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Three arrested for death of Italian basketball fan's bus driver
Italian police reported that three "ultra" supporters of an Italian basketball club were arrested after the driver of a rival team's bus was killed by stones thrown into his vehicle. The death of Raffaele Marianell, 65, shocked Italians, who had grown accustomed to the violence that soccer fans are known for. Marianella, the co-driver of the bus, was not behind the wheel. The hail of bricks and stones hit the vehicle as it was transporting fans of Pistoia Basket 2000 home after a match against RSR Sebastiani Rieti on Sunday in Serie A2, Italy's second tier. He was killed after he was hit by a large rock that came through his windscreen. Police in Rieti reported that the three suspects who were arrested are part of an "ultra group" of RSR Sebastiani Rieti supporters. The group was traced when police escorting a fan bus in the central Italian town of Rieti stopped a vehicle carrying another group and drove away. The Prime Minister Giorgia Melons has called the attack "an inexcusable and senseless act." (Written by Keith Weir and edited by Timothy Heritage).
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Russian bombardment causes blackouts for hundreds of thousands in Ukraine
Officials said that a Russian attack on energy infrastructure in Ukraine's Chernihiv Region left thousands without electricity and others without water. Repairs were slowed by the threat of drone attacks. The Energy Ministry said that the northern part and regional capital of Chernihiv had no electricity. The latest of a series of Russian attacks on the Ukrainian grid in preparation for winter, the attack also targeted the nearby Sumy region. In recent weeks, Russian missile and drone attacks have ravaged the power infrastructure of Chernihiv, causing blackouts to disrupt daily life and causing blackouts. DRONES IN VICINITY GRID REPAIRS The energy ministry issued a morning statement on Telegram saying that "Emergency Crews in Chernihiv are unable begin work to restore power supply due the continuous attacks by Russian Drones." It accused Russia for circling drones over damaged facilities, making it impossible to repair them and "deliberately prolonging the humanitarian crisis". Two hours later, President Volodymyr Zelenskiy announced on Telegram that repairs had begun. He said that "Russian tactics are to terrorise people with cold and murder them," Andrii Sybiha, the Foreign Minister of Russia, wrote in X: "President Vladimir Putin is pretending to be prepared for peace and diplomacy while this night Russia launched a brutal drone and missile attack." Many communities are without electricity and some without water due to the cold temperatures of autumn. Since the launch of a Full-scale invasion 2022 Ukraine, claiming that they are legitimate targets in war. Oleksandr Lomiako, Chernihiv acting mayor, claimed that Moscow was trying to deny local residents power and heat in advance of the winter cold. CHERNIHIV MAYOR: 'WE WILL COMPETE NOW' He invoked the spirit from the early days of Russia’s invasion when Chernihiv, which was almost surrounded by Russian troops who were then beaten off. "We won in February-April of 2022. "We will overcome now," said he on Telegram. Chernihiv residents reported to an online messenger service that there was no power or water in the city, and the mobile signal was severely affected. An anonymous former government official, who was familiar with the situation, stated that Moscow probably targeted Chernihiv due to its proximity to Russia which made it easier to strike, as well as the fact that the energy facilities were poorly protected. In recent weeks, Moscow has increased its frequency of air strikes across Ukraine, just as it did during previous strike campaigns that plunged cities far from the eastern and southern frontlines into darkness for many hours or even days. Reporting by Anastasiia malenko, Max Hunder and Daria Smetanko; editing by Mark Heinrich
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Report shows that the cable used in the Lisbon rail crash was not certified
According to a preliminary investigation that pointed out maintenance issues, the cable that snapped in September and caused a Lisbon railcar funicular to hurtle downhill, killing 16 passengers, was not approved for passenger transport. The Office for Air and Rail Accident Investigations in Portugal (GPIAAF), said that despite the fact that other factors may have been at play, it is still difficult to determine whether an inadequate cable was the cause of the crash. The final report of the GPIAAF is due in September. After leaving the track, the yellow tram-like vehicle, which transports people up and down steep hillsides in the Portuguese capital hit a building on September 3. The Gloria funicular, which was opened in 1885 is one of the three old funiculars that are operated by Carris, the municipal public transportation company. Carris suspended the use of these old funiculars after the incident. Around 3 million tourists, locals and commuters used the line each year. GPIAAF stated that the maintenance procedures designed by Carris have not been updated in many years. "The use of cables which did not meet the specifications and usage limitations was due to a number of accumulated failures during the process of accepting and using them by Carris". Carris' internal controls "were insufficient or inadequate to detect and prevent such failures." Carris outsources maintenance of its elevators since 2007. The GPIAAF has also identified shortcomings in this area. It said that there was evidence that the maintenance tasks reported as completed did not always correspond with the tasks actually carried out. Carris stated in a press release that "it is impossible at this time to determine whether or not the non-conformities of the cable's use are relevant to the incident." (Reporting and editing by Andrei Khalip; Sergio Goncalves)
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Chevron and Shell reduce oil production in Kazakhstan following Ukrainian attack on Russian gas plant
The companies, which include Chevron, Shell and others, said that they had reduced their oil and gas production at a major Kazakh field following a drone strike by Ukraine, which damaged a Russian gas processing plant that supported their operations. The Orenburg gas plant strike, which took place about 1,056 miles (1,700 km) east of Ukraine marks the first incident known in Kyiv’s campaign to disrupt Western oil majors' operations abroad. Erlan Akkenzhenov said that the Karachaganak field's daily production had been reduced by 8,500 metric tonnes (66,810 bbls) to 9,000 tons as a result of the strike. He said he hopes that the restrictions on production will be lifted in three days. Akkenzhenov told journalists in Astana that the restrictions on the shipping of Kazakh gas to Orenburg would have a "certain economic impact", but would not affect domestic fuel markets. Usually, raw gas from Karachaganak will be delivered to Orenburg's processing plant across the border. The oil and gas production at Karachaganak are closely related, so the field cannot produce much oil when its gas production drops. PRODUCTION CUTTING HITS MAJOR OILFIELD Karachaganak's operation is run by a consortium that includes U.S. energy giant Chevron (18%) and European energy companies Shell and Eni (29.25%). KazMunayGaz and Lukoil, both from Kazakhstan, also have stakes of 13,5% and 10% respectively. Kazakhstan is a major producer of energy and minerals, accounting for 2% of the world's oil production. The majority of this oil is exported to international markets via Russia. On Tuesday, the operator of the Karachaganak gas and oil condensate fields said that it had reduced production following "an accident" at Russia's Orenburg Plant. Two industry sources said that on Monday, a Ukrainian drone strike on the Orenburg Gas Processing Plant, one of the largest in the world, forced Kazakhstan to reduce its production at the Karachaganak Field by 25 to 30 percent. KARACHAGANAK FIELDS SLASHES DAILY EXPLOSION Karachaganak's output on Monday dropped to between 25,000 and 28,000. This is a significant drop from its usual 35,000 to 35,500 tons. Two sources, who spoke under anonymity because of the sensitive nature of the situation, said that the production on Monday was down to between 25,000 and 28,000. Ukraine confirmed Monday that it had struck a gas refinery and a gas station in the Orenburg Region, as well as an oil refinery located in the Samara Region. Karachaganak's production was also reduced, according to the Kazakhstani energy ministry. The operator has not provided production data. As soon as the Orenburg plant begins to operate, the ministry expects production to return to normal at Karachaganak. Last week, Kazakhstan implemented sweeping price controls for fuel and utility rates amid an accelerating inflation rate of 12.9% in Septembre due to the fallout from Ukraine's war. A separate Ukrainian drone attack on a pumping facility serving the CPC temporarily disrupted the oil loading at Novorossiisk in February. This underscored the vulnerability of the regional energy infrastructure due to the growing conflict. Reporting by Mariya Goreyeva in Almaty, Tamara Waal and Vladimir Soldatkin in Astana. Writing by Lidia Kelley in Melbourne and Louise Heavens. Editing by Lincoln Feast & Louise Heavens.
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Poland arrests eight suspects of planning acts of terrorism
The Polish security services detained eight suspects of planning to commit acts of sabotage across various regions, said Prime Minister Donald Tusk on Tuesday. Officials claim that Russia has used tactics like arson and cyberattacks to target Poland in an "hybrid warfare" it is waging against nations who support Ukraine's war with Russia. Russia has denied these accusations. Tusk reported on X that "ABW (the interior security agency), working with other services in the past few days, arrested eight people from various parts of country, suspected of preparing sabotage acts." He added that "further operational activity is continuing" but did not give any details. Tomasz siemoniak, minister for special services on X, stated that "the matters... concern the reconnaissance of military installations and critical infrastructure, the preparation of methods to carry out acts sabotage and the direct implementation of attacks." (Reporting and editing by Clarence Fernandez; Karol Badohal, Pawel Florkiewicz)
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Enagas Spain is on track to reach 2025 targets
Enagas, the Spanish gas grid operator, said Tuesday that it was on track to reach its 2025 goals after turning a profit in the first nine-months of the year. The swing was due to a combination of gains from disposals, the revision upwards of the amount awarded by an arbitrator in relation to an investment in Peru and operating costs that were in line with the previous year. The company reported a profit of 262.8 million euros ($306.5 millions) compared to a net loss of 130.2 million euros in the same period 2024. This was due to a capital loss from the sale an asset in the United States. The firm announced earlier this year that it would invest over 4 billion Euros by the end decade. This will be mainly in hydrogen infrastructure as the company diversifies to manage a network for hydrogen infrastructure and also targets ammonia capture and CO2 businesses.
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The ROI-EU is given a bad 'Draghi Report'. But it may not matter: Klement
Mario Draghi's eponymous Report, in which he urged the European Union (EU) to increase productivity and resilience of its economy by investing heavily, has been out for more than a full year. The EU's follow-through has been widely criticized. The region might not have to worry about this. The former president of the European Central Bank, when he presented his report on EU Competitiveness in 2024 urged the EU to continue reforms that would improve productivity. On September 16, the European Commission held a conference at a high level to assess its progress. While the Commission tried to take credit for 34 legislative initiatives and 33 flagship projects, it was widely criticized for moving too slowly. He is right. The EU continues to fall behind. The United States has seen its productivity grow faster than Europe in the past 15 years. Since 2020, the Eurozone labour productivity has grown at a meager 0.7% annually. This is less than half of the U.S. annual growth rate of 1.5%. Investment and productivity are the most effective levers that governments have to boost GDP and raise the taxes needed to control deficits. The OECD's most recent long-term projections predict that the GDP growth rate in Europe will increase from the low levels of the past five years. However, this growth will only be 1.3% in real terms per year, far behind the projected 2.1% growth for the U.S. REARMAMENT BOOSTER Things may not be as bad as they appear. One example is that the new "Readiness 2030", a rearmament program in Europe, will provide 150 billion euro in loans through the SAFE initiative (Security Action for Europe), which are not reflected by the OECD long-term projections. If EU member states raise their defence expenditures in line with new NATO goals, then the total could reach 800 billion euro in the next 10 years. This would result in an additional investment in defence of 4,5% of EU GDP in ten year. This could boost European growth in a significant way. BBVA research shows that European defence spending has a higher fiscal multiplier than the U.S. The fiscal multiplier of U.S. defense spending is usually in the range 0.5-1.0. However, the multiplier for European defence expenditures is consistently higher than 1.0. BBVA's analysis showed that, for every 1% increase in GDP spent on defence in Europe, the trend GDP of the region increased by 1.6% within two years. After this, the effect of the expenditure fades. If deployed all at once, 150 billion euro in defence loans could boost EU GDP by 1.6% within two years. The spending will be spread over 10 years. This could mean that the region's GDP continues to grow over the next decade. This would be amplified if the region reached the 800 billion euro goal. EUROPE'S GROWTH Powerhouse Germany is one country that has already committed to an increase in defense spending. Germany, the largest economy in Europe, plans to raise its defence budget from 3.5% of GDP to a total of 3.5% by 2030 instead 2035 like NATO demands. Next year, Germany will begin rolling out its 500 billion Euro infrastructure investment program. The German government has, unlike many other EU members, been able agree on a budget, and implement necessary processes in order to get money flowing. Germany will spend 58 billion euro per year in infrastructure starting in 2026. This is up from 38 billion euro in 2025. The majority of these investments are in transport infrastructure. Another large portion is in energy transformation and digital infrastructure. These investments will likely give Germany's productivity and GDP growth an important boost. According to a new study, German government infrastructure investments have a multiplier fiscal above 2, with levels in Germany and in the Euro zone approaching 2.5 after three years. If this is true, Germany's infrastructure expenditures could boost German GDP by a staggering 29% in ten years. This would boost EU GDP by 7 percent over the next decade. Germany's infrastructure investment may not be as successful as it seems, because some investments would have been made regardless. Even if the program is only half as effective, Germany's economy could grow by 1.4% annually for the next decade. This would give the EU a 0.3% boost in GDP growth. If you add this to the 0.6% increase in GDP growth that is expected from Readiness 2030 in the EU, Europe's growth could be equal to or even exceed that of the U.S. in the next 5 to 10 years. Draghi couldn't have asked for a more positive outcome. The views expressed are those of Joachim Klement who is an investment strategist with Panmure Liberum - the UK's biggest independent investment bank. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI, can help you keep up. Follow ROI and X on LinkedIn.
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No injuries reported after fire at MOL refinery on the Danube in Hungary was contained
The fire at the main refinery of the Hungarian oil company MOL, located south of Budapest on the Danube River, has been put out. Firefighters are still on site. MTI, the state-run news agency, reported that a fire started late Monday night at a feed unit. The fire did not affect production immediately. "A fire broke out Monday night at the AV3 unit of the Danube refinery. The fire has been contained and firefighters are still on site. MOL stated in an email that the cause of the fire is still being investigated. According to MOL’s official website, the Danube refinery in Szaszhalombatta has been operating since 1965. It can process 8.1 million tonnes crude oil per year. Both the Danube refinery, and MOL’s other refinery located in Slovakia, are largely supplied with Russian crude oil via the southern spur of Druzhba's pipeline. (Reporting and editing by Jamie Freed, Shri Navaratnam and Anita Komuves)
Korean Air's quarterly cargo revenue falls as tariffs threaten international shipping
Korean Air (003490KS) reported a decline in cargo revenue during the third quarter of the financial year as it saw an increase in risks due to tariffs imposed by the U.S.
In its earnings report, the nation's biggest carrier reported that its cargo revenue fell 4.7% from one year ago to 700 million won (1 trillion won).
The revenue of the company from its passenger business fell 7.5% over this period.
The company stated that the growth of air cargo has slowed down due to a weaker demand for online purchases and increased tariff risks.
The firm's industry outlook stated that trade tensions between China and the U.S. continue to cause uncertainty in the cargo shipping sector.
The firm expects that online shopping will increase during the holiday season.
(source: Reuters)