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Porsche to expand sports car lineup in turnaround push

Porsche, a subsidiary of Volkswagen, forecast a group operating return on sales in the range of 5.5 per cent to 7.5 per cent in 2026

Reuters
Reuters

11 March, 2026

Porsche to expand sports car lineup in turnaround push
Image: Getty Images

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Porsche's new CEO, Michael Leiters, aims to revitalize the company after a challenging 2025 with profit warnings and electric vehicle strategy missteps. Plans include repositioning Porsche for efficiency, focusing on high-margin products like sports cars, and improving operating return on sales after a significant drop. The company also reduced its dividend due to substantial charges.

Porsche’s new CEO will review the German carmaker’s product portfolio, targeting growth in high-margin segments in a bid to recoup the losses from a turbulent 2025 rocked by profit warnings, tariff costs and missteps on electric.

“We are using the current challenges as an opportunity to act even more decisively,” Michael Leiters, who took over at the helm from long-standing CEO Oliver Blume on January 1, said on Wednesday.

“We will comprehensively reposition Porsche, make the company leaner, faster and the products even more desirable,” Leiters said, pointing to a possible expansion of margin-boosting products like the carmaker’s iconic sports cars.

Porsche, a subsidiary of Volkswagen, forecast a group operating return on sales in the range of 5.5 per cent to 7.5 per cent in 2026, after collapsing to 1.1 per cent in 2025 from 14.1 per cent a year before.

Both the 2025 margin and the guided range for 2026 were below analysts’ expectations for 1.3 per cent and 7.8 per cent, respectively, according to a Visible Alpha poll.

The company cut its proposed dividend for the past year to 1.00 euro ($1.16) per ordinary share and 1.01 euros per preferred share, after earnings were hit by 3.9 billion in extraordinary charges.

These included around 2.4 billion euros in charges from a strategic pivot away from electric as well as around 700 million euros in tariff costs.

The strategic reversal was announced by Blume prior to his departure. He remains CEO of the Volkswagen Group.

IEA considers largest oil reserve release in history — here’s what it means

The International Energy Agency is considering the largest release of emergency oil reserves in its history as markets reel from supply disruptions linked to the war with Iran.

Reuters
Reuters

11 March, 2026

IEA considers largest oil reserve release in history — here’s what it means

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Oil prices fluctuated after reports of a potential record IEA oil reserve release to counter supply disruptions from the Iran conflict. Despite initial gains, prices dipped following the news. The US-Israeli strikes on Iran and threats to shipping in the Strait of Hormuz contribute to market volatility. Analysts anticipate continued fluctuations, with a wide trading range.

Oil prices seesawed on Wednesday after the Wall Street Journal reported the International Energy Agency has proposed the largest release of oil reserves in its history to offset supply disruptions stemming from the war on Iran.

Brent futures traded up 11 cents, or 0.13 per cent higher, at $87.91 a barrel at 0129 GMT. US West Texas Intermediate (WTI) CLc1 traded 7 cents higher and was last up 0.08 per cent, at $83.52 a barrel.

Both contracts dropped immediately after the WSJ report, reversing early gains in WTI.

Read more: Trader’s view: What’s next as oil whipsaws after a $120 surge?

The IEA‘s proposed drawdown would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine, the WSJ said, citing officials familiar with the matter.

The IEA and the White House did not immediately respond to Reuters’ requests for comment.

The US and Israel hit Iran on Tuesday with what the Pentagon and Iranians on the ground called the most intense airstrikes of the war.

The US military also “eliminated” 16 Iranian mine-laying vessels near the Strait of Hormuz on Tuesday, the US Central Command said, as US President Donald Trump warned any mines laid in the Strait by Iran must be removed immediately.

Trump has repeatedly said the US is prepared to escort tankers through the Strait of Hormuz when necessary. However, sources told Reuters the US Navy has refused requests from the shipping industry for military escorts as the risk of attacks is too high for now.

“We continue to expect crude oil to remain highly volatile, driven by headlines while trading within a wide range between $75ish and $105ish in the sessions ahead,” Tony Sycamore, market analyst with IG in Sydney, said in a note.

Both contracts plunged more than 11 per cent on Tuesday, the steepest percentage drop since 2022, a day after Trump predicted a quick end to the war, and after surging to a session high above $119 a barrel, their highest since June 2022, on Monday.

G7 officials have since gathered online to discuss a potential release of emergency oil stockpiles to soften the market blow.

French President Emmanuel Macron will host a video call with other G7 country leaders on Wednesday to discuss the impact of the conflict in the Middle East on energy and measures to address the situation.

French President Emmanuel Macron (centre)

Saudi Arabia, the world’s largest oil exporter, is seen boosting supplies via the Red Sea, although they are still far below the levels needed to compensate for the drop in flows from the Strait of Hormuz, shipping data showed.

The kingdom is relying on the Red Sea port of Yanbu to help it boost exports to avert steep production cuts as its neighbours Iraq, Kuwait and the UAE have already reduced output amid the US-Israeli war with Iran.

Energy consultancy Wood Mackenzie said the war is currently cutting Gulf oil and oil products supply to the market by some 15 million barrels per day which could raise crude prices to $150 per barrel.

“Even a quick resolution probably implies weeks of disruption for energy markets yet,” Morgan Stanley said in a note.

Reflecting higher demand, U.S. crude, gasoline and distillate stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday.

Don’t click that link: Abu Dhabi customs issues public warning

Residents are also encouraged to report suspicious messages impersonating Abu Dhabi Customs through official channels

Gulf Business
Gulf Business

10 March, 2026

Don’t click that link: Abu Dhabi customs issues public warning
Image credit: WAM/ Website

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Abu Dhabi Customs warns residents of fraudulent SMS/iMessage scams impersonating them or shipping companies. These messages, often referencing shipments, aim to steal personal data through malicious links. Do not interact or share information. Rely on official channels for updates and report suspicious messages to Abu Dhabi Customs to help combat phishing attempts and protect yourself.

Abu Dhabi Customs has issued a warning to residents and customers about fraudulent messages circulating through SMS and iMessage that falsely claim to represent the authority or shipping companies.

According to a WAM report, the public is being urged not to interact with such messages or open any links attached to them, as they may contain harmful content designed to steal personal or sensitive information.

Read more-Oversharing online? Here’s what UAE authority has to say about it

Officials said the scam messages often reference shipments or ask recipients to update delivery details, tactics commonly used to lure people into revealing their data.

Attempts to steal personal data

Authorities explained that some of these messages may appear convincing, sometimes using phone numbers or names that suggest a connection to official entities.

“These messages may include claims about a shipment or requests to update information,” the authority said, warning that fraudsters use such methods to gain access to personal data.

Abu Dhabi Customs stressed that customers should never share personal information with unknown sources and should rely only on official channels to access services and updates.

The authority reaffirmed its commitment to maintaining high cybersecurity standards and protecting customer data while working with relevant authorities to monitor and combat fraud attempts.

Residents are also encouraged to report suspicious messages impersonating Abu Dhabi Customs through official channels to help raise community awareness and curb phishing activities.

Onion, tomato prices rise: Here’s how UAE authorities are responding

Under the current pricing policy, retailers are not allowed to increase the prices of these items without prior approval from the ministry

Gulf Business
Gulf Business

10 March, 2026

Onion, tomato prices rise: Here’s how UAE authorities are responding
Image credit: Getty Images

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UAE authorities are intensifying market inspections to ensure price stability and sufficient essential goods amidst rising demand. They are monitoring prices of nine key food categories, preventing unjustified increases, and addressing temporary fluctuations due to regional issues. A six-month strategic reserve and normal supply chains ensure availability. Thousands of inspections have been conducted, with penalties issued for violations. Consumers are...

Authorities across the UAE have stepped up inspections at markets and retail outlets nationwide as part of efforts to maintain price stability and ensure sufficient supplies of essential goods.

The Ministry of Economy and Tourism said the move comes amid rising demand for key consumer products, with officials closely monitoring market activity to prevent unjustified price increases and ensure that retailers comply with consumer protection regulations.

According to the ministry, specialised inspection teams are carrying out daily monitoring visits across points of sale throughout the country.

Read more-Dubai sugar giant says operations normal amid Hormuz tensions

The initiative is being conducted in coordination with economic development departments in all emirates as part of a unified national monitoring team, a WAM report said.

The teams aim to prevent unfair commercial practices and maintain consistent oversight of markets during periods of heightened demand.

“The monitoring and field inspections are conducted daily by specialised inspection teams,” the ministry said, noting that the programme is designed to strengthen market transparency and protect consumers.

Officials emphasised that authorities across the UAE are working closely together to ensure compliance with consumer protection laws, particularly regulations governing the pricing of essential commodities.

Key commodities under price policy

The ministry highlighted that specific price controls apply to nine essential food categories that are considered vital for consumers. These commodities include cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread and wheat.

Under the current pricing policy, retailers are not allowed to increase the prices of these items without prior approval from the ministry and a national committee established for this purpose.

Authorities said the policy is designed to shield consumers from unjustified price increases and maintain stability in the retail sector.

Temporary price fluctuations

Officials acknowledged that some price increases have been observed recently in certain food items, particularly onions and tomatoes, over the past two days.

However, the ministry stressed that these fluctuations are temporary and linked to regional developments affecting supply.

“The increases are temporary and limited, resulting naturally from the effects of the regional crisis,” the ministry said.

It added that additional quantities of the affected commodities have already been supplied to the market to ensure stable availability and prevent prolonged price volatility. Authorities also reassured residents that the country maintains a robust strategic reserve of essential goods capable of covering market demand for up to six months.

This reserve is distributed across various regions of the UAE through a carefully structured system designed to maintain supply chain efficiency and enable rapid response to changing market conditions. The ministry noted that this strategic stockpile plays a critical role in ensuring the availability of key commodities and stabilising prices even during emergencies or unexpected disruptions.

Supply chains operating normally

Officials further confirmed that shipping and supply movements are continuing normally through the UAE’s various entry points.

Supply chains remain fully operational, ensuring uninterrupted delivery of goods to retailers and markets across the country.

In addition, the ministry pointed out that the UAE maintains a wide network of international trading partners that supply various imported goods and products. This network allows authorities to quickly identify alternative markets in times of crisis or supply disruption.

Thousands of inspections conducted

Since the beginning of the regional crisis, authorities have significantly increased market surveillance activities.

The Ministry of Economy and Tourism, working alongside local economic development departments, has conducted approximately 7,105 inspection tours nationwide. These inspections led to the detection of 567 violations, most notably cases involving unjustified price increases.

As part of enforcement measures, officials issued 449 warnings to traders, suppliers and retail outlets, while financial penalties totalling AED207,250 were imposed.

Monitoring to continue

Authorities said monitoring campaigns will intensify further in the coming period as regulators continue to safeguard market stability and consumer confidence.

The ministry emphasised that consumers also play an important role in monitoring market practices by reporting violations or price increases through official channels. Consumers can submit complaints through the e-services platform on the Ministry of Economy and Tourism website www.moet.gov.ae or contact the ministry by calling or sending a WhatsApp message to 8001222, or via email at [email protected].

Officials also urged residents to follow responsible consumer habits and avoid panic buying.

The ministry called on shoppers to purchase goods according to their needs and refrain from hoarding or excessive buying, noting that such practices can disrupt market stability and limit product availability for others.

Authorities reiterated that there is no cause for concern regarding the availability of essential goods, adding that supply levels remain strong and prices are expected to stabilise as additional shipments reach the market.

Trader’s view: What’s next as oil whipsaws after a $120 surge?

Oil markets are reassessing the geopolitical risk premium after Brent surged to nearly $120 before falling, writes Sasha Foss, Energy Analyst at CSC Commodities, a division of Marex

Gareth van Zyl
Gareth van Zyl

10 March, 2026

Trader’s view: What’s next as oil whipsaws after a $120 surge?

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Brent crude prices fell after Trump's comments eased Middle East conflict fears, reversing a prior spike. The initial surge was driven by speculation, not fundamentals, amidst Strait of Hormuz concerns. Anticipated G7 strategic reserve releases and potential US sanction relief on Russian oil are further dampening prices. Increased Russian exports to Asia and Iranian oil shipments through the Strait also...

Front-month Brent futures contracts fell below $90 per barrel in mid-morning trading in London after US President Donald Trump said the conflict in the Middle East is “very complete.”

It marks a dramatic downturn after prices reached a four-year high of $119.50 per barrel during trading on March 9, as market participants suggest the “panic premium” has vanished.

The price of brent crude has whipsawed this week. (Image: Trading Economics)
The price of brent crude has whipsawed this week. (Image: Trading Economics)

The dramatic price moves since the Iran-US conflict have come from speculative and hedging flows rather than physical fundamentals.

While the Strait of Hormuz was effectively closed due to a lack of insurance options, oil prices were moved primarily by negative gamma and declining liquidity across petroleum futures as volatility increased.

An emergency meeting of G7 finance ministers yesterday is being followed by a meeting of energy ministers later today. A release of strategic petroleum reserves is anticipated, which could help alleviate supply shortages from reduced production in the Middle East.

Production cuts by Middle Eastern producers due to drone strikes and storage limits will take a minimum of weeks to return to previous levels.

In a further price-dampening move, the US administration said it will lift sanctions on oil transactions for “some countries.”

Market participants understand this to mean Russian oil, given that the US has already issued a 30-day waiver for India to resume purchases of Russian oil on March 6. Russian oil can avoid the Strait of Hormuz, and there is a large amount of Russian oil-on-water, making a relaxation of sanctions equivalent to a stock release, as it can quickly find buyers in key pricing centres.

Russian President Vladimir Putin said that Russia is increasing exports to “reliable partners.” This means buyers in Asia, as well as Slovakia and Hungary, which have continued to purchase Russian oil despite EU pressure to stop.

Discounts for Russian material versus dated Brent have been narrowing because of demand for non-Gulf oil and the relaxation of sanctions on Russia.

An Iran-linked vessel laden with 2 million barrels of crude oil crossed the Strait of Hormuz, heading toward China.

Two LPG vessels were also seen transiting the Strait from Iran to China, a sign that vessel traffic could continue. Most oil from the Gulf goes to Asia, while almost all Iranian oil goes to Chinese independent refiners.

Markets will look towards any evidence of shipping transiting the Strait of Hormuz, G7 stock releases, weekly US stock data, and the evolution of the conflict in order to determine where prices are headed in the next week.

Given mid-term elections in the US later this year, the administration will want to temper gasoline prices which play an outsized psychological role in US election given its visibility, particularly in a contest that will be defined by affordability concerns.

  • Sasha Foss is an Energy Analyst for CSC Commodities, a division of Marex.
Piranha Photography

UAE reiterates ban on drones, light sport aircraft, cites exceptional circumstances

Any violation shall be subject to applicable legal measures in accordance with UAE Civil Aviation Law and relevant regulation, GCAA said

Neesha Salian
Neesha Salian

10 March, 2026

UAE reiterates ban on drones, light sport aircraft, cites exceptional circumstances
Image: Getty Images/ For illustrative purposes

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The UAE's GCAA has reaffirmed a total ban on all drones and light sport aircraft due to "exceptional circumstances," citing public safety and airspace security concerns. This prohibition applies to all operators, with mandatory compliance to avoid legal consequences. The ban, initially a temporary suspension, may be amended or lifted after further assessment.

The UAE’s General Civil Aviation Authority (GCAA) has reaffirmed a total ban on the operation of all drones and light sport aircraft across the UAE, citing “exceptional circumstances”.

In a statement, the aviation regulator said the prohibition applies to all operators without exception and that compliance is mandatory.

“Due to the current exceptional circumstances, we reaffirm the total ban on all types of drones and light sports aircraft,” the authority said, warning that violations could lead to legal consequences.

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Drones and light sport aircraft temporary ban aimed at public safety

The GCAA added that the measure is intended to safeguard public safety and ensure the security of the country’s airspace.

The directive follows a safety decision issued last week to temporarily suspend all approvals and authorisations for unmanned aircraft systems and light sport aircraft within the UAE’s airspace.

During the suspension period, the operation, launch or flight of drones and light sport aircraft is strictly prohibited, with authorities saying the measure may be amended or lifted following further assessment of the situation.

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