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Shares rise after India's HDFC Bank hires outside law firms to review the resignation of its ex-chairman
HDFC Bank in India said Tuesday that it approved the appointment of external law firms to review Atanu Chakraborty's resignation from his role as part-time chairman. He resigned last week citing disagreements over "values" and ethics. After the announcement, the company's stock rose by 1.3%. This ended a run of three days of losses which had eroded $16.27 billion from the market value of the stock that weighed the most in benchmark indexes. India's largest lender to the private sector said earlier that the abrupt departure, which caused shares to plummet and analysts questioning if there was a governance concern, could have been the result of a rift with the management. Chakraborty didn't go into specifics. Please read my letter. Chakraborty replied to a message sent by text on Tuesday that the letter made no claims or insinuations. "I have resigned and I will not investigate the actions of the organization." HDFC Bank has announced that it is hiring both domestic and foreign firms to review the letter, "to strengthen the robust governance standards" of the bank. The firms were not named in the statement. Source familiar with the deliberations said that the law firms will review minutes from past board meetings in order to determine if the differences mentioned by the chairman are true. The source declined to identify herself as this is a sensitive issue. Sources confirm that the bank will not sue Chakraborty to recover damages for damage caused to Chakraborty's reputation. The Reserve Bank of India stated last week that HDFC Bank is professionally managed and financially stable. There are "no concerns" on record about its governance or conduct. Keki Mistry, a former HDFC Group executive and long-time HDFC Group executive, has been appointed as interim non-executive Chairman for three months by the RBI. Chakraborty was appointed as part-time Chairman?in April 2020 and reappointed from May 2024 to May 4, 2027. He oversaw the $40 billion merger of HDFC Bank with HDFC Ltd., creating a financial behemoth. Since Chakraborty resigned, HDFC Bank shares have dropped by nearly 12%. CONDUCT OF INDEPENDENT DIRECTORS Tuhin Kanta Panta, the head of SEBI, which regulates listed companies, refused to comment on individual matters, when asked if they would ask Chakraborty for more details. Pandey said that independent directors are required to follow the regulations' code of conduct. Pandey added that independent directors must follow the code of conduct set out in regulations. Pandey stated that "no one can insinuate without a proper record of evidence." "Such comments have an effect on minority shareholders." Independent directors must be accountable for what they say. Chakraborty was a non-executive chairman and independent director on the board. Pandey said that the Reserve Bank of India (RBI), which is the primary regulator of HDFC Bank would likely look into different aspects of the issue. Reporting by Chris Thomas from Mexico City, Gopika Gopakumar from Mumbai and Komal Salescha from Bengaluru. Additional reporting by Jayshree Upadhyay. Editing and proofreading by Sumana and Clarence Fernandez.
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UN aims to improve food security for Rohingyas in Bangladesh
A spokesperson for the United Nations Food Agency said that it will revamp its program for Rohingya refugee?in Bangladesh in April to ensure food security?for every household. In the ninth year of a crisis affecting more than?1million Rohingya, funding pressure is increasing on humanitarian groups. The majority of these Rohingya fled violent military crackdowns that occurred in Myanmar in 2017, and now live in overcrowded camp with limited access to education or jobs. The World Food Programme's new, needs-based approach is aimed at ensuring that the minimum food requirements of all refugees are met, while providing greater support to those who face?the biggest challenges. A WFP Bangladesh spokesperson said that the new system would allocate monthly food aid according to the household food insecurity levels determined by a survey in 2025. Kun Li, spokesperson for the Ministry of Health, said that "Differentiated Ration Size is in accordance with global 'best practices' and will ensure equitable distribution to those most in need." WFP is the'sole provider' of food assistance for Rohingya refugee families in Bangladesh. This includes about 150,000 new arrivals from 2024. Mohammed Mizanur Rahman is Bangladesh's top official in charge of the refugee camps. He said that 33% are highly vulnerable households, 50% are moderately vulnerable and 17% are vulnerable. "Our rations are shrinking due to the global funding crunch," said Mohammed Jashim. Mohammed Jashim is a Rohingya Refugee, father of three children between the ages of four and 11. "I appeal to the international community to not forget us. We are unable to get home at this time. Please don't leave us." In terms of food security, the WFP's latest scheme classifies households as "extremely" or "highly" insecure. The southern coastal town Cox's Bazar will receive monthly sums of $12. $10. and $7. Bhasan Char is an island in the Bay of Bengal that's home to 31,000 Rohingya. They will receive larger payments, $13, $11 or $8, to reflect the higher costs and commodities there. Families with children, the elderly, women or disabled people, as well as households headed by children are eligible for an additional $3 in fresh food vouchers per person each month. The WFP said that international support is essential for the continuation of life-saving assistance, including food and basic services, to Rohingya refugee communities and vulnerable host populations in Bangladesh. (Reporting and editing by Clarence Fernandez; Ruma Paul is the reporter)
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Vietnam receives funding for energy and transport at EU-Vietnam Business Forum
On Tuesday, at a business forum between the EU and Vietnam in Hanoi, financial deals and grants totaling 560 million euros ($650 million) were announced to support projects in Vietnam that promote 'clean energy' or'sustainable transport. The agreements include a 200 million euro deal between the European Investment Bank (EIB) and Vietnamese lender Techcombank, to support solar and wind power projects, energy efficiency and e-mobility. The French?development agency AFD, along with its private-sector subsidiary Proparco, signed loan agreements for 230 million Euros with Vietnamese state utility company EVN to help develop the Bac Ai hydroelectric plant. * The European Union has also announced a grant of?40 millions euros to support Vietnam's plans for public transport investment, while Germany and France have announced additional grants in the areas of technical and vocational training as well as energy transition.
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New York Times Business News - March 24,
These are the most popular?stories from the New York Times business pages. The New York Times has not verified the accuracy of these stories. The Trump administration announced that it would create a consortium of investors to invest more than $1 trillion in energy projects, minerals and semiconductors to create "a new source" for the critical goods controlled by the United States. Interior Department: The Trump Administration will pay French energy giant TotalEnergies almost $1 billion for abandoning?its plans to?build?wind farms?off the East Coast. Federal Aviation Administration investigates whether a United Airlines flight problem distracted an air traffic controller at LaGuardia Airport's tower during a critical moment, and whether this led to a runway accident which killed two pilots. After a court ruled against a previous press policy, the U.S. Defense Department announced it would adopt a new set of restrictions for journalists. It will close an indoor workspace and replace it with an outdoor area outside the main Pentagon Building. (Compiled by Bengaluru Newsroom)
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China maps the ocean floor to prepare for a submarine war with the U.S.
China has been conducting an extensive undersea mapping operation and monitoring across the Pacific Ocean, Indian Ocean and Arctic Oceans. This vast operation is aimed at gaining detailed knowledge about marine conditions, which naval experts believe will be vital for the conduct of submarine warfare against America and its allies. Ship-tracking data shows that, for example, in 2024 and 2025, the Dong Fang Hong 3?a research ship operated by Ocean University of China sailed back and forth between the seas around Taiwan, Guam and strategic stretches of Indian Ocean. Ocean University reports that in October 2024 it tested a series of powerful Chinese ocean sensors able to identify undersea items near Japan. It returned to the same area last May. In March 2025 it covered the approaches to the Malacca Strait - a crucial chokepoint for maritime trade - by crisscrossing the waters between Sri Lanka, Indonesia and the Malacca Strait. According to the university the ship carried out climate research and mud surveys. A scientific paper written by Ocean University academics reveals that the ship has also carried out extensive deep-sea maps. According to U.S. Navy officials and naval-warfare specialists, the Dong Fang Hong 3's deep-sea mapping and sensor placement gives China an idea of what conditions are under the sea so it can better deploy its subs and track down its enemies. The Dong Fang Hong 3 doesn't operate alone. The Dong Fang Hong 3 is part of an ocean mapping and monitoring effort involving hundreds of sensors and dozens of research ships. This effort was traced by examining Chinese government records and university publications, as well as journal articles and scientific papers, and analyzing more than five years' worth of movement data from 42 research vessels operating in the Pacific Ocean, Indian Ocean, or Arctic Ocean using a ship tracking platform developed by New Zealand-based Starboard Maritime Intelligence. Nine naval warfare experts who reviewed the findings said that while the research is primarily civilian - for example, some areas are being surveyed to determine fishing grounds and mineral deposits - there are also military purposes. In order to gather information on the underwater terrain, researchers map the seafloor by traveling in tight lines. This type of movement is shown in the tracking data of vessels that have been tracked over large areas of the Pacific Ocean, Indian Ocean and Arctic Ocean. According to an analysis of Chinese state-run media, descriptions of vessels published by Chinese universities and press releases from government organizations, at least eight of those tracked vessels have performed seabed mapping. Another 10 of them have carried mapping equipment. Peter Scott, former chief of Australia’s submarine force, stated that the survey data from the vessels "would potentially be invaluable in preparing for the battlespace" of Chinese submarines. "Any submariner who is worth his salt will spend a lot of time and effort to understand the environment in which he operates." Ship-tracking data shows that China's seabed surveying effort is concentrated in part around militarily-important waters near Guam, Hawaii, the Philippines and China. Wake atoll is a military base in the north Pacific. Jennifer Parker, adjunct professor of Defense and Security at the University of Western Australia (and former Australian antisubmarine warfare officers), said that "the scale of their actions is more than just about resources." If you take a look at its sheer size, it is clear that the Australians intend to build a blue-water navy that includes submarine operations. Parker and other experts also added that, even when data are gathered for scientific reasons, the integration between civilian scientific research, and military?technology has become a major focus of the Chinese Government under President Xi Jinping. Beijing calls this "civil-military" fusion. The Chinese ministries of foreign affairs, defense and natural resources did not respond to inquiries about ocean monitoring and seabed mapping. The U.S. Defense Department did not respond to any questions. Rear Admiral Mike Brookes of the U.S. Office of Naval Intelligence testified to a congressional committee this month that China has dramatically increased its surveying activities, providing data "that enable submarine navigation, concealment and positioning of seabed weapons or sensors." Brookes also said that the "potential collection of military intelligence" by Chinese research vessels "represents an important strategic concern." The United States has recently reorganized its efforts to map the ocean and monitor it, but they do so using military vessels which are permitted to disable the civilian tracking software. China's civilian survey vessels also disable tracking at times, so its campaign could go further than we can determine. It is the first report on the extent of China’s mapping and monitoring efforts across the Pacific Ocean, Indian Ocean and Arctic Ocean. In previous reporting, a small portion of China's mapping and monitoring effort was revealed around Guam and Taiwan and in some parts of the Indian Ocean. Ryan Martinson, a U.S. associate professor who specializes in Chinese maritime strategies, said: "It's truly astonishing to see the immense scale of Chinese marine science research." Naval War College. Martinson added, "For decades the U.S. Navy was able to assume an asymmetrical advantage due to its knowledge of ocean battlespace." China's efforts "threaten that advantage." This is obviously very concerning. "PARANOID about being boxed in" According to naval experts, the data collected by Chinese research vessels about seabeds and water conditions are crucial for submarine operations and antisubmarine warfare. According to Australian defense scholar Parker: Commanders need information about the underwater terrain in order to avoid collisions, and conceal their vessels. This data is essential to detect submarines that operate within a few hundred metres of the surface. Submarines can be identified by the sound they make or echoes of signals from sonar systems. Tom Shugart is a former U.S. sub commander and adjunct senior fellow with the Center for a New American Security. He said that the sound waves move differently depending on the underwater terrain. Water temperature, salinity, and currents also affect sound waves and submerged movements. The vessels in question belong to Chinese state entities such as the Ministry of Natural Resources, or to state-affiliated institutions of higher learning like Ocean University. In 2021, its president publicly celebrated "close ties with China's Navy" and "commitment to building a maritime force and national defense." The university did not respond to a comment request. China's most extensive ocean surveying has been done east of the Philippines. The Philippines is located along the First Island Chain. This chain of territories, largely controlled and governed by America, runs from the Japanese Islands in the north, through Taiwan, to Borneo, in the south. The chain is a natural barrier that separates China's coast seas from the Pacific. Peter Leavy, former Australian naval attache in the U.S. who is now the president of the Australian Naval Institute, said that the First Island Chain was a source of paranoia for the Australians. China's mapping is "an indication of a desire to better understand the maritime domain in order to break out." China's tracking data also shows that it covers the waters around Guam, where American nuclear submarines have been stationed. Chinese vessels also mapped the waters surrounding Hawaii, another of America's regional military hubs. They examined an underwater ridge to the north of a base in Papua New Guinea, where the U.S. gained access recently. And they scouted Christmas Island, a territory of Australia on a route connecting the South China Sea with a crucial Australian submarine base. China's efforts go beyond the South China Sea. China has also mapped vast?swathes of the Indian Ocean. This is a crucial route for Chinese imports from the Middle East, Africa and the Middle East. Parker, a former anti-submarine war officer, said that China has "some key vulnerabilities" when it comes its dependence on maritime trade. Surveying indicates that "they will likely conduct more submarine operations in Indian Ocean". China's ships have also mapped seabeds west and north from Alaska, a vital sea route to the Arctic. Beijing has declared the Arctic a strategic frontier, and its ambition is to become a great polar power by 2030. Shugart said that the extensive surveying, and Beijing's increasing undersea capabilities are "symptomatic" of China's rising as a leading maritime power. A 'TRANSSPARENT OCEAN' Wu Lixin proposed an ambitious project to create a transparent ocean in 2014 by deploying sensors to give China a complete view of the water conditions and its movement. This was according to a report published by the Chinese Academy of Sciences, which is affiliated with state. According to Shandong officials, the Shandong government quickly backed this proposal with at least $85 millions. Ocean University has announced that it began the project in the South China Sea where they have built an observation system covering the deep-sea area. Brookes Brookes, director of the U.S. Office of Naval Intelligence told the Congressional?commission China was building underwater surveillance networks to "gather hydrographic information - water temperatures, salinity and currents – in order to optimize sonar performances and enable persistent surveillance of subs transiting crucial waterways such as the South China Sea." Chinese scientists have expanded the project transparent ocean to include the Pacific and Indian Oceans after surveying the South China Sea. Records from the Chinese Ministry of Natural Resources and Shandong Government show that China deployed hundreds of sensors and buoys in the Pacific to detect changes like temperature and salinity. Documents from the Ministry of Natural Resources and the Chinese Academy of Sciences describe an array of sensors ringing India, Sri Lanka and the Ninety East Ridge, a mountain range under the Indian Ocean. Starboard data shows that Chinese vessels also explored the ridge, which is one of the longest underwater mountain ranges in the world. It sits on the approach to Malacca Strait - through which a large part of China's oil supplies passes. Ocean University and Institute of Oceanology of the Chinese Academy of Sciences have stated that the larger network of sensors provides China with data in real time about the water conditions and movements of subsea. Experts in naval warfare cautioned against this claim due to the technical difficulties of real-time data transmission from under water. Parker stated that even delayed data could be valuable as it can help China detect U.S. sub operations. Many sensors are located in sensitive areas. Recently, the media reported that the U.S. was fortifying a crucial strait connecting Taiwan and the Philippines in order to block Chinese access to Pacific. Ocean University reports that China has installed?advanced sensor systems in areas of the strait where U.S. subs could move through to reach the South China Sea. Chinese scientists claim that these sensors monitor changes in ocean and climate conditions. In 2017, Shandong officials said that the transparent ocean project aimed to "ensure maritime security and defense" and compared it with the U.S. military's effort?to create an American ocean sensor network. The Chinese Academy of Sciences, Shandong Government and Institute of Oceanology did not respond to comments. According to the website of the Naval Submarine Academy in China, the founder of the Mapping-Program, Wu, now oversees the Network through the Qingdao National Laboratory for Marine Science and Technology. Wu did not respond to any questions. 'NEW TYPES OF COMBAT CAPABILITIES' China's mapping system and monitoring tools give it the sophisticated tools needed to detect and destroy rival submarines in some of world's most volatile waters. Collin Koh is a senior fellow at Singapore's RSIS Institute of Defence and Strategic Studies. He said that this was a manifestation of China’s vast sea reach. "They have a fairly good idea of the maritime domain that they want to operate in either in peacetime, or during war." Chinese researchers also see the strategic value of their work. Zhou Chun is a researcher at Ocean University who supervises the Indian Ocean sensor arrays and Pacific Ocean sensor arrays. He was quoted in a press release from Ocean University last year as saying that he had seen "the rapid growth of my country's military and maritime capabilities." He did not respond to any questions. Zhou promised to "transform our military's most advanced technological and scientific achievements into new combat capabilities at sea."
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As the Middle East conflict escalates, airlines cancel more flights
The global air travel industry is still severely affected by the Iran war, which forced major Middle Eastern hubs to close, including Dubai Doha, and Abu Dhabi. This left tens or thousands of passengers stranded. The latest flight information is listed below alphabetically: AEGEAN AIRLINES Greece's biggest carrier has cancelled flights from Tel Aviv to Beirut, Amman and Erbil until April 22. Baghdad and Erbil will be canceled until May 24. Dubai flights have been cancelled through April 19, and Riyadh flights until April 18. AIRBALTIC AirBaltic, a Latvian airline, announced that all flights to Tel Aviv have been cancelled up until April 29. All flights to Dubai are cancelled until October 24. AIR CANADA All flights from Canada to Tel Aviv and Dubai have been cancelled until the end of March. AIR EUROPA Spanish Airlines has cancelled all flights from Tel Aviv to April 10. AIR FRANCE KLM Air France has cancelled Tel Aviv, Beirut and Dubai flights until the end of March. Riyadh and Dubai flights will be cancelled until the 24th. This includes flights departing Dubai on March 25. KLM has suspended flights from Riyadh to Dammam, Dubai and Tel Aviv up until May 17, and until April 11, respectively. CATHAY PACIFIC Hong Kong Airlines has cancelled all passenger flights and cargo flights from Dubai and Riyadh to April 30. The airline has added more flights to London between March 21-28 due to an increase in demand. U.S. airline has cancelled flights between New York and Tel Aviv until May 31, and Tel Aviv to New York until June 1. Atlanta-Tel Aviv flights have been paused from August 4 to 5. Flights from Tel Aviv will be halted until June 1. EL AL ISRAEL AIRLINES The Israeli airline said that operational constraints prevent regular flights out of Israel except in "rare, exceptional situations" and it continues to make efforts to get passengers back home. The airline also called on authorities to open Ramon Airport, near Eilat. EMIRATES The UAE airline announced that it would operate a reduced schedule after a partial opening of the regional airspace. ETIHAD AERWAYS The UAE carrier said that it operated a limited schedule of commercial flights between Abu Dhabi, and select destinations. FINNAIR The Finnish airline has cancelled all Dubai flights up until 29 March and Doha flights till 2 July, while continuing to avoid Iraq, Syria, Iran, and Israel's airspace. FLYNAS Flynas, a Saudi low-cost airline, has extended the suspension of its flights to Dubai, Abu Dhabi Sharjah Doha, Bahrain Kuwait Iraq and Syria, until March 31, 2019. British Airways, owned by IAG, has extended the cancellations to Amman and Bahrain until May 31, and Doha until April 30. Flights to Bangkok and Singapore have also been added. Flights to Abu Dhabi are suspended until the end of this year. INDIGO The Indian airline has temporarily suspended its operations in Doha, Kuwait and Bahrain, Dammam as well as Fujairah Ras Al Khaimah Sharjah, Fujairah. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha to Tokyo flights until April 1; All flights from Tel Aviv to Dubai are cancelled until May 31, according to the Polish airline. The airline has also cancelled its flights to Riyadh and Beirut until April 30, as well as to Riyadh from March 31 through April 30. LUFTHANSA GROUP German airline group Lufthansa has suspended flights from Tel Aviv to Abu Dhabi, and also to Beirut, Dubai and Amman. Flights from Riyadh to Riyadh are suspended until April 5 and flights to Tehran through April 30. MALAYSIA AIRLINES Malaysia Airlines has suspended all flights to Doha until the 28th of March. NORWEGIAN AIR Low-cost airline has delayed the launch of Tel Aviv services and Beirut flights to June 15 from April 1 and 4 respectively. All Dubai flights have been cancelled through April 8. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Kuwait, Bahrain and Doha Dammam until April 13th. Pegasus Airlines, Turkey's national airline, has cancelled flights to Riyadh until March 24. QATAR AIRWAYS The airline said that it would be operating a limited number of revised flights until the 28th March. SINGAPORE Airlines Singapore Airlines has announced that it will suspend its Singapore-Dubai flight until April 30 and add new services between Singapore Gatwick and London from March 31 to November 24. It will also increase the number of flights between Singapore and Melbourne (from March 29 to November 24) to meet increased demand. TURKISH AIRLINES Turkish Airlines has cancelled the majority of Middle East flights up until March 31. SunExpress has cancelled flights from Dubai and Bahrain to its joint venture with Lufthansa until 23 March. VIETNAM Airline Vietnam Airlines, the country's flag carrier, plans to cut 23 flights per week on several routes within Vietnam from April. WIZZ AIR The low-cost carrier has suspended flights from Europe to Israel and other destinations in the Middle East until March 29. Flights to Dubai, Abu Dhabi and Amman will be available until mid-September. (Compiled by Josephine Mason and Jamie Freed; edited by Matt Scuffham and Mill Nissi Prussak.
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Highlights of the EU-Australia Trade Agreement
The EU and Australia signed a free trade agreement on Tuesday, as Europe tries to diversify its markets and extend its ties beyond traditional partners. The following are some of the key points in the agreement: AGRICULTURE The tariffs on key EU exports such as wine, sparkling?wine and some fruits and vegetables will be zero from the first day. This includes preparations, fruit juices and chocolate. In three years, the tariffs on EU Cheese will be zero. The EU will also eliminate tariffs on the majority of Australian agricultural products, including wine, nuts and fruit and vegetables; honey, olive oils, most dairy products; wheat, barley, and seafood. Australian beef, lamb meat, sugars, wheat glutens, rices, skimmed powdered milk, and butter will all receive either new or expanded tariff rate quotas. PROTECTED EUROPEAN Produits After a relatively brief phase-out period, some EU "geographical indicators" names such as Pecorino romano? or Ouzo will be protected. Prior Australian users of some products, such as feta and gruyere can keep the right to use these terms provided that the origin is clearly labeled. Prosecco producers in Australia can continue to produce and sell the wine on their own soil. After 10 years, exports will cease. AUTOMOBILES Australia will liberalise the market for all EU cars, including passenger cars, except for a few truck tariff lines, which will be removed gradually over a short time. Australia will also raise the threshold for luxury cars tax on EU electric vehicles from A$120,000 to A$120,000 (83,600). Around 75% of the electric vehicles imported from the EU are exempted. CRITICAL MINERALS EU will eliminate tariffs on imports of?critical minerals from Australia and?hydrogen. Australia will open investment opportunities to Europeans in this sector. You can also find out more about The agreement will make it easier to sell services in Australia for EU firms, such as in maritime transport, financial services, professional and business services. The agreement will eliminate discrimination, and increase opportunities for EU service providers and Australian investors. INVESTMENTS EU investors will receive the most favourable treatment of any foreign investor in Australia and, in many cases, be treated the same as Australian investors. Both EU and Australian companies will be allowed to operate freely in the other's territory. $1 = 1.4255 Australian Dollars (Reporting and editing by Praveen Manon and Christine Chen, Sydney)
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Democrats condemn the detention of a distraught woman at San Francisco Airport by federal officers
After the videos went viral, local officials in California condemned the detention of a woman?crying at the San Francisco International Airport by federal officers on Sunday. A video posted on Monday by an NBC affiliate showed a woman wailing and crying as she was restrained. Her daughter was seen crying and watching as officers held her down. Scott Wiener (Democrat) said that the incident proved that federal actions brought nothing but chaos and fear. San Francisco Mayor Daniel Lurie is also a Democrat. He said that what happened was "upsetting." U.S. Department of Homeland Security's Immigration and Customs Enforcement agency, which has been overseeing Republican President Donald.Trump's crackdown on immigration, announced that the videos showed people being arrested in the u.s. illegally. DHS reported on X that "ICE officers arrested Angelina LopezJimenez, and Wendy GodinezLopez in the San Francisco International Airport." The family was subject to a final removal order from Guatemala for 2019. Democratic?U.S. Doris Matsui, a representative from California, said that the woman who was detained by ICE is a Sacramento resident and called her "our neighbor" and 'a member of our local community. Human rights activists have condemned Trump's crackdown on immigration and the use of ICE agents by his administration. They say that it violates free speech and due process rights and creates an unsafe environment for ethnic minorities. Trump claims that his actions are aimed at improving domestic security and reducing illegal immigration. The airport claimed it had not been involved or informed in advance of the incident. It called it "isolated." The airport said that operations at the airport continued unaffected, and there were no 'impacts on flights or passenger processing as a result of this incident. San Francisco Police released a statement stating that it did not take part in the incident. DHS stated that the incident 'took place before ICE officers deployed to airports. Trump sent armed immigration agents on Monday to help 'ease the hours-long lines of security at major airports?strained by staff shortages. Democrats refuse to fund the DHS unless new restrictions are placed on the immigration agents' actions. The standoff between Trump’s Republicans and the opposition Democrats was not likely to end anytime soon.
Maguire: Iran war is worse for natural gas than oil.
The Iran war seems to have a similar impact on oil and gas, with missiles, drone attacks and shipping disruptions choking the Strait of Hormuz.
Underneath the surface symmetry, there is a serious imbalance. Gas consumers are more affected by the global supply chain because it has fewer rerouting and storage options than the oil markets.
Gas infrastructure, liquefaction plant in particular, is more complicated and expensive to build and maintain than oil equivalents. Oil refineries are able to resume operation more quickly after a shutdown than LNG export hubs.
Prices have made this imbalance clear: European and Asian benchmarks for gas prices are much higher than crude oil benchmarks since the conflict started, an indication that gas will take longer to recover than oil.
BAD TIMING
This disruption could not have come at a worse time for gas.
According to the Energy Institute the growth in global gas demand is roughly double that of oil over the last decade. This is due to the expansion of pipelines and storage systems. This growth trajectory was widely expected to continue in the future, particularly as emerging economies move away from coal.
The global LNG industry has grown steadily due to the positive outlook for the gas market.
The world's second largest LNG exporter, Qatar, has suddenly had its LNG supply cut off after Iranian attacks knocked down 17% of their export capacity. This could last up to five more years.
The resultant increase in gas prices has warned consumers about the dangers of heavy import dependence and will likely slow the addition of new gas-fired energy capacity.
Gas for electricity has never been so affordable.
Solar panels and batteries are a cheaper and faster way for power providers to increase electricity than adding new gas capacity. This can take many years to develop.
Costs for gas turbines, in particular, have also risen this decade due to global shifts of manufacturing capacity and the soaring demand from wealthy economies that are building data centers.
SHIFT PIPELINE
These forces have already changed the location of new gas capacity.
Global Energy Monitor reports that the U.S., the world's largest natural gas exporter and producer, has increased its share in the pipeline planned for new gas capacities from 10% to 33% by the start of 2026.
Gas power components are being sought by U.S. utilities, and other tech giants to increase?electricity supply for artificial intelligence applications.
This aggressive push squeezes out cost-sensitive markets. India, a fast-growing economy that was once expected to be a major consumer of gas, has cut back on plans to increase gas capacity.
India's energy firms are adding coal-fired power to their mix of power sources to offset this. India is expanding its oil refinery base, and it is expected that fuel production and exports will grow through 2030.
Storage Squeezer
Gas storage is more difficult than oil.
The crude and refined products can be stored easily in land-based tanks and on ocean tankers. This will help to prevent supply disruptions.
Natural gas, on the other hand, takes up a lot more space than oil at room temperature. It must then be compressed or supercooled to a liquid form for better storage.
This limits the storage of gas and increases its cost.
Gas consumption is also highly seasonal. In most countries, demand peaks during winter and then drops sharply in shoulder seasons.
The demand for refined fuels is fairly consistent throughout the year in many major economies.
Storage operators are unable to plan their sales and purchases in a way that is profitable, as compared to fuel storage companies who can expect to have multiple tank farms turn over each year.
THE BOTTOM LINE
The war has caused significant disruptions to both oil and gas flow. The oil industry is expected to recover faster.
The major Middle East oil producers are already redirecting supplies via pipelines outside of the Strait?of Hormuz to ports that are not affected by the conflict in Iran. This should help oil supplies rebound even though the conflict continues.
The global gas system, on the other hand, has no immediate way to overcome the fall in?Qatari supply, which is likely to send reverberations through the gas supply chain and speed up the search by industry and power companies for alternative fuels.
Even a quick end to the fighting will not bring much relief to gas prices. The damage to Qatar's exports alone is likely to take many years to repair and those buyers who are already reversing their course, won't be able to do so.
It is likely that some major economies, such as the U.S., will continue to be heavily dependent on gas.
In response to recent gas supply cuts, more cost-sensitive markets could collectively 'curb their exposure to gas,' leaving a permanent mark on an industry which, until recently, was gearing up exactly for the opposite.
These are the opinions of the columnist, an author for.
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(source: Reuters)