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Traffic falls in New york city City after $9 congestion cost presented
Traffic in Manhattan's. main business district fell by 7.5% recently and 273,000. fewer cars got in the district's main downtown after. the first blockage pricing charge in the U.S. took effect on Jan. 5, New york city City transit authorities stated on Monday. The fee is created to minimize traffic and raise billions. for mass transit, with the majority of the revenue produced targeted to. update the city's train and bus systems. The early information supports what New Yorkers have been telling us. all week-- traffic is down, the streets feel safer, and buses. are moving much faster, said Janno Lieber, head of the Metropolitan. Transportation Authority. Overall travel times are 30-40% faster. on inbound river crossings into Manhattan, which has one of the most. congested traffic in the United States. Under the program, guest lorries are charged $9 throughout. peak durations in Manhattan south of 60th Street. Trucks and buses. pay up to $21.60. The fee is minimized by 75% in the evening. The fee entered into result after neighboring New Jersey. failed to convince a judge to halt it. The city hurried to. execute the charge before President-elect Donald Trump's. inauguration on Jan. 20. Trump, who has a Manhattan residence,. opposes the charge and said he would look for to block it. The MTA said less traffic methods faster bus speeds,. particularly in the early morning peak duration. Charged by means of electronic license plate readers, personal vehicles. pay once a day regardless of how many trips they make into the. main enterprise zone. Cabs pay 75 cents per trip and. ride-share automobiles scheduled by apps like Uber and Lyft. pay $1.50 per journey. A few other cities around the world already have congestion. rates systems. London, which implemented its system in 2003,. now charges 15 pounds ($ 18.33). Singapore and Sweden also have. congestion pricing strategies. The MTA has stated the program will ultimately lead to. 80,000 less vehicles a day, about an 11% reduction. Before the cost,. the MTA said more than 700,000 automobiles went into the Manhattan. central business district daily, slowing traffic to around 7 mph. ( 11 kph) on average, which is 23% slower than in 2010. The city estimates the congestion charge will bring in $500. million in its first year. New York City Governor Kathy Hochul said. the cash would underpin $15 billion in financial obligation funding for mass. transit capital enhancements, with 80% of the cash to be spent. on the train and bus system, and the other 20% spent on the. MTA's two commuter rail systems.
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ISS backs 3 of 4 dissident director candidates in Air Products fight
Activist investor Mantle Ridge on Monday won support from a second proxy advisory firm as it fights for board seats at commercial gases business Air Products and Chemicals with an eye to altering strategy and discovering a follower for its CEO. Institutional Investor Solutions recommended that Air Products and Chemicals investors choose 3 of activist financier Mantle Ridge's 4 director prospects to the company's nine-member board. Last week Glass Lewis, another proxy advisory company, advised investors to choose all four of the dissident's candidates at the Jan. 23 yearly meeting. ISS backed Mantle Ridge's founder Paul Hilal, previous industry executive Dennis Reilley and Andrew Evans. The report also prompted investors to keep their votes from CEO Seifi Ghasemi, lead director Edward Monser, and Charles Cogut. The business said it strongly disagrees with ISS' viewpoint. Mantle Ridge stated Air Products requires to lay out a succession prepare for its octogenarian CEO, who has served at the helm for a. decade, designate its capital differently and scale back on risky. jobs. ISS revealed interest in the board's oversight of the. company's technique and succession planning for Ghasemi. A reconstituted board would require to concentrate on de-risking. the existing job dedications, evaluating underperformance,. rebuilding reliability with financiers, and establishing and. executing an efficient succession strategy, ISS wrote. Mantle Ridge's slate consists of prospects that have abilities. and experience to assist the board address these concerns, the. report said. On Monday, Air Products informed shareholders the election of. any Mantle Ridge nominee could create amazing confusion. for financiers about the direction and leadership of the business. There is no happy medium-- designating any of Mantle. Ridge's candidates might restrain our ability to deliver you the. long-term investor worth that the Business has actually been. positioning for, the letter stated. Hilal said Mantle Ridge is happy that ISS acknowledges. the clear requirement for modification and added that new directors are. needed to perform a bona fide CEO succession procedure. Lots of financiers depend on suggestions from proxy advisory. firms to cast votes in elections that choose hot-button issues. including who serves on a board.
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US companies warn of potential New Orleans copycat attack
The Federal Bureau of Examination and the U.S. Department of Homeland Security on Monday alerted of a prospective public security danger from violent extremists who may attempt to copy the New Year's Day attack in New Orleans that eliminated 14 individuals. The caution comes a week before U.S. President-elect Donald Trump's Jan. 20 inauguration. The FBI and DHS are worried about possible copycat or vindictive attacks due to the consistent appeal of vehicle ramming as a technique for aiming violent extremist opponents, the firms said in a statement. Early on New Year's Day, more than a lots people and a. dozen others injured about when a man rammed a leased pickup. truck into a crowd of revelers along Bourbon Street in New. Orleans. The man who performed the attack was a U.S. Army. veteran who had actually vowed loyalty to Islamic State and appeared. to have actually made recordings condemning music, alcohol and drugs. The firms said such attacks, motivated by foreign. terrorist organization, have been carried out in the U.S. and. abroad using rented, taken and personally own cars. Assaulters might likewise try to utilize improvised explosive. gadgets to supplement a lorry attack, they stated. The firms stated past targets have included. pedestrians, law enforcement or military members, and crowded. public places that are accessible from streets. We ask that the public remain alert concerning. possible copycat or vindictive attacks and report any. suspicious activity to law enforcement, they said.
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Italy says to sign deal to reconstruct Ukraine's Odesa and its cathedral
Italy will sign an arrangement with Ukraine and the United Nations' cultural firm UNESCO to rebuild the city of Odesa and its cathedral which was terribly harmed by a Russian attack, Foreign Minister Antonio Tajani stated on Wednesday. Ukraine said the Orthodox cathedral was harmed when it was struck throughout a Russian rocket attack on the country's southern port city in July in 2015. Russia rejected responsibility. On May 15 we will approve a deal with Kyiv and UNESCO here in Rome for the restoration of Odesa and its cathedral, Tajani informed a question time session in the lower house of parliament. In February, Italy and UNESCO had currently signed an contract in Kyiv to offer 500,000 euros ($ 511,000) towards the remediation of the roofing of Odesa's Spaso-Preobrazhenskyi, or Transfiguration Cathedral. As the G7 presidency, we continue to work for a simply peace, Tajani told lawmakers, including that supporting Ukraine's. energy system was also a top priority for Italy. Rome holds the turning presidency of the Group of Seven.
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Italy to assist repair roofing of Ukraine's Odesa cathedral
Italy will help with the rebuilding of a cathedral in the Ukrainian city of Odesa that was severely damaged by a missile strike in 2015, the Italian foreign ministry said on Thursday. Italy and UNESCO signed an arrangement in Kyiv to supply 500,000 euros ($ 511,000) towards the restoration of the roofing system of Odesa's Spaso-Preobrazhenskyi Cathedral, or Transfiguration Cathedral. Italy is extremely dedicated, through its organizations and its industrial capacity, to the restoration of Ukraine, ambassador Pier Francesco Zazo said, keeping in mind Italy's proficiency in the repair of locations of worship and monuments. Ukraine said the Orthodox cathedral was damaged when it was struck during a Russian missile attack on the southern port of Odesa last July. Russia rejected duty for the attack. The Italian participation follows through on a commitment made in the immediate consequences of the attack by Prime Minister Giorgia Meloni to supply assist with restoring. Meloni has been a strong advocate of Ukraine in its war with Russia and hosted a bilateral summit last April to go over steps to rebuild the country.
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Plains All American to price very first M&A bond of year
U.S. integrated midstream facilities company Plains All American Pipeline is set on Monday to price a $1 billion investmentgrade bond offering, the year's very first to fund an acquisition. Proceeds will be utilized to money an $800 million purchase of Ironwood Midstream Energy Partners and hybrid shares from EnCap Flatrock Midstream, Plains All American stated previously this month . The offering set the phase for what is anticipated to be a busy year of bond funding for acquisitions. Distribute lenders typically are expecting around $1.65. trillion of brand-new investment-grade bonds in 2025, topping the $1.5. trillion in 2024, making this the 2nd most respected year for. such offerings, according to Informa Global Markets. Daniel Krieter, credit strategist at BMO Capital, stated M&A. funding could represent about 14.5% to 15.5% of total. investment-grade bond volumes this year, up from about 13.5% in. 2024.
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Business America pledges donations for Trump's inauguration
Big business from Wall Street to Silicon Valley are promising contributions to Donald Trump's. inaugural fund before his Jan. 20 return to the White Home,. wishing to develop a positive relationship with his brand-new. administration. The business include: ADOBE Adobe has donated $1 million to the fund, a company. representative said. BP AMERICA Energy major BP's U.S. business is contributing. $ 500,000 to the inaugural committee and making extra. contributions to other groups commemorating the inauguration, a. spokesperson stated. CHEVRON U.S. oil and gas significant Chevron will contribute to the. inaugural fund, a company representative said, decreasing to. define the amount. ALPHABET Alphabet's Google has contributed $1 million, a. company representative said. AMAZON.COM Amazon is contributing $1 million. The company will. broadcast the inauguration on its Prime Video service, an Amazon. representative stated. BANK OF AMERICA AND GOLDMAN SACHS Bank of America, the second-largest U.S. lending institution, and. financial investment bank Goldman Sachs plan to contribute to. Trump's inaugural committees, however have yet to choose the. amount, representatives for each bank stated. META PLATFORMS Meta Platforms has donated $1 million, a company. representative told Reuters. OPENAI CEO Sam Altman is planning to make an individual donation of $1. million to the inaugural fund, an OpenAI representative stated. President Trump will lead our nation into the age of AI,. and I aspire to support his efforts to make sure America stays. ahead, Altman said in a declaration. ROBINHOOD MARKETS Retail trading platform Robinhood Markets contributed. $ 2 million, a company representative said. UBER TECHNOLOGIES Uber Technologies and its CEO Dara Khosrowshahi. donated $1 million each, a company spokesperson stated.
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Panama Canal traffic increased in Dec, however waterway still has empty slots
The typical number of vessels that passed through the Panama Canal in December increased to 34.2 per day, according to a notification from its authority seen on Monday, but the waterway did not fill all the slots available, a. indication that some ships continue taking alternative routes. The canal, the world's second busiest and the only. interoceanic way that runs with freshwater, between August. and September raised passage restrictions following a severe. drought that forced a limit to day-to-day transits and vessel drafts. The Panama Canal Authority had actually been expecting a return to. the complete allocation of 36 transits per day, particularly throughout. peak durations, such as the last quarter of the year. But the open. slots show lots of shippers have actually kept to their alternative routes. In November, an average of 33.3 vessels transited through. the waterway per day, while the average for October was 31.4. ships daily. The canal's authority did not instantly reply to a request. for comment. Some vessels, including bulk providers and liquefied natural. gas (LNG) tankers, have actually continued using alternative routes when. the expense of travelling through Panama matches the additional fuel they. must utilize to travel around the capes of Horn or Great Intend To. transit between the Americas and Asia. The canal's boost in passage fees in the last years,. something U.S. President-elect Donald Trump has just recently. complained about, has been a problem with some products. manufacturers and shippers, say experts. Trump recently stated he did. not eliminate utilizing military or economic action to take control of the. canal. In the that ended in September, the canal. reported a 5% reduction in its toll profits to $3.18 billion,. regardless of big declines in tonnage dealt with and the overall number. of vessels that went through. In between the 2020 and 2023 , the canal's toll. earnings had actually increased nearly 26% to $3.35 billion, according to. its yearly reports. The canal has stated it anticipates in this to accomplish. an annual tonnage near to the 511 million loads it managed in. 2023, and see approximately 12,582 deep-draft vessel transits in between. the Atlantic and Pacific Oceans.
What happens when Russian gas to Europe by means of Ukraine stops?
Russian President Vladimir Putin fulfilled Slovak Prime Minister Robert Fico in the Kremlin on Sunday, an uncommon visit by a European Union leader to Moscow as a. agreement allowing for Russian gas to transit through Ukraine. nears expiration.
Ukrainian President Volodymyr Zelenskiy had stated on Thursday. that Kyiv might think about continued transit of Russian gas, but. just on condition that Moscow did not receive payment up until. after the war - a condition it was unlikely to accept. Putin. said that day that it was clear there would be no new deal with. Kyiv to send out Russian gas through Ukraine to Europe.
Here is what happens if Russian gas transit by means of Ukraine is. totally shut off and whom will be impacted most.
HOW BIG ARE THE VOLUMES?
Russian gas products to Europe by means of Ukraine are fairly. little. Russia shipped about 15 billion cubic metres (bcm) of gas. by means of Ukraine in 2023 - only 8% of peak Russian gas flows to. Europe through different paths in 2018-19.
Russia invested half a century developing its European gas market. share, which at its peak stood at 35%.
Moscow has lost its share to rivals such as Norway, the. United States and Qatar given that the Russian invasion of Ukraine in. 2022, which spurred the EU to cut its dependence on Russian gas.
EU gas costs rallied in 2022 to record highs after the loss. of Russian materials. The rally will not be repeated offered modest. volumes and a little number of consumers for the staying. volumes, according to EU authorities and traders.
UKRAINIAN PATH
The Soviet-era Urengoy-Pomary-Uzhgorod pipeline brings gas. from Siberia by means of the town of Sudzha - which is now under control. of Ukrainian military forces - in Russia's Kursk area. It then. flows through Ukraine to Slovakia.
In Slovakia, the gas pipeline divides into branches going to. the Czech Republic and Austria.
Russia's general gas exports via the path have held. constant regardless of the
blockage
of flows from Gazprom to Austria's OMV in. mid-November over a contractual conflict, and legal wranglings as. other buyers stepped in to buy the volumes.
Austria still gets most of its gas via Ukraine, while. Russia accounts for around two-thirds of Hungary's gas imports.
Slovakia takes around 3 bcm from energy huge Gazprom. each year, also about two-thirds of its requirements.
The Czech Republic practically totally cut gas imports from. the east in 2015, but began taking gas from Russia in 2024.
Most other Russian gas paths to Europe are shut consisting of. Yamal-Europe through Belarus and Nord Stream under the Baltic.
The only other functional Russian gas pipeline path to. Europe is the Blue Stream and TurkStream to Turkey under the. Black Sea. Turkey sends out some Russian gas volumes onward to. Europe including to Hungary.
WHY DOES THE UKRAINIAN ROUTE STILL WORK?
While staying Russian gas transit volumes are little, the. issue stays a problem for the EU. Lots of EU members such as. France and Germany have said they will not purchase Russian gas. anymore however the stance of Slovakia, Hungary and Austria, which. have closer ties to Moscow, challenges the EU typical technique.
The nations, who still get Russian gas, argue it is. the most economic fuel and likewise blame neighbouring EU countries. for high transit costs imposed on alternative materials.
Ukraine still makes $0.8-$ 1 billion in transit fees each year. from Russian gas transit.
According to Reuters computations, Gazprom's total. pipeline gas exports to Europe by means of all paths in 2024 have. increased to 32 bcm from 28.3 bcm in 2023, when they collapsed. to the most affordable level since the 1970s.
Russia could make around $5 billion on sales by means of Ukraine. this year based on a typical Russian federal government gas price. forecast of $339 per 1,000 cubic metres, according to Reuters. estimations.
Russia's gas pipeline export monopoly Gazprom plunged to a. net loss of $7 billion in 2023, its very first annual loss given that. 1999, because of the loss of EU gas markets.
Russia has said it would be prepared to extend the transit offer. however Kyiv has consistently stated it will not do it.
Another alternative is for Gazprom to provide a few of the gas through. another path, for instance via TurkStream, Bulgaria, Serbia or. Hungary. Nevertheless, capability via these paths is limited.
Hungary
has actually been eager to keep the Ukrainian path open, but stated it. would continue to get Russian gas from the south, by means of the. TurkStream pipeline on the bed of the Black Sea.
The EU and Ukraine have also asked Azerbaijan to help with. discussions with Russia regarding the gas transit offer.
A senior source at Azeri energy business SOCAR informed Reuters. on Friday that Moscow and Kyiv have failed to settle on the deal. brokered by Azerbaijan to continue Russian gas exports to Europe. through Ukraine.
(source: Reuters)