Cargo ships wait in Panama Bay for transit through the Panama Canal. PHOTO: AP
PANAMA CITY (AP) – A severe drought that began last year has forced authorities to slash ship crossings by 36 per cent in the Panama Canal, one of the world’s most important trade routes.
Canal administrators now estimate that dipping water levels could cost them between USD500 million and USD700 million in 2024.
One of the most severe droughts to ever hit the Central American nation has stirred chaos in the 50-mile maritime route, causing a traffic jam of boats.
On Wednesday, Panama Canal Administrator Ricaurte Vásquez said they would cut daily ship crossings to 24, after already gradually slashing crossings last year from 38 a day in normal times.
It was a “significant reduction” for the country, Vásquez said.
Canal authorities attributed the drought to the El Niño weather phenomenon and climate change, and warned it was urgent for Panama to seek new water sources for both the canal’s operations and human consumption.
The same lakes that fill the canal also provide water for more than 50 per cent of the country of more than four million people.
“The water problem is a national problem, not just of the Canal,” Vásquez said.
Cargo ships wait in Panama Bay for transit through the Panama Canal. PHOTO: AP
PARIS (AFP) – World oil supply will continue to rise this year, the International Energy Agency (IEA)said yesterday, as it predicted that demand growth would continue a downward slide throughout 2024.
The Paris-based IEA, which advises oil-consuming nations, said it expects increase in global oil demand to halve from 2.3 million barrels per day (bpd) last year to 1.2 million bpd in 2024.
It cited economic headwinds, tighter efficiency standards and growth in electric vehicles for the slowing demand growth, which was sharply down in the last three months of 2023.
Much of the slowing demand has mirrored falling demand for post-pandemic travel demand in China, which drives much of the world’s oil demand growth.
The pace of demand growth will continue to be led by China through 2024, the IEA said, with the world’s second-largest economy accounting for almost 60 per cent of this year’s oil demand growth.
Meanwhile, the world’s oil supply will continue to grow due to “record-setting output” from the United States, Brazil, Guyana and Canada, it said. This high production will lead to a new high in the world’s oil supply this year, it said.
Everton’s Andre Gomes and Crystal Palace’s Tyrick Mitchell battle for the ball during the English FA Cup third round replay match at Goodison Park, Liverpool, England. PHOTO: AFP
AFP – Nottingham Forest and Everton shrugged off the threat of a potential Premier League points deduction as they battled into the FA Cup fourth round yesterday.
Forest survived a scare to beat third-tier Blackpool 3-2 after extra-time, while Everton were 1-0 winners against Crystal Palace in another of the night’s third-round replays.
It was a welcome tonic for Forest and Everton, who were both referred to an independent commission by the Premier League on Monday after admitting to breaches of financial rules.
The alleged breaches of the league’s profitability and sustainability rules relate to the 2022-23 season and could carry a points penalty as punishment.
With Everton and Forest currently embroiled in a relegation battle, that would plunge their top-flight status into severe doubt.
Everton have already been deducted 10 points this season for exceeding the allowable loss thresholds at the end of the 2021-22 campaign.
The Merseyside club are appealing against that sanction, which ranks as the biggest points sanction in Premier League history. Blackpool gave Forest a huge scare before Nuno Espirito Santo’s side finally advanced to the last 32.
Everton’s Andre Gomes and Crystal Palace’s Tyrick Mitchell battle for the ball during the English FA Cup third round replay match at Goodison Park, Liverpool, England. PHOTO: AFP
Andrew Omobamidele put Forest in front with a close-range volley in the 16th minute after Nicolas Dominguez’s corner was flicked on by Ryan Yates.
Omobamidele was making his Forest debut after signing from Norwich in September.
Danilo doubled Forest’s advantage just 53 seconds after the interval.
Blackpool keeper Daniel Grimshaw made a hash of clearing Albie Morgan’s wayward backpass and Danilo swooped in with a close-range finish.
Morgan made amends for his role in that debacle when he lashed into the top corner from 18 yards in the 61st minute.
With Forest suddenly creaking, Kyle Joseph equalised in the 78th minute with a header from Andy Lyons’ cross.
But New Zealand striker Chris Wood settled Forest’s nerves in the 110th minute, turning in the winner from Yates’s cross.
“We had to do it ugly again. We made it hard for ourselves,” Wood said.
Forest will travel to second-tier Bristol City, who enjoyed a shock victory against West Ham on Tuesday.
Everton kept their focus amid the FA intervention as they saw off Palace at Goodison Park.
Their first win in all competitions since December 16 earned a home game against Luton in the fourth round.
Andre Gomes smashed a 20-yard free-kick past Johnstone to give Everton the lead in the 42nd minute.
It was Everton’s first goal since December 27 after three scoreless outings.
Remarkably, it was also Everton’s first goal from a direct free-kick in 197 games dating back to 2019.
“These bits of news coming out are tough. Tough for the Evertonians, tough for the club and tough for myself and the team,” Everton boss Sean Dyche said of the financial breaches.
BERNAMA – The ringgit ended lower against the US dollar as the first rate cut by the United States (US) Federal Reserve (Fed) is seen to be the primary driver for the risk-off sentiment.
At 6pm, the ringgit eased to 4.7165/7215 versus the greenback from Wednesday’s close of 4.7145/7200.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the local currency was fairly stable at around MYR4.712.
He said nevertheless, the timing of the first rate cut by the Fed will be the primary driver for the risk-off mode.
The incoming economic data from the US will also play a role should it continue to outperform the market expectation, as the Fed might not be in a hurry the cut the rates.
“As such, the ringgit is expected to see cautious trading in the near term,” he told Bernama.
The US retail sales data came in stronger than expected, supporting the Fed official’s recent hawkish tone that the central bank will keep rates higher for longer.
AFP – Jim Ratcliffe warned Manchester United he would have ended his bid to become a minority owner if it was not sealed before December 25, 2023, according to financial documents released by the club on Wednesday.
British billionaire Ratcliffe agreed to buy a 25 per cent stake in the Premier League club for around GBP1.02 billion (USD1.3 billion).
But US Securities and Exchange Commission (SEC) filings released on Wednesday have revealed the INEOS chairman’s patience had begun to wear thin shortly before an agreement was struck.
In the week before the holiday, Ratcliffe’s company Trawlers Limited “gave Manchester United a deadline of December 25, 2023 to accept its best and final proposal”.
It led to an informal meeting of the board of directors on December 22 and a “robust discussion regarding the feedback from the offeror”.
The board representatives noted Ratcliffe “could decide to withdraw (the) proposal if the board of directors was not prepared to move forward by December 25, 2023”.
A person looks at an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo, Japan. PHOTO: AP
TOKYO (AP) – Global shares traded mixed yesterday as pessimism spread among investors about any imminent interest rate cut in the United States (US).
France’s CAC 40 added 0.2 per cent to 7,334.46 in early trading. Germany’s DAX was little changed, declining less than 0.1 per cent to 16,431.08. Britain’s FTSE 100 declined nearly 0.1 per cent to 7,440.86. US shares were set to be mixed with Dow futures inching down less than 0.1 per cent to 37,444.00, while S&P 500 futures edged up nearly 0.1 per cent to 4,773.50.
Japan’s benchmark Nikkei was little changed, inching down less than 0.1 per cent to finish at 35,466.17. Australia’s S&P/ASX 200 slipped 0.6 per cent to 7,346.50. South Korea’s Kospi gained 0.2 per cent to 2,440.04. Hong Kong’s Hang Seng reversed earlier losses and added 0.8 per cent to 15,391.79, while the Shanghai Composite rose 0.4 per cent to 2,845.78.
Speculation has been growing that the Federal Reserve may wait longer than traders expect to begin cutting interest rates after jacking them drastically higher over the past two years. Lower rates would relax the pressure on the economy and financial system, while also goosing prices for investments.
“Investors continue to come back to their senses, and the latter involves trimming the interest rate cut expectations,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
“Robust economic data added to the thinking that, yes, maybe March is too early for the Fed to announce the first rate cut.”
In energy trading, benchmark US crude rose USD0.56 cents to USD73.12 a barrel.
Brent crude, the international standard, added USD0.34 to USD78.22 a barrel.
In currency trading, the US dollar inched down to JPY147.84 from JPY148.11. The euro cost USD1.0885, little changed from USD1.0886.
A person looks at an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo, Japan. PHOTO: AP
Visitors gather near an Akasa Air aircraft during the ‘Wings India 2024’ at the Begumpet Airport in Hyderabad, India. PHOTO: AFP
NEW DELHI (AFP) – India’s newest airline, Akasa Air, said yesterday it has ordered 150 Boeing 737 MAX planes as it looks to bolster its fleet and kick off international operations.
The deal is a shot in the arm for United States (US) aviation giant Boeing, which is under intense global scrutiny over its 737 MAX 9 jet, after a scare on an Alaska Airlines jet in early January when a panel came off mid-flight and forced an emergency landing.
Akasa Air CEO Vinay Dube said the “historic” order for 737 MAX 10 and 737 MAX 8-200 jets would put the carrier on the path to “becoming one of the top 30 leading airlines in the world”.
Akasa has been a strong Boeing backer, having ordered 72 aircraft in 2021, and another four in 2023, and Dube said Akasa’s growth illustrates the “promise that India holds as an aviation market”.
But the order does not include Boeing’s MAX 9 aircraft involved in the Alaska Airline scare. No Indian airline uses the Boeing MAX 9 plane.
The country’s aviation regulator said two weeks ago that its check of the 737 8 MAX aircraft had been completed satisfactorily.
Visitors gather near an Akasa Air aircraft during the ‘Wings India 2024’ at the Begumpet Airport in Hyderabad, India. PHOTO: AFP
Civil Aviation Minister Jyotiraditya Scindia praised the order in a message on X, formerly Twitter.
“Congratulations to Akasa Air for the landmark order of 150 Boeing 737 MAX aircraft,” he wrote.
The carrier is “creating history by becoming the only Indian airline to reach a firm order book of 200+ aircraft within 17 months of operations,” Scindia added.
India is now the third biggest buyer of planes after China and the US, Scindia said, speaking at the ‘Wings India’ aviation conference yesterday.
“India’s Civil Aviation growth story is remarkable and poised for exponential growth,” Scindia added on X. “The sector has become a key driver of economic development and social progress, thus providing significant benefits in tourism, trade, and job creation.”
India is the fifth biggest economy and one of the world’s fastest-growing air travel markets, with several airlines vying to serve a growing middle class in the country of 1.4 billion people.
Prime Minister Narendra Modi’s government pledged to build 80 airports by 2025, and dominant aerospace companies are competing in India seeking new business.
AFP – Carlos Alcaraz said he reached a “great level” as he booked his ticket for the Australian Open third round yesterday after Iga Swiatek staged an astonishing comeback to stay alive.
The Spanish world number two matched his best Melbourne result by reaching the last 32 with a 6-4, 6-7 (3/7), 6-3, 7-6 (3/7) win against Italy’s unseeded Lorenzo Sonego.
The two-time major champion, who struck 43 winners on Rod Laver Arena, found himself all square at one set apiece despite not facing any break points in the first two sets.
But he brushed off the loss of the second set, breaking early in the third set, and came out on top in the fourth-set tie-break in windy conditions.
Alcaraz will meet Chinese wildcard Shang Juncheng next as he ramps up his drive towards a maiden title in Melbourne.
“I’m really happy with my performance today,” said the 20-year-old. “I think both of us played such a great level, high intensity.
“Even if I lost the second set, I think I played a good game. We put on a show, both of us, making good points and some hot shots as well. It was a great match.”
Carlos Alcaraz. PHOTO: APIga Swiatek. PHOTO: AP
Alcaraz, who missed the 2023 Australian Open due to injury, is aiming to become the third man in the Open Era to win three Grand Slams before the age of 21, after Bjorn Borg and Mats Wilander.
He also has the chance to supplant Novak Djokovic as world number one.
Earlier, Polish women’s world number one Swiatek was up a set and a break in her second-round match against Danielle Collins before faltering badly and slipping to a 4-1 deficit in the deciding set.
But just as she appeared to be heading home, she reeled off five straight games to win 6-4, 3-6, 6-4 and extend her winning run to 18 matches.
“Oh my goodness, I was at the airport already,” joked Swiatek, who has never won the Australian Open.
“It wasn’t easy. I felt like I had the momentum going and then she started playing suddenly two times faster and I had no idea how to react to that for a couple of games. I came back, and I thought the only thing I could focus on was myself.”
The four-time Grand Slam champion will face unseeded Czech player Linda Noskova next.
On a day packed with drama at Melbourne Park, sixth-ranked Alexander Zverev and Casper Rudd, the 11th seed, were pushed to the brink before both came through their matches in fifth-set tie-breaks.
Facing a second consecutive second-round exit in Melbourne, Germany’s Zverev came back to win 7-5, 3-6, 4-6, 7-6 (7/5), 7-6 (10/7) after a gripping contest lasting four-and-a-half hours on Margaret Court Arena.
“A lot of the times I was a spectator in the match,” said Zverev. “I was just witnessing whether he’s going to hit a winner or miss. That’s not a nice feeling to be in, especially in the important moments.
“To be honest, he probably deserved to win the match more than me today, but that’s tennis sometimes.”
Zverev faces Alex Michelsen next after the unseeded American teenager upset Czech 32nd seed Jiri Lehecka.
It was a similar story for three-time Grand Slam finalist Ruud, who was taken to a deciding set by Australia’s Max Purcell, which he won 10-7.
The Norwegian will next meet British 19th seed Cameron Norrie, who came back from two sets down to beat Italian qualifier Giulio Zeppieri.
His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam in a special titah yesterday conveyed appreciation to the populace for supporting the recently-concluded royal wedding of His Royal Highness Prince ‘Abdul Mateen and Yang Amat Mulia Pengiran Anak Isteri Anisha Rosnah binti Adam. PHOTO: INFOFOTO
His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam yesterday delivered a special titah in appreciation of the support received for the recently-concluded royal wedding of His Royal Highness Prince ‘Abdul Mateen and Yang Amat Mulia Pengiran Anak Isteri Anisha Rosnah binti Adam.
The monarch thanked the contributions from all levels of society, civil service members and uniformed personnel as well as the private sector in ensuring the royal wedding celebrations were a success.
His Majesty also extended appreciation to the special guests at the wedding as well as well-wishes received for the monarch and members of the royal family, especially the royal bride and groom.
The monarch said the royal family was moved by the jubilation shown by the populace, especially students and teaching staff involved in the Royal Procession.
“This,” His Majesty said, “illustrates how well-preserved the Brunei customs are despite the waves of change.”
The monarch also expressed pride for the solidarity between all levels of the community and hoped for such a spirit of cooperation in advancing and defending the nation, religion and monarchy.
On the royal wedding, His Majesty said, “It is certainly a blessing and a sweet memory for all, even more so for the younger generation who is responsible for ensuring that the local customs and culture remain relevant in the future.”
The monarch concluded by praying that “Brunei Darussalam will remain safe and prosperous, and blessed by Allah the Almighty’s eternal mercy and protection”. – Lyna Mohamad
His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam in a special titah yesterday conveyed appreciation to the populace for supporting the recently-concluded royal wedding of His Royal Highness Prince ‘Abdul Mateen and Yang Amat Mulia Pengiran Anak Isteri Anisha Rosnah binti Adam. PHOTO: INFOFOTOHis Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam and Her Majesty Duli Raja Isteri Pengiran Anak Hajah Saleha binti Al-Marhum Pengiran Pemancha Pengiran Anak Haji Mohamed Alam with His Royal Highness Prince ‘Abdul Mateen and Yang Amat Mulia Pengiran Anak Isteri Anisha Rosnah binti Adam during Majlis Persantapan Diraja on Monday. PHOTO: INFOFOTO
ABOVE & BELOW: Acting Director of Community Development Department (JAPEM) Fauziah binti Haji Mohd Salleh receives contributions from Bright Sky Company, Bank Islam Brunei Darussalam Advocating Life-Long Learning for an Aspiring Future (BIBD ALAF) and Society for the Management of Autism Related issues in Training, Education and Resources (SMARTER) Brunei; and Acting Director of JAPEM Mirany Floridzah binti Abdul Rahman receives contribution from Royal Brunei Airlines. PHOTO: JAPEM & RB
The National Humanitarian Fund for Palestinians in Gaza 2023 received several donations yesterday. Acting Director of Community Development Department (JAPEM) Fauziah binti Haji Mohd Salleh received donations amounting to BND8,177.21 during a ceremony at the Ministry of Culture, Youth and Sports (MCYS) building.
Bright Sky Company, represented by founder of Chu Chu Exclusive Rahillah binti Aliudin, handed over BND5,130.
Bank Islam Brunei Darussalam Advocating Life-Long Learning for an Aspiring Future (BIBD ALAF) contributed BND2,310.01, presented by Md Firdaus bin Md Salleh and Md Adi Hamizi bin Abdullah from Hassanal Bolkiah Boys Arabic Secondary School, Asqina Nur Hainah binti Khairol Al’Azim from Raja Isteri Pengiran Anak Hajah Saleha Girls Arabic Religious Secondary School and Nurhazirah binti Haji Awang Damit from Duli Pengiran Muda Al-Muhtadee Billah College.
Society for the Management of Autism Related issues in Training, Education and Resources (SMARTER) Brunei made a contribution of BND737.20, handed over by Bryan Liew Wei Onn and Awangku Mohd Edzra Badree bin Pengiran Zamni.
Meanwhile, Royal Brunei Airlines (RB) presented donation at a separate ceremony at the MCYS building.
Acting Director of JAPEM Mirany Floridzah binti Abdul Rahman received the contribution from Acting RB Chief Operations Officer Haji Badarudin bin Haji Bagol and RB Chief People and Performance Officer Haji Abdul Nasir bin Haji Bolhassan. – Rokiah Mahmud
ABOVE & BELOW: Acting Director of Community Development Department (JAPEM) Fauziah binti Haji Mohd Salleh receives contributions from Bright Sky Company, Bank Islam Brunei Darussalam Advocating Life-Long Learning for an Aspiring Future (BIBD ALAF) and Society for the Management of Autism Related issues in Training, Education and Resources (SMARTER) Brunei; and Acting Director of JAPEM Mirany Floridzah binti Abdul Rahman receives contribution from Royal Brunei Airlines. PHOTO: JAPEM & RBPHOTO: JAPEM & RBPHOTO: JAPEM & RBPHOTO: JAPEM & RB
