Latest News
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Algeria cancels air service agreement with UAE
Algeria is in the process of cancelling the air'services agreement' it signed with the United Arab Emirates in Abu Dhabi, in May 2013. Algerian media outlets, however, have been harshly critical of the UAE over the past few months. They accuse them of trying to sow discord in the region. The?North African nation's state-owned radio reported that "Algeria initiated procedures to halt the air services contract with the United Arab Emirates signed in Abu Dhabi on the 13th of May 2013, and ratified through a...presidential order dated the 30th December 2014". According to Article 22 of this agreement, the Emiratis must be notified formally of the termination via diplomatic channels. "The Secretary-General of International Civil Aviation Organization will also be notified to take the necessary procedures in the organization." The UAE has not yet responded to the question. Abdelmadjid Tebboune, the Algerian president, said in October of last year that his country's relationship with all Gulf States was warm, except for one country. This was a thinly-veiled reference to UAE. He described the relations between Saudi Arabia, Kuwait and Qatar as "brotherly". He accused an unnamed nation of interfering in Algerian internal affairs and trying to destabilise the country. (Reporting and writing by Tarek Amara; Editing by Toby Chopra).
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Saudi Arabia announces major new Syria investments
Saudi Arabia announced a major package of investments in Syria on Saturday, covering energy, aviation and real estate, as the kingdom positioned itself as an important supporter of Syria's?new leadership. Saudi Investment Minister Khalid al-Falih announced on Saturday that Saudi Arabia has launched an investment fund for Syria, which will commit a total of?7.5 billion Saudi Riyals ($2 billion) over several phases to the development of two airports in Aleppo. Falih said that the Elaf Fund will finance large-scale Syrian projects with private sector investors from Saudi Arabia. Saudi flynas, a budget airline in Saudi Arabia, and the Syrian Civil Aviation Authority have signed an agreement for a new airline called "flynas Syria". Flynas and the Syrian side will each own 51% of the joint venture, while the other 49% will be owned by flynas. The company stated that operations are expected to start in the fourth quarter 2026. SAUDI ARABIA BACKS SYRIA'S NEW LEADERSHIP Saudi Arabia has been supporting President Ahmed al-Sharaa, who came to power late in 2024 after the ouster Bashar al-Assad, at the head a coalition islamist opposition factions, since his arrival. The sanctions were a major obstacle to the economic recovery of Syria after a 14 year civil war which caused extensive damage in many parts of the country, and resulted in millions of people being displaced. Riyadh announced last year $6.4 billion in investments. These were split into 47 deals, with over 100 Saudi companies involved in real estate, infrastructure and telecoms. Both sides signed a Memorandum of Understanding and a Joint Development?Agreement with Saudi Arabia’s ACWA Power, and the Saudi Water Transmission Company. This agreement outlines a roadmap to cooperation in the?water sector. Mohamed al-Bashir, the Energy Minister of Syria, said: "We are planning to build a seawater-desalination facility to deliver fresh water to the southern part of the country from the Syrian coastline." Over the last year, the interim government has been criticized for promising broad development based on memorandums of understanding with foreign investors. Many have not yet been converted into contracts.
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As China critic Jimmy Lai waits for Monday's sentencing
The city's judiciary announced on Friday that Jimmy Lai, a Hong Kong media tycoon who has been a democracy activist and a national security advocate, will be sentenced on Tuesday. This is part of an international trial which has attracted criticism from many countries including the U.S. Lai, 78 years old, founder of Apple Daily, now closed, which advocated democracy, was found guilty of two counts of conspiring to collude and work with foreign forces, under China's national security law. He also faced a charge for conspiracy to publish seditious materials. Lai has pleaded guilty to all charges, despite suffering from high blood pressure and heart palpitations after spending more than five years in solitary confinement. Hong Kong's judicial autonomy has been questioned internationally after the landmark case. This is despite a crackdown that lasted for years on freedoms and rights in this global financial hub following 2019 pro-democracy demonstrations, which Beijing viewed as a threat to its rule. Hong Kong,?a former British Colony, returned under Chinese rule in 1997, amid assurances that it would retain its own judicial and freedoms separate from mainland China. TRUMP HAS PLEDGED TO "SAVE" LAI In a statement, Aleksandra Biedakowska, Asia Manager with Reporters Without Borders (a group that advocates for press freedom), said: "The eyes of the world are on Hong Kong." She added, "The result will resonate beyond Jimmy Lai and send a decisive message about the future press freedom on the territory." Donald Trump, the U.S. president, raised Lai’s case in a meeting with Chinese President Xi Jinping last October. He has promised to "save", Lai who could face a life sentence. Some countries including the U.S., Britain and Canada have claimed that the trial was politically motivated and demanded Lai's release immediately. Beijing views Lai, however, as the mastermind?of 2019 protests, and a conspiracy advocate advocating U.S. Sanctions against Hong Kong and China. Lai was detained in 2020 but his trial did not begin until December 2023. It lasted 156 days. Chinese and Hong Kong authorities have defended national security laws for restoring stability in Hong Kong, and claim Lai is receiving a fair trial. Lai was found to be guilty of conspiring with six former executives, among others, to produce seditious materials between April 2019 and June 2021. He also admitted to colluding with foreign forces including the U.S. to impose sanctions and other hostile actions against China. Chief Justice Andrew Cheung of Hong Kong, the top judge in the city, said recently that any calls for Lai's release prematurely would undermine rule of law. He said that "such?demands" not only circumvent legal procedures to ensure accountability, but also attack the very core of the rule-of-law itself. Keir starmer, British Prime Minister, said he and Chinese President Xi Jinping had a "respectful conversation" about Lai during a recent visit to Beijing. He declined to give details.
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Hong Kong summons Panama envoy over CK Hutchison ports ruling
Hong Kong's chief of commerce summoned on Friday the Panamanian Consul in 'city to condemn a recent court decision that nullified CK Hutchison, based in Hong 'Kong's contract for the operation of two 'ports 'at the Panama Canal. China's Hong Kong & Macau Affairs Office had warned Panama that it would pay "heavy penalties" for its decision made earlier in the week. According to a Friday post from the bureau, Algernon Ying Wah, Hong Kong's Secretary of Commerce and Economic Development expressed "strong opposition and dissatisfaction" with the Panama Supreme Court decision during a meeting. Yau stated that the company had?made large investments and created employment in Panama over many years. He criticised Panama for "destroying" its national credibility, a move he said could have a far-reaching impact on the business environment of the country and its economic development. He called on the Panamanian government?to respect the spirit of contract and to provide a fair, just and equitable business environment for businesses operating legally locally. Yau stated that "Hong Kong firms operating in Panama and investing there should be treated fairly and protected." CK Hutchison's Panama Ports Company has launched international arbitration proceedings to challenge the ruling. On Thursday, Panamanian President Jose Raul Mulino called the court decision definitive and said he did not expect the situation would escalate. He said, "Panama will not be threatened by any nation on Earth."
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Cyclone closes ports in Australia's Pilbara region, which is rich in iron ore
The operator of the ports in Western Australia said that the port, which is the world's largest iron-ore hub, was closed Saturday due to a tropical cyclone developing off the coast from the?Pilbara region. In an online alert, Ports stated that Tropical Cyclone Mitchell, a Category 2 storm, caused the closure of Port Hedland as well as Ashburton and the ports of Cape Preston West, Dampier, and Varanus Island in the Pilbara. The operator stated that the cyclone will "most likely start?to turn gradually to the southwest, then south, from tonight, and move closer to the coast." This is referring to Pilbara, an area rich in resources twice as large as the United Kingdom. Mitchell intensified on Saturday and was predicted to become a Category 3 cyclone over night. It could bring wind gusts up to 170 km/h (105mph) in the Pilbara. Port Hedland is the world's largest exporter of iron ore. It is used by BHP Group, Fortescue, and Gina Rinehart’s Hancock Prospecting. Pilbara Ports announced on Friday that its ports had been cleared because of the emerging cyclone threat. (Reporting and editing by William Mallard in Sydney, Sam McKeith from Sydney)
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Bloomberg News reports that PJM is expecting a major power shortage amid the data center boom.
Bloomberg News, citing executives from PJM Interconnection who spoke at a meeting, reported that the U.S. grid operators warned of a 'potential shortfall in power supply of up to 60 gigawatts if demand for data centers continues to rise. They said that unless unprecedented action is taken to help support the construction of new power plants, a shortfall will occur. The tens and tens of Gigawatts that PJM is waiting to connect are largely data centers needed by Big Tech for its artificial intelligence expansion. The grid operator announced last month a framework for handling the massive energy-consuming projects just hours after the White House called for emergency action to prevent potential blackouts. PJM controls power across 13?states largely located in?the Mid-Atlantic. This includes the largest concentration of data -centers in the world in Virginia. Other states are also becoming burgeoning hubs to store server storage. Reporting by Varun Sahay, Bengaluru. Editing by Sahal Muhammad
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Sources say that Williams is considering buying gas-producing assets in order to increase AI energy supply for hyperscalers.
Williams Companies has been exploring the possibility of buying natural gas production in the United States. This is a rare move for an energy infrastructure provider, but it's a way to ensure natural gas supplies to support the one-stop shop offering that the company offers to data center and hyperscaler clients. Three people familiar with the matter said that Williams Companies, based in Oklahoma, has been positioning itself to be a leader when it comes to providing energy for companies developing artificial intelligence infrastructure. Williams is looking for upstream assets to allow it to position itself as an energy partner that can be pitched to hyperscalers. This would give it a competitive edge in courting digital operators of infrastructure that otherwise would need to negotiate with several parties. Sources cautioned that there is no guarantee the company will move forward with its plan and spoke under condition of anonymity in order to discuss confidential discussions. Williams stated that it "continuously evaluates" opportunities to align with and advance its natural gas-focused strategic approach, but declined further comment. Tuesday, the company will report its earnings for the fourth quarter and host its 2026 Analyst Day. AI POWER NEEDS The challenge of securing enough power to run data centers is one of the most important challenges facing hyperscalers, as well as other developers of AI-based infrastructure. Data centers, in addition to requiring huge amounts of electricity on a consistent basis, are also putting stress on the grid which is experiencing demand growth for a first time in 20 years. The power providers are struggling to meet the demand. Existing?generation is affected by extreme weather conditions, and new projects are stymied due to local opposition and long wait times for critical components. Williams' strategic planning has placed power generation at its core. Meta Platforms has agreed to buy the 440 Megawatts of electricity that the $2 billion Socrates Project in Ohio is expected to generate in the second half this year. Williams announced plans on October 1 for two additional power projects, Apollo and Aquila. These are backed by 10-year agreements to purchase power from an unnamed third party. Williams expects to spend around $3.1 billion for these two projects. Both are due online in the first half of 2027. In the coming years, Williams' earnings are expected to be boosted by adding power projects to existing infrastructure. This includes approximately 33,000 miles (mostly natural gas) of pipelines and storage assets. Williams' current goal is to increase earnings (EBITDA, before interest, taxes and depreciation) by 5%-7% per year. In a note published on February 4, analysts at UBS stated that they would be watching closely to see if Williams will raise this target to 7% or more compounded growth annually through 2030 during the analyst day next week. INTEGRATED ENERGIA A U.S. oil company owned a combination of production, storage and transportation assets. In the early part of the 21st Century, however, the industry shifted to a more specialized model. Most companies - with the exception of Exxon Mobil or Chevron – divested non-preferred assets. Williams spun off the majority of its upstream businesses into WPX Energy in 2012. WPX was independent until 2021 when it completed its $12 billion merger. Williams also owned other small production assets that were often linked to joint ventures, or part of the midstream footprint. These have been sold over time. For example, its stake in GEP Haynesville II's Haynesville Shale Basin joint venture was sold in October for $1.5 billion to Japan's JERA.
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On Friday, work will be suspended on the $16 billion New York City Tunnel project
Work on the $16 Billion New York City Hudson Tunnel Project is suspended at 5 pm. The Gateway Development Commission announced that the federal funding freeze imposed by President Donald Trump’s administration four months ago will remain in place until Friday at 2200 GMT. The project involves the repair of an existing rail tunnel as well as the construction of a new one beneath the Hudson River. This will expand a route which is a key part in rail travel between New York City and New Jersey. The Hudson Tunnel, built in 1910, and heavily damaged by hurricane Sandy in 2012, is the main transportation link in a metropolis that accounts for 10% of U.S. GDP and has over 200,000 daily travelers, and 425 trains. Transportation Department withheld reimbursements of $205 million for the project from October 1. Trump demanded that Washington Dulles Airport in Washington and New York Penn Station in New York be renamed after him in exchange of unfreezing billions in funding for the Project. This move was condemned by Democrats. Gateway said that the suspension would result in 1,000 construction workers being idle and that Trump’s decision put passengers at risk who were forced to rely upon "decaying century-old rail infrastructure." Gateway earlier stated that the work had been suspended. On Friday, a U.S. Judge will hear an urgent request from New York and New Jersey for the restoration of funding. Democrates condemn Trump for withholding funds Sources say that Trump asked Democratic Senator Chuck Schumer last month to support the renaming Washington Dulles Airport as well as Penn Station. However, the New York lawmaker informed the White House that he didn't have the authority to do so. The White House declined to respond to a comment request, and Schumer’s office also declined to make a comment. Cory Booker, a New Jersey senator, said at a press event near the tunnel project on Friday that Trump held it hostage "because he seems to want his name on everything." Since assuming office in January, President Trump has added his name to several prominent Washington buildings. He also created a program to grant visas to wealthy foreigners. Kirsten Gillibrand of New York, a Democrat Senator, called Trump’s suggestion absurd. "These naming right are not tradable in any negotiation, nor is the dignity and honor of New Yorkers. The president continues to place his own narcissism above the well-paying union jobs that this project will provide?and the incredible economic impact that the Gateway tunnel is expected to bring." Under former president Joe Biden, the project received federal funding of about $15 billion. The project aims to repair and build a new tunnel for Amtrak passenger trains and commuter lines from New Jersey to Manhattan. The project has cost nearly $2 billion so far.
Suspected saboteurs hit Italian rail network near Bologna, police say
Transport Ministry: Saboteurs damaged rail infrastructure near the northern Italian city Bologna Saturday morning, disrupting train travel on the first day of the Winter Olympic Games.
Three separate incidents were reported by the police at three different locations. These caused delays up to two and a half hours for regional, high-speed, and Intercity services.
The Ministry called it "serious" sabotage, adding that it was reminiscent of the opening day for the Summer Olympics in Paris 2024, when saboteurs attacked France's TGV high-speed train network, causing chaos.
The ministry headed by Matteo Salvini, the Deputy Prime Minister, said that "these?actions... of unprecedented seriousness" do not tarnish Italy’s image around the world.
Ferrovie dello Stato, the state-owned railway, temporarily closed its high-speed Bologna station, but said that traffic had slowly returned to normal by Saturday's afternoon.
The police said that a cabin containing a track switch was set ablaze before dawn in the Adriatic city Pesaro. A few hours later, in Bologna electrical cables that were used to detect train speed were severed. Meanwhile, a crude?explosive was found near a track.
A spokesperson said that no one has claimed responsibility for the incidents which appear to have been coordinated.
Bologna is the major east-west railway junction in Italy. It is also a key hub connecting the southern cities of Milan and Venice to the northern cities.
Milan and Cortina are co-hosts of the Winter Games. Cortina is accessible by train from Venice. (Reporting and editing by Aidan Lewis, Kevin Liffey and Crispian Balmer)
(source: Reuters)