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Greek farmers block the borders, airports and roads to protest delayed EU farm subsidy
On Monday, Greek farmers blocked roads and disrupted traffic in the country as they intensified their protests after the European Union delayed subsidies due to investigations into corruption. Local media reported that thousands of trucks took part in at least twenty blockades. KyriakosMitsotakis - whose government has suffered from a decline in popularity due to the dispute - urged the farmers to stop the blockades. He said that the government was open to dialogue. In February, European prosecutors alleged that thousands farmers, with the help of state employees, had faked land ownership and livestock ownership over years to qualify for EU funding. The Greek centre-right government has committed to reforming the state agency OPEKEPE that handles EU subsidies. The Greek authorities also conducted their own investigations into the applications of farmers and their tax records. According to the government, more than 40,000 farmer applications are currently being reviewed. The government has also pledged to pay out 3.7 billion Euros ($4.3 billion) in this year to farmers, but has acknowledged payment delays. Some farmers' protests that began last month have become violent. State TV ERT reported that on the island of Crete, police used tear gas to disperse a protesting farmer group who threw stones at them while they attempted to reach the Heraklion airport. An airport official confirmed that the operation of the airport had been suspended since 1200 GMT due to this action. An airport official reported that protesters were blocking flight corridors. A second group attempted to blockade the airport at Chania, and damaged police cars. Farmers in the north disrupted traffic on the Promachonas border crossing with Bulgaria, and Kipi at the border crossings to Turkey. Customs officials at the Kipi border crossing said only trucks carrying sensitive goods would be allowed to pass. The roadblocks were also placed in the southwestern and center of Greece where farmers said they wanted to blockade Volos Port this week.
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Sources say that Kazakhstan will supply some Kashagan Oil to China directly because of CPC damage.
Two sources have confirmed that Kazakhstan will supply 50,000 tons of crude oil to China in December, the first time the country has done so. This is after an Ukrainian drone destroyed the Black Sea terminal for the Caspian Pipeline Consortium. CPC, which is a 1% share of the global crude oil supply, and has shareholders from Russia, Kazakhstan and the United States, had to cut exports after a critical part of their loading infrastructure, a single-point-mooring (SPM), was damaged. CPC uses only one of the three SPMs at this time, SPM-1. SPM-2 is severely damaged, and SPM-3 undergoes planned maintenance. The crude oil will be exported to China via the Atasu - Alashankou pipeline, which is the world's largest importer. The NCOC consortium includes China's CNPC, Japan's Inpex and the oil produced in Kashagan is supplied by China's CNPC. Sources said that CNPC will ship 30,000 tons via this route of oil, and Inpex about 20,000. CNPC and Inpex did not immediately respond to comments. Kazakhstan's Energy Ministry did not comment immediately on Kashagan oil exports to China, but did confirm efforts to find other routes for Caspian Oil. The Atasu - Alashankou pipeline, which runs from Kazakhstan into the Xinjiang area of China, usually carries oil produced in other Kazakhstan fields. Kashagan exports the majority of its oil via CPC, to the terminal in the Black Sea Port of Novorossiysk. "The incident that occurred at CPC's maritime terminal did not result in a complete stoppage of exports." In a written reply, the ministry said that it is working with producers to redistribute volume and increase use of alternative routes. The vast offshore Kashagan gas and oil field is located in the northern Caspian sea. It was named after the 19th century Kazakh poet Kashagan kurzhimanuly. This is one of largest fields found in the last 40 years. Oil exports could boost the current 85,000-86,000 ton per month average of oil delivered through Atasu - Alashankou. Kazakhstan had planned to ship 1.0 millions tons via this route in 2025. This is down from 1.2million tons in 2024. According to export data from the sources, in the first 10 month of this year 0.858 millions tons were shipped. Guy Faulconbridge, Susan Fenton and myself reported; edited by Guy Faulconbridge)
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India wants assurances from Beijing that it will not target Indians transiting through China
India demanded on Monday that China provide assurances to Indians transiting through Chinese airfields they will not be "selectively detained or harassed" after an Indian was detained in Shanghai last month. New Delhi lodged a strong complaint with Beijing about what it called an arbitrary detention at an airport of a citizen from India, saying that such incidents undermined efforts to restore ties. Indian media reported Prema Thongdok was told that her passport was invalid on November 21, because she was from the eastern state Arunachal Pradesh. She was held 18 hours and prevented from boarding the flight she had booked to Japan. Beijing claims that Arunachal Pradesh (which it calls Zangnan) is part of southern Tibet. India denies this claim. At a weekly press briefing, Indian Foreign Ministry spokesperson Randhir Jaiswal said: "We expect Chinese authorities to give assurances that Indians transiting through Chinese airfields will not arbitrarily be detained or harassed and that regulations governing the international air travel will be respected." He also urged Indians to exercise "due discretion" when travelling to or through China. The Chinese Foreign Ministry did not respond immediately to a comment request on Monday. Beijing claimed last month that airport checks are conducted according to laws and regulations. CAUTIOUS RAPPROCHEMENT After years of tensions, India and China are slowly improving their ties. This is evident in high-level visits such as Prime Minister Narendra Modi’s first visit to China in seven years in which he and President Xi Jinping vowed partnership over rivalry. After a hand-to-hand conflict in the Himalayas that resulted in the deaths of 20 Indian soldiers and four Chinese during 2020, relations soured. The border between the two countries is 3,800 km long (2,400 miles).
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Media report: Australia signs contract with Boeing to purchase six Ghost Bat drones as an initial order.
The Sydney Morning Herald reported that Australia will announce Tuesday that it has signed a contract worth A$1 billion (663,30 million dollars) with Boeing Australia for the production of six Ghost Bat air drones. The Australian Defence Force has said that the Ghost Bat, or MQ-28A, is a development aircraft designed by Boeing Australia and the first military aircraft to be designed in Australia for more than 50 year. The announcement coincides between talks between Australian Defence and Foreign Ministers and United States in Washington as the U.S. pushes its Indo Pacific allies to increase defence expenditure. Ghost Bat will have a maximum range of 3,700 km and is designed to be a partner to crewed Air Force platforms. Australia announced in October that it would invest A$1.7 billion (USD1.1 billion) to purchase a fleet "Ghost Shark", autonomous underwater vehicles developed by the Australian Defence Force and U.S. startup Anduril Industries. Australia's Defence Force has said that it would like to use autonomous technology in order to protect a large coastline, including up to 3,000,000 square kilometres of northern ocean.
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India's power ministry has said that it will not grant connectivity permissions to 6.3GW of clean energy projects after 2022.
The Indian federal transmission authority cancelled the transmission connectivity granted to developers for about 6.3 gigawatts in renewable energy capacity from 2022 onwards due to delays of projects, said the federal power ministry. The Central Transmission Utility of India Ltd. (CTUIL), the ministry stated, revoked 24 project holders' access after they failed meet their commissioning deadlines. Sixteen of these companies have challenged the Central Electricity Regulatory Commission's (CERC) decisions, seeking to protect their grid access approvals. The federal regulator of power in the country received several requests from companies to process claims for losses due to lack of transmission infrastructure. In October, the regulator admitted two petitions from renewable energy developers who sought compensation for losses due to delays in establishing transmission infrastructure. The Ministry of Power stated that the cancellations are not related to delays in transmission infrastructure. It also added that it does not reflect a lack of planning as India works towards its goal of installing non-fossil energy capacity of 500 gigawatts by 2030. CTUIL and Power Grid Corporation of India, (PGRD.NS), are jointly responsible for the establishment of transmission infrastructure in India for renewable energy. The power ministry reported that lines with a capacity of 172 GW renewable energy are currently being constructed. The ministry announced that bidding for 19 GW is currently underway. The federal government said that it is working with the states to accelerate intra-state transmission upgrades required to support 152GW of renewable energy projects.
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Sources say that the CPC pipeline in Kazakhstan will not be able to export its full capacity until December 11.
Two industry sources said that Kazakhstan's Caspian Pipeline Consortium will not be able to return to full capacity until December 11, after an Ukrainian drone attack damaged part of the terminal. A drone attack by the Ukrainian navy on Nov. 29 damaged the CPC terminal which is responsible for around 80% Kazakhstan's oil exports. This caused global oil prices to rise over $1 per barrel. The CPC, which is made up of Russian, Kazakh, and U.S. shareholders said that the attack temporarily halted operations due to serious damage to Single Point Mooring (SPM), which is a floating buoy used to connect to oil tankers at the Yuzhnaya Ozereevka Terminal in Novorossiysk. Three SPMs are located at the terminal, about 5 km (3.1 miles), from the shore. Two SPMs are usually loaded, and one is idle. SPM-1 is still operational. This means that CPC exports oil at about half its current capacity. SPM-3 is currently undergoing maintenance. This has been going on since mid-November. Five sources in the industry said that last week, CPC was aiming to finish repairs on SPM-3 before schedule. Due to the weather conditions and diving difficulties, two sources said on Monday that SPM-3 is not expected to return to full operation until December 11-13. CPC has declined to comment. Sources said that SPM-2 repairs may take several months. However, the exact timeframe for repair or replacement is still being assessed. CPC has already diverted a portion of its oil to other destinations such as the Baku, Tbilisi, and Ceyhan pipelines. However, the company does not have many options in rerouting the bulk of their oil. Reporting by Guy Faulconbridge; Editing by Bernadette and Guy Baum
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Tanzanians are urged to stay at home during expected protests on independence day
Tanzania's Prime Minister urged people on Tuesday to stay home, as activists called for protests in response to the violent suppression by government forces of anti-government demonstrations during October elections. According to the United Nations, hundreds of people are likely dead in these protests that were fueled by the exclusions of opposition candidates. The presidential election was won by President Samia Suluhu Hassan with almost 98% of the votes. The government acknowledged that people died, without revealing its own death count, but rejected claims that police used excessive violence. Mwigulu Nchemba, the Prime Minister of Tanzania, announced that there will be no official celebrations for this year's Independence Day. In a video posted Monday on the X account of the Government Information Centre, he urged the public to stay at home without mentioning the anticipated protests. He said that the government advised all citizens, who do not have a work-related emergency on December 9, to take the day off and enjoy it at home. Police said that Friday, any protest would be illegal as authorities have not received formal notification from the organisers. Witnesses reported that heavy police and military deployments were seen on Monday in Dar es Salaam, the northern city of Arusha and the commercial capital Dar es Salaam. Hassan appointed a commission for the investigation of election-related violence, but has denied repeatedly that security forces had acted inappropriately. He has also accused protesters to try to overthrow government. Last week, the United States announced that it would be reviewing its relationship to Tanzania due to concerns over violence against civilians and religious freedom as well as investment barriers. (Writing and editing by George Obulutsa, Peter Graff and Vincent Mumo Nzilani)
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Argentina's Railway Privatization Dreams Face a Long Road Ahead
Argentina, a global food supplier, is planning to boost its grain and mineral exports through privatization, and a modernization program of its railway network. Industry leaders claim that this will reduce freight costs in regions located far from ports by half. The first tender will be for the Belgrano Cargas, which runs the three biggest freight train lines in the country. The initiative, which will be launched in early 2019, could increase production of global commodities like soybeans and corn. It also includes copper and lithium. The project could also help transport sand from Vaca Muerta in Argentina's Southwest. The privatization of the network was part of Javier Milei’s plan to move struggling state-owned companies to private ownership and to attract investment in order to replenish depleted reserves after years of economic crises. LESS FREIGHT BY TRAIN THAN IN 1970 The railway system will face a huge challenge after decades of neglect. The volume of freight transported by train today is less than in 1970, despite the fact that agricultural production has almost doubled during the same time period, said Alejandro Nunez. Three lines, spanning nearly 8,000 km (5,000 miles), transport 7.5 million tonnes of cargo annually. 60% of that is agricultural products and derivatives. On some occasions, the trains are so slow on the dilapidated track that they can easily be hijacked. Derailments occur frequently. Further 11,000 km (6,800 mile) of line will be offered for tender. Currently, these lines are completely out of service. The majority of cargo is transported by road in Argentina. Rail freight accounts for only 5%, which is a tiny fraction compared to the 20% of cargo transported in Brazil or the 40% in the U.S. According to the Foreign Minister Pablo Quirno, improving the railways is vital for the government to achieve its goal of increasing annual exports to $100 billion within seven years. Argentina's total exports for this year are $71.5 billion. Privatization could help reduce the cost of transporting goods to and from the main ports in and around Rosario. According to Gustavo Idigoras of the grain export chamber CIARA CEC, transporting cargo from Salta in northern Argentina to Rosario costs more per ton than shipping it from Rosario directly to Vietnam. It will be expensive to upgrade the rails. Nunez estimated that an investment of $800 million was needed to upgrade infrastructure. Grupo Mexico transportes (GMXT), the company that operates Mexico's biggest rail network as well as several freight lines within the U.S. is a likely bidder, according to a source who has direct knowledge of the situation but declined to give their name. Source: GMXT will invest $3 billion if they win the tender due to the size of the upgrade required. According to local media, an agricultural consortium consisting of Bunge Global Inc., Cargill Inc. and Asociacion de Cooperativas Argentinas, as well as Aceitera General Deheza SA, has expressed interest in bidding. The companies' representatives declined to comment. EXPANDING FRONTIER Alfredo Sese is the technical secretary for the transportation commission of the Rosario Stock Exchange. He believes that lower freight costs can help to expand the agricultural frontier of the northern part of the country. Rosario is more than 300 km away from where at least half of Argentina’s agricultural production occurs. Sese estimates that a ton of goods transported by truck will cost between 7 and 9 cents per km, while rail transport costs less than five cents. A modernized railroad could be more beneficial to farms that are further away. The mining industry in Argentina could also be benefited. Argentina is the No. The country is the world's No. Roberto Cacciola is the president of Argentine Chamber of Mining Companies. He said that "the mining industry requires logistical solutions to allow it supply projects and move its production." (Reporting and additional reporting by Maximilian Heath, writing by Leila Mill, editing by Rosalba Gregorio and David Gregorio; Reporting by Lucila Sgal, Additional reporting by Maximilian Heath, Writing by Leila Mller
Gulf stocks drop on Fed rate uncertainty and weaker oil prices
Gulf stock markets fell in the early trading on Tuesday as caution prevailed before delayed U.S. data, which could give clues about Federal Reserve policy easing timeline. Weaker oil prices also dampened sentiment.
Thursday will see the release of September's non-farm payrolls in the United States. The markets have reduced their bets for a Fed rate cut in December, with just over 40% of the market pricing a 25 basis-point reduction. This is down from 60% earlier this month.
The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are pegged with the dollar.
Oil, which is a major driver of Gulf financial markets fell by nearly 1%, as concerns about supply eased after the restarting of loadings in a Russian export hub. Brent crude traded at $63.64 per barrel as of 0810 GMT.
The benchmark Qatari index dropped 1.3% due to a broad-based drop. Ooredoo fell 6.6%, while Industries Qatar dropped 1.9%. The telecoms company announced on Monday that Abu Dhabi Investment Authority will sell 160.5 millions of its existing Ooredoo shares.
Dubai's benchmark index fell 0.6% with nearly all of its constituents in the negative zone. Emaar Properties fell 0.7% while Spinneys 1961 Holding dropped 1.9%.
Most stocks were in red, and the benchmark Abu Dhabi index fell 0.5%. Aldar Properties, a blue-chip developer, fell 2.3% and Two Point Zero Group dropped 6.1%. This was after the investment platform, created by the merger of Multiply Group and 2PointZero, said it would list 23,36 billion shares through a capital raise.
Saudi Arabia's benchmark index of stocks traded in a narrow band and increased marginally. Saudi Aramco lost 0.8%, and ADES Holding fell 2%.
Retal Urban Development however, rose 7.1% intraday, its largest gain in over a year. This was after National Housing Company awarded the developer a contract worth 5.2 billion Riyals ($1.39 billion), to build residential units in Riyadh and infrastructure.
(source: Reuters)