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☆ EU wrangles with Hungary over Ukraine aid, tax plan as billions at risk
▼ + stars: | 2022-12-12 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +4 min

As the wrangling has gone on, Hungary also blocked the 18 billion euros joint EU loan to Ukraine and the tax plan, drawing ire from other countries for what they said was an attempt to blackmail the bloc into releasing the funds to Budapest. Hungary says it opposes joint EU borrowing to support Ukraine but that it would extend bilateral aid to Kyiv instead. Budapest has also said the OECD plan for a minimum corporate tax is against Hungary's national interests. Other EU countries are divided between those willing to punish Hungary more harshly and those saying the amounts frozen would be lessened if Hungary moved on Ukraine and OECD. The rest depends on Hungary, it's their money," said one EU diplomat.

[1/6] Commercial vessels, including oil tankers, wait at an anchorage in the Black Sea off Kilyos near Istanbul, Turkey, December 9, 2022. A total of 28 oil tankers are in a queue seeking to leave the Bosporus and Dardanelles straits, the Tribeca shipping agency said on Friday. Turkey's maritime authority said it would continue to keep out of its waters oil tankers that lacked appropriate insurance letters. A shipping source said four of the tankers waiting to cross the Dardanelles were scheduled to go on Saturday with tug escorts. Millions of barrels of oil per day move south from Russian ports through Turkey's Bosphorus and Dardanelles straits into the Mediterranean.

☆ Factbox: Why are oil tankers stuck in Turkish waters?
▼ + stars: | 2022-12-08 | by ( Jonathan Saul | ) www.reuters.com time to read: +5 min

LONDON, Dec 8 (Reuters) - Turkey's maritime authority said on Thursday it would continue to block the passage of oil tankers that don't carry appropriate insurance letters, adding that insurance checks on ships in its waters were a "routine procedure". The logjam is creating growing unease in oil and tanker markets and comes as the G7 and European Union introduce a price cap on Russian oil. Millions of barrels of oil per day move south from Russian ports through Turkey's Bosphorus and Dardanelles straits into the Mediterranean. Ships typically have protection & indemnity (P&I) insurance, which covers third party liability claims including environmental damage and injury. Turkish authorities introduced new requirements, which came into effect at the beginning of December, in which every ship must have P&I insurance cover in place for all circumstances when sailing through Turkish waters or when calling at ports.

☆ Western officials and Ankara are in talks after stand-off on oil tanker pile-up near Turkey
▼ + stars: | 2022-12-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The UK, US, and EU are working with Ankara to clear an oil tanker pile-up in Turkish waters. EU's $60 a barrel price cap on Russian crude kicked in Monday, which is impacting shipping and insurance. Most vessels in Turkish waters now are loaded with oil from Kazakhstan, not Russia, two Western officials told the Financial Times on Thursday. It is considering several options to counter the price cap, Russian business daily Vedomosti reported Wednesday, citing two sources close to the cabinet. Russian deputy foreign minister Alexander Grushko also weighed in on the matter, saying Russia's concerned about the congestion off Turkey.

☆ Oil tankers are getting stuck in the Black Sea. That could become a problem
▼ + stars: | 2022-12-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

A further nine tankers were waiting to cross southbound from the Sea of Marmara through the Dardanelles strait into the Mediterranean. The snag is linked to a Western price cap on Russian oil that came into effect on Monday. Countries including Russia, Kazakhstan and Azerbaijan use the Turkish straits to get their oil to world oil markets. The traffic jam in the Turkish straits arose following the imposition this week of the price cap on Russian oil. Turkish officials say this position is “unacceptable” and on Thursday reiterated demands for letters from insurers.

☆ Turkey is stopping oil not under Russian sanctions, raising global energy market supply concerns
▼ + stars: | 2022-12-08 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Cargo ships and vessels transit the Bosphorus Strait, a body of water connecting the Black Sea to the Marmara and Mediterranean Seas through Istanbul, Turkey. Above, the Russia-flagged vessel Volga River Taganrog oil tanker passes south through the Bosphorus Straits in October 2022. "It appears that all but one of the roughly twenty loaded crude tankers waiting to cross the straits are carrying Kazakh-origin oil," a price cap official told CNBC. If delays mount, refiners will seek alternative supplies from other countries or they will reduce operating capacity because they don't have enough oil, which impacts the supply of gasoline and diesel, said Andrew Lipow, president of Lipow Oil Associates. "If this continues for another week we will begin to see an impact on the oil market," Lipow said.

[1/2] Oil product tanker Lila Fujairah sails in the Bosphorus, on its way to the Mediterranean Sea, in Istanbul, Turkey December 6, 2022. REUTERS/Yoruk IsikCompanies Ingosstrakh SPAO FollowLONDON, Dec 7 (Reuters) - Western officials are in talks with Turkish counterparts to resolve oil tanker queues off Turkey, a British Treasury official said, after the G7 and European Union rolled out new restrictions on Dec. 5 aimed at Russian oil exports. "The UK, U.S. and EU are working closely with the Turkish government and the shipping and insurance industries to clarify the implementation of the Oil Price Cap and reach a resolution," the official told Reuters. At least 20 oil tankers continue to face delays to cross from Russia's Black Sea ports to the Mediterranean as operators race to adhere to the Turkish rules. "The (insurers) have agreed that they cannot and should not issue such a letter," UK P&I said in a statement on its website.

☆ Russia is concerned over oil tankers build-up in Bosphorus - RIA
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Maltese-flagged crude oil tanker Minerva Baltica sails in the Bosphorus, on its way to the Black Sea, in Istanbul, Turkey December 5, 2022. REUTERS/Yoruk Isik/File PhotoMOSCOW, Dec 7 (Reuters) - Russia is concerned about a build-up of oil tankers in the Bosphorus Strait and is discussing the issue with insurance and transport companies, RIA cited Russian deputy foreign minister Alexander Grushko as saying on Wednesday. After all, insurance companies insure, not the state," Grushko is quoted as saying. The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February. Kazakhstan, a large oil exporter, said on Wednesday that the build-up of the oil tankers at the Bosphorus is normal during the winter season.

More than a dozen massive oil tankers were stuck near the exit to the Black Sea, the first noticeable disruption to global energy markets after the West imposed a price cap on Russian crude. The bottleneck in the Turkish Straits, a chokepoint in global shipping, stemmed from a dispute between a group of maritime insurers and Turkish authorities. It illustrates the potential snags caused by novel sanctions that came into effect this week, even though the sanctions were designed to keep Russian oil flowing to the global market.

☆ The EU price cap on Russian oil is already disrupting the market - tankers are piling up off Turkey after Ankara demands insurance paperwork
▼ + stars: | 2022-12-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The EU's price cap on Russian crude and its ban on seaborne Russian crude kicked in Monday. Oil tankers have begun piling-up off Turkish shores, as Ankara demands proof of insurance coverage. Shipping insurers rejected the request, as Turkey's asking for coverage that could expose them to a breach of sanctions. The pile-up comes just as an EU price cap of $60 a barrel price cap for Russian crude kicked in. ET Monday, while international Brent crude oil futures were 0.8% higher at $83.36 a barrel.

☆ Oil tankers queuing to transit Turkish straits face more delays - sources
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

Companies Ingosstrakh SPAO FollowISTANBUL, Dec 6 (Reuters) - At least 20 oil tankers queuing off Turkey to cross from Russia's Black Sea ports to the Mediterranean face more delays as operators race to adhere to new Turkish insurance rules added ahead of a G7 price cap on Russian oil, industry sources said. The new rule was announced before a $60 per barrel price cap was imposed on Russian seaborne crude this week, Western insurers are required to retain proof that Russian oil covered is sold at or below that price. Millions of barrels of oil per day move south from Russian ports through Turkey's Bosphorus and Dardanelles straits into the Mediterranean. Tribeca shipping agency said nine oil tankers were waiting to transit the Dardanelles southbound on Tuesday. The only tanker passing the straits after the deadline, Vladimir Tikhonov, was insured by Russia's Ingosstrakh (INGSI.MM), the source added.

She died in hospital three days after being arrested by the country's morality police for allegedly breaking its strict dress-code laws. However, Iran's main state media agencies haven’t covered the remarks, potentially signaling they were not sanctioned by the political establishment. The morality police have not been prominent on the streets of Tehran and other cities for roughly two months. The United States was similarly skeptical that Iran is loosening its hijab laws, according to a senior Biden administration official. They said that it was possible the announcement was made to diminish attendance participation in the three days of strikes this week.

☆ Oil tankers queue up off Turkey as price cap on Russian crude kicks in - FT
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

Dec 5 (Reuters) - Oil tankers formed a traffic jam off the coast of Turkey on day one of the West's price cap on Russian crude, with Ankara insisting on new proof of insurance for all vessels, the Financial Times reported on Monday. Around 19 crude oil tankers were waiting to cross Turkish waters on Monday, the report said, citing ship brokers, oil traders and satellite tracking services. A $60 per barrel price cap imposed by the Group of Seven nations, Australia and the 27 European Union states on Russian seaborne crude oil took effect this week, the latest Western measure to punish Moscow over its invasion of Ukraine. The agreement allows Russian oil to be shipped to third-party countries using tankers from G7 and European Union member states, insurance companies and credit institutions only if the cargo is bought at or below the cap. Russia said on Monday that a Western price cap on its oil would destabilise global energy markets but would not affect its ability to sustain what it calls its "special military operation" in Ukraine.

☆ Elon Musk puts an end to some Twitter perks, limits expenses due to company's 'challenging' financial situation
▼ + stars: | 2022-11-22 | by ( Kali Hays | ) www.businessinsider.com time to read: +11 min

The email also addressed new policies on free food at Twitter, vacation time and other processes. "The future of Twitter is super bright if we can work together to be wise stewards of the company's resources." In addition to these and other changes detailed in the email, Twitter employees are expected to work in the office everyday as of Monday, the day the email was sent. "Allowances will be reevaluated over time and may be added back when the company's financial situation improves," the email noted. Meaning Twitter employees will now have to pay for much of the food the company will offer, where before everything was free.

☆ Over 4,000 Zimbabwean doctors and nurses left the country in 2021
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: 1 min

HARARE, Nov 20 (Reuters) - Zimbabwean health workers have left the country in droves over the past year, a senior official at the Health Services Board (HSB) revealed on Sunday. More than 4,000 health workers have left since 2021, HSB chairperson Dr Paulinus Sikosana told Reuters. This includes more than 1,700 registered nurses who resigned last year and more than 900 who left this year. Health workers went on strike in June demanding to be paid in U.S. dollars as inflation further weakened the local currency. Doctors and nurses in Zimbabwe have found work mainly in Britain, leaving the country's health sector in dire straits and local hospitals understaffed.

☆ Five countries, other than China, most dependent on the South China Sea
▼ + stars: | 2022-11-18 | by ( Sean M. Holt | ) www.cnbc.com time to read: +11 min

Territorially, there are seven claimants to the South China Sea: China, Brunei, Indonesia, Malaysia, the Philippines, Taiwan and Vietnam. Analysts name the top five countries, other than China, that are most dependent on the South China Sea. Aerial view of fishing boats setting sail to South China Sea for fishing on August 16, 2022 in Yangjiang, Guangdong Province of China. "Although they claim more than half of the South China Sea, China has pushed claimant states such as Vietnam out of traditional fishing waters and more into the South China Sea, causing excessive overfishing." South KoreaSouth Korea is "intentionally quiet about the South China Sea" as it wants to "maintain favor with China," Graham said, citing Seoul's primary focus on the North Korean issue.

China's Taiwan Affairs Office did not respond to a request for comment. the person said, adding that the calls would connect but Chinese officials wouldn't pick up. Based on a long-standing practice, faxes continue to be exchanged between two semi-official organisations that handle routine affairs: Taiwan's Straits Exchange Foundation and China's Association for Relations Across the Taiwan Straits. The council told Reuters that while Chinese officials do not reply directly, they have handled Taiwanese requests when needed or responded through public statements. China this year labeled Tsai's administration "evil" while Taiwan called China "incredibly absurd".

☆ Days after Biden's face-to-face meeting with Xi Jinping, Kamala Harris is making a rare trip to a South China Sea hotspot
▼ + stars: | 2022-11-16 | by ( Christopher Woody | ) www.businessinsider.com time to read: +6 min

Palawan looks over the South China Sea, where Beijing and its neighbors have competing claims. "This is another historic visit, as the vice president is the highest-ranking US official ever to visit Palawan," a senior administration official told reporters on Tuesday. It divides the Sulu Sea and the South China Sea, where the Philippines is one of several countries that dispute Beijing's expansive claims. The Philippine province of Palawan separates the Sulu Sea and the South China Sea. Asked on Tuesday how China should view the trip, the US official said, "China can take the message it wants.

☆ U.S. captain Johnson seeks formula for rare Ryder Cup win in Europe
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

Europe's home dominance improved to six consecutive Ryder Cup victories following with their 2018 win outside Paris where twice major champion Johnson served as one of Jim Furyk's vice captains. The United States have not won a Ryder Cup on foreign soil since 1993 but from Johnson's perspective there is not much more they could have done at Le Golf National four yeas ago. "The system for Team USA is really, really good right now," said Johnson. The next Ryder Cup will be played from Sept. 29-Oct. 1, 2023 at Marco Simone Golf & Country Club in Rome, Italy. "Rome's going to be a completely different team with completely different players with completely different leadership.

☆ Shopee, the Amazon of Asia, has laid off around 7,000 employees in the last 6 months, after latest cuts: report
▼ + stars: | 2022-11-15 | by ( Britney Toh | ) www.businessinsider.com time to read: +3 min

Shopee laid off around 100 employees on Monday, adding up to around 7,000 jobs cut in the last six months, per Bloomberg. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. On Monday, a number of Shopee employees in Singapore and China received marching orders via emails, Bloomberg said. Sources also told The Straits Times that the latest round of layoffs was more low-key compared to the layoffs that happened in September. Shopee parent Sea Limited — which employed more than 67,000 people at the end of 2021 — let go a low single-digit percentage of employees on September 19.

☆ Biden sees no need for 'a new Cold War' with China after three hour meeting with Xi Jinping
▼ + stars: | 2022-11-14 | by ( Christina Wilkie | ) www.cnbc.com time to read: +1 min

President Joe Biden speaks during a news conference on the sidelines of the G20 summit meeting, Monday, Nov. 14, 2022, in Bali, Indonesia. WASHINGTON — U.S. President Joe Biden said there "need not be a new Cold War" between the U.S. and China, following a three hour summit meeting with Chinese President Xi Jinping in Indonesia on Monday. Biden also said he doesn't "think there's any imminent attempt by China to invade Taiwan," despite escalating rhetoric and aggressive military moves by the P.R.C. Biden and his counterpart held the much anticipated meeting on the sidelines of the G20 meeting of global economically developed nations in Bali. Biden said he and Xi spoke frankly, and they agreed to send diplomats and cabinet members from their administrations to meet with one another in person to resolve pressing issues.

☆ 'No longer science fiction'? Metaverse could pump $1.4 trillion a year into Asia's GDP, report says
▼ + stars: | 2022-11-14 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

The impact of the metaverse to GDP in Asia could be between $0.8 and 1.4 trillion per year by 2035, said a new Deloitte report. The impact of the metaverse to GDP in Asia could be between $0.8 and 1.4 trillion per year by 2035, said a new Deloitte report. watch nowDeloitte's new report, titled "The Metaverse in Asia: Strategies for Accelerating Economic Impact," examined the potential influence of the metaverse on 12 Asian economies. Developing the technology stacks, human capital and regulatory frameworks to realize Asia's trillion-dollar metaverse potential will benefit a wide range of industries and economic activities," said Kulasooriya. ObstaclesThough Deloitte's report suggests China could the biggest beneficiary in terms of GDP, the country still faces heavy regulatory challenges in developing the metaverse.

☆ Meet a couple who bought 19 properties in 4 years, retired at 40 and built a net worth of $1.5 million
▼ + stars: | 2022-11-12 | by ( Ryan Ermey | ) www.cnbc.com time to read: +7 min

Debbie and Chris Emick. These days, between a mix of investments, savings and real estate holdings, Debbie and Chris, now 43, boast a net worth of about $1.5 million. Debbie and Chris Emick. The Emick family. Chris Emick

The Indonesian navy has been trying to free the Djibouti-registered ship, Young Yong, which ran aground off Indonesia's Riau Islands on Oct. 26 near a gas pipeline. The Young Yong was among the vessels sanctioned. Capable of carrying 2 million barrels of crude oil, the stranded tanker is almost full, according to shipping data on Refinitiv Eikon. allows transactions to free sanctioned oil tanker, Young Yong, which has been stranded in Indonesian waters since Oct. 26CHALLENGESThere are operational challenges in refloating the ship like the risk of an oil spill and strong currents in the surrounding waters, said Jacob Hogendorp, managing partner of Global Salvage Consultancy. He added that part of the cargo onboard Young Yong would likely have to be transferred to another ship before refloating commences.

☆ With a possible surge of Haitian migrants ahead, the Biden admin weighs holding them in a third country or Guantanamo
▼ + stars: | 2022-10-30 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Julia-Ainsley-Circle-Byline-Template.Jpg | Julia Ainsley | ) www.nbcnews.com time to read: +3 min

For more than 30 years, Guantanamo Bay has had a Migrant Operations Center that houses migrants picked up by the U.S. Coast Guard in the Caribbean. Planning now under consideration would roughly double the capacity at the Migrant Operations Center to 400 beds, according to the document. The Biden administration received bipartisan criticism for its handling of a massive flood of Haitian migrants in September 2021, which led to more than 12,000 massing under an international bridge in Del Rio, Texas. The Biden administration ramped up deportation flights to deal with the influx, but so far those flights have halted since August 2022. A spokesperson for the NSC said, “The United States remains committed to supporting the people of Haiti.

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