Latest News
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KKR invests into ADNOC pipeline infrastructure for Middle East push
The global investment firm KKR announced on Wednesday that it had acquired a minority stake in the entity which leases Abu Dhabi National Oil Company (ADNOC's) gas pipeline assets. Financial details were not disclosed. KKR and BlackRock had invested in ADNOC’s oil pipeline assets as early as 2019, acquiring a stake of 40%, which they sold last year. KKR will acquire the minority stake in ADNOC Gas Pipeline Assets via its managed accounts. The company stated that the long-term capital would match the type of investment and the tenure. ADNOC retains ownership of the pipelines and management. ADNOC, the United Arab Emirates' oil giant, has been seeking such partnerships in order to tap into new pools of institutional capital while maintaining operational control over key infrastructure assets. KKR, a global infrastructure asset manager with over $90 billion, has appointed General David Petraeus to its Middle East Chairmanship earlier this year, as part of its efforts to expand its regional business. Petraeus stated in the statement that he was "pleased" to extend his strategic partnership with ADNOC, and to continue to invest in Abu Dhabi’s long-term prosperity. Reporting by Rachna uppal; editing by Ronojojo Mazumdar
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Greece's strike over working hours has caused ferry and train delays
On Wednesday, during an all-day general strike to protest against the extension of working hours, Greek trains and ferries were stopped and protests expected in Athens. The protest was organized by Greece's biggest private and public unions in response to a government proposal to extend the 13-hour limit on working days currently applicable to those with two jobs, to those with just one. A labour ministry official predicted that the rule would be passed in October. The unions claim that it will increase the pressure on Greek workers, who are emerging from a debt crisis which slashed salaries and pensions in 2009-2018 and caused unemployment rates to soar. Greece's economic recovery and improved living standards after several pay increases have led to a rise in the purchasing power of Greeks compared to their European counterparts. "We reject a workday of 13 hours. Working time isn't a commodity. It's not a commodity, it's our lives," said the GSEE, a union that represents approximately 2.5 million private sector workers, in a press release issued ahead of the strike. In the morning, workers are expected to gather at central Athens. The government claims that the reform will only apply for 37 days per year and offer 40% in overtime pay to workers. It also says it is a response to employers' and workers’ demands for a flexible labour market.
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New York Attorney General James files suit against Homeland Security for $34 Million over Transit Funding Freeze
Letitia James, New York's Attorney General, filed an emergency motion and a lawsuit on Tuesday seeking a temporary injunction against U.S. Homeland Security Secretary Kristi Noem as well as the Department. She accused them of illegally refusing to provide nearly $34 millions of funding requested by New York State's Metropolitan Transportation Authority. The MTA is a state-run agency that runs New York City's buses and subways, as well commuter rails that serve the nearby suburbs. James filed a lawsuit in late Tuesday at the U.S. District Court of the Southern District of New York to seek an emergency order before midnight. This is intended to protect the MTA funding. The Department of Homeland Security didn't immediately respond to an inquiry for comment. In a press release, her office stated that "DHS cut New York's Award from nearly $34 Million to Zero - an illegal decision". James did not ask for disbursement of funds tonight but only the preservation of the money while the courts decide the case. James stated that the move jeopardizes millions of New Yorkers' safety. James said: "I'm asking the court to take action before midnight to prevent these funds from disappearing and to make sure that New Yorkers don't put themselves at risk because of this administration’s political games." The U.S. Transportation Department announced last month that it may Withhold MTA could lose up to 25 percent of federal funding if it does not improve the safety of workers who maintain subway tracks. (Reporting from Gnaneshwarrajan and Mrinmay dey in Bengaluru, editing by Kim Coghill.)
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South Korea airport workers will begin a strike on Wednesday, Korea Airports Corp. says
The state-run Korea Airports Corporation announced that South Korean airport employees will begin a strike on Wednesday. In a press release, the 2,300 workers unionised at 15 of the country's airports want better pay, more rest days and safer working conditions, according to a representative from the Korean Public Service and Transport Workers' Union. The representative said that the workers would continue to strike until a deal was reached with management. This strike coincides with the Chuseok holiday, which is celebrated in South Korea at the beginning of October. According to the union, and Korea Airports Corporation which oversees operations at all airports in Korea, workers are primarily responsible for airport maintenance, such as cleaning and arranging carts, and managing parking areas. The airport corporation stated that airport security workers were not part of the strike. This will limit disruptions to flights.
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Uber found not responsible in the first US court trial regarding driver sexual assault allegations
According to the attorney representing the plaintiff, Uber was not held responsible for a sexual assault that occurred on a ride ordered through the Uber app. The woman claimed her driver had attacked her during the trip. The jury in San Francisco Superior Court rejected the woman’s claim that Uber was responsible for her assault at the end of the three-week civil case. This was the first trial of over 500 lawsuits that were consolidated at a California state court. More than 2,500 similar lawsuits have also been centralized at a federal court located in California. In 2021, the woman who was known as Jessica C. in court, filed a lawsuit claiming that she had been assaulted in 2016 by an Uber driver. According to her lawyers, during the ride her Uber driver stopped on a side road and groped, kissed, and restraining her. Her case was selected as the "bellwether trial" for state court litigation. Bellwether trials can be used in litigation where there are many plaintiffs with similar claims to test and determine the value of those claims. The outcome of the bellwether trial can be used by judges to manage other cases or lawyers to inform settlement discussions. The attorneys for the woman had requested that the jury award her between $175,000 to $1.2 million as compensatory damages per year, with higher figures being suggested for the years immediately following the assault. The attorneys did not give a figure for punitive damage. Safety Practices in the Spotlight Uber is accused of knowing that it had a problem when drivers attacked riders but withheld data about how many assaults occurred from the public. It also allegedly did nothing to resolve the issue. Plaintiffs claim that Uber was aware that assigning female passengers to female drivers, or requiring dash cameras to record passenger and driver interactions would reduce violence but did not implement these programs. Uber maintains that it is not liable for the criminal acts of drivers who connect with passengers and that background checks and disclosures regarding assaults are sufficient. The lawsuit threatens to open old wounds that Uber experienced in its early years. Uber was plagued by safety concerns, accusations of lax driver screening, and a company culture that critics claimed prioritized growth above protecting passengers. Uber could be facing a financial blow of hundreds of millions of dollar and its relationship with investors and regulators who are closely monitoring its safety record. Safety has become a major focus for the company in recent years. It has published U.S. Safety Reports detailing reported sexual assaults. Features such as ride verification in-app, audio and video recording of rides, and anomaly detection have been introduced. Uber also announced the formation of a Safety Advisory Board, which is chaired by a former U.S. Uber has also announced the formation of a Safety Advisory Board, which is chaired by former U.S. Homeland Security Secretary Jeh. Uber's reputation for safety has not improved despite these measures. Uber's latest safety report, which covered the period 2021-2022, stated that reports of serious sexual abuse on its platform had decreased by 44% compared to its first report from 2017-2018. Critics say that systemic risks still exist, despite the fact that thousands of cases are documented. A U.S. House of Representatives Subcommittee, following an August New York Times article on the subject, sent a letter to Uber CEO Dara Khorowshahi last week seeking information about the company's protocol for responding to sexual assaults and preventing them on its rides. (Reporting from Diana Novak Jones, in Chicago, and Akash Sriram, in Bangalore; editing by Alexia Garamfalvi & Bill Berkrot).
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Japan's renewable curtailments are on course to reach a record, as nuclear power increases
A review of industry statistics showed that the use of nuclear energy in Japan will increase this year, leading to a record-breaking reduction of wind and solar generation. This will further exacerbate the pain of a sector experiencing a mass exodus. Since the Fukushima nuclear disaster in 2011, the fifth largest power producer in the world has slowly restarted some of its nuclear plants. Two reactors that were brought back online in the past year are among 14 of 33 commercially-available reactors. One more reactor received preliminary approval for a restart this year that could not happen until 2027. This has allowed Japan to reduce its fuel costs, especially expensive fossil fuel imports and meet the rising demand for power from data centres and chipmakers. Grid flexibility has been compromised because nuclear power is difficult to ramp up and down. The amount of solar or wind power that was able to be produced, but was rejected preemptively because the grid reached its limit. According to an analysis of data by the Renewable Energy Institute, in nine of Japan's 10 grid regions, curtailments increased 38.2%, to 1.77 Terawatt-hours or 2.3%, of the total green power generated during the eight months to August. This compares to 1,28 TWh, or 1.8%, of renewable energy output during the same period in last year and the previous record annual of 1.9% set in 2023. Michiyo Miyamoto is a Japan energy finance specialist with the Institute for Energy Economics and Financial Analysis. She gave as an example the increased output of the Shimane No.2 nuclear reactor, located in the western region Chugoku and restarted in late December. DISTANT GOALS Japan wants nuclear power to be 20% and renewables 50% by 2040. This compares to levels of 23% compared with 8.5% respectively in fiscal 2023. The renewable energy sector has been hit hard by the curtailments, but the revenue lost from them is not the only thing that's hurting it. IEEFA reported in August that a record 52 renewable energy developers left Japan in the fiscal period ended March, including eight bankruptcy cases. Amid rising costs, groups led by the trading house giant Mitsubishi walked away from three offshore projects in August. This raised concerns over the viability and feasibility of other offshore projects. The International Renewable Energy Agency reports that the growth rate of new wind and solar installations is expected to slow down in Japan by 3.3% between 2024 and 2009, which is the lowest pace since 2009. Kenichi Onishi is a researcher at the Institute of Energy Economics in Japan. He said: "If curtailments exceed expectations, it will be harder for renewables to recover their costs and discourage new investment." Requests for comments were not answered by the Japan Community Power Association (JCPA), the Japan Council for Renewable Energy (JCRE) and the Japan Wind Energy Association. Increased curtailments have also been caused by transmission shortages and maintenance problems. REI data revealed that during the first five month of the current fiscal period, which ended in August, curtailments on the island of Kyushu were 7.6%, while those on the northern region Tohoku were the highest, rising from 2.1% up to 5.8%. The main problem is the insufficient capacity of grid transfers from regions with high renewable energy. Kyushu’s photovoltaics expansion outpaced the local demand and export capacity, said Uran-Ulizi Batyabar of Rystad Energy in Tokyo. Minoru Shioda is an official in the energy efficiency and renewable energies department of the Industry Ministry. He said that Japan is trying to reduce curtailments through building inter-regional power transmission lines, promoting storage batteries, and encouraging high demand during times of high energy generation. Shioda said higher hydropower generation due to heavier-than-expected snowfall led to curtailments in Tohoku this spring. Analysts cited the restart last October of a nuclear unit at Onagawa in Tohoku as another key reason for the curtailments. Tetsunari IIda, the chairperson of Institute for Sustainable Energy Policies, said that unless regulatory reform prioritizes renewables over incumbents Japan risks falling behind global trends.
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Yemen's Houthis take responsibility for attack against Dutch-flagged vessel
Yemen's Houthi terrorists claimed responsibility for the attack on the Dutch flagged general cargo ship Minervagracht that caught fire in Gulf of Aden on Wednesday. Since 2023, the Iran-aligned group launched multiple attacks on ships in the Red Sea. They targeted vessels they believed to be linked with Israel as a show of solidarity with Palestinians in response to Israel's Gaza war. The Houthis military spokesperson claimed that the attack on Monday was carried out with a cruise missile. According to the EU maritime mission Aspides, and the vessel operator, the strike resulted in two sailors being injured and forced the evacuation of 19 members of the crew by helicopter. Spliethoff, an Amsterdam-based operator, said that Minervagracht suffered substantial damage as well as a fire when it was struck in international waters of the Gulf of Aden. The Houthis claimed that they attacked Minervagracht as its owner had violated the "entry ban to ports in occupied Palestine". This was the first Houthi assault on a commercial vessel since September 1 when they attacked an Israeli-owned oil tanker, Scarlet Ray, near Yanbu in Saudi Arabia’s Red Sea port. The Houthis attacked the Magic Seas Bulk Carrier and Eternity cargo ship and sank them in the Red Sea. The last major Houthi attack on a Singapore-flagged container ship was in July 2024. Reporting by Hatem Maher, Mohammed Ghobari and Leslie Adler; editing by Stephen Coates and Leslie Adler
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Yemen's Houthis have said they will target US oil companies with sanctions
A group affiliated with the Iran supported militia announced on Tuesday that Yemen's Houthis would target U.S. major oil companies including ExxonMobil, Chevron and ExxonMobil with sanctions. The Humanitarian Operations Coordination Center, a Sanaa-based body established last year to liaise with Houthi forces, commercial shipping operators and other parties, has sanctioned thirteen U.S. firms, nine executives, and two vessels. The sanctions were a retaliation to U.S. Sanctions imposed against the Houthis in this year despite a ceasefire agreement reached with the Trump Administration in which the Yemeni Group agreed to stop attacks on U.S. linked ships in the Red Sea as well as the Gulf of Aden. Exxon and Chevron declined to comment. It is unclear whether the sanctions will lead the Houthis to begin targeting vessels that are linked to sanctioned companies, organizations and individuals. This would be a risky move, as it could violate the ceasefire agreement that was facilitated by Oman with the Trump Administration," said independent Middle East analyst Mohammed Albasha in a LinkedIn posting on Tuesday. Since 2023, the Houthis have repeatedly attacked vessels in Red Sea they believe to be connected with Israel. They claim this is in solidarity with Palestinians in response to Israel's Gaza war. According to the U.S. Energy Information Administration, the campaign had little impact on the vital oil tanker traffic that passes through the Strait of Hormuz. This is the waterway between Oman, Iran, and the Gulf of Oman, connecting the Persian Gulf, Gulf of Oman, and Arabian Sea. Houthis has occasionally attacked ships in Gulf of Aden which connects Red Sea and Arabian Sea. The Houthis claimed Monday responsibility for attacking with a cruise-missile a Dutch cargo vessel in the Gulf of Aden, leaving it ablaze and drifting. Two crew members were injured. According to the EIA, last year the U.S. imported around 500,000 barrels of crude oil and condensate per day from Gulf countries via the Strait of Hormuz. This represents about 7% in total U.S. crude and condensate exports. The agency stated that this is the lowest level for nearly 40 years, due to the increase of domestic production and Canadian imports. Albasha of U.S. based Risk Advisory Basha Report said the move would not affect the oil markets, as most of the trade is done by Chinese, Russians, Iranians, and other Gulf Companies that the Houthis wish to maintain good relations with. He said: "This appears to be a media stunt. It's a way for them to save face, and reassure the people of their country in light on mounting U.S. Sanctions and Israeli strikes which have hurt their economy." The HOCC statement included the following line: "The ultimate purpose of sanctions is not punishment, but positive behavior change." Reporting by Lisa Baertlein, Liz Hampton and Sheila Dang from Los Angeles; editing by Daniel Wallis, Stephen Coates and Stephen Coates
Uber found not responsible in the first US court trial regarding driver sexual assault allegations
A California jury ruled on Tuesday that Uber was not responsible for the sexual assault claimed by a woman who claimed her Uber driver attacked her during a ride. According to the attorney representing the plaintiff, Uber has no responsibility for the assault.
According to Celine Cutter one of her attorneys, at the conclusion of a three week civil trial, the jury found Uber negligent for the safety measures it took to protect an anonymous woman. However, they found that this negligence did not play a significant role in the woman's injury.
This was the first trial of over 500 lawsuits that were consolidated at a California state court. More than 2,500 similar lawsuits have also been consolidated in a California federal court.
In 2021, the woman who was known as Jessica C. in court, filed a lawsuit claiming that she had been assaulted in 2016 by an Uber driver. According to her lawyers, during the ride her Uber driver stopped on a side road and restraining her, groping her and kissing her.
William Levin, and Laurel Simes were the two lawyers who represented her in court. They did not respond immediately to a comment request.
Uber has been working for years to improve safety and will continue doing so in the future, according to a spokesperson.
In the case of the state court, the woman's suit was selected as the "bellwether". Bellwether trials can be used in litigation where there are many plaintiffs with similar claims to test and determine the value of those claims. The outcome of the bellwether trial can be used by judges to manage other cases or lawyers to inform settlement discussions.
The attorneys for the woman had requested that the jury award her between $175,000 to $1.2 million as compensatory damages per year, with higher figures being suggested for the years immediately following the assault. The attorneys did not give a figure for punitive damage.
Safety Practices in the Spotlight
Uber is accused of knowing that it had a problem when drivers attacked riders but withheld data about how many assaults occurred from the public. It also allegedly did nothing to resolve the problem.
Plaintiffs claim that Uber was aware that assigning female passengers to female drivers, or requiring dash cameras to record passenger and driver interactions would reduce violence but did not implement these programs.
Uber maintains that it is not liable for the criminal acts of drivers who connect with passengers and that background checks and disclosures regarding assaults are sufficient.
The lawsuits could reopen old wounds that Uber experienced in its early years. Uber was plagued by safety concerns, accusations of lax driver screening, and a company culture that critics claimed prioritized growth above protecting passengers.
Safety has become a major focus for the company in recent years. It has published U.S. Safety Reports detailing reported sexual assaults. Features such as ride verification in the app, audio and video recording of rides, and anomaly detection have been introduced.
Uber also announced the formation of a Safety Advisory Board, which is chaired by a former U.S. Uber has also announced the formation of a Safety Advisory Board, which is chaired by former U.S. Homeland Security Secretary Jeh.
Uber's reputation for safety has not improved despite these measures. Uber's latest safety report, which covered the period 2021-2022, stated that reports of serious sexual abuse on its platform had decreased by 44% compared to its first report from 2017-2018. Critics say that systemic risks still exist, despite the fact that thousands of cases are documented.
A U.S. House of Representatives Subcommittee, following an August New York Times article on the subject, sent a letter to Uber CEO Dara Khorowshahi last week seeking information about the company's protocol for responding to sexual assaults and preventing them on its rides. (Reporting from Diana Novak Jones, in Chicago and Akash Shriram, in Bangalore; editing by Alexia Garamfalvi and Bill Berkrot)
(source: Reuters)