West Texas Intermediate (WTI) futures in NYMEX extend its correction to near $82.20 in Monday’s Asian trading after posting a two-month high near $84.00 on Thursday. The crude oil price came under pressure as investors worry about Storm Berly, which could disrupt US energy supplies. Should the tropical storm turn into a Category Two hurricane, … Read more
State Tax Changes Taking Effect July 1, 2024 Skip to content taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. changes take effect on January 1, the beginning of the calendar year, for consistency … Read more
Aircraft shortages have allowed airlines like Frontier Airlines and Wizz Air to sell new planes to leasing companies at higher prices than they paid, resulting in gains of hundreds of millions of dollars. The tight airliner market has made sale-and-leaseback transactions more attractive, with US airlines accounting for a larger share of these deals. New aircraft prices are 20% higher than pre-pandemic levels, leading to soaring lease rates. Airlines are spending 30% more on aircraft leases than before the pandemic.
El Al Israel Airlines is expected to make a decision on an order of around 30 short-haul aircraft in a few weeks, choosing between the Boeing 737Max and Airbus A320 family in a deal worth billion.
The Israeli military has lifted a ban on the sale of food to Gaza from Israel and the occupied West Bank amid international aid choking as a result of the battlefield offensive. Gaza traders have been given permission to resume purchasing food such as fresh fruit, vegetables, and dairy products from Israeli and Palestinian suppliers. The deliveries are vetted by the Israeli military at the Kerem Shalom border crossing, with only products for sale allowed and no charitable donations permitted. The flow of deliveries has been inconsistent, with prices often too high for cash-strapped families in Gaza.
Israel plans to allow more oil tankers to dock at a Red Sea port in Eilat despite environmental risks. The government wants to revoke restrictions on the amount of oil that can be unloaded at a jetty in the city, which sits near a coral reef. The curbs imposed in 2021 were eased temporarily during the Gaza war. EAPC, the state-owned company operating the pipeline, wants to receive more oil, but environmental regulators and Eilat’s mayor oppose the plan. Israel is pushing to ensure energy security amid conflicts with various groups. Netanyahu’s office recommended easing restrictions to include fuel for trade and domestic use. The environment ministry expressed concerns about the risks of more oil deliveries and cited past mishaps. EAPC welcomed the government’s U-turn, emphasizing the strategic importance of the Eilat facility for energy delivery. Israel imports most of its oil through seaborne trade, and the Emirati oil deal could be worth about million a year for EAPC. The Energy Ministry emphasized the need to handle oil deliveries properly to sustain the terminal economically.
The United Nations has reported a significant drop in humanitarian aid entering Gaza since Israel began its military operation in the region. The daily average of aid trucks reaching Gaza dropped by 67%, with only 58 trucks reaching the area from May 7 to Tuesday. Israel has stated that it is committed to facilitating the entry of humanitarian aid into Gaza despite ongoing conflict with Hamas.
Israeli tanks continued to raid Rafah for a second day, defying the World Court’s order to end attacks on the city. The United States did not believe a major ground operation was underway, despite Israel’s incursion into Rafah. Residents reported Israeli tanks entering various areas before retreating towards the border with Egypt. The Palestinian health ministry called for immediate healthcare assistance in Rafah and northern Gaza, where hospitals had stopped functioning. UNRWA reported that around a million Palestinians had fled after Israeli evacuation orders. The Red Crescent Society evacuated medical teams due to ongoing bombardments. The World Court criticized Israel for not ensuring the safety and well-being of the evacuees from Rafah. Israel proposed a ceasefire and hostage release to Qatar, but Hamas insisted talks were pointless unless Israel ended its offensive on Rafah. Over 36,000 Palestinians have been killed in Israel’s Gaza offensive.
Boeing’s plane deliveries to China have been delayed due to a Chinese regulatory review of batteries related to the cockpit voice recorder.
Sales of new vehicles in Kenya fell 17.66 percent in the first quarter of 2024, the sharpest drop in seven years. This decline was attributed to increased taxation, rising interest rates, and a weakened shilling. Dealers such as Isuzu, CFAO, and Simba Corporation have been struggling in a tough operating environment, with climbing interest rates and pending bills affecting demand. The Kenya Revenue Authority also increased duty on shipping cars into the country, further impacting sales. Isuzu East Africa and CFAO Motors Kenya, which control a significant portion of new vehicle sales, experienced declines in sales, while Simba Corp saw a modest increase. The falling demand for vehicles has also affected government revenues.