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Sources claim that the US could restrict Ukraine's access Starlink internet services due to its mineral resources
Three sources familiar with the situation said that U.S. negotiators, who are pressing Kyiv to give them access to Ukraine's essential minerals, have suggested cutting off the country's Starlink satellite internet access system. Sources said that after Ukrainian President Volodymyr Zelenskiy rejected an initial proposal by U.S. Treasury Sec. Scott Bessent the issue of Ukraine's access to SpaceX owned Starlink came up in discussions between U.S. officials and Ukrainian officials. Starlink is a vital internet provider for the war-torn Ukraine, its military and other areas. One of the sources who attended the meeting said that the issue was brought up again during the meetings between Keith Kellogg and Zelenskiy. Source who asked to remain anonymous in order to discuss closed discussions said that Ukraine was warned it would lose its service if it didn't reach an agreement on key minerals. Starlink is the main transport system in Ukraine. "They consider it their North Star," the source said. Losing Starlink would be a huge blow. Musk responded to a query from X by posting on X, "This article is false" and "is lying." Musk didn't immediately provide any details when contacted for more information. The news agency's spokesperson stated that it stands behind its reporting. Zelenskiy rejected the demands of President Donald Trump’s administration that Ukraine repay Washington $500 billion in mineral resources to pay for its wartime assistance, claiming that the U.S. had not offered any specific security guarantees. On Friday, Ukrainian President Petro Poroshenko said that the U.S.-Ukrainian teams were working to reach an agreement. Trump stated that he expected a deal to be signed shortly. Musk sent thousands of Starlink terminals into Ukraine to replace the communications services that were destroyed by Russia following its invasion in February 2022. Musk, who was hailed as a hero at the time in Ukraine as Kyiv handled the war, later restricted access to the network at least one other time in the fall 2022. Poland's deputy premier said that Poland has paid for Ukraine's Starlink membership and will continue to pay. U.S. legislators are divided on Trump's attempts to end the Ukraine War quickly. Some have also raised questions regarding Musk's rapid-fire plans to eliminate thousands of federal employees and shut down Federal Agencies. Melinda Haring is a senior fellow at the Atlantic Council. She said that Starlink was crucial for Ukraine to operate drones as part of its military strategy. Losing Starlink "would be a game changer", Haring said. He noted that Ukraine is now on parity with Russia when it comes to drones and artillery shells. Ukraine has many different drone capabilities ranging from surveillance drones, sea drones, and long-range unmanned aircraft. The White House, the Ukrainian Embassy in Washington and the U.S. Department of Defense have not responded to a comment request. SpaceX, the company that operates Starlink, did not also respond to requests for comments. The Russian state news agency RIA reported that Russian and U.S. negotiating teams have scheduled a second meeting to end the conflict in the next two weeks. The first meeting was held in Riyadh, Saudi Arabia on Tuesday. The idea was floated by Ukraine last fall to open its vital minerals for investment from allies. It was part of an "victory strategy" to force Moscow to negotiate and put Ukraine in a stronger position. Trump has accepted the idea. He says he wants Ukraine supplying the U.S. rare earths, and other minerals as a return for financial support of its war effort. Zelenskiy last week rejected a detailed U.S. offer that would have allowed Washington and U.S. companies to receive 50% of Ukraine’s critical minerals. These include graphite and uranium. Since then, a rift between the two leaders has developed. On Wednesday, Trump called Zelenskiy "a dictator without election" after Zelenskiy claimed that Trump was caught in a Russian propaganda bubble. This was a response to Trump's suggestion that Ukraine had started the war. (Reporting and editing by Don Durfee and Dave Gregorio; Additional reporting and editing by Marisa Taylo and Idrees Al; Reporting and editing by Andrea Shalal, Joey Roulette, Marisa Taylor, and Idrees Ail; and Daniel Wallis.
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Yemen's Houthis launch missile at US fighter plane, miss
Two U.S. officials said that Yemen's Houthis fired surface-to air missiles this week at an American fighter plane and MQ-9 Reaper, but neither was hit. Officials who spoke under condition of anonymity did not specify whether the attacks took place over the Red Sea, or Yemen itself. Some people believe that the Houthis may have improved their target-tracking capabilities. Abdul Malik al-Houthi is the leader of the Iran-backed Houthis. He said on February 13 in a televised address that the Houthis will intervene using missiles, drones, and attack vessels at the Red Sea, if Israel and the United States try to forcefully remove Palestinians from Gaza. A ceasefire between Israel and Hamas took effect on Gaza's Gaza Strip on 19 January, but it has been close to collapse in recent weeks amid accusations from both sides of violating the agreement. Donald Trump, the U.S. president, has angered the Arab world by proposing to remove all Palestinians permanently from Gaza. He also wants to take control of the enclave and turn it into a resort. Since November 2023, the Houthis have launched more than 100 attacks against ships in Yemen to support Gaza militants who are fighting Israel. This has disrupted global shipping. In the last year, the Iran-aligned group, which controls the northern Yemen, has fired many missiles at Israel in solidarity with Palestinians who are fighting in Gaza. The war in Gaza began over 16 months ago. Reporting by Idrees Al; Writing by Patricia Zengerle, Editing by Cynthia Osterman
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Atalanta coach Gasperini has said he will not be renewing his contract
Gian Piero Gasperini, the Atalanta head coach, said on Saturday that he did not plan to extend his contract at the Serie A team. However, he added that he was still open to the possibility of extending the current deal up until 2026. Gasperini was appointed Atalanta's coach in 2016. In his nine-year tenure, Gasperini has transformed the club from a midtable side into a Champions League regular. Atalanta, led by the 67-year old, won the Europa League last season after a 3-0 win over Bayer Leverkusen. Gasperini has a contract that runs until June 2025, with the option of extending it an additional year. Gasperini responded to reporters when asked if Atalanta could qualify for the Champions League in this season. The team is third in Serie A, with 51 points after 25 matches. "Rightly, as was said, there is a beginning, and a end. We'll decide at the end the year if we want to continue or stop. There will certainly be no continuity." There will no longer be any renewal or continuity." Gasperini began his coaching career as a youth coach with Juventus. He then moved to Atalanta, after a second stint in Genoa. Gasperini guided Genoa to Serie A promotion in 2007, after a 12-year hiatus from the top flight. Gasperini has also coached Inter Milan and Palermo.
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Guyana's oil production fell to 620,000 barrels per day in January, the government reports
The Natural Resources Ministry reported on Friday that Guyana's oil production average fell to 620,000 barrels a day in January, down from 656,000 in December. This is the lowest monthly number since August. Three floating installations are controlled by a consortium that includes Exxon Mobil, Hess, and CNOOC from China. The average oil production of Guyana increased from 391,000 barrels per day in 2023 to 616,000 last year following upgrades at the facilities and production ramp up on one of group's vessels Prosperity which started operations late in 2023. The report of the ministry did not go into detail about the fall. In January, the government reported revenue of $230 millions from royalties and the share of oil production exported by the country. Guyana expects to earn $2.5 billion from the oil industry in 2025. This is a slight decrease from 2024, due mainly to lower crude prices. This week, a fourth vessel produced by SBM Offshore left Singapore for Guyana. Exxon announced earlier this week that it is expected to start production in the third quarter. This will increase the consortium's capacity to 940,000 bpd. Guyana's economy grew 43.6% last year as both oil production and exports increased. This was the fifth consecutive double-digit year for growth. Last year, Latin America's new oil producer became the fifth largest crude exporter in the region after Brazil, Mexico and Venezuela. It was also identified as a major contributor to the global oil supply increase. The government is pushing for the shift to natural gas as it pushes the energy executives and officials in Georgetown. (Reporting and writing by Kemol Kings, editing by Nia William)
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The timeline of underwater sabotage suspected incidents in the Baltic Sea
After a series of power outages, telecom links and gas pipelines since Russia invaded Ukraine 2022, the Baltic Sea region has been on high alert. The NATO military alliance increased its presence by adding aircraft, frigates and naval drones. A number of investigations are underway, but no suspects were brought to court. FEBRUARY: FINLAND - GERMANY TELECOM CANAL On February 21, the police of Sweden and Finland said they were investigating the suspected sabotage a undersea cable of telecoms in the Baltic Sea. The Swedish coast guard sent a vessel to where the damage was done. Investigators say that no suspects have been identified so far. Cinia, the Finnish operator, said that it detected problems with its C-Lion1 cable connecting Finland and Germany "sometime" before. It also confirmed that it received confirmation of damage to the cable even though data traffic continued. This was the third time within a short period of time that the C Lion1 cable had been damaged. It was previously completely severed back in November and December 2024. The European Commission announced that it would spend nearly a billion Euros to improve cable surveillance and create a fleet emergency repair vessels. JANUARY: SWEDEN - LATVIA CABLE A fibre optic cable undersea connecting the west coast Latvia to the Swedish island Gotland failed on 26 January, triggering an investigation from NATO and local authorities. Sweden seized the Maltese flagged bulk vessel Vezhen and boarded it on suspicion of gross sabotage. Navigation Maritime Bulgare, a Bulgarian shipping firm, said the anchor of the Vezhen had fallen to the seabed during high winds. It may have hit the cable but denied any sabotage. On February 3, a Swedish prosecutor concluded that the breach was accidental and released the vessel. POWER AND INTERNET CABLINGS FOR DECEMBER, 2024 On December 25, four telephone lines and the Estlink 2 underwater power cable, which connects Finland to Estonia, were damaged. Finland has seized the Cook Islands Eagle S tanker, on suspicion that it was responsible for the damage caused by its anchor dragging. The ship is also believed to be part of an "shadow fleet", which circumvents sanctions against Russian oil. The Kremlin has said that the seizure of the ship is not a big deal to them, and Russia previously denied any involvement in such incidents. The Finnish police reported on December 29, that they found tracks in the water where they suspect the Eagle S damaged the cables. Later, investigators recovered an anchor believed to be from the ship. The Finnish court rejected the request of Caravella LLC FZ based in the United Arab Emirates to release the ship. BALTIC TELECOM CABLES: NOVEMBER 20, 2024 On November 17 and 18 two undersea fiber-optic communication cables, located at a distance of more than 200 km (about 100 nautical miles) in the Baltic Sea, were cut. This raised suspicions about sabotage. The investigators focused on the Chinese bulk carrier Yi Peng 3. An analysis of MarineTraffic showed that the coordinates of the ship matched the time and location of the breaches. After a diplomatic standoff lasting a whole month, China finally allowed investigators and representatives from Germany along with those from Sweden, Finland, and Denmark to board the Yi Peng 3 on December 21, 2018. BALTICCONNECTOR PIPE AND CABLES - OCTOBER 20, 2023 The Balticconnector subsea pipeline that connects Finland and Estonia was cut by the Chinese container ship NewNew Polar Bear, according to Finnish investigators, when it dragged its anchor in early October 2023. The Estonian Police suspect that the ship also damaged telecoms cables linking Estonia with Finland and Sweden between October 7-8 before it hit the gas pipeline while on its way to St Petersburg, Russia. Estonian authorities claim that China did not fulfill its promise to Finland and Estonia regarding the investigation. SEPTEMBER: NORD STREAM BLASTS On September 26, 2022, explosions damaged Nord Stream 1 & Nord Stream 2 which were built by Gazprom across the Baltic Sea to supply natural gas to Germany. Sweden's investigation found explosive residue on several recovered objects, confirming that it was an intentional act. However, Sweden and Denmark ended their investigations in 2024 without naming any suspects. Western officials suggested that Moscow had blown up its own gas pipelines. This interpretation was rejected by Russia which blamed the United States of America, Britain, and Ukraine for these explosions which have largely cut off Russian gas from the European Market. These countries deny involvement. In August 2024 Germany requested that Poland arrest a Ukrainian dive instructor who was accused of being a member of a team which blew up pipelines. Poland claimed that the man fled the country before being detained. Reporting by Anne Kauranen, Essi Lehto, Nerijus Adomiaitis, Johan Ahlander, Stine Jacobsen, Andrius Sytas, Anna Ringstrom, Simon Johnson, and Agnieszka Oleniska in Gdansk. Editing by Andrew Cawthorne Timothy Heritage Alex Richardson David Evans
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Sources say that CPC Blend oil loadings were revised to 1.67 million bpd for February.
Two sources familiar with the loading schedule said that Black Sea CPC blend oil exports have been revised upwards to 1.67 millions barrels per day in February from 1.42million bpd previously due to increased supply from Kazakh fields. Caspian Pipeline Consortium (CPC), a pipeline operator who ships CPC Blend from Kazakhstan to Russia’s Black Sea Terminal in Yuzhnaya Ozereyevka said earlier this week that CPC pipeline capacity had been reduced after a drone attacked its pumping station. Sources and calculations show that CPC Blend oil loadings at CPC terminal will be about 6,000,000 metric tons or 1,67,000,000 bpd in February, which is 18% more than the previous plan. Sources confirmed that the most recent version of the loading schedule was approved with no restrictions or cancellations for the oil producers in Kazakhstan to supply oil into the CPC system. One source said, "It is very likely that they will reach 6 million tonnes this month." Kazakhstan's oil production was estimated to be at a record-high earlier this week. Sources said that the additional oil loadings are mainly from Tengizchevroil, which is led by Chevron and has announced a recent increase in production after a planned maintenance in late 2024 or early 2025. The sources stated that it was not clear whether CPC can maintain a steady flow in March, and continue to allow Kazakh oil exporters to increase their output. CPC Pipeline declined to comment on their operational activities and export planning. CPC pipeline carries more than 1% daily supply of crude oil from Kazakhstan, Tengiz oilfields on the Caspian Sea's northeastern coasts and Russian producers. It stretches 1,500 km (939 mi) long. The CPC is owned by the Russian government, Russian oil company Lukoil and KazMunayGas, a Kazakh state-owned company. David Evans, reporting; David Evans, editing
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Russian port agency reports that a cargo ship headed from Russia has a leak in the Sea of Azov
The Russian port agency reported that a Liberian-flagged cargo vessel carrying corn from a Russian to Turkey port is trying to stop the water leakage after it sustained a crack earlier this week in the Sea of Azov. The vessel Pavel Grabovskiy was loaded with 2,939 tonnes of corn. The vessel, Pavel Grabovskiy, was loaded with 2,939 tons of corn. In a statement released by Rosmorport on Thursday, it was stated that water was being pumped from the damaged ballast tanks and additional equipment to pump water would be arriving soon. Rosmorport sent a statement to the media on Friday stating that there were no injuries, oil spills or pollution of the waters. Shipping data revealed that it was unclear what caused the crack on the vessel, which was constructed in 1979. Vi-Za Star Shipping, a Turkish company based in Istanbul, declined to comment when contacted on Friday. A government letter obtained by revealed that Russia had ordered military divers inspecting ships in its ports after four suspected oil tankers visited terminals recently. In the last month, explosions have damaged three oil tankers in the Mediterranean and one off the western coast of Russia. Ship tracking data and shipping source said that all four vessels had visited Russian ports recently. Reporting by Jonathan Saul and Gleb Stolyarov; editing by Susan Fenton.
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Parry leads Kenya Open with 65 shots.
John Parry of England carded a bogey free 65 on Friday, giving him a tournament score 14 under par and a one-shot lead after the second round at the DP World Tour Kenya Open held at the Muthaiga Golf Club. Parry is the only player to have not dropped a shot since the start of the tournament. His 63 on the Thursday was a superb score. Hebert from France, who had a 66 during his second round, leads the leaderboard halfway through the event. South African Jayden Schper (69), who is currently in third place, is five shots behind Parry and Hebert. They are both nine shots under par, and have put some distance between them and the rest of the pack. Hebert advised that "conservative play is the best way to enjoy this course." The greens have become firmer and the pins on the front nine are more difficult, especially for those who don't play from the fairway. It was harder (on Saturday) than yesterday. Parry has already won one tournament on the DP World Tour in this season, the Mauritius Open. (Reporting and editing by Christian Radnedge.)
Buffett's Berkshire records record profits on insurance and investments
Berkshire Hathaway, the company owned by Warren Buffett, posted its third consecutive record operating profit on Saturday. This was boosted by an increase in investment income and underwriting profits in its insurance business.
Berkshire’s huge cash stake ended 2024 with a record of $334.2 billion. This was twice as much than a year before.
Buffett stated in his annual letter to Berkshire investors that Berkshire prefers to invest in business than to hold cash.
He also claimed that his Omaha-based conglomerate, though it posted lower earnings in 53% of the 189 businesses it operates, "did better than expected."
He attributed part of the improvement to higher yields for U.S. Treasury Bills, as well as improvements at Geico, the car insurance company, which benefitted from better pricing and tighter subwriting, while accident loss rates declined.
Thomas Russo of Gardner Russo & Quinn, a firm in Lancaster, Pennsylvania that has held Berkshire shares since the 1980s, said: "Those were amazing numbers." "You saw the power of Berkshire Insurance operations and investments."
Operating profit increased 27% from $37.35 to $47.44 in 2024.
The fourth-quarter operating profits also reached a new record. They increased 71%, to $14.53 Billion, or $1,010 for each Class A Share, from $8.48 Billion a year ago. This was due to gains from its insurance operations as well as foreign currency fluctuations.
The value of Berkshire’s Apple, American Express, and other stock holdings increased, resulting in a quarterly net income of $19.69 billion or $13,695 for each average equivalent share. Net income for the year totaled $89 Billion.
Buffett believes that net results are misleading, as they include gains and loss on investments which Berkshire does not intend to sell and has sometimes not sold.
Berkshire increased its cash stake by a large amount in 2024, mainly due to the sale of 143.4 billion dollars of stocks. This included 62% of Berkshire’s Apple holdings and one third of its Bank of America stake.
Berkshire is a net seller for nine quarters in a row.
Berkshire will spend just $2.9 billion on repurchasing stock by 2024. Since last May, it has not repurchased any stock since February 10.
Berkshire has a number of other businesses, including the BNSF railroad and industrial parts and chemicals companies. It also owns a large real estate company and retail brands like Dairy Queen ice-cream, Fruit of the Loom lingerie and See's candy. (Reporting and editing by Bernadettebaum and Diane Craft in New York)
(source: Reuters)