International

Ukraine allocates 10.8 billion euros more to its Army until the end of the year

The Ukrainian Supreme Rada (Parliament) approved this Wednesday to allocate 500 billion more grivnas (about 10.8 billion euros) to cover the financing needs of the Army until the end of the year, according to Ukrainian deputies on their social networks.

Ukrainian Prime Minister Denis Shmigal had previously explained that the original budget for 2024 would not be enough, since it had been calculated taking into account that the war would end this summer.

Ukraine devotes 100% of its taxes at the national level to military and defense expenses, and covers the financing of public services and other civilian expenses thanks to international aid.

As Shmigal explained at the time, each soldier costs the Ukrainian State an average of 32,000 dollars a year.

The budget rectification approved this Wednesday should be financed with the issuance of debt and with the increase in taxes such as the one applied to tobacco or fuel, as explained by the president of the Committee on the Budget of the Parliament, Roksolana Pidlasa.

20260330_renta_mh_728x90

The Ukrainian Parliament approved on Tuesday in first reading (so it will require a second vote to be adopted) a tax increase that affects the so-called war rate, which taxes taxpayers to finance the Army and goes from 1.5 to 5%.

The new legislation also raises taxes on several tax segments and introduces changes in taxation for banks and companies.

International

Air Canada suspends JFK flights amid soaring fuel costs linked to Iran conflict

Air Canada announced on Friday that it will suspend its flights from Montreal and Toronto to New York’s John F. Kennedy International Airport from June through late October, citing rising jet fuel costs driven by the conflict involving Iran.

“Since the beginning of the conflict with Iran, some routes and less profitable flights have become economically unviable, so we are making adjustments accordingly,” the airline said in a statement.

Despite the suspension, the carrier confirmed it will continue operating 34 daily flights from six Canadian cities to New York’s LaGuardia Airport and Newark Liberty International Airport.

Air Canada expects to resume its JFK operations after October 25.

Meanwhile, Iran announced the reopening of the Strait of Hormuz amid a temporary ceasefire in the region. However, jet fuel shortages could persist even if the truce holds.

20260330_renta_mh_728x90

Fuel accounts for between 25% and 30% of operating costs for most airlines, and carriers worldwide have responded to the crisis by raising fares and suspending select routes due to safety and profitability concerns.

International

UK braces for potential CO₂ shortage amid Middle East tensions

The government of United Kingdom is preparing contingency measures amid fears of a potential shortage of carbon dioxide (CO₂), which could impact the agri-food industry if the Strait of Hormuz remains blocked due to the ongoing conflict in the Middle East, The Times reported on Thursday.

According to the newspaper, officials assessed this scenario during a recent crisis meeting aimed at evaluating the consequences of a prolonged conflict, triggered on February 28 by joint attacks from United States and Israel against Iran.

Under this scenario, CO₂ supplies—primarily a byproduct of fertilizer production using natural gas—could fall by up to 18%, affecting multiple sectors including agriculture and food production.

The gas is widely used in the slaughter of pigs and poultry, as well as in extending the shelf life of packaged foods. Breweries could also face disruptions due to reduced availability.

“I don’t want to comment on a leak, but now that the information is out there, I hope people feel reassured knowing we are working on it,” said Peter Kyle, Secretary of State for Business and Trade, in remarks to Sky News.

20260330_renta_mh_728x90

While a drop in CO₂ supply is not expected to cause major shortages in supermarkets, it could limit product variety, The Times noted, citing access to internal government documents.

To mitigate the impact, authorities are considering prioritizing CO₂ supply for critical sectors such as healthcare and civil nuclear energy, where it is used in cooling systems for blood reserves, organs, vaccines, and electricity generation. The government may also request domestic producers to increase output.

Central America

El Salvador and Paraguay approve 2026–2028 cooperation program

The governments of El Salvador and Paraguay approved the 2026–2028 Cooperation Program, which includes six joint development projects, according to Salvadoran Vice Minister of Foreign Affairs Adriana Mira.

Mira stated that El Salvador will act as the “main provider of cooperation,” contributing five initiatives focused on road infrastructure, tourism, and local development. She also noted that one of the projects will be led by the Paraguayan side, although no further details were disclosed.

The agreement was reached during the Second Meeting of the Joint Commission on Technical and Scientific Cooperation between both countries.

According to Paraguay’s Ministry of Foreign Affairs, the First Meeting of the Political Consultation and Bilateral Coordination Mechanism was also held, with the participation of Vice Minister Víctor Verdún.

In an official statement, the Paraguayan government reported that both delegations agreed to identify mechanisms to promote competitiveness, economic growth, and market access. They also committed to signing agreements related to air transport cooperation.