Latest News
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Environmentalists launch legal action against airport expansion in the UK
Campaigners are trying to stop the expansion of Gatwick Airport in Britain, which is the second-largest airport in the country, on grounds of climate change. Transport minister Heidi Alexander approved the opening of Gatwick Airport's second runway on September 1, hoping to allow thousands more flights and boost economic growth. Communities Against Gatwick Noise Emissions (CAGNE), a campaign group, claims that officials who approved the expansion of Gatwick Airport, located 30 miles south of London, failed to assess the impact of its expansion on Britain's climate goals. According to the government, 'the increased use of sustainable aviation fuel makes airport enlargements compatible with its net-zero goals. The government has backed the construction of a new airport runway at Heathrow Airport, which is the largest hub in the country, as well as at Gatwick. In the densely-populated southeast of England, airports have faced opposition in recent years from residents who are concerned about noise and air pollution. A previous plan to build an additional runway at Heathrow Airport was scrapped in 2010. Gatwick's plan involves moving the backup airport runway by 12 metres (39 feet), to meet safety standards. This will allow both runways to be operational and accommodate millions of passengers in the 2030s. It is also expected to boost trade and tourism, and create 14,000 new jobs. CAGNE claims that the damage the expansion will do to local communities is far greater than the economic benefits. A decision is expected to be made at a future date. Gatwick Airport is owned by VINCI Airports, a French company. (Reporting and editing by Barbara Lewis; Sarah Young)
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Singapore Airlines offers 10-year notes worth $390 Million at a rate of 2.70%
Singapore Airlines Ltd., the 'national carrier of Singapore,' has priced S$500,000,000 ($390,000,000) in 10-year Singapore Dollar senior notes at 2.70%. This is a reduction from its initial price guidance of around 2.95%. According to the sheet, the?notes will be issued as part of its multi-currency, medium-term, multi-currency?note program, which is a programme worth?S$10 Billion. The sheet stated that proceeds will be used to finance aircraft purchases, related payments and general corporate or working-capital purposes, as well as refinancing existing borrowings. The bonds are semi-annually repaid, with the first coupon due on July 30, 2026. They mature January 30, 2036. DBS, OCBC and United Overseas Bank?are?joint coordinators. Standard Chartered Bank will join them?as a bookrunner and joint lead manager. (1 Singapore dollar = 1.2822 dollars) (Reporting and editing by Yantoultra Ngui, Christian Schmollinger, and Louise Heavens).
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CMA CGM reduces Suez sailings due to geopolitical risk
CMA CGM, a shipping?group, announced on Tuesday that it will redirect vessels on 'three of its services' away from the Suez Canal because of global uncertainty. This follows two years of disruptions linked to attacks against vessels. Shipping companies are considering a return to Asia-Europe trade corridor after vessels were rerouted in 2023 around southern Africa following attacks on the Red Sea by Yemeni Houthi Rebels who claimed that they were motivated because of the war in Gaza and the plight for Palestinians. The hope for normalized traffic was raised by the ceasefire in Gaza, and the subsequent lull of Houthi attacks. The Marseille-based company was?prepared to increase its use of this route by sending two ships. Large container ships The canal was reopened last month, and regular transits between India and the United States will begin in January. CMA CGM DOESN’T EXPLAIN 'COMPLEX INTERNATIONAL CONTEXT.' CMA CGM, however, stated in a customer advisor posted on its website that it will, for?now reroute ships deployed on its French Asia Line 1(FAL1), French Asia Line 3(FAL3), and Mediterranean Club Express services (MEX), via?the Cape of Good Hope (South Africa) citing the "complex and uncertain international environment." CMA CGM - the world's largest container shipping company - did not elaborate about global uncertainty. Since December, the unrest in Iran and warnings from U.S. president Donald Trump about possible intervention by Washington have revived concerns about instability in this region. Trump has said in recent days that?violence seems to be subsiding. Maersk, second largest container line in the world, announced last week that a service would be launched this month to cross the Red Sea. (Reporting and writing by Gus Trompiz, Dominique Vidalon, Inti Landauro, Bernadettebaum)
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Hong Kong court calls 18 witnesses in Baltic Sea cable damage case
The lawyer of the Chinese captain who is accused of damaging undersea cables on a?ship registered in Hong Kong in the Baltic Sea, said that 18 witnesses will be called in to testify. According to a Hong Kong charging document, Wan Wenguo is accused of causing "criminal damages" on the underwater natural gas pipeline between Finland and Estonia in October 2023. Since Russia's full-scale invasion of Ukraine began in early 2022, the Baltic Sea region is on high alert for sabotage. This follows a series outages of gas pipelines, power cables and telecoms. Wan, 43 years old, appeared before the court on Tuesday, but his attorney, Jerry Chung said that more time was required to review documents and enter a plea. The case has been adjourned until February 11. Chung informed reporters that 10 witnesses, including Hong Kong officials and experts in maritime issues, would be called to testify on the charge of criminal damage. The maximum penalty is two years' imprisonment, Chung added. The charge sheet stated that Wan was "reckless", and had "without legal excuse" damaged property belonging to someone else. The Finnish authorities claim that the NewNew Polar Bear cut the Balticconnector subsea pipeline which connects Finland and Estonia below the Baltic Sea by dragging the anchor along the seabed. Estonian police suspect that the ship may have damaged the telecom cables connecting Estonia with Finland and Sweden, before it hit the pipeline. Wan's attorney did not provide any details about the damages that could be claimed and from whom. He also said that he had no knowledge of other parties who were being prosecuted in addition to Wan. Wan is also facing two charges of failing?to ensure that the ship met the safety requirements applicable to Hong Kong registered ships around the world, as per the International Convention for the Safety of Life at Sea. Chung stated that these included the 'disappearance' of an anchor from the ship and Wan failing to report to the company every day. Eight other witnesses will be called for these two infractions. Wan has been in custody since his arrest last May, when he did not ask for bail during his first hearing. The ship's Hong Kong-flag means that it is under the city's global maritime regulatory jurisdiction, even though the crimes did not take place in Hong Kong waters. Hong Kong prosecutors worked with Finnish and Estonian authorities to solve the case. Some European governments have accused Russia hybrid attacks and of sabotage against critical infrastructure. Moscow, however, has denied these claims, claiming that the West seeks to undermine Russian interests by waging an information warfare. Reporting by James Pomfret, Editing by Anne Marie Roantree Jacqueline Wong Kate Mayberry
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Japan's airlines cancel flights after blizzards strike the northwest coast
The largest airline in Japan announced on Tuesday that strong winds and heavy snowfall caused the cancellation of dozens of flights to and from the northwestern coast. This includes popular ski regions. As of 1 p.m. local (0400 GMT), ANA Holdings cancelled 56 flights, affecting approximately 3,900 passengers. Meanwhile, as?of 11:00 a.m. (0200 GMT), Japan Airlines cancelled 37?flights affecting 2,213?passengers. ANA has said that there will be a delay at some airports because of the continued adverse weather conditions. The New?Chitose Airport in Japan's northernmost Prefecture, Hokkaido, was the most affected. 49 of ANA’s 56 flights were cancelled. Airport is gateway to Niseko, a?ski resort that has exploded in popularity with international visitors looking to enjoy some of the best powder skiing conditions and take advantage of the weak yen. The Japan Meteorological Agency warned on Monday that heavy snow would hit the north and western parts of the country, along the Sea of Japan between January 21-25 and advised against any non-essential travel. (Reporting and editing by Jamie Freed; Anton Bridge)
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WSJ reports that Elliott invests in Stratolaunch, a hypersonic flight company.
The Wall Street Journal reported that activist investor Elliott 'Investment Management' has acquired a stake in a company called Stratolaunch. This hypersonic flight company has successfully tested a reusable hypersonic aircraft for the U.S. Military. The Journal reported that Elliott would also gain board representation at privately-held Stratolaunch and its investment is worth several hundreds of millions of dollars. The WSJ reported that the 'exact size' was unknown. Could not 'immediately confirm the WSJ report. Elliott and Stratolaunch didn't immediately respond to our request for comments. In May of last year, the Pentagon announced that Stratolaunch had been part of a successful second test of an a Hypersonic test vehicle that can be reused Following an earlier test in December 2024 of its Talon-A car that was not publicly announced. The reusable 'Talon-A' rocket can be quickly re-launched at a lower cost than single-use rockets. This will accelerate the development of 'U.S. Hypersonic weapons are being developed that operate at speeds of up to six times the sound speed. During their development, the vehicle will be used for carrying hypersonic weapon systems.
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Trump Administration appeals to limit agents' tactics towards Minnesota protesters
The Trump administration announced on Saturday that it would appeal a ruling made by a federal judge who had placed limits on the tactics used by US immigration agents. Immigration agents are operating in Minneapolis. Lawyers for the Department of Justice filed a brief filing in court to appeal an order that was issued on Friday by a judge prohibiting federal officers from arresting and tear-gassing peaceful protesters and?observers. The order was issued in response to a suit filed on December 17 against the U.S. Department of Homeland Security, and other federal agencies. Three weeks later an immigration agent fatally stabbed Renee Good (37-year-old) in Minneapolis. Waves of protests followed the shooting. In recent weeks, the Trump administration has sent thousands of immigration agents to Minneapolis as part of an effort to increase deportations for people who are in the country illegally. Since an ICE agent allegedly shot Good, tensions have risen over the deployment. Six protesters and observers brought the case in court, claiming that ICE agents had violated their constitutional rights. The order prohibits federal officers detaining peaceful protesters or people who are observing officers unless they have a reasonable suspicion that the person is interfering with police or has committed a criminal offense. Federal agents are prohibited from using tear gas, pepper spray or any other crowd control munitions on peaceful protesters or innocent bystanders who observe and record immigration enforcement operations. (Reporting and editing by Caitlin Gregorio, David Gregorio and Jason Lange)
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Malaysia's Khazanah will direct more capital towards power grids and chip firms, says the chief of Malaysia's Khazanah in Davos
Malaysia's sovereign fund Khazanah Nasional Bhd plans to channel additional capital into strengthening the?power?system and supporting local semiconductor companies as AI drives next investment cycle. Khazanah's Managing Director Amirul Feisal Wan Zahir stated in an interview during the World Economic Forum annual meeting in Davos that energy supply and grid reliability were central to competitiveness. "What is needed for it to work well, is computing power. And what does computing power mean? Energy. Amirul Feisal said at the Global Markets Forum that this is when we should think about how to capture some of this growth. Khazanah will instead concentrate on infrastructure, while global investors pour money into data centers. He said that the AI infrastructure would be able to scale up only if it had cheap, reliable, and renewable power. SEMICONDUCTORS, not DATA CENTRES Amirul Feisal, Amirul's partner in the firm, said that the company was "looking at how we can fund some of the capital needs of our semiconductor players so they can move up the value-chain to advanced packaging". Malaysia has developed industrial policies to strengthen its position in the global chip supply chains. Anwar Ibrahim, the Prime Minister, said that in May 2024, the government plans to attract at minimum 500 billion ringgit (123.40 billion dollars) in semiconductor investments, supported by at lease $5.3 billion in fiscal incentives. It also stated that it intends to develop local capabilities in chip designing and advanced packaging. Khazanah's portfolio includes Malaysia Aviation Group, the second largest lender in Malaysia, CIMB Group, and a number of other companies. In 2024, its net asset value rose 22% from 84.8 billion to 103.6 billion Ringgit ($25.57billion) from a year ago. Amirul Feisal stated that Khazanah expects its international portfolio share to gradually increase over time. He said that the ringgit could strengthen if the U.S. Dollar was uncertain. However, he did not specify the level.
Moscow takes control over properties of Western business
Kremlin has been taking possessions of some Western companies in Russia through decrees signed by President Vladimir Putin and court orders related to claims over halted projects or blocked funds amidst Western sanctions.
Below is a list of the companies impacted up until now.
AGROTERRA
Russia took companies of farming group AgroTerra and put them under momentary management in April, including some backed by Dutch investment companies.
AMEDIA
Putin signed a decree moving Amedia's former assets to state management in September 2023, after the Norwegian publisher left control of its Russian printing houses to Russian journalist Dmitry Muratov in April 2022.
CARLSBERG
The Russian state took control of Danish beer company Carlsberg's stake in regional brewer Baltika Breweries in July 2023, putting it under short-lived management of the government property firm.
COMMERZBANK
A Russian court bought in June that Commerzbank assets worth 94.9 million euros ($ 105.4 million) be granted in damages to a pipeline company in northwest Russia.
Practically all of the properties involved had actually currently been seized by court order.
DANONE
The Russian state took control of the French yoghurt maker's. Russian subsidiary in July 2023 and brought it under momentary. control of the federal government home agency.
Putin removed it from temporary management in March, ahead. of a disposal of its Essential Dairy and Plant-based company in. Russia later that month.
DEUTSCHE BANK
A Russian court in May seized approximately 238.6 million euros. ($ 259.4 million) in securities, realty and savings account of. Deutsche Bank, together with its Russian subsidiary and Deutsche. Bank Innovation Center.
FORTUM
In April 2023, Putin signed a decree that established. control over Fortum's Russian system that runs power plants in. the country.
FRAPORT
Putin signed a decree in December 2023 to put St. Petersburg's Pulkovo Airport under the momentary management of a. Russian holding company, taking control from German airport. group Fraport, Qatar's sovereign wealth fund Qatar Financial investment. Authority and investors from other Gulf states.
JPMORGAN CHASE
JPMorgan Chase stated on May 2 that its possessions in Russia may. be seized after lawsuits in Russian and U.S. courts. It said the. worth of claims and orders to freeze properties surpassed its. offered assets in Russia.
A Russian court purchased in April the seizure of funds in. JPMorgan accounts after state-owned bank VTB sued to. regain its funds blocked abroad, while JPMorgan sued VTB in a. quote to block the effort.
LINDE
A Russian court ordered on Aug. 14 that properties of Linde's. British system worth some $1.15 billion be frozen in a conflict. over a gas processing plant.
OMV
Under decrees from December 2023, Austrian oil and gas. business OMV's stakes in the Yuzhno-Russkoye field and in the gas. extraction Achimov jobs are to go back to freshly developed. Russian business and sold to Gazovyye Tekhnologii. OMV's possessions will then be sold to joint stock business SOGAZ.
RAIFFEISEN
A Russian court froze the shares in Raiffeisen's local arm,. obstructing the sale of the Russian system, the Austrian bank said on. Sept. 5.
ROLF
On Feb. 21, a Russian court ordered that ownership of shares. in Rolf, an automobile dealership owned by a Cyprus-based company, be. turned over to the Russian state, Russian news firms. reported, after it was put under momentary state management. in December.
UNICREDIT
St Petersburg arbitration court bought in May that. UniCredit's assets, accounts and home, and shares in two. subsidiaries be taken as part of a lawsuit over an aborted gas. task including the Italian bank.
UniCredit said the seizure affected just a fraction of its. Russian system's properties, not the entire subsidiary.
UNIPER
The Kremlin on April 2023 took action against Unipro, the. Russian division of German utility Uniper that has 5 power. plants in Russia, presenting external management and a brand-new CEO.
WINTERSHALL DEA
Under decrees from December 2023, Wintershall Dea's stakes. in the Yuzhno-Russkoye field and in the Achimov tasks are to. revert to freshly developed Russian companies and offered for sale. to Gazovyye Tekhnologii, formalising the loss of control that. BASF and Wintershall Dea had actually flagged since January. 2023.
Wintershall Dea is a joint endeavor in between BASF and Russian. billionaire Mikhail Fridman's investment company LetterOne.
(source: Reuters)