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US agency and consortium sign $553 Million Loan for Angola Railway Reconstruction
The?U.S. The?U.S. The U.S. Lobito Corridor is a high-profile project that will link copper and cobalt mining to the Atlantic Coast. It's part of Washington’s global push for access to strategic metals, and its efforts against Chinese influence in Africa. The DFC, under the agreement signed in Washington at a ceremony, will provide funding to the Lobito?Atlantic Railway consortium, which includes Portugal's Mota Engil and commodities trading firms Trafigura, as well as rail firm Vecturis SA. The deal was announced last year, but only finalised now. The DFC released a statement that said the agreement "underscores United States commitment to advance strategic Infrastructure that promotes regional Trade, Mutual Economic Growth, and Long-term U.S. Africa Cooperation". WASHINGTON? TAKES ON CHINA in AFRICA The?development agency stated that the funds would also be used to support the rehabilitation and operations of an existing minerals port at Lobito. This will increase the transportation capacity by ten times to 4.6 millions metric tons, and reduce the cost to transport critical minerals up to 30%. LAR, who in 2022 won a contract to operate the Benguela Rail Line for three decades, also stated in the past that it would use the loan to increase rolling stock and train staff. The Lobito Corridor Project aims to counter the China-backed revival of the Tanzanian-Zambia rail corridor. It will connect copper mines in Zambia and cobalt in the Democratic Republic of the Congo with Angola's Lobito Port on the Atlantic coast by railway. The project includes the construction of rail lines of 515 km in Zambia, and 315 km in the Democratic Republic of Congo. These will be connected to the existing Benguela line of 1,300 km (808 miles) in Angola. After completing a feasibility report, the Lagos-based Africa Finance Corporation (AFC), the lead developer for the corridor, requested proposals from contractors to build the Zambian leg of the new rail. A senior AFC official said in September that the developers planned to "finalise" more financing deals before the end of 2026. China Civil Engineering Construction Corporation said it would invest $1.4 billion in rehabilitating the rival Tanzania-Zambia rail that uses Tanzanian port to ship minerals. Reporting by Duncan Miriri, Nairobi; Miguel Gomes, Luanda. Editing by Karin Strohecker & Joe Bavier.
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The price of the largest US power grid auction has reached a new record due to a supply crunch
Payments to power plant in the largest U.S. market for electricity, PJM Interconnection hit a price 'cap' and set a record on Wednesday, as?demand?from data centers in 13-state area grows faster compared to?construction of new electricity supply. The expansion of Big Tech data centers in PJM has driven so-called capacity price in PJM up by around 1,000% in the last year-and-a-half, increasing concerns about energy affordability. This grid serves one in five Americans living in the U.S. Mid-Atlantic - and Midwest. Prices in the latest PJM?auction for capacity reached $333.44 per megawatt-day, compared with $329.17 at an auction held in August. The auction shows that the demand for electricity by data centers continues to exceed the supply. PJM, the company that operates the grid for the most energy-intensive data centres in the world, conducts auctions to determine how much energy companies are paid to ensure they can run their power plants if needed. The last auction in July saw the capacity payments reach their highest levels due to the rapidly rising electricity consumption in PJM and the stagnant addition of new power stations. A group of PJM governors including Pennsylvania Governor Josh Shapiro negotiated a floor and ceiling price for PJM. This 'price ceiling' was in effect at the last auction held in July and extends through the latest bidding rounds. Shapiro, among others, is now calling for a price limit to be applied to future auctions. The so-called PJM capacity market includes generators that are on-call to protect against blackouts and other disruptions when demand for electricity spikes. High prices are intended to encourage developers to increase their supply.
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US Judge blocks Michigan from enforcing an order to shut down Enbridge Line 5 oil pipeline
A U.S. Judge on Wednesday prevented Michigan from enforcing an 2020?order that would have shut down Enbridge’s Line 5 oil pipeline running underneath a channel? linking two of the?Great Lakes. The judge ruled that pipeline safety was a federal responsibility. This decision was made five years after Michigan governor Gretchen Whitmer revoked a easement allowing Canadian firm Enbridge to operate?a 6.4 km (4 mile) stretch of aging pipe beneath the Straits of Mackinac that connects Lake Michigan and Lake Huron. Whitmer cited risks to the?environment if there were a spill. Enbridge has fought the Michigan decision in court. The 72-year old pipeline, which transports 540,000 barrels of crude and refined products per day from Superior, Wisconsin to Sarnia in Ontario, has continued to run throughout the dispute. Robert Jonker, U.S. district judge, ruled in his ruling that the United States is responsible for the safety of pipelines and the protection of the Straits of Mackinac, and Michigan has no authority to intervene. Enbridge?faces ongoing challenges in relation to Line 5. Enbridge?faces other ongoing challenges related to Line 5. In April, the U.S. Army Corps of Engineers (a federal agency that oversees permits) granted national energy?status? to the Line 5 Tunnel Project, allowing it to expedite a critical permitting process. Reporting by Amanda Stephenson, in Calgary; Ryan Patrick Jones, and Bhargav Asharya, in Toronto; editing by Rod Nickel.
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The US Senate unanimously approved military helicopter safety legislation
The U.S. Senate passed unanimously legislation?Wednesday that would toughen military helicopters safety rules, and rescind a clause?in the annual defense act?that critics claimed would have weakened aviation security. Republican Senate Commerce Committee chair Ted Cruz on Wednesday won unanimous consent to approve a revised version of legislation that would require aircraft operators by the end of 2031 to equip their fleets with an automatic dependent surveillance-broadcast system, also known as ADS-B. The bill is co-sponsored with Democratic Senator Maria Cantwell. It also increases oversight of commercial helicopter and jet traffic, as well as flight routes near airports. Cantwell stated that the act "ends an exemption for planes in the airspace to fly without a broadcasting signal, which includes the military. So no more flying in darkness." The bill still needs to be approved by Congress. Pentagon officials said they supported the legislation. The Army Black Hawk helicopter that crashed was not transmitting ADS-B at the time and was flying over the maximum altitude levels. Alarm has also been raised by other incidents. JetBlue's passenger plane bound for New York, from Curacao in the Caribbean, took evasive actions to avoid a midair collision with an U.S. Air Force Tanker near Venezuela. The tanker plane was not using transponders on a commercial airway. The Federal Aviation Administration banned the Army's helicopter flights around the Pentagon after a near-miss in May. The bill requires U.S. helicopters flying training missions to broadcast alerts for nearby commercial aircraft. However, it does not specify what type of alerts should be sent. The Defense Department may be able to waive this requirement after a risk assessment has been conducted and the?risks posed by commercial aircraft have been addressed. Jennifer Homendy, Chair of the National Transportation Safety Board (NTSB), has described the helicopter proposal in the defense bill as "an unacceptable threat to the flying public" and warned that she couldn't vouchsafe the safety of Washington?airspace should the defense provision take effect. The language of the defense bill is not acceptable to the families of those who died in the collision on January 29. In a statement, the families called for "real and enforceable visibility standards" for all military aircraft that operate near civilian traffic. Bryan Bedford, FAA Administrator, said on Tuesday that he would be responsible for the safety of airspace and traffic in the event the defense provision went into effect. He said that the FAA had not been consulted about the provision. Reporting by David Shepardson, Washington; Editing and review by Chris Reese & David Gregorio
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Brazil's Supreme Court affirms Indigenous land rights in violation of Congress
The majority of the Brazilian Supreme Court on Wednesday reaffirmed Indigenous land rights protections, limiting attempts by Congress in order to limit recognition?of reservation. This ruling is likely to ignite tensions between the top court and legislators. Six of Brazil's 10 Supreme Court Judges voted in favor of establishing Indigenous Land Rights as constitutional clauses that can never be removed by legislators, according to Deborah Duprat. She is a former federal prosecutor and has worked on Indigenous Rights issues for decades. She added, "It is an important message for Congress." Four Supreme Court Justices have yet to?give their opinion on the matter, but their votes do not block the majority's decision. Although the 1988 Brazilian constitution recognized Indigenous rights to ancestral territory, the process for demarcating these lands has taken decades. Indigenous advocates claim that hundreds of communities are still waiting for formal recognition. Many of them are entangled in violent disputes over land. A powerful farm lobby, backed by a conservative majority in Congress, has been increasing its resistance to Indigenous land claimants over the past few years. In 2023, lawmakers passed a bill to limit the protections of Indigenous lands whose communities could not prove that they were occupying them when the constitution came into effect. Proponents claim that the cutoff date will protect landowners against claims they didn't know when they bought their property. The Senate amended the constitution to align it with the law of 2023 as the Supreme Court was preparing to rule this month on the constitutionality of the law. This constitutional?amendment is expected to be passed by the lower house of Brazil’s Congress. Some Supreme Court justices have already argued, in their votes this week, that this section cannot be amended as it protects the fundamental rights. Justice Flavio Dino wrote that the legislative branch cannot suppress or reduce the rights of Indigenous peoples under any pretext. This would be a violation of the fundamental principles of democracy. (Reporting and editing by Gabriel Araujo and Brad Haynes; Paul Simao, Gabriel Araujo and Fernando Cardoso)
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Teamsters union re-opposes Union Pacific Norfork Southern Deal
Teamsters said that it opposed the merger of U.S. freight railways Union Pacific and?Southern on Wednesday. In a joint press release, union presidents representing 20,000 employees at both railroads stated that they will not support any?deal? that does not protect the lives and livelihoods of workers. Since its announcement, the proposed merger has been criticized by unions and other railroads. It aims to create the first coast-tocoast railroad in America and reduce delays and handoffs. Teamsters claimed that executives from both railroads had failed to protect jobs or address?other concerns. It's time that Union Pacific and Norfolk Southern get serious and do the right thing by their members. The Teamsters said that until they do so, it will do all in their power to stop this "harmful merger". In November, Union Pacific and Norfolk Southern's shareholders approved the $85 billion merger. Over 99% voted in favor. Surface Transportation Board is expected to receive applications from both railroads this week. In October, Senators John Hoeven, Amy Klobuchar, and other bipartisan senators urged the Surface Transportation Board to closely examine the proposed merger due to concerns over long-term competition. This included the impact on agricultural producers. BNSF Railway, owned by Berkshire Hathaway, has also expressed its'strong opposition to this merger,' urging shippers and other stakeholders, including labor, to express?their disapproval to the Surface Transportation Board. SMART-TD - the largest railroad union in the United States - backed the merger proposal after securing job protection guarantees for its members. This was a change of stance from its previous stance, which had been to oppose the deal due to concerns over job security, access infrastructure and competition. Union Pacific issued a statement saying that "every employee who had a unionized job at the time the merger took place will still have it." Norfolk Southern didn't immediately respond to an inquiry for comment. (Reporting and editing by Alan Barona in Bengaluru, Abhinav Paramar from Bengaluru)
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Austria's Raiffeisen names former executive Hoellerer as new CEO
Michael Hoellerer, the former Chief Financial officer of Raiffeisen Bank International, was announced as the new CEO for Austrian lender Raiffeisen Bank International on Wednesday. Hoellerer replaces Johann Strobl who will continue managing the business until then as CEO and will step down from the board of management at the end his mandate in February 2027, according to a bank statement. Strobl has been the CEO of RBI since March 2017. In October, RBI undertook It is reorganizing its board in order to sell off its Russian business to a local buyer, in the hopes that the Russian government will lift the block on the repatriation by the bank of billions of dollars in profits. The U.S.,?European Union and other countries are also pressuring it to reduce its Russian activities. The largest Western bank is?Russia. On Wednesday, it announced that Andreas Gschwenter will be given a three-year extension of his?mandate to serve as chief information officers from July 2026. RBI said ?Hoellerer, who served as the bank's ?CFO between 2020 and 2022 and is currently CEO of RBI's largest ?shareholder, RLB Niederoesterreich-Wien AG, will also take over responsibility for RBI's group-wide retail business from Strobl. (Reporting and writing by Alexandra Schwarz Goerlich in Vienna, Linda Pasquini from Gdansk, editing by Paul Simao).
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Sarajevo improves air quality following ranking as most polluted city
Sarajevo authorities issued a warning on air quality and imposed a?ban on some cars and trucks after it was ranked 'as 'the?world’s most polluted cities on the previous two evenings by Swiss monitoring firm IQAir. After several days of fog, smog and fog that blanketed Sarajevo's population of 350,000, the cantonal government of Sarajevo took action to improve the quality of air. The city banned trucks over 3.5 tonnes and cars or trucks that did not meet the standards of?the European Union and construction in open areas was prohibited. The city also prohibited public gatherings. Experts say that the major sources of pollution are around 40,000 households who use primarily firewood and coal for winter heating and transportation. Anes Podic, from the?environmental organization Eko Akcija said that only 500 households received gas stoves as a result of international aid. He added that there were 180,000 registered vehicles in Sarajevo. 'TEMPERATURE INVERSION' In a valley surrounded with mountains and hills, the city has suffered for years from a phenomenon called temperature inversion, which pushes pollutants and colder air from cars and fossil fuels nearer to the ground. It can last for days when mixed with fog. According to the World Bank, Bosnia has among the highest levels in Europe of fine particulate (PM2.5) pollutants, which are caused by the burning of solid fuels for home heating, and the transport sector. Enis Krecinic is an expert from the Hydro-Meteorological Institute of Bosnia’s autonomous Bosniak-Croat Federation. He said that over 100 days of the year, PM2.5 levels were exceeded. According to?data from the World Health Organization, Bosnia has the highest mortality rate in the world due to?air pollution. According to the World Bank, PM2.5 air pollution is responsible for 3,300 premature deaths each year and a loss of more than 8% in GDP. Aida Forto is a lung specialist who said that long-term air pollution exposure, especially fine particulates, can cause lung cancer. This is especially dangerous for pregnant women and children as well as the elderly.
Venezuela revokes flight rights for six airlines amid escalating US tensions
Venezuela has revoked the operating rights of six major international carriers that suspended flights into the country after a warning by the U.S. Federal Aviation Administration.
The Civil Aviation Authority revoked the permits of Iberia and TAP. Avianca and Latam Colombia were also affected. Turkish Airlines, Gol and Turkish Airlines are no longer allowed to fly into and out of this Caribbean nation. This further reduces their connectivity and fulfills their threats from last week.
Caracas issued a statement in which it said that the airlines had "joined the actions of state terror promoted by the United States", by "unilaterally halting" commercial flights.
The U.S. Aviation regulator warned major airlines last week of a "potentially dangerous situation" when flying above Venezuela because of "a worsening security situation and increased military activity around or in" the country.
Caracas has said that the U.S. regulator does not have any authority over its airspace.
Since months, the U.S. has deployed forces in the Caribbean to combat what they have portrayed as President Nicolas Maduro’s role in providing illegal drugs to Americans that killed them.
Maduro denied the allegations and said that U.S. president Donald Trump wants to remove him.
The International Air Transport Association (IATA), in a Monday statement, said that Venezuelan authorities gave international airlines 48 hours to resume flights or lose their right to fly into the country.
THE AIRLINES
In recent days, several international airlines canceled flights bound for Venezuela despite the 48-hour deadline set by Caracas.
Iberia has said that it will resume flights to Venezuela once all safety conditions are met.
Air Europa and Plus Ultra suspended their flights, but they did not lose their permits.
The international airlines Copa, Wingo, and domestic airlines that fly to Colombia, Panama and Curacao are still operating in Venezuela. (Reporting and additional reporting by Corina Poons; editing by Kevin Buckland, Clarence Fernandez and Clarence Fernandez).
(source: Reuters)