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Stonepeak nears $3.1 billion offer for aircraft lessor ATSG, sources say
Stonepeak remains in advanced speak to get Air Transportation Provider Group, a. provider of aircraft leasing and freight transport services,. for about $3.1 billion consisting of financial obligation, individuals knowledgeable about the. matter said on Sunday. The New York-based investment company is expected to pay $22.50. per share for the business, referred to as ATSG, representing a premium. of nearly 30% to its closing cost on Friday, the sources said,. asking for anonymity as the conversations are personal. If the talks conclude successfully, the offer might be. revealed as early as Monday, the sources added. Stonepeak and ATSG did not right away react to demands. for comment. With factory-to-home sellers like Temu, Shein and others. increasing online shopping traffic and brick-and-mortar. merchants offering customers quicker delivery times, moving cargo. by air has actually ended up being an important part of logistics for many. corporations. This has actually improved the prospects of freight. operators like ATSG, making them attractive takeover targets. Established in 1980, ATSG traces its roots to an express freight. operator referred to as Airborne Freight Corporation. In 2003, DHL. obtained Airborne's ground operations, leaving out the. airline company and aircraft upkeep operations that eventually. ended up being ATSG. The Wilmington, Ohio-based company, which counts online. seller Amazon as one of its essential consumers, is a. leading lessor of mid-sized trucks, with a fleet of 134. airplane that includes Boeing 767 and Plane A321 jets. It also provides air freight transportation and airplane. maintenance services to domestic and foreign airline companies and. presently has 5,300 staff members, according to its site. For the quarter ended June 30, ATSG reported an 8% decline. in profits to $488 million and swung to a pretax loss of $7. million, as some key clients leased fewer airplane. The. business said it expects a pickup in need in the coming. quarters as macroeconomic conditions improve. ATSG is set up to report its third-quarter incomes on. Friday. New York-based Stonepeak, which mainly concentrates on the. facilities and property markets, has about $70 billion. of possessions under management, according to its website. Last year, Stonepeak agreed to get container lessor. Textainer Group in a handle an enterprise worth of $7.4. billion. Stonepeak is also a financier in cold storage warehouse. operator Lineage, whose shares began selling New. York following the company's going public in July.
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Yemen's Houthis will keep blockade on Israeli vessels after asset sale reports
Yemen's Houthis stated on Sunday they would preserve their maritime blockade versus Israeli vessels in response to intelligence information regarding Israeli shipping business offering their assets to other business. The Iran-aligned Houthis have actually stated they are magnifying their attacks to support Hamas and Hezbollah in their resistance versus Israeli actions in the area. Intelligence information verifies that lots of companies running in maritime shipping affiliated to the Israeli enemy are working to sell their assets and transfer their homes from shipping and maritime transportation ships to other companies, stated Yahya Sarea, military representative of the group. The Houthis will not recognise any changes of ownership and warned versus any cooperation with these business, Sarea stated in a televised address. Sarea likewise said the Houthis will continue imposing their marine blockade on Israel and would target any ships belonging to, linked to, or heading to Israel. He stated the blockade would continue till the aggressiveness stops and the siege on the Gaza Strip is lifted and the aggressiveness on Lebanon stops.
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Five migrants pass away attempting to reach the Canary Islands, authorities state
Five bodies were discovered drifting in the sea on Sunday after the inflatable boat they were taking a trip in punctured around 90 km (56 miles) off the Spanish island of Lanzarote, in the Canary Islands, Spanish Sea Rescue services informed Reuters. A spokesperson stated a rescue aircraft sighted 2 inflatable boats heading towards the archipelago, and that one of them had among its floats deflated. The airplane released two life rafts and was able to rescue 17 people from one vessel and 80 from another, but 5 bodies were also discovered. State agency EFE said the rescue services had in all saved more than 1,500 people over the weekend. It also reported on Sunday that a minimum of 48 migrants died trying to reach the Canary Islands in a boat that left Mauritania 3 weeks back. 10 more migrants from the same craft were saved near the island of El Hierro on Saturday, it stated. Calm seas and gentle winds associated with late summertime in the Atlantic Ocean off West Africa have triggered a rise of migrants trying to get away extreme hardship and political instability in Africa's Sahel region. The Atlantic route to the Canary Islands has actually seen the fastest growth in irregular migration recently, though numbers stay listed below those on the Central Mediterranean path towards Italy. Some 32,878 migrants have taken the path in boats from West Africa to the Canary Islands in between January and Oct. 15, according to government figures, an increase of 39.7% from the very same period last year.
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Activists rally in Belgrade to object railway station disaster
Hundreds of opposition activists rallied in Belgrade on Sunday to oppose over a fatal mishap at a railway station in Serbia's north, for which they blame negligence and corruption by the authorities. The disaster on Friday in the city of Novi Sad, about 70 km ( 40 miles) northwest of Belgrade, took place when roofing along the entryway to the station all of a sudden collapsed, killing 14 people and seriously hurting three. Protesters bring banners checking out The blood is on your hands, and Corruption kills, and chanting Arrest (President. Aleksandar) Vucic, marched by federal government buildings in the. center of the Serbian capital. We are all shaken and furious ... the state is directly. responsible for this, said Djordje Dimitrijevic, a protester. Serbia's opposition politicians, activists and rights groups. accuse authorities devoted to Vucic and his Serbian Progressive. Party of rampant corruption, ties with organised crime, nepotism. and excessive bureaucracy. Vucic and his allies reject such allegations. Serbia's Prime Minister Milos Vucevic stated on Sunday. authorities were investigating who is accountable for the. disaster. Prosecution and cops are working to establish bad guy. duty ... (and) there is no avoidance of political. responsibility, Vucevic said in a television broadcast. The station in Novi Sad was refurbished in 2021 and 2022. Other minor works continued till July this year. The district attorney's office in the city stated on Sunday its. investigators had interviewed 26 individuals in connection with the. mishap, including Transport Minister Goran Vesic, and had. protected files of significance. Another 14 individuals have actually been. summoned for questioning, it included.
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Berkshire's money sets record as Buffett offers Apple, BofA; operating profit falls
Warren Buffett and Berkshire Hathaway extended their retreat from stocks in the third quarter, offering more Apple shares and improving cash to a record $325.2 billion, while the business's operating profit decreased. In its quarterly report on Saturday, Berkshire stated it sold about 100 million Apple shares, on top of several billion dollars of Bank of America shares. Berkshire repurchased none of its own stock in the quarter, suggesting that Buffett does not view even his own business's. shares as a deal. Operating benefit from Berkshire's lots of organizations such. as the BNSF railway and Geico cars and truck insurance fell 6% to $10.09. billion, or about $7,019 per Class A share, from $10.76 billion. a year previously. Net income amounted to $26.25 billion, or $18,272 per Class A. share, compared to a loss of $12.77 billion, or $8,824 per. share, a year previously when falling stock prices decreased the. value of Berkshire's financial investments.
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Russia's October seaborne diesel exports struck 13-mth low, LSEG information shows
Russia's October seaborne diesel and gasoil exports was up to their most affordable level since September 2023 at 2.6 million metric heaps struck by seasonal and unplanned refineries upkeeps, LSEG and market sources data show. Offline main oil refining capacity in September stood at 4.496 million lots, lowering fuel production and October port loadings, Reuters estimations based on data from market sources revealed. That rose to 4.6 million loads in October. October seaborne diesel and gasoil loadings to Turkey increased to 1.27 million loads, up 15% from September. Diesel exports to Brazil fell practically by half in October to 0.4 million tons amidst previous plenty products, delivering data revealed. Turkey and Brazil have become the primary importers of Russian diesel considering that the European Union's full embargo on fuel imports from Russia went into effect in February 2023. Diesel and gasoil exports to African countries in October increased by 23% to 0.57 million loads from 0.45 million in September. Senegal, Egypt, Libya, Ghana and Tunisia were among the top importers, delivering data showed. Tankers bring around 220,000 lots of Russian diesel are bound for ship-to-ship (STS) transfers near the Italian port of Augusta and the Greek islands. Those cargoes are underway, and their last locations are as yet unknown.
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Spain mounts biggest peacetime catastrophe recovery operation as death toll reaches 211
The deadliest flash floods in Spain's contemporary history have actually killed a minimum of 211 people and lots were still unaccounted for, 4 days after torrential rains swept the eastern region of Valencia, Prime Minister Pedro Sanchez said on Saturday. In a televised declaration, Sanchez said the federal government was sending out 5,000 more army troops to help with the searches and clean-up in addition to 2,500 soldiers currently deployed. It is the biggest operation by the Army in Spain in peacetime, Sanchez stated. The government is going to set in motion all the resources required as long as they are required. The catastrophe is currently Europe's worst flood-related catastrophe considering that 1967 when at least 500 individuals died in Portugal. On the other hand, volunteers gathered to Valencia's City of Arts and Sciences center for the first coordinated clean-up arranged by regional authorities. The place has actually been developed into the nerve centre for the operation. On Friday, the mass spontaneous arrival of volunteers complex gain access to for expert emergency situation workers to some locations, triggering authorities to devise a plan on how and where to release them. Rafael Armero, 19, who remained in Alfafar, a suburb of Valencia, informed Reuters on Saturday: I have actually been walking around the town for three days helping everyone who requires it. We have a knapsack filled with food and water for anyone who requires it. More than 90% of the homes in Valencia had regained power on Friday, utility Iberdrola stated, though thousands still lacked electricity in cut-off areas that rescuers had a hard time to reach. The storm set off a new weather alert in the Balearic Islands, Catalonia and Valencia, where rains are anticipated to continue during the weekend.
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Serbia opens probe into train structure disaster that killed 14
Serbia ended up a. rescue operation and opened an examination on Saturday into a. roofing collapse that killed 14 people and injured three at a. railway station in the northern city of Novi Sad. At least 2 children were among those eliminated in the. disaster, which happened on Friday when a length of roofing. along the entryway to the station collapsed on a warm day. Rescuers infiltrated the night, using heavy building. machinery, to release the dead and wounded from under the debris. The station in the city about 70 km (40 miles) northwest of. Belgrade went through restorations in 2021 and 2022. Other small. works continued up until July this year when the Transportation Ministry. stated a total of 16 million euros ($ 17.33 million) had actually been. bought the renovation. Transport Minister Goran Vesic stated on Saturday the inquiry,. opened by district attorneys in Novi Sad, would include the state. Traffic Institute, state railway company and the Chinese. consortium that undertook the remodelling work. The investigation will determine ... who made choices and. put seals and signatures, who was in charge of controlling the. ( quality of) works, Vesic said in a TV broadcast. Vesic, state Serbian Railways company, the state Traffic. Institute and the Chinese consortium - China Railway. International Co. Ltd and China Communications Building. Business (CRIC-CCCC), that remodelled the building, all said on. Friday that the part of the structure that collapsed was not a. part of the works. Interior Minister Ivica Dacic stated 20 individuals would be. spoken with by authorities on Saturday in connection with the. disaster, including people from the ministry in charge and the. state railways operator. The documents about the structure will (likewise) be. obtained ... about who made the decisions, Dacic included. Authorities declared Saturday a nationwide day of grieving. The University Medical Center (UKC) in Novi Sad stated in a. declaration that the three injured people remained in intensive. care. On Saturday early morning, individuals brought flowers and toys, and. lit candles near the website. Workers were removing the last. of the debris. I am sorry about individuals and we must make sure for. something like this never to occur once again, stated Hair Gostovic,. 75, a pensioner from Novi Sad. Serbia's opposition, which accuses authorities faithful to. President Aleksandar Vucic of rampant corruption, nepotism and. extreme bureaucracy, required a protest in downtown Novi Sad. later in the day. Vucic, a populist, and his allies reject such accusations. In. a televised address late on Friday the president assured. justice and demanded severe penalty for those responsible.
Turkey cements position as Europe's leading coal-fired power system: Maguire
Turkey has spent eight of the very first 9 months of 2024 as Europe's biggest manufacturer of coalfired electricity, surpassing Germany and Poland as it cranked coal burning for power.
Turkey generated a record 88 terawatt hours (TWh) of electrical power from coal during January through September, according to energy think tank Coal, which was 2% more than during the exact same duration in 2023.
That overall was 28% above the 69 TWh generated in Germany and 36% above the 65 TWh produced in Poland, Europe's next biggest coal-fired power producers.
With power systems across Northern Europe set to make further cuts to coal use in power generation moving forward, Turkey's lead in Europe looks set broaden, and may establish southern Europe as a major center for coal use in the region.
EMISSIONS IMPACT
Turkey's emissions from coal-fired power also scaled new highs up until now in 2024, striking 88.4 million lots of carbon dioxide and 1.5 million heaps more than in the same months last year.
Coal-fired emissions in Germany were 71.5 million tons of CO2, and were 67 million tons in Poland, which in both cases were the most affordable on record for the January to September period.
With coal-fired generation and emissions declining in most other European nations, Turkey's share of the region's. coal-fired use and emissions climbed to a record of just over. 19% so far this year, Ash information shows.
Continued coal burning during the winter season - when need for. heating in Turkey peaks - may push Turkey's share of local. emissions above 20% for the very first time, specifically if power. systems elsewhere continue to curb coal usage during that period.
IMPORT RELIANCE
Around 35% of Turkey's electricity so far this year was. generated from coal, which was the country's largest single. power fuel source.
That share was down from around 37% in 2023, due to higher. output this year from both hydro dams and solar farms which. permitted power firms to lift output from tidy energy sources.
Nevertheless, both hydro and solar output are set to be up to. their yearly lows over the coming winter season in Turkey, which will. force power suppliers to boost coal usage towards year-end to satisfy. system demand.
And Turkey needs to import coal to meet approximately 40% of its. coal-fired needs, due to a persistent shortage in domestic coal. supply compared to domestic coal need.
Over the first nine months of 2024, Turkey's overall coal. imports were 16.7 million metric tons, according to. ship-tracking information from Kpler.
That overall is 5% less than throughout the exact same months in 2023,. but volumes are likely to climb up over the final months of the. year as power companies stock up ahead of peak heating demand.
Russia is Turkey's primary coal provider, accounting for around. 70% of Turkey's coal imports, followed by Colombia, Australia. and the United States.
INCREASING NEED
Turkey's reliance on coal for 35% of its electricity is. greater than the 20% share in Germany and 13% share for Europe. as a whole, but is less than the 56 % coal-share in Poland.
However, Poland's coal share is below near 74% in. 2022, and looks set to continue falling quickly as Poland's. power companies deploy growing volumes of sustainable power throughout the. nation's grids.
In contrast, Turkey's dependence on coal for power looks set. to keep increasing, specifically as the country's overall power need. continues to rise quicker than power firms can raise clean. supplies.
So far in 2024, Turkey's electrical power need has actually climbed by. 5% from the exact same months in 2023, compared to 2.4% growth for. Europe as a whole, 3% development in Poland and 0.4% development in. Germany.
Over the longer term, Turkey's electrical energy demand growth has. outmatched peer nations by an even larger degree.
Turkey's electrical power need has actually grown by 13.3% considering that 2019,. which contrasts dramatically with a 1.7% contraction in electrical power. demand for Europe over the same duration, and an 8.2% contraction. in demand in Germany.
Continued growth in Turkey's export-oriented production. economy looks set to preserve pressure on power companies to keep. developing cheap energy supplies.
Nevertheless, Turkey's economic sector has high levels of foreign. debt that look set to keep business costs in check, and may. suggest that only restricted upgrades to power generation systems may. be seen over the near term.
That suggests that coal's location as Turkey's primary power. source might continue to grow over the near to medium term, and. will likely lead to the nation further widening its coal. use lead over nations elsewhere in Europe.
<< The opinions expressed here are those of the author, a. writer .>
(source: Reuters)