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Europe must fight tax fraud gangs, corruption, EU chief prosecutor says
The EU's top prosecution officer said that Europe loses an estimated 50 billion euro ($58 billion) per year due to tax and customs scams, which have become the most lucrative criminal activities within the EU. More needs to be accomplished to combat the gangs involved, he added. Laura Codruta Kovesi spoke on Thursday in Piraeus Port, Athens. The European Public Prosecutor's Office is conducting a major investigation. "We want send a clear message to the criminals who are behind this massive fraud: the rules have changed. No more safe havens!" Kovesi spoke to reporters in Piraeus. "We must fight back." "We have to fight back. EPPO is investigating a series of fraud cases which have rocked Greece. One of these, dubbed Calypso, involved alleged gangs that extended from China to 14 EU countries and operated out of Piraeus. In the largest seizure in EU history, the agency confiscated more than 2,400 containers of shipping at the port that is owned by China's COSCO. According to EPPO, since 2017, gangs have allegedly been underreporting the value of goods imported from China. This has resulted in a loss of VAT and duties totalling around 800 million euro. EPPO investigations over the past few years also revealed that corruption in state institutions, which contributed to Greece's debt crisis from 2009-2018, had not been eradicated. Some of these cases have hurt the popularity of the centre-right Government. Kovesi, during her visit to Greece last week, said that she wanted EPPO to have more resources and more prosecutors in Athens. Ministers have pledged their support. She also called on Greece to amend its laws that protect politicians from prosecution. EPPO referred two cases before the Greek Parliament, which is the only institution that has the constitutional authority to investigate ministers. One case is connected to Greece's biggest rail disaster of 2023. The latest case involves Greek farmers and officials who are suspected of cheating the EU out of subsidies since 2019 for the use pastureland.
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Gulf oil giants make billions in infrastructure deals
Gulf Arab national oil firms have a strategy that involves raising funds while maintaining control of oil and gas assets. This has helped them raise billions. Here are some key facts regarding such deals. ADNOC of the UAE ADNOC raised $4 billion by creating a new subsidiary in 2019. ADNOC Oil Pipelines was created and leased 18 pipelines to a consortium that included BlackRock and KKR for a period of 23 years. The investors bought a 40% stake, while ADNOC retained 60% of the company and had full control. ADNOC created ADNOC Gas Pipelines in 2020 and sold a 49 percent stake to a group consisting of six investors. These included Global Infrastructure Partners, Brookfield Asset Management and Singapore's sovereign fund GIC. Other investors include Ontario Teachers' Pension Plan Board and Snam. This deal raised $10 billion. Lunate, an Abu Dhabi-based company, acquired BlackRock & KKR's 40% stake in the oil pipeline on April 20, 2024. Snam, the indirect owner of a stake in the entity that owned the gas pipeline, announced to Lunate in January 2024 it had also sold its shares. Lunate, an Abu Dhabi based alternative investment manager, is part of the business empire headed by Sheikh Tahnoun Bin Zayed Al Nahyan. KKR bought a minor stake in ADNOC Gas Pipeline on Tuesday. SAUDI ARAMCO Aramco sold its 49% stake in Aramco Oil Pipelines Co. to EIG Global Energy Partners under a 25 year lease for $12,4 billion. In the same year, Aramco Gas Pipelines Co. was formed and a 49% share of it was sold to a group headed by BlackRock and Hassana Investment Co. Aramco, a consortium led Global Infrastructure Partners and BlackRock, signed a lease-and-leaseback agreement for infrastructure surrounding its Jafurah project in 2025. Aramco retains majority ownership in all transactions and maintains operational control. Reports in July indicated that Aramco was looking to sell five gas-fired plants, which could raise $4 billion. This is part of an effort to release funds that could bring in tens or hundreds of millions of dollars. Oman's OQ Oman raised $750 million in 2023 by selling a 49% stake of its gas pipeline company, OQ Gas Networks. Fluxys, a Belgian company and the Qatar Investment Authority in Qatar are among the key investors. OQ retains 51% ownership, and has operational control. BAHRAIN'S BAPC Bapco Energies, a subsidiary of BlackRock Infrastructure Fund, sold a minor stake in the Saudi Bahrain oil pipeline last year. This was Bahrain's very first infrastructure monetization. The deal's value wasn't disclosed. Bapco retains majority ownership as well as operational control. KUWAIT PETROLEUM CORPORATION (KPC) KPC's CEO, Sheikh Nawaf Nasir al-Sabah, has revealed that the company is looking at a lease-leaseback agreement for its oil pipeline system. This would be a similar deal to those used by ADNOC or Aramco. He did not give any figures. Bloomberg reported that the deal involved 13 pipelines, and that it could raise between $5 billion and $7 billion. Centerview Partners advises on the possible transaction, according to people familiar with the issue. KPC will retain operational control. Kuwait's official news agency reported in September that BlackRock would open an office and Ali AlQadhi will lead operations in Kuwait. BlackRock declined to comment on the potential deal with KPC. (Reporting and editing by Elaine Hardcastle; Yousef SABA)
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Police report four wounded in shooting near UK synagogue
The British police confirmed on Thursday that four people were injured in a stabbing near a Manchester synagogue after a car allegedly drove at pedestrians. Greater Manchester Police (GMP), said that officers were called to the Heaton Park Hebrew Congregation Synagogue incident in Crumpsall, North Manchester after a witness reported seeing a car drive at members of public and that a man was stabbed. GMP reported that armed officers responded to the incident and that an offender believed by GMP was shot. A photographer reported that there was heavy police presence around the area. Ambulance crews in protective helmets and body armor were seen, and one person was taken into an ambulance. GMP released a statement saying that "paramedics have arrived on the scene... and they are treating members of public. Currently, four members of public have injuries from both the vehicle accident and stab wounds." The North West Ambulance Service has dispatched its resources to the region. The ambulance service stated that they were evaluating the situation with the help of other emergency services. Andy Burnham said that it was a serious event. He told BBC radio that he would advise people to avoid the area because it was a serious incident. However, he also said, "I can reassure people immediately, the immediate danger seems to be over and Greater Manchester Police has dealt with it quickly." (Reporting and editing by Kate Holton, Michael Holden and Phil Noble)
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France arrests the captain and first officer of a detained tanker believed to be part Russia's "shadow fleet"
After the navy boarded a tanker sanctioned by France, the police arrested its captain and first officer. They were suspected of working for Russia's shadow fleet. Sebastien Lecornu, Prime Minister of France, wrote in X: "We are grateful to our Navy commandos as well as the crews from the French Navy for intervening this weekend at a Russian Shadow Fleet Tanker currently anchored near Saint-Nazaire." Their action led to the arrest of 2 crew members. Brest prosecutor Stephane Kellenberger whose office is in charge of the investigation into the Boracay said in a press release that the two people arrested had identified themselves in the statement as the captain and first officer of the ship. It is a slang term for "you are". Those who are accused of not providing proof of nationality of the vessel and of failing to follow orders will be charged with failing to comply. He said that their detention had been prolonged. Despite the fact that President Emmanuel Macron welcomed the investigation into the vessel and estimated that Russia's shadow fleet contains between 600 and 1,000 ships, French officials have kept quiet about the investigation. MarineTraffic reports that the Boracay left Primorsk, a Russian port, on September 20. The vessel was sanctioned by Britain, the European Union and other countries. MarineTraffic data shows that drone activity caused the airport to close around 1830 GMT, September 22. It was about 50 nautical miles south of Copenhagen and heading out of Baltic Sea. Drones were also reported to be flying near airports and north of Esbjerg on September 24. The French and Danish authorities declined to comment if the French investigation is connected to the drone incursions. The Kremlin stated on Wednesday that it did not have any information about the ship, but also added that sometimes the Russian military was required to act to restore order after foreign countries took what Dmitry Peskov called "provocative" actions. (Reporting and writing by Alessandro Parodi, Makini Brice and Gabriel Stargardter. Editing and revision by Richard Lough, Hugh Lawson and Richard Lough)
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Kazakhstan keeps September oil output steady at 1.88 mln bpd, source says
A person familiar with preliminary data said on Thursday that Kazakhstan's crude oil production in September was unchanged from August. This includes gas condensate (a type of lighter oil), but excludes crude oil. This was higher than Kazakhstan's quota for July of 1,514 million bpd, which was agreed to with the oil producing group OPEC+. Kazakhstan has been exceeding its quotas for several months, set by OPEC+. This grouping includes the Organization of Petroleum Exporting Countries (OPEC) and other producers including Russia. Under the OPEC+ agreement, the country must compensate for its previous overproduction of 2.917 millions barrels by July 20,26. Tengizchevroil, the largest oil company in the country, increased output at Tengiz by 1% to 963.800 bpd last month from 953,900. TCO does comment on its commercial activities. According to preliminary data, the total production of crude oil and condensate fell by 3% to 8,335 million tons in September, or 2,084 million barrels per day, down from 8,885 million tons or 2,150 million barrels per day in August. Estimates show that Kazakhstan produced 75.7 million tonnes of crude oil and condensate during the first nine months in 2025. Tomasz Janovski, Reporter and Editor
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Australian pension fund Aware Super looks at US deals unfazed, despite political turmoil
A major Australian pension fund, Aware Super, has said that it will continue to invest in U.S. real estate, as they are confident of the long-term economic fundamentals, and that domestic consumption levels, won't be affected by current political volatility. One of Australia's largest pension funds (A$190 billion, or 125 billion dollars) announced this week it will be embarking on an $1.3 billion venture to purchase a U.S. Industrial Property Fund that owns three Los Angeles logistics sites. Superannuation funds, Australia's compulsory retirement saving scheme worth A$4.1 trillion (US$2.7 trillion), are turning more and more to international investments for higher returns. Aware Super’s head of property Alek Misev stated that the U.S. is attractive because global interest rates are likely to continue falling, as well as the fact that technology advancements and domestic consumption rates remain strong. According to Aware Super, the U.S., Canada, and Australia account for 13% of the global property assets. The UK, continental Europe, and Australia make up 65%. "You must have a longer-term view and be convinced that the volatility of short-term will eventually even out over time. It's the same in Europe and Asia-Pacific. In an interview on Thursday, Misev said that you need to focus on the basics. Congress has failed to pass funding legislation for the new fiscal years. The deadlock is the result of a disagreement over federal spending priorities and healthcare policy. Misev stated that Aware will focus on property assets located close to population centers, which could attract tenants of high quality. He said, "Demand exists. There is not a lot of supply. Interest rates will probably go down in the future." You would love to see a positive trend in the property market. We think that the pricing in the U.S., Europe, and Australia is at the lowest level. We are now more active because of this. Aware stated that Amazon and Maersk are tenants at the Goodman sites. Anjana Mooran, senior portfolio manager at Aware Super, noted that the fund had to take into account the April announcement by U.S. president Donald Trump of tariffs on all trading partners. Moran explained that "there were announcements about tariffs, and when we thought about logistics assets and possible exposure to trade risk that gave us pause. We needed to do more to get comfortable, and we were able do that." The fund's portfolio is dominated by industrial properties, which account for 32% of the total. Residential properties make up 30%, and office buildings represent 17%. (1 Australian dollar = 1.5117 dollars) (Reporting and editing by Edwina G. Gibbs; Scott Murdoch)
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New York Times Business News - October 2,
Here are the top business stories from the New York Times for October 2. These stories have not been verified and we cannot vouch for the accuracy of these reports. Snapchat, a social media platform, announced that it would start charging its users to store photos and videos in the Memories section of its app once they have exceeded five gigabytes. The Trump administration announced Wednesday that they would not be releasing the $18 billion federal funds awarded to New York City in previous years for two of its largest infrastructure projects, the Hudson Tunnel as well as the Second Avenue Subway. According to a memo issued by the federal government on Wednesday, President Donald Trump’s administration asked U.S. college to sign an agreement on sweeping terms. These included foreign enrolment, diversity and ideological values for students and staff. The Port Authority of New York & New Jersey reported that two regional flights operated on Wednesday by Endeavor Air a Delta Air Lines subsidiary, collided and injured one passenger. (Compiled by Bengaluru Newsroom)
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Fuel oil demand exceeds predictions due to Red Sea disruptions, shadow fleet expansion and increased fuel consumption
Fuel oil for ships and power plants has unexpectedly high demand. Efforts to reduce its use are more than offset by the expansion of a shadow fleet of oil tanks serving Russia and other countries, as well as longer shipping routes, since vessels avoid Red Sea. Many shippers, instead of switching to cleaner burning alternatives like marine gasoil or low-sulphur oil, have installed exhaust-gas cleaning devices called scrubbers in order to continue using high sulphur oil. Western sanctions and attacks against shipping in the Red Sea has further fueled this unexpected demand. Royston Huan is an analyst with Energy Aspects. He said that the fuel oil market has shown remarkable resilience. Demand outperformed expectations because of several factors such as the Middle East's still-firm demand for power generation and Red Sea shipping disruptions due to Houthi attacks. According to the International Energy Agency’s annual report for June, while global demand for jet fuel and diesel has fallen since pre-pandemic 2019 levels, gasoline consumption is only up 1.9%. Fuel oil demand, however, will increase by 4.8% by 2025 to an average of 6.5 million barrels a day (bpd). Demand for fuel oil exceeds expectations The IEA predicted that fuel oil consumption would only grow 1.6% from 2019 to 2025, which is the slowest rate among all major refined fuels. IEA analyst CiaranHealy said that the fuel oil used in power generation in recent years has outperformed expectations of the agency, largely because the summers have been hotter in the Middle East. According to Kpler, the shipping data firm, Saudi Arabian and Egyptian fuel oil imports increased by 33% in 2024 compared to 2023 and have remained 31% higher so far in 2025 compared to 2023. Saudi Arabia has also been a contributor to the sanctions against Russia, importing Russian fuel oil at a discount in order to export more crude. SHADOW FLEET, RED SEA DIVERSIONS As the conflict in the Red Sea persists, more ships are now traveling around the Cape of Good Hope rather than the Suez Canal. This is increasing fuel oil demand. Since 2023, vessels have avoided the area due to attacks from the Houthis of Yemen, which are Iran-aligned and aim to disrupt global shipping as a protest against the Gaza war. According to the consultancy FGE, these diversions have increased fuel demand by approximately 100,000 bpd. This is about 2% of the global bunker requirement. The IEA, however, believes disruption to shipping in the Red Sea has given a smaller-than-anticipated boost to bunkering volumes, Healy said. Valerie Panopio is an analyst with Rystad Energy. She said that Western sanctions against Iran and Russia are also fueling the growth of a "shadow fleet" of vessels, likely using high-sulphur oil (HSFO). These vessels are usually owned by opaque parties and lack top-tier Western safety certification or insurance. According to industry sources, such as Lloyd's List Intelligence, and shipbroker Gibson's estimates, the shadow fleet consists of between 1,200-1,600 tankers. This represents around a fifth (or more) of the global fleet. Based on bunker data for 2023 from the International Maritime Organization, this would mean that shadow fleet tankers consumed more than 106,000 bpd or around 2% of global consumption. Eugene Lindell of FGE said that many of these vessels are rust buckets, some older than 15 years. They also travel long distances, increasing fuel consumption. SCRUBBER REGULATORY AND ADOPTION CHALLENGES The IMO 2020 regulations lowered sulphur limit for marine fuels, from 3.5% to 0,5%. This initially dampened demand for HSFO. The widespread adoption of scrubbers - onboard systems which allow ships to burn HSFO without causing environmental damage - has led to a rebound in consumption. According to DNV, the maritime consultancy, the number of scrubbers installed on ships will reach 6,523 in 2024. This is up from 4,348 at the end 2020. Despite IEA forecasts that fuel oil demand will decline after 2026 and average 6.1 million bpd in 2030, opposition to IMO rules could sustain demand. Energy Aspects reported that the Trump administration in the United States has resisted IMO regulations on carbon pricing and tighter emission rules. This could delay their implementation. Kenneth Tveter, a shipbroker at Clarksons, said that fuel oil demand would be stable until the end of this decade. Enes Tunagur is the reporter, and Alex Lawler, Dmitry Zhdannikov, and Louise Heavens are responsible for editing.
Sources say that China's banks are lending to Saudi gas project, but their funds are not included in the BlackRock-led deal.
Three people with knowledge of the matter have confirmed that China's largest state banks are lending Aramco billions for its Jafurah Gas Project, despite the fact that their funds had passed up the chance to invest.
Two people with knowledge of the matter claim that Chinese banks have provided more than a quarter of the funding for what could be the largest shale-gas project outside of the U.S. Bank of China, ICBC, and China Construction Bank all lent about $1 billion each, and Agricultural Bank of China lent around $750 millions.
Aramco signed an agreement in August for a lease-and-leaseback of $11 billion with a consortium headed by Global Infrastructure Partners. Global Infrastructure Partners is backed by U.S. BlackRock - the world's largest investor.
Two people citing U.S. China trade tensions said that some Chinese funds were offered the opportunity to participate in the equity financing round for Jafurah but did not.
The absence of Chinese funds contrasts with Aramco’s 2022 deal when China's Silk Road Fund, China Merchants Capital and BlackRock joined Keppel and BlackRock in a pipeline project. This shows how the deteriorating U.S. China trade relations is influencing deal-making in Gulf.
The Jafurah Project is central to Saudi Arabia’s ambitions to be a major player in the global natural gas market and to increase its gas production by 60% from levels of 2021 by 2030.
Aramco will retain 51% of the assets, while the GIP-led consortium will hold 49%.
According to sources familiar with this deal, BlackRock's GIP is the anchor of the Jafurah Equity Group, which also includes investors such as the Abu Dhabi sovereign wealth fund Mubadala, and Abu Dhabi investment company Lunate.
Aramco BlackRock Mubadala Lunate have declined to comment. The U.S. government and the Chinese government did not respond when asked for comment. Bank of China and ICBC as well as China Construction Bank, Agricultural Bank of China did not reply to a comment request.
The Financial Times reported that Beijing had instructed its state funds to avoid U.S. private capital firms, and even managers from other countries with American exposure.
Beijing was outraged by CK Hutchison, a Hong Kong company, for its $22.8 billion plan earlier this year to sell 43 ports to a BlackRock/MSC consortium, including two on the Panama Canal.
Sources and analysts in July reported that Hutchison, under Chinese pressure is now in talks to include shipping giant COSCO in the deal. This, despite the fact that U.S. president Donald Trump has asked for a reduction in China's involvement in this canal.
China, as the largest buyer of Saudi crude oil, has helped broker the rapprochement of Riyadh and Iran in 2023, after years of hostility which had fueled conflicts throughout the region. Beijing's role in this breakthrough has shifted the dynamics of the Middle East where the United States had been the primary dealmaker for decades. Reporting by Hadeel al Sayegh, with additional reporting from Beijing newsroom in New York and Davide Barbuscia. Editing by ElisaMartinuzzi and Elaine Hardcastle.
(source: Reuters)