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Tourists on remote Yemeni Island stranded following Saudi-UAE rift
Emirati clout turned Socotra into niche tourist destination Tourists trapped on island after Saudi-UAE rift UAE troops first arrived on the island in 2018 as part of a strategic push Maha El Dahan Andrew Mills Ahmed Elimam DUBAI, 6 January - The United Arab Emirates, under Saudi Arabia's deadline, withdrew their troops from Yemen, leaving behind the remote island of Socotra in Yemen and the 600 tourists that had flown into the country but were unable to leave. The main airport on the island was closed as the crisis between the UAE and Saudi Arabia escalated. This led to new conflict in Yemen, where both Gulf countries are now supporting opposing factions in the civil war. Aurelija Krikstaponiene is a Lithuanian, who traveled to Socotra on New Year's Eve. She had planned to return to Abu Dhabi Sunday but may now have to travel via Jeddah, Saudi Arabia, instead as Emirati control of the island is waning. A CARRIER FOR AIRCRAFT THAT IS UNSINKABLE Socotra is located more than 300km (186 miles), south of Yemen, and was only accessible via air until recently. It has been a refuge of peace during the conflict on the mainland. Tourists can enjoy its magical beaches, as well as unique flora such the renowned Socotra Dragon Blood Tree. It is located in the Gulf of Aden along a shipping route that leads to the Red Sea. In 2018, the UAE took control of Socotra when Emirati transport planes landed for the first time on this island. The UAE was pushing to expand its control over the waters of the region, including the Bab Al-Mandab Strait that connects the Horn of Africa with the Arabian Peninsula. The UAE, a major oil producer and a business hub, has pursued a assertive foreign strategy in the last decade, carving out its own spheres of influence throughout the Middle East, and even beyond. It often uses its financial clout for its own interests. Andreas Krieg is an associate professor at King's College London. He said: "Socotra?functions as an unsinkable air carrier, sitting in the heart of Bab al-Mandab, the trade corridor linking Europe, Asia, and Africa." "Even if you don't fire a single shot, a reliable actor on the island has a lot of leverage. You can observe, intercept, and potentially project influence." In less than eight years, this plan has been derailed by the most severe public rift that the UAE and its Gulf ally Saudi Arabia have ever had. These two Gulf nations have had many disagreements in the past - from geopolitics to oil production - but the latest fallout brought them out into the open. SAUDI AND EMIRATI REACH SOCOTRA FROM AWAY Saudi Arabia has carried out airstrikes against the UAE-backed southern separatists who control Socotra, in order to assist Yemeni government forces. The UAE troops initially were not welcomed when they first arrived in 2018. The Saudi-backed Yemeni Government accused Abu Dhabi of seizing island ports and airports. The UAE controlled the Southern Transitional Council, a separatist group that now faces off against the Saudi-backed government on the mainland of Yemen. The STC wants autonomy for the southern Yemen and eventually independence from the north, which is more densely populated. Two airport sources confirmed that the STC still controls the island, but the airport no longer belongs to the Emiratis. The facility is still closed. Yemeni Airlines announced late Monday that it would be operating a flight from Jeddah to the airport on January 7. This is a clear sign of a change in control. Krieg stated that "On an island, where air access is often the deciding gateway, influence on connectivity can translate into influence over other things, such as security presence, local government, and commercial activity." The UAE did not respond immediately to a question about whether all its troops have left the island. A source with first-hand knowledge said that the troops had left the island last month. The Saudi Arabian government's media office didn't immediately respond to an inquiry about the control of the airport. Maciej is a Polish traveler who is part of an 100-strong group. "There are no ATMs or payment terminals in this area, and the bank transfer system is also non-operational." Cash is the only currency accepted. We'll have to sleep rough and depend on food from the locals if we run out of cash," he said. He added that he wasn't warned about conflict when he booked the trip. From a Sleepy Island to Niche Tourism The Sheikh Khalifa Foundation, a humanitarian organisation run by the Emiratis, has invested money in infrastructure projects, bringing electricity, clean water, and cooking gas to Socotra. The UAE renovated its main airport as well, adding two new hangars, a modern navigational system for control towers, and new buildings. Travellers looking for a place off the beaten path could only book through Abu Dhabi in order to enjoy the island's wildlife and beaches. Most people did not consider the danger of being near the turmoil in Yemen, which is one of the worst humanitarian disasters in the world. Socotra is located closer to Somalia and Yemen than the mainland. It has been isolated so far from the civil conflict that has devastated the mainland over the past 10 years. This latest outbreak may not spare the peace. Bianca Cus, a Romanian, is still trying to enjoy her remaining time on the island before the flight arrives. She said, "I enjoy each day of our stay on the island just as much as I did when we first found out we were staying longer." (Written by Michael Georgy and edited by William Maclean).
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European shares continue to rise after record-breaking rally, despite tensions
European shares rose?on?Tuesday, with indexes from Germany and Spain reaching record highs. Investors were confident about the economy despite increasing geopolitical tensions. STOXX 600, the pan-European stock index, ended 2018 with its biggest gain since 2021. This was largely due to falling interest rates and increased defence spending. Analysts say that while returns this year may not be as great, there is still room for growth. Matthew Sherwood is a senior global economist with Economist Intelligence Unit. There's still a cautious optimism. There are also things in motion that support growth. Goldman Sachs increased its 12-month target price for the STOXX600 on Tuesday. The?index rose 0.2% to 0922 GMT a day after it surpassed the 600-point barrier for the first. HEALTHCARE AND ENERGY ARE WINNERS Healthcare index rose 1.4% to its highest level since March of last year. Novo Nordisk, a Danish manufacturer of obesity drugs, led the pack with gains of 5.8%. Eli Lilly's rival, the company has intensified its competition by launching?its Wegovy tablet in the U.S. The energy index increased by 1.2%, and hovered near levels last seen in 2008. On Tuesday, traders will focus on a busy data release schedule. They will examine a range of manufacturing and inflation readings. Joachim Klement is the head of investment strategy for Panmure Liberum. He said, "We expect inflation in the UK and the Euro zone to decrease, allowing room for possible rate cuts." The regional bourses were mostly flat, with the exception of Spain's 'IBEX' and Germany's DAX index, which both hit record highs early in trading. Meanwhile, Italy's benchmark index rose by 0.2% after reaching a new high. The service sector of the largest economy in the Eurozone maintained its solid growth rate in December, despite the fact that the expansion rate slowed down for the second consecutive time. According to preliminary data, the consumer price index in France rose less than anticipated in December. The benchmark stock index was down 0.3%. InPost, a parcel locker company, jumped 18.6% among individual stocks after it announced that it received a proposal indicative regarding the possible acquisition of its entire shares. Adidas fell 6.9% following a Bank of America downgrade to "underperform", from "buy", due to expectations of slower growth in sales. (Reporting and editing by Sherry Phillips in Bengaluru, and Vijay Kishore.)
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InPost shares soar after a group announces an acquisition proposal
InPost, a parcel locker company, said that it received a proposal on Tuesday for the potential acquisition of its entire shares. This pushed its share price sharply upwards. InPost declined to disclose the identity of the person who approached them, and said that it was not certain that the proposal would lead to a deal. The spokesperson for the company declined to comment. The company has never publicly stated that it was looking for a purchaser. InPost shares were up 16% as of 0823 GMT,? bringing the market value to approximately 6.7 billion euro ($7.86billion). On Monday, the company's stock also rose 11%. In November, they hit a low of two years due to concerns that its largest customer in Poland would reduce its reliance on InPost for delivery. InPost announced that it has formed a committee consisting of members of the management and supervisory boards who will "carefully examine all aspects of any potential transaction". PARCEL LOCKS EXPANDED PPF Group, a Czech investment company, holds a 28.75% share in InPost. PPF invested in InPost for the first time in 2023. In May 2024, its CEO Jiri smejc stated that PPF is happy with their stake and does not plan to takeover InPost. PPF had no comment. Rafal Brzoska, the Polish billionaire who founded InPost and is its CEO?has a 12.49% stake in A&R Investments. InPost operates in?nine different countries, including Poland, and has one of the largest European networks for automated parcel machines (APMs). It has been speeding up the?rollout abroad. Last year, it made a series of deals that included Yodel's purchase in Britain and an Spanish delivery company.
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Kawasaki signs agreement to build the world's largest hydrogen carrier
Kawasaki Heavy Industry, a Japanese company, announced on Tuesday that it had signed a contract with Japan-based Suiso Energy to build the largest 'liquefied hydrogen' carrier in the world with a 40,000 cubic metre capacity. The vessel will be constructed at Kawasaki Sakaide Works, located in Kagawa Prefecture on the west coast of Japan. JSE is the operator of the Green Innovation Fund, a government-backed project that aims to demonstrate ship-to base loading and unloading liquefied helium and conduct ocean-going tests by the fiscal year ending March 2031. Kawasaki constructed the world's?first liquefied hydrogen carrier, the 1,250 cubic metre Suiso Frontier in 2021. The following year, it participated in a Japan/Australia pilot demonstration to demonstrate that liquefied hydrogen can be safely exported to Japan. The company stated that the new vessel was designed to?meet anticipated global demand for hydrogen in the 2030s? and support the establishment of a commercial supply chain. Kawasaki Heavy has stated that it wants to'replicate its success as a major producer of liquefied gas tankers with hydrogen. This element could help decarbonise the industries and assist the global energy shift. (Reporting and editing by Joe Bavier; Yuka Obayashi)
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European shares continue to rise after record rally
The European stock market remained stable on Tuesday after a strong surge in the previous session. Higher precious metal prices lifted stocks of basic resources. The rally has remained resilient, as investors continue to rely upon expectations of economic strength despite increasing geopolitical tensions after U.S. attacks on Venezuela. The pan-European STOXX 600 index has gained 0.3% by 0814 GMT. This is a day after gains from defence and energy shares have propelled the index past 600 points for the first time. The index of basic resources rose by 1%, due to the higher price of precious metals. The?DAX in Germany rose 0.2%, reaching a'record high. Goldman Sachs strategists believe that fiscal stimulus in Germany will be the key to euro zone growth for this year. IBEX, the Spanish stock index, rose by 0.4% and reached a new record high. On Tuesday, traders will focus on a flurry of data releases. They will examine German 'inflation numbers and a swath of manufacturing readings in the US. The focus will be on a busy slate of data releases on Tuesday, when traders will sift through German?inflation figures and a sweep of manufacturing readings from the?U.S. Preliminary data in France?showed?that consumer prices rose?slightly less?than expected. The benchmark index was flat. Individual stocks like InPost?shares have risen by nearly 15% since Parcel locker said that it received a proposal indicative regarding the possible acquisition of all their shares.
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Philippines raises alert levels at Mayon volcano
The Philippines raised the alert level on the Mayon Volcano in central province Albay. They warned of "potential explosive activity" over the next few days or weeks and advised people to stay out of the 6-kilometre (3,7 miles) danger area. The Philippine Institute of Volcanology and Seismology (also known as Phivolcs) raised the alert level to three?on a scale of five?which means that magma was pushing up?inside of the volcano and creating a lava-dome at the summit. Residents within the 6-km-no-go zone were urged to evacuate due to hazards such as?lava flows and falling rocks. Mayon has erupted over 50 times during the past four centuries, making it the'most active' of 22 volcanoes. In June 2023, it had its last magmatic explosion which spewed lava as well as noxious gasses. In February 1841, lava flows destroyed an entire town. The Philippines is located on the "Ring of Fire", which is a belt of volcanoes that circles the Pacific Ocean and is also prone for earthquakes. Phivolcs asked 'civil aviation authorities' to warn?pilots not to fly near Mayon summit due to ash that can be dangerous to aircraft. Since January 1, 2026 PHIVOLCS recorded 346 rockfalls as well as 4 volcanic earthquakes. This compares to 599 rockfalls between November and December 2025. (Reporting and editing by David Stanway; Karen Lema)
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Cathay Pacific's CEO calls Air China's $170m stake sale a "tactical" move
Ronald Lam, CEO of Cathay Pacific Airways, said that Air China's decision on Tuesday to sell its 1.61% stake was a "tactical move". Lam spoke at an event celebrating Cathay Pacific's eightieth anniversary, hours after Air China announced it would sell 108.1 millions shares of the Hong Kong airline to Air China for HK$1.32billion ($169.57m). "I?understand that this is only a tactical move. Air China will continue to be our strategic long-term shareholder. Lam told reporters that he believed this was a certainty. Air China will have a 27.1% stake in Cathay Pacific after the sale. This will increase to 29.98% when the Hong Kong carrier completes the planned buyback by Qatar Airways. After the buyback, Swire -Pacific will still be the largest shareholder. Air 'China said that its shareholding in Cathay would be maintained at an "appropriate level". It remained confident about the Hong Kong carrier's future. In celebration of eight decades of operation, Lam announced that the iconic green and white livery of the airline would be returning to one of its Airbus A350 passengers jetliners as well as a Boeing 747 cargo jetline. The "lettuce-leaf sandwich" was the classic colouring introduced in the 70s. It remained popular until the early 90s. Lam said that the trip would bring back fond memories for many Hong Kongers who had travelled with him. He added that the airline will not add many new routes this year, but instead increase frequency on those already in place. Cathay Pacific shares, which have increased by more than 35% in the last year, fell?about 2 % on Tuesday. Last month, the airline announced that it would replace Patrick Healy as chair with Guy Bradley, chairman of Swire Pacific. Cathay Pacific said that it also expected strong financial results in the second half of 2025, and that its full-year 2025 earnings will exceed the HK$9.89bn profit reported in 2024.
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Japan's Chugoku region is hit by an earthquake measuring 6.2 magnitude
The Japan Meteorological Agency reported that a?earthquake? with a preliminary magnitude?of 6.2?hit the western Chugoku?region?of Japan?on Tuesday. This was followed by several large aftershocks. The agency stated that the epicentre of the earthquake was in eastern Shimane Prefecture. It added that there was no tsunami danger. Chugoku Electric Power runs the Shimane Nuclear Power Station about 32 km (20 miles) from the epicenter. The Nuclear Regulation Authority of Japan said that there were no irregularities in the plant. A spokesperson for the utility said it was checking any possible impact on the plant’s No.2 Unit, which is?operating? since December 2024 following the March 2011 disasters in Fukushima. Japan is one of the most seismically active countries in the world. The earthquake was strong enough to make moving 'difficult' without support. West Japan Railway announced that it had suspended Shinkansen Bullet-Train operations between Shin-Osaka to Hakata in the wake of the earthquake. Reporting by Satoshi sugiyama Editing Chang-Ran kim
Discounter Pepco orders earlier Christmas shipments amid Red Sea Delays
Pepco Group, a European discount retailer, has ordered earlier Christmas shipments to China in order to ensure timely deliveries for the crucial festive trading period.
The Warsaw-listed owners of Pepco and Poundland brands, as well as Dealz, reported a lower-than-expected fall in third quarter underlying revenue. This was partly due to a delay for summer stock reaching store shelves because of shipping problems in the Red Sea.
The disruption of shipping through the Suez Canal due to attacks on the Red Sea by Houthi militants, who are aligned with Iran, continues through 2024.
We are confident that our Christmas stock will be better than it would have been if we hadn't pushed the date forward. Andy Bond, executive chair of Pepco group, said in an interview that others will follow suit.
This year, a large portion of the Christmas inventory that typically hits the balance sheet in October will hit it this September.
Bond said that when the year ends (Sept.30), there will be a significant increase in inventory because we have purchased Christmas shipments ahead of time to store them safely.
He said that the "significant blip" in freight rates was due to retailers pulling stock forward from China by 2 or 3 weeks.
Sainsbury's is the second-largest supermarket chain in Britain, and a quarter its revenue comes from general merchandise. Last week, it announced that they had added extra lead time to their Christmas orders, which would help minimize any delays. (Reporting and editing by Andrew Heavens; James Davey)
(source: Reuters)