Welcome to The morning report brought to you by Renil S Varghese — your quick dive into the top stories shaping the business world today. Fast, insightful, and to the point.
Iran conflict widens to Lebanon; Kuwait mistakenly shoots down US jets
The US–Israeli air war with Iran escalated Monday. Israel struck Hezbollah targets in Lebanon after Hezbollah launched missiles and drones; Beirut’s southern suburbs saw heavy casualties (at least 31 dead, 149 injured). Iran fired missiles and drones at Israel, Gulf states, and Britain’s Akrotiri base in Cyprus. Kuwait accidentally downed three US F‑15Es; all six crew survived. Markets jumped as oil flows via the Strait of Hormuz stalled; Saudi shut a major refinery and Qatar paused LNG. President Trump said the campaign—“Operation Epic Fury”—could last weeks, urging Iranians to rise up, as Tehran vowed continued retaliation and Europeans cautiously joined containment efforts.
War-Gamed: Air India activates alternate routings to sustain West connectivity
Air India has activated contingency routes to maintain flights to the UK, Europe, Canada and the US after Gulf airspace closures triggered by the escalating US‑Israel‑Iran conflict. The disruptions caused around 350 cancellations by Indian carriers on Sunday, with Air India halting all West Asia services for safety and cancelling 30 additional Europe and North America flights. From Monday, the airline began operating long‑haul flights through safer corridors over the Red Sea, Saudi Arabia, Egypt and the Mediterranean, adding 30–45 minutes to flight times. US and Canada routes now include refuelling stops in Rome or Vienna, with fares expected to rise 10–15%.
Canada’s Cameco signs $1.9 billion Uranium deal with India
Canada’s Cameco Corp. has signed a C$2.6 billion uranium supply deal with India during Prime Minister Mark Carney’s visit, agreeing to deliver 22 million pounds of uranium from 2027 to 2035. The pact marks a reset in bilateral ties after tensions in 2023 and follows India’s recent move to open its nuclear sector to private investment. As India targets 100 GW of nuclear capacity by 2047, the deal supports rising fuel needs beyond domestic supply. Both nations also advanced cooperation in LNG, critical minerals, clean energy, space and AI, and committed to finalising a new trade pact, with HCL expanding its Canadian workforce.
US-Iran war leaves 70,000 tonne of Indian Basmati to Gulf stuck on high seas
India’s Basmati rice exporters fear missing a record export target this year as the West Asia conflict disrupts shipments to key markets. Around 60,000–70,000 tonnes are stuck at sea, with many vessels near Iran’s Bandar Abbas port. Exports had already risen 11% to 5.38 million tonnes between April–January, but exporters say only a quick end to the war can save the projected 6.5 million‑tonne milestone. Punjab’s Tarn Taran region, heavily dependent on Ramadan‑season exports, has been hit hardest, with delays and payment risks mounting. Shipping liners have declared force majeure, rerouting vessels and slowing deliveries, raising concerns for both Basmati and non‑Basmati exporters.
Stranded tourists take Oman route to return to India
With flights suspended across the UAE, Bahrain, Qatar and Kuwait for a third day, stranded Indian travellers are rerouting through Oman, where Muscat airport remains operational. Oman Air has launched a paid twice‑daily bus service from Sharjah to Muscat for passengers with valid visas and onward tickets. Demand has surged, pushing fares sharply higher — one traveller reportedly paid ₹1 lakh for a one‑way Muscat–Lucknow ticket. Seats to Mumbai and Delhi are nearly sold out. Travel platforms like EaseMyTrip and ixigo are arranging charter flights and issuing real‑time advisories to help customers affected by widespread cancellations in the region.
Published on March 3, 2026