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SATURDAY, MAY 9, 2026
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ASEAN eyes oil reserve, shared grid

Leaders called for the opening of the Strait of Hormuz

• Marcos said clashes with Chinese vessels in
the disputed waterway, has pre-
all member states viously said it wanted to com-
plete the document.
agreed on the need However, talks have stalled re-
to act with speed peatedly over disagreements on
the code’s scope, enforcement
and legal status.
AFP | Cebu, Philippines
Asked Friday about the pros-
pect of greater economic coop-
outheast Asian nations hit eration with China, Marcos said
by soaring fuel and food that largely hinged on finally
Sprices caused by the Mid- completing a deal.
dle East war are weighing solu- “That is one of our aspirations
tions that include setting up a as chair of ASEAN for 2026, that
regional oil reserve, Philippine at the end of the year... we actu-
President Ferdinand Marcos ally have a code of conduct.”
said yesterday.
Leaders of the Association of
Southeast Asian Nations (ASE- (L-R) Myanmar’s Permanent Secretary of the Ministry of Foreign Affairs U Hau Khan Sum, Malaysia’s Prime Minister Anwar Ibrahim, Thailand’s Prime Minister
AN) called for the opening of Anutin Charnvirakul, East Timor’s Prime Minister Xanana Gusmao, Vietnam’s Prime Minister Le Minh Hung, Philippine President Ferdinand Marcos Jr., Singapore’s
the Strait of Hormuz, while also Prime Minister Lawrence Wong, Brunei’s Sultan Hassanal Bolkiah, Indonesia’s President Prabowo Subianto, Cambodia’s Prime Minister Hun Manet and Laos’ Prime
debating a series of ambitious Minister Sonexay Siphandone leave after a group photo during the opening ceremony of the 48th Association of Southeast Asian Nations (ASEAN) summit in Cebu,
projects aimed at stemming the central Philippines KNOW WHAT
effects of the next global crisis.
Marcos said all member states Framework Agreement on Pe- tails. Lawrence Wong expressed ASEAN leaders.
agreed on the need to act with troleum Security, a fuel-sharing “Let’s talk about the fuel re- support during a morning ses-
Association of Southeast Asian
speed, speaking to reporters scheme aimed at ensuring ener- serve. Is it going to be in one sion for both the power grid and Code of Conduct Nations, better known as ASEAN,
hours after an overnight flare- gy stability. single place? Is it going to be the fuel reserve concept, while Marcos also said the Philip- was founded in 1967 with just five
up in the critical waterway. Members also signed off on a scattered throughout the whole warning that the effects of the pines had not given up hope of members — Indonesia, Malaysia,
“We needed it yesterday, if push for an ASEAN Power Grid, of ASEAN?” he said. strait’s closure would linger long completing its long-planned the Philippines, Singapore and
not sooner,” Marcos said of the aimed at connecting national “Some countries have a sur- after it was reopened. Code of Conduct meant to reg- Thailand. Today, it has grown into
raft of energy proposals. “That’s electricity networks to enable plus of a certain kind of fuel. “It will take time -- at least ulate disagreements between a 10-nation bloc with a combined
the way we are approaching the cross-border power trading. Other people have a shortage,” months -- for damaged infra - bloc members and China in the population of more than 680
problem.” Marcos said the idea was Marcos said. “We’re trying to structure to be repaired, for the South China Sea. million people, making it larger
A closing statement called for agreed unanimously, but con- balance that out.” strait to be demined, and for The Philippines, which has than the population of the
the swift ratification of the bloc’s ceded the devil was in the de- Singapore Prime Minister goods to flow through,” he told seen its ships engage in repeated European Union.

Airlines banned from adding fuel Toyota sees 22% profit

charges after ticket purchase: EU drop this year

Tokyo, Japan
consistent with our guidance
due to increased vehicle sales
apanese auto giant Toyota volumes and the effects of
The only exception is for package holidays Jforecast yesterday a 22% price revisions underpinned
fall in net profit in the year to by strong product competi-
AFP | Brussels, Belgium next March, as it battles the tiveness, as well as steadily
effects of US tariffs. accumulated improvement ef-
irlines must not charge cus- The world’s largest auto - forts such as expanded value
Atomers extra fuel fees after Airlines may not maker by vehicle sales made chain revenues,” Toyota said
they have already bought tick- include terms and the announcement as it re - in a statement.
ets, the EU warned yesterday, as conditions which vealed net profit fell 19.2% to Revenues last fiscal year rose
the aviation sector feels the pain would allow them to 3.8 trillion yen ($25 billion) in 5.5% to 50.7 trillion yen, and
from high energy prices because the 2025-26 fiscal year. for the current period it pro-
of the Middle East war. increase the price “Despite the impact of US jected them to hit 51.0 trillion
"Airlines may adapt their pub- of the ticket above tariffs... we secured profits yen.
lished fares to the situation, but what is advertised at
adding a fuel surcharge to a the time of purchase
ticket after it has been bought simply because fuel
cannot be justified," EU spokes- was more expensive German industry hit amid
woman Anna-Kaisa Itkonen than they had
told reporters in Brussels. Mideast war: data
Any changes post-booking accounted for
can "raise issues under the EU's A worker loads luggage onto an Easyjet aircraft as a fuel truck “CarbOil” THE EUROPEAN COMMISSION
unfair commercial practices", services the plane at Milan’s Malpensa Airport AFP | Frankfurt, Germany Destatis said, while Germa-
she added. of purchase simply because fuel but if it is higher, the customer France director, has defended ny’s monthly trade surplus of
In a document published yes- was more expensive than they can accept or they have the right the measure. erman industry is strug- 14.3 billion euros ($16.8 billion)
terday on the energy crisis af- had accounted for," the Euro- to cancel their booking. "The legality of our system Ggling to recover as the was its lowest since May 2023,
fecting the aviation sector, the pean Commission said. Spanish low-cost carrier has been confirmed by three Middle East war heightens un- with imports rising much fast-
EU said "any retroactive change The only exception is for Volotea has been criticised in independent law firms spe - certainty and raises costs, data er than exports. Taken togeth-
of the price is excluded". package holidays if the seller France where it is under inves- cialising in air transport and suggested yesterday, hitting er the data suggested that Ger-
"Airlines may not include has made it clear in the contract tigation after demanding fuel consumer law. The measure Europe’s top economy amid a many’s economy was growing
terms and conditions which there could be a possibility of fu- surcharges from customers be- is transparent, it is temporary, prolonged slump. more slowly than the previous-
would allow them to increase el-related changes to the costs. cause of the energy shock from and it works both ways", up Industrial production fell ly reported rate of 0.3% in the
the price of the ticket above In such cases, an increase of the war. and down, Gosselin told AFP in 0.7% in March versus Febru- first quarter, ING bank analyst
what is advertised at the time up to eight percent is allowed, Gilles Gosselin, the airline's France. ary, federal statistics office Carsten Brzeski said.

US job growth beats expectations but consumer confidence at all-time low

• The White House economy even as one measure of according to a University of Friday’s data illustrated the due to underlying weakness in omists polled by Dow Jones
Newswires and the Wall Street
consumer confidence came in at Michigan survey, with Ameri- complicated issues faced by the economic growth.
welcomed the new data its lowest-ever level. cans weighed down by concerns US economy. Job growth has Nonetheless, the figure is Journal expecting growth of
“Total nonfarm payroll em- about high prices and the fallout see-sawed between expansion likely to reassure Federal Re- 55,000.
ployment edged up by 115,000 of the US-Israel war on Iran. and contraction for the last year, serve officials that they can The White House welcomed
AFP | Washington, United States in April, and the unemployment The university’s Index of and inflation has remained stub- hold interest rates steady for the new data, with spokesper-
rate was unchanged at 4.3 per- Consumer Sentiment came in bornly high since the pandemic. now, as surging energy costs son Kush Desai calling it “yet
S employment rose more cent,” the US Bureau of Labor at 48.2 in May 2026, its lowest While April’s jobs data due to the Iran war fan inflation another sign that the American
Uthan expected in April, al- Statistics (BLS) said on Friday. level since data collection began showed growth, economists fears. economy remains on a solid tra-
leviating some concerns about US consumer confidence, in 1952, according to the survey’s have expressed concern that the Friday’s jobs data beat ana- jectory under President (Don-
the health of the world’s largest however, was an all-time low website. zig-zagging employment data is lyst expectations, with econ- ald) Trump.”