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Africa's roadmap to a larger, more environmentally friendly power system: Maguire
Africa could be on its way to becoming a leader in the power sector. African power companies have plans to expand and clean up the energy production base on the continent. This could fuel Africa's economic growth in the next decade and create jobs for its estimated 1.5 billion population. The key to success will be the execution. By the time that projects are complete or near completion, power companies on the continent are looking to increase clean-power production, reduce reliance upon fossil fuels, and almost double their total output. Global Energy Monitor (GEM) reports that the projected 278% increase in Africa's clean energy capacity between now and completion of all planned projects dwarfs the 109% expected for similar projects globally. To realize these plans, major obstacles will need to be overcome, such as a lack in energy policy coordination between nations, outdated energy infrastructure, and limited experience with regional power pools. CLEAN LEADERS Around 32,700 MW of clean power capacity is currently under construction in Africa. Around 60,000 MW are already operational. African power companies are currently building, on average, 250 megawatts of geothermal capacity. They also have nearly 5,000 megawatts of wind projects. There are also 8,100 megawatts of solar parks. Another 134,000 MW clean capacity is currently in the pre-construction stage, which refers projects that are permitted but have not yet broken ground. Locations of current and planned projects are varied, but in general Northern Africa has more planned solar and wind power projects than Sub-Saharan Africa. In terms of size, a few nations stand out. Egypt is currently building 2,400 MW hydro, 1,400MW solar, 2,500MW wind, and 1200MW nuclear. Kenya and Ethiopia both take advantage of their relatively easy access geothermal resources and are building the majority of geothermal power. Around 15,000 MW is planned for Ethiopia, Egypt Angola, Nigeria, and Tanzania. A 4,800 MW Nigerian nuclear plant is also in the pre-construction stage. Around 22,000 MW fossil-fuel-fired capacity is under construction on the continent. An additional 25,000MW are in pre-construction. The additional capacity will add to Africa's current fossil fuel powered operating capacity, which is around 177,000MW or approximately 74% of the continent's total power generation capacity. CHALLENGES The current African power development roadmap is good news for supporters of clean energy, as it includes 50% more capacity being built with clean sources than fossil fuels and five times the capacity that was planned in the preconstruction phase. To bring all these plans to life, it will take a sustained financial, government and societal commitment for the development of clean-power as well as an army of project managers who are capable of executing projects effectively. Some power firms may have difficulty securing enough qualified workers for certain projects. It may be difficult to source certain materials and parts that are in high demand, but remain subjected to manufacturing backlogs and supply-chain delays. The power providers must also ensure that energy generated by their new assets is directed to consumers willing to pay for it. It will be necessary to build extensive, cross-border transmission systems that are mostly not present yet. Transmission lines are already being built in several countries that are rapidly developing, such as Tanzania, Togo and Kenya. Last year, a 1,700-kilometre transmission line connecting Senegal with the Gambia and Guinea Bissau, as well as Guinea, was completed. A 500-km Kenya Tanzania Interconnector will be operational later this year. It's a start, but more long-distance cables will be required if African nations want to maximize the value of their clean-power capacities and if they want to attract paying customers who can help them cover construction costs. The Right Place, the Right Time African power companies may be in a good position to meet these challenges, even though it will not be an easy task. First, energy companies around the world are trying to increase their market share at the same time that several African countries are making major upgrades to their energy systems. African firms could also bypass some traditional energy development avenues through the adoption of new technologies. These can be deployed even in areas where there are no existing grids, and they can be customized to meet the evolving needs of the continent. Firms can, for example, use real-time energy management systems today to ensure that maximum volumes of clean power are delivered around the clock. Fossil fuel plants will only be used as a backup source when clean-generation volume falls short of system requirements. Power suppliers on the continent should have access to battery systems that store excess clean power when output is high and discharge it to grids at peak demand periods to optimize grids, and ensure power flows are as clean as they can be. This is a moment of opportunity for the entire continent. The well-managed, coordinated construction of the power supply pipeline would provide abundant and affordable energy to the region that it urgently needs to stimulate industrial growth. These are the opinions of the columnist, who is also an author.
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Iran condemns EU, UK sanctions on Tehran, denies providing ballistic rockets to Russia
Iran condemned brand-new EU and British sanctions on Tehran and denied supplying ballistic rockets to Russia, representative for Iran's Foreign Ministry, Esmaeil Baghaei, said in a post on X on Tuesday. The European Union agreed on Monday to impose sanctions on seven individuals and seven organisations, including airline company Iran Air, for their links to Iranian transfers of ballistic rockets to Russia. The listings likewise consist of Saha Airlines and Mahan Air and Iran's Deputy Defence Minister Seyed Hamzeh Ghalandari. At the very same time, Britain included nine brand-new designations under its Iran sanctions regime. Last month, the United States, pointing out intelligence it said had been shown allies, said Russia had gotten ballistic rockets from Iran for its war in Ukraine. Iran's foreign ministry spokesperson denied on Tuesday his nation provided ballistic rockets to Russia. Some European countries and the UK have unfortunately claimed without proof that Iran has actually militarily intervened in this conflict which is completely refuted, Baghaei said, referring to the Russia-Ukraine war. Baghaei condemned the fresh sanctions saying that enforcing brand-new sanctions by the European Union and the UK on Iranian people and entities goes against international law. Likewise dealing with sanctions under the EU move are prominent officials from the Islamic Revolutionary Guard and the handling directors of Iran Airplane Production Industries and Aerospace Industries Company. The sanctions include a property freeze and a travel restriction to the European Union.
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North Korea blows up parts of inter-Korean roadway on its side of border, Seoul states
North Korea has exploded areas of interKorean roadways and rail lines on its side of the heavily fortified border between the two Koreas, South Korea's. military stated on Tuesday, ratcheting up tensions on the Korean. peninsula. At around midday, some northern parts of the roads and rail. lines connected to the South were blown up, the Joint Chiefs of. Staff (JCS) said in a message sent to media. In response, South Korea's military fired alerting shots. south of the military separation line dividing the neighbours,. though the surges had actually not caused any damage on Seoul's side. of the border, it said. The explosions followed Pyongyang pledged last week to totally cut off the inter-Korean roads and. trains and additional fortify the areas on its side of the. border. Seoul had actually cautioned on Monday that the North was getting. all set for a detonation. The North has actually already been setting up landmines and. barriers along the border, and was seen on Monday doing. extra deal with heavy devices, South Korea's JCS stated. The South had increase surveillance and preparedness after. the event, it stated. The two Koreas are still technically at war after their. 1950-53 war ended in an armistice, not a peace treaty. The cross-border links are remnants of periods of. rapprochement in between the countries including a 2018 top. between the leaders when they stated there would be no more. war and a brand-new era of peace had opened. Around 180 billion won ($ 132 million) in taxpayers'. cash was invested by South Korea to restore the inter-Korean roadway,. according to the Yonhap news firm. There has been an intensifying war of words in between the. Koreas after the North accused its rival of sending drones over. the country's capital Pyongyang. North Korea on Friday stated the drones had actually scattered a. big number of anti-North leaflets, in what it called. political and military justification that might lead to armed. dispute. A spokesperson for the South's JCS declined on Monday to. answer questions over whether the South Korean military or. civilians had flown the supposed drones. North Korean leader Kim Jong Un had overseen on Monday a. conference with defence and security officials to go over how to. react to the opponent's severe provocation that broke the. sovereignty of the DPRK, state media KCNA reported. DPRK is short for the Democratic Individuals's Republic of Korea,. North Korea's official name.
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British Business - Oct 15
The following are the leading stories on the business pages of British papers. Reuters has not verified these stories and does not vouch for their precision. The Times - Greensill's administrators have recuperated additional funds of 41 million pounds ($ 53.5 million) for creditors of the finance company, which collapsed in the middle of an outcry over its lobbying of federal government officials. - British finance minister Rachel Reeves declined to rule out raising the nationwide insurance coverage taxes that organizations pay, saying on Monday that a pre-election dedication not to raise the rate of social security contributions applied to workers. The Guardian - Rail travelers might be entitled to compensation after train operator Northern was accused of breaking its fare evasion rules to prosecute commuters. - Companies have actually promised over 60 billion pounds of investment into Britain as part of a summit on Monday that has drew in business leaders from all over the world, according to Rachel Reeves, the nation's finance minister. The Telegraph - United States news site The New York Sun has actually entered into exclusive talk with buy The Telegraph for more than 500 million pounds. Sky News - Crane NXT, a New York-listed industrial technology group, was on Monday night settling a 300 million pound takeover of De La Rue's authentication department. - Parcel locker business InPost is in extremely. advanced talks to buy the 70% stake it does not already own in. British logistics firm Menzies. The Independent - British finance minister Rachel Reeves announced her. fourth huge tax freeze on Monday, vowing to cap corporation tax. at 25 per cent for the lifetime of this parliament.
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Tokyo City set to raise $2.3 bln in Japan's biggest IPO in 6 years, sources state
Tokyo City is anticipated to raise 348.6 billion yen ($ 2.3 billion) after rates its initial public offering at the top end of its variety, according to 2 sources familiar with the matter, in the largest IPO in Japan for 6 years. The IPO was more than 15 times oversubscribed, stated the sources, with the firm's dividend yield seen as an appealing proposition by many including retail investors drawn to a. home name. The business has priced the shares at 1,200 yen apiece,. compared to a series of 1,100 to 1,200 yen, according to the. sources, who decreased to be called as the info is not. public. The portion offered to retail financiers, accounting for. almost four-fifths of the total, was around 10 times. oversubscribed, the sources stated. The shares available to domestic and foreign institutional. investors, representing 1.5% and 20% respectively, were more. than 20 and 30 times oversubscribed, the sources stated. Tokyo City declined to comment. Among Tokyo's 2 major subway operators, the business is. set to reveal the rates in the future Tuesday and list on the. Tokyo Stock Exchange on Oct. 23. The rate offers Tokyo Metro a dividend yield of 3.3% based. on its projection dividend of 40 yen per share for the monetary. year ending March 2025. That stands apart compared to other personal and JR railways,. stated Kazumi Tanaka, an expert at DZH Financial Research Study. In addition to the stability of the railway business, we. can anticipate development from increased incoming traffic, he added. The main federal government, which owns 53.4% of Tokyo City, and. the Tokyo government, which holds the staying 46.6%, are. offering half of their shares in the IPO. Tokyo Metro, the biggest Japan IPO since SoftBank Group. listed its telecoms system in late 2018, is signed up with by. Rigaku, a Carlyle Group-backed maker of X-ray screening tools,. which is also planning an IPO in October. Bain Capital has ditched a plan for an IPO of chipmaker. Kioxia this month after financiers promoted a lower valuation. than the buyout company was targeting, Reuters has reported.
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Growth across Pacific slows as post-pandemic rebound fades, says World Bank
Development across the Pacific Islands is expected to slow to 3.6% this year, down from 5.8% in 2023, as a postpandemic rebound fades and Fiji, contributing half of the area's output, slowed substantially, the World Bank stated on Tuesday. A long-lasting slowdown was brought on by weaker financial investment, increasing climate threats, and structural obstacles, a report said. Without instant action to ramp up financial investment, Pacific Island nations may have a hard time to lower poverty and produce brand-new economic opportunities, it included. The Washington-based worldwide lending institution stated investment had diminished usually across Pacific Island nations in seven out of the past 15 years. In a troubling outlook, financial investment growth in 11 Pacific Island nations is anticipated to be around 1% yearly this years, substantially lower than the 4.2% typical growth from 2000 to 2019, the report said. Natural catastrophes cost a typical 1.5% of gross domestic product each year, and lots of Pacific Island countries struggle to manage economic shocks after catastrophes such as cyclones, and are locked into a cycle of construction, destruction, and repair work, the report said. While a number of smaller Pacific Island countries reliant on tourist saw growth, as travelers from Australia and New Zealand returned, Fiji's development is anticipated to slow to 3% in 2024. Fiji's public debt, at 79% of GDP in 2024, is among the region's greatest and one-third higher than pre-pandemic levels. In Vanuatu, the liquidation of nationwide airline Air Vanuatu struck tourism, triggering a considerable financial shock and growth to slow to 0.9%. Vanuatu has actually experienced ten years of diminishing investment, the World Bank said. As well as financial investment in sustainable tourist and agriculture, the area requires investment in ports, inter-island shipping, and digital connectivity, it stated. Despite having a few of the biggest maritime zones in the world, Pacific Islands have actually been unable to completely capitalise on sustainable fishing, aquaculture, and marine biotechnology, it stated. The cost of web connection is reasonably high and speeds are poor, compared to the rest of the world, said World Bank senior economic expert Dana Vorisek. Digital connection truly needs to be addressed, she informed a media briefing in Suva. Reforms to payment systems and more digital payment services are needed to enhance the effect of remittances sent back home to families by overseas workers, authorities stated.
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Tokyo City set to raise $2.3 bln in Japan's greatest IPO in years, sources state
Tokyo Metro is expected to raise 348.6 billion yen ($ 2.3 billion) after pricing its going public at the top end of its range, according to two sources knowledgeable about the matter, in the biggest IPO in Japan for 6 years. The company has actually priced the shares at 1,200 yen each, compared to a series of 1,100 to 1,200 yen, said the sources, who declined to be called as the info is not public. Tokyo Metro declined to comment. One of Tokyo's two major subway operators, the company is set to announce the rates later Tuesday and list on the Tokyo Stock Market on Oct. 23. The price gives Tokyo City a dividend yield of 3.3% based on its forecast dividend of 40 yen per share for the financial year ending March 2025. That stands apart compared to other personal and JR railways, stated Kazumi Tanaka, an expert at DZH Financial Research. In addition to the stability of the railway company, we can expect development from increased inbound traffic, he included. The main federal government, which owns 53.4% of Tokyo Metro, and the Tokyo government, which holds the remaining 46.6%, are selling half of their shares in the IPO.
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Britain to allow drones to inspect power lines, wind turbines
Britain's aviation regulator stated on Tuesday it would enable drones to check infrastructure such as power lines and wind turbines, a relocation the authority has described as a considerable turning point. The UK's Civil Aviation Authority (CAA) had stated previously this year that it wished to permit more drone flying for such activities as well as for deliveries and emergency services. It picked in August six jobs to test it. Drones checking facilities will now be able to fly ranges beyond remote flyers' ability to see them. While some drones have been flying beyond visual line of sight in the UK for numerous years, these flights are primarily trials under strict limitations, the CAA stated. Under the CAA's brand-new policy, some drones will be able to remain at low heights close to facilities where there is little or no potential for any other airplane to operate. It will likewise decrease expenses, the CAA stated. Drones will check power lines for damage, carry out upkeep checks of wind turbines and even be utilized as flying. guards dogs for website security. The CAA will deal with numerous operators to check and. evaluate the policy, which according to the regulator's director. Sophie O'Sullivan paves the way for brand-new ways drones will. enhance daily life.
Virgin Australia reports 2nd successive annual earnings ahead of possible IPO
Virgin Australia said on Monday it had taped its 2nd successive annual profit and a 6.8%. yearonyear boost in earnings, putting it in a more powerful. monetary position as it looks to pursue an ultimate initial. public offering.
Qatar Airways stated two weeks ago it would purchase a 25% stake in. Australia's No. 2 provider, which would act as a cornerstone. financial investment ahead of an awaited return of Virgin Australia. into public ownership.
The airline was bought by U.S. private equity firm Bain. Capital after it collapsed into voluntary administration in. 2020, and the essential competitor to Qantas Airways in 2015. returned to profit for the very first time in 11 years.
Continued enhancement in profitability suggests we are. well-positioned to deliver great value and choice to Australian. tourists, Virgin Australia CEO Jayne Hrdlicka said in a. statement. It is essential to our capability to re-invest in our. business and client experience, and strongly compete with. our major rival.
Hrdlicka, who said in February she prepared to step down as. CEO when a replacement was discovered, said it had been a challenging. year for the air travel industry. Chief Financial Officer Race. Strauss recognized expense inflation as a crucial challenge.
Virgin Australia did not release after-tax profit figures,. however reported hidden profits before interest and tax of. A$ 519 million ($ 350 million) for the financial year ended June. 30, a boost of 18.2% over in 2015's result.
Qantas in August reported a 16% drop in yearly underlying. revenues before tax to A$ 2.08 billion, which it credited to. lower fares, greater spending on consumers and weaker freight. profits.
(source: Reuters)