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NATO scrambles jets following the deepest drone penetration yet into Romania
On Tuesday, Romanian and German NATO jet fighters scrambled near Romania's Ukraine border to respond to an incursion by a drone that penetrated further than ever before into Romanian airspace in what Bucharest referred to as a Russian provocation. Ionut Mosteanu, the Defence Minister, said that NATO pilots were close to shooting down the drone, which repeatedly violated the airspace of the member state, but held back out of concern for causing damage on ground. Later, drone fragments with no explosive charges were found on Romanian soil. Mosteanu stated that "we are dealing with a Russian provocation, a drone that the Romanian Army and German Eurofighters tried to shoot down." "My assumption would be that the pilots... analyzed the collateral damage potential and chose to not engage." Overnight, Russian drones struck Ukrainian ports near the border of Romania across the Danube River. The breach that Romania reported on Tuesday was the 13th violation of its airspace since Russia invaded Ukraine in 2022. It was not only the largest breach, but also the first one to occur during daylight rather than night. A DRONE TRACED more than 100 km INLAND The Romanian Defence Ministry said that it scrambled initially two Eurofighters, from a German air-policing operation in Romania. These aircraft tracked a drone before it returned to Ukraine in the county of Tulcea in Romania's south-east. Later, the army scrambled 2 Romanian F-16 fighters after radar revealed a second breach of airspace in the neighboring county Galati. Mosteanu reported that two more Eurofighters were sent after. The ministry stated that the planes were able to track the drone as it moved towards the county Vrancea. This county is located more than 100 kilometers inland and does not share any border with Ukraine. Residents in all three counties received a warning to seek cover. The warning was lifted later. Romania and Ukraine share a border of 650 km (400 miles). General Christopher Donahue of the U.S. Army Europe & Africa said that a new capability to shoot down drones would be deployed in Romania. "We have tested it and are in the final stages before it's used." This capability has been taught to Romanian soldiers as well as other soldiers in the alliance. I'm sure you will see it very soon on the Danube Delta. Romania has a law that allows it to shoot drones down in peacetime when lives or property is at risk. However, it hasn't fully used it. In recent months, tensions along Europe's east flank have risen after Russian drones allegedly breached NATO airspace. The latest breach occurs as U.S. officials and Ukrainian officials are holding intense talks to narrow their differences over a plan for ending the war. They have already agreed to modify an American proposal, which Kyiv and European allies viewed as a Kremlin list. (Reporting and editing by Andrew Heavens, Peter Graff and Luiza Hovet)
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CPC claims it temporarily stopped oil loadings out of Russia's Novorossiysk after a drone attack
The Caspian Pipeline Consortium said that it has temporarily halted oil loadings on its Russian Black Sea Terminal near Novorossiysk because of an overnight Ukrainian drone strike which damaged the office. It didn't provide any further details and referred to its previous statements regarding its operations, which are usually resumed once the air raid warnings have been cancelled. CPC's business operations were largely unaffected, according to a source in the industry. CPC is Kazakhstan's main export route to the global market, with the majority of volumes going to Europe and Asia. Russia contributes smaller volumes to CPC. CPC is owned by Chevron, Exxon Mobil and other major U.S. oil companies. CPC Blend oil Exports Sources claim that the November revision was to reduce production to 1.45 million barrels a day (bpd), down from 1.55 million. Officials in Russia's southern Krasnodar Region said on Telegram earlier that five residential high-rise buildings and two private residences had been damaged in the Ukrainian attack. The emergency services are bringing the fires under control. They say that falling drone debris has caused two fires. Four people have been reported as injured. In Krasnodar - the administrative hub of the region - it was also reported that drone fragments had damaged windows and destroyed buildings. A person was reported injured in a village located south of Novorossiysk. (Reporting from the bureau in Moscow, with additional reporting by Ron Bousso and Andrew Osborn in London)
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Heathrow Airport expansion plan of $64 billion chosen by UK
The government announced on Tuesday that it had chosen Heathrow Airport Limited’s plan of 49 billion pounds ($64 billion) to expand the country's largest hub over a more affordable option. After the government announced in January that it wanted to build a new Heathrow runway, they hoped the massive infrastructure project would help drive economic development. This decision ends decades of uncertainty over the future of the airport. Heathrow Airport was comparing its own plan with an alternative proposed by Arora Group. The group owns hotels and land around the airport and had estimated that it would cost 21 billion pounds, but did not include development costs. Heathrow was a "most viable option", according to the government, and it is most likely that the plan will be granted planning permission or development consent by 2029 - the end of this parliament. Heathrow Airport is owned by Ardian France, Qatar Investment Authority, and Public Investment Fund of Saudi Arabia. The airport estimates a 49 billion pound bill to build a new runway and relocate a section of London’s M25 orbital autobahn. Heathrow Airport, located west of London is Europe's busiest and most crowded airport. It operates at maximum capacity. Heathrow's two runways are comparable to those of Charles de Gaulle Airport in Paris, Frankfurt Airport and Schiphol Airport in Amsterdam. ($1 = 0.7620 pounds) (Reporting and editing by Andy Bruce, James Davey, and Sarah Young)
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Russia urges LNG cooperation with China as it sees potential for boosting oil exports to China
Alexander Novak, deputy prime minister of Russia in Beijing on Tuesday, said that Russia is looking to increase oil exports to China as well as to enhance cooperation with regards to the supply of liquefied gas. Since the beginning of Russia's military operation in Ukraine, in February 2022, China and India are the two largest buyers of Russian crude oil. China imports approximately 1.4 million barrels per day of Russian crude oil via sea, and about 900,000. bpd by pipeline. The United States introduced sanctions last month against Russia's largest oil producers Rosneft, and Lukoil. Russian President Vladimir Putin denounced the sanctions, calling them unfriendly and saying that they wouldn't have a significant impact on the Russian economy. He also emphasized the importance of Russia to the global marketplace. Russia's crude oil exports to China and India have remained relatively stable despite conflicting reports. Novak said at a SinoRussian Business Forum in Beijing that Russia and Chinese partners have been discussing the possibility of increasing oil exports to China. He said, "We see the prospects of increasing oil supply via pipeline routes and sea." He said that the intergovernmental agreements allow for the extension of the terms for oil supply to China via Kazakhstan for a period of 10 years, until 2033. He later met Chinese Vice Premier Ding Xuexian, Russian government said. "Russia is a trustworthy supplier of oil to China." "We will continue actively working on expanding energy as a major area of partnership between China and Russia," Novak said at the meeting. Russia and China have also actively cooperated in the production and export of seaborne liquefied gas. Silk Fund, a subsidiary of China's state-owned energy giant CNPC, owns 9.9% of the Novetek project. U.S. sanctions against Ukraine have slowed down the export of LNG from Russia, particularly the new Arctic LNG 2 facility, and have also significantly reduced the use by the tanker fleet to transport fuel. Receive a 10% discount It received its first LNG cargo, from the sanctioned Russian Project at the end August. This was just days before a summit between President Xi Jinping and Russian President Putin. Novak said at the forum that it was crucial to continue creating conditions for joint projects through joint efforts in the face of external challenges. Mark Heinrich/Guy Faulconbridge edited the article.
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The Gulf markets are mixed in their reactions to the US rate cuts
The major Gulf stock markets were mixed early on Tuesday, after the Federal Reserve's dovish remarks revived hopes of a U.S. interest rate cut in December. Fed Governor Christopher Waller stated on Monday that the labor markets have softened enough to justify a rate cut of 25 basis points at the December meeting. However, any further easing depends on the release of economic data which was delayed due to the government shutdown. His comments follow New York Fed president John Williams' Friday comment that interest rates will likely decline "in a near-term." According to the CME FedWatch tool, investors now price in an 81% probability of a rate reduction in December. This is up from 40% last Monday. The U.S.'s monetary policy changes have an important impact on Gulf markets where the majority of currencies are pegged with the dollar. Dubai's main stock index increased 0.4%. Toll operator Salik Company gained 1.7%, while blue-chip developer Emaar Properties rose 1.1%. Dubai has approved a budget for 2026-2028 with 302.7 billion dirhams in expenditures, and 329.2 milliards dirhams in revenues. The state news agency announced this on Sunday. In Abu Dhabi the index rose by 0.2%. Saudi Arabia's benchmark stock index fell 0.2% due to a drop of 1.2% in the oil giant Saudi Aramco, and a decline of 3.2% in Saudi Tadawul Group. Bloomberg News reports that Saudi Aramco has been exploring ways to raise billions of dollars by selling various assets. The oil prices, which are a major catalyst for Gulf financial markets, eased Tuesday due to concerns that the supply of oil will be greater than the demand in the coming year. This is more important than worries that Russian shipments would remain under sanctions because the talks to end Ukraine's war have not been conclusive. Qatar Islamic Bank also lost 0.7%.
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Officials in Ukraine say that the Russian attack on Kyiv has killed six people and disrupted energy supplies.
Officials said that Russia launched a new barrage on Kyiv, the Ukrainian capital, Tuesday. The attack killed six people and injured 13, disrupted electricity and heating systems and caused other damage. Volodymyr Zelenskiy, the president of Ukraine, said that Russian forces had launched over 460 drones as well as 22 missiles. This was the second major Russian attack on Kyiv in a month. Zelenskiy wrote in a Telegram post that the primary targets of the attack were the energy sector, and all the things which keep normal life running. The air force reported that Ukrainian air defence units had shot down 464 drones and 22 missiles. The diplomatic discussions on ending the war gained momentum as Russia launched several waves of attacks against Kyiv. In recent days, Ukrainian, European and U.S. government officials have discussed peace proposals following a Washington plan that satisfied many of Russia's requests. ZELENSKIY CALLS FOR WEAPONS AND AIR DEFENCE "What is most important now is for all partners to work together towards diplomacy, through joint effort. Zelenskiy warned that pressure on Russia had to produce results. He called for Kyiv to continue receiving weapons and air defence. Zelenskiy stated that four Russian drones flew over Moldova and NATO member Romania, Ukraine's neighbors. Romania dispatched fighter jets in order to track drones that breached the territory of the country near the Ukraine border. One drone was still moving deeper into Romania, according to the Romanian Defence Ministry. Since Russia began to attack Kyiv’s ports on the other side of the Danube, Romania has experienced drones invading its airspace. Fragments have also fallen onto its land. DISRUPTION OF HEATING AND ELECTRICITY SUPPLIES Ukraine's Energy Ministry reported that Russian strikes disrupted the electricity supply to more than 102,000 Ukrainians in five regions. Tymur Tkachenko is the head of military administration in the capital. He said that damage had been recorded on 13 sites throughout Kyiv. Damage to residential and commercial structures and infrastructure. Kyiv officials said that heating supplies in several districts of the capital had also been restricted. Temperatures are unseasonably high, hovering around 8 Celsius. The Russians deliberately target civilian housing and infrastructure. Tkachenko, on Telegram, said: "Cynical terror." Moscow has denied that it deliberately targets civilians, despite the fact that thousands of civilians have been killed since its invasion began in 2022. It claims that civilian infrastructure, such as energy supplies, are legitimate targets in order to harm Ukraine's fighting ability. Officials from Ukraine also confirmed that the Black Sea port city of Odesa had suffered damage to its port and energy infrastructure, resulting in six injuries. (Reporting and editing by Peter Graff, Olena Hartmash, Pavel Polityuk)
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Indospace and Canada's CPPIB acquire six logistics parks valued at $336 million
IndoSpace, a warehouse developer in India, and Canada Pension Plan Investment Board CPPIB announced on Tuesday that they had acquired six industrial parks and logistics parks for 30 billion rupees (336.26 millions dollars) via their joint venture. In 2017, the Canadian pension fund, who owns 93% in IndoSpace Core, created a joint venture to acquire and develop logistic facilities. The two companies said that CPPIB had committed 14 billion rupees for the purchase of these parks located in India's most important logistics markets, such as Bengaluru and Chennai, Delhi, Mumbai and Pune. The warehouse developers are experiencing a rush of demand as companies place bets on China's economic growth and diversify their supply chain beyond China. According to estimates by consulting firm IMARC Group, India's warehousing industry is expected to double in size to $37 billion dollars by 2032. Anshuman Singh, Managing Director and Chief Executive Officer at IndoSpace, said: "As India cements itself as a global manufacturing center, we see an increase in demand for infrastructure that is high-quality and compliant. The CPPIB will invest $205 million in 2023 as part of a new fund that aims to raise $600 million for equity commitments.
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EasyJet UK exceeds its annual profit target and raises the target for holidays
EasyJet, the British airline, reported a better-than expected full-year operating result on Tuesday. It also upgraded its medium-term targets for its holiday business after exceeding its target early. The final quarter of 2018 saw mixed results for European airlines as they struggled to reduce spiraling costs, and the negative effects from air traffic controller strikes continue to weigh heavily on their balance sheet despite high demand. EasyJet's operating profit for its financial year ending September grew from 669.37 millions pounds to 703million pounds ($921.14million), exceeding the projections of LSEG analysts. easyJet Holidays, the high-margin division of the company, is expected to generate 450 million pounds (about 0.7632 pounds) in profit before tax by 2030. $1 = 0.7632 pounds (Reporting from London by Joanna Plucinska and Yamini in Bengaluru, editing by Subhranshu)
French Development Agency lends 300 million euros to South Africa's Transnet
The French development agency has agreed that the state-owned South African logistics group Transnet will receive a loan of 300 million euros ($345.78 millions) for clean energy initiatives.
Transnet is responsible for managing the rail freight network, ports and pipelines of Africa's largest economy.
After years of underperformance, the South African government has been trying to revive the company. This has stifled commodity exports such as iron ore and coal. However, turnaround efforts are just beginning to bear fruit.
Transnet and AFD announced in a Tuesday joint statement that loan disbursements will be linked to progress made on sustainability goals, such as Transnet's increased use of renewable energies.
The statement stated that the financing would also encourage a shift away from road transport and towards rail. This includes the rehabilitation of 550 kilometers of railway as well as the modernisation port infrastructure.
(source: Reuters)