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Spanish police arrest a group accused of forcing migrants to slave-like labor
The Spanish police have broken up a criminal gang accused of bringing hundreds of illegal foreign workers to farms in eastern Spain under conditions that the Interior Ministry called inhumane and slave-like. In a police statement, they said that officers had arrested 11 people, and identified over 300 potential victims. Many of these were from Nepal. The suspects had entered the Schengen Area on tourist visas, before being transported to rural areas of provinces like Alicante and Valencia. In raids conducted in Albacete, the police also confiscated cash, fake documents and mobile phones. Police said that migrants were sleeping on the floors, paying exorbitant fees for transport, rent and food and being crammed into rooms with poor ventilation. Many worked 12 hours or more a day, and in some cases received no pay at all. This is what rights groups call forced labour. Police said that at least one Nepalese died in one accident involving vans being used to transport migrants, despite the lack of basic safety standards. (Reporting and editing by Andrei Khalip, Ed Osmond and Jesus Calero)
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Horizon Aircraft selects Motion Applied as F1 supplier for flying taxi motor systems
Canada's Horizon Aircraft is working on a hybrid electric vertical takeoff-and-landing aircraft. It announced Thursday that it had partnered with UK company Motion Applied in order to design a critical component for the flying taxi. The partnership will be focused on developing a custom motor-drive inverter for Horizon Cavorite X7 aircraft. This aircraft is expected to have a maximum of seven passengers, and a range up to 800 km (497miles). The inverter is a silicon carbide unit that weighs less than 3 kg and has an air-cooled cooling system. It will control electric motors. Motion Applied is a spin-off from McLaren Group, which will be spun off in 2021. It will then be rebranded as McLaren Applied by 2025. Motion Applied supplies engine control units for several motorsports series, and also makes charging equipment for electric vehicles. The deal highlights the growing activity in eVTOL, where companies compete to secure regulatory approvals and lock in their suppliers for what they perceive as a future urban transportation market that is faster and lower in emissions. Cavorite X7 will be ready for its initial flight test around the middle of 2027. A certified aircraft is planned to enter production by 2030. Horizon, unlike some U.S. air taxi companies, like Joby and Archer that focus on all electric models, is betting on hybrid technology. It selected Pratt & Whitney Canada’s PT6A engines for the hybrid-electric power system of the aircraft in October. Motion Applied is also supporting Horizon with the development of a full-scale aircraft prototype and its certification program.
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Irish GDP grows by 2.3% in the third quarter
Central Statistics Office data show that Ireland's economy grew 2.3% in its third quarter, compared with the previous three-month period. The more volatile Gross Domestic Product (GDP), however, was down 0.3% following a surge at the beginning of the year. Officials prefer to measure the strength of Ireland's economy using modified domestic demand, or MDD. The growth in the quarter was almost exclusively driven by an increase of 8.3% in modified investments. MDD has increased by 4.1% in the last year, while the GDP, which in recent years has diverged from domestic activity, is 15.8% higher in the first nine month of the year, thanks to an increase in pharmaceutical exports. Many of the biggest multinational pharmaceutical companies in the world have facilities in Ireland where they produce active ingredients for the U.S. Some reported Stocking up The first quarter Irish economy grew ahead of the threatened tariffs earlier in the year. euro zone Exports from Ireland to America jumped in September, keeping GDP at a high level. While personal consumption is expected to grow by a healthy 2.9% in 2025 it was down from July to Septembre and only rose 0.1%. Spending on goods and services were flat, and spending on both services and goods was slightly up. CSO stated that the increase in modified investments was due to an increased purchase of aircraft and software, as well as increased research and development by domestic companies. Irish airline Ryanair is Europe's biggest by passenger number, according to a report a quickening The delivery of new Boeing aircraft during the third quarter is likely to have contributed to the increase in investment in the economic. The Irish finance ministry increased its MDD forecast for the coming year in October to 3.3%, up from 2%. This was after the economy had shrugged off the impact of increased U.S. Tariffs on the European Union. (Reporting and editing by William James, Ed Osmond, and Padraic Halpin)
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Oil exports from Russia's Black Sea ports fell in November due to storms and drone attacks
Three industry sources said that oil exports from Russia's Black Sea port of Novorossiysk, and the CPC terminal, fell around 1 million tonnes short of schedule during November due to severe storms, drone attacks and disruptions in loading operations. The sources reported that Novorossiysk's scheduled loadings of Urals crude, Siberian Light, and KEBCO crude for November were around 3.2 million tonnes, but the actual exports only reached about 2.5 million tons. One source stated that "Novorossiysk continues to load November (scheduled cargoes), with operations expected continue until December 7." Two sources also reported that CPC Blend oil shipment delays were experienced, with two Suezmax cargoes containing approximately 300,000 tonnes being pushed into December. These delays are a result of recent attacks against critical Black Sea port infrastructure including the Sheskharis Terminal in Novorossiysk, and the CPC Terminal in Yuzhnaya Ozereyevka. According to sources, Russia's oil export plans for December are already significant. Additional volumes that were postponed in November may result in additional rollovers into the month of January.
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Washington Post reports that Amazon is exploring cutting ties with USPS
Amazon plans to end its longstanding partnership with the U.S. The Washington Post reported Thursday that Amazon is preparing to expand its nationwide distribution network as it prepares to expand the ecommerce company's delivery network. Report: The top postal customer is the online retailer, which will provide more than $6 billion annually in revenue by 2025. The move could have a major impact on the financial prospects of the independent government agency, which has relied heavily on contracts with large customers like Amazon to drive growth despite heavy losses. USPS reported a $9.5 Billion loss last year. It has accrued more than $100 Billion in losses since 2007. This is despite major restructuring and legislative reforms. By the end of 2026, the e-commerce giant will be preparing plans to stop sending billions of parcels through the post office. Reports said that the plans were not finalized and may change. The report could not be verified immediately. Amazon and USPS didn't immediately respond to comments. Reports state that Postmaster General David Steiner and Amazon CEO Andy Jassy met virtually on November 14th, with the hope of reaching an agreement. Reporting by Ruchika Kachwala and Zaheer Kachwala in Bengaluru, Editing by Joe Bavier and Shailesh Kumar and Leroy Leo
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Maguire: The countries in Europe most affected by the Russian gas phase out are Maguire and ROI.
Due to the wide variation in country dependence on gas and their ability to switch to alternative suppliers, some countries will be more affected than others by the European Union's plan to phase out Russian gas imports. Hungary and Slovakia, two landlocked countries that are heavily dependent on gas to power their industries and generate electricity, are considering legal action against EU. In the months to come, the EU hopes to see more opposition and refinement of the final plan. Below is a breakdown on the most gas-dependent countries in Europe and regional trends for gas imports. This can help to identify potential disputes among affected countries. Total Energy Needs Some countries are more dependent on gas than others. While Germany is the largest consumer of natural gas on the continent, it ranks 8th in the region when it comes to the share of gas in total energy supply. According to the Energy Institute, Italy will be Europe's gas-dependent economy in 2024. Its total energy supply will come from natural gas at 38%. In terms of the share of total energy supplied by gas, the Netherlands, the United Kingdom, Ukraine and Hungary round out the top 5. Six major European countries depend on natural gas to provide 30% or more of their total energy, so it is justified that they are resisting policies which threaten to reduce these supplies and hinder power production and industrial activity. SWITCH-OUT EZ EASE Nine of the 10 countries in Europe that are most dependent on gas in terms of energy supply have direct access major ports, which could theoretically allow imports of LNG. Only Hungary, a landlocked country, lacks the seaport needed to build a LNG import terminal. This partly explains the opposition of the country to the EU directive to phase out Russian gas imports. Slovakia, which depends on gas to provide about a quarter its energy, has similar geographical constraints as Hungary, and therefore felt compelled join Hungary in opposing the EU plan. Due to the distances between import terminals and the limited pipeline connections with other exporters, other heavy gas users from Central Europe such as Croatia, Austria, and Romania face similar economic challenges when it comes to accessing non-Russian supplies. PREMIUM LNG Even countries with a large number of LNG import terminals will find it difficult to switch from Russian gas. Russian gas is not always available at the lowest prices but it costs less than LNG. The prices of Russian gas and U.S. Liquefied Natural Gas tend to change over time. Exporters tend to be very secretive about the exact details. Nevertheless, estimates by the industry have placed Russian pipeline supply at between $6 and $8 per million British Thermal Units (MMBtu). LNG imports into Europe are priced between $12 and $15/MMBtu, which is roughly 50% higher than Russian pipelined supply. In recent months, the European LNG market has seen a drop in prices due to the fierce competition between LNG exporters. This has led to a reduction in the price differential between LNG and pipelines for existing buyers. LONG-TERM SOLUTION? If European countries want to replace Russian pipeline supplies permanently, they must continue to be a large and regular LNG importer. According to Kpler's data, the total imports of LNG in Europe have reached 284 billion cubic metres so far this year. This is a record, and represents a 23% increase over 2024. The strong increase in LNG imports has given LNG exporters a boost. Many plan to expand LNG export capacity during the next few years, assuming that LNG imports will continue to grow. The current LNG import frenzy is not sustainable, as the import tally for this year is only 0.3% higher than the import total of Europe in 2023. Gas demand in Europe is at risk of being limited by the rapid growth in non-fossil energy generation over the last five years. Ember data shows that the generation of clean electricity in Europe has increased over 11% since 2019. The generation from fossil fuels has decreased by 15%. Even if the Russian supply is phased out in accordance with the plan, a continuation of these trends would still limit the growth potential for LNG exports to Europe. In the short term, however gas will continue to play a vital role in Europe, both for electricity production and industrial processes. Even though social and government pressure is mounting to reduce purchases of Russian gas, many utilities and businesses in Europe are heavily dependent on it for their daily operations. They will not be forced to do without. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Panama's Copa suspends its flights to Venezuela citing a signal problem
Copa Airlines, the Panamanian airline, has suspended flights on Thursday and Friday to and from Venezuela’s capital Caracas due to a navigational signal problem reported by its pilots. In a late-Wednesday statement, the company said that this issue had not compromised flight safety. Why it Matters Copa has joined a long list of international airlines that have suspended flights to Venezuela, including Iberia and TAP. * The airline described this issue as intermittents in a navigational signal and referred to the suspension of service as a "preventative" measure. * The carrier said that it is evaluating the current situation and would provide updated information within 24 hour. CONTEXT The U.S. Federal Aviation Administration warned that flying over Venezuela could be "potentially dangerous". International airlines have suspended flights. (Reporting and writing by Elida Moreno, Aida Pelaez Fernandez, Editing by Gabriel Araujo).
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Australian unions back Woodside's Pluto LNG 2.
According to the results published on the Offshore Alliance's Facebook page, on Thursday, 99% of members voted for a strike at Woodside Energy Pluto LNG 2. Separately, the Electrical Trades Union reported that around 400 members voted for protected industrial action (a legal strike) at 99%. The representatives of the workers will discuss with their members what action they will take. A strike may slow down work on Pluto 2, an expansion of a facility in Western Australia’s Pilbara Region that will add 5 million metric tons. Woodside hopes that it will ship its first cargo of liquefied gas from Pluto 2 by the second half 2026. The Offshore Alliance wants a pay increase of 30%, claiming that workers at Pluto 2 receive 30% less per hour for the same work than they did at the Wheatstone project operated by Chevron. The Alliance, which includes the Maritime Union of Australia, the Australian Workers Union and the Australian Workers Union said that in November, salary negotiations with contractor Bechtel were deadlocked and that the next step was to strike. At the time this article was written, the results of the ballot had not yet been published on the FWC's website. The Commission approved the ballot late in November, a few days after unions had applied for protected industrial actions. Electrical Trades Union, along with two other unions, also applied for PIA. They were granted the right to vote their members. Bechtel has argued against the Offshore Alliance voting members and said that the Alliance shouldn't be intruding on traditional onshore construction.
Nexus, an Indian venture capital firm, has closed a $700 million fund for AI and consumer startups
India's Nexus venture partners announced on Wednesday it had closed a $700-million fund to support AI, enterprise software and consumer fintech startups.
Venture capital firm Invested in Zepto, Rapido and Zepto.
Nexus, through the fund, is betting on the growing consumption boom of the fourth largest economy in the world, where quick commerce, which promises to deliver iPhones and groceries within 10 minutes, as well as e-commerce, are increasing.
The company also intends to concentrate on artificial intelligence. This sector has attracted billions of dollars in venture capital and tech giants.
Nexus, founded in 2006, was the first Indian venture-capital firm to invest in software startups based in India and the United States. (Reporting from Nandan Mandayam in Bengaluru and Haripriya suresh; editing by Vijay Kishore).
(source: Reuters)