State-owned Indian Railways is to host a meeting of the heads of its fellow South Asian railway companies next week to discuss the possibility of pushing forward the development a transcontinental rail freight service that would run through Iran and Turkey. If the 6,000 km project were to be realised, (more…)businesstoday Read More»
China’s plans to build a 350km, $2.89m high-speed railway between Belgrade and Budapest are under investigation by the authorities in Brussels on the grounds that they may fall foul of EU laws which stipulate that transport projects of this magnitude should be put out to public tender.
An MoU (more…)
Turkey looks set to celebrate the 101st anniversary of the Canakkale War – better known to the rest of the world as the Gallipoli campaign when the Allies of the First World War launched a costly and unsuccessful assault on the Dardanelles – with a ground breaking ceremony to mark the start of construction of the $2.6bn suspension bridge over the Dardanelles Strait, (more…)hurriyetdailynews Read More»
A crowd of politicians, journalists and local residents – some dressed up as Chinese dragons – turned up at the Barking Intermodal Terminal in east London yesterday to welcome and watch as the the first ever freight train to come direct from China to the UK arrived, carrying approximately £4m worth of socks, cloth, bags, and household goods.
Having committed itself to spending $180bn to modernise the country’s ports and surrounding infrastructure by way of its Sagar Mala port expansion initiative, the Indian authorities have been wooing visitors at this week’s biennial three-day Vibrant Gujarat investment summit with a series of presentations aimed at raising $13bn to fund (more…)joc Read More»
The Malaysian government is looking for investors to back its plans to develop a giant new deep-sea port and industrial city at Carey Island, some 70km south west of Kuala Lumpur on the Strait of Malacca, one of the world’s busiest shipping channel – and one which is central to China’s ambitions to develop the Maritime Silk Route Economic Belt.
The port itself (more…)
New Silk Road: London is set to become the latest and 15th European city to feel the impact of Chinese plans to create a 21st-century equivalent of the ancient Silk Road trade route later this month after the China Railway Corporation announced that it had launched the first direct rail freight service to the UK’s capital from Yiwu West Railway Station in Zhejiang Province. Carrying (more…)Read More»
With a third bridge across the Bosphorus already completed last summer and this week’s opening of the $1.2bn Eurasia Tunnel expected to cut the journey time between the Asian and European sections of the city from over an hour and a half down to 15 minutes, Recep Tayyip Erdogan appears to be on track to honour his pre-election pledge (more…)Read More»
Outgoing US President Barack Obama this week did his best to thwart his successor Donald Trump’s plans to improve relations with Moscow and to increase US oil and gas production by extending the sanctions imposed on Russia over its 2014 annexation of Crimea while almost simultaneously withdrawing (more…)
In an attempt to reduce its mounting debts, the Russian steel and mining conglomerate EVRAZ has put its facilities at the Far Eastern Nakhodka Trade Sea Port up for sale, it was reported yesterday, and has already received offers from around a dozen Russian, Kazakh and Chinese companies. The company has valued the port at $260m.
Founded in 1947 in Nakhodka Bay some 200km south-east of Vladivostok, the port is on one of the easternmost spurs of the Trans Siberian railway and as such is a key staging post for the movement of goods between Asia and Europe. It has the capacity to unload up to 500 rail wagons a day; each of its 16 berths can accommodate vessels of up to 230m in length and 32m in width; and it comes with 300,000m² of warehousing premises. Last year, the port handled 9.2m tons of cargo.
An integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, USA, Canada, Czech Republic, Italy, Kazakhstan and South Africa, the LSE-listed EVRAZ is among the top steel producers in the world, but has been hit by the collapse in the price of steel, largely caused by Chinese over-production. Earlier this year it announced that it was planning to reduce its debt by as much as $1.5bn, but at the time ruled out the possibility of selling off any of its assets.
China-Pakistan Economic Corridor: Pakistani’s Prime Minister Nawaz Sharif and China’s Ambassador to Pakistan Sun Weeding joined other senior officials from both countries this week at the Arabian Sea port of Gwadar to watch as the first containers full of Chinese goods arrived for loading onto two ships – also Chinese – for export by way of the nascent China-Pakistan Economic Corridor (CPEC). The trade convoy (more…)voanews Read More»
UK-China free trade deal: The UK’s new Chancellor of the Exchequer Philip Hammond has begun discussions with China about the possibility of forging an ambitious free trade deal which could see major Chinese banks and businesses being granted greater access to the UK economy. In an interview (more…)bbc Read More»
The brainchild of South African-born Canadian-American business magnate, engineer and inventor and Space X founder Elon Musk, Hyperloop One envisions sending passengers on levitating pods through partially pressurized tubes at more than 700mph. Formerly called Hyperloop Technologies, Hyperloop One raised more than $100m in initial funding from a number of international venture companies including Sherpa Ventures, Formation8 and ZhenFund before raising a further $80m from a total of 137 investors including the French state-run rail company SNCF and GE Ventures earlier in the year.
“Our investment in Hyperloop One will provide access to leading technologies for the Russian market,” said RDIF General Director Kirill Dmitriev. “Together with its international partners, RDIF will support the project not only on Russian territory but also in the Middle East and Far East markets. We are now speaking to Russian Railways about the first pilot projects and hope that in the very near future we will be testing this technology in Russia.”
In recent weeks, however, deep divisions between company founders Brogan BramBrogan and Shervin Pishevar have resulted in legal action and threaten to derail the project, at least temporarily.
A group of executives lead by BramBrogan are accusing the Pishevar camp of financial mismanagement and harassment, including leaving a noose at BamBrogan’s desk as a threat. They, in turn, are accusing Brogan of erratic and hostile behaviour.
“BamBrogan had become increasingly disruptive to the company with his profane, erratic, sexist, and inebriated outbursts toward management, fellow employees, and outside consultants, including screaming in the face of a [female] coworker for no rational reason, punching a wall, and breaking a beer bottle,” according to extracts from the lawsuit leaked to CNN Money.