At European airports, planes are typically filled with the Jet A-1 grade, which is better suited to long‑haul and cold‑temperature operations and is preferred by the military
International News via Reuters:
The European Union Aviation Safety Agency has told airports and airlines in the region to take precautions when switching to the Jet A fuel primarily used in the United States, amid concerns of a fuel supply crunch due to the war in Iran.
At European airports, planes are typically filled with the Jet A-1 grade, which is better suited to long‑haul and cold‑temperature operations and is preferred by the military.
“A potential introduction in markets traditionally using Jet A-1 needs to be adequately managed,” EASA said in a statement on Friday.
EU guidelines showed on Thursday that airlines will be cleared to use Jet A fuel as supplies of the EU-preferred fuel grade could run low amid scarce Middle Eastern supplies.
EASA added that aviation actors would receive safety information on adequate use.
Reporting by Linda Pasquini and Ludwig Burger, editing by Thomas Seythal and Miranda Murray
The FT reported on Thursday that the shift by the EU was prompted by European frustration with negotiations to end the Ukraine war that have been led by U.S. President Donald Trump
International News via Reuters:
Russian President Vladimir Putin is ready to negotiate with “everyone”, including the Europeans, the Kremlin said on Friday after the Financial Times reported that European Union leaders were preparing for potential talks.
The FT reported on Thursday that the shift by the EU was prompted by European frustration with negotiations to end the Ukraine war that have been led by U.S. President Donald Trump.
European Council President Antonio Costa said he believed there was “potential” for the EU to negotiate with Putin and that the bloc had the backing of Ukrainian President Volodymyr Zelenskiy to do so, the FT said.
“Putin is ready to negotiate with everyone. He has repeatedly stated this,” Kremlin spokesman Dmitry Peskov told reporters when asked about the FT report by Reuters.
“We will be ready to move forward with our dialogue as far as the Europeans are ready to do so. However, as Putin has repeatedly stated, we will not initiate such contacts after the position taken by the Europeans.”
Russia says it is for European governments to make the first move, as they were the ones who severed contact with Moscow in 2022 after the start of the war with Ukraine.
“The Russian side was not the initiator of the complete cessation of our relations with the EU,” Peskov said. “This was initiated by Brussels and individual European capitals.”
European leaders have said Russia must be defeated in Ukraine and cast Putin as a war criminal and autocrat who they say could one day attack a NATO member if he is allowed to win the war. Russia dismisses such claims as nonsense.
Putin, who ordered troops into Ukraine in February 2022, casts European powers as warmongers for supporting Ukraine with tens of billions of dollars in support, weapons and intelligence.
Reporting by Dmitry Antonov; Writing by Anastasia Teterevleva; editing by Guy Faulconbridge and Mark Trevelyan
U.S. stocks closed lower in the previous session as investors hit pause on semiconductor stocks that have rallied sharply this year, benefiting from a spending boom in artificial-intelligence infrastructure
International News via Reuters:
U.S. stock index futures rose on Friday as a recovery in chipmakers helped offset worries about renewed U.S.-Iran tensions, while investors looked ahead to crucial employment report.
By 06:56 a.m. ET, Dow E-minis rose 119 points, or 0.24%. S&P 500 E-minis rose 30 points, or 0.41%, and Nasdaq 100 E-minis added 166.5 points, or 0.58%, both trading near record highs.
U.S. stocks closed lower in the previous session as investors hit pause on semiconductor stocks that have rallied sharply this year, benefiting from a spending boom in artificial-intelligence infrastructure.
Chip stocks steadied on Friday, with Microchip Technology rising 3.1% in premarket trading after forecasting first-quarter revenue above estimates, driven by strong demand for its chips used in the industrial and automotive sectors.
Qualcomm leapt 4.8%, while Nvidia rose 0.8%.
The gains helped overshadow concerns in global markets as U.S. and Iranian forces clashed in the Gulf, denting hopes of a swift resolution to the Middle East conflict and a gradual reopening of the Strait of Hormuz, a key transit route for oil and liquefied natural gas.
Oil prices topped $100 a barrel. [O/R]
“The clock is ticking, as we need to see oil flows resuming sooner rather than later,” Barclays strategist Emmanuel Cau said in a note.
“The semis trade is arguably starting to look extended, so wider market breadth and a continued melt-up in equities are contingent on tangible progress regarding the reopening of the Strait of Hormuz.”
Despite concerns that oil prices were fueling inflation, the S&P 500 and Nasdaq have touched record highs, helped by a strong earnings season, signs of a resilient economy and optimism around the outlook for technology and AI companies.
JOBS TEST
The Labor Department’s closely watched employment report, scheduled for release at 8:30 a.m. ET, is expected to show nonfarm payrolls increased by 62,000 jobs last month after rebounding 178,000 in March, according to a Reuters poll of economists.
The unemployment rate is seen holding steady at 4.3%, pointing to labor market stability as indicated by recent economic data.
“With inflationary concerns running high, a strong print could move expectations for rate cuts further out yet,” said Derren Nathan, head of equity research at Hargreaves Lansdown.
Money market futures imply traders expect the U.S. Federal Reserve to hold interest rates steady in the 3.50% to 3.75% range until the end of the year.
In other movers, Cloudflare shares plunged 17.5% after the cloud services company said it would cut about 20% of its workforce and forecast second-quarter revenue slightly below Wall Street expectations.
Trade Desk fell 13% after the ad-tech firm forecast second-quarter revenue below Wall Street estimates.
CoreWeave dropped 6.2% after the cloud infrastructure technology company raised the lower end of its annual capital expenditure forecast, citing a rise in component costs.
Online travel platform Expedia slipped 7.6% after it flagged that the Middle East conflict is weighing on demand.
Reporting by Sruthi Shankar and Utkarsh Hathi in Bengaluru; Editing by Pooja Desai
Starmer’s Labour haemorrhaged support in areas reporting overnight, with results still rolling in on Friday
International News via Reuters:
The pound and UK government bonds climbed on Friday after British Prime Minister Sir Keir Starmer said he would not resign despite bruising losses for his ruling Labour Party in local elections.
Starmer’s Labour haemorrhaged support in areas reporting overnight, with results still rolling in on Friday. The populist Reform UK party of Brexit campaigner Nigel Farage was so far the main winner, gaining more than 350 council seats in England.
Investors have been concerned that should Starmer be forced out of office, a new, left-leaning Labour leader could boost public borrowing.
The pound was last up 0.5% at $1.362, and rose 0.1% against the euro.
Meanwhile, Britain’s benchmark 10-year Gilt yield, a proxy for government borrowing costs, was outperforming global markets and had fallen 5 basis points. Yields move inversely to prices.
It was too early to gauge the full impact of the results, analysts and investors said, but Starmer vowing to stay on had reassured markets somewhat.
“I think it’s an initial relief rally,” said Lloyd Harris, head of fixed income at Premier Miton Investors. “But ultimately I think the fireworks are still to come.”
“I would say it’s a small net positive for Gilts that actually the Greens haven’t done better,” Harris said, adding that it reduced the chances that the left-wing party, which would likely increase spending, could win a general election.
Britain’s FTSE 100 stock index fell 0.5% as oil prices rose on concerns about the fragile Iran ceasefire, but slightly outperformed broader European equity markets.
TRADERS AWAIT LEADERSHIP CHALLENGES
UK markets have been jittery in the run-up to the local elections as some investors think the likely replacements for Starmer would move Labour leftwards and increase spending, adding to the pressure on government bonds.
“We don’t think any of the alternatives to Starmer are likely to be sterling positive,” said Nick Rees, head of macro research at Monex Europe.
“Angela Rayner, clearly from the left of the party, would scare bond markets, as likely would Andy Burnham,” he added, naming two Labour politicians often cited as potential challengers to Starmer.
UK 10-year bond yields have traded at 18-year highs in recent weeks, while 30-year yields rose to their highest since 1998 earlier this week.
Lale Akoner, global market analyst at eToro, said gilts could sell off again if credible leadership challenges materialise.
“The market issue is whether this threatens fiscal credibility,” she said. “So far, it does not. Leadership is weakened, but not clearly at risk of being forced out.”
The U.S. dollar edged down on Friday against a range of currencies as markets kept an eye on the Middle East. U.S. President Donald Trump told reporters the ceasefire with Iran was still in effect.
Reporting by Stefano Rebaudo and Harry Robertson; additional reporting by Canan Sevgili; editing by Amanda Cooper, Susan Fenton and Toby Chopra
There have been two separate road traffic collisions along Middle Road, Southampton, commonly known as the “Rising Sun” stretch.
At least one of the collisions appears to be of a serious nature. Out of an abundance of caution, Traffic Collision Investigators have been called out to process the scene and conduct a full investigation.
Traffic diversions are currently in place:
* Westbound traffic is being diverted at Lighthouse Road. * Eastbound traffic is being diverted over Church Road. However motorists are advised to use South Rd Middle Rd junction.
Motorists are advised to avoid the area where possible and to expect delays while emergency services remain on scene.
Further updates will be provided as more information becomes available.
The start of a new series now – Heart of Bermuda, highlighting community stories and cultural traditions that help to define Bermudian life.
We thought it would be fitting, in Heritage Month, to start with the Gombeys and, more specifically, to explore little-known facts about their costumes and the props they use during performances.
Every feather, every ribbon, every mask and every item they carry has meaning, reflecting a legacy of resistance, identity, survival and pride.
In tonight’s first episode of Heart of Bermuda, Julie Matthews-Borchardt looks beyond the rhythm of the drums to explore the deep symbolism behind the spectacle.
Hamilton has a new mayor. Michael Branco, founder of Celeste Ventures, beat out Elmore Warren, chief executive of Fresh Creations, in decisive fashion this evening. With outgoing Mayor Charles Gosling opting not to stand for re-election, the 2 entrepreneurs faced off for the top job in today’s vote.
Michael Branco garnered 76.5% of the votes to Elmore Warren’s 23.50%. More to follow…
The challenge centres on Ofcom’s use of worldwide, rather than UK, revenue to determine fees and potential fines
International News via Reuters:
Facebook and Instagram owner Meta is challenging Britain’s media regulator Ofcom over how fees and penalties under the Online Safety Act are calculated, London’s High Court heard on Thursday.
The challenge centres on Ofcom’s use of worldwide, rather than UK, revenue to determine fees and potential fines.
Britain’s 2023 Online Safety Act sets tougher standards for social media platforms such as Facebook, as well as search and pornographic content providers. It allows Ofcom to fine companies up to 10% of qualifying global revenue and to recover the costs of running the regime through fees.
Meta argues Ofcom’s approach is disproportionate and unlawful, and could result in fines larger than any imposed by a UK regulator.
It is also challenging Ofcom’s policy of how it calculates fines where two or more providers owned by the same organisation are found jointly liable for breaches.
Ofcom can then impose a fine based on the qualifying worldwide revenue of the whole organisation, not just the revenue of the individual site or app, regardless of whether that revenue relates to regulated services, Meta says.
CHALLENGE TO BE HEARD IN OCTOBER
“We believe fees and penalties should be based on the services being regulated in the countries they’re being regulated in,” a Meta spokesperson said in a statement.
“This would still allow Ofcom to impose the largest fines in UK corporate history.”
An Ofcom spokesperson said the regulator had set fees and penalties based on a provider’s qualifying worldwide revenue.
“Disappointingly, Meta are objecting to the payment of fees, and any penalties that could be levied on companies in future, that are calculated on this basis,” Ofcom said.
Meta’s challenge is due to be heard in October and trade body CCIA and “Fortnite” video game maker Epic Games may seek to intervene, Meta’s lawyers said.
Matthew Sinclair, CCIA UK Senior Director, said in a statement: “CCIA supports Meta’s challenge and intends to apply to intervene in order to assist the court in understanding the wider potential impact on the sector.”
Epic did not immediately respond to a request for comment.
Ofcom’s lawyer Javan Herberg said the regulator intends to issue invoices for fees in the third quarter, most likely in September, and could have to pay refunds if Meta’s challenge succeeds.
Reporting by Sam Tobin. Editing by Paul Sandle and Mark Potter
Schnabel was joining a host of fellow rate-setters in backing likely rate hikes, probably as soon as June, to counter the ripple effects of the Iran war on consumer prices in the bloc, which imports most of its fuel
International News via Reuters:
The risk of higher inflation in the euro zone has risen as companies and households react to surging oil prices and supply snags, European Central Bank board member Isabel Schnabel said on Thursday, hinting at possible increases in interest rates.
Schnabel was joining a host of fellow rate-setters in backing likely rate hikes, probably as soon as June, to counter the ripple effects of the Iran war on consumer prices in the bloc, which imports most of its fuel.
The German member of the ECB’s board noted a growing share of euro zone companies were planning to increase prices despite subdued demand, while households had raised their inflation expectations.
“If the energy price shock broadens, monetary policy will need to tighten to contain the risk of second-round effects threatening medium-term price stability,” she told an audience in London. “This risk has increased in recent weeks.”
Schnabel went as far as saying that the surge in fuel prices may feed through the economy faster than during the last inflation surge in 2021-22 because “memories of that painful inflation episode are still fresh”.
Investors price in three or, more likely, four ECB rate hikes over the next 12 months, which would lift the rate that the euro zone’s central bank pays on bank deposits to 2.75%-3% from 2% currently.
Schnabel also appealed to governments and lawmakers to do their part in taming inflation, urging them to put public debt on a sustainable footing and to preserve the prudential rules put in place after the financial crisis.
“The alternative – allowing fiscal and financial dominance to quietly erode the space for monetary policy amid blurred mandates – would progressively hollow out independence and ultimately lead to higher inflation and lower growth,” she said.
Writing by Francesco Canepa; Editing by Alex Richardson
“The activities carried out by these men, on behalf of China, are an infringement of our sovereignty and will never be tolerated,” Jarvis said
International News via Reuters:
Britain will summon the Chinese ambassador following the conviction of two men for spying on behalf of Hong Kong and ultimately China, Security Minister Dan Jarvis said in a statement on Thursday.
“The activities carried out by these men, on behalf of China, are an infringement of our sovereignty and will never be tolerated,” Jarvis said.
“We will continue to hold China to account and challenge them directly for actions which put the safety of people in our country at risk.
“That is why the Foreign Office will summon the Chinese Ambassador to make it clear activity like this was, and will always be, unacceptable on UK soil.”
Reporting by William James; Editing by Alex Richardson
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