Latest News
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Vietnam Airlines Boeing 787 returns to Munich following takeoff incident
The airline and airport both confirmed that a Vietnam Airlines flight bound for Hanoi was diverted to Munich Airport on Saturday due to technical issues after takeoff. Flightradar24, a flight tracking website, reports that the Boeing 787 circled around for over two hours in order to burn off fuel. The plane had reportedly overrun the runway 'during takeoff. The video aired on ABC News in the U.S. showed a jet taking off, with a huge cloud of dust behind it. Vietnam Airlines issued a statement in which it said that the flight had returned to its departure terminal after takeoff due to a "technical problem". The airline did not give any further details. Munich Airport reported that after landing, the aircraft was unable to leave the runway on its own and remained stuck. The airport said that this forced it to close the north runway. Air traffic was then rerouted via the south runway. Vietnam Airlines reported that the crew had "followed all necessary procedures" and safely landed at Munich Airport. The airline stated that "the passengers and cabin crew members are safe." Vietnam Airlines said that it was working with relevant authorities to inspect the aircraft. It would provide updates once the results of the inspection and the specific operational plans are available. Reporting by Gnaneshwarrajan and Ananya Palyekar in Bengaluru, editing by Jamie Freed
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Flightradar24 reports that Vietnam Airlines Boeing 787 returned from Munich to Munich following a takeoff accident.
Flightradar24 reported that a Vietnam Airlines flight returned to Munich on Saturday, after spending more than two-hours circling to burn fuel. The Boeing 787 had reportedly overran its runway when it took off. According to Flightradar24, the passengers were evacuated by using slides. The fire brigade also was on site. Vietnam Airlines said in a press release that the Hanoi bound flight had "returned to the airport of departure after takeoff" due to a technical issue that it did not specify. The flight crew followed all the required procedures, and safely landed at Munich Airport. "The passengers and crew members are all safe," said the airline. Vietnam Airlines announced that it was working with relevant authorities and parties in order to inspect the aircraft. Munich Airport announced on its website that it has closed its north runway and warned of possible disruptions to air traffic. Flightradar24 data shows that the north runway was closed because the plane had landed there, not the south runway. Munich Airport and Boeing didn't immediately respond to comments outside of regular business hours. (Reporting and editing by Jamie Freed; Gnaneshwarrajan)
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Hurricane Lala causes thousands of Hawaiians to lose power amid 'life-threatening conditions'
Hurricane Lala blew into Hawaii on Saturday with high winds and heavy rain, leaving more than 40,000 utility users?without power? across the state. The National Hurricane Center issued a warning of "life-threatening conditions". According to the poweroutage.com site, 42,889 Hawaii customers were without power at 2:14 pm HST on Sunday (0014 GMT), including 31,792 Big Island residents and 7,203 Maui County residents, which include the islands of Maui Lanai and Molokai. The hurricane center issued an advisory at 2:pm. HST predicted rain of up to 25 inches on the Big Island and even more in some areas. It also predicted 8 to 12 inches for eastern Maui, as well as 4 to 6 inches for western Maui. The center stated that "this rainfall will cause life-threatening floods and mudslides in steep terrain areas." Hawaiian Electric warned its customers that "possible prolonged outages could occur overnight" as the storm system moved westward through Hawaii. Utility crews are assessing a 42 mile (67.6 km), or 67.6 kilometers, span of transmission lines on the Hamakua Coast, Big Island after fallen trees have knocked over multiple poles and other structures. The U.S. National Hurricane Center reported earlier in the day that Lala's sustained maximum winds?reached?75?mph (12 km/h), thereby making it a category 1 hurricane. Maunakea Weather Center on the Big Island recorded wind gusts exceeding 100 mph in the early afternoon, though winds would have been lower closer to the sea level. Hawaii Department of Transportation announced that it would close Hilo International Airport at Keahole and Ellison Onizuka International Airport at Keahole, both at 2 pm HST. The department closed commercial ports on Hawaii Island, Maui County and Kaua'i.
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Xi calls on China to improve disaster prevention after floods and landslides hit the country
After a series of deadly floods this summer, Chinese President Xi Jinping urged the country to improve its?ability? to prevent, reduce and respond to?natural?disasters. Xi made his remarks on 'Saturday' in Qiushi - a 'journal central to Communist Party messaging. They follow China's most powerful typhoon of the year, and a series landslides which killed dozens. This highlights the increasing impact of extreme weather conditions on the second largest economy of the world. According to an article, "Global warming is causing extreme weather events, such as floods, typhoons and droughts. Their destructive effects are intensifying." Xi stated. The article cited Xi's call for a shift to pre-disaster preparation, stronger monitoring and early warning systems, as well as efforts to fill in gaps in flood control and drainage infrastructure in the north of China. The article cited Xi's remarks from a speech he delivered on April 28 at a Politburo Study Session. The capital of China was hit by the strongest typhoon of this year, which brought torrential rains that inundated roads and left vehicles stranded. In the northwest, flash floods caused landslides in Gansu Province that killed 25 people. And in Chongqing, in southwest China, a mountain collapsed and led to another landslide, which left 51 dead. China has been battling more destructive weather that scientists have linked to climate change. This is especially true this year as an emerging "El Nino" pattern boosts temperatures, fueling more frequent and fierce typhoons. Xi stated that China would "continuously improve its ability and level of response to natural disasters and effectively safeguard the lives and properties of the people as well as social stability" Xi warned that disaster risks'must be prevented from affecting economic, energy and food security and urged the use technologies such as artificial intelligence, drones, and satellite remote-sensing to aid in rescue efforts. (Reporting and editing by Jacqueline Wong, Ryan Woo, Xiangming Hu and Ziyi Tang)
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South Africa is betting on renewable energy, but the power grid in place is not yet ready
Grid gridlock could stall the renewable energy transition * Many green energy plants cannot connect to an overloaded grid * Government plans major grid expansion over next decade By Kate Bartlett The President Cyril Ramaphosa launched the latest green energy projects last month. He called it part of a "clean-energy revolution" and a 155 megawatt wind farm located in Mpumalanga Province. He said that "electricity which is reliable, affordable and becoming increasingly clean is the 'lifeblood' of a growing economic system." South Africa plans to add 105 Gigawatts to its grid by 2039. This will include nuclear, wind, and solar energy. It is more than double the current capacity. Experts say that there is a major obstacle: a lack in transmission lines for all this energy. Many green energy projects cannot connect to the grid. The CEO of Energy Exchange South Africa (a private sector energy trader) wrote in June that "gridlock" was the biggest obstacle to unlocking the renewable potential of the country. It could even cause further economic and electricity crises. He said that the grid capacity of most areas with high green energy resources has reached saturation. This makes it difficult to provide renewable power to those in need. The government has said that to fix the problem, thousands of kilometers of power lines will need to be added in the next ten years. This is estimated to cost 400 billion rand (18 billion PS). EXTENDING GRID Last week, Kgosientsho RAMOKGOPA, Minister of Electricity and energy, admitted that "we need 14,500 km (9,000 miles)" of transmission lines and that we build on average 200km per year. Kevin Mileham, spokesperson for South Africa’s second largest political party, Democratic Alliance, was asked why it took so long. He said that part of the delay is due to redtape. They're considering a partnership model to build this portion of the grid. He said that they have to follow a procedure to appoint these private contractors. The components required are not produced locally. He said that many of these items were on backorder. "We will have to wait for two or three years before we get some of this." Ramokgopa, who was in Beijing to court investment last week, said that six Chinese companies have agreed to establish factories in South Africa for the manufacture of transformers and pylons required to support grid expansion. China, which is the largest producer of renewable energy in the world, has already invested heavily in South Africa's green sector. A Chinese company supplied the turbines for the new Mpumalanga Wind Farm. Mileham stated that there was almost no capacity on the grid in the areas where renewable energy is best suited, such as the sunniest parts of the northern Cape, which are ideal for solar, and the Eastern Cape and Western Cape, which are perfect for wind. He added: "In Mpumalanga and other places, we are able to increase grid capacity as coal plants close." It's not an ideal place to add renewable energy. Unbundling ESKOM South Africa has long struggled with power shortages, due to an aging infrastructure and damage. The state-owned power utility Eskom, however, has suffered from mismanagement and financial losses, and has for a very long time been unable to meet the demand. In 2023, the government began introducing daily power cuts, also known as "load-shedding", to conserve electricity. This was a major blow to the country's economy. Mileham explained that this is now mostly a thing in the past. He explained that rooftop solar doesn't require a connection to the grid. Mileham pointed out, too, that if mining companies built solar power plants next to coal mines "you wouldn't have to transmit this over the transmission infrastructure". Ramaphosa announced this year that he would break up Eskom to create a separate company to manage the transmission grid. Mileham says that this is desperately needed because Eskom, as it stands now, is both "player and referee" in the competition for grid access between independent power producers. Eskom, however, is not backing down. Mteto Ntyati, Eskom's board chairperson, urged the government last week to delay the transfer. Ramaphosa, however, told industrialists in this week that a "competitive electricity market requires a transmission network that is independent and efficient, capable of providing a fair access to all participants on the market." (Editing by Jonathan Hemming).
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Third Point discloses Warner Bros Discovery share, adding to Alphabet exposure
Third Point, the hedge fund of billionaire investor Daniel Loeb, has taken a stake in Warner Bros. According to a Friday regulatory filing, Discovery took a stake in Warner Bros. during the second quarter. According to LSEG, the fund's position of 20,000,000 shares would make it one of the 20 largest investors in the media company. This is at a time when the $110 billion Paramount Skydance acquisition has been halted due to court challenges. Third Point is a long-time investor in the media industry. In 2022, it will push for changes at The Walt Disney Company. The New York-based Fund also revealed that it increased its stakes in Google parent Alphabet as well as boosted their holdings of Union Pacific and Norfolk Southern,?as both railway operators pursue their $85 billion merger. The 13F filing also revealed a new investment in Riot Platforms. This made 'Third Point' one of the 25 largest bitcoin miners.
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ADNOC, the UAE's national oil company, says that one of its vessels was attacked while transiting Hormuz
The Emirati news agency WAM reported that the Abu Dhabi National Oil Company of the UAE said on Saturday one of its vessels was attacked while transiting the Strait of Hormuz the day before. According to WAM, the state oil company reported that no injuries were reported and that the situation is now under control. This was the 'third incident of this kind involving ADNOC vessels within a week. The UAE accused Iran of being behind the earlier attacks. However, the UAE made no comment on the attack that took place Friday. Before the conflict, a fifth the world's oil & liquefied natural gas was transported through the narrow waterway that connects Oman to Iran. Shipping has been disrupted repeatedly since the U.S. and Israeli war?with _Iran erupted on February 28. This has raised freight rates, as well as created security concerns. ADNOC, one of the largest energy producers in the world, exports crude oil and natural gas as well as refined products to other countries. Reporting by Menna alaa el-Din, Editing by Mark Porter & Rod Nickel
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The resumption of Colombian coffee production could take several weeks. Processing is also affected.
Market participants stated on Friday that the normalization of Colombian coffee logistics, including the return of beans to a major exporting port, and then to export markets could take up to two weeks. Fixing processing installations may take even longer. Market participants said that the 7.4-magnitude quake in the Colombian coffee region?killed almost 300 people, caused landslides along dozens of roads and destroyed a number of warehouses and export ports. Carlos Santana is a director of global coffee trader ECOM. He said that he estimates it will take 15 days to normalize the coffee flow. Colombia supplies around 25% of coffee beans consumed in the United States. This is the largest market for the beans. He added, "The port is not closed but it's hard to get the coffee there and several warehouses have structural damage." ATM Terminals, which manages the Buenaventura Port, has said that operations have been gradually resumed. This includes movement in the port warehouses of coffee and sugar. However, it is not yet open to receiving more containers filled for export. According to the company, the earthquake caused structural and machine damage at the dry mill run by Caravela Coffee, located in Armenia, an area in the west-central region of Colombia's main "coffee belt". The?shared on social media a CCTV video showing the moment of tremor. The mill is used for processing green coffee to make it ready for export. "We don't know yet when we will be able to restart our operations safely. "We are still dealing with the lack of electricity in the mill," said Caravela's Chief Executive Alejandro Cadena. The coffee supply will be?tightened by the?temporary suspension of Colombian shipments. Expana, a price reporting and analyst agency, said that the event occurred amid ICE-certified arabica stock shortages. This kept nearby supply tight. Buyers looked to Brazil to offset any Colombian disruptions. (Reporting and editing by Alistair Bell; Marcelo Teixeira)
Enbridge, a Canadian gas transmission company, tops the profit estimates for its strength.
Enbridge announced a first-quarter adjusted profit that exceeded analysts' expectations on Friday.
The 'pipeline operator' is able to maintain steady growth in spite of geopolitical tensions, commodity price volatility and rising demand for utility infrastructure, natural gas and power for data centers.
The company reported that it added projects valued at about C$2 billion (about $1.47?billion) during the third quarter. These included the Cone wind project in Texas, expansions of the Tres Palacios, Dawn Hub, and Vector Pipeline storage facilities.
The secured growth backlog of the company is now about C$40billion and will be funded by its annual investment capacity in growth capital?of C$10billion to C$11billion.
Enbridge expanded its gas distribution business last year after acquiring three utilities from Dominion Energy, a U.S. company.
Gas transmission earnings increased 6.6%, to C$1,57 billion. Adjusted core profits from the gas distribution and storage businesses rose 6.8%.
The Aitken Creek Pipeline and BC Pipeline systems contributed to the higher revenue in its gas transmission segment.
Gas distribution was supported by higher regulated prices in Ontario, Utah, and North Carolina. This helped to cushion the weaker liquids results from Mainline.
Enbridge's Mainline System, which moves almost half the crude oil in the United States, saw its quarterly adjusted core profits fall 13.2% to C$1.45 Billion.
According to LSEG, the Calgary-based company reported an adjusted?profit?of 98 Canadian cents a share for three months ended March 31. This was higher than analysts' average estimates of 94 Canadian dollars. Reporting by Katha Kalya in Bengaluru, editing by Pooja Deai.
(source: Reuters)