Oil prices will be lower after the US-Israeli war against Iran is over than they were at the beginning of the year, including due to the United Arab Emirates’ decision to withdraw from OPEC, Scott Bessent said
Oil prices will be lower after the US-Israeli war against Iran is over than they were at the beginning of the year, including due to the United Arab Emirates’ decision to withdraw from OPEC, Scott Bessent said
Spirit Airlines announced it was shutting down immediately following a failed Washington bailout bid and a surge in oil prices
Spirit Airlines, a US-based low-cost carrier, has succumbed to the unprecedented energy crisis, Kremlin envoy Kirill Dmitriev has said, commenting on the company’s recent shutdown.
The airline announced on Saturday that it has begun an orderly suspension of operations, effective immediately, citing the recent surge in fue
Spirit Airlines announced it was shutting down immediately following a failed Washington bailout bid and a surge in oil prices
Spirit Airlines, a US-based low-cost carrier, has succumbed to the unprecedented energy crisis, Kremlin envoy Kirill Dmitriev has said, commenting on the company’s recent shutdown.
The airline announced on Saturday that it has begun an orderly suspension of operations, effective immediately, citing the recent surge in fuel costs and other pressures that have significantly impacted its financial outlook.
“Spirit Airlines collapsed – the first airline victim of the historic energy crisis, as jet fuel prices jumped from $2.5 to $4 per gallon. 17,000 laid off,” Dmitriev, who serves as Russian President Vladimir Putin’s special envoy for investment and economic cooperation, said later that day in a post on X.
Spirit’s bondholders reportedly turned down a last-minute rescue proposal from the Trump administration that could have provided up to $500 million to sustain the struggling airline. The plan would have placed the government ahead of other creditors and granted it a stake of up to 90% in the company.
The shutdown is set to leave around 17,000 people without work, including about 14,000 Spirit employees as well as thousands of contractors and others whose jobs rely on the airline. The elimination of the flights is also expected to result in higher fares across the industry.
The sudden and sustained rise in fuel prices in recent weeks ultimately left the company with no alternative but to pursue an orderly wind-down despite a restructuring plan agreed upon with bondholders in March, Spirit’s President and CEO, Dave Davis, said in a statement.
A mounting jet fuel crunch is hitting airlines worldwide as disruption in the Strait of Hormuz – a key energy chokepoint handling nearly a fifth of the global oil supply – amid the US-Israeli war on Iran has sharply reduced tanker traffic, delaying shipments and raising fears of the worst energy crisis in history, the International Energy Agency has warned.
US President Donald Trump has repeatedly downplayed the impact of the Strait of Hormuz energy shock, arguing that the American economy would remain strong, and that energy disruptions would be temporary rather than economically damaging.
The participants of the procession through the US capital carried photos of relatives who fought Nazi Germany in WWII
Several hundred people have taken part in an ‘Immortal Regiment’ march in Washington, commemorating those who fought for the Soviet Union in the Second World War, the Russian Embassy in DC has said.
The marches were first held in the Siberian city of Tomsk in 2012. In the past, WWII veterans had been honored guests at Victory Day
The participants of the procession through the US capital carried photos of relatives who fought Nazi Germany in WWII
Several hundred people have taken part in an ‘Immortal Regiment’ march in Washington, commemorating those who fought for the Soviet Union in the Second World War, the Russian Embassy in DC has said.
The marches were first held in the Siberian city of Tomsk in 2012. In the past, WWII veterans had been honored guests at Victory Day parades commemorating Hitler’s defeat, but their numbers had dwindled, so local organizers came up with the idea of inviting their loved ones to march instead, holding their portraits. Since then, the idea has spread across Russia and to other nations.
The marches are traditionally held on May 9 in Russia, when the country celebrates Victory Day. In Washington, however, it was staged on Saturday, a week before the 81st anniversary of the end of the bloodiest conflict in history.
The demonstrators walked past the White House carrying portraits and red Victory Banners, and made their way towards the World War II Memorial on the National Mall, where they laid flowers, the embassy said in a statement.
The Russian diplomats thanked the organizers of the ‘Immortal Regiment’ march and all those who participated in what they described as an “important initiative, aimed at countering attempts to rewrite history and whitewash the Nazis and their collaborators, who are now being honored in some countries.”
Last year’s procession in the US capitol was marred by provocations from pro-Ukrainian activists. No incidents have been reported during the current event.
An ‘Immortal Regiment’ march also took place in New York City on Saturday, with several dozen people gathering outside the office of the Russian Permanent Mission to the UN.
The previous administration of US President Joe Biden had refused to permit the processions, citing coronavirus restrictions and a difficult political situation. But the ‘Immortal Regiment’ marches resumed after Donald Trump’s return to office.
A UAV has hit a radiation control laboratory at Russia’s Zaporozhye facility, its press service has said
The Ukrainian military has targeted an external radiation control laboratory at Russia’s Zaporozhye Nuclear Power Plant (ZNPP), the facility’s press service has said in a statement on Telegram.
Ukrainian forces have repeatedly attacked Europe’s largest nuclear facility since it came under Russian control in 2022, soon after the escalation of t
A UAV has hit a radiation control laboratory at Russia’s Zaporozhye facility, its press service has said
The Ukrainian military has targeted an external radiation control laboratory at Russia’s Zaporozhye Nuclear Power Plant (ZNPP), the facility’s press service has said in a statement on Telegram.
Ukrainian forces have repeatedly attacked Europe’s largest nuclear facility since it came under Russian control in 2022, soon after the escalation of the Ukraine conflict. The power plant is located in Zaporozhye Region, which officially voted to join Russia in a fall 2022 referendum.
The laboratory targeted in the Sunday attack facilitates the round-the-clock monitoring of the radiological environment at the plant and is vital for planning any emergency response operations, the press service said.
“Such actions pose a threat not only for the nuclear security but also the for the radiological environment control system,” it added, warning that any damage to the laboratory could affect the timely assessment of the situation and response in case of emergency.
The International Atomic Energy Agency (IAEA) monitoring team working at the station have been promptly alerted about the incident, the press service said. According to the statement, the strike did not result in any “critical” material damage or casualties and did not disrupt the operation of the power plant.
The UN nuclear watchdog confirmed receiving the report from the ZNPP and requested access to the lab for further inspection, the IAEA said in a post on X. Its Director General Rafael Grossi also condemned the strike by saying that “any attacks near nuclear sites can pose nuclear safety risks.”
The Monday attack came a day after Grossi visited Kiev for talks with Vladimir Zelensky, during which the Ukrainian leader urged the IAEA to pressure Russia to hand over control of the plant.
Ukraine has also repeatedly sought to interject proposals to take control of the plant into US-mediated peace talks with Russia.
Moscow has firmly rejected the idea of handing over the plant or allowing for its joint ownership with Ukraine or any NATO nations, citing a high risk of sabotage.
Thus, whereas nine ships passed through the Strait of Hormuz in both directions on Saturday, on Sunday, according to Bloomberg, only two Iranian commercial vessels did this
Thus, whereas nine ships passed through the Strait of Hormuz in both directions on Saturday, on Sunday, according to Bloomberg, only two Iranian commercial vessels did this
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