Fram Sør will be developed as a subsea tie-in to Troll C and will utilize the existing processing capacity on the platform. The area is located 20 km north of the Troll C platform.
The tieback requires modifications to the topside of the Troll C platform. The scope includes engineering, procurement, construction, installation, and commissioning (EPCIC), as well as services for the new subsea templates.
Aker Solutions has carried out the front-end engineering and design (FEED) for the project, led by its office in Bergen.
Project management, detailed engineering, procurement, and shop engineering will be handled by the Bergen and Mumbai offices. Fabrication will take place at the company’s yard in Egersund.
The project will commence right away, with production scheduled to start at the end of 2029.
The contract will be booked in the Life Cycle segment as order intake for the third quarter of 2025.
1Aker Solutions defines a sizeable contract as between NOK 0.5 billion and NOK 1.5 billion.
Without their experienced star players on the squad this week, Bulgaria seemed doomed against the powerful opponents, captained by their iconic outside hitter Gabriela Guimaraes (Gabi) and boasting a very solid line-up on the court, so it was a real miracle in the second set, when with some superb performances by outside Aleksandra Milanova in attack and defense and by Mariya Krivoshiyska in the middle, the European squad managed to wipe out the quadruple set point Brazil had at 24-20 and then deny the opponents one more opportunity to close the set before turning things around and leveling the match. The South American powerhouse did not allow any more miracles to happen in the game and took home the three points with a 3-1 (25-21, 27-29, 25-10, 25-19) victory.
The United Arab Emirates (UAE) late on Tuesday night denied widespread media reports that claimed it had begun granting lifetime Golden Visas to select nationalities under a “new nomination-based” scheme, according to the Emirates News Agency (WAM).
The Golden Visa is a long-term residence visa that enables foreign talent to live, work, or study in the UAE while enjoying a range of exclusive benefits. According to the UAE government’s official portal, eligible categories include investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers, and frontline heroes.
This week, several Indian media outlets, including The Press Trust of India and The Hindu, reported that the UAE government had initiated a “new nomination-based visa policy”, allowing Indians to “enjoy the UAE’s Golden Visa for life by paying a fee of AED100,000”.
Meanwhile, Times of India reported that the newly launched scheme was in its pilot phase and was currently available to applicants from both India and Bangladesh, with over 5,000 Indian applications expected in the first three months. Dubai-based Gulf News also reported on Monday that Bangladeshi citizens could apply for the Golden Visa remotely if they meet the requirements.
“The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has denied the accuracy of rumours circulated by some local and international media outlets and websites regarding the United Arab Emirates granting lifetime Golden Visas to certain nationalities,” the WAM report said.
“ICP clarified that the categories, conditions, and regulations of the Golden Visa are clearly defined in accordance with official laws, legislations, and ministerial decisions.”
According to WAM, the ICP emphasised that “all Golden Visa applications are handled exclusively through official government channels within the UAE, and that no internal or external consultancy entity is recognised as an authorised party in the application process”.
The federal authority said it had “recently observed news articles from a consultancy office based in another country, suggesting that lifetime Golden Visas could be obtained for all categories from outside the UAE via consulting or commercial entities under simplified conditions”.
The WAM report further added: “These claims have no legal basis and were made without coordination with the relevant authorities in the UAE. The federal authority reaffirmed its commitment to providing a safe and transparent environment for applicants.”
It also stated that legal action would be taken against entities “spreading such false information in an attempt to illegally collect money from individuals aspiring to live and reside in the UAE, exploiting their hopes for a dignified and secure life.”
The federal authority urged individuals wishing to visit, live, or invest in the UAE not to respond to inaccurate rumours and false news aimed at a quick profit. They should avoid paying any fees or submitting personal documents to any party claiming to provide these services, the report said.
The Economic Times quoted a top golden visa consultant based in Dubai as rebutting the Golden Visa reports.
“I checked with the authorities here, and they say they have no such information. So, the news is likely to be untrue,” Iqbal Marconi, ex-chief executive officer of ECH Group (which Khaleej Times has described as the largest golden visa facilitator in the region), told Economic Times.
“The only new update they have is that crypto investors won’t be considered for the Golden Visa scheme. I checked with the GDRFA (General Directorate of Residency and Foreigners Affairs Dubai) also; they too said they don’t have any information on this, “ Marconi said.
He added that a “couple of officials […] in the same line of work” whom he contacted also did not have any information in this regard.
SYDNEY, July 9 (Xinhua) — More than 230,000 cancer deaths have been prevented in Australia since the mid-1980s thanks to decades of investment in cancer prevention, screening and treatment, a new study revealed.
The study, published in the Australian and New Zealand Journal of Public Health on Tuesday, found that anti-smoking campaigns have driven a sharp decline in lung cancer deaths, while improved screening and treatments have reduced mortality from breast, cervical, and stomach cancers, said the study’s lead researcher Brigid Lynch, deputy dead of Cancer Epidemiology at Cancer Council Victoria.
“What we’re seeing is a snowball effect, we’re now seeing the result of investments made in cancer control over the many decades,” Lynch said.
Since the 1980s, the risk of dying from cancer has dropped by 20 percent for men and 11 percent for women, said the study.
However, the study warns that deaths from liver and brain cancers are still rising, largely due to lifestyle factors and chronic infections.
Experts call for continued investment in prevention and early detection, especially as cancer incidence is expected to rise by 50 percent by 2044 due to Australia’s ageing population. ■
Starbucks China has attracted offers for a potential stake sale, valuing the coffee chain at up to $10 billion, three people familiar with the deal process told CNBC. Almost 30 domestic and foreign private equity firms in China have submitted non-binding offers, the sources said, adding that proposals on the table value the business between $5 billion and $10 billion, with bidding expected to settle toward the higher end of that range. As Starbucks’ market cap hovers around $108 billion with its China business generating over 8% of global revenue , a fair valuation would stand at around $9 billion, according to one person familiar with the matter. Starbucks is in the process of evaluating the offers, deal structure proposals and post-sale value creation pitches from bidders, according to people familiar with the matter, before shortlisting potential buyers. That shortlisting may be concluded in two months, but the entire deal is unlikely to be completed by the end of this year, the person said. In a statement to CNBC, a spokesperson for Starbucks said that the company plans to keep a “meaningful stake in the business.” “Any deal must make sense for Starbucks business and partners,” the statement said. “We see significant long-term potential in China and are evaluating the best ways to capture the future growth opportunities. We are looking for a strategic partner with like-minded values, who shares our vision to provide a premium coffeehouse experience. We remain committed to China and want to retain a meaningful stake in the business. Any deal must make sense for Starbucks business and partners.” — Starbucks There is a possibility of Starbucks retaining a 30% stake, with the rest split among a group of buyers each holding less than 30%, according to one person familiar with the deal process. Centurium Capital — majority shareholder of Luckin Coffee — Hillhouse Capital and U.S. private equity firms Carlyle Group and KKR & Co are among the contenders vying for a stake in Starbucks’ China business, according to people familiar with the matter. Asset managers are under mounting pressure to put dry powder to work, with limited dealmaking activity amid economic headwinds in China. “Securing a deal and deploying the idle capital is the top priority right now,” said a PE veteran familiar with the matter. “Everyone is trying to prove to their firms that they still have the ability to land transactions, even in this market environment. Just getting a seat at the table shows you can still make money for the firm,” the person said. That backdrop has made the Starbucks an attractive option and investors might be compelled to boost offer prices in order to win the deal, sending valuation even higher, the person said. Goldman Sachs is the financial adviser on this deal, leading the process, sources confirmed to CNBC. Despite all the interest, the coffee chain could still put off the bidding process, if the offers fail to match the valuation the company expects. “It’s a very dynamic process — not until the last day, you won’t be able to know for sure,” one person familiar with the matter said. Starbucks shares were trading 1.6% higher in Frankfurt. Not quitting China Starbucks’ potential stake sale is akin to McDonald’s offloading its Chinese business in 2017, industry experts said. McDonald’s sold a controlling stake of 52% in its mainland and Hong Kong operations to Chinese state-owned enterprise Citic Capital and a 28% stake to Carlyle in a deal valuing the business at $2.1 billion, while its Illinois-based owner retained the remaining 20%. The fast-food chain later increased its stake to 48% , buying back Carlyle’s 28% share in 2023, valuing the stake at $6 billion. Starbucks too will be inclined to retain a stake in the China business to ensure future gains from the company’s growth, allowing it to exert influence over the incoming partners, a Shanghai-based PE veteran said. It is not yet clear the amount of shares that Starbucks has put up for sale. A Starbucks spokesperson told CNBC last month that the company was not considering a “full sale” of its China operation. The company kicked off the formal sale process of its China operation late last year, a person familiar with the matter said, inviting preliminary proposals from potential suitors. Starbucks CEO Brian Niccol told Financial Times last month that the company had received “a lot of interest” from investors. “People see the value of the Starbucks brand. They see the coffee category is growing. I think they’d love to be partnering up with us in figuring out how we take this from 8,000 to 20,000,” Niccol said. Seattle-headquartered Starbucks had 7,758 stores across China as of March. Challenges galore Starbucks in China faces a triple-whammy of consumer pull-back, cut-throat competition and cost-cut challenges. The coffee chain has lost market share to lower-priced local rivals such as Luckin Coffee, as well as bubble and milk tea brands, with a weaker economic backdrop weighing on consumer demand. “Chinese consumers are less willing to pay a premium for foreign products when so many ‘good enough’ or better local substitutes keep appearing in the horizon,” said Han Shen Lin, Shanghai-based China Country Director at The Asia Group. Starbucks’ same-store sales in China were flat in the first quarter this year after falling for four consecutive quarters . Its market share in the country fell to 14% in 2024, from 34% in 2019, according to data from market research provider Euromonitor International. To lure back mainland customers, Starbucks in June launched sugar-free options and opted for its first-ever price cut in China, lowering the prices of more than 20 iced and tea-based drinks by an average of 5 yuan, to target what it called “China’s fast-growing non-coffee market.” When asked about changes implemented to ease its sale decline in China, Niccol said in the second-quarter earnings call that the company had started “figuring out products at certain prices … and some additional marketing that’s connecting in a very culturally relevant way.” Another major risk for those looking to invest in Starbucks’ China business is the potential hefty rental costs for its spacious stores. Starbucks made its foray into China in 1999, as shopping malls in tier 1 cities started offering rental concessions to capitalize on higher foot traffic driven by the company’s stores, according to industry reports . That, however, may change soon as more mall operators look to scale back such concessions. If that happens, it would “deal a deadly blow” to the coffee chain’s bottom line, said one potential investor. Starbucks is among several Western brands that have been reassessing their approaches to China. Bringing in trusted strategic partners with local expertise could be one of its best bets to revive the faltering business by speeding up the decision-making, according to analysts. “There is a diverging perception gap about China between the global and China office leadership, which hobbles decision-making where commercial success is increasingly determined by speed-to-market of new products that reflect local culture at attractive price points,” said Lin. “The situation of foreign companies operating in China is increasingly like opposing members of the same team reading different scripts to make joint decisions,” Lin said. In a crucial leadership change last September, Starbucks appointed Molly Liu, former chief of Starbucks China’s digital division, to head its business in the country.
Baker McKenzie advised LumApps, a prominent leader in intranet platforms, on legal due diligence matters in connection with its merger agreement with Beekeeper. The merger comes with a combined valuation exceeding USD 1 billion, and the two firms’ strategic alliance will result in the creation of the first AI-powered Employee Hub, merging Swiss engineering excellence with a global presence. Serving over 7 million users and generating approximately USD 150 million in recurring revenues, the newly formed entity aims to set new benchmarks in workplace technology.
This merger positions the LumApps group as the foremost market leader in intranet packaged solutions, effectively catering to both office-based and operational employees. The transaction is subject to customary closing conditions and is expected to close in July 2025. LumApps remains majority-owned by funds managed by Bridgepoint.
Baker McKenzie advised LumApps on legal due diligence in all jurisdictions where Beekeeper maintains a business presence, i.e. in Switzerland, Germany, the UK, Poland and the United States.
M&A Partners Alexander Fischer (Zurich) and Christian Vocke (Frankfurt) together with Olha Demianiuk (partner, M&A Geneva), Erika López (partner, M&A Chicago) and Eva Kriechbaumer (counsel, M&A Munich) led the cross-border team, which consisted of, in particular, the following:
Baker McKenzie Switzerland • Matthias Trautmann (partner, M&A) • Christoph Stutz (partner, employment and compensation) • Nicolas Eckert (associate, M&A) • Roger Thomi (partner, antitrust and competition) • Andreas Becker (associate, employment and compensation) • Agathe Perron (associate, dispute resolution) • David Rohner (associate, dispute resolution) • Nadine Charriere (associate, IP)
Baker McKenzie Germany • Sebastian Ens (counsel, M&A) • Moritz Jander (associate, M&A) • Annika Kissner (associate, employment and compensation) • Sebastian Pfrang (associate, employment and compensation)
Baker McKenzie US • Erika López (partner, M&A) • Christopher Guldberg (partner, employment and compensation) • Janel Brynda (of counsel, employment and compensation) • Shenna Johnson (associate, M&A) • Kamari Koonce (associate, M&A) • Yanshu Zhang (associate, M&A) • Loic Coutelier (associate, employment and compensation)
Baker McKenzie Warsaw • Lukasz Targoszynski (partner, M&A) • Krzysztof Sierpiński (associate,employment and compensation) • Michał Pakosz (associate, employment and compensation) • Anna Krekora (associate,M&A) • Katarzyna Baranowska (associate, M&A)
About LumApps LumApps is a modern intranet platform that enhances employee experience by improving communication, boosting productivity and fostering growth. It integrates with Google Workspace and Microsoft 365, serving over 6 million users, and is recognized as a leader in the field by Gartner and Forrester. Supported by Bridgepoint since 2024, LumApps continues to revolutionize workplace technology.
About Beekeeper Beekeeper was founded in 2012 as a spin-off from the Swiss Federal Institute of Technology in Zurich. It focuses on mobile solutions for operational employees in industries such as manufacturing, retail and construction.
Researchers found that specialized cells in Burmese pythons’ (Python bivittatus) intestinal lining process calcium from the bones of their meals. This helps explain how these predators digest whole prey.
The team published its findings June 25 in the Journal of Experimental Biology.
Burmese pythons typically dine on birds and small mammals, though they don’t need to eat every day. The snakes swallow their prey whole and spend several days digesting their meal before hunting again.
As part of digestion, pythons break down their prey’s bones. The bones provide necessary calcium in the snakes’ diet — but the pythons can’t use all the calcium. “We wanted to identify how they were able to process and limit this huge absorption of calcium through the intestinal wall,” study co-author Jehan-Hervé Lignot, a biologist at the University of Montpellier in France, said in a statement.
To examine how the snakes managed their calcium intake, the researchers fed Burmese pythons one of three diets: a regular diet of whole prey; a low-calcium diet with boneless prey; and a diet with boneless prey and a calcium supplement. After several meals, the team studied the effects of each regimen on the snakes’ intestines.
The team found that narrow, specialized cells in the pythons’ intestinal lining played a role in digesting bones. In the snakes that ate whole prey or boneless prey with a calcium supplement, these cells held particles made up of calcium, iron and phosphorus. But these particles weren’t present in snakes that only ate boneless prey.
Related: ‘An up-tempo version of Darwinian evolution’: How a mega freeze in Florida may have caused Burmese pythons to evolve at a blindingly fast speed
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The cells may be involved in dispelling calcium that the snakes couldn’t absorb. It’s possible that the cells could concentrate the extra calcium into the particles, then release the particles alongside other undigested components into the snakes’ feces, the researchers wrote in the study.
Since discovering the narrow intestinal cells in Burmese pythons, the scientists have also found them in the intestines of other pythons and boas, as well as in Gila monsters (Heloderma suspectum) — all of which eat their prey whole. But there’s no evidence yet that other animals that swallow their entire prey, such as dolphins or fish-eating birds, produce these calcium particles.
Further studies could reveal just how widespread these bone-digesting cells are in the animal kingdom, the researchers wrote.
“Marine predators that eat bony fish or aquatic mammals must face the same problem” of digesting bones and ridding themselves of excess calcium, Lignot said in the statement. “Birds that eat mostly bones, such as the bearded vulture [Gypaetus barbatus], would be fascinating candidates too.”
He has dominated the past decade of UK music with his ability to craft earworm melodies that can become mass sing-alongs but Ed Sheeran has been swapping the recording booth for the artist’s studio.
The singer, who grew up in a household with two parents who worked in art, is teaming up with Damien Hirst’s company Heni to sell prints of his Jackson Pollock-esque paintings in order to raise money for his foundation.
The prints, which are being sold for just over £900 each, are large canvases he created during downtime after touring and in between recording sessions.
Sheeran said:“I started painting at the end of my Divide Tour in 2019 and it’s something that I’ve used as a creative outlet ever since. When I was growing up, both of my parents worked in art, so I’ve naturally always been interested in it, and I always enjoyed studying art at school.”
Created using household paint, the colourful canvases – dubbed the Cosmic Carpark Paintings – will be displayed in an exhibition at the Heni Gallery in central London from 11 July to 1 August.
“I was back and forth on tour last year, and I used a lot of my downtime in the UK to paint. I’d run to a disused car park in Soho each morning, paint, then run home and I’d do that daily until I headed back out on tour again,” added Sheeran.
Ed Sheeran at work on his ‘cosmic’ paintings. Photograph: Ellie Lawrie/Prudence Cuming Associates
While he is keen not to be compared to other artists, the work is said to be “inspired by celestial patterns, and in keeping with his well-documented, expressionist splash painting style”.
The Ed Sheeran Foundation, which is dedicated to supporting music education in state schools and grassroots organisations across the UK, will receive 50% from the print sales.
The singer led a call for Keir Starmer to commit £250m of funding for music education, which was backed by Elton John, Coldplay, Harry Styles, Stormzy and Central Cee.
In an open letter to the prime minister, signed by more than 500 music figures, Sheeran wrote: “As an industry, we bring in £7.6bn to the UK economy, yet the next generation is not there to take the reins. Last year was the first in over 20 years without a UK global Top 10 single or album in the charts.”
He called on the government to set up a taskforce to work together to ensure music education remained high on the agenda.
Ed Sheeran’s Unfolding Cosmos, a household gloss painting on canvas. Photograph: Ellie Lawrie/Prudence Cuming Associates
The letter said: “The time to act is now. State schools, which educate 93% of the country’s children, have seen a 21% decrease in music provision.
“We collectively ask for a £250m UK music education package this spring to repair decades of dismantling music. Music in and out of school should be for all, not a few.”
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Sheeran has donated artwork – including a £40,000 painting – to raise money for charity. In 2021, he conducted a raffle to fundraise for the charity, Cancer Campaign in Suffolk. The singer charged £20 a ticket and the initiative brought in more than £50,000.
The singer created the covers for several of his albums and EPs, including the artwork for his 2021 single Afterglow. He used Hirst’s spinning wheel to create the artwork for his album Divide.
When Sheeran appeared on Desert Island Discs in 2017, he discussed his love of art and the influence of his father, who worked as a curator. “He has always said that art is meant for enjoyment,” he said. “You don’t acquire art as an investment.”
Sheeran has an art collection that includes work by Harland Miller, known for placing provocative slogans on Penguin books. “I have pretty much the most provocative word prominently displayed in my home,” he added. “My dad said as long as you enjoy art, you never lose.”
The National Portrait Gallery has a portrait of Sheeran painted by Colin Davidson in its collection.
The singer has eight No 1 albums to his name, and has been the most played artist on British airwaves and in public spaces seven times.
His next album, Play, is scheduled for release this September.
(Bloomberg) — Copper futures fell in London after President Donald Trump sowed chaos in metals markets by indicating the US would implement a higher-than-expected 50% tariff on imports of the commodity.
Copper climbed as much as 17% in New York on Tuesday, a record one-day spike to an all-time high, before falling more than 4% in early trading on Wednesday. On the LME, the metal slid as much as 2.4% at the open, before easing to change hands at $9,653 a ton, 1.4% lower, at 1:08 p.m. in Singapore.
The Shanghai Stock Exchange Composite Index rose as much as 0.4% and is set for its highest close since January 2022. Asian shares and US equity-index futures dipped 0.1% while contracts for Europe edged up 0.2%. Treasuries fell and the dollar gained slightly.
Traders are holding back from adding to their portfolios as they gauge the impact of escalating trade tensions, looking for signals on where stocks might head next after reaching record highs last week. Trump showed a renewed determination Tuesday to push ahead with his plans to heavily tax imports after a slew of tariff warning letters on partners such as South Korea and Japan.
“Trump’s recent winning streak —on both the trade and geopolitical front—has effectively lowered his bar for escalating trade tensions, turning tariff threats into endless background noise,” said Hebe Chen, a market analyst at Vantage Markets in Melbourne. “Markets and traders aren’t just fatigued—they’re lost in an ever-thickening foggy forest. For now, the smart move is to stay still and wait for something real to cut through the fog.”
Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new rates on imports of copper and pharmaceuticals.
The posturing on social media and at a Cabinet meeting on Tuesday came after traders initially shrugged off a series of letters and executive actions Trump issued Monday.
Trump said that despite progress with the European Union on a trade deal, frustration over the bloc’s taxes and fines targeting US technology firms could result in him unilaterally declaring a new tariff rate within the next two days.
Meanwhile, US copper prices posted a record gain in the last session after Trump said he planned to implement a 50% tariff on imports. Benchmark copper futures fell in London on expectations that more supply will end up in other markets.
Elsewhere, China’s factory deflation persisted into a 33rd month while consumer prices unexpectedly rose in June, data showed Wednesday.
The still-weak inflation may keep pressure on policymakers to ramp up stimulus to escape a vicious cycle of falling prices, business profits and wages. Investors are turning their focus to Beijing’s July politburo meeting, for more forceful support measures after the government announced recent efforts to reduce factory overcapacity.
“Domestic investors are building position ahead of the July Politburo meeting and also discussions that there could be some property stimulus,” said Billy Leung, investment strategist at Global X ETFs in Sydney. Overseas investors are also buying the relative under-performance of stocks in the mainland compared with those in Hong Kong, he said.
Corporate News:
Starbucks Corp. has received proposals from prospective investors in its China business, most of whom are eyeing a controlling stake in the operation.
Fujitsu Ltd. shares dropped the most since April in Tokyo after the chair of a UK public inquiry called for the firm to release a compensation plan for victims of the Post Office scandal
Merck is nearing a $10 billion deal for respiratory drugmaker Verona, the FT reported.
Some of the main moves in markets:
Stocks
S&P 500 futures were little changed as of 6:55 a.m. London time
Nasdaq 100 futures were little changed
The MSCI Asia Pacific Index was little changed
Japan’s Topix rose 0.4%
Australia’s S&P/ASX 200 fell 0.6%
Hong Kong’s Hang Seng fell 0.9%
The Shanghai Composite rose 0.4%
Euro Stoxx 50 futures rose 0.2%
Currencies
The Bloomberg Dollar Spot Index was little changed
The euro was little changed at $1.1717
The Japanese yen fell 0.3% to 146.96 per dollar
The offshore yuan was little changed at 7.1831 per dollar
The British pound was little changed at $1.3591
Cryptocurrencies
Bitcoin rose 0.1% to $108,793.14
Ether rose 1.2% to $2,630.38
Bonds
The yield on 10-year Treasuries advanced one basis point to 4.41%
Japan’s 10-year yield was little changed at 1.495%
Australia’s 10-year yield advanced nine basis points to 4.35%
Commodities
Spot gold fell 0.3% to $3,291.57 an ounce
West Texas Intermediate crude fell 0.3% to $68.15 a barrel
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alfred Cang and Joanne Wong.
