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Government source: There is enough Russian oil on the market to satisfy Indian refiners
A government official said that there is sufficient supply of Russian crude oil on the market for Indian refiners, as Ukraine's attack on Russia's energy infrastructure has reduced its refining capability and made more crude readily available. When India refused to comply, Washington imposed tariffs of up to 50% on U.S. imported goods from India. The official who declined to be named due to the sensitive nature of the matter said that Indian refiners still buy Russian oil. India is the largest buyer of Russian oil sold by sea. The oil was discounted after certain Western nations refused to buy it and imposed sanctions against Moscow because of its invasion of Ukraine. Trade sources reported that the discounts for Russian Urals crude shipped to India are now only $2-2.50 below Brent for loading in November, down from $20-$25 when the conflict began in February 2022. The number of attacks by Ukraine on refineries and pipelines for export has decreased Russian oil refinery By cutting exports to key ports and reducing oil production by nearly a fifth, Moscow is on the verge of reducing its own production. Refinery failures in Russia during September The surpassed In August, the drone attacks by Ukraine were responsible for these deaths. The first source added that the Indian refiners were also considering buying more oil from the United States and liquefied gas. This would depend on New Delhi's outcome in its trade negotiations with Washington. (Reporting and editing by Emelia Sithole Matarise and Kevin Liffey; Reporting by Nidhi verma)
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Boeing and Airbus deny the existence of new jet designs
Boeing and Airbus executives dampened speculation about imminent decisions to replace the best-selling narrowbody aircraft models by telling an audience of major investors that it would be a while before they achieved the performance jump required. The Wall Street Journal reported on Monday that Boeing is in the early stages developing a successor to the 737. Darren Hulst, the marketing chief at Boeing, told the International Society of Transport Aircraft Trading last Monday that a launch was "some time off", while a senior Airbus executive stated it would take "a little bit of patience" to reach the efficiency gains necessary to attract the market. On Monday, at an ISTAT event held in Prague, the executives responded to questions separately on stage. There has been a record-breaking demand for narrowbody aircraft like the 737, and its European rivals the A320 family. The 737 and A320 were both developed decades ago, but they were updated with new engines around the middle of the last decade. BOEING 'NOT CLOSE TO LAUNCHING' NEW PLANE One of the biggest dilemmas in the aerospace industry is when to launch the next phase by introducing a brand-new design. Most analysts believe that a launch will not happen before the end of this decade. According to a WSJ article, Boeing CEO Kelly Ortberg had met with Rolls-Royce earlier this year to discuss a brand new engine. Boeing's Vice President for Commercial Marketing, Hulst said at the ISTAT Conference: "We never stop looking at new technologies, but we also are not close to launching a brand new aircraft." A launch of an aircraft is when a manufacturer starts the development process for a product and looks for new buyers. FlightGlobal reported that Boeing CEO Kelly Ortberg said in a memo to employees last week that any new plane will depend on market conditions, technology, and whether the company is ready. Boeing has a debt of around $50 billion following a safety issue involving the 737 MAX, its most popular model. Four projects are awaiting certification, including two MAX variants and the larger 777-9 jet passenger as well as the sister freight model collectively called the 777X. Bloomberg reported last weekend that the 777X was facing a new certification delay until 2027. This brings the cumulative delays up to seven years. Hulst stated that completing projects pending was a priority prior to launching 777X, but did make no comment about the timing. AIRBUS SAYS GOAL OF EFFICIENCY WILL TAKE TIME Airbus, who outsells Boeing in particular with the larger A320 family versions, has expressed an interest in radical engine technology. Francois Collet, Airbus' Head of Trading and Asset Management, told ISTAT that any new aircraft would have to achieve a 25% to 30% increase in efficiency. This would "take a little time". (Reporting and editing by Emelia Sithole Matarise; Tim Hepher)
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Biya is set to serve his eighth term in Cameroon despite calls for him to step down.
Paul Biya announced his bid for an eight-term in July. He said that he was listening to "numerous, insistent" requests to remain in office. However, this year's elections have also seen a number of striking calls for him to step down. The first was Catholic Archbishop Samuel Kleda who, on French radio at Christmas last year, said that it wasn't "realistic" for Biya continue in his job. Two cabinet members, from Cameroon’s northern regions with a high voter turnout, openly questioned Biya’s leadership ability. Brenda Biya (27), the daughter of the president, stated on TikTok that her father had "made too many people suffer". She urged Cameroonians, therefore, to vote him out. The post has been widely circulated among Biya detractors. The world's oldest leader of state, despite these criticisms and a number of economic and security challenges, stands a good chance of winning when the country that produces cocoa and oil in Central Africa goes to polls on 12 October. Analysts claim that he has been supported by factors which have kept him in power for over four decades. These include a patronage system entrenched, flawed electoral institutions and a loyal military. "The President has been able to enforce loyalty towards him and to the system... "Very few people within the system are willing" to challenge him. Arrey Ntui is a senior analyst at International Crisis Group. "When it's about the president, independent thinking is gone." It's just a single-line story. The president is in office, he can run again. That's all. Health Fears Overshadow Campaign Since he took over the presidency in 1982, he has maintained a tight hold on power. He replaced his former mentor Ahmadou Ahidjo who he forced into exile. He was able to survive a coup in 1984, and the first multi-party election in 1992 when he only won 3 points over the second-place candidate. Biya signed in 2008 a constitutional change that removed the two-term limitation for the presidency. In 2011, he won by large margins, and in 2018, he did the same. He dismissed his opponents' claims of intimidation and ballot stuffing. Biya could face a major obstacle in his health this time, as it has been for years. Last year, he was absent from the public eye for 42 days. Last year, the government banned the public discussion on the subject. Cameroonians are still struggling to access basic services, from water and roads to electricity and waste management. DOUBTS RAISED ABOUT THE FAIRNESS OF VOTES The ability of his government to influence the outcome of the elections could offset these vulnerabilities. A court declared ineligible in July the candidature of Maurice Kamto - Biya's main opponent who came second in 2018 - stating that the party he was registered to represent already supported another candidate. Human Rights Watch stated that the move "raises concern about the credibility of electoral processes." Kamto, who had denounced the results of the 2018 elections as fraudulent, was arrested by security forces in January 2019, after he led protests that were dispersed using live bullets. He was charged with insurrection before a military tribunal, which according to his lawyers could have resulted in the death penalty. However, he was freed in October 2019. The threat or actual arrest of an opposition member has been used to keep them weak for a long time. Officials in Cameroon claim they are only enforcing laws. Raoul Sumo Tayo is a senior researcher at the Institute for Security Studies in Pretoria. He says that the fear of being sued for speaking up goes beyond the political classes. "When you get into a taxi in Cameroon you never know who the driver is." He said that people are afraid to talk because of the perception of the ubiquity and power intelligence agents have. The regime is empowered by the fact that many people in Cameroon want to see their kids grow. Reporting by Robbie Corey Boulet in Dakar, and Amindeh Atabong in Yaounde
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Polish court extends custody to Ukrainian wanted in Nord Stream Case
His lawyer stated that a Polish court ruled Monday that he must be held in custody for an additional 40 days. The Ukrainian diver was wanted by Germany because of his alleged involvement with explosions that damaged the Nord Stream Gas pipeline. Volodymyr Z., who was arrested near Warsaw on Tuesday last week, will be held in custody for a period of seven days. Monday, the court extended his detention until a decision was made about whether he should be transferred to Germany on the basis of a European arrest warrant. The explosions, which were deemed an act of sabotage by both Moscow as well as the West, marked an intensification in the Ukraine conflict. They also squeezed the energy supply. The blasts have not been attributed to anyone, and Ukraine has denied playing any part. A second Ukrainian man suspected of orchestrating the attacks, was arrested in Italy last August. He has vowed to fight his extradition to Germany. The court rejected the prosecutor’s request for 100 days of pre-trial custody and instead ordered it to be 40 days, Volodymyr Z. Tymoteusz Paprocki, the lawyer for's client, told journalists. Paprocki had previously stated that his client would not plead guilty and did nothing wrong. According to a court spokesperson, he will remain in custody through November 9. In an earlier press release, Germany's top prosecutor's office stated that the diver is one of several people suspected of renting a yacht and placing explosives near the Danish island Bornholm, on pipelines running from Russia to Germany in September 2022. The German prosecutors have added that he is accused of conspiring to carry out an explosives attack, as well as "anti-constitutional" sabotage. Reporting by Barbara Erling, Pawel Florkiewicz and Anna Wlodarczak - Semczuk. Editing by Aidan Lewis.
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Source: European major satellite venture needs more time to be finalised
Sources told us on Monday that it will take a few weeks to reach a framework agreement between Airbus, Thales, and Leonardo in order to form a major European satellite manufacturer. A person with knowledge of the situation said that key details are still being discussed and the boards of all three companies are trying to come up with a united position. The talks between the two aerospace companies hit a snag after Thales and Leonardo, who were already partners in the industry, asked for more patience. This was reported by French newspaper La Tribune. Leonardo has declined to comment. Thales didn't immediately respond to requests for comments. Airbus spokesperson: "Discussions are ongoing and confidential; it is still too early to comment on further." Airbus, along with the two other companies that own Airbus' main rival in satellite production, Thales Alenia Space have been in discussions for months about creating a new European venture in order to compete more effectively against rivals in China and the U.S. including Elon Musk’s SpaceX. The deal is aimed at combining Airbus Space Systems, Airbus Intelligence, and Leonardo's space activities. La Tribune reported last week that the talks had accelerated but they hit a last minute obstacle regarding how work share would be distributed amongst the three companies.
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President Kenya says Kenya will set up sovereign wealth funds and infrastructure funds
William Ruto, the President of Kenya, said that Kenya will set up a sovereign fund and an infrastructure funds to invest in important sectors, without repeating recent debt binges which have strained the public finances. After borrowing heavily to build infrastructure in the last decade, the East African nation now has one of Africa's highest debt-to-revenue ratios. We are establishing two important funds. Ruto announced over the weekend that he would be launching two funds: one, an infrastructure fund, and another, a sovereign wealth fund. He said that lawmakers have passed a law on privatization of state assets. This gives the government the opportunity to raise money to establish the two vehicles. He said: "As citizens responsible for the future, we have to think of them and keep something for them, so they can start tomorrow." The privatisation campaign will begin with the sale shares of Kenya Pipeline Company. This state-owned firm manages the transportation infrastructure for petroleum products in Kenya and neighbouring countries. Ruto stated that the share offer could raise up to 130 billion shillings (1,01 billion dollars). Ruto stated that the infrastructure fund would be used to boost agriculture, Kenya's largest economic sector. It will also be used to increase production so that some crops can be exported. The president also said that funds would be used to increase the production of electricity. Kenya has a capacity to generate 2,300 megawatts, but it needs a minimum 10,000 megawatts to industrialize. He said, "We have been stuck on a standard trajectory for far too long and this is why we don't make progress." Ruto didn't give any details about when the funds will become operational.
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In India's Darjeeling, heavy rains cause landslides and floods that kill 18 people.
Authorities said that the unrelenting rainfall in India's eastern mountain region of Darjeeling caused floods and landslides, which washed away roads, bridges and homes. In Nepal, 50 people died after flooding and landslides. Officials in the Indian state of West Bengal warned that as more information from remote areas came in, the death toll would likely rise. In a recent post, Mamata Banerjee said that two iron bridges had collapsed and several roads were damaged or flooded. Huge tracts of land... were inundated. She added that the districts of Darjeeling and Kalimpong as well as Jalpaiguri and Alipurduar which have tea plantations were affected. H R Biswas is the regional weather chief in Kolkata, which is the capital of the state, and he said that more showers will be expected following the weekend's downpours, described as "extremely intense" in Darjeeling. Heavy rain caused traffic disruptions on the highways as a part of the iron bridge that crosses the Balason river linking Siliguri, in the plains, with Mirik in the hills collapsed. A local official in disaster management said that there were large amounts of debris on the roads. This made it difficult for rescuers to get to many areas. Darjeeling, a Himalayan hill station in the west of India, is famous for its tea. It also attracts tourists because of its spectacular views of Mount Kanchenjunga - the third highest peak on earth. Banerjee warned tourists to remain in place until they are safely evacuated. A spokesperson for the Armed Police Force stated that the number of deaths from floods and landslides across the border in Nepal has risen to 50. 37 people were killed in separate landslides on the Indian border in the eastern district Ilam. Bholanath Gurugain, a district official, said that rescuers were digging through the mud to search for survivors. They also cleared blocked roads, after landslides had washed homes away in several villages. (Reporting from Jatindra dash in Bhubaneswar, and Gopal Sharma at Kathmandu. Writing by Sudipto Ganuly. Editing by Clarence Fernandez.)
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Russia claims that a drone attack by Ukraine damaged the security office of Tuapse Oil Refinery
Authorities in the region said that overnight, drones from Ukraine targeted Rosneft's Tuapse refinery, located in southern Russia's Krasnodar Region. The drones caused a fire to break out at a building used by security personnel, but it was quickly put out. Ukraine has intensified its drone attacks on Russia's oil pipelines and refineries in the last two months, claiming that it is in response to Russia's attacks against its own energy infrastructure. The Russian military announced on Monday that their air defence units have been upgraded. Overnight, 251 Ukrainian drones flew over the Black Sea, 61 of which were over the southwest. One was heading toward Moscow. On the night of 6 October, drone debris fell onto the grounds of Tuapse Oil Refinery. The fire in the security building was quickly put out by local officials on Telegram. Two people were hospitalized and injured, they reported. The Tuapse export-oriented plant has a capacity of processing 240,000 barrels per day of oil (bpd). It produces naphtha as well as fuel oil, vacuum gasoline, and high-sulfur diesel. It supplies mainly China, Malaysia and Singapore. Andrew Osborn, Reporting and Editing
Tesla's German sales of cars fell in September, but EV sales grew overall
The German road traffic agency KBA reported on Monday that Tesla's German sales volume fell by 9.4% during September. However, overall sales of electric battery vehicles increased by 31.9%.
In September, registrations of Tesla vehicles in Europe rose due to the updated Model Y. The U.S. electric car maker is still under pressure due to a growing number of competitors, political criticism against Elon Musk's CEO and an aging lineup.
KBA reported that Tesla sold 3,404 vehicles in Germany in September.
Tesla's sales in the period January-September dropped by 50.3%, to 14,845 vehicles, compared with last year.
KBA said that the number of electric vehicles registered in September increased by 31.9% to 45 495 units.
The German agency said that sales of BYD, a Chinese electric vehicle manufacturer, increased by more than 20 times in September compared to the same period last year. This brings the total number of units sold this year up to 11,810 since the start of the year.
Tesla is hosting an event on October 7 to discuss its move to cheaper EVs. The company hopes to win back customers by offering low-price models. (Reporting and editing by Miranda Murray, Matthias Williams and Miranda Murray in Gdansk)
(source: Reuters)