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UK reforms its'motability scheme' to curb 'generous taxpayer subsidies
Rachel Reeves, British Finance Minister, said that she intends to reform the "motability" scheme, which allows disabled people to lease cars with state funding. She described this as a "generous subsidy". This scheme allows those who qualify for a public-funded allowance to improve their mobility, to use that funding in order lease a vehicle. Tax breaks are available on both the leasing and insurance cost. According to the company that manages Motability, the number of customers is more than 850,000. The scheme was criticised because in some cases it was used to lease luxury cars, but the list of vehicles eligible for the scheme was narrowed earlier this week. Reeves stated in her budget that the'motability scheme' was created to protect those who are most vulnerable and not to subvention the lease of a Mercedes Benz. I will therefore be making reforms to reduce the generous taxpayer subsidies," she said. (Reporting and Editing by Catarina demony; William James)
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Trafigura lawyers claim Gupta has a history of fraud prior to the alleged $600 Million nickel scam
Lawyers for Trafigura accused Prateek gupta, an Indian businessman who gave his first testimony on Wednesday, of a long history of fraud. Gupta admitted that he was under investigation for fraud in India but denied these allegations when he appeared in the High Court of London. Trafigura, a Swiss company, sued Gupta two years ago. It claimed that he was behind a scam where he and his firms agreed to deliver pure nickel but instead delivered scrap steel or other metals. Nathan Pillow, a Trafigura lawyer, cited two more fraud cases in which low-value metals were substituted with nickel. Gupta claimed he wasn't aware of the substitution. Pillow said to Gupta who was testifying from Dubai, where he lives. Gupta, a member of Gupta’s UD Group in India, is being investigated for bank fraud, he confirmed. The investigation is in relation to Ushdev International Ltd. Trafigura made its first metals deals with Gupta, in 2014, with Ushdev. Ushdev later experienced financial problems, declared bankruptcy in 2018, and is now under the control of insolvency professionals. Gupta countered the claim that Trafigura staff devised a secret plan, stating he was told in 2019 to dramatically increase nickel trading by Sokratis oikonomou, then Trafigura's head nickel trader. Gupta stated in a court filing that "Oikonomou's trading approach and outlook was aggressive and he wanted to expand Trafigura nickel trading operations to a dominant position in the market." Oikonomou denies he is involved in the fraud. He also says that the increased trading volume with Gupta was modest when compared to Trafigura nickel operations. Trafigura terminated Oikonomou’s employment in January of 2023. Harshdeep Bhattia, a Trafigura trader based in India, told Gupta that Trafigura was looking to increase trade volume to 50,000 tons of nickel per year, which is about three times the previous amount. Bhatia did not reply to a request for comments sent via email by Trafigura. Gupta stated that the large amount of pure nickel at the time worth $625 million would be difficult for Gupta to obtain and could also pose a problem in terms of credit limits. Gupta reported that Oikonomou, in order to circumvent these issues, proposed extending the trading scope to include other metals during a meeting held in Dubai in June 2019. Gupta stated that the real identity of these metals, such as nickel alloys and scrap, must be kept secret, because Trafigura’s financing bank Citi will only provide funds for pure Nickel. Citi declined to comment on this fraud case. (Reporting and editing by Eric Onstad, Jan Harvey).
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Thailand rushes to airlift patients and supplies after floods in the south kill 33
Thailand airlifted oxygen tanks and other critical supplies to a submerged city in the south on Wednesday as the death toll grew to 33. For the second consecutive year, floods inundated nine Thai provinces as well as eight states of Malaysia's neighbouring country. Both countries evacuated nearly 50,000 residents. In Indonesia, between 8 and 13 people have died this week due to floods and landslides. One person has also died in Malaysia. Hat Yai's southern hub of commerce, Thailand, was flooded and thousands were stranded on roofs after three days of torrential rainfall that began last week. The city recorded its highest rainfall in 300 years on Friday with 335 mm. The Thai military has deployed boats, helicopters, and even its single aircraft carrier for the delivery of supplies and evacuation of sick people. As a result, extreme weather events are more common. Tropical storms can be accelerated by higher sea surface temperature. Siripong Angkasakulkiat, spokesman for the Thai government in Bangkok, said that 33 people had died across seven provinces. The causes of death are drowning, being swept by currents, electrocution and landslides. Public Call for Equipment The Thai military sent 200 boats and twenty helicopters to the area in an attempt to reach the stranded residents. Siripong reports that authorities have received requests for assistance from 77,000 people via social media. Residents gathered on roofs waving for assistance were dropped by military choppers with supplies. Social media posts from the air force, navy and other military forces showed that generators, oxygen tanks, and water were also delivered to the area. The navy reported that Thailand's sole aircraft carrier, Chakri Naruebet (which left its home port Tuesday) had provided air support to the relief efforts. The government issued a public request for equipment including jet skis and boats. According to the Geo-Informatics and Space Technology Development Agency, three consecutive days of heavy rains around Hat Yai since last Wednesday have dumped 630mm (24.8") of rain. This is higher than the previous record of 428mm in 2010. The Thai Meteorological Department reported that the weather system had moved towards the Strait of Malacca, and has intensified to become a tropical storm which will move toward Indonesia. HOSPITAL EVACUATIONS in Thailand and Malaysia The interior ministry reported that floods in Thailand have affected over 980,000 homes, and more than 2.7 million residents. Somrerk Chungsaman, a public health ministry official, said that flood waters had flooded the first floor of Hat Yai’s main government hospital, which treats 600 patients. Around 50 of those were in intensive care. He said that "today, all intensive-care patients will be transferred out of Hat Yai Hospital." A video on handouts shows that an army helicopter rescued a woman who was critically ill from another hospital. She was surrounded by staff aboard the aircraft and then wheeled off the rooftop helipad. A journalist reported that workers in Kangar, capital of Malaysia’s Perlis State, bordering Thailand, moved patients on gurneys out of the Tuanku Fauziah Hospital through knee-high waters, while much of the parking lot and its entrances were submerged. "At LEAST, send them supplies" Residents of Hat Yai, and the surrounding areas, who are still waiting for rescue, posted pleas to social media. Auntita Taechinchotikan (33), who lives in Bangkok had only been able to contact her brother and his family on Wednesday morning. She said: "I tried contacting all rescue teams, and they responded, but nobody has been able reach the house." Auntita said that ten family members, including her parents, and her young children were trapped in two Hat Yai buildings. She said: "I don’t know how many people are left in the area." Reporting by Mandy Leong, Panarat thepgumpanat, and Chayut setboonsarng, in Kangar; Additional reporting by Danial Azhar, Rozanna Latiff, in Kuala Lumpur; Orathai Shriring, in Bangkok; Writing and editing by Clarence Fernandez, Ros Russell.
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The man who drove into the crowd at Liverpool's soccer parade has pleaded guilty to 31 charges
The British man who caused more than 130 injuries by driving into a crowd during the Premier League's victory parade in May, pleaded guilty to 31 charges on Wednesday. This included nine counts of grievous bodily injury with intent. Paul Doyle, 53 years old, wept in the dock of Liverpool Crown Court when he changed his guilty plea on the first day he was to face his trial. He had initially pleaded guilty to the charges in September. Doyle cried repeatedly as he was read the 31 charges, and he responded by saying: "Guilty." The sentence will be handed down next month. He was also charged with 17 counts of trying to cause serious bodily injury and dangerous driving. Sarah Hammond said, in a press release, that driving a car into a crowd was an act of calculated violent. It was not an accident that Paul Doyle made. He chose to do so on this day, and turned a celebration into a mayhem. The incident occurred on May 26, in Liverpool's crowded city centre, as about a half-million people came to celebrate Liverpool winning the Premier League title and watched an open top bus parade with the team and staff holding the Premier League trophy. Crown Prosecution Service dashcam footage showed Doyle was agitated and irritable by the crowds, before he drove into people. He injured 134 people, including eight children. (Reporting and editing by Sarah Young, Peter Graff and Sam Tobin)
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Vienna Airport: Third runway would have not paid for itself, but growth ambitions remain intact
The co-CEO of the Austrian ORF radio station said on Wednesday that a project to build a new runway at Vienna Airport, which was cancelled on Tuesday following decades of planning, would not have been profitable and that existing capacity allowed for growth. Will we get a return on our 2 billion euro investment ($2.3 billion)? In a radio interview, Julian Jaeger said that the answer was "no, it's not feasible". The company announced late Tuesday that the expansion project was abandoned due to cost inflation, and assets related to planning worth 55.9 millions euros will be written off. At 1023 GMT, the shares rose 4.5% to their highest level in five months. Jaeger stated that key airlines such as Lufthansa Austrian and Ryanair had pulled their support. The trend towards larger, more full aircraft also translated to a better use of both runways.
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China's Didi Q3 revenues up 8.6% due to costly overseas expansion
Didi Global announced an 8.6% increase in revenue for the third quarter on Wednesday, as international expansion of China’s largest ride-hailing service accelerated. However, its domestic market was stable. Didi is China's leading ride-hailing service. It has also expanded internationally to Latin America and offers both ride-hailing services and food delivery. The company reported on Wednesday that revenue for the three-month period ended September 30 reached 58.6 bn yuan (8.28 bn dollars). The net profit was 1.5 billion yuan for the three-month period, up from 900 million in the same period of last year. While the international segment represents a small portion of total revenue it grew by 35%, to 3,96 billion yuan. Didi's China Mobility division saw revenue rise 7.6% to $51.8 billion yuan. ACCELERATING OVERSEAS INVESTMENT This year, the company increased its overseas investments. It has expanded food delivery services to other cities such as Sao Paulo. The overseas segment's adjusted losses increased by 1.4 billion to 1.7 billion Yuan. Didi, the leader in China's ride-hailing market, is facing increasing competition from its rivals such as Alibaba and Meituan. These companies have integrated ride hailing into wider digital ecosystems. They appeal to users who want super-apps consolidated that connect them with multiple service providers including smaller regional operators. Didi began expanding in early 2023, following a crackdown on the company that began in 2020 after it pursued an initial public offering in the United States without Beijing's consent. $1 = 7.0812 Chinese Yuan Renminbi (Reporting and editing by Louise Heavens, Conor Humphries and Brenda Goh)
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India's Clean Energy Ministry urges the power regulator to delay stricter green energy rules
The Indian renewable energy ministry has asked the power regulator not to implement stricter rules that would require wind and solar producers adhere more closely to grid supply commitments. This could discourage investment. In a draft that was published in September by the Central Electricity Regulatory Commission, it proposed stricter regulations under the Deviation Settlement Mechanism for wind and solar energy producers. The proposed framework was to be implemented from April 2026. Its aim is to gradually reduce the gap between what electricity producers promise to supply and how much they actually produce. In an October 21 letter sent to the CERC and reviewed by, the Ministry of Renewable Energy stated that the majority of forecasting errors were caused by unpredictability in weather conditions. This made penalties for deviations 'imprudent' and outside the control developers. In a report published earlier this month, many industry participants had complained to the regulator that the plan proposed would reduce investment in clean energy. The ministry stated that higher deviation charges may deter small to medium-sized businesses and "have a disastrous effect" on clean energy. The report urged the regulators to consult with stakeholders and suggested that clean energy storage be mandated in future projects, instead of strict penalties. It also suggested using better weather data to set realistic limits for forecasting. India views wind and solar power as the key drivers of its energy transition. It aims to double the non-fossil based power capacity by 2030 to 500 gigawatts. Both the ministry and CERC didn't immediately respond to comments. The CERC is yet to announce a final decision date. Sethuraman N.R. (Reporting) Mark Potter (Editing)
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Belgian National Strike disrupts Schools, Flights and Public Transport
On Wednesday, the third and final day in a Belgian national strike, most flights were grounded at Brussels Airport. Public transport was also disrupted. The latest protest against the coalition led by Prime Minister Bart De Wever is the strike organised by the main unions in the country. Demonstrators are against the proposed reforms to the labour market and pensions by the government. Brussels Airport has cancelled 110 outgoing flights and all 203 planned inbound flights. Charleroi Airport, Belgium's second largest airport, said on its website it expected a significant amount of disruptions due to staff shortages. It would also be unable guarantee scheduled landings or takeoffs. Local media reported the final day would be the most disruptive, with disruptions to schools, public transportation, and private sector. On Wednesday, a protest will be held in Brussels. Around 80,000 people attended a similar protest in October. The socialist union ABVV-FGTB posted a statement on its website that said, "The budget message of the De Wever Government is harsh: Work longer and harder to get less security in terms of pensions and health care and less purchasing power." Gert Truyens of the ACLVB, the liberal union in Belgium, said to the Belgian broadcaster VRT that he regretted the fact that the national government had not consulted the unions. Truyens stated that "agreements aren't made on the street at picket lines, they happen at the negotiation table. But you have to be given a chance." The strike will still take place despite the fact that the government has reached a budget agreement for next year after months of intense negotiations. The government is planning to increase taxes on airline tickets, natural gas and bank deposits. This, along with spending cuts, should reduce the deficit of the government by 9,2 billion euros (10.6 billion dollars) by 2029. According to the central banks, the budget deficit for the sixth largest economy in the eurozone is expected to reach 4.5% of its gross domestic product, and the debt will be 104.7%. This is well above the EU budget rules' maximum limit. (Reporting and editing by Alison Williams; Additional reporting by Alessandro Parodi)
Brookfield and GIC offer record $2.6 Billion for Australia's National Storage
National Storage REIT in Australia said that it received a buyout offer of A$4.02 Billion ($2.61 Billion) from a Brookfield-GIC consortium. This would be Australia's largest real estate privatisation.
The consortium offered National Storage investors A$2.86 per share in cash, which is a premium of 26.5% over Tuesday's closing value.
The deal would surpass Brookfield's A$1.27 Billion acquisition of Aveo Group by Brookfield in 2019.
David Tuckwell said, Chief Investment Officer at ETF Shares: "This bid represents a huge vote of confidence for the Australian sector. It is also a very clever move by Brookfield."
The demand for NSR is not cyclical. It is driven by life changes such as moving, downsizing or changing relationships.
National Storage, founded in 1995, provides self-storage services to more than 94,500 residential customers and businesses at over 270 locations throughout Australia and New Zealand.
In 2020, Warburg Pincus, a private equity firm, and Public Storage, a U.S. company, also expressed interest in Australia's biggest self-storage provider. A consortium led by Nathan Kirsh, a South African billionaire, and Public Storage made a bid of A$2,17 billion to buy Abacus Storage King, a local competitor, earlier this year.
National Storage owns around 10% of Abacus, and Tuckwell considers this a "crucial piece" to the puzzle.
It gives Brookfield an advantage that prevents other global players from sweeping in. "It's like purchasing a seat at any future consolidation activity."
LSEG data revealed that trading in National Storage shares was halted pending an announcement. The stock then jumped 19,5% to A$2.70 at the final settlements following the market close.
The company has agreed to give exclusive access to due diligence to the consortium up until December 7.
(source: Reuters)