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Indonesia invites foreign investors to invest in seawall worth $80 billion that will protect the coasts against flooding
The President of Indonesia, Prabowo Subianto, announced on Thursday that foreign investors were invited to invest in Indonesia's plan for a seawall of hundreds of kilometers to prevent flooding along the north coast Java island. The project builds on a plan from 2014 by the government of Jakarta to protect the city against rising sea levels and subsidence which have caused frequent floods along the north Java coastline. Prabowo announced that he will form an agency for the project to build a giant seawall stretching from Banten province to East Java, which could take up to 20 years to finish. Officials have stated that the wall will be approximately 700 km (435 miles). In a speech delivered at a infrastructure event, Prabowo stated that the giant seawall along the north Java coast is one of the most important infrastructure projects. He said that "(sea) water has threatened the lives and livelihoods of our people", citing several towns in central Java. According to Indonesia's Meteorology, Climatology and Geophysical Agency, sea levels on Indonesian coastlines increased by an average of 4,25 millimetres per year from 1992 to 2024. However, the rate accelerated recently due to climate changes. Prabowo stated that he invited countries like China and Japan to invest, but did not elaborate. Experts claim that Jakarta is sinking because of excessive groundwater extraction, which has led the central government's plan to move its capital to the jungles on Borneo Island. (Reporting and editing by Mark Heinrich; Stanley Widianto)
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Source: Palliser, an activist investor, has a near 5% stake at UK's WHSmith.
Sources familiar with the situation told a reporter on Thursday that activist investor Palliser Capital had built a stake of nearly 5% in WHSmith, which sent shares of the British travel retailer higher by over 5%. Sky News reported earlier Thursday that Palliser intended to review WH Smith’s leverage targets and its capital allocation policy in order to boost shareholders' returns. A London-based investment company recently tried to convince Rio Tinto, the mining giant, to ditch its dual-listed structure and opt for a primary listing on the Australian stock exchange. Sky News reported that Palliser could have a stake in WH Smith worth up to 65 million pounds ($88.27 millions). WH Smith has declined to comment. It is a 230-year old brand that operates 1,200 stores at airports and stations in 32 countries. In March, it sold its iconic UK High Street business to Hobbycraft's owner Modela Capital to focus on travel retail. According to LSEG, Los Angeles-based Causeway Capital Management LLC holds a 12.2% share of WH Smith.
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Pirelli investors support 2024 earnings report in spite of Sinochem's opposition
The company reported that Pirelli shareholders approved its earnings report for the past year, despite Sinochem's opposition, which is the largest shareholder. The result of the vote indicates that Sinochem's influence over Pirelli, which was restricted by the Italian Government, does not have an effective control over the firm. Sinochem, who owns 37% of Pirelli, and Camfin (the second largest shareholder) have fought over the issue. They claim that the large Chinese presence at Pirelli is a threat to their ambitions to expand in the United States. Sinochem was the sole shareholder who voted against the approval of 2024's annual report, according to the Pirelli statement. The shareholders meeting approved the payment to investors of 250 million euro as a dividend. This is equivalent to 0.25 euro for each share. Washington has cracked down on Chinese automotive technology by banning software and hardware that are controlled by Chinese companies from being used in U.S. roads. According to a report on Wednesday, the Italian government wants clarification from the United States regarding possible restrictions on Pirelli U.S. operations due to its Chinese shareholder. In the context of the Pirelli governance dispute, several Sinochem representatives, including Chairman Jiao Jian voted against Pirelli's financial statements for 2024 earlier this year. Sinochem's board of directors also voted against Pirelli for the first quarter 2025. Two years ago, the Italian government intervened to limit Sinochem's control over Pirelli. It also sought to protect its autonomy under a law known as "golden powers" for companies of strategic importance. Camfin is owned by Marco Tronchetti Provera who, as the Italian CEO of Pirelli for over three decades, has held the position of Vice-Chairman. Pirelli posted above-target performance in a difficult environment for the entire automotive industry. Revenues increased by 2% and margins on operating profit adjusted rose to 15.7%. (Reporting and editing by Gavin Jones, Keith Weir and Giulio Pievaccari)
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Reliance Industries reduces its stake in Indian Asian Paints
Reliance Industries, owned by billionaire Mukesh Amani, announced on Thursday that it had sold shares in Asian Paints worth 901 million dollars. India's largest Paintmaker is currently facing Potential antitrust scrutiny While its growth is being New aggressive tactics are a challenge Aditya Birla Group is one of the new entrants Birla Opus Urban consumers as well Cutting back Spending discretionary money is a good idea. Reliance Industries has announced that it sold its stake via affiliate Siddhant Commercials. This company held a 4.9% stake until March in the paintmaker. Shown Below Reliance Industries retains approximately 8,7 million shares after the sale. This represents a 0.9% share in the company. The oil-to -telecom conglomerate has sold 35 million shares of Asian Paints for 2,201 rupees each, a discount from the stock's closing price on Wednesday of 2,208.8. Asian Paints closed Thursday with a gain of 0.48%, but it has lagged behind the benchmark Nifty50 both this year as well as last year. The Economic Times reported last month that Reliance wanted to sell its entire 4,9% stake, and exit the 17-year old investment. The buyers' identities were not immediately known and will be revealed later on in the day, when the exchanges provide details of that session's trading. Reporting by Hritam Mukerjee and Nishit Nair; Editing and proofreading by Harikrishnan Nair, Tasim Zahid
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Mozambique: Hunger is a problem because no one helps the children
Mozambicans are in need due to drought and conflict USAID cuts put strain on charities and households UN warns about 'children's crisis' By SAMUEL COME Nobody brings food, clothes and blankets anymore to her camp in Pemba city, where she's lived for five years, ever since she fled the rebel attack on Macomia, a northern town, five years ago. "They used to help us for a long time but they have now left us." "Everyone manages on their own, we don't receive food or clothing, and no one supports the children any longer," she said. Omar and the other families in the camp received help from the Association for the Protection of Women and Girls. The decision by Donald Trump, President of the United States, to freeze $60 billion in foreign aid as well as other cuts made by international donors has caused a global backlash. These cuts have a devastating impact on Mozambique. This is one of the most disaster-prone nations in the world. Conflict, climate shocks such as floods and droughts along with political unrest, economic decline and other factors have contributed to a severe hunger crisis. Erasmo Mature is the project manager of PROMURA. Aid agencies report that Mozambicans are not only regularly displaced from their homes by cyclones, but also more than 1.3 millions people have fled since militants linked to Islamic State launched an insurgency at Cabo Delgado last year. According to the World Food Programme (WFP), there are approximately five million Mozambicans who lack food and require urgent assistance. Omar said, "It is dawn and we don't know what to feed the children." 'CHILDREN'S EMERGENCY' In February, during a visit to Mozambique, officials from the United Nations called for immediate action to deal with the crisis brought on by the conflict and two cyclones that hit the country in December and January - Chido & Dikeledi. During the trip, Joyce Msuya said that global humanitarian funding was under enormous strain. "We cannot leave Mozambicans in this critical moment." UNICEF, the U.N. agency for children, has warned that cuts in international aid budgets will cause a "children’s emergency". Funding for Mozambique is expected to drop by 20% by 2026. The budget has only been funded to about 35% of the total amount. The crops on the field wilted during the devastating drought of last year, which was fueled by El Nino. The harvests were poor, and prices of food rose. Families with low incomes who rely primarily on subsistence agriculture are still feeling the effects of the dry spell in some districts surrounding the capital Maputo. Teresa Vilanculos, a resident of Bobole village, said that during her most recent harvest, this year, the seeds in the soil had dried out. She relies on farming to feed two of her grandchildren and has now no harvest or seeds for the next planting in September. She said that she used to get seeds and food through the Red Cross and projects funded by U.N. Food and Agriculture Organization and African Development Bank. But this is no longer available. She sells wood to help her make ends meet. However, it's not enough to buy food for her granddaughters. She said, "Here it is normal to not have anything in your mouth throughout the day." UNICEF reports that Mozambican Children face "unprecedented crisis" and 3.4 million need immediate aid. Donors have only contributed 3% of the $619m the WFP needs to help Mozambique. The agency will need $170m to provide essential assistance in the next six month to avoid a major hunger crisis. Vilanculos needs support now. She said, "I feel sorry for my grandchildren because they are not at fault for anything."
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Indonesia invites foreign investors to invest in seawall worth $80 billion that will protect the coasts against flooding
On Thursday, Prabowo Subito announced that foreign investors were invited to participate in Indonesia's plan for a seawall of hundreds of kilometers to prevent flooding along the north coast on its largest island Java. The wall is expected to cost $80 billion and will be built to prevent flooding. The project builds on a plan from 2014 by the government of Jakarta to protect the city against rising sea levels, land subsidence and flooding along the north Java Coast. Prabowo announced that he will form an agency for the project to build a giant seawall stretching from Banten province to East Java, which could take up to 20 years to finish. Officials have stated that the wall will be approximately 700 km (435 miles). In a speech delivered at an event on infrastructure, Prabowo stated that the construction of a giant seawall along the coast of northern Java was one of the most important infrastructure projects. He said that "(sea) water has threatened the lives and livelihoods of our people", citing several towns in central Java. According to Indonesia's Meteorology, Climatology and Geophysical Agency, sea levels on Indonesian coastlines increased by an average of 4,25 millimetres per year from 1992 to 2024. However, the rate has accelerated over the past few years because of climate change. Prabowo stated that he has invited countries like China and Japan to invest, but did not elaborate. Experts claim that Jakarta is sinking because of excessive groundwater extraction, which has led the central government plan to move its capital to the jungles on Borneo Island. (Reporting and editing by Mark Heinrich; Stanley Widianto)
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What is behind Iran's long-running dispute with the United States of America?
The United States has withdrawn some diplomatic staff as well as military families from the Middle East citing regional security threats that are not specified. The long-standing rivalry between Iran and the United States may have contributed to tensions. This article explains the history of the rivalry and how it played out. It also explains why tensions have risen again. Why did Iran and the United States become enemies? Iran and the United States have been friends for much of the 20th Century. In the 1950s as the Cold War began to take hold, Washington relied heavily on Iran's ruling Shah to stem the spread of Soviet influence in the oil producing Middle East. The Shah's popularity was waning at home, and the CIA helped to topple a populist Iranian Prime Minister, Mohammed Mossadegh. He had nationalised Iran’s British-owned Oil Company and wanted a neutral Cold War stance. The Islamic Revolutionaries in Iran who overthrew the Shah of Iran in 1979 accused the CIA for training the secret police of the Shah and vowed that they would fight Western imperialism throughout the region. They called America the "Great Satan". The American embassy was taken over by revolutionary students who held dozens of diplomats, staff and others hostage for a period exceeding a year. This ended a strategic alliance which had shaped this region for decades. How did the US-Iranian Rivalry play out? The new Iranian government sought to export the Islamic Revolution to other Shi'ite Muslims, as well as groups that opposed Israel. It saw Israel as the main avatar of an imperialist Western project oppressing Muslims throughout the Middle East. Hezbollah was established in Lebanon by the Islamic Revolutionary Guards Corps of Iran in the early 1980s. The United States accuses this group of bombing their embassy and Marine barracks in Beirut, Lebanon, in 1983 and killing 300 people, mainly Americans. Hezbollah has claimed that other groups are responsible for the wars it fought with Israel, the U.S.'s main regional ally. Iran also had complaints. Baghdad backed Baghdad in its war against Iran. Iraq invaded Iran and began using chemical weapons in 1982. In 1988, a U.S. ship mistakenly downed an Iranian passenger aircraft and killed 290 people. After 1990 tensions began to ease as the U.S. focused its attention on Iraq following Baghdad's invasion and Iran elected Mohammed Khatami in 1997, a reformist president who wished for better relations with Western countries. In the early 2000s, rivalry erupted again when U.S. president George W. Bush labelled Iran as part of an “Axis of Evil” along with Iraq and North Korea. This label caused anger in Iran. In 2002, Iran's secret nuke programme was revealed. The U.S. invasion of Iraq led by 2003 placed the two countries at odds in a battle for control of the Shi'ite-majority country. Who are the U.S. and Iran in the Middle East? In conflicts and political battles between both sides' proxies, the U.S. and Iranian rivalry is often played out in the background. Iran also supports Hezbollah and other armed Shi'ite groups in Iraq, including the Houthi group, which has attacked international shipping on the Red Sea, as well as the Palestinian militant group Hamas. The United States has been the principal international supporter of Israel for many years, Iran's main regional rival. The United States is also an ally of the Sunni Gulf monarchies, who have for many years been waging their own war against Iran. Saudi Arabia, along with other Sunni-majority countries, has buried the hatchet and is now a friendly nation. However they are still wary of any U.S. attacks on Iran and fear retaliation. How does the Iranian nuclear issue fit in? Iran's nuclear program was put in the crosshairs of the U.S. after it was revealed that Iran secretly enriched uranium. This process can be used to make fuel for a power plant, but also more concentrated material for a weapon. As negotiations on Iran's nuclear program have been dragging out for years, the West has stepped up its pressure with sanctions. Iran claims that its program is completely civilian and it has the right enrich uranium. Washington and its allies claim that Iran has always hidden key elements of its program and believes it is trying to build a nuke bomb. Iran and six major countries including the United States agreed in 2015 to curb Tehran's nuke work in exchange for limited sanctions relief. But U.S. president Donald Trump ripped the deal up in 2018. Trump has warned that if there's no new agreement, he will bomb the country. Why is Israel's position on Iran important? Israel has repeatedly called Iran its most dangerous adversary and indicated that it could strike Iran's nuclear sites. A similar attack would require the U.S.'s consent, which could drag Washington into a war with Tehran. Israel has been widely viewed as being behind the covert attacks against Iran's nuclear program, including Stuxnet and the assassination of scientists. Israel has not confirmed or denied this. Since the Hamas attacks on Israel in October 2023, tensions have risen as the war in Gaza has raged. Israel struck Iranian targets in Syria, Iraq and Syria last year. Iran's Houthi ally in Yemen launched strikes against Israel. Iran and Israel exchanged direct fire twice with drones and missiles, highlighting the possibility of full-blown warfare.
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Germany's Bund yield falls to its lowest level since May due to safe-haven flows
Germany's 10-year bond yield fell to a six-week low Thursday, as safe haven flows benefited from market anxiety over trade and tensions with the Middle East. This came a day following soft U.S. Inflation numbers. The benchmark yield for the Eurozone, Germany's 10-year Bund, is now at 2.473% - its lowest level since early May. Yields dropped around the globe on Wednesday, after data showed that U.S. consumer price increases were lower than expected in May due to cheaper petrol and a healthy appetite for U.S. Treasuries at auction. The bond rally on Thursday was supported by a global tone of risk-off after U.S. president Donald Trump announced that the United States will send letters outlining terms of trade agreements to dozens countries in one to two week, which they can accept or reject. Separately Trump stated that U.S. personnel was being relocated out of the Middle East "because it could be a very dangerous place". Stocks fell and safe haven currencies such as the Japanese yen, Swiss franc and other currencies rose. Now, the focus is on U.S. producer prices due Thursday. It's not usually a major market mover but it will be interesting. In a note, ING analysts predicted that it would show a rebound from the declines seen in May. They also said that they expect U.S. Treasuries will continue to rise unless the bounce is "overly vigorous". Investors in Europe were watching European Central Bank speakers to determine if the rate cut last week was the final one in this cycle. This is despite the ECB's forecast that inflation will fall below its 2% goal next year. Isabel Schnabel, a member of the ECB Executive Board, said that on Thursday interest rates are in a good place because inflation will likely return to its target over the medium-term. Gediminas Simkus, a Lithuanian policymaker, said that interest rates could need to be further lowered this year due to the risk of undershoot. The markets are pricing in another rate cut for this year. The other euro zone bonds moved largely in line with benchmark. Italy's 10-year bond yield fell 5 basis points to 3.42%. The yield on Germany's two-year interest rate sensitive bond fell by 4 basis points to 1.81%. (Reporting and editing by Kate Mayberry and Kirby Donovan; Alun John)
Tower Resources Lines Up ADES Jack-Up Rig for Cameroon Drilling Op
Tower Resources, the AIM-listed oil and gas company focused on Africa, has issued a Letter of Award (LoA) to Advanced Energy Systems (ADES), an affiliate of Saudi firm ADES Holding, for the provision of a jack-up rig for drilling job in Central Africa.
The rig proposed under the LoA is ADES’ Admarine 510, which will be put in charge of drilling the NJOM-3 well on Tower's Thali license in Cameroon in the fourth quarter 2025.
The Admarine 510, a GustoMSC CJ-46-X100-D triangular design three-legged jack-up unit, built in 2019, and capable of operating in water depth up to 375 ft, is just completing its five-yearly recertification project in Bahrain.
The rig has also recently been awarded a contract with Addax Petroleum for operations in Cameroon, to start in late 2025, and it is intended that the rig will drill the NJOM-3 well for Tower before beginning operations with Addax Petroleum.
The commercial terms of the ADES proposal to TRCSA are confidential, but the fact that the Admarine 510 was already committed to move to Cameroon for other operators has facilitated the discussions with the rig owner and resulted in more favorable terms than the owner could have offered otherwise.
The terms are well in line with the company's previous projections and compare very favorably to offers received from other rig owners earlier this year and last year.
The LoA is subject to contract and usual conditions precedent, including receipt of government approvals in Cameroon and completion of TRCSA's farm-out to Prime Global Energies Limited as announced on in January 2025.
"We are delighted to make this award, and are looking forward to working with ADES on the NJOM-3 well this year. Our rig selection process has been made a little more complex by the opportunity to coordinate our timing with that of other nearby oil and gas companies, including Addax Petroleum in particular, however I believe it has resulted in a very good commercial outcome for all parties,” said Jeremy Asher, Tower Resources Chairman and CEO.