Latest News
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Einride, a self-driving truck manufacturer, raises $100 Million
The latest funding round for Swedish self-driving vehicle startup Einride raised $100 million from investors including asset management company EQT Ventures, and quantum computing firm IonQ at an undisclosed value. The company said that the capital would allow them to expand their customer base, develop new technology and scale up the deployment of their autonomous freight trucks. Self-driving trucking technology is a promising way to grow the long-haul and freight industry. However, it faces regulatory scrutiny. As they follow fixed routes, usually on highways with no pedestrians or intersections, self-driving services do not require as much mapping. Einride will raise $110 million in 2021 from investors including Maersk Venture Capital and Singapore's state investor Temasek. The company entered the U.S. in the following year and acquired GE Appliances as well as Swedish vegan milk producer Oatly, and tire manufacturer Bridgestone. (Reporting and editing by Vijay Kishore in Bengaluru, Zaheer Kachwala from Bengaluru)
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Globe and Mail reports that Alberta will support a new oil pipeline proposal.
The Globe and Mail reported Wednesday that the Alberta government was preparing to submit a request for a new pipeline from the British Columbia coast to Enbridge, South Bow and Trans Mountain. Three sources with knowledge of the matter were cited. Report said that the plan was to draft a proposal along with an estimate and submit it to the new Major Projects Office of the federal government. However, a final route had not been determined. The report cited a source familiar with the plans as saying that Enbridge, South Bow, and Trans Mountain would work with the Alberta Machine Intelligence Institute and the government to create models of potential routes. The report stated that Alberta is only taking a small risk by filing the application. This is far less than what it spent on the Keystone XL project, which was abandoned in 2021. It also noted that the goal of the province's pipeline plan and route is to not own the pipeline, but rather to develop it before it can be handed over to private capital. The office of Premier Danielle Smith, Enbridge and South Bow, as well as Trans Mountain, did not respond immediately to a comment request. Could not verify the report immediately. Mark Carney, the Prime Minister of Canada, told the Calgary Herald in July that a new oil pipeline along the coast of British Columbia is likely to make the list of projects considered to be of national significance by the Canadian government.
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After drone attacks, Russia's oil exports to the western port of Russia have increased by 25%
According to three sources of trading, Russia increased oil exports through its western ports in September by 25% compared to August. This was due to refinery shutdowns caused by Ukrainian drone strikes. Sources said that September exports via western ports Primorsk Ust-Luga, and Novorossiisk increased to 2.5 million barrels a day (bpd). Ukraine has intensified its drone attacks against refineries and pipelines for export, leading to fuel shortages in Russia. The authorities have responded by implementing plans to limit the exports of diesel and gasoline. Industry sources reported in September that Transneft, the Russian pipeline monopoly, warned oil producers to expect a reduction in production due to attacks. At least for now, Russia can stick to its crude production plans due to higher exports. Estimates showed that the daily loadings of Urals and KEBCO grades, as well as Siberian Light, at Primorsk and Novorossiisk increased by 500,000 barrels a day (bpd) in September, up 25% compared to August. The traders reported that oil loadings had been increased by 600,000 barrels per day compared to initial plans. One trader, citing preliminary data on refinery outages, said that September's levels of refinery outages exceeded August's record-high levels and were approximately 1.5 times higher than in the same month last. Exports increased despite drone strikes on Transneft's pipeline system and the major export ports Primorsk, Novorossiisk and Novorossiisk in August and Septembre, which temporarily suspended loading.
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US holds $18 billion in funding for New York's Hudson Tunnel and Second Ave Subway
White House Budget Chief said Wednesday that the federal government withholds $18 billion from the Hudson Tunnel Reconstruction Project and Second Avenue Subway - two of New York City’s largest construction projects. The hold was announced just hours after the partial shutdown of the government began. It is the latest attempt to put pressure on Democrats in Congress regarding the shutdown. Chuck Schumer, the Senate Democratic Leader from New York State has been an avid supporter of both projects. He is also leading Democratic opposition against President Donald Trump’s plan to continue funding by government. Russ Vought, director of the White House Office of Management and Budget, said on X that approximately $18 billion of New York City infrastructure has been put on hold in order to prevent funding from flowing based upon unconstitutional DEI Principles. The U.S Transportation Department announced that it would delay the reimbursement of $300 million for the subway project until an administrative review was completed. It added that the process will take longer because the staff who conduct the review were furloughed during the shutdown. USDOT, in its statement, blamed Schumer as well as House Democratic Leader Hakeem Jeffreys of New York on the shutdown. The $17.2 billion Hudson River Tunnel Project -- which has received over $11 billion in grants from the federal government -- will repair an existing tunnel and build a new tunnel for Amtrak passenger trains and state commuter routes between New Jersey to Manhattan. If the Hudson Tunnel fails, it would impede commuters in the metropolis that accounts for 10% of the nation's economic output. The Biden administration has awarded $3.4 billion to the Second Avenue Subway Project, which will extend the line and provide better transit service in Harlem. USDOT has sent New York letters about the status of the review to determine if it is engaging in discriminatory practices. Amtrak and New York Governor Kathy Hochul did not comment immediately. Trump, an ex-New York City developer, refused. Approve funding for projects in his first USDOT has also threatened New York Transit funding repeatedly. In August, the Department said that it could withhold 25 percent of federal funding from the Metropolitan Transportation Authority in New York State if they do not improve the safety for workers who maintain subway tracks. The Trump administration also wants to destroy Manhattan's Early this year, the congestion pricing program was introduced to reduce traffic and raise billions of dollars for mass transit. The Trump administration also threatened to cut off funding for the MTA over crimes committed in subways. Reporting by Doina Chiacu, David Shepardson and Chris Sanders; editing by Chizu Nomiyama, Chris Sanders and Chizu Nomiyama
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Internet and mobile phones resumed in Afghanistan?
Local residents reported that cell phone and internet service was restored in Afghanistan Wednesday, 48 hours after sources from the diplomatic and industrial sectors claimed connectivity had been abruptly cut off on the Taliban administration's orders. Residents in Kabul, and other cities, reported that the cell phone service of Roshan and Etisalat, the largest foreign-owned providers, was restored in the late afternoon. According to the companies that provide internet access, it has been restored. An official of the Taliban's information department stated that the outage was due to technical issues and services would be restored quickly. He did not respond immediately to a question about whether the Taliban ordered the outage. The United Nations has called for the reinstatement of connectivity. The Taliban has expressed concern in the past about online pornography. In recent weeks, authorities have cut fiber-optic connections to certain provinces, citing morality. The connectivity outage, which began on Monday, is the latest in a series this year of strictures by the Taliban's conservative leaders, based in Kandahar in the south, who have been battling against more liberal ministers from Kabul. Outages caused chaos with remittances and trade paralysed. Banks also had their operations paralyzed. Many Afghans were stranded as they could not fly. The Taliban also banned online learning for teenage girls and women. This was their only way to get an education after being barred from universities and high schools. (Reporting and writing by Saeed Sha; Additional reporting by Hritam Mukherjee, Mushtaq Ali and Hritam Mukherjee; Editing and proofreading by Elaine Hardcastle & Alison Williams).
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General Real Estate, Percassi buy Oriocenter mall from Commerz Real in 470 mln euro deal
Generali Real Estate, Gruppo percassi, and Commerz Real have acquired Oriocenter from Commerz Real, Italy's biggest shopping mall for approximately 470 million euro ($552 millions), the companies announced on Wednesday. Oriocenter is located near the Orio al Serio International Airport in Bergamo, which serves as a hub for Ryanair's budget airline, and includes 300 shops, 57 restaurants, 14 cinemas, and 7,000 parking spots on 105,000 square meters. In a joint statement, the companies stated that this mall, which is expected to attract nearly 12 million people in 2024 ranks among Europe's biggest shopping centres. The purchase was made through a Luxembourg-based pan European fund managed by Generali Real Estate SGR and a fund owned jointly by Gruppo percassi. Generali Real Estate assumes asset management duties, with Gruppo percassi continuing to be the property manager. The Italian Percassi family owns the group, which is active in retail. It operates store networks under franchise agreements with brands like Starbucks, Nike and Gucci. But it also runs retail chains of its own, including low-cost makeup brand Kiko Milano. Last year, it sold 70% of this to LVMH's L Catterton fund.
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Polish court orders Ukrainian in Nord Stream case to remain in custody
A Polish court ruled Wednesday that a Ukrainian dive, sought by Berlin for his alleged participation in explosions that damaged the Nord Stream pipeline, must remain in custody until a decision on whether or not to transfer him to Germany is made. The explosions, which were deemed an act of sabotage by both Moscow as well as the West, marked an intensification in the Ukraine conflict. They also squeezed the energy supply on the continent. The blasts have not been attributed to anyone, and Ukraine has denied all involvement. Volodymyr Z., was arrested near Warsaw Tuesday. Volodymyr Z. will be held in custody now for seven days. Tymoteusz Paprocki, his lawyer, told reporters that he would appeal the decision. He said that if someone lives in a country for more than three and a half years, saying there's a danger of escaping is not convincing. The top German prosecutor's office announced on Tuesday that Polish police had responded to a European arrest order it had issued. The statement stated that the diver was part of a group suspected of renting a yacht in Rostock, a German port on the Baltic Sea, and planting explosives near Bornholm, a Danish island, in September 2022. The German prosecutor added that he faces charges of conspiracy to commit an explosives assault and "anti-constitutional" sabotage. Italian police arrested an Ukrainian man in August suspected of orchestrating the attacks. His legal team stated that the man, who was identified as Serhii, would be taking his case against extradition before Italy's highest courts after a lower judge ordered his transfer to Germany. (Reporting and additional reporting by Pawel F. Florkiewicz, Ludwig Burger and Alan Charlish; writing and editing by Elaine Hardcastle, Ros Russell and Elaine Hardcastle)
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Polish court orders Ukrainian in Nord Stream case to remain in custody
A Polish court ruled on Wednesday that a Ukrainian diver sought by Berlin for his alleged involvement with explosions that damaged the Nord Stream pipeline must remain in custody until a decision on whether or not to transfer him to Germany is made. The explosions, which were deemed an act of sabotage by both Moscow as well as the West, marked an escalation of the Ukraine conflict. They also squeezed the energy supply on the continent. The blasts have not been attributed to anyone, and Ukraine has denied all involvement. Volodymyr Z., was arrested near Warsaw Tuesday. Volodymyr Z. will be held in custody now for seven days. The top German prosecutor's office has said that the Polish police acted on a European arrest order it issued. The statement stated that the diver was part of a group suspected of renting a yacht in Rostock, a German port on the Baltic Sea, and planting explosives near Bornholm, a Danish island, in September 2022. The German prosecutor added that he faces charges of conspiracy to commit a terrorist attack, as well as "anti-constitutional" sabotage. Italian police arrested an Ukrainian man in August suspected of orchestrating the attacks. The man, who was identified as Serhii, will take his case against extradition before Italy's highest courts after a lower judge ordered his transfer to Germany. His legal team confirmed this. (Reporting and writing by Anna Koper; Editing and proofreading by Elaine Hardcastle).
Black Bayou receives regulatory approval for underground storage of gas in Louisiana
Developer of the Black Bayou Energy Hub announced on Wednesday that the developer has been given approval to build the facilities in Cameron and Calcasieu parishes.
Black Bayou Gas Storage announced that the Federal Energy Regulatory Commission had approved the project in August, after a review concluded that there would not be any significant environmental impact.
The company stated that the certificate was an important step in moving towards a final decision on investment. Black Bayou Gas Storage announced that Mercuria has invested $50 million as part of its partnership in the project.
The project will provide a total of 34.7 billion cubic foot (bcf), from four caverns, to existing and future LNG plants. These LNG plants are expected to export more than 30 bcf per day.
Black Bayou stated that the initial operations of the first two caves will begin in 2028. The next two are scheduled to follow in 2030. Reporting by Shariq Khan in New York, and Robert Harvey in London. Editing by David Goode.
(source: Reuters)