
Petroecuador declares emergency at Ecuador's biggest refinery after fire damages
QUITO, May 29 (Reuters) - Ecuador's state oil producer, Petroecuador, on Thursday declared a 60-day emergency at the South American nation's largest oil refinery, its second emergency in just one month, after a fire this week caused damage to some fuel tanks.
Petroecuador had at the end of April declared a separate 60-day emergency at the Esmeraldas refinery in northern Ecuador due to damages from a magnitude 6.3 earthquake that struck the area.
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The Independent
11 hours ago
- The Independent
Google partners with Chile to deploy a trans-Pacific submarine cable
Google signed an agreement with Chile on Wednesday to deploy an undersea fiber optic cable connecting South America with Asia and Oceania, a first-of-its-kind project that aims to cement the South American country's status as a major digital hub. The Humboldt Cable, envisioned for deployment in 2027, is a 14,800-kilometer (9,200-mile) submarine data cable that will connect Chile's coastal city of Valparaíso with Sydney, Australia through French Polynesia. The initiative is being launched almost a decade after it was first proposed in 2016, and six years after the initial studies to determine its feasibility. 'This is the first submarine cable in the South Pacific, so it's an important commitment", Chilean Transport Minister Juan Carlos Muñoz told journalists. Chile, home to one of Google's largest data centers in Latin America, is currently connected to the United States and the rest of the region via an undersea cable. This cable also provides Chile with a longer route to other continents. Officials from both Google and the Chilean government hailed the project as critical infrastructure with potential to attract millions of dollars in investment from major tech companies, mining and banking firms in Chile and Australia. 'The idea of building this cable is that it can also be used not only by Google but also by other users, such as technology companies operating in Chile,' said Cristian Ramos, director of telecommunications infrastructure for Latin America at Alphabet, Google's parent company. Although Google did not disclose its total investment, Patricio Rey, general manager of local partner Desarrollo País, a state-owned infrastructure company, estimated the cable project's value at $300 million to $550 million, with Chile contributing $25 million. The Humboldt Cable will establish Chile as a data gateway for the Asia-Pacific, while strengthening its relations with Asian nations, especially China, its largest trading partner. It also comes as demand for undersea cables surges due to increased reliance on cloud computing services. The next stages involve installing the submarine cable, selecting and contracting a telecommunications operator, and constructing landing stations in Chile. The initiative could heighten tensions as Chile finds itself caught in the middle of an intensifying rivalry between China and the Trump administration. Undersea cables have long been flash points in geopolitical disputes. ____


Reuters
11 hours ago
- Reuters
Brazil sells $2.75 billion in second dollar bond deal of 2025 as CDS hits year low
BRASILIA, June 4 (Reuters) - Brazil sold $2.75 billion in dollar-denominated sovereign bonds on Wednesday, the treasury said, marking its second international issuance this year as the country capitalizes on declining default risk. The government sold $1.5 billion through a new five-year bond maturing in 2030, with a yield of 5.68%, and an additional $1.25 billion through a reopening of its 10-year benchmark Global 2035 bond, with a 6.73% yield. The deal comes amid a recent decline in Brazil's five-year credit default swap (CDS) , a key gauge of sovereign risk used by investors to hedge against default. After rising earlier this year, Brazil's CDS has retreated to its lowest level of 2025, down 27.6% year-to-date as of Tuesday. Brazil's dollar bond sale follows the $2.5 billion 10-year sovereign bond placed in February, which was the issuance reopened on Wednesday. The treasury said in a statement that the demand for the new issuance surpassed the issued volume by about four times. Reuters had reported earlier in the day, citing a source, that Brazil was poised to sell $2.75 billion with the bond sale. Emerging markets have broadly benefited from a global rotation of capital driven in part by trade policy shifts, including steep tariff hikes introduced by U.S. President Donald Trump - a trend that has contributed to the weakening of the U.S. dollar globally. On the domestic front, investors are in a wait-and-see mode ahead of structural fiscal measures the government signaled are being negotiated with Congress, after a controversial hike in taxes on some financial transactions aimed at boosting public revenues was poorly received. The new external issuance aims to boost liquidity in Brazil's sovereign dollar yield curve, provide pricing references for corporate issuers and raise funds to pre-finance upcoming external debt maturities, the treasury said. BNP Paribas, Citigroup and Santander led the transaction.


BBC News
14 hours ago
- BBC News
BBC Learning English - Learning English from the News / Myanmar mourns earthquake dead
(Photo by Myanmar Red Cross Facebook Account/Anadolu via Getty Images) ____________________________________________________________________________ ____________________________________________________________________________ The story Myanmar has begun five days of national mourning, that's the sadness we feel when someone dies, following an earthquake in the country which has killed more than 2700 people. The earthquake has caused widespread damage in Myanmar and was also felt in Thailand and parts of China. Teams are still trying to rescue survivors from collapsed buildings, days after the earthquake hit. News headlines Myanmar earthquake: woman trapped for days pulled alive from the rubble The Guardian Nurses cling on to newborn babies during earthquake BBC Earthquake deepens crisis in Myanmar as aid effort intensifies Financial Times Key words and phrases rubble the piles of bricks, stone or other materials left behind when a building is destroyed The factory was knocked down and now all that's left is rubble. cling hold someone or something tightly My friend's terrified of flying. He clings onto his wife's hand any time he travels by plane. deepen crisis make a bad situation worse The CEO quitting only deepened the crisis at the company. Next If you like learning English from the news, click here.