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Source: Pakistani authorities are valuing the Roosevelt Hotel at $1 billion.
A senior government official revealed that Pakistan wants to know the value of the Roosevelt Hotel in New York. It is also willing to sell a small minority share in the property. Theodore Roosevelt is the name of the former U.S. president who owned this century-old midtown Manhattan property, which Pakistan acquired in 2000. The hotel, which had over 1,000 rooms, was closed in 2020 due to mounting losses. It also briefly operated as a refuge for migrants. In order to maximize the long-term value, the government of Pakistan has approved a "transaction model for the Roosevelt Hotel", as part of its $7 billion IMF-backed Privatisation drive. The government did not provide any further details. The senior Pakistani official stated that the government would retain ownership of the project via an equity partnership but refused to disclose the size stake offered to any possible JV partner. The official refused to name himself because the process was confidential. JLL, or Jones Lang LaSalle, will run the process and the government is eyeing a valuation of over $1 billion for the 42,000 square feet property it hopes could be redeveloped for residential-cum-office use, the official said. It is one of the most beautiful pieces of real estate in New York. The official said that the process will begin immediately and be completed within the next six to nine months. JLL and Pakistan International Airlines, which owns the property through its investment arm, as well as the Pakistan Privatisation Ministry, failed to respond to requests for comment. Pakistan approved this week four bidders for a stake of the debt-ridden PIA. The hotel is near New York's top destinations, including Grand Central Terminal, Times Square and Fifth Avenue. It is in the most lucrative commercial zone of Manhattan. The official added that "the interest level is extremely high." The government announced in June that it expected the first payment of $100 million from the joint venture partnership to be made by June 2026. Reporting by Ariba Shehid in Karachi, editing by Aditya K. Kalra and Raju G. Gopalakrishnan
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Nigeria secures $747-million Deutsche Bank-led syndicated loan for coastal highway
The Nigerian Finance Ministry announced on Thursday that the country has received a $747-million syndicated loan led by Deutsche Bank to fund the construction of the 700-km (435 miles) first phase of the planned coastal highway project. Mohammad Manga, spokesperson for the Finance Ministry, said that the loan was the first of this size in Nigeria. The syndicate includes First Abu Dhabi Bank as the global coordinator, African Export-Import Bank (AEIB), Abu Dhabi Exports Office (ADEO), ECOWAS Bank for Investment and Development (ECOWAS Bank) and Zenith Bank. Manga reported that the first section of the highway to be financed with the loan is 47.47 kilometers long. The project will cost approximately $11 billion, and should be completed within eight years. The highway will eventually connect the commercial capital Lagos to the port city in the south-east, Calabar.
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Nigeria secures $747-million Deutsche Bank-led syndicated loan for coastal highway
The Nigerian Finance Ministry announced on Thursday that the country has received a $747-million syndicated loan led by Deutsche Bank to fund the construction of its 700-km (435 miles) coastal highway plan. Mohammad Manga, spokesperson for the Finance Ministry, said that the loan was the first of this size in Nigeria. The syndicate includes First Abu Dhabi Bank as the global coordinator, African Export-Import Bank (AEIB), Abu Dhabi Exports Office (ADEO), ECOWAS Bank for Investment and Development (ECOWAS Bank) and Zenith Bank. Manga stated that the first section of the highway, financed with the loan, is 47.47 km long. The project will be completed within four years and will link Lagos, the commercial capital of Nigeria, with Calabar, a port city in the southeast.
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Israel claims missile launched by Yemen was intercepted
The Houthi militants in Yemen claimed on Thursday that they had launched a ballistic rocket at Israel's Ben Gurion Airport, near Tel Aviv. Meanwhile, the Israeli military stated that the missile was intercepted by the Israelis after the air raid sirens sounded across the country. The majority of the drones and missiles that they launched were intercepted, or fell short. Israel has launched a series retaliatory attacks. The Houthis, who are aligned with Iran, have fired at Israel and attacked shipping lanes. The traffic through the Red Sea has decreased since the Houthi group began to target ships in November 2023, in solidarity with Palestinians in their war against Israel. In May, the Houthis announced that they would target Israel's airports repeatedly in order to impose an "all-encompassing" aerial blockade. Reporting by Enas Alashray in Cairo and Ahmed Elimam in Dubai. Editing by Kim Coghill, Bernadettebaum and Bernadette Baum.
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Bloomberg reports that Richard Li's China Insurance expansion talks are stalled amid opposition to his father's plan for port sales.
Bloomberg News reported that billionaire Richard Li has put his plans to expand his insurance company into mainland China on hold. Beijing was furious at his father Li Kashing's plan of selling a set of global ports to U.S.-based BlackRock. The report cited people with knowledge of the situation to say that Richard, Li Ka-shing’s younger son was in advanced discussions for an insurance license in China. Reports said that the discussions were suspended soon after the port was sold in early March, due to growing uncertainty about Beijing's position on the deal. It said that a deal would have provided FWD Group, Li’s insurance company, with long-sought market access in China, perhaps through an acquisition or partnership, with a mainland insurer. Could not verify the report immediately. FWD Group didn't immediately respond to an 'ask for comment. Bloomberg reported in March, that China had instructed state-owned companies to stop new deals with business linked to Li Kashing and his family following his plan to sell the two Panama ports to a BlackRock led consortium. FWD Group raised $442 Million through its initial public offering, which took place in Hong Kong this week.
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The rupee is edging higher, but familiar resistance and support levels are expected to hold.
The Indian rupee rose on Thursday, following regional peers, as a new round of tariff threats by the White House failed to make a significant impact. Traders expect the local currency to remain in its familiar range for the near term. The rupee closed at 85.59 at 12:20 pm IST, an increase of 0.1% over its previous closing of 85.6725. The rupee is expected to hover between 85.40-86. This range has been settled in over the past couple of weeks as traders await the outcome of the trade negotiations with the United States. India's talks with the U.S. continue despite Trump sending tariff letters to most regional economies. An Indian trade official announced on Thursday that a trade delegation will soon visit the U.S. for further discussions. On Wednesday, U.S. president Donald Trump announced a tariff of 50% on U.S. imports of copper and a duty 50% on Brazilian goods. Both duties will begin on August 1. Trump also sent tariff notices on August 1, 2018 to seven minor U.S. trade partners who exported only $15 billion worth of goods to the U.S. in the past year. This included a 20% tariff for goods from the Philippines. The MSCI broadest index for Asia-Pacific stocks outside Japan rose 0.4%. The dollar index was just below 97.5, while Asian currencies mostly rose between 0.1% and 0.4%. ANZ, while the immediate response was muted in nature, said in a report that uncertain trade prospects and weaker growth expectations were likely to restrict portfolio inflows into the Asian region over the short term. The dollar-rupee premiums on forwards remained unchanged, indicating little support for a rate cut this month. Most policymakers remain concerned about the inflationary pressures arising from tariffs. (Reporting and editing by Jaspreet K. Kalra)
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UK's Ofcom revised Royal Mail delivery targets in order to manage delays
The British media regulator has announced that it has set new minimum delivery deadlines to Royal Mail in order to avoid long delays and altered some existing delivery targets, which could help the postal services save up to 578.3 millions pounds (425 million pounds). Ofcom has fined Royal Mail $20 million for not meeting delivery targets over the past two years. Ofcom announced on Thursday that Royal Mail is required to ensure that no more than 99% of the mail arrives two days late. Delivery targets for "First Class", however, have been reduced from 93% to 90 percent delivered the next day, and for "Second Class", from 98.5% down to 95% within three days.
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Maguire: Fossil fuels are still a major source of energy in the EU, even though clean energy production is declining.
During the first half of 2025 utilities across Europe increased output from coal and natural gas-fired power stations, increasing power sector emissions. The increase in fossil production comes after two years of sharp declines in fossil usage within the EU. This established Europe as a leader in global efforts to reduce reliance on polluting fossil fuels for power production. The EU utilities were forced to increase their fossil fuel generation to compensate for the loss of clean energy sources from January to June due to the year-on-year decline in wind farm and hydro dam output. The sudden reversal of fossil fuel usage in the EU highlights how even modern energy systems are challenged when weather patterns prevent clean power supplies. It also suggests that fossil fuels could remain a part of global power systems for many years to come. CLIMATE CHANGES EU utilities produced 13% more electricity using fossil fuels from January to June than they did in the same period of 2024. This was the biggest annual increase for this period since 2017. The gas-fired production rose 19%, the most in three years. Coal-fired production increased by 2% and reached two-year-highs. If the EU maintains its current burning pace, the EU's CO2 emissions could reach 600 million tons this year. Since late 2024, the main factors that have contributed to the increase in fossil fuel consumption are steep drops in clean energy supplies and weather conditions throughout Europe. The output from wind farms, which will account for almost 20% of EU electricity supply during the first half 2024, has experienced the biggest year-over-year drop in history between January and June. It dropped by 9%, to 225 Terawatt Hours (TWh). Wind power production was hampered by low wind speeds, especially in Germany where over 30% of EU capacity is located. In Europe, the lack of snow and rain over the winter resulted in an annual drop of 15% in the electricity produced by hydro dams. These dams accounted for 15% or so of the EU's electricity supply last year. The approximately 164 TWh hydroelectric output from January to June was about 28 TWh lower than the same period in 2024 and the lowest for two years. SOLAR SHINES, BUT NOT ENOUGH Solar power in the EU has increased by 21%, or 32 TWh. This helped to cushion utilities against the decline in wind and hydro electricity generation. The 179 TWh electricity produced by EU solar farms in the first half 2025 was an all-time record. It marked the first instance that EU solar farms had produced more electricity during the window from January to June than hydro dams of the region. Solar-powered electricity will reach new heights in the next few months as the installed capacity of solar panels continues to increase. Clean energy advocates across the EU can celebrate this. The deep and persistent drops in wind and hydro output is also a cause for concern. This is especially true as climate trends suggest that weather patterns will continue to deviate from the averages. The steadily rising temperatures in Europe are leading to a steady decline in snow cover at low altitudes, and are also pinching the regional hydro dam production - even though hydro dam capacity reached a record in the EU last year. Climate change triggers more intense storms, but it also causes more wind droughts. This is because the temperature difference between tropical and polar areas is narrowing. The Global Stilling phenomenon is a major concern for energy planners, who had been counting on large-scale wind farms to play a reliable role in the generation of clean electricity over the next decades. Even if solar energy continues to grow, EU energy providers will still struggle to meet demand if wind speeds continue to slow down for months at a time and if hydro networks receive only a small amount of snow and rain during winter. This means that despite long-term plans to transition power systems away from fossil fuels, coal and natural gas will remain essential tools for EU utilities in the near future. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
European grid plans fall short by 250 billion euros
Boston Consulting Group's report on Thursday revealed that the European electricity transmission system operators (TSOs) have a shortfall of 250 billion euros ($293 billion).
Why it is important
Spain and Portugal experienced their worst power outage at the end of April. In large areas of the Czech Republic, there was an outage last week. These incidents have raised concerns over the resilience of Europe’s electricity system.
The increased electrification of Europe, the growth in power consumption from AI and data centers, the integration of renewables and aging infrastructure are all contributing factors.
The report didn't provide details on the subsidies that some grid operators may receive. Some TSOs may receive subsidies from EU funding programs or initiatives of member states.
By the Numbers
The report stated that the 15 largest TSOs in Europe are expected to grow their operating cash flow from 2020-2024 to 120 billion euro by 2025-2029. This is up from 57billion euros between 2020-2024.
The plan is to triple the capital investment in five years to 345 billion Euros.
The report stated that if dividends of between 25 billion and $30 billion euros were also to be paid, there would still be a funding shortfall of approximately 250 billion euros.
The report said that this would have to be addressed through equity, debt, divestitures, or lower dividends.
CONTEXT
The report stated that Europe must build more grid infrastructure in the next five-years than it did over the last two decades.
The balance sheets of TSOs have been put under pressure. TSOs have high levels of debt, and many are struggling to raise capital in the face fierce competition.
KEY QUOTE
Tom Brijs is a BCG partner, and the co-author of this report. "Without rapid innovations in how we finance the grid infrastructure, Europe runs the risk of having world-class, renewable energy that cannot reach consumers, because the grid can't keep up," he said. Reporting by Nina Chestney, Editing by David Goodman.
(source: Reuters)