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• Three sources claim that Russia has ordered Russian Railways (RRU) to sell the $2.4 billion Moscow Towers in order to pay its debts

  Three sources have confirmed that the Russian government has ordered Russian Railways to dispose of a central Moscow skyscraper with 62 floors to help pay down some of the $50 billion debt owed by this railway monopoly. Last month, it was reported that the?government? is discussing ways to support Russia's largest commercial employer. The state-owned Russian Railways employs 700,000 workers and has seen its revenues fall amid the sharp slowdown of Russia's wartime economy. Meanwhile, debt costs are on the rise, driven by interest rates that have reached their highest levels in 20 years. A government meeting held last week discussed the possibility of selling "Moscow Towers", which are part of the "Moscow City" in the "Manhattan style", according to a source who spoke on condition of anonymity because of the sensitive nature of the matter. Three sources said that Russian Railways decided to sell the skyscraper in order to pay off a part of its debts and avoid major increases in cargo transportation prices. The Russian papers Kommersant, Vedomosti, and RBC all reported that the purchase price for 2024 was 193.1 billion Russian roubles, or $2.42 billion. Russian Railways, as well as the government, did not respond to comments. If it can find a purchaser, a sale could reduce some of Russian Railway’s debt. The economy in Russia is expected to grow by only 1.0% in this year compared to 4.3% in 2024. One source said that no decision had been taken on the other measures mentioned earlier. These included rising freight?transportation costs, debt restructuring and state subsidies, as well as reducing or delaying tax payments. Source: An option to convert a part of the debt into shares remains on the table. Source: Russian Railways, Ministry of Finance and Central Bank should discuss the possibility of a conversion lasting up to three (3) years, with a buyback option provided by the Ministry of Finance. VTB, the largest lender to Russian Railways, told creditors that they rejected a proposal to convert 400 billion Rubbles in debt into shares. Moscow City is an area of skyscrapers along the Moskva River, which is home to many Russian companies such as VTB Bank and government ministries. The Russian Railways planned to move their central office into a skyscraper, and cover the cost by selling off other office space in Moscow. But that didn't happen. Reporting by Gleb Stolarova and Darya Kosunskaya, Editing by Guy Faulconbridge & Alexander Smith.

• Final report on the 1994 Estonian ferry disaster shows that bow failure was responsible for the tragedy.

  Authorities said that the failure of the 'bow section' of the Estonia ferry was the cause of its sinking in 1994, and not an explosion or collision, as some claimed. Investigators from Estonia, Sweden and Finland said that the MV Estonia sank due to the collapse of bow construction. "There's no need to launch a full-scale... investigation into the accident," said Estonian, Swedish and Finnish investigators. The roll-on/roll-off ferry, which was a roll-on/roll-off, sank during a storm in the Baltic Sea on the night of the 28th of September 1994. 852 people lost their lives. A 1997 official investigation concluded that the bow shield of the ferry had failed, causing flooding and sending the vessel to its bottom. Alternative theories continue to thrive. In 2020, a video clip from a TV documentary revealed previously unseen holes on the ship's hull. This prompted authorities to re-examine the wreck. The report concluded that rocks at the seabed caused the damage to hull. It was based on six different examinations of wreck site, interviews with the survivors, modelling, and technical analysis. Investigators stated that "the inspections did not reveal any evidence" that the MV Estonia had collided with a vessel or object on its 'journey. "Nor is there any sign that an explosion took place on the ship." In 2023, a preliminary report blamed the rocks for the holes. The report also concluded that it was not seaworthy when the ferry made its final trip.

• Families question credibility of investigation after delay in Jeju Air crash report

  Two officials have said that the South Korean investigation into the crash of Jeju Air, which killed 179 people, is likely to miss the deadline for releasing a progress report. This comes as the relatives of victims are still demanding answers to what went wrong. Two board officials confirmed that the country's accident investigation board will not be able to release an interim update on the Monday, first anniversary of the worst plane accident in South Korea. The two officials declined to give their names due to the sensitive nature of the issue. The Boeing 737-800, which was on a flight from Hong Kong to Muan, made an emergency belly land at the airport. It overshot the runway, then slammed against a concrete embankment, exploding into a fiery ball, killing 181 passengers. In a January preliminary report, the government-led Aviation and Railway Accident Investigation Board stated that both engines of the plane had been damaged by bird strikes. Investigators stated in a report from July that the pilots turned off the engine with less damage after?the bird struck. The report was not made public due to objections by families of victims. Families of victims are frustrated Some family members claimed that investigators seemed to blame the pilots, without investigating other factors such as the concrete structures beyond the end runway which likely made the accident far more deadly. It feels like doubts keep growing. "It feels like frustration has only increased over the past year," said Ryu, Kum-Ji. She lost both her parents in the accident. She stood with other members of her family who also shaved off their hair and protested in front of the presidential office. They demanded an independent and transparent investigation. Ryu stated that mistakes by the Transport Ministry, which supervises the investigation board could have also been a factor. This month, a transport ministry official assured bereaved families that they would look into their concerns. The second vice-minister of the Transport Ministry said: "We take your concerns seriously that the government's effort was not enough in the process (of finding the truth)." The government will support the families who have lost loved ones and look into it more closely. The South Korean parliament will launch an investigation into the crash on February 2. REPORT DELAYED According to the rules of the U.N. Aviation body, a report should be issued within one year after an accident. If that's not possible, then an interim statement detailing the progress of the investigation and any safety concerns raised, should be released on each anniversary. The two officials said that the investigation board does not plan to publish a?update yet due to pending legislation intended to ensure its independence. The lawmakers have proposed that the board be replaced and the oversight transferred from the Transport Ministry to the Prime Minister's Office. One of the board members said, "We will respect the decision of the newly-formed committee regarding the timing for the publication of the interim report." In a report published this week, South Korea's anti-corruption agency found that the concrete embankment of Muan Airport violated both local and international standards which require such structures to be "frangible", so that they can give way in the event of an impact. This meant that it could "cause deadly damage to aircraft and their occupants." On the request of legislators and the families of the victims, the board delayed the public hearings originally scheduled for early December. The police are also investigating. "All we ask is that the authorities admit their mistakes and apologize. Ryu stated that he wanted an apology and the disclosure of truth. (Reporting and editing by Ed Davies, Jamie Freed and Joyce Lee. Additional reporting by Hyunjoo Ryu and Jungminryu.

• Seatrium and Maersk resolve dispute over $475 Million contract for offshore Wind vessel

  Singapore's Seatrium shipbuilder announced on Monday that it had reached an agreement with Denmark's Maersk for the delivery of an offshore wind vessel. The vessel was intended to be used on a project near New York. Seatrium reported Maersk terminated its contract with Seatrium on October 10 citing "construction delays", but at the time did not mention if it had paid the completed work. Maersk will pay $360 million, the remaining balance of the $475 million contract price. Maersk will pay the remaining balance of $360 million, or $475 million. Both parties agreed that the "optimal course of action" was to end all legal proceedings and withdraw from court. This decision was made after taking into consideration, among other things, financial implications and the risk of costly and lengthy proceedings. Seatrium stated that the project was 99.8% complete as of December 22. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Chris Reese)

• Asia spot prices drop to a 20-month low due to weak demand

  The price of Asian spot liquefied gas fell to a new 20-month low last week due to weak demand and abundant supplies in the region. The average LNG price for February deliveries into Northeast Asia Industry sources estimate that the price per million British thermal units was $9.50, down from $10 last week and its lowest level since April 2024. The decline was driven by the continued weakness in Northeast Asian gas consumption, said Nelson Xiong of data and analytics company Kpler. He added that strong Japanese renewable energy generation and firm Chinese pipeline gas supply contributed to LNG demand weakening. "We expect JKM to remain slightly lower. Heating demand is likely to be affected by warmer-than-seasonal temperatures in Northeast Asia, "while Pacific LNG supplies remain ample", he said. He was referring to the Japan-Korea Marker price assessment of spot physical cargoes across Asia. Last week, the?drop in prices had prompted some importers who were price-sensitive to buy LNG. The demand for LNG from China is not significant, and many are aiming to import LNG at a price of $8/mmBtu or lower, according to Martin Senior, Argus' head of LNG pricing. S&P Global Energy's daily Northwest Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in February, on a de-ship basis (DES), was $8.881/mmBtu?on 18 December. This is a $0.54/mmBtu reduction from the price at TTF hub. Spark Commodities rated the January price as $9.009/mmBtu. The market is fundamentally well-supplied, thanks to robust pipeline gas flows, and an influx of U.S. spot LNG into Europe. The market has been cautious despite forecasts of colder weather in the first few months of 2019. Aly Blakeway is manager for Atlantic LNG at S&P. Blakeway said that as Europe's storage levels are lower than they were in the past, buyers could be forced to increase their LNG purchases in January and Febraury. The surge in offers has affected the pricing of gas, but there has been a strong increase in interest from buyers, especially for delivery early 2026, mainly due to lower renewable production and rapidly depleting gas stocks. Seb Kennedy, an independent gas analyst, says that hedge funds increased their net short positions in TTF futures last week but lowered the rate at which they bought short as cooler temperatures and supply disruptions curbed the bearish sentiment. He added that commercial operators have continued to buy the dip and their net long position has reached a new record high. Qasim Afghanistan, Spark Commodities analyst, stated that in LNG freight, Atlantic rates dropped for the third consecutive week to $92,000/day while Pacific rates decreased to $75,750/day. Both the U.S. front month arbitrage to Northeast Asia via Cape of Good Hope, and the arbitrage via Panama point towards Europe, he said.

• Russia sentences a man to 22 years in prison for blowing up trains on the Ukrainian's orders in Siberia

  A Belarusian accused of bombing two trains in Siberia at the order of Ukraine's Intelligence Services was jailed on Thursday for 22 years by a military court. The General Prosecutor announced that Sergei Yeremeyev had been found guilty of committing an act of terrorism, and planting explosives in two freight trains, including one which was traveling through Russia's largest conventional rail?tunnel, at the time. The FSB?said that Yeremeyev admitted his 'guilt' at the time of arrest. Security Service of Ukraine (SBU), which claimed responsibility for the two attacks, said that it wanted to disrupt rail lines in Siberia, which Russia was using as a supply route. On November 29, 2023, explosives detonated in a cargo train traveling through the Severomuysky Tunnel which is 15.3 km long (9.5 miles) and along the Baikal-Amur Mainline Railway. A?day after the first attack, another freight train was hit as it crossed Chertov Bridge in the same area on a railway used to backup trains when they are diverted from the Severomuysky tunnel. The General Prosecutor said that the attacks had caused damage of 102 million rubles ($1.2 million), and disrupted rail traffic. In a press release, the organization said that Yeremeyev would serve his first five years in prison before being transferred to a maximum-security correctional camp. $1 = 79.8000 Rubels (Reporting and Editing by Guy Faulconbridge).

• The tram network in England's Leeds will not be completed until the late 2030s

  A government review released on Thursday revealed that plans for a long promised tram network in Leeds, northern England, have been pushed to the late 2030s. This highlights 'Britain’s?chronic difficulty in delivering infrastructure. Early 2030s was the promised date for the tram network that would bring mass transit to Britain’s fourth-most populous conurbation. Experts believe that the aging, unreliable rail network is a major obstacle to productivity growth. It also explains why London dominates. Former Prime Minister Rishi Sunak has axed the northern leg?of?the high-speed rail network HS2 in 2023. The new route will run from London to England’s midlands. The Labour government of Britain, which was elected in July, last year, promised to stop decades of underinvestment. Tracy Brabin is the mayor of West Yorkshire Combined Authority. She said, "Britain's Labour Government has confirmed its commitment to bringing a tram network to Leeds. "Our'region has seen two similar projects fail and it is essential?that this time we deliver." She wrote to Peter Hendy in a letter that it took too long for infrastructure to be delivered in this country. Brabin said that she would still "get spades in ground" by 2028. (Reporting and editing by William James; Andy Bruce)

• BAE Systems reduces stake in Kazakh airline Air Astana

  BAE Systems, a British company, announced on Tuesday that it would 'cut its stake in Kazakh airline Air Astana almost by half. The aircraft manufacturer, which holds 16.95% of Air Astana's shares, is selling global deposit receipts that represent?about 8 percent of the outstanding common shares. BAE's main business is to manufacture fighter jets and submarines. In?2001, it invested less than 10?million to fund Air Astana at a time that they were bidding to sell radar systems to Kazakhstan. After its dual IPO in London, and Kazakhstan last year, the?company has reduced its stake from?49% to?39%. According to LSEG, following the latest'sale', BAE Systems is expected to retain its position as Air Astana's second largest shareholder. (Reporting by Unnamalai L in Bengaluru; Editing by Shailesh Kuber and Shinjini Ganguli)

• Due to sanctions, Russia has delayed its LNG production target of 100 millions tons per annum.

  The Russian government has delayed by "several" years its plan to achieve a 100 million-ton annual target for liquefied gas production, Alexander Novak, deputy prime minister, told state television on Thursday. He cited the impact of Western sanctions on Russia's energy industry. Sanctions imposed by the United States over the conflict with Ukraine have impacted Russia's plans to increase its share of the global LNG industry from 8% today to a fifth by 2030-2035. This includes the new Arctic LNG 2 facility. According to a recently updated government strategy, Russia will produce 90-105 millions tons of LNG in 2030 and 110-130 millions tons by 2036. "Our target was 100 million tons. Novak, without going into detail, told the Rossiya-24 television station that it was clear sanctions-related restrictions would push this back several years. Novak said that the Russian oil and gas condensate output this year will be roughly unchanged from 2024. It is expected to reach around 516 millions tons or about 10.32 million barrels a day. This is an improvement over the?previous forecast of 1% decline given by President Vladimir Putin last October. In 2024, Russia's LNG output will increase by 5.4% to 34.7 millions tons, which is below the 35.2 million tonnes expected. Qatar is already the dominant supplier of LNG to Asia, but there are also stiff competition from the United States who is expanding their sales into Europe. The delays in the implementation of the Arctic LNG 2 Project, which began production in December 2023, but only delivered a first cargo to Chinese end-users in August this year, highlight Russia's struggle in increasing LNG output. Murmansk LNG is also facing delays. It's slated to be Russia's biggest LNG plant with a production of up to 20.4 million tonnes per year. (Reporting and editing by Gleb Brianski, Kirsten Doovan; Oksana Kobieva and Vladimir Soldatkin)

• Asia spot LNG prices rise on South Korean demand

  Asian spot liquefied gas prices rose this week, as colder weather forecasts boosted the demand in South Korea. However, weaker buying across China has led to a 34% drop since 2025. Average LNG price for February deliveries to Northeast Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) is $9.60, up from $9.50 in the previous week and at its lowest level since April 2024. The market is still under pressure from the continued soft demand in Asia, with its weak economic indicators. There are also plenty of alternatives like coal in China. Klaas Dzeman, a market analyst with Brainchild Commodity Intelligence, said that La Nina did not bring the colder phases some were expecting. He added that colder weather in South Korea and China over the next week could modestly increase demand. Martin Senior, Argus' head of LNG prices, said that spot buying has been observed in South Korea. The temperatures are expected to drop to two-year lows by December 26. Five cargoes have already been diverted to South Korea from?China in the past few weeks. EUROPEAN GAS Prices Up Gas prices in Europe rose slightly during thin trading ahead of Christmas as forecasts for a cold snap boosted demand. S&P Global Energy's daily Northwest Europe LNG Marker was assessed on December 23 at $9.001/mmBtu, a $0.53 reduction to the Dutch TTF Hub. Argus set the price at $9.001/mmBtu while Spark Commodities put it at $9.110/mmBtu. Looking ahead, the key LNG gateways to Central and Eastern Europe are announcing that they will be firm buyers in early Q1 2026. They want to relieve pressure on declining Russian pipeline gas?and LNG flows. Aly Blakeway is the manager of Atlantic LNG for?S&P Global Energy. She said that Asia and North Africa are not interested in spot volumes. Seb Kennedy, an independent analyst, reported that hedge funds have dramatically changed their position on TTF futures in the past year. They went from being net long at the beginning of February to being net short by November. Kennedy said that 2025 would be remembered for the transition of EU gas markets as a year when a ramp-up in LNG supply ended years of scarcity pricing and crisis. With more than 450 funds actively trading TTF now, speculative money will continue to have a significant impact on EU gas prices through 2026. According to Spark Commodities analyst Qasim Afghanistan, in LNG freight, Atlantic rates have fallen for the fourth consecutive week, to $80750/day. Pacific rates are down to $71,250/day. The fall in Atlantic freight rates have narrowed U.S. arbitrage for the U.S. first-month to Northeast Asia via Cape of Good Hope. However, it still points towards Europe. Afghan said that the Panama route points marginally to Asia. Marwa Rashad reported. Mark Potter (Editing)

• Bangladeshi leader expected to be next Prime Minister returning from exile before polls

  The Bangladesh Nationalist Party wants to gather 5 million supporters on Thursday to welcome Tarique Rahman, its leader who has spent nearly 17 years in exile. This is a sign of strength for him as he becomes a strong contender for the position of 'prime minister' at the February elections. Rahman, 60 years old, is the son ailing former prime minister Khaleda zia. He is also the acting chairman of the political party widely expected to win the parliamentary election set for February 12th. He returns from London as the BNP, his arch-foe, is on the rise following the overthrow of Sheikh Hasina last year in a student led uprising. Since 1991, Khaleda zia and Sheikh Hasina alternated as Prime Ministers. According to a December survey conducted by the U.S.-based International Republican Institute, the BNP is on track to win the most parliamentary seats. The islamist Jamaat-e-Islami Party also has a chance of winning. Hasina's Awami league party, which has been banned from the elections, has threatened unrest, which some fear will jeopardize voting. Rahman's return to his homeland is a result of both personal and political circumstances. His mother has been seriously ill since months. This prompted what party insiders call an urgent return home. BNP: 'DEFINING a political moment' BNP leaders have said they are preparing what 'they call an 'unprecedented' gathering in the capital. They aim to attract more than 5 million supporters from the airport along the route to the reception venue. Ruhulkabir Rizvi, a senior BNP leader, said that this will be a momentous political moment. He added that the security arrangements were closely coordinated with the authorities to maintain order. Rahman, who was convicted of multiple crimes in his home country including money laundering and a plot against Hasina in 2008, has been living in London ever since. After Hasina was removed, he was acquitted from all charges, which cleared the legal obstacles that had prevented his return. BNP officials confirmed that he would travel directly from airport to reception venue, before visiting his mother. THE YOUTH PARTY WELCOMES HER RETURN Rahman's return coincides with the?sensitive electoral period that South Asia, a nation of 175 million people dominated by Muslims, is entering under an interim government headed by Nobel laureate Muhammad Yunus. This vote is seen as vital to restore political stability following nearly two years' turmoil. The country is at a crossroads. Rahman's return will test the BNP's capacity to mobilise in a peaceful manner, and the interim administration's commitment to deliver a credible power transfer. The government has promised a peaceful and free election. However, recent attacks against media outlets and other sporadic violence raises concerns about law enforcement. The National Citizen Party, which was formed by the youth protesters who toppled Hasina's government, has said that it is pleased with Rahman's return. Khan Muhammad Mursalin is a spokesperson for the NCP. He said that "Tarique was forced to exile due to severe pressures and threats. His homecoming has symbolic value." His arrival will undoubtedly energize the party leaders and supporters... On his path to democracy, he will have our support. Ruma Paul, YPrajesh, and Peter Graff edited the article.

• Onley, a Scottish cyclist, signs with INEOS Grenadiers

  The British team announced on Tuesday that Scottish rider Oscar Onley would join INEOS Grenadiers at the start of the?2026 season, after he had agreed to a transfer from Dutch outfit Picnic 'PostNL. The Kelso 23-year old has been one of the brightest cycling talents since turning pro at 19. He underlined his potential with a 4th-place finish in this year's tour de France, the youngest rider among the top 10. Onley stated in a press release that he was "proud" to join the Grenadiers for a long time. It will also be a British team that races when the Tour de France departs Scotland in 2027." Onley thanked PicnicPostNL for its support and said he would "miss" his friends from the team. He was also proud of what they had achieved together. Thomas, Director of Racing at INEOS Grenadiers, praised?Onley for his maturity and racing craft. Oscar's performance in 2025 was incredible. Thomas, who won Tour de France 2018 said that the way he rides and comprehends a race is beyond his years. He's a real racer. (Reporting and editing by Hugh Lawson; Martyn Herman)