North America

Kenya and two Chinese firms began construction on a $1.5billion highway expansion in East Africa Friday. This marked Beijing's return after years of absence to major infrastructure developments. The partners will finance the project in two phases using a combination of debt and equity, a model which is becoming more popular after China's traditional loan model raised concerns about borrowers' debt loads. Kenya chose to use the public-private model for funding the highway because it would have taken "a lifetime" to secure normal budgetary allocations, said President William Ruto. The next option, borrowing, was also unaffordable, given the debt load...

Kenya and two Chinese firms will begin construction on a $1.5billion highway expansion in East Africa this Friday. This marks Beijing's return after years of absence to major infrastructure developments. The partners will finance the project in two phases using a combination of debt and equity. This model is becoming more popular after China's traditional loan model raised concerns about borrowers' debt loads. Kefa SEDA, Director General of Public-Private Partnerships at Kenya's Finance Ministry told the official launch that "we don't have the room to borrow more money." The project will upgrade a vital transport corridor connecting Kenya's port city...

BlackRock and MSC’s bid to buy most of CK Hutchison’s global port operations is facing a major obstacle in Europe. EU antitrust regulators are set to investigate the Spanish part of the deal. CK Hutchison, owned by Hong Kong tycoon Li Kashing, wants to sell 80% of its stake in the $22.8billion ports business. This includes 43 ports in 23 different countries. It is a politically sensitive transaction that has become entangled in tensions between China and the United States. BlackRock and MSC could be asked to make concessions in exchange for the clearance of the Spanish deal, as a...

National Storage REIT in Australia said that it received a buyout offer of A$4.02 Billion ($2.61 Billion) from a Brookfield-GIC consortium. This would be Australia's largest real estate privatisation. The consortium offered National Storage investors A$2.86 per share in cash, which is a premium of 26.5% over Tuesday's closing value. The deal would surpass Brookfield's A$1.27 Billion acquisition of Aveo Group by Brookfield in 2019. David Tuckwell said, Chief Investment Officer at ETF Shares: "This bid represents a huge vote of confidence for the Australian sector. It is also a very clever move by Brookfield." The demand for NSR is...

U.S. president Donald Trump has targeted China as his top economic rival with a cascade on tariffs that are worth billions of dollar. He is trying to reduce a trade surplus, bring back lost manufacturing and cripple fentanyl traffic. In reverse chronological order, here are the key events of this year in U.S. China trade war: November 24 - Chinese president Xi Jinping makes a surprise call to his U.S. counterpart, just weeks after their meeting in South Korea at the end of October. Xi told Trump that their countries must maintain momentum and "enlarge the list for cooperation and...

According to LSEG and two industry sources, Russia's Black Sea Port of Tuapse resumed exports of oil products last week, after a suspension for two weeks due to drone attacks by Ukraine. The local refinery also re-started processing crude oil. According to sources and data from ship tracking, the Gambia flagged tanker Sandhya departed Tuapse with 30,000 metric tonnes of gasoil on November 17, and was heading towards the Suez Canal. On November 18, the Satna, a tanker with the Malawi flag, loaded around 30,000 tonnes of gasoil. The traders claimed that the fuel stored in tanks on these two...

The city's mayor reported that Russian air defences destroyed eight drones on their way to Moscow, just a day after an attack by Ukraine on a heat and power station had cut off the heating for thousands of people outside the Russian capital. According to the Russian Defence Ministry, 10 Ukrainian drones were downed in three Russian regions, including Moscow and Kaluga, as well as Bryansk which borders Ukraine, on Monday. In a press release, Moscow Mayor Sergei Sobyanin stated that emergency services are working on the site of the drones. The drone attack on the Shatura Power Station in...

The Port of Los Angeles announced on Saturday that a fire on a cargo vessel, which sent smoke billowing throughout the second-most populous U.S. City, had been "substantially confined" after several hour. The shelter-in-place order for two neighborhoods in the city has been lifted. There have been no injuries reported. A fire started on the dock of the One Henry Hudson in San Pedro, Los Angeles at around 6:30 pm local time. Officials said that fire crews and members of the ship's crew continued to suppress the fire on Saturday after the vessel had been towed from its berth in...

The Los Angeles Fire Department reported that all crew members were evacuated from container ship One Henry Hudson on Friday after an explosion and fire disrupted its power and crane operation at San Pedro Port. The port has identified hazardous materials in several bays. Firefighters are using protective gear, including self-contained respirators. LAFD reported that marine units are continuing to cool the exterior of the ship, and no personnel is allowed below deck. ABC's affiliate broadcasts footage of firefighting boats spraying water over the containers that are on fire and the sides of the ship. Port officials announced that four...

Initial investigation has revealed that the Turkish cargo plane which skidded off of the runway in Hong Kong last month killing two airport employees experienced acceleration after landing in one of its four engine. A preliminary report released by Hong Kong's Air Accident Investigation Authority late on Tuesday stated that the flight from Dubai operated by ACT Airlines for Emirates was normal up until shortly after landing. Report: The Boeing 747 cargo aircraft was dispatched without the thrust reverser of engine 4, which is allowed under aviation regulations. After landing, thrust reversers can help to slow down the aircraft by...

Motiva announced on Tuesday that Mexico's Grupo Aeroportuario del Sureste signed a deal to purchase the Brazilian infrastructure operator Motiva's airport portfolio for $11.5 billion (about $2.16 billion), which includes net debt. ASUR will pay ASUR 5 billion reais to acquire Motiva's airport stake, with the remainder being paid through net debt. This is according to a filing by Motiva. The sale is still subject to antitrust approvals. It includes Motiva's stakes at 17 Brazilian airports as well as international hubs located in the capital of Ecuador, Quito, Costa Rica, and Curacao. Motiva says that these airports serve about 45...

The National Transportation Safety Board announced on Tuesday that loose wires caused a power outage on the cargo vessel Dali, which crashed into Baltimore’s Francis Scott Key Bridge on March 20, 2024. Six people were killed and the bridge was destroyed. The NTSB will hold an hearing in Washington, DC to determine the probable causes of the accident that resulted in the death of six construction workers. The staff of the board said that they recommend operators perform periodic inspections on high voltage switchboards, and propose changes to allow ships more quickly recover after a loss of power. The NTSB...

Mark Carney, Canada's prime minister, signed an agreement on Thursday with Danielle Smith, Premier of Alberta. The goal was to encourage investment in the energy industry and the construction a new pipeline from Alberta to the West Coast. In the agreement, the federal government agrees not to implement an emissions cap in the oil and gas industry and removes regulations on clean electricity. This is done as a trade-off for the top oil producing province of Canada's commitment to increase industrial carbon pricing and support the carbon capture and storage. Carney has eased some of the environmental restrictions put in...

German federal prosecutors confirmed that a Ukrainian man suspected of coordinating sabotage against the Nord Stream Gas pipeline in 2022, who was handed over by Italy's highest court last week after it had approved his transfer, arrived in Germany on Friday. The explosions in the Baltic Sea that destroyed the pipeline three years ago, severely reduced the Russian gas transit into Europe and squeezed energy supplies on the continental although Russia had already stopped delivering. Both Russia and Western nations have said that the incident was an attack of sabotage. Investigators spent many years trying to solve the mystery. SUSPECT...

The German Federal Prosecutor said that a Ukrainian man suspected to have coordinated the sabotage in 2022 of the Nord Stream Gas Pipeline will be flown into Germany on Thursday, after Italy's highest court approved his expulsion last week. The explosions that occurred in the Baltic Sea, three years ago, were described by both Moscow, and the West, as acts of sabotage. They essentially cut off Russian gas supplies to Europe. The investigation took years to solve the mystery. SUSPECT DENIES ROLE IN ATTACKS The suspect, who is identified by German privacy laws as Serhii k., denies playing any part...

The Inter-American Development Bank approved a loan of $300 million to assist Ecuador in strengthening its electrical system. This was announced by the Andean country's Finance Ministry on Wednesday. The IDB Group has launched the Amazonia Siempre Initiative, which focuses on sustainable development, conservation of forests and improvement of quality of life. The funding includes $270m in IDB Ordinary Capital, with a term of 22.5 years and an 8-year grace period. * The Clean Technology Fund will provide an additional $30 million at concessional rates with a 1.19% rate of interest over 20 years. * Over 700 km of transmission...

The Caspian Pipeline Consortium said that it has temporarily halted oil loadings on its Russian Black Sea Terminal near Novorossiysk because of an overnight Ukrainian drone strike which damaged the office. It didn't provide any further details and referred to its previous statements regarding its operations, which are usually resumed once the air raid warnings have been cancelled. CPC's business operations were largely unaffected, according to a source in the industry. CPC is Kazakhstan's main export route to the global market, with the majority of volumes going to Europe and Asia. Russia contributes smaller volumes to CPC. CPC is owned...

Alexander Novak, deputy prime minister of Russia in Beijing on Tuesday, said that Russia is looking to increase oil exports to China as well as to enhance cooperation with regards to the supply of liquefied gas. Since the beginning of Russia's military operation in Ukraine, in February 2022, China and India are the two largest buyers of Russian crude oil. China imports approximately 1.4 million barrels per day of Russian crude oil via sea, and about 900,000. bpd by pipeline. The United States introduced sanctions last month against Russia's largest oil producers Rosneft, and Lukoil. Russian President Vladimir Putin denounced...

BP's Olympic Pipeline System remained closed on Monday while the company and authorities investigated a leak of fuel near Everett in Washington. Meanwhile, airlines activated contingency planning to minimize disruptions during Thanksgiving travel week. Leakage was first reported by 11 November. BP reopened one of two pipelines that were shut east of Everett to investigate the cause of some product leakage. Shortly after, the restored line was closed again to stop refined product deliveries. Over 200 feet of pipe have been excavated so far. Crews will continue operations overnight tonight, BP stated in an emailed message on Monday. The company...

Alexander Novak, the Russian deputy prime minister, said that Moscow and Beijing had been discussing ways of expanding Russian oil exports into China. Since the beginning of Russia's military operation in Ukraine, in February 2022, China and India are the two largest buyers of Russian crude oil. China imports approximately 1.4 million barrels per day of Russian crude oil via sea, and about 900,000. bpd by pipeline. The United States introduced sanctions last month against Russia's largest oil producers Rosneft, and Lukoil. Russian President Vladimir Putin denounced the sanctions, calling them unfriendly and saying that they wouldn't have a significant...

BP's Olympic Pipeline System remained offline Monday while the oil giant, along with local and state authorities, continued to investigate what caused the leak in Everett Washington. Major airlines are implementing contingency plans in order to reduce the impact of flight cancellations during Thanksgiving travel. First reported on 11 November, the fuel leak was discovered. BP reopened one of two pipelines that were shut east of Everett to investigate the cause of some product leakage. Shortly after the line was restored, it was shut down once again to stop refined product deliveries. Over 200 feet of pipe have been excavated...

Hydro One, a Canadian utility company, announced on Monday that Ontario's energy regulator will amend its transmission license to allow it to build a priority transmission line from Bowmanville to the Greater Toronto Area in order to meet growing demand for power. This move is in response to the growing interest of utilities and investors who want to expand power capacity for energy-hungry projects such as data centers, transmission systems and renewables. Hydro One will construct the 500-kilovolt double-circuit line in partnership the Indigenous Peoples' Body of Canada, First Nations. First Nations can purchase a 50% share in the project....

The government announced on Monday that Mozambique had granted a 30-year license to its largest state-owned firms, including the national oil company ENH, for the construction and operation of natural gas facilities in the Port of Beira as well as the smaller Inhassoro location. The efforts of Southern Africa to develop its oil reserves and gas have been hindered by an ongoing insurgency linked to Islamists in the northern part of the country. This has caused TotalEnergies LNG plant delays, despite improvements in security. The concession will managed by a special purpose vehicle consisting of ENH, the ports and rails...

BP announced on Friday that its Olympic Pipeline crew had excavated over 100 feet (0.03km) of pipeline in response to a leak which occurred earlier this month near Everett (Washington), but they have yet to identify the source of leak. Washington Governor Bob Ferguson declared an emergency on Wednesday following the Olympic Pipeline shut down, which has caused jet fuel supply to Seattle-Tacoma International Airport to be disrupted. Crews have excavated safely over 100 feet but have yet to identify the source of the leak. In an email, a spokesperson for the company said that excavation and inspection would continue...