Latest News
-
Kuwait will sign a $4 billion port deal with China's CCCC in the next few days
Noura Al-Mashaan, Minister of Public Works in Kuwait, said that Kuwait will sign a deal with China Communications Construction Company next week to 'complete the Mubarak Al-Kabeer Port Project. According to the official journal, the 'Central 'Agency for Public Tenders has approved a contract on December 1, between the Ministry and CCCC for the engineering, procurement, and construction of port’s first phase. A government document seen by revealed that the contract is worth 1.219 billion Kuwaiti Dinars ($3.97billion). Al-Mashaan, a Kuwaiti news agency, said that the prime minister would?attend the ceremony of signing with the Chinese side. Mubarak al-Kabeer Port, located on Bubiyan Island, in northern Kuwait is "a strategic project" aimed at creating a safe regional corridor and a commercial hub. China is trying to connect it with its Belt and Road Initiative. Kuwait hopes that the project will help support economic diversification and boost GDP, as well as help it?restore their regional commercial and financial roles. The government has said that about half of the first phase is complete but did not provide any details regarding remaining work. Kuwait has a number of mega-projects that it is working on with Chinese assistance, including power plants and water treatment facilities, waste recycling and renewable energy projects. Kuwait signed several Memorandums Of Understanding?with China during a 2023 visit to Beijing of then Crown Prince Sheikh Meshal al-Ahmad, Al-Sabah. He became the emir in Dec 2023.
-
Three sources claim that Russia has ordered Russian Railways (RRU) to sell the $2.4 billion Moscow Towers in order to pay its debts
Three sources have confirmed that the Russian government has ordered Russian Railways to dispose of a central Moscow skyscraper with 62 floors to help pay down some of the $50 billion debt owed by this railway monopoly. Last month, it was reported that the?government? is discussing ways to support Russia's largest commercial employer. The state-owned Russian Railways employs 700,000 workers and has seen its revenues fall amid the sharp slowdown of Russia's wartime economy. Meanwhile, debt costs are on the rise, driven by interest rates that have reached their highest levels in 20 years. A government meeting held last week discussed the possibility of selling "Moscow Towers", which are part of the "Moscow City" in the "Manhattan style", according to a source who spoke on condition of anonymity because of the sensitive nature of the matter. Three sources said that Russian Railways decided to sell the skyscraper in order to pay off a part of its debts and avoid major increases in cargo transportation prices. The Russian papers Kommersant, Vedomosti, and RBC all reported that the purchase price for 2024 was 193.1 billion Russian roubles, or $2.42 billion. Russian Railways, as well as the government, did not respond to comments. If it can find a purchaser, a sale could reduce some of Russian Railway’s debt. The economy in Russia is expected to grow by only 1.0% in this year compared to 4.3% in 2024. One source said that no decision had been taken on the other measures mentioned earlier. These included rising freight?transportation costs, debt restructuring and state subsidies, as well as reducing or delaying tax payments. Source: An option to convert a part of the debt into shares remains on the table. Source: Russian Railways, Ministry of Finance and Central Bank should discuss the possibility of a conversion lasting up to three (3) years, with a buyback option provided by the Ministry of Finance. VTB, the largest lender to Russian Railways, told creditors that they rejected a proposal to convert 400 billion Rubbles in debt into shares. Moscow City is an area of skyscrapers along the Moskva River, which is home to many Russian companies such as VTB Bank and government ministries. The Russian Railways planned to move their central office into a skyscraper, and cover the cost by selling off other office space in Moscow. But that didn't happen. Reporting by Gleb Stolarova and Darya Kosunskaya, Editing by Guy Faulconbridge & Alexander Smith.
-
Russia sentences a man to 22 years in prison for blowing up trains on the Ukrainian's orders in Siberia
A Belarusian accused of bombing two trains in Siberia at the order of Ukraine's Intelligence Services was jailed on Thursday for 22 years by a military court. The General Prosecutor announced that Sergei Yeremeyev had been found guilty of committing an act of terrorism, and planting explosives in two freight trains, including one which was traveling through Russia's largest conventional rail?tunnel, at the time. The FSB?said that Yeremeyev admitted his 'guilt' at the time of arrest. Security Service of Ukraine (SBU), which claimed responsibility for the two attacks, said that it wanted to disrupt rail lines in Siberia, which Russia was using as a supply route. On November 29, 2023, explosives detonated in a cargo train traveling through the Severomuysky Tunnel which is 15.3 km long (9.5 miles) and along the Baikal-Amur Mainline Railway. A?day after the first attack, another freight train was hit as it crossed Chertov Bridge in the same area on a railway used to backup trains when they are diverted from the Severomuysky tunnel. The General Prosecutor said that the attacks had caused damage of 102 million rubles ($1.2 million), and disrupted rail traffic. In a press release, the organization said that Yeremeyev would serve his first five years in prison before being transferred to a maximum-security correctional camp. $1 = 79.8000 Rubels (Reporting and Editing by Guy Faulconbridge).
-
Grinch of Peru spreads holiday cheer in a 'MotoNoel" taxi
Jeferson Castro, dressed in his familiar furry green suit and a festive motorcycle taxi, isn't prowling the streets of Lima to steal Christmas. He is instead delivering'smiles and hugging from his festive motorbike taxi, spreading holiday cheer to a city where crime is an everyday occurrence. Castro is a well-known local celebrity. He has a three-wheeled cab with lights and a plastic reindeer. Castro says that the act gave him the courage he needed to make sure fear didn't ruin the holiday season for Peru's capital. Castro said, "This is my tool of work," during a brief stop to speak with passengers. "I wanted my enthusiasm to be channeled, and the result is a taxi for people." Castro's illuminated vehicle has been dubbed the "MotoNoel," which is a combination of "moto" and "Noel", a mix of "moto" (motorcycles) and "Christmas". He wears the Grinch's costume every day to wave goodbye to his son, even though temperatures in the city are rising. The glimmer of his lights is a stark contrast to the precarious condition of some city streets as he drives through the city, day and night. The Grinch is known to take families on a ride and pose for pictures. He also makes people laugh by making them laugh. This joyful display unfolds in a dark background. Since October, Lima has been in a state-of-emergency. This is a government response to a surge of crime and extortion that has lasted for years. A report by the Public?Ministry this month shows that 134 transport workers were attacked or extorted between January and November in Lima and Callao. Of those, 73 people were killed including motorcycle taxi drivers. Jean Paul Cordova, an 18-year-old selling Christmas ornaments in the street, said: "We definitely live through violent times." "But Peruvians have a resilient spirit despite all that is happening." "They take the bad, find the good and bring out the best from it." The faces of Castro's travelers show their dissatisfaction. Carlos Avila said, "It is interesting to see the Grinch do his wonderful, crazy thing," as he showed the taxi to his son. "I enjoyed it, mainly for my son who was really entertained." Reporting by Carlos Valdez, Anthony Marina and Marco Aquino for TV; writing by Kylie Madry and editing by Christopher Cushing
-
Big Tech coalition backs biowaste removal firm
The head of the coalition's deployment said that a coalition, backed by Google and Meta among others, had agreed to pay $44.2m for carbon credits to a Canadian firm that is aiming to remove carbon dioxide in biowaste. Frontier, launched in 2022 by Stripe and McKinsey with Google, Meta and Shopify, is designed to help scale up carbon removal technologies. By committing to purchase credits in advance, Frontier will 'derisk' the projects, and accelerate their growth. The group intends to spend $1 billion between 2022 and 3030 on?credits. The deal, signed in December 2017, covers 122,000 metric tonnes of CO2 that NULIFE GreenTech will store between 2026 and 2030. NULIFE converts industrial and agricultural waste - including greases from food processing – into bio-oil. The credits were bought at an average weighted rate of $362 per metric ton. NULIFE uses a high-pressure cooking process to convert waste into bio-oil. This oil is then injected in salt caverns located more than 1,000 metres below ground for storage. Frontier estimates that the technology can'scale up to 1.5 gigatons carbon removal per year by 2040. Hannah?Bebbington-Valori, Frontier's director of deployment, stated in an interview that the goal was to create a portfolio with solutions we believe will be most effective for a future of gigaton scale. Scientists believe that carbon removal projects will be critical in offsetting emissions from sectors which continue to use fossil fuels. (Reporting from Simon Jessop & Susanna Twidale. Mark Potter edited the article.
-
Hot or not? How well have the high-profile US IPOs of 2025 performed?
The shares of medical supply company Medline rose by 41% over their initial offer price on their highly anticipated New York debut, completing a successful year for U.S. Initial Public Offerings. Volumes reached their highest level since 2021. After nearly three years with sluggish activity, new listings made a strong return in 2025. This was boosted by hopes of rate cuts and a more favorable dealmaking environment. The first-day performances of heavyweights like Circle and Figma, who blew everyone away with their performance, also lifted the mood. Dealogic data shows that IPOs have raised $75.3 billion in the U.S. so far this season, the highest amount since 2021. This is how the ETF that tracks major newly-public stocks has performed against the benchmark S&P 500 in the last year. Here's a look at some of the largest IPOs from recent years: CIRCLE INTERNET Stablecoins raised $1.05billion in an IPO upsized in June. The company debuted with a valuation near $18billion on a fully diluted base. The stock price soared 168% over the IPO price on its first day. Since then, the stock has gained 20 percent. COREWEAVE: Although the AI cloud company's Nasdaq debut in March was not spectacular, its stock has surged 78% even though it opened nearly 3% under its initial offer price. Nvidia's company raised $1.5 billion during its initial public offering, which equates to a valuation of $23 billion if the shares are fully diluted. FIGURE: Shares of the blockchain lender started trading at 44% over their initial offer price in September and have increased 7.5% since. STUBHUB: The ticket seller debuted in September at a price 8% higher than its IPO but then erased all gains and closed the day lower. Since then, the shares have dropped by 40%. FERMI: The data-center?investment trust co-founded by the former U.S. Energy Sec?Rick Perry began trading in October at a 19% premium to its IPO price, but has since lost 61%. BULLISH: CoinDesk, the parent company of the crypto news website CoinDesk, raised $1.11 billion by sizing up its IPO. Stocks of the company opened at more than twice their IPO price when they made their NYSE debut last August, but have since dropped 53%. FIREFLY AEROSCAPE: Northrop Grumman's space-tech company raised $868.3 millions by launching an IPO that was larger than expected and priced higher than the range. The Nasdaq opened its stock at a price that was nearly 56% higher than the IPO in August. The stock closed Tuesday nearly 71% below the price it opened at on its first day. FIGMA: Figma, a design software company, raised $1.22billion in its July IPO. It ended its first day at the NYSE with a 250% gain. The shares of the company are currently trading at a 58% lower price than when they were first listed. CHIME: The Financial Technology Company priced its IPO at a price above the range marketed, raising $864 Million in June. The stock price opened at a 59% premium to the opening price, but is now nearly 43% lower. ETORO: eToro, a Robinhood competitor, secured a valuation $5.64 billion following a 34% surge in its Nasdaq debut. In an enlarged IPO, the stock and cryptocurrency trading platform raised a total of $620 million. Since then, its stock price has almost halved. VENTURE GLOBAL LNG: In January, the liquefied gas exporter achieved a valuation of $1.75 billion?. This is less than half what it had originally hoped for. In a quiet NYSE debut, the company's shares began trading at a price nearly 4% lower than their IPO. The stock's value has dropped by 75%. SAILPOINT: In February, the shares of Identity Security Company, which is backed by Thoma Bravo, were flat on Nasdaq. This valued it at $12.80 billion. Since then, the stock has lost almost 8%. Austin, Texas based company raised $1.38 Billion in an increased IPO. ** Please note: Stock performance is calculated based on the opening trade unless otherwise stated. ** Sources: filings, LSEG and'reports
-
Aena buys majority stake in UK Airports Holding for $360 Million
Aena, the Spanish airport operator, announced?on Friday that it had agreed to buy a 51% share in a holding company in the UK that controls Leeds Bradford Airport as well as a part of Newcastle Airport for 270 million pounds ($360.88). Aena is aiming to have overseas operations represent 15% of EBITDA by 2026, after its CEO said that the company planned to grow via asset purchases. InfraBridge retains the remaining 49% of the holding. "This is a significant step for Aena - in countries with high potential, such as the UK - where we have a long history," said Chief Executive Maurici Lucena. The transaction is expected to close during the second quarter 2026. The shares of?Aena rose 0.5% on Friday, adding to gains of almost 20% this year.
-
Lufthansa wants to increase sales by targeting US passengers who choose premium services.
Carsten Spohr, CEO of Lufthansa, said that the airline plans to expand transatlantic flights in order to take advantage of strong demand from key U.S. markets and promote its new premium seats. In an interview with Lufthansa in Frankfurt, he stated that "we have been able to shift the point of sale?to?almost 60 percent now coming from Europe and only 40 percent from the U.S. This used to be the opposite for many years." Spohr stated that the majority of U.S. growth has come from smaller cities as opposed to hubs like New York. Lufthansa will, for example, increase its Frankfurt-Raleigh-Durham, North Carolina, service ?to daily flights next year, up from three per week, and expand Frankfurt-St. Louis, Missouri routes will now have five weekly flights instead of three. Spohr noted that the growing links between Bayer St. Louis offices and automotive firms in Charlotte, North Carolina, as well as the Bayer offices in St. 'Louis, showed the strength of U.S. markets and interest to fly with European airlines over to Europe. Spohr claims that the new Allegris seat from Lufthansa could lead to a double-digit increase in its premium product's yields. Spohr stated that "rolling out Allegris to Lufthansa will allow us the opportunity to capitalize on this focus on premium traffic." Lufthansa will increase capacity on international long-haul routes next year, as it plans to receive a widebody jet once every two weeks. Spohr hopes that the new planes would 'help stimulate growth. This has been hindered in recent years due to delayed deliveries by planemakers Boeing and Airbus. Delays have led to losses for its German-based airline, and the share price of its parent company IAG has fallen behind that of competitors Air France-KLM (owners of British Airways) and IAG. Spohr stated that he expects the industry demand to stay steady, and ticket prices will either remain stable or increase further due to supply constraints. He said: "I'd assume that prices will be stable at least because the healthy demand in nearly all of our markets is met with a limited supply as a result of delayed deliveries." (Reporting and editing by Matt Scuffham, Alexander Smith and Joanna Plucinska)
Poland allocates 3.4GW of offshore wind power in its first auction
Poland's energy regulator - URE - announced on Thursday that it had allocated 3.4 gigawatts of?capacity at its first competitive auction for offshore wind. This is a positive sign for the renewables sector, after recent setbacks on neighbouring markets.
The auction was viewed as a
Investor confidence in offshore wind is increasing after U.S. president Trump's opposition towards renewable energy effectively
The U.S. and recent?auctions held in Denmark, Germany and the Netherlands did not attract bidders.
URE reported that Poland awarded 25-year contract?at a range of 476.88 zlotys (133.09 dollars) and 492.32 zlotys for megawatt hours, which is just?slightly lower than the maximum levels set by the regulator of 485.71 to 512.32 zloty for megawatt hours.
PGE, the state-controlled utility, secured a?contract for 975MW at 489zlotys/megawatthour?while refiner Orlen was awarded a contract?for 900MW at a cost of 476.88zlotys/megawatthour?
A consortium consisting of Polenergia, Equinor and the Norwegian company Equinor won a contract worth 1,56 GW for 492.32 zlotys/megawatt-hour.
Offshore wind is crucial for Poland to bridge a looming gap in energy. Coal power has been phased out and nuclear energy will be available years from now. Its proximity to Russia also increases the importance of energy independence.
Under ?the terms of the auction, support is offered to winners in the form of ?a contract-for-difference (CfD). Developers are guaranteed a fixed electricity price. Costs or savings will be passed on to consumers depending on wholesale price fluctuations.
URE reported that the total amount of electricity covered under the contracts awarded in this auction was over 330 terawatt hours (TWH), nearly twice as much as Poland's last-year consumption.
Poland plans to hold similar auctions twice a year until 2031. The regulator stated that the projects which won the auction had a deadline of seven years to start supplying electricity to the grid. $1 = 3.5832 Zlotys (Reporting and editing by Susan Fenton, Matt Scuffham and Rafal Nowak)
(source: Reuters)