Latest News
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Nigeria's power grid partly collapses again, causing blackouts
Nigeria's national grid suffered a partial collapse on Tuesday, the state power transmitter stated, marking the ninth event this year to have triggered power outages across the nation. The Transmission Business of Nigeria (TCN) stated the grid experienced a disruption at around 1252 GMT, activated by a. series of line and generator trips destabilising the system. While some areas, including the capital Abuja, gained back. power about an hour after the collapse, blackouts continued. somewhere else. TCN engineers are currently working to quickly bring back bulk. power supply to the states impacted by the partial disturbance,. representative Ndidi Mbah said. Blackouts are frequent in Nigeria, Africa's most populous. nation with over 200 million people, due to aging power. facilities, vandalism and inadequate gas supply for its. thermal plants, which represent over 75% of output. Although Nigeria has the facilities to create about. 13,000 megawatts of power, its creaking grid can only disperse. a third of it, requiring services and homes to run pricey. fuel generators.
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New Fortress Energy seeks strategic partners to boost liquidity
New Fortress Energy said on Tuesday it had actually started work to identify tactical partners for one or more of its main businesses to improve its liquidity and financial versatility. NFE stated on its second-quarter profits call it was looking for partners for its tasks, consisting of those in Brazil, Puerto Rico, Jamaica, Mexico, Nicaragua and Klondike. It said it is relying on incremental LNG demand development in Latin American countries such as Brazil and Jamaica. NFE shares were up 1% in mid-morning trading at $8.43, from an opening price of $8.30. In the last three months NFE's share cost has fallen by practically 50%, from $17.04 on Aug. 7. NFE is set to report third-quarter results on Nov. 7.
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UK's Aslef union suspends London Underground strike
Britain's Aslef trade union has actually suspended a planned twoday strike on the London Underground transport network this month following a considerably improved pay deal, the train motorists union said on Tuesday. Following fresh talks, and an enhanced deal, ASLEF has agreed to suspend our prepared commercial action on London Underground, ASLEF's Finn Brennan said in a declaration. Details of the offer will be talked about at a conference with union agents at a conference on Thursday, he added. It follows the RMT union likewise suspended a prepared strike, stating talks with management resulted in a. significantly improved deal. The walkouts on the London Underground was because of take. put on Nov. 7 and 12, and would have significantly disrupted travel. in the capital. There are around 5 million traveler journeys. per day on the network. Transport for London (TfL), which operates London. Underground, invited the suspension in a an emailed declaration. Our company believe that we have made an offer to our trade. unions that is reasonable, budget friendly, helpful for our coworkers and. great for London and we urge our trade unions to continue working. with us, TfL Chief Operating Officer Claire Mann stated.
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Suez Canal Economic Zone set for fast growth - chairman
Egypt's Suez Canal Economic Zone (SCEZ) has actually invested $3 billion on facilities over the previous couple of years and has plans to invest a comparable quantity over the next few years as it works to draw in financiers, its chairman said in an interview. The zone, a collection of 6 ports and four commercial areas alongside, or near the waterway, has actually been provided special legal and tax benefits to benefit from the vast amount of international shipping passing by. While government-run, it is administratively separate from the canal. Attacks on Red Sea shipping by Yemen's Houthis, who say they are acting in solidarity with Palestinians in Gaza, has diverted traffic from the Suez Canal, triggering profits to fall by almost $3 billion in the very first half of 2024 to $1.83 billion. The political instability in the region has stressed the advantage of diversity and hedging, Gamal El-Dein stated, adding investments have actually settled, with a boom in new projects over the last 24 months. We have had the ability to draw in more than $6.3 billion of financial investments in numerous sectors and logistics and ports, and 164 jobs, seven of which were in our ports, and the rest factories and logistics sites within the zone, Gamal El-Dein stated, including that he anticipated this number to grow sharply. We're trying to find something much higher than this, he stated. Currently this year, we have actually attracted near to $1 billion -- in the first 4 months of the , which started in July. MORE CONTAINER BERTHS Among these have been the East Port Said container port that includes a general cargo terminal about to be operational imminently, a roll-on, roll-off car terminal expected to be running by January and a container terminal due to be operational by April. Some 2.4 km (1.5 miles) of container berths at East Port Said have actually been running for several years, but the SCEZ is now in talks with operators to contract for an extra 1 km stated Gamal El-Dein, who used up his post as chairman in August 2022. The SCEZ hopes that private investors will help build much of the brand-new facilities. The zone drew in more than 160 jobs over the last two years, Gamal El-Dein stated. Now we recognize that we need to invest more in infrastructure to serve future tasks beyond the 160, he said. Before these 160 jobs, we had something in the tune of 300 business. So effectively, in 2 years, we increased by almost 50%. One example is desalination The zone has one desalination. plant at Sokhna on the Red Sea, simply south of the southern entrance to the canal. We're dealing with developing another at Sokhna specifically for the shared centers for the green hydrogen industry, so to guarantee that they get the right amount of necessary water for that market, with a first stage of around 250,000 cubic meters daily. The tender will be released soon, with building expected to be completed in 2-4 years. The zone has actually been setting itself up as a centre for green fuels, including green hydrogen, green ammonia and green methanol, having previously signed 15 structure contracts and 8 memoranda of comprehending for potential projects.
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Exploding parcels in Europe part of plot to target U.S. flights, authorities state
Parcels that took off at logistics depots in Europe were part of a trial run for a Russian plot to trigger surges on freight flights to the United States, according to security officials. Western governments and intelligence companies in Europe have formerly indicated Moscow as being the source of a series of fires and acts of sabotage in Europe targeted at destabilising allies of Ukraine. However, surges in carrier depots in Britain, Germany and Poland this July, which a Lithuanian governmental adviser said were the work of Russia, had the prospective to mark a. major escalation by causing an explosion on an aircraft. I can mention that this becomes part of unconventional kinetic. operations versus NATO nations that are being undertaken by. the Russian military intelligence, Kestutis Budrys, a national. security advisor to Lithuanian President Gitanas Nauseda, informed. Reuters on Tuesday. We keep in mind that these operations are being escalated: their. focus is moving ... to harming infrastructure and actions that. could wind up eliminating people, he added. The Russian government did not immediately respond to a. request for remark. The Wall Street Journal on Monday cited Western security. authorities as saying that the gadgets that sparked in DHL depots. in Birmingham, main England, and Leipzig became part of a. Russian operation that was planned to trigger fires on cargo or. passenger flights to The United States and Canada. TAKING OFF PARCELS EXAMINATION Poland stated in October that it had actually detained four people in. an investigation into explosive parcels being sent out by carrier to. EU countries and Britain as part of a plot that eventually aimed. to send such bundles to the United States and Canada. Warsaw blamed foreign intelligence services without. specifically naming Russia. Polish daily Gazeta Wyborcza reported in October that a. parcel had caused a fire in a truck at a site coming from a. courier firm near Warsaw and that the blowing up parcels in. Poland, Germany and Britain had been sent from Lithuania. Lithuanian District Attorney General Nida Grunskiene informed reporters. Vilnius was examining the parcels and arrests had actually been made. in Lithuania and in other places. Our investigation is continuous quite extremely, in. cooperation with organizations in other nations, she said. And at this minute we have people under arrest, however I will not. say the number to prevent harm to the examination. The FBI declined to comment. Britain's Office, which is. responsible for domestic security, declined to comment. Britain's Security Service (MI5) Director General Ken. McCallum stated in October that Russia's GRU military intelligence. service was trying to cause chaos across Britain and Europe. Poland said in October it would close the Russian consulate. in the western city of Poznan due to suspected Russian attempts. at sabotage.
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Cocoa arrivals to reach 1 million tons by end-January, CCC sources state
Cocoa arrivals at ports in leading grower Ivory Coast are expected to reach 1 million metric tons by the end of January, two sources from the Coffee and Cocoa Council stated, simply short of in 2015's estimated level. Arrivals given that the start of the season on Oct. 1 at the ports of Abidjan and San Pedro were up 26% year-on-year at 365,000 metric heaps by Nov. 3, exporters stated on Monday, volumes with which sources stated the marketplace regulator was satisfied. However due to the fact that of consistent rains and floods, brown rot, a. fungal disease that assaults pods and trees, is expected to trigger. a production drop after December, among the sources at the. regulator said. Planters are having massive difficulty delivering good. cocoa. What shows up is mouldy, damp and terribly fermented, the. director of a European export company informed Reuters. He approximates the volume of bad quality beans at 20% -25%,. while sources from the regulator say 10% -15% of beans get. rejected. We've never seen conditions like this in October or. November. There's excessive rain and it's messing up whatever,. another Abidjan-based exporter said. Last month the director of domestic marketing at the CCC. Arsene Dadie stated the primary crop was anticipated to rise by around. 10% in the 2024/25 season, but that care stayed due to. heavy rains that were affecting the advancement of flowers and. little pods. The regulator continues to be concerned by weather condition. conditions, which avoid growers from fermenting and drying the. beans correctly, sources said. Durations of sunshine are uncommon and. as a result, the level of moisture in beans continues to increase.
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Expeditors International beats Q3 price quotes on early freight moves
Logistics company Expeditors International of Washington reported thirdquarter outcomes above quotes on Tuesday, driven by increasing tonnage and volumes as some shippers moved freight early due to issues over port interruptions and geopolitical tensions. Recent labor actions at U.S. East and Gulf Coast ports led shippers to speed up the motion of essential items, in some cases opting for air transport to reduce supply chain disturbances ahead of the holiday. Geopolitical events continued to impact prices and freight flow during the quarter, said CEO Jeffrey Musser. Ocean. transit times were extended as carriers avoided the Red Sea and. were further interfered with by previous concerns over prospective port. strikes. The Seattle, Washington-based business's ocean container. volume increased 12% in the quarter. In spite of air cargo's greater expenses, Expeditors saw a 19%. increase in air freight tonnage, with e-commerce driving. capacity absorption and increasing rates. The service-based company, which doesn't own the aircraft,. ships, or trucks used every day, reported a quarterly income of. $ 3 billion, beating experts' estimates of $2.44 billion,. according to information put together by LSEG. Expeditors reported a net income of $229.6 million, or $1.63. per share, for the quarter ended September 30, from $171.4. million, or $1.16 per share, a year previously. Analysts usually anticipated the business to publish a revenue of. $ 1.35 per share.
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Jordan purchases about 60,000 T wheat in tender, traders say
Jordan's state grains purchaser bought about 60,000 metric tons of difficult milling wheat to be sourced from optional origins in a worldwide tender on Tuesday, traders stated. It was thought to have been purchased from trading house CHS at an estimated $271.30 a load expense and freight included (c&& f). for delivery in the very first half of February 2025, they stated. Reports show assessments from traders and further. quotes of prices and volumes are still possible later on. Traders said they had actually gotten signs that Jordan will. problem a new tender in coming days for 120,000 tons of wheat with. offers expected to be submitted on Nov. 12, with delivery in. January and February. Traders reported these estimated offers from other trading. houses participating in Tuesday's tender, all per load c&& f:. Cargill $285.50, Viterra $279, Al Dahra $277, Ameropa $283.11. and Cereal Crops $300. A different tender from Jordan looking for 120,000 lots of animal. feed barley closes on Wednesday.
Qatar Airways to acquire 25% stake in Virgin Australia
Qatar Airways means to get a 25%. minority stake in carrier Virgin Australia from private equity. firm Bain Capital, the celebrations stated in a joint statement on. Tuesday.
This collaboration brings the missing out on piece to Virgin. Australia's longer-term strategy ... it will even more enhance. Virgin Australia's ability to contend over the long term, which. will inevitably translate into more option and even much better worth. airfares for consumers, Jayne Hrdlicka, the CEO of Australia's. second biggest carrier stated.
Virgin Australia likewise plans to introduce flights from Brisbane,. Melbourne, Perth and Sydney to Doha, which will be subject to. approval from Australia's competition regulator.
The deal, whose financial details were not disclosed, is. also based on approval from the Foreign Investment Evaluation. Board.
Qatar Airways has shared a troubled relationship with. Australia recently, following its attempt to increase its. air existence in Australia, which was blocked by the Labor. government.
(source: Reuters)