Latest News
-
Consequences of the Panama court decision to cancel CK Hutchison's port concessions
The Panama Supreme Court has annulled CK Hutchison’s contract to run two Panama Canal ports. This was part of a deal worth $23 billion to sell all the global port assets owned by the Hong Kong conglomerate. Court said that the contract of Panama?Ports Company, a subsidiary of CK Hutchison, violated Panama’s constitution because it gave the company exclusive tax benefits and privileges. What We Know: CK 'Hutchison is controlled by Hong Kong’s richest man Li Ka -shing. In March last year, a deal was announced that covered 43 ports in '23 countries', 'including two near the Panama Canal', with a group headed by BlackRock, and Italian Gianluigi Aponte’s family-run MSC shipping company. After Beijing criticised this deal, the conglomerate announced in July that it was in discussions to include a Chinese'major strategic investor' in the consortium. Sources say that the Chinese investor was COSCO. It wanted a majority stake while others preferred a minority shareholding. This became a sticking-point in the talks. COSCO has not responded to a comment request. CK Hutchison shares have fallen?more that 8% since the ruling of the court, but they are still at their highest level since June 2021. Investors believed that the sale would earn the company over $19 billion. It has risen by nearly 60%. TENSION BETWEEN CHINA AND UNITED STATES This deal opened a brand new front of contention between the United States, and China as they fight for control over?the most important trade routes in the world. CK Hutchison’s Balboa & Cristobal Ports are considered strategic assets for the Panama Canal. This is the main seaborne trade route to the United States. Balboa lies at the Pacific entrance of the canal, while Cristobal is located at the Atlantic entrance. The canal is a vital link in the U.S. supply chain, as it accounts for more than 40% of container traffic valued at approximately $270 billion per year. Donald Trump at first welcomed CK Hutchison’s proposed sale - to Blackrock and MSC - saying he wanted a retake of control over the strategic waterway. CK Hutchison was deemed a security threat to canal operations by American legislators. John Moolenaar of the U.S. House Select Committee on China called it a win for America.' Beijing, in a sign of China’s discomfort, had stated that it would block the deal if Chinese ownership wasn’t involved. The Chinese Foreign Ministry announced on Friday that it will take "all necessary steps" to protect the rights and interests Chinese companies. Hong Kong's Government said that it was strongly against?any foreign governments using "coercive means" to harm the business interests of the territory. What's at Stake and what Comes Next: Although the two ports only account for 5% of Hutchison Port Holdings earnings before interest tax, depreciation, and amortization (EBITA), they are strategically important. PPC stated that it reserves the right to initiate?national and internationally legal proceedings following the court ruling. Analysts said the port company can seek clarifications which could slow termination. Although it is not clear how the loss of Panama's ports will impact CK Hutchison’s global ports deal. Some analysts, such as JPMorgan and Citigroup said that parties would find it easier to reach an agreement if Panama was removed from the equation. A person with direct knowledge about the transaction who spoke under the condition of anonymity said that all parties were still in 'talks' on the sale of CK Hutchison ports. Ports in Rotterdam, the Netherlands, Barcelona, Spain, Mexico, and the Bahamas are also included in the sale of strategic assets. CK Hutchison’s China ports are important, but they are not included in the sale. Another source familiar with the situation said that one option being discussed is to break up the portfolio so the three bidders can have stakes in separate ports. CK Hutchison MSC and Blackrock have not responded to comment requests. According to sources, it may take two years or more to overcome all regulatory obstacles. This is because of the many challenges involved. For example, obtaining approval from anti-competition authorities in over 50 jurisdictions. Reporting by Clare Jim in Hong Kong and Kane Wu, Scott Murdoch at Sydney; Editing done by Anne Marie Roantree & Clarence Fernandez
-
The Russian pipeline gas exports into Europe jumped 10% in January compared to the previous year
Calculations on Monday showed that the average daily supply of natural gas to Europe via the TurkStream pipeline by Russian energy giant Gazprom rose 10.3% year-on-year in 'January. After Ukraine decided not to renew a five-year deal for transit with Moscow, which expired in January 2025, the only remaining transit route is through Turkey. Calculations show that the total Russian gas supplied to Europe through TurkStream was 1.73 billion cubic meters (bcm) during January, compared with 1.57 bcm in the same period last year. According to calculations based on data from the European Gas Transmission Group Entsog, Russian?gas exported via TurkStream rose from 50.6 million cubic metres per day in 2025 to 55.8 mcm per day in January. This was the same as December when exports reached?56 million cubic metres per day. The company did not reply to a "request for comment" after it stopped publishing its monthly statistics at the 'beginning of 2023. Calculations show that Gazprom's exports of gas to Europe will drop by 44% in 2025 - to their lowest level since the mid-1970s, following the closure the Ukrainian route. Gazprom supplied only 18 bcm of gas last year. In 2018-2019, Russian gas exports through pipelines to Europe reached a peak of more than 175-175 bcm. (Reporting and editing by Bernadettebaum; Oksana KOBZEVA)
-
China's Lunar New Year travel season begins ahead of a long holiday
China's Spring Festival travel rush, which is a 40-day period that's often referred to the largest annual 'human migration' in the world, began on Monday, ahead of a long Lunar New Year holiday. The Lunar New Year of this year, which ushers in the Year of the Horse according to the Chinese zodiac falls on February 17. It will also be accompanied by a nine-day extra-long public holiday in China that runs from February 15 through 23. The Chinese consumer is expected to spend more during the festival season, on travel and meals. Many Chinese consumers are frightened by the uncertain economic future of their country and prefer to save rather than spend. In a property market slump that has lasted for years, homeowners have seen their assets decline. The weaker growth since the pandemic also adds to job insecurity. A state planning official stated last week that China is expecting a record number of '9.5 billion passenger journeys to be made during this travel period. This will surpass the 9.02 billion journeys made last year. Why do I feel that buying tickets is more stressful this year than last? Liu, 32, said that the flight from Guangzhou to her home was already sold out. If you don't buy in advance, prices can fluctuate a lot and even double. Bookings for the Lunar New Year in 2026 have already exceeded those of last year. Flight Master data shows that as of mid-January bookings for domestic flights over the holiday exceeded 4,13 million. This is an increase of about 21 percent from last year. Thailand is the most popular destination. Southeast Asia accounts for almost?50%. According to Flight 'Master, following a geopolitical spat that occurred between China and Japan in late 2014, the number of routes to Japan has dropped by over 40%. According to Qunar, an online travel agency, domestically, "culturally rich intangible heritage cities" such as Huangshan, Jingdezhen, Quanzhou, Foshan, Guangdong, and Zigong, Sichuan are popular destinations.
-
China's Lunar New Year travel season begins ahead of an extra long holiday
China's Spring Festival travel rush began on Monday, ahead of the extended Lunar New Year holiday. The 40-day period is commonly known as the largest human migration in history. The Chinese Lunar New Year falls on 17th February this year, and is accompanied by a nine-day long public holiday, which will run from 15th to 23rd February. The Chinese consumer is expected to spend more on travel, food and other items during the festival season due to a longer break (last year’s holiday was eight days). Chinese consumers are hesitant to spend money because of the uncertain economic future. They would rather save. In a property market slump that has lasted for years, homeowners have seen the value of their assets decline. The weakening growth momentum following the pandemic also adds to job uncertainty. A state planning official said last week that China expected a record number of passenger trips during the travel season, surpassing the 9.02 Billion trips last year. Why do I feel that buying tickets is more stressful this year than last? Liu, 32, said that the flight from Guangzhou to her home was already sold out. If you don't purchase early, prices can fluctuate a lot and even double. Bookings for the Lunar New Year in 2026 have already exceeded last year's level, according to major travel platforms. As of mid-January according to Flight Master data, domestic flight bookings during the holiday had surpassed 4,13?million. This is an increase of about 21 percent compared to last year. Southeast Asia is the most popular destination for outbound flights, accounting for almost 50% of all flights. Thailand is one of the top destinations. According to Flight Master, following a geopolitical spat between China and Japan in late 2014, routes to Japan dropped by over 40%. According to Qunar, online travel agency, domestically, "culturally rich intangible heritage cities" such as Huangshan, Jingdezhen, Quanzhou, Foshan, Guangdong, and Zigong, Sichuan are popular destinations. Reporting by Nicoco Chan, Casey Hall and Chenxi Yang. Additional reporting by Chenxi Yang.
-
Aviation growth slowed by supply problems and political turmoil
On the eve?Singapore Airshow, Monday, aviation leaders addressed barriers to growth as well as the impact of geopolitical conflicts. They also reaffirmed their commitment to reduce emissions. The head of the International Air Transport Association has warned that supply chain problems will continue to hurt global airlines for some time. Willie Walsh, Director General of IATA, said that "this disruption continues to have major impacts" at the Changi Aviation Summit ahead of Asia's biggest air show. Airbus and Boeing are facing supply chain issues since the COVID-19 outbreak, while engine manufacturers like GE Aerospace or Pratt & Whitney have to juggle multiple demands for new plane assembly as well as maintenance of existing fleets. The aviation industry is also dealing with geopolitical shifts, including U.S. tariffs on imports which have disrupted air freight flows. Walsh stated that the impact of the geopolitical changes was more apparent on the air cargo business side than the passenger side. He added that air cargo volumes between Europe and Asia grew by 10.3% last year, while shipments between Asia and North America fell 0.8%. China and India are driving the Asia-Pacific region's growth in air travel. The region is expected to grow by 7.3% between now and 2026. Toshiyuki?Onuma, the newly elected President of the governing council?of the International Civil Aviation Organization (the United?Nations aviation body), warned that aviation would struggle to meet projected growth without coordinated actions. He said that a system designed for four billion passengers could not support three times as many without undergoing a transformation. "We also need to accelerate our progress in order to reach net-zero emissions by 2050." SUPPLY CHAIN "WEAPONISATION" Chicago Convention, a system of aviation standards that has been in place for decades, is under threat due to tensions surrounding aircraft certification. Onuma did not want to be drawn into the controversy over U.S. president Donald Trump's demand last week that Canada certify certain U.S. designed?Gulfstream jets, or face tariffs. He told reporters that ICAO will remain "technically impartial". He said that if it was obvious that certain member states were violating the Chicago Convention then ICAO would ask them to correct the situation. However, he did not specify if this applied to Trump's intervention. He stressed the importance of global cooperation to the 350 aviation leaders in the audience. Onuma stated that "only together can we create a sector which is safer, sustainable and competitive." Trump's remarks have caused alarm among airline and certification specialists, who question whether aircraft certification should "become entangled with politics". A senior regulatory official said that there can be no bargaining on certification. The EU Transport Commissioner,?Apostolos?Tzitzikostas, is the latest high-ranking official to warn about the "weaponisation of supply chains" as major powers pursue geopolitical goals. He told the conference that "there are real issues today in the development of aviation in the years to come...issues relating to weaponisation and dependency in supply chains." His remarks echo a warning issued last month by France’s aerospace industry about the fate of supply chains built across borders under policies of globalisation that are now on retreat. Aerospace executives say rare earths - a component in jet engines - remain a particular pressure point despite a U.S.-China trade truce. China is the world's largest supplier of these metals. Reporting by Julie Zhu and Joe Brock; editing by Jamie Freed
-
Transport workers in Germany walk off the job by the tens of thousands
Commuters in Germany were faced with freezing temperatures and empty platforms as tens of thousands of public transport workers walked out on the job during a strike called Verdi. This resulted in the suspension of bus and tram services across most German cities. Verdi, the union that represents almost 100,000 transport workers, called for a strike last week after discussions with employers at municipal and state levels over?working conditions' stalled. Even as cities struggle with budget restrictions, the union wants shorter shifts and longer rest periods. In all but one of Germany’s 16 federal states (including Berlin, Hamburg, Bremen), the walkout affects about 150 municipal transport companies. The strike began on time, according to Serat Canyurt. He is the chief negotiator at Verdi. In chilly temperatures, commuters seek alternative transportation. Union officials have said that services in Stuttgart, Karlsruhe, and Freiburg will be halted for the whole day. The temperatures fell below zero across the country, making it more difficult for commuters to find alternative transport. Deutsche Bahn, however, said that its S-Bahn urban trains, which run in Berlin, Hamburg and Munich, as well as long-distance service, will continue to operate as usual on Monday, as Verdi was not present. The talks between Verdi and employer associations were tense. Union leaders accused?municipalities that they wanted to reduce benefits and extend shifts. Verdi negotiators in Berlin said that operators wanted workers who gave up flexible hours and sick pay to fund "improvements" themselves. The next round is scheduled for 9 February. The union leaders warned of further industrial action if the employers did not make significant concessions. (Reporting and editing by FriederikeHeine and BernadetteBaum)
-
India's rising demand for LNG and oil draws traders from around the world
Trafigura, for example, is looking to form long-term partnerships in India with state oil companies because of a rare combination of increasing fuel demand and expanded refining capacity. Trading firm executives said that as consumption growth in major economies slows, they see opportunities for crude, refined fuels, and liquefied gas (LNG) at the India Energy Week Conference. "We see huge opportunities in India," said Sachin Gupta. Chief executive of Trafigura India. He pointed to the strong demand for gasoline, diesel and liquefied oil gas. Gupta believes that Indian oil demand will reach closer to 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 agreement" to supply Iraqi Basrah crude and Omani crude oil to the Indian state refiner. BPCL has also?signed a contract 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 communications, 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 expects the annual demand for diesel to grow by 2-3% and the demand for gasoline to increase by 5-6% between 2030. IOC Chairman A.S. Sahney announced that the company signed a preliminary deal with Engie, based in Paris, for trading LNG and 'other natural gas opportunities? in Asia-Pacific. The top gas importer, Petronet?LNG, forecasts that LNG imports would rise from 25.5 million to 28-29 million tonnes in 2026. Trading giant Vitol anticipates that?most of India’s refinery production will be consumed domestically. Kieran Galagher, Vitol Asia's head, said that 500,000 barrels of refining capacity would be coming online. "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)
-
Who is behind the Baloch Liberation Army's Balochistan Balochistan attack in Pakistan?
The Baloch Liberation Army, a banned Pakistani separatist group, claimed responsibility for coordinated bomb and gun attacks in Balochistan that resulted in the deaths of dozens of civilians as well as security personnel. Beijing has invested in Gwadar's deep-water port and other projects in this mineral-rich area. The group has also targeted Chinese interests. What are the BLA's goals? The BLA is seeking independence for Balochistan. This province, located in Pakistan’s southwest, borders Afghanistan to the north as well as Iran to the West. The group is the largest of several ethnic insurgents that have fought the federal government over decades, claiming it unfairly exploits Balochistan’s rich mineral and gas resources. The group rejects federal control of?resource extraction, security and the rights of Balochistan’s people. Balochistan’s mountainous border area serves as a haven for insurgents from Balochistan and jihadist militants. How has it become more lethal? In recent years, the Baloch Liberation Army has increased its frequency, coordination and deadly attacks. In 2022, the group shocked Pakistan's security apparatus when they stormed army and navy bases. In August 2024 militants launched coordinated attacks in Balochistan. These included highway assaults where passengers were pulled out of buses and shot following identity checks. Officials and local media reported that in March 2025 militants fired on the Jaffar express passenger train, after sabotaging rail tracks. They briefly took hostages, and then triggered a major security effort. The United States has designated the?BLA as a terrorist organization for its use of women suicide bombers. This included an attack against Chinese nationals who were in Karachi. Pakistan accuses India of supporting the militants. Both countries deny this claim. What are the BLA's targets? BLA has targeted infrastructure and security forces often in Balochistan. However, it has also attacked other areas, most notably Karachi in the south port city. Insurgents accuse Beijing of aiding Islamabad in exploiting the province, and specifically the strategic port Gwadar, located on the Arabian Sea. The militants have attacked the consulate of Beijing and its language center in Karachi, killing?Chinese nationals working in that region. Officials say that the group has escalated its tactics by attacking civilians and migrant workers from other provinces. Separately, the BLA was at the centre of a tit-fortat strike last year between Iran, Pakistan and what they called militant base on each other’s territory. This brought neighbours to a near-war. BALOCHISTAN’S SIGNIFICANCE Balochistan plays a key role in China's $65billion investment into the China-Pakistan Economic Corridor. This is a part of President Xi Jinping’s Belt and Road Initiative. The area is home to several key mining projects including?Reko Diq which is run by mining giant Barrick Gold ABX.TO and considered to be the largest gold and 'copper mine in the world. China operates a copper and gold mine in this province. Pakistan's plans to tap untapped resources have raised security concerns due to the insurgency that has lasted for decades. Pakistan's largest by area but its smallest by population. Balochistan has a coastline that stretches along the Arabian Sea, close to the Gulf's Strait of Hormuz shipping lanes. Many of the women activists who protested against alleged security force abuses in Islamabad, Balochistan, and elsewhere, were denied by the government. Reporting by Asif Shazad, Dera Ismail Khan, and Ariba Shehid, Karachi. Editing by Aidan Lewis and Ed Osmond.
Maguire: China reaches new clean energy milestones in Q1 2025
China's electricity system set several records for clean energy production during the quarter from January to March 2025. This has cemented the country's leadership in the world of clean electricity.
According to Ember, the energy think-tank, the total clean electricity generated in China for the first quarter was 951 terawatts hours (TWh).
This was the highest total for the first quarter ever recorded, up 19% compared to the same period of 2024. It also exceeded the growth rate of clean energy in other major markets including Europe and the United States.
The increase in clean production also helped to lift its share of China’s generation mix from 34% to a new record for the quarter January-March, compared to 34% during the same period last year.
SOLAR SHINES
The wind farms in China were the largest source of clean energy during the first quarter of 2025. Their 307 TWh generated a record share of 13% of the total power generation.
Solar farms, however, have seen the biggest overall increase in output since the first quarter of 2024. Total solar generation has increased by 48%, to 254 TWh. Solar generated a record-breaking 10% of the total electricity.
Solar and wind energy assets generated more electricity during January-March than hydro dams, for the first ever. This ensures that renewable sources of energy continue to grow their share in China’s generation mix.
The first quarter 2025 saw a 7% increase in hydro power production compared to the same period of 2024, at 226 TWh. Nuclear output increased by 13% at 117TWh.
FOSSIL CUTTS
China's utilities have been able to lower output of coal and natural-gas plants from January to March compared to the previous year, thanks to a sharply increased supply of clean energy.
The coal-fired electricity output, which is still China's biggest source of power, has fallen by 4% since the first quarter of 2024. It now stands at 1,421 TWh. Coal's share in the mix of generation fell from 63% to 58%.
The output of gas-fired plants also fell by 4%, to 67 TWh. Total fossil fuel production was also down by 4%, to 2,445TWh.
GLOBAL TRENDS
Clean power production in China is growing at a faster rate than in any other major market.
In the United States, clean energy generation increased by just 6% from January to March of the previous year. Meanwhile, in Europe clean power production decreased by 5%.
This year's pace of growth follows China's 15 percent expansion in clean-generation in 2024. That was more than twice the 6% increase posted by Europe and the United States in the same year.
China's lead in clean generation over Europe and the United States is set to grow further in the months to come as China's massive solar farms increase overall clean output until its annual peak around the month of July or August.
The use of fossil fuels in China is also expected to increase as summer approaches, due to the increased demand for air-conditioning systems that consume a lot of power.
China's clean power generation will continue to grow, as the production of solar and hydroelectric dams will peak in the summer.
These are the opinions of the author who is a market analyst at.
(source: Reuters)