicker path to local value in tourism than in raw materials." Raw materials are a good source of value, but they take decades to create. The tourism industry in Greenland is being held back due to limited capacity during the summer peak months. EIFO has funded a study to determine the possibility of increasing visits to the area surrounding the town of Ilulissat, on the island's western coast. This area is soon to be receiving an international airport. Disko Bay, a bay near the Arctic Circle, is known for its wildlife and dramatic scenery. It attracts cruise ships. The analysis will examine harbour capacity, feeder infrastructure, and the distribution of visitors in the area. Trump said that the United States needed Greenland because of its strategic location, and the mineral wealth under its ice. This included gold and rare earth materials which are used in technology products. There has been very little mining done on Greenland, where the 57,000 residents elect leaders who promise to protect its natural environment. Greenland's prime minister Jens-Frederik Nrstjens, who spoke to journalists on Tuesday in Copenhagen, said his government would be open for business, but not compromise on the environment. Greenland has high environmental standards because it lives off nature and the sea. This will not change, no matter how much rare earth minerals there are. The European Union has said it wants to "double its financial support for Greenland" and selected the GreenRoc graphite company, which EIFO also supports, as being critical to increasing the bloc's supply. Lundquist, however, said that he didn't 'expect large mining projects to materialise just yet. Both because of these environmental standards and?because commercially viable large-scale extraction wasn’t possible without public-sector guarantee. He said: "My argument would be that you need some sort of political support if you're going to do this on a larger scale." Support could be provided by the EU, or even the Danish government. Deals are being made on a smaller scale. EIFO anticipates 3-5 new deals in 2026. It is also considering financing Suliaq - a subsidiary owned by gold miner Amaroq - which seeks $20 to $35 million in order to purchase equipment for Arctic mining, currently unavailable or scarce in Greenland.
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Air India cancels international flights due to Middle East conflict
Air India announced a temporary cut in 'flights between June and August on a number of international routes, citing restrictions to airspace in certain regions and record high jet fuel prices. The Iran War has caused airspace closures around the globe, a sharp rise in fuel prices, and a longer rerouting of flights. Air India has been impacted by the conflict and its operational disruptions, which have resulted in a'significant increase of expenses' and exacerbated the effects of Pakistani airspace ban. Last year, Islamabad prohibited Indian carriers from entering its airspace due to tensions between the two nuclear-armed neighbors. Air India suspends flights between Delhi and Chicago, as well as Mumbai and New York. Air India will reduce its frequency of flights from?Delhi in Europe to Paris, Milan, and Rome. In Asia, services between Delhi and Shanghai were suspended. The airline stated that it would continue to?operate over 1,200 flights internationally?everymonth and work towards restoring its full operation?whenever circumstances permit. It added that if the disruptions continue, it may be necessary to make further adjustments to its network. (Reporting and editing by Mrigank Dahniwala, Joe Bavier and Nishit Navin)
What are the main policies of Hungary's newly elected government?
Hungary's new Prime Minister Peter Magyar was sworn into office earlier this week. He replaced Prime Minister Viktor Orban after 16 years.
The following key plans of change were outlined by ministers before their inauguration:
ECONOMY The government of Hungary wants to create a new economic model that focuses on productivity, added value and skilled workers, as well as a predictable business and economic environment. This will help level the playing field between corporations.
Andras Karaman, the Finance Minister, said on Tuesday the overpriced?public procurements?under the Orban government increased the budget deficit and?distorted?the economy. The 2027 budget is due by the end October. It will lay out a clear path to reduce the budget deficit from 7% to 3% in 2030.
Karman also promised to reduce the public debt sustainably, which will require growth in addition to a disciplined fiscal policy.
EUROPEAN UNION Magyar repeatedly pledged that it would bring back European Union funds frozen due to rule-of-law concerns under the Orban administration. The EU's pandemic fund is expected to provide the government with 6.4 billion euro ($7.49billion) in grants, and 3.9 billion euro in loans. The funds will be used to improve education, healthcare, housing, and energy efficiency.
The new government also plans to launch a discussion on the adoption of the euro and will aim to meet the criteria required for the joining of the euro before 2030. Marta Gorog, Minister of Justice in Hungary, said that the legislation must once again "reflect" international and European legal standards including common EU value. She stated that the government intends to amend the “child protection law” restricting access LGBTQ+ content following a ruling from the European Court of Justice.
ENERGY
The new government is expected to review the financing and implementation for the Paks nuclear plant expansion project. This was awarded without tender in 2014 to Rosatom, a Russian company.
The plan is to diversify its energy sources, while maintaining the access to both oil pipelines that carry oil to Hungary. This is viewed as an advantage. Hungary was heavily dependent on Russian gas and oil imports under Orban.
FOREIGN POLICY Anita Orban, Foreign Minister of Hungary, said that the European Union and NATO are Hungary's two main allies. She also stated that the government intends to rebuild the trust that was lost in Hungary under the previous administration.
The Magyar government aims at rebuilding central European co-operation based on friendship between Poland, Hungary and the Magyars.
Anita Orban said she also aims to maintain a transparent and equal relationship with Russia. The United States, however, will continue to be an important ally for security and economics.
She reaffirmed?that Budapest won't send soldiers or arms to Ukraine. It will also not participate in a 90 billion euro EU loan. And it doesn't support an accelerated EU membership for Ukraine. Hungarian officials say Ukraine should begin the regular EU accession process. At the end, Hungary will hold a binding EU referendum.
Face the Past
The Magyar government has set up a recovery office for financial assets that were allegedly "misappropriated" or lost due to corruption during the Orban administration. Parliament will create the National Asset Recovery and Protection Office, which will begin working on 1 July. The Tisza Government also plans to release the secret police archives from the communist era by October.
TAXES The 'government' plans to introduce a tax on high-earners and review the tax benefit system. The government will reduce the value-added taxes on prescription medicine, firewood and fruit and vegetables. It also plans to introduce personal income rebates. Andras Karaman, Finance Minister, said that for now, sectoral taxes would remain in place, because changes to this area "will need to be long-term, predictable and accounted for significant revenue." Viktor Orban’s government introduced special taxation on banks, oil companies, retail chains, telecom companies and?utility firms.
Checks on PM's Power The Finance, Justice, Education and Health Ministers will be able to veto any legislation that is brought before parliament in order to check the power of the Prime Minister. The government plans to change the electoral laws so that no one can serve as Prime Minister for more than 2 terms.
(source: Reuters)