tariff

US takes first steps towards new global trade penalties

BY BEIYI SEOW

  • This is the same authority Trump tapped to impose tariffs on Chinese imports during his first presidency, and many of the resulting duties remain intact.
  • The United States announced new investigations Wednesday into what it considers unfair trade practices by dozens of countries, opening the door to penalties such as further tariffs as President Donald Trump seeks to replace duties struck down by the Supreme Court.
  • This is the same authority Trump tapped to impose tariffs on Chinese imports during his first presidency, and many of the resulting duties remain intact.
The United States announced new investigations Wednesday into what it considers unfair trade practices by dozens of countries, opening the door to penalties such as further tariffs as President Donald Trump seeks to replace duties struck down by the Supreme Court.
The Trump administration is launching separate probes centered on overproduction and importing goods made with forced labor, US Trade Representative Jamieson Greer told reporters.
The excess industrial capacity probe targets the European Union, China, Japan, India and others, and could inflame tensions with those trading partners.
Many of those targeted have struck tariff pacts with Washington, which Greer said are "independent" of the investigations.
He said Trump's trade policy remains the same as it has been "for decades," even if his tools may change.
"We need to protect American jobs, and we need to make sure we have fair trade with our trading partners," he added. "If we need to impose tariffs to help solve this, we will."
Others subject to the excess capacity probe initiated Wednesday include Singapore, Switzerland, South Korea, Vietnam, Taiwan and Mexico.
The investigation "will focus on economies that we have evidence appear to exhibit structural excess capacity and production in various manufacturing sectors," Greer said.
He did not specify if the eventual penalties would differ based on the country.
The second probe linked to forced labor will likely be launched "no earlier than tomorrow afternoon" and impact roughly 60 partners, he said.
"This is not about domestic conditions of particular countries," Greer added.
"It is really about whether countries have implemented external-facing laws to prohibit the import of goods made with forced labor."

More to come

The efforts come weeks after the high court struck down Trump's global tariffs, saying he had exceeded his authority in tapping emergency economic powers to impose them on virtually all countries.
Trump swiftly slapped a new 10-percent duty on imports, to last until July 24 while officials work on more durable measures as they resurrect his trade agenda.
Greer expects other similar investigations "on a country-specific basis" to come.
He seeks to conclude the latest probes "as quickly as possible," ideally before the temporary duties expire.
Both investigations unveiled Wednesday are handled by the USTR, falling under Section 301 of the Trade Act of 1974.
This is the same authority Trump tapped to impose tariffs on Chinese imports during his first presidency, and many of the resulting duties remain intact.
Trump's sector-specific tariffs on goods like steel, aluminum and autos, however, remain unaffected by the Supreme Court's ruling.
Greer said it is too early to say how any new penalties from the latest probes will overlap with the sectoral duties.
Asked how the new investigations could interact with deals that Trump has reached with partners like the EU and Japan, Greer maintained: "I think that we are able to take into account these agreements."
While he did not go into detail on what future investigations could focus on, he noted that Washington has concerns on issues ranging from digital services taxes to pharmaceutical pricing.
The Trump administration's latest move also comes ahead of an expected meeting between Trump and Chinese leader Xi Jinping in Beijing in April.
bys/md

US

Middle East war: global economic fallout

  • - Citi, Deloitte, PwC clear offices in Gulf - Several major international businesses closed or evacuated offices in Gulf countries after Iran threatened US- and Israel-linked economic targets and centres in the Middle East.
  • Here are the latest economic events in the Middle East war on Wednesday: - Iranian hacking group targets US medical firm - The Iran-linked hacking group Handala claimed responsibility for a cyberattack on US medical technology giant Stryker, saying it had extracted 50 terabytes of data in retaliation for the US war on Iran.
  • - Citi, Deloitte, PwC clear offices in Gulf - Several major international businesses closed or evacuated offices in Gulf countries after Iran threatened US- and Israel-linked economic targets and centres in the Middle East.
Here are the latest economic events in the Middle East war on Wednesday:

Iranian hacking group targets US medical firm

The Iran-linked hacking group Handala claimed responsibility for a cyberattack on US medical technology giant Stryker, saying it had extracted 50 terabytes of data in retaliation for the US war on Iran.

US and Europe equities fall

Major indices in the United States and Europe fell, while markets closed mixed in Asia.
Crude prices pushed higher despite the International Energy Agency announcing its members had agreed to unlock 400 million barrels of oil from their reserves -- their largest release ever.

Iran prepared to 'destroy' world economy

Iran said it was ready for a long war of attrition that would "destroy" the world economy.
The US and Israel "must consider the possibility that they will be engaged in a long-term war of attrition that will destroy the entire American economy and the world economy", Ali Fadavi, adviser to the Revolutionary Guards' commander-in-chief, told state television.

G7 rejects lifting Russian sanctions

Group of Seven nations rejected easing punitive measures against Russia over its invasion of Ukraine as the Middle East war wreaks havoc on global oil markets, France's President Emmanuel Macron said.
"This situation in no way justifies lifting the sanctions that exist against Russia," he said after a video call with other G7 leaders to discuss the war's economic fallout.

Ships hit

Iran's Revolutionary Guard said it had struck the Liberian-flagged container ship Express Rome and the Thai bulk carrier Mayuree Naree because they had entered the Strait of Hormuz "after ignoring the warnings".
Iraqi officials later said they had rescued 20 crew of an oil tanker that came under an unspecified attack in the country's territorial waters.

Drones hit Oman port

Drones struck fuel tanks at Oman's Salalah port on Wednesday, state media reported.

Citi, Deloitte, PwC clear offices in Gulf

Several major international businesses closed or evacuated offices in Gulf countries after Iran threatened US- and Israel-linked economic targets and centres in the Middle East.
US finance group Citi and British consultancy Deloitte evacuated offices in Dubai's financial centre, while PwC, another British consultancy, closed offices in Saudi Arabia, Qatar, the UAE and Kuwait.

Fuel queues

Tanker drivers in Pakistan said they were facing long waits at depots due to a shortage of fuel, as the government played down fears of another rise in prices over the war.

Drones target Saudi oil field

Saudi Arabia's defence ministry said on X that it had intercepted seven drones heading towards the Shaybah oil field in the southeast of the country.

ECB inflation vow

European Central Bank chief Christine Lagarde said that "everything necessary" would be done to "keep inflation under control".

Hormuz confusion

The US energy secretary said in a video on X that the US Navy had escorted an oil tanker through the Strait of Hormuz -- but the post was deleted within minutes.
The White House subsequently stated that the US Navy had not escorted any tankers through the strategic Gulf passage.
Iran's Revolutionary Guards said no US Navy vessel has "dared" to approach the strait.

UAE refinery

The region's biggest single-site oil refinery, at Ruwais in the United Arab Emirates, was closed as a precaution after a drone attack on the industrial complex that houses it caused a fire, a source familiar with the situation told AFP.
A driver working at the complex, who asked not to be named, told AFP they saw "bursts of fire rising from the complex, with loud sounds like explosions".
bur-rlp/cc/giv

US

Iran says war could destroy global economy, Trump vows to 'finish' job

BY AFP TEAMS IN TEHRAN, JERUSALEM, WASHINGTON, DUBAI AND BEIRUT

  • The United States and Israel "must consider the possibility that they will be engaged in a long-term war of attrition that will destroy the entire American economy and the world economy," Ali Fadavi, an adviser to the Guards' commander-in-chief, told state television.
  • Iran warned it could wage a prolonged war with the United States and Israel that would "destroy" the world economy, even as US President Donald Trump vowed Thursday to "finish the job", saying there was little left for American forces to strike.
  • The United States and Israel "must consider the possibility that they will be engaged in a long-term war of attrition that will destroy the entire American economy and the world economy," Ali Fadavi, an adviser to the Guards' commander-in-chief, told state television.
Iran warned it could wage a prolonged war with the United States and Israel that would "destroy" the world economy, even as US President Donald Trump vowed Thursday to "finish the job", saying there was little left for American forces to strike.
The statement from Tehran came as fighting around the strategic Strait of Hormuz -- the waterway carrying a fifth of the world's oil -- sent shockwaves through energy markets, prompting emergency releases from global reserves and a limited draw on US stockpiles.
Oil prices have surged since February 28, when the United States and Israel launched air strikes on Iran that killed its supreme leader and plunged the Middle East into conflict.
Iranian missile strikes and drone attacks have brought shipping through the strait almost to a halt, forcing governments to scramble to contain the fallout, but Trump said Wednesday the United States must "finish the job."
"We don't want to leave early, do we?" Trump said while talking about the US-Israeli operation during a speech in Hebron, Kentucky.
Trump said Washington would also tap US strategic reserves "a little" to help stabilise markets, while the International Energy Agency agreed to release a record 400 million barrels.
The president had earlier suggested the war itself might soon wind down. US forces have struck 28 Iranian mine-laying vessels, he said, adding that there was "practically nothing left to target".
"Any time I want it to end, it will end," he said in an interview with Axios.
Israel's military, however, signalled the campaign was far from finished, and that it still had "a broad bank of targets."

Economic shock

With the conflict in its 12th day, Iran's Revolutionary Guards (IRGC) warned they would strike "economic centres and banks" linked to US and Israeli interests, prompting more international firms to evacuate staff from Dubai.
The United States and Israel "must consider the possibility that they will be engaged in a long-term war of attrition that will destroy the entire American economy and the world economy," Ali Fadavi, an adviser to the Guards' commander-in-chief, told state television.
Iran said it targeted two commercial vessels in the Gulf after they entered the Strait of Hormuz "after ignoring the warnings" of its navy.
The IRGC also insisted Tehran retained full control over the strategic waterway, adding that "armed forces are not neglecting their duties for even a moment."
Analysts warn that a prolonged disruption to shipping through the strait -- which also carries roughly a third of the fertiliser used in global food production -- would deliver a severe economic shock, particularly in Asia and Europe.
The UN Security Council passed a resolution demanding Iran halt attacks on Gulf states, prompting the Islamic republic's ambassador to the United Nations to accuse it of a "blatant misuse" of its mandate.
The conflict has already disrupted two pillars of the Gulf economy -- energy production and commercial aviation.
On Wednesday, drones fell near Dubai airport, injuring four people, authorities said. Others struck fuel tanks at Oman's Salalah port, according to the Oman News Agency.

Lebanon drawn in deeper

In an apparent first since the war began, Israeli drones also struck targets in Tehran on Wednesday evening, killing members of the security forces, Iran's Fars news agency reported.
The IRGC said just after midnight on Thursday they had carried out a joint missile operation with Hezbollah against targets in Israel.
Pentagon officials have meanwhile briefed US lawmakers that the cost of the war exceeded $11.3 billion in its first six days, The New York Times reported, citing people familiar with the classified briefing.
Lebanon said the death toll from ten days of fighting between Israel and Iran-backed militant group Hezbollah had reached more than 630, while more than 800,000 people have registered as displaced.
The conflict has continued to spill across the region.
Lebanon was pulled into the war last week when Hezbollah attacked Israel following the killing of Iranian supreme leader Ayatollah Ali Khamenei.
Israeli strikes on Wednesday hit an apartment building in central Beirut. AFPTV footage captured the sound of an incoming strike followed by a fireball erupting from the building.
"I ran from room to room, pulled my wife and daughter out of the rooms and hid them behind a wall, then the second strike hit," said Fawzi Asmar, a bakery owner on the same street.
Israel later launched what it described as a "large-scale wave of strikes" in response to Hezbollah rocket fire. Lebanon's health ministry said eight people were killed in an Israeli strike in the country's east.

'Satan himself'

The US-Israeli assault began only weeks after Iranian authorities crushed mass protests, though the allies insist regime change is not necessarily their goal.
Iranian officials warned dissent would be treated as treason.
Police chief Ahmad-Reza Radan said protesters would be viewed and dealt with as "enemies".
Iran's new supreme leader, Ayatollah Mojtaba Khamenei, has yet to appear in public, and officials said Wednesday he had been wounded but was "safe".
Iran's health ministry said on March 8 that more than 1,200 people had been killed in US and Israeli strikes. AFP could not independently verify the figure.
Thousands of mourners gathered in Tehran to commemorate commanders killed in the attacks, the largest public gathering since the war began, held under a heavy security presence.
Yahya Rahim Safavi, a senior adviser to the new supreme leader, also struck a defiant tone, calling Trump the "most corrupt and stupid American president" and "Satan himself."
bur-ft/sla

US

US, India still at odds with majority on WTO reform

  • "A large majority of members support the plan" that is on the table after nine months of discussions, said Norway's ambassador to the WTO Petter Olberg, who is facilitating the reform talks.
  • The United States and India still have reservations about a plan to overhaul the World Trade Organization, even though "a large majority of members" support it, the talks facilitator said Wednesday.
  • "A large majority of members support the plan" that is on the table after nine months of discussions, said Norway's ambassador to the WTO Petter Olberg, who is facilitating the reform talks.
The United States and India still have reservations about a plan to overhaul the World Trade Organization, even though "a large majority of members" support it, the talks facilitator said Wednesday.
Reforming the global trade body, which has spent years tangled up in structural and geopolitical obstacles, will be the focus of discussions at the WTO's ministerial conference, its biennial main gathering, from March 26 to 29 in Cameroon's capital Yaounde.
"A large majority of members support the plan" that is on the table after nine months of discussions, said Norway's ambassador to the WTO Petter Olberg, who is facilitating the reform talks.
"We're getting closer to something which ministers can endorse" in Yaounde, he told reporters at the WTO's headquarters in Geneva.
All countries want WTO reform, but "there is some disagreement; there are some divergences" on the solutions, he added, without going into details.
"It's a compromise. So nobody is super happy. Some want more ambition; some want less ambition. Some want more detail; some want less detail."
The goal in Yaounde is not to finalise the reforms, but to establish a programme of work, with fixed objectives and deadlines.
The draft reform plan has not yet been published, but has three main components, said Olberg.
First is decision-making, including the possibility of plurilateral negotiations, in which decisions are taken by some but not all members, rather than by consensus.
Second are the benefits granted to developing countries; and finally, issues of transparency and compliance with trade measures.

'Getting there'

"There still are some countries holding back, but they are few in number," said Olberg.
"It's the United States and it's India," he continued.
"But the thing that kind of gives me hope that we will land this thing is that nobody -- including the United States and India -- is saying they don't want reform.
"We are getting there, we are close, and the final push will have to be done by ministers themselves" in Yaounde, said Olberg.
The WTO has been going through turbulence for several years.
Its mechanism for resolving trade disputes has also been effectively paralysed since December 2019, because of the United States blocking the appointment of judges to the appellate body.
Negotiations are stalled, and some WTO rules are no longer considered fit for purpose by certain countries, including the United States.
The organisation operates on the principle of finding consensus among all 166 members.
The planned reforms aim to improve it by more easily integrating plurilateral negotiations -- something India is not particularly in favour of, unlike the United States.
Western countries also want the WTO to guarantee fairer competition by addressing massive subsidies and distortions linked to industrial policies.
They believe, in particular, that the existing rules are insufficient for regulating China's hybrid economic model, which combines market forces and state intervention.
apo/rjm/jhb

internet

Mexico considering social media restriction for minors: minister to AFP

BY JEAN ARCE

  • And that's where we should think about setting certain limits," Delgado told AFP. “What Meta, Facebook and TikTok are interested in is having followers, and there are no filters on content that could affect children’s emotional health,” he said, citing their exposure to violent or pornographic content and cyberbullying. 
  • Mexico is considering implementing an Australia-style social media restriction for minors, Public Education Secretary Mario Delgado told AFP. Several nations are toughening up age restrictions on social media platforms as concerns grow over excessive screen time for children and their exposure to harmful content online.
  • And that's where we should think about setting certain limits," Delgado told AFP. “What Meta, Facebook and TikTok are interested in is having followers, and there are no filters on content that could affect children’s emotional health,” he said, citing their exposure to violent or pornographic content and cyberbullying. 
Mexico is considering implementing an Australia-style social media restriction for minors, Public Education Secretary Mario Delgado told AFP.
Several nations are toughening up age restrictions on social media platforms as concerns grow over excessive screen time for children and their exposure to harmful content online.
Delgado said the government had launched consultations with a range of civil society groups, including teachers and parents' representatives, with a view to developing regulatory proposals by June.  
Australia has since December required TikTok, YouTube, Snapchat and other top social media services to remove accounts held by under-16s, or face heavy fines.
French lawmakers in January approved a social media ban for under-15s, although it still needs to be ratified by the Senate.
Britain, Spain, Denmark, India, Indonesia and Portugal are studying similar restrictions.
"The state has the responsibility for the guardianship and education of minors. And that's where we should think about setting certain limits," Delgado told AFP.
“What Meta, Facebook and TikTok are interested in is having followers, and there are no filters on content that could affect children’s emotional health,” he said, citing their exposure to violent or pornographic content and cyberbullying. 
Delgado insisted, however, that any ban needed to come "from the grassroots, from the lived experiences of parents, different communities, and teachers."
"We want them to tell us what these limits should be and how to regulate them,” he stressed.
He added that tech companies would be given a voice in the debate, which aims to promote a "responsible, critical, and conscious" digital culture, rather than prohibit.
Australian officials say that country's ban has already reduced cyberbullying and increased student concentration in schools.
"I personally like the Australian model," Delgado said, while adding that, as the father of a teenager, he understood the challenges of curbing children's social media use.
He added that, for now, Latin America's second-most populous country after Brazil was not considering banning mobile devices in public schools.
Brazil and Chile last year joined a growing number of nations that have banned non-emergency smartphone use by children in schools.
jla/acc/cb/jpo/dw

US

Strategic oil reserves, a crisis cushion

BY WITH AFP BUREAUS

  • A huge consumer of oil, particularly from the Middle East, China has accumulated significant crude reserves of around 1.2 billion barrels over recent years, according to intelligence analysis from Kpler.
  • The 32 member countries of the International Energy Agency (IEA) decided on Wednesday to unlock 400 million barrels of oil from their reserves to ease the impact of the Middle East war.
  • A huge consumer of oil, particularly from the Middle East, China has accumulated significant crude reserves of around 1.2 billion barrels over recent years, according to intelligence analysis from Kpler.
The 32 member countries of the International Energy Agency (IEA) decided on Wednesday to unlock 400 million barrels of oil from their reserves to ease the impact of the Middle East war.
The sixth release of oil from the strategic petroleum reserves is the biggest such release ever.
It is equivalent to around 20 days of supplies that transit through the Strait of Hormuz, which has been effectively shut down due to Iranian attacks on ships, according to Simone Tagliapietra at the Bruegel think tank.
Strategic oil reserves act as a cushion in case of economic shocks or disruptions. Here is an explainer on how and why they came about.
- Why store oil? - 
Oil powers cars, boats and planes. Covering around one third of global energy needs, oil is also the primary resource making up a raft of plastic-based daily items.
That makes it essential to the economy and oil also plays a crucial role in times of conflict, as Yves Jegourel, co-director of the CyclOpe think tank, pointed out in January.
Sufficient supplies of oil, along with other raw materials such as aluminium, are necessary for conducting a war.
Countries, especially those which do not produce oil, usually build up a reserve supply in the event of geopolitical upheaval or supply chain disruption.

What role for the IEA?

The role of the IEA, set up in 1974 following the first oil shock of 1973, is to ensure the secure supply of energy.
Around 30 countries are members, including Australia, Austria, Belgium, Canada, Denmark, France, Germany, Italy, Japan, Mexico, New Zealand and the United States.
Each member has "an obligation to hold oil stocks equivalent to at least 90 days of net oil imports," that can be mobilised if a crisis arises.
That "may include stocks held exclusively for emergency situations as well as stocks held for commercial purposes," be they crude oil or refined products, according to the IEA.
The aim is to "mitigate the negative economic impacts" of shortages or disruptions to supply.

Precedents

The IEA must agree on collective action once it has assessed the disruption and current market conditions. 
It has previously acted on five occasions: in the run-up to the Gulf War in 1991, after hurricanes Katrina and Rita in 2005, during the Libyan civil war in 2011 and twice since Russia's invasion of Ukraine in 2022.
The price of a barrel of crude of US benchmark West Texas Intermediate raced first past $100 and then $110 in recent days, before slipping back.

How much in current stocks?

IEA members hold more than 1.2 billion barrels of public emergency stocks, the organisation says, as well as some 600 million additional barrels of stocks which governments oblige the industry to hold.
Britain announced it will release 13.5 million barrels of its 76.6 million in reserve.
Germany said it plans to release 12 percent and Italy roughly the same.
France has a little more than 100 million barrels in its reserves.
Global stocks last year topped 8.2 billion barrels, providing a "significant safety cushion against potential disruptions," according to the IEA.
The global oil market has been in surplus since the beginning of 2025, it added.
The planet consumes around 100 million barrels of oil daily.

What of non-members?

In Asia, which relies more heavily upon Middle Eastern oil imports, the situation may be more concerning.
According to Bloomberg, China asked key refiners in early March to suspend their exports of diesel and gasoline.
A huge consumer of oil, particularly from the Middle East, China has accumulated significant crude reserves of around 1.2 billion barrels over recent years, according to intelligence analysis from Kpler.
This amounts to "around 115 days of its crude oil imports by sea".
Another large-scale consumer, India, has obtained a US waiver to buy 30 days of Russian oil supplies normally subject to international sanctions.
Bangladesh has begun rationing petrol to maintain its stocks while Myanmar has imposed restrictions on driving.
Danish shipping giant Maersk told the daily Le Monde that it is worried about obtaining fuel for its vessels in the Middle East and Asia due to limited supplies. 
bur-rl/giv

security

German defence giant Rheinmetall sees business boost from Mideast war

BY SAM REEVES

  • Rheinmetall, whose business has boomed since Russia's 2022 full-scale invasion of Ukraine spurred a re-armament drive in Europe, said it may now turn its attention to the Middle East.
  • German arms maker Rheinmetall said Wednesday the Middle East war offered new business opportunities, especially for its air defence systems, as it forecast continued strong growth this year.
  • Rheinmetall, whose business has boomed since Russia's 2022 full-scale invasion of Ukraine spurred a re-armament drive in Europe, said it may now turn its attention to the Middle East.
German arms maker Rheinmetall said Wednesday the Middle East war offered new business opportunities, especially for its air defence systems, as it forecast continued strong growth this year.
The conflict began with US-Israeli strikes on Iran in late February that triggered retaliatory Iranian attacks across the region, sparking turmoil on global markets. 
Rheinmetall, whose business has boomed since Russia's 2022 full-scale invasion of Ukraine spurred a re-armament drive in Europe, said it may now turn its attention to the Middle East.
While stressing the war was "crazy" and that "we don't want any of this," CEO Armin Papperger told reporters that Germany's biggest defence group also saw "opportunities". 
"Over the weekend the phones did not stop ringing. People want our systems," he said, referring to the group's range of armaments that defend against drone and missile attacks.
"Well over 100 drones were shot down in the Middle East over the weekend alone with our systems," he added without naming any countries involved. 
Papperger also did not estimate how much the conflict could boost its business. But even without it, Rheinmetall is forecasting sales will jump up to 45 percent this year to a maximum of 14.5 billion euros ($16.9 billion), building on a near 30-percent increase in 2025.
Europe's drive to rebuild long-neglected militaries has given Germany's defence sector a major boost, with the trend picking up speed as President Donald Trump has shaken Europe's confidence in future US security commitments.
Rheinmetall has been thrust into the public eye after having spent years keeping a low profile in a country with a strong pacifist leaning due to its dark World War II history.

Rapid expansion

Papperger noted that the group had so far "focused heavily on Europe", but added that "depending on how the crisis situation develops in the coming years, we may also look to the Middle East.
"There is a considerable need for protection there as well."
Rheinmetall released its results for 2025 Wednesday, showing that core profit jumped a third to hit a record of 1.8 billion euros.
Its order backlog, closely watched by investors, also rose by 36 percent to a new record of 63.8 billion euros.
But investors were left disappointed as profits came in below forecasts, and the group's shares closed eight percent lower in Frankfurt.
The Duesseldorf-based group has benefitted in particular from greater defence spending in Germany, where Chancellor Friedrich Merz has vowed to turn the Bundeswehr into Europe's largest conventional army.
Its rapid growth is set to continue in coming years -- according to a company-provided poll of analysts, sales will top 42 billion euros by 2030.
Growing demand has boosted the entire defence sector in Europe's biggest economy. 
Germany overtook China to become the world's fourth largest-arms exporter in 2021-2025, with 5.7 percent of global exports, according to the Sipri research group. 
But it is a tough task for European countries to rebuild militaries that shrank dramatically after the end of the Cold War, with soldiers frequently facing issues from ageing equipment to poor living conditions.
Many European countries have however committed to raise military spending as a result of pressure from Trump for NATO allies to cover more of the cost of their own defence.
For Rheinmetall, new business has driven a vast expansion. 
It opened new munitions plants across the continent last year, and took over a German warship builder, Naval Vessels Luerssen, marking a major expansion into naval defence. 
sr/fz/rl

Bundesbank

German central bank abandons controversial overhaul

  • The Bundesbank later scaled back the projected costs, but this did little to blunt criticism.
  • Germany's central bank said Wednesday it was abandoning a project to renovate its historic Frankfurt headquarters after furious criticism over costs that could spiral into the billions, and would instead move permanently to a new site.
  • The Bundesbank later scaled back the projected costs, but this did little to blunt criticism.
Germany's central bank said Wednesday it was abandoning a project to renovate its historic Frankfurt headquarters after furious criticism over costs that could spiral into the billions, and would instead move permanently to a new site.
The enormous 1970s brutalist concrete building had become synonymous with the Bundesbank and was said to reflect its culture of fostering economic stability.
The planned overhaul envisaged adding new buildings to create a campus. Some 170 million euros ($196 million) had already been spent, including on removing asbestos, and the bank had relocated temporarily to different offices in downtown Frankfurt.
But criticism mounted over the costs, and the case took on echoes of the scandal in the United States over the expensive overhaul of the Federal Reserve's headquarters. 
Controversy had mounted after Germany's top audit authority last year estimated the total cost would come in at 4.6 billion euros. The Bundesbank later scaled back the projected costs, but this did little to blunt criticism.
Announcing the change of plans, Bundesbank chief Joachim Nagel said an analysis had shown that buying a new building made more sense than proceeding with the overhaul.
The decision was not easy, he said, noting that "many people -- active and former colleagues, residents of the city and the country -- have a connection to this building".
Officials now hope to convert the building into a new site for the European School Frankfurt, whose pupils are mostly children of staff at the Frankfurt-based European Central Bank and other EU institutions.
Gold reserves currently held in the Bundesbank's vaults will however remain on site.
The ECB, which sets monetary policy for the eurozone, and Frankfurt city announced the plan to transform the 10-hectare site into a new campus to replace the current European school, which is overcrowded.
Officials hope the new school can be opened in four to six years.
ECB President Christine Lagarde hailed a "breakthrough", which would "allow the European school in Frankfurt to bring together on a single campus all levels of education".
jpl-sr/fz/rl

inflation

US consumer inflation unchanged but price shocks from Iran war loom

BY ASAD HASHIM

  • But spiking global oil prices from the US-Israel war on Iran were not reflected in Wednesday's data, as the strikes began on the last day of the month.
  • Consumer inflation in the United States remained stable at 2.4 percent in February, official data showed Wednesday, with price shocks from the US-Israel war on Iran yet to be reflected in the data.
  • But spiking global oil prices from the US-Israel war on Iran were not reflected in Wednesday's data, as the strikes began on the last day of the month.
Consumer inflation in the United States remained stable at 2.4 percent in February, official data showed Wednesday, with price shocks from the US-Israel war on Iran yet to be reflected in the data.
US President Donald Trump has made lowering prices a key part of his agenda, with the world's largest economy still battling years of higher-than-usual inflation after the Covid pandemic.
The consumer price index (CPI) rose 2.4 percent year-on-year, the same increase as reported a month prior. The index rose 0.3 percent month-on-month, with both figures in line with market expectations.
Energy prices jumped 0.6 percent between January and February, following a 1.5-percent fall the previous month.
The White House was quick to laud the new data, saying it expected price shocks from the war to be "temporary."
"The American economy is strong and once we are past temporary disruptions from Operation Epic Fury, we will see even greater economic progress," said White House spokesperson Kush Desai.
But spiking global oil prices from the US-Israel war on Iran were not reflected in Wednesday's data, as the strikes began on the last day of the month.
Markets will be buoyed by the steadiness in February's figure, but investors are likely to treat it as more of a baseline to compare expected future price increases against.
"February CPI readings as expected were subdued but given the disruption to energy supplies from the Iranian conflict the focus is on the extent and duration of the boost to inflation in the coming months," said Kathy Bostjancic, chief economist at Nationwide. 
She said that Nationwide expected inflation to rise to more than four percent (year-on-year) "in the coming few months, before easing back in the following months."
Wednesday's data released by the Labor Department showed price increases in medical care, education, apparel, airline fares and household furnishings.
Prices for used vehicles and vehicle insurance, communications and personal care were down.
Core CPI, which excludes volatile energy and food prices, rose 2.5 percent over last year in February.

Battered households

February's year-on-year inflation figure was near its lowest levels over the past 12 months, but consumers in the United States continue to grapple with prices that have remained stubbornly high post-pandemic.
US inflation hit a high of 9.1 percent in June 2022, and while it has dropped from those levels, years of elevated prices have battered households across the country.
The Federal Reserve, which has a dual mandate to address inflation and unemployment, raised interest rates to control flaring prices and while it is now in a rate-cutting phase, they remain at elevated levels.
The new CPI figure will be a factor in the Fed's discussion at a meeting to set rates next week. The Fed's preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, will be released later this week.
The central bank has a long-term goal of two percent for US inflation, but is also battling weakness in the labor market.
The United States unexpectedly lost jobs in February while unemployment edged up, government data showed last week, piling pressure on Trump's economic agenda as crucial midterm elections approach.
Affordability has been a key issue, and the weaker jobs numbers have turned up the heat on criticism of Trump's economic policies.
The US-Israel war on Iran has roiled global oil markets, with traffic through the key Strait of Hormuz almost at a standstill and strikes hitting oil facilities across the region.
That pressure is showing at US pumps, with the national average price for a gallon of gasoline on Wednesday up by 22 percent compared to last month, according to motor club AAA.
Still, some analysts looked at February's CPI figure as encouraging in the long term, saying it firmed the view that headline inflation was trending downwards, outside of geopolitical shocks.
"This pre-war inflation reading isn't entirely stale, as it shows that key pillars of disinflation are in place," said Bernard Yaros, lead US economist at Oxford Economics. 
Others warned that the unchanged figure was masking continuing upward pressures on prices.
"These are far from normal times, and the data must be interpreted through the lens of distortions from the government shutdown, unprecedented trade policy volatility, and record swings in energy prices tied to the conflict in the Middle East," said Gregory Daco, chief economist at EY-Parthenon.
Daco said those factors meant that inflation was likely closer to 2.8 percent currently, with further increases possible in the coming months.
aha/dw

US

IEA to launch largest-ever release of oil reserves

BY FRANCESCO FONTEMAGGI AND ANNA SMOLCHENKO WITH HIROSHI HIYAMA IN TOKYO AND LOUIS VAN BOXEL-WOOLF IN FRANKFURT

  • "The Middle East is now pumping less oil -- around six percent less -- in reaction to the Iran war."
  • The International Energy Agency said on Wednesday its member countries would unlock 400 million barrels of oil from their reserves to ease the impact of the Middle East war, the biggest such release ever.
  • "The Middle East is now pumping less oil -- around six percent less -- in reaction to the Iran war."
The International Energy Agency said on Wednesday its member countries would unlock 400 million barrels of oil from their reserves to ease the impact of the Middle East war, the biggest such release ever.
The coordinated release was the sixth in the history of the organisation, which was created to coordinate responses to major supply disruptions after the 1973 oil crisis.
"IEA countries have unanimously decided to launch the largest-ever release of emergency oil stocks in our agency's history. IEA countries will be making 400 million barrels of oil available," IEA Executive Director Fatih Birol told reporters.
"This is a major action aiming to alleviate the immediate impacts of the disruption in markets," he added.
"But to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz."
The IEA-coordinated release exceeded the 182 million barrels of oil that member countries of the Paris-based global energy body released in 2022 when Russian leader Vladimir Putin invaded Ukraine.
The 32-member IEA said that the emergency stocks will be made available "over a timeframe that is appropriate to the national circumstances of each member country and will be supplemented by additional emergency measures by some countries".
The crude market has been hit by wild volatility since the United States and Israel began striking Iran at the end of last month, with Tehran retaliating by attacking targets across the oil-rich Gulf and effectively shutting down the Strait of Hormuz.
The strait normally carries about 20 percent of the world's oil and gas supplies.
- G7 coordination with Gulf countries - 
The IEA announcement came as leaders of the Group of Seven advanced economies discussed the economic fallout from the US-Israeli war with Iran, now into its second week, at a video conference meeting chaired by French President Emmanuel Macron.
Macron, whose country holds the rotating presidency of the G7 advanced economies, urged US President Donald Trump and other G7 leaders to coordinate to open the strait "as soon as possible." 
At the same time, he said that the strait being choked "in no way" justify lifting the sanctions imposed on Russia over the invasion of Ukraine.
"The consensus was that we should not change our position on Russia and should maintain our efforts on Ukraine," said Macron.
Macron said the G7 would coordinate moves with Gulf countries "in coming days".
Macron has said France and its allies are preparing a "defensive" mission to reopen the strategically vital strait.
Earlier Wednesday, Japan -- whose strategic oil reserves are among the world's largest -- and Germany said they would tap into their oil reserves.
Prime Minister Sanae Takaichi said Japan would release reserves as early as Monday, while Germany's Economy and Energy Minister Katherina Reiche said her country planned to do the same, without specifying a date.
Reiche said a total of 2.4 million tons would be released.
US Interior Secretary Doug Burgum said the transit problem was "temporary." 
"What we have here is not a shortage of energy in the world. We've got a transit problem," he said. 

'Pumping less oil'

Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said 400 million barrels would still be a "meagre" amount compared with the roughly 45 million barrels that IEA countries consume every day.
"It would therefore be a temporary fix," she said. 
"The Middle East is now pumping less oil -- around six percent less -- in reaction to the Iran war."
Countries around the world have been left scrambling in response to the oil price spikes.
Bangladesh has deployed the army to guard oil depots, India has imposed tighter controls over natural and cooking gas and French officials conducted inspections at petrol stations and fined those found to be inflating prices.
Greece will cap profit margins on gasoline and a range of foodstuffs for three months, the prime minister said.
IEA country members hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates.
bur-as/ah/st

Revolut

British fintech Revolut gets full UK banking licence

  • "We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe," Nik Storonsky, co-founder and CEO of Revolut, said Wednesday.
  • British fintech company Revolut on Wednesday said it had obtained a full UK banking licence from regulators, lifting restrictions on it competing with established retail lenders.
  • "We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe," Nik Storonsky, co-founder and CEO of Revolut, said Wednesday.
British fintech company Revolut on Wednesday said it had obtained a full UK banking licence from regulators, lifting restrictions on it competing with established retail lenders.
"This milestone means that Revolut Bank UK... will be able to start offering accounts as a fully licensed bank for both retail and business customers," it said in a statement.
Founded in 2015, the company has around 13 million UK customers and has been a leader in rolling out financial services via smartphones, initially focusing on allowing clients to easily exchange currencies and make transfers.
"We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe," Nik Storonsky, co-founder and CEO of Revolut, said Wednesday.
Revolut has long awaited a banking licence in its home market, having already secured such authorisation in the European Union. 
The full licence paves the way for Revolut to offer lending services to its 13 million UK customers, who will also benefit from stronger financial protections. 
Valued at $75 billion, the company is targeting 100 million customers in 100 countries. 
However, its rapid growth has drawn criticism in recent years regarding its ability to comply with financial regulations, particularly those aimed at combating fraud and money laundering. 
The company plans to invest $13 billion over five years to support its international expansion, including doubling its workforce and entering more than 30 new markets by 2030. 
The largest chunks of the investment include a $4 billion commitment to the UK, along with previously announced amounts of $1.2 billion in France and $500 million in the United States. 
As part of its expansion, the company has recently launched its full banking operations in Mexico and aims to launch its services in India and South Africa. 
Revolut has also applied for a US banking license.
bcp/ajb/rl

market

Airlines grapple with impact of Mideast war

BY TANGI QUEMENER

  • European carriers could also see a benefit from a shift of customers to the Middle East.
  • Global airlines are grappling with the effects of the war in the Middle East, as fuel prices soar and customers reassess their travel plans.
  • European carriers could also see a benefit from a shift of customers to the Middle East.
Global airlines are grappling with the effects of the war in the Middle East, as fuel prices soar and customers reassess their travel plans.
The war has sent the price of oil and gas soaring, after Iran's Revolutionary Guards vowed to choke off traffic in the Strait of Hormuz, one of the world's key energy transit routes.
The average global price of jet fuel has surged even faster, reaching $173.91 per barrel on Monday, according to the Platts benchmark index, double what it was on the levels of January 2.
While the region's  airlines like Qatar Airways, Emirates and Etihad have been hit the hardest, most major international carriers have been affected, as they operate flights both to and through the Gulf region.
"As soon as the price of a barrel of oil rises, airline profits fall, and vice versa," said Paul Chiambaretto, professor of strategy and marketing at Montpellier Business School and an air transport specialist.

Fuel hedge

European airlines will be able to withstand the shock in the short term as many purchase fuel at fixed prices for several months in advance.
Lufthansa, for example, said in early March that it had bought 80 percent of its annual fuel needs at a fixed price.
Air France-KLM, for its part, said in February that it had secured a fixed price for 70 percent of its fuel for the first two quarters, and 60 percent for the quarter following.
Budget airline Ryanair is also well protected because of a similar strategy, according to report by Bernstein analysts published Tuesday.
Some carriers, however, have started hiking prices already, with Scandinavian airline SAS on Tuesday announcing a "temporary" increase in its fares.
The Bernstein report said that the trio of largest US carriers -- United, Delta, and American -- "do not hedge", which could weaken them on North Atlantic routes where competition with European airlines is fierce.
If oil prices remain high, airlines will have no choice but to pass on the price increases to customers, analysts say.
Airlines in the Asia-Pacific region, including Qantas, Air India and Cathay Pacific, said they have hiked fares -- or will soon -- to factor in surging jet fuel prices spurred by the war.

Summer travel

The war has broken out during a key time for the tourism industry, as Americans and Europeans  make their summer travel reservations, the busiest time of the year. 
"This conflict is already having a negative impact on people's willingness to travel. If you raise ticket prices, it's going to be a (new) negative effect," said Transavia France CEO Olivier Mazzucchelli on Tuesday. 
"It's likely that there will be a bit more hesitancy and that passengers will book their flights less far in advance," a phenomenon already seen during the Covid pandemic, Chiambaretto said.
European carriers could also see a benefit from a shift of customers to the Middle East.
Lufthansa and Air France, for example, have announced an increase in flights to Asia since the start of the war.
tq-fmp/yad/rlp

US

Thai navy says cargo ship attacked in Strait of Hormuz

  • The Omani navy had rescued 20 sailors and "efforts are currently underway to rescue the remaining three crew members", it said.
  • A Thai bulk carrier travelling in the crucial Strait of Hormuz was attacked Wednesday, with 20 crew members rescued so far, the Thai navy said.
  • The Omani navy had rescued 20 sailors and "efforts are currently underway to rescue the remaining three crew members", it said.
A Thai bulk carrier travelling in the crucial Strait of Hormuz was attacked Wednesday, with 20 crew members rescued so far, the Thai navy said.
Photos shared by the Royal Thai Navy showed heavy black smoke billowing from the hull and superstructure of the Thai-registered Mayuree Naree, with life rafts floating in the water.
The vessel "was attacked while transiting the Strait of Hormuz" after departing Khalifa port in the United Arab Emirates, the navy said in a statement.
"The specific details and cause of the attack are currently under investigation," it added.
The Omani navy had rescued 20 sailors and "efforts are currently underway to rescue the remaining three crew members", it said.
Iran has launched strikes against its oil-exporting neighbours, threatening shipping in the Strait of Hormuz and plunging the global energy economy into crisis.
It was not immediately clear whether the incident was one of three commercial ships that the United Kingdom Maritime Trade Operations centre earlier said had been hit in the Gulf on Wednesday.
Ship-tracking websites showed the Mayuree Naree just off the Omani coast in the Strait of Hormuz, moving slowly at little more than one knot.
The carrier is 178 metres long and displaces 30,000 tonnes, they said, adding it was on its way to Kandla in India.
The Thai navy said it is owned by a Thai transport company, Precious Shipping.
AFP sought comment from the firm in Bangkok but did not receive an immediate response.
tak/slb/jm

earnings

Cathay says surcharge to rise as fuel prices jump during Mideast war

BY TOMMY WANG

  • Hong Kong Airlines said on Tuesday it will raise the fuel surcharge on most of its flights from Thursday. twa/pbt/mjw
  • Hong Kong aviation giant Cathay Pacific said on Wednesday that fuel surcharges would rise after prices soared in March with the outbreak of war in the Middle East.
  • Hong Kong Airlines said on Tuesday it will raise the fuel surcharge on most of its flights from Thursday. twa/pbt/mjw
Hong Kong aviation giant Cathay Pacific said on Wednesday that fuel surcharges would rise after prices soared in March with the outbreak of war in the Middle East.
The price of fuel so far this month is double the average of the previous two months, CEO Ronald Lam said at a news conference.
Some Asian airlines have begun hiking ticket fares in response to energy concerns arising from the war that have driven up oil prices.
"In March, like ever since the Middle East episode began, the costs of our fuel already doubled," Lam said.
"So we are going to announce (a surcharge rise) very soon... in order to ensure the smooth operation of our flights."
Cathay's announcement came after it predicted in a filing earlier on Wednesday that it would boost passenger capacity by around 10 percent this year despite the "volatile" geopolitical environment.
The group reported an attributable profit of HK$10.8 billion (US$1.39 billion) in 2025, an increase of 9.5 percent on the previous year, which it said was driven by "increased capacity, solid passenger load factors and resilient cargo demand".
It said this represented a third consecutive year of solid financial performance during "a period of rapid rebuilding".
"The prevailing global geopolitical environment is volatile, causing unexpected shifts in passenger and cargo traffic flows as well as jet fuel prices," chairman Patrick Healy said in a statement.
"We expect to grow passenger capacity by around 10 percent in 2026 as we add frequencies and destinations to our network, which will also contribute to increased cargo capacity," he said.
Total revenue rose 11.9 percent from the previous year.
The group also announced a second interim dividend payment of HK$0.64 per share, bringing total dividends for the year to HK$0.84 per share, or HK$5.2 billion.
Cathay said extra flights to Europe would be operated in March to cater for an upsurge in demand.
It said it also observed a "general increase" in demand from other regions, particularly for long-haul flights, with travellers looking for alternatives to routes that rely heavily on Middle Eastern hubs.
The carrier suspended all March flights to Dubai and Riyadh this week because of the war in the Middle East, extending earlier suspensions.

Control costs

Cathay's overall costs increased owing to capacity growth, with net fuel costs rising by 11.2 percent.
The carrier hedged about 30 percent of fuel consumption in 2025 to lower costs.
The group's managers said they would follow the established mechanism of reducing exposure to fuel price risk through hedging, as it has done in recent years.
"We do it with the objective of minimising volatility in the short term, and we don't have any plans to change from what we're doing at the moment," chief financial officer Rebecca Sharpe said.
Chief operations officer Alex McGowan said Cathay has no "undue concern" over the supply of aviation fuel, but will keep a "very close watch".
Carriers all hedge a portion of their fuel costs but margins could still be affected, Lorraine Tan, Morningstar's equity research director, said in a March 3 note about Asian airlines.
"With fuel cost being a significant operating expense, the jump in jet fuel prices is expected to hurt profit for the June quarter at the least," Tan added.
Cathay Pacific's share price rose more than 4.3 percent on Wednesday, outperforming the Hang Seng Index, which was down 0.24 percent.
Hong Kong Airlines said on Tuesday it will raise the fuel surcharge on most of its flights from Thursday.
twa/pbt/mjw

US

Airlines in Asia hike fares as Mideast war raises fuel costs

BY JULIEN GIRAULT

  • Australian airline Qantas said in a statement that it is also increasing fares which "will vary from route to route" after jet fuel costs rose up to 150 per cent over the past fortnight.
  • Airlines in the Asia-Pacific region, including Qantas, Air India and Cathay Pacific, have hiked fares -- or will soon -- to factor in surging jet fuel prices spurred by war in the Mideast.
  • Australian airline Qantas said in a statement that it is also increasing fares which "will vary from route to route" after jet fuel costs rose up to 150 per cent over the past fortnight.
Airlines in the Asia-Pacific region, including Qantas, Air India and Cathay Pacific, have hiked fares -- or will soon -- to factor in surging jet fuel prices spurred by war in the Mideast.
The average world price of aviation fuel reached $173.91 a barrel on Monday, according to the benchmark Platts index, nearly double the levels of January and well above crude oil.
This is explained by refining costs, but also by the fact that kerosene is a lower priority than petrol or diesel, according to the International Air Transport Association (IATA).
War in the Mideast has choked trade in the Strait of Hormuz, which normally carries nearly 20 percent of global oil production.
The impact is particularly acute for Asia, as more than 80 percent of the oil and gas moving through the strait is destined for its markets, according to the US Energy Information Administration.
"Since early March 2026, aviation turbine fuel (ATF), which accounts for nearly 40 percent of an airline's operating costs, has seen significant price escalation due to supply interruptions," Air India said Tuesday, announcing surcharge rises.
Air India said pressure is amplified further by "the high Excise Duty and VAT on ATF in major metro cities such as Delhi and Mumbai, magnifying the impact and placing substantial strain on airline operating economics."
The price increases will be rolled out in three phases, with Air India adding $4.30 to the cost of domestic flights from Thursday, and an additional $20 on flights to Southeast Asia.
As of March 18, the surcharge for Europe will increase by 25 percent to $125, and 33 percent to $200 for North America.
But Air India didn't offer details on the third phase of its price increases.
Hong Kong aviation giant Cathay Pacific on Wednesday announced its own surcharges, as fuel prices doubled in March from the average of the previous two months.

'Unsustainable'

Founder of India's low-cost carrier SpiceJet Ajay Singh called on Delhi to look for ways to reduce taxes on jet fuel, warning in an interview with Bloomberg that even $90 a barrel of oil was "totally unsustainable".
Singh did not rule out the possibility of grounding part of his fleet if oil prices continue to soar.
Australian airline Qantas said in a statement that it is also increasing fares which "will vary from route to route" after jet fuel costs rose up to 150 per cent over the past fortnight.
"Despite the hedging measures, this situation leads to higher costs for the entire group," it said.
Dean Long from the Australian Travel Industry Association told ABC News that the carrier's international airfares would rise by about five per cent across the board, but the war's full impact would not be felt for another three to six months.
Thai Airways finance director Rut Rugsumruad told investors in a video conference that the airline can increase fares "by 10–15 percent due to uncertainty in fuel prices, and it still has room to raise fuel surcharges further if oil prices continue to climb".
But for the moment a Thai Airways spokesperson told AFP that "prices remain fixed for now, though they are subject to change based on supply and demand".
In Europe, Scandinavian airline SAS became one of the first to announce a "temporary" price increase since the start of the Middle East war.
Others, such as Air France-KLM and Lufthansa, are relatively protected by their "hedging" strategy, which involves the purchase of fuel at a fixed price several months in advance.
burs-jug/ane/jm

construction

European football clubs score with stadium rebuilds

BY BEN PERRY

  • East of the city, Manchester United are looking to build a £2-billion stadium for 100,000 fans.
  • On a former derelict dock in the British port city of Liverpool, fans of Everton throng eateries and bars at the football club's new stadium ahead of a Premier League match. 
  • East of the city, Manchester United are looking to build a £2-billion stadium for 100,000 fans.
On a former derelict dock in the British port city of Liverpool, fans of Everton throng eateries and bars at the football club's new stadium ahead of a Premier League match. 
Across Europe, where income from all-important domestic television broadcasting deals has stalled or even collapsed, major football teams are revamping historic stadiums or building new larger grounds.
This is propelling revenues thanks to improved hospitality, sponsorship and increased ticket sales -- including for premium seating -- according to a recent report from European football governing body UEFA.
For Manchester United, Barcelona, Real Madrid, Paris Saint-Germain and the two Milan giants, such costly projects are required to remain the world's richest clubs.
For others, such as Leeds United in northern England and Spanish team Getafe, upscaling is essential to stay competitive in major leagues where player transfer fees and salaries are huge.

'Vast upgrade'

Everton moved in August to their £800-million ($1.1 billion) Hill Dickinson Stadium after 133 years at Goodison Park.
"It's such a vast upgrade," Everton supporter Dave Brown, 71, told AFP as he prepared to watch the Toffees play Burnley in a ground with almost 53,000 seats, compared with just under 40,000 at Goodison.
"Unfortunately, Goodison Park was tired with a number of places where you couldn't see the whole pitch," added the Evertonian. 
Everton fans of all ages, adorned in the club's blue kit, arrived for the game three hours before the evening kick-off at the stadium overlooking the River Mersey -- enjoying food, drink and music, including on the outdoor Budweiser Plaza.
"We have the opportunity of making this a 365-day a year venue," Colin Chong, Everton's chief real estate and regeneration officer, told AFP, with the northwest England club hosting international sporting fixtures, conferences and concerts at a ground built to deliver on environmental goals and acoustics.  
"We were in a position where if we didn't move, we couldn't deliver the growth plans that the club needed if it wanted to compete again at the top end," Chong added.
Everton have secured a stadium naming-rights deal reportedly worth £10 million per year from local law firm Hill Dickinson.
The ground is meanwhile helping to regenerate adjoining areas, by attracting new apartments as well as improved retail and leisure facilities. 

Broadcasting deals

Stadium reconstructions are "becoming more important because of the situation with television media rights", Manuel Gutierrez, vice president of European asset finance at Morningstar DBRS, told AFP.
The Premier League secured a record £6.7-billion domestic deal to show live TV games from this season through to 2028/2029.
However, the increase was far smaller compared with previous agreements, for reasons including decreased competition and digital piracy.
Across Europe, the picture is mixed, with Spain's La Liga securing a solid increase for its next domestic television rights deal, while Ligue 1 in France has suffered a collapse in broadcasting income, partly blamed on PSG's dominance on the pitch.
Clubs embarking on massive stadia rebuilds are reacting also to changing habits among fans, according to Gutierrez.
"Consumers are now more keen than ever on discretionary spending and football lovers want to spend now more time at the stadium," he said. 
Tottenham Hotspur's move to a new ground in 2019 has resulted in the London club's ticketing revenue surging more than 300 percent over 11 years to 2025, driven by premium, VIP and hospitality packages, UEFA noted.

Mega rebuilds

Everton's rivals Liverpool completed a major revamp of their Anfield stadium one year ago, increasing the capacity to more than 61,000.
East of the city, Manchester United are looking to build a £2-billion stadium for 100,000 fans.
In Spain, Real Madrid and Barcelona have carried out 1.5-billion-euro ($2 billion) renovations of the Bernabeu and Camp Nou respectively.
This has added more than 100 million euros to their fixed assets, the same as Everton's gain, according to UEFA.
AC Milan and Inter Milan are reconstructing the San Siro, while PSG are planning to build a stadium that could surpass Stade de France's 80,000 capacity.
Yet however good the facilities, a supporter's experience "very much depends on how the game goes", said Brown. 
Everton's 2-0 win against Burnley was their first at the new ground this year.
bcp/jkb/bc

earnings

Cathay says surcharge to rise as fuel prices jump during Mideast war

  • Hong Kong Airlines said on Tuesday it will raise the fuel surcharge on most of its flights from Thursday. twa-dhw/dan
  • Hong Kong aviation giant Cathay Pacific said on Wednesday that fuel surcharges would rise as prices soared in March after war broke out in the Middle East.
  • Hong Kong Airlines said on Tuesday it will raise the fuel surcharge on most of its flights from Thursday. twa-dhw/dan
Hong Kong aviation giant Cathay Pacific said on Wednesday that fuel surcharges would rise as prices soared in March after war broke out in the Middle East.
The price of fuel so far this month is double the average of the previous two months, CEO Ronald Lam announced at a news conference.
Energy concerns arising from the war have driven up oil prices, with some Asian airlines hiking ticket fares in response.
"In March, like ever since the Middle East episode began, the costs of our fuel already doubled," Lam said.
"So we are going to announce (a surcharge rise) very soon... in order to ensure the smooth operation of our flights."
The announcement came after Cathay predicted in a filing earlier on Wednesday that it would boost passenger capacity by around 10 percent this year despite the "volatile" geopolitical environment.
The Cathay Group reported an attributable profit of HK$10.8 billion (US$1.39 billion) in 2025, an increase of 9.5 percent on the previous year, which it said was driven by "increased capacity, solid passenger load factors and resilient cargo demand".
The firm said this represented a third consecutive year of solid financial performance during "a period of rapid rebuilding".
"The prevailing global geopolitical environment is volatile, causing unexpected shifts in passenger and cargo traffic flows as well as jet fuel prices," chairman Patrick Healy said in a statement.
"We expect to grow passenger capacity by around 10 percent in 2026 as we add frequencies and destinations to our network, which will also contribute to increased cargo capacity," he said.
Total revenue rose 11.9 percent from the previous year.
The group also announced a second interim dividend payment of HK$0.64 per share, bringing total dividends for the year to HK$0.84 per share, or HK$5.2 billion.
Cathay's overall costs increased owing to capacity growth, with net fuel costs rising by 11.2 percent.
It said it plans to reduce exposure to fuel price risk by hedging its expected consumption.
Cathay also said extra flights to Europe would be operated in March to cater for an upsurge in demand.
The carrier suspended all March flights to Dubai and Riyadh this week because of the war in the Middle East, extending earlier suspensions.
"With fuel cost being a significant operating expense, the jump in jet fuel prices is expected to hurt profit for the June quarter at the least," Lorraine Tan, Morningstar's equity research director, said in a March 3 note about Asian airlines.
Carriers all hedge a portion of their fuel costs but margins could still be affected, Tan said.
Hong Kong Airlines said on Tuesday it will raise the fuel surcharge on most of its flights from Thursday.
twa-dhw/dan

US

G7 energy ministers 'ready' to take 'necessary measures' on oil reserves

  • On Tuesday, member states of the Paris-based International Energy Agency met for crisis talks to assess security of supply and the potential release of emergency stocks as the Middle East war rocked the markets.
  • Energy ministers of the G7 said on Wednesday they stood ready to take "all necessary measures" in coordination with the International Energy Agency (IEA) to tackle the rise in crude oil prices due to the Middle East war.
  • On Tuesday, member states of the Paris-based International Energy Agency met for crisis talks to assess security of supply and the potential release of emergency stocks as the Middle East war rocked the markets.
Energy ministers of the G7 said on Wednesday they stood ready to take "all necessary measures" in coordination with the International Energy Agency (IEA) to tackle the rise in crude oil prices due to the Middle East war.
The statement was released as President Emmanuel Macron, whose country holds the rotating presidency of the Group of Seven advanced economies, was set to chair a video conference of G7 leaders to discuss the economic consequences of the war in the Middle East, the French presidency said.
On Tuesday, member states of the Paris-based International Energy Agency met for crisis talks to assess security of supply and the potential release of emergency stocks as the Middle East war rocked the markets.
"In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves," energy ministers of the G7 said in a statement on Wednesday.
They said they were coordinating within the G7, with IEA member countries and beyond.
"We agreed to stand ready to take all necessary measures in coordination with IEA Members," the statement said. "G7 members will carefully consider the recommendations issued during these discussions."
Separately, French Finance Minister Roland Lescure said that no decision had been taken "at this stage".
"We need to send a very clear message, which is that if we cannot reopen the Strait of Hormuz, we will replace it with other oil that will come from elsewhere and circulate around the world," he said in a broadcast on BFMTV/RMC on Wednesday.

Oil reserves report

The Wall Street Journal reported Tuesday, citing officials familiar with the matter, that the IEA had proposed its largest ever release of oil reserves to counter soaring crude prices driven by the war.
The release would exceed the 182 million barrels of oil that IEA member countries released in 2022 when Russian President Vladimir Putin invaded Ukraine, the newspaper said.
The IEA did not immediately respond to a request for comment from AFP.
The crude market has been hit by wild volatility since the United States and Israel began striking Iran at the end of last month, with Tehran retaliating by attacking targets across the oil-rich Gulf and effectively shutting down the crucial Strait of Hormuz.
Macron earlier this week spoke about the possibility of G7 countries using their emergency oil reserves to counter any extreme rise in oil prices caused by the war.
G7 finance ministers met on Monday and G7 energy ministers on Tuesday to hold talks.
Asian equities extended gains Wednesday while oil stabilised after the WSJ report.
IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates.
The Paris-based IEA was created to coordinate responses to major supply disruptions after the 1973 oil crisis.
In order to ensure energy security, the IEA imposes on its members an obligation to hold emergency oil stocks equivalent to at least 90 days of net oil imports.
hrc-slb-as/sjw/rlp

US

Fears of fuel shortage in Pakistan as tankers wait to fill up

  • But Mazhar Mahmood, a tanker driver's assistant, said: "The drivers went to the depot today as well, but the depot staff said there is no fuel available."
  • Tanker drivers in Pakistan said they were facing long waits at depots due to a shortage of fuel, as the government played down fears of another rise in prices.
  • But Mazhar Mahmood, a tanker driver's assistant, said: "The drivers went to the depot today as well, but the depot staff said there is no fuel available."
Tanker drivers in Pakistan said they were facing long waits at depots due to a shortage of fuel, as the government played down fears of another rise in prices.
The US-Israeli war with Iran has disrupted shipping and damaged oil and gas facilities in the Middle East, raising global oil prices as countries scramble to deal with concerns over supply.
Dozens of tankers, which supply fuel across Pakistan, were seen parked at the side of the road on Tuesday at depots near Lahore, the capital of Punjab, the country's most populous province.
"There is no petrol at the depot for the past four days," said one tanker driver, Abdul Shakoor. 
"Iran has closed the border from their side. The depot is lying empty," he told AFP.
Pakistan depends on oil and gas from the Gulf, and vessels transporting fuel were given naval escorts this week to ensure continuity of supplies during the Middle East crisis.
Last week, the government in Islamabad hiked prices by about 20 percent, triggering long lines and panic buying at filling stations across the country.
Petroleum Minister Ali Pervaiz Malik said in an interview broadcast late on Tuesday that there will be "no immediate significant changes" in the cost of fuel.
Prime Minister Shehbaz Sharif on Monday announced an austerity plan designed to save fuel, including slashing the working week for government employees to four days and shutting schools.
But Mazhar Mahmood, a tanker driver's assistant, said: "The drivers went to the depot today as well, but the depot staff said there is no fuel available."
He said he was told that fuel will be available in the next five to six days.
"The situation in the country is not good. There is no petrol in the country, which is why the vehicles are parked here."
video-sma/phz/lga

US

New wave of Iran attacks as oil reserve release weighed

BY AFP TEAMS IN TEHRAN, JERUSALEM, WASHINGTON, DUBAI AND BEIRUT

  • Crude prices spiked five percent late Tuesday, before turning lower Wednesday after the reserve release report.
  • Iran unleashed a wave of attacks against Israel and Gulf nations on Wednesday, including targeting a Saudi oilfield, as reports of a proposed record release of oil reserves helped calm markets and prices.
  • Crude prices spiked five percent late Tuesday, before turning lower Wednesday after the reserve release report.
Iran unleashed a wave of attacks against Israel and Gulf nations on Wednesday, including targeting a Saudi oilfield, as reports of a proposed record release of oil reserves helped calm markets and prices.
The war sparked by US-Israeli strikes on Iran has spread across the region and beyond, causing spiking energy costs, fuel rationing, and even school closures.
G7 leaders will meet by video conference later Wednesday to discuss the war's economic consequences, particularly the "energy situation," the French presidency said, and the International Energy Agency will decide on a proposal for its largest-ever oil reserve release, the Wall Street Journal reported.
The United States on Tuesday said it was hitting Iranian ships capable of mining the Strait of Hormuz, the crucial passageway for oil that has been effectively closed by Iranian threats.
The US military posted video footage of Iranian boats blasted apart, saying it had destroyed 16 minelayers near the strait through which one-fifth of the world's oil passes.
"If for any reason mines were placed, and they are not removed forthwith, the Military consequences to Iran will be at a level never seen before," President Donald Trump wrote on social media.
Trump faces mounting political risks over the surging cost of oil, months before US elections. Crude prices spiked five percent late Tuesday, before turning lower Wednesday after the reserve release report.
Trump has said the US military could accompany tankers through the strait, but his administration acknowledged that a post by the energy secretary announcing a first such escort was untrue.
Early Wednesday, the UK maritime agency said a container ship off the coast of the United Arab Emirates had been hit by an "unknown projectile," illustrating the ongoing risks to transport through the region.
With an eye on jittery markets, Trump on Monday said the war would be short, although his defence secretary, Pete Hegseth, then said Tehran would be hit by unprecedented fire on Tuesday.

'Not seeking ceasefire'

The Israeli-US attacks came weeks after Iranian authorities ruthlessly crushed mass protests, although the United States and Israel say they are not necessarily seeking to topple the Islamic republic.
Iranian authorities warned against dissent at home, with the country's police chief saying protesters will be be viewed and dealt with as "enemies".
"All our forces are also ready, with their hands on the trigger, prepared to defend their revolution," said national police chief Ahmad-Reza Radan in comments aired by IRIB.
Tehran also intensified its assault on targets in the region, with the government announcing it carried out its own "most intense and heaviest" salvo, firing missiles for three hours at cities across Israel.
AFP journalists heard air raid sirens and explosions in Jerusalem. Emergency services reported no immediate injuries, although Channel 12 said several people were hurt in Tel Aviv. New salvos were reported early on Wednesday, with no reports of injuries.
Iran's Revolutionary Guards said they also fired on Bahrain and Iraqi Kurdistan, both of which have a heavy US presence, and also targeted a US air base in Kuwait, Iranian media said. 
Kuwait said it had downed eight drones, without offering further details.
Drones and ballistic missiles were also intercepted elsewhere in the Gulf, including multiple drones heading to the Shaybah oil field in Saudi Arabia, its defence ministry said.
Earlier, Iranian parliament speaker Mohammad Bagher Ghalibaf, a former top commander in the elite Revolutionary Guards, said in an English-language post on X: "Certainly we aren't seeking a ceasefire."
"We believe the aggressor must be punished and taught a lesson that will deter them from attacking Iran again," he added.
Seven US military personnel have been killed and about 140 injured since the start of the war, according to the Pentagon. 

Fright in Tehran

The United States and Israel launched the war on February 28 with an attack that killed Iran's veteran leader, Ayatollah Ali Khamenei. His son Mojtaba Khamenei has been named his successor, though he has yet to appear in public.
In Tehran, one woman in her 40s said she found some reassurance in her impression that the bombings "don't target ordinary buildings".
But she said, "The noise of the bombings is extremely disturbing."
Iran's health ministry said on March 8 that more than 1,200 people had been killed, and over 10,000 civilians injured.
The conflict has spread as far as Sri Lanka, where US forces torpedoed an Iranian ship, and Australia, which said Wednesday it granted asylum to two more members of the Iranian women football team.
Iraq and Lebanon, both home to Iran-backed fighters, have become proxy grounds in the war.
In Iraq, Iranian-linked groups said Tuesday that five of their fighters died in strikes they blamed on the United States.
In Lebanon, hundreds of people have been killed and hundreds of thousands have fled their homes following Israeli airstrikes and ground operations targeting Iran-backed Hezbollah. 
New Israeli strikes were reported in Beirut's southern suburbs on Wednesday, with the health ministry saying another five people had been killed in the southern town of Qana.
An Israeli strike also hit a central Beirut neighbourhood on Wednesday morning, state media reported.
Iran complained to the United Nations that four of its diplomats died in a strike on a seafront hotel in central Beirut on Sunday, which Israel said was aimed at "key commanders" from Iran's Revolutionary Guards.
The effects of the war are being felt globally, with the UN trade and development agency warning of rising costs for essentials like fuel and food hitting the world's most vulnerable people.
In Egypt, which increased the cost of fuels by up to 30 percent, mother-of-six Om Mohamed fretted about the future.
"We were barely getting by as it is. I don't know how people will manage," she told AFP at a Cairo market.
burs-sah/hmn