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Source: Russia's pipeline exports of gas to China have increased by 25% in the past year.
Sources familiar with data said that Russia's natural gas exports to China will have increased by 25% this year, as Moscow increases its sales to Asia. Calculations showed that this would not compensate for the revenue loss due to the loss of European gas markets. Since the beginning of the Ukraine war in 2022, Russia has diverted most of its oil towards India and China as Moscow and Europe, once its primary commodity export market and revenue source, severed their ties. The 'diversion of gas flows to the east has proven to be more difficult and painstaking discussions to bring more Russian Gas to China have produced limited results. Source, who spoke on condition of anonymity because he wasn't authorised to speak to media, stated that Russian energy giant Gazprom anticipates that gas exports from Russia to China via the Power of Siberia Pipeline will reach approximately 38.6-38.7 bcm this year. This is up from 31 bcm by 2024, and exceeds the planned annual capacity of the pipeline of 38 bcm. Gazprom didn't immediately respond to an inquiry for comment. Alexei Miller, its Chief Executive Officer, said in October that the company's Power of Siberia I supplies would surpass 38 bcm for this year. The countries reached an agreement during the visit of Russian President Vladimir Putin to China in September to increase the annual volume on the route from 44 bcm to 6 bcm. Russia and China have also given their blessings to the Power of Siberia 2 pipe, which will one day be able to deliver 50 bcm of Russian Gas per year via Mongolia from the Arctic gas field of Yamal. The price of Russian Gas remains the biggest obstacle to the implementation of the project. China also agreed to buy more gas via a pipeline in Russia's Far East, from Sakhalin Island. The previous agreement was for 10 bcm per year. The route should be operational by 2027. Loss of European Market and Revenue According to the Russian economy ministry, revenue from gas exported to China in 2025-2028 will be 30-40% less than that of gas exported to Europe. Only the TurkStream pipeline, which runs under the Black Sea, is a viable route for Russian gas to reach Europe. The deliveries via Ukraine, which had been around 12-15 billion cubic meters in recent years, were stopped at the beginning of the year because?Moscow failed to extend the transit agreement with Kyiv. Gas exports in Russia generated approximately 420 billion Russian roubles (5.28 billion dollars) for the budget between January and November, according to data from the Russian Finance Ministry. Calculations show that gas exports are expected to raise approximately 470 billion Russian roubles (roughly $4.7 billion) this year. This is 71% less than the record of 1.63 trillion roubles set in 2022, when European hubs saw gas prices soar. It's also down from $490 billion in 2024.
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Which bullish 2026 equity investments don't need AI euphoria to be successful? : Helen Jewell
Equity investors looking for a smooth ride through 2026 may want to consider increasing their exposure beyond the artificial intelligence euphoria. Opportunities could be hidden in plain sight. Investors should be cautious. The valuations of U.S. equity are stretched. The Shiller price-earnings for the S&P 500 is above 40, which is very close to the levels during the dot-com boom in the 1990s. Markets have become 'highly concentrated. Goldman Sachs analysis shows that the five largest U.S. tech companies, Nvidia Apple Alphabet Microsoft and Amazon, have a combined value greater than?the Euro STOXX?50. This includes Britain, India Japan and Canada stock markets. The CBOE Volatility index has been spiking in recent months, which raises doubts about the AI-fueled rally this year. Many regions and sectors outside the U.S. technology sector generated steady returns last year - and many will be able to do so again next. Beyond the U.S. The U.S. was not the only region that had equity in 2025. At the beginning of December, the world's largest market was ranked 20th for the year-to date performance by country. This is based on the local currency returns. South Korea and Spain led the pack. It was not necessary to be in the U.S. for double-digit returns. Goldman Sachs reports that 84% of stock markets in all countries have seen a rise greater than 10% over the last 12 months. There are many reasons why international stocks could continue to perform better next year. European stocks could benefit from an increase in economic activity. The loan growth rate is rising and the composite purchasing managers' (PMI), which measures economic expansion, is above 50. The German fiscal stimulus program and European defence spending could turbocharge this cyclical growth in 2026. This should help cyclical European businesses, like those that make trucks and mining equipment. This is especially true if the euro/dollar rate stabilizes in 2019. In Japan, the combination of healthy inflation with corporate transformation (many companies are seeking to streamline and focus on core businesses) could continue driving higher profits and shareholder returns by 2026. The government's lower chamber just passed a $117billion supplementary budget, to "fund massive fiscal stimuli" that should support the economy. Japan is the only major economy that we expect to see interest rates rise in 2026. However, this should boost banks and not be a drag on growth. Earnings in emerging markets may be supported through a weaker US dollar, lower interest rates globally, and an influx of money and investments as global supply chain realignment occurs to accommodate trade tensions and geopolitical conflict. My home market, the UK, which outperformed the U.S. without any help from high-profile AI-winners, has the potential to provide steady, stable returns. This is especially true given that valuations are currently among the lowest of all developed markets. Investors must identify British companies with the potential to overcome the negative perceptions still surrounding the country. Beyond Technology The story is similar for all sectors. It's not just about U.S. technology. In local currency terms, European banks outperformed "Magnificent 7" by 40 percentages points over the past five years. There is no mention of a bubble. The valuations remain below the long-term averages. Our analysis shows that European Banks as a whole will return 24% of their market capitalization to shareholders in the next three year via dividends and share buybacks. In recent years, healthcare stocks have been less successful than the overall market. This traditionally defensive sector, where demand is independent of economic cycles, has consistently shown strong earnings growth even in times of market stress. According to our analysis, healthcare stocks trade at a discount of 28% to global equity - a level only seen twice in the last 30 years. In both cases, the sector gained more than 20% in the next 12 months. There are many ways to get exposure in the AI field without having to pay a fortune. AI power demand highlights the need for investment in grid infrastructure and clean energy, including utility companies that power data centres. Both clean energy stocks as well as listed infrastructure companies trade at a discount compared to the market. AI does not have to be costly. AI could continue to grow in 2026, especially if efficiency gains begin to be more evident. High valuations could keep the markets on edge. Investors who want to reduce their risk exposure have many options. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. 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 LinkedIn and X.
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South Korea's parliament passes a bill to investigate the 2024 Jeju Air crash
The South Korean parliament approved a bill on Monday that would launch an independent investigation into the December 2024 crash of the Jeju Air plane, which killed 179 people. It was the worst air disaster to ever occur in South Korea. A panel of 18 parliamentarians will investigate possible causes of the accident, including whether there was enough done to prevent a bird strike or any mechanical failures, and if the plane hit an embankment at the end of the runway. According to the bill, the inquiry will also examine whether the government tried to conceal or downplay any findings that were made during the official investigation. After an aborted landing at Muan Airport, a Jeju Air Boeing 737-800 belly-landed without its landing gear down. It?overshot runway and slammed against an embankment. All but two of the passengers on board died as the fireball erupted. The Aviation and Railway Accident Investigation Board, a government-led body, has yet to issue a final report. In a statement, it said: Report on interim assessment In January, two of the aircraft's engines were damaged by bird strikes. Updated on September 29, 2009 In July, the board discovered that the left engine was shut down despite the fact that it had less damage than the right. It could have kept an aircraft in flight. Experts say that the embankment that supported the airport navigation equipment at the end was not built in accordance with international standards. These standards require that such structures be constructed in a manner that they would be easily able to give way in the event of an impact. Experts warn against placing too much emphasis on insufficient evidence. (Reporting and editing by Jack Kim, Hyunjoo Ji)
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Seatrium and Maersk resolve dispute over $475 Million contract for offshore Wind vessel
Singapore's Seatrium shipbuilder announced on Monday that it had reached an agreement with Denmark's Maersk for the delivery of an offshore wind vessel. The vessel was intended to be used on a project near New York. Seatrium reported Maersk terminated its contract with Seatrium on October 10 citing "construction delays", but at the time did not mention if it had paid the completed work. Maersk will pay $360 million, the remaining balance of the $475 million contract price. Maersk will pay the remaining balance of $360 million, or $475 million. Both parties agreed that the "optimal course of action" was to end all legal proceedings and withdraw from court. This decision was made after taking into consideration, among other things, financial implications and the risk of costly and lengthy proceedings. Seatrium stated that the project was 99.8% complete as of December 22. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Chris Reese)
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Officials say that the US is pursuing a third oil tanker near Venezuela
Officials told reporters on Sunday that the U.S. Coast Guard is pursuing a tanker near Venezuela in international waters. If successful, this would be the second operation of the weekend and third in less two weeks. A U.S. official stated that the United States Coast Guard was actively pursuing a dark fleet vessel sanctioned by the United States, which is part of Venezuela’s illegal sanctions evasion. It is under a judicial seize order and flying a false-flag." A second official confirmed that the tanker was under sanctions but said that it hadn't been boarded yet. He also noted that interceptions could take many forms, including?sailing close to vessels that are of concern or by flying near them. Officials who spoke under condition of anonymity did not specify a location or identify the vessel that was being pursued. The White House didn't immediately respond to an inquiry for comment made on Sunday. TRUMP'S CAMPAIGN OF PRESSURE Donald Trump announced last week a "blockade", which would prevent all oil tankers subject to sanctions from entering or leaving Venezuela. Trump's campaign of pressure on Venezuelan President Nicolas Maduro includes a stepped-up military presence in the region, and over two dozen military attacks on vessels near Venezuela in the Pacific Ocean or Caribbean Sea. The attacks have killed at least 100 people. Kevin Hassett said that the first two oil tanks seized were on the black-market and supplying oil to countries with sanctions in a TV interview?on Sunday. Hassett told CBS's "Face the Nation," "I don't believe that Americans should be concerned that prices will go up due to these seizure of these ships." "There are only a few of them and they were black-market ships." One oil trader said that oil prices may rise slightly when Asian trading resumes Monday. Giovanni Staunovo, a UBS analyst, said that "we might see modest price increases at the beginning of this week because market participants may see it as an escalation since more Venezuelan barrels are at risk." One analyst stated that the seizure of oil barrels from Venezuela, Russia, and Iran could increase tensions in the shadow fleet which transports oil from sanctioned nations. Matias Togni is an oil shipping analyst for NextBarrel. He said that the seizures could encourage Ukraine to continue to attack Russian vessels, and perhaps encourage Europe to also detain vessels linked to Moscow's dark fleet. Helen Coster, Steve Holland, Shariq Khan, and Idrees Al, reporting; Helen Coster, writing; Sergio Non and Chizu Nomiyama, editing; Costas Pitas and Andrew Heavens.
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Officials say that the US is pursuing a third oil tanker near Venezuela
Officials told reporters on Sunday that the U.S. Coast Guard was pursuing an oil tanker near Venezuela in international waters. This would be the second operation of this kind in the past weekend, and the third if it is successful. A U.S. official stated that the United States Guard was actively pursuing a vessel sanctioned as part of Venezuela's illegal efforts to evade sanctions. It is under a judicial seize order and flying a false-flag. A second official confirmed that the tanker had been sanctioned, but said that it hadn't yet been boarded. He also noted that interceptions could take many forms, including flying or sailing close to vessels that are of concern. Officials who spoke on condition of anonymity did not specify the location or name of the vessel that was being pursued. The White House didn't immediately respond to an inquiry for comment on Sunday. Last week, U.S. president Donald Trump announced a "blockade", which would prevent all oil tankers subject to sanctions from entering or leaving Venezuela. Trump's campaign of pressure on Venezuelan president Nicolas Maduro includes a "increased military presence" in the region, and over two dozen military strikes against vessels near Venezuela in the Pacific Ocean or Caribbean Sea. The attacks have resulted in at least 100 deaths. Kevin Hassett said that the first two oil tanks seized were on the black-market and were providing oil to sanctioned countries in an interview with NBC on Sunday. Hassett stated on CBS's "Face the Nation?" program that "people in the U.S. shouldn't be concerned that prices will go up due to these seizures of ships." "There are only a few of them and they were black-market ships." One oil trader said that oil prices may rise slightly when Asian trading resumes Monday. Market participants may perceive this as a price increase, as more Venezuelan barrels are at risk because the tanker is not listed on the US sanctions list. Analysts say the seizures are raising geopolitical concerns and will likely cause friction within the shadow fleet of vessels that transport oil from sanctioned nations like Venezuela, Russia, and Iran. Matias Togni is an oil shipping analyst for NextBarrel. He said that the seizures could legitimize, and perhaps encourage, Ukraine to continue to attack Russian vessels, and maybe even encourage Europe to also detain vessels linked to Moscow's dark fleet. Togni stated that the output of Venezuelan and Iranian crude oil is already slowing down. He added that he anticipates the same thing to happen for Russia. He said that oil from countries subject to sanctions will likely be sold at steeper discounts, as logistics costs increase. This could limit the rise in benchmark prices. Helen Coster, Steve Holland, and Shariq Khan contributed to the reporting; Helen Coster wrote the article; Costas Pitas edited it; Sergio Non, Paul Simao, and Chizu Nomiayama provided editing.
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Serbian students protest university pressure following railway station tragedy
On Sunday, several thousand activists from all over Serbia rallied in support of the student protests that took place in the southwest region. They were protesting what they called government pressure on public universities. The protest, which was part of a larger movement against political interference in higher educational institutions, was 'the first demonstration of its kind held in Novi Pazar - a town with majority Bosniak Muslim residents. This is one of many protests that have been organised since the roof of a railway in Novi Sad, a northern city, collapsed last year and 16 people were killed. After walking for days, students from Novi Pazar joined mass protests at Novi Sad on the first anniversary of the roof collapse. They claim that the university administration has now revoked regular status of students who were absent because of protests, and dismissed dozens lecturers. Momcilo elenbaba who came from a town 190 km north of Novi Pazar, travelled to show his support for the students. "I came here because 200 students and 30 professors have lost their jobs." The protesters want the resignation of the managing board of the university and the election a new rector. Dzenana Ohmetovic, an activist, said: "We're here to send a signal to Serbia that we are fighting for interim management and survival of our university." "This is a concern for all of us and not just Novi Pazar." Participants observed a moment's silence for victims of the collapsed roof throughout the protest. They waved flags of their cities and universities, whistled and chanted "Pump Up!" Students, academics and opposition figures are leading the protest movement that accuses Serbian president?Aleksandar Vucic of encouraging corruption, poor public services, nepotism and restrictions on freedom of media. Vucic, and his party, deny these allegations. Novi Pazar, Serbia's?youngest?town in terms of demographics, has 60% of its majority muslim population below the age of thirty. Since the breakup Yugoslavia, more than 30 years ago, despite its ethnic makeup, there have not been any clashes between Orthodox Serbs and those from Novi Pazar.
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Telecom Italia will hold a Sunday board meeting to discuss the conversion of savings shares
Two sources say Telecom Italia's board of directors will meet Sunday afternoon to discuss the?long-awaited? plan?to transform its savings shares into regular stock. The move is intended to reduce costs and simplify its capital structure. Two sources said that Telecom?Italia's board will meet on Sunday afternoon to discuss a?long-awaited plan?to convert its savings shares into ordinary stock. The move is aimed at cutting costs and simplifying the capital structure. Two sources familiar with the matter said that the board would discuss the final details of the conversion plan, and they expect to call for a shareholder meeting to vote on it at the end January. The board will also appoint a director to fill a vacant position, according to the sources, but did not elaborate. A Telecom Italia spokesperson refused to comment. This conversion would be another important step in the restructuring of the company, after the 19.8 billion-euro sale to KKR of its fixed-line networks, aimed at reducing debt, and its entry by the state-backed Poste Italiane, as its largest shareholder. Savings shares make up nearly?28% (or 166 million euros) of Telecom Italia’s capital structure. They are guaranteed to pay a minimum dividend. Pietro Labriola, the chief executive of Italy's largest phone group, has said that it aims to eliminate dual-class shares and reduce costly savings shares. The savings shares were trading at 0.57 euro?each on Friday, a 7-cent premium over the ordinary stock. The conversion would require a majority of two-thirds at the ordinary shareholders' meeting and would dilute existing investors. This includes the largest shareholder, Poste Italiane with a 27,3% stake. Separately, the shareholders of Savings will vote on this proposal. Telecom Italia tried to eliminate its saving shares a decade before, but Vivendi, then the top investor at that time blocked the plan.
Air India 777 aircraft returns after engine oil pressure drops, regulators say
India's aviation regulator revealed on Monday that an Air?India Boeing 777 had to return?after?a fall in oil pressure caused the pilots to shut down one of the jet engines.
Directorate General of Civil Aviation said that the incident would be investigated. The aircraft was on its way to Mumbai, India's financial center. Modern aircraft can safely land and fly on one engine if necessary. Air India was under intense scrutiny after the crash of a Boeing Dreamliner on June 12, which killed 260 people. The DGCA flagged'multiple safety lapses' at a?airline, which was owned by the government until 2022. Air India's investigation into why its planes flew commercially without airworthiness permits found "systemic failings", and the airline admitted it needed to improve on compliance.
Pilots noticed a low oil pressure in the right engine of a B777-300ER aircraft on Monday during flap retraction. The pressure dropped below zero shortly after and the crew'shut down' the engine as per protocol, according to the DGCA.
Air India regrets the inconvenience caused by this unexpected situation. Air India's spokesperson stated that the aircraft was undergoing necessary checks. Flightradar24 reports that the aircraft is 15-years-old and has been to places like Vienna, Vancouver, and Chicago. Boeing did not respond immediately to a comment request on the incident. (Reporting and editing by Rashmi aich and Christian Schmollinger; Abhijith ganapavaram and Komal Salecha)
(source: Reuters)