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Sheinbaum under pressure over megaprojects after Mexico train derailment
Mexico's president Claudia Sheinbaum deferred Tuesday questions about the?record of a passenger?train that derailed at the weekend, killing thirteen people and injuring another 98. This was the latest of several accidents that put pressure on the?government? to improve the safety on flagship projects. Opposition lawmakers have demanded an investigation after questioning the conductor, who survived. Sheinbaum told her Tuesday regular press conference that the prosecutor's office had already interviewed several people, including the operator. They will need to report on what happens next. This is the third train crash this year in Mexico. Two derailments have occurred on the new tourist-oriented Mayan Train on the Yucatan Peninsula. In both accidents, no one was injured. Mexico's military operates the Mayan Train as well as the Interoceanic Train, both of which derailed on the Sunday. This has led to some questioning its role in delivering safety to flagship infrastructure projects. Gustavo Flores Macias is the dean of University of Maryland School of Public Policy. He said that the government should pay close attention to the safety record of the railroad and take great measures to find out the cause of this derailment. According to?local media outlets, the crash occurred as the train was rounding a curve. The crash occurred on the Interoceanic Railway of the Isthmus of Tehuantepec - a narrow strip of land that connects the Pacific Ocean to the Gulf of Mexico. The railway is part of the Interoceanic Corridor project, launched by Sheinbaum’s mentor and predecessor, former president Andres Manuel Lopez Obrador in 2023, to create an alternative to Panama Canal. The project was also accused of a lack of oversight, corruption and possible conflicts of interest. In a report for 2020, the federal audit office of Mexico reported irregularities, including an overpayment of materials, in four Interoceanic Train contracts. Local media outlets reported after the crash that Lopez Obrador’s sons’ associates could have benefitted from government contracts related to major infrastructure projects. This includes the Interoceanic Train. Lopez Obrador denied the allegations, calling them political motivated. The opposition lawmakers demanded an independent investigation of the accident. Alejandro Moreno of the Institutional Revolutionary Party (PRI) urged the government not to allow any projects to be undertaken that are linked to former President's sons or their business partners. Senator Mario Vazquez, of the National Action Party (PAN), called the derailment a "criminal neglect." Antonio Ocaranza is a Mexican political consultant who believes that the accident could undermine Sheinbaum’s infrastructure plan. "The discussion around this accident could lead to a wider and more damaging conversation regarding other projects," Ocaranza stated, pointing out the Mayan Train as well as the Olmeca Refinery, two megaprojects that have ballooning budgets. He said that if accidents became more frequent, and their causes were deemed to be unreliable then there would be an increased level of public scrutiny as well as a greater cost for the government. (Reporting and editing by Emily Green, Rosalba o'Brien and Raul Cortes)
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Europe stocks close at another record high as banks and miners lead
The European stock market closed at a record level for the second consecutive day on Tuesday. This was boosted by commodity-linked stocks and banks, but gains were limited by thin trading in the year-end period. The pan-European STOXX 600 index rose by 0.6% to?592.78, moving ever closer to 600 points. Aerospace and Defence gained 1.4%, while banks jumped 1.3%. The defence index is on track to achieve its largest annual gain since 1996 despite the fact that it has been easing off since October. This is due to increased defence spending pledged across Europe. STOXX 600 rose 1.7% as basic resources continued to rise, with silver and gold stabilizing after a sharp decline from record highs. Energy increased by 0.7%. Oil prices rose by more than 2% the previous session, after Russia accused Ukraine for attacking the residence of President Vladimir Putin. Investors were looking for clearer signals about peace talks in Ukraine. Technology rose 0.7%, while all STOXX 600 indexes were green. The benchmark index for London and Germany both rose by 0.7%. The index is on track to achieve its best annual performance since 2021 as 2025 approaches. This is due to the combination of falling interest rates, Germany’s commitment to fiscal growth, and investors moving away from high-valued U.S. tech stocks. Danni Hewson is the head of financial analyses at AJ Bell. On Wednesday, many European exchanges are closed. Others, such as London and Paris will have shortened sessions in advance of the New Year's holiday. Trading is expected to be light due to the holiday-shortened week. Investors are relying on the U.S. Federal Reserve meeting minutes for the December meeting, which is due later today. Kathleen Brooks is the research director for XTB. She said, "The market mood for European equities at present is'very positive and strong. We expect to see more of this strong performance for 2026, especially for European banks and defence stocks." Fresnillo, a stock that is not included in the benchmark index, climbed by?6,8%. Citi analysts maintained a Buy rating for the stock, but raised the target price. Airbus climbed 1.5% after Air China's s Signing an agreement The planemaker will purchase 60 A320NEO aircraft in a deal valued at around $9.5 billion, based on list prices. (Reporting and editing by Ragini Mathematics in Bengaluru, Harikrishnan Nair, Louise Heavens and Rashmi aich)
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Travel chaos caused by power failure in the Channel Tunnel
A power failure caused the suspension of train services in the Channel Tunnel, which connects Britain with continental Europe. This has created chaos during peak travel times for winter holidays. A fault in overhead power supply caused a 'disruption' that disrupted plans for thousands of?passengers? in London, Paris and Amsterdam, during the busiest week of travel of the year. Eurostar, the high-speed rail operator, posted a statement at 1530 GMT on its website stating that the tunnel of 50 km (31 miles) was partially reopened. Services were gradually resumed. It warned passengers, however, that the fault continued. Eurostar said that it strongly recommended that passengers delay their travel dates. Getlink, the company that operates tunnel infrastructure, as well as the Le Shuttle service for cars and trucks, has announced that repairs are being made to the power supply and traffic services in both directions have been slowly restored. Getlink stated that the problem was a "technical issue" and there was no suspicion of foul play or sabotage. It added that additional services would be activated Tuesday evening and on Wednesday to help clear up the backlog. The disruption is occurring at the peak of the New Year travel period, when one of Europe's busiest international rail corridors is affected. HOLIDAY PLANS UPENDED After passing through passport checks and security in the terminal at Folkestone, several hundred Le Shuttle passengers were stuck in their cars. They were told for several hours that there were no trains and they couldn't go back because they had crossed the French control zone. The workers distributed diapers and baby foods. Alison Raby booked a day-trip to a Belgian theme park, but said that the delay rendered the trip pointless. "We're basically stuck," she said. Phil Groves, a fellow?passenger who worked for Britain's National Health Service, and was on his way to Paris for the New Year's Eve celebrations, claimed that he and family were stuck in Folkestone, England, for more than six hours, and had been held up in a “mammoth line”. "We were told the first train would be leaving soon, but we will not be on it because there are so many people in front of us!" He said when the services resumed. Port of Dover in Britain said that it operated a "turn up and go" system to accommodate passengers who were affected by the disruptions at the tunnel. It also stated that Channel ferry operators had enough capacity for extra passengers. Le Shuttle will carry 2.2 million vehicles, including 1.2 million trucks and passenger cars, through the tunnel by 2024. Eurostar served 19.5 million passengers in the same year. This was its best-ever performance. On Tuesday, stranded passengers filled the concourse of London's St Pancras Station. After an exchange with Eurostar staff, one passenger was led away from the station by police shouting: "I only want to know whether I will see my family." (Reporting from Louise Breusch Rasmussen, YannTessier, VitaliiYalahuzian, and Richard Lough in London, with writing by Richard Lough, Kirsty Donovan, Kevin Liffey and Mark Heinrich).
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Four people injured in Italian cable car crash, 100 people evacuated from mountain
Local authorities reported that helicopters assisted in bringing around 100 people to safety after a cable car crash on a mountain in the northwest of Italy. According to the Italian Fire Service, two cabins collided near the village of Macugnaga located in Piedmont. It was reported that three passengers in the upper carriage, as well as the cable car operator on the ground level, were injured. According to other Italian media, six people required medical attention. After the incident, nearby ski slopes were closed. Filippo Besozzi is the managing director of Macugnaga Transporti e Servizi, a lift operator. He told ANSA that one of their 'cabins' had failed to slow down in a way expected, and it hit a station barricade. He added, "Fortunately, there are no serious injury and no one's lives is in danger." Italian media reported that the cable car service was halted following the accident. The group of about 100 people, including children and foreign tourists, were left stranded at the upper station at Monte Moro Mountain at an elevation?of 2,800 metres for some time. The Italian broadcaster RAI stated that the installation was built in 1962, and that it had been renovated two years earlier at a cost of?2 million euros ($2.4million). Italy has had a history of cable car accidents. The most recent occurred in April, when four people were killed near Castellammare di Stabia (about 30 km south-east from Naples). In 2021, a cable car that connected the northern Lake Maggiore to a mountain nearby plunged into the ground. ($1 = 0.8503 Euros) (Written by Keith Weir and edited by Alvise Armillini)
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Data shows that oil tankers continue to arrive in Venezuela despite the US blockade
Two oil tankers?have made their way to Venezuela recently and other are navigating to the country. This is a sign that?state-run PDVSA has been trying to increase floating storage to keep selling crude despite a U.S. Blockade which has?reduced to a minimal exports. As part of a campaign to put pressure on Venezuelan President Nicolas Maduro, U.S. president Donald Trump announced this month a blockade against all vessels sanctioned by the U.S. government that enter or leave Venezuelan waters. This U.S. action has reduced oil exports to half their level in November. The U.S. seized two full cargoes Venezuelan oil, and their ships are patrolling in the Caribbean Sea. Many vessel owners have been scared by the pressure, causing them to reroute and make u-turns. A fraction of the ships are still on their way to the OPEC nation. Some tanker owners?insisted. According to the monitoring service TankerTrackers.com, at least two ships that were sanctioned have arrived in Venezuela within the past few days. Two more are on their way. Maduro’s government pays for oil-based purchases and services, including debt servicing to China. This is part of the swaps and agreements made since Maduro was placed under U.S. sanctions on energy in 2019. The two vessels that are approaching Venezuela belong to a fleet used by China and Venezuela for debt service, with crude oil bound for Chinese ports. Uncertain was whether China would press for a U.S. exemption to ensure delivery of these cargoes. PDVSA has not responded to a comment request. Venezuela's oil minister and Maduro both said that oil exports would continue. PDVSA is negotiating with customers to negotiate price discounts and contract modifications in order to avoid cargo return or crude production cuts. Sources at the company said that many buyers have become impatient because there are no other options to transport oil cargoes out of the country. PDVSA was forced to shut down their centralized administrative system due to a cyberattack this month. PDVSA is now delivering its cargoes to its ports at a lower pace to meet export loading windows and store crude and fuel on ships. This will increase its storage capacity. Shipping data and PDVSA documentation showed that the only vessels leaving with cargo are Chevron's oil tankers which continue to sail for the U.S. on Washington's permission, and small ships transporting petrochemicals and oil by-products. In 2020, Washington imposed sanctions on PDVSA’s main trading partners to increase pressure on Maduro. This forced Venezuela to switch to unknown intermediaries in order to continue selling oil to Chinese customers. These U.S. actions led to oil production cuts, oilfield closures, and a severe shortage of motor fuel. Venezuela took years to recover its refining capacity, stabilize exports and reach a production of 1 million barrels a day. As of this past week, nearly two dozen tankers could be seen from the shore near Jose port as they waited for loading windows or departure instructions. According to data and documents, the volume of oil in tankers that have not yet left port has increased from 11 million barrels to 16 million barrels. Marianna Pararaga is reporting and David Gregorio is editing.
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The 2025 energy transformation in eight charts: Clean wins and dirty setbacks, Maguire
The year 2025 was a bad one for supporters of energy transition: there were wind droughts in Europe and the United States, corporate retreats away from wind power, and a rise in coal-fired electricity. There were other developments worth celebrating, such as the record deployment of batteries storage systems and historic shares of power generated by solar farms in dozens countries. Also, electric vehicle sales continued to grow in important car markets. Eight charts are provided below that show some of the major milestones and developments in global energy transition progress for 2025. They also include key data points to track going into 2026 and beyond. CHINA'S CLEAN CLOUT GROWING China is the leader in clean energy production, with more solar, wind, nuclear and bioenergy power deployed than any other nation. The production of clean electricity is expected to grow for a seventh year in a row. Ember data show that the total output of clean electricity in 2025 has increased 15.4% compared to a year ago. In 2025, clean power sources will account for more than 40% (for the first time) of China's electricity supplied by utilities. Fossil fuels will see their share drop to an all-time low. The primary power source in China is fossil fuels, but clean energy has been growing four times faster since 2019. Clean power is expected to continue to grow in China as Beijing continues to expand its solar, nuclear, and battery power capacities over the next decade. According to Ember's customs data, China also makes its mark abroad with record clean-technology exports. These topped $180 billion in the first ten months of 2025. Batteries storage systems are China's largest clean-tech export with sales of nearly $66 billion, followed by EVs at around $54 billion. Exports of grid equipment, heating and cooling units and other hardware have also reached record highs by 2025. This cements China's position as the leading supplier for electrification in the world. U.S. SETBACK The U.S. clean-energy progress will reverse in 2025, compared to China's. This is because federal support for renewables has been slashed under the second U.S. administration of President Donald Trump. Tax credits for power developers will be drastically cut in the coming years, resulting in a reduction of clean energy investment and a heavy reliance on fossil fuels. The main source of electricity in the U.S. is natural gas. But in 2025 coal-fired power plants will deliver the largest jump in production, due to a surge in gas prices which squeezed utility margins. According to Ember, coal-fired electric output increased by 13% between January and November compared to a year ago, the highest level in three years. The U.S. power sector's emissions will also increase in 2025, because coal plants emit more CO2 than gas plants. They emit over 900,000. metric tons per terawatt-hour compared to about 550,000 tonnes for gas. Ember data show that total emissions from coal- and gas-fired plants reached 1,526 billion metric tonnes of CO2 between January and November. This is up 3% compared to the same period in the year 2024, and the highest level since 2021. As U.S. natural-gas prices are expected to be 50% higher in 2025 than they were in 2024, utilities will likely rely more on coal to meet winter demand. This means that the power sector will continue to pollute even more in 2026 and beyond. BATTERY BOOM & STEALTHY PROGRESS U.S. utilities increased coal consumption in 2025 but also installed record-breaking battery storage to store excess solar and wind energy for later use. According to the energy data portal Cleanview, total U.S. battery storage capacity exceeded 39 gigawatts by 2025. This is a 43% rise from 2024. This surge is changing the power flow in important electricity networks. California and Texas both have enough battery capacity added to their grids during peak demand. According to Grid Status, the California Independent System Operator (CAISO), which is the main grid of the state and the largest battery user in the country, uses batteries to provide around 15% to 18% of electricity at evening peak demand. This reduces the need for other power sources and gas. Electric Reliability Council of Texas, a more recent adopter of batteries systems, supplied around 3% of its electricity during peak demand from battery storage system - a modest amount but up from a near zero share just one year ago. In 2025, solar power systems will also be a major player in the electricity supply of several countries. Solar power is usually associated with China and the U.S., but the widespread adoption of solar in recent years has allowed both developed and emerging economies to deploy it at scale. In 2025, Bulgaria, Pakistan and Hungary will be able to source around 20% of their electricity through solar farms. This will reduce both emissions and costs. Solar's share of generation in 2026 will probably set new records for even more countries. This will help keep the global energy transition going even if major economies like the U.S. take a step back. 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 analysis. 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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KKR and Kreate have completed the purchase of South Korea’s Cheongna Logistics Center
KKR, a global investment firm, and its Korean affiliate, Create Asset Management, announced on Tuesday that they had completed the acquisition of Cheongna Logistics Center. They claim this is South Korea's biggest single asset logistics deal. The companies did not reveal the financial details of the transaction. A person familiar with the matter said that the logistics asset in Incheon would be valued at a little?more than a trillion won ($696 millions), including debt. Sources could not be identified as the information is confidential. Brookfield Asset Management did not respond immediately to a comment request. Brookfield Asset Management sold the logistics center to the KKR led consortium. The 4.6-million-square-foot facility, completed in 2022, is fully ?leased and strategically located within the Greater ?Seoul metropolitan area, KKR said. In a press release, the New York firm stated that the acquisition was made through funds'managed by KKR & Kreate.' The latter took over the management and operation of?the?property. (Reporting from Kane Wu in Hong Kong, Ruchika Khanna and Rashmi ich in Bengaluru)
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Saudi agency reports that the coalition in Yemen has called on civilians to leave Mukalla.
According to the Saudi state news agency, on Tuesday, the Saudi-led coalition in Yemen announced that it had 'called on civilians in?the Yemeni Port of Mukalla located in Hadramout Province to evacuate until further notification in preparation for a military action. The coalition had said that it would "counter any military actions by the separatist STC?group?in Hadramout in order to protect civilians. Early December saw a major shift in power as the STC seized control of the southern provinces, forcing the government to leave Aden and seizing Hadramout, Al-Mahra, and the eastern provinces, Hadramout, Al-Mahra, as Saudi-backed forces retreated. Rashad al Ali, the head of Yemen's Presidential Leadership Council had asked if the coalition would take immediate action to protect civilians from "violations by armed group affiliated with STC". Reporting by Yomna ehab, Editing by Jacqueline Wong & Raju Gopalakrishnan
CSX train carrying toxic sulfur derailments near Kentucky-Tennessee border
Emergency officials?stated that a CSX derailment near the 'Kentucky/Tennessee border early on Tuesday caused 30 cars to 'fall off the tracks. One car was?carrying molten sulfur, which caught fire, and prompted a halt in the train until the toxic threat cleared. CSX, Todd County emergency officials, and the Kentucky Department of Transportation are still investigating what caused the derailment near rural 'Trenton, Kentucky. The town has about 350 residents, is located 60 miles north of Nashville in Tennessee.
The accident happened around 7 a.m. Firefighters battled a fire from a rail car carrying liquid sulfur. This is commonly used in industrial applications such as fertilizer manufacturing. Officials said that it released toxic gasses in the smoke.
Todd County Emergency Management said the fire was contained by noon. Officials confirmed that air quality testing has shown there is no threat to the public.
There were no reported injuries.
CSX shares fell just under 1% to $36.36.
(source: Reuters)