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Russia loses its seat in the UN Shipping Agency's governing Council
Russia did not win enough votes on Friday to rejoin the U.N. Shipping Agency's governing Council despite its appeal to countries to support its nomination to reclaim a seat that it lost in 2023. This is yet another setback for Russia, which failed to gain enough support to be elected to the United Nations Aviation Agency's governing board in September. It was seen as a criticism of Moscow regarding its invasion of Ukraine 2022. The International Maritime Organization, based in London, is responsible for regulating safety and security and preventing pollution. It has 176 members. Moscow is an IMO member and has been re-elected in the IMO Council every year since 1958. The Russian transport ministry failed to respond immediately Friday to a comment request. The Russian Federation was one of 48 countries that applied for 40 seats on the Council, which oversees the activities of the organization. The only country to be rejected from the 10 countries with the greatest interest in international shipping, which also included the United States of America and China. In a letter sent to IMO member countries before the elections, Russia stated that it "participates openly and actively in all IMO body's work". In a submission to the IMO, Russia stated that "the IMO has started to deviate from... its impartial role in international matters by giving greater attention to politics largely outside of its clearly defined mandat." Ukraine, which was vocal about its opposition to Russian efforts in various U.N. organizations and did not stand for election to the IMO Council urged IMO members states to not support the candidate, saying Moscow "undermines the global shipping safety" and "cannot claim a leadership role in global maritime government". (Reporting and Editing by Peter Graff.)
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CORRECTED - Asia spot prices at a 8-week low due to high inventories and weak demand
Asian spot prices for liquefied gas have dropped to their lowest levels in eight weeks due to a continued low demand and large inventories. This follows a decline in European gas prices in anticipation of a peace agreement in Ukraine. Average LNG price for delivery to North-east Asia in January Industry sources estimate that the price per million British Thermal Units was $10.90, down from $11.66/mmBtu in the previous week. Toby Copson is the managing partner of Davenport Energy. He said, "Rates continue to soften and buying remains muted mainly due to muted physical demand, weak fundamentals, and muted rates." He said that the weather would dictate movement, as temperatures fluctuated but weren't consistently low enough to bring provincial buyers to the spot market. Ronald Pinto is the principal gas and LNG analyst for data analytics firm Kpler. He said that prices in Asia will remain low next week due to high inventories, low Korean gas-for power demand, and a muted South and Southeast Asian activity. He said that the robust Pacific supply, and Japan's approval for the Kashiwazaki - Kariwa restart, further capped upside. He was referring to the news that Japan's Kashiwazaki - Kariwa nuclear plant, which is the largest in the world, could restart as early as January, subject to regional authorities' consent. Gas prices in Europe are at their lowest levels for 18 months, and have fallen below 30 euros per megawatt-hour. The news of renewed efforts to broker a peace deal between Russia, Ukraine and the United States has sparked this decline as a result of an expectation of a relaxation in sanctions against Russia," said Florence Schmit. She added, "While this market movement may be premature but it sets the trend for prices in 2026." Kpler’s Pinto says that the bearish trend in EU gas prices is likely to continue into next week, as warmer temperatures, increased wind output, and abundant LNG and pipeline supplies ease regional imbalances. Meanwhile, market participants await Russia's reaction to the US-Ukraine agreement. Martin Senior, Argus' head of LNG prices, believes that a peace agreement between Russia and Ukraine may lead to the suspension of supplies from Russia's 19,8 million metric tonnes per annum Arctic LNG 2. Botas, which had already purchased four cargoes earlier this week for delivery in the first quarter next year, has made a demand from Turkey. Senior revealed that Egypt has also expressed an interest in the product, and had purchased four cargos for delivery in December. S&P Global Energy's daily North West Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in January, on a ex-ship basis (DES), was $9.467/mmBtu as of November 27. This represents a $0.46/mmBtu reduction from the price at TTF hub. Spark Commodities rated the December price as $9.416/mmBtu. Seb Kennedy, an independent gas analyst, reported that hedge funds took a net-short position in TTF Futures last week for the first since March 2024. Kennedy stated that this is an important development for the heating season and shows that funds are confident there will be sufficient LNG in the water to reduce even the harshest winters. According to Spark Commodities analyst Qasim Afghan, the U.S. arbitrage for the front-month to North-East Asia via Cape of Good Hope strongly points to Europe while the arbitrage through the Panama Canal marginally points to Asia. The global LNG freight rate in the Atlantic has risen to $146.750/day - its highest level for the year. Pacific rates reached their highest level since December 20,23 at $89 250/day.
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Kenya seeks $1.5 billion in highway funding from China
Kenya and two Chinese firms began construction on a $1.5billion highway expansion in East Africa Friday. This marked Beijing's return after years of absence to major infrastructure developments. The partners will finance the project in two phases using a combination of debt and equity, a model which is becoming more popular after China's traditional loan model raised concerns about borrowers' debt loads. Kenya chose to use the public-private model for funding the highway because it would have taken "a lifetime" to secure normal budgetary allocations, said President William Ruto. The next option, borrowing, was also unaffordable, given the debt load and fiscal space we have," he said to a cheering audience at a construction site before directing graders and excavators. The project will upgrade a vital transport corridor connecting Kenya's port city of Mombasa to its western region, as well as neighbouring states such Uganda and other landlocked countries. As China repositions in Africa, Kenya strikes a deal China, which had pumped billions into infrastructure projects in Africa, cut lending around 2019 due to growing concerns about debt sustainability in Kenya and other countries. Beijing, in an effort to reposition its position on the continent, pledged $50 billion over three years of credit and investment at a summit last year with African leaders. Kenya cancelled a deal earlier this year with a French consortium, Vinci SA, for the highway extension project. The new deal was announced by Ruto during his April state visit to Beijing. Kenya is one of Washington's closest African ally. The rapprochement of Nairobi and Beijing enraged U.S. president Donald Trump. Ruto defended the strategy publicly, saying Kenya had to increase exports to markets such as China. DEBT, EQUITY MULTIPLY AND A 28-YEAR TOLL CONCESSION The Kenya National Highways Authority announced that the first phase of the project, which will cost $863m, will see China Road and Bridge Corporation partnering with Kenya's State Pension Fund NSSF in order to convert two existing stretches from a single lane highway of 139 kilometres (86 miles) into dual carriage roads of four and six lanes. The second phase will see Shandong Hi-Speed Road and Bridge International (a subsidiary of China’s Shandong Hi-Speed Group) convert a 94-kilometre single-lane stretch of highway to a six-lane road at a cost $678.56 millions. KENHA stated that both total cost estimates include finance costs. The two parts of the project are divided into debt deals and equity deals. NSSF will provide 45% of equity funding for the phase in which it is involved. Kefa Sedia, a senior official in the Finance Ministry, stated that borrowings could be made by Chinese commercial lenders or state-owned entities such as Export-Import Bank of China. The construction must be completed by the end of 2027. After that, the firms will have a 28-year concession period to collect tolls and recoup investment.
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Airbus restricts cold-weather takeoffs using Pratt & Whitney engines
Airbus has restricted the operation of some aircraft with Pratt & Whitney engine, an Airbus representative said on Friday. This confirms an earlier report from industry publication aeroTELEGRAPH. The French planemaker has said that it has modified its existing procedures for engine operation on the ground when icing conditions are present. Pratt & Whitney engines are restricted in extreme weather conditions, such as freezing fog or visibility less than 150 metres. Airbus has said that it is in constant contact with its airline customers, and Pratt & Whitney works on a possible solution. Pratt & Whitney didn't immediately respond to a comment request. Airbus' top commercial executive told reporters earlier this month that the engine manufacturer was in talks with Airbus over engine supply for the next three-years as Airbus looks to increase production of the A320neo, its best-selling model. (Reporting by Yazhini M V in Bengaluru and Tim Hepher)
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Asia spot prices slightly rise amid high inventories and muted demand
Asian spot prices for liquefied gas have dropped to their lowest levels in eight weeks due to a continued low demand and large inventories. This follows a decline in European gas prices in anticipation of a peace agreement in Ukraine. Average LNG price for delivery to North-East Asia in January Industry sources estimate that the price per million British Thermal Units was $10.90, down from $11.66/mmBtu in the previous week. Toby Copson is the managing partner of Davenport Energy. He said, "Rates continue to soften and buying remains muted mainly due to muted physical demand, weak fundamentals, and muted rates." He said that the weather would dictate movement, as temperatures fluctuated but weren't consistently low enough to bring provincial buyers to the spot market. Ronald Pinto is the principal gas and LNG analyst for data analytics firm Kpler. He said that prices in Asia will remain low next week due to high inventories, a weak Korean gas demand, and a muted South and Southeast Asian spot market. He said that the robust Pacific supply, and Japan's approval for the Kashiwazaki - Kariwa restart, further capped upside. He was referring to the news that Japan's Kashiwazaki - Kariwa nuclear plant, which is the largest in the world, could restart as early as January, subject to regional authorities' consent. Gas prices in Europe are at their lowest levels for 18 months, and have fallen below 30 euros per megawatt-hour. The news of renewed efforts to broker a peace deal between Russia, Ukraine and the United States has sparked this decline as a result of an expectation of a relaxation in sanctions against Russia," said Florence Schmit. She added, "While this market movement may be premature but it sets the trend for prices in 2026." Kpler’s Pinto says that the bearish trend in EU gas prices is likely to continue into next week, as the warmer weather, increased wind output, and abundant LNG and pipeline supplies ease regional balances. Meanwhile, market participants await Russia’s response to US-Ukraine's plan. Martin Senior, Argus' head of LNG prices, believes that a peace agreement between Russia and Ukraine may lead to the suspension of supplies from Russia's 19,8 million metric tonnes per annum Arctic LNG 2. Botas, which had already purchased four cargoes earlier this week for delivery in the first quarter next year, has made a demand from Turkey. Senior revealed that Egypt has also expressed an interest in the product, and had purchased four cargoes to be delivered by December. S&P Global Energy's daily North West Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in January, on an ex ship (DES) basis, was $9.467/mmBtu as of November 27. This represents a $0.46/mmBtu reduction from the price at TTF hub. Spark Commodities rated the December price as $9.416/mmBtu. According to Spark Commodities analyst Qasim Afghan, the U.S. arbitrage for the front-month to North-East Asia via Cape of Good Hope strongly points to Europe while the arbitrage through the Panama Canal marginally points to Asia. The global LNG freight rate in the Atlantic has risen to $146.750/day. This is its highest level for the year. Pacific rates reached their highest level since December 20,23 at $89 250/day.
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Lufthansa Airlines CEO aims for increased profitability by 2026
Jens Ritter, CEO of Lufthansa Airlines, said that the German airline wants to increase its profitability in its core brand by next year. It is expected to be profitable this year. Ritter, a journalist, said that Lufthansa will meet all of its targets in the current fiscal year for its cost-cutting programme and service program that runs through 2028. "We are now back on track to returning to profitability," Ritter added. It has not been easy to get rid of the label "problem child" despite the turnaround program, which aims to reduce costs and centralise the operations in its multiple hub operation. The positive trend has been attributed to improvements in operational stability that have led to a reduction of compensation costs due cancellations and delays. Ritter said that the coming year would be "focused on productivity and profitability". He added that many agreements between the company and its employees on the ground, in the cockpit and the cabin have been renegotiated. This will allow for a more productive deployment of staff starting 2026. Lufthansa also altered its regulations to provide more flexibility in staffing. It is currently examining the possibility of reducing the number reserve aircraft and deploying more aircraft. In addition to the fleet renewal, the company wants to make more money. The new Boeing 787 long-haul and Airbus A350 jets will have more comfortable seats and better catering in all booking classes for long-haul flights starting 2026. (Reporting and writing by Ilona wissenbach, editing by Thomas Seythal).
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As risk appetite declines, crypto hoarding is under pressure.
The recent turbulence on the crypto market has weighed on the shares of companies who have bitcoins and other tokens in their balance sheets. This is fueling concerns about the stress that this niche, but rapidly growing sector may be experiencing. The number of companies that have invested in cryptocurrencies this year has risen dramatically. This is largely due to the crypto-friendly position of U.S. president Donald Trump and the success of Michael Saylor’s Strategy. Concerns over a possible AI bubble, and uncertainty about the direction of U.S. Federal Reserve rates cuts, have recently weighed on risky assets, sending bitcoin to its lowest levels since April, and sending many of these DAT or "digital asset Treasury" companies into a tizzy. The Block, a crypto-publication, reported that at least 15 bitcoin treasury firms were trading their tokens below the value of their net assets as of Friday. Standard Chartered analysts said in a note published in September that DATs held 4% of bitcoin, 3.1% ether, and 0.8% solana. Their fortunes would have a major impact on coin prices. DAT executives believe their success is based on their ability to make intelligent investment decisions. Many are looking for new ways to generate revenue. Check out the performance of a few of the most well-known and popular DATs. BITCOIN TREASURY The shares of bitcoin DATs have dropped significantly from their highs in 2025. Michael Saylor’s Strategy, which pioneered the corporate hoarding of bitcoins and spawned dozens copycats who have saturated the market, has fallen almost 36% just in November. ETHER STRATEGY The bitcoin DAT market became overcrowded and new players have started to diversify into other coins, including ether. Bitmine, Sharplink Gaming, and others are leading the charge in ether. The company's shares rose in value earlier this year after they announced that they would be stockpiling, but have now fallen well below their highs of 2025. In contrast to bitcoin DATs which are solely based on price appreciation, Ether can be used for "staking", which is a process where ether holders secure and validate transactions via the blockchain in exchange for rewards. These rewards are often paid out in ether. This means that ether DATs can generate and gather ether tokens in other ways. SOLANA AND ALTERCOINS Many companies have expanded their holdings by adding "altcoins", such as Ripple's Ripple XRP and solana. In an effort to increase their profits, small companies are also investing in volatile tokens that are thinly traded. This increases the volatility risk of their share prices. ALT5 Sigma is a company, for instance, that has started a DAT-based strategy to hoard the cryptocurrency venture of the Trump family, World Liberty Financial.
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Ryanair cancels subscription service following costly trial
Ryanair, Europe's largest airline, announced on Friday that it would scrap its subscription service this year after a test period. It was not financially worth it. Ryanair launched its 'Prime Member' program in March. The airline, which has its headquarters in Ireland, carried around 200 million passengers in the past year. It said in a press release that it would close the scheme after it generated 4.4 millions euros ($5million) in subscription fees in eight months, but distributed 6 million euros worth of fare discounts. Dara Brady, chief marketing officer at Ryanair, said that the trial had cost more than it generated. This level of subscriptions or memberships does not justify the effort and time it takes to launch exclusive monthly Prime seat sales. The trial was attended by 55,000 members who are entitled to continue using their subscriptions for the remainder of their 12-month membership. In March, the airline announced that it would limit membership to 250,000 members. The low-cost airline Wizz also offers a number of membership services. While the Spanish online travel agency eDreams ODIGEO has a similar service. Reporting by Sarah Young, Editing by Tomaszjanowski. $1 = 0.8639 euro
Sri Lanka prepares for further flooding after Cyclone Ditwah kills 46 people
The cyclone Ditwah, which swept across Sri Lanka Friday, left 46 dead and 23 people missing, amid floods. Strong winds and torrential rainfall are expected to bring more flooding within the next 12 months.
Officials say that the majority of deaths in eastern and central areas were due to landslides caused by rainfall exceeding 300mm (12 inches).
According to the Disaster Management Centre, nearly 44,000 people in total were affected, many of whom sought refugee in public and school shelters.
The Irrigation Department has said that it expects the floods, which have already affected many areas in southern and eastern Sri Lanka including parts of Colombo's capital, to continue.
Colombo Stock Exchange has halted early trading, while schools and train services remain suspended. The air force reported that the military and police coordinated the evacuations. This included the airlifting 13 people trapped on a Polonnaruwa bridge, 220 kilometers northeast of Colombo.
Air force footage shown to the media revealed that many families stuck on roofs, and a man trapped on top of a tree with dozens of coconuts were airlifted safely.
Sri Lanka Airport and Aviation Services reported that heavy rains caused the cancellation of 15 flights at Colombo’s Bandaranaike International Airport. These flights were diverted to other airports in India including Trivandrum and Cochin.
The Indian High Commission at Colombo announced that India had delivered 6.5 tons of food aid in order to help in the relief efforts as Cyclone Ditwah swept across Sri Lanka and towards southern India.
After warnings about rising floodwaters, over 20,000 police officers and soldiers stepped up their evacuations across multiple towns in Sri Lanka including the suburbs of Colombo.
Strong winds make the flooding worse. "We moved furniture from two houses nearby to a safe area and now I am going to the shelter with my family to stay," said Mohammed Rumy a 70-year old resident of Colombo’s Wellampitiya suburban.
(source: Reuters)