Latest News
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Caspian Pipeline Consortium completes cleanup operation after accident, spill
The Caspian Pipeline Consortium announced on Saturday that the cleanup operation following an oil spill and accident at its Black Sea Terminal had been completed. The company, which manages more than 1% global oil, was forced to suspend operations at 2 mooring points due to the spill. CPC said in a statement that it had suspended emergency operations after inspecting the surface conditions at the site. A study was conducted to determine the volume of oil leaking and the cause of the accident. The relevant oversight bodies attested that the site of the spill was localised quickly. The terminal received the collected waste for disposal. CPC exports mostly from Kazakhstan via Russia to the Black Sea Terminal. It deploys normally three moorings points, one of which is used as a back-up. CPC, whose investors include U.S. giants Chevron CVX.N, and Exxon Mobil XOM.N, announced that SPM-1 mooring point was still operational. CPC was in the spotlight when Russia's conflict with Ukraine began. The consortium had to close all but one of their mooring points in 2022 because damage was affecting exports. This year, its operations were disrupted by a drone attack. Reporting by
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In several provinces, protesters have set fire to the Indonesian Parliament buildings
Indonesian protesters have set fire to regional parliament buildings across three provinces, as part of continuing demonstrations. This comes a day following the death of three people in violent violence. The incident has been a test for Prabowo Subito. Local media reported that protesters set fire to parliament buildings in West Nusa Tenggara and Cirebon, West Java, as well as Pekalongan, Central Java, and Cirebon, West Java. Detik.com reported that protesters looted office equipment in Cirebon, while police fired tear gas in Pekalongan to disperse the crowd. Authorities were not immediately available to comment on the reports. The protests in Indonesia's Jakarta began earlier this week, over the pay of lawmakers. They grew on Friday when a police car hit and killed a motorbike driver. Listyo Sigit Prabowo, the national police chief, said that on Saturday President Obama had ordered that authorities take strict action against those who break laws. Arson attacks on parliament buildings follow Friday's deadly demonstration in Makassar (capital of South Sulawesi Province) that left three dead and five wounded. Metrotvnews.com, a local media outlet in Makassar, reported a second death as a result of the fire at the parliamentary building. This report could not be independently verified. In a statement released earlier Saturday, the disaster management agency did not give any details about the deaths in the Friday fire. However, state news agency Antara reported that the victims were trapped inside the burning building. Two people were injured when they jumped out of the burning building. Local media reported that there were also protests on the island of Bali, at the police headquarters. The police reportedly used tear gas against the demonstrators. Transjakarta, a Jakarta-owned bus company, was also affected by the disruption. Reporting from Makassar by Abd Rahman Muchtar; writing by Stefanno Sulaiman, editing by William Mallard
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New $250 visa fee risks deepening US travel slump
The new $250 visa integrity fee imposed on foreign travelers entering the United States could put more pressure on a struggling travel industry. This is because overseas arrivals are continuing to decline due to President Donald Trump’s immigration crackdown and his hostility towards many countries. According to U.S. Government data, overseas travel to the U.S. decreased 3.1% on an annual basis in July. This amounted to 19.2 millions visitors. This was the fifth consecutive month of declines this year. It defies expectations that inbound visitor numbers would surpass 79.4 millions by 2025. The new visa fee is set to take effect on October 1. This will add an extra hurdle for travelers coming from countries that do not have visa waivers, such as Mexico, Argentina and Brazil. According to the U.S. Travel Association membership organization, the extra fee brings the total visa to $442. This is one of the most expensive visitor fees in the entire world. Gabe Rizzi is the President of Altour a global travel company. He said that any friction we add will reduce travel volume by a certain amount. As summer winds down, this issue will become more urgent. We'll need to include the fees in travel budgets and paperwork. According to the World Travel & Tourism Council, international visitor spending is expected to drop below $169 billion in this year. This compares to $181 billion spent in 2024. The fee is a further indication of a negative perception about the U.S., under Trump. His immigration policies, reductions in foreign aid, and tariffs have all contributed to a decline in the appeal of America as a tourist destination, even though major events such as the FIFA World Cup 2026 and the Los Angeles Olympics 2028 are on the horizon. Wednesday, the Trump administration proposed a government regulation aimed at tightening the duration of visas granted to students, cultural exchange guests and media members. The administration announced in early August that the U.S. would require bonds up to $15,000 on some tourist and business Visas. This pilot program will run for about a year. It is an attempt to crackdown on visa overstays. Tourism Economics, a consultancy from Oxford Economics, predicted in December 2024, that travel to the U.S. by overseas citizens in 2025 will increase more than 10% annually. Aran Ryan is the director of Tourism Economics' industry studies. He said that it was on track to decline 3%. Ryan stated, "We view it as a sustained backward and we expect that much of it will be in place across the entire administration." HARDEST HIT The new visa fee will likely hit Central and South American nations the hardest, as they have been an exception for U.S. travelers this year. According to the National Travel and Tourism Office, the number of Mexicans traveling to the U.S. is expected to increase by nearly 14% between May and 2025. The number of arrivals from Argentina has increased by 20%, and those from Brazil have increased by 4.6%. Travel from Central America and South America increased by 3% each, while Western Europe saw a 2.3% decline. Arrivals in China have been muted ever since the pandemic. July figures are still 53% lower than 2019 levels. Visa fees also threaten travel from India. Visits to India are down by 2.4% this year due to a drop of nearly 18% in students. Some will simply absorb the increase in fees as another expense in an already costly trip to the U.S. The U.S. is selective in its visitors. "If your financial status isn't good enough, it will be difficult to get a visa," said Su Shu of Moment Travel, a Chinese company in Chengdu. U.S. tourists are concerned about the stricter requirements that may be imposed overseas, as foreign visitors pay higher entry fees. James Kitchen, owner and travel agent of Seas 2 Day & Travel, confirmed this concern. Kitchen stated that "Travelers expressed concerns about reciprocal fees which may be imposed over the next few months".
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Three people killed as Indonesian protesters burn down regional parliament building
Authorities said that three people were killed and five injured after protesters in Indonesia set fire to the regional parliament building. The demonstrations are the first big test for President Prabowo's Subianto government. In a press release, the disaster management agency of Southeast Asia did not mention the cause of death in the fire that broke out in Makassar on Friday evening, the capital city of South Sulawesi Province. Antara News Agency reported that the victims were allegedly trapped in a burning building. Two of the injuries were caused by people who jumped out of the burning building, according to the disaster agency. The protests in Indonesia's Jakarta began this week, over the pay of lawmakers. They grew on Friday when a police armored vehicle struck and killed a motorbike driver. Prabowo visited the driver's home late Friday night, offering his condolences to the parents of the deceased and promising to supervise the investigation. Local media reported looting and damage in Jakarta to several transport facilities on Friday. Demonstrations were also reported in Bandung and Yogyakarta, two major cities. The mass rapid transit railway in Jakarta said that trains would not stop at a station near the protest site on Friday, and Transjakarta, a bus service owned by the Jakarta Province said it could not serve its customers. On Saturday, there were no signs of immediate protest.
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Spirit Airlines, the pioneer of low-cost airlines, is seeking its second bankruptcy in a matter of months
Spirit Airlines, the pioneer of no-frills air travel in the United States, filed for chapter 11 bankruptcy on Friday. Its turnaround efforts have been stalled by dwindling funds and mounting losses since it emerged from its previous Chapter 11 restructuring in March. Since March, when the carrier emerged from its first bankruptcy, it has struggled with stabilizing its operations. The airline announced on Friday that flights, sales of tickets, reservations, and operations would continue. Spirit Airlines had tried to rebrand itself as a premium airline in order to keep up with the post-pandemic trends of travel that have challenged ultra-low cost model's viability. Spirit's recovery has been further hampered by the uncertainty caused by President Donald Trump's budget cuts and tariffs, which have reduced domestic airfares and cooled consumer expenditure. The airline had to raise its prices going-concern There were doubts in the beginning of this month. Dave Davis, CEO, said: "Since our previous restructuring which focused exclusively on Spirit's funded loan and raising equity capital has been completed, it is clear that much more work needs to be done. There are many other tools available to position Spirit best for the future." First, the Florida-based airline sought You can also find out more about bankruptcy After years of losses, failed merge bids, and mounting debt, the airline filed for bankruptcy protection in November, becoming the first U.S. major carrier to do so since 2011 The company posted a net loss of $1.2 billion last year. This was compounded by the failure of a $3.8-billion merger with JetBlue Airways, and RTX’s Pratt & Whitney engines that forced them to ground many Airbus aircraft. Spirit Airlines began as a trucking company in 1964, before moving into aviation in 1980s. Initially they flew leisure packages under the name Charter One Airlines. Spirit Airlines was rebranded in 1992. It quickly gained a reputation for being a low-cost carrier that caters to budget-conscious travellers who are willing to sacrifice extras such as checked baggage and seat assignments. The pandemic changed the travel industry, forcing ultra-low cost carriers to adjust. (Reporting and editing by Sriraj Kalluvila, Maju Samuel, and Shivansh Tiwary from Bengaluru)
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Trump cancels 679 Million Dollars in Federal Funding for Offshore Wind Projects
The Trump administration announced on Friday that it would cancel $679 million of federal funding for 12 projects involving offshore wind, including $427 for a California project. This is just the latest move in an aggressive campaign by the Obama administration to weaken an industry that played a central role in former President Joe Biden’s climate and energy agendas. U.S. Transportation secretary Sean Duffy stated that the awards made during the Biden administration were a waste "that otherwise could have been used to revitalize America's maritime sector." The Department of Energy awarded $427 Million to Humboldt County in California to build a new maritime terminal for construction and maintenance offshore wind turbines. Humboldt Bay was to be the Pacific Coast's first offshore wind terminal. The funds were intended to revitalize a defunct maritime terminal that would be used for wind-turbine assembly, launch, and project staging. A spokesperson for California Governor Gavin Newsom condemned the action, saying that it was an example of how the Trump administration is "attacking clean energy projects and infrastructure projects" - harming businesses and killing rural jobs and ceding America's economic future to China. The Department of Energy also cuts a $47,000,000 grant for an offshore manufacturing and logistics hub near the Port of Baltimore, Maryland, and $48,000,000 for an offshore terminal project on Staten Island, New York, awarded in 2022. It also reduces $33,000,000 for a port development project in Salem Massachusetts to redevelop an industrial facility that was vacant for offshore wind projects. Massachusetts Governor Maura Maura Healey stated that canceling the Salem grant would cost 800 construction workers jobs. She said that the Trump administration was wasting money by canceling tens millions of dollars from a project already underway to increase our energy supplies. After two major cancellations, U.S. agencies including the Departments of Defense, Energy and Commerce are reviewing the offshore wind farms that were approved by the Biden Administration along the Atlantic Coast. Transportation Department has also cancelled major grants for California's high-speed rail system and other infrastructure projects that are environmentally friendly. (Reporting and editing by David Shepardson, Nichola Groom and Edmund Klamann.
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Southwest Airlines begins flying the first plane with a secondary cockpit barrier
Southwest Airlines announced that it would begin flying on Friday its first jet equipped with a secondary flight deck barrier designed to prevent intrusions. The airline announced that the plane, a Boeing 737 MAX 8 recently delivered to them, will take its first flight from Phoenix to Salt Lake City on Friday afternoon. Pilots unions argue that secondary barriers are essential to aviation safety. They have been sought since the September 11, 2001 attacks, which exposed the dangers of insufficient flight detection protection. This flight marks the start of the deployment of this safety feature on the new U.S. commercial aircraft fleet over the next few years. Boeing and Airbus have said they've begun delivering planes with barriers underneath. Regulation announced for 2023 This took effect on the Monday. The Federal Aviation Administration has agreed to a new agreement. Give airlines until July 2026 Use the barrier in new planes. The FAA has been informed by the majority of major carriers that they will not be using the barriers immediately and instead, take advantage the extension. Southwest Airlines has chosen to comply with the new regulations as soon as it takes delivery of new aircraft. It expects to receive about 25 more Boeing planes in this year, which will be equipped with the barrier. The FAA adopted security standards for the flight deck after the September 11 hijackings of four U.S. planes. These standards are designed to prevent forcible entry and unauthorized access. The rule requires that aircraft manufacturers install a second physical barricade on all new planes in use for commercial passenger services in the United States. Existing planes do not have to be retrofitted.
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Venture Global could soon produce LNG at Plaquemines from all blocks, according to filings
Venture Global's regulatory filings indicate that it could produce liquefied gas at Plaquemines in the near future from all of its blocks. The facility produces 27.2 million metric tonnes per year. According to a Federal Energy Regulatory Commission order, the company was granted permission to introduce nitrogen to Block 15 as a first step towards natural gas production. The move by the regulator followed an authorization on Wednesday to introduce natural gases at Block 18. Each block has two trains, which are also known as trains. According to regulatory filings, it had skipped Block 15 at first after being granted permission to start production at the rest of the facility. The second largest LNG plant in America is Cheniere Energy Sabine Pass. Venture Global expects to commission the plant in phases over the next two-year period, earning more liquefaction fees by selling early cargoes before supplying long-term clients such as Exxon Shell and Orlen. Venture Global didn't immediately respond to our request for comment. Plaquemines, which began producing LNG in December of last year, has increased its output each month. This is a big reason why the U.S. was able to export supercooled gas at record-breaking levels by 2025. LSEG data shows that on Friday, Plaquemines pulled 3.2 bcf, or nearly 20% of the gas produced by U.S. plants. Venture Global, a three-year-old startup, has grown into the second largest LNG exporter in America. The company will be number one when it finishes construction of CP2, a 28-mtpa LNG export facility in Louisiana. Plaquemines was the fastest greenfield LNG facility built in the U.S. It produced its first cargo less than three years after its approval. Curtis Williams, Houston Reporter; Nathan Crooks & Nita Williams, Editors
Uber talks to banks and private equity firms about funding robotaxi expansion
Uber CEO Dara Khorowshahi revealed that the company is in discussions with banks and private equity firms to secure funding to develop its robotaxi business. The ride-hailing firm is betting on a massive roll-out of this nascent technology.
In Austin and Atlanta, the company offers robotaxis powered by Alphabet-owned Waymo through its ride-hailing application. In July, it also signed a $300-million partnership that will enable it to deploy over 20,000 electric vehicles made by Lucid, powered by Nuro's self-driving technology, in six years.
Khosrowshahi, on Wednesday, positioned the tie-ups in a larger plan that includes three robotaxi business model options: paying partners who own such vehicles at a fixed rate; sharing revenue with fleet operators; and owning vehicles but licensing software for autonomous technology.
The CEO stated that "we are talking with private equity players and we have spoken to banks." Once we can prove that these cars generate a lot of revenue per day, and have a good revenue model, there will be countless financing opportunities.
Uber has said that it will use a "modest portion" of its annual cash flow of around $7 billion to fund deployments. It may also sell minority shares in companies to help with the expansion.
Analysts say that the mass deployment of robotaxis could reduce Uber's driver-reliant operating costs and increase profitability.
Elon Musk, the CEO of Tesla, and Waymo, U.S. leader in the market, have been racing to launch robotaxis despite strong regulatory scrutiny.
Waymo has a presence in five U.S. Cities, including San Francisco. Tesla launched its robotaxi service in Austin last June and began ride-hailing services in the Bay Area this month.
Uber has said that it hasn't seen any change in demand in Austin or San Francisco following the launch of Tesla's robotaxi services in these cities.
Ken Mahoney of Mahoney Asset Management said, "To many of these companies it seems this will be an worthwhile endeavor... there are lofty projections about the robotaxi sector's total market addressable." (Reporting by Akash Sriram in Bengaluru; Editing by Aditya Soni and Shinjini Ganguli)
(source: Reuters)