Latest News
-
The top Italian court has approved the transfer of a suspect in Nord Stream to Germany
Nicola Canestrini, the lawyer for the Ukrainian suspect in the 2022 sabotage attempt on the Nord Stream pipeline, said that the top Italian court had approved the transfer of the man to Germany. Since he was arrested in Rimini, Italy, in August on an arrest warrant issued by the European Union, the suspect, who is only identified as Serhii in Germany, has fought attempts to have him transferred to Germany. The suspect will be handed over to German authorities within a few days after the Court of Cassation of Rome has made its decision. "However much I may be disappointed, I am confident that an acquittal will occur after the German trial. Canestrini stated that justice is a long and tortuous road, not a miraculous outcome. The mysterious explosions that occurred in the Baltic Sea, three years ago, were described by both Moscow, and the West, as an act sabotage. This resulted in a significant reduction of Russian gas supplies to Europe. Serhii, a former Ukrainian military officer, denies playing any part in the attacks. German prosecutors claim he is part of a group that planted devices near the Danish Island of Bornholm, in the Baltic. He is accused of conspiring to cause an explosive, of anti-constitutional destruction and of destroying important structures. He was held in an Italian high-security jail and staged a protest at one point against the prison conditions, and what his attorney said was a lack of a proper diet. A court in Poland last month refused to hand over a Ukrainian suspect sought by Germany for his involvement in the explosions. The court ordered that he be released immediately from prison. Reporting by Emilio Parodi, Marco Roberti; writing by Keith Weir, Gianluca Smeraro and Mark Heinrich. Editing by Mark Heinrich, Keith Weir, and Keith Weir.
-
APM Terminals invests $550 million in Peru's Callao Port
Fernando Fauche said that the Dutch port operator APM Terminals would invest $550m to expand Peru's Callao Port starting in January. Fauche, who spoke to journalists at an event to celebrate the start of direct arrivals to the facility in Peru's central coastline, said that the two-year project will increase the terminal capacity to 24,000 container. Port officials confirmed Wednesday that Peru's Callao began offering direct shipping routes in November from China and South Korea. This reduced transit times to approximately 23 days. The service is intended to improve trade relations with Asia and establish Callao as an important Pacific hub for Asian imports. According to Fauche, the initial shipments included retail products from Chinese online platforms like Temu. "Shipments have been fully booked for the following six weeks." He added that there was a demand. APM and local authorities describe the megaport built by China nearby Chancay Industry analysts describe the facilities north of Lima, Peru as "complimentary", but warn that they could compete with each other for Asian cargo if infrastructure investment along Peru's Pacific Coast accelerates.
-
California refinery closings spark race for pipeline to West Coast
Energy companies are racing to build a major pipeline that will carry fuel to the U.S. West Coast. This could be a lucrative endeavor, as the closure of two Californian refineries is expected to drive up gasoline prices on this isolated market. West Coast motorists have been paying some of the highest fuel prices in the nation due to a lack of regional production and connectivity to the Gulf Coast refinery hub. According to the Energy Information Administration, there are no pipelines that deliver fuel from the Gulf Coast to California and few pipelines that deliver fuel from the Rocky Mountains to California. Phillips 66 began to wind down its Los Angeles refinery in September, and Valero Energy plans to shut their Benicia refinery in April. This will cause more price shocks but also present an opportunity for pipeline operators. Three groups have put forward different ideas to fill the void created by the closures, which is approximately 280,000 barrels per day. Three groups have put forward different proposals to fill the void created by the closures. These include refiner HF Sinclair and ONEOK's pipeline unit, as well as a partnership between Phillips 66, a refiner, and midstream-focused Kinder Morgan. The first company to make a final decision on investment could be the only one who can secure a multi-billion dollar windfall, because multiple pipelines along the West Coast will eat away at each other's margins. These margins are already restricted due to California being a waterborne importer. Skip York, Turner, Mason & Co.'s chief energy strategist, said that when multiple pipeline projects are proposed at the same moment, only one is usually completed. POLITICAL FOCUS OPENS RARE WINDOW California Governor Gavin Newsom has been under intense pressure to prevent fuel prices from soaring. This pressure has opened a window of opportunity for the approval a fossil-fuel project in an area that has long demonized "Big Oil". Alec Gravelle, an East Daley analyst, said that given the reaction to refinery closings it is hard to imagine any resistance to new projects. York explained that the majority of financing for pipeline construction comes from capacity commitments. Securing at least 70% could determine which project moves forward. Scotiabank analyst Paul Cheng says that Western Gateway – the Phillips 66 Kinder Morgan project – and HF Sinclair’s proposal have an advantage because the refiners could ensure some of the supply. No one has yet made any commitments to capacity. Phillips 66 refused to comment on competing West Coast Pipeline proposals. Other proponents didn't immediately respond to comments. Debnil Chowdhury is the head of Americas & European Refining for S&P Global Energy. She said that proposals reusing existing pipelines have a higher chance of being approved by regulators than new constructions. Western Gateway and HF Sinclair plan parts that use existing lines. RIVAL REFINERS BET WATERBORNE FUELS While a new pipe could provide some stability for regional gasoline prices in the future, refinery executives have questioned if any will be built. They cited California's ability to access waterborne fuels. "I would say it's an if that the pipelines are going to be built in the region," said Rick Hessling. He added that the timing and cost of transportation of waterborne barrels outweighed pipelines. Gary Simmons, Valero Energy's Chief Operating Officer, said in a call with investors last month that the company is unlikely to sign a long-term agreement for shipping services. Simmons, speaking of price arbitrage opportunities, said: "We prefer the waterborne option as it allows us to get barrels anywhere in the globe and to take advantage of the international arbs which can be available."
-
Sources: Julius Baer will replace Swiss IT system by Temenos.
Four people with knowledge of the matter have confirmed that Julius Baer chose Temenos as the software provider to replace its aging core banking system on the Swiss domestic market. The bank is updating critical infrastructure to meet increasing regulatory requirements. In June, CEO Stefan Bollinger revealed that the bank has set up a digital business transformation department and begun a project in Switzerland to modernise the IT infrastructure. He did not reveal the name of its supplier. Bollinger stated that "it has to be done" and that he wanted to accomplish a significant portion of it in the current cycle, which ends in 2028. Bollinger cited more regulatory requirements as one of his drivers. Two sources confirmed that the bank has aligned its Swiss systems to Temenos T24, which Julius Baer uses already in Singapore and Luxembourg. According to a source, Julius Baer will also add a Temenos Wealth Management interface for relationship managers as well as high-net worth clients. The bank refused to comment on Temenos or individual systems. Temenos declined comment. Reto Huber is an analyst with the financial consultancy Research Partners. He says that Temenos sells most new contracts today using a subscription-based model. Cash flows are spread over a five-year period. According to the financial regulator FINMA, Switzerland introduced a new rule in 2016 that requires banks to use a computerized system to monitor transaction. This means that customer data must be digitised. Julius Baer has said that there is no connection between the IT upgrade, and the ongoing assessment. It said that the IT infrastructure program in Switzerland was not a risk-management issue but rather an effort to achieve strategic flexibility for the bank's goals. Reporting by Marleen Kassebier in Gdansk and Ariane Lutti and Oliver Hirt, Zurich, and Jesus Aguado, Madrid. Editing by Alexandra Hudson.
-
Rosneft reduces stake in Kurdistan Pipeline subsidiary to protect it from US sanctions
Rosneft reduced its share in the Kurdistan Pipeline Company to less than half after talks meant to protect the subsidiary from U.S. Sanctions, an official of the Kurdistan Regional Government told the Kurdistan Regional Government on Wednesday. Last month, the U.S. sanctioned Rosneft, and Lukoil - Russia's largest oil companies - to put pressure on Vladimir Putin, Russian president, to end his war in Ukraine. The sanctions also apply to entities in which these companies own more than 50%. KPC operates Iraqi Kurdistan’s main oil pipeline that transports crude from north Iraq to its connection at the border with Iraq-Turkey Pipeline. An official from the Kurdistan Natural Resources Ministry said that Rosneft, under pressure of recent U.S. Sanctions, sold part its stake in export pipeline project after consulting with the KRG. Two sources familiar with the deal said that Rosneft had sold an 11% share to DEX Capital in UAE. Rosneft purchased a 60% stake in KPC, with the local KAR Group holding 40%. Sources said that at the time Rosneft was expecting to invest $1.8 billion in the project. Rosneft did not respond to a request for comment. Reporting by Ahmed Rasheed, in Baghdad; Nerijus Adomiaitis, in Oslo; and Anna Hirtenstein, in London. Editing by David Goodman and Elaine Hardcastle.
-
Cameroon purchases power utility Eneo in $139mn deal from Actis
The finance minister announced on Wednesday that Cameroon had acquired the 51% stake held by British private equity firm Actis in the power utility Eneo, for 78 billion CFA Francs (139 million dollars). This deal gives the government 95% of the company. Eneo has been struggling with power shortages, unpaid invoices and increasing debt for over a decade. The employees will retain the remaining 5% of Eneo. At the signing ceremony, Finance Minister Louis Paul Motaze stated that "the state has taken a definite step to regain its control over a strategic asset." "This signature marks a successful end to complex discussions and reflects our commitment in ensuring Eneo is able to better serve the nation's interest," he stated. Actis acquired the major stake in central African country, whose energy reform program aimed to attract investment and improve electricity reliability. The company has been forced to restructure due to chronic shortages of electricity, a rising demand for power, unpaid bills worth millions, and debts owed to service providers. The Minister said that the takeover will allow Cameroon's to accelerate investments in generation, transmission and to improve the financial standing of the utility. Eneo is responsible for 70% of its energy distribution and the remaining 30% comes from independent producers. The government officials have not disclosed the timeline for the completion of the transfer but they did say that the move will be accompanied with broader reforms in the electricity sector.
-
Berlin claims that Merz only wanted to go home after Lula's remark about Brazil
On Wednesday, a German spokesperson claimed that a comment made by German Chancellor Friedrich Merz regarding Brazil which offended President Luiz inacio Lula da S Silva was taken out of context. Merz described, during a recent trade conference, asking journalists who travelled to Brazil with him for the COP30 Climate Conference whether they wanted them to stay in Brazil. No one raised their hand. Merz said that the audience was "all glad to be back home in Germany." This comment is just one of many gaffes Merz made during his political career. He has called sons of Muslim mothers "little pashas", or implied that migrants are ruining the "streetscape" of German cities. LULA: MERZ SHOULD HAD DANCED OUT, SAYS LULA Lula said at a Tuesday event in the north of Brazil that Merz had been better off going dancing or to a pub when he visited the area surrounding COP30 host Belem, earlier this month. Lula stated, "He would then have realized that Berlin does not offer him 10% the quality of Para State and Belem City." HOME SWEET HOME? The German spokesperson claimed that Merz's comment was presented in an "incriminating manner" and referred instead to the tiredness of the delegation. The spat between the two parties did not harm their relationship. Brazil is Germany's largest partner in Latin America. The impression that the chancellor had of this Latin America visit, this very brief Latin America visit, was positive.
-
The US Tourism industry is expected to benefit from the FIFA World Cup
The 2026 FIFA World Cup could give the U.S. a boost in international tourism after a slowdown in 2025. Visitors stayed away due to unease about President Donald Trump's policies on trade and fears of tougher border controls. Visa data from the National Travel and Tourism Office shows that foreign visits to the U.S. have declined by 4% since the beginning of the year. Tourism Economics, a travel data company, predicts a 6.3% decline in the full year of 2025. Next year, the biggest sporting event in the world is expected to attract over one million visitors. It will be held in 16 North American host cities, including 11 in the U.S. Tourism Economics estimates that the World Cup will be held from June 11 through July 19. This could result in an additional one third of foreign visitors coming to the U.S. by 2026. Flights and lodging for tournaments are in high demand Jaroslaw Grabczak of Poland's online travel agency eSky, the head of commercial products, says that searches for flights and accommodations around the dates of the tournament are up 70% compared to the same period in the year 2025. He estimates that the price of a hotel room could increase by 30% during the first few days and up to 60% during the last few days. Various sources have projected that the number of foreign tourists will range between 1 and 6 millions. In a joint report from FIFA and the World Trade Organization, international travelers are also expected to spend $416 per day and stay an average of 12 days. Airbnb estimates that 232,000 guests will use its platform to make reservations in U.S. host city, and each guest will spend around $142 per day, according to a survey conducted by the vacation rental firm. Not all cities will be scored equally. The official draw will be held on December 5, which will determine the schedule of matches and the venues for the key games. This will influence demand patterns in the host cities. ENGLAND, FRANCE AND BRAZIL ALL HAVE LARGE FAN BASES Tourism Economics economist Laura Baxter stated that, taking into account factors such as the size of fan bases and historical attendance to events, among others, it is expected that matches between England, France and Brazil will generate a travel demand above average in the host cities. Sebastien Lang, CEO of Lodgeur and president of Texas Short-Term Rental Association, said that if your city hosts a team, you can expect a high demand. He added that "fans travel without tickets to watch their team's match in a bar or fan zone with other fans." The U.S. Visa Waiver Program does not apply to nationals of the 22 participating teams, including Brazil, Argentina, and Mexico, so their fans may be discouraged from traveling. The U.S. will expedite visas to foreign visitors who have tickets for matches, according to President Donald Trump.
Enterprise Products' quarterly profit drops on lower margins, but buybacks to $5 billion are boosted
Enterprise Products Partners announced a lower-than expected quarterly core profit Wednesday as its liquids and natural gas businesses were weaker than expected. However, the company's petrochemicals business and refined products were stronger.
Enterprise said that its board also increased the authorized size for its common unit purchase program from $2 billion to $5 billion, leaving $3.6 million in remaining capacity.
The company described this authorization as "multi-year program" that offers an additional method to return capital to the investors.
The company purchased 80 million dollars worth of units in the first quarter.
UBS analyst Manav gupta called buyback update a "positive", but the "amount of the miss" could keep the stock at some pressure.
In premarket trading, Enterprise shares were down 1.6% to $30.62.
Enterprise has moved record volumes across its network. Natural gas pipeline throughput increased by 8% to 21.0 trillion British Thermal Units (Btus), and pipeline volumes equivalent rose 7% to 13.9 million barrels.
These gains were offset with lower sales margins. LPG loading fees also decreased after contract renewals.
LSEG data shows that adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), was $2.41billion in the third quarter. This missed analysts' expectations of around $2.50billion.
The company spent $2 billion on capex in the first quarter. This included $1.2 billion on growth projects, $583 millions for Occidental Petroleum’s gas gathering system and $198 in sustaining capital expenditures.
The company now expects growth in 2025 to be at the upper end of its range of $4,000 billion-$4.5billion.
Elvira Scotto, an analyst at RBC Capital Markets, said that Enterprise's "steady balance sheet and steady cash flow can handle planned capex expenditure". Reporting by Arunima and Katha in Bengaluru, editing by Krishna Chandra Eluri
(source: Reuters)