Gas Pipeline Billionaire Kinder Dismisses Tariff, AI Concerns
Kinder Morgan Inc. billionaire co-founder Rich Kinder has shrugged off concerns in the US natural gas industry over the impact of tariffs on exports, and that demand forecasts related to artificial intelligence may be too optimistic.
Kinder said his company still sees a surge demand from AI and data centers. That comes despite the revelation earlier this year that Chinese AI startup DeepSeek purportedly uses just a fraction of the energy required by US rivals, news that prompted some analysts to reassess their projections.
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Business Insider
37 minutes ago
- Business Insider
Top 10 African countries with the highest cumulative debt to China (2000–2023)
Over the past two decades, China's financial engagement with Africa has grown remarkably, primarily through infrastructure-focused loans. China's financial involvement in Africa has grown significantly, focusing on infrastructure-oriented loans. The Chinese Loans to Africa Database tracks loan agreements from 2000 to 2023, showing trends in lending amounts and loan dynamics. Angola leads as the top borrower, repaying loans through oil-backed mechanisms for reconstruction needs. These loans have helped build roads, railways, power plants in several African countries, but they have also raised questions about debt sustainability, repayment risks, and the long-term autonomy of African economies. The Chinese Loans to Africa Database, compiled by Boston University's Global Development Policy Center, provides a comprehensive record of loan agreements between China and African countries over a 13-year period, from 2000 to 2023. It reveals not only the total loan amounts but also the number of individual loan agreements signed between African countries and Chinese lenders. After several years of decline, Chinese lending to Africa increased in 2023 the first rise since 2016. This recent uptick shows a shift in Beijing's strategy toward projects with clearer financial viability, as China becomes more selective with its lending. Below is a ranking of the ten African countries with the highest total debt to China, based on the cumulative loan amounts and the number of loans recorded from 2000 to 2023. Rankings of top 10 African countries by debt to China Rank Country Total Loan Amount (USD) 1 Angola $46.0 billion 2 Ethiopia $14.5 billion 3 Egypt $9.7 billion 4 Kenya $9.6 billion 5 Nigeria $9.6 billion 6 Zambia $9.5 billion 7 South Africa $6.9 billion 8 Sudan $6.3 billion 9 Ghana $6.1 billion 10 Cameroon $5.9 billion Angola tops the list, borrowing $46 billion from China through 270 loans. Much of this debt stems from post-civil war reconstruction efforts, particularly in the oil and infrastructure sectors. Angola's model of repaying loans with crude oil became one of the earliest examples of resource-backed Chinese lending on the continent. Ethiopia comes second, with $14.5 billion borrowed via 66 agreements, highlighting the country's deep reliance on Chinese funds for its railways, power projects, and telecommunications infrastructure. Key developments like the Addis Ababa–Djibouti Railway have been financed almost entirely through Chinese lending. Egypt, Kenya, and Nigeria follow closely, each holding debts between $9.5 and $9.7 billion. Egypt's loans have supported transportation, electricity, and real estate projects, while Kenya's financing was pivotal in constructing the Standard Gauge Railway (SGR). Nigeria, similarly, has used Chinese funds for rail, road, and power initiatives. Zambia's debt of $9.5 billion comes from a notably high 82 loans, the largest number in the top ten. This suggests frequent borrowing, likely for smaller-scale or diversified infrastructure efforts. The remaining countries, South Africa, Sudan, Ghana, and Cameroon, each owe over $5.9 billion, reflecting years of engagement across transport, energy, and public service sectors. The growing debt to China shows Africa's dependence on external capital for development. On one hand, Chinese loans have enabled tangible infrastructure improvements that traditional Western financiers often hesitate to fund. On the other hand, the continent faces mounting concerns about debt distress, limited fiscal space, and vulnerability to external shocks.
Yahoo
39 minutes ago
- Yahoo
Formal bid to take over closing Post Office branch now being considered
A formal bid to take over a closing Yarm Post Office is now being considered. Last month, it was confirmed that the 3D Leven Park Newsagents, at Healaugh Park, would be closing in late September after its operator resigned. This left a question mark over the future of both the unit, which is owned by supermarket giant Aldi, and the Post Office offering itself. A Post Office spokesperson previously said a retailer was interested in taking it on - and has now confirmed that an application has been lodged and is going through the onboarding process. It is not known whether this application is for a unit at Healaugh Park. Any relocation would be subject to consultation, a spokesperson said. The exact closure date of the newsagents remains unknown. Healaugh Park in Yarm (Image: THE NORTHERN ECHO) Aldi currently owns, and has for many years, the Healaugh Park complex as a whole, which boasts Whitworth Pharmacy, Presto Pizza, and Yarm Fast Food. The supermarket chain said it was 'working on formalising an agreement' for a new tenant to move into the newsagents. The news comes as Aldi continues to consider an extension to its shop at the complex, which it has been considering for some time. A number of options are being explored on how this can be done - but no formal plans have been submitted to Stockton Council as of yet. Chinese takeaway Yarm Fast Food said last month it had received "no official notification" regarding an Aldi expansion as of yet - and the site remains open as normal. Read More: 'Major international artist' hinted as headliner for North East festival ODEON confirms opening date for new Middlesbrough cinema Meet the 80-year-old mountain rescue volunteer with 54 years of saving lives A Post Office spokesperson said: 'We have received a resignation for the Postmaster for Healaugh Park Post Office for the end of September. 'We have an interested retailer who wants to operate Healaugh Park Post Office. Their application is currently going through the onboarding process. 'We will provide an update when able.'
Yahoo
42 minutes ago
- Yahoo
ECB should watch out for price hikes from U.S. tariffs, Schnabel says
By Francesco Canepa DUBROVNIK, Croatia (Reuters) -The European Central Bank has made "great progress" in taming inflation but it should watch out for fresh price hikes caused by U.S. tariffs, ECB policymaker Isabel Schnabel said on Saturday. The ECB cut interest rates on Thursday for the eighth time in the past year and signalled at least a policy pause next month as it waits for the growth and inflation outlook to become clearer. Schnabel, the most prominent voice in the hawkish ECB camp that favours higher interest rates, celebrated inflation returning to the bank's 2% target. "I think we've made great progress, and as you know, our most recent inflation number was even below 2%," Schnabel told a conference in Dubrovnik. "Of course, that was to a very large extent driven by energy, but we do see that also the more persistent components are coming down and that is that is very, very good news." Croatian central bank governor and fellow hawk Boris Vujcic said the ECB was "nearly done" cutting rates provided that inflation settles at 2% as expected. But with the ECB now projecting inflation at 1.6% next year, other ECB policymakers, and especially Portugal's central bank governor Mario Centeno, are even worrying it may slow down too much. Schnabel said the ECB should rather switch its focus on possible, new "shocks", such as a global trade war waged by U.S. President Donald Trump's administration against its trading partners. She cited academic research showing that a 1% increase in producer prices around the world would result in a 0.2% increase, on average, in domestic producer prices in major economies. "Even in the absence of retaliation, the tariffs would be expected to be inflationary and even more so if there is retaliation," she said. As an example, Schnabel cited China's decision to restrict its exports of rare earths, which is forcing automakers and their suppliers to shut down production of certain models. China said on Saturday it was willing to accelerate the examination and approval of rare earth exports to European Union firms. Schnabel also cited ECB research showing that the effect of so-called trade diversion -Chinese producers shut out of the United States flooding European markets with their goods - was small. "If the effects were not small, you can be sure that there would be counteracting measures coming from the European Commission," Schnabel said. She argued all this suggested trade tensions would affect all economies, limiting the scope for the ECB's and U.S. Federal Reserve's monetary policies to diverge. "I expect this trade conflict to play out as a global shock that's working through both lower demand and supply," she said at the conference hosted by the Croatian central bank. "We can discuss which of the two effects on inflation is larger because that determines the net effect. But in any case, I would not expect a sustained decoupling (between the ECB and the Fed)," she said. Speaking on the same panel, Bank of England policymaker Megan Greene stuck a different tone, saying trade fragmentation should help bring down inflation in Britain, giving the BoE an "opportunity for monetary policy divergence going forward". (Reporting By Francesco CanepaEditing by Tomasz Janowski)
