Latest News
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Qantas delays South Africa flights due to risk from SpaceX rockets' re-entry
Australian flag provider Qantas has actually had to delay several flights on the SydneyJohannesburg path over the previous few weeks on the U.S. federal government's advice relating to the reentry of SpaceX rockets over a part of the southern Indian Ocean, the airline stated on Tuesday. The hold-ups of up to 6 hours were triggered due to last-minute modifications in coordinates for the location and timing of re-entry of rockets from Elon Musk's area innovation firm. While we attempt to make any changes to our schedule in advance, the timing of recent launches have actually moved at late notice which has actually implied we have actually needed to postpone some flights just prior to departure, stated Ben Holland, the head of Qantas's. operations centre. We touch with SpaceX to see if they can improve the. areas and time windows for the rocket re-entries to reduce. future disruption, Holland added. SpaceX did not right away respond to a request for comment.
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India's AM Green and DP World partner to build green fuel projects
The Indian company AM Green announced on Tuesday that it has partnered up with Dubai's global port and logistics firm DP World in order to build infrastructure for the export of 1 million tons per annum (MTPA), each, of green ammonia or methanol. In a press release, the company stated that the partnership will include building infrastructure in the European Union, Far East and the United Arab Emirates. Both companies will build port facilities in AM Green's clusters of industrial plants located throughout India, and they will set up green ammonia refueling stations and methanol refueling station in Dubai and Southeast Asia. India is increasing its investments in renewable energies to reach its 2030 clean energy targets. It plans to add 35 GW solar and wind power by March 2025, after failing to achieve its 2022 target. India, the third largest emitter of greenhouse gases in the world, aims to achieve net-zero emission by 2070. It also aims to reach a renewable energy target of 500 GW by 2030. AM Green has committed to a green ammonia plant of 1 MTPA capacity in Kakinada, in southern Andhra Pradesh. (Reporting and editing by Nidhi verma, Yagnoseni das)
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Ukraine introduces big strikes on Russian cities
Ukraine struck Russian regions with a major drone and missile attack overnight, destructive factories in a minimum of 3 cities, authorities and media said. The Shot Telegram channel said that Russia had actually downed more than 200 Ukrainian drones and 5 U.S.-made ATACMS ballistic rockets. The enemy has organized an enormous combined strike on the territory of the Russian areas, the Two Majors war blogger stated. Roman Busargin, guv of the Saratov area about 720 km ( 450 miles) southeast of Moscow, said the cities of Saratov and Engels, on opposite banks of the Volga River, had been subjected to a mass drone attack and there was damage to 2 industrial websites. Schools had actually moved to remote learning, he stated. Ukraine assaulted the same area recently and declared to have actually struck an oil depot serving an airbase for Russian nuclear bomber airplanes, causing a substantial fire that took five days to put out. The independent Astra news outlet reported a fire at an commercial website in the city of Kazan, east of Moscow, as a. outcome of a drone attack. Alexander Bogomaz, the governor of the Bryansk region in. western Russia, stated Ukraine had actually launched a major rocket attack. but did not say which missiles had been used. Flight limitations were imposed at airports in Kazan,. Saratov, Penza, Ulyanovsk and Nizhnekamsk, Russia's aviation. watchdog said. Nizhnekamsk, in Russia's republic of Tatarstan, is home to. the major Taneco refinery. Shot stated attack sirens were sounded. at the refinery. Reuters was not able to right away validate the. report. ROCKET RISKS There was no instant comment from Russia's defence. ministry. Reuters could not confirm the use of U.S.-supplied. ATACMS rockets, as reported by Shot. Ukraine first fired ATACMS and British Storm Shadow. rockets into Russia on Nov. 21 in 2015, prompting Moscow to. respond by launching a brand-new intermediate-range hypersonic. ballistic missile called Oreshnik, or Hazel Tree, at. Ukraine. The Kremlin has actually said Russia will strike back, consisting of. potentially with more Oreshnik launches, every time Ukraine. strikes it with those weapons. President Vladimir Putin said in November that the. Ukraine war was intensifying towards a worldwide dispute after the. United States and Britain permitted Ukraine for the first time to. launch their missiles deep inside Russia. President-elect Donald Trump has actually pushed for a ceasefire and. negotiations to end the war quickly, leaving Washington's. long-lasting assistance for Ukraine in concern. Russia's 2022 intrusion of Ukraine has actually left tens of thousands. of dead, displaced millions and activated the biggest crisis in. relations in between Moscow and the West given that the 1962 Cuban. Missile Crisis.
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How is India handling its Maha Kumbh celebration, the world's largest event?
India's Maha Kumbh Mela, or Great Pitcher Festival, is set to be the world's biggest gathering of humankind, with 400 million visitors expected at the sixweek occasion that started today in the northern city of Prayagraj. Here is a take a look at how authorities are managing the massive crowds at the celebration. TENT CITY A temporary city has actually emerged across 4,000 hectares (9,990. acres) on the river banks, with 150,000 camping tents to accommodate. fans and practically an equivalent number of toilets. About 69,000 LED and solar lights illuminate the paths through. the settlement, kept tidy by 15,000 sanitation workers. SECURITY Short-term police headquarters and checkpoints in Prayagraj. consist of three floating 'water police headquarters' on the river,. while paramilitary troops and bomb disposal teams are likewise at. the all set. More than 50,000 workers are on guard to ensure the security. of visitors. INNOVATION Authorities are utilizing closed circuit television (CCTV). video cameras, drones, and connected drones to monitor the festival. location, in addition to anti-drone craft to find and eliminate. unauthorised drones. Likewise in use are underwater drones that can operate in a. depth of 100 metres (3,330 feet), geared up with innovative. innovation to operate in low-light conditions. FIRE SAFETY Every tent has actually been fitted with fire-fighting devices,. while more than 1.3 billion rupees ($ 15 million) has actually designated. for fire security in the celebration area, with 351 firefighting. automobiles and 2,000 experienced personnel on hand to instantly. stamp out any fires. LOST-AND-FOUND CENTRES To assist reunite households separated in the crowd, centres. with devoted sections for ladies and children have actually been established,. while speakers installed along the river banks will make. continuous announcements about those separated.
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Oil shipping rates surge after US sanctions tighten global fleet
Shipbrokers and traders reported that supertanker freight prices jumped after U.S. sanctions were expanded on Russian oil trade. This prompted traders to rush to book ships for the pickup of supply from other countries and to go to China or India. As they adjust to the severe new U.S. restrictions on Russian tankers and producers, Chinese and Indian refiners seek alternative fuel sources. The world's No. 2 oil exporter is reducing its revenue. Many of the newly-targeted vessels, which are part of a so-called "shadow fleet", were used to ship cheap Russian oil that was prohibited in Europe after Moscow's invasion. Some of these tankers also transported oil from Iran which is also subject to sanctions. Industry sources say that the freight rates for Very Large Crude Carriers, or VLCCs, which can transport 2 million barrels across major routes, soared after Unipec (the trading arm of Asia’s largest refiner Sinopec) chartered several supertankers last Friday. A shipbroker reported that the daily rate for the Middle East-China route (TD3C) has risen by 39%, since Friday, to $37.800. This is the highest price since October. The sanctions have also caused a rise in the shipping rates of Russian oil to China. According to S&P Global Commodity Insights, the freight rates for Aframax tankers shipping ESPO blend crude to North China from Russia's Pacific Port of Kozmino more than doubled to $3.5m on Monday as shipowners demanded massive premiums because there were limited tonnages for that route. The sanctions have exacerbated the situation, as sanctioned oil tankers are stuck outside China's Shandong Province, unable discharge after a Shandong Port Group ban, which was imposed before Washington's Friday announcement. Analysts say that the availability of tankers could be further restricted as traders search for vessels not sanctioned to ship Russian or Iranian crude. Kpler analysts wrote in a report that they expect to see new ships entering the shadow fleet in the months ahead, including many newcomers in this market. This will tighten supply on the un-sanctioned cargo market. Another shipbroker reported that the rate for VLCCs between Middle East and Singapore increased by worldscale (WS), 11.15, from Friday, to WS61.35. Worldscale is a tool used by the industry to calculate freight rates. The second shipbroker reported that the freight rate on the Middle East-China route rose to WS59.70 (up WS10.40), while VLCCs transporting West African oil to China increased WS9.55 (to WS61.44). He said that the cost to ship crude oil from the U.S. Gulf into China has increased by $360,000 in just one week. Reporting by Florence Tan and Siyi Liu; editing by Tony Munroe, Sonali Paul, and Chen Aizhu
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Hyundai's slow EV ramp-up in India injures its decarbonisation efforts, Greenpeace states
A sluggish rampup of electric vehicle sales for Hyundai and its affiliate Kia in India and increased sales of gasolineengine SUVs are weakening their decarbonisation efforts, Greenpeace East Asia stated on Tuesday. Hyundai and Kia saw their per-vehicle tailpipe emissions drop in their significant markets of Europe and South Korea in between 2018 and 2023, the environmental group stated in a report. However their vehicle emissions rose in at least seven other areas consisting of India, the world's third-largest vehicle market, over the very same duration, according to the report. The 2 firms together hold the No. 2 area in India, their fourth-largest market. Hyundai, which last year noted its local unit there, is investing greatly in the nation and a new plant is set to be functional from September. Greenpeace stated the car manufacturers had made minimal. electrification efforts and increased sales of bigger automobiles. such as SUVs. Hyundai and Kia did not respond to a request for comment. Hyundai offers six SUVs in India, one of them electric. Its. variety of SUVs is on par with market leader Maruti Suzuki. however SUVs represent two-thirds of Hyundai's India. sales, more than Maruti's two-fifths. The adoption of EVs in India stays difficult for a lot of. automakers generally due to high upfront costs, limited charging. infrastructure and variety stress and anxiety. Hyundai and Kia together provide two imported EVs in India,. faring much better than rivals such as VW, Renault. and Toyota which have yet to begin EV sales. Hyundai plans to reveal its very first locally made electrical SUV. called Creta on Friday and release four more EVs by 2030. Kia. plans to introduce its first in your area produced EV this year. EVs make up roughly 2% of India's total new vehicle sales of 4. million. The government wants to increase that percentage to 30%. by 2030. Greenpeace has also previously criticised other automakers. such as Toyota and VW for their decarbonisation efforts.
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Traffic falls in New york city City after $9 congestion cost presented
Traffic in Manhattan's. main business district fell by 7.5% recently and 273,000. fewer cars got in the district's main downtown after. the first blockage pricing charge in the U.S. took effect on Jan. 5, New york city City transit authorities stated on Monday. The fee is created to minimize traffic and raise billions. for mass transit, with the majority of the revenue produced targeted to. update the city's train and bus systems. The early information supports what New Yorkers have been telling us. all week-- traffic is down, the streets feel safer, and buses. are moving much faster, said Janno Lieber, head of the Metropolitan. Transportation Authority. Overall travel times are 30-40% faster. on inbound river crossings into Manhattan, which has one of the most. congested traffic in the United States. Under the program, guest lorries are charged $9 throughout. peak durations in Manhattan south of 60th Street. Trucks and buses. pay up to $21.60. The fee is minimized by 75% in the evening. The fee entered into result after neighboring New Jersey. failed to convince a judge to halt it. The city hurried to. execute the charge before President-elect Donald Trump's. inauguration on Jan. 20. Trump, who has a Manhattan residence,. opposes the charge and said he would look for to block it. The MTA said less traffic methods faster bus speeds,. particularly in the early morning peak duration. Charged by means of electronic license plate readers, personal vehicles. pay once a day regardless of how many trips they make into the. main enterprise zone. Cabs pay 75 cents per trip and. ride-share automobiles scheduled by apps like Uber and Lyft. pay $1.50 per journey. A few other cities around the world already have congestion. rates systems. London, which implemented its system in 2003,. now charges 15 pounds ($ 18.33). Singapore and Sweden also have. congestion pricing strategies. The MTA has stated the program will ultimately lead to. 80,000 less vehicles a day, about an 11% reduction. Before the cost,. the MTA said more than 700,000 automobiles went into the Manhattan. central business district daily, slowing traffic to around 7 mph. ( 11 kph) on average, which is 23% slower than in 2010. The city estimates the congestion charge will bring in $500. million in its first year. New York City Governor Kathy Hochul said. the cash would underpin $15 billion in financial obligation funding for mass. transit capital enhancements, with 80% of the cash to be spent. on the train and bus system, and the other 20% spent on the. MTA's two commuter rail systems.
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ISS backs 3 of 4 dissident director candidates in Air Products fight
Activist investor Mantle Ridge on Monday won support from a second proxy advisory firm as it fights for board seats at commercial gases business Air Products and Chemicals with an eye to altering strategy and discovering a follower for its CEO. Institutional Investor Solutions recommended that Air Products and Chemicals investors choose 3 of activist financier Mantle Ridge's 4 director prospects to the company's nine-member board. Last week Glass Lewis, another proxy advisory company, advised investors to choose all four of the dissident's candidates at the Jan. 23 yearly meeting. ISS backed Mantle Ridge's founder Paul Hilal, previous industry executive Dennis Reilley and Andrew Evans. The report also prompted investors to keep their votes from CEO Seifi Ghasemi, lead director Edward Monser, and Charles Cogut. The business said it strongly disagrees with ISS' viewpoint. Mantle Ridge stated Air Products requires to lay out a succession prepare for its octogenarian CEO, who has served at the helm for a. decade, designate its capital differently and scale back on risky. jobs. ISS revealed interest in the board's oversight of the. company's technique and succession planning for Ghasemi. A reconstituted board would require to concentrate on de-risking. the existing job dedications, evaluating underperformance,. rebuilding reliability with financiers, and establishing and. executing an efficient succession strategy, ISS wrote. Mantle Ridge's slate consists of prospects that have abilities. and experience to assist the board address these concerns, the. report said. On Monday, Air Products informed shareholders the election of. any Mantle Ridge nominee could create amazing confusion. for financiers about the direction and leadership of the business. There is no happy medium-- designating any of Mantle. Ridge's candidates might restrain our ability to deliver you the. long-term investor worth that the Business has actually been. positioning for, the letter stated. Hilal said Mantle Ridge is happy that ISS acknowledges. the clear requirement for modification and added that new directors are. needed to perform a bona fide CEO succession procedure. Lots of financiers depend on suggestions from proxy advisory. firms to cast votes in elections that choose hot-button issues. including who serves on a board.
Venture Global, a US-based LNG exporter, is seeking a valuation of up to $10 billion in its IPO.
Venture Global said it aims to achieve a valuation of up to $110.38bn in its U.S. Initial Public Offering, which will be the first major stock market floatation by 2025.
The Arlington, Virginia based company seeks to raise as much as $2.30 billion through the sale of 50 million shares at a price between $40 and $46, each.
Exclusively reported on Saturday, Venture Global is set to officially pitch the highly anticipated IPO in front of investors this week.
The IPO coincides with a growing global LNG market as countries look for cleaner alternatives to coal and oil and the world moves towards renewable energy.
Due to its vast natural gas reserves, and the construction of LNG terminals on the Gulf Coast, the United States has become the largest exporter in the world of super-cooled gas.
It is expected that the incoming Trump administration will end the pause in LNG export approvals put in place by Biden's administration.
Venture Global has five LNG projects at various stages of development in Louisiana, near the Gulf of Mexico.
As of September 30, the company had raised approximately $54 billion for its projects, and derived about $19.6 Billion in gross proceeds through LNG sales.
METEORIC RISE
Venture Global was established in 2013 by Michael Sabel, a former investment banker and Robert Pender, a financial lawyer.
Venture Global, a U.S.-based LNG exporter, has grown rapidly since then. It now competes with companies like Cheniere Energy and Freeport LNG.
In 2022, the company started to generate profits when it began producing supercooled gas at its first facility in Calcasieu Pass.
Plaquemines (its second facility) began producing superchilled natural gas last month. It is the first new U.S. Liquefied Natural Gas plant to begin operations since 2022.
Goldman Sachs J.P. Morgan, and BofA Securities were the main underwriters.
Venture Global will be listed on the New York Stock Exchange with the symbol "VG".
(source: Reuters)