Dassault

Dassault pitches latest private jet against US, Canadian rivals

  • Dassault, which also makes the Rafale fighter jet, hopes its advanced flight-control system and smaller size needing shorter runways than rivals will be advantages when compared to the top-line planes offered by US manufacturer Gulfstream and Canada's Bombardier.
  • France's Dassault on Tuesday unveiled its latest private jet, the Falcon 10X, pitched to rival the flagship planes from Gulfstream and Bombardier.
  • Dassault, which also makes the Rafale fighter jet, hopes its advanced flight-control system and smaller size needing shorter runways than rivals will be advantages when compared to the top-line planes offered by US manufacturer Gulfstream and Canada's Bombardier.
France's Dassault on Tuesday unveiled its latest private jet, the Falcon 10X, pitched to rival the flagship planes from Gulfstream and Bombardier.
The aircraft -- which still has to undergo flight tests and will not be available for two years, according to Dassault CEO Eric Trappier -- will be for deep pockets only, with a price tag upwards of $80 million.
But those who do settle into its luxury cabin will be able to fly nonstop from Paris to Beijing, or New York to Shanghai, thanks to its 14,000-kilometre (8,700-mile) range, putting it nearly on par with the biggest commercial airliners.
Dassault, which also makes the Rafale fighter jet, hopes its advanced flight-control system and smaller size needing shorter runways than rivals will be advantages when compared to the top-line planes offered by US manufacturer Gulfstream and Canada's Bombardier.
"Often it's the pilots who influence the boss on a plane's purchase. In the business aviation market, there are a lot of ex-air force pilots," Didier Brechemier, an aerospace expert at the management consultancy Roland Berger, told AFP.
The Falcon X10 will go up against the Gulfstream G700 and the Bombardier Global 7500, which have similar ranges and speeds. 
The Dassault jet was presented in a hangar near the Dassault factory in Merignac, southwest France, in a nightclub ambience with music and lights. 
Once brought to market, it will supersede Dassault's current flagship private jet, the Falcon 8X, which has a range of 12,000 kilometres.
The United States is by far the top market for private jets, with big corporations and several celebrities -- including Taylor Swift and Kylie Jenner -- opting for them.
Last year, Gulfsteam and Bombardier each delivered more than 150 jets each, compared with 37 for Dassault.
The business jet market is estimated to be worth $26.6 billion this year, up from $25.7 billion last year, and is projected to reach $31.6 billion in 2031, according to the Indian market research company Mordor Intelligence.
neo/ngu/rmb/tw

LVMH

Louis Vuitton takes Paris fashion week on mountain ride

  • Ukrainian designer, Lilia Litkovska, who joined the Paris fashion week calendar this year, presented her first show on the final day.
  • Models wore mountain capes, shepherds' hats and carried bags with bells attached to them as Louis Vuitton brought the curtain down on Paris fashion week with a back-to-nature show Tuesday.
  • Ukrainian designer, Lilia Litkovska, who joined the Paris fashion week calendar this year, presented her first show on the final day.
Models wore mountain capes, shepherds' hats and carried bags with bells attached to them as Louis Vuitton brought the curtain down on Paris fashion week with a back-to-nature show Tuesday.
Parading in the main Louvre courtyard, with actors Zendaya and Ana de Armas in attendance, the brand's artistic director Nicolas Ghesquiere said the aim was to take the well-heeled spectators back to founder Louis Vuitton's roots in the Jura mountains.
Louis Vuitton left the Jura region as a teenager to set up shop in Paris in 1837.
"For this show, I really wanted to highlight the idea that nature is the greatest creator. It wasn't about imitating it, but rather about sublimating nature," Ghesquiere told journalists after the event entitled "Super Nature".
The French designer, who used hemp-based faux fur for his coats, said he wanted to highlight global "nomadism" through the patchwork dresses and wide rattan hats resembling inverted traditional baskets.
The show also highlighted the work of Ukrainian artist Nazar Strelyaev-Nazarko whose paintings were on the back of jackets and the front of skirts worn by Louis Vuitton models.
Ukrainian designer, Lilia Litkovska, who joined the Paris fashion week calendar this year, presented her first show on the final day.
Litkovska said the deconstructed clothes and biker boot outfits with models walking the runway with headlamps were inspired by events in her war-stricken home country.
She said the inspiration was walking home from her Kyiv studio in complete darkness and bitter cold.
"I had a flashlight, and there were people in the street across the street with me too. It's hard to explain, but you feel you're not alone. You feel a sense of closeness in that absolute darkness. We crossed our beams, and it was like a dialogue, a silent dialogue," she said.
lrb-jfg/tw/rmb

US

Middle East war: global economic fallout

  • Trump warned Iran to not place mines in the strait.
  • Here are the latest economic events in the Middle East war on Tuesday: - Oil plunges, for now - Oil prices sank following a volatile day as Iran insisted it was not seeking a ceasefire and US President Donald Trump upped his threats surrounding the strategic Strait of Hormuz.
  • Trump warned Iran to not place mines in the strait.
Here are the latest economic events in the Middle East war on Tuesday:

Oil plunges, for now

Oil prices sank following a volatile day as Iran insisted it was not seeking a ceasefire and US President Donald Trump upped his threats surrounding the strategic Strait of Hormuz.
The international oil benchmark, Brent North Sea crude, plunged 11.3 percent to $87.80 a barrel, a day after it neared $120.

European bank chief vows to control inflation

European Central Bank chief Christine Lagarde said that "everything necessary" will be done to keep inflation in check during the war.
"We will do everything necessary to keep inflation under control and ensure that the French and the Europeans do not experience inflation increases like those we saw in 2022 and 2023" partly caused by Russia's invasion of Ukraine, Lagarde told French broadcasters.

Hormuz confusion

The United States 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" approach the strait, which they virtually closed in retaliation of the US-Israeli strikes that killed their supreme leader.
Trump warned Iran to not place mines in the strait.
- Stocks recover - 
The Paris and London stock markets gained over 1.5 percent after European gas prices sank 15 percent, helping ease concerns over a renewed surge of global inflation. Frankfurt ended the day up 2.4 percent. 
Asian stock markets rallied, with Seoul up more than five percent and Tokyo ending with a gain of 2.9 percent, but US stocks, which were in positive territory for much of Tuesday, finished mostly lower.

Strategic reserves

Member states of the International Energy Agency met for crisis talks to assess security of supply and the potential release of emergency stocks as the Middle East war roils markets.
In a statement following a Paris meeting of G7 energy ministers, the IEA chief said the talks addressed "all the available options, including making IEA emergency oil stocks available to the market."

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 requested not to be named, told AFP they saw "bursts of fire rising from the complex, with loud sounds like explosions."

Egypt hikes fuel prices

Egypt raised domestic fuel prices by up to 30 percent, blaming "exceptional" global energy pressures caused by the war, which has disrupted oil supplies and shipping routes.
The increases, announced by the petroleum ministry, apply to gasoline, diesel and natural gas used in vehicles.

India tightens gas controls

India ordered tighter controls over natural and cooking gas following import disruptions, with restaurants warning the war could spark widespread closures.
The world's most populous nation is the fourth largest liquefied natural gas buyer and second-largest buyer of liquefied petroleum gas used for cooking -- much of which is sourced from the Middle East.
burs-bgs/mlm

US

Mideast tanker escort: high-risk mission for US Navy

BY W.G. DUNLOP

  • These include sea mines, fast-attack craft, missiles and one-way attack drones.
  • US Navy escorts could help increase the flow of tankers through the Strait of Hormuz, but American warships accompanying slow-moving commercial vessels would face threats including mines, missiles and drones in the narrow waterway bordering Iran.
  • These include sea mines, fast-attack craft, missiles and one-way attack drones.
US Navy escorts could help increase the flow of tankers through the Strait of Hormuz, but American warships accompanying slow-moving commercial vessels would face threats including mines, missiles and drones in the narrow waterway bordering Iran.
Iran has threatened to block oil exports via the key maritime chokepoint -- through which nearly 20 percent of the world's crude usually transits -- in response to the US-Israeli war against the Islamic republic.
President Donald Trump -- who warned of "Death, Fire, and Fury" if Tehran disrupted oil flows -- has also floated the idea of the US Navy accompanying commercial vessels, but Washington's forces have yet to begin the potentially risky mission.
"There are a number of threats that Iran...potentially could bring to bear against that type of escort mission," said Jonathan Schroden, chief research officer at the Center for Naval Analyses.
These include sea mines, fast-attack craft, missiles and one-way attack drones.
"If you put mines in the water and you can reinforce those with both surface and air threats as well, you create a layered threat that extends from under the sea all the way up through the surface into the air," Schroden said. "That just makes it much, much harder to defend."
Trump on Tuesday warned Iran against mining the strait, saying in a social media post: "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."
The United States has an array of ships deployed in the Middle East, including two aircraft carriers.
But an escort mission would be carried out by smaller vessels such as destroyers or frigates -- possibly with warplanes or helicopters providing cover overhead -- that would accompany several tankers at a time, Schroden said.

'Global economic disruption'

US Navy ships would "provide a deterrent effect," and could also "respond if the tankers get fired upon," he said.
The Strait of Hormuz -- less than 30 miles (48 kilometers) across at its narrowest point -- is shared by Iran on one side and Oman on the other.
At least 10 oil tankers in or near the strait were struck, targeted, or reported attacks between March 1 and 10, according to data compiled by the UK Maritime Trade Organisation, the International Maritime Organization, and Iranian authorities.
In addition, three bulk carriers, two container ships, a tugboat, and an oil drilling vessel have reported explosions, strikes, or suspicious activity in the area.
"It's really a global economic disruption that could escalate very, very quickly if it's not addressed," Schroden said.
The United States previously carried out a tanker escort mission -- dubbed Operation Earnest Will -- in the same region to protect ships from attacks by Tehran's forces during the Iran-Iraq war, between 1980-88.
"The major difference is in the scope and scale of military capabilities of both sides," said Schroden.
"Iran didn't have drones, for example, they didn't have nearly the missile capacity that they have now," while US forces now have "much, much greater...ability to bring air and space and cyber effects" to bear that "didn't exist back in the '80s."
Daniel Schneiderman, an adjunct senior fellow in the Center for a New American Security's Middle East Security Program, said Iran's forces remain a danger despite more than 10 days of US-Israeli strikes.
"The threats are significant and very real, even (with) what the US military has been able to do, what the Israeli military has been able to do," Schneiderman said.
A US mission to escort tankers "is absolutely a very high risk, especially when you consider the number of ships that will be involved in this kind of mission -- it's very resource-intensive," he added.
wd/sla

Global Edition

Oil prices dive as IEA eyes emergency release with Hormuz Strait in focus

  • Trump warned Iran against mining the Strait of Hormuz, through which nearly 20 percent of the world's crude oil usually transits from the Gulf to world markets.
  • Crude prices sank and equities mostly rose Tuesday as oil-importing countries discussed a possible stockpile release while monitoring the Strait of Hormuz, a key petroleum waterway emptied of traffic as the Middle East war rages.
  • Trump warned Iran against mining the Strait of Hormuz, through which nearly 20 percent of the world's crude oil usually transits from the Gulf to world markets.
Crude prices sank and equities mostly rose Tuesday as oil-importing countries discussed a possible stockpile release while monitoring the Strait of Hormuz, a key petroleum waterway emptied of traffic as the Middle East war rages.
International oil benchmark, Brent North Sea crude, plunged 11.3 percent to $87.80 a barrel, a day after it neared $120. 
The drop in oil prices gathered pace as member states of the International Energy Agency met for crisis talks to assess "the current security of supply" and the potential release of emergency stocks.
In a statement following a Paris meeting of G7 energy ministers, IEA executive director Fatih Birol said he was "in close contact" with energy ministers from key energy producers and consumers regarding the situation.
Oil prices slid to session lows near 1730 GMT after US Energy Secretary Chris Wright said the US Navy had escorted a tanker through the Strait of Hormuz, but Wright quickly deleted the post and Trump administration officials said no such expedition had taken place.
The Paris and London stock markets gained over 1.5 percent after European gas prices sank 15 percent, helping ease concerns over a renewed surge of global inflation. 
Frankfurt ended the day up 2.4 percent. 
Asian stock markets rallied, with Seoul up more than five percent and Tokyo ending with a gain of 2.9 percent. 
"Renewed optimism on the back of falling oil prices helped global stock indices recover, most strongly in Asia and Europe," said analyst Axel Rudolph at IG trading platform.
Wall Street stocks also spent much of the session in positive territory but lost ground after Wright deleted his social media post, which raised hopes that the Strait of Hormuz was back open for activity.
A DOE spokesperson said Wright's post was taken down because it was "incorrectly captioned" by agency staff.
Trump's energy team "are closely monitoring the situation, speaking with industry leaders, and having the US military draw up additional options to keep the Strait of Hormuz open, including the potential for our Navy to escort tankers," a DOE spokesperson told AFP.
The broad-based S&P 500 finished down 0.2 percent.
Jack Ablin of Cresset Capital Management said oil remains at the top of investor concerns.
"It's sort of the lifeblood of the global economy," Ablin said. "Anything that could potentially disrupt that is of concern to investors worldwide."
Investors were also digesting Trump's remarks Monday that the campaign was far ahead of his initial timeline of around a month. 
"It's going to be ended soon, and if it starts up again they'll be hit even harder," Trump told a news conference in Florida on Monday.
Iran has responded by vowing to block Gulf oil exports and asserting that it, not the US, would "determine the end of the war".
Trump warned Iran against mining the Strait of Hormuz, through which nearly 20 percent of the world's crude oil usually transits from the Gulf to world markets.
"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," Trump said Tuesday in a social media post.

Key figures at around 2215 GMT

Brent North Sea Crude: DOWN 11.3 percent at $87.80 per barrel
West Texas Intermediate: DOWN 11.9 percent at $83.45 per barrel
New York - Dow: DOWN 0.1 percent at 47,706.51 (close)
New York - S&P 500: DOWN 0.2 percent at 6,781.48 (close)
New York - Nasdaq Composite: FLAT at 22,697.10 (close)
London - FTSE 100: UP 1.6 percent at 10,412.24 (close) 
Paris - CAC 40: UP 1.8 percent at 8,057.36 (close)
Frankfurt - DAX: UP 2.4 percent at 23,968.63 (close)
Seoul - Kospi: UP 5.4 percent at 5,532.59 (close)
Tokyo - Nikkei 225: UP 2.9 percent at 54,248.39 (close)
Hong Kong - Hang Seng Index: UP 2.2 percent at 25,959.90 (close)
Shanghai - Composite: UP 0.7 percent at 4,123.14 (close)
Euro/dollar: DOWN at $1.1612 from $1.1636 on Monday
Pound/dollar: DOWN at $1.3415 from $1.3437
Dollar/yen: UP at 158.06 yen from 157.67 yen
Euro/pound: DOWN at 86.48 pence from 86.58 pence
burs-jmb/jgc

US

White House says US Navy has not escorted tanker through Strait of Hormuz

  • In his deleted post, Wright said the "US Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets."
  • The United States has not escorted any oil tanker through the Strait of Hormuz, the White House said Tuesday, after the energy secretary's social media account posted and deleted a claim that it did so.
  • In his deleted post, Wright said the "US Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets."
The United States has not escorted any oil tanker through the Strait of Hormuz, the White House said Tuesday, after the energy secretary's social media account posted and deleted a claim that it did so.
The shift in narrative caused markets to swing, with oil dropping sharply after Energy Secretary Chris Wright's initial post.
Oil prices pared back some losses after Wright's post on X was deleted -- just minutes after publication.
"I can confirm that the US Navy has not escorted a tanker or a vessel at this time, though of course that's an option," White House Press Secretary Karoline Leavitt told a briefing.
Iran's Revolutionary Guards also said that no US Navy vessel has "dared" approach the Strait of Hormuz, calling Wright's claim a "pure falsehood."
An Energy Department spokesperson told AFP that "a video clip was deleted from Secretary Wright's official X account after it was determined to be incorrectly captioned by Department of Energy staff."
At least 10 oil tankers in or near the Strait of Hormuz were struck, targeted or reported attacks between March 1 and 10, according to data compiled by the UK Maritime Trade Organisation (UKMTO), the International Maritime Organization (IMO), and Iranian authorities.

Fluctuating prices

No US ships were confirmed to have escorted oil tankers in the key waterway since the war was launched on February 28. Wright's initial comments marked the first time a US official said this had occurred.
In his deleted post, Wright said the "US Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets."
Nearly a fifth of global oil production passes through the strait, with Tehran on Tuesday vowing that none would be exported from the Gulf while the war is ongoing.
Since March 2, more than 20 commercial vessels have been detected crossing the strait, according to AFP analysis of data from shipping tracker Marine Traffic.
Others have passed through with their transponders switched off to conceal their position, sometimes only reappearing on marine trackers once safely out of the area.
Before the war, a daily average of 138 ships transited the Strait of Hormuz.
President Donald Trump's administration has taken steps to try and reassure global markets since launching the war, offering reinsurance to shipping companies and the US Navy's services to escort tankers.
Crude prices have fluctuated sharply due to supply disruptions, jumping 30 percent on Monday to nearly $120 per barrel before retreating.
They continued to fall after comments by Trump on Monday hinting that the war may end soon, even as his defense secretary vowed a day later to carry out the "most intense day of strikes inside Iran."
The war has seen strikes carried out on oil depots in Iran and attacks on energy infrastructure in wealthy Gulf countries, previously seen as safe havens in a turbulent Middle East.
dk-aha-bys/jgc

US

Iran not seeking ceasefire as Trump steps up threats

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

  • Iranian attacks on shipping have closed the strategic Strait of Hormuz, where a quarter of the world's seaborne oil and a fifth of all LNG normally pass, and Trump warned Iran against mining the strait in a post on his Truth Social platform.
  • Iran remained defiant as fresh explosions thundered out in Tehran on Tuesday, insisting it was not seeking a ceasefire even as US President Donald Trump upped his threats surrounding the strategic Strait of Hormuz.
  • Iranian attacks on shipping have closed the strategic Strait of Hormuz, where a quarter of the world's seaborne oil and a fifth of all LNG normally pass, and Trump warned Iran against mining the strait in a post on his Truth Social platform.
Iran remained defiant as fresh explosions thundered out in Tehran on Tuesday, insisting it was not seeking a ceasefire even as US President Donald Trump upped his threats surrounding the strategic Strait of Hormuz.
The conflict has engulfed the Middle East and roiled energy markets since the February 28 US-Israeli strikes that killed supreme leader Ayatollah Ali Khamenei and triggered the war, with Tehran on Tuesday vowing no crude exports would leave the Gulf if the bombardment continued.
The Pentagon had earlier announced its most intense strikes to date, but Iran has so far refused to bow to the pressure.
Iranian parliament speaker Mohammad Bagher Ghalibaf, a former top Revolutionary Guards commander and key figure after Khamenei's killing, 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.
US Defense Secretary Pete Hegseth had previously told a news conference that Tuesday would "be yet again our most intense day of strikes inside Iran -- the most fighters, the most bombers".
Iranian attacks on shipping have closed the strategic Strait of Hormuz, where a quarter of the world's seaborne oil and a fifth of all LNG normally pass, and Trump warned Iran against mining the strait in a post on his Truth Social platform.
"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," he wrote.
His post came after CNN -- citing anonymous sources familiar with US intelligence reports -- reported that Iran had indeed begun laying explosives in the waterway.
Two rounds of explosions shook Tehran on Tuesday evening, AFP journalists reported, with no immediate information available about the intended targets.
In the capital, one woman in her forties said she found some reassurance in her impression that the bombings "don't target ordinary buildings".
But she noted that it was "the noise of the bombings that is extremely disturbing".
Iran's Revolutionary Guards replied by announcing a fresh salvo of missiles against Israeli cities and US targets in the region, with AFP journalists later hearing explosions in Bahrain's capital Manama.
About 140 US military personnel have been wounded since the start of the war, the majority with minor injuries, the Pentagon said on Tuesday. Seven deaths have already been announced.

'Catastrophic consequences'

Volatile oil prices again veered sharply on Tuesday, sliding after US Energy Secretary Chris Wright announced the navy had escorted a tanker through the Strait of Hormuz.
However, Wright deleted the social media post announcing the operation moments later, and the White House subsequently said no escort had taken place.
Oil prices had surged following the Iranian attacks, strikes on oil depots in Iran and attacks on energy infrastructure in wealthy Gulf countries, previously seen as safe havens in a turbulent Middle East.
The UAE's biggest oil refinery at Ruwais was closed on Tuesday 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 requested not to be named, told AFP they saw "bursts of fire rising from the complex, with loud sounds like explosions".
Qatar, where a suspension of LNG exports has sent European energy prices sky-high, said Iranian attacks on its civilian infrastructure were ongoing, with AFP journalists reporting explosions in Doha.
Traders and energy policymakers are nervously following the hostilities.
"There would be catastrophic consequences for the world's oil markets the longer the disruption goes on, and the more drastic the consequences for the global economy," Saudi oil giant Aramco's president and CEO Amin H. Nasser told journalists. 
"It's absolutely critical that shipping resumes in the Strait of Hormuz."

'Barely getting by'

The UN trade and development agency warned the Hormuz closure could increase the cost of essentials such as fuel and food for 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.
Experts warned the economic outlook remains extremely volatile.
"Rare are days in the markets when you get this much volatility," said Ipek Ozkardeskaya, an analyst for Swissquote Bank, warning that investors were overreacting to every bit of news, even when officials' statements contradicted each other.
"The conflict in the Middle East continues at full speed, political developments are not pointing to a near-term resolution, and there is little clarity about the US plans."
burs-imm/smw

US

US satellite firm extends Middle East image delay

BY PATRICIO ARANA

  • Both major US satellite firms, Planet and Vantor, now delay or block the release of images from the Middle East because of the conflict that erupted on February 28 with US-Israeli strikes on Iran. 
  • American firm Planet Labs PBC on Tuesday said it now imposes a two-week delay for access to its satellite images of the Middle East because of the US-Israeli war against Iran.
  • Both major US satellite firms, Planet and Vantor, now delay or block the release of images from the Middle East because of the conflict that erupted on February 28 with US-Israeli strikes on Iran. 
American firm Planet Labs PBC on Tuesday said it now imposes a two-week delay for access to its satellite images of the Middle East because of the US-Israeli war against Iran.
Both major US satellite firms, Planet and Vantor, now delay or block the release of images from the Middle East because of the conflict that erupted on February 28 with US-Israeli strikes on Iran. 
California-based Planet initially imposed a 96-hour delay last week for access to its high-resolution images, which are usually available a few hours after they are taken. 
"After consulting with experts inside and outside of government... Planet has decided to take additional, proactive measures to ensure our imagery is not tactically leveraged by adversarial actors to target allied and NATO-partner personnel and civilians," a statement said.
From now on, coverage of "all of Iran and nearby allied bases, in addition to the Gulf States and existing conflict zones" will be blocked for 14 days, it said.
Planet, founded in 2010 by former NASA scientists and whose images are widely used by media and researchers, did not say whether the decision was taken in response to an official US request.

Media reliance

For a zone running from Egypt to the Gulf states, Turkey and Djibouti the most recent images released by Planet date from March 6.
Under US legislation, any company headquartered in America that deals in high-resolution satellite images may be subject to restrictions for national security or foreign policy reasons. 
Industry leader Vantor (formerly Maxar) has had a long-standing policy of not distributing images of US or allied bases. But it denied in a statement that it had acted under any government order to hold back images. 
"During times of geopolitical conflict, Vantor may implement enhanced access controls to prevent the misuse of sensitive geospatial intelligence and to help protect allied forces and civilians," it said.
"These controls can include limiting who is able to task new imagery or purchase historical imagery over areas where US, NATO, and other allied and partner forces are actively operating, as well as over areas that are being actively targeted by adversaries."
Vantor said it "independently determines" the controls. 
"These decisions are not mandated by any government, military organisation, or third party."
During Israel's war against Hamas in Gaza, started in October 2023 and running up to a ceasefire in October last year, Planet imposed a 30-day delay while still maintaining extensive coverage of the territory.
Many media, including AFP, use satellite images from sources such as Planet and Vantor to cover the major conflicts -- including Ukraine, Gaza or the Sudan civil war -- where on-the-ground access is made difficult or virtually impossible.
pa/ico/tw/rmb

US

Global energy body discusses releasing strategic oil reserves

BY NATHALIE ALONSO

  • "I have convened an extraordinary meeting of IEA member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market," Birol added.
  • Member states of the International Energy Agency (IEA) met on Tuesday for crisis talks to assess security of supply and the potential release of emergency stocks as the Middle East war roils markets, the body's chief said.
  • "I have convened an extraordinary meeting of IEA member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market," Birol added.
Member states of the International Energy Agency (IEA) met on Tuesday for crisis talks to assess security of supply and the potential release of emergency stocks as the Middle East war roils markets, the body's chief said.
In a statement following a Paris meeting of G7 energy ministers on the economic fallout of the conflict, IEA executive director Fatih Birol said he was "in close contact" with energy ministers from key energy producers and consumers regarding the situation.
"In oil markets, conditions have deteriorated in recent days. In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market," he said ahead of the meeting.
"I have convened an extraordinary meeting of IEA member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market," Birol added.
He said the G7 meeting addressed "all the available options, including making IEA emergency oil stocks available to the market".
Italy's Environment and Energy Minister Gilberto Pichetto Fratin said that regarding the closure of the Strait of Hormuz, "countries have committed to showing solidarity by using stockpiled reserves in order to compensate for the lack of availability at the global level."
The IEA did not announce any decision after Tuesday's meeting.
Crude prices have seen sharp fluctuations due to supply disruptions, jumping 30 percent on Monday to nearly $120 per barrel before retreating later that day.
They fell further on Tuesday, reassured by US President Donald Trump stating Monday that the US-Israel war on Iran was "going to be ended soon".
Nevertheless risks remain, with Iran vowing earlier Tuesday that not one litre of oil would be exported from the Gulf while the United States and Israel press ahead with their bombardment of the country.
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.
- 'We want to be ready' - 
A meeting of G7 finance ministers on Monday discussed a possible release of strategic oil reserves, but French Finance Minister Roland Lescure, whose country holds the rotating presidency of the Group of Seven advanced economies, said later the situation was "not there yet".
On Tuesday, Lescure said the G7 nations wanted to prepare for any developments.
"We have asked the International Energy Agency to start working on scenarios and, of course, to update its stock data so that we have the most recent information," he told reporters. 
"We want to be ready to react at any moment," he added.
He said there were no supply issues in North America and Europe, unlike in Asia, which is dependent on oil supplies flowing through the Strait of Hormuz.
About 100 million barrels of oil are consumed globally every day.
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.
bur-hrc-nal-dlm-as/cc/rl

rich

Musk, already world's richest person, eyes $1 trillion fortune

  • - More billionaires - Musk's fortune amounts to more than three times that of the next names on Forbes' billionaire list, which has grown to a record 3,428 individuals and is heavily populated at the top by other tech titans.
  • Elon Musk's estimated $839 billion net worth has made him the wealthiest individual ever recorded, Forbes said Tuesday, as billionaires worldwide saw their combined fortunes surge in the past year to an all-time high of $20.1 trillion.
  • - More billionaires - Musk's fortune amounts to more than three times that of the next names on Forbes' billionaire list, which has grown to a record 3,428 individuals and is heavily populated at the top by other tech titans.
Elon Musk's estimated $839 billion net worth has made him the wealthiest individual ever recorded, Forbes said Tuesday, as billionaires worldwide saw their combined fortunes surge in the past year to an all-time high of $20.1 trillion.
Musk topped the Forbes World's Billionaires list for the second consecutive year after his fortune swelled by roughly $500 billion over the past twelve months, driven by rising valuations at Tesla and SpaceX, which is targeting a public offering in 2026. 
He is the first person ever to surpass the $800 billion mark and is on course to become the world's first trillionaire.
Musk's monumental jump in wealth reflects a rollercoaster 2025 for Tesla that saw the electric vehicle maker's stock price tumble through the spring amid consumer boycotts over the billionaire's backing of Donald Trump and other far-right politicians.
But Tesla shares rebounded in the second half of 2025 after Musk exited his Trump administration role and have remained lofty. The Forbes list is based on valuations as of March 1, 2026.
Tesla champions believe the company is poised for stratospheric growth because of Musk's access to cutting-edge technology in autonomous driving and artificial intelligence. 
While Musk remains a polarizing figure with the general public, Tesla shareholders have consistently backed the billionaire.
In a November vote, shareholders endorsed a pay package worth up to $1 trillion if Tesla meets production and valuation targets, lifting Musk's share of the company to about 25 percent.
Musk had suggested he could exit Tesla absent the package, saying ahead of the vote that he wanted a large enough stake to have a "strong influence" over the company as he builds a "robot army."
Musk has said that less than 0.1 percent of his wealth is in cash.
David Kirsch at the University of Maryland said estimates of Musk's wealth are inevitably "highly speculative" because a large share depends on equity assets whose valuations depend on whether anticipated growth pans out.
"If you were to measure the actual assets, it wouldn't be $800 bn. It might be a third of that, which would still be more than the next person," said Kirsch who characterized Musk's fortune as "staggering" and "kind of unreal."

More billionaires

Musk's fortune amounts to more than three times that of the next names on Forbes' billionaire list, which has grown to a record 3,428 individuals and is heavily populated at the top by other tech titans.
The cofounders of Google, Larry Page ($257 billion) and Sergey Brin ($237 billion) ranked second and third.
Amazon founder Jeff Bezos ranked fourth with $224 billion, while Meta CEO Mark Zuckerberg was fifth at $222 billion.
The current list has around 400 more billionaires than the 2025 Forbes compilation, a bounty propelled by a stock market surge due partly to bullishness about AI.
Trump moved up to 645th place from 700 a year ago. Forbes estimated Trump's fortune at $6.5 billion, up $1.4 billion.
Major drivers of the US president's rising wealth include hundreds of millions in wealth tied to cryptocurrencies he has promoted. Trump also benefited after a New York appeals court threw out a civil penalty of $518 million in a fraud case.
"Donald Trump's second term as president has so far paid off handsomely for the billionaire head of state," Forbes said.
"Whether striking deals in the Middle East, shilling his crypto coins or hosting luminaries at his properties, Trump has proven that he and his family are very much still in business."
arp-jmb/des

US

UN warns Hormuz standstill will hit world's most vulnerable

BY ROBIN MILLARD

  • The UN's World Food Programme said the costs and time lost to the Strait of Hormuz disruptions were already impacting its humanitarian operations.
  • The standstill in the Strait of Hormuz caused by the Middle East war could hammer some of the world's most vulnerable people, the United Nations warned Tuesday.
  • The UN's World Food Programme said the costs and time lost to the Strait of Hormuz disruptions were already impacting its humanitarian operations.
The standstill in the Strait of Hormuz caused by the Middle East war could hammer some of the world's most vulnerable people, the United Nations warned Tuesday.
The strait is the only sea passage from the Gulf towards the Indian Ocean, through which nearly a quarter of the world's seaborne oil supplies pass, as well as a significant amount of cargo.
Iran has all but blocked the waterway following the launch of the February 28 US-Israeli airstrikes on the country that triggered the war.
"The current shock comes at a time when many developing economies struggle to service their debt, face a tightening of fiscal space and limited capacity to absorb new price shocks," the UN trade and development agency UNCTAD said.
"Higher energy, fertiliser and transport costs -- including freight rates, bunker fuel prices and insurance premiums -- may increase food costs and intensify cost-of-living pressures, particularly for the most vulnerable," it said.
UNCTAD added that, in terms of seaborne trade volume, in the week before the conflict 38 percent of crude oil, 29 percent of liquified petroleum gas, 19 percent of liquified natural gas and 19 percent refined oil products went through the strait.
But while an average of 129 ship transited daily through the passage between February 1 and 27, that number dropped to just three on March 3.
UNCTAD said the disruptions underscored the vulnerability of critical maritime chokepoints and their potential for disruption to them to send shocks across supply chains and commodity markets.
"Rising energy, transport and food costs could strain public finances and increase pressure on household budgets, potentially heightening economic and social pressures... particularly in economies heavily dependent on imported energy, fertilisers and staple foods," it said.

Food aid hit

UN rights chief Volker Turk echoed the alarm for the effect the plunge in commercial shipping activity could have, "particularly for the world's most vulnerable".
"The impact of an oil price surge will have a knock-on effect for macro-economic and social stability in many countries, particularly those already experiencing debt distress," he said.
The UN's World Food Programme said the costs and time lost to the Strait of Hormuz disruptions were already impacting its humanitarian operations.
"This is nothing less than another seminal moment in global supply chain history," Jean-Martin Bauer, the director of WFP's food and nutrition analysis service, told reporters in Geneva.
Speaking from the WFP's Rome headquarters, he said shipping lines were diverting services and adding surcharges, leading to congestion "in places that are very far from Hormuz".
"We're seeing congestion in Asia. It's quite a severe disruption that's taking place right now," Bauer said.
"We're needing to go the long way around the Cape of Good Hope to reach some of our key geographies."
WFP's biggest operation is in Sudan, but now it is facing approximately 25 days of additional shipping time.
"It's basically 50 percent more than we would usually have. So that's really extending the supply chain and adding to cost," said Bauer.
rjm-nl/rmb

US

Oil crisis: Is world better placed than in 1973?

BY POL-MALO LE BRIS

  • - Pressure of US elections - Iran's threat to block Middle East exports of oil to US and Israeli allies as long as the war continues aims to keep energy prices high, heaping pressure on the United States ahead of its midterm elections in November.
  • Ten days after the first American and Israeli strikes against Iran, oil prices have cooled slightly after soaring above $100 a barrel.
  • - Pressure of US elections - Iran's threat to block Middle East exports of oil to US and Israeli allies as long as the war continues aims to keep energy prices high, heaping pressure on the United States ahead of its midterm elections in November.
Ten days after the first American and Israeli strikes against Iran, oil prices have cooled slightly after soaring above $100 a barrel.
Even if they risk rocketing once more because of ongoing military action, the situation remains very different compared with the oil shock of 1973. AFP looks at why:

Blockade versus embargo

The current crisis' mechanics differ radically from those of 1973. Back then, the shock was political -- a deliberate embargo by OPEC's Arab member countries against pro-Israeli Western nations during the Yom Kippur War. 
In 2026, the shock is logistical -- a military blockade of the Strait of Hormuz by Iran, a key transit point through which 20 percent of global production usually passes. 
In the current situation, the resource is not being refused by producers, rather it is physically blocked. 
Saudi Arabia, Iraq, the United Arab Emirates and Kuwait have the capacity to open the floodgates to stabilise the market but they are hampered by the fact that "they are all dependent on Hormuz", Francis Perrin, an energy expert at French think tank IRIS, told AFP. 
This bottleneck is the result of a lack of sufficient alternative routes to export Middle Eastern crude.
These Gulf giants have already begun reducing their production owing to a lack of local storage capacity, noted Jorge Leon, an analyst at Rystad Energy. 
"The current crisis could potentially become a major energy crisis if this is sustained over time," he told AFP.
It is this difference in nature -- a physical barrier rather than a deliberate diplomatic rupture -- that makes a price explosion similar to that of 1973, when prices quadrupled in three months, virtually impossible according to analysts.

Pressure of US elections

Iran's threat to block Middle East exports of oil to US and Israeli allies as long as the war continues aims to keep energy prices high, heaping pressure on the United States ahead of its midterm elections in November.
President Donald Trump will want to avoid at all costs a prolonged surge in oil prices, which would become his political Achilles' heel. 
On Monday, Trump contained price increases by asserting that the war could end sooner than expected.
He said he would also waive some sanctions on Russia, having allowed India to temporarily import Russian oil.

Strategic reserves

Unlike the first oil shock, when Western countries were caught off guard, OECD members can now rely on massive strategic reserves, equivalent to three months of imports. 
This safety net is managed by the International Energy Agency, an institution created in the aftermath of the 1973 crisis to address this type of emergency. 
To compensate for the Iranian blockade, the IEA could soon inject some of these reserves into the market to curb price speculation and fill the supply gap. 
It is an essential safety valve that remains "effective only if the conflict doesn't last too long", cautioned Perrin.

Affect on green transition

The balance of power has also radically changed. While OPEC took advantage of the chaos in 1973 to impose record prices, exporting countries today fear that fresh all-time peaks could form the strongest argument for a transition to green energy. 
The challenge is all the more complex because the world remains hooked on oil.
"We are still struggling to replace the king that is oil," said Perrin, recalling its indispensable role in transportation and petrochemicals. 
While crude oil's share of the global energy mix has decreased, overall consumption is reaching record highs. 
"If the conflict drags on for a few more weeks, prices could easily climb to $140," predicted Leon, weakening the global economy.
pml-bcp/rl

US

Expats cling to Dubai's allure despite Iran's missiles

BY SOPHIE LAUBIE WITH AFP BUREAUS

  • For Lorraine Soulier, 43, who manages a chain of luxury real estate agencies in Dubai, living in the region "is like living in France with the risk of a terrorist attack or burglary".
  • While tourists and non-essential diplomats scramble to leave the Gulf as Iran retaliates across the region for US and Israeli airstrikes, many expatriates in the glittering hubs of Dubai and other Gulf cities are sitting tight.
  • For Lorraine Soulier, 43, who manages a chain of luxury real estate agencies in Dubai, living in the region "is like living in France with the risk of a terrorist attack or burglary".
While tourists and non-essential diplomats scramble to leave the Gulf as Iran retaliates across the region for US and Israeli airstrikes, many expatriates in the glittering hubs of Dubai and other Gulf cities are sitting tight.
Several told AFP that, although work and leisure routines were disrupted by the frequent launches of Iranian missiles and drones, they felt it was safe enough to stay -- and hope for a speedy end to the war.
- 'Unsettling'  but 'calm' reigns - 
"Initially, and I think that goes for everyone who is here, it has affected our day-to-day life, and it's unsettling to everyone," said Maria Palmou, 46, a Greek lawyer who has worked in Dubai for a decade.
"There is military activity, and you can hear it," she said, but added: "We have seen the way it has been handled by the local authorities, I think there is a sense of calm and confidence among the people living here that they are managing well."
Palmou said "normal life continues", with people walking around the city centre's streets, traffic on the roads and shops open. 
"There are a lot of people who will go to the park, who will go to the beach," she said.
While the frequent phone alerts were disconcerting, Palmou said she didn't feel there was anything to do except not go outside while they were in force.
"As things stand today, my plan is not to go back home," said Palmou.
"I think everyone is hoping that this will finish soon."

'Like Covid'

Working from home has become the rule for many as Iranian attacks target residential zones, airports and embassies, along with military sites.
For Sidonie Viaud, 48, a French national working in the tech sector in Dubai with her Indian husband, remote work will continue "until further notice". Classes for the children are also taking place online.
"It's more like Covid for us," she said.
French director and producer Bruno de Champris, 62, based in Dubai since 2005, was also working from home as "all film shoots have been suspended for the moment".
"We don’t sleep well" for fear of blasts, he said, but "despite everything, people go about their business".
De Champris also expressed confidence in the local authorities.
"Even if zero risk doesn’t exist, I know the Emirati forces are doing a phenomenal job of protection," he said.
De Champris said he doesn't plan to return to France in the near future, although his wife temporarily returned to Paris for family reasons.

Social life on hold

Asad, a US national living in the Qatari capital Doha with his Pakistani wife and 18-month-old daughter, said the US Embassy has offered to help them leave.
But "we are planning to stay" unless civilians are targeted, and if power and water supplies are affected and food becomes scarce, he said.
"My wife and I both work remotely. I work for a US-based company and my wife works for a local university, so work continues as usual," said Asad, 40.
"Our social life is on hold till the end of hostilities. We live and mostly remain within our compound, with brief trips out for groceries."
Frenchman Nicolas Thioulouse, 47, arrived in Saudi Arabia only a few months ago with his Australian wife and their two children after receiving "an offer you can’t refuse”" in real estate development.
Thioulouse said he has seen "quite a few people" leave his neighbourhood "in recent days", mainly for Europe.
He remains philosophical about the risks. 
"We have more chance of dying in a car crash in Sydney than from a missile in Riyadh." 
For Lorraine Soulier, 43, who manages a chain of luxury real estate agencies in Dubai, living in the region "is like living in France with the risk of a terrorist attack or burglary".
The likelihood of that scenario "was higher than having a missile land in my backyard in Dubai".
slb-jed-pau-jvi-od/rl/rmb

US

Vietnam to tap emergency fund to cool surging fuel prices 

  • For the last two days, cars and motorcycle riders have lined up at petrol stations across the country, waiting to refuel in anticipation of future price hikes.
  • Vietnam moved Tuesday to tap an emergency fund to cool surging fuel prices, as the Middle East war has disrupted supplies and sparked long queues at petrol stations across the country.
  • For the last two days, cars and motorcycle riders have lined up at petrol stations across the country, waiting to refuel in anticipation of future price hikes.
Vietnam moved Tuesday to tap an emergency fund to cool surging fuel prices, as the Middle East war has disrupted supplies and sparked long queues at petrol stations across the country.
Vietnam initially resisted dipping into its Fuel Price Stabilisation Fund as unleaded gasoline rose 21 percent and diesel spiked more than 50 percent after the United States and Israel launched their attack on Iran in late February.
At a meeting of the country's energy security task force on Tuesday, however, the prime minister "agreed in principle" with a proposal by the trade ministry to draw from the fund, the government said on its website.
"This should be implemented immediately on March 10th," it added.
Funded by major fuel distributors in Vietnam, the fund has not been used since 2023 and currently has a surplus of more than $200 million.
For the last two days, cars and motorcycle riders have lined up at petrol stations across the country, waiting to refuel in anticipation of future price hikes.
A 57-year-old who gave his name as Tuan told AFP at a Hanoi petrol station that he was furious after waiting for almost an hour to gas up.
"I still have enough to run my motorbike today, but definitely I have to fill it tonight. Then I have to queue again tonight?" he said.
Vietnam scrapped duties on many imported petroleum products on Monday in an effort to prevent fuel shortages and stabilise the domestic market.
It also encouraged companies to allow employees to work from home "whenever feasible" to alleviate demand for fuel, the government said on its website.
Hanoi recommended the public limit the use of personal vehicles, and instead opt for public transit, cycling or carpooling.
bur-tym/mjw

games

UK trial opens against Sony over PlayStation video game prices

  • Under UK law, all potentially affected persons are included in this type of class action by default, and may benefit from possible compensation, unless they voluntarily opt out.
  • A trial opened in London on Tuesday over a £2 billion ($2.7 billion) class action lawsuit that accuses Japanese entertainment giant Sony of breaching competition law by allegedly overcharging millions of UK PlayStation users.
  • Under UK law, all potentially affected persons are included in this type of class action by default, and may benefit from possible compensation, unless they voluntarily opt out.
A trial opened in London on Tuesday over a £2 billion ($2.7 billion) class action lawsuit that accuses Japanese entertainment giant Sony of breaching competition law by allegedly overcharging millions of UK PlayStation users.
The claimants argue that Sony has excluded competition and imposed excessive charges on digital games sold through its PlayStation Store for nearly a decade.
"Sony have abused that position by charging consumers too much money," consumer campaigner Alex Neill, who brought the action on behalf of an estimated 12.2 million users, told AFP.
The PlayStation Store is the official digital platform where gamers can buy Sony classics like "Gran Turismo" and "God of War", as well as blockbuster titles like "Call of Duty", "GTA" and "Assassin's Creed" from other studios.
"Sony has implemented a sustained strategy to exclude all actual and potential competition from the digital distribution markets," Robert Palmer, a lawyer representing the claimants, told the Competition Appeal Tribunal. 
According to the claimants, the game "Assassin's Creed Shadows" is sold on the PlayStation Store for nearly £70, roughly double the price of the physical edition at UK retailer Currys.
They also argued that Sony charges an excessive 30 percent commission, while PC game distribution platforms -- which face greater competition -- typically charge lower fees.
"It is clear on the evidence that the profitability of the PlayStation system is far from excessive," Sony said in its legal submissions shared with AFP.
If you account for the total price of the console and the game, "its digital content is priced at similar levels to that on other platforms and... similar prices to discs", the company said.
Sony added that if the prices were not comparable, "consumers and publishers would simply go elsewhere".
Under UK law, all potentially affected persons are included in this type of class action by default, and may benefit from possible compensation, unless they voluntarily opt out.
"We're aware of other cases that are being pursued," including in Australia, the Netherlands and Portugal, said Natasha Pearman, a partner at Milberg London, one of the claimants' lawyers.
"So it's a global strategy, essentially, that's been adopted," she added.
Last year, Apple lost a lawsuit in London for abusing its dominant position and charging excessive commissions on its in-house App Store.
The US tech giant, which has said it intends to appeal the decision, could be liable to reimburse millions of users.
ode-ajb/bcp/rl

nuclear

Citing 'strategic mistake' EU pivots back to nuclear energy

BY ADRIEN DE CALAN

  • "It was a strategic mistake for Europe to turn its back on a reliable, affordable source of low-emission power," she said.
  • EU chief Ursula von der Leyen on Tuesday said Europe's turn away from nuclear power had been a "strategic mistake", as soaring oil prices rekindled concerns about the bloc's energy vulnerability. 
  • "It was a strategic mistake for Europe to turn its back on a reliable, affordable source of low-emission power," she said.
EU chief Ursula von der Leyen on Tuesday said Europe's turn away from nuclear power had been a "strategic mistake", as soaring oil prices rekindled concerns about the bloc's energy vulnerability. 
Speaking at a nuclear summit in Paris, the European Commission president endorsed a return to atomic energy, saying the European Union would back investments in "innovative nuclear technologies".
"It was a strategic mistake for Europe to turn its back on a reliable, affordable source of low-emission power," she said.
The US-Israeli strikes on Iran and Tehran's retaliatory attacks across the Gulf region have upended the world's energy and transport sectors, virtually halting activity in the strategically vital Strait of Hormuz.
EU officials have said the situation is yet to reach the crisis levels hit after Russia invaded Ukraine in 2022. 
But the conflict has rekindled a debate on the bloc's external dependencies and high energy costs, which European industry has long said hamper competitiveness vis-a-vis Asia and North America. 
"For fossil fuels, we are completely dependent on expensive and volatile imports. They are putting us at a structural disadvantage to other regions," von der Leyen said at the Paris summit, which aims to boost the use of civilian nuclear energy.
"The current Middle East crisis gives a stark reminder of the vulnerability it creates," she added.
Her comments came as the EU is set to unveil new energy plans that von der Leyen said will include "a 200-million-euro ($230-million) guarantee to support investment in innovative nuclear technologies". 
Brussels is focusing in particular on small modular reactors (SMRs), which the commission would like to see in operation by the early 2030s. 
SMRs have about a third of the generating capacity of a traditional nuclear power reactor -- but are relatively simple to build and thus more affordable.
Their designs promise enhanced safety features and more efficient operations than traditional plants, but have yet to be deployed at scale. 
- Breaking 'taboos' - 
The EU money, while modest, is supposed to help Europe play catch up with the United States and China in the sector.
It will come from the bloc's Emissions Trading System (ETS) -- which obliges heavy polluters to pay for permits, said von der Leyen.
Brussels will also work with member states to align regulatory frameworks and speed up permitting, she added.
Nuclear energy on the continent fell into crisis after the 2011 Fukushima disaster in Japan, which reinforced fears highlighted by the 1986 Chernobyl catastrophe.
Putting EU money behind nuclear projects was long a no-no, with the 27-nation bloc focusing on renewables in the race to cut planet warming emissions.  
Russia's war on Ukraine sparked a re-think -- but atomic power remains divisive. 
Tuesday's summit host, France, is a strong backer. The Netherlands and Sweden are planning to build new plants, while Belgium has ditched its nuclear phase out and Italy is also re-considering its stance. 
Germany's chancellor Friedrich Merz has also labelled the shuttering of nuclear plants a "serious strategic mistake". 
On the other hand Austria has historically opposed atomic power and Spain remains a strong advocate of renewables as the first port of call for greener power supplies. 
EU industry chief Stephane Sejourne celebrated the EU nuclear pivot Tuesday saying Brussels dared "to break certain taboos". 
"The commission is now fully integrating nuclear power into its industrial strategy and financing instruments. This is a first!", he said. 
Yet wind and solar are set to dominate the European energy mix for years to come, as building new nuclear capacity will inevitably take time, experts caution.
In 2024, renewable energy sources accounted for 47 percent of electricity production in the EU, compared to 23 percent for nuclear power, according to Eurostat, the union's data agency. 
adc-ub/ec/cw

US

Iran war sends prices in next door Turkmenistan soaring

BY ANTON LOMOV

  • Kurbanova was worried how far her small pension would stretch. 
  • At a market in Turkmenistan's capital Ashgabat, pensioner Shemshat Kurbanova always used to pick the "juiciest" Iranian fruit -- but 10 days of war across the border have sent prices soaring and she is now worried how to get by.
  • Kurbanova was worried how far her small pension would stretch. 
At a market in Turkmenistan's capital Ashgabat, pensioner Shemshat Kurbanova always used to pick the "juiciest" Iranian fruit -- but 10 days of war across the border have sent prices soaring and she is now worried how to get by.
The Middle East war has tumbled global markets, with the effects being felt almost immediately in some of Tehran's closest neighbours.
Iran last week banned all goods and agricultural exports, triggering economic pressure on secretive Turkmenistan and the wider Central Asian region, where Tehran had a growing economic footprint in recent years.
With the Iran border only 20 kilometres (12 miles) away, Kurbanova, 62, said she preferred Iranian fruit and juice for their freshness and affordability. 
But "everything has doubled in price," she told AFP.
According to an AFP journalist, mandarins in Ashgabat cost $1.90, apples more than $2 and a pack of cigarettes has risen to $3 -- pretty much double what they were.
Kurbanova was worried how far her small pension would stretch. 
"I understand the situation is difficult but I hope the conflict will soon end and the prices will come back to the previous levels," she said. 
Civil servant Kerim Ballyev -- a heavy smoker who mostly bought "cheap Iranian cigarettes" -- has been forced to cut down. 
"The price has almost doubled," he told AFP. 
"For me, it is expensive. I won't be buying a whole pack, I'll buy them individually." 
Turkmenistan is one of the most secretive countries in the world. 
Little information filters through to the public in the tightly-controlled state, with the war next door virtually non-existent in censored state media.  
Although trade statistics are kept secret by authorities, Tehran is a significant trading partner for Turkmenistan -- a trend seen throughout Central Asia -- despite Chinese and Russian dominance. 
- Few alternatives - 
A landlocked region the size of the EU, Central Asia is dependent on transit corridors via its neighbours -- China, Russia, Iran and Afghanistan. 
"Iran has for a long time played the role of a window to the south for Central Asia: key transport corridors go through its territory, which give access to the Persian Gulf and then to the markets of India, the Middle East and Europe," Kyrgyz economist Iskender Sharsheyev told AFP. 
The war, he said, has "essentially paralysed these southern corridors."
"The consequences for Central Asia are already felt: delays in deliveries and the rising prices of fuel, fertiliser, medicine and electronics," he added. 
Byashim Ovezov, a 34-year-old businessman trading Iranian food products in Turkmenistan, said "the flow of goods has decreased".
"If the war continues, then not only will the prices double, or more, but people like me will lose their jobs," he said. 
Economist Sharsheyev said Iran is a principal food supplier in the region, traditionally bringing in fruit, vegetables and dairy products.  
"It is extremely difficult to replace them rapidly," he said.
"The alternatives from China or Turkey are more expensive and more complex logistically."
Alternative routes -- reaching Europe via the Caspian Sea to bypass Russia and Iran -- do not have the capacity to absorb a sudden surge in cargo. 
"At the moment, the region does not have a quick replacement for Iranian transit," Sharsheyev said.  

'Almost nothing left'

The impact of the war is also felt sharply further from Iran in Tajikistan, which has the strongest cultural and linguistic links with Iran in the region.
Bilateral trade reached nearly $500 million in 2025 -- a substantial amount for the poorest country in Central Asia.
Madina, who runs a shop in the capital Dushanbe with Iranian products, said she had "almost nothing left in stock, except spices".  
A truck full of goods meant to refill her shelves has not been able to leave Iran since the war started on February 28, she said.  
"The borders were shut immediately, exports stopped, so our products got stuck," she said. 
"If the war continues and we will not be able to get goods, we will have to rent out the shop or get a smaller one," she said. 
al-bk-oc/jc/fg

energy

EU chief, Macron say Mideast war exposes Europe energy vulnerability

  • Von der Leyen said Europe's turn away from civilian nuclear power had exposed the continent's fossil fuel "vulnerability".
  • EU chief Ursula von der Leyen and French President Emmanuel Macron on Tuesday called on European countries to boost the use of civilian nuclear power to secure the continent's energy independence, saying the Middle East war had exposed Europe's vulnerability.
  • Von der Leyen said Europe's turn away from civilian nuclear power had exposed the continent's fossil fuel "vulnerability".
EU chief Ursula von der Leyen and French President Emmanuel Macron on Tuesday called on European countries to boost the use of civilian nuclear power to secure the continent's energy independence, saying the Middle East war had exposed Europe's vulnerability.
They spoke at a nuclear energy summit which was briefly interrupted by Greenpeace protesters as the US-Israeli war with Iran entered its second week.
Von der Leyen said Europe's turn away from civilian nuclear power had exposed the continent's fossil fuel "vulnerability".
"It was a strategic mistake for Europe to turn its back on a reliable, affordable source of low-emission power," she said at the opening of the second Nuclear Energy Summit just outside Paris.
"For fossil fuels, we are completely dependent on expensive and volatile imports. They are putting us at a structural disadvantage to other regions," she said.
"The current Middle East crisis gives a stark reminder of the vulnerability it creates," she added.
"We have home-grown low-carbon energy sources: nuclear and renewables. And together, they can become the joint guarantors of independence, security of supply, and competitiveness -- if we get it right."

'Energy sovereignty'

Macron said civilian nuclear power helped provide energy sovereignty.
"Nuclear power is key to reconciling both independence -- and thus energy sovereignty -- with decarbonisation, and thus carbon neutrality," Macron said.
"We can see it in our current geopolitical context: when we are too dependent on hydrocarbons, they can become a tool of pressure, or even of destabilisation," he added.
Von der Leyen said that "while in 1990, one-third of Europe's electricity came from nuclear, today it's only close to 15 percent". 
"In the last years, we see a global revival of nuclear energy. And Europe wants to be part of it," she said.
She said European Union would "create a 200-million-euro ($230-million) guarantee to support investment in innovative nuclear technologies", unveiling a new strategy for small modular reactors.
"We want this new technology to be operational in Europe by the early 2030s."
Small modular reactors are advanced nuclear reactors that have a power capacity of up to 300 megawatts of electricity per unit, or about a third of the generating capacity of a traditional nuclear power reactor.
They are relatively simple to build, which makes them more affordable than large power reactors.

'Nuclear power fuels war'

Nuclear energy fell into crisis after the 2011 Fukushima disaster in Japan, which reinforced fears highlighted by the 1986 Chernobyl catastrophe.
But the growing focus on energy sovereignty and the search for clean energies to counter global warming has reignited atomic interest.
The use of nuclear energy as an alternative to fossil fuels is highly controversial, however, with many environmental groups warning about safety risks and the disposal of nuclear waste.
The start of the summit was briefly interrupted by two Greenpeace activists who broke onto the stage as Macron greeted attendees and unfurled a banner reading "Nuclear power fuels Russia's war."
One of the activists shouted: "Why are we buying uranium from Russia?" before both were taken away by security personnel.
Greenpeace has accused France of maintaining ties with Russia's state nuclear corporation, Rosatom, despite Moscow's invasion of Ukraine, now in its fifth year.
In 2018, France's EDF signed a multi-million deal with a Rosatom subsidiary, Tenex, for reprocessed uranium from French nuclear power plants to be sent to Russia to be converted and then re-enriched before being reused in power production.
Greenpeace said that around 15 activists disrupted the arrival of officials heading to the event.
"This global summit on nuclear energy is completely out of touch with the current global situation, both in terms of geopolitical tensions and armed conflicts, and in the context of the fight against climate change," Greenpeace said.
bur-as/ah/ach 

automobile

Volkswagen says to cut 50,000 jobs as profit slides

BY PAUL CASSEDANNE WITH LOUIS VAN BOXEL-WOOLF IN FRANKFURT

  • "In total, around 50,000 jobs are due to be cut by 2030 across the Volkswagen Group in Germany," Volkswagen CEO Oliver Blume said in a letter to shareholders in the firm's annual report.
  • Germany's automotive giant Volkswagen said Tuesday it would cut 50,000 jobs at home by 2030 as its profit slid to its lowest level in almost a decade. 
  • "In total, around 50,000 jobs are due to be cut by 2030 across the Volkswagen Group in Germany," Volkswagen CEO Oliver Blume said in a letter to shareholders in the firm's annual report.
Germany's automotive giant Volkswagen said Tuesday it would cut 50,000 jobs at home by 2030 as its profit slid to its lowest level in almost a decade. 
The news comes as the 10-brand group seeks to weather stiff Chinese competition, especially in electric vehicles, US tariffs and high costs.
"In total, around 50,000 jobs are due to be cut by 2030 across the Volkswagen Group in Germany," Volkswagen CEO Oliver Blume said in a letter to shareholders in the firm's annual report.
The group had already struck a deal with unions at the end of 2024 to cut 35,000 jobs by 2030 at its namesake brand as part of wider plans to save 15 billion euros a year.
The additional cuts would come from premium brands Audi and Porsche as well as Volkswagen's software subsidiary Cariad, Blume added.
Even before US President Donald Trump slapped tariffs on non-American carmakers last year, Volkswagen was facing the triple whammy of stagnant demand in Europe, the cost of investing in EVs despite patchy demand, and cratering sales in China.
Volkswagen, long the biggest player in the Chinese market, the world's largest, is struggling with fierce competition from local rivals and sales there have slipped behind those of BYD and Geely.
Blume told a press conference that Chinese carmakers eyeing up the European market to export their way out of a fierce price war at home would raise the pressure on Volkswagen.
"We need to prepare ourselves for the fact that we will come under price pressure here," he said. "This is a big incentive for us to work intensively on the cost side."

'We have to fight back'

Earnings after tax fell about 44 percent last year, Volkswagen said, with US tariffs, Chinese competition and a costly revamp of its sportscar-maker Porsche all hitting performance.
Earnings at 6.9 billion euros ($8 billion) were at their lowest since 2016, when the group took billions in one-off charges due to recalls and legal troubles over cheating on diesel emissions tests.
Warning that urgent action was needed to get the group back on track, Blume said the German car industry was going through a decisive break rather than a rough patch.
"The business model that has sustained us for decades in the Volkswagen Group, but this also applies to the entire German automotive industry and even to Germany as a business location, no longer works in its current form," he said.
"We simply have to compare ourselves with the competition, which in Europe will now also increasingly come from China," he added. "We have to fight back."
For 2026, Volkswagen said it expected a core profit margin of between 4 and 5.5 percent -- potentially lower still than the 4.6 percent it achieved this year, adjusted for one-off expenses related to restructuring and the costs of moving back to petrol cars at Porsche.
The group warned last September of a bumper 5.1 billion-euro hit for the year after Porsche cut its medium-term profit target and said it would carry on selling petrol vehicles for longer than previously planned in the face of tepid demand for its EVs.
Traditional carmakers are in a tricky spot when it comes to electric cars, with each vehicle sold usually less profitable than the equivalent petrol or diesel model.
Strict European Union environmental rules had nevertheless forced Porsche into expanding its electric offering, Blume said.
"If they hadn't done so, the company would no longer be viable due to CO2 regulations," he said. "The decisions made were right ones."
Asked about the possible impact of the war in the Middle East, Blume said it would be limited since a "low single-digit percentage" of the group's cars were sold there.
Volkswagen had nevertheless recently lost sales in Ukraine, Russia, the United States and China, he added.
"It's another thing to think about," he said. "It obviously all adds up."
vbw/fz/cw

earnings

Lego posts record profit despite geopolitical turmoil: CEO to AFP

BY CAMILLE BAS-WOHLERT

  • Its revenue jumped 12 percent to 83.5 billion kroner.
  • Denmark's Lego, the world’s number one toy maker, on Tuesday posted record sales and profits for its 2025 financial year, marking a "fantastic" year, despite global tensions, Lego's CEO told AFP. Last year, the group reported a 21 percent increase in net profit, reaching 16.7 billion kroner ($2.6 billion), the highest net profit the company's ever recorded.
  • Its revenue jumped 12 percent to 83.5 billion kroner.
Denmark's Lego, the world’s number one toy maker, on Tuesday posted record sales and profits for its 2025 financial year, marking a "fantastic" year, despite global tensions, Lego's CEO told AFP.
Last year, the group reported a 21 percent increase in net profit, reaching 16.7 billion kroner ($2.6 billion), the highest net profit the company's ever recorded. Its revenue jumped 12 percent to 83.5 billion kroner.
"I wouldn't say that the volatility and everything happening doesn't impact us, but I think we have momentum behind taking markets in a way that we can grow even so," Lego CEO Niels Christiansen told AFP in an interview.
"If oil prices are going up, then probably our raw material will be going up. If consumers get nervous, they tend to maybe be a little bit more reluctant to spend or spend a little bit slower," Christiansen acknowledged.
"But if you're successful in gaining more market share, then you can compensate for some of these negative impacts," he added
Consumer sales rose 16 percent across all markets, including in China, where the group has returned to growth after investing for years.
The group noted in its annual report that in 2025 the toy market grew by seven percent.
"If you take the toy industry over the last three years, it has grown a little bit and has declined a little bit. So, it's basically been flat over time. And even though it's been flat, we have grown double digits every year," Christiansen said.

Close to market

Christiansen said the company expected a "high single-digit" growth this year.
Lego's recipe for success, as a privately-held family company, is to combine innovation with optimisation of its production across its six factories around the world.
"We produce close to markets and consumers," he said, adding this allowed the company to start production late "so we know what really is in high demand".
Lego, whose name is a contraction of the Danish for "play well"("leg godt"), is also banking on partnerships -- such as with Pokemon or FIFA -- and technological innovation to win over consumers.
The company recently launched its "SMART Play" system after seven years of development and 20 patents.
The system features "smart" bricks able to light up or play sounds and react to movements.
"At one point in time, there were only square bricks. Then there were all kinds of shapes. Then there were minifigures. Then there were motors or motions in there. Every time that happened, it kind of put new modularity to the system and you could do more things," Christiansen told AFP.
Headquartered in Billund in Denmark, Lego has 1,112 stores around the world.
cbw/jll/cw