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Japanese property giants intensify their push in a booming Indian marketplace
Japanese developers are stepping up their efforts in the Indian real estate market. They are attracted by low construction costs and rising rents, as well as a rapidly expanding economy. Mitsui Fudosan is the biggest Japanese property developer that entered India in 2020. They partnered with local developer RMZ Real Estate in order to build an office building in Bengaluru. Two sources familiar with the plans said that Mitsui Fudosan may invest 30-35 billion yen (190-$225 millions) or even more in new projects with RMZ or with other developers. They declined to identify themselves as it was private information. Last month, Mitsui's Fudosan management team members were in Mumbai, and the area around New Delhi, looking for opportunities. Mitsui fudosan declined comment. RMZ declined comment on a potential new investment. Avnish Singh, CEO of RMZ Real Estate, did mention that Japanese developers have stepped up their game now that they are more confident with their local partners. He said, "The floodgates have and can open," Sumitomo Realty and Development (Japan's third largest developer) describes Mumbai as the second most important growth engine after Tokyo. The company has invested $6.5 billion in five projects, including two new sites this year. A senior source familiar with the company's strategy said that it is also looking for land near the soon-to be operational Navi Mumbai City Airport for new investments. The source refused to give their name because it was confidential. Sumitomo Realty has not responded to a comment request. SLEEVES ROLL UP Japanese investors are not the only ones interested in Indian property. Blackstone is the largest commercial landlord in India, with $50 billion worth of assets in India. Most foreign investors, like Blackstone and other players in the industry, purchase existing assets. India is notorious for its construction delays which can leave potential tenants and buyers in a bind. Despite recent reforms that have improved construction timelines, and created a framework for resolving disputes, the process of acquiring land is often very slow. Japanese investors are among the few who will take on development risks. "They like to get their hands dirty," said Singh. Even though red tape can be a headache, it is worth it. The expected returns on the Japanese market could be as high as 2-4%. You can expect to earn 6-7% in India," said Seiji ota, partner at Deloitte India and expert on Japanese investments. Ota and Singh stated that a number other Japanese developers are interested in making their first foray to India. They are currently evaluating opportunities to develop retail, office and hotel projects. According to a September survey conducted by the Sumitomo Trust Research Institute, Japanese funds and companies have increased their investment in overseas property by a fifth. India is a market that has seen a significant increase in interest. 41% of respondents intend to invest there, an increase of 6 percentage points compared to a year ago. Renting climbing equipment at low costs is a great way to enjoy the sport. India's low labor costs are a major attraction for Japanese developers. For example, hiring an electrician or plumber costs only $2 per hour. According to data from the real estate consultancy Turner & Townsend, the cost of building premium office buildings up to 20 stories in New York is more than $8000 per square metre, while it costs around $5300 in London, $4,000 in Tokyo and only $656 in Mumbai. Rents for premium office spaces in India have risen on the back of an economic growth rate that averaged 8 percent over the last three fiscal years. CBRE, an investment and real estate services firm, reported that Mumbai's Bandra Kurla Complex, its central business district, led the growth in Asia Pacific commercial rents in the third quarter, with a jump from 14.2%. The central five wards of Tokyo rose by 10.2%. India's capital region, and Seoul's central commercial district, both increased by over 9%. The Japanese prefer to design a building entirely from scratch, allowing them to use technology that is not available in India. Source familiar with the strategy said that Sumitomo Realty’s first project at Bandra Kurla Complex uses a steel frame that allows for very large floor plates, and therefore pillar-less office space – something Indian developers have not yet been able to do. Source: The firm is expecting to charge 30%-40% more than normal rents for this feature. According to two sources, and according to a copy the lease, JPMorgan is a tenant of the building. The U.S. Bank did not reply to a comment request. Daibiru Corp is another Japanese developer in India. It began with office deals in two Indian cities last year. Anand Jayaraman said that the company is currently scouting land for development and may even consider residential buildings or data centres. Lines. ($1 = 155.8600 yen)
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Senegal rushes in to prevent oil spillage after Turkish tanker accident off Dakar
The port authority in Dakar said that Senegalese officials are working to prevent an oil spillage after water was found inside the engine room on the Panamanian flagged oil tanker Mersin. According to the London Stock Exchange Group, Mersin Shipping Inc. of Turkey owns and manages the vessel. The port authority reported that the incident which resulted in the vessel sending a distress call occurred between November 27 and 28. This prompted the deployment of tugboats, as well as specialized teams, from the Senegal navy and maritime authority. The authorities did not provide any details about the incident. It said that all crew members were rescued safely and without any reported injuries. In a statement, the Dakar port authority stated that authorities were working to stabilize and prevent hydrocarbon leaks as well as mitigate environmental risks. The company said that the immediate measures include stopping the leakage, transferring fuel cargo and placing an anti-pollution halo around the tanker. Images shared online show the vessel's stern near the waterline. This could indicate that it is either carrying a heavy cargo or has experienced flooding. The images have not been independently verified. (Reporting and writing by Diadie B; editing by Chris Reese).
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Lithuania's capital airport closed again due to balloons
Lithuania's Vilnius Airport said on Sunday that it temporarily halted its operations due to suspected ballons in its airspace. This is the latest in a string of flight disruptions across the Baltic nation. In recent months, drone incursions and sightings have repeatedly thrown European aviation into chaos, including in Copenhagen, Brussels and Vilnius. The airport in Vilnius has been shut at least ten times since the beginning of October. The Baltic state has claimed that smugglers use weather balloons to transport contraband cigarettes. It blames Belarus' President Alexander Lukashenko, calling the practice a "hybrid assault". In October, Lithuania closed two crossing points at the Belarus border due to balloons. However, they reopened last week after it appeared that the disruptions to air traffic had stopped. Lukashenko referred to the border closure as a "crazy swindle", accusing Russia and Belarus of waging a hybrid conflict against the West, ushering a new age of barbed wire division. (Reporting and editing by Terje Solsvik, Andrius Sytas)
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Wizz Air CEO: Wizz Air to open hub in Israel in April
Wizz Air Chief Executive Jozsef Vasradi announced that Wizz Air will open a hub for Israel by April. The Israeli government hopes this move will lower the cost of aviation. Varadi met last week with Israel's Transportation Minister Miri regev and stated in a Sunday statement that Wizz was working to resolve regulatory issues and other matters by the end January. Varadi told Regev on Thursday that Wizz was "fully committed" to the idea of opening a Wizz facility in Israel. Varadi stated that lowering the cost of living was a major concern for governments all over the world. He said: "This is where... we can add value by creating an affordable air traffic infrastructure." Wizz operates 36 bases across 19 countries. The Hungary-based carrier is looking at establishing a base either at Ben Gurion International Airport, near Tel Aviv where it operates flights currently, or at the smaller Ramon Airport, near the Red Sea resort of Eilat, at Israel's southernmost tip. Israeli media reported Wizz will invest $1 billion over the next 3 years in the Israeli market by adding 50 routes, stationing 10 aircraft and creating 4,000 new jobs. Regev stated that Israel faces high living costs and that competition would be the only way to lower them. She acknowledged that Israeli carriers were responsible for the majority of travel during the Gaza War, as other airlines had ceased operations. However, she said that the increase in airfares and the public's anger was a result. Regev stated in a statement that "we are committed to lowering the prices, increasing seat capacity and improving service." Regev's plan is not fair to two of Israel's carriers, Israir & Arkia. They don't object to competition but Regev's plan is not fair. Israir claimed that it created "unjustified gaps" between Israeli and other airlines, which directly harms the Israeli public. It also reduces the local flight supply and leaves Israel vulnerable to dependence on foreign airlines, who will then sharply increase prices. Oz Berlowitz, CEO of Arkia, said in an interview on Army Radio Sunday that Wizz should be required to pay high security costs like Israeli carriers. The main Israeli labour union also expressed concerns about the plan.
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After oil exports were halted, Kazakhstan told Ukraine to stop attacking the CPC terminal.
After a drone attack that severely damaged the loading infrastructure and halted oil exports, Kazakhstan asked Ukraine to stop attacking its Black Sea terminal, which is used by the Caspian Pipeline Consortium. This terminal handles more than 1 percent of all global oil. CPC, which has shareholders from Russia, Kazakhstan and the United States, announced that it had stopped operations after an attack by a Ukrainian drone on a mooring in its Russian terminal at the Black Sea caused significant damage. In an effort to undermine the Russian war economy, Ukraine launched a wave of attacks this year on Russia's crude oil terminals and oil refineries. The foreign ministry of Kazakhstan said that the drone attack was the third on a facility it described as "exclusively civilian whose operation is protected by international law norms." A THREAT TO CRITICAL INFRRASTRUCTURE The ministry stated that Kazakhstan "expressed its protest at yet another deliberate attack against the critical infrastructures of the international Caspian Pipeline Consortium on the waters of Port of Novorossiysk." We consider this incident to be a serious breach of bilateral relations between the Republic of Kazakhstan, Ukraine and the Ukraine. Therefore, we expect that the Ukrainian side will take appropriate measures to avoid similar incidents in future. Ukraine has not yet commented. CPC is responsible for about 80% oil exports by OPEC+-member Kazakhstan. Kazakhstan exported approximately 68,6 million tonnes of oil in the past year. The terminal in Novorossiysk receives crude oil from the Tengiz and Karachaganak fields of Kazakhstan. CPC's primary suppliers are the fields of Kazakhstan, but it also collects oil from Russian producers. TANKERS REMOVED FROM CPC WATER AREAS CPC's 1,500 km pipeline (about 930 miles) includes Russian, KazMunayGas's state-owned KazMunayGas and Chevron, Russia's Lukoil, and ExxonMobil units as shareholders. CPC announced on Saturday that an attack by a naval drone on their terminal on November 29 had "significantly" damaged Single-Point Mooring 2 - which is essentially a buoy connected to oil tankers for loading. CPC stated that "Further operation at Single Point Mooring 2 was not possible." "Loading and other operations have been stopped, (and) tanks were removed from the CPC's water area." CPC: "We consider that the attack against the CPC is an assault on the interests CPC member nations." RUSSIA SAYS UKRAINE'S ATTACKS ARE TERRORISM Ukraine claims that its attacks on Russian infrastructure in the deepest parts of Russia are justified, as it is fighting to survive against what it calls an imperial war by Russia targeting Ukraine's energy sector before winter. Russian officials claim that the Ukrainian attacks are terrorist acts and that European powers have now entered a hybrid conflict against Russia. This includes Kyiv using Western intelligence agencies in order to target infrastructure deep within Russia. (Reporting and editing by William Mallard, David Holmes, and Guy Faulconbridge)
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After a week of protests, operations at Australia's coal port will resume on Monday.
The Port of Newcastle, Australia's largest coal export port, will resume its operations on Monday after protesters against climate change disrupted shipping for the second day in a row on Sunday. The latest protest was organized by the climate activist group Rising Tide. They claimed that hundreds of activists violated an exclusion zone on Sunday, when they paddled their kayaks in the shipping lane at Newcastle Harbour. The port is located 170 km north of the state capital of New South Wales, Sydney. It is the largest bulk-shipping port on the east of Australia. Climate change is an issue that divides the nation. Port of Newcastle spokesperson stated late Sunday that "Vessel operations will resume tomorrow, as scheduled," after general cargo movement, including alumina bound to Australia's biggest aluminium smelter Tomago were aborted because of the protest. Rising Tide reported that more than 100 people were arrested at the protest on Sunday. The police did not confirm the number immediately, but in a previous statement they said that 21 people had been arrested at the protest and charged with "alleged maritime-related offenses". Greenpeace Australia Pacific reported that three of its activists had climbed on a coal vessel near the port and stopped it from operating as part of a peaceful demonstration. Greenpeace Australia Pacific's head of climate change and energy, Joe Rafalowicz, said in a press release that "Greenpeace is taking action this weekend, along with Rising Tide, and thousands of ordinary people." A protest in Newcastle on Saturday forced a ship arriving to return and the police arrested 11 people. Last year, a similar multi-day action on climate change was held. 170 protesters arrested. Australia has pledged to achieve net-zero emissions of greenhouse gases by 2050.
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Australia Climate Change Protest disrupts Shipping at Coal Port, 21 Arrest
The Port of Newcastle was disrupted by a climate-change demonstration off Australia's East Coast on Sunday, resulting in 21 arrests. This is the second protest to occur within two days. The climate activist group Rising Tide claimed responsibility for the act, saying that hundreds of activists paddled in kayaks into the shipping lanes of Newcastle Harbour at local time on Sunday. The port is located 170 km north of Sydney, the capital of the state. It is Australia's largest bulk shipping port. Climate change is an issue that divides the nation. Port of Newcastle spokesperson: "General cargo movement is now being aborted because of the protester disruption." Alumina bound for Australia’s largest aluminum smelter Tomago was "now being disrupted." The spokesperson stated that a coal ship had been denied entry into the port earlier due to safety concerns because of protesters on the water. In a press release, the police said that at Sunday's protest 21 people had been arrested and charged with "alleged maritime-related offenses". Greenpeace Australia Pacific reported that three of its activists had climbed on a coal vessel near the port and stopped it from operating as part of a "peaceful demonstration". Greenpeace Australia Pacific's head of climate change and energy, Joe Rafalowicz, said in a press release that "Greenpeace is taking action this weekend, along with Rising Tide, and thousands of ordinary people." A protest in Newcastle on Saturday forced a ship arriving to return and the police arrested 11 people. Last year, a similar multi-day action on climate change was held in which 170 people were arrested. Australia has pledged to achieve net-zero emissions of greenhouse gases by 2050.
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Moldova claims that Russian drones have again entered its airspace, posing a threat to aviation.
The Moldovan authorities reported on Saturday that Russian drones entered the country's skies, posing an aviation threat. This is the third incident of this kind in nine days. The president of Moldova, Maia Sandu has condemned the Russian war in Ukraine, and accused Moscow for trying to destabilise this ex-Soviet country, located between Ukraine and EU Member Romania. The latest incident occurred at the same time as a massive Russian attack against Kyiv and Ukrainian targets that killed three people and injured nearly 30 others. Volodymyr Zelenskiy, the Ukrainian president, said that Russia launched 36 missiles and 600 drones. The interior ministry of Moldova said that it had identified the drones as Russians and they had flown above Moldovan territory. This led to the closure of Moldova's airspace. The report added that they later flew onto Ukrainian territory. The civil aviation authority ordered that the Moldovan airspace be closed from 22.43 until 23.53 (from 2043 to 2153 GMT). Sandu wrote on the X platform: "On their path to kill civilians Russian drones violated Moldovan's airspace again, forcing it temporary closure. We condemn these strikes and stand with Ukraine." Moldova, which had complained about a similar intrusion in November and earlier this week as well, has described the latest incident in the context the conflict in Ukraine. It also denounced the "illegal and danger actions" posing a risk to civil flights and the lives of people. Oleg Ozerov has been summoned repeatedly to the Foreign Ministry of Russia over these incidents. Ozerov said the incidents were meant to worsen already bad relations between Moscow and Chisinau. Since Sandu's first election in 2020, Moscow accuses Moldova of being behind unfriendly acts and stirring up anti-Russian feelings. (Reporting and writing by Alexander Tanas; editing by Alexander Smith, Diane Craft, and Ron Popeski)
Trump confirms conversation between Maduro and Venezuelan President
Donald Trump, the U.S. president, confirmed to reporters on Sunday that he spoke with Venezuelan President Nicolas Maduro. He did not give any details about what they discussed.
I don't wish to comment. When asked if he'd spoken to Maduro, Trump replied "yes". He was talking to reporters on Air Force One. The New York Times was the first to report that Trump spoke with Maduro in early this month, and they discussed a potential meeting between them both in the United States.
Trump has continued to spout bellicose rhetoric about Venezuela while entertaining the possibility that diplomacy could be possible.
Trump declared on Saturday that the airspace surrounding Venezuela and above it should be "
Closed in its entirety
", but did not provide any further details. This has caused confusion and anxiety in Caracas while his administration increases pressure on Maduro’s government.
Trump replied: "Don't take anything out of it." When asked if his comments about Venezuelan airspace meant that a strike was imminent, he said:
The Trump administration is evaluating Venezuelan-related options in order to combat what they have portrayed as Maduro’s role in the supply of illegal drugs which has killed Americans. The socialist Venezuelan leader has denied any involvement in the illegal drug trade.
Has reported that the U.S. is considering options including
Maduro's overthrow is under threat
The U.S. Military is ready for a new phase after a massive buildup of military forces in the Caribbean, and almost three months of attacks on suspected drug ships off Venezuela's coastline. Trump has also authorized covert CIA activities in the country.
Last week, Trump assured military personnel that the U.S. will "very soon" start land operations in Venezuela to stop suspected drug traffickers.
Maduro or senior members of the administration haven't commented on this call. When asked about the call on Sunday, Jorge Rodriguez said that it was not part of the press conference he held to announce the new government.
a lawmaker investigation
Investigating U.S. ship strikes in the Caribbean. Reporting by Idrees, Ali, Jeff Mason and Steve Holland, Editing by Deepa, Babington, and Sergio Non
(source: Reuters)