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After a train accident, Greece ordered safety improvements by Italian-owned rail
Hellenic Train, an Italian-owned railway company, is required to invest 420 millions euros ($487.41) in new trains and maintenance nearly three years after Greece's worst rail disaster. The amendments to the '2017' state contract with Hellenic Train, approved late Thursday by the parliament, contain these requirements. "For the very first time the contract contains a clause that allows for a termination. The statement stated that if the trains aren't delivered and in service by 2027 the state may terminate the contract. On February 28, 2023 a passenger train from Athens collided with a freight train from Thessaloniki, near the town Larissa. 57 people, mostly students, were killed. Safety deficiencies have been highlighted by experts hired by families of victims and Greek investigators. Hellenic 'Train announced a part of this new agreement in December - an investment of 308 million euros in new 'electric trains by Alstom. They called it "a decisive move toward a safer and more modern railway that is more focused on passengers". Hellenic Train announced that the trains would be equipped with a remote control system to allow drivers and traffic controllers to communicate and brakes of a train from a distance. In 2014, a project to install the system,?co-funded with the European Union was launched. However it was repeatedly delayed. EU prosecutors have accused a number of Greek officials of malpractice in relation to that contract. Hellenic Train has invested 100 million euros in maintenance infrastructure, depots, and digital systems. A trial for the train accident is expected to begin?in march, following a judicial inquiry. Hellenic Train stated last year that it had supplied all the required data and would continue to cooperate fully with the investigation. Alexandra Kassimi was a Hellenic Train spokesperson who responded to a comment request on Friday by saying, "We are confident that the legal proceedings will begin later this year."
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Data shows that Russia's seaborne exports of oil products rose 17% in December, despite higher fuel production.
Data from industry sources showed that Russia's seaborne petroleum products exports were up 17% in December compared to November, at 9.069 millions metric tons. This was due to a higher fuel output and seasonal decreases in domestic demand. According to data, the oil product exports from Russian Baltic Ports -- Primorsk Vysotsk St. Petersburg Ust-Luga -- grew 8.2% on a month-over-month basis, reaching 5.253 millions tons. Market sources reported that the rise in prices was due to higher diesel shipments from Primorsk. Data shows that the oil exports from Black Sea and Azov Sea port grew 42.6%, to 3.038 millions tons. This was because refineries were able to restore fuel production following unplanned outages due drone attacks. The data showed that Novorossyisk exports were up 18.5% compared to November while Tuapse increased loadings by 153%. The Rosneft controlled Tuapse refinery, that exports the majority of its oil products, resumed oil product exports on November 21, after a 2-week suspension following an attack by a Ukrainian drone. This increased December export volumes. Exports of oil products from the Arctic ports of Murmansk?and Arkhangelsk fell 83.5% to?9800 tons in December, down from 57.400 tons the month before. Data from industry sources revealed that fuel export loadings in Russia's Far East ports increased by 9.6% between November and 0.768 millions tons. According to calculations and market sources, Russia's seaborne oil product exports in 2025 will be down 5.6% compared to 2024, to 107.166 million tons, as drone attacks have disrupted refinery operations at home and damaged port infrastructure. Reporting by Elaine Hardcastle; Editing by Elaine Hardcastle
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Azerbaijan begins natural gas supply to Germany and Austria
SOCAR, Azerbaijan’s state-owned energy company, announced on Friday that it has begun sending natural gas from Azerbaijan to Germany and Austria. The company is increasing the number of European countries it supplies. Azerbaijani gas is in high demand as Europe tries to reduce its dependence on Russian gas after the invasion of Ukraine. Its ability to increase exports is dependent on the expansion of pipeline capacity and investments in production. Gas exports to Europe dropped to 12.8 bcm from 12.9 bcm last year. The energy ministry reported that the total volume of gas exported was unchanged at 25 billion cubic meters. SOCAR announced on Friday that it has begun sending gas via the Trans Adriatic Pipeline to markets in Southern and Central Europe. This is the European segment of?Southern Gas Corridor. SOCAR signed a 10-year agreement with Germany's SEFE in June to supply 1.5 billion cubic metres of gas annually. The deliveries via Italy, to Austria and Germany further?expand geographical reach for Azerbaijani Gas in Europe. The number of countries that import Azerbaijani Gas has increased to 16 with these new markets," SOCAR stated in a press release. TAP increased its capacity to 1.2 bcm starting this year. SOCAR sources said that up to 1 billion cubic meters per year would be delivered to Austria. (Reporting and writing by Nailia Bagirova, Lucy Papachristou and Vladimir Soldatkin, Editing by Christian Schmollinger & Barbara Lewis).
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Thailand suspends construction for Italian-Thai firm after fatal accidents
Thailand's Transport Ministry announced on Friday it has ordered a 15 day construction halt?on 14 contracts that involve Italian-Thai Development PCL, as well as other large-scale?projects overseen by the ministry. Two drivers died after their cars were crushed near Bangkok the day before, both caused by the collapse of cranes on Italian-Thai Development projects. The company has stated that it would compensate the affected. Chirapong Theppithuck said that the stoppage of Italian-Thai projects would allow for expert teams to carry out?detailed checks to ensure safety standards are being met. According to a press release, he also ordered that other major construction projects funded by the Transport Ministry halt their construction for a period of up to 15 working days to allow for similar inspections. It said that the results would be sent to the Ministry and?legal or regulatory action' would be taken, if necessary. The crane collapses this week were the latest in a series of deadly accidents on construction sites in Thailand. Several involved?Italian?Thais, including the fall last year of a partially built Bangkok tower following a 7.7 magnitude earthquake?in Myanmar. At least 89 people died and 23 people faced charges of negligence. Thailand is Southeast Asia's largest economy and it is currently in the midst of an infrastructure boom. It has been building high-speed rail and highways across the country, and has expanded its elevated rail network within Bangkok. Reporting by Orathai Sirring and Panarat thepgumpanat, Writing by Martin Petty, Editing by David Stanway
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Indra signs a $1.1 billion contract to manage London's transport ticketing and controls systems
Indra, a Spanish technology company, has been awarded a contract by Transport 'for London (TfL), to manage the 'ticketing and control system across the citys public transit network. The deal is worth up to $975 million ($1.1 billion). The agreement, which runs to 2034, includes options that could extend to 2039. It covers the systems used in the British capital and its metropolitan area, including the Underground, trams and buses. Indra will maintain and operate thousands of gates, ticket machines, and validators, as well as portable inspection devices, central back-office systems and payment systems including cybersecurity. The London network records over 8.6 million trips a day, for a total of?3.6 billion in a year. Indra has said that there will be a 'transition period of almost two years. After which, it will become the exclusive provider?of the ticketing system for the network. It said that it would work with TfL to upgrade the Oyster Card. This card has been used since 2003.
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Source in the Parliament says that Berlin will take a minority stake in TenneT Germany's power grid
The German budget committee approved the purchase of a minority share in the German division?of the Dutch high-voltage transmission grid 'TenneT', according to a German parliamentary report on Friday. This is part of a longstanding plan by the German government to consolidate its control over key infrastructure. The source said that conservatives, centre-left SPD, and the Greens were all in favor of the decision, but the far-right AfD was against it, and the Left Party abstained. In a November letter, the economy ministry'said that it intended to sign a 'agreement to buy a 25% stake in TenneT Germany in early 2026. It allocated 5.8 billion euro ($6.73 billion), as well as additional payment obligations, as part of capital increase from 2026-2029. The Dutch government agreed in September to sell up to 9.5 billion euro of TenneT Germany shares to a consortium made up of pension fund manager APG and Singapore's sovereign fund GIC, as well as Norges Bank Investment Management. Berlin has been considering buying a 25% stake in the company as part of an effort to maintain greater control over "critical energy infrastructure assets" but this was unsuccessful when a previous attempt failed in 2024.
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Wall Street Journal, January 16,
These are the most popular stories from the Wall Street Journal. These?stories have not been verified and we cannot vouch for their accuracy. Mitsubishi Corp, a Japanese trading company, has agreed to buy Aethon’s shale-gas assets in Texas and Louisiana. This is its largest acquisition ever. Verizon Communications received the final approvals needed to purchase fiber-optic broadband service provider Frontier Communications, after agreeing to some concessions with California regulators. This included a commitment to small-business expenditure. After a period of?two? years,?Walmart Chief Executive Officer Kathryn McLay is stepping down. Ford Motors and BYD have begun discussions about a partnership where the American automaker would purchase batteries from the Chinese company for some of Ford's models. The Trump Administration is planning to propose that the country's largest grid operator, which operates America's power grids, hold an "emergency" auction where tech companies could bid for new power plants to be built. Mark Carney, Canada's prime minister, took a major step in reinvigorating Canada's trade with China. Beijing is increasingly trying to win over U.S. allies who are frustrated by American protectionism. (Compiled by Bengaluru Newsroom)
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Tokyo commuter trains are affected by a power outage, which affects 673,000 passengers
A railway power outage in Tokyo disrupted Friday morning commutes for approximately 673,000 passengers as two lines serving some of the busiest stations around the world were shut down. East Japan Railway (JR East's) Yamanote and Keihin Tohoku lines were shut down for up to 9 hours on Friday. JR East reported that both lines were left without power early Friday morning after overnight maintenance work at Tokyo's Tamachi Station. A spokesperson confirmed that smoke was visible coming from an equipment box located near the station. Firefighters and railway staff helped passengers disembark from the Keihin Tohoku train that was stuck between two stations. Social media images showed commuters crammed into crowded stations. The Yamanote Line passes through Shinjuku station, which is used by about 3.5 million passengers per day. The Keihin Tohoku Line is a major line that serves hubs like Tokyo and Yokohama. (Reporting and editing by William Mallard, Chang-Ran KIM, and Satoshi Sugiyama)
Major Gulf markets combined ahead of United States election
Major stock exchange in the Gulf were mixed in early trade on Tuesday as investors took a cautious method ahead of the U.S. presidential election, while Saudi Aramco reported a drop in quarterly incomes.
Donald Trump and Kamala Harris both anticipated victory as they campaigned throughout Pennsylvania and other battlefield states on Monday in the final, frantic day of an incredibly close U.S. presidential election.
Saudi Arabia's benchmark index dropped 0.8%, weighed down by a 1% fall in aluminium items producer Al Taiseer Group and a 0.5% reduction in Al Rajhi Bank.
Oil behemoth Saudi Aramco was down 0.6%, after reporting a 15.4% drop in third-quarter profit due to lower crude costs and weaker refining margins.
It, nevertheless, kept its dividend at $31.1 billion for the quarter.
On the other hand, the kingdom posted a deficit spending of 30 billion riyals ($ 8 billion) in the 3rd quarter, a financing ministry statement revealed on Monday, as lower oil prices weighed on income.
Dubai's main share index relieved 0.2%, with toll operator Salik Company losing 1.2%, while Sharia-compliant lender Dubai Islamic Bank fell 0.2%,. ahead of its revenues statement.
In Abu Dhabi, the index was flat.
Oil costs - a catalyst for the Gulf's financial markets -. sold a narrow range ahead of what is anticipated to be an. incredibly close U.S. presidential election, after increasing. more than 2% in the previous session as OPEC+ delayed strategies to. walking production in December.
The Qatari standard index included 0.1%, assisted by a. 0.4% rise in Qatar Islamic Bank.
(source: Reuters)