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EU: Croatia to assess legality of Russian oil imports
The European Commission announced on Wednesday that Croatia is evaluating whether it can import seaborne "Russian crude oil" to supply Hungary and Slovakia, after damage to the Druzhba pipe supplying these countries via Ukraine. The European Commission said that Croatia is assessing whether it can import seaborne?Russian crude oil to supply to Hungary?and Slovakia after the Druzhba pipeline supplying them via 'Ukraine 'was damaged. A spokesperson for the European Commission said that Croatia has informed them it is assessing whether it can accept Russian crude in its ports, under both EU and US sanctions. The Croatian Government did not respond immediately to a request for comment. Croatia has said that its Adria pipeline could import more oil but there is no reason for it to be Russian. Adria is an alternative supply route for Hungary and Slovakia. Janaf's operator said that on Wednesday, a cargo of non Russian crude oil was being loaded for Hungarian refiner MOL Group. Seven more were expected to arrive in April. In a post posted on X, Croatian Economy minister Ante Susnjar stated that "non-Russian crude oil is flowing normally through our system towards Hungary and Slovakia... this means that our allies and friends in Hungary?and Slovakia?have a reliable and secure route of supply." Janaf claims that Adria has enough capacity to cover the needs of oil refining in both countries. Janaf, MOL and others have disputed this. Failure to agree Last year, we reported on the results from capacity tests. The U.S. could impose sanctions on Russian crude oil that is shipped to Croatia. These sanctions are aimed at the top Russian oil exporters. EU sanctions prohibit imports of Russian crude oil carried by sea, but Slovakia and Hungary are exempt in the event that their pipeline supply is disrupted. POLITICAL DISPUTE Slovakia and Hungary accuse Ukraine of "stalling" repairs on the Druzhba Pipeline for political reasons. Hungary has retaliated by vetoing new EU sanctions against Russia and blocking a new EU loan to Kyiv. This strains Europe's pro Ukrainian consensus as we approach the fourth anniversary of the Ukraine War. Viktor Orban, Hungary's prime minister, faces the biggest challenge in 16 years to his power with a parliamentary vote on April 12. He has framed the election as an opportunity to choose between "War or Peace" Saying his opponents would drag Ukraine into war. Brussels is looking to ban all Russian oil imports by 2027. Plans to propose Just a few days after the elections in Hungary, mid-April saw legislation on this issue. In a letter dated February 20, the Ukrainian mission to the EU wrote to the European Commission that it was 'trying to repair the Druzhba pipe and offering to arrange alternative routes for oil transport to EU countries through its Odesa - Brody pipeline. The spokesperson for the European Commission said that they understand that Ukraine is willing to speed up the repairs, and the EU is considering the Odesa - Brody option. The spokesperson stated that "it might be more of a long-term solution than something which would be immediately a solution." (Reporting and writing by Charlotte Van Campenhout, Benoit VanOverstraeten, Ivana Skularac; additional reporting from Jason Hovet, Ivana Sekularac; editing by Jason Neely).
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Hungary accuses Ukraine of disrupting energy system in an effort to escalate a dispute over oil
Hungary's prime minister Viktor Orban on Wednesday accused Ukraine of planning to disrupt Hungary's?energy system and dispatched soldiers to safeguard infrastructure. This escalated a dispute that has undermined Europe’s pro-Ukraine majority. Hungary and Slovakia's leaders, who are the only ones in the EU to maintain relations with Moscow, have blamed Kyiv for a failure of the Druzhba pipeline, which supplies their refineries through Ukraine with Russian crude. Kyiv claims that a Russian drone attacked the pipeline in January, and they are fixing it as quickly as possible. Orban repeated in a video on Facebook that the Druzhba shut down was due to "political reasons, not technical ones". Orban stated: "I can see that Ukraine has prepared further actions in order to disrupt the Hungarian Energy System." "Therefore I have ordered the strengthening of protection for vital energy infrastructure." We will therefore deploy the soldiers and equipment needed to repel an attack?near energy facilities." Other measures include increased police patrols, and the ban of drone flights in certain areas. The Ukrainian Foreign Ministry didn't immediately respond to an inquiry for comment. SLOVAKIA?READY FOR MORE ACTIONS Hungary and Slovakia disagree with European Union members over the?military assistance for Ukraine which, they claim,?extends fighting. Both countries have fought with Ukraine about the transit of Russian fuel supplies, and they are opposing EU efforts to eliminate fossil fuel imports by the end 2027. Robert Fico, the Slovakian Prime Minister, said that based on available information it was possible for the Druzhba Pipeline to be operational. He blamed Ukraine President Volodymyr Zelenskiy's delays. The latest information from Kyiv is that the pipeline will not be operational until March 3, Fico said. Fico stated that "the Ukrainian president is probably mistaken in believing?that he could do whatever he wanted, but he's very, very wrong." Slovakia has stopped providing emergency electricity to Ukraine and said that it is ready to reciprocate. Kyiv is dependent on emergency electricity supplied by EU countries due to Russian attacks on the grid. Hungary maintained its veto over new EU sanctions against Russia, and also a massive loan to Ukraine. Orban's skepticism about support for Kyiv is a major theme in his campaign during the tight-fought election on April 12. He argues that his opponents will drag Hungary into conflict. UKRAINE SAYS: REPAIRS? NOT SO FAST Hungary and Slovakia had to release emergency reserve to supply their refineries due to the Druzhba Outage. MOL, the energy company of Hungary, operates refineries in Hungary and Slovakia. Adriatic pipeline from Croatia The company has ordered a number of tankers Saudi, Norwegian and Kazakh oil could be delivered in the coming weeks. A spokesperson for the EU said on Wednesday Ukraine is ready to accelerate repairs on Druzhba. But Zelenskiy, in Comments to reporters on Wednesday The work was not completed in such a short time. Reporting by Anita Komuves in Kyiv and Jason Hovet, Prague. Editing by Alexandra Hudson, Peter Graff
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Minister: Ukraine will cover 4,000 km roads with anti-drone Nets by the end of the year
Mykhailo Federorov, Ukraine's Minister of Defence, said that the country will speed up the installation of a?anti-drone?net over the roads in the frontline areas, with a goal of covering 4,000 km of roads?by the end of the year. The Russians have been using the remotely controlled aircraft to target military supply routes, and bases in Ukraine. The drones also targeted hospitals, infrastructure, and civilian traffic. Fedorov stated that a growing number of nets have been installed in the last year. However, more are needed. He added that an extra 1.6 billion hryvnias (37 million dollars) has been 'allocated to the budget for bolstering protection measures and countering Russian drones. Nets can snag propellers, preventing drones from reaching their target - high-value items, soldiers or civilians. In just one month we went from 5 km per day to 12?km per day. Fedorov, on Telegram's app, said that this significantly improved the safety and stability of military movements. In March, we plan to shut down 20 km of road per day. By the end of this year, we will install 4,000 more km of anti-drone road protection. Fedorov stated that Ukraine would 'expand the construction of fortifications in the northeastern regions' of Kharkiv, Sumy, and the northern Chernihiv region, which borders Russia.
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Sri Lanka arrests ex-intelligence chief over 2019 Easter bombings
Sri Lanka's Criminal Investigation Department has arrested the former chief of intelligence in the country for allegedly being involved with Easter bombings that claimed 279 lives. Police spokesman said retired Major-General Suresh Sallay was taken into custody in Colombo for questioning under Sri Lanka's Prevention of Terrorism Act, but did not specify the reason for his arrest. "We're awaiting CID instructions on?specific accusations. The spokesman confirmed that he had been arrested for the Easter attacks and would be brought before a court. Sallay - who was 'appointed to head Sri Lanka State Intelligence Service by then President Gotabaya Rajapaksa in late 2019 - could not be contacted for comment while in custody and has not yet appoint a lawyer. Sallay was a senior officer in the armed services at the time of the attacks. He denied wrongdoing in the past when, in several media reports including Channel 4's 2023 report, it was alleged that Rajapaksa?had connections to the bombers? and allowed the attacks to continue with the intent of influencing the 2019 presidential election to Rajapaksa's benefit. Anura Kumara dissanayake has promised to prosecute those who commit crimes. Three churches and three hotels were targeted in the string of attacks that took place on Easter Sunday, April 21, 2019. The worst attacks in Sri Lankan history also injured 500 people, mostly from the island's Christian minority. The court in Sri Lanka is also hearing several other people accused of having links to the attacks. (Reporting and editing by YP. Rajesh, Andrei Khalip.
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Telecom Italia considers premium pricing for high performance connectivity at large events
Telecom Italia's boss announced on Wednesday that the company is looking into the possibility of introducing premium-priced mobile services?on demand? for customers who want to be guaranteed fast and reliable connectivity during large gatherings, such as sports events. Some operators offer 100 gigabytes of data per month for less than 10 euros ($11.78). Price wars have eroded margins in the telecoms industry, forcing carriers to look at new revenue models. Pietro Labriola, CEO of the company, said in a call with analysts after results that volume cannot be relied on to?drive growth? in a country like Italy. He argued that operators must find alternative ways to monetize their network investments. 'MISSION-CRITICAL' TIM's fifth-generation mobile service was available at multiple venues, including the opening of the Winter Olympics in Milano Cortina. Labriola stated that more than 60,000 people, including all of the athletes who were parading at the Olympics' opening ceremony, could share photos and videos in real-time thanks to the reinforced infrastructure specifically deployed for the event. Labriola stated that, "for the time being, this service is free. However, if customers choose to use it, we will charge a premium." "If you visit a stadium, you will pay more for coffee and food. Why shouldn't the same thing happen with ultra-fast internet connectivity that is so important to our personal lives?" The TIM CEO hasn't disclosed any pricing or timelines for introducing premium connectivity tiers. CONSOLIDATION IS KEY FOR EFFICIENCY: CEO Labriola reaffirmed that he believes consolidation is the key to an efficient pricing environment in the Italian and European Telecoms Sector, especially in the "consumer retail" market. He said: "If there's no consolidation in Italy we need to be transparent - the consumer segment of our company will have a tougher time." Reports indicate that rival telecoms Iliad and Wind Tre are negotiating a possible merger in Italy. This would reduce the number mobile network operators in Italy from four to just three.
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According to an adviser, institutional investors are driving demand for the Kenya State Oil Pipeline's IPO.
The lead adviser for the transaction, who has been advising on this deal since last week, said that institutional investors have shown a strong appetite to invest in Kenya's oil pipeline company. This is contrary to reports of investor apathy. The sale, which ran from 19 January to 24 February, saw the government offer a 65% share in Kenya Pipeline Company in order to raise 106.31 billion shillings (825.31 million dollars) in the largest ever IPO for East Africa in local currency. The IPO returns are being reconciled by the deal team and results will be released on March 4. Belgrad Kenne, Nairobi's lead transaction advisor at Faida Investment Bank, declined to disclose the level of oversubscription or the names of institutional investors. He said that only these institutions had contributed and the offering had also gathered a "sizeable amount" of retail investor participation. The IPO was priced at 9.00 shillings a share. Some banks have lowered their valuations, while others have extended the offer period. Local media has also reported that investors are apathetic. These reports have raised concerns that the stock may become 'illiquid' once it is listed at the Nairobi bourse. Institutional investors, such as pension funds and banks, tend to hold their stocks for longer than individual investors. The remaining stakes will be distributed to East African, foreign, retail and local investors. Each category will receive 20%. The government will retain a 35 percent stake and receive the entire proceeds of the IPO. UGANDA SECURES STAKE IN PIPELINE Uganda's government, a neighbouring country that is landlocked and relies on Kenyan pipeline shipments to move petroleum products from Mombasa port, said it had secured a IPO shareholding of?20,15 percent in the IPO. Ruth Nankabirwa, Uganda's Energy minister, said at a press briefing Tuesday that "over 95% of Uganda’s monthly demand is imported through Kenya." This was to justify the investment in Kenya Pipeline which receives 35% of revenue from Uganda. Kenya Pipeline's sale is part of William Ruto’s divestment from state-owned companies. The government will also reduce its stake in the telecoms company Safaricom. The pipeline IPO will likely surpass the 2008 Safaricom offering which raised just under 50 billion shillings. Safaricom's IPO in dollar terms will still be the largest in the region due to the depreciation of the Kenyan shilling.
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First production contract awarded to Aerospace Supplier Startup
Salient Motion, an aerospace startup, announced on Wednesday that it had signed its first production contract. The company will supply Italian seat maker Aviointeriors systems to move business-class seats from a seated position into a laying-flat position. The Torrance-based California company was founded by former employees of the defense contractor Anduril. It aims to reduce the time required to design, certify, and deliver complex components by reusing hardware and software building blocks. In an interview, Chief Executive Vishaal mali said that the contract was modest and covered?actuator system for a few hundreds seats. These will be installed on narrowbody Airbus or Boeing jets by two airlines from late 2026 to early 2027. He said that the contract is a first step towards the company's goal to become a major supplier for the next new aircraft by?Airbus and Boeing. Salient Motion has identified seat actuators, Mali explained, as an entry into the supply chain. The systems are complex and dominated by only a few suppliers. They also become more important as airlines increasingly rely on premium seating, which brings in higher revenues. According to a study conducted by Tronos Aviation Consultancy and AeroDynamic Advisor, airlines will need to fill more than 8 million seats in the next 10 years. This is a $52 billion business. Salient Motion raised $16 million in funding from investors such as Cantos Ventures, Andreessen Horowitz and others. Last year, it also began collaborating with Boeing Ventures - the investment arm of the aerospace giant. Salient Motion, accused of stealing trade secrets, was sued in 2023 by Anduril. In 2024, the?two companies reached an agreement?. Salient Motion is also developing components for military drones, Mali stated. Reporting by Dan Catchpole, Seattle. Mark Potter (Editing)
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Exports of cocoa beans from Ivory Coast are down by 2.8% on February 20
ABIDJAN 25 - Ivory Coast exports of 'raw cocoa beans' fell to 1.011 million metric tonnes by a source with the Coffee and Cocoa Council. Sources said that the figure was slightly lower than exports for the same period in the previous year, which were?1.040 millions metric tons. Officials said that while cocoa shipments to ports on the Ivory Coast, a top cocoa producer, have been slowing down in recent weeks because of falling prices, exports are still fairly stable. The Ivory Coast and neighboring?Ghana produce together about 50% of the cocoa in the world. However, the unsold stocks from the main cocoa crop have been accumulating both at ports and inland over the last few months. One of the government officials said, "We have?had only bad news.?But one hopes that all this will soon?be behind us." As stocks accumulated in ports, cocoa prices fell by 50% worldwide this year. They hit a 'near three-year low' earlier this week. (Reporting and writing by Ange Aboua; editing by Louise Heavens).
Wall Street Journal, February 25,
These are the most popular?stories from the Wall Street Journal. These?stories have not been?verified' and we cannot?guarantee? their?accuracy.
The judge said he would examine the contents of the devices that were seized by federal prosecutors as part of an alleged?investigation?.
Warner Bros Discovery opened its doors to Paramount Skydance on Tuesday after the rival bidder increased his offer to $31 per share.
- Defense Secretary Pete ?Hegseth gave Anthropic ?Chief Executive Dario Amodei until Friday to comply with the Pentagon's demands on using its artificial-intelligence models or face cancellation of the company's contract.
Meta Platforms has agreed to buy 6 gigawatts (of AI computing power) from Advanced Micro Devices in a deal valued at over $100 billion.
Lucid Group?will lay off 12% of their U.S. employees as they restructure plans to concentrate on 'new models, robotaxis expansion and other technologies.
Spirit Airlines has reached an agreement with a group creditors to emerge as a smaller firm by early summer. (Compiled by Bengaluru Newsroom)
(source: Reuters)