Renault plans to sell half of its Renault brand cars overseas by 2030 and grow volumes by over a fifth, it said as it unveiled a five-year strategy aimed at remaining competitive in a tough global market.

The French automaker is facing intensifying competition from low-cost Chinese players including BYD and Chery as well as traditional rivals like Stellantis in its key European market, creating mounting price pressure that has eroded profit margins.

Renault, the smallest of the legacy carmakers, said it would rely largely on in-house technology to develop competitive European products. And it will lean on partners like China’s Geely to significantly boost its international sales in South America and South Korea.

Renault plans 36 new models in the next five years, including 14 outside Europe, compared with just eight in the previous five years.

It aims to sell more than 2 million Renault-brand vehicles per year by 2030, up 23 per cent from 1.63 million cars sold in 2025. Half of those it aims to sell outside Europe versus 38 per cent last year.

“We will show that we are here for the long term and we will become the benchmark for the European automotive industry on the global stage,” CEO Francois Provost, who has led the automaker since last year, said in a statement.

Renault is in better shape than five years ago, when heavy losses forced it to retreat from several overseas markets and cut thousands of jobs.

But competition is heating up. And a pullback in support for electric vehicles in the United States under the Trump administration has triggered huge writedowns and abrupt strategic reversals at some rivals.

Renault, which has no US or Chinese presence, said it will continue to develop EVs, planning 16 pure electric models by 2030, or 44 per cent of its planned models. It will also use its Horse Powertrain joint venture with Geely to develop a smaller engine for hybrids. Renault has leaned on hybrids to manage weaker-than-expected European EV demand.

A new EV platform under development for 2028 will include a range-extender version with a backup gasoline engine to extend range to up to 1,400 km (870 miles).

The automaker will unveil the Bridger, a small SUV for the Indian market, at its research-and-development centre outside Paris later on Tuesday alongside the Dacia Striker, a crossover estate to compete with the Volkswagen Group’s Skoda Octavia.

India has no plans to join International Energy Agency (IEA) initiative to release strategic oil reserves, a government source said on Monday, as global oil prices surged amid supply fears due to the Iran conflict.

G7 finance ministers are due to meet to discuss the possible release of oil reserves to calm markets.

Oil prices surged above $119 a barrel on Monday, their highest since mid-2022, after some major producers cut supplies and fears of prolonged shipping disruptions due to the US-Israeli war on Iran.

India is an associate member of IEA.

The source also said that India has no plans to restrict its fuel exports as it has ‘reasonably’ comfortable stocks of gasoline, gasoil and jet fuel.

In 2021, New Delhi joined efforts led by the US and released 5 million barrel of oil from its strategic petroleum reserves (SPRs).

India has SPRs at three locations with a capacity to hold 5.33 million metric ton of oil. The storage facilities, part of which is leased to Abu Dhabi National Oil Co, at present hold 4 million tons of oil, a separate government source said.

The source said India was in a comfortable position and had not exercised its first right of refusal to buy oil stored by ADNOC.

Refiners in India have purchased millions of barrels of prompt Russian oil cargoes stuck at sea since Washington last week granted New Delhi a 30-day waiver from sanctions to buy Russian oil loaded on vessels as of March 5.

Indian industries, including fertiliser producers, have been hit by a gas shortage.

The country hopes to get additional liquefied petroleum gas, used as a kitchen fuel, from the US and Canada, a second source said.

The nation has raised cooking gas prices for the first time in a year and asked refiners to maximise production of LPG.

The UAE has announced changes to its national emergency alert system, introducing new sound protocols based on the time of day.

On Monday, March 9, the National Emergency Crisis and Disaster Management Authority (NCEMA) confirmed on X that the National Early Warning System will now operate with different sound patterns depending on when alerts are issued.

Between 9am and 10.30pm, alerts will continue to sound using the current high-tone warning, followed by a standard text message tone signalling the end of the alert.

From 10.30pm until 9am, both the start and end of the emergency alert will be accompanied by the standard text message tone.

NCEMA said the system will remain fully operational at all times to ensure that public safety alerts continue to reach residents quickly and effectively.

A reminder in that X post read: “As an essential component of the national preparedness framework, the system ensures timely alerts, and the public is urged to follow official instructions issued with any alert to ensure safety. Your safety remains our priority.”

Gold prices rose on Tuesday, supported by a weaker dollar and easing energy costs after US President Donald Trump suggested the crisis in the Middle East could end soon.

Respite from a potential conflict-driven surge in inflation would likely reduce the chances of central banks raising interest rates, a positive for non-yielding gold.

Spot gold rose 0.8 per cent to $5,179.52 per ounce, as of 0233 GMT US gold futures for April delivery rose 1.7 per cent to $5,188.70.

The dollar fell 0.4 per cent, making greenback-priced bullion cheaper for holders of other currencies.

Gold prices rose “due to the news flow from US President Trump himself, stating that there is a potential for de-escalation… So what we could see is that potential inflation expectation starts to tone down given this dramatic fall in oil price,” said Kelvin Wong, a senior market analyst at OANDA.

Oil prices drop after Trump’s comments

Oil prices fell over 10 per cent after Trump said the wconflict in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.

Trump also warned that US strikes could rise sharply if Iran sought to block tanker traffic through the Strait of Hormuz, which handles one-fifth of the world’s oil supply.

The crisis has effectively shut the Strait, stranding tankers for over a week and forcing producers to halt output as storage fills up, sending energy prices soaring.

Gold prices dropped on Monday

Gold prices fell on Monday as higher energy costs fanned inflation concerns and further dimmed the prospects for a near-term cut in interest rates by the US Federal Reserve.

Investors expect the Fed to keep rates steady at the end of its two-day meeting on March 18, per CME Group’s FedWatch tool.

Gold is seen as an inflation hedge, but low rates reduce the opportunity cost of holding it as a zero-yield asset.

Markets are now awaiting the US consumer price index for February, due on Wednesday, and Personal Consumption Expenditures (PCE) index – the Fed’s preferred inflation gauge –
on Friday.

Spot silver rose 3 per cent to $89.60 per ounce. Spot platinum was up 1.2 per cent at $2,208.16 and palladium gained 0.2 per cent to $1,693.84.

Air New Zealand said on Tuesday it has raised all of its fares due to the Middle East conflict and may take further pricing action, underscoring how global airlines will seek to pass on the costs of higher oil prices to passengers.

Jet fuel prices, which were around $85 to $90 per barrel prior to the conflict, have increased sharply to between $150 and $200 per barrel in recent days, New Zealand’s flag carrier said, adding it was suspending its financial outlook for 2026 due to uncertainty over the conflict.

The US-Israeli war on Iran has sent oil prices surging, upending global travel and sparking fears of a deep travel slump and the potential for the widespread grounding of planes.

In an emailed response to Reuters, Air New Zealand said it had raised one-way economy fares by NZ$10 ($5.92) on domestic routes, NZ$20 on short-haul international services and NZ$90 on long-haul flights.

While airfares have spiked on Asia-Europe routes due to airspace closures and capacity constraints, Air New Zealand is one of the first airlines to announce broad increases to ticket prices since the start of the war.

“If the conflict leads to continued elevated jet fuel costs, we may need to take further pricing action and adjust our network and schedule as required,” the carrier said.

As oil prices soar, Vietnam Airlines has asked local authorities to remove an environmental tax on jet fuel to help it maintain operations. The Southeast Asian nation’s government said Vietnamese airlines’ operating costs have risen 60 per cent to 70 per cent due to the rise in jet fuel prices and fuel suppliers were facing difficulties in meeting airline demand.

Air New Zealand said there was currently no disruption to jet fuel supplies in New Zealand, but it was working closely with suppliers and the government to monitor developments.

Airline shares stabilise after sell-off

In a move that lifted some airline stocks, US President Donald Trump said on Monday the war could be over soon, sending oil prices down to around $90 a barrel on Tuesday from a high of $119 on Monday.

In Asia, airline shares showed signs of stabilising, with Air New Zealand up 2 per cent, Korean Air Lines rising 8 per cent, Australia’s Qantas Airways gaining 1.5 per cent and Hong Kong carrier Cathay Pacific up more than 4 per cent. All had recorded sharp drops on Monday.

Cathay Pacific already has fuel surcharges in place, such as $72.90 each way on flights between Hong Kong and Europe and North America, which it kept flat last month. The airline said on Tuesday it reviewed the surcharges on a monthly basis, primarily taking into account movements in jet fuel rather than oil prices, and made adjustments where appropriate.

Fuel is the second-largest expense for air carriers after labour, typically accounting for a fifth to a quarter of operating expenses. Some major Asian and European airlines have oil hedging in place, but U.S. airlines largely stopped the practice over the last two decades.

High oil prices and airspace closures due to the war are pushing airline tickets on some routes sky-high and forcing people to reconsider travel plans.

Conflict takes toll on travel industry

High fuel prices could have severe implications for the global travel industry, with airlines already navigating tight airspace as pilots reroute to avoid the Middle East conflict and capacity on popular routes fills up.

Combined, Emirates, Qatar Airways and Etihad normally fly about one-third of the passengers from Europe to Asia and more than half of all passengers from Europe to Australia, New Zealand and nearby Pacific Islands, according to Cirium.

South Korea’s HanaTour Service 039130.KS said it has been cancelling group tours that include flights to the Middle East and it is waiving cancellation fees for affected customers. All Middle East-related tours for March will be suspended, it added.

In Thailand, the Ministry of Tourism forecast that if the conflict drags on for more than eight weeks, the country will lose a total of 595,974 tourists and 40.9 billion baht ($1.29 billion) in tourism revenue.