Latest News
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Hong Kong court refuses to allow Evergrande founder's funds to be used for legal fees
Hong Kong High Court rejected a?request?from an attorney for the founder Evergrande, a Chinese?property?company that is embroiled in a legal saga. The lawyer wanted to use liquidators' funds to?pay HK$1.2m ($153.039) of legal s costs. The liquidators have been fighting to recover $6 billion in dividends, remuneration and bonuses paid to Hui Ka Yan and other former executives. Evergrande, once China's largest property developer, defaulted on the majority of its $300 billion liabilities. The company is now a symbol of the property crisis in China, which has been a drag for years on the second largest economy. Hui, once Asia's wealthiest man, was sentenced last week to life imprisonment by a Chinese court, which confiscated all of his personal belongings. Hui’s?lawyer said to the Hong Kong 'court on Wednesday, that Hui’s legal team didn't have access the the complete Chinese judgment. She also added that she did know how confiscation would affect the Hong Kong proceeding. Hui's lawyer said that Hui was prohibited by the authorities from talking about his assets. Offshore creditors were worried that after the?sentence was passed in China, the confiscation his personal assets could affect their debt recovery as it could complicate liquidation. But Xinpeng Xhu, a Shanghai lawyer at the?Rongying Law Firm said he thought that impact would be limited. In liquidations, he said that confiscations often include assets offshore but that creditors' rights would be protected. Evergrande was ordered to liquidate by the Hong Kong High Court in 2024. Edward Middleton & Tiffany Wong from Alvarez & Marsal were appointed as liquidators. Separately the liquidators have also sued PwC for 57 billion Yuan ($8.5 billion), accusing them of negligence in their auditing work.
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Two injured after blast at southern German train station
German police reported that an unknown object exploded in the early morning hours of Wednesday near a train station?in the southern city of Augsburg. Two passersby, aged 17 and 18 years old, suffered minor injuries. Bavaria State Police said that the explosion occurred in a passageway of a building. They added that two Ukrainians were injured. Police?added hours later that the city's main train station had been?closed following an additional suspicious item being found. Police announced on X that "train services have been suspended." Bild, the news outlet in Germany, reported that the hand grenade was detonated early in the morning in front of an jewelry store. Uncertainty remained about the details of the explosive device, according to a police spokesperson. Augsburg is an important regional transport hub, located about 55 km (35 miles) north of Munich.
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Fuel costs threaten winter forecast, so Ryanair reduces its traffic target
Ryanair, Europe's largest budget airline, cut its traffic target for fiscal 2027 on Wednesday in order to reduce the exposure to unhedged costs of fuel during winter. It also warned that annual profits would fall below their record-breaking level from last year. This move shows how the 'crisis' in jet fuel caused by the conflict in the Middle East has reshaped European aviation. Many'major carriers are either keeping their capacity flat or reducing it before the typically loss-making winter season. Ryanair said that if oil prices remain high through S.27 (summer of 2027), short-haul flights in Europe will 'increase materially, reflecting higher oil prices. Some less well-hedged competitors may struggle to maintain capacity or survive the winter season. Ryanair, one of Europe's most well-hedged carriers, said that 80% of their jet fuel requirements were hedged until March 2027 for about $67 per barrel. The airline reduced its fiscal 2027 target from 216 to 214 million passengers. The airline removed five aircraft in July from its Charleroi, Belgium base and reduced?2 millions seats from its Brussels schedule. Dublin-based 'carrier', who said jet fuel is currently around $140 per barrel, will maintain winter capacity year-on-year to limit exposure to unhedged costs. Ryanair stated that the 'profit after tax will be lower than last year's record levels, but added that it is too early to give a meaningful indication.
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German police report that the German power grid is under a new sabotage attack
Germany is facing a'second sabotage attack on its electricity grid. Local police said on Wednesday that they are investigating a 'attack on a substation near the city of Bergheim in western Germany. The police are investigating an act that was premeditated on the technical infrastructure on Tuesday at 4:00 pm (1800 GMT), but they added that the power supply in the region has not been affected. The spokesperson refused to specify the damage. On Tuesday, conductive devices damaged power lines in Brandenburg's eastern state. Amprion, the electricity grid operator in Germany, said that it was most likely an external interference that caused the incident that occurred in western Germany. It also stated that grid stability and power supply were maintained throughout. In a separate press release, RWE stated that the incident led it to remove lignite power plants with a combined capacity of 4,200 megawatts from the grid. It said that the affected units at Neurath, Niederaussem and Amprion would be reconnected to the grid in the next few days. German authorities are on alert for possible attacks on vital infrastructure. Berlin blamed Russia on Tuesday for an alleged drone attack that occurred at the Leipzig/Halle Airport last month on a Ukrainian cargo aircraft. A series of?measures were ordered in response. The German electricity grid has suffered attacks in the past, including from suspected left-wing extremists.
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Qatari and UAE LNG cargoes are transferred via ship to ship outside Strait of Hormuz
According to tracking firms, three liquefied gas cargoes that were loaded in Qatar or the United Arab Emirates in recent weeks have been moved 'between' ships outside of the Strait of Hormuz for delivery to India and Japan. Since the U.S.-Israeli war against Iran began on February 28, several commercial vessels have been attacked amid increased tensions along the Strait of Hormuz, a major shipping route. The majority of LNG tankers who have successfully navigated the Strait have delivered their cargoes to the end-buyers. Ship-to-ship LNG transfers, unlike crude oil, are rare. According to Vortexa & Kpler, the LNG carrier GasLog Shanghai completed a STS transfer in late August with GasLog Savannah off the coast of Oman. On July 31, an incident occurred while the GasLog Shanghai LNG vessel was leaving the Strait of Hormuz, with cargo loaded from Qatar's Ras Laffan Export terminal. GasLog Shanghai, as well as GasLog Savannah are both controlled by the Greek shipping company GasLog. QatarEnergy and GasLog have not responded to comments. Iran has closed the Strait of Hormuz for most of the six-month conflict. This has disrupted energy supplies and fueled inflation fears. Since the start of the conflict, LNG exports have dropped from the region. This has helped push Asian spot LNG to a five month high of $23.20 for a million British thermal unit (mmBtu), which is more than twice the level before the conflict. Additionally, the QatarEnergy-controlled Al Rekayyat tanker, which was hit by a projectile near the Strait of Hormuz in early July, conducted an STS transfer in mid-August on the east ?coast of the United Arab Emirates, Vortexa and Kpler data showed. Al Rekayyat carried out the transfer of cargo with another Qatari LNG tanker named Tembek. Kpler data showed that the cargo was originally loaded at Ras-Laffan and then delivered by Tembek on August 31 to India's Dahej Terminal. According to Vortexa & Kpler, a third tanker, ADNOC's Mraweh, completed a STS transfer in mid-August with LNG Enugu, off the coast of Oman and outside the Hormuz Strait. Early August, the Mraweh loaded an LNG cargo with Das 'Island before transferring STS to LNG Enugu. Kpler data showed that the LNG Enugu was 'currently on its way to Futtsu in Japan. ADNOC declined comment. BW Group, a shipping firm, and Marubeni, a Japanese trading company, who both own LNG Enugu in a joint venture with BW Group, declined to comment.
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Bangladesh offers incentives for rooftop solar to alleviate power shortages
Bangladesh has launched a programme to encourage the installation of 'rooftop systems with battery storage. This is aimed at reducing power shortages in Bangladesh and its dependence on imported fuels. South Asia's 175 million citizens are facing their worst power shortages for years. This is exacerbated by the lack of natural gases and worries about global fuel supplies, as tensions in the Middle East increase due to the Iran War. According to a government announcement, consumers who install?eligible roof-mounted solar systems? by February 28, 2020 will receive 10,50 taka ($0.086 per kilowatt hour) for excess electricity that is fed into the national grid? for three years. Bangladesh wants to reduce its dependence on imported fossil fuels by generating 20% of electricity (or?about 5,500 Megawatts) from renewable sources. By 2030, the percentage will rise to 30%. This announcement follows a spike in power shortages that reached nearly 4,000 megawatts during the peak of August. The shortage of natural gases has led to power plants running below capacity. In addition, the lack of coal and fuel oils has added pressure on the electrical system. The government is scrambling to secure supplies of oil and liquefied gas (LNG), but the long queues for compressed natural gas stations (CNG), reduced industrial production and prolonged power outages have revealed the economic and social impact of the crisis. The government has set a cap on the cost of producing rooftop solar energy, including battery storage. It is 8 takas per unit. The incentive payment also includes a 20% profit margin as well as an additional premium. The incentive payment includes a?20% profit margin and an additional premium. Bangladesh has a total renewable energy capacity of 1,559 megawatts, with the majority of that being solar. Rooftop systems are seen by energy officials as a way to increase electricity production faster than utility-scale projects. Instability in the Middle East has increased concerns over fuel price volatility and possible supply disruptions. This highlights Bangladesh's vulnerability, as it is a major importer of energy. Authorities see rooftop solar as a cost-effective and quick way to increase renewable energy in one of the most densely populated nations. Battery storage will allow consumers to use solar power after daylight hours, and reduce grid demand during peak periods.
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Zelenskiy claims that Ukrainian drones effectively closed Russian airspace
Volodymyr Zelenskiy, the Ukrainian President, warned airlines and insurance companies that the presence of Ukrainian drones had made Russian skies unsafe to fly and effectively closed. Zelenskiy warned in his "nightly video" address that the Russian sky is dangerous. He said that Ukraine does not pose a threat to civil aviation. "But there will be drones flying in the skies of?Russia and due notice must be given". "Even though Russian authorities do not announce it properly, Russian airspace is closing in effect." Zelenskiy said that the war Russia started is closing down its own skies. The Russian air force has intensified its attacks on Kyiv in recent weeks. Moscow's latest strike killed 12 people, and injured many others. This was the sixth day in a row of heavy assaults against the Ukrainian capital. Ukraine responded by launching frequent drone strikes on Russian targets. Many of these were associated with Russia's oil industry and retail sites.
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Germany accuses Russia of drone attack on Leipzig Airport
The German government announced 'on Tuesday that it had assessed that Russia is responsible for an 'attempt drone attack on the?Leipzig/Halle airport last month. It ordered a number of measures, including the closing of a Russian Cultural Centre in Berlin. Alexander Dobrindt, Interior Minister Alexander Dobrindt, said that intelligence reports indicated that individuals involved in this attack were acting for?Russian state agencies. He said that the police investigations, patterns and intelligence findings, taken together, established Russian responsibility for an attempted attack on Leipzig Airport. Standing next to Dobrindt Foreign Minister Johann Wadephul stated that Germany did not see Leipzig as an isolated event. He said that "it fits into a larger pattern of Russian hybrid operation in Europe". Wadephul, the German minister of foreign affairs, said that Germany would respond to the attack by taking a series of measures. These included closing the Russian consulate in Bonn, and terminating the agreement with the Russian House Cultural Centre in Berlin. He said that Germany would also "push" for more sanctions and travel restrictions to be placed on Russians within the European Union, as well as increasing pressure against Russia's shadow fleet. Interfax reported that Maria Zakharova, a Russian Foreign Ministry spokesperson, said Moscow would respond to what she called Berlin's "anti Russian action" in response to the announcement. She did not elaborate.
Minister: Putin has renamed the planned "Power of Siberia 2" pipeline as the "Power of Baikal" pipeline.
According to Russia's Energy Minister Sergei Tsivilev, Vladimir Putin has renamed "Power of Baikal", the planned gas pipeline from Siberia to China.
He didn't say if other aspects of the project were changed.
Tsivilev said that the 'Power of Baikal' project, formerly called 'Power of Siberia 2 but named by Vladimir Vladimirovich Putin, was in its final stages of construction.
It is estimated that the?2,600 km (1,616 miles) pipeline will carry 50 billion cubic meters (bcm), of gas to China each year from the Arctic gasfields of Yamal. The pipeline would be a complement to the existing Power of Siberia 1 pipe that transported 38 bcm of natural gas from Russia to China in 2013.
The 'planned pipeline' has been in limbo for a long time due to disagreements about the 'gas price it will transport. Putin has said that the gas price would be determined by a formula similar to the one used in Russia to calculate the cost for shipments to Europe.
(source: Reuters)