Amidst repatriations and a gradual return to operations, air traffic is slowly picking up as several airlines begin reopening some of their routes.

The recovery is starting timidly in the Middle East. After several days of paralysis, long-haul air traffic is gradually resuming. On Friday, several Emirati airlines relaunched some of their international routes, particularly to Europe, with reduced schedules.

Daily flight operations through 9 March: Air Arabia and Emirates continuing to climb, while Qatar doubled the number of operated flights and Etihad nearly so. A bit of a pullback from flydubai on Monday. pic.twitter.com/9xuopI5kEj

— Flightradar24 (@flightradar24) March 10, 2026

Key Points

• Etihad Airways (Abu Dhabi): Restarted limited commercial flights from March 6–19 to over 70 destinations including Paris, London, New York, and Tel Aviv. Prices are unusually high — €1,900–2,000 for economy one-way, compared to €350–650 normally.
• Emirates (Dubai): Operating reduced services to 82 destinations such as Sydney, Singapore, and New York, aiming to restore its full network soon. Transit passengers are only accepted if their connecting flights are confirmed.
• Qatar Airways (Doha): Doha’s hub remains closed, but the airline is running emergency flights from Oman and Saudi Arabia.
• Capacity & Safety: Dubai International Airport is running at about 25% of normal traffic. The European Aviation Safety Agency (EASA) has extended its high-risk advisory until March 11.
• Repatriation Efforts: France and other states are organizing special flights to bring citizens home. Over 15,000 people, including many French nationals, have already been evacuated.
• Future Outlook: The crisis raises questions about the vulnerability of Gulf hubs and whether ultra-long-range aircraft could shift demand toward more direct flights.

Abu Dhabi-Paris flights available again

Abu Dhabi-based Etihad Airways announced on Friday the resumption of a limited commercial flight schedule. From March 6 to 19, the carrier plans rotations between the capital of the United Arab Emirates and more than 70 destinations including London, Paris, Frankfurt, Delhi, New York, Toronto and Tel Aviv.

Another major player in the Gulf, Emirates has also started to revive its rotations. The Dubai-based airline is currently operating a reduced schedule to 82 destinations, including London, Sydney, Singapore and New York, with the aim of “a return to 100% of its network” in the coming days. For now, the operator only accepts passengers transiting through Dubai if their connecting flight is maintained.

The situation remains more uncertain for Qatar Airways. The hub in Doha, Qatar, remains closed. However, the company continues to organize relief flights from Oman and Saudi Arabia to allow passengers to move in the region.

For the time being, activity at Dubai International Airport remains much lower than normal. According to data from the air tracking site Flightradar24, the hub – usually one of the busiest in the world – is still operating at only about 25% of its usual capacity. The European aviation safety regulator (EASA) has also extended its high-risk warning until 11 March.

Other People are Reading

Small business owners across the United States have expressed scepticism that they will ever see refunds following the landmark ruling by the Supreme Court of the United States striking down large parts of Donald Trump’s sweeping tariff regime.

The court’s decision potentially unlocks as much as $175 billion (£137 billion) in repayments to companies that paid import duties under the controversial policy. However, many entrepreneurs say the legal and administrative complexity involved in claiming those refunds could make the process prohibitively difficult, particularly for smaller firms already strained by rising costs.

The tariffs, which targeted a wide range of imported goods under the former president’s “Liberation Day” trade policy, had sharply increased the cost of materials and products for businesses reliant on global supply chains.

Although the ruling has opened the door to compensation claims, Trump himself acknowledged the issue could remain entangled in litigation “for the next five years”, leaving thousands of companies unsure whether pursuing refunds is even worthwhile.

For many small firms, the economic damage caused by the tariffs has already been felt in higher costs, squeezed margins and delayed investment plans.

Elizabeth Vitanza, who runs a lighting and home furnishings business in Los Angeles with her husband John Ballon, said the impact has been felt across nearly every brand they work with.

“All of the modern brands we carry have raised prices by at least 12 per cent over the past year,” she said. “None of this is pro-business or pro-American.”

When Trump won re-election in 2024, the couple attempted to protect their business by rushing through a large order with a Swedish partner in an effort to beat the incoming tariffs.

Despite the attempt, the shipment was still caught by the new duties.

“We ended up paying a five-figure tariff bill,” Ballon said. “Money we had earmarked to renovate the showroom and possibly increase staff salaries suddenly had to cover unexpected import taxes.”

The couple said the experience had forced them to rethink expansion plans.

“Why would anyone start a business right now?” Vitanza asked. “If I didn’t already have an established one, I wouldn’t.”

Across other sectors, similar stories have emerged of rising costs linked to tariffs on imported raw materials and components.

A furniture manufacturer in Texas said the policy had pushed up the price of imported lumber and specialist cabinet hardware that cannot be sourced domestically.

The company had little choice but to pass on the costs to customers.

“Those materials simply aren’t made in the United States,” the owner said, requesting anonymity. “If tariffs raise those costs, we either increase prices or absorb the loss.”

Outdoor equipment company Granite Gear, based in Minnesota, experienced a similar shock.

Manager Rob Coughlin said the company had faced near-constant uncertainty since the tariffs were introduced.

Before the policy was implemented, Granite Gear paid an 18 per cent import duty on certain goods. When the new tariffs were introduced, the rate surged to 46 per cent before later being reduced to 20 per cent following trade negotiations with Vietnam.

The rapid changes made pricing decisions almost impossible.

“We didn’t even know what our costs would be when products started shipping,” Coughlin said. “How do you go to retailers with a price list when you don’t know the tariffs you’ll be paying?”

Ultimately, the company raised prices between 10 and 20 per cent to offset the additional costs.

Unlike larger brands, Coughlin said smaller companies have far less negotiating power when dealing with retailers.

“Big companies can push back on price increases. Smaller brands like us just don’t have that leverage.”

For companies in niche sectors, the tariffs have also created major financial strain.

Dr Charlie Elrod, founder of a natural livestock health products company, said tariffs on Brazilian imports alone had increased costs by around $1 million over the past year.

For months the company tried to absorb the additional expense rather than pass it on to customers.

Eventually, however, it was forced to raise prices by 5 per cent.

“That helped a bit,” Elrod said, “but profitability has definitely fallen.”

Following the Supreme Court ruling, more than 1,000 companies have launched lawsuits seeking reimbursement for tariffs they argue were collected unlawfully.

In a related development, a US trade court judge recently ordered the federal government to begin processing billions of dollars in refunds to importers affected by the invalidated tariffs.

Yet the practical path to recovering that money remains unclear.

Many businesses say the complexity of filing claims, and the legal costs involved, may outweigh any potential repayment.

Vitanza said her company is carefully tracking tariff payments in the event they decide to file a claim.

“We’re keeping a spreadsheet so that one day we might have everything ready if we pursue reimbursement,” she said. “But we’re not counting on it.”

Howard Trenholme, who owns a bakery and café in Moab, Utah, said the legal complexity makes pursuing refunds unrealistic.

“As an end user buying through multiple suppliers, the process would be incredibly complicated,” he said. “The legal fees alone could wipe out any refund.”

Coughlin from Granite Gear reached a similar conclusion.

“When I compare the refund I might receive with the legal costs involved, it’s simply not worth the risk,” he said.

“I won’t be trying to claim anything. It would probably be a waste of time and money.”

Even with the court ruling, the legacy of the tariff policy continues to affect business planning across the country.

Companies that once relied on stable global supply chains now face a far more uncertain trade environment, with shifting duties and geopolitical tensions complicating long-term decisions.

For many small businesses, the experience has reinforced how vulnerable they are to abrupt changes in government trade policy.

While the Supreme Court decision theoretically opens the door to billions in repayments, entrepreneurs say the practical reality is that many of them may never see that money.

For firms already stretched by rising costs and economic uncertainty, the priority now is simply staying afloat — rather than fighting a potentially years-long legal battle to recover past losses.

---

Paolo Bertoluzzo
CEO, GM & Executive Director

Good morning. Welcome to Nexi Capital Market Day. Welcome to Milan, for those of you that are flying from distance. Welcome to those of you that are here in the room. Thank you for making it. It’s a real pleasure. Welcome to the many that are connected in video if I can, a special welcome to the many new investors that are with us for the first time.

We had many, many conversations with many of you over time in one-to-ones, in meetings, in conferences. But the Capital Market Day is always a special opportunity because you can step back look at it a little bit from distance and actually go through the progress we made so far, how we see the market going forward and most importantly, our plans for the future.

This is what we will be covering today. The key message of this Capital Market Day, the key message of today is obviously in the title. Nexi is today an enduring platform, an enduring business platform even more than a technology

Shares of Asian Paints, Berger Paints, Akzo Nobel, and a host of other paint companies rallied up to 4% on Tuesday after oil prices tumbled more than $20 per barrel from their intraday peak to slip below $100 a barrel on Tuesday. The decline followed comments from U.S. President Donald Trump that the war involving Iran could end very soon.

The turnaround in Brent prices from Monday’s intraday high of $119.50 per barrel marked the steepest fall from an intraday peak to the closing price for the commodity. Crude prices extended losses on Tuesday morning, falling another 10% to trade below the $90-per-barrel level.

Asian Paints shares soared 4% to their day’s high of Rs 2,303 on the BSE, while Berger Paints was up 1%. Akzo Nobel shares gained 3% to Rs 2,791 apiece. On the flipside, Indigo Paints was trading largely flat.

On Monday, oil prices had surged above $100 a barrel, with Brent hitting a session high of $119.50 and WTI touching $119.48, the highest levels since mid-2022. The spike came amid fears of supply disruptions as Saudi Arabia and other producers cut output during the widening U.S.-Israeli war with Iran.

The development is significant for paint manufacturers because crude oil forms a key raw material base for the industry. Many inputs used in paint production are derived from petroleum products. As a result, lower crude prices could reduce input costs and ease pressure on profit margins.

Also Read | Explained: How Sebi’s new rule allowing mutual funds to hold more gold and silver may impact investors

Before Trump’s latest remarks, Qatar’s energy minister had warned that Gulf energy producers could shut down exports within weeks. In an interview with the Financial Times published last Friday, he said such a scenario could push oil prices to $150 per barrel.
Domestic brokerage JM Financial said that every $1 increase in crude prices raises India’s annual import bill by about $2 billion. Prolonged tensions could lift logistics and marine insurance costs, disrupt shipping routes across the Gulf and widen pressure on the country’s trade balance.
The brokerage also noted that the Indian rupee could face near-term depreciation pressure, prompting potential intervention by the RBI through foreign exchange reserves. Higher crude prices could add to inflation risks, push bond yields higher and compress equity valuation multiples.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

Uno Minda shares climbed over 3 per cent to hit Rs 1,125.70 on the BSE on Tuesday after Jefferies initiated coverage on the auto component maker with a ‘Buy’ rating and a target price of Rs 1,350, implying about 25 per cent upside from the previous close.

Jefferies said Uno Minda offers excellent exposure to Indian autos backed by a fast-growing, well-diversified and largely powertrain-agnostic portfolio, with nearly 90 per cent of its sales coming from the domestic market.

In its initiation note, Jefferies highlighted Uno Minda’s growth track record and strong earnings outlook, projecting a 17 per cent revenue CAGR, 20 per cent EBITDA CAGR and 25 per cent EPS CAGR over FY26-28, along with an average return on equity of around 20 per cent.

“We believe Uno Minda provides excellent exposure to Indian autos given its fast-growing, well-diversified and largely powertrain-agnostic portfolio, with ~90% domestic sales,” the brokerage said, adding that premium valuations are “justified for the strong growth, low margin volatility and high ROE.”

The report positions Uno Minda as a growth amplifier in the Indian auto component space, noting that the company has delivered 23-25 per cent CAGR in revenue and EPS over FY16-26E, significantly outpacing India’s passenger vehicle and two-wheeler production CAGR of 4-5 per cent.

Also Read | Explained: How Sebi’s new rule allowing mutual funds to hold more gold and silver may impact investors

Jefferies expects this outperformance to continue, driven by rising content per vehicle across segments, capacity expansions in lighting, alloy wheels and airbags, and new growth engines such as sunroofs and EV components.
Uno Minda’s diversified product mix and strong market positions are central to the bull case. “Uno Minda is among the top three players in India in most of its component categories,” Jefferies noted, citing a dominant ~55 per cent market share in both four-wheeler and two-wheeler switches, leadership in passenger vehicle alloy wheels with ~45 per cent share, and top-two positions in lighting and acoustics. The brokerage said the company’s portfolio is well placed to benefit from structural trends such as premiumisation, rising SUV penetration and higher adoption of safety and comfort features.
On valuations, Jefferies acknowledged that Uno Minda’s current 42x FY27 estimated price-to-earnings multiple looks rich in absolute terms but argued that it is in line with the stock’s five-year average of about 43x and supported by the company’s fundamentals.

“We initiate at Buy with Rs 1,350 PT at 42x FY28E PE,” the analysts wrote, flagging slower industry growth and any delay in ramp-up of new capacities as key risks to their positive view.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)