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Taiwan: China ignores requests for information about new airport safety concerns
Taiwan's Civil Aviation Administration stated on Wednesday that China had not provided any information regarding a new airport that will open in the next year, less than 10 kilometers (6 miles) away from a Taiwanese Airport. This raises flight safety concerns. Xiamen's Xiang'an Airport is located only 3 km away from Taiwan's Kinmen Islands, the site of the Cold War's on-off battles. Construction work can also be heard and seen from Taiwan. Taiwan's Civil Aviation Administration sent a statement to saying that close airports need to be planned and coordinated in advance to ensure safety and smooth operation. It said that the administration had requested China to provide information on planning in order to assess the impact of Xiang'an Airport on Kinmen Airport. The report added, "However the relevant Chinese civil Aviation authorities have not provided us with any information up to date." It said that China has an obligation to make sure the newly constructed Xiamen Xiang’an airport does not interfere with our airspace. "The Civil Aviation Administration urges the Chinese air traffic controllers to start discussions with us immediately." Requests for comments were not immediately answered by either the Civil Aviation Administration of China or China's Taiwan Affairs Office. Kinmen Airport mainly offers domestic flights, but also charters to international airports. China's government has refused to speak with Taiwan President Lai Ching Te, calling him a "separatist". Taiwan officials are concerned that China may try to exert control over Kinmen through a development plan which will be unveiled early next year. They see Xiamen airports as a potential part of this plan. Taiwan and China have had previous clashes over the safety of flights around Taiwan's offshore island, as well as China's opening new flight routes through the Taiwan Strait. Taipei also denounced this move by China to be unilaterally made without consultation. Taiwan controls the Kinmen and Matsu Islands, located just off the coast of China, ever since the defeated Republic of China fled to Taipei after losing the civil war against Mao Zedong’s communists in 1949. Reporting by Ben Blanchard, Editing by Raju Gopikrishnan
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Industry letters indicate that India's stricter green energy rules could hurt clean energy investments
A review of industry correspondence on Wednesday revealed that India's proposed rules, which would require renewable energy producers to adhere strictly to their green energy promises to the grid, will squeeze company earnings and reduce investment in the sector. In its draft, published in September 2025 by the Central Electricity Regulatory Commission(CERC), tighter regulations were proposed for wind and solar energy producers under the Deviation Settlement Method. The new framework will gradually reduce the gap between what electricity producers promise to provide and what they actually produce. The formula for calculating these deviations is being revised starting April 2026. Each year, the tolerance margin will shrink, until 2031, when renewable generators are treated the same as conventional power plants. As renewables make up a greater share of India's electricity mix, the goal is to encourage renewable generators improve their forecasting accuracy and schedule to ensure grid discipline and reliability. Industry groups have warned that the proposed rules could harm wind energy projects as they depend on "unpredictable weather" unlike solar, gas and coal-fired plants which can modulate output. The Wind Independent Power Producers Association, in a letter sent to the CERC and reviewed by, stated that "these penalties could result in huge losses, particularly for older projects which were built under different regulations." According to the group, some wind power projects may lose as much as 48% of revenue. The body filed a lawsuit in April to challenge the regulations of last year on deviations in power supply and planning. They argued that the proposed modifications could lead to a substantial financial burden for developers. In a letter sent to the CERC by the National Solar Energy Federation of India (NSEF), the group warned that the new rules could undermine the viability of projects and discourage future investments into India's clean-energy sector. India wants to expand its renewable energy base. It aims to double the non-fossil power capacity of India to 500 gigawatts, as part its energy transition goals. (Reporting and editing by Sethuraman Nandy).
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UPS plane crashes in Kentucky: injuries reported
The Federal Aviation Administration reported on Tuesday that a UPS plane crashed shortly after takeoff in Louisville, Kentucky, en route to Honolulu. Local police confirmed the crash and said there were injuries. The FAA released a statement that "UPS Flight 2876 crashed at around 5:15 pm local time, on Tuesday, November 4, after departing the Louisville Muhammad Ali International Airport (Kentucky)", according to the FAA. UPS confirmed that one of its aircraft had been involved in an accident near Louisville, Kentucky. It has not yet confirmed any injuries. UPS Worldport is located at the airport. It's a hub for UPS's global air cargo operations, and it has the largest package handling facility on the planet. WLKY-TV a local CBS affiliate broadcast live aerial footage of the scene as night fell. The red-orange glow from the fires that were ignited by the crash on the ground spread across nearly a mile. The Louisville Metro Police Department responded to reports that a plane had crashed and injuries were reported. "Kentucky we are aware that there has been a reported crash near the Louisville International Airport. We will provide more information when we have it. Please pray for all those affected, including the crew of the plane and pilots. Andy Beshear, Kentucky Governor, said that he would be sharing more information soon on X. Reporting by Gnaneshwarrajan in Bengaluru; David Shepardson, in Washington; Chris Thomas, in Mexico City, and Steve Gorman, in Los Angeles. Editing and production by Nia William and Jamie Freed).
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Air Canada narrows 2025 core profit forecast amid US travel decline
Air Canada has lowered its core profit forecast for 2025 after reporting lower third quarter profit on Tuesday. The airline is grappling with the waning travel demand to the U.S. due to trade tensions. The largest Canadian airline expects adjusted full-year earnings before interest taxes, depreciation, and amortization will be between C$2,95 billion ($2,10 billion) to C$3,05 billion. This is compared to its previous forecast of C$2.9 to C$3.1. Travel between Canada and the U.S., which is a cross-border activity, has been significantly reduced this year. This was due to President Donald Trump's tariffs that were imposed on Canadian imports. These steep tariffs caused a backlash across the country. The Canadian carrier was also hit by a major shut down in the third quarter after almost 10,000 flight attendants went on strike for better pay and compensation for "groundwork" that wasn't paid. Air Canada's entire fleet was grounded after the four-day strike, which violated an order from the government to return to work. This resulted in thousands of cancelled flights, a severe disruption of operations, and a significant loss of revenue. Last month, the airline cut its financial projections for the year and quarter to reflect the impact of the strike. Air Canada reported that it incurred labor charges and a pension cost of C$173,000,000 in the third quarter. These included costs related to a tentative agreement with the Canadian Union of Public Employees. The company's adjusted profit for the third quarter was C$223,000,000, or 75 Canadian Cents per share. This compares to C$969,000,000, or C$2.57 each share, one year ago. The total operating revenue for the period was C$5.77billion, down from C$6.11billion in the previous year. (1 Canadian dollar = 1.4024 dollars) (Reporting and editing by Sriraj Kalluvila in Bengaluru, Shivansh Tiwary in Bengaluru)
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CANADA-CRUDE-Discount on Western Canada Select narrows
On Tuesday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) narrowed. CalRock reported that WCS for Hardisty, Alberta December delivery settled at $11.05 per barrel below the U.S. benchmark WTI. This is compared to the close on Monday of $11.10. Martin King, RBN Energy analyst, said: "The bidding for Canadian crude is very strong. The result has been tighter differentials than usual for this time of the year." King stated that the Chinese continue to be the largest buyers of Canadian crude oil via the Trans Mountain Pipeline. King said that the buying of Canadian barrels to re-export from the Gulf Coast was also stronger than normal in response to additional sanctions against Russia. The oil prices fell on Tuesday due to weaker manufacturing data and a stronger US dollar. The OPEC+'s decision to pause production increases in the first quarter next year may be a sign that the group is concerned about a possible supply glut. (Reporting from Amanda Stephenson, Calgary; Editing Shilpi Magumdar)
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Matson has paid over $6.4 million to China in port charges since the levies began in October
Matt Cox, the CEO of U.S. ocean-shipping company Matson, said that since October 14, Matson had paid $6.4m in port fees to China. Last week, President Donald Trump agreed with President Xi Jinping to put these tit-fortat levies in pause for a year starting November 10. China's media reported that Hawaii's Matson, which is one of a few global shipping companies with U.S. built and -flagged ships, was the first company to pay these fees. Cox, Matson's CEO, said that the U.S. trade representative and the China Ministry of Transport will soon publish detailed instructions, as well as any refund programs regarding port entry fees. The Trump administration announced early this year that it would levy fees for China-linked vessels to weaken the country's grip over the global maritime sector and boost U.S. Shipbuilding. However, vessel operators were concerned about the impact of the move on trade and the cost to consumers. China responded by imposing fees on vessels with links to the United States. They began charging these fees on October 14, the same date that the U.S. fees came into effect. Cox called the agreement between the world's two largest economies a "welcome development". It also reduced U.S. duties on Chinese products and suspended China's export restrictions on rare earths. Cox stated that if the levies hadn't been suspended, Matson would have had to pay $80 million in port fees annually between 2026 and 2027. Analysts said that the state-owned COSCO shipping line in China was most vulnerable to U.S. Port fees. This could cost them $1.5 billion per year. (Reporting and editing by Chris Reese, Matthew Lewis and Lisa Baertlein)
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Pope calls on US to 'deeply reflect' about treatment of migrants under Trump
Pope Leo said that the spiritual needs and concerns of migrants in detention must be taken into consideration. The pope, speaking to reporters at Castel Gandolfo outside Rome, was asked what he thought about immigrants who were being held in a federal facility near Chicago in Broadview and denied the chance to receive Holy Communion, a religious obligation. Leo, originally a Chicago native, cited Matthew’s Gospel, Chapter 25. "Jesus said very clearly that at the end of time, we will be asked how you received the foreigner. Did you welcome and receive him? "I think there needs to be a serious reflection on what is happening," said the pontiff. "Many people have been affected deeply by what is happening right now, even though they've been living for years without causing any problems," he said. Leo, first U.S. Pope, has previously condemned the federal government’s treatment of immigrants caught in a crackdown which has caused cities to be roiled across the country. He said that Tuesday, in reference to Broadview's detainees, the spiritual rights of the prisoners must be taken into consideration. He said, "I'd invite the authorities to let pastoral workers attend to those people's needs." They've often been away from their families for some time. No one knows, but it's important to attend to their spiritual needs. On November 1, the Catholic feast day of All Saints (November 1), a delegation of clergy including a Catholic Bishop tried to bring holy Communion to the inmates, but was denied entry to the facility. The detainees were part of Trump’s hardline strategy in Chicago where, according to the U.S. Department of Homeland Security, more than 3,000 individuals have been held. Leo was elected in May as the successor to the late Pope Francis. He has a more reserved style, but he has started criticizing Trump's administration more publicly, provoking a backlash among prominent conservative Catholics. In his first document of importance, published on October 9, he appealed to the world to assist immigrants and cited one of Francis’ strongest criticisms of Trump. Leo, in response to questions from reporters on Tuesday, also criticized the U.S. Government's decision to send warships into the waters around Venezuela. He said that the role of the armed forces is to "defend peace", whereas Trump's action was "increasing conflict." "We will not win by violence. The (right) way is to seek dialogue, and to find the correct solutions to problems that may exist in a nation." (Reporting and writing by Yeshim Dikman; editing by Alistair Bell).
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The Canadian budget: Key measures proposed
On Tuesday, the Canadian government unveiled its first budget under Prime Minister Mark Carney. The budget proposes a number of key measures. INVESTMENTS The government proposes to invest a total C$280 billion over the next five-year period. This includes C$115 billion for infrastructure, C$110 in productivity and competition, C$30 in defense and security, and C$25 in housing. Increased Defense Spending The government will spend C$81.8billion over 5 years to improve recruitment, repair infrastructure, and invest in military technologies. This money does not include the funds planned for fighter jets or submarines. SAVINGS The government will save C$60 billion over the next five years. This is in part due to reducing federal civil service by 10 percent, or 330,000 employees, by the end 2028/29. It also includes improving tax collection, and cutting foreign assistance. Regulation of stablecoins will be introduced by the government. Issuers will be required to manage and maintain adequate assets reserves, set up redemption policies, and protect personal data. Stablecoins, which are digital tokens with a fixed value in relation to a regular currency (mostly the dollar), are backed up by assets such as the currency or T-bills and Treasuries. OPEN BANKING The government is introducing legislation to encourage consumer-driven banking in an effort to help people better manage their finances and open up new banking options. IMMIGRATION LEVELS REDUCED Starting in 2026, permanent resident admissions targets will be trimmed from 395,000 to 380,000 for three years. The share of economic migrants will also increase from 59% up to 64%. The new plan also lowers the target for temporary resident admissions, from 673.650 in 2025, to 385,000 by 2026 and 370,000 by 2027 and 2028. IMPROVING THE OUTPUT AND USE OF ENERGY The government will increase tax incentives for all new capital investment, which will make it more appealing to invest in machinery. The government is proposing to reinstate accelerated capital costs allowances, but only on low-carbon equipment. The government will spend C$2 billion in five years on a Critical Minerals Sovereign Fund, which will invest strategically in critical mineral projects and companies. This includes equity investments and guaranteeing loan payments. (Reporting and editing by Deepa Babyington, with David Ljunggren)
Mali's Barrick hardball talks are being driven by two former Barrick employees
According to sources familiar with the discussions, two former Barrick Gold executives who have inside information about the Canadian miner's operations in West Africa help drive Mali's demand for a payment from the Canadian company of approximately $200 million.
Mamou and Samba Toure were both employed by Randgold in Mali, now part of Barrick, which is a mining firm.
Mali's military government, which seized in December three metric tonnes of gold worth approximately $245 million from Barrick, has given miners until Saturday midnight to respond to their demands.
According to a source with knowledge of the situation, it wants Barrick pay back taxes totaling 125 billion CFA Francs ($199m) according to a source.
Source: If the deal is finalised Mali will return the gold seized and release the four Barrick executives who have been detained since November.
Barrick has publicly announced that he is a member of the Barrick
rejected
The charges brought against its employees are not specified. According to the court documents reviewed by, these include money laundering and funding of terrorism.
Barrick declined to answer any questions regarding the current status of the negotiations, and the Mali mines ministry also did not respond.
The dispute will have ramifications on global miners, foreign investors and others who have invested billions of dollars in West Africa. They are now being forced to follow a different set of rules because the military governments of Mali Niger and Burkina Faso want a larger share of mining revenue.
Beverly Ochieng is senior analyst at Control Risks for Francophone Africa. She said that the standoff with Barrick shows just how far governments led by military forces in the Sahel region are willing to go in order to force foreign operators to adhere to new regulations aligned with their pursuit of resource nationalism.
We spoke with more than 20 people, including mining executives and consultants, diplomats, and people who had direct knowledge of the discussions, to get a better picture of the negotiation. Sources requested anonymity due to the sensitive nature of the situation.
Nine people with knowledge of the situation say that the two Toures form part of a small group on the Malian front, including junta chief Assimi Goita and the Minister of Finance and Economy Alousseini Sanou.
They are not related, despite sharing a common surname. Samba Toure was older than the other two men by several decades and was West Africa Operations Director at Randgold. Mamou worked as underground manager at the Loulo Mine.
Sources said that Mamou is the most influential negotiator in Mali due to his close relationship with the powerful Finance Minister Sanou.
Mamou’s Iventus consultancy won the contract for auditing foreign mining companies in Mali. This led to the new mining code of 2023 and the renegotiation of the miner's contracts. Samba works now for him in the consultancy.
Mamou is the current boss, said a former co-worker. Samba's technical and managerial expertise was still crucial to decision making. "The decisions are made more by Samba than Mamou."
Mamou responded to detailed questions by saying that gold production has not benefited the Mali people as it should for many decades. Mali is Africa’s second largest gold producer.
He said, "It's only natural for the state to ask for a correction." "The state made great efforts to reach an accord, which is the reason all other companies reached an agreement with state."
Samba Toure has not responded to a comment request.
ACRIMONIOUS TALKS
Barrick's talks have been acrimonious, while other Western miners, including Canada's B2Gold, Allied Gold, and Australia's Resolute, have reached deals with Mali over the past few months.
Legal disputes, arrests, nationalisations, and threats are being used by the military governments of Mali, Niger, and Burkina Faso to strengthen their ties with Russia and gain greater control over gold and uranium.
Ochieng of Control Risks, however, said that this did not mean Western operators would be unwelcome. She said that several western mining companies were allowed to expand their operations and acquire new assets, provided they met the latest taxation and regulatory demands.
The Mali junta, which will take power in 2020 has pledged to examine its mining industry so that the state can benefit from gold prices at record highs.
Some companies, such as B2Gold, were able to reach an agreement quickly. Some companies, such as Australia's Resolute whose CEO was arrested while in Mali to hold talks, took a little longer.
B2Gold said it would proceed with its planned investments at its Fekola complex this year after achieving the deal. Resolute said on Thursday that its deal with the Mali government would allow for better collaboration as the mine is developed.
The relationship with Barrick deteriorated in the last year. Barrick paid 80 million dollars to release four Malians who were arrested by the authorities in September. Mali demanded more payments, as it is owed a total amount of $350 million.
Barrick generated $949m in revenue in the first nine-month period of last year from its operations in Mali.
Bristow announced in early November that it had agreed to offer Mali 55% economic benefits from the Loulo-Gounkoto mining complex, similar to the agreement struck by the miner with Tanzania five years earlier.
Mali demanded that the remaining amount be paid in one go, rather than in installments. Mali began to block Barrick's imports in early November.
Mali claims that Barrick still has 125 billion CFA Francs to pay after discounting VAT credits.
Mali issued a warrant of arrest for Barrick CEO Mark Bristow in December 5 after four Barrick employees were again detained when no payment was received.
Contacts continued in the background. On Dec. 6, a source who spoke with Barrick senior management said that Barrick was on the verge of paying a second 50 billion CFA tranche. The payment never materialized and the conversation ceased. On Tuesday, formal talks resumed.
Freddie Brooks is a metals & Mining analyst at BMI. A FitchSolutions Company. He said that Barrick, under Bristow, had the highest level of tolerance for operational risks among major miners.
He said that if they failed to negotiate a deal with Mali's junta military, it wasn't for lack of effort.
CLASHES WITH BRISTOW
Samba Toure left Randgold nine years ago, after an argument with Bristow who was the CEO at that time.
Samba's rift grew after he resigned and was denied the right to sell his Randgold shares, based in London.
Mamou Toure left Randgold after a dispute in 2015 with Bristow regarding the use of foreign contractors.
Barrick declined to comment on the circumstances surrounding the Toures departure.
Mamou's company Iventus Mining won the consulting contract when the government announced that it would audit the mines. Two sources claim that Samba Toure was the one who led the audits.
Samba became chairman of the board in 2022 after Mali established a state-owned mine, SOREM. Mamou was appointed as a member.
However, the influence of Toures cannot be denied. Last summer, junta leader Goita grew frustrated with the negotiations and brought in the director of state security, Modibo Kone, one of the five colonels-turned-generals who lead the junta, one source said. Kone's participation in the talks was confirmed by a second source.
According to a source familiar with these talks, at least once, the Finance Minister has taken over the negotiations and told Mamou to step down when he had gone too far in his requests.
Five sources claimed that the Mines Minister, a technocrat without any military ties, had been marginalized. Mamou, however, denied this, pointing out that the ministry has two members on the commission. He said that the commission receives its orders both from the Finance Ministry and the Mines Ministry.
The Mali finance ministry and the presidency have not responded to any requests for comment. The state security service could not be reached.
Special Forces Raid
Stockpiles of gold were increasing in the "gold room" located at Loulo-Gounkoto's complex, despite exports being banned.
According to a court order dated Jan. 2, Barrick had just over 3 tons of gold in its vaults as of Dec. 27.
Unannounced, a helicopter arrived at the landing strip of the mine complex in mid-morning Jan. 11. One source said that four special forces soldiers and a customs officer, along with two officers from the state mining department and other plainclothes personnel, disembarked the helicopter and handed paperwork to Barrick employees authorizing them to seize gold.
The source added that the second shipment was made in the evening.
The gold that Barrick's mines seized is currently in the vaults at the Banque Malienne de Solidarite, a state-owned bank in Bamako. The bank declined comment.
Barrick, the company that confirmed the seizure, has announced it will suspend operations at Loulo-Gounkoto.
According to the Jan. 2, order, the seizure of Bristow's and other Barrick employee's property was taken as a precautionary measure in connection with the money laundering charges and other unspecified crimes against Bristow.
Two sources claim that Barrick has resisted the government's request to migrate to the 2023 mining code due to increased taxes.
Barrick's mining license will be renewed next year. The government has indicated that it may refuse the permit.
A source who had previously consulted with the Malian government said that the government wanted leverage in the negotiation while the company was looking to secure a long-term contract renewal at favorable terms.
The person stated, "I don't think they trust each other but no one is interested in a split-up."
Some investors are predicting a difficult road for Barrick Mali. They even think the company may lose its assets.
Martin Pradier is a materials analyst with Veritas, a Toronto-based investment research firm that covers Barrick. The exchange rate is $1 = 626.7500 CFA francs. (Additional reporting from Tiemoko and Fadimata in Bamako. Writing by David Lewis, Portia Crowe and Daniel Flynn. Editing by Silvia Aloisi, Veronica Brown, and Daniel Flynn.
(source: Reuters)