United Airlines will cut more unprofitable flights over the next two quarters as it braces for a prolonged period of elevated jet fuel prices linked to the war involving Iran. However, strong travel demand continues to allow US carriers to raise fares.In a staff memo on Friday, chief executive Scott Kirby said the airline is preparing for oil prices to rise as high as $175 a barrel and remain above $100 through the end of 2027, as cited by Reuters.At those levels, United’s annual fuel bill could increase by about $11 billion, more than twice the profit the airline earned in its best year on record, he said.US airlines have so far managed to push through fare increases, supported by resilient travel demand and tighter capacity, even as the war has triggered a fresh fuel price shock for the industry.“There’s a good chance it won’t be that bad,” Kirby wrote of the airline’s fuel assumptions. “But… there isn’t much downside for us in preparing for that outcome.”The airlines had already begun trimming less profitable flights, including some midweek, Saturday and overnight services.Kirby said the airline would cancel about three percentage points of off-peak flying in the second and third quarters, targeting routes and time periods with weaker demand. United will also remove about one percentage point of capacity from its Chicago O’Hare hub and keep services to Tel Aviv and Dubai suspended, bringing the total reduction to roughly five percentage points of its planned capacity for the year.Kirby said the airline currently expects to restore its full schedule in the fall. The latest cuts build on his comments earlier this week that United would rather leave some demand unmet than continue operating routes that lose money if fuel prices remain high.Jet fuel prices have nearly doubled since late February, driving up costs across the airline industry and disrupting global flight patterns through reroutings and airspace restrictions.Major US airlines say strong travel demand is giving them room to raise fares, helping offset the impact of higher fuel costs. Capacity cuts such as those announced by United are also expected to support the industry’s pricing power.Rival Delta Air Lines, which raised its first-quarter revenue forecast this week, has said it also has flexibility to trim capacity if fuel prices remain elevated.US carriers are particularly exposed to fuel price swings because most do not hedge their fuel costs. In contrast, some European and Asian airlines use hedging strategies to cushion price shocks. Instead, US airlines have been relying on fare increases and tighter capacity to recover part of the additional expense.

The upcoming World Trade Organisation (WTO) ministerial conference will discuss key issues such as agriculture, the 28-year moratorium on e-commerce transmissions, fisheries subsidies, and a China-led Investment Facilitation for Development (IFD) proposal. Trade ministers from 166 economies will meet in Yaoundé, Cameroon, from March 26 to 29 for the fourteenth ministerial (MC14), with limited outcomes expected due to ongoing divisions.Officials said the agenda will cover a wide range of contentious issues, including WTO reforms, agriculture, fisheries subsidies, and the continuation of the 28-year moratorium on customs duties on e-commerce transmissions. A China-backed proposal for an Investment Facilitation for Development (IFD) agreement will also be discussed, alongside the possibility of conversations around US tariffs.Commerce and industry minister Piyush Goyal will lead the Indian delegation at the meeting. Despite global trade exceeding $35 trillion, the WTO’s ability to frame and enforce rules remains under pressure. Differences between developed and developing countries across digital trade, farm support, subsidies and institutional reforms are expected to limit progress, making it likely that the conference will focus on extending existing arrangements rather than delivering new agreements.Here’s what the organisation will focus on during the meeting:1-E-Commerce MoratoriumThe e-commerce moratorium, which bans custom duties on electronics transmission, is expected to be a central point of debate. The United States and European Union are pushing for a permanent extension, while India and other developing nations are however opposing it, arguing that tariffs on digital trade are important for industrialisation, job creation and preserving policy space. A Global Trade Research Initiative (GTRI) report said, “India and developing countries oppose this, arguing tariffs remain essential for digital industrialization and job creation. Estimated revenue losses for developing economies will increase as business shifts to digital. For India, the issue is about preserving policy space and avoiding a widening digital divide, not just revenue loss. A key dispute at WTO is also definitional—there is no clarity on what constitutes “electronic transmissions” or whether services are included.”Agriculture Agriculture remains another issue under the lens with India’s public stockholding (PSH) programme at the centre of discussions. India’s PSH system, which procures staples like rice and wheat at Minimum Support Prices (MSP) and supports food security, is considered trade-distorting under WTO rules due to the use of outdated 1986–88 reference prices that can inflate subsidy calculations. India argues that these structural inequities disadvantage developing countries, as developed members like the United States and the European Union retain the bulk of subsidy entitlements, and it is seeking a permanent solution for PSH along with stronger Special and Differential Treatment and greater flexibility for supporting small farmers. “This creates inflated subsidy estimates: for instance, a nominal Rs 10/kg support may be recorded even when the real support is only Rs 2, exposing India to breach limits despite minimal actual distortion,” the think tank said.In contrast, the US, EU, and exporters grouped under the Cairns Group oppose broad exemptions, warning they could distort trade and advocating instead for wider negotiations covering market access, subsidy reductions, and transparency. With deep divisions and no agreed negotiating text, a breakthrough at MC14 appears unlikely, and the 2013 Bali “peace clause” is expected to continue as a temporary safeguard while members defer substantive decisions to future talks.FisheriesTalks on fisheries subsidies are also likely to see limited movement. After the 2022 agreement on illegal fishing, negotiations have shifted towards addressing subsidies linked to overcapacity and overfishing. However, differences over balancing sustainability with livelihood concerns, particularly for small-scale fishers, remain unresolved. Turning to India, GTRI said that the country “has maintained that its support is aimed at small, artisanal fishers and has called for stronger Special and Differential Treatment provisions, including longer transition periods.”“While developing countries view these provisions as essential for policy space and development, the United States and European Union have argued that major economies such as India and China should no longer benefit from broad flexibilities. India has strongly opposed any dilution, maintaining that development gaps remain significant.”Special and differential treatmentThe issue of Special and Differential Treatment (S&DT) is set to add to tensions, with developed nations pushing to limit such provisions while developing countries argue they remain essential for economic growth and transition. “The US and EU argue large economies like India and China no longer need broad S&DT benefits. They propose limiting S&DT mainly to least developed countries or making it conditional and time-bound.”However, India strongly opposes any dilution, arguing that development gaps remain wide and that such flexibilities are still essential. It views S&DT as critical for industrial catch-up, livelihood protection and preserving policy space.Plurilateral agreementsPlurilateral agreements, particularly the proposed IFD pact backed by over 120 countries, are emerging as another point of contention. The agreement seeks to create a pre-investment appeal system to screen all investments through an independent body, but officials have flagged fundamental concerns, including whether investment falls within the WTO’s mandate. “India argues plurilaterals undermine the balance of interests in WTO negotiations between developed and developing countries. It warns such deals could sideline issues like farm subsidies and create a two-tier WTO dominated by major economies,” the GTRI report added.Dispute settlingThe WTO’s dispute settlement system also remains weakened, with the Appellate Body non-functional since 2019. While discussions on restoring the system are expected, differences over its structure are likely to persist. The think tank said that India is in favour of restoring a “fully functional two-tier system with a standing Appellate Body. It also seeks to ensure interpretations remain member-driven and within agreed mandates.”Reforms at WTOReforms to the WTO’s decision-making process will also be discussed, especially whether to retain the consensus-based approach or adopt more flexible mechanisms to speed up negotiations. It added that countries like India and South Africa India, along with countries like South Africa, upholds consensus as the basis of a fair multilateral system, arguing that it ensures developing countries have an equal say and protects the process from being dominated by larger economies. It further cautions that weakening consensus could push development priorities to the margins, undermining key MFN and S&DT principles.MC14 is expected to be shaped by deep divisions across major issues including digital trade, agriculture, fisheries, development flexibilities, dispute settlement and institutional reform, leaving little room for compromise.The likely outcome is continuity rather than breakthroughs, with extensions of existing arrangements, reaffirmation of commitments and new work programmes.“For India, the ministerial will be about defending policy space, securing development priorities and building coalitions in an increasingly fragmented WTO,” the report added.Overall, MC14 highlights the WTO’s ongoing struggle to adapt to a changing global economy marked by rising tensions over power, technology and development interests.

Global markets have been on a bit of a roller-coaster ride lately, shocked by the ongoing Middle East conflict, which has now entered its fourth week. Just by Thursday, he sharp sell off wipped off Rs 12.87 lakh crore from investor’s wealth as Dalal Street witnessed a bloodbath. Going back further, ever since the crisis unfolded in the region, investors have lost over Rs 37 lakh crore as of March 19.As indices swing, investors are left staring at red screens and wondering whether to act or sit tight. The big question is what should you do? Make a move now, or wait for that golden opportunity. But amid the noise, a familiar reminder is making the rounds: market moves may be sharp in the short term, but reacting too quickly can often do more harm than good. Speaking on the volatility in global markets, Harish K Ahuja, head of sustainability, Power & Carbon Markets, Listing & Social Stock Exchange at the National Stock Exchange of India (NSE), has called on retail investors to stay steady and avoid reacting to short-term market swings.Commenting on recent trends, Ahuja said that the correction being witnessed is not restricted to India but is part of a broader global movement. “Most of the exchanges across the globe are seeing a correction of 7% to 10%. And this up and down is a part of the very market,” he said.He cautioned retail participants against panic-driven decisions during periods of uncertainty. “My suggestion to retail investors: don’t panic. Show the patience, you are an investor, not a trader,” he said.According to Ahuja, India’s economic fundamentals continue to remain supportive despite external pressures. “My understanding of the Indian market, India is growing. Indian fundamentals in terms of GDP growth, inflation, most of the indicators, be it industrial growth, electricity consumption, are very positive,” he stated.He also highlighted the strength and scale of India’s capital markets, pointing to strong participation levels and activity. “India has witnessed the largest number of IPOs in the world. We are one of the largest exchanges in terms of the number of unique investors and unique accounts,” he said.Ahuja highlighted that investing should be viewed with a long-term perspective rather than a daily trading mindset. “Investment means, for me, the definition of investment is once you buy a stock, at least for the next five to ten years, don’t watch the stock daily,” he said.Reiterating his outlook, he added that patience and an understanding of macroeconomic fundamentals are key to navigating volatility. “I think I am always positive about the market because I am a patient investor. Once you have patience, once you understand the fundamentals of the economy and the country as a whole, you should not panic.”He further indicated that investors who maintain discipline and focus on long-term horizons are more likely to withstand short-term geopolitical disruptions and benefit from market growth over time.

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As India welcomed the arrival of three crude oil tankers at its ports that travelled through the Strait of Hormuz, two more vessels are scheduled to arrive in the coming days. The move signals cautious easing in the maritime movement of vessels despite ongoing tensions in the region.According to Reuters, two Indian-flagged LPG tankers, Pine Gas and Jag Vasant are preparing to sail through the Strait of Hormuz.

Both vessels are currently docked near the UAE’s Sharjah port and have indicated readiness to begin their journey, according to ship-tracking data.

The two tankers could set sail in the coming days, marking a potential resumption of movement through one of the world’s most critical energy corridors. The Strait of Hormuz, which handles nearly 20% of global oil and liquefied natural gas flows, has seen significant disruption after Iran warned of possible attacks on vessels attempting to exit the Gulf. As a result, hundreds of ships have remained anchored, awaiting clarity on safe passage.According to shipping data and trade sources, no crude oil tankers transited the Strait of Hormuz in the past 24 hours, with hundreds of vessels anchoring in Gulf waters after Tehran warned of possible attacks on ships attempting to exit the region.Despite these risks, India has been actively engaging with stakeholders to ensure the safety of its fleet. External affairs ministry spokesperson Randhir Jaiswal emphasised the need for ‘safe and unhindered movement’ of Indian vessels.He highlighted that Prime Minister Narendra Modi is in discussions with global leaders to secure safe passage for Indian ships in the Gulf.

Ships that have already arrived in India

Three Indian-flagged vessels have completed their journey through the Strait of Hormuz in recent days.The latest arrival was the Indian-flagged tanker Jag Laadki, which was docked at Mundra port in Gujarat on Wednesday. It carried around 80,886 metric tonnes of crude oil sourced from the UAE. Earlier, MT Shivalik and MT Nanda Devi reached India’s shore. The two vessels together transported approximately 92,712 metric tonnes of LPG, ensuring a continued supply of essential fuel despite disruptions in maritime traffic.These successful transits came after Iran allowed Indian-flagged vessels to pass through the strait following diplomatic engagements. Authorities in India are closely monitoring the situation. The Directorate General of Shipping is coordinating with shipowners, agencies and Indian missions in the Gulf to manage risks and minimise disruptions.Ports across the country have also been advised to extend support measures, including concessions on charges to ensure smooth handling of cargo amid the evolving crisis.