Latest News
-
Fuel shortages are spreading to other parts of Russia due to the Ukrainian attack
Residents say that the U.Krainian attacks have caused fuel shortages in parts of southern Russia and even in Moscow. In nearly all of Russia, fuel purchases are now restricted. This is especially true in Russia-occupied Ukraine, southern Russia, and Siberia. Moscow and a few other mainly remote areas are the only ones without formal restrictions. However, even in the capital there are some stations that have been closed and others with long queues. At a Sunday meeting with government officials and other officials, President Vladimir Putin acknowledged that Ukrainian drone attacks had caused fuel shortages in certain regions. He said that Russia is dealing with the situation. Ukraine, in the recent weeks, has attacked supply lines in Crimea. This is a region that Russia annexed from Ukraine in 2014 and captured in 2014. The authorities have reduced hours of operation for public transport, cafes and fuel sales. On Monday, when the Crimean capital Sevastopol offered limited gasoline sales to the public, drivers queued up to pay 189 roubles per litre, nearly triple the normal price. Rostov-on Don, a city in southern Russia near the border of south-east Ukraine, is also experiencing shortages. There were some pump hoses that had "no fuel written on them". A petrol station displayed a sign that read "Fuel Sales?have?temporarily been suspended". Vladimir, who only gave his first name had tried to fill his motorbike with gas without success. "I was a courier. I quit my job. Thanks, everybody!" He said. According to the Moscow Fuel Association, in Moscow, where an?oil refinery was destroyed by a Ukrainian drone a week earlier, major filling stations operated by state-run oil companies have kept their prices largely unchanged. There have been fuel queues in some parts of the city. Prices at some privately-owned filling stations have increased by over 10%, to about 80 roubles per litre.
-
There are some flights to the Middle East that have resumed but there is still disruption.
As diplomatic efforts to resolve the conflict that followed the U.S.-Israeli strikes on Iran gain momentum, some airlines are restoring their flights to certain parts of the Middle East. However, many carriers continue to suspend flights, causing global travel disruptions. The following is a list of the current status of flights by alphabetical order. AEGEAN AIRLINES Thessaloniki-Tel Aviv flights were resumed by Greece's largest airline on June 28. Dubai flights are suspended until August 31 and Erbil and Baghdad flights until September 30. AIRBALTIC AirBaltic, a Latvian airline, has suspended flights to Tel Aviv from June 28 to July 1, and will resume its operations on July 1. Dubai flights are cancelled until October 24, AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR EUROPA On June 29, the Spanish airline began flights to Tel Aviv. AIR FRANCE-KLM Air France has suspended flights to Tel Aviv until July 1, and flights to Dubai, Beirut and Lebanon until July 5. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 9. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai and Riyadh through August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18, 2018. The airline plans to resume New York-JFK-to-Tel Aviv flights starting September 6. However, the launch of Boston-Tel Aviv, originally planned for October, will be delayed until further notice. FINNAIR It has cancelled its Doha flights up to October 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. The airline will resume its Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the resumption to Doha flights until August 1, and Riyadh flights until August 8. Flights to Dubai and Tel Aviv are suspended until the end of summer. They are scheduled to resume on the 25th October. When it resumes, the airline plans to reduce flights to Dubai, Doha and Riyadh to just one flight per day, while dropping Jeddah from its list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 31, and Doha-Tokyo until September 1. Polish Airlines has suspended flights to Riyadh from June 30 to July 2, and will resume them on July 2. LOT will begin operating its winter route from Dubai in October, and resume its Beirut operations during the Summer of 2027. LUFTHANSA GROUP Lufthansa has announced that it will resume Tel Aviv flights as soon as July?1, whereas ITA Airways confirmed they would begin on July 1. SWISS delayed the return of flights to Tel Aviv until August, while Brussels Airlines suspended its operations until October 24. The suspension of Dubai flights by SWISS and Lufthansa will continue until September 13th. Lufthansa and SWISS have suspended flights until October 24 to Abu Dhabi, Amman Beirut Dammam Riyadh Erbil Muscat Tehran. Eurowings, a low-cost carrier, has suspended flights from Tel Aviv to Beirut and Erbil until July 9 and from Dubai to Abu Dhabi and Amman to October 24. ITA Airways also extended its suspension of flights to Riyadh and Dubai until October 24, for operational reasons. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR No new dates have been set for the low-cost carrier's planned launches of Tel Aviv and Beirut. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines In response to a 'higher demand,' the carrier has extended the suspension of its Singapore-Dubai flights until August 2. It will also add services on Singapore-London Gatwick and Singapore-Melbourne routes between late March and October 24. TURKISH AIRLINES SunExpress, Turkish Airlines’ joint venture with Lufthansa has cancelled flights from Dubai to Bahrain, Beirut, and Erbil up until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Louma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Boleslaw LaSocki, Alexander Klyve Gudbrandsen, Romolo Tosiani. Matt Scuffham and Sanjeev Mikleni edited the book.
-
Lufthansa CEO: TAP's interest is'very strong,' in the competition with Air France-KLM
The CEO of Lufthansa said that the German group is preparing a bid to rival Air France-KLM. In July, the Portuguese government launched a long-delayed TAP privatisation. It aimed to sell a stake of 44.9% to a strategic partner airline to increase its global reach, and set aside an extra 5% to employees. Portugal has asked Lufthansa to submit binding bids before the end of July. The two airlines were the only contenders, with initial offers that the government considered "largely equal and very ambitious" in terms of strategic, industrial, and financial terms. This demonstrates its confidence in TAP’s valuation. Carsten Spohr, CEO of Lufthansa, told reporters that after a number of acquisitions made in Europe the group is now one of the largest?airline operators worldwide. "Now?sees Portugal as its potential as a?key partner." Spohr, quoted by online outlet ECO as saying, "Lufthansa is interested in TAP... We're confident it's the right partner but the government will make the decision," Spohr referred to the planned stake sales expected to be finished by early September. Lufthansa is expanding its 'European footprint' through a series acquisitions, including SWISS Austrian Airlines, Brussels Airlines, and most recently Italy’s ITA Airways. It builds a multi hub network throughout the region. Spohr said that these airlines "became stronger, and maintained their identities while their hubs expanded." TAP's main appeal is its lucrative and prime?slots? connecting its Lisbon hub to Brazil, Portuguese-speaking African nations?and the United States. Spohr made his remarks ahead of the groundbreaking of a Lufthansa Technik Portugal facility?in northern Santa Maria da Feira. The plant will be devoted to maintaining and overhauling aircraft engine components. It is expected that operations will begin in 2028. He added, "We believe strongly in Portugal. That is why we have opened a maintenance center here."
-
Honeywell Aerospace debuts on Nasdaq
Honeywell Aerospace's Nasdaq debut on Monday saw a 7% rise in its shares, marking a new step in Honeywell's three-way split. Shares of the aerospace engine, 'parts and defence systems maker opened at $236.78 each, compared to $221.01 last week at the close of "when-issued", which began earlier in this month. Honeywell announced that it will separate into three independent companies in 2025. These companies will focus on automation, advanced materials and aerospace. The process is expected to be completed this year. Honeywell Aerospace has listed to follow GE Aerospace's conglomerate split-up, aiming to improve performance by streamlined and specialized operations. Ken Herbert, an analyst at RBC, said that HONA's aftermarket growth was significantly lower than its peers under Honeywell legacy reporting. This is largely because of execution and supply-chain challenges. We believe that a better execution and a greater focus on RMUs will help HONA achieve its improved?AM Right to Price. Honeywell Aerospace produces engines, electronics, and systems for aircraft and spacecraft, for customers such as Boeing, Airbus, and airlines, as well for the U.S. Military. The launch of the new aircraft comes at a time when investors are clamoring for aerospace and defence assets due to?pent up demand and increasing military spending. U.S. president Donald Trump met in March with munitions manufacturers, including Honeywell Aerospace. His administration is pushing to?expand weapons production, after military operations against Iran and other 'conflicts' dwindled U.S. stocks. The company will invest $500 million as part of a deal made with the Pentagon the same'month, joining RTX & Lockheed Martin - to increase precision-guided munitions and missiles production. Honeywell Aerospace announced to investors earlier this month that they expect to "book $6.5 billion of adjusted earnings" by 2030. This is due in part to the strong demand from jetmakers and defense customers. It is expecting sales to grow by 7% to 10% this year, and to generate a free cash flow between $1 billion and $1.5 billion. Reporting by Aatreyee Dasgupta, Bengaluru. Editing by Joyjeet Das
-
Fuel shortages are spreading to other parts of Russia due to the Ukrainian attack
Residents say that the?attacks on?Crimea by the?Krainian army have led to fuel shortages spreading from nearby southern Russia to parts of the capital,?Moscow. The amount of fuel that Russian motorists can purchase has been restricted in almost all of?of _Russia, particularly in all of the Russian-occupied Ukraine, southern Russia, and Siberia. Moscow is the only city with no restrictions. However, even in Moscow some filling stations are closed and others have long lines. Vladimir Putin acknowledged on Sunday, at a meeting of?government officials and other officials, that Ukrainian drone attacks had caused fuel shortages to occur in certain regions. He said however?that Russia is dealing with the situation. Ukraine, in recent weeks, has attacked?supplylines in Crimea. This is part of a campaign it claims to be a campaign against Russia's military efforts. The authorities there have?suspended fuel sales to private drivers, shortened work hours and reduced time for public transport and cafes. On Monday, when the Crimean government offered limited gasoline sales to the public, Sevastopol, the largest city in the Crimea, drivers queued up to purchase it for 189 roubles per litre. This is almost three times the usual price. The shortages have spread to Rostov on Don, a city in southern Russia near the border of southeasetern Ukraine. There were some pump hoses wrapped in paper that said "no fuel". One petrol station displayed a sign that read "Fuel Sales have been Temporarily Suspended". Vladimir, who only gave his first name, tried to fill his motorbike with gas, but was unsuccessful. "I was a courier. I stopped working. Thanks, everybody!" He said. According to the Moscow Fuel Association, major filling stations operated by state-owned oil companies in Moscow have kept their prices largely unchanged. There are queues at filling stations in some parts of the city. Prices have increased by over 10%, to 80 roubles per litre, at some privately-owned filling stations.
-
China bans light aircraft following Beijing tower crash: FT
The Financial Times reported that China had halted private fixed-wing aircraft flights after a plane crash into Beijing's tallest building last week. Local government announced on Saturday that the sole pilot of the twin-seater aircraft died in the Friday incident, which also injured 13 people at the ground. The aircraft hit a 528 metre (1,732-foot) high building known as CITIC Tower, or China Zun in Beijing's central business district at rush hour. The FT reported that a nationwide airspace order has been issued to cover recreational flights. All'relevant flying activities' have been banned. The restrictions were not announced in public. Could not verify immediately the report. The Civil Aviation Administration of China didn't immediately respond to our request for comment. Authorities are investigating and have not revealed any details about 'the possible cause of this crash. TIGHTLY CONTROLLED China’s skies are some of the tightest in the world. The military retains a primary authority over the allocation and access to airspace. Beijing is one of the most sensitive areas in this management framework. According to an official review of aviation navigation rules, there is a 100-square-kilometer (39 square miles) permanent no fly zone over the political and symbolic core of the Chinese Capital. The area that is prohibited lies immediately west of China's skyscraper-filled central business district and includes Tiananmen Square, the Zhongnanhai compound, which houses China's highest political leadership. A plane flying near Beijing's skyscrapers, aside from military aircraft formations at national parades and police aircraft, is a rare sight. Commercial jets are routed around Beijing’s densely populated urban areas. Low-flying general aircraft is largely restricted to the city's outer suburbs. Beijing banned drones in the city earlier this year. Drones are no longer allowed to be brought or sold into Beijing, and storage is also strictly regulated. As the crash occurred just a few days before the Communist Party's 105th Anniversary of its founding, on July 1, it has also been brought under increased political scrutiny. This puts pressure on administrators to implement tighter controls. Stocks related to China's low-altitude-airspace industry broadly fell on Monday, with CITIC Offshore Helicopter shares down 4% and Zongsen Power Machinery down 7.7%. Reporting by Shivani Tana in Bengaluru and Xiuhao Chan and Ryan Woo, Beijing; Editing and production by Kevin Liffey & Sharon Singleton
-
U.S. announces that Trump envoys Kushner, Witkoff and Witkoff are traveling to Doha for the Iran meeting
The United States announced that a high-level Iran meeting would be held on Tuesday in Doha. President Donald Trump's top envoys Steve Witkoff and Jared Kushner would attend, while technical?talks will also take place on the sidelines. In a post on social media, Trump stated that Iran requested a meeting. He also said that the meeting would be held in Qatar's capital city without providing any further details. Moments later, Trump’s press secretary, 'Karoline Laavitt', told Fox News Witkoff would attend the discussions. Special Envoy?Witkoff will fly to Doha this week for high-level discussions as we continue to discuss our memorandum. She said that technical discussions will take place on the sidelines of high-level meetings. "As far we are concerned, we're keeping our end of the bargain" Leavitt said that violence will be met by violence. On June 17, the U.S. signed a memorandum of agreement with Iran that included 14 points. Both sides agreed to end the conflict after four months and reopen Strait of Hormuz. The fragile 'accord' was threatened by tit-fortat weekend attacks. After several days of strikes and counter-strikes, the U.S. and Iran will return to the table for talks. We hope that we don't have to see this. Leavitt stated on "Fox & Friends," that the president wants to see how the peace process plays out. (Reporting and editing by Doina chiacu, Katharine Jackson, Humeyra Pauk and Susan Heavey)
-
Bousso: The exodus of oil from the Hormuz region sets up a chaotic rebalancing.
The price of crude oil may have returned to levels seen prior to the Iran War, but the surge of?oil exported from the Middle East after the reopening of Strait of Hormuz has created a market chaos that could take several months to settle. Brent crude prices have fallen steeply to levels seen before the Iran war, around $73 per barrel, following the U.S./Iran interim agreement. At first glance, this might suggest that business is back to normal in the world's largest oil and gas hub. The conflict had effectively paralyzed the narrow?waterway that once carried a fifth or more of global oil and natural gas for over 100 days. The market may appear to be orderly, but it is not. What appears to be normal is actually a system that's trying to reboot itself all at once. There's a race to free trapped volumes. In recent days, dozens of tankers that were stranded in the Gulf during the conflict have been rushing to leave. U.S. Energy Sec. Chris Wright stated that flows briefly exceeded the pre-war level of approximately 20 million barrels per daily, but ship-tracking data shows overall traffic is still far below the roughly 125 crossings per day seen before the war. During transit, some vessels seem to disable tracking systems. This further clouds the picture. Undoubtedly, the Middle East oil market is growing. Clearing outbound cargo is just half of the equation. Inbound tankers are required to load crude oil in storage on land, an important step to allow producers to restart the fields and refineries that were closed during the war. The recovery of supply will not be possible without this inflow. This dynamic is especially acute for producers such as Kuwait and Iraq. Bahrain, Qatar and Bahrain have very few, if not any, alternative export routes. This constraint is expected to be temporary. Rystad Energy, a consultancy firm, estimates that the Gulf region's production was shut down by the middle of June from 11.7 millions bpd just three weeks before. By mid-June the figure had dropped to 9.6million bpd. The region is now expected to reach pre-war levels by December. Iran is a factor that may be even more important in affecting the outlook for supply. Iran is expected to rapidly ramp up its oil production following the U.S. lifting most sanctions that restricted Iran's oil sales and exports. Rystad estimates that Iran's oil production could rise to 3.3 million barrels per day by the end of the year, above levels seen before conflict, if sanctions are lifted. A flood of oil is likely to reach the markets, regardless of logistics. From SHORTAGE to GLUT This surge runs headlong into a weak short-term market. The refineries in Asia, Europe and North America have already secured a large portion of their crude oil supplies for the months of July and August. This leaves extra barrels without a place to go. The only option for many tankers is to stay at sea and effectively turn into floating storage, keeping the barrels off of the market for several weeks. After experiencing the biggest oil supply shock ever, the market could soon face the reverse problem. Investors appear to have priced in a "mini glut" for the short term. Last week, Brent futures for August traded below September contracts, resulting in a new market structure known as contango. This was the first time this has happened since the beginning of the war on February 28. This contango may persist for several more weeks, as the oil backlog in the Gulf is slowly cleared. It is unlikely that this contango will last. Once the flow of crude oil returns to normal, the market needs enormous quantities to meet the recovering demand in Asia as well as replenish inventories all over the world. Do you think that supply and demand can easily be brought back to balance? Most likely not. According to the International Energy Agency, while global supply is predicted to drop by 3.9 millions bpd by 2026, they expect it to rebound by approximately 8 million bpd by 2027, to 110.3 million. The demand, on the other hand, is expected recover much more modestly. This could create a surplus of approximately 5 million bpd in 2019. The physical constraints on the oil supply chain may prevent this scenario from occurring, but given the size of the possible supply-demand mismatch, the market is in for a bumpy ride. LINGGERING RISKS Exports are booming, but concerns over the future of the Strait of Hormuz have already returned. The U.S. and Iran interim agreement stipulates that transit along the waterway will be free of charge for 60 days while Tehran negotiates a long-term framework with Oman to regulate traffic. This temporary agreement leaves a lot of room for uncertainty. In recent days, Iranian forces shot at a Taiwanese ship transiting the Strait, triggering a round tit-for -tat with the United States. These incidents were less an escalation and more a sign that Tehran wants to assert its power through the newly formed Persian Gulf Strait Authority. Although the Gulf traffic quickly resumed after the incident many shipowners, and charterers will likely remain cautious about sending vessels back there. This caution is already reflected in the flows. According to LSEG, for every four tankers that left the region in the last week, only 'one' entered. This is far below levels seen before war. The markets seem to have brushed aside concerns about political risks, logistical issues or long-term changes in the area. After months of disruption, it is unlikely that the road to equilibrium will be easy. This suggests that today's optimism in the market might be exaggerated. You like this column? Check out Open Interest, your new essential source for 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.
Two suspects are arrested after five people were shot dead in northern Germany
On?Monday five people were killed by gunfire in a town in northern?Germany. Police said that they had detained two suspects, including the shooter.
According to a spokesperson for the police, it was not immediately clear what caused the incident at Stade near the port city of Hamburg.
A second police spokesperson said that the role of 'the second person in custody' is unclear at this time, and added that no other suspects were on the loose.
He said that it was unclear how many people were injured. The dead, he added, were all adults.
Local media reported that the incident took place near a youth center in central Stade. This is a small town west of Hamburg, with a population of a little under 50,000. The spokesperson refused to provide any further details.
Police had warned residents of the area to stay away from the scene shortly after the incident.
(source: Reuters)