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Freeport LNG Export Plant in Texas reports the shutdown of its liquefaction trains
According to regulatory filings, Freeport LNG, a U.S. LNG company, shut down one of its three liquefaction trains at its LNG export facility in Texas on Tuesday. The plant is?one of?the most closely monitored U.S. export facilities for LNG in the world, because in the past changes in its operation have caused price fluctuations in global gas markets. Gas prices in the U.S. typically fall when flows to Freeport decrease due to a reduced demand for the fuel produced at the export facility. Prices in Europe are usually higher due to the drop in LNG supply available on global markets. The U.S. futures prices fell by 3% on Tuesday, reaching a new six-week low due to a shutdown of the Freeport liquefaction trains. The prices in Europe meanwhile held at a low of 19 months, but not necessarily due to Freeport. Freeport informed Texas environmental regulators on Wednesday that Train 2 was shut down Tuesday because of?a problem with a compression system. Freeport officials had no further comment. Before the news of the 'train shutdown', LSEG stated that gas flows to Freeport would?remain at around 1.9 billion cubic feet per day (bcfd), the same as on average?of prior seven days. Freeport's three liquefaction trains are capable of converting about 2.4 billion cubic feet per day of gas to LNG. A?billion cubic foot of gas can supply five million U.S. households for one day. (Reporting from Anjana Anil, Bengaluru; Scott DiSavino, New York. Editing by Chris Reese & Nick Zieminski.
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US Threatens Countermeasures After EU Fine on Musk's X
The Trump administration threatened on Tuesday a wide range of retaliatory actions against EU service providers. These could include fees or restrictions for foreign services if these firms continue to engage in what the USTR called “discriminatory” practices. In a recent post, the Office of the U.S. trade representative accused the 'EU and its member states of discriminatory and harassing lawsuits as well as?taxes fines and directives that target U.S. Services. It also said EU'service providers operate freely in the U.S. pointing out Accenture, DHL Siemens and Spotify among others. The USTR stated that "if the EU and EU member states?insist?on continuing to?restrict, limit, or deter the competition of U.S. services providers through discriminatory measures, the United States would have no choice but use every tool available to it to counter these unreasonable?measures." The USTR's threat follows a fine imposed by EU tech regulators on Elon Musk’s X social networking platform earlier this week. The USTR's office stated in a post that "should responsive measures be necessary, U.S. laws permit the assessment of fees or restrictions on foreign service, among other actions." It also mentioned other EU service providers Amadeus, Capgemini Mistral, Publicis, and SAP. (Reporting and writing by Ryan Patrick Jones, editing by Costas Pitas).
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BAE Systems reduces stake in Kazakh airline Air Astana
BAE Systems, a British company, announced on Tuesday that it would 'cut its stake in Kazakh airline Air Astana almost by half. The aircraft manufacturer, which holds 16.95% of Air Astana's shares, is selling global deposit receipts that represent?about 8 percent of the outstanding common shares. BAE's main business is to manufacture fighter jets and submarines. In?2001, it invested less than 10?million to fund Air Astana at a time that they were bidding to sell radar systems to Kazakhstan. After its dual IPO in London, and Kazakhstan last year, the?company has reduced its stake from?49% to?39%. According to LSEG, following the latest'sale', BAE Systems is expected to retain its position as Air Astana's second largest shareholder. (Reporting by Unnamalai L in Bengaluru; Editing by Shailesh Kuber and Shinjini Ganguli)
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After years of delay, new Rome metro stations display ancient treasures
After years of delays, and spiraling costs, two new metro stations were inaugurated in Rome on Tuesday. One was near the Colosseum. It showcased archaeological discoveries which?might be tourist attractions by themselves. The driverless Metro C now stretches from the eastern suburbs of the Italian capital to Porta Metronia, the Colosseum and its historic centre. The next plan is to go even deeper into Rome's baroque center, under the Tiber river and on the Vatican. However, the next stop will not be Piazza Venezia until 2032. The archaeologists had to preserve layers of ancient Rome that they didn't know existed. Drilling rigs at Porta Metronia uncovered a military base dating back to 2,000 BC, as well as a residence, complete with frescoed walls and mosaics. These are now preserved in the museum of the station. Workers discovered 28 ancient wells during the Colosseum excavations. They also found hundreds of everyday objects, such as hairpins, oil lamps in phallic shapes, irrigation pipes and knives. Matteo Salvini, Minister of Transport, said that the two stations would travel "around the world" and soon be a hit on social media. These stations will serve commuters and Romans as well as anyone coming from Italy or abroad. "They might ride the metro even though they don't really need it. They just want to enjoy the ride," said he. Long delays, cost increases Metro C in Rome was supposed to connect the two major basilicas of the city by 2000. The line reached San Giovanni Basilica only in 2018 and the Vatican Station near St. Peter's Basilica will not be finished for another decade. The original plan to build 24 stations leading up to the Colosseum cost 2.23 billion euro ($2.63 billion). However, costs have risen past 3 billion euro and the line could reach 6 billion dollars by the time it is completed. Engineers claim that Rome is one of the most difficult cities to build a metro system in, because there are buried archaeological sites which need to be protected and vibrations may damage heritage aboveground. The next stop is Piazza Venezia where a team of construction workers are digging an '85-metre-deep (280 feet) ring that will be filled with concrete reinforced to protect the six underground levels being excavated. Roberto Gualtieri, the mayor of Rome, said that it is worth the effort. He said that without these major works we "would not have discovered the barracks in Porta Metronia. We would never have located these wells and today, we would know far less about our incredible past." Metro C will carry 600,000 passengers per day. This will ease Rome's notoriously bad traffic and allow tourists to travel faster between the major tourist attractions. The current number of passengers is 41,000, but with the new openings that should increase. (Reporting and editing by Ros Russell; reporting by Crispian B.)
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US FAA spends $6 billion on air traffic radar, telecom and other equipment
Bryan Bedford, the head of the U.S. Federal Aviation Administration, said that the agency will spend $6 billion on telecom infrastructure for air traffic control and on radar surveillance systems by 2028. Congress has approved $12.5 billion for the reform of the U.S. aging air traffic control system, and the administration is seeking another $19 billion to complete the project. The FAA air traffic control system has suffered a number of failures including major outages affecting Newark traffic. FAA Administrator Bedford also defended his agency's decision of requiring flight cuts in the midst of a government shutdown. He told a U.S. House Aviation Subcommittee that he will ensure the safety air traffic?in Washington, despite legislation which could allow for more military helicopter flights. Bedford stated that the FAA has compressed radar and telecom modernization into a 3-year timeline, down 15 years. It had also already "transitioned" more than a third of its copper infrastructure onto fiber. Last month, FAA announced that it had selected Peraton, an American national security company owned and operated by Veritas, to oversee the overhaul of the U.S. aging air traffic control system. Congress approved funding following decades of complaints about airport congestion, technological failures, and flight delays. Bedford stated at the hearing that Donald Trump demanded Peraton to accept $200 million less for overseeing the contract than originally planned. Peraton didn't immediately comment. In a report from 2023, it was stated that the FAA’s communication system had been outdated for several years. It also said that many of its systems were no longer able to be repaired. A separate report last year said that 51 of the FAA's air traffic control telesytems were unsustainable. The FAA said Peraton would begin working on initial priorities, such as setting up new digital command centers and converting to modern fiber infrastructure from copper. A report released in October showed that the FAA's 15-billion dollar "Next Gen" overhaul of air traffic control project, which began more than 20 years ago, had been plagued by delays and cost overruns, as well as being less ambitious than originally envisioned. (Reporting and editing by Alexander Smith in Washington, David Shepardson)
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New Czech government takes a tough stand on EU emission rules and migration
In its first meeting, the new Czech government rejected on Tuesday both the EU's migration pact as well as a plan for trading emissions, which could lead to a conflict with Brussels. As promised, the billionaire prime minister Andrej "Babis"?populist ANO and his right-wing ruling coalition partners immediately took aim at immigration and ETS2 emissions trading. The Czech government claims that the EU's ETS2 emissions allowances will increase energy prices and threaten the competitiveness?of?European Industry. Babis said at a press conference that "we will not implement this provision further of the EU directive". He added that his new government, which was sworn in on Monday, would seek allies within the 27-nation block to get the plan scrapped. Babis stated that multiple countries demanded?changes, and that his government had a plan on how to proceed. He did not elaborate. A TOUGHER POSITION ON MIGRATION Babis' government could face infringement proceedings, a possible loss of EU funding and financial penalties if it rejects the agreed EU policies. Babis' cabinet called for a more aggressive stance against migration to the Czech Republic. It also demanded a stricter return policy and more stringent EU migration rules. Babis did not provide any details on the impact of the government's refusal to sign the migration pact. The EU's Migration Pact, which is due to take effect in 2026, will rewrite the rules on how illegal migrants are handled. The "solidarity measures" include relocating migrants to other countries, or providing financial and operational assistance. The Czech Republic was exempted for the next year from any payments of solidarity due to its?acceptance of 400,000 Ukrainian refugees. The Czech Republic, and other Eastern European countries have long refused to accept migrants from Brussels. Most of them want to settle in the wealthier Western EU states. (Reporting and editing by Gareth Jones, Jan Lopatka, Jason Hovet)
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Russia claims that Zaporizhzhia Nuclear Plant runs on a single power line
According to its 'Russian management', the Zaporizhzhia Nuclear Power Plant in Ukraine is currently only receiving electricity via a single of two external power lines. The management stated that the other line had been disconnected due to military activities, and added that radiation levels were?normal. The repair work will start as soon as possible. Since March 2022 when Russian forces seized much of the southeast Ukraine, this nuclear plant, Europe’s largest, has been under Russian control. It is not currently producing electricity, but it relies on external energy to keep the material cool and prevent a meltdown. Both sides have accused each other of destroying the facility. The facility experienced two complete 'power outages' earlier this month, but it was later reconnected. The plant had to rely on diesel generators for 30 days in September and October, but a damaged power line was repaired during a local truce arranged by the U.N. Nuclear Agency.
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Polish power grid targets zero-emissions transmission network by 2035
PSE, the Polish power grid operator, said Tuesday that it plans to transform Poland's transmission system into a zero-emission mix of energy by 2035. This is part of a longer-term strategy. PSE stated that it would need to integrate 80 gigawatts of new renewable energy capacity by 2034, and 15 gigawatts of storage. Even though coal's share in electricity is declining, conventional plants can still be used to provide backup power for intermittent power sources, and stabilise the?frequency? during power outages. In a recent statement, PSE's chief executive Grzegorz?Onichimowski said: "We need to prepare the system for stable grid operation without conventional energy sources. They will still be required, but they are primarily needed to maintain energy balance in periods of lower renewable energy production." PSE plans to manage grid-connected systems in 2030, with 1.5 million?prosumer installation - homes that produce and consume electricity, like those with solar panels. PSE will also implement grid forming measures in order to integrate intermittent sources and stabilise voltage and frequency. Grid said that "failure to adapt operational mechanisms to the reality of a system with high renewable energy share led to one the most severe power outages in Europe - the blackout on Iberian Peninsula." PSE reported that a complete blackout could result in 'economic losses up to 40 billion Zloty ($11.13billion) per day. PSE will examine the feasibility of constructing new cross-border links and expanding the existing ones, including increasing the capacity of the cable undersea with Sweden. By February, the grid will have implemented a model for infrastructure protection. ($1 = 3.5934 zlotys) (Reporting by Marek Strzelecki, Editing by Louise Heavens)
JD Vance makes an economic case in Pennsylvania, as U.S. citizens worry about costs
U.S.? Vice President JDVance visited Pennsylvania's Lehigh Valley Tuesday to try to boost the dour spirits of Americans. This comes a week after Donald Trump's comments in this same battleground state went off topic.
The visit was part of a larger 'White House' effort to sharpen the economic message, as Republicans seek to retain power during the midterms. This is despite signs that voter dissatisfaction over cost has been undermining the party's standing in spite of upbeat rhetoric by the administration.
Vance stated that "even though we have made tremendous progress, there is still a lot of work to be done. I would ask the American people for a bit of patience."
Analysts say Vance's policy-focused and disciplined approach could help him make a stronger case for the economy than Trump. Trump excels at winning over his party base, but has trouble convincing people beyond that.
"Trump is aware of one thing: He speaks well to his base. JD Vance is able to stick to his prepared arguments and the subject. It's impossible," said Larry Sabato a professor of Political Science at the University of Virginia. Trump delivered a speech at a Pocono Mountains casino in Pennsylvania on December 9th. It was the first of a series to respond to criticisms that he wasn't paying enough attention to voters complaining about?high prices. The 90-minute speech was a scathing attack on the transgender movement, Somali migrants living in Minnesota, and wind turbines. Trump also called the term "affordability", a Democratic hoax designed to inflate the cost of living, a sham. Trump acknowledged that prices were high but insisted on the booming economy and higher wages for people. The U.S. economy continues to grow steadily, but inflation continues pinching households. Many Americans are feeling the pinch as wage increases have not kept pace with living costs. In November, consumer confidence dropped to its lowest level in seven months.
Vance will visit a huge Uline distribution center near Allentown, Pennsylvania before making remarks. Uline's billionaire owners, Liz and Dick Uihlein are among Trump's most generous political donors. They have contributed tens and millions of dollars to Trump's?campaign, and other causes.
The Trump Administration delivers real affordability to working families. After years of Bidenflation costs are dropping, jobs are returning and economic confidence has been restored, said Republican National Committee spokesperson Kristen Cianci.
Mike Barnes, 40, a warehouse worker from the Lehigh Valley said that the last few decades have been difficult for his family. He noted that high utility and food costs have offset any wage increases. He said that he believes Trump's actions in the first year will be beneficial to working Americans.
"The media expected Trump to stick to his message, but the majority of Trump supporters like his freewheeling manner. Barnes stated that he thought the vice president was a good compliment to Trump, and the two were a great team in spreading the message.
Julian Zelizer is a Princeton University presidential historian. He said Vance’s economic salesmanship would focus on specific arguments, and will draw more clearly from right-wing political thought.
He said that reporters would focus less on style and performance and more on arguments.
Zelizer stated that Vance might be better equipped to argue the case for economic policy. However, the stakes were high for both the Republican Party and the Obama administration.
He said, "They are currently struggling as their economic policies don't match up to the positive rhetoric they keep delivering." (Reporting by Jarrett Renshaw, Writing by Trevor Hunnicutt, Editing by CaitlinWebber Michael Perry and ChizuNomiyama)
(source: Reuters)