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A fresh platform launched by the startup SolarLedger is aiming to reshape how clean-energy data is processed and verified by introducing what it describes as a “green energy operating system” that embeds robust security features and market interfaces. At the heart of the offering are distributed-ledger and Internet-of-Things tools designed to automate the generation, trading and auditing of solar and other renewable-energy flows. According to the company’s statements, the system incorporates cryptographic tools such as zero-knowledge proofs and multi-signature verification to bolster data authenticity and traceability.

SolarLedger’s solution addresses growing concerns in green-finance and energy markets about the reliability of datasets underpinning asset-backed claims, such as renewable-energy certificates or carbon credits. By running real-time tracking of generation, storage, trading and settlement, the platform aims to reduce friction in peer-to-peer energy transactions and enhance transparency for smaller producers who have lacked access to institutional channels. This comes at a moment when distributed energy generation is expanding rapidly but remains under-represented in traditional electricity markets.

From a market-participant perspective, SolarLedger’s architecture is being pitched as transformative. It enables solar modules and storage systems not only to supply power but also to act as tradeable units with embedded provenance metadata. Smart-contract modules match producers and consumers, while traceable certificates of origin claim to be issued as each kilowatt-hour is generated. The firm states that its system eliminates much of the manual reconciliation and trust-layer overhead that currently slows clean-energy transactions, thereby unlocking new income streams for distributed generators.

On the technical side, the platform’s use of zero-knowledge proofs is particularly noteworthy. ZKPs allow one party to prove a fact is true without revealing the underlying data. This is increasingly recognised in academic literature as a potent tool for privacy-preserving validation in decentralized systems. In SolarLedger’s case, the firm says it uses ZKPs to validate meter-data reports and audit logs without exposing granular user or asset-level details. Complementing this, the system applies multi-signature verification — requiring multiple authorised parties to validate transactions — to further enhance trust in each asset’s lifecycle.

Emerging trends in the broader energy-tech space amplify SolarLedger’s relevance. Analysts observe that decentralised energy systems—particularly rooftop solar, microgrids and battery storage—are growing faster than transmission-interconnection frameworks in many regions. Traditional centralised electricity markets were built at a time when generation was large-scale and top-down. By contrast, distributed-generation assets today face barriers to participation in wholesale or retail markets, often due to information asymmetry, latency in settlement, and limited trust among counterparties. SolarLedger aims to bridge that gap by enabling smaller producers to join trading ecosystems on more flexible and transparent terms.

However, important challenges remain across regulation, interoperability and scalability. While SolarLedger cites pilot testing and proof-of-concept deployments, wide-scale adoption will require alignment with local grid-code legislation, energy-market rules, and national certification schemes. Integration with existing utilities and regulatory frameworks may prove complex, particularly in jurisdictions where grid operations and energy trading are tightly regulated. Furthermore, the academic literature on ZKP implementation cautions that although ZKP offers strong privacy and integrity gains, the complexity and computational overhead can be non-trivial — especially when applied to high-frequency data environments.

Another key player to watch in this space is Powerledger, an Australian blockchain-energy-software company which has built peer-to-peer energy-trading platforms and environmental-commodity tracking solutions. Its experiences highlight the twin challenges of scaling and commercialising such platforms in multiple jurisdictions. SolarLedger will need to demonstrate not just technical readiness but also market-acceptance, cost-competitiveness and regulatory compliance if it is to capture a meaningful share of the decentralised-energy-market value chain.

By Nitya Chakraborty The historic victory of the Democratic socialist candidate Zohran Mamdani in New York mayoral elections on November 4 night is acting as a big booster, not only to the left wingers in the Democratic Party belonging to the Bernie Sanders group, but also to the left parties in Europe and Latin America. […]

The article Zohran Mamdani’s Victory As New York Mayor Has Given A Big Boost To Global Left appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

The island administration of Tenerife has begun negotiations to sell 97 units of Bitcoin originally acquired by the research institute Institute of Technology and Renewable Energies in 2012 for €10,000. The potential sale—valued at around US$10 million—would represent a gain of nearly 1,000-times the procurement cost.

Under the oversight of councillor Juan José Martínez, ITER had purchased the bitcoins as part of an exploratory project to understand blockchain system dynamics rather than as a speculative investment. He emphasised that the holding “was one of the many investigations carried out … to experiment with different technological systems”.

Despite the modest initial outlay, the Council’s ability to monetise the asset has been complicated by regulatory and logistical hurdles. Martínez confirmed that discussions are ongoing with a Spanish financial institution authorised by the Bank of Spain and the National Securities Market Commission to ensure the sale meets regulatory compliance.

The delay in disposal stems in part from the nature of cryptocurrencies in public-sector portfolios. The Council attempted earlier sales but encountered banks unwilling to engage due to volatility risk and regulatory uncertainty. ITER officials were also unable to access the wallet for eight years owing to administrative inertia.

Market estimates suggest the 97 bitcoins are valued at approximately €10–11 million based on current trading prices, implying a gain of around 99,900 per cent relative to the original investment.

The Council plans to reinvest any proceeds into its research and innovation agenda, aligning with ITER’s evolving focus on quantum technologies and other advanced systems. Martínez said the logical next step is to channel the enhanced value into the institute’s core mission.

Observers note that while the transaction is small in global cryptocurrency terms, it signals growing institutionalisation of digital-asset holdings outside the private sector. Analyst Fernando Molina of Blockworks remarked that the sale could draw attention to the potential for public-administration bitcoin portfolios and the regulatory barriers they face.

The operational path to execution remains complex. The buyer remains undisclosed and must satisfy both Spanish financial-sector licensing and anti-money-laundering requirements. Because banks in Spain rarely accept bitcoin deposits, entities that facilitate the transaction must possess the requisite licences. The Council is navigating Spanish administrative processes that govern public-sector asset sales and digital-asset compliance.

Sector experts caution that while the gain is remarkable, cryptocurrencies held by public institutions carry unique risks. Price volatility, custody challenges, and regulatory oversight create additional burdens for an asset class still considered nascent. The Council’s case offers a rare example of such holdings being monetised by a sub-national government.

The Public Investment Fund and Jones Lang LaSalle Saudi Arabia Company Limited announced a memorandum of understanding to deepen collaboration in Saudi Arabia’s real-estate sector. The agreement, inked during the Future Investment Initiative in Riyadh, lays out a strategic partnership aimed at leveraging PIF’s infrastructure ambitions and JLL’s global real-estate expertise.

Under the MoU, PIF and JLL intend to focus on critical areas such as market-insight generation, valuation services, project-management frameworks and talent development within the real-estate industry. The goal is to increase private-sector participation, accelerate technology adoption in property development and support the transformation of Saudi Arabia’s built environment.

PIF’s local real-estate strategy positions the fund as a driver of urban innovation, economic diversification and quality-of-life enhancements in line with Vision 2030. As head of PIF’s Local Real Estate Investment Division, Saad Alkroud signed the agreement alongside Sue Aspre y Price, EMEA CEO and global head of Portfolio Services, Work Dynamics at JLL.

Real-estate activity in Saudi Arabia has come under the spotlight as the economy looks beyond oil and prioritises new sectors such as urban development, tourism and infrastructure. Data from real-estate-consultant estimates show that rents and purchase-prices have surged in major urban areas, prompting policymakers to explore responsive measures. Once largely dominated by public-sector investment, the market is shifting toward private-sector engagement — a key objective in the MoU. The agreement signals JLL’s commitment to the Kingdom, where the firm already has operations and plans to expand offerings in valuations, asset management and advisory services.

Execution will be critical. While the MoU is non-binding, it lays the foundation for joint initiatives to build local capacity, deploy digital and prop-tech solutions and drive more efficient project delivery. For JLL the partnership offers a fast-growing real-estate market with the backing of a sovereign investor. For PIF it opens global know-how and operational discipline in property-sector value chains. Analysts observe that the real-estate sector must contend with affordability pressures, consumer-demand dynamics and a need for asset-liability management frameworks in a transitional economy.

The collaboration also supports the broader push for sustainability in built-environment projects. As PIF steers giga-projects and landmark initiatives, JLL’s experience in global sustainability standards and ESG frameworks may be applied to help the Kingdom meet international benchmarks and investor expectations. According to the official statement, acceleration of new-technology adoption and fostering of local talent were emphasised as pillars of growth.

Industry watchers point out that the significance lies not just in the signing but in implementation. The proof will be in how swiftly joint programmes roll out, how private-sector engagement increases and how efficiently project pipelines convert into deliverables. The agreement comes at a time when Saudi policymakers are intensifying efforts to unlock private capital for real-estate, logistic and urban-development assets, with PIF central to that agenda.

With Saudi Arabia targeting a home-ownership rate of 70 per cent and major urban developments underway, the PIF-JLL alliance could become a cornerstone of the real-estate-ecosystem overhaul. Effective governance, transparency and strong monitoring mechanisms will be needed to ensure the partnership delivers the intended economic and social outcomes.

A groundbreaking partnership has emerged between Ripple Labs, Mastercard Incorporated, WebBank and Gemini Trust Company to pilot the use of Ripple’s U. S. dollar-backed stablecoin, RLUSD, for credit-card settlement on the XRP Ledger network. The announcement, made at Ripple’s annual Swell 2025 event, signals a key move by a mainstream payments network to integrate blockchain-based tools into legacy infrastructure.

Under the terms of the pilot, Card issuer WebBank—partnering via Gemini’s credit-card programme—will explore settling Mastercard-network transactions using RLUSD on the XRPL. The goal is to streamline settlement flows between merchants and issuers, compressing what now often takes days into near-real-time settlement through blockchain rails, while preserving regulatory compliance and consumer protection.

Ripple noted that RLUSD has already surpassed a circulation threshold of $1 billion, and is issued under the oversight of the New York Department of Financial Services with reserves held in cash and short-term U. S. Treasuries. Mastercard described the collaboration as part of its broader strategy to integrate regulated digital assets. “Through our partnerships with Ripple, Gemini and WebBank, we’re using our global payments network to bring regulated, open-loop stablecoin payments into the financial mainstream,” said Sherri Haymond, Mastercard’s Global Head of Digital Commercialisation.

The partnership unfolds amid growing attention on stablecoins as institutional settlement tools rather than niche digital-asset instruments. Mastercard’s previous statements reflect cautious optimism: its Chief Product Officer, Jorn Lambert, has said that despite the potential of stablecoin technology, adoption demands “a seamless and predictable user experience, reach and wide distribution” beyond the technological narrative alone.

Industry analysts note that if scaled, this model could challenge entrenched settlement processes such as those using ACH and SWIFT and cut both transactional cost and latency—especially for cross-border commerce. Ripple executives suggest that the pilot is a demonstration of how stablecoins can function within regulated frameworks rather than as adversarial alternatives.

Nonetheless, key caveats remain. The pilot requires regulatory clearance before full onboarding begins, and adoption by issuers and merchants at scale remains to be proven. Some banks and payment networks continue to view stablecoins with caution, given ongoing questions about trust, custody, interoperability and how legacy infrastructure will migrate. As an example, Mastercard has publicly noted stablecoins still have “a long way to go” before becoming everyday payment tools.

This initiative builds on Ripple’s broader institutional push, which included a reported $500 million funding round at a $40 billion valuation, intended to fuel growth in custody, stablecoins and institutional payments infrastructure. The XRPL platform, which underpins XRP and is designed for low-cost, high-speed settlement and tokenisation, is central to the experiment.

For cardholders, the consumer experience may remain unchanged—swipe a card—but behind the scenes, settlement flows could shift dramatically. For merchants and issuers, the promise lies in reduced settlement risk, faster liquidity and improved traceability. For regulators and infrastructure providers, the test will show whether a hybrid bridge between legacy finance and blockchain can scale without undermining compliance or stability.

By TN Ashok NEW  YORK:When the polls closed at 9 p.m. on Tuesday, November 4, 2025, it took less than 40 minutes for the Associated Press to call the race. Zohran Mamdani, a 34-year-old democratic socialist and state assemblyman from Queens, had accomplished what many considered impossible just a year earlier: he defeated Andrew Cuomo—twice—to […]

The article The Mamdani Moment: A Political Earthquake In America’s Largest City appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Canada is set to introduce a comprehensive federal framework aimed at regulating fiat-backed stablecoins under its 2025 budget. The plan mandates issuers to maintain full asset reserves, enforce redemption policies, and deploy robust risk-management and data-security protocols.

The regulatory scheme will be overseen by the Bank of Canada under the existing Retail Payment Activities Act, with the BoC allocating CAD 10 million over two years beginning in the 2026-27 fiscal year for implementation. Administration thereafter is expected to cost around CAD 5 million annually, to be offset through regulated-issuer fees.

This approach aligns Canada with the global trend in digital-asset regulation. The United States passed its own stablecoin legislation in July, placing pressure on Canada to move with similar urgency. The international stablecoin market currently stands above USD 300 billion and is projected to reach USD 2 trillion by 2028.

Regulated issuers will face specific requirements: they must hold reserves sufficient to cover outstanding stablecoins, enable immediate redemption at par value, and adopt risk protocols covering operational, credit, and market exposures. Issuers also must protect consumers’ personal and financial data and support national-security safeguards. Entities already operating as payment-service providers may need to transition under the Retail Payment Activities Act if they issue “prescribed stablecoins”.

Industry reaction has been broadly positive. The Canada arm of Coinbase called the framework “a watershed moment” that will “change how Canadians interact with money and the internet”. Fintech firms such as Tetra Digital and Wealthsimple, which are developing Canadian-dollar stablecoin offerings, have welcomed clarity of regulation as unlocking innovation. Nonetheless, some market commentators caution that tighter regulation must avoid stifling fintech entrants or pushing innovation offshore.

Canada’s decision follows a growing regulatory impetus. The BoC had earlier urged federal and provincial authorities to coordinate efforts on stable-coin regulation and payment-system modernisation, highlighting that Canada’s payment infrastructure lagged that of other advanced economies.

The timing of the regulatory initiative is notable. While the budget itself does not specify the exact date when the legislation will be tabled, it signals a shift toward payment-ecosystem reform. The budget also signals expansion of the BoC’s oversight of payment-service firms and accelerated deployment of the Real-Time Rail payments system expected to launch in 2026.

Analysts see multiple drivers behind the move: protecting consumers from stable-coin issuer failure; preserving monetary sovereignty by keeping domestic transactions off unregulated foreign stablecoins; encouraging competition and innovation in the payments sector; and aligning with international regulatory frameworks as digital assets blur traditional banking boundaries.

Some key challenges lie ahead. Defining which tokens qualify as “stablecoins” under the framework, and carving the issuer view between payment-instrument regulation and securities regimes at the provincial level, remain open. Enforcement mechanisms, cross-border coordination, and transitional arrangements for existing issuers will also test regulators’ capacity.

Under the announced funding plan, the BoC will allocate CAD 10 million over the first two years to establish regulation of stablecoin issuance and oversight, beginning in the 2026-27 fiscal period. Ongoing annual oversight costs of CAD 5 million will be recouped via licensed-issuer fees. Regulators assert that the initiative will support faster, cheaper and safer payment flows for Canadians while reducing reliance on unregulated digital tokens.

The governments of the northern United Arab Emirates have taken a bold step into natural-hydrogen exploration with the collaboration among the Sharjah National Oil Corporation, Siemens Energy and Decahydron to assess the use of naturally occurring hydrogen for power generation and other industrial applications. This marks a decisive departure from traditional fossil reliance and underscores Sharjah’s ambition to secure a foothold in the emerging hydrogen economy. The initiative rides on ongoing technical studies by Decahydron and SNOC at an existing exploration well in Sharjah, with initial findings reported as encouraging and further drilling scheduled for 2026 to gather detailed resource data and measure flow rates.

The emerging project will evaluate whether natural hydrogen — distinct from hydrogen produced by electrolysis or reforming — can feed power turbines or serve heavy industry without the extensive storage, transport and conversion infrastructure typically required for conventional “green” or “blue” hydrogen. Siemens Energy brings its global hydrogen and energy-system expertise into the alliance, while Decahydron focuses on mineralisation and subsurface hydrogen resources. SNOC, as the emirate-owned upstream and midstream energy company, provides the local infrastructure and regulatory engagement needed to steer the resource development. The companies frame the effort as a potential new low-carbon energy source that could serve data centres, manufacturing plants and other energy-intensive uses in the UAE.

Figures within the consortium underscore the significance of the move. SNOC’s chief executive, Khamis Al Mazrouei, said the feasibility study could mark “a new chapter in Sharjah’s energy landscape—providing an abundant, naturally occurring source of clean energy.” Siemens Energy’s UAE managing director, Khalid Bin Hadi, described hydrogen as central to decarbonising the power sector, adding that this collaboration sets a new course for natural-hydrogen in the Gulf region. Decahydron’s CEO, Arnaud Lager, said early findings suggest the potential for continuous supply directly from subsurface sources and that Sharjah and the northern Emirates hold “exceptional potential”.

Global context reinforces the ambition behind the project. The UAE aims to become one of the top ten hydrogen-producing countries and to capture a 25 per cent share of the low-carbon hydrogen key markets, according to statements from leading federal energy officials. Sharjah’s drive aligns with this broader national strategy. Previously SNOC announced its intent to explore green hydrogen and carbon capture within its portfolio as part of its pathway to net-zero emissions. Now the emphasis on naturally occurring hydrogen marks a notable shift in approach.

The technical front remains complex. Natural hydrogen projects remain nascent worldwide, with questions around resource size, continuity of flow, well economics, contaminants and commercial usability still to be resolved. The Sharjah initiative is built on preliminary well-site data, but the drilling slated for 2026 will be critical in determining resource scale and flow rate viability, which in turn will affect whether the hydrogen can be used directly for power generation or whether it will need conversion. Siemens Energy’s role will involve analytical and technical verification of commercial potential, while SNOC’s project governance will oversee permitting, regulatory interaction and integration with Emirate infrastructure.

Industrial demand in the Gulf region adds urgency to the project. With increasing energy consumption from data centres, hydrogen applications in manufacturing, and a drive to decarbonise hard-to-abate sectors, natural hydrogen presents a complementary path to electrolytic hydrogen and renewables. The potential upside includes bypassing some of the cost and complexity of hydrogen storage and pipeline transport by tapping subsurface reservoirs directly. If proven viable, the Sharjah project could serve as a model for other Middle East jurisdictions investigating hydrogen from unconventional sources.

Strategic risks remain. Project economics will depend on the continuity and purity of hydrogen flows, the cost of drilling and well development, regulatory frameworks, and the readiness of industrial hosts to adapt infrastructure. Market competition is intensifying: electrolytic green hydrogen is scaling rapidly and could outpace unconventional hydrogen if production and storage costs fall further. Moreover, hydrogen certification, transport logistics, and industrial offtake agreements remain evolving domains globally. For Sharjah and the GNOC-Siemens-Decahydron alliance, time to commercial decision-making will be an important metric.

Crypto markets experienced a sharp upheaval as the price of Bitcoin slid below the US $100,000 mark for the first time in approximately six months, while Ethereum plunged to levels near US $3,000. As a result, leveraged positions totalling around US $2 billion were liquidated within a 24-hour period.

The downturn began when Bitcoin fell to about US $99,000, triggering a cascade of forced unwinds in futures and perpetual contracts. According to data providers, more than 80 per cent of these losses stemmed from long bets, amounting to approximately US $1.6 billion. Ethereum’s drop—exceeding 20 per cent over two days—added nearly US $1 billion in liquidations in the same timeframe. The broader crypto market capitalisation slipped to roughly US $3.4 trillion, marking its lowest level in four months.

Analysts point to a confluence of factors driving the sell-off. The Federal Reserve’s cautious comments about future policy signalled the end of easy money for risk assets and prompted a rise in the US dollar index and treasury yields—both typically adverse for cryptocurrencies. Weakening institutional demand compounded the problem, as cumulative outflows from spot Bitcoin exchange-traded funds and related vehicles exceeded US $1.3 billion in the days leading to the crash. Algorithm-driven trades amplified the move: Bitcoin breached its 200-day exponential moving average near US $109,800 and touched technical support around US $100,000, triggering automated sell orders.

The liquidation event has wider implications for investor sentiment and the structure of the crypto market. The so-called Fear & Greed index plunged into the “extreme fear” zone, while open interest in perpetual futures contracts dropped as many leveraged players exited. On-chain metrics show historic wallets transferring tens of thousands of Bitcoin to exchanges, signalling profit taking by long-term holders. Yet some argue the correction could serve as a cleansing phase for the market: by flushing out excessive leverage, the environment may become healthier for the next leg of the cycle.

Despite the turbulence, there are signs that structural demand remains intact. Large-scale buyers such as MicroStrategy continue to accumulate Bitcoin—its holdings now exceed 641,000 BTC. Meanwhile, infrastructure-oriented developments in decentralised physical infrastructure networks and the convergence of blockchain with artificial intelligence are still attracting investor interest. Nevertheless, the immediate path forward is fraught. Analysts now identify a failure to hold US $100,000 for Bitcoin as potentially opening a decline toward the US $92,000–US $94,000 range. For Ethereum, a slide toward US $2,700–US $2,800 is on the radar if momentum fails to stabilise around current levels.

OpenAI has announced that its mid-tier subscription plan, ChatGPT Go, will be available free for a 12-month period to eligible users in India starting 4 November 2025. The offer applies to new sign-ups, users on the free tier, and existing ChatGPT Go subscribers in good standing.

The Go plan typically costs around ₹399 per month and includes access to the latest model, GPT‑5, higher message limits, image generation, file uploads and enhanced memory for conversations. OpenAI says the promotion reflects its strategy to deepen engagement in India, identified as its second-largest market globally.

The promotional offer is being timed with the company’s first DevDay Exchange event in Bengaluru. The aim is to accelerate user adoption, familiarise a large user base with advanced AI workflows and potentially convert trial users into longer-term subscribers. Users in India eligible for the offer must add a valid payment method—such as a credit/debit card or UPI—and once the 12-month period ends, the subscription will auto-renew at the prevailing monthly fee unless cancelled.

Etihad Airways has unveiled four new routes from its Abu Dhabi hub, linking the UAE capital with networks in North Africa and Asia in a major push to cement its global connectivity. The airline announced flights to Tunis, Hanoi, Chiang Mai and Hong Kong, opening up additional access across Africa and Asia. According to the carrier, these launches account for nearly 45 per cent of the UAE’s aviation growth this year.

The new North African route to Tunis flies three times a week starting 1 November, while the Vietnamese capital Hanoi will receive six weekly flights from 2 November. Chiang Mai in northern Thailand is added with four weekly services from 3 November, and Hong Kong is re-connected via five weekly flights also from 3 November under a renewed codeshare with Hong Kong Airlines. The carrier now serves more than 85 destinations globally.

Chief Executive Officer Antonoaldo Neves described the destinations as “each adding their own character” to the network, underscoring the airline’s aim to diversify its route map and bolster Abu Dhabi’s role as a travel and trade gateway. The move is timed to support the emirate’s broader economic pivot, complementing efforts in tourism, business and infrastructure.

The four-route addition forms part of Etihad’s strategic expansion alongside investments in both fleet and operational capabilities. The carrier has been ramping up use of its long-range Airbus A321LR and Boeing 787 aircraft, enabling direct links to previously unserved or underserved markets. The Tunis launch marks an enhanced North African footprint from Abu Dhabi, while Vietnam and Thailand reflect deeper penetration into Southeast Asia’s growing outbound travel markets. The Hong Kong entry is particularly significant given its status as a major financial and regional hub.

For travellers and partners the implications extend beyond new city-pairs. The enhanced network encourages greater inbound tourism into the UAE and provides domestic and international travellers increased flexibility via the Abu Dhabi hub. Industry analysts say the expansion underscores the carrier’s growing ambition to rival other Gulf-based airlines in forging east-west connectivity. It also aligns with Abu Dhabi’s Vision 2030 agenda, which includes boosting the emirate’s role as a global gateway.

Commercially, the airline’s published figures indicate that it expects the four new routes to contribute thousands of new seats in its system, aiding load-factor optimisation and revenue growth. The timing of launches over consecutive days signals a deliberate push to generate momentum across the network rather than incremental additions. Stakeholders within the regional aviation ecosystem view the move as one that may stimulate competitive responses from other carriers operating in similar markets.

While the expansion has drawn praise for its scale and ambition, there are strategic and operational considerations. Rapid rollout of new routes requires careful yield management, cost containment on long-haul sectors, and the calibration of frequency to ensure sustainable load factors. The North African route to Tunis, for example, hinges on demand that may fluctuate with seasonal tourism and business activity. Similarly, competition in the Thailand and Vietnam sectors remains intense with regional low-cost and full-service carriers vying for market share. The Hong Kong route will need to navigate the evolving regional regulatory and air-freight environment, especially given Hong Kong’s role in both tourism and cargo flows.