Latest News
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KKR and Kreate have completed the purchase of South Korea’s Cheongna Logistics Center
KKR, a global investment firm, and its Korean affiliate, Create Asset Management, announced on Tuesday that they had completed the acquisition of Cheongna Logistics Center. They claim this is South Korea's biggest single asset logistics deal. The companies did not reveal the financial details of the transaction. A person familiar with the matter said that the logistics asset in Incheon would be valued at a little?more than a trillion won ($696 millions), including debt. Sources could not be identified as the information is confidential. Brookfield Asset Management did not respond immediately to a comment request. Brookfield Asset Management sold the logistics center to the KKR led consortium. The 4.6-million-square-foot facility, completed in 2022, is fully ?leased and strategically located within the Greater ?Seoul metropolitan area, KKR said. In a press release, the New York firm stated that the acquisition was made through funds'managed by KKR & Kreate.' The latter took over the management and operation of?the?property. (Reporting from Kane Wu in Hong Kong, Ruchika Khanna and Rashmi ich in Bengaluru)
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Saudi agency reports that the coalition in Yemen has called on civilians to leave Mukalla.
According to the Saudi state news agency, on Tuesday, the Saudi-led coalition in Yemen announced that it had 'called on civilians in?the Yemeni Port of Mukalla located in Hadramout Province to evacuate until further notification in preparation for a military action. The coalition had said that it would "counter any military actions by the separatist STC?group?in Hadramout in order to protect civilians. Early December saw a major shift in power as the STC seized control of the southern provinces, forcing the government to leave Aden and seizing Hadramout, Al-Mahra, and the eastern provinces, Hadramout, Al-Mahra, as Saudi-backed forces retreated. Rashad al Ali, the head of Yemen's Presidential Leadership Council had asked if the coalition would take immediate action to protect civilians from "violations by armed group affiliated with STC". Reporting by Yomna ehab, Editing by Jacqueline Wong & Raju Gopalakrishnan
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Pentagon announces $8.6 Billion Boeing Contract for F-15 Jets for Israel
The Pentagon announced on Monday that Boeing had been awarded an $8.6 billion contract for the F-15 Israel Program, following a meeting between U.S. president Donald Trump and Israeli Prime Minister Benjamin Netanyahu. The Pentagon stated that the contract "provides for a design, integration and instrumentation of 25 new F-15IA airliners for the Israeli Air Force with an option to purchase an additional 25 F-15IAs." The Pentagon stated that the contract was for foreign military sales to Israel. The U.S. is by far its largest arms supplier in the Middle East. Pro-Palestinian, anti-war Protesters Around the?U.S. Washington's support for Israel was questioned after the devastating attack on But these?demands? have not been met by the administrations under President Donald Trump Former President Joe Biden The Pentagon announced that contract work would be completed in St. Louis by December 31, 2035.
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Winter Storm Ezra disrupts US travel, as Meteorologists warn of the 'bomb-cyclone'
Winter Storm Ezra caused holiday travel disruptions across the U.S. Northeast and Midwest for a third consecutive day on Monday. Airlines scrambled to recover, and forecasters warned of an upcoming "bomb-cyclone" which could further disrupt trips before the New Year holiday. As of 3:25 pm ET, there were 751 flights canceled and nearly 6,000 delayed. FlightAware, a flight tracking website, reports that as of 3:25 p.m. ET there were 751 canceled flights and nearly 6,000 delayed flights. Weather disruptions since Friday have caused more than 3,600 cancellations and delays. Storms hit during a time when airlines are operating at near capacity and have limited flexibility in rebooking passengers. As airlines dealt with the severe winter weather, holiday travelers were faced with long waiting times, difficulties rebooking and accommodations. AccuWeather's meteorologists said the storm was expected to intensify and become a "bomb-cyclone" by Monday night. The storm is expected to bring blizzard conditions as well as dangerous ice, heavy rain, and strong winds. Bomb cyclones occur when atmospheric pressure rapidly drops, causing hurricane-force wind and heavy rain. The arctic front that drove the storm caused a wild swing in temperature. The temperatures in Philadelphia were predicted to drop overnight from 60 degrees, where they had been on Monday. Travel disruptions, regional power outages, and hazardous conditions are expected to continue through Tuesday morning. Poor visibility, icy roads and blowing sleet contributed to multiple vehicle pileups. Authorities in some parts of the area urged drivers to avoid unnecessary travel. The Federal Emergency Management Agency has warned that driving can be hazardous as high winds, ice and blizzard conditions descend on the Upper Midwest and Great Lakes. The Federal Aviation Administration has issued a?ground stop' at Washington Dulles International Airport, until 4:15 pm. Due to high winds, the Federal Aviation Administration issued a ground stop at Washington's Dulles International Airport until 4:15 p.m. ET. Low visibility and high winds caused delays at Boston and Newark airports, which serve New York City. The FAA has ordered that all flights to Detroit be grounded at the Detroit Metropolitan Wayne County Airport until 8 am. ET on Monday. Only Delta Air Lines flights were affected by the halt. The reasons for this were not disclosed. Delays are expected to last until midnight. Delta's shares dropped nearly 3% in afternoon trading, as it had the highest number of cancellations and delay on Monday. United Airlines, American Airlines, and Alaska Air Group all saw their shares fall by about 2%. Ground crews were also clearing snow and ice off planes, according to the FAA. The operations of airlines are closely interconnected, so canceled flights may leave crews and aircraft out of place, making it difficult to get back on track. American Airlines, United Airlines and JetBlue Airways have all waived the change fee for passengers who were affected by weather-related delays. Reporting by Aatreyee dasgupta in Bengaluru, Shivansh Tiwary, and Abhinav parmar. Dawn Kopecki, Shilpa Majumdar and Dawn Kopecki edited the article.
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New England electricity prices increase in November, ISO reports
According to a U.S. power grid company, ISO - New England, wholesale electricity prices in New England increased in November due to?fuel prices and an increase in consumer demand. The operator said that the average real-time electricity price was $61, up 52% on a year ago, and that day-ahead power prices were $59.55/MWh. ISO noted that fuel is a major?cost of power generation in New England. Natural?gas, which will provide 55% electricity in 2024 typically sets wholesale power prices. This closely links electricity prices to the gas markets. The Massachusetts Natural Gas Index reported that the average natural gas price in November was $4.68 per million British thermal units, an increase of 107% over $2.26/MMBtu from a year ago. The operator reported that the demand for electricity increased by 3.9% in November 2024, as temperatures dropped, causing a rise in heating needs throughout the region. ISO reported that New England power plants produced an estimated 2,53 million metric tonnes of carbon dioxide during the month. This is about 2% higher than November 2024. The operator said that "estimated year-to date?emissions?through Nov. 30,?increased by 2% over the previous year. This was largely due to a 'colder winter, higher demand, and increased natural gas prices, resulting in more coal and oil-fired generators."
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Kazakh oil production falls after drone attack on Ukraine, but uranium prices remain stable
According to a source in the industry, Urals crude differentials remained stable on Monday, while Kazakh oil output fell by about 6% 'in December, following a Ukrainian drone strike that damaged Russia's Black Sea Exporting Terminal. According to the person who spoke on condition of anonymity because the situation was sensitive, oil and gas condensate production?from Kazakhstan has decreased in the period December 1-28 to 1,93 million barrels per a day. Sources say that production at Tengiz, an oilfield located in northwest Kazakhstan, on the northeastern coast of the Caspian Sea, has dropped by 10% in the period December 1-28 to 719.800?bpd. PLATTS WINDOW Traders said that no bids or offers for Urals, Azeri BTC, and CPC Blend were made on Monday. Government data released on Monday showed that India's crude imports increased?0.2% from one month to the next in November, reaching 21.06 millions metric tons. This is their highest level since last March. Tomasz Janovski, Reporter; Tomasz Janowski, Editor
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IndiGo, India's largest airline, will increase pilot compensations after a series of mass cancellations.
IndiGo introduced new pilot allowances, and raised some existing ones. This is a sign that India's biggest airline wants to?boost pilot morale after weeks of mass flight cancellations caused by a?poor schedule planning. According to Ashim Mittra's email to the pilots, the airline will increase its layover allowances. For captains it will go up to 3,000 rupees (33.37 dollars) and for first officers to 1,500 rupees. The email stated that allowances?for 'deadheading' - where airline crew members travel as passengers in order to prepare for future duties - would be raised to 4,000 rupees (from 3,000 rupees) for captains and by 500 rupees up to 2,000 rupees (for first officers). IndiGo did not respond immediately to a request for comment. According to government statistics, the airline employs approximately 5,000 pilots. The airline that commands a market share of 65% in India is now facing increased regulatory scrutiny as well as a competition investigation after cancelling 4,500 flights this month. This left hundreds of thousands of passengers stuck all over India, and caused airports to be in chaos. India temporarily relaxed some rules regarding night duty for its pilots in order to stabilize the airline's operations. This move was criticized by pilot unions and safety advocates. The civil aviation ministry announced that a committee set up by India's aviation regulator, to investigate the circumstances leading to the cancellations, submitted its report to it last week. Moody's Ratings warned that IndiGo may suffer "significant financial harm" due to revenue losses resulting from cancellations, refunds and penalties imposed by India. Mittra stated in an email that IndiGo executives had visited various bases to talk with pilots. Mittra said in an email seen by?that the?move to raise some allowances and introduce new ones, effective January?1, came after IndiGo executives visited different bases to hold talks with pilots, Mittra stated.
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Russian Railways to reduce spending by 20% by 2026
Russian Railways announced on Monday that the board of directors has approved spending for 2026 of 713.6 billion rubles ($9.15 billion), down from this year's 890.9 billion roubles. The Russian government is looking at ways to support the country's largest commercial employer. This company has accumulated a?debt pile of 4 trillion roubles ($50.8 billion), despite falling revenues caused by a sharp drop in Russia's war economy. Russian Railways announced that 531.4 billion rubles of the approved expenditure will go towards maintaining the 'infrastructure, safety and security. Another 161.7 billion roubles is earmarked for the purchase of railcars, and 120 billion will go toward the construction a high-speed rail link between Moscow and St Petersburg. In an interview, Andrei Kostin, the CEO of VTB and Russia's largest bank, Russian Railways, said that keeping investments high was one of the most important issues in debt restructuring discussions. Russian?Railways? 2025 spending is still very low compared to last year's record, when it was 1.5 trillion roubles.
Hurricane Melissa, the strongest storm to ever hit Jamaica, continues its roaring into Cuba
Hurricane Melissa, the strongest hurricane to ever hit Jamaica, caused devastation. Later on Wednesday, it roared into eastern Cuba and destroyed the city of Santiago, flooding rural areas and the surrounding countryside.
The National Hurricane Center of the United States (NHC), which is based in Miami, said that Melissa, a Category 5 hurricane with sustained wind speeds of 185 mph and 298 kph when it hit Jamaica, was downgraded into a Category 3 storm, with winds of 120 mph.
The center reported that "life-threatening storm surges, flash floods and landslides as well as damaging hurricane winds were all ongoing this morning."
The storm, which was a historic one, ravaged western Jamaica. It destroyed homes, knocked down trees, and washed out roads. Authorities have not released details on fatalities, but they expect a lot of deaths.
Social media videos and eyewitness accounts from Jamaica show cars destroyed by flying debris. Hotel doors are blown off their hinges, and roofs are scattered throughout neighborhoods. The Montego Bay airport was inundated with water, and the ceilings were collapsed.
It was predicted that the storm would weaken as it crossed Cuba, but remain a dangerous Hurricane once it reached the Bahamas.
Authorities said that as the storm approached in eastern Cuba, 735,000 people had to be evacuated. At mid-morning President Miguel Diaz-Canel announced that Cuba had suffered extensive damage. He warned residents not to let down their guard and urged them to stay sheltered.
JAMAICAN LEADERS SAYS: 'SOME LIFE LOSS IS EXPECTED'
An official reported that the parish of St. Elizabeth in southwestern Jamaica was "underwater" with over 500,000 residents left without power.
After the storm, Jamaican Prime minister Andrew Holness told CNN that "the reports we have received so far include significant damage to residential and commercial properties, as well as damage to our road network."
Holness stated that the government has not received any confirmation of deaths caused by the hurricane, but "we expect some losses of life" given the severity of the storm and the extent of its damage.
It was crazy. Journie Ealey (34), a U.S. visitor on vacation in Jamaica who was reached by telephone, described the experience as "like a freight-train trying to stop for eight long hours." "I've not experienced anything like it before."
Meteorologists from AccuWeather say Melissa is the third-most intense hurricane in the Caribbean after Wilma and Gilbert, the last major storms to land in Jamaica.
Scientists claim that hurricanes are becoming more intense and occurring with greater frequency due to the warming of ocean water caused by greenhouse gas emission. Many Caribbean leaders called on wealthy nations that pollute heavily to compensate tropical island countries with aid or debt relief.
Melissa's winds weakened as the storm passed through the mountains of Jamaica. It pounded highland communities that were vulnerable to flooding and landslides.
"Our country was ravaged by hurricane Melissa, but we will rebuild it and do so better than ever before," said Prime Minister Holness early on Wednesday.
Donald Trump, the U.S. president, said on Wednesday that he would be willing to help Jamaica recover. The State Department announced that it would be sending search and rescue teams.
The Bahamas government, which is next after Cuba on Melissa's route to the northeast, ordered the evacuation of residents of the southern parts of the archipelago.
Authorities in Haiti and Dominican Republic, which share an island with Haiti, said that torrential rains had caused at least four deaths on the island.
CUBA HIT
The storm center, which was accompanied by violent winds gusting over 125mph and heavy rainfall, hit early Wednesday morning in Guama. This rural area is located 25 miles west from Santiago de Cuba, second largest city on the island.
The storm moved north-northeast through eastern Cuba. Authorities had cut power to almost all of eastern Cuba. They had evacuated the most vulnerable areas, and asked residents to take shelter in Santiago, the provincial capital of 400,000.
Images and videos published early Wednesday morning on local media, as well as eyewitness reports in the city, revealed a chaotic scene with trees, power lines and shattered glass littering the streets.
Videos from the more rural west showed torrents of rainwater flowing down dark roads in the shadows of Cuba's Sierra Maestra Mountains. The storm had passed by midday, but the winds were still too strong for people to go out on the streets.
Early on Wednesday, authorities reported widespread flooding in lowland areas from Santiago to Guantanamo where up to 35% of residents had been evacuated.
It is unfortunate that the island communist has been suffering from food, medicine, fuel and electricity shortages, which have made life difficult.
Cuban President Diaz-Canel announced that 2,500 workers had been mobilized to repair the electric lines immediately after the storm passed through the island on Wednesday.
Havana, the capital of Cuba, was not expected directly to be affected by this hurricane.
(source: Reuters)