Fact: Independent hotel operators and giant global chains are increasingly linking up in franchise agreements due to high-interest rates in the hospitality industry, which have slowed down new hotel construction.
The United Nations Security Council demanded an immediate ceasefire between Israel and Palestinian militants Hamas and the immediate and unconditional release of all hostages after the United States abstained from the vote.
– The oil price is now over /barrel due to tight supply, increasing demand, Middle East conflict, and Houthi attacks on vessels in the Red Sea, with expectations of further increases.
– The International Energy Agency (IEA) now predicts a global oil supply deficit throughout 2024, reversing its earlier forecast of a surplus.
– The IEA and OPEC agree on supply deficits due to OPEC+ cuts and rising global demand.
– The IEA forecasts a crude consumption increase of 1.3 million barrels per day (b/d) this year, while OPEC maintains its growth estimate at 2.25 million b/d for 2024.
– The US is producing more crude oil than any other country, averaging 12.9 million b/d in 2023, with Saudi Arabia and Russia close to 10 million b/d.
– Oil and gas executives expect a slower transition to net-zero due to geopolitical turmoil, macroeconomic conditions, and AI.
– Shell aims to reduce its net carbon intensity by 15%-20% by 2030, adjusting from its previous goal of 20%.
– Adnoc and BP suspended their billion bid for a stake in Israel’s NewMed Energy due to the conflict in Gaza but remain interested.
– Adnoc and BP announced a new joint venture centered on Egypt on 14 February.
– European refineries may have a profitable future due to elevated margins for refined oil products like diesel and gasoline, amidst war in Ukraine and Red Sea tensions.
– On 13 March, Ukraine conducted drone strikes on Russian refineries, reducing refining capacity by 370,500 b/d.
– Falling refining capacity has increased diesel premiums ahead of crude by about /b.
– By 2026, Europe will have reduced its crude distillation capacity by about 7% compared to 2020, becoming more reliant on imports of refined products and more vulnerable to supply shocks.
– The IEA and OPEC continue to have contrasting biases in oil market forecasts.
– CERAWeek in Houston saw top oil executives and ministers discuss the energy sector, with less pressure for a large-scale move to clean fuels.
– ExxonMobil CEO Darren Woods emphasized the cost concerns in reducing emissions.
– Shell CEO Wael Sawan highlighted the critical role of LNG in Shell’s future.
– Saudi Aramco’s CEO criticized the energy transition approach, advocating for efficient hydrocarbon use.
– US Secretary of Energy Granholm emphasized meeting current energy needs while preparing for future realities.
– Wind turbine blades, which can’t be recycled, are accumulating in landfills.
– Methane emissions from the energy sector remained near a record high in 2023, according to the IEA.
– Germany has opened its first EUR 4 billion bidding round for ‘Carbon Contracts for Difference’ for industrial users to switch to green hydrogen or other low-emissions technology.
– Engie urges caution on the pace of hydrogen deployment in hard-to-abate industries.
– Global greenhouse gas emissions from food systems are growing, with livestock being the biggest driver.
– Jim Skea of the IPCC stated the world is in ‘unknown territory’ after heat records were broken, indicating more science is needed to understand extraordinary temperatures.
Kim Yo Jong, sister of North Korean leader Kim Jong Un, stated that Japanese Prime Minister Fumio Kishida expressed his intention to meet with the North Korean leader through state media. She mentioned that the improvement of relations between Japan and North Korea depends on Japan’s ability to make practical political decisions, referencing Japan’s occupation of the Korean peninsula from 1910-45. Kim Yo Jong highlighted that Japan’s actions that antagonize North Korea or violate its sovereign rights would lead to Japan being considered an enemy. Relations between Japan and North Korea have been strained due to historical disputes, including issues related to wartime brothels and forced labor during Japan’s occupation. In response to media reports on Kim Yo Jong’s comments, Kishida emphasized the importance of a summit to address issues like the abduction of Japanese citizens by North Korea. North Korea admitted in 2002 to kidnapping 13 Japanese citizens in the past, with five returning to Japan. Tokyo believes 17 Japanese were abducted and continues to investigate. Japan’s top government spokesperson, Yoshimasa Hayashi, stated that North Korea’s claim that the abduction issue has been resolved is “totally unacceptable.” Kishida has expressed his desire to hold talks with Kim Jong Un without preconditions and is overseeing efforts for the first summit in 20 years. South Korea’s foreign ministry stated that Seoul, the U.S., and Japan are closely cooperating on issues related to North Korea, including denuclearization. North Korea has been subject to U.N. sanctions since 2006 due to its nuclear tests and ballistic missile launches. Kim Yo Jong suggested that Japan could open a new future with North Korea if it makes a political decision to improve ties based on mutual respect.
Leontios Ierodiakonou, in his analysis of the Cyprus problem, focuses on the Crans-Montana talks in 2017. Mustafa Akinci, elected Turkish Cypriot leader in April 2015, and Nicos Anastasiades, the Cyprus president, both showed a willingness for a settlement, leading to a positive climate and meetings in Mont Pelerin (2016) and Geneva (January 2017). The UN Secretary-General’s report from September 28, 2017, highlighted convergences on many issues, including the exchange of maps for the first time. The Crans-Montana conference on June 30, 2017, saw the introduction of the “Guterres framework,” which proposed the abolition of the Treaty of Guarantee and the unilateral right of intervention, and discussed the withdrawal of foreign troops. However, disagreements persisted, particularly regarding the role of Turkey in a future monitoring mechanism. Anastasiades’ behavior at the conference, questioning proposals and showing reluctance to negotiate, contributed to the talks’ collapse. Despite this, the Greek Cypriot side later expressed a willingness to resume negotiations from where they left off at Crans-Montana. Akinci’s proposal on April 30, 2018, for a “strategic agreement” based on the Guterres Framework was not responded to by the Greek Cypriot side. Ierodiakonou criticizes the decision-making process in Cyprus, suggesting a more collective approach to national issues.
On February 24, the Ukraine crisis marked its two-year anniversary, with ongoing fighting and no sign of abating. The crisis has affected not only Ukraine but also its European neighbors, leading to uncertainty and a crumbling security architecture. The Munich Security Conference last month highlighted concerns about a lose-lose outcome. Both Russia and Ukraine, the parties to the conflict, appear unprepared or unwilling to stop fighting and enter negotiations. There have been efforts to encourage peace talks, including international peace conferences hosted by France and Malta, but without the participation of both conflicting parties, these efforts have seen limited success. Ambassador Li Hui, the Chinese special representative on Eurasian affairs, engaged in shuttle diplomacy, holding talks with officials in Moscow, Kiev, and several European capitals to bridge differences and promote peace. China, under President Xi Jinping, has advocated for respecting sovereignty and territorial integrity, observing UN Charter principles, addressing legitimate security concerns, and supporting peaceful crisis resolution. China aims to promote a negotiated peace and encourages the international community to support peace efforts.
President Nikos Christodoulides stated that the appointment of Maria Holguin as the UN Secretary-General’s Personal Envoy could lead to the resumption of negotiations on the Cyprus issue. He reiterated the government’s commitment to finding a viable solution for all legal residents on the island and to asserting the rights of all citizens of the Republic of Cyprus towards the liberation and reunification of the country. Christodoulides mentioned a specific strategy the government is following to address Turkish intransigence and to resume talks. He highlighted the Republic of Cyprus’s status as an EU member and its role in the region. UN Secretary-General Antonio Guterres appointed Holguin as his personal envoy for Cyprus to find common ground for advancing the Cyprus issue.
Achilleas Demetriades, a human rights lawyer and former presidential candidate in Cyprus, proposed converting the Committee on Missing Persons (CMP) into a truth commission during a meeting in the UK parliament. His proposal aims to enable the CMP to investigate the circumstances and cause of death of missing persons, beyond its current function of locating and disinterring missing individuals. Demetriades suggests amending the CMP’s terms of reference to allow investigations into how 1,510 Greek Cypriots and 492 Turkish Cypriots disappeared. He argues for statutory immunity from prosecution for those providing information to the commission, noting that current guarantees might not suffice for the broader scope of a truth commission. Transitional justice processes like truth commissions, exemplified by South Africa’s Truth Commission established in 1995, are highlighted as effective in overcoming conflict and promoting reconciliation. The article also mentions the UN secretary-general’s personal envoy to Cyprus, Maria Holguin, and the potential for establishing a truth commission in Cyprus, with support from the UN high commissioner for human rights, Michelle Bachelet, emphasizing the importance of truth for reconciliation and preventing the repetition of conflicts.
– The United Nations Security Council rejected a resolution for an immediate ceasefire in Gaza and an Israel-Hamas hostage deal due to vetoes from Russia and China.
– The resolution, proposed by the United States, aimed for a six-week ceasefire to protect civilians and allow humanitarian assistance.
– Eleven of the 15 council members supported the resolution, but it was blocked by the vetoes.
– An alternative resolution, drafted by elected members of the Security Council, calls for an immediate ceasefire during Ramadan, the release of all hostages, and expanded humanitarian assistance to Gaza.
– The U.S. had previously been averse to using the word “ceasefire” in resolutions during the war in Gaza but had toughened its stance.
– Russia and China vetoed the U.S.-led resolution, which the U.S. Ambassador to the U.N. criticized as being for “cynical” and “petty” reasons.
– Palestinian Hamas fighters killed 1,200 people and took 253 captive in an attack on Israel, according to Israel.
– Nearly 32,000 Palestinians have been killed in Israel’s offensive in Gaza, as reported by health authorities in the Hamas-ruled enclave.
– Russia criticized the U.S.-led resolution as “exceedingly politicized” and a potential green light for an Israeli military operation in Rafah.
– China supported an alternative resolution and criticized the U.S. proposal for not opposing an Israeli military operation in Rafah.
– French President Emmanuel Macron announced efforts to work with Jordan and the United Arab Emirates to persuade Russia and China to back another alternative resolution for a ceasefire in Gaza.
Nicosia’s old airport has been left in a state of disrepair, with authorities only performing upkeep when necessary. The Cyprus News Agency (CNA) reported this after a guided tour, showing damage from the 1974 Turkish bombings, vandalism, and the overall deterioration of the once bustling travel hub. The United Nations Peacekeeping Force in Cyprus (Unficyp) is tasked with maintaining the status quo at the site, including the old Nicosia Airport, which lies within the buffer zone. Despite efforts, there has been no agreement on reopening the airport, with Unficyp continuing to patrol and maintain the area for safety. Maintenance of the airport and other infrastructure in UN-controlled areas is managed through an agreement between Unficyp and the Republic of Cyprus. Discussions on reopening the airport have not progressed since the early presidencies of George Vassiliou and Glafcos Clerides. Nicosia International Airport, operational from 1968 until 1974, now serves as Unficyp headquarters. The Turkish Air Force destroyed two Cyprus Airways airliners on the ground during the 1974 invasion, and only three flights have occurred since then.