Latest News
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Canal chairman: Suez expansion will be operational by first quarter.
Osama Rabia, chairman of the Canal Authority said that the new section of the Suez Canal will be operational by the first quarter this year. Rabie, in a press release, said that the navy will reissue navigational charts after adding the 10-km extension (6.2 miles) to the canal. Egypt announced on Saturday that it had tested a new 10-km section near the southern end of the canal, despite a decline in revenue caused by Houthi attacks against vessels in the Red Sea. The Suez Canal Authority has confirmed that two ships have successfully passed through the new section of the canal during a test run. Egypt has accelerated its plans to widen and extend the second canal in the southernmost reaches of this waterway. This was a result of the grounding of container ship Ever Given, which blocked the important waterway for 6 days. The Suez Canal Authority reports that the new expansion has increased the length of the two-way section from 72 km to 82 kilometers. Total length of the canal is 193 kilometers. The Suez Canal in Egypt connects the Red Sea with the Mediterranean and is the fastest route to transport fuel, food, and consumer goods to Europe from Asia and Middle East. The route is used to transport up to one third of global container cargo including furniture, frozen food, tennis shoes and toys. (Reporting and writing by Momen Saeed atallah; editing by Bernadettebaum and Jan Harvey).
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Blast at Spain's Barcelona port kills one person, emergency services state
A blast at the Port of Barcelona has killed a person and affected another, emergency situation services in the northeastern Catalonia region said on Tuesday, including the taking place fire had actually been put out. In a post on social messaging platform X, the emergency services said the explosion occurred throughout upkeep work at the so-called Energy Wharf, where chemicals, natural gas and refined petroleum items are packed. Barcelona's city hall stated in a declaration it had gotten an alert for a fire brought on by the surge of a transport tank at 10.40 a.m. (0940 GMT) and subsequently activated its chemical danger emergency situation plan. The business in the location have actually ordered the confinement of their staff as a precautionary measure, the statement added.
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Air Europa works with PJT Partners to raise money to repay financial obligation
Spanish airline company Air Europa has actually employed adviser PJT Partners to raise money through debt, and perhaps a capital increase, to repay debt owed to the government, a representative for the airline said on Tuesday. The airline company, which is 20%- owned by British Airways owner IAG Group, is looking for funds to pay an exceptional bundle of loans worth an overall 475 million euros ($ 491.77 million). given by the government during the pandemic, the representative. stated, verifying an earlier report by Spanish news website El. Confidencial. The spokesperson stated no choice had actually been made on. whether the operation would include financial obligation, equity or both, nor. their respective amounts. PJT Partners did not immediately react to requests seeking. remark.
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China's solar and wind power installations will reach a record high in 2024
China's official data revealed on Tuesday that it broke its own record for new wind and sun power installations last year. The country has been accelerating its pace since 2023, when the country set a breakneck speed. It is aiming to reach its peak carbon emissions by 2030. The National Energy Administration reported on Tuesday that the installed solar and wind energy capacity will increase by 45.2% and 18.2%, respectively, between 2024 and 2026. It said that there are now 886.67 gigawatts of solar installed power, compared to 609.49 gigawatts in 2023. According to the International Renewable Energy Agency, in 2023 there were 139 GW of solar power installed in the United States. These installations show that China has achieved its 2030 goal six years earlier than expected. This is a testament to the speed with which it is implementing clean energy, especially at a moment when Donald Trump pulled the United States from the Paris Climate Deal for the second time. He also pledged to ease the drilling for oil and natural gas. China National Petroleum Company, a state-owned oil company, said that by 2030 solar power should be able to outpace coal, which dominates China's electricity grid. The difference is 1,780 GW versus 1,440 GW. In August last year, China's State Planner unveiled a plan for a three-year upgrade of the power system. The plan aims to increase the use of renewable energies and ease the strain on the national grid caused by the rising demand. The administration reported that wind power capacity had reached 520 GW. This is an 18% increase from the previous year. The total installed power generation capacity will increase by 14.6% on an annual basis, to reach 3.35 billion kilowatts in 2024. Greenpeace analysts say that renewable energy could satisfy all of China's power growth in 2025. According to Greenpeace East Asia's Beijing-based project manager Gao Yuhe, this would "pave way for China’s power sector (to) achieve peak emissions before 2025".
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Egypt's Mostakbal Misr makes major Russian wheat purchase
Egypt's state grain purchaser, Mostakbal Misr, has made a considerable purchase of Russian wheat, set for shipment this month, three sources familiar with the matter informed Reuters. The shipment, obtained through Russia's OZK Group, will be loaded onto 4 vessels sailing under the Egyptian flag. The sources did not divulge the total volume or rate of the transaction, however the vessels, presently en route to Russia's. Novorossiysk port, have a combined carrying capacity going beyond. 250,000 metric heaps. Egypt, one of the world's largest wheat importers, has actually faced. difficulties in keeping its grain reserves in current months. In 2024, logistical and monetary hurdles interfered with the. government's routine import operations, triggering stocks to dip. below the government's six-month target. The Cabinet recently specified that Egypt's strategic wheat. reserves suffice for 4 months of regional consumption. The Russian shipment follows Mostakbal Misr's announcement. last week of new supply agreements with European grain. producers. These offers, described as efforts to protect beneficial. rates and diversify wheat sources, include barter arrangements. leveraging Egypt's relative advantages in other sectors. Specific information, including volumes, prices, and provider. nations, stay undisclosed. Russia has been a crucial provider of wheat to Egypt, controling. both state and private-sector imports. Trade information seen reveals that in 2024 Egypt imported. around 14.7 million tons of wheat, with 74.3% sourced. from Russia. Mostakbal Misr, developed in 2022 by governmental decree,. succeeded the decades-old General Authority for Supply. Commodities (GASC) as the country's main grains purchaser. Formerly serving as the development arm of the Egyptian. Flying force, the organisation's unexpected relocate to this function marked a. considerable shift in Egypt's wheat procurement method,. surprising global markets.
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After the post-election unrest, Maputo's port volume has declined.
The port operator reported that Maputo's biggest port saw a 1% drop in volume in 2024, mainly because of post-election protests which forced the closure of borders and roadblockages. After a disputed vote on Oct. 9, Daniel Chapo's Frelimo Party, which has been ruling Mozambique in its current form since 1975, won the election by a narrow margin, protests by the opposition erupted across this southeast African nation. More than 300 people have died in the unrest after a crackdown carried out by security forces. Maputo Port Development Company's (MPDC) statement said that the port volume for 2024 fell to 30.9 millions metric tonnes, down from 31.2 million tons in 2023. MPDC stated that "the slight decrease in volume... was due primarily to the post-election protests and the road blockages along the Maputo Corridor, including the border closure for several day and the condition border and road operations over a period of more than a week consolidated." MPDC said that the rail corridor between South Africa and Mozambique, was also affected by protests and blocking, as well as a derailment which closed the line in November and October. Maputo's port handles increasing volumes, mainly due to the fact that more and more commodity exporters are sending their cargo through Mozambique in order to avoid South Africa's logistical bottlenecks. The goods handled include chrome, copper and grains like maize and wheat. The MPDC consortium includes DP World (a multinational logistics company), Grindrod Limited of South Africa, and Caminhos de Ferro de Mocambique, the state-owned rail operator in Mozambique. Last year, the consortium that was granted the Maputo Port concession in 2003 received an extension until 2058. Port expansion is planned to increase cargo handling to 58 million tonnes from the current 37 million. Reporting by Nelson Banya Editing Mark Potter
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UK's Reeves to inform Davos: 'time to buy Britain is now'
British finance minister Rachel Reeves will advise business managers to buy the UK when she travels to Davos today, seeking their help to raise sluggish national economic development that contributed to a market selloff this month. Reeves and Prime Minister Keir Starmer were chosen in July on a promise to enhance living standards and reconstruct British infrastructure and civil services after 14 years of often chaotic Conservative federal government. But a relocate to raise 25 billion pounds ($ 30.7 billion). through payroll taxes has prompted groans of protest from. employers and a surge in loaning costs emphasised how Reeves. could be forced to cut already extended government costs or. walking taxes again, additional dampening growth. In the federal government's newest bid to reassure organization, Reeves. stated Britain was among the most exciting places for business. to invest, with a history of development, a skilled labor force. and a steady government that backs business. The time to invest in Britain is now, she stated in a. declaration. She is anticipated to talk up her plans to cut policy and. ease planning guidelines when she fulfills magnate including. JPMorgan CEO Jamie Dimon and Goldman Sachs employer. David Solomon. ' DEATH SPIRAL'? The conference of the World Economic Online Forum at the Swiss town of. Davos follows the International Monetary Fund recently. bumped up its British growth projection for 2025, while a PwC. survey on Monday ranked Britain as the second most investible. nation after the United States. But the surge in loaning expenses - part of an international market. selloff - focused attention on Britain's stubborn inflation,. high financial obligation levels and reliance on international investors. Ray Dalio, the billionaire creator of hedge fund. Bridgewater, informed the Financial Times on Tuesday that Britain. could be heading for a financial obligation death spiral in which it has to. borrow more to cover its rising interest expenses. When you specify that you have to borrow money to. service the financial obligation and rate of interest are increasing, so that financial obligation. service payments increase, so you require to obtain more cash to pay. them, you're in what the markets call a death spiral, he stated. As those dangers increase, everyone looks at that need to. obtain more money at higher interest, which develops. self-reinforcing financial obligation wear and tear cycle. The Davos meeting this year comes as global leaders are. bracing for looming tariffs from U.S. President Donald Trump,. who was sworn in to office on Monday.
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ADNOC's logistics equip transfers tankers to Navig8, will cut some personnel after takeover
Abu Dhabi National Oil Company's logistics arm has actually transferred its tankers to Navig8 after it purchased 80% of the company for more than $1 billion and will cut part of its labor force, the state oil giant said in a. statement. ADNOC Logistics & & Services, which raised nearly. $ 770 million in an initial public offering in 2023, stated in June. it was purchasing Singapore-headquartered Navig8 as part of its. growth method. ADNOC has actually noted numerous of its systems over the last few years and. pursued a string of offers to broaden in nearly every part of its. company, consisting of in chemicals and natural gas. Transferring its industrial activities to Navig8 would permit. ADNOC to much better serve its clients and continue innovating and. growing in a highly competitive marketplace, it told Reuters. late on Monday. We are dedicated to reducing influence on people, nevertheless as. we simplify operations there will be a little decrease in our. labor force, ADNOC included, without offering numbers. Two sources had actually told Reuters that ADNOC L&S had actually alerted. customers that Navig8 would handle its chartering operations. The $1.04 billion acquisition of Navig8 was primarily moneyed by. a hybrid capital instrument provided by ADNOC L&S for up to $2. billion, with the first drawdown of $1.1 billion made at an. all-in prices of less than 150 basis points over the Guaranteed. Overnight Funding Rate (SOFR), ADNOC L&S stated earlier this. month. The remaining quantity is readily available to money new or formerly. revealed financial investments, it stated. ADNOC L&S has actually devoted to buying the staying 20% of. Navig8, which owns more than 30 vessels and handles more than 85. ships, by mid-2027 for $335 million to $450 million. The acquisition is anticipated to increase ADNOC L&S' revenues. per share by a minimum of 20% this year compared to in 2015 and. generate $20 million in yearly cost savings from next year, the. business said.
S.Africa coal miner Thungela names De Beers' Madondo as new CEO
Thungela Resources has selected De Beers executive Moses Madondo to replace July Ndlovu, who is retiring from Aug. 1, the South African thermal coal exporter stated on Tuesday.
Thungela said in a statement Madondo is taking over from Ndlovu, who will reach the age of 60 years in July and has to step down according to the company's retirement policy.
Ndlovu, an engineer, has been at the helm of Thungela, which mines coal burned in power stations, given that it was spun off from Anglo American in 2021. Prior to that he had headed the Anglo coal department.
He steps down as South African coal manufacturers including Exxaro Resources and Glencore battle with a stopping working rail network system that is impacting deliveries of the nonrenewable fuel source to ports for export.
Madondo, who is presently CEO of De Beers' Managed Operations - the diamond giant's operations in South Africa and Canada - was chosen after a detailed selection procedure, Thungela stated.
He signs up with Thungela as the coal producer is broadening its operations in Australia in a bid to minimize volume losses in South Africa where the lack of sufficient rail capability has struck earnings.
South Africa's state-owned port and rail operator Transnet is struggling to provide sufficient logistics services due to equipment shortages, cable theft and vandalism of facilities.
(source: Reuters)