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Unite Group offers $965 million to buy UK's Empiric student property
Empiric Student Property announced on Thursday that it had received a buyout offer worth 710.6 millions pounds ($964.8million) from Unite Group. Shares of the British Real Estate Investment Trust rose by more than 6%. Unite Group is a developer of student accommodation and has offered 30 pence cash per Empiric Share, along with 0.09 Unite shares, should the deal be agreed. As of 1118 GMT the Empiric share price was up 6.5% to 103.6 pence, having reached a near-eight-year high. This potential deal could be added to the growing list of transactions in the UK REIT sector. Warehouse REIT has agreed to sell to Blackstone, for 470 millions pounds. LondonMetric, a British property company, had announced in May that it would purchase Urban Logistics for 698.9 millions pounds in cash and stock. Unite Group has until the 3rd of July to submit a firm bid for Empiric, or withdraw, according to UK takeover regulations.
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A court has barred a Russian tycoon in prison from appealing the Transneft Case
The English Court of Appeal denied Russian tycoon Ziyavudin Magomedov, who is currently in jail, permission to appeal a ruling that dismissed his $14 billion lawsuit filed against Russian oil pipeline monopoly Transneft as well as other companies. Magomedov filed a lawsuit against the company, as well as several other defendants at London's High Court. He claimed that his arrest in 2018 on embezzlement allegations triggered a Russian government-supported scheme designed to strip him of valuable port operators. Transneft and the U.S. private equity company TPG, among other companies, were successful in their bids to block Magomedov’s London lawsuit. Transneft announced late Wednesday that Magomedov was denied permission to appeal Magomedov's ruling by the English Court of Appeal. It is evident from the English proceedings that Mr Magomedov suffered massive losses as a result wrongdoings against him. Magomedov will continue to pursue justice and fairness wherever he is able, according to a Magomedov spokesperson. Magomedov, who founded the Summa Group with his brother Magomed, once controlled a vast empire that included everything from oil and gas to port logistics. The brothers were arrested in one of the highest-profile prosecutions in recent years on charges of embezzlement, organised crime and fraud. Magomedov received a sentence of 19 years imprisonment in 2022. He claims that the charges against him were unfounded, and he unsuccessfully appealed his conviction. Mark Potter edited the report by Vladimir Soldatkin.
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China's Didi Q1 revenues rise 8.5% as the recovery gains pace
Didi Global, a Chinese ride-hailing service, reported on Thursday that its revenue grew 8.5% in the first quarter 2025. This was to $53.3 billion yuan or $7.42 billion. After adopting new accounting principles, the Beijing-based firm reported a net income of 2,4 billion yuan during the third quarter. This compares to a loss of 1,4 billion yuan in the same period last year. Didi attracted the attention of China’s cyberspace regulator 2021 for its pursuit of an initial public offering in the U.S. without approval. This led to an investigation that prevented it from adding new users and saw its apps removed from store. In July 2022, the regulator fined Didi a total of $1.2 billion for a violation in data security. The company was then granted permission to relaunch their apps at the beginning of 2023. The company was removed from the U.S. list in 2022. The travel demand in China is showing signs of recovery, despite the slow economic growth. Didi's platforms in China completed 3.3 billion transactions, an increase of 10.3% on a year-on-year basis. $1 = 7.1805 Chinese Yuan Renminbi (Reporting and Editing by Mark Potter, Frances Kerry and Liam Mo)
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US officials report spillage of 2,000 gallons diesel on the Baltimore waterfront
Officials said that a 2,000-gallon spill of diesel, which originated in a Baltimore hospital, Maryland on Wednesday, contaminated a waterfront area in a popular tourist destination in the city. However, there was no effect on the drinking water. In a press release, Maryland Governor Wes Moore's office said that the spill was caused by a Johns Hopkins Hospital near the marina. The initial estimate of 100 gallons was made. The statement said that the spill was contained to the Harbor East Marina, an area of approximately 100 by 250 yards. Moore's Office said the dye in diesel fuel had caused the water to turn red. The U.S. Coast Guard is working with an outside contractor on the cleanup. Moore wrote in a Wednesday morning post on X that he and his team were currently onsite, at Fells Point. The oil spill had yet to be identified. Fells Point, a historic waterfront neighborhood of the city, is currently undergoing an oil spill investigation. According to a statement by the governor, Johns Hopkins Hospital responded. A request for comment made outside of regular business hours was not immediately responded to by the hospital. Reporting by Rajveer Pardesi in Bengaluru and Shubham Kaalia. Mark Potter edited the article.
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Ryanair emergency landing in Germany: Nine injured
Nine passengers were injured when a Ryanair flight bound for Milan was forced to land in southern Germany due to heavy turbulence caused by a thunderstorm late on Wednesday. Bavaria Police said that the pilot initiated the emergency landing after the bad weather forced him to do so. Police said that among the injured were: a woman with a head wound, her toddler of two years who received bruises, and a woman aged 59 who complained of back pain. The three victims were all treated in hospitals, with other injuries being treated on the spot. In a Thursday statement, Ryanair confirmed that the captain of the flight had requested medical help before landing. The airline said that it had arranged a replacement flight to take passengers to Milan, and apologized to those who were affected. In a statement issued on Wednesday, the police said that the airline had organised a bus shuttle because local aviation authorities hadn't cleared flights to other destinations. (Reporting and editing by Kim Coghill, Louise Heavens and Ludwig Burger)
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Wizz Air misses expectations with annual profit falling by over 61%
Wizz Air, the budget carrier, reported a profit for its annual operations that was below analysts' expectations on Thursday. This was due to capacity constraints caused by grounded planes as well as stubbornly high operating costs. Wizz Air's operating profit for the year was 167.5 million euro ($191.05 millions), down 61.7% compared to the previous year and below the 246 million euro forecast by LSEG analysts. European airlines are warning of the long-standing delays in delivery and the uncertainty surrounding maintaining demand post-COVID as the world is facing economic turmoil linked to President Donald Trump’s tariff threats. The sector has, however, largely benefitted from lower fuel costs. Wizz Air has had to deal with Pratt and Whitney engines that have caused problems, which have limited its capacity. In the past year, it has warned twice about its profitability. The company announced on Thursday that it will not be providing guidance for 2026, at this time of year, due to limited visibility in its trading seasons.
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Ryanair emergency landing in Germany: Nine injured
Nine passengers were injured when a Ryanair flight bound for Milan was forced to land in southern Germany due to heavy turbulence caused by a thunderstorm on Wednesday night. A police statement in Bavaria stated that the pilot was forced to land in an emergency in Memmingen (about 70 miles west of Munich). Police said that while the plane landed without incident, nine people aged between two and 59 years old were injured by the air turbulence. The statement stated that a woman suffered a head injury. Her two-year old child also received bruises, and 59-year-old women complained of back pain. All three were treated in hospital. The statement said that other injuries were treated at the scene. Police said that the airline has organised a bus to Milan as local aviation authorities have not cleared flights out of Memmingen. (Reporting and editing by Kim Coghill; Ludwig Burger)
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Bousso: Trump's China ethane import curbs are another self-harm exercise.
Trump Administration seeks license for ethane imports to China China is responsible for 46% US ethane imports Plastics are made from ethane Ron Bousso LONDON, 6th June - The Trump Administration's latest attempts to curb U.S. exports of petrochemicals to China may end up harming the U.S. economy just as much or even more than China. The boom in plastics feedstocks between the two world's largest economies is an excellent example of how a global, dynamic trading system can benefit both parties. The U.S. ethane industry has grown rapidly in recent years. This excess production was met by an expansion of the overseas petrochemical market, especially from China. Trump exempted all energy products from the "Liberation Day", sweeping import tariffs, on April 2. This was an apparent indication of Trump's administration's concern about the potential impact energy levies may have on consumer prices. Enterprise Products Partners, a top U.S. operator of marine export terminals of liquid natural gas, announced on May 29 that an agency of Commerce had notified it that the company would now need a license to export butane and ethane to China because of the "unacceptable" risk that China could use the products for military purposes. About 40% of the 213,000 barrels of ethane per day that Enterprise's main terminal exported last year was shipped to China. The company claimed it was unable to determine whether it would be able to obtain a license. The U.S. move was the latest in Washington's high stakes trade war against Beijing. It seemed to have cooled somewhat after both sides met in Geneva in late November and agreed to a 90-day ceasefire to reduce triple-digit tariffs. The rash nature of these trade war salvos is evident in the export restrictions, especially on ethane. Ethane is a natural gas byproduct that's used to make the building blocks of plastics. There is no evidence that China's military uses ethane and butane beyond obvious dual-purpose use in plastics, heating fuel, or refrigerant. The notice of the export license did not mention polyethylene, a material that ethane can be used to produce. It is clear that the loss in ethane from the United States will harm China's petrochemical industry. China reportedly exempted U.S. ethane in April from the reciprocal 125% tariff it imposed on U.S. imports. This was done to relieve pressure on China's petrochemical industry. The curbs are cut in both directions. Self-Inflicted Wound According to Energy Information Administration, ethane production will reach a record 2,83 million bpd by 2024. This is a nearly threefold increase from 2014. The surge in U.S. onshore shale gas production was the main driver. According to the EIA, the U.S. exports of ethane have increased 13-fold over the past decade, reaching 492,000 bpd. Of that amount, 46% went to China. According to Kpler, China imported 261,000 bpd of ethane from the United States last year. China is the only country that can absorb U.S. ethane at an increasing rate. According to the Oxford Institute of Energy Studies, China's capacity to produce ethylene is expected to increase to 80 million tons annually by 2028, up from 55 million ton per year in 2024. This represents 50% of global new capacity. India and Thailand are likely to become new markets for U.S. exports of ethane, but this will take time. The United States is increasing its ethane terminal capacity. However, the importing countries in Asia will need years to build their import terminals and ethane vessels. Losing the U.S. feedstock of ethane will definitely erode profit margins for petrochemical producers in China. They will have to rely on more expensive feedstock naphtha or import ethane directly from smaller exporters. This could result in temporary plant closings under certain circumstances. It is unlikely that it will have a significant impact on the growth trajectory of this sector in China. According to Sinopec’s Economics and Development Research Institute’s 2024 annual report, around 70% of China’s total ethylene capacity uses naphtha. Ethane and liquid petroleum gases make up only 8%. A halt to ethane imports to China would have a domino effect on the United States, where domestic inventories would build up and force producers to reduce ethane production in shale basins. The profitability of oil and natural gas drilling operations could be affected. This could result in an excessive amount of ethane being present in natural gas. The cost of producing liquefied gas, which is a major U.S. business, would increase. It is possible that the Trump administration's ethane restrictions will achieve its goal of harming China's Petrochemical Industry, but at a cost to China's Oil and Gas industry. Want my weekly column, plus trending energy stories and additional insights delivered to your inbox? Subscribe to my Power Up Newsletter here.
Sources say that Trump's job cuts have hampered the NOAA team responsible for reopening ports following hurricanes.
Two sources familiar with this matter say that the Trump administration's widespread reductions in federal staff have left a Florida-based emergency response team, which reopens U.S. port after storms or accidents, unstaffed during hurricane season.
Sources said that the closure of the National Oceanographic and Atmospheric Administration Navigation Response Team, located in Fernandina Florida, one of six locations across the country, could result in slower response times and more port closures this summer if hurricanes hit the U.S. Southeast.
Teams are responsible for deploying survey vessels into ports to identify underwater hazards which must be removed to reopen the shipping. They have proven to be crucial after major storms such as those that hit the Gulf Coast recently, or disasters such as the collapse of the Francis Scott Key Bridge, Baltimore, in 2024.
Former NOAA Administrator Richard Spinrad has been in touch with the agency and said, "I am aware that the Florida Navigation Response Team is out of commission this hurricane season due in part to staffing reductions."
Retired rear Admiral Tim Gaulladet who served as NOAA administrator under the first Trump administration, said that he was aware that the Florida office is no longer staffed and that other offices are less able.
NOAA didn't respond to specific questions about the Florida NRT or the reduced staffing of the NRT, but it did say that the agency will be prepared for this hurricane season.
NOAA's Jasmine Blackwell, a spokesperson for the agency, said that in the event of a maritime disaster or hurricane affecting ports, NOAA would mobilize one or several Navigation Response Teams after receiving a formal request from the U.S. Coast Guard.
NRT also has locations in Connecticut, Maryland and Mississippi. Washington state is another location, as well as Galveston, Texas, a major oil-industry port. According to archived images, the NRT home page was updated in March, removing both the Florida and Galveston locations.
NOAA has not responded to inquiries about other locations or employees.
The American Pilots Association didn't directly comment on these cuts, but they said that they would ensure that their members - harbor pilots, who guide commercial vessels in and out U.S. port - will continue to perform this function, and that both ship captains as well as harbor pilots will have the resources needed to protect maritime commerce.
A SEASON ABOVE THE AVERAGE
NOAA's National Weather Service forecast in May a hurricane season above average from June 1 to November 30 with 6-10 hurricanes. Ken Graham, its director, stated at the time that he didn't expect NOAA job cuts to have an impact on hurricane response.
Sources said that the agency has been stretched thin by staff cuts of around 1,000 employees or 10%.
Tom Fahy is the legislative director of the National Weather Service Employees Organization.
The cuts will result in the first-ever loss of round-the-clock weather forecasting staff at some U.S. offices and a 40% staffing shortage in certain key areas like Miami-Dade, Key West and Florida.
He said that at least six NWS offices had also stopped their routine launch of weather balloons twice a day to collect data for the weather models.
He said that the employees' resilience had been stretched to breaking point.
NOAA is rearranging staff in order to maintain services, but a series of simultaneous weather events, such as tornadoes, hurricanes and wildfires, could put the staff at its limit and render it impossible.
He said, "This is like Whac-a-Mole for forecasters." "We will be hard-pressed to maintain the service standard that the public has come to expect." (Reporting and editing by Alistair Bell; Additional reporting by Lisa Baertlein, Valerie Volcovici).
(source: Reuters)