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Metro line cut back after Ra’anana, Kfar Saba objections

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The National Planning Commission has approved a request by the Ministry of Transport and NTA Metropolitan Mass Transit System Ltd. to split the plan for construction of the M1 Metro line, so that it will end near the Glilot Interchange in Ramat Hasharon. The section to the north will be put forward in the future in a separate plan, due to objections by the Ra’anana and Kfar Saba municipalities about the proposed route of the line and a planned depot.




The Ministry of Transport insists that the northern section has not been cancelled but will be approved at a later stage. The ministry denies that the reason is opposition from the municipalities, which even persuaded MKs, mainly from Yesh Atid, to join their protests.

The Ra’anana Municipality is protesting that the line runs close to some of its more salubrious neighborhoods and is lobbying for the line to be rerouted to the area around the Loewenstein Hospital. The Kfar Saba Municipality strenuously opposes building the depot near the Kfar Saba Hayaroka neighborhood. The Hod Hasharon Municipality also has objections about the route and had proposed alternatives.

This is not the first time that the municipalities in the Sharon region have thwarted public transport projects. Ra’anana Mayor Chaim Broyde has persistently opposed bus lanes in the Ahuza Street, the city’s main thoroughfare, even though it means buses continue to crawl along the congested street. A decade ago, the bus rapid transport Pink Line was scrapped after objections from Ra’anana and Kfar Saba and replaced by the Metro.

The Mayors of Ra’anana and Kfar Saba wrote to Minister of Transport Merav Michaeli, “All of us support the Metro project and see great importance in it, but it must take into account the components of the municipal plan and the needs of the residents in our cities.”

The M1 line is the longest of the three planned Metro lines. The line will extend over 85 kilometers with 65 stations. Two branch lines in the south will connect Rehovot/Ness Ziona and Lod/Beer Yaakov with Rishon Lezion, Holon, central Tel Aviv, Ramat Hasharon and Herzliya with branch lines to Kfar Saba and Ra’anana in the north. But in the first stage the line will end in Glilot in Ramat Hasharon.

Published by Globes, Israel business news – en.globes.co.il – on May 2, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


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Business

Time to sell or buy the dip? Here’s how pros suggest trading Wall Street sell-off

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A Wall Street sign is pictured at the New York Stock exchange (NYSE) in New York, March 9, 2020.

Carlo Allegri | Reuters

With the recent carnage on Wall Street, CNBC Pro asks strategists and investors what’s next for stocks and where they see pockets of opportunity in the weeks ahead.

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Oil Steadies as Traders Weigh Tight Gasoline Market, Weak Growth

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(Bloomberg) — Oil steadied at the start of the week’s trading as investors weighed tight product markets against concerns over slowing global growth.

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West Texas Intermediate traded above $110 a barrel following four consecutive weekly gains, the longest such run since February. Gasoline and diesel prices have rallied to records ahead of the start of the US summer driving season, which begins in about a week.

Over the weekend Saudi Arabia signaled that it will continue to support Russia’s role in the OPEC+ group of producers, undermining US-led efforts to isolate Moscow for its invasion of Ukraine, the Financial Times reported. The Kingdom was hoping “to work out an agreement with OPEC+ …. which includes Russia,” Energy Minister Prince Abdulaziz bin Salman told the newspaper.

Oil has surged this year on rising demand and the complex global fallout from Russia’s invasion. The rise in energy costs has contributed to rampant inflation, prompting central banks to raise rates and stoking investor concern growth will slow. At the same time, China has imposed a series of crippling lockdowns to quell Covid-19 outbreaks, hurting Asia’s largest economy.

Oil prices may have a ceiling of about $110 a barrel given China’s flagging demand, with economic growth reeling from Beijing’s efforts to stamp out Covid-19, according to an outlook from Bloomberg Intelligence. Bloomberg Economics has cut its full-year China growth forecast to 2% from 5.7%.

While prices have advanced in volatile trade, the Organization of Petroleum Exporting Countries and its allies including Russia have been restoring production shuttered during the pandemic at only a modest pace. So far, the alliance has resisted US entreaties to restore more capacity more quickly.

Oil markets remain in backwardation, a bullish pattern that’s marked by near-term prices trading above longer-dated ones. Brent’s prompt spread — the difference between its two nearest contracts — was $2.56 a barrel in backwardation, up from $2.13 a barrel a week ago.

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Eni pledges €2.5B in U.K. energy investment over four years – FT (NYSE:E)

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Aliaksandr Litviniuk/iStock Editorial via Getty Images

Eni (NYSE:E) plans to spend at least €2.5B in the U.K. over the next four years, as the U.K. government demands oil and gas companies significantly boost investment in the country’s energy system or potentially face a windfall profits tax, Financial Times reported on Sunday.

The Italian company said it will spend 80% on carbon capture and renewable energy projects, and the remaining 20% on oil and gas production, according to the report.

“We believe that it would be best to ensure energy companies speed up investments in the energy transition rather than imposing a windfall tax which might have the effect of slowing down future investments,” Eni (E) reportedly said.

Eni’s plan follows new spending commitments by rivals, including Harbour Energy (OTCPK:PMOIF) – forecast to be the largest oil and gas producer in the North Sea this year – which told the U.K. government this week that it planned to invest £6B in further upstream activity in the next three years, FT reported.

Shell has said it will invest £20B-£25B in the U.K. energy system over the next decade, while BP has pledged to spend £18B by the end of 2030.

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