Brazil's Azul to file for Chapter 11 bankruptcy protection: report
Brazilian airline Azul is set to file for Chapter 11 bankruptcy protection in the United States as soon as Tuesday (May 28, 2025), newspaper Valor Economico reported, citing sources.
The move would make the carrier the latest in a series of Latin American airlines to file for bankruptcy in the aftermath of the depression the industry suffered in the initial months of the COVID-19 pandemic.
Azul's move would follow in the footsteps of Aeromexico, Colombia-based Avianca and its two largest rivals, Gol and LATAM Airlines, all of which succumbed to bankruptcy proceedings in recent years.
Azul last year struck a deal with lessors to scrap $550 million in debt in exchange for an equity stake of around 20%, as well as one with bondholders to raise additional financing, but its balance sheet remained severely pressured.
Azul's net debt soared 50% year-on-year by the end of the first quarter to 31.35 billion reais ($5.56 billion), with its leverage ratio hitting 5.2, up from 3.7 a year earlier.
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New Indian Express
14 minutes ago
- New Indian Express
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Time of India
18 minutes ago
- Time of India
Strait of Hormuz Closure? India sitting pretty on oil front, no worries on gas at all
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Having diversified its sources of imports, New Delhi, however, is unlikely to lose sleep even if the Strait is shut down, as alternative sources - from Russia to the US and Brazil - are readily available to fill any void, industry officials and analysts oil is logistically detached from the Strait of Hormuz, flowing via the Suez Canal, Cape of Good Hope, or the Pacific Ocean. Even US, West African, and Latin American flows - though costlier - are increasingly viable backup gas, India's principal supplier Qatar does not use the Strait of Hormuz for supplies to India. India's other sources of liquefied natural gas (LNG) in Australia, Russia and the US would be untouched by any heightened tensions in the world's largest energy supply basket would however have a near-term impact on prices, with oil prices likely to jump to USD 80 per barrel, analysts is 90 per cent dependent on imports to meet its crude oil needs and buys roughly half of its natural gas from overseas. While crude oil is turned into fuels like petrol and diesel in refineries, natural gas is used for generating electricity, making fertilisers, and turned into CNG for running automobiles or piped to household kitchens for is a Factbox on the Strait of Hormuz and the emerging energy scenario:: The Strait of Hormuz connects the Persian Gulf to the Arabian Sea and the Indian Ocean. The narrow channel, approximately 21 miles (33 kilometres) wide at the narrowest point, separates Iran (north) from the Arabian Peninsula (south). But shipping lanes in the waterway are even narrower - two miles wide in each direction, making them vulnerable to attacks and threats of being shut Strait of Hormuz is of great strategic and economic importance, especially as oil tankers collecting from various ports on the Persian Gulf must pass through the strait. It serves as the maritime artery through which a fifth of the world's oil and gas flows. In 2024, daily shipments averaged 20.3 million barrels of oil and 290 million cubic meters of LNG, according to data from the US Energy Information Administration (EIA).The bulk of oil exports from regional powerhouses - Saudi Arabia, Iraq, UAE, Qatar, Iran, and Kuwait - must transit this narrow the past, it was the West - chiefly the US and Europe - that stood most exposed to disruption in Persian Gulf energy flows but today it is China and Asia that would bear the brunt of any to the EIA, 82 per cent of the crude oil and condensate exports passing through the Strait of Hormuz in 2022 were destined for Asia, with India, China, Japan, and South Korea accounting for 67 per cent of total flows in 2022 and the first half of imports about 90 per cent of its crude oil, with over 40 per cent of those imports originating from Middle Eastern countries whose exports transit the Strait of International Energy Agency (IEA) has stated that any disruption to flows through the Strait would have significant consequences for world oil has only made noise so far about closing the Strait, but has never shut it time around too, some Iranian leaders have reportedly called for disrupting oil transit in retaliation for US involvement in Iran's conflict with the Iran-Iraq war from 1980 to 1988, both nations targeted commercial vessels in the Gulf in what came to be known as the Tanker War - yet the Strait of Hormuz was never fully 2011 and 2012, Iranian officials, including then-Vice President Mohammad-Reza Rahimi warned of a potential closure of the waterway if the West slapped further sanctions on its oil exports over its nuclear in 2018 threatened to shut the Strait of Hormuz when tensions spiked following the US withdrawal from the nuclear deal and the reimposition of 2019, four ships were attacked near the Strait of Hormuz, off the coast of Fujairah in the UAE, amid heightened tensions between Iran and the United States during Donald Trump's first term. Washington blamed Tehran for the attacks, but Iran denied the April 2024, Iranian armed forces seized a container ship near the Strait of Hormuz, amid escalating regional tensions following a deadly Israeli strike on Iran's consulate in Damascus, experts consider a prolonged Strait of Hormuz disruption less likely due to the US naval presence. Besides hurting exports of Saudi Arabia, the UAE, Kuwait and Qatar, any Iranian closure of the Strait of Hormuz would affect its exports as Iranian hardliners have threatened closure, and state media have warned of oil spiking to USD 400 per barrel, analysis by global trade analytics firm Kpler assigns "a very low probability" to a full blockade, citing strong disincentives for Iran's largest oil customer (which imports 47 per cent of its seaborne crude from the Middle East Gulf), would be directly impacted. The world's second-largest economy is the number one importer of Iranian oil, reportedly accounting for over three-quarters of its oil reliance on Hormuz for oil exports via Kharg Island (handles 96 per cent of its exports) makes self-blockade Tehran has made deliberate efforts over the past two years to rebuild ties with key regional actors, including Saudi Arabia and the UAE, both of which rely heavily on the Strait for exports and have publicly condemned Israel's actions. Sabotaging their flows would risk unravelling those diplomatic gains.A closure would also provoke international military retaliation. Any Iranian naval build-up would be detectable in advance, likely triggering a preemptive US and allied response, according to Kpler. 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The escalation led to a spike in oil prices, reflecting increased geopolitical risk and supply disruption Brent crude oil prices have shot up to USD 77 per barrel, up 10 per cent since the conflict analysts at Goldman Sachs warn that oil prices could exceed USD 90 if the conflict crude prices could surge to nearly USD 90 a barrel if the Strait of Hormuz were closed, analysts at Citigroup agency Icra said any escalation in the conflict in the area could significantly impact sources about 40 per cent of its supplies from Middle East nations such as Iraq, Saudi Arabia, the United Arab Emirates, and Kuwait. These countries export crude oil to India through the Strait of Hormuz recent years, Russia has emerged as a key supplier and imports from Moscow are now more than the combined flow from the Middle refiners imported 2-2.2 million bpd of Russian crude oil in June - the highest in the last two years and more than the about 2 million bpd bought from Iraq, Saudi Arabia, the UAE and Kuwait, preliminary trade data from Kpler imports from the United States have risen 439,000 bpd in June, a big jump from 280,000 bpd purchased in the previous supplies remain unaffected so far, vessel activity suggests a decline in crude loadings from the Middle East in the coming are hesitant to send empty tankers (ballasters) into the Gulf, with the number of such vessels dropping from 69 to just 40, and (Middle-East and Gulf) MEG-bound signals from the Gulf of Oman suggests that current MEG supplies are likely to tighten in the near term, potentially triggering future adjustments in India's sourcing strategy, Kpler said adding India's import strategy has evolved significantly over the past two oil (Urals, ESPO, Sokol) is logistically detached from Hormuz, flowing via the Suez Canal, Cape of Good Hope, or the Pacific refiners have built refining and payment flexibility, while optimizing runs for a wider crude US, West African, and Latin American flows - though costlier - are increasingly viable backup options. India's June volumes from Russia and the US confirm this resilience-oriented SOURCES: If conflict deepens or there is any short-term disruption in Hormuz - Russian barrels will rise in share, offering both physical availability and pricing may pivot harder toward the US, Nigeria, Angola, and Brazil, albeit at higher freight Minister Hardeep Singh Puri on June 13 stated that India has adequate energy supplies for the coming months and can easily tap into alternate sources in case of any can also release oil from its strategic reserves (covering 9-10 days of imports) to bridge any government can also consider price subsidies to curb inflation if domestic prices spike, especially for diesel and oil prices in the near term would erode the margins state fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have accumulated by keeping retail prices steady even when international rates had of Yes Securities said oil markets appear well-supplied, with OPEC 's 4 million barrels per day spare capacity and a pre-conflict global surplus of 0.9 million bpd providing a buffer. 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India.com
18 minutes ago
- India.com
Meet Mukesh Ambani's right hand who left Rs 750000000 salary to become a sanyasi, now walks...; name is…
Meet Mukesh Ambani's right hand who left Rs 750000000 salary to become a sanyasi, now walks...; name is… Reliance Industries is one of the largest and most powerful companies in India, led by prominent businessman Mukesh Ambani. Under his leadership, the company has grown across various sectors of industries ranging from petrochemicals to retail, telecommunications, and digital services, with a firm footing both domestically and internationally. However, a conglomerate of this magnitude and complexity does not operate in isolation. The company relies on a devoted, competent, loyal, and experienced team of professionals who are committed to executing the company's overarching vision. Meet Mukesh Ambani's right hand! Prakash Shah, a confidant of Reliance Industries Chairman Mukesh Ambani, has discarded worldly existence for a spiritual pursuit. He left his prestigious job, enjoying a salary of Rs 75 crore, to take sannyas (renunciation). Shah was a Vice President at Reliance Industries and was considered Mukesh Ambani's right-hand man. Prakash Shah retired at the age of 63, and he entered spiritual life (through Diksha) shortly afterward. On the occasion of Mahavir Jayanti, he and his wife, Naina Shah, were formally Dikshad. He had always wanted to leave behind worldly life and was only waiting for the COVID-19 pandemic to end. Diksha is a spiritual initiation, where a person chooses to live a simple but disciplined life by striving to conduct oneself according to 'right' (righteous) deeds, with the hope of achieving liberation (moksha). Prakash Shah Educational Qualification Prakash Shah is a Chemical Engineer and completed his post-graduation from IIT Bombay. His wife is a graduate in commerce. The couple has 2 sons; one of them took Diksha a few years back, and the other is married with one child. At Reliance Industries, Prakash Shah managed several very large projects and made significant contributions to large projects, especially the Jamnagar Petcoke Gasification Project and Petcoke Marketing, for which he was fully accountable. Media reports indicate that, at the time of his retirement, Shah was on an annual salary of Rs 75 crore. Prakash Shah's Astonishing Salary! According to media reports, at the time of his retirement, Prakash Shah was earning an annual salary of Rs 75 crore. Despite such a successful and high-profile corporate career, he chose to step away from it all to embrace a life of spirituality by taking 'diksha'. He has forsaken material comforts for the sake of and in pursuit of a path of inner peace and spiritual emancipation. He is now a monk, barefoot, wearing plain white clothes, and living on alms. His name, Prakash Shah, is now 64 years old. Prakash's Diksha was in its entirety in Borivali, Mumbai. Ironically, his son began the spiritual path six years ago, when he took Diksha, he was given the name Bhuvan Jeet Maharaj. Recalling his longstanding wish to become a sannyasi, Prakash Shah said, 'Since childhood, I had a desire to take initiation. The spiritual bliss and mental peace derived from it are incomparable.'
