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Iraq tries to increase exports through Turkey by transporting crude oil from the south of Iraq north.
The trial began on September 13 and lasted two days In 209 trucks, 38,000 barrels of oil were transported. Iran War disrupts Iraqi exports to the south By Aref Mohamed and Ahmed Rasheed BASRA (Iraq), Sept. 16: Iraq has launched a pilot project to transport crude oil from its southern oilfields by road to a Kirkuk oil storage facility. The goal is to increase supplies for the northern export system, and possibly to increase shipments via Turkey's Ceyhan Port. The initiative is part of Iraqi efforts to increase exports through the northern route, after the U.S. and Israeli war against Iran disrupted Iraqi shipments via the Strait of Hormuz. A spokesperson for the oil ministry confirmed that Iraq's Oil Ministry has contracted local company,?KAR Group, to transport crude oil using its fleet tanker trucks. A statement from the state-run Basra Oil Company confirmed that the arrangement had been made. BOC reported that the trial operation began on September 13 and lasted for two days. During this time, a little over 6 million litres crude oil, which is equivalent to 38,000 barrels was transported by 209 tanker truck each with a capacity of 30,000-litres. Saleem al-Rikabi said that the contract with KAR Group was based on the total volume delivered by tanker truck. He added that daily volumes transported depended on a number of factors, including road conditions, security clearances, and loading capacity. KAR Group didn't?respond instantly?to an inquiry for comment. Oil ministry figures indicate that current flows from northern Iraq into Turkey's Ceyhan Port are estimated to be around 200,000 barrels per day (bpd). This is down from 250,000 bpd prior to the Iran War. BOC sources say that the project faces logistical difficulties, including limited truck supply and limited loading infrastructure at southern oilfields. Initial volumes are too small to materially increase exports from the north without an expansion in transport and loading capacities.
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US Farm Agency prepares to reopen New Mexico Port to Livestock Trade next week
U.S. Agriculture Secretary Brooke Rollins announced on Wednesday that the Department of Agriculture is preparing to reopen an New Mexico port for livestock trade after it had been closed due to New World screwworm. Rollins stated during her remarks at the National Association of State Departments of Agriculture conference in Portland, Maine that she intends to travel to New Mexico Wednesday night. Rollins stated, "We are getting ready to reopen that New Mexico port in the next week." After months of port closures because of concerns about the screwworm parasite, the USDA resumed the cross-border trade of livestock with Mexico in late August. According to the agency there are currently two active screwworm infections, both in Texas, one in a horse, and another in a canine. Rollins stated, "What you have all 'proven for the past?20 days in Douglas, is that this situation is manageable and doable. And if we think there is another threat we will shut it down."
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Sources say that two pumping stations on the Saudi East-West Pipeline were damaged by a recent attack.
According to three oil and security sources, two pumping stations that serve the vital 'East-West Pipeline' in Saudi Arabia have been damaged by an attack last week. Saudi Aramco did not reply to a comment request. The company operates the 1,200 km (745 mile) pipeline that runs across the Arabian Peninsula. Saudi Arabia's media office did not respond immediately to a comment request. Saudi officials said that the?pipeline which had helped to relieve the blockage in the Strait of Hormuz was temporarily shut down after an?attack by a drone coming from Iraq. Sources claim that the strike has damaged pumping stations 8 and 9. According to industry estimates, the pipeline is serviced with 11 pumping and two pressure relief stations. Since?six months, the facility has been the main way to export Middle East oil globally. The Strait of Hormuz is largely closed due to war. Saudi Arabia has been able to avoid the disruptions that have crippled the other Gulf oil and natural gas exporters.
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Muto scores as Kobe win the Asian Champions League with a win
Vissel Kobe won 2-1 over Port FC on Wednesday thanks to a deftly executed goal by?Yoshinori muto. The Japanese team?made a perfect start in the league phase of?Asian Champion League Elite?in Thailand. Ren Komatsu, a former 'Japan - international', had given Michael Skibbe and his team the lead at the 10th minute. Issei Tahashi flicked Diego's throw-in into the Port penalty area and Komatsu pounced. In the fourth minute of stoppage time in the first half, he was able to redirect Issam al-Sabhi’s header past his own goal-line. Muto scored the winning goal after being played?on-goal by fellow substitute Yuya Osako. He then lifted a calm finish above Port goalkeeper Michael Falksgaard, as last season's semifinalists picked up all three of their points. Former champions Jeonbuk Motors came back from a goal behind to beat Kashiwa 2-1 in Jeonju. Kenshin Yuba scored an individual goal in the 30th-minute to put Japan ahead. However, Tiago Orobo equalized the score three minutes into second half by scoring a header. Italo scored the winning goal for Jeonbuk at the 69th-minute mark. The Brazilian slid his shot in the bottom right corner of Ryosuke's Kojima. The eight top teams in east and west Asia, who finished first or second respectively in the league phase of the competition (which has increased from 24 to 32 teams) will move on to the knockout round. The 'last 16 matches' will be played on a 'home-and-away basis' in March, while the quarter-finals (quarter-finals), semi-finals (semi-finals) and final in Saudi Arabia will be held centrally in April and may.
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Meloni, the Italian leader in the election campaign, has scrapped road tax on most cars.
Giorgia meloni, the Italian Prime Minister, announced on Wednesday that Italy will 'abolish road tax' for 14,5 million cars and motorbikes. This move is estimated to cost more than EUR2billion ($2.31billion) in state funds. The government is looking for ways to increase support in advance of the national elections next year. Meloni’s?conservative alliance is trailing in the polls the centre-left and is under pressure from National Future - a new far-right political party led by Roberto Vannacci that is steadily gaining supporters. Meloni stated in a press release released by her office that "today the government eliminates one of the taxes most disliked by Italians". The benefit is available for 'all motorbikes' and'more than 70% of small and medium-sized vehicles, according to the Cabinet Office. However, each citizen will only be able to use it once. The draft decree that was seen by us before the cabinet meeting indicated that the exemption would only be for one year, between January 1, 2027 and December 31, 2027. It will cost EUR 2,36 billion. Meloni did not reveal where the money would come from to fund the initiative. Italy's public debt is expected to reach 139% of its gross domestic product (GDP) in this year under its latest budget plan. This will replace Greece as the most indebted nation in the Eurozone. The coalition parties welcomed this measure as part the government's agenda to cut taxes, while critics dismissed it for a ploy to divert the attention away from the soaring fuel prices. Rossano Sasso is a senior assistant to Vannacci. Fuel prices have risen in Italy for several months due to the U.S. War against Iran, which has disrupted supplies around the globe. The government had to spend EUR2.8 to date to reduce excise duties.
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Italy eliminates road tax on most cars in the run-up to elections
Giorgia meloni, the Italian prime minister, announced on Wednesday that the government would abolish road tax for 14.5 million cars and motorbikes. The government is looking for ways to increase support in advance of the national elections next year. Meloni stated in a press release issued by her office that "today the government will eliminate one of 'the taxes most disliked by Italians. The benefit will apply to all motorbikes, and to more than 70% small-sized cars. However, citizens are only allowed to use it on one vehicle. The election next year is shaping up to be a close race between Meloni’s rightist coalition and centre-left opposition. The government has not said how much the abolition?of road tax will cost?public finances. Italy's public debt is expected to reach 139% of its gross domestic product this year under its latest budget plan. This will replace Greece as the most indebted nation in the Eurozone.
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Flydubai CEO: We expect to return to full capacity before the end of this year.
Flydubai, the airline of Dubai, expects to return to full capacity before the end of the year. This is as airlines 'across the region' recover from the impact of the Iran War. Ghaith al Ghaith, CEO of Arabian Travel Market, said to the media that by the end of the year, "we will go back to 100 percent, and maybe even more, because we'll be getting more planes." Ghaith said that Flydubai, Emirates sister airline, operates at 85% of its current network capacity. Its load factor (which measures how well a?airline fills available seats) is "good". Flights in the Middle East, and even beyond, were disrupted for weeks by the Iran War, which began at the end February. However, Gulf carriers - some of the largest in the world - have slowly resumed their activities. The EU Aviation Safety Agency issued an advisory this year to avoid the Gulf Airspace due to potential 'risks associated with the war. He added, "Our biggest problem, particularly in Europe, are all the (travel) advisory messages that continue to be issued." The CEO's comments come after the airline announced on Tuesday that it would take a further 11 aircraft this year. This includes seven?Boeing 737-9 MAXs and four Boeing 737-8 MAXs, bringing its fleet to over 100 aircraft.
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Equinor plans LNG growth in early 2030s for European and Asian demands
Senior executives at Equinor said that they hoped to increase their liquefied gas supply portfolio between 10 and 15 million metric tons (tpy) per year in the early part of the next decade to meet demand from Europe and Asia. Ingvar Egeland is Equinor's Vice President for LNG. He said that the Norwegian producer will announce a second LNG deal with an Asian client this week. In May, Equinor signed a 15-year LNG deal with India’s Deepak Fertilizers &?Petrochemicals Corp. Egeland stated that Equinor has been in contact with many counterparts, particularly in India and other places in Southeast Asia. They are interested in finding new sources. The U.S. and Israeli war against Iran has?prevented Qatar, the United Arab Emirates, from exporting the majority of their LNG via the Strait of?Hormuz. A fifth of global LNG supplies used to pass through this Strait, forcing Asian buyers into seeking other sources. Equinor expects to double its portfolio of supplies to 7 million tonnes per year in 2030, when U.S. supplies reach full capacity. The Norwegian LNG plant Hammerfest is responsible for half of the total supply. Egeland stated that Equinor intends to increase its supply to between 10 and 15 million tonnes per year (tpy) by the early 2030s. This will include cargoes with a Brent price to diversify their exposure to prices. He added that the volume does not include Tanzania where Equinor has a project in progress which is being 'delayed' by government negotiations. Tanzania's deputy minister of energy said this week that a new law on LNG investments could be passed by the end the year. Egeland said that the East Coast of the U.S.A., West Coast of Canada, South America and other African countries, besides Tanzania, could be potential new sources of supply.
Tiny Chain Bridge is leading banker to Trump, Republican campaigns
When Republican projects want a. banker, they don't go to New york city or San Francisco, however to. downtown McLean, Virginia about a 20 minute drive from the. White House, where a onebranch bank next to an automobile service center. has actually beaten bigger monetary competitors to end up being a musthave partner. for political work.
Chain Bridge Bank, independently owned and with some 70. workers, has worked with the project of every Republican politician. Party governmental candidate because John McCain in 2008, consisting of. Donald Trump.
For nearly 20 years the bank established by former Republican. U.S. Senator Peter Fitzgerald has quietly developed its position by. dealing with politics, where large amounts shift at short notice and. bankers are constantly on call. Its company design, and the group it. serves, could deal with more examination after the bank stated in May it. was thinking about going public.
In the U.S., federal politics is a $20 billion dollar. industry and a number of financial institutions have appealed. and marketed themselves to these entities, said Daniel Weiner,. a director at the Brennan Center for Justice.
Part of it is that the environment is a little Wild West. but part of it is that it is a rather insular neighborhood, people. work by word of mouth.
examined project files filed with the Federal. Election Commission going back to 2007 and spoke to Chain. Bridge's management and customers before its preliminary public. using strategies were announced, to find out how it came to control. the market for Republican political campaigns.
As just recently as 2016, leading Republican governmental. contenders Ted Cruz and Marco Rubio banked at BB&T - a sprawling. North Carolina-based lending institution that was combined into Truist. Financial.
However in the 2024 election cycle, where Republican politicians have. currently raised over $1 billion, every major Republican. presidential candidate, consisting of former South Carolina Governor. Nikki Haley and Florida Governor Ron DeSantis, was a Chain. Bridge consumer.
The Republican National Committee, the celebration's primary. coordinating body, has been a customer because 2008, although it. likewise has accounts with Truist Financial.
The bank has been so effective due to the fact that it meets the oddball. requirements of political projects in such a way no competitor does,. according to Bradley Cage, treasurer for Trump's 2024 and 2020. campaigns and head of political consultancy Red Curve Solutions.
We don't have time to wait on people's lunch breaks, he. told . If there's an issue at a big bank, I'm not. going to have the ability to call the head of the bank to figure it out.
New accounts at Chain Bridge take minutes to open, even at. short notification. Dog crate, who has opened more than 1,200 accounts at. the bank for clients, as soon as established new accounts in 15 minutes on. a Sunday.
All huge depositors are designated a representative and Cage. has called his as late as 11:00 pm. If that does not work, he. likewise has the chairman's number.
The bank has actually likewise lent cash to projects. During Mitt. Romney's 2012 campaign the bank made a loan against contributions. which had actually been available in but could not be spent up until after the. Republican Politician National Convention, when Romney officially became. the party's candidate, according to Crate.
Projects hurrying to spend for last-minute advertisements or. events can rely on the bank processing transfers right up till. the Federal Reserve stops accepting requests at 6:45 pm.
When larger banks close their wire at 3:00 pm and someone. contacts us at 4:30 pm and they need payment for an occasion. tomorrow, we need to FedEx a check, which is silly, Cage stated.
Chain Bridge's political consumers extend beyond Republican politician. circles. The pro-Israel United Democracy Job super PAC. ( political action committee) and tobacco company Altria's. business PAC are customers, electoral filings reveal. The United States. Chamber of Commerce PAC is too.
The 2024 election project for Republican Mike Johnson added. Chain Bridge Bank to its documentation for the first time within. 3 weeks of his election as House speaker on Oct 25.
We're like Tesla, Fitzgerald, who is likewise Chain Bridge's. chairman, stated in an interview with in January,. referencing the electric vehicle maker that for many years eschewed. traditional marketing.
We have a marketing budget plan that's basically no and. we have actually grown by word of mouth.
GOOD FRIENDS WITH MCCAIN
Fitzgerald's own background in politics was essential to the. bank's development. A Republican politician from Illinois, he released the bank. in 2007, after retiring from the U.S. Senate 2 years previously. His seat was won by previous U.S. President Barack Obama.
Fitzgerald states Senator John McCain, who he called a close. good friend, became the bank's first significant political customer in 2008. when his campaign required a new bank after pulling money from. Wachovia, which was hit hard by the 2008 banking crisis.
They were really worried, Fitzgerald said. They switched to. us due to the fact that we had the cleanest balance sheet.
Electoral filings reveal Chain Bridge joined the McCain. project in April 2008 as one of 4 banks, including Wachovia.
Money has actually poured into politics since then, in large part due. to the 2010 Supreme Court People United decision which relaxed. rules around campaign finance.
Republican prospects for president and Congress raised $2.6. billion in 2020, according to the Federal Election Commission, a. two-thirds jump from 2016. Those figures do not include cash. raised by 3rd party groups like incredibly PACs.
Today, Chain Bridge wins a substantial portion of. political campaign work, according to Fitzgerald, although it is. no monopoly. Electoral filings show the Charles Koch-backed. Americans for Prosperity PAC, which backed Haley's project,. banked with Truist Financial.
Lobbying committees for oil giant Exxon Mobil and. Pfizer bank with Citibank and Bank of America,. respectively, while Google chooses Wells Fargo, according to. electoral filings.
Democrats also have a favored bank. Biden's campaign banks. with the partially union-owned and publicly-listed Amalgamated Bank. , as did Obama and 2016 governmental candidate Hillary. Clinton before him.
ROLLER COASTER BALANCE SHEET
Chain Bridge's balance sheet transfers to a political rhythm. Deposits rise through the election project duration and after that. crater as political leaders invest furiously in the ending up stretch. Deposits fell 21% after the November 2020 election. After the. mid terms in 2022 they dropped 25%.
Confronted with the equivalent of a little bank run every 2. years, Chain Bridge is a conservative lender. It has actually had no. non-performing loans in twelve years, according to its annual. report. Roughly 3 quarters of its $1.2 billion in possessions at. the end of 2023 were investment grade securities or money.
While it stays to be seen what sort of welcome the bank. will receive from the stock market, consumers will keep coming as. long as it preserves its client service culture, states Crate.
We have actually banked at larger banks - Bank of America, JP Morgan,. things of that nature - and we simply don't get the very same. experience, he said. It makes it actually difficult to go anywhere. else.
(source: Reuters)