Latest News
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Vingroup shares fall on withdrawal of rail project, weighing Vietnam index
Vingroup, Vietnam's largest conglomerate and its affiliated companies saw their shares fall?sharply? on Friday. This dragged down the index of Vietnam's main stock exchange. Vingroup's shares fell by 7%, their daily limit to 147,000 dong. This follows a 7% drop on Thursday after the company announced it would withdraw the investment proposal for?nation?s $67 billion North-South high speed railway project. Vingroup's affiliated firms, including Vinhomes Retail, Vincom Retail, and Vinpearl also saw their shares fall 7% on Friday. According to LSEG, Vingroup and 'its affiliates' account for nearly a quarter of the Ho Chi Minh Stock Exchange total?market capitulation. Vingroup shares are up 625% in this year despite the fact that one of its biggest foreign shareholders, SK Group from South Korea, has divested its stake. Vietnam's stock fell 2.5% to 1,699 in the morning trading on Friday. Vietnam's efforts to boost its economic growth include a number of infrastructure projects, including the 958-mile (1.540-km) railway that links capital Hanoi with business hub Ho Chi Minh City. Vingroup's high debt and lack of expertise in rail infrastructure had previously been a concern to the?country's Central Bank.
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Poland intercepts Russian aircraft over Baltic and reports airspace violations from Belarus
Poland sent fighter jets over the Baltic Sea to intercept a Russian reconnaissance aircraft. They also said that dozens of objects had entered overnight from Belarus, warning the incidents could be a sign of provocation. Polish fighter jets intercepted and visually identified a Russian reconnaissance aircraft flying near the borders of Polish airspace this morning. They then escorted it out of their area. The Polish army announced on Thursday that a Russian reconnaissance plane was flying near the borders of Polish airspace. Since September, countries on NATO's eastern flank have been on alert for possible airspace incursions. Three Russian military jets violated Estonian airspace for twelve minutes just days after over 20 russian drones entered Polish airspace. The National Security Bureau of Poland said that'several dozen objects' entered Polish airspace from Belarusian territory. Four of the objects discovered to date were likely smuggling smuggling helium balloons. "...the violation of Polish airspace was of a mass scale, it occurred during a special holiday period, and the Russian aircraft activity in the Baltic Sea has been assessed. The Belarusian and Russian embassies at Warsaw have not responded to our requests for comment. Vilnius Airport was closed because of smugglers' balloons that were originating from Belarus. Lithuania claims that the balloons were sent by smugglers who are transporting cigarettes, and they constitute a hybrid attack by Belarus, an ally of Russia. Belarus has denied responsibility. According to the Polish army, a part of the airspace above northeast Poland's Podlaskie area, which borders Belarus was temporarily closed for civilian traffic in order to ensure security. (Reporting and editing by Emelia Sithole Matarise and Howard Goller;
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Gazprom, a Russian company, will supply 38 billion cubic meters of gas to China through the Power of Siberia Pipeline in 2025
Alexei Miller said that Gazprom, the Russian gas corporation, supplied 38.8 billion cubic meters of gas to China through the Power 'of Siberia' pipeline this year. This is an increase of nearly a fifth compared to the previous year. Miller stated that by the end of 2025, the company will have exceeded its contractual obligations to China in terms of gas supply. Sources familiar with data said on Monday that Russia’s pipeline exports to China of?natural?gas were expected to hit around 38.6-38.7 bcm this year. This is up from 31 bcm by 2024 and exceed the pipeline's annual capacity of about 38 bcm. Miller stated?in October? that the Power of Siberia will supply more than 38 bcm of fuel this year. The Power of Siberia 1 gas pipeline began transporting Russian gas to China late in 2019. Barbara Lewis, Barbara Lewis (Reporting)
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Five people killed in helicopter crash on Mount Kilimanjaro, Tanzania. Aviation authority reports
The civil aviation authority reported on Thursday that a helicopter crashed on Mount Kilimanjaro in Tanzania, killing five people. Local media said the aircraft was on an 'emergency medical rescue mission. The Tanzania National Parks issued a statement identifying the victims as a guide, a doctor (both Tanzanians), a pilot from Zimbabwe and two tourists from the Czech Republic. In a press release, the Tanzania Civil Aviation Authority confirmed that a helicopter had crashed on Wednesday near Barafu Camp in the mountains. According to the?Mwananchi and East Africa TV, which cited Kilimanjaro's regional chief of police, the helicopter was on a?medical rescue mission. Mount Kilimanjaro, Africa's highest peak, ?is nearly 6,000 metres (20,000 ?ft) above sea level. Mwananchi said that the crash occurred between?4,670 to 4,700 metres. Kilimanjaro is climbed by around 50,000 tourists each year. (Written by George Obulutsa, edited by Saad sayeed and Emelia Matarise Sithole)
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Serbia supports negotiations with Hungary's Mol regarding the sale of NIS sanctioned oil company
Serbia is in favor of the talks between the Russians and Hungary's MOL over the sale a majority share in the country's sanctioned NIS Oil Company, reported the Tanjug News Agency on Thursday. Tanjug reported Dubravka Djedovic handanovic saying, "The Hungarian Government supported those talks and we, the government,... will provide support for finding a?solution to remove sanctions." Gazprom, the Russian oil company, holds a stake of 11.3% in?NIS. Its sanctioned unit Gazprom neft has a 44.9% stake. The Serbian Government owns?29.9% of the company, while employees and small shareholders hold the rest. Aleksandar Vucic, the Serbian President, said on Tuesday that MOL is in discussions with Russian shareholders about a possible stake sale. The U.S. Office of Foreign Assets Control approved a license for NIS on Wednesday to allow them to sell their Russian stake but not to purchase and process crude oil. In October, the?OFAC sanctioned NIS as part of broader sanctions?against Russia’s energy sector after a series of waivers since January. The sanctions have stopped crude oil supplies via Croatia's JANAF pipe, closing down the NIS refinery located in Pancevo in Serbia, the only facility of its kind in the Balkans.
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Poland intercepts Russian aircraft over Baltic Sea
The 'NATO member country's army announced on Thursday that Polish jets intercepted an Russian reconnaissance plane flying near its airspace over the 'Baltic Sea. Since September, when three Russian military jets entered Estonian airspace for 12 minutes after over 20 'Russian drones' had violated Polish airspace just days earlier, countries on NATO's east flank have been alert to possible airspace incursions. The army said that, "This morning over the international waters of the Baltic Sea, Polish fighter jets intercepted a Russian reconnaissance aircraft flying near the borders of Polish airspace, identified it visually, and then escorted them out from their zone. The army claimed responsibility for a Russian reconnaissance plane flying near the border of Polish airspace. The report also stated that objects from Belarus were seen entering Polish airspace at night. The?army stated that "after detailed analysis it was determined?that?these smuggling... balloons were moving according to the wind's?direction and?speed," The?army said that a part of the airspace 'over northeast Poland’s Podlaskie area, which borders Belarus was temporarily closed for civilian traffic in order to ensure security.
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Due to sanctions, Russia has delayed its LNG production target of 100 millions tons per annum.
The Russian government has delayed by "several" years its plan to achieve a 100 million-ton annual target for liquefied gas production, Alexander Novak, deputy prime minister, told state television on Thursday. He cited the impact of Western sanctions on Russia's energy industry. Sanctions imposed by the United States over the conflict with Ukraine have impacted Russia's plans to increase its share of the global LNG industry from 8% today to a fifth by 2030-2035. This includes the new Arctic LNG 2 facility. According to a recently updated government strategy, Russia will produce 90-105 millions tons of LNG in 2030 and 110-130 millions tons by 2036. "Our target was 100 million tons. Novak, without going into detail, told the Rossiya-24 television station that it was clear sanctions-related restrictions would push this back several years. Novak said that the Russian oil and gas condensate output this year will be roughly unchanged from 2024. It is expected to reach around 516 millions tons or about 10.32 million barrels a day. This is an improvement over the?previous forecast of 1% decline given by President Vladimir Putin last October. In 2024, Russia's LNG output will increase by 5.4% to 34.7 millions tons, which is below the 35.2 million tonnes expected. Qatar is already the dominant supplier of LNG to Asia, but there are also stiff competition from the United States who is expanding their sales into Europe. The delays in the implementation of the Arctic LNG 2 Project, which began production in December 2023, but only delivered a first cargo to Chinese end-users in August this year, highlight Russia's struggle in increasing LNG output. Murmansk LNG is also facing delays. It's slated to be Russia's biggest LNG plant with a production of up to 20.4 million tonnes per year. (Reporting and editing by Gleb Brianski, Kirsten Doovan; Oksana Kobieva and Vladimir Soldatkin)
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Vingroup, Vietnam's bidder for the $67 billion North-South high speed railway, withdraws its bid
Vingroup, Vietnam's largest conglomerate said it would withdraw its proposal to invest $67 billion in the North-South high speed railway project of Vietnam, and instead focus on other projects. Vingroup said that the decision to register, which was "submitted" in May, was made after a reassessment was done of the company's resources following the awarding of major national projects including a stadium with Olympic standards and rail lines linking key locations. Vingroup shares and those of its units (including?developers Vinhomes, Vincom Retail and Vinpearl) fell by 7%, while hospitality company Vinpearl dropped 3%. This announcement dragged the benchmark index to a decline of 2.24%. Vinspeed, founded by Vingroup Chairman Pham Nhat Vuong in May, submitted a bid to build the 1,540-km (958-mile) railway connecting Hanoi and Ho Chi Minh City. Vinspeed promised to fund 20% of the project, while seeking an 80% loan from the state at zero-interest over a 35-year period. The central bank was concerned about Vingroup's high level of leverage and its lack of expertise in rail infrastructure. It warned that the loan request, and the required guarantees, could be a risk to the banking stability. According to a?May 19, opinion, the proposal would require "special state guarantee." The Finance Ministry also cited the proposal's zero-interest rates and 30-year repayment schedule with servicing only at maturity as "equivalent" to a government subsidy which could affect Vietnam's credit rating. Investors such as THACO (auto industry company), Vietnam Railways, and Vietnam Investment and Development Group, in addition to Vingroup have expressed interest in the project. Vingroup stated that its withdrawal from the project would not impede its progress, and would enable the company to concentrate on other large-scale projects. The winner of the North-South Railway will be announced by the government in January.
Families question credibility of investigation after delay in Jeju Air crash report
Two officials have said that the South Korean investigation into the crash of Jeju Air, which killed 179 people, is likely to miss the deadline for releasing a progress report. This comes as the relatives of victims are still demanding answers to what went wrong.
Two board officials confirmed that the country's accident investigation board will not be able to release an interim update on the Monday, first anniversary of the worst plane accident in South Korea. The two officials declined to give their names due to the sensitive nature of the issue.
The Boeing 737-800, which was on a flight from Hong Kong to Muan, made an emergency belly land at the airport. It overshot the runway, then slammed against a concrete embankment, exploding into a fiery ball, killing 181 passengers.
In a January preliminary report, the government-led Aviation and Railway Accident Investigation Board stated that both engines of the plane had been damaged by bird strikes.
Investigators stated in a report from July that the pilots turned off the engine with less damage after?the bird struck. The report was not made public due to objections by families of victims.
Families of victims are frustrated
Some family members claimed that investigators seemed to blame the pilots, without investigating other factors such as the concrete structures beyond the end runway which likely made the accident far more deadly.
It feels like doubts keep growing. "It feels like frustration has only increased over the past year," said Ryu, Kum-Ji. She lost both her parents in the accident.
She stood with other members of her family who also shaved off their hair and protested in front of the presidential office. They demanded an independent and transparent investigation.
Ryu stated that mistakes by the Transport Ministry, which supervises the investigation board could have also been a factor.
This month, a transport ministry official assured bereaved families that they would look into their concerns.
The second vice-minister of the Transport Ministry said: "We take your concerns seriously that the government's effort was not enough in the process (of finding the truth)." The government will support the families who have lost loved ones and look into it more closely.
The South Korean parliament will launch an investigation into the crash on February 2.
REPORT DELAYED
According to the rules of the U.N. Aviation body, a report should be issued within one year after an accident. If that's not possible, then an interim statement detailing the progress of the investigation and any safety concerns raised, should be released on each anniversary.
The two officials said that the investigation board does not plan to publish a?update yet due to pending legislation intended to ensure its independence.
The lawmakers have proposed that the board be replaced and the oversight transferred from the Transport Ministry to the Prime Minister's Office.
One of the board members said, "We will respect the decision of the newly-formed committee regarding the timing for the publication of the interim report."
In a report published this week, South Korea's anti-corruption agency found that the concrete embankment of Muan Airport violated both local and international standards which require such structures to be "frangible", so that they can give way in the event of an impact. This meant that it could "cause deadly damage to aircraft and their occupants."
On the request of legislators and the families of the victims, the board delayed the public hearings originally scheduled for early December. The police are also investigating.
"All we ask is that the authorities admit their mistakes and apologize. Ryu stated that he wanted an apology and the disclosure of truth. (Reporting and editing by Ed Davies, Jamie Freed and Joyce Lee. Additional reporting by Hyunjoo Ryu and Jungminryu.
(source: Reuters)