Connect with us

News

Canada’s Trans Mountain pipeline sees fortunes shine after KXL’s demise

Published

 on

Keystone XL

By Rod Nickel and Steve Scherer

WINNIPEG/OTTAWA (Reuters) – The expansion of Canada‘s government-owned Trans Mountain pipeline assumes greater importance for the oil sector after the cancellation of rival Keystone XL reduced future options to carry crude, potential buyers say.

Trans Mountain Corp, a government corporation, is spending C$12.6 billion ($9.9 billion) to nearly triple capacity to 890,000 barrels per day (bpd), a 14% increase from current total Canadian capacity.

Prime Minister Justin Trudeau’s government bought the 68-year-old pipeline in 2018 when previous owner Kinder Morgan faced legal hurdles to expand the 1,150-kilometre (715-mile) line running from Alberta to the British Columbia coast. Ottawa has always said it would find new owners.

This week, U.S. President Joe Biden revoked the presidential permit for TC Energy’s Keystone XL pipeline (KXL), undoing efforts by former President Donald Trump to build the line that would have supplied U.S. refiners with 830,000 bpd of Canadian oil.

That decision has made the case for completing Trans Mountain’s expansion stronger.

“This pipeline is even more valuable now,” said Joe Dion, chief executive of Western Indigenous Pipeline Group, one of several First Nations groups interested in buying Trans Mountain.

“Everybody thought Trudeau wasn’t going to get things done in Canada, and he’s the one who successfully got a pipeline over Trump.”

Trans Mountain takes on more strategic importance with KXL cancelled, but it does not mean his group would pay more for it, Dion said.

Trans Mountain has completed 22% of the expansion project, called TMX, which is scheduled for service in December 2022. Suncor Energy Inc, Canadian Natural Resources Ltd and BP PLC are among the committed shippers who have secured 80% of its additional capacity long-term.

“All eyes are on TMX,” said Delbert Wapass, executive chair of Project Reconciliation, a First Nations coalition that hopes to buy 51% this year.

Sharing Trans Mountain’s profits would help improve living conditions on First Nations, he said.

Canadian companies have long struggled to secure top price for their crude as pipeline congestion forced them to sell at a discount.

However reduced fuel demand due to pandemic travel lockdowns and advancing pipeline expansions have eased the flow. Even without KXL, Canada may have surplus export pipeline capacity once TMX enters service, said Matt Taylor, director of infrastructure research at investment bank Tudor Pickering Holt, who expects modest oil production growth to 2025.

Ottawa plans to sell the pipeline once there are fewer risks to completion and consultations wrap up with First Nations, said Finance Ministry spokeswoman Katherine Cuplinskas. TMX has faced stiff opposition over spill concerns.

A second government source said it bought Trans Mountain for its strategic importance, as its Pacific Ocean connection enables shippers to move oil to Asia, as well as the United States, which buys most Canadian crude.

Now its importance is even greater, the source said.

Enbridge Inc, which runs North America’s Mainline oil network, also stands to gain from KXL’s demise. It intends to sell long-term contracts for most of the Mainline’s capacity, pending regulator approval, rather than continue to ration it on the spot market.

KXL’s cancellation frees up long-term commitments by shippers who may now sign Mainline contracts, Taylor said.

($1 = 1.2710 Canadian dollars)

 

(Reporting by Rod Nickel in Winnipeg and Steve Scherer and Julie Gordon in Ottawa; Editing by Marguerita Choy)

Continue Reading

News

Beware the Darkverse and the Cyber-Physical Threats it Will Enable

Published

 on

DALLAS, August 8, 2022 – Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, today released a new report warning of a “darkverse” of criminality hidden from law enforcement, which could quickly evolve to fuel a new industry of metaverse-related cybercrime.

To read a full copy of the report, Metaverse or MetaWorse? Cyber Security Threats Against the Internet of Experiences, please visit: https://www.trendmicro.com/vinfo/us/security/news/cybercrime-and-digital-threats/metaworse-the-trouble-with-the-metaverse.

The top five metaverse threats outlined in the report are:

  • NFTs will be hit by phishing, ransom, fraud and other attacks, which will be increasingly targeted as they become an important metaverse commodity to regulate ownership.
  • The darkverse will become the go-to place for conducting illegal/criminal activities because it will be difficult to trace, monitor and infiltrate by law enforcement. In fact, it may be years before police catch up.
  • Money laundering using overpriced metaverse real estate and NFTs will provide a new outlet for criminals to clean cash.
  • Social engineering, propaganda and fake news will have a profound impact in a cyber-physical world. Influential narratives will be employed by criminals and state actors targeting vulnerable groups who are sensitive to certain topics.
  • Privacy will be redefined, as metaverse-like space operators will have unprecedented visibility into user actions – essentially when using their worlds, there will be zero privacy as we know it.

Bill Malik, vice president of infrastructure strategies for Trend Micro: “The metaverse is a multibillion-dollar hi-tech vision that will define the next internet era. Although we don’t know exactly how it will develop, we need to start thinking now about how it will be exploited by threat actors. Given the high costs and jurisdictional challenges, law enforcement will struggle to police the metaverse in general in its early years. The security community must step in now or risk a new Wild West to develop on our digital doorstep.”

As imagined by Trend Micro, the darkverse will resemble a metaverse version of the dark web, enabling threat actors to coordinate and carry out illegal activities with impunity.

Underground marketplaces operating in the darkverse would be impossible for police to infiltrate without the correct authentication tokens. Because users can only access a darkverse world if they’re inside a designated physical location, there’s an additional level of protection for closed criminal communities.

This could provide a haven for multiple threats to flourish—from financial fraud and e-commerce scams to NFT theft, ransomware and more. The cyber-physical nature of the metaverse will also open new doors to threat actors.

Cybercriminals might look to compromise the “digital twin” spaces run by critical infrastructure operators, for sabotage or extortion of industrial systems. Or they could deploy malware to metaverse users’ full body actuator suits to cause physical harm. Assault of avatars has already been reported on several occasions.

Although a fully-fledged metaverse is still some years away, metaverse-like spaces will be commonplace much sooner. Trend Micro’s report seeks to start an urgent dialog about what cyber threats to expect and how they could be mitigated.

Questions to start asking include:

  • How will we moderate user activity and speech in the metaverse? And who will be responsible?
  • How will copyright infringements be policed and enforced?
  • How will users know whether they’re interacting with a real person or a bot? Will there be a Turing Test to validate AI/humans?
  • Is there a way to safeguard privacy by preventing the metaverse from becoming dominated by a few large tech companies?
  • How can law enforcement overcome the high costs of intercepting metaverse crimes at scale, and solve issues around jurisdiction?

About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro’s cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world. www.TrendMicro.com.  

Continue Reading

News

Mike Tyson up in arms with Hulu claims it stole his story

Published

 on

Los Angeles, United States of America (USA)- Former heavyweight boxing champion, Mike Tyson, has accused American streaming service, Hulu, of making a biographical series about his life without his approval and providing him with compensation.

In an Instagram post, Tyson made it clear that he doesn’t support the series, called Mike, and said that Hulu is the streaming version of the slave master.

“Don’t let Hulu fool you. I don’t support their story about my life. It’s not 1822. It’s 2022. They stole my life story and didn’t pay me. To Hulu executives, I am just a n—– they can sell on the auction block.

Hulu tried to desperately pay my brother (UFC president) Dana White millions without offering me a dollar to promote their slave master take-over story about my life. He turned it down because he honours friendship and treats people with dignity. I will never forget what he did for me just like I will never forget what Hulu stole from me.

Hulu stole my story. They are Goliath and I am David. Heads will roll for this. Hulu is the streaming version of the slave master. They stole my story and didn’t pay me. Hulu’s model of stealing the life rights of celebrities is egregiously greedy.

(Neither) Hulu nor any of their supercilious team ever tried to engage in any negotiations with this black man. In their eyes, I am still just a n—– on the auction block ready to be sold for their profit without any regard for my worth or my family. They say this story is an exploration of a black man. It’s more like an exploitation of a black man.

Hulu thinks their tracks are covered by hiring black sacrificial lambs to play the part of frontmen for their backdoor robbery is appalling, but I will always remember this blatant disregard of my dignity.

Someone should get fired from Hulu. Producers were lying to my friends saying I supported the unauthorized series about my life,” said Tyson in an Instagram post.

The eight-episode season of Mike which is set to premiere on the 25th of August stars Michael Jai White, George C. Scott, Paul Winfield, Malcolm-Jamal Warner, and Tony Lo Bianco. The show is directed by Uli Edel.

According to Hulu, Mike is an eight-episode limited series, which explores the tumultuous ups and downs of Tyson’s boxing career and personal life from being a beloved global athlete to a pariah and back again.

 

Continue Reading

News

Chad’s military junta signs ceasefire agreement with over 40 rebel groups

Published

 on

Doha, Qatar- Chad‘s military junta has signed a ceasefire agreement with more than 40 rebel groups.

The national reconciliation talks are planned for August 20. Ahead of those talks, the military government in Chad vowed to not take any military or police operations against the signing groups in countries neighboring Chad.

Qatar’s Foreign Minister, Sheikh Mohammed bin Abdulrahman Al Thani, told those at the national reconciliation talks that other groups will join the march of reconciliation and peace, with a view to achieving the aspirations and dreams of the Chadian people.

“The initial peace agreement we are celebrating today will be an important turning point towards stability and prosperity for the Chadian people,” said Al Thani.

Besides the ceasefire, the agreement signed on Monday includes a disarmament program, amnesty and the safe return of rebels outside Chad, the end of recruitment by rebel groups, and the release of prisoners on both sides.

Nevertheless, the signing of the agreement was overshadowed by the absence of Chad’s most powerful armed group, the Front for Change and Concord in Chad (FACT), which refused to join in the accord, making any prospects for a return to stability all the more uncertain.

FACT said in a statement ahead of the ceremony that it rejects the accord that will be put to signatories on Monday, calling for a new committee to organize new talks and saying participants in the national dialogue would not be treated equally.

The Union of Resistance Forces, which tried to oust the elder Déby in 2019 by sending a column of fighters in 50 pickup trucks from Libya only to be beaten back by French airstrikes signed the agreement, but another powerful group, the Military Command Council for the Salvation of the Republic, rejected the pledge.

After Chad’s longtime autocratic ruler, Idriss Déby, died while fighting against rebels in April last year, his son Gen. Mahamat Idriss Déby seized power and vowed to lead the country through an 18-month transition period.

Human rights organizations have criticized Déby for a broad crackdown on peaceful protests and the arrests of hundreds of members and supporters of the opposition.

“Chad’s significant military commitments in the fight against terror have meant that the international community has felt comfortable turning a blind eye to the serious human rights violations in the country,” said Human Rights Watch’s director for Central Africa, Lewis Mudge.

 

 

Continue Reading

Trending