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Minister: Hungary's exemption from US sanctions against Russia energy is permanent
Hungary claimed on Saturday that it had received an indefinite waiver of U.S. sanctions for the use of Russian oil and natural gas. However, a White House representative reaffirmed that this exemption was only valid for one year. Last month, U.S. president Donald Trump imposed sanctions related to Ukraine on Russian oil firms Lukoil & Rosneft. These sanctions carried the threat of additional sanctions against entities who buy oil from these firms. Viktor Orban met Trump, a Trump ally for many years, at the White House last Friday in order to push for a reprieve. Hungary heavily relies on Russian energy, and Orban faces an election in close proximity next year. The prime minister was very clear. Peter Szijjarto, Hungarian foreign minister, said on Facebook that he had agreed with President Obama to obtain an exemption from sanctions for all time. There are no sanctions indefinitely on the oil and gas exports to Hungary. In an email sent on Saturday, a White House official reiterated that the exemption was for a year. HUNGARY IS EXPECTED BUY U.S. LNG Officials added that Hungary will also diversify their energy purchases, and have committed to buy U.S. Liquefied Natural Gas with contracts worth around $600 million. Hungary's continued reliance on Russian Energy since the start of the conflict with Ukraine in 2022 has prompted criticism from several European Union allies and NATO members. Orban said that Hungary has received a permanent exemption from energy imports through the TurkStream pipeline and Druzhba pipeline. Orban said that there are no sanctions in place to restrict or increase the cost of supply for Hungary through these routes. Orban stated that this exemption was general and had no time limit. According to figures from the International Monetary Fund, Hungary purchased 74% of gas and 86% oil in 2024 from Russia. The IMF warns that a cutoff of Russian gas across all of Europe could cost Hungary over 4% of GDP. Orban stated that without the agreement energy costs would have soared, hitting the economy as a whole, increasing unemployment, and causing "unbearable price increases" for both households and businesses.
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Delhi Airport operator confirms that all flight operations are back to normal following glitch
Delhi International Airport announced on Saturday that all flight operations are running as usual at the airport, following a technical problem which caused hundreds of delays over the last two days. Delays were caused by a malfunction in the software used to create flight plans. India's airports authorities had announced late Friday night that the system is "up and working" following a technical error. In a press release, the Indian government stated that the system, called Automatic Message Switching System (AMSS), was back in automatic mode on Saturday afternoon. The government reported that Ram Mohan Naidu, minister of civil aviation, has instructed officials to prepare for system upgrades including the addition of additional servers or fallbacks to improve air traffic operations.
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Minister: Hungary's exemption from US sanctions against Russia energy is permanent
Hungary announced on Saturday that it has been granted an indefinite exemption from U.S. sanction for its use of Russian oil and natural gas. This is contrary to a White House official, who claimed it was only granted a year-long exemption. Last month, U.S. president Donald Trump imposed sanctions related to Ukraine on Russian oil firms Lukoil & Rosneft. These sanctions carried the threat of additional sanctions against entities who buy oil from these firms. Viktor Orban met with Trump, a longtime ally of Trump, at the White House last Friday in order to push for a reprieve. Hungary heavily relies on Russian energy, and Orban faces a tight election in 2019. The prime minister was very clear. Peter Szijjarto, Hungarian foreign minister, said on Facebook that he had agreed with President Obama to obtain an exemption from sanctions for indefinite time. There are no sanctions indefinitely on the oil and gas exports to Hungary. The White House official noted that in addition to the exemption from sanctions, Hungary had also committed to buy U.S. Liquefied Natural Gas with contracts worth around $600 million. Hungary's continued reliance on Russian Energy since the beginning of the conflict in Ukraine 2022 has prompted criticism from several European Union allies and NATO members. Orban said that Hungary has received an exemption indefinitely for energy imports via TurkStream and Druzhba pipelines. Orban said that there are no sanctions in place to restrict or increase the cost of supply for Hungary through these routes. Orban stated that this exemption was general and had no time limit. According to figures from the International Monetary Fund, Hungary purchased 74% of gas and 86% oil in 2024 from Russia. The IMF warns that a cutoff of Russian gas across all of Europe could cost Hungary over 4% of GDP. Orban stated that without the agreement energy costs would have soared, affecting the economy as a whole, increasing unemployment, and causing "unbearable price increases" for both households and businesses.
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Trump calls on lawmakers to give healthcare funds 'directly' to the people
The President Donald Trump floated on Saturday a possible compromise amid the impasse surrounding the U.S. Government shutdown. He urged Republicans to redirect federal funds that are currently going to health insurance companies in accordance with the Affordable Care Act to give them to individuals. Trump said in a post on social media that he recommended to Senate Republicans to send the hundreds of billions of dollars currently going to Insurance Companies to save the poor Healthcare provided by ObamaCare directly to the people so they can purchase their own, much better, healthcare and still have money leftover. He added that the "worst healthcare anywhere in the world, ObamaCare, is the one provided by the BAD, BIG Insurance Companies. Take it from them and give it to people. Trump's remarks on Truth Social were made just hours before the U.S. Senate reconvened at noon (1700 GMT), after rejecting legislation that would have reinstated pay for hundreds of thousands federal workers who had been without pay during the longest U.S. shutdown in history. The two sides are still at odds on how to reopen government. Democrats want to include in a funding measure the healthcare subsidies for 24 million Americans that will expire at the end of this year. Republicans, however, say Congress should first pass a bill with no strings attached to allow government reopening. White House representatives did not respond immediately to a comment request on Trump's tweet. The representatives of U.S. Senate Democratic Leader Chuck Schumer and U.S. Senate majority leader John Thune did not respond immediately to a comment request. (Reporting and editing by Alistair Bell, Sergio Non, and Jonathan Landay)
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Tornado in southern Brazil kills six, injures hundreds
The state government reported that a tornado, accompanied by high winds and heavy rainfall, struck Parana in the south of Brazil, killing six. Rio Bonito do Iguacu, the town that was hardest hit, suffered multiple structural failures and roof collapses. The state's civil defence agency reported that more than half of the city area had been affected. The power lines and roads were damaged. The authorities reported that 437 people received treatment for injuries, and approximately 1,000 were forced to relocate. Guarapuava, a nearby city, was also affected. According to the Parana Meteorology and Environmental Monitoring System the winds of the tornado reached speeds between 180 km/h (111mph) and 250 km/h (155mph). Gleisi-Hoffman, the Institutional Relations Minister, said that she will travel to the affected area with Adriano Massuda, acting Minister of Health and other federal officials on Saturday to assist in relief and reconstruction efforts. "We will continue our assistance to the people of Parana, and provide any help that is needed," wrote President Luiz inacio da Silva on X. He also expressed condolences to families of the victims. (Reporting and editing by Alistair Bell; Marcela Ayres)
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US cuts flights for a second day as the shutdown continues
U.S. Airlines and travelers endured a second day on Saturday of flight cancellations across the nation as the shutdown is expected to cause more cancellations over the next few days. Due to the shutdown, the Federal Aviation Administration has instructed airlines to reduce 4% of flights at 40 major airports on Saturday. The cut will increase to 6% by Tuesday, and to 10% on November 14. These cuts began at 6 am. About 700 flights were affected by the cuts on Friday morning, 1100 GMT, from American Airlines, Delta Air Lines and Southwest Airlines. Due to a lower volume of flights, airlines will cancel fewer flights Saturday than they did on Friday. United Airlines will cancel 168 flights on Saturday, down from Friday's 184, and Southwest will cancel a little under 100 flights. The record-breaking 39-day shutdown of the government has forced 13,000 air traffic control operators and 50,000 security screening workers to work without pay. This has led to an increase in absenteeism. On Thursday, many air traffic controllers learned that they wouldn't be paid for the second pay period in the next week. The Trump administration is increasing pressure on Congressional Democrats in order to get them to accept a Republican-led plan to fund federal government and reopen it. One such attempt is to raise the specter dramatic disruptions in air travel. Democrats claim Republicans are responsible for the shutdown, because they refused to negotiate on extending health insurance subsides. Sean Duffy, the U.S. Transportation secretary, said that he might require a 20% cut in air traffic if conditions worsen and more controllers fail to show up. Duffy stated, "I evaluate the data." We're going make decisions based upon what we observe in the airspace. In addition to the cancellations, the FAA was forced by the absence of air traffic control on Friday to delay hundreds flights in 10 airports, including Atlanta, San Francisco Houston, Phoenix, Washington D.C. and Newark. Over 5,600 flights were canceled or delayed on Friday. In a statement earlier this week, FAA Administrator Bryan Bedford stated that 20% to 40% controllers did not show up to work on any particular day.
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UPS grounds its MD-11 fleet after Louisville crash
UPS announced on Friday that it had grounded its fleet McDonnell Douglas MD-11s. This is the type of aircraft involved in the crash of Tuesday in Louisville, Kentucky which resulted in at least 13 deaths. UPS spokesperson stated in an email that "out of an abundance caution and for the sake of safety, we've made the decision to ground temporarily our MD-11 fleet". The spokesperson said that MD-11s make up about 9% the fleet of the company. The grounding takes effect immediately. NBC News was the first to report on this news. On Tuesday evening, a UPS cargo flight bound for Honolulu took off. crashed just after takeoff at Louisville International Airport. U.S. safety inspectors reported that three UPS pilots tried to control the cargo plane as the bell rang in the cockpit on Friday. Todd Inman, National Transportation Safety Board Member, says that UPS flight 2976 began without incident, but a repeated bell could be heard in the cockpit voice recorder 37 seconds after the crew had called for the takeoff thrust. Tell reporters. FedEx and Boeing, who own the MD-11 program following their 1997 merger, both operate MD-11 cargo planes, but did not respond immediately to comments. Reporting by Rishabh J. Jaiswal in Bengaluru and Dheeraj K. Kumar; Editing by William Mallard, Thomas Derpinghaus
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Philippines warns against deadly storm surges when Typhoon Fung Wong approaches super-typhoon strength
The Philippines' weather bureau has warned of potentially life-threatening storm waves of up to 5 metres, and of destructive winds. Typhoon Fung Wong is expected to make landfall in the eastern part of the country on Sunday evening. Benison Estareja, PAGASA's weather forecaster, said that the typhoon has already pounded parts of eastern Philippines, with its massive circulation spanning 1,500 km (932 miles). Estareja stated that "it can cover nearly the entire country." Fung-wong (locally called Uwan) is packing winds up to 170 km/h with gusts as high as 140 kph. As it approaches land, Estareja says, the wind speed could increase to 185 kph. This powerful wind can destroy houses, toppling trees and other structures. As much as 200 mm is expected to fall in eastern Philippine provinces. This includes the Bicol region and parts of Samar. The risk of flooding and landslides are increased. PAGASA warned residents of low-lying coastal and low-lying areas to move to higher ground, stop all marine activities and evacuate. They also warned about violent winds and storm surges which could flood coastal communities. A number of local governments have cancelled classes on Monday and the Philippine flag carrier has canceled some flights ahead of Fung Wong's anticipated landfall. The warning comes only days after the Typhoon Kalmaegi wreaked havoc across the region by tearing through coastal communities and destroying roofs, windows, and trees. Kalmaegi caused the deaths of 204 Filipinos and five Vietnamese, displace hundreds of thousands and knock out power in large areas. Vietnam's disaster agency said that nearly 2,800 houses were damaged and about 500,000 people are still without electricity. In the Philippines, violent floods have destroyed homes and blocked streets with debris. Due to their location along the Pacific typhoon Belt, Vietnam and the Philippines regularly experience damage and fatalities during peak storm season. In Thailand, Kalmaegi’s impact lasted for a long time and caused heavy rainfall and flooding in the northeast and central areas. Scientists warn that global warming is increasing the power of storms like Kalmaegi. (Reporting and editing by Himani Sarkar; Additional reporting in Vietnam by Phuong nguyen, and Chayut setboonsarng from Bangkok.
Key worldwide natural gas prices set to keep increasing into 2025: Maguire
Gas prices in Asia, Europe and The United States and Canada have climbed up by around 30% to 50% so far in 2024, and look set to keep increasing over the coming months as forecasts for winter trigger higher heating demand in essential customer hubs.
Active restocking of rapidly-declining gas stocks in Europe and Asia should likewise stimulate strong gas need, even if temperature levels turn mild again in those locations.
That ought to guarantee gas market sentiment stays broadly bullish till the upcoming winter is over, which prices may have little scope to retreat till well into 2025.
High and rising gas prices in turn look set to raise power expenses across key international markets, jeopardising vulnerable financial development in China, Europe and elsewhere and raising fresh issues about inflation.
Quickly climbing up gas-fired generation costs likewise raise the likelihood of higher generation by coal-fired power plants, which are already less expensive to run than gas-fired plants but produce around 55% more emissions per unit of power output.
COLD WINTER COMING
Greater gas-fired generation for heating throughout North America, Europe and North Asia is the main near-term chauffeur of international gas costs.
Those regions represent over two-thirds of worldwide gas use, and are all set to get in the peak duration for heating demand over the coming months.
What's more, for the first time in years, average temperature levels across the key gas markets of China, Japan and mainland Europe are all set to slip listed below long-lasting averages this month.
This will snap the recent run of fairly moderate winter weather across those locations seen over the previous couple of years, and will lead to an integrated rise in gas-fired heating need that should even more lift gas market prices and sentiment.
In Seoul, South Korea, average temperature levels during December are set to typical around negative 2.17 degrees Celsius (28. degrees Fahrenheit), compared to a long-term average of unfavorable. 0.7 degrees Celsius, according to LSEG.
Shanghai, Tokyo and Hong Kong are likewise set to record average. temperatures of well below-normal this month.
The resulting increase in heating need throughout those greater. cities - home to over 100 million individuals - will. trigger faster burn rates of gas and coal, and an. accelerated make use of power fuel stockpiles over the rest of 2024.
In Europe, a drop in temperatures to below-normal levels is. likewise anticipated this month, particularly in the gas-heavy power. markets of Italy and Germany, according to LSEG.
STOCKS DRAW
The pick-up in gas usage throughout Europe has already triggered a. rapid drawdown in the region's natural gas stockpiles.
Between October 1 and completion of November, cumulative gas. inventories held in Germany, the Netherlands, Belgium and France. decreased by 11%, according to LSEG.
That compares to relatively flat gas inventories over that. period in 2023, a 3.5% increase in gas stocks in 2022, and an. typical draw of just 2% over that duration since 2017.
The outright level of cumulative gas stocks in those. nations since December 1 is also the lowest for that date. given that 2021, which was before Russia's intrusion of Ukraine caused. cuts in pipelined gas streams to the area.
As a result, power firms will be under pressure to try to. rebuild those inventories over the coming months even as they. boost gas burn-rates due to increasing heating need.
In the United States, present natural gas stocks are. the greatest in over five years, according to the U.S. Energy. Info Administration.
Nevertheless, they are likewise on the cusp of the conventional. draw-down duration when stockpiles decrease by an average of 9%. over the last five weeks of the year.
This suggests that even the apparently plentiful gas stocks held. in the U.S. will tighten up substantially heading into 2025, and. will further underpin gas market sentiment.
FUEL CHANGING
Numerous power systems throughout Asia have the freedom to burn more. coal rather of gas to satisfy the higher heating need, and will. decide to do so if the expense of gas-fired generation increases too far. above coal generation.
In Japan, the expense of spot melted gas (LNG) is. currently around 44% above the average coal-to-gas switching. cost, and suggests that coal-fired power producers will be. incentivized to raise output faster than gas-fired producers.
Power firms in China, South Korea and other parts of Asia. that also have the versatility to utilize either gas or coal for. generation will likewise likely decide to raise coal output faster.
That might trigger a slowdown in the rate of gas use in. Asia, and set the phase for prospective cost pull-backs in Asian. markets.
Nevertheless, increasing gas demand by power companies in Europe will. likely more than balanced out any need drops in Asia, and guarantee. that worldwide gas costs stay fairly well supported through. the coming winter.
That implies that even though many crucial natural gas markets. have actually already climbed up by 50% currently this year, more cost. increases are likely coming.
The viewpoints expressed here are those of the author, a market. expert .
(source: Reuters)