Latest News
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Olympics-Controversial Cortina cable car still unfinished a week before Winter Games start
There are growing doubts about whether Cortina’s cable car is ready for the women’s Olympic alpine ski events at the Dolomites Resort. The infrastructure has not been completed a week before Games begin. The Apollonio Socrepes Gondola is one the most controversial projects for the Winter Olympics in Cortina, and Milan from 6-22 February. The construction of the cable car that will take tourists from the centre to the slopes has been delayed. Some residents are concerned about safety, as the project is taking place in an area prone to landslides. Two people familiar with the situation said that the 50 cabins had not been installed yet and the safety tests - which were originally scheduled to take place the last week before the Games began - have still to be performed. Simico, a state-backed agency responsible for the project, has repeatedly stated that the cable car will be delivered on schedule. It said in a Friday statement that the work was proceeding according to plan. The agency stated that "the pulling of cable is complete and the splicing will begin as soon as Saturday." They added that the alignment of rollers at three stations and 10 pylons would be checked over the weekend. The mechanical and hydraulic work is expected to be finished early next week. After that, the technical safety inspections will begin. Simico?added that the lift will be ready once these works are completed. The first race is scheduled for the 9th of February at the Tofane Alpine skiing centre in Cortina. One of those involved said that if it wasn't finished by then, opening the cable car would be delayed by a few more days. The Games organizers have limited the number of tickets available due to uncertainty about whether the cable cars will be ready for the Games. A spokesperson for the Milano Cortina 2026 organizing committee stated that they had?released so far a number tickets in accordance with the capacity guaranteed through road transport. Cortina, located in the Dolomites in northern Italy, is one of the most popular winter resorts in Italy. It hosted the 1956 Olympic Games, but the town has no railway station, and the main road can be slow during peak hours. Cortina is also hosting curling as well as bobsleighs, luges and skeleton events. (Reporting and editing by Giselda Vangnoni, Christian Radnedge and Sara Rossi)
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Sources: German Minister to travel to Saudi Arabia with Siemens Energy and Thyssenkrupp CEOs
Four people with knowledge of the situation said that the CEOs from Siemens Energy and Thyssenkrupp would join Economy Minister Katherina Riege on a trip to Saudi Arabia. The top European economy is looking to diversify its supply of energy. Reiche will travel to Saudi Arabia between February 1 and 3 to expand the economic relationship, according to a spokesperson from her ministry. This comes just days after Reiche stressed the importance of new alliances due to rising geopolitical tensions. The focus of the trip will be energy. This is a crucial issue for Germany, which is?Saudi Arabia’s most important economic ally in the European Union. Germany has seen its costs rise after losing access to cheap gas from Russia. Sources say that Christian Bruch, CEO at Siemens Energy, and Miguel 'Lopez of industrial conglomerate Thyssenkrupp will be part the business delegation traveling with Reiche. They added that Uniper CEO Michael Lewis, EnBW's Georg Stamatelopoulos, and Egbert Lage, who is in charge of Sefe Group will all be attending. Thyssenkrupp EnBW Sefe have confirmed that their CEOs will be attending. Siemens Energy and Uniper have declined to comment. A spokesperson for the ministry said that a number memorandums would be signed during the trip. "The focus will be on energy projects and innovation, deep tech, artificial intelligence and particularly in'start-ups. From February 4 to 6, German Chancellor Friedrich Merz will travel to Saudi Arabia and the United Arab Emirates to highlight the importance of the region to Berlin. A government spokesperson stated that both the Gulf States' investments in Germany and efforts to diversify the energy supply?are on agenda. Berlin hopes "to see increased activity in investment". Qatar is one of the largest shareholders in Germany, with stakes in Volkswagen, RWE, and Deutsche Bank. (Reporting and editing by Hugh Lawson and Kirsten Donovan; Reporting by Christoph Steitz, Andreas Rinke)
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FAA finalizes 25 hour cockpit voice recording rule
The Federal Aviation Administration finalized on Friday a rule that will require cockpit voice recorders in all new passenger aircrafts to retain 25 hours of data by 2027, compared to the current 2-hour loop. Since 2018, the National Transportation Safety Board (NTSB) has been advocating for the change. The United States, however, is lagging behind many other countries in terms of the requirements for commercial planes. The voice recorder records transmissions, sounds and voices in the cockpit. This includes the pilots' and engine noises. It can be vital in determining why plane crashes happen. The FAA rule that was proposed in 2023 takes effect immediately, but some smaller aircraft have up to three years to comply. Congress passed legislation in 2024 requiring all passenger planes to be retrofitted by 2030 with 25-hour recording devices. Reporting by David Shepardson, Washington; editing by Chizu Nomiyama
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Sources: German Economy Minister to visit Saudi Arabia with Siemens Energy and Thyssenkrupp,
Katherina Reiche, Economy Minister of Germany will be joined by the CEOs from Siemens Energy and Thyssenkrupp on a trip to Saudi Arabia. This trip is to highlight a drive to diversify energy supplies in Europe's largest economy. Reiche will travel to Saudi Arabia between February 1 and 3 to expand business relations, according to a spokesperson from her ministry. This comes just days after Reiche emphasized the need for new alliances due to rising geopolitical tensions. The focus of the trip will be energy. This is a crucial issue for Germany, Saudi Arabia's largest economic partner within?the European Union. Germany has suffered from rising costs since losing access to cheap Russian gas. Sources say that Christian Bruch, CEO at Siemens Energy, and Miguel Lopez of industrial conglomerate Thyssenkrupp will be part of the business delegation traveling with Reiche. They added that Uniper CEO Michael Lewis, EnBW's Georg Stamatelopoulos, and SEFE Group boss Egbert Laege will all be attending. Thyssenkrupp EnBW Sefe have confirmed that their CEOs will be attending. Siemens Energy and Uniper declined to comment. A spokesperson for the ministry said that a number memorandums would be signed during the trip. "These will focus on energy projects and innovation, deep tech, artificial intelligence, as well as the start-up industry". (Reporting and editing by Hugh Lawson; Additional reporting by Andreas Rinke)
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Iranian media report that a gas leak caused a blast in Bandar Abbas.
According to a preliminary assessment by the local fire department, an explosion which hit a building on Saturday in southern?Iranian Port City of Bandar Abbas was caused by a leak of gas. Iranian state media reported at least two deaths and 14 injuries in the explosion, which came amid increased tensions between Tehran a Washington due to the crackdown on protests across the country earlier this month and the country's nuke programme. "This (gas leaked) is the initial assessment." In the next few minutes, my colleagues will provide more information," Mohammad Amin Liaqat said, in a video released by Iran's semiofficial Mehr?news agency. In a video posted on social media, people were seen standing in the debris and wrecked vehicles in front of the damaged building after an explosion. The location was verified by analysing the road layout and buildings. Satellite and file images were also matched. Could not independently verify when the video was shot. According to the state-run Tehran Times, four other people died in a separate gas explosion near the Iraqi frontier, in Ahvaz. Further information was not immediately available. As TRUMP piles pressure on IRAN, nerves are strained. The explosions revealed the "jittery" mood in Iran as its cleric rulers stand off with the Trump Administration. Donald Trump, the U.S. president, said that an "armada", headed toward Iran on January 22, 2019. On Friday, multiple sources claimed that Trump was weighing his options against Iran. These included targeted strikes on Iran's security forces. Ali Larijani said that a senior Iranian official in the security sector was on X Saturday, stating that progress is being made on a framework to negotiate with the United States. He also downplayed what he called an "atmosphere" created by artificial media war. Trump told Fox News reporter Jacqui Heinrich, "Iran is negotiating so we'll have to see what happens," Heinrich reported on X. "You know, last time we negotiated, they had to remove their nuclear. Didn't work. Heinrich quoted Trump saying that we then took it out in a different manner and will?see what's going to happen. Masoud Pezeshkian, the Iranian president, had accused the U.S. and European leaders, before the two explosions that occurred on Saturday, of exploiting Iran’s economic problems, causing unrest, and giving people the means to "tear apart the nation." Tasnim, a semi-official news agency, said that social media reports claiming a Revolutionary Guard Navy commander was targeted in the Bandar Abbas blast were "completely untrue." Two?Israeli official told us that Israel wasn't involved in the Saturday blasts. The Pentagon didn't immediately respond to an inquiry for comment. Bandar Abbas is home to Iran's largest container port. It lies on the Strait of Hormuz - a vital waterway that connects Iran with Oman and transports a fifth of all seaborne oil. A major explosion occurred in the port last April, which killed dozens of people and injured more than 1,000 others. A committee of investigators at the time blamed this explosion on a failure to adhere to civil defence and security principles. Iran's clerical leaders have been challenged by the nationwide protests which erupted over economic hardships in December. The U.S. based HRANA group has stated that at least 6,500 protesters were killed, including hundreds security personnel. Reporting by Dubai Newsroom, Menna Alaa-Din, Enas alashray, and Hatem Maher, in Cairo. Additional reporting by Maayan lubell in Jerusalem, Phil Stewart, in Washington, and Edward Carron, in London. Editing by Gareth Jones and Nia Williams.
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Olympic bus surcharges leave 11-year old stranded on the snow
His 'family' said that an 11-year old schoolboy, who didn't have enough money to pay the bus fare surcharge for the Winter Olympics in Milano Cortina, was forced by sub-zero temperatures and snowy conditions to walk home?6 km (3.8 miles). Corriere della sera, Italy's largest circulation daily, has featured the story of Riccardo on its front page, amid concerns about price gouging during the Games from February 6-22. Dolomiti Bus, a local transport company, has increased the daily fare on a 'bus route' to Cortina d'Ampezzo (one of the Olympic venues) to 12 euros in exchange for more frequent service during the Olympics as well as the Paralympics from March 6-15. Bus fare surcharges, which run from January 23 to March 17 affect occasional users such as Riccardo. However, they do not affect those with annual, monthly or Winter Games accreditation passes. The boy was on his way back from school?on Tuesday when he boarded the bus with a bundle regular 2.5-euro fares, but the driver pushed him away after he couldn't come up with enough cash to pay the higher fare. The driver said that if he did not have money, he would have to walk home. He wouldn't let him pay for his tickets with just four. Balbinot is an attorney who has filed a complaint with the local prosecutor for the crime child abandonment. She said that her grandson was traumatised, wet and freezing after walking along an icy path near the main road. However, he is now fine. The bus company said it had established a commission that would "rigorously examine" what had happened and that the subcontractor's driver had been suspended. Balbinot stated that there is a larger issue?about locals having to pay extra costs due to the Olympics. "It is difficult to understand why residents who are caught in Olympic traffic should be charged extra."
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Court rules that contract with Hong Kong port operator violates Panama constitution
The Panama Supreme Court ruled that a contract signed by a Hong Kong-based company in 1990 to operate the ports at the Panama Canal was in violation of the Panama Constitution and did not serve the public interest. The court released its decision on Friday, but did not explain the reasoning behind it. The decision was first reported by local TVN, and has since been confirmed by an official of the court. The decision was a win for Washington amid intensifying U.S. - China rivalry on global trade routes and President Donald Trump’s attempts to exert dominance over Latin America. In its decision, the court stated that the contract held by Panama Ports Company - a subsidiary owned by Hong Kong's CK Hutchison - violated Panama's Constitution by granting the company exclusive tax exemptions and privileges. The contract did not include a clause requiring 'environmental impact assessments' and said that the government would have to get Panama Ports approval before it could grant any other concessions. The nine-member court unanimously ruled that PPC was granted disproportionate rights and prerogatives, which created conditions that effectively eliminated competition and resulted in a monopoly, in practice. "Furthermore it places decisions in private hands that should be made in the public interest...prioritizing private interests above the general welfare of the society." This decision could complicate a proposed $23 billion deal by?CK Hutchison to sell dozens of ports around the world, including Panamanian terminals, to a 'consortium' led by BlackRock & Mediterranean Shipping Company. Trump hailed the proposed sale, particularly the assets of Panama Ports as a success?because the operations at the Canal would be under majority U.S. ownership. China, however, opposed the sale of Panama Ports' assets and threatened to block it. China's Foreign Ministry said it would "take all necessary measures" to protect the rights and interests Chinese enterprises. Hong Kong's Government criticized foreign governments for their coercive intervention in international trade relationships. (Reporting and editing by Emily Green, Tom Hogue and Emily Green; Additional reporting and Kylie Madry by Natalia Siniawski)
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India's rising demand for LNG and oil draws traders from around the world
Trafigura, for example, is looking to form long-term relationships with Indian state oil companies. Trading firm executives said that as consumption growth in major economies slows, they see opportunities for crude, refined fuels, and liquefied gas (LNG). Sachin Gupta is the chief executive officer of Trafigura India. He said that India has "massive opportunities" in India. He cited the strong demand for gasoline, diesel and liquefied petrol gas, and added that India will be buying "a lot" liquefied gas. Gupta believes that Indian oil demand will reach 9 million barrels a day by 2050. It is currently around 5 million barrels a day. Trafigura announced on Friday that it had signed a “landmark crude agreement” with Bharat?Petroleum Corp. to supply Iraqi Basrah crude and Omani crude oil to the Indian refiner. BPCL has also signed a?term agreement?with TotalEnergies to procure UAE crude. GROWING DEMAND Indian Oil Corp. (IOC), which is the largest refiner in India, signed last year a five-year deal with Trafigura for 2.5 million metric tonnes of LNG. The deal was valued between $1.3 billion and $1.4 billion. S.P. Srivastava, IOC's director of marketing and sales, told reporters at the conference that IOC expects annual diesel demand to grow by?2-3% and gasoline demand to rise by 5-6% by 2030. Srivastava, IOC's head of marketing, told reporters that the company anticipates the annual demand for diesel to increase by?2-3% by 2030 and the demand for gasoline to increase by 5-6%. IOC Chairman A.S. Sahney announced that the company signed a preliminary deal with Engie, based in Paris, for LNG and other 'natural gas trading opportunities' in Asia-Pacific. Petronet LNG, the world's largest LNG importer, predicts that LNG imports will increase to 28-29 million tonnes in 2026 from 25.5 million tonnes last year. Trading giant Vitol believes that the majority of India's refined product will be consumed domestically. Kieran Galagher, Vitol Asia's head, said that 500,000 barrels of refining capacity would be coming on line. "Outside...summer seasonality and exports, the majority of the products derived by that capacity will be consumed in the country." The petrochemicals sector offers traders a range of opportunities, as the government has estimated that production will increase by 29,62 million tonnes to 46 million by 2030. (Reporting and editing by Mayank Bhahardwaj and Kirsten Donovan; Additional reporting by Anjana Anil, Tanay Dhumal and Mohi Verma)
Vopak confirms prepare for IPO of Indian venture AVTL
Dutch tank storage company Vopak on Wednesday validated it plans to proceed with an initial public offering (IPO) for its Indian joint venture AVTL.
The private placement we revealed yesterday is a precursor for the IPO, group CFO Michiel Gilsing told Reuters, adding that he sees huge potential in regards to trading at the Indian Stock Market.
The company is now working on a draft prospectus to submit to Indian authorities and thinking about additional shares issuance in the coming years, in conformity with Indian market policies, he said.
Vopak on Tuesday revealed an 88 million euro ($ 95. million) contract for the disposal of a 3.4% stake in its joint. venture with Aegis.
The deal will support deleveraging as well as funding. of development tasks in the area, it stated in a press release.
(source: Reuters)