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Kremlin: Ukrainian strike on CPC Terminal is outrageous due to its international importance
The Kremlin stated on Monday that the attack by Ukrainians on Caspian Pipeline Consortium infrastructure (CPC) over the weekend was outrageous, given its international importance and international participation. The CPC project, including Russian, Kazakh, and U.S. investors, announced on Saturday that a Ukrainian drone had damaged one of three moorings at its Novorossiysk Terminal in Russia and that operations were halted. Dmitry Peskov, the Kremlin's spokesman, called the Ukrainian attack on oil tankers "outrageous". He also criticized the Ukrainian drone attacks in the Black Sea. Chevron U.S., an investor in CPC and a major oil company, announced late Sunday that the loading of crude oil from its Tengizchevroil joint venture was continuing at Novorossiysk, Russia. (Reporting and writing by Dmitry Antonov, Editing by Andrew Osborn.)
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German passenger numbers increase, but still fall short of 2019 levels
Official statistics released on Monday showed that the number of passengers departing from German airports for destinations abroad increased by 4.6% compared to last year during the critical April-October period. However, it still lags 2.8% behind levels prior to pandemic. In a recent statement, the national statistics office reported that this summer alone 68.5 million passengers flew out of Germany on international flights. Last month, Germany's ruling coalition agreed to lower some airline taxes and relax regulation in order to help a domestic air travel industry which has been lagging behind its European competitors. The passenger numbers of the European Union as a whole have recovered, and they were up by 3% in 2019 compared to pre-pandemic levels. Germany, which is home to Lufthansa, with its key hubs at Frankfurt and Munich, however, has not caught up. The government agreed to reduce the long-haul flight ticket tax from 70.83 euro to 58.06 ($67.43). The governing coalition announced that air traffic control fees would be reduced by more than 10% by 2029.
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VTB CEO: Russian banks ready to restructure Russian Railways debt
VTB CEO Andrei Kostin said in an interview that Russian banks were willing to restructure some Russian Railways' debt, as long as their central bank did not increase the reserve requirements on these loans. The Russian government is examining different options to support Russian Railways. This company, the largest commercial employer in Russia, has accumulated a debt of 4 trillion roubles ($50.8 billion), according to a report on Nov. 25, VTB is the second largest Russian bank and Russian Railways' largest creditor. The bank's top managers participate in weekly government discussions on how to handle the debt. These meetings are attended by officials from the central bank. Kostin stated that banks are willing to restructure and defer payment of loans, as long as the central bank doesn't increase reserve requirements. Starting in 2025, the central bank permitted banks to restructure corporate loans without requiring an increase in reserves. This was provided the debts were serviced timely and that the companies submitted a three-year plan. Kostin stated that Russian Railways' creditors have now asked the central bank to extend the measure into the following year. The central bank is able to do so. The central bank can keep reserves at their current level, allowing us to, for instance, postpone interest payment for Russian Railways until a later time. Kostin stated that Russian Railways' creditors had rejected the idea of converting 400 billion roubles in the company's debt to shares. This idea was floated during government meetings. "The conversion of debt into shares is an extremely complex process for the banks. This is because the central bank does not support such investments. It is also difficult for banks to maintain capital. Kostin stated that the largest banks would not convert. (Reporting and editing by Guy Faulconbridge; Elena Fabrichnaya, Gleb Bryanski)
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VTB CEO: Russian banks ready to restructure Russian Railways debt
VTB CEO Andrei Kostin said in an interview that Russian banks were willing to restructure Russian Railways' debt, as long as their central bank did not increase the reserve requirements on these loans. The Russian government is examining different options to support Russian Railways. This company, which is the largest employer in the country, has accumulated a debt of 4 trillion roubles ($50.8 billion), according to a report on Nov. 25, VTB is the second largest Russian bank and Russian Railways' largest creditor. The bank's top managers participate in weekly government discussions on how to handle the debt. These meetings are attended by officials from the central bank. Kostin stated that banks are willing to restructure and defer payment of loans, as long as the central bank doesn't increase reserve requirements. (Reporting and editing by Guy Faulconbridge; Elena Fabrichnaya, Gleb Bryanski)
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Taiwan Airlines wants to play a role in the 'whole society' defense with surveillance flights against China
A light aircraft with a powerful U.S. radar mounted under its belly, which tracks Chinese warships and collects data for its operator to give to Taipei security forces, is flying over the blue waters of Taiwan's eastern coast. Apex Aviation, a small Taiwanese operator better known for training pilots and charter flights is now pitching surveillance flights to the government, which has begun engaging civil firms in developing new technology for its "whole society resilience" initiative. The government has invited businesses, research groups and other organisations to take on more active roles, including backing up communications and logistics, shoring up cyber defences and, potentially contributing to surveillance and intelligence-gathering. This joint military-civilian strategy is not uncommon in other countries, such as the United States. However, it's new to Taiwan. Its armed forces have a hard time responding to the daily Chinese incursions into the skies and seas around the island. Taipei said that it plans to increase defence spending by 5% of its GDP by 2030, and to introduce a $40 Billion supplementary budget. This will include "significant" U.S. weapons purchases. Apex wants to play a part in this build-up. The airline, unlike other companies who have won contracts in the defence sector, wants to manage its surveillance operations internally, but is open to transferring any equipment to authorities. The Chinese drills are getting more frequent and closer. This is what gives rise to the sense of urgency. Wilson Kao, Apex Chairman, said: "If we don't act now, we may not have the opportunity later." Apex refused to provide estimates of potential revenues from a similar deal. OPEN TO NEW IDEAS Taiwan's Defence Ministry has been cautious so far about external partners. It has said that it can effectively monitor Chinese activity and does not have any plans to cooperate. It said that it was open for new ideas. In a press release, it stated that the ministry welcomed discussions on "public-private cooperation" to strengthen the national defence buildup. Taiwan's Coast Guard said that it will prioritize drones and then expand its efforts to include manned aircraft. Apex spent over T$400,000,000 ($13.07million) to convert a Tecnam P2012 Traveller, an Italian-made propeller plane with 11 seats, into a reconnaissance aircraft. The aircraft is equipped with a synthetic aperture radar made in the United States under its fuselage. The company is interested in feeding data from its radar system, which can detect objects of as little as 0.09 square meters, to Taiwan’s coast guard and military as they track Chinese vessels around the island. The opportunity for business goes beyond Taiwan Apex also said that it could market the relatively inexpensive patrol service to governments friendly in the region who monitor Chinese activities. It added that it can quickly build up a fleet of reconnaissance aircraft and drones. LEGAL UNCERTAINTIES Experts say that authorities need to establish a legal base to allow civilian aircrafts to conduct reconnaissance. They also express concern about the possibility of making them vulnerable to Chinese forces. "Patrol planes involve enforcement." Su Tzu-yun is a researcher at Taiwan's leading military think tank Institute for National Defence and Security Research. The cost of flying a small aircraft for a reconnaissance mission can be less than one tenth that of a military plane. Although Apex operates only in Taiwanese space, a medical charter flight to Kinmen (which is located near the coast of China) was repeatedly approached by Chinese planes over three consecutive days in late June. Taiwan's government condemned the incident and raised safety concerns for civilian aircraft that are subjected to China's increased "grey zone" harassment tactics. Kao stated that the board of Apex had carefully considered potential risks prior to taking on the project. "I just do the right thing." I'm moving steadily forward. "I won't give in to harassment", he told reporters at Taitung Airport on Taiwan's East Coast. SEA DRONES ARE AT THE FRONT Apex's success has been boosted by the government's increasing push to encourage companies without or with limited defence experience to develop military products. Thunder Tiger, a remote control model aircraft, boat and car manufacturer that produces remote controlled model cars, has developed a new breed of sea drones. The SeaShark 800 drone, which can carry explosives up to 1,200 kg and travel 500 km, was a major attraction at the summer beauty show where operators showcased their products to Taiwan's army. A senior Taiwanese security official stated that the government should take joint military-civilian initiative seriously. The operational stress on the troops is very high. We must find new ways to combat the Communist military, which is creating new pressures. Reporting by Yimou, Fabian Hamacher, and Ann Wang. Editing and production by Ben Blanchard and Saad sayeed.
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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
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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).
Airbus A320 major recall affects global airlines
Airbus, Europe's largest aircraft manufacturer, ordered the immediate repair of 6,000 A320 jets that are widely used. This recall affects more than half of Airbus' global fleet.
According to a notice sent to airlines, the fix involves mostly reverting back to older software. However, it is necessary to do this before planes can be flown again. Some airlines have warned that the repairs may cause flight cancellations or delays. Airbus announced on Monday that most of the jets recalled had been modified.
The following are the major disruptions reported by airlines on Monday at 853 GMT, alphabetically:
Aer Lingus
The Irish carrier has announced that it has completed all software updates for its entire fleet.
Air France
After the recall, the airline cancelled 35 flights Friday but stated that operations resumed on Saturday.
Air India
Air India, with 113 affected aircraft, announced that it had finished the software fix for all its aircraft.
Air India Express
Air India Express has announced that it has completed software updates for its entire A320 Fleet.
Air New Zealand
The airline announced that 27 flights were canceled over the weekend. Flight schedules are expected to be back to normal by Monday.
American Airlines
All of the aircraft affected by software updates have been fixed, according to the world's largest A320 owner.
ANA Holdings
The Japanese airline cancelled 65 flights Saturday.
Avianca
The Colombian airline said that the recall affected over 70% of its fleet and would cause "significant" disruptions in operations for the next ten days. Avianca has closed the sales of tickets for travel dates up to December 8.
Delta Air Lines
The U.S. carrier anticipates that any operational impact will be minimal.
EasyJet
EasyJet, a British airline, said that it completed software upgrades on its A320 aircraft at the weekend.
Flynas
Saudi Arabian Budget Airlines said that it has completed software updates on 20 of its A320 jets, without any impact to operational performance.
Jetstar
About 90 flights were affected by the Australian budget airline, but they expect flights to resume on Sunday as scheduled.
IndiGo
India's largest carrier said that it had completed the software fixes on 200 of its aircraft.
Korean Air
South Korean Airlines said that work would be finished on the affected 10 aircraft by Sunday.
Latam Airlines
The carrier stated that a small number of aircraft required software fixes.
Lufthansa
The German airline was expecting a few flight delays or cancellations over the weekend.
Turkish Airlines
After completing the necessary actions, eight A320s will be returned to service.
United Airlines
The airline said that six aircrafts were affected by this recall.
A software update will affect the Mexican airline's fleet, but there is no timeline for when it will be ready to fly.
Wizz Air
The European budget carrier said that the software update was implemented on all of its A320s, and no other disruptions were expected. Reporting by Jubybabu in Mexico City and Parth Chandna, Tim Kelly in Bengaluru; editing by Arun K. Koyyur, Milli Nissi Prussak, Arun K. Koyyur.
(source: Reuters)