Latest News
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Houthi ceasefire allows oil tanker that was attacked last year to cross the Red Sea
The Suez Canal reported on Monday that the Liberian flagged crude oil tanker Chrysalis sailed this week through the Red Sea after being attacked by Yemen Houthis in 2017. This was one of the first trips since the militia announced it would stop attacking ships unrelated to Israel. Since the Gaza ceasefire, shipping companies have anxiously awaited confirmation that they can safely navigate the Red Sea. Many have suspended Red Sea trips and rerouted their vessels around southern Africa in order to avoid possible Houthi attacks. After the ceasefire in Gaza, on January 20, Iran-aligned Houthis said they would only attack ships linked to Israel. Prior to this, they targeted vessels linked with the UK and U.S. The Suez Canal Authority in Egypt announced on Monday that the Chrysalis had returned to the canal for the first time since its attack last July, when it was attacked by pirates in the Red Sea. Osama Rabi, Chairman of the Suez Canal Authority, said that the return of the oil tanker transiting through the Suez Canal was a message of reassurance about the positive developments in the region of the Red Sea towards the return to stability. LSEG's ship tracking data revealed that the vessel sailed northwards via the Suez Canal and through the Bab al-Mandeb strait. In December, Egyptian President Abdel Fatah al-Sisi stated that the disruption of the canal would cost Egypt $7 billion in revenue by 2024. (Reporting and editing by Jaidaa Taka and Jonathon Sul; Sandra Maler, Editor)
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Rubio praises Panama's decision to withdraw from Chinese infrastructure plan
Marco Rubio, U.S. Secretary for State, welcomed the decision of Panama to allow its participation in China’s global infrastructure plan to expire on Monday. He called the move a "great step forward" for the United States-Panama relationship. Washington has argued Beijing uses this scheme as "debt-trap diplomacy" in order to consolidate its global influence. Rubio made his first trip abroad as the top U.S. diplomacy under President Donald Trump. He visited Panama, an important U.S. ally in Latin America. Rubio also pressed the country to change its relationship with China. Jose Raul Mulino, the Panamanian president, said that after meeting with Rubio he had reached a broad consensus on how his country would contribute to China's initiative. The contract will not be renewed He said the deal would expire in two to three years, but did not elaborate. He stated that the contract would expire within two to three year, but didn't elaborate. Rubio wrote on X, after leaving the country, "Yesterday’s announcement by President José Raul Mulino that Panama would allow its participation in CCP's Belt and Road Initiative (BRI) to expire, is a huge step forward for U.S.Panama Relations, a free Panama Canal and another example @POTUS Leadership to protect our National Security and deliver prosperity to the American People." Panama became the first Latin American nation to endorse BRI officially in November 2017, just five months after Switch diplomatic relations to China Beijing claims Taiwan as its territory, a democratically-governed island. China rejects Western criticisms of the plan. It says that well over a hundred countries have signed up, and it will boost global development through new ports, railways, bridges, and other projects. It has not been without controversy. Some partner nations have complained about the high costs of projects, and others have struggled to repay their loans. Italy withdrew in 2023, under pressure from the United States over concerns regarding Beijing's economic power. Some Chinese companies have been affected by these concerns for a long time. Operation near the Panama Canal The waterway was built by the United States at the beginning of the 20th century, and then handed over to Panama as early as 1999. Two Chinese state-owned companies are building a separate fourth bridge above one of the canal entrances. The U.S. State Department reported on Sunday that Rubio had delivered a message to Trump that China’s presence in Panama was a danger to the canal, and a violation of U.S.-Panama Treaty. Mulino, after talks with Rubio and a review of the audit results, indicated a willingness, pending an audit, to review a 25-year concession granted to Hong Kong-based CK Hutchison Holdings in 2021 to operate ports at the two entrances to the canal. U.S. legislators and the U.S. government have targeted this contract as an example for China's expansion into Panama. They claim that it violates a neutrality agreement signed by both nations in 1977. Ryan Berg, Director of the Americas Program, Washington's Center for Strategic and International Studies said that the audit may reveal that the concessions were tainted by corruption. Berg stated that "that provides more legal frame work for Panama to be able to wiggle their way out of concessions, and for Panama reopening them so an American or European company could come in and bid." Michael Martina and Simon Lewis reported by Marianna Pararaga, Jasper Ward, Susan Heavey, Deepa Babington edited the article.
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Rystad expects the pace of upstream M&A to decline significantly by 2025.
Rystad Energy reported on Monday that global upstream mergers and acquisitions (M&A) are expected to decrease significantly by 2025 after two years of consolidation within the U.S. Why it's important According to the report, M&A deals in Europe will decrease by 10% annually between 2024 and 2025. Rystad states: "Despite the $8 billion in upstream opportunities available in the region, future M&A activities in Europe remain uncertain due to the fiscal policy in the UK." The report stated that North America remains the leader in M&A and will continue playing a major role in maintaining market health. CONTEXT The wave of consolidation in the U.S. Energy sector, which generated $250 billion in deals in 2023 has lasted into 2024, but there has been a slowdown in this since the end last year. By the Numbers The report stated that "North America continues to lead global M&A activities, driven by almost $80 billion of upstream opportunities in the market." The Middle East has become a major center of M&A activity. Rystad reported that the region's M&A activity was boosted by plans to expand liquefied gas. Deal value reached nearly $9.65billion in 2024. Reporting by Tanay in Bengaluru, editing by Alan Barona
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Greek Ombudsman suggests discipline charges over 2023 fatal migrant shipwreck
Eight coastguard officers have been recommended for disciplinary action by the Greek Ombudsman due to alleged negligence in one of Greece's deadliest shipwrecks of migrants in 2023, in which hundreds of people died. This is the first investigation to be concluded on the circumstances of the shipwreck that occurred off the coast of Pylos, a town in the southwest of Greece on June 14, 2023. The vessel sank with 750 people aboard right under the nose of the Greek Coastguard authorities. The trawler named Ariana had left Libya and headed for Italy. It was being monitored by the Greek Coastguard for almost 12 hours, before it capsized and sank in international waters. Only 104 survivors are known. In a report published Monday, Ombudsman Andreas Pottakis stated that there were "clear indicators" that eight senior Coastguard officers would have to answer for their dereliction of duty in search and rescue, which put the lives of those on board Ariana at risk. The Greek Coastguard did not respond immediately to a comment request. The Coastguard has denied wrongdoing in the handling of a case that raised concerns about the European Union’s migration tactics. The Greek Coastguard refused to conduct an internal investigation after the Ombudsman's request. Around 10 officers, including the commandant, were called as suspects to testify. The Ombudsman’s Office said Pottakis’ findings were forwarded to Greece’s Shipping Minister, for further action. Pottakis’s office issued a statement that stated: "Transparency of administrative actions and the attributions of responsibilities, where applicable, is an elementary legal requirement, inextricably tied to the respect of the rule of law. As is the thorough investigation any other incident relating to violations of the rights to life, to health, and to physical integrity." Lawyers representing survivors and victims of the attack said last month that a local naval court which had opened a criminal case last year has completed a preliminary investigation. The case will now be referred to a chief prosecution after lawyers reviewed the legal documents. The court said that a preliminary investigation had failed to shed any light on the incident, and further evidence would have to be reviewed. (Reporting and writing by Michele Kambas, Angus MacSwan and Yannis Souiotis)
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Algeria tenders for 240,000 T corn plus barley, soymeal
European traders reported on Monday that the Algerian state agency ONAB had issued three international bids for up to 240,00 metric tons animal feed corn, 35, 000 tons feed barley, and 35,000 tonnes soymeal. They said that the deadline for submitting price offers to tenders is on Tuesday. Only Brazil or Argentina can supply up to six consignments of corn each ranging from 30,000 to 40 000 tons. Both barley and soybean meal are sought as a consignment of between 25,000 and 35,000 tons, sourced from optional sources that have not been specified. All must be shipped by March 15th. ONAB has issued multiple tenders in the last few weeks for different volumes of barley, corn and soymeal. Its last reported purchase On Jan. 24, it was estimated that the agency had purchased between 25,000 and 35,000 tons of soymeal. Reporting by Gus Trompiz from Paris and Michael Hogan from Hamburg; editing by Mark Porter
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Arrivals of cocoa from Ivory Coast are on the rise, but the quality is disappointing
The arrival of cocoa at Ivory Coast ports increased during the week ending February 2 in comparison to the previous season. However, exporters claimed on Monday that the beans were not in good condition due to inadequate storage. West African nation has increased its efforts to prevent bean smuggling into neighbouring Guinea, and Liberia, where traffickers are paying higher prices than the local farm gate price for cocoa. Exporter in Abidjan, the capital of the West African nation, said that the tightening border security makes it harder for cocoa to escape. He added that this provides an incentive to ship more beans to the ports. Between Jan. 27-Feb. 2, approximately 20,000 tons of bean were delivered to Abidjan's port, and 27,000 to San Pedro. This totaled 47,000 tons compared to 43,000 tons during the same period of the previous year. Exporters estimated that cumulative total bean arrivals reached 1,290 million metric tonnes by February 2 from the start of the harvest season on October 1. This is up 22.7% compared to the same period last year. A San Pedro exporter told us that the previous deliveries were less than what was received this past week because of smuggling. He also complained about the poor quality beans, saying that humidity in the warehouses caused the beans to become mouldy. The exporter from Abidjan stated, "We only buy cocoa when it's in short supply. Otherwise, those beans aren't the ones to buy." (Reporting and writing by Ange Aboua; editing by Jan Harvey).
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MMC Port hires Banks for Malaysian IPO worth over $1.34 billion
By Yantoultra Ngui Two sources familiar with the matter confirmed that MMC Port Holdings had hired CIMB to assist in a Malaysian initial public offering. The IPO could raise up to 6 billion ringgit (1,34 billion dollars). Two other sources confirmed that RHB and UBS were also asked to assist in the preparation of the IPO. The IPO would be the largest in Malaysia in over a decade. It was anticipated to happen either in the second quarter of this year or in 2026. The sources estimated that MMC Port would be valued at over 25 billion ringgit. The first source stated that more banks will be added, as well. The four sources refused to give their names as it was a private matter. MMC has not responded to any emails seeking comment. CIMB stated that it does not "disclose names or clients". Maybank and RHB both said that they could not comment. UBS stated that it would not comment. If it occurs, the IPO could be Malaysia's largest since IHH Healthcare Bhd, a private hospital operator, listed for $2.1 billion in 2012. This adds to a growing list of IPOs that are planned in Malaysia. Last year, Malaysia was the largest IPO market in Southeast Asia. According to LSEG, the total value of Malaysian IPOs has more than doubled from $724.3 millions in 2024 to $1.64 Billion. According to its website, MMC Ports, Malaysia's biggest port operator, is a fully owned subsidiary of MMC Corp., an infrastructure and utilities group controlled by Malaysian businessman Syed Mokhtar Al-Bukhary. A statement from Dec. 3, last year, showed that it operates five ports on the peninsula of Malaysia. The Straits of Malacca is one of the busiest shipping routes in the world. The statement also said that MMC Ports operates a solid-product jetty in Johor and ship-to-ship transfers in Port of Yan, Kedah. It also has cruise terminals at Penang, Port Klang, and Langkawi.
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Santorini quakes continue to cause schools to close and more flights to be cancelled.
Santorini, a popular Greek holiday destination, was shook by dozens of earthquakes for the fourth consecutive day on Monday. Schools were closed and more flights were planned to help tourists leave. Since Friday, tremors between the volcanic island of Santorini, and Amorgos were recorded in the Aegean sea, forcing the authorities to close all schools on Santorini, and nearby islands Ios, Amorgos, and Anafi. Santorini was shaken by quakes of varying magnitudes, including some above 4. People were warned to avoid indoor areas and small ports. As a precaution, disaster response units were deployed to the ground. Experts say that the seismic activity will continue on the island for several weeks. Some of the most populous areas are situated on steep cliffs. Greek television reported that Efthymios Lekkas is a professor in tectonics and disaster management and part of the team of experts who are assessing the situation. Local officials stated that residents who live permanently on the island are not worried because they have become accustomed to earthquakes. However, some people working there were leaving. Aegean Airlines announced that it will operate three additional flights between Santorini and Athens on Monday and Tuesday in order to ease the travel for residents and tourists. This was done at the request of Greece's Civil Protection Ministry. Greece is a country that sits on many fault lines, and it is frequently shaken by earthquakes. Santorini's current form was formed by one of the largest eruptions in human history that took place around 1600 BC. The last eruption occurred in 1950. Experts say that a mild volcanic activity, also observed near Santorini recently, was not related to the earthquakes. (Reporting and editing by Angus MacSwan; Additional reporting by KarolinaTagaris, Antonis Pothitos, and Karolina Tagaris)
New York Times Business News - February 3
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports.
The Trump Administration has terminated the Temporary Protection Status of more than 300,000. This leaves the Venezuelan population in danger of deportation.
OpenAI unveiled Deep Research, a new AI-based tool that gathers information from the web and synthesizes it into concise reports.
The director and deputy director of the U.S. Agency for International Development were placed on administrative leave Saturday night, after refusing access to Elon Musk's representatives to their internal systems.
Marco Rubio, the U.S. secretary of state, told Panama's president Jose Raul Mulino he felt that the "influence and control" by China over the Panama Canal was a danger to the waterway and demanded immediate changes. (Compiled and published by Bengaluru Newsroom)
(source: Reuters)