Latest News
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Kuwait's KPC signs a $16 billion lease-and-leaseback agreement with Blackstone, KKR and Brookfield to build an oil pipeline network
Kuwait?Petroleum Corporation has announced a deal worth $16?billion for its crude oil pipeline?network. The consortium includes global?funds Blackstone Brookfield and KKR. The largest foreign direct investment ever made in the history of the country. Kuwait Oil Company, a unit of KPC, is establishing a joint-venture with three U.S. investors in a lease-and-leaseback structure over a 20-year period that includes a tariff based on volume, KPC said in a press release. The deal is part of an effort by Gulf State oil companies and investors to attract foreign capital and raise funds through infrastructure assets, in order to finance domestic investment plans. Blackstone, Brookfield, and KKR collectively will hold a 49% stake, while 'KOC' will retain a 51% share, as well as the full ownership and control of the network. The network consists of 13 pipelines spanning a distance of 320 kilometres. The transaction is expected to generate $7.85 billion upfront proceeds at closing. Reporting by Federico Maccioni and Ahmed Elimam; Editing and production by Kim Coghill, Susan Fenton and Susan Fenton
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US to rebate $2.2 billion to airlines retrofitting planes against wireless interference
The Federal Aviation Administration announced on Friday that major U.S. carriers would need to retrofit their planes to prevent wireless interference by the year 2030. However, they could be eligible for government rebates of up to $2.2 billion to cover these costs. The FAA has mandated that all altimeters must meet the next-generation performance standards to combat interference from 5G spectrum signals, which could lead to 'inaccurate readings. The government will fund the rebates with some of the proceeds from the Federal Communications Commission's C-Band Wireless Auction. The FAA estimates that the cost per aircraft will range from $80,000 to $120,00. The FAA estimates that the total retrofitting cost for civilian aircraft could reach up to $7 billion. FAA: The 2030 deadline applies to "flights of 'the major domestic and foreign airlines, which affect the flying public. They have the highest expectations of safety. They perform a majority of low visibility operations that would be otherwise restricted in order to protect against hazardous interference." Rebates will not be available to foreign operators. FAA requirements are only applicable to aircraft flying in U.S. Airspace. Brendan Carr, FCC chairperson, said that this week the FAA and the FCC would "jointly provide for the upgrading of radio altimeters" and offer'rebates to support eligible domestic aircraft owners and operators in this effort. There were some brief disruptions in 2022 at certain?U.S. Airports were closed as some international carriers cancelled flights due to 'concerns about 5G interfering with plane altimeters. These devices provide information on the height of a plane above?ground, and are vital for bad weather landings. After a voluntary agreement between Verizon, AT&T, and major airlines, the issue was resolved. However, there were still other issues as air carriers worked to upgrade their altimeters. (Reporting and editing by David Shepardson)
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Ukrainians support ousted defence ministry as political crisis intensifies
After a poorly explained government reshuffle erupted into a political crisis, protesters in Kyiv announced a rally that would last until the end of time. They demanded that Volodymyr Zelenskiy reappoint Mykhailo Fedorov as defence minister. The protest reached its peak last week when thousands of angry Ukrainians marched to demand the reinstatement of Fedorov and the dismissal of Oleksandr Syrskyi as commander-in chief. Syrskyi was accused by some of disregarding soldiers' lives and delaying army modernisation. Hundreds of protesters gathered outside the president's office Friday, even though Zelenskiy had replaced Syrskyi by respected commander Mykhailo Drapatyi. They chanted "We stood, we stand and we will continue to stand." Dmytro Koziatynskyi is a veteran of the military and a protest organizer. He believes that people are ready to continue "for as long as it takes". Zelenskiy had previously claimed that Fedorov was dismissed due to an irreparable conflict with Syrskyi. He then offered him a variety of roles, such as vice-prime minister for innovation in defence. A 35-year old man credited for cleaning up the ministry of defence?publicly rejected the offer. Fedorov claimed that none of the positions had the authority to implement 'necessary reforms. "We don?t need Fedorov only as a figurehead. Fedorov is needed as a reformer. Unfortunately, the positions offered by the President do not have enough influence to push reforms forward. STOLEN HOPE The cardboard signs, a DIY tool that became a symbol for the protest read: "Bring Fedorov Back", "I'm here for those who support me there", a reference to the?servicemen in the frontline and "Fedorov as defence minister". One said, "Let your manager handle it". Many praise Fedorov for his efforts to tackle corruption in the defense sector, as well as for Ukraine's recent victories in the war against Russia. His dismissal occurred just as his troops were battling for the upper hand and conducting strikes against military and energy targets deep within Russian territory. Ukraine is still vulnerable to the deadly Russian air attacks and frontline assaults. Anna, who was displeased with Fedorov's dismissal, said: "They have stolen the hope of people and they have stolen results." Zelenskiy, fearing a backlash, has not yet sought parliamentary approval for his candidacy to succeed Fedorov who only led the ministry for half a year. Yevhenii Khmara was named as the?acting Minister. He was previously acting head of Ukraine's internal security service. Anna stated that they did not have the extra six months needed to form a new team or implement new reforms. She also said that Khmara was an effective official. (Reporting and editing by Yuliia Dyesa)
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Indian Embassy reports that a tanker with a Mozambique flag was attacked in Iranian waters.
The Indian embassy in Tehran reported that a tanker flying the flag of Mozambique and carrying 28 Indian crew members was attacked on Friday in Iranian territorial waters. In a statement?posted to X, the embassy said that all Indian crew members were safe and they are in contact with?authorities. Disha was attacked by an unknown missile while en route to the Persian Gulf, according to the Forward Seamen's Union of India. Before the conflict in Iran, the Strait of Hormuz was a major transit route for a fifth of all global energy supplies. Since a fragile ceasefire between Washington and Tehran broke down in early July tensions have escalated, leading to heavy strikes and further disruption of shipping through the waterway. (Reporting by Hyunsu Yim in Barcelona; Editing by Sanjeev Miglani)
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Beumer sues EU antitrust regulators over Vanderlande, Siemens deal, court filing shows
A court filing seen by revealed that the German logistics group Beumer Group has taken EU antitrust regulators 'to 'court' for refusing to investigate Dutch rival Vanderlandes' acquisition of Siemens' airport logistic 'unit'. Beumer was concerned when Siemens announced the EUR300m ($341.31m) deal with Dutch luggage conveyor belts and package-sorting systems Vanderlande owned by Japan's Toyota Industries two years ago. In March of this year, Vanderlande asked regulators in Portugal & Spain to approve the deal. These?countries and Italy then asked the European Commission (EC) to take on the case. In May, the EU's competition enforcer rejected these requests. The Commission stated that the requests were not "appropriate" for the EU, as the deal has been in place 'for more than one year. The Commission said that Portugal and Spain must continue to investigate the case as national agencies are regularly scrutinising the market. Beumer argued in court that the Commission had erred by failing to evaluate the deal. The company urged the court to void its decision. The Commission does not have the discretion to deny a request for a referral when it is obvious, on the basis of objective criteria that the national competition authorities (NCAs), who are requesting the referral, will be unable to effectively review the concentration. This was stated in the July 17 filing. Beumer stated that the EU's decision was also based upon criteria that were not legally relevant. A spokesperson for the Commission said, "As always, the Commission is?ready to defend its decisions in Court." The General Court in Luxembourg usually takes several years to hear a case.
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AI is a talent drain, and the aerospace industry has to compete for recruits.
Hassan Butt was a 17-year old British student who volunteered at the Farnborough Airshow in this week. For him, nothing was cooler than watching the planes and pondering the physics behind what kept them airborne. He said, as he answered questions from passersby. He wanted to be an aerospace engineer and focus on missiles. There was no shortage in the hall of displays, stalls, and recruitment campaigns aimed at capturing his enthusiasm and luring him along with other potential recruits. Butt was the perfect candidate. But industry bodies and businesses said that there weren't enough people like him. The UK aerospace sector faces a shortage of 10,000 specialized engineers every year, with AI and other newer technologies stealing talent. In Britain, more than half of the licensed aerospace engineers are over 50 years old; less than 10% are younger than 30. This was revealed in a report released by the Royal Aeronautical Society. ADS, a trade group, said that the UK aerospace sector grew 31% over the past decade but that the talent pipeline had not kept up. Kevin Craven said, "we in the aerospace industry are experiencing a shortage of skilled employees for quite some time... despite industry growth year-on-year for the last 10 years." He said that innovations such as flying taxis and sustainability can help younger engineers to sign up. RECRUITING RESOURCES ARE ATTRATED BY CONTESTS AND TOP-GUN DISPLAYS Sector faces record backlog of orders. Boeing and Airbus, two of the world's largest aerospace companies, are trying to produce more planes but their engineers are nearing retirement. In an effort to save money, many companies in this sector have scrapped their feeder apprenticeship programs that supported longer-term career paths a few short years ago. These have been largely replaced by entry level jobs or graduate programmes, which are often promoted by stalls and campaigns at the event this week. Other activities at the show included engine building exercises and Top Gun style flying displays. All of these were designed to attract young recruits. It is a fierce competition to get them. Experts say that other sectors with similar engineering requirements have a lower barrier to entry, and pay higher salaries. Jerrold Lundquist is a consultant and managing director at The Lundquist 'Group. The UK government hopes that renewed defence investment, linked to the war in Ukraine can boost the appeal of joining this sector as it develops drones like BAE Systems Brontanax. ADS reported that the aerospace, defense and security sector added $62,4 billion to the UK's economy in 2012. Molly Haydon was a?17 year old at the event and she wanted to participate just as much as Hassan Butt. She said that'more needs to be done to attract students and young women like herself outside the airshow. She said, "I believe they need to educate young people about it and get them more aware that there are still plenty of jobs available in this sector for everyone."
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US strikes Iran from the south to the north after Trump's threats about Red Sea shipping
U.S. rockets?hit targets in Iran on Friday, after President Donald Trump promised "major punishment" to Tehran and its Houthi ally in Yemen for extending Middle East war into a'second major shipping chokepoint at the mouth of Red Sea. The 'Iranian Armed Forces' responded two weeks after an interim ceasefire meant to end war collapsed by firing on U.S. bases and warning the people of neighbouring Arab nations that they could strike non-military structures used by U.S. personnel. The Houthis who control the northern and western parts of Yemen have announced a blockade of Saudi Arabia. Saudi Arabia has diverted millions of barrels of crude oil per day via pipeline to the Red Sea in order to avoid Iran's nearly total blockade of Strait of Hormuz. The Gulf entrance has been the focal point of a conflict that has claimed thousands of lives in less than five months. It has also stoked inflation worldwide and raised fears of an economic recession. PAKISTAN EXPLORING WAY FOR TALKS SOURCES SAY On Thursday, Houthi fighters attacked two Saudi tankers in the Bab el Mandeb Strait of the Red Sea. Oil prices rose 7% and reached $100 per barrel for first time since last May. Brent futures had fallen more than $4 by 1600 GMT Friday to just over $96. Sources say Pakistan is exploring a way to re-start the stalled talks that have been halted between the U.S.A. and Iran about ending the war. This follows a Chinese push. Three Pakistani sources said that Eskandar Mumeni, Iran's interior minister, visited Islamabad in this week and had exploratory talks. This was his second visit to Islamabad within the past 10 days. Three Pakistani sources said that there were still many obstacles to any possible talks with the U.S. TANKERS RETRAIT, SHIPPING INSURANCES GO UP Meanwhile the Houthi attack forced other tankers turn around and head to the north through the Suez Canal. This could be a longer route for reaching Asia by "sailing" around Africa. Sources said that shipping insurance costs in the southern Red Sea nearly doubled on Thursday for some companies. Despite this, two Chinese'supertankers' and half of the 18 ships that left Bab el-Mandeb Thursday carried crude oil. On Thursday, there was only one tanker that crossed the Strait of 'Hormuz. This is the lowest number since May 7. In a telephone call, the Iranian and Omani Foreign Ministers discussed maritime navigation and security in the Strait of Hormuz between the two nations. A statement posted on the Telegram channel of Iranian Foreign Minister Abbas Araqchi said that the conversation took place during the phone call. IRAN THREATENS THE U.S. FORCES Trump stated on social media that Iran would be held accountable for any future attacks by Yemeni fighters. "And major military punishment will also be inflicted against Iran and of course the Houthis themselves." He told Axios that he would consider relaunching a major war against Iran. The U.S. media outlet reported him saying, "They haven’t received enough pain." The Iranian Health Ministry said in a statement to X that 59 people have been killed and 666 injured since the resumption clashes between U.S. troops late June. Iranian media reported that the head of Iran’s top joint command said Iran would kill one member of U.S. military forces for each Iranian killed. The war has resulted in the death of 18 U.S. military personnel. The Pentagon announced on Monday that since July 7, 100 servicemen had been injured. 96% of them have returned to work. U.S. WARNS CITIZENS? IN MIDEAST TO EXERCISE CAUTION Iranian officials claimed that they had targeted U.S. military equipment at Camp Buehring in Kuwait's north, as well as the positions of U.S. soldiers at Camp Arifjan, near Kuwait City, and Camp Doha. Kuwait announced in the early evening that its air defences intercepted "hostile" Iranian targets. Iran's Revolutionary Guards claimed they had damaged a U.S. Fifth Fleet surveillance tower in Bahrain. The group also claimed that they attacked a U.S. fighter jet and barracks in Jordan. According to the semiofficial Tasnim News Agency, they also attacked a barracks, spy balloon and Patriot air defences at Erbil in Iraq’s Kurdish Region. State TV reported that Jordan's army had destroyed?seven Iranian rockets and six drones. The attack caused no damage or injuries. U.S. Embassy in Baghdad warned U.S. citizens to remain vigilant and exercise caution in the Middle East. U.S. MISSILES HIT GUARDS HQ - MEDIA According to an Iranian media report, U.S. missiles have 'hit a Revolutionary Guards Navy HQ in the Ziba Kenar region?of Gilan province on the Caspian Sea. According to the ILNA, provincial authorities confirmed that U.S. missiles also hit the port city Bandar Anzali. IRIB, the Iranian state broadcaster, reported that four people had been killed and five others injured by an attack launched by the United States on Ahvaz. The Revolutionary Guards issued a warning to the people of Gulf states in a statement published by Iran's Fars News Agency. They warned them of possible attacks against U.S. military personnel, who could be using "buildings and cities as locations for their crimes".
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Five UK police officers are injured after a boat hits a bridge in London
The Metropolitan Police said that five British officers were injured when a boat hit the Westminster Bridge in central London on Friday. Police said that the vessel from the Met's Marine Policing Unit hit the bridge around 1440 GMT. The police said that "a number of officers" had entered the water but were rescued by additional police and other emergency services. The police statement stated that "we understand five officers were injured and are being treated." "We are awaiting an update regarding the extent of their injuries." The statement said that it didn't believe any public members were injured or involved in the incident and that the circumstances would be "thoroughly examined". Crowds of onlookers watched the incident from the bridge. Port of London Authority said it was also supporting the response. (Reporting and editing by Michael Holden; Sam Tabahriti, Kate Holton)
Modi is under pressure from youth protest leaders to continue talks with him
The Indian government is set to start a new round of talks with Gen-Z protesters on Saturday. This week's disruptions in Delhi were caused by the demonstrators who are demanding the resignation of the education minister.
Opposition parties disrupted the monsoon session of parliament that started this week, echoing their demands.
The authorities were trying to restrict access to the protest area, but thousands of Cockroach Janata Party supporters rallied in central Delhi on the fourth day despite the closure of 18 metro stations.
Ashutosh Ranka is the national spokesperson for the party.
Students want Dharmendra Pradhan to take responsibility for the flaws of the examination system.
Will the government ask for his resignation or not?" "We want to know if the answer is yes or no."
The anger has been boiling over ever since the police cracked down on Monday. They injured a number of students with baton charges, and then fired tear gas in an attempt to dissuade tens or thousands of protesters from marching towards parliament.
The protests are primarily led by young people and reflect their anger about the lack of jobs, corruption, and accountability by government. They have grown since they were sparked by the discontent caused by leaks of questions for high-stakes exams.
Saurav Das, Ashutosh Ranka, and other party representatives warned federal ministers J.P. Nadda & Jitendra Singh that protests would spread if Pradhan did not step down.
These talks took place just hours after Sonam Wangchuk, an activist who had been on a 26-day hunger strike, ended it. This raised hopes of a breakthrough.
Two anonymous sources confirmed that the government had extended its mobile internet shutdown in the area to?the fifth consecutive day on Saturday.
Protesters expressed frustration at the prolonged shutdown, but pledged to?not let it weaken their movements.
What will they achieve if they shut down the internet, buses and metros? Nothing. "People who want to participate in the protest will come," said Rahul, a 34-year old protester.
Leaked question papers for medical school entrance exams sparked protests, forcing more than 2,000,000 candidates to retake the tests. This exposed flaws in the educational system.
The protesters want the resignation of the education minister and major exam reforms. (Reporting and editing by Clarence Fernandez in New Delhi, Saurabh Bhawika Chhabra)
(source: Reuters)