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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.
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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."
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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.
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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.
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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.
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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.
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How the EU intends to crackdown on low-value ecommerce goods from China
The European Finance Ministers agreed to move forward the customs duty on low-value parcels until next year to combat cheap Chinese ecommerce imports through online platforms such as Shein and Temu. The European Union has taken action to address the concerns of Europe about cheap imports from e-commerce. What is the problem? For parcels of e-commerce arriving in the EU, there is a "de minimis exemption" from customs duties. Customs exemptions allow online platforms such as Shein, Temu and AliExpress to deliver clothes, accessories, and gadgets directly from Chinese factories to consumers at a rock-bottom price. Last year, the number of low-value packages that arrived in the EU doubled to 4.6 billion. According to the Commission, more than 90% are from China. According to the EU executive, 65% of all small parcels that enter the EU are valued below their actual value in order to avoid paying customs duties. The EU also fears that non-compliant goods could harm consumers, cause environmental damage by shipping products of short life spans, and damage the EU's industry, particularly retailers, due to an increase in imports. There are concerns that the cheap imports from China will cause more people to migrate to Europe. What is the EU plan? According to the Commission the EU is planning to overhaul its customs system by creating an EU Customs Authority, as well as an EU Customs Data hub to replace the IT infrastructure of EU members. This will save them up to two billion euros per year and allow for greater coordination. In the EU, there is no trade tariff between EU member countries. It is a customs Union, which means that imports from other countries are subject to a common tariff. Each country has their own customs agency and currently the EU has 189 different IT systems for customs. This is why the data center is needed, according to Dutch legislator Dirk Gotink who oversees reforms at the European Parliament. Due to the sensitive nature of the data, the hub will need to work closely with European technology companies. The data are a kind of MRI scan for the European economy, and trade flows. It is very sensitive data and its access must be strictly regulated. The date set for the roll-out of the data hub, which will give ecommerce companies access is 2028. This is the same year that the 150 euro de minimis exclusion is scheduled to be eliminated. This is too slow for many. SHORT TERM FIXES The bloc is looking to introduce "simplified temporary tariffs" for low-value packages of e-commerce, perhaps in November 2026. The finance ministers will decide on a single duty based on a percentage for all packages at their meeting scheduled for December 12. The Commission also proposes a handling fee of 2 euros for low-value packages delivered directly by e-commerce to consumers, or 50 cents in the case of parcels handled at warehouses. The online retailers or importers will be responsible, in addition to temporary customs fees. The handling fee will likely be introduced by November 2026 or sooner if a suitable IT solution is found to support the implementation. COUNTRIES JUST RUSH FOR A CUSTOMS AGENT France, Poland, The Netherlands and Portugal, among others, are vying to host the EU's new customs authority before the deadline of November 27. France proposed Lille in the north, near Belgium's border, as the host city. Poland argues for Warsaw which is already the European border and Coast Guard agency Frontex. Portugal has suggested Porto.
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Rescue operation underway for stranded South Korean ferry carrying 267 passengers
The coast guard reported that a South Korean passenger ship carrying 267 passengers, crew and cargo got stuck on Wednesday when it ran aground near the southwest tip of the Korean Peninsula. A rescue operation is underway to get them back to land. The Yonhap News Agency reported that South Korean President Lee Jae Myung is currently traveling in the Middle East and has ordered the swift rescue of everyone on board. This will prevent any casualties. Details of the operation will be released as soon as possible. The coast guard stated in a press release that authorities were using all resources possible in the rescue effort. It was reported that the coast guard did not believe there had been any casualties and that the boat wasn't taking in water. According to the coastguard, a 26,000-tonne ship was traveling from Jeju Island towards Mokpo. Unknown to the coast guard, the ferry struck a rock island near Jindo. Video footage shows passengers in life vests waiting to be transferred into rescue boats that are approaching the ferry. The bow of the vessel appeared to be stuck on a small island. However, it was upright and passengers appeared calm. The weather conditions on the scene was described as fair, with light winds. This area is close to the Sewol Ferry sinking in 2014, which killed over 300 people. Most of them were schoolchildren on a trip. Reporting by Heekyong Yay, Ju-min Park and Joyce Lee, Editing by Andrew Heavens and Ed Davies
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.
(source: Reuters)