International
Middle East crisis, Russian-Ukraine war may trigger gas crisis in Europe— German govt, others
Middle East crisis, Russian-Ukraine war may trigger gas crisis in Europe— German govt, others
NEW ORLEANS: The Head of Energy Policy Department, Federal Ministry for Economic Affairs and Climate Action, Germany, Stefan Rolle and the Head of Trading & Optimizing, Gasum, Jouni Liimatta, have said that the crisis in the Middle East and the Russian-Ukraine war may affect Liquefied Natural Gas (LNG) prices in Europe.
The stakeholders gave the explanation during a panel-led discussion at the 20th edition of the Americas Energy Summit.
The panel discussion was on the ‘role of LNG in providing energy security to Europe in the short and long-term.
Stefan said, “I think there are many possibilities that may be realised. For example, a drastic change in demand for energy in East Asia due to a quick recovery of the Chinese economy. Also, the disruptions of important critical infrastructure in some parts of the world not necessarily in Europe but also in other parts of the world.
“This could change the picture, and there are also difficulties which have to be faced and which we cannot foresee. So, they exist.”
Stafen said if Russian LNG had been banned in Europe, there would have been a spike in prices until equilibrium was found.
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The crisis between Israel and Palestine had worsened the energy crisis in Europe which was induced by the Russian-Ukraine war.
Recall that in October last year, LNG prices spiked more than 40 per cent to $18.35 amid the Israel-Palestine war.
Liimatta said, “Unfortunately there has been a lot of war ongoing in the world in very critical places and I fear that if the Middle East crisis expands, the Russian-Ukraine war could expand as well. This could change the picture completely. So, I’m not seeing any positive surprises coming on.
“It is more pessimistic to me. If there are prices, it will be pessimistic. We are already seeing a couple of gas pipelines exploding or being damaged in Europe. Hopefully let’s say the Norwegian Continental Shelf Pipeline continues to Europe, but if something happens to those, we will have a huge crisis in Europe. Unfortunately, negative gas prices could happen.”
According to him, placing a ban on Russian LNG by European countries will take time due to challenges in individual countries.
Liimatta argued that although the Russian LNG contributes about 8 per cent of the whole gas supplies to Europe, it would take time for European countries to ban the commodity.
He said, “Realistically, even though the Russian LNG is only around 5-8 per cent of the whole gas supplies to Europe, it will take until 2025 or 2026 for it to be banned because that is when new LNG [productions will be going on into the market from US or Qatar.
“So, unfortunately, the Russian LNG will probably still come to Europe for another year or two.”
Middle East crisis, Russian-Ukraine war may trigger gas crisis in Europe— German govt, others
International
American man arrested for beating tourist to death at Ireland hotel
American man arrested for beating tourist to death at Ireland hotel
A 30 year old American man whose name was not given by security officials, has been arrested for beating up a 60 year old tourist to death at the Ballyfin Demesne hotel in Laois, Ireland.
The Irish police force commonly known as ‘Garda Síochána’ announced that the incident occurred in the late hours of Tuesday, November 12.
Ballyfin Demesne hotel, is a popular luxury five-star hotel located in Laois, Ireland and special guests such as Kanye West, Kim Kardashian, George Clooney e.t.c had made use of the hotel in times past.
The victim was discovered unconscious in the late hours of Tuesday, November 12 and was then rushed to the hospital were he died due to severe beating inflicted on him by the culprit.
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Independent local councilor James Kelly stated that nearby communities were ‘stunned’ upon learning about the incident at the renowned hotel.
He said, “There would be a lot of staff from the area and they’re totally shocked by what has happened here.
“It’s something we didn’t think we’d be waking up to this morning.”
The police also noted that a senior officer has been assigned to lead the investigation and an incident room has been set up at Portlaoise Garda Station, Ireland.
Furthermore, a family liaison officer will be designated to assist the family of the deceased.
International
FBI raids home of crypto platform Polymarket CEO, after accurate prediction of Trump win
FBI raids home of crypto platform Polymarket CEO, after accurate prediction of Trump win
The Federal Bureau of Investigation on Wednesday carried out a raid at the home of Shayne Coplan, CEO of cryptocurrency prediction outlet Polymarket.
Authorities seized Mr Coplan’s phone during the raid, according to New York Post which first reported the incident.
Mr Coplan, 26, has been running the famous platform for bets throughout the 2024 presidential election in the United States.
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It wasn’t immediately clear why the search was conducted, but Polymarket promptly said it might be due to its activities during the election. Users on the platform had correctly predicted Donald Trump was going to defeat Kamala Harris. The company paid out a substantial amount to winners following the election.
“This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” a spokesperson for Polymarket said in a statement from its headquarters in New York. “Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections.”
It was unclear whether or not the FBI would be filing charges after the raid.
FBI raids home of crypto platform Polymarket CEO, after accurate prediction of Trump win
International
Two dead, buildings destroyed in American factory explosion
Two dead, buildings destroyed in American factory explosion
Two employees of Givaudan sense colour, a factory known for making colourings for beverages, located in Louisville, Kentucky, United States (US) were killed in an explosion that took place at the company’s facility.
The factory reported that the incident which took place on Tuesday, November 12 in the afternoon have also destroyed buildings around the company.
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Louisville Mayor, Craig Greenberg stated that firefighters managed to rescue and evacuate numerous individuals from the site, including some who sustained life-threatening injuries.
He also confirmed that all employees present at the plant during the explosion have been accounted for.
Earlier reports indicated that at least 11 workers were hospitalized.
The cause of the explosion is still under investigation.
Two dead, buildings destroyed in American factory explosion
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