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Vietnam asks factories to reduce output as Hanoi chokes with smog
Hanoi's industrial plants are under pressure from authorities to reduce their operation after a week of hazardous and heavy smog in the city. The Ministry of Health in Vietnam urged earlier this week that power, steel and chemical plant outputs should be reduced when the air-quality index is above 200. The air quality index measures the amount of dangerous small particles, known as PM2.5, in the atmosphere. AirVisual's app, which offers independent information on global?air quality, says that the AQI reached 243 at midday Thursday. Hanoi is now ranked fourth?on a list of most polluted cities. According to the app's data, the city topped the list a number of times this week. It also held the top spot in January. Hanoi, the Southeast Asian nation, which is a manufacturing hub that is rapidly urbanising, has suffered from severe air pollution since years. Pham Thu Giang (30), a Hanoi resident, said: "My eyes itch, and the smog blanket always blocks my vision." "I wear a mask every day." Air pollution in the city is primarily caused by transportation, industrial production and construction activities, as well as burning garbage and agricultural residue. Le Thanh Thuy told the local media that gasoline-powered motorbikes were widely used in Hanoi. They are a major source of air pollution. From mid-2026, the city will ban gasoline-powered motorbikes within certain downtown areas. The ban will then be gradually expanded to include fossil-fuel powered cars. Luong Van Toi, 75 years old, said that the current air quality in Hanoi is very dangerous. "I am very tired." If Hanoi's AQI was converted to actual PM2.5 levels, this week's pollution could be up to 50 times higher than the WHO recommended 5-microgram/cu m limit. (Reporting and writing by Thinh Vu, Editing by David Stanway).
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Kazakhstan reduces oil production for 2026 due to maintenance
Kazakhstan announced on Thursday it would be reducing its '2026 oil production plan due to maintenance expected at major 'oilfields. The Kremlin and Kazakhstan have condemned the attack on CPC's facilities in the last month. "Obviously, there will be three large-scale repairs - plans will be adjusted," Energy minister Yerlan AKkenzhenov stated about Kazakhstan's plans to produce oil in 2026. He also said that plans for this year remain unchanged. Kazakhstan is home to three major oil fields, Tengiz Karachaganak, and Kashagan. These are operated by major international oil companies. CPC, which includes Russian, Kazakh, and U.S. shareholders and accounts for 1% global crude supply, had to cut exports after a critical part of its loading equipment - a SPM - was damaged during the attack. CPC accounts for 80% of the?Kazakh exports. Kazakhstan had to abandon its oil industry. Divert Some oil is sent to China and other destinations. The minister said that maintenance of the single point mooring terminal (SPM-3), which is now inactive, will be completed by 15 December. However, shipments through the CPC have been expected to decline this year from 72 million metric tons. He also stated that the SPM-2, hit by the attack on November 29, was severely damaged. Only SPM-1 currently operates. As a result of repeated drone attacks on Russia's refineries and export infrastructure, the options for rerouting oil out of landlocked Kazakhstan have been limited. (Reporting and writing by Tamara Vaal; editing by Guy Faulconbridge).
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Maguire: US coal binge allows Asia to leapfrog the West on clean energy push
In 2025, major Asian economies such as China, India and Japan, and Vietnam, had cleaned up their energy generation systems more than the United States or Europe. This would lead to a divergence of momentum in the East-West energy transition in 2026. According to data from the energy think tank "Ember", the United States is the only major market that has increased the carbon intensity of its power generation in comparison to the previous year. The main driver behind the increase in carbon intensity in the U.S. is a 13% increase in coal fired power generation. This has pushed U.S. emissions from fossil fuels to a three-year-high. The CO2 emissions of European power companies have increased this year in comparison to 2024. China, India and Japan have also seen a decline year-to date. As winter approaches in the Northern Hemisphere we can expect a higher generation of fossil fuels in Asia, Europe, and North America over the next few months. This will increase the carbon intensity in all major power systems. The U.S. will likely continue to lead the pack when it comes to carbon emissions, as the power companies in the U.S. opt to increase output of coal plants over cleaner natural gas plants due to a sharp rise in natural gas prices in the U.S. CARBON INTENSE GLIDE PATHS Over the last five years, all major power systems have significantly reduced their carbon intensity (or the amount of CO2 released per kilowatt-hour (KWh) produced of electricity). Only China has been able to consistently reduce its intensity every year since 2019. This is largely due to the world's leading deployment of clean energy sources, which have allowed utilities worldwide to reduce their fossil fuel dependence. Ember data show that from January to October 2025, China’s carbon intensity in power production averaged 562 g/KWh, down from nearly 670 g/KWh (in 2019). Other major power systems also have seen at least an annual increase in carbon intensity. This is due to a combination of increasing power demand, patchy supplies of clean energy and policy changes. Only the U.S. system, however, has seen a?increase so far in the year 2025. An average of 383.3 grams CO2 per KWh was emitted from January to October, as opposed to 381.2 grams in the same period in 2024. The average carbon intensity in Europe has decreased by?2% this year compared to 2024. India (down 5%), Japan(down?3%), and Vietnam (down 20%) have also seen reductions. COAL-HEAVY GROWTH Asian economies are still far more dependent on coal than major power grids in Europe and North America. As of this year, India has generated approximately 70% of its power from coal. China is at 55% coal, Vietnam is at 48% coal and Japan is around 27% coal. The U.S. coal power plant share is approximately 16%. In comparison, Europe generated less than 13% its electricity this year from coal-fired plants. The U.S., however, is the only country to have seen a sharp increase in the share of coal in the total generation mix this year. This is why U.S. carbon intensities are out of sync with other regions. In 2024, the coal share in the U.S. will be 14.6%. This means that the coal-based electricity supply to utilities has increased by 11% compared with the previous year. Ember data show that coal plants were the main source of growth in electricity supply in the U.S. during this year. They accounted for 73% of total electricity increases from January to October. The share of coal in the growth in supply has been much lower in all other major markets. This includes India, where the extra coal-fired production accounted for less than half the increase in overall electricity supplies. Tracking Trends into 2026 The roughly 50% increase in natural gas prices this year in the U.S. has led to a significant increase in coal-fired electricity generation. Utilities are under pressure to maintain energy prices at a reasonable level for consumers. The price of natural gas is expected to stay the same through winter, thanks to a record demand from LNG exporters who are competing with utilities to get gas on?the U.S. market. The outlook for continued strength in gas prices could keep coal-fired production levels high in the U.S. well into 2026 and ensure that the U.S. carbon intensity trend continues to climb. China and Europe have been suffering from economic hardships that have impacted the overall industrial activity. This has lowered demand for power in factories, chemical and steel plants, and other large consumers. The carbon intensity of these markets will increase if economic activity improves in China or Europe. The growth of the Chinese economy will boost economies throughout Asia. This could lead to a significant increase in carbon intensity for the power sector in Asia by 2026. The U.S. will continue to be the leader in carbon intensity for 2025. This is a direct contradiction of the global trend towards cleaner energy networks. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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New York Times Business News - December 11,
These are the most popular stories from the business pages of the New York Times. The New York Times has not verified the accuracy of these stories. The U.S. House of Representatives has approved a $900 Billion Defense Policy Bill that codifies much of President Donald 'Trump's agenda for national security. However, it also seeks to 'curb Trumps move to withdraw from Europe. Jennifer Homendy warned that a "provision" in the new defense legislation would increase the risk of mid-air collisions around the Washington area airport, where a fatal crash killed 67 in January. - President Donald Trump announced on Wednesday that the U.S. had seized an oil tanker sanctioned by Venezuela off its coast. This move sent oil prices soaring and escalated tensions in Washington and Caracas. On Wednesday, the?Trump Administration launched a website that allows people to apply for a "goldcard," a visa expedited by the federal government. The card will be given to those who pay at minimum $1 million. (Compiled by Bengaluru Newsroom)
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After US tanker seize, over 30 ships sanctioned by the US are at risk in Venezuela
Shipping data shows that Washington could punish more than 30 U.S. sanctioned oil vessels doing business in Venezuela after the Coast Guard confiscated a supertanker transporting Venezuelan crude to be exported. The President Donald Trump announced the seizure on Wednesday. It was the first time that an oil "cargo" from Venezuela had been seized. Venezuela has been subject to U.S. sanctions against it since 2019. This is also the first action taken by the Trump administration since he ordered the massive military buildup of the region. Shipping sources say that the U.S. actions, in which Trump intensifies pressure on Venezuelan President Nicolas Maduro's government, have put many ship owners, operators, and shipping agencies on high alert. Many are now reconsidering their plans to leave Venezuelan waters as planned. Experts and analysts claim that the targeting of Venezuelan cargoes will cause short-term delays in exports and could scare away some vessel owners. Washington has not interrupted Venezuelan oil exports before, as they are transported by third-party vessels. VENEZUELA: OVER 80 TANKERS ARE WAITING IN OR NEAR VENEZUELA Venezuela accused the U.S. "of blatant theft", describing the seizure of the goods as "an international act of piracy." The supertanker seized, referred to by a group of risk managers as the Skipper is part of "a shadow fleet" of vessels that transport sanctioned oil from their origins to their final destinations. They may turn off their signals or hide their location in other ways. Since Washington imposed sanctions on Venezuela, traders and shippers who deal with Venezuelan oil have increasingly used these tankers. Prior sanctions against Venezuelan-related vessels and oil flows left a swirling of tankers loaded with oil waiting for weeks or even months to leave to avoid "conflicts". According to data collected by TankerTrackers.com, on Wednesday, there were more than 80 vessels in Venezuelan waters, or near the coast, that had oil or were waiting to load it. This included more than 30 vessels under U.S. sanction. According to Lloyd's List Intelligence, an analysis of maritime data, the global shadow fleet comprises 1,423 tanks, 921 of which are subject to U.S. or European sanctions. The tankers are usually old, the ownership is opaque and they do not have top-tier insurance to meet international standards. According to vessel monitoring data, the ships mainly transport sanctioned crude oil from Russia, Iran, and Venezuela to Asian -destinations. Many ships have taken separate trips, carrying oil from Venezuela or Iran and then Russian cargoes. Shipping and company data indicate that in Venezuela, the vessels load under false names at ports operated by PDVSA, the state-owned PDVSA. Typically, they do not reveal their location until after leaving the Atlantic Ocean on their way to Malaysia or China. PDVSA didn't immediately respond to a comment request. Frontline, a Cyprus-based oil shipping company, estimates that 15% of the global fleet of very big crude carriers, capable of carrying a maximum of 2 million barrels of cargo per voyage, have been sanctioned. In recent years, the U.S. added nearly all of PDVSA’s fleet, as well as a few?tankers that transport Venezuelan crude oil to Cuba. Cuba is also under U.S. sanction. Russia and China - both heavily sanctioned - have been using similar strategies for years to circumvent these restrictions. Venezuelan oil exports jumped to over 900,000.00 barrels per day during November. Imports of naphtha, which is needed to dilute Venezuela's extra-heavy crude oil, mainly from Russia, also doubled at 167,000 bpd. This increased stocks for the upcoming weeks. Venezuela and Iran have also collaborated for the past to use their fleets. Chevron, PDVSA’s main joint-venture company, confirmed on Wednesday that the company is operating normally. (Reporting and editing by Christian Plumb, William Mallard and Marianna Saul)
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CNPC researcher: 'The proposed Russia-China pipeline requires tremendous work'
According to a Chinese researcher, the proposed pipeline that would transport gas from Siberia to China will require "a lot of work, many jobs and lots of negotiations." Moscow has been pushing Beijing hard in recent years to reach a 'deal' for the construction of the Power of Siberia 2 pipeline. In September, during the visit of President Vladimir Putin to China, the "legally-binding memorandum" was revealed. Beijing has not made many public comments about the deal. Lu Ruquan said that the International Energy Executive Forum, 2025, was the first time he had heard of a project of this magnitude, such as Power of Siberia, requiring at least 8-10 years. Daniel Yergin is vice chairman of S&P 'Global Energy. He said that although Russia appears determined to build a pipeline that "fits -into the overall cooperation or a good relation between Russia and China", it will take more time than people expect to build. Yergin stated that "there are still a lot details to be worked out". "Whatever cooperation there is between Russia and China, they are not in agreement on the price of the gas." The Power of Siberia 1 Pipeline, which is expected to reach the planned capacity of 38 billion cube meters by this year, began pumping Russian gas from eastern Siberia into China at the end of 2019. On Putin's visit to China in September, a further 6 bcm were?agreed through this route. Separately China agreed to import an additional 2 billion cubic meters of Russian grain per year via the Far Eastern route, from the Pacific Island of Sakhalin. Exports are scheduled to start in 2027, and then reach 12 billion cubic metres annually. Reporting by Colleen Jackson and Lewis Jackson; Writing by Chen Aizhu, Singapore; Editing Thomas Derpinghaus
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Westpac Australia urges social media companies to play a bigger role in scam prevention
Westpac Banking Corp. called on social media companies like?Meta to take stronger action on Thursday in order to combat online scams. They said that banks could not tackle the growing threat?to?consumers alone. Westpac's Chief Executive Anthony Miller said at the annual general meeting of the lender that the bank had spent over A$500,000,000 ($333.55 Million) in the last five years to prevent fraud and scams, including the purchase of new detection tools and systems for customer protection. Miller stated that "Westpac and other banks can't solve the scams plague alone." "We need to see more action from the other players of the ecosystem. This includes social media companies like Meta. Meta did not respond immediately to a comment request. Miller stated that recent initiatives by the lender helped to drive a 21% decrease in scam losses and prevent customers from losing more than A$360,000,000 this year. Australian banks are pushing for tighter responsibility for digital platforms. They claim that "a large portion of scams originate on social media and messaging apps." Meta announced last year that it had removed 8,000 "celebbait" scam ads from Facebook and Instagram as part of a joint effort with Australian banks. The scams often used artificial intelligence to generate images of celebrities to fool consumers into paying money to nonexistent investment schemes.
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The judge rejected the Trump administration's bid to dismiss the California high-speed rail lawsuit
A?U.S. A?U.S. The U.S. district judge in Sacramento, Dale Drozd, rejected the Justice Department's argument that the lawsuit filed by the California High-Speed-Rail authority in July was filed in the wrong venue and should have gone to the?U.S. Court of Federal Claims. The state agency that is responsible for the development of the high-speed railway system filed a lawsuit challenging the cancellation of the grant as "arbitrary and capricious". After cancelling $4 billion of federal grants, the Transportation Department in August canceled an additional $175 million for projects that are part of California's high speed rail project. The department did not respond immediately to a comment request. California Governor Gavin Newsom is a Democrat and a vocal critic of President Trump. The funding cuts are the latest obstacle in the 16 year effort to connect Los Angeles and San Francisco with a 3-hour train ride. This project would provide the fastest passenger rail service available in the United States. California voters approved the first $10 billion bond in 2008. Since then, more than 50 major structures have been built, including bridges. The California High-Speed Rail Authority announced in November that it would be seeking proposals for a plan worth $3.5 billion to build high-speed rail systems and track. The route was originally supposed to be finished by 2020, at a cost of?$33 billion. The projected cost has increased from $89 billion to more than $128 billion. Service is now anticipated to begin?by 2033. The state challenged a previous decision by Trump to revoke federal grants worth $929 million during his first presidential term in 2019. This led to a settlement under Democratic President Joe Biden in 2021, which restored the full amount.
Entain, the owner of Ladbrokes, says that CFO Rob Wood will step down and IDS's Snape will take his place.
Entain, a British gambling company, announced on Thursday that Rob Wood will retire from his roles as Finance?Chief and Deputy?CEO next year after serving the firm for 13 years. Snape is expected to be replaced by Michael Snape, an executive with International Distribution Services (IDS).
Snape, who is currently the?group?CFO of IDS, led its recent de-listing, and sale to billionaire Daniel Kretinsky. He has over 20 years of finance leadership experience with large international retailers like?Walgreens Boots Alliance?, Tesco? and Waitrose?. The change in leadership comes just a few weeks after the company revealed a 200 million pound ($267.28million) loss after UK increased taxes on online gambling and sports betting. This put the entire industry under pressure.
Wood was appointed deputy CFO in 2018, and took on the role permanently the next year, after Paul Bowtell, the former finance chief announced that he would be stepping down. Entain which owns Ladbrokes, Coral and Partypoker, said that year-to-date trading continues to be in accordance with market expectations, of 1.14 billion pound for FY25.
(source: Reuters)