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Greek PM: Greece and Egypt agree on future of Mount Sinai monastery
The Greek government announced on Thursday that it had reached an agreement with Egypt regarding the future of St Catherine's Monastery, located at the foothills of Mount Sinai in Egypt. This is one of the oldest Christian sites on earth and its status caused a diplomatic dispute between the two nations. Athens expressed its concern over plans by Egypt to build a tourism project centered around the site where, according to Biblical tradition, Moses received the Ten Commandments. The UNESCO World Heritage Site still houses Greek Orthodox Monks. In an Egyptian court decision earlier this year, the monks were ordered to leave several plots and worship facilities they had used for decades, claiming that the land was illegally seized. According to Greek PM KyriakosMitsotakis, and other diplomats, after extensive negotiations, Greece has reached an agreement that will be signed both by the monastic leadership and the Egyptian authorities. Mitsotakis, during a speech to the parliament, said that "it guarantees the character and the monastic life in perpetuity." It is forbidden to convert the monasteries or other places of worship. According to a senior Greek official in the foreign ministry, the deal would be signed within the next few weeks. Egyptian officials didn't immediately respond to our request for comment. UNESCO says that the St Catherine's Monastery at the foot Mount Sinai was founded in 6th century. It is the oldest Christian monastery still in operation for its original purpose. The library contains some of the earliest Christian manuscripts in the world. (Reporting and editing by William Maclean, Lefteris papadimas)
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J.B. Hunt's shares rise as cost-cutting lifts trucking firm’s quarterly profit
J.B. Hunt shares rose 16% on early Thursday trading after a $100-million cost-cutting programme helped the company overcome a long-lasting freight downturn to increase its third-quarter profits. Since 2022 the trucking industry has been struggling with overcapacity, falling freight rates and only modest growth of shipment volumes. J.B. Hunt was able to protect its margins in the third quarter, thanks to a cost-saving program that aimed to save $100 million a year. This included route optimization, lower overhead, and administrative expenses. Analysts at Evercore ISI applauded this performance and called it a J.B. Hunt specific outcome, which establishes an increased margin benchmark. The Arkansas-based firm reported net earnings for the third quarter of $170.9 million, or 1.76 cents per share. This is up from $1.49 cents per share a year earlier. According to data compiled and analyzed by LSEG, analysts had on average expected a profit per share of $1.46. Despite soft demand, J.B. Hunt's strong execution and tangible progress towards cost savings drove stronger-than-anticipated results, analysts at BMO Capital Markets said. The earnings trajectory could improve significantly in 2026, if the cyclical background does not worsen. The expectation of a U.S. market turnaround for trucking in 2026 is gaining momentum. This is due in part to federal regulations that restrict the commercial driving licenses granted to non-U.S. citizen drivers, thereby reducing truckload capacity. Experts warn, however, that the freight volume must increase to see a real recovery. J.B. Hunt's shares are trading at a price-to earnings ratio of 21,71 for the 12-month period ahead, compared to an industry median of 16,15. (Reporting from Abhinav Paramar in Chandigarh, Editing by Sahal Muhammad)
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First time, Russia's Urals are below EU price caps due to weak Brent and rising freight costs in Asia
Calculations based on trader data showed that the price of Russia's Urals Crude at Baltic ports dropped below the EU price cap of $47.60 a barrel on Wednesday, for the first time. This was due to a five-month high in Brent benchmark prices, and increased freight costs. According to calculations, the price of Urals free-onboard at the port Primorsk dropped to $47.40 a barrel on Wednesday. In July, the European Union approved its 18th package against Russia. This included measures that were designed to deal further blows with the Russian oil industry and energy sector. The EU's MOVING Price Cap The EU set a price cap for Russian crude that is 15% lower than the average market rate. This equates to $47.50 per barrel, which is well below the $60 cap that the Group of Seven Major Economies has been trying to impose from December 2022. The U.S., however, has refused to budge and is still following the $60 barrel price cap that was imposed by 2022. This leaves the EU with limited powers to enforce this measure, as oil is mostly traded in dollars with payment clearing being controlled by U.S.-based banks. Insurers and shipping services provided by the EU are not allowed to provide Russian crude oil above the EU price cap. The lifting of restrictions is not guaranteed by a brief drop in Urals below the cap. This is because the price of the cargo for a particular shipment will be calculated on the basis of an average of several days or even a whole month, and Brent prices may rise again. Urals is normally sold at a lower price than Brent and the prices are affected by changes in this benchmark. Reporting by. Mark Potter (Editing by Mark Potter).
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Yemen's Houthis claim that chief of staff Muhammad al-Ghamari has been killed
Yemen's Houthis claimed on Thursday that Muhammad Abd Al-Karim al-Ghamari was killed while "performing his duties". He was one of the highest ranking military officials in the Iran-backed group. Houthis did not directly blame Israel for the killing of his son, but they said that Israel's conflict was still ongoing. Israel will "receive deterrent punishment" for crimes committed. Israel's airstrikes in August on Sanaa, Yemen, killed the Prime Minister of the Houthi-run Yemeni government, as well as several other ministers. The chief of the Houthi's staff, the defence minister, and other senior figures were targeted. Israel said that it was still verifying that the strike had indeed targeted al-Ghamari and other senior officials, including the defence minister. Ghamari is a member the Houthis "Jihad Office" led by Abdul Malik al-Houthi. This office is responsible for overseeing all military operations. Israel Katz, the Israeli Minister of Defence, said that Ghamari had been attacked by an Israeli strike. He added, "We will continue to do so against future threats." Most of the missiles fired by the Houthis towards Israel were intercepted. They claimed that they had been doing so in solidarity with Palestinians in Gaza. Israel responded by striking Houthi controlled areas in Yemen. Last week, Abdul Malik al-Houthi said that the Houthis will monitor Israel’s compliance with Gaza ceasefire agreement and will resume their support for Gaza in the event Israel does not comply. Ahmed Elimam in Dubai; Elwely Elwely in Aden, Mohammed al Ghobari, Steven Scheer, Jerusalem. Ahmed Elimam in Jerusalem.
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Laos will stop crypto mining by 2026
Laos may stop supplying electricity to cryptocurrency miners in the first quarter 2026 as the country aims to redirect power domestically to industries that are more conducive to economic growth. After a policy change in 2021 that led to a rapid increase in mining, crypto operators were attracted by the cheap, non-fossil fuel. Chanthaboun Sukaloun, the deputy minister of energy, said that the government is now looking to give priority to sectors like AI data centres and metals refineries, as well as electric vehicles. Soukaloun stated that Laos had already started to reduce the supply of electricity for crypto miners. They currently consume 150 megawatts, down 70% compared to a peak consumption of 500 MW between 2021 and 2022. BETTER VALUE CAN BE FOUND ELSEWHERE Crypto doesn't add value when compared with supplying it to commercial or industrial consumers. In 2021, we proposed to the government to supply crypto mining because of the oversupply in electricity within the country," Soukaloun said. He added that the industry does not create many jobs and has no supply chain that is beneficial to the economy. Soukaloun stated that Laos initially planned to stop supply this year but continued to do so due to the abundant rainfall which boosted hydropower production and allowed increased exports to Thailand and Vietnam. He said that he thought the supply of crypto could be completely stopped by the end the first quarter in 2026. It was impossible to identify associations that represent the crypto mining industry or which miners are operating there. Laos is often called the "battery" of Southeast Asia for its hydropower-export potential. It plays a crucial role in the clean energy transition within the region. Hydropower exports play a crucial role in decarbonising neighboring countries who face difficulties scaling up solar and winds. Soukaloun stated that Laos is looking to increase its bilateral exports to Vietnam. The current capacity of 8,000 MW may be increased. CHINA ARBITRATION - Exports to Singapore Soukaloun stated that Laos and China have held bilateral discussions about a dispute filed by an entity of the state-owned Power Construction Corp of China, seeking $555,000,000 in unpaid dues for its 2,73 billion dollar hydropower project. It's their right under the power-purchase agreement to sue. "We have to continue until the process has been completed, or the claimant withdraws their claim," Soukaloun stated. He refused to comment, citing confidentiality. However, he said that the unpaid dues were the result of a mismatch in demand between the projected and the actual. Laos also expects exports to Singapore through the Lao-Thailand-Malaysia-Singapore (LTMS) power transmission corridor to "resume soon," Soukaloun said, without providing further details. Last year, Thai and Singapore officials said that exports had been stopped because Thailand has not yet finalised the terms of an agreement extension. The four countries released a joint statement on Thursday reaffirming that they would continue to advance multilateral cross border power trade, and continue discussions. However, they did not specify a date for the return of exports. (Reporting and editing by Louise Heavens, Ashley Tang and Sudarshan Varadhan)
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LSEG data show that Turkey's Russian oil imports remained constant in October compared to September
According to LSEG data and market sources, Turkey will continue to import Russian Urals crude oil at around 288,000 barrels per day in October, unchanged from September. Two sources in Russian oil trading said that October's exports to Turkey could even exceed September's volume, as more cargoes will be confirmed in the latter part of the month. This reflects Turkey's continuing demand for Russian barrels. Donald Trump, the U.S. president, has increased pressure on India and Turkey as well as major Russian oil purchasers to reduce funding for Russia's conflict in Ukraine. He is also pushing for a ceasefire agreement. LSEG data indicates that Turkey is now the second largest buyer of Urals, Russia’s main export grade after India, among seaborne buyers. Ankara did not join the Western sanctions against Moscow. LSEG data and traders confirm that SOCAR Turkey and Tupras, Turkey’s largest refiner and a subsidiary SOCAR Azerbaijan, are the two biggest buyers of Russian crude oil in Turkey. Tupras has several refineries in Turkey, including those located in Izmir and Batman. The STAR refinery processes medium and heavy sour grade primarily on Urals. Lukoil, a Russian company, supplies this grade to STAR as part of a long-term agreement. Turkish refiners continue to buy Urals because of its competitive price compared to other grades available on the Mediterranean market. Tupras Turkey and SOCAR don't commentate on their oil purchase. Despite Western efforts at capping Russian oil prices, restricting shipping, and limiting insurance services, Urals crude is still flowing to countries that are not sanctioned, usually via alternative payment and logistics arrangements. The constant flow of Russian crude oil into Turkey illustrates the difficulties faced by Western countries in curbing Moscow’s energy revenues on a global oil market that is complex. (Reporting and Editing by Elaine Hardcastle).
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AEP receives a $1.6 billion loan guarantee from the US Federal Government to upgrade power lines
The U.S. Department of Energy has granted a $1.6 Billion loan guarantee to American Electric Power for the upgrade of nearly 5,000 miles of transmission line across five states. This comes as the demand from data centers, which are power hungry, is surging. AEP Transmission is upgrading power lines in Indiana and Michigan as well as Ohio, Oklahoma, and West Virginia. This will primarily support data centers, artificial intelligent, and manufacturing. According to the U.S. Energy Information Administration, power consumption will reach record levels in 2025 and in 2026 due to a surge of demand for data centers that run artificial intelligence technology. ENERGY DEMAND GROWTH NOW AT LEVELS UNSEEN FOR A GENERATION Bill Fehrman, CEO of AEP, said: "AEP has experienced a growth in energy consumption that we haven't seen for a long time. The funds we save with this program will allow us to invest in other areas." The utility stated that customers have committed to expanding their businesses, which will require 24 additional gigawatts by the end the decade. The first loan guarantees will cover nearly 100 miles of transmission line in Ohio and Oklahoma. AEP received a conditional loan through the administration of former president Joe Biden. Customers in states where President Donald Trump won the election last year will benefit from this loan. But even though Trump declared an "energy crisis" on the first day of his second tenure, his administration has not approved all grid loans. After farmers protested, the DOE cancelled a loan guarantee of $4.9 billion for the Grain Belt Express Transmission Project initiated by Biden. The project was intended to transmit power generated by wind and solar panels in Kansas to cities in the Midwest and East. AEP announced this year that it would consider adding $10 billion to the $54 billion five-year plan in order to meet increased demand. The utility has about 5.6 millions customers spread across 11 states and is the largest electric transmission network in the United States. (Reporting from Pooja in Bengaluru, and Timothy Gardner in Washington. Sahal Muhammed, Mark Potter and Sahal Muhammad edited the report.
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Vietnam's VPBank Securities anticipates strong demand for their IPO
The chief executive of VPBank Securities (a brokerage owned and operated by Vietnam Prosperity Bank) said that the company expects to have its initial public offer oversubscribed. He cited strong interest among institutional investors. In what will be the largest IPO in Vietnam this year, the firm aims to raise 12.7 trillion dongs ($481million). Vu Huu Dien CEO of VPBank Securities said on the sidelines the IPO Roadshow that institutional investors had subscribed for shares worth approximately 6 trillion dong (227.82 millions). Dien mentioned Dragon Capital, an important Vietnamese asset manager, as well as domestic brokerage VIX Securities, among notable participants. He added that more than fifty international investors had expressed interest. Dien said that a listing on the Ho Chi Minh City Stock Exchange is planned for December. Dien said that a listing at the Ho Chi Minh City Stock Exchange was planned for December. Vietnam's IPO market The economy has gained momentum due to a stock rally, regulatory reforms, an increase in credit activity and FTSE Russell's upgrade of the country to emerging market status, despite continued net selling by foreigners. Techcom Securities' IPO raised $410m last month. The company was valued at $4billion. VPS, Vietnam’s largest brokerage based on market share, has also announced plans to launch an IPO.
Brazil's Gol signs lease agreement with Avolon Aerospace
Gol Linhas Aereas Inteligentes SA, a Brazilian airline, has signed a lease agreement with Avolon Aerospace to lease five Airbus A330neo aircraft. The letter of intent also includes up to two more Airbus aircraft.
Gol stated in a filing with the securities commission that deliveries are planned for 2026. The aircraft can be operated by any Abra company, including Colombian airline Avianca. The deal's value was not disclosed.
The company said that the signing of contracts had no immediate impact on Gol's finances, and there were also no definitive commitments or investments for the Abra Group. Abra stated in a separate press release that the letter of intent and agreement were in line with the company's strategy for international expansion using wide-body aircraft, as it plans to continue adding new routes and destination in Europe and America.
The group did note that it had also signed an agreement with Airbus for 50 additional options on A320neo aircraft. This follows 88 other units already contracted. However, they did not mention whether this deal was related to the one announced by Gol and Avolon.
In a statement, Abra CEO Adrian Neuhauser stated that "this announcement confirms our commitment to provide increasing access to air transport to millions of people." Abra announced on Wednesday that it will confidentially file a draft registration for a proposed US initial public offering.
(source: Reuters)