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Brazil 2026 Budget Sponsor proposes $1.9 Billion Exclusion for State-run Firms' Fiscal Target
Gervasio maia, the Brazilian congressman who sponsored the bill on budget guidelines for 2026, proposed to exclude up to 10 billion reals ($1.9 billion) of next year's fiscal goal for state-owned enterprises. According to Maia’s amendment, this amount will cover the expenses of companies that have an active and approved economic-financial plan. The proposal gives President Luiz inacio Lula da Silveira fiscal flexibility. It comes at a time when the postal service Correios is facing a cash crisis. Last month, it approved a restructuring program as its losses soared this year. This raised doubts over the viability of state-run Correios. The company reported a loss for the year to date of 6 billion reals ($1.13 billion), nearly three times the amount reported a year ago. The government has to compensate state-owned companies when they exceed their fiscal targets. This often means freezing federal spending. This is what happened with this year's Budget, when the government in November approved it. It was necessary to offset the 3 billion reais deficit that had been expected at state-owned firms due to Correios’ troubles. Maia removed from her proposal a clause on compensation. This effectively prevents the government from implementing it in the event that state-owned companies miss their targets next year. After the bill was passed, the change to the budget proposal for 2026 was announced ahead of the joint session of the Congress on Thursday. Committee approval is expected to be made on Wednesday. Correios stated earlier this week that the Treasury Blockage It was prevented from taking out a loan of 20 billion reais (3.67 billion dollars) from a bank consortium with a guarantee from the government because the interest rates exceeded the limit for deals backed by the state. ($1 = 5.3048 reales) ($1= 5.3133 reales) (Reporting and editing by Diane Craft; Marcela Ayres)
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Irish media reported that drones were spotted near Zelenskiy's flight path from Dublin.
Local media reported that an Irish navy ship saw up to five drones near the flight path for Ukrainian President Volodymyr Zelenskiy as he arrived in Ireland on Monday to make a state visit. Irish Times reported that the sighting caused a major alert due to fears of an attempted interference with the flight path. The Irish Times cited unnamed sources who said that the aircraft was not in danger, despite its arrival a little early. The Ukrainian delegation arrived on Monday late and left late the following day, as part of an effort to drum up support for Kyiv in Europe as Russia continues its war against Ukraine. Recent drone flights in Europe have disrupted airspace operations. Their origin is mostly unknown. Ursula von der Leyen, President of the European Commission, has called these incursions hybrid warfare. The Journal website first reported that drones were spotted at Dublin Airport. They said they arrived at the exact location where Zelenskiy’s plane had been expected to be, at the exact time it was due to pass. The authorities said they were conducting investigations to determine if the drones had taken off from a ship or landed on land. Both news outlets reported that they were first seen northeast of Dublin at a distance of around 20 km (12miles) from the airport. Ireland's Defence Forces stated that it could not comment on any specifics about any alleged incident for operational security purposes. A spokesperson stated that "however, the Defence Forces' support to An Garda Siochana's (police) security operation was successfully deployed by multiple means, ultimately leading to a successful and safe visit,"
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US investigations report that Waymo's self-driving car illegally passed 19 school buses in Texas
The U.S. government said Thursday that it had asked Waymo for more information after Texas officials claimed that Alphabet's self-driving cars had passed school buses illegally 19 times since the beginning of the school year. In October, the National Highway Traffic Safety Administration launched an investigation after an incident that occurred in Georgia. A Waymo was not stationary as it approached a school bus while its red lights were flashing and its stop arm was deployed. The Austin Independent School District posted a letter on November 20, 2018 by the NHTSA. In the letter, they stated that five incidents had occurred in November following the announcement from Waymo that it had updated its software to fix the problem. They asked the company not to operate around schools at pick-up or drop-off hours until it was able to ensure the vehicles wouldn't violate the law. Waymo didn't immediately respond to an inquiry for comment. A lawyer for the district wrote: "We cannot let Waymo continue to endanger our students as it tries to fix the problem." Citing an incident in which a Waymo was "recorded" driving past a school bus that had stopped only moments after the student who crossed in front, while still on the road, had been in front of the vehicle. A spokesperson for the school district did not respond immediately to whether Waymo had met this request. NHTSA was prompted by the letter to ask Waymo if it would comply to the request that self-driving vehicles cease operations during pick-up or drop-off hours for students. They also asked: "Was a software fix developed or implemented to mitigate this concern?" If so, will Waymo file a recall to fix the problem? In a letter sent to Waymo by the NHTSA on Wednesday, it demanded answers to questions about school bus incidents and software updates that address safety concerns. David Shepardson is reporting.
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US investigations report that Waymo's self-driving car illegally passed 19 school buses in Texas
The U.S. government said on Thursday that it had asked Waymo for more information after Texas officials claimed that Alphabet's self-driving cars had passed school buses illegally 19 times since the beginning of the school year. In October, the National Highway Traffic Safety Administration launched an investigation after a Georgia incident where a Waymo failed to remain stationary as it approached a school bus that had its red lights flashing with a stop arm deployed. In a letter published by NHTSA on Nov. 20, the Austin Independent Schools District stated that five incidents had occurred in November, after Waymo claimed to have made software updates to fix the problem. The district asked the company to stop operations near schools at pick-up or drop-off hours until it could be ensured the vehicles wouldn't violate the law. Waymo didn't immediately respond to an inquiry for comment. David Shepardson reports.
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Sources: Deutsche Bahn will return to profitability this year and next.
According to sources close the company, Deutsche Bahn will return to profitability this year and next, despite its underinvestment in trains and delays. After more than a decade underinvestment by the state-owned Deutsche Bahn, it has begun upgrading its tracks and overhead lines, as well as cutting administrative costs. This has led to major delays and cancellations across the country. Positive outlook is also a result of CEO Evelyn Palla's task to turn the company around. She took over on October 1. Palla will present her restructuring plan for the company at a meeting of the supervisory board scheduled to take place on Wednesday. Significant job cuts are expected. Deutsche Bahn has declined to comment. Sources said that the company expects a slightly positive profit before interest and tax (EBIT) in 2025 after a loss last year of 388 million euros. EBIT is expected to reach 500 million euros by 2026. The German Bahn also aims at reducing its net loss from 820 million euros to 180 million next year. Revenues are expected to stay stable, around 28 billion euro next year.
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Senators in the US want airlines to compensate passengers for delays with cash
A group of Democratic Senators introduced legislation on Thursday that would require airlines to compensate passengers for significant delays with cash. Mark Kelly, Ed Markey, and Richard Blumenthal, senators who are leading the charge, propose to mandate compensation that is in line with European Union (EU) and Canadian requirements. This includes mandating a minimum of $300 for delays of over three hours, and a minimum of $600 for delays of six hours or longer. This proposal was first reported on by after President Donald Trump's administration withdrew his predecessor's plan to force airlines to compensate passengers for flight delays caused by carriers. Kelly said that airlines must be held accountable for their actions when they leave travelers stranded and cost the American public money. "We are working to protect passengers so that they don't have to pay for cancellations or delays out of pocket." The U.S. Transportation Department, under the then-President Joe Biden in December 2024 sought public comments on writing rules that would require airlines to pay up to $775 per hour for delays exceeding three hours domestically. Airlines for America (a trade group that represents American Airlines, Delta Air Lines and United Airlines) had previously criticised Biden's plan for cash compensation, claiming it would increase ticket prices. USDOT stated last month that the rule would create "unnecessary regulations burdens," which is why it wouldn't go forward. In the United States, airlines are required to refund customers for cancelled flights but not compensate them for delayed flights. All four countries - the European Union, Canada and Britain - have rules on airline compensation for delays. No major U.S. airlines currently guarantee cash compensation for flight delays. USDOT announced in September that it would consider rescinding the Biden regulations, which required airlines and ticket agents disclose service fees along with airfares. The Trump administration plans to also reduce regulatory burdens for airlines and ticket agents. This will be done by writing new regulations that define a cancellation of flight, which entitles the consumer to a refund. It will also revisit rules regarding ticket pricing and advertising.
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Mercuria's copper takeover from LME Asia increases supply anxiety
Four sources with knowledge of the matter have confirmed that commodity trader Mercuria plans to remove significant quantities of copper from London Metal Exchange storage facilities in Asia. Prices are rising on account of expectations of a shortage. LME copper prices reached a record of $11,540 per metric ton Wednesday, partly because of anticipated shortages in the coming year due to disruptions to mine supplies including accidents and incidents in Indonesia and Chile. Mercuria, a Swiss company, has cancelled or designated for delivery over 40,000 tonnes of copper stored in LME facilities in South Korea. Taiwan Sources familiar with the situation say that copper was discovered on December 2. The value of copper at current prices would be $460,000,000. Mercuria declined comment. The LME approved warehouses that store copper for the construction and power industries have historically low inventories, which has contributed to an increase in prices in recent months. Copper is a major export from the LME, and prices in the United States are high. This is despite the fact that copper has been exempted from the import tariffs which came into effect on August 1. On December 2, the total amount of copper warrants that were cancelled - documents that confer ownership - was 56,875 tonnes or 35%. LME stocks Mercuria's action helped to boost the premium for cash copper contracts over the three-month ahead price . On Wednesday, premiums, which have been on an upward trend since November, reached $88 per ton, the highest level since October 13. Comparatively, a contango or discount of around $35 was offered on November 19, Last year, the premium per ton was around $38. As the settlement date of December 17 nears, traders expect even higher premiums on cash contracts. Companies with short positions must find copper in order to fulfill their contracts against them or roll them over - a process known as a "short squeeze". According to industry sources, cancellations are more frequent in contango markets where the prices of contracts with longer dates are higher than nearby contracts. It is rare to cancel warrants in a backwardated market, as the premium is usually intended to encourage deliveries at the LME.
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Source: Kazakhstan's oil production declines due to damaged terminals limiting exports.
An industry source reported on Thursday that Kazakhstan's oil-and-gas condensate output fell by 6% during the first two days in December. This was after a Ukrainian drone attacked the Caspian pipeline consortium's (CPC's) Black Sea loading facilities. The CPC pipeline which transports over 80% Kazakhstan's oil and more than 1% global supply has suspended operations after an mooring near Russia's Novorossiysk Port was damaged. Later, it resumed supplying using a single point mooring instead of the usual two. As a back-up, a third unit is currently undergoing maintenance that began before the strikes. According to sources and calculations, Kazakhstan's oil-and-gas condensate output decreased in the first two weeks of December from a November average production to 1.9 millions barrels per day. The Kazakhstani energy ministry has not responded to a comment request. The drop in oil production is a result of the CPC drone strike on OPEC+ Member Kazakhstan. Kazakhstan exported 68.6 millions tons of oil to the world last year, and was the 12th largest oil producer. MINISTER SAYS ONE CPC MOORING IS NOW FULLY OPERATIONAL CPC's pipeline of 1,500 km (930 mi) carries crude oil from Kazakhstan's Tengiz and Karachaganak fields to the Yuzhnaya Ozereevka Terminal in Novorossiysk. CPC gets its crude primarily from fields in Kazakhstan, but also from Russian producers. Yerlan AKBAROV, Kazakhstan's Deputy Minister of Energy, said that on Thursday one of CPC's moorings was fully operational at the Black Sea Terminal and that there were no restrictions regarding oil transportation. On Wednesday, five industry sources said that Kazakhstan would divert more crude oil through the Baku Tbilisi Ceyhan (BTC pipeline) in December due the the reduction of capacity at CPC. Kazakh producers can also export crude oil to Russia via Novorossiysk, Ust-Luga and the Druzhba Pipeline and Germany via Druzhba. However, these routes have lower margins because they are dependent on the capacity and the performance of Russian pipeline operator Transneft. As Russia's pipeline network is overloaded after drone attacks on its refineries, the options for rerouting oil from Kazakhstan are limited. One industry source estimated that the CPC's loading capacity would be reduced by 900,000 tonnes per week when only using one SPM. (Reporting and editing by Guy Faulconbridge, Ed Osmond).
Ten charts showing global trends in energy and emissions since the Paris Treaty: Maguire
The energy sector and its emissions have changed a great deal and a little in the decade following the historic COP21 Paris Agreement, which aimed to reduce global warming.
The explosion of renewable energy and the surge in sales of electric vehicles have fundamentally changed the global car and power markets. They've also ushered in a "electrify all" movement across the globe.
The global production and use of crude oil, natural gas and coal have also continued to rise to new records. This has led to an increase in energy consumption emissions that will be nearly 10% higher in 2024 than in 2015.
Here are 10 charts that show the trends in global energy consumption and power pollution to help you get a better idea of the situation as the COP30 Climate Meetings begin in Brazil.
FOSSIL FUELS STILL ROUND THE ROAST
Even after the most rapid rollout of renewable energy in a decade, global energy supply remains overwhelmingly dependent on fossil fuels.
The Energy Institute reports that fossil fuels still account for 87% of the world's energy supply, owing to a historically high consumption of coal, crude oil and natural gas.
Good news for those who support clean energy: fossil fuels are down from 89% of the total in 2015 and will continue to fall.
The bad news is that global fossil fuel consumption continues to rise despite the reduction of coal burning in many countries and the acceleration of the shift to electrifying industrial and transport processes.
EVER CLEANER ELECTRICITY
Solar panels, wind turbines and battery systems have seen record growth, which is boosting the percentage of clean energy in electricity generation.
Ember data shows that global clean electricity supply has increased by 22% between 2015 and 2024. Meanwhile, fossil fuel generation has decreased by 11%.
In Europe and Latin America, the utility systems generate more than 60% of their electricity from renewable sources. The global average hovers around 40%.
RENEWABLES RISING
Renewable energy has been a major story in the world's energy systems for the past decade.
In the period between 2015 and 2024, there has been a surge of 68% in electricity consumption from renewable sources. This includes electricity networks as well as industrial power systems.
Solar power production has risen by nearly 700% since 2015. Wind power has risen by 200%.
In the last decade, Asia has been the leader in the deployment of solar and wind technology. By 2024, Asia will account for 45% all renewable energy production.
Europe has the second largest renewables deployment, with roughly 20% of the market, followed by North America with 18%.
Asia is the largest solar market in the world, with a share of around 60%. Europe and North America follow closely behind.
Asia is also the leader in the world for wind energy deployment.
Emissions Impact
Since 2015, energy emissions have decreased in North America and Europe due to the rapid increase in renewable energy generation around the world, along with the reduction of coal-fired electricity production in many countries.
The Energy Institute reports that energy emissions in Asia accounted for 52 percent of total energy emissions in the past year.
Since 2015, the United States, Japan, and Germany have all reduced their energy emissions more than any other country.
Even though the U.S. and Japan have reduced their emissions from their energy systems, the pollution trend elsewhere has more than offset their collective emission reductions.
Data from the Energy Institute shows that China has increased its energy pollution more than 20 of the largest economies have reduced their emissions collectively since 2015.
When you consider the rising pollution levels in India, Indonesia, and Vietnam, the global trend of energy pollution is still on the rise.
BATTERY BOOM
Battery energy storage systems are growing rapidly. This could slow down the future growth of energy emissions, particularly in countries with a large footprint of solar production.
Asia is the leader in the deployment of utility scale battery systems. This is largely due to China's position as the world's top battery manufacturer.
The United States and Australia have also a large BESS capacity. This should allow utilities to make better use of their solar assets, by charging the batteries during periods when solar production is at its peak and then dispatching them as demand increases.
BESS deployment is the next step in the energy transition and will help major power systems meet more of their commitments from the Paris COP a decade back.
These are the opinions of a columnist who writes for.
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(source: Reuters)