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Australian unions back Woodside's Pluto LNG 2.
According to the results published on the Offshore Alliance's Facebook page, on Thursday, 99% of members voted for a strike at Woodside Energy Pluto LNG 2. Separately, the Electrical Trades Union reported that around 400 members voted for protected industrial action (a legal strike) at 99%. The representatives of the workers will discuss with their members what action they will take. A strike may slow down work on Pluto 2, an expansion of a facility in Western Australia’s Pilbara Region that will add 5 million metric tons. Woodside hopes that it will ship its first cargo of liquefied gas from Pluto 2 by the second half 2026. The Offshore Alliance wants a pay increase of 30%, claiming that workers at Pluto 2 receive 30% less per hour for the same work than they did at the Wheatstone project operated by Chevron. The Alliance, which includes the Maritime Union of Australia, the Australian Workers Union and the Australian Workers Union said that in November, salary negotiations with contractor Bechtel were deadlocked and that the next step was to strike. At the time this article was written, the results of the ballot had not yet been published on the FWC's website. The Commission approved the ballot late in November, a few days after unions had applied for protected industrial actions. Electrical Trades Union, along with two other unions, also applied for PIA. They were granted the right to vote their members. Bechtel has argued against the Offshore Alliance voting members and said that the Alliance shouldn't be intruding on traditional onshore construction.
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EM stocks are on the rise as investors balance Fed hopes and Ukraine risks
Investors were cautious as they assessed the shifting risk appetite in the global market and a series of Ukraine-related events. The MSCI emerging market equity index was up by 0.2%, while the currencies index was not much changed. Geopolitical turmoil has kept investors on edge, even though December is usually a calmer month. The markets have been hoping that the Federal Reserve will support momentum by lowering rates. However, the lack of progress in the efforts to end Russia-Ukraine conflict has limited gains. Ukraine's bonds denominated in dollars were stable on Thursday. Ukraine has struck the Druzhba pipeline in Russia's Tambov central region, according to a GUR military intelligence source on Wednesday. The talks between Russian President Vladimir Putin, and U.S. ambassadors ended without any significant progress. SAUDI ARBIAN OIL RECORDS SUCCESS IN EUROPE The majority of European markets have recovered. Hungary's Budapest SE Index gained 0.5%, and Polish stocks rose 0.6%. The Czech crown fell by 0.4% against euro and the Polish Zloty dropped by 0.1%. Poland's central banks cut the main interest rate another 25 basis points Wednesday. This is their sixth reduction in this period. The markets also breathed a huge sigh after a series of economic data released by the U.S. on Wednesday raised expectations of a Fed rate reduction. Saudi Arabian shares gained 1.1% due to higher oil prices, after Ukrainian attacks on Russia’s oil infrastructure indicated potential supply restrictions. Stalled peace talks also dampened expectations for a deal that would restore Russian oil supplies to global markets. Despite claims that the talks were constructive, "the question of territory will be difficult to resolve", wrote economists from ING in a recent note. The blue-chip CSI300 Index in China was up by 0.3%. Analysts and government advisors believe that the country will likely stick to its current target of 5% annual economic growth next year. Hong Kong's Hang Seng Index rose by 0.7%. Analysts say that despite short-term headwinds, the outlook for emerging markets assets remains positive. Brian Levitt is the chief global market analyst at Invesco. He said that "the current macroeconomic climate supports an over-allocation to non-U.S. asset classes." He said that regional stocks are better placed to benefit from the surge in AI interest, as valuations in general are more benign than those in the U.S. If U.S. interest rates continue to fall and inflation pressures continue easing, local currency debt may also benefit. (Reporting and editing by Ed Osmond in Bengaluru. Reporting by Niket Nishant in Bengaluru)
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Denmark's outlook for growth is upbeat despite Novo Nordisk problems
The Danish economy minister raised his forecasts for economic growth in Denmark by a large amount on Thursday. This was due to the strong performance of the pharmaceuticals sector, which has been thriving despite recent layoffs within drugmaker Novo Nordisk. The Danish GDP will grow by 2.6% in this year. This is up from the previous August prediction of 1.4%. Denmark now has one of the highest growth rates in Europe, ahead of other major economies such as Germany, France, and Italy. The government increased the GDP forecast to 2,2% for 2026 from 2.1%. However, it predicted that the GDP would slow down to 1,6% the following year. The pharma industry has once again surprised positively the Danish economy, Economy Minister Stephanie Lose said at a press briefing. The weight-loss industry of Novo Nordisk, the maker of Wegovy, has boomed in Denmark in recent years. In 2024, the growth rate in Denmark will be among the highest in Europe. NOVO NORDISK SLOPDOWN NOT A SYSTEMIC CONCERN Novo Nordisk has been struggling with a slowing growth in sales due to increased competition on the obesity drug market. Profit warnings This year, 9,000 workers were laid off, including more than half in Denmark. Lose stated that the lower growth rates of Novo Nordisk did not represent a concern to the Danish economy. "The pharmaceutical sector is not very diversified in the Danish economic system, and much of its contribution to growth comes through activities overseas, such as when Novo Nordisk manufactures in the United States." She said that the outlook was also strengthened by an economic strength beyond the pharmaceutical industry. Denmark, home to companies such as the shipping group Maersk and brewer Carlsberg and toymakers Lego and Vestas wind turbines, expressed concern that trade wars or tariffs might dampen growth. Lose added that the Danish economy had so far beaten the headwinds, and was extremely strong. The GDP growth for the third quarter of this year was the highest since four years. She added, "Employment is continuing to increase, inflation is low, stable and the purchasing powers of Danes are increasing." Denmark's central Bank released its September report Its GDP forecasts for the years 2025-2027 are lower than expected due to a weaker pharmaceutical industry and a negative impact of U.S. tariffs.
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Turkey builds a submarine as it increases its home-made defence industry
The Turkish defence ministry announced on Thursday that construction had begun on the first submarine built in Turkey (MILDEN). Ankara also said it had completed its first sale to NATO of a corvette-class warship by signing an agreement with Romania. Last week, NATO member Turkey announced that contractors have begun building its indigenous TF 2000 naval air defence destroyer. The TF-2000 will be included in the multi-layered "Steel Dome", air defence system. The ministry announced at its weekly briefing that the ASFAT firm operating under its jurisdiction signed a deal to export a light corvette to Romania's Ministry of Defence. This was the first time Turkey had sold a vehicle to an ally in NATO. The first test block for our National Submarine, the Milden (as it is known in Turkey), has been built at the Golcuk Shipyard Command. Tuvan Gumrukcu, Jonathan Spicer and Jonathan Spicer edited the article.
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Uppercrust Owner SSP predicts increased profit as turnaround efforts increase
Uppercrust Owner SSP expects its fiscal 2026 earnings to be at the top of its forecast range. It also launched a review of rail operations in continental Europe, which is its biggest market, as part a ongoing turnaround effort. The company that operates food outlets in airports and trains stations around the world is cutting costs and restructuring operations to focus its efforts on profitable ventures, and offset the negative impact of losing contracts in Europe. "While macroeconomic uncertainty remains in many parts of the world, we are focused on what is within our control." In a Thursday statement, Group CEO Patrick Coveney stated that the start of FY26 has been encouraging. SSP reported that revenue in the eight-week period leading up to November 2025 increased 6% at constant currency. This was due to a rebound in sales of like-for-like products. The company also noted that the momentum in North America had improved. The company is expecting EPS between 12.9 and 13.9 pence in the current year. According to a company-compiled consensus, it posted an adjusted operating profit of 223,30 million pounds ($297.30million) for the fiscal year that ended on September 30. This was ahead of analyst expectations of 221,000,000 pounds. ($1 = 0.7551 pounds) (Reporting and editing by Rashmi aich in Bengaluru)
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Minister: Turkey warned Russia and Ukraine to avoid war over energy infrastructure
After a series attacks on Turkey's Black Sea Coast, Energy Minister Alparslan Bayraktar stated that Turkey wants to ensure uninterrupted energy flows and is urging Russia, Ukraine and other parties not to involve energy infrastructure in their conflicts. Ukraine, which is attacking Russia's oil imports while Moscow bombards the power grid in its country, has claimed responsibility for an attack on two empty tanks heading to a Russian port by seaborne drones last week. It denied any connection to a second incident that occurred on Tuesday, when a Russian flagged tanker carrying sunflower oil claimed it was attacked by drones. "I hope this terrible war will come to an end. We are saying to both Russia and Ukraine that the energy infrastructure should not be involved in this war. He said that "we need to keep energy flowing uninterrupted" and added that routes such as the Caspian pipeline consortium should be safe. SHIPPING RISKS ARE RISKIER Ankara has warned both sides and said that the attacks against Russia-linked ships near Turkey were unacceptable. The issue was discussed at a NATO summit on Wednesday. Vladimir Putin responded by threatening Ukraine's sea access and saying that Russia would intensify its attacks against Kyiv's vessels and facilities. After an external impact damaged one of their vessels near Senegal, a Turkish company halted operations in Russia due to concerns about security. Nobody claimed responsibility. A drone attack by Ukraine damaged a mooring near the Russian port of Novorossiisk, where the CPC pipeline carries more than 80% of Kazakhstan’s oil exports. The CPC pipeline temporarily halted its operations on Saturday. Five sources said that Kazakhstan would divert more crude via Baku-Tbilisi Ceyhan (BTC), pipeline in December. According to the BTC flow numbers, there's no reduction, say you. BTC supplies 600,000-700,000 barrels to global markets today," Bayraktar stated. GAS SUPPLY DISCUSSED BETWEEN TURKEY AND UKRAINE Last month, Ukrainian president Volodymyr Zelenskiy met with President Tayyip Erdoan in Ankara to discuss the situation. Bayraktar, when asked what the meeting was about, said that they discussed the gas supply in Ukraine. He added that Ukraine has a similar agreement with Greece and that Turkey's BOTAS and Ukraine's Naftogaz are working together to find ways in which Ankara can help Kyiv. Bayraktar didn't elaborate, but he said Ukraine has a "huge" capacity in underground storage. This means it can store energy that is brought in at a low cost during the summer for the winter. Can Sezer, Tuvan Gumrukcu and Jonathan Spicer edited the article.
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Minister: Turkey warned Russia and Ukraine to avoid war over energy infrastructure
After a series attacks on Turkey's Black Sea Coast, Energy Minister Alparslan Bayraktar stated that Turkey wants to ensure uninterrupted energy flow and is urging Russia, Ukraine and other parties not to involve energy infrastructure in their conflicts. Ukraine, which is targeting Russia’s oil exports while Moscow bombards the power grid in its country, has claimed responsibility for two drone attacks on empty tankers headed towards a Russian harbor last week. It denied any connection to a second incident that occurred on Tuesday, when a Russian flagged tanker carrying sunflower oil claimed it was attacked by drones. "Hopefully, this terrible war will come to an end. We are saying to both Russia and Ukraine that the energy infrastructure should not be involved in this war. He said that "we need to keep energy flowing uninterrupted" and added that routes such as the Caspian pipeline consortium should be safe.
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Maguire: The countries in Europe most affected by the Russian gas phase out are Maguire and ROI.
Due to the wide variation in country dependence on gas and their ability to switch to alternative suppliers, some countries will be more affected than others by the European Union's plan to phase out Russian gas imports. Hungary and Slovakia, two landlocked countries that are heavily dependent on gas to power their industries and generate electricity, are considering legal action against EU. In the months to come, the EU hopes to see more opposition and refinement of the final plan. Below is a breakdown on the most gas-dependent countries in Europe and regional trends for gas imports. This can help to identify potential disputes among affected countries. Total Energy Needs Some countries are more dependent on gas than others. While Germany is the largest consumer of natural gas on the continent, it ranks 8th in the region when it comes to the share of gas in total energy supply. According to the Energy Institute, Italy will be Europe's gas-dependent economy in 2024. It will source 38% of all its energy from natural gas. In terms of the share of total energy supplied by gas, the Netherlands, the United Kingdom, Ukraine and Hungary round out the top 5. Six major European countries depend on natural gas to provide 30% or more of their total energy, so it is justified that they are resisting policies which threaten to reduce these supplies and hinder power production and industrial activity. SWITCH OUT EASE Nine of the 10 countries in Europe that are most dependent on gas in terms of energy supply have direct access major ports, which could theoretically allow imports of LNG. Only Hungary, a landlocked country, lacks the seaport needed to build a LNG import terminal. This partly explains the opposition of the country to the EU directive to phase out Russian gas imports. Slovakia, whose energy is largely supplied by gas, has similar geographical constraints as Hungary, and therefore felt obliged to join Hungary's opposition to the EU plan. Due to the distances between import terminals and the limited pipeline connections with other exporters, other heavy gas users from Central Europe such as Croatia, Austria, and Romania face similar economic challenges when it comes to accessing non-Russian supplies. PREMIUM LNG Even countries with a large number of LNG import terminals will find it difficult to switch from Russian gas. Russian gas is not always available at the lowest prices but it costs less than LNG. The prices of Russian gas and U.S. Liquefied Natural Gas tend to change over time. Exporters tend to be very secretive about the exact details. Nevertheless, estimates by the industry have placed Russian pipeline supply at between $6 and $8 per million British Thermal Units (MMBtu). LNG imports into Europe are priced between $12 and $15/MMBtu, which is roughly 50% higher than Russian pipelined supply. In recent months, the European LNG market has seen a drop in prices due to the fierce competition between LNG exporters. This has led to a reduction in the price differential between LNG and pipelines for existing buyers. LONG-TERM SOLUTION? If European countries want to replace Russian pipeline supplies permanently, they must continue to be a large and regular LNG importer. According to Kpler's data, the total import of LNG in Europe has surpassed 284 billion cubic metres so far this year. This is a record, and represents a 23% increase from the 2024 import total. The strong increase in LNG imports has given LNG exporters a boost. Many plan to expand LNG export capacity during the next few years, assuming that LNG import demand is expected to continue growing. The current LNG import frenzy is not sustainable, as the import total for this year is only 0.3% higher than the import total of Europe in 2023. Gas demand in Europe is at risk of being limited by the rapid growth of power generation using non-fossil sources in recent years. Ember data shows that the generation of clean electricity in Europe has increased over 11% since 2019. The generation of fossil fuels has decreased by 15%. Even if the Russian supply is phased out in accordance with the plan, a continuation of these trends would still limit the growth potential of LNG imports to Europe. In the short term, however gas will continue to play a vital role in Europe, both for electricity production and industrial processes. Even though social and government pressure is mounting to reduce purchases of Russian gas, many utilities and businesses in Europe are heavily dependent on it for their daily operations. They will not be forced to do without. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
Panama's Copa suspends its flights to Venezuela citing a signal problem
Copa Airlines, the Panamanian airline, has suspended flights on Thursday and Friday to and from Venezuela’s capital Caracas due to a navigational signal problem reported by its pilots.
In a late-Wednesday statement, the company said that this issue had not compromised flight safety.
Why it Matters
Copa has joined a long list of international airlines that have suspended flights to Venezuela, including Iberia and TAP.
* The airline described this issue as intermittents in a navigational signal and referred to the suspension of service as a "preventative" measure.
* The carrier said that it is evaluating the current situation and would provide updated information within 24 hour.
CONTEXT
The U.S. Federal Aviation Administration warned that flying over Venezuela could be "potentially dangerous". International airlines have suspended flights. (Reporting and writing by Elida Moreno, Aida Pelaez Fernandez, Editing by Gabriel Araujo).
(source: Reuters)