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Twelve dead and at least 10 injured after Polish bus crash in Hungary
In a post on Facebook, Peter Magyar, the Hungarian prime minister said that a 'Polish bus' overturned in the middle of the night in eastern Hungary. Police said that the bus rolled over and ran into a ditch early on Sunday morning near Mezokeresztes, in eastern Hungary. The bus was headed towards Nyiregyhaza, on the motorway, when the accident occurred. The state news agency MTI reported that there were 57 people and two drivers in the bus. "A Polish registered bus traveling on the M3 towards?Nyiregyhaza... veered into a ditch and?overturned." Police said that preliminary information indicates the driver "likely fell asleep". The police reported that 12 people had died and others were injured, while the driver of the bus was being taken into custody. The injured have been taken to the hospital. (Reporting and editing by David Goodman, Anita Komuves and Krisztina than)
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Vietnam Airlines Boeing 787 returns to Munich following takeoff incident
The airline and airport both confirmed that a Vietnam Airlines flight bound for Hanoi was diverted to Munich Airport on Saturday due to technical issues after takeoff. Flightradar24, a flight tracking website, reports that the Boeing 787 circled around for over two hours in order to burn off fuel. The plane had reportedly overrun the runway 'during takeoff. The video aired on ABC News in the U.S. showed a jet taking off, with a huge cloud of dust behind it. Vietnam Airlines issued a statement in which it said that the flight had returned to its departure terminal after takeoff due to a "technical problem". The airline did not give any further details. Munich Airport reported that after landing, the aircraft was unable to leave the runway on its own and remained stuck. The airport said that this forced it to close the north runway. Air traffic was then rerouted via the south runway. Vietnam Airlines reported that the crew had "followed all necessary procedures" and safely landed at Munich Airport. The airline stated that "the passengers and cabin crew members are safe." Vietnam Airlines said that it was working with relevant authorities to inspect the aircraft. It would provide updates once the results of the inspection and the specific operational plans are available. Reporting by Gnaneshwarrajan and Ananya Palyekar in Bengaluru, editing by Jamie Freed
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Flightradar24 reports that Vietnam Airlines Boeing 787 returned from Munich to Munich following a takeoff accident.
Flightradar24 reported that a Vietnam Airlines flight returned to Munich on Saturday, after spending more than two-hours circling to burn fuel. The Boeing 787 had reportedly overran its runway when it took off. According to Flightradar24, the passengers were evacuated by using slides. The fire brigade also was on site. Vietnam Airlines said in a press release that the Hanoi bound flight had "returned to the airport of departure after takeoff" due to a technical issue that it did not specify. The flight crew followed all the required procedures, and safely landed at Munich Airport. "The passengers and crew members are all safe," said the airline. Vietnam Airlines announced that it was working with relevant authorities and parties in order to inspect the aircraft. Munich Airport announced on its website that it has closed its north runway and warned of possible disruptions to air traffic. Flightradar24 data shows that the north runway was closed because the plane had landed there, not the south runway. Munich Airport and Boeing didn't immediately respond to comments outside of regular business hours. (Reporting and editing by Jamie Freed; Gnaneshwarrajan)
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Hurricane Lala causes thousands of Hawaiians to lose power amid 'life-threatening conditions'
Hurricane Lala blew into Hawaii on Saturday with high winds and heavy rain, leaving more than 40,000 utility users?without power? across the state. The National Hurricane Center issued a warning of "life-threatening conditions". According to the poweroutage.com site, 42,889 Hawaii customers were without power at 2:14 pm HST on Sunday (0014 GMT), including 31,792 Big Island residents and 7,203 Maui County residents, which include the islands of Maui Lanai and Molokai. The hurricane center issued an advisory at 2:pm. HST predicted rain of up to 25 inches on the Big Island and even more in some areas. It also predicted 8 to 12 inches for eastern Maui, as well as 4 to 6 inches for western Maui. The center stated that "this rainfall will cause life-threatening floods and mudslides in steep terrain areas." Hawaiian Electric warned its customers that "possible prolonged outages could occur overnight" as the storm system moved westward through Hawaii. Utility crews are assessing a 42 mile (67.6 km), or 67.6 kilometers, span of transmission lines on the Hamakua Coast, Big Island after fallen trees have knocked over multiple poles and other structures. The U.S. National Hurricane Center reported earlier in the day that Lala's sustained maximum winds?reached?75?mph (12 km/h), thereby making it a category 1 hurricane. Maunakea Weather Center on the Big Island recorded wind gusts exceeding 100 mph in the early afternoon, though winds would have been lower closer to the sea level. Hawaii Department of Transportation announced that it would close Hilo International Airport at Keahole and Ellison Onizuka International Airport at Keahole, both at 2 pm HST. The department closed commercial ports on Hawaii Island, Maui County and Kaua'i.
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Xi calls on China to improve disaster prevention after floods and landslides hit the country
After a series of deadly floods this summer, Chinese President Xi Jinping urged the country to improve its?ability? to prevent, reduce and respond to?natural?disasters. Xi made his remarks on 'Saturday' in Qiushi - a 'journal central to Communist Party messaging. They follow China's most powerful typhoon of the year, and a series landslides which killed dozens. This highlights the increasing impact of extreme weather conditions on the second largest economy of the world. According to an article, "Global warming is causing extreme weather events, such as floods, typhoons and droughts. Their destructive effects are intensifying." Xi stated. The article cited Xi's call for a shift to pre-disaster preparation, stronger monitoring and early warning systems, as well as efforts to fill in gaps in flood control and drainage infrastructure in the north of China. The article cited Xi's remarks from a speech he delivered on April 28 at a Politburo Study Session. The capital of China was hit by the strongest typhoon of this year, which brought torrential rains that inundated roads and left vehicles stranded. In the northwest, flash floods caused landslides in Gansu Province that killed 25 people. And in Chongqing, in southwest China, a mountain collapsed and led to another landslide, which left 51 dead. China has been battling more destructive weather that scientists have linked to climate change. This is especially true this year as an emerging "El Nino" pattern boosts temperatures, fueling more frequent and fierce typhoons. Xi stated that China would "continuously improve its ability and level of response to natural disasters and effectively safeguard the lives and properties of the people as well as social stability" Xi warned that disaster risks'must be prevented from affecting economic, energy and food security and urged the use technologies such as artificial intelligence, drones, and satellite remote-sensing to aid in rescue efforts. (Reporting and editing by Jacqueline Wong, Ryan Woo, Xiangming Hu and Ziyi Tang)
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South Africa is betting on renewable energy, but the power grid in place is not yet ready
Grid gridlock could stall the renewable energy transition * Many green energy plants cannot connect to an overloaded grid * Government plans major grid expansion over next decade By Kate Bartlett The President Cyril Ramaphosa launched the latest green energy projects last month. He called it part of a "clean-energy revolution" and a 155 megawatt wind farm located in Mpumalanga Province. He said that "electricity which is reliable, affordable and becoming increasingly clean is the 'lifeblood' of a growing economic system." South Africa plans to add 105 Gigawatts to its grid by 2039. This will include nuclear, wind, and solar energy. It is more than double the current capacity. Experts say that there is a major obstacle: a lack in transmission lines for all this energy. Many green energy projects cannot connect to the grid. The CEO of Energy Exchange South Africa (a private sector energy trader) wrote in June that "gridlock" was the biggest obstacle to unlocking the renewable potential of the country. It could even cause further economic and electricity crises. He said that the grid capacity of most areas with high green energy resources has reached saturation. This makes it difficult to provide renewable power to those in need. The government has said that to fix the problem, thousands of kilometers of power lines will need to be added in the next ten years. This is estimated to cost 400 billion rand (18 billion PS). EXTENDING GRID Last week, Kgosientsho RAMOKGOPA, Minister of Electricity and energy, admitted that "we need 14,500 km (9,000 miles)" of transmission lines and that we build on average 200km per year. Kevin Mileham, spokesperson for South Africa’s second largest political party, Democratic Alliance, was asked why it took so long. He said that part of the delay is due to redtape. They're considering a partnership model to build this portion of the grid. He said that they have to follow a procedure to appoint these private contractors. The components required are not produced locally. He said that many of these items were on backorder. "We will have to wait for two or three years before we get some of this." Ramokgopa, who was in Beijing to court investment last week, said that six Chinese companies have agreed to establish factories in South Africa for the manufacture of transformers and pylons required to support grid expansion. China, which is the largest producer of renewable energy in the world, has already invested heavily in South Africa's green sector. A Chinese company supplied the turbines for the new Mpumalanga Wind Farm. Mileham stated that there was almost no capacity on the grid in the areas where renewable energy is best suited, such as the sunniest parts of the northern Cape, which are ideal for solar, and the Eastern Cape and Western Cape, which are perfect for wind. He added: "In Mpumalanga and other places, we are able to increase grid capacity as coal plants close." It's not an ideal place to add renewable energy. Unbundling ESKOM South Africa has long struggled with power shortages, due to an aging infrastructure and damage. The state-owned power utility Eskom, however, has suffered from mismanagement and financial losses, and has for a very long time been unable to meet the demand. In 2023, the government began introducing daily power cuts, also known as "load-shedding", to conserve electricity. This was a major blow to the country's economy. Mileham explained that this is now mostly a thing in the past. He explained that rooftop solar doesn't require a connection to the grid. Mileham pointed out, too, that if mining companies built solar power plants next to coal mines "you wouldn't have to transmit this over the transmission infrastructure". Ramaphosa announced this year that he would break up Eskom to create a separate company to manage the transmission grid. Mileham says that this is desperately needed because Eskom, as it stands now, is both "player and referee" in the competition for grid access between independent power producers. Eskom, however, is not backing down. Mteto Ntyati, Eskom's board chairperson, urged the government last week to delay the transfer. Ramaphosa, however, told industrialists in this week that a "competitive electricity market requires a transmission network that is independent and efficient, capable of providing a fair access to all participants on the market." (Editing by Jonathan Hemming).
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Third Point discloses Warner Bros Discovery share, adding to Alphabet exposure
Third Point, the hedge fund of billionaire investor Daniel Loeb, has taken a stake in Warner Bros. According to a Friday regulatory filing, Discovery took a stake in Warner Bros. during the second quarter. According to LSEG, the fund's position of 20,000,000 shares would make it one of the 20 largest investors in the media company. This is at a time when the $110 billion Paramount Skydance acquisition has been halted due to court challenges. Third Point is a long-time investor in the media industry. In 2022, it will push for changes at The Walt Disney Company. The New York-based Fund also revealed that it increased its stakes in Google parent Alphabet as well as boosted their holdings of Union Pacific and Norfolk Southern,?as both railway operators pursue their $85 billion merger. The 13F filing also revealed a new investment in Riot Platforms. This made 'Third Point' one of the 25 largest bitcoin miners.
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ADNOC, the UAE's national oil company, says that one of its vessels was attacked while transiting Hormuz
The Emirati news agency WAM reported that the Abu Dhabi National Oil Company of the UAE said on Saturday one of its vessels was attacked while transiting the Strait of Hormuz the day before. According to WAM, the state oil company reported that no injuries were reported and that the situation is now under control. This was the 'third incident of this kind involving ADNOC vessels within a week. The UAE accused Iran of being behind the earlier attacks. However, the UAE made no comment on the attack that took place Friday. Before the conflict, a fifth the world's oil & liquefied natural gas was transported through the narrow waterway that connects Oman to Iran. Shipping has been disrupted repeatedly since the U.S. and Israeli war?with _Iran erupted on February 28. This has raised freight rates, as well as created security concerns. ADNOC, one of the largest energy producers in the world, exports crude oil and natural gas as well as refined products to other countries. Reporting by Menna alaa el-Din, Editing by Mark Porter & Rod Nickel
Bousso: The electrification of Europe's ROI will be a decade-long struggle.
Europe is facing a "death Valley" of high energy prices over the next decade, which threatens to erode their industrial base even if they achieve their ambitious plan?to increase electricity consumption by 2040.
The European Commission announced on Friday an Electrification Action Plan aiming to increase electricity's share in final energy consumption from 23% today to 48 % by 2040. An interim reference goal of 32 % by 2030 was set as an initial target.
The strategy aims to accelerate electrification in transport, buildings, and industry. It also tackles one of Europe's largest energy paradoxes - electricity is often more expensive than fossil fuels that policymakers would like consumers and businesses abandon.
The Commission claims that turning Europe into the first "electrocontinent" of the world would drastically reduce fossil fuel consumption, and the EU's energy import bills could be reduced by up to EUR260 billion ($297billion) per year by 2040.
The appeal is clear at a time when the security of energy has become a priority in geopolitics. The challenge is also clear.
Europe is still largely fueled by fossil fuels. Oil, coal and gas account for over 60% of EU's total energy mix. Renewables only make up about one fifth.
Despite the rapid expansion of renewable energy generation on the continent at a cost that is enormous, the continent has made much less progress in electrifying sectors such as transport, industry, and heating.
Even though Europe has been steadily decarbonising its electricity production, electricity still only represents a small percentage of the total energy consumption. The share of electricity consumption in total energy has been around 23% since over a decade.
The disconnect underscores the magnitude of the task that lies ahead. It could very well determine whether the European industry is viable in the coming decade.
MASSIVE VULNERABILITY
The energy crisis that followed Russia’s invasion of Ukraine on a large scale in February 2022 underscored the urgency to accelerate this shift.
Losing abundant Russian pipeline natural gas forced Europe to undergo a costly and painful energy realignment. It had to replace cheaper imports from the east with more expensive liquefied gas imported from global markets.
The effects on industry were profound. The rise in energy prices led to a contraction of industrial activity, as companies from metals to glass to chemicals to fertilisers struggled to compete against rivals from regions that benefitted from cheaper energy.
Europe is still acutely vulnerable to fluctuations in the fossil fuel markets. According to the European Commission's estimates, since the beginning of the Iran War in late February, oil and gas imports have increased by EUR50 billion. This has added fresh pressure on inflation.
The Commission has proposed an extensive package of measures to reduce energy costs. These are aimed at reducing the gap in price between electricity and natural gas.
These include reducing the network charges, introducing smart meters, increasing the affordability of electric vehicles, expanding the charging infrastructure and replacing gas boilers with heat pump systems.
The EU's Emissions Trading System is the flagship policy of the EU on climate change. The reforms proposed would give industries more flexibility to reduce emissions, while also providing financial support for investments in clean technologies and domestic production.
HUGE PRICE TAG
The scale of the investment required is staggering. According to a recent estimate by the Commission, upgrading and expanding Europe’s ageing transmission networks and distribution systems will require approximately EUR1.2 trillion in investment between 2040 and 2040.
Tens of millions more will be needed to fund programmes designed to promote electrification within the transport sector, in industry and in buildings.
There are reasons to be optimistic, though.
According to the International Energy Agency?, Europe spends about EUR60-EUR70 billion on electricity grids every year. This means that reaching the Commission's target for investment would not require an overhaul of current investment trends.
The proposed relaxation of ETS requirements could also unlock additional funding, allowing companies to redirect their capital towards modernising production and infrastructure.
The Commission wants the member states to also dedicate half of ETS revenue to decarbonising their domestic industry. Since 2013, carbon?market revenues have been around EUR260 billion.
Even after all of this, however, the increase in investment still remains daunting.
This is especially true when you consider that European governments are under pressure from both Washington and Russia to increase their defence spending.
Existential Risk
Timing is the biggest issue.
The benefits of the plan will only be realized gradually, even if it survives the forthcoming political battles. This is unlikely given the divergent interests among the 27 members states. It takes years to build grids, charging systems, heat pumps and industrial infrastructure.
The challenge to Europe's competitiveness in the industrial sector, on the other hand, is urgent.
European electricity prices are still more than double those in the U.S., and about 50% higher than China. This leaves energy-intensive industries at a structural disadvantage, even after the decline from the extremes of the energy crisis in 2022.
Europe's energy-intensive industries will need to be competitive with their rivals from Asia and North America for most of the decade. They must also expand electricity-hungry areas such as artificial intelligence and data centres.
This is the unsettling reality that lies at the core of Europe's electrification policy.
Electrifying Africa is not just a climate goal. It has become a necessity for a region that is limited in fossil fuel resources, exposed to geopolitical shocks and faces increasing costs of imported fuel.
It is a question of whether Europe's industry can survive for long enough to reap its benefits.
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(source: Reuters)