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Rail strike hits Olympics-Milan in the run-up to Games' opening
The local train operating company halted all trains for a day on Monday, causing disruption to commuters and travellers arriving in Milan. The strike affected Trenord trains running between Milan's Malpensa Airport and the city centre as well as suburban lines from nearby cities like Bergamo or Brescia. Milan, Italy's financial capital, is preparing to welcome athletes, media representatives and delegates - just in time for the Milano Cortina Games opening on Friday. The regional branch of ORSA Ferrovie has called the strike in support of an ongoing dispute over "contract renewal" and worker safety. The local Olympic organizing committee provided a bus service for airport transportation. The strike had a minimal impact on the services provided during the busiest hours of the day. "Maybe they (the striking workers) will be heard this week." Victor Avallone is a Brazilian from Sao Paulo. He said, "I was lucky to get a train which wasn't in the strike." The Games are being co-hosted in Milan and Cortina d'Ampezzo a Dolomites town that does not have a direct rail connection. The events are spread out over several other venues located in the mountains of the north of the nation.
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Data shows that Russia's LNG imports increased by 7% in January.
Preliminary LSEG figures released on Monday showed that Russia's exports grew 7.3% year-on-year in January to 2.94?million metric tonnes from 2.74??million tons. The U.S. sanctions against Ukraine have slowed down Russia's LNG imports, particularly the Arctic LNG 2 plant. This project has been hindered by the inability to find buyers for the LNG it produces. The launch of the?plant's supplies boosted exports by a year. Three?LNG shipments from the plant were?recorded last month, and Russia's total LNG exports increased 7.7% from December according to LSEG. In January, Russian LNG exports to Europe rose by 15.5% on an annual basis to 1.64 million tons. Novatek's Yamal plant reduced total?exports by 3.5% on an annual basis to 1.64 millions tons in January, though this figure was higher than December exports. Data showed that Asia-oriented Sakhalin-2 controlled by Gazprom increased its exports in January by 4% on an annual basis to 1.0 millions tons. Reporting and Editing by Andrew Osborn, Louise Heavens
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Romania is preparing to monitor offshore gas projects in the Black Sea better
Romania will have advanced detection capability in the Black Sea by the year 2027, to protect an offshore gas project that is currently being developed. This will turn Romania into a gas exporter and also protect other infrastructure. The European Union (EU) and NATO state shares a land border of 650 km with Ukraine. Over the past two years, Russian drones have repeatedly violated its airspace. Mines are also floating in the Black Sea along key trade and energy route. Neptun Deep offshore gas project jointly owned by?OMV Petrom, and state-owned Romgaz, will reach first gas 2027. This makes Romania the EU's biggest gas producer. Radu Burnete is the economic advisor to Nicusor Dan of the centrist party and he told us that "it is certain that Romania will need to invest in advanced detection capabilities". This includes radars, drones and sensors. The idea is that we need to be more aware of what happens offshore. It is a top priority. It must be implemented (by '2027). A part of the capabilities?will be funded by the EU's SAFE rearmament program - Romania will have access to 16,6 billion euro from 2026 until 2030. According to the conditions of these funds, certain elements of what every member state purchases will be manufactured in that country. Burnete stated the government would ensure Romania can also export a part of its manufacturing. Burnete said that the SAFE expenditures would help revive the country's state defence industry, boost the economy and divert some production towards struggling automakers. It could also address some security concerns raised by Russia's conflict in Ukraine. He predicted that the economy would grow from 2027 onwards, supported in part by the defence budget, offshore gas, and government efforts to reduce the deficit. Burnete stated that the?Black Sea, the Danube River, and state investments in motorway infrastructure are all part of the country?s appeal to investors. Romania could become a logistic hub for Ukraine's reconstruction thanks to the Danube, and additional investment in the Black Sea Port of Constanta. Burnete stated that SAFE would finance many of the interconnections between Moldova and Ukraine. Reporting by Luiza Ili; Editing and proofreading by Ali Williams
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Sources: TIM SA is in negotiations to buy majority stake in Brazilian fiber unit.
Two people familiar with the matter have confirmed that TIM SA, a Brazilian telecoms company, is in negotiations to buy back a 51% stake it had previously held in a fibre network business. The deal could be worth up to $170 million. In 2021, TIM SA (which is majority owned Telecom Italia) sold its stake in I-Systems (then called FiberCo), to the independent communications infrastructure -company IHS Towers. Over the last decade, global telecom carriers have sold towers and fibre networks to raise money and to share the heavy investment required to expand communications infrastructure. IHS Towers has, however, struggled, along with?rival neutral fiber operators in Brazil, to achieve the scale of customers needed to support an independent model for I-Systems. According to the two individuals who declined to give their names because the talks were not public, the?stake? in the unit could be worth?around 900 million reais (171.05 million) Deal could be approved by TIM as early as February 10 Sources said that Telecom Italia, which owns a 67% share in TIM SA, instructed the company to proceed with negotiations last month and appointed Rothschild as a?advisor on the deal. The people claimed that TIM SA might approve a possible transaction as soon as February 10 when its board meets to discuss?full year results. They cautioned, however, that the negotiations could take longer. Spokespersons for TIM SA Telecom?Italia, Rothschild and TIM SA declined to comment. IHS Towers did not have any immediate comment. The purchase of IHS Towers stake in I-Systems would mirror a similar move made by TIM SA rival Vivo last year, who regained ownership of FiBrasil - the fibre joint venture they launched in 2020. According to its website, I-Systems is present in 41 Brazilian cities and has a network that includes 9.3 millions homes. I-Systems, under the current joint-venture agreement, builds and maintains new fibre infrastructures for TIM, and TIM acts as an anchor tenant, pursuant to a long-term Master Services Agreement. $1 = 5.2617 Reais (Reporting and editing by Elvira pollina)
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EU Industry chief: EU must push for "Made in Europe" strategy
In a late-Sunday newspaper article, EU Industry Chief Stephane Sejourne, who was co-signed by more than 1,100 CEOs, said that Europe must protect its own industries through a "Made in Europe" strategy. Sejourne wrote in an article published in newspapers all over Europe that "Without a pragmatic, ambitious and effective industrial policy, Europe's economy will be destined to become a playground for competitors." The French member of European Commission stated: "We need to?establish a true European preference once and for all in our most important strategic?sectors." The article was signed by CEOs from a wide range of industries including ArcelorMittal and ThyssenKrupp, as well as drugmakers Novo Nordisk, Sanofi and Continental, tyre manufacturers Michelin, Pirelli and Continental, the airline group Air France KLM and French utility Engie. The list did not include any car manufacturers. Sejourne's article comes as the Industrial Accelerator Act, proposed by the Commission later this month will likely include requirements for prioritising locally manufactured products. The proposal was a bid to boost European industry in response to 'cheaper imports coming from China', but it has divided EU countries. France is one of the countries that supports the "buy local" idea. However, other governments, such as Sweden and the Czech Republic, are concerned about the potential impact on investment, the price increase in government tenders and the EU's global competitiveness. Sejourne stated that the best answer for Europe "can be summarized in three words: Made?in Europe". The Chinese have "Made in China", the Americans have "Buy American", and many other economic powers have similar schemes which give preference to their strategic assets. Why not us? He said. The use of public funds in Europe must be a contribution to quality jobs and production in Europe. Bart Meijer reported, with additional reporting from Julia Payne, Foo Yunchee, and Lincoln Feast; and editing by Cynthia Osterman and Gareth Jones.
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Consequences of the Panama court decision to quash CK Hutchison's port concessions
The Panama Supreme Court annulled CK Hutchison’s contract last week to operate two Panama Canal Ports. This was part of a deal worth $23 billion to sell all the global port assets owned by the Hong Kong-based conglomerate. Court said that the contract of Panama?Ports Company, a subsidiary of CK Hutchison, violated Panama’s constitution because it gave the company exclusive tax benefits and privileges. What We Know: CK 'Hutchison is controlled by Hong Kong’s richest man Li Ka -shing. In March last year, a deal was announced that covered 43 ports in '23 countries', 'including two near the Panama Canal', with a group headed by BlackRock, and Italian Gianluigi Aponte’s family-run MSC shipping company. After Beijing condemned the deal, in July the conglomerate announced that it was in discussions to include a Chinese "major investor" as a strategic partner in the consortium. Sources say that the Chinese investor was COSCO. It wanted a majority stake while others preferred a minority shareholding. This became a sticking-point in the talks. COSCO has not responded to a comment request. CK Hutchison shares have fallen?more that 8% since the ruling of the court, but they are still at their highest level since June 2021. Investors believed that the sale would earn the company over $19 billion. It has risen by nearly 60%. TENSION BETWEEN CHINA AND UNITED STATES This deal opened a brand new front of contention between the United States, and China as they fight for control over?the most important trade routes in the world. CK Hutchison’s Balboa & Cristobal Ports are considered strategic assets for the Panama Canal. This is the main seaborne trade route to the United States. Balboa lies at the Pacific entrance of the canal, while Cristobal is located?at its Atlantic entrance. The canal is a vital link in the U.S. supply chain, as it accounts for more than 40% of container traffic valued at approximately $270 billion per year. Donald Trump at first welcomed CK Hutchison’s proposed sale - to Blackrock and MSC - saying he wished to retake the strategic waterway. CK Hutchison was deemed a security threat to canal operations by American legislators. John Moolenaar of the U.S. House Select Committee on China called it a win for America.' Beijing, in a sign of China’s discomfort, had stated that it would block the deal unless Chinese ownership is involved. The Chinese Foreign Ministry announced on Friday that it will take "all necessary steps" to protect the rights and interests Chinese companies. Hong Kong's Government said that it was strongly against?any foreign governments using "coercive means" to harm the business interests of the territory. What's at Stake and what Comes Next: Although the two ports only account for 5% of Hutchison Port Holdings earnings before interest tax, depreciation, and amortization (EBITA), they are strategically important. PPC stated that it reserves the right to initiate?national and internationally legal proceedings following the court ruling. Analysts said the port company can seek clarifications which could slow termination. Although it is not clear how the loss of Panama's ports will impact CK Hutchison’s global ports deal. Some analysts, such as JPMorgan and Citigroup said that parties would find it easier to reach an agreement if Panama was removed from the equation. A person with direct knowledge about the transaction who spoke under the condition of anonymity said that all parties were still in 'talks' on the sale of CK Hutchison ports. Ports in Rotterdam, the Netherlands, Barcelona, Spain, Mexico, and the Bahamas are also included in the sale of strategic assets. CK Hutchison’s China ports are important, but they are not included in the sale. Another source familiar with the situation said that one option being discussed is to break up the portfolio so the three bidders can have stakes in separate ports. CK Hutchison MSC and Blackrock have not responded to comment requests. According to sources, it may take two years or more to overcome all regulatory obstacles. This is because of the many challenges involved. For example, obtaining approval from anti-competition authorities in over 50 jurisdictions. Reporting by Clare Jim in Hong Kong and Kane Wu, Scott Murdoch at Sydney; Editing done by Anne Marie Roantree & Clarence Fernandez
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The Russian pipeline gas exports into Europe jumped 10% in January compared to the previous year
Calculations on Monday showed that the average daily supply of natural gas to Europe via the TurkStream pipeline by Russian energy giant Gazprom rose 10.3% year-on-year in 'January. After Ukraine decided not to renew a five-year deal for transit with Moscow, which expired in January 2025, the only remaining transit route is through Turkey. Calculations show that the total Russian gas supplied to Europe through TurkStream was 1.73 billion cubic meters (bcm) during January, compared with 1.57 bcm in the same period last year. According to calculations based on data from the European Gas Transmission Group Entsog, Russian?gas exported via TurkStream rose from 50.6 million cubic metres per day in 2025 to 55.8 mcm per day in January. This was the same as December when exports reached?56 million cubic metres per day. The company did not reply to a "request for comment" after it stopped publishing its monthly statistics at the 'beginning of 2023. Calculations show that Gazprom's exports of gas to Europe will drop by 44% in 2025 - to their lowest level since the mid-1970s, following the closure the Ukrainian route. Gazprom supplied only 18 bcm of gas last year. In 2018-2019, Russian gas exports through pipelines to Europe reached a peak of more than 175-180 bcm. (Reporting and editing by Bernadettebaum; Oksana KOBZEVA)
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China's Lunar New Year travel season begins ahead of a long holiday
China's Spring Festival travel rush, which is a 40-day period that's often referred to the largest annual 'human migration' in the world, began on Monday, ahead of a long Lunar New Year holiday. The Lunar New Year of this year, which ushers in the Year of the Horse according to the Chinese zodiac falls on February 17. It will also be accompanied by a nine-day extra-long public holiday in China that runs from February 15 through 23. The Chinese consumer is expected to spend more during the festival season, on travel and meals. Many Chinese consumers are frightened by the uncertain economic future of their country and prefer to save rather than spend. In a property market slump that has lasted for years, homeowners have seen their assets decline. The weaker growth since the pandemic also adds to job insecurity. A state planning official stated last week that China is expecting a record number of '9.5 billion passenger journeys to be made during this travel period. This will surpass the 9.02 billion journeys made last year. Why do I feel that buying tickets is more stressful this year than last? Liu, 32, said that the flight from Guangzhou to her home was already sold out. If you don't buy in advance, prices can fluctuate a lot and even double. Bookings for the Lunar New Year in 2026 have already exceeded those of last year. Flight Master data shows that as of mid-January bookings for domestic flights over the holiday exceeded 4,13 million. This is an increase of about 21 percent from last year. Thailand is the most popular destination. Southeast Asia accounts for almost?50%. According to Flight 'Master, following a geopolitical spat that occurred between China and Japan in late 2014, the number of routes to Japan has dropped by over 40%. According to Qunar, an online travel agency, domestically, "culturally rich intangible heritage cities" such as Huangshan, Jingdezhen, Quanzhou, Foshan, Guangdong, and Zigong, Sichuan are popular destinations.
FAA chief admits failings in fatal mid-air collision
Bryan Bedford, the head of the U.S. Federal Aviation Administration, said that his agency had accepted the findings of the U.S. National Transportation Safety Board. The board found that the FAA was responsible for a series systemic failures that led to the mid-air crash that killed 67 last year.
The collision of an American Airlines regional plane and an Army Black Hawk near Ronald Reagan Washington National Airport in January 2025 was the worst aviation accident to hit the United States in over two decades.
The NTSB concluded last week that the FAA allowed helicopters to fly close to airports without any safeguards separating them from planes. It also failed to review data or act on recommendations to move helicopter traffic?away?from airports.
"We do not disagree with any of the conclusions that NTSB reached from their investigations. Many of the NTSB's recommendations have been implemented. "We're going evaluate those that haven't," Bedford told journalists on the sidelines an aviation conference in Singapore.
Bedford also declined to confirm if the FAA will decertify Canadian planes, after President Donald Trump had threatened to do so last week if Canada refused to approve certain models of U.S. private aircraft maker Gulfstream.
"Our concern is if or not sufficient resources are applied to U.S. Products equal to those that we apply to certify foreign products. We just want to see a level playing ground," Bedford said.
Canadian officials stated last week that they are working to resolve the dispute following Trump's threats of decertifying?and slapping tariffs on Canada made aircraft?which sent shares in business jet maker Bombardier 6% down on Friday.
Officials from airlines said that if the U.S. decertified airplanes due to economic reasons, this would give other countries an extremely powerful weapon. It could also put the aviation system in danger.
Bedford said that the FAA is still evaluating a Boeing request to increase the production of its most popular 737 MAX aircraft, from 42 to 47 aircraft per month. (Reporting and editing by Jamie Freed; Reporting by Joe Brock)
(source: Reuters)