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Four tankers, which had left Venezuela in "dark mode", are now back in its waters
Four tankers, the majority of which were loaded, left Venezuela early in January in "dark mode" - that is, with their transponders turned off despite a "strict" U.S. blockade. According to the state company PDVSA, and the monitoring service TankerTrackers.com, the blockade is now in place. Last month, a flotilla consisting of at least three empty ships and a dozen vessels with cargo left Venezuelan waters. This was in apparent defiance to an embargo that President Donald Trump imposed on Venezuela since mid-December. The U.S. seized the?supertanker M Sophia with a Panamanian flag this week as it returned to the country. Another Aframax Tanker Olina, flying a Sao 'Tome and Principe flag, was also?intercepted, but was released to Venezuela Friday by state company PDVSA. Tankertrackers.com spotted three more vessels in Venezuelan waters on Friday night through satellite images. These were the Panama-flagged Merope and Cook Islands-flagged Min Hang, as well as Panama-flagged Thalia III. U.S. authorities had announced on Friday that Olina, formerly known as Minerva m, would be released. They said that the next step in the negotiations between Caracas, Washington and the U.S. for a $2 billion oil deal would be to begin organized crude exports. Donald Trump, the U.S. president, said that arrangements had been made for a supply of oil in a meeting with executives from top oil companies on Friday. Sources said that Vitol, Trafigura and other global trading houses received the first U.S. licensing to carry Venezuelan exports and to negotiate with Venezuela. Naphtha is also expected to be supplied to the OPEC nation, according to sources. Marianna Pararaga, Julia Symmes Cobb and Marianna Parraga contributed to this report.
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Kyiv scrambles after Russian attack to repair the damaged power grid
Kyiv’s heating and water systems were restored after they had been briefly turned off on Saturday due to a particularly cold day. Engineers scrambled for stabilisation of a power grid that was pushed to its limits by a series of Russian airstrikes, including the one from two nights ago. Since the Russian invasion of Ukraine in 2022, Russia has been bombarding Ukraine's power system with intense force. This has caused blackouts that last for several hours each day in many major cities. The heat and water infrastructure has also been severely affected over the past few weeks. This is a growing concern as temperatures have already dropped below minus 10 degrees Celsius. Around noon local time (1100 GMT) on Sunday, the city administration announced that Ukrenergo, the state grid operator, had ordered that the city's power system be shut down. The water and heating systems, as well as the?electrified transport would stop working. Ukrenergo reported that engineers had resolved the immediate problem, caused by previous Russian attacks, and power was returning to parts of Kyiv within an hour. The Prime Minister Yulia Svyrydenko stated that the heating system in Ukrainian cities, which pumps hot water into homes through pipes and is centralised, will also be re-started. She said she expects heat to be restored to all homes on Saturday. She said, however, that power was still a problem in the capital, because the grid had been badly damaged and more people were using electric heaters due to the cold. After the latest Russian missile and drone attack on Kyiv, about 6,000 apartment blocks were left with no heating as bitter cold settled in. Vitali Klitschko, the mayor of Kyiv, said that half of these blocks had their heat restored by Saturday. However, it was then shut off again because there was a problem with the power grid. (Reporting and editing by Max Hunder, Emelia Sithole Matarise and Mark Potter)
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Ethiopia starts construction of the 'African's largest airport' worth $12.5 billion
Ethiopian Airlines officially began a $12.5billion construction project on Saturday for what officials claim will be Africa's largest airport when completed in 2030. The airport is located about 45 km (28miles) south of Addis Ababa. Abiy Ali, Prime Minister of Ethiopia, said on X that "Bishoftu Airport International will be the biggest aviation infrastructure?project? in Africa's?history". The airport has space for 270 planes, and can accommodate 110 million passengers per year. Abiy stated that the airport will reach its capacity in two to three years. Abraham Tesfaye, Director of Infrastructure Development & Planning at the airline, told reporters that it would finance 30% of the project and lenders would finance what's left. He said that the earthworks are expected to be finished in one year. The main contractors will begin work in August 2026. The initial estimate for the project was $10 billion. The African Development Bank is another creditor. Last August, it announced that it would lend $500 millions and lead efforts to raise $8.7 Billion. Abraham stated that "lenders from Middle East Europe China and USA showed strong interest in financing the project." Ethiopian Airlines is Africa’s largest airline. Ethiopian Airlines has added six new routes by 2024/25 and revenues are increasing. (Written by Tim Cocks. Mark Potter edited the text.
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Boeing's largest 737 MAX aircraft model is moving to the next certification stage but still faces obstacles
According to a source familiar with the program, the Federal Aviation Administration approved Boeing's biggest variant of the best-selling 737 MAX, the 'MAX 10', to move on to the second phase flight testing for the plane's much-delayed certification. Both the company and FAA declined comment. Boeing executives previously stated that they expected to complete certification for the MAX 7 & 10, the smallest & largest variants of this popular single-aisle aircraft, by the end of this year. Cirium, an aviation data analytics company, reports that the MAX 10 has over 1,200 orders in its backlog. Boeing has faced delays in the certification of its MAX 7 & MAX 10 models due to a 'deicing issue. Boeing has also experienced delays in certifying the widebody 777X. Boeing received FAA approval in October to increase 737 MAX production from 38?planes a month to 42. This ended a '38-plane limit that had been in place since January 2024. The MAX 7 is the shortened version of two existing types, the MAX 8 & 9, which have already accumulated thousands of flight-hours. Analysts believe that Boeing's cash flow and revenue will increase significantly if it begins deliveries of the MAX 10. DEICING ISSUES UNRESOLVED According to a source, the MAX 7 was not approved by the FAA. The FAA's phase two flight tests include the aircraft avionics and?propulsion, but not the deicing problem. The MAX 10 is competing with Airbus A321neo, and the longer its delayed, the more it risks losing market share. Alaska Airlines has ordered 105 MAX 10 aircraft this week. Alaska CEO Ben Minicucci is confident that the MAX 10 can be certified by this year. Scott Hamilton, principal at the Leeham Company and aerospace analyst, said: "It is progress but not until (the MAX?10) has been certified." Boeing's Everett plant in Washington cannot begin production until there is a clear pathway to certification, according to Hamilton. Reporting by Dan Catchpole and David Shepardson, Washington; editing by Rod Nickel
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CANADA-CRUDE-Discount on Western Canada Select narrows for first time since Maduro capture
Western Canada Select's discount to North American benchmark West Texas Intermediate futures has narrowed for the first time since the capture by the U.S. of Venezuelan President Nicolas Maduro. WCS for Hardisty, Alberta delivery in February settled at $14.80 per barrel below U.S. benchmark WTI according to brokerage CalRock. This compares with $15 on Friday. In the wake of Venezuela's crisis, the discount on heavy Canadian crude has increased by more than 12 percent. This is because an increase in Venezuelan barrels would be able to compete with Canadian heavy oil that is similar in quality in the U.S. Gulf Coast in the long term. The WCS 'forward curve' has widened most in June, July, and December. This could indicate that the market believes Venezuelan supplies will start to increase in the second half of this year. TD Cowen stated that 'Canada has other factors in its favor which could help to prop up WCS Prices if they are under pressure. These include low 'oil inventories' in Alberta, a depleted Strategic Petroleum Reserve in the United States, and the possibility for Chinese refiners to replace Venezuelan supplies with Canadian cargos. Prices of oil rose by 2% in the past week due to growing supply concerns linked to protests intensifying in Iran, a major oil producer, and escalating attacks in Russia's Ukraine war. (Reporting from Amanda Stephenson, Calgary; editing by Shilpi Magumdar)
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North Korea claims that a South Korean drone violated its airspace on January 4,
According to KCNA, North Korea claimed on Saturday that South Korea had violated its sovereignty by flying another drone in its airspace on 4 January. KCNA, citing a North Korean military spokesperson, reported that the drone was shot down after it flew '8km (5miles) in North Korean airspace. KCNA reported that the drone was equipped to'record important North Korean installations. Photos posted on KCNA show a drone in pieces, electronic components and aerial photos that KCNA claimed the drone took. "Even if a new regime is in place, (South Korea) continues to use drones for provocations near its border," KCNA stated. It called South Korea "its most hostile enemy". North Korea has rejected all attempts to reassure it by the administration of South Korean President Lee Jae Myung since June. Lee had promised to re-engage with Pyongyang in order to defuse tensions. KCNA reported that South Korea will "pay a heavy price" for the escalating tensions. A spokesperson for the South Korean government did not respond immediately to a request for comment. North Korea had previously accused South Korea of sending a drone to Pyongyang, in October 2024. Yoon Suk Yeol, the former president of South Korea, was accused by Seoul's Special Prosecutor in late 2014 that he ordered the Pyongyang Drone Operation to use the military tensions between Pyongyang & Seoul as justification for declaring martial law. Yoon's legal counsel has said that the act of performing the duties of the president cannot be considered a crime. (Reporting and editing by Edmund Klamann, Alistair Bell and Joyce Lee)
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Forgent Power, a manufacturer of electrical equipment, has revealed a surge in US IPO filings
In its filing to a U.S. Securities and Exchange Commission, electrical equipment manufacturer Forgent Power Solutions reported a 83.9% increase in its?quarterly revenues. Initial public offerings were held on Friday as more issuers sought to gauge investor interest in the early part of this year. In 2026, the IPO market is likely to grow as investors gain confidence from anticipated interest rate reductions and increase their appetite for risk. Companies that delayed listing during a prolonged shutdown of government are rushing to list early in the new year. Bob's Discount Furniture, a furniture retailer, and biopharmaceutical firms Eikon Therapeutics, Veradermics filed for U.S.-based IPOs on Friday. PicPay, a Brazilian digital bank, filed its IPO earlier this week as the market began to heat up after the holidays. Forgent Power plans to list at the New York Stock Exchange with the ticker "FPS". The Dayton, ?Minnesota-headquartered company reported a net income of $15.6 million on $283.3 million revenue for the quarter ended ?September 30, compared with a profit of $7.3 million on $154 million ?revenue in the same period a year earlier. Forgent Power, a manufacturer and designer of electrical distribution products, is used in data centers, power grids and energy-intensive industrial installations. They offer panelboards, switches and 'power distribution units', amongst other electrical products. Goldman Sachs is the lead underwriter for this offering. Jefferies, Morgan Stanley and Goldman Sachs are also involved. Reporting by Prakhar Shrivastava, Bengaluru. Editing by Shilpimajumdar and Alan Barona.
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Russian drone strikes hit two foreign vessels in Odesa region, Kyiv says
Ukraine officials reported on Friday that Russia had attacked two civilian boats with drones, one of which was flying a foreign flag, in the southern Odesa area, killing a Syrian citizen and injuring a second. In the last two month, Moscow has intensified its attacks on Ukraine's sea export routes in retaliation to attacks on tankers of Russia's "shadow fleet", which were heading there to export oil. Oleksiy Kuleba, Deputy Prime Minister, said in a press release that a ship was sailing along Ukraine's export route to pick up grain cargoes at the port Chornomorsk. The ship was flying the flag of St. Kitts and Nevis. One of them, near Odesa, was flying the Comoros Islands?flag and carrying soybeans. Deep-water ports in Odesa are vital for Ukraine's heavy-commodity economy to export their products. Kuleba wrote: "This is another indication that Russia deliberately targets civilian objects, international shipping and logistics for food." He shared images of ships with the names "Ladonna" and "Wael K" on their hulls. MarineTraffic is a website that tracks ships. According to the site, the Ladonna, a bulk carrier with a Comoros flag, measures 157 metres. The Wael K, on the other hand, is a general cargo vessel measuring 115 meters. The Ukrainian?seaport Authority told reporters on Wednesday that in 2025, the number of Russian attacks against?ports within the Odesa Region will almost triple from the previous year.
VTB CEO: Russian banks ready to restructure Russian Railways debt
VTB CEO Andrei Kostin said in an interview that Russian banks were willing to restructure Russian Railways' debt, as long as their central bank did not increase the reserve requirements on these loans.
The Russian government is examining different options to support Russian Railways. This company, which is the largest employer in the country, has accumulated a debt of 4 trillion roubles ($50.8 billion), according to a report on Nov. 25,
VTB is the second largest Russian bank and Russian Railways' largest creditor. The bank's top managers participate in weekly government discussions on how to handle the debt. These meetings are attended by officials from the central bank.
Kostin stated that banks are willing to restructure and defer payment of loans, as long as the central bank doesn't increase reserve requirements. (Reporting and editing by Guy Faulconbridge; Elena Fabrichnaya, Gleb Bryanski)
(source: Reuters)