Latest News
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Lala is downgraded from a tropical storm to more than 100,000 Hawaii residents without power
Nearly 130,000 utility clients in Hawaii were without power Sunday morning, after Hurricane Lala had brushed past the Big Island and was downgraded to tropical storm. As of 4:35 am, data from poweroutageus.com. According to HST (1435 GMT), the majority of the affected areas are on the Big Island. Honolulu County, and Maui County. Hawaiian Electric informed customers on Saturday night that repair efforts had been hampered due to the hurricane force winds and rain. They cited flooded roads and fallen trees. The Hawaii Department of Transportation released a video showing flood waters engulfing roads. Authorities reported that one person was killed in an automobile-related accident. According to the National Weather Service, two homes were washed away. Cynthia Totty Hefley, a resident of Big Island, said that she was "a little anxious" on Saturday about the rising water. She told KITV that she was most concerned about the ocean getting into her house. A?advisory by the National Hurricane Center, at 2 a.m. Hawaii Standard Time (HST), predicted 4 to 8 inches (10-20cm) more rain for the Big Island and Maui. This would be as much as 30 or 35 inches (76 to 89 cm) total since Lala began lashing Hawaii late Friday. Although the storm barely made landfall, Gov. Josh Green warned islanders to stay put as forecasters warned that there would be substantial damage. Lala was downgraded by U.S. meteorologists to a tropical cyclone, but its sustained winds of 70 mph (112km/h) are just below hurricane level. The hurricane center continues to warn about "life-threatening conditions". Lala's sustained maximum winds reached 120 km/h (75 mph) on Saturday, making it a Category 1. Hawaii Department of Transportation announced Saturday that it had closed the Hilo International Airport and Ellison Onizuka Kona International Airport. Both are expected to reopen on Sunday. State officials urged travelers to contact their airline for the latest information.
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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.
Bousso: The future of Mideast oil is bleak as Iran tightens its grip on Hormuz.
Energy markets are stuck in a limbo of uncertainty that is not easy to get out. Buyers are increasingly worried about the reliability and security of Gulf supply, which is creating a new alarming norm for producers in the region. The energy sector in the Middle East is more vulnerable and weaker than ever before, five months after Israel and the United States launched their military strikes against Iran. Energy infrastructure is under attack, and shipping routes are becoming increasingly restricted. Importers are starting to avoid supplying a region which accounted for a fifth of the world's oil and LNG exports prior to the war. The conflict has spread from the Strait of Hormuz, which was the main front of this war, to the Red Sea in recent weeks. Yemen's Iran backed Houthi militia declared last week an embargo against Saudi exports. The attacks on oil tankers and energy assets have made it difficult to ship goods from the west coast of Saudi Arabia, which was a vital alternative route for shipments after Hormuz effectively closed earlier this year. The security situation has continued to deteriorate since the breakdown of the U.S. Iran interim ceasefire agreement on June 17th. After a short hiatus of a few days, the U.S. Military resumed Tuesday its strikes on Iranian targets in the area after Tehran and its militias in Yemen, Iraq, and Kuwait targeted oil tankers, energy infrastructure and two major refineries that had to be shut down.
Once again, the result is a dramatic drop in Middle East exports. The combined exports of the Gulf and Saudi Arabia’s west coast fell this week to approximately 6.2 million barrels a day. This is less than half of the peak wartime exports of 13.4m bpd, which were reached in late June. It's also far below the 20m bpd average that used to leave the region prior to the conflict.
What is most alarming is that this volatility isn't the only thing on the energy market. It is also a sign that complex and opaque trading patterns, created by "this stop-and start conflict", may be here to remain.
AN ACT IN DEPRAVED DESPERATION
The first question is whether Iran has control over the Strait of Hormuz.
Gulf states are desperate to resume energy exports after months of conflict to replenish their state revenues. Many are willing to consider an idea which was 'almost unthinkable just weeks ago.' This is granting Iran a role in managing the traffic through this critical waterway. Oman had presented Tehran with an Oman-backed proposal earlier this week under which Iran was to help administer the Strait and collect voluntary fees from vessels using the route. Iran rejected the proposal and insisted that "the entire inbound shipping route as well as part of the outbound routes should be under its control," according to an Iranian official.
Washington has consistently rejected the idea that ships would have to pay tolls to cross the Strait.
But military realities are narrowing the options. U.S. Air Strikes have failed to stop Tehran from disrupting shipping, and President Donald Trump seems reluctant to engage in a regional war. In these circumstances, it is becoming more likely that a compromise will be reached which gives Iran some authority over the Strait of Hormuz.
Tehran would see an agreement formalising Iran's influence on the world's largest energy chokepoint as a major victory and it could have far-reaching implications.
RISK PREMIUM
It is easy to see the immediate impact on finances. The cost of oil and gas exports from the Gulf would be increased by a toll system.
However, the psychological impact would be more significant.
Gulf energy has been a reliable source of energy for decades. This reputation allowed the producers to charge a premium price from Asian buyers.
The war showed that Iran could disrupt one of the most important trade routes in the world using inexpensive means such as missiles and drones. The threat will remain even if diplomatic agreements are reached and shipping resumes.
This sword is not cheap. Gulf exporters may be forced to discount their products to retain customers, even after today's physical disruptions are resolved.
Already, signs are emerging that this will happen. Mangalore Refinery, India's state owned refinery, issued a crude procurement tender this week that explicitly requested suppliers to avoid the Strait of Hormuz and the Red Sea. In effect, this means that suppliers will have to continue to use more expensive and less efficient routes, regardless of what happens in the next few months between the U.S.A. and Iran. Asian and European importers are looking for lower prices and more reliable supply guarantees from Qatar and the United Arab Emirates.
Insurance premiums that are higher, shipping costs that are more expensive and concerns about supply security will likely become the new cost of doing business.
The energy market will become more opaque as a result of this new reality. Gulf producers may be forced to agree on more direct, bespoke supply deals with importers outside the highly liquid and efficient market today.
The Middle East is drifting towards a new balance in which energy flows but always under the shadow of coercion. The immediate crisis may pass, but damage to the reputation of the region could be far more lasting.
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(source: Reuters)