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Japan releases oil stocks after US orders to buy American
Japan will begin releasing oil on Monday to ease the shock of?the U.S. and Israeli war on Iran. This is a stark reminder of the oil shortage that occurred half a century earlier, which prompted Tokyo's creation reserves. Tokyo announced that it would release 80 million barrels of crude oil to Japan, which is enough to last the nation for 45 days. The war in the Gulf has disrupted supplies through the Strait of Hormuz. The Japanese government has instructed refiners to use the crude oil released, which will reduce Japan's national reserves by 17 percent, to ensure domestic supplies. The amount of oil that will be released by the International Energy Agency for a global supply release of 400,000,000 barrels to combat the war's price volatility and supply shock is unknown. RESERVES STABILISE SUPPLY, BUT "MAINLY BUILD TIME" Yuriy?Humber, CEO of Tokyo-based consultancy Yuri Group, says that Japan's release demonstrates how seriously Tokyo views disruption. The reserves are mainly there to buy time, but can help stabilize supplies and prices on a short-term basis. He said that they couldn't "fully offset" a disruption of the Strait of Hormuz. The Ministry of Economy, Trade and Industry states that any potential release of 12 million barrels held jointly by Saudi Arabia, United Arab Emirates and Kuwait in Japan would be additional to the 80 million barrels announced. Japan began its national oil reserves system in 1978, several decades after the Arab oil embargo. The Group of Seven nation is reliant on Middle East oil for 90% of its consumption. It now stockspiles enough to last 254 days. METI reports that the government will begin releasing oil from its reserves to cover 15 days of consumption by the private sector on Monday. METI Minister Ryosei Acazawa stated that private companies are preparing to?tap Japan's stockpiles?, but they also want supplies from Central Asia, South America, and Gulf countries, which can bypass the Strait of Hormuz. Japan buys around 4% its oil from the U.S., after ceasing to purchase it from Russia in 2022 following Moscow's invasion of Ukraine. Lee Zeldin, the U.S. Environmental Protection Agency's Administrator, said: "When you consider the conflict in the Middle East.....you are reminded that all the crude oil..that went from Alaska to Japan..was never..targeted by a successful terrorist.attack." This conflict is a reminder to other nations that the United States has the resources they need. (Reporting and editing by William Mallard; Yuka Obayashi, Katya Golubkova)
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Palestinian Health Authorities say that Israeli forces killed four Palestinians in West Bank.
Palestinian health officials said that Israeli forces killed four Palestinians on Sunday. They included a mother, a father, and two children, while they were driving in the occupied West Bank. Palestinian health officials report that a mother and father aged 35 and 37 and two of their children ages?5 or 7 were shot in the head in the village Tammun. Two of their other children also sustained injuries. The Israeli military said that it would be examining the reports. According to the Palestinian Health Ministry, a Palestinian also died in an overnight attack by settlers. Rights groups and medics claim that Israeli settlers are using the restrictions on movement imposed by the U.S./Israeli war against?Iran as an excuse to attack Palestinians. Military 'roadblocks' prevent ambulances from reaching the victims quickly. According to the Palestinian Health Ministry, settlers have killed at least five 'Palestinians' in the West Bank ever since the Iran War began on February 28. Reporting by Ali Sawafta and Emily Rose, Editing by Shri Navaratnam, Editing By William Mallard
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Palestinian Health Authorities say that Israeli forces killed four Palestinians in West Bank.
Israeli forces killed 4?Palestinians?, including 2 children?, during a raid on the occupied West Bank?on Sunday. Palestinian health officials report that a mother and father aged 35 and 37 were killed in Tammun village in the West Bank, along with two of their children, ages 5 and 7, while two other children from the same household sustained injuries. The Israeli military stated that it was examining the reports. According to the Palestinian Health Ministry, a Palestinian died in an attack carried out by settlers over night on Saturday. Medical groups and rights groups say that Israeli settlers are using military roadblocks to prevent ambulances from reaching Palestinians in the West Bank. According to the Palestinian Health Ministry, settlers have killed "at least five" 'Palestinians since Israel and the United States began airstrikes on 'Iran in February. Reporting by Ali Sawafta and Emily Rose, Editing by Shri Navaratnam
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US and China's economic chiefs will meet in Paris, clearing the way for a Trump-Xi Summit
The top U.S. economic officials and Chinese leaders will launch a second round of negotiations in Paris on Sunday. They hope to smooth out the kinks of their trade truce, and prepare for Donald Trump's visit to Beijing at the end March to meet Chinese President Xi Jinping. Discussions between U.S. Treasury Secretary Scott Bessent, and Chinese Vice Premier He Lifeng are expected to center on the shifting of?U.S. Tariffs, the flow of Chinese rare earth minerals and magnetics to U.S. customers, American export controls, and Chinese purchases of U.S. agriculture products are all expected to be discussed. A source familiar with the planning of the two parties said that the two sides would meet at the Paris headquarters for the Organisation for Economic Cooperation and Development. China does not belong to the club of 38 mostly rich democracies, and it considers itself as a developing nation. U.S. trade representative Jamieson Greer is also expected to join the discussions. The talks will continue a series of meetings held in European cities during the last year, aimed at easing the tensions between the two world's largest economies. U.S. and China trade analysts say that there is little time for preparation, as Washington's focus is on the U.S. - Israel war against Iran. The prospects of a major breakthrough in trade are therefore limited at either the Paris or Beijing summit. Scott Kennedy, an expert in China economics at the Center for Strategic and International Studies, Washington, said, "Both sides have a minimal goal of holding a meeting. This keeps things together and prevents a rupture and reescalation of tensions." Kennedy said that Trump might want to leave Beijing with a commitment from China to buy new Boeing planes and more U.S. soybeans and liquefied gas, but he would need to make some concessions on U.S. Export Controls. Kennedy, however, said that the chances of a summit "that superficially appears to be making progress" but in reality leaves things at their current state for the past four months were good. Trump and Xi may meet at least three more times in 2018. This includes a China hosted APEC Summit in November?and a U.S. hosted G20 Summit in December, which could result in tangible progress. IRAN WAR OIL CONCERNS It is likely that the U.S. and Israel's war against Iran will be discussed at the Paris talks. This is especially true in relation to the recent spike in oil -prices, as well as the closing of the Strait of Hormuz through which China receives?45% of her oil. Bessent announced on Thursday that sanctions would be waived for 30 days to allow the sale Russian oil in tankers stranded out at sea. This was done to increase supplies. Trump called on other countries to protect shipping in the Strait of Hormuz after Washington bombed military sites at Iran's Kharg Island, a hub for oil loading. Iran had threatened to retaliate. In a Sunday commentary, China's Xinhua state-run news agency stated that "meaningful" progress could be made in Sino-U.S. Economic Cooperation to restore confidence in an economy which is becoming increasingly fragile. TRADE TRACE REVIEW Both sides will review their progress on meeting the commitments made under the October 2025 Trade truce that was declared by Trump and Xi at Busan in South Korea. The agreement prevented a major flare up in tensions. It lowered U.S. import tariffs and suspended for a whole year China's export controls of rare earths. The deal also halted the expansion of a U.S. list of Chinese companies that are banned from purchasing high-tech U.S. products such as semiconductor manufacturing machinery. China has also agreed to purchase 12 million metric tonnes of U.S. soya beans during the marketing year 2025 and 25 millions tons for the season 2026, which begins with the harvest in the fall. Bessent and other U.S. officials have stated that China has met its commitments in the Busan agreement, citing initial soybean purchases. While some industries receive rare earth exports from China - which dominates the global production - U.S. aerospace firms and semiconductor firms are not receiving them and are experiencing a worsening shortage of key materials, such as yttrium used in heat resistant coatings for jet engine. William Chou said that the U.S. will focus on agricultural purchases from China and greater access for Chinese rare earths at the Paris talks. NEW TRADE PROBES Greer and 'Bessent bring a fresh irritant into the Paris talks: a "Section 301", a new investigation into unfair trading practices that targets China and 15 major trading partners based on alleged excess industrial capacities. This could lead to a second round of tariffs in a matter of months. Greer has also launched a probe into allegations of forced labor in 60 countries including China that could lead to the ban on certain imports. The investigations aim to rebuild Trump’s tariff pressure against trading partners after the U.S. Supreme Court ruled that Trump's global trade tariffs were illegal under an emergency law. The ruling effectively'reduced Trump’s tariffs on Chinese products by 20 percentage points. But he immediately imposed an?global tariff of 10% under another trade law. China denounced Friday the investigations and stated that it reserves the right to take countermeasures. China Daily, the state-run newspaper, added in an editorial that these investigations were unilateral actions that complicate negotiation. Xinhua reported that "the new round of discussions is both an opportunity as well as a test." The U.S. will have a major role to play in determining whether the talks are successful. Washington must approach the talks with a pragmatic and rational mindset, and act in accordance with the principles which underpin stable China-U.S. Economic Relations." (Reporting and editing by Andrea Ricci; Additional reporting in Beijing by Ryan Woo; Reporting by David Lawder)
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US and China economic chiefs to meet in Paris to prepare for Trump-Xi Summit
?Top U.S. economic officials and Chinese officials will launch a second round of talks on Sunday in Paris to smooth out the kinks 'in their trade truce, and to prepare for Donald Trump to travel to Beijing at the end of March to meet with Chinese president Xi Jinping. The U.S. Treasury secretary Scott Bessent, and the Chinese Vice Premier He Lifeng are expected to lead discussions on a number of issues, including shifting U.S. Tariffs, the flow of Chinese rare earth minerals to U.S. buyers and American export controls for high-tech products, and Chinese purchases U.S. agriculture products. A source familiar with the planning of the two parties said that the two sides would meet at the Paris headquarters for the Organisation for Economic Cooperation and Development. China does not belong to the club of 38 mostly rich democracies, and it considers itself as a developing nation. U.S. trade representative Jamieson Greer is also expected to join the discussions. The talks will continue a series of meetings held in European cities during the last year, which were aimed at easing the tensions between the two world's largest economies. U.S. and China trade analysts say that there is little time for preparation, as Washington is focused on the U.S. - Israel war against Iran. The prospects of a major breakthrough in trade are limited at either the Paris or Beijing summits, because Washington's focus will be on this conflict. Scott Kennedy, an expert in China economics at the Center for Strategic and International Studies, Washington, said, "Both sides have a minimal goal of holding a meeting. This keeps things together and prevents a rupture and reescalation of tensions." Kennedy said that Trump might want to leave Beijing with a commitment from China to buy new Boeing planes and more U.S. soybeans and liquefied gas. But to achieve this, he may have to make a concession on U.S. Export Controls. Kennedy, however, said that the chances of a summit "that superficially appears to be making progress" but in reality leaves things at their current state for the past four months were good. Trump and Xi may meet at least three more times in 2018. These meetings could include a G20 summit hosted by the U.S. in December and an APEC summit held in China in November. IRAN WAR OIL CONCERNS At the Paris talks the U.S. and Israel's war against Iran is likely to be discussed, particularly in relation to the "spike" in oil prices, as well as the closing of the Strait o'Hormuz through which China receives 45% of its crude oil. Bessent announced on Thursday that sanctions would be waived for 30 days to allow the sale Russian oil in tankers stranded out at sea. This was done to increase supplies. Trump called on other countries to protect shipping in the Strait of Hormuz after Washington bombed military sites at Iran's Kharg Island, a hub for oil loading. Iran had threatened to retaliate. In an editorial, China's China Daily newspaper called for continuity of the U.S. - China dialogue to serve as a "stabilizing pillar" in the midst of uncertainty surrounding the "ongoing Middle East crisis" and how best to resolve specific differences, including those relating to strategic materials, technology and market access, and agriculture. China Daily stated that "in a time like this, a trade conflict between the two world's largest economies is the last thing we need." TRADE TRUCE OVERVIEW Both sides will review their progress on meeting the commitments made under the October 2025 Trade truce announced by Trump and Xi at Busan in South Korea. The agreement prevented a major flare up in tensions. It lowered U.S. import tariffs and suspended for a whole year China's export controls of rare earths. The deal also halted the expansion of an American blacklist of Chinese firms banned from buying high-tech U.S. products such as semiconductor manufacturing machinery. China has also agreed to purchase 12 million metric tonnes of U.S. soya beans during the 2025 season and 25 millions tons for the '2026 season. This will begin with the fall harvest. Bessent and other U.S. officials have stated that China has met its commitments in the Busan agreement, citing soybean sales that met initial goals. While some industries receive rare earth exports, mainly from China which is the world's largest producer, U.S. semiconductor and aerospace firms do not. They are experiencing a worsening shortage of key materials such as yttrium used to make heat-resistant coatings on jet engines. William Chou said that the U.S. will focus on agricultural purchases from China and access to Chinese rare Earths, in the "short term", at the Paris talks. William Chou is a senior fellow with the Hudson Institute. NEW TRADE PROBE Greer and Bessent bring a new irritant into the Paris talks. A new "Section 301", investigation into unfair trading practices targeting China and other major trading 'partners, over alleged excess capacity in their industries. This could lead to a second?round tariffs in a matter of months. Greer launched a second investigation into alleged forced-labor practices in 60 countries, including China. This could lead to a ban on certain imports from the U.S. The investigations aim to rebuild Trump’s tariff pressure against trading partners, after the U.S. Supreme Court declared illegal Trump’s global tariffs under emergency laws. The ruling reduced Trump's tariffs against Chinese goods by 20%, but he immediately implemented a 10% tariff on a global basis under another trade law. China denounced Friday the investigations and stated that it reserves the right to take countermeasures. China Daily's editorial said that the investigations were "representative unilateral actions that complicate negotiation." Reporting by David Lawder, Editing by Andrea Ricci
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CNBC reports that Fertitta Entertainment is in talks with Caesars to purchase the company for $6.5 billion.
CNBC, citing 'close sources', reported on Saturday that Fertitta Entertainment was negotiating to buy Caesars Entertainment at $32 per share. This would represent an equity value $6.5 billion. The report stated that Fertitta’s terms for Caesars include a value of $31.5billion, based on the substantial debt the gaming company has. Caesars responded to an emailed question by saying: "As a policy, we do not comment on rumors and market speculation." Could not verify the report immediately. Fertitta Entertainment has not responded to the request for comment made outside of regular business hours. CNBC reported that deal talks will take place this weekend, within a 45 day exclusive window, at Fertitta’s headquarters in Houston. The Wall Street Journal reported earlier this week that Fertitta Entertainment was considering paying $34 per share for Caesars. This would give it a market value of $7 billion. Journal reported that the casino operator received a cash offer from Icahn Enterprises - the publicly listed company which houses billionaire Carl Icahn’s investments. Icahn made his first friendly bid for Caesars back in January. He offered $28.50 per share with the promise that the current management would continue to be in place, according to a report by CNBC. Icahn Enterprises didn't immediately respond to our request for comment. Icahn?is interested in partnering up with a digital gaming company, which could combine Caesars digital gambling operations and theirs. Caesars reported a?net loss for four consecutive quarters, hurt because of the softening visitor number in Las Vegas which dropped significantly in 2025.
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Tedros, WHO chief Tedros, says that 12 people were killed in a strike at a primary healthcare center in Lebanon
On Saturday, the head of the 'World Health Organization' said that it had'verified 12?doctors and nurses? who were killed during a strike against Bourj Qalaouiyeh Primary Healthcare Center in Lebanon on Friday evening. In a post published on X, Director-General Tedros Adhanom?Ghebreyesus noted that two paramedics were killed earlier in the day in an attack on a hospital in Al Sowana. Israel has launched a massive bombing campaign against the powerful Lebanese group Hezbollah. This has resulted in the deaths of more than 770 people and the displacement of hundreds of thousands of others. Hezbollah also fired hundreds of rockets across the border.
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Trump: 'Many countries' are sending warships to the Strait of Hormuz.
Donald Trump, the U.S. president, said on Saturday that a number of countries would send warships in order to maintain the Strait of Hormuz as a shipping route. He did not specify which countries would be doing this. Trump posted a message on Truth Social saying that "Many Countries will be sending War Ships in conjunction with United States of America to keep the Strait safe and open." Trump said that he hopes China, France Japan South Korea and Britain will send ships to the region. He wrote: "The United States will continue to bomb the hell out of the shoreline and shoot Iranian Boats and Ships into the water." The White House did not respond immediately to a question about whether countries had agreed to ship ships. Western nations have boosted their military presence in eastern Mediterranean as the conflict in Iran continues. They are focusing on the safety of Cyprus after an Iranian drone struck a British base on the island in March. John Healey, the British defence minister, said that Britain was also looking at additional options to deploy in the Gulf following an increase in Iranian attacks against vessels. A spokesperson for the Ministry of Defence said that on Saturday, the British government was in discussions with allies and partners to discuss "a range of possible options" to ensure "the security of shipping within the region". As part of its defensive support for allies, the French Navy has deployed about a dozen vessels, including 'its aircraft carrier strike groups, to the Mediterranean Sea, Red Sea, and possibly 'the Strait of Hormuz. French officials have been in consultation with European, Asian, and Gulf 'Arab countries over the last week to develop a plan to eventually have warships escort oil tankers through this strait. Trump stated on Thursday that the U.S. is?willing' to escort vessels through the Strait?of Hormuz in order to protect them against Iranian attack. His administration is looking for ways to reduce high oil prices caused by the U.S. and Israeli war on Iran. (Reporting from Bhargav Asharya in Toronto, and Milana Vinn, in New York. Editing by Toby Chopra. Sergio Non. Rod Nickel.)
Livigno, Italy prepares for the Olympics with a snowmaking stockpile and a snowmaking facility
Organisers in Livigno, a town in northern Italy, said that the city is well-prepared to host Olympic snowboarding events and freestyle skiing next month due to its ability to produce and store snow.
Livigno, located in the Alps near the Swiss border will require large amounts of snow to build the halfpipe and jumps for the spectacular events. Johan Eliasch, President of the International Ski Federation (FIS), expressed concern last month over the production of Livigno's snow. He accused the Italian government for being slow in releasing some funding.
Davide Cerato is the local area manager of the Milano Cortina Games. He said that he could understand FIS's concerns, as there were some "delays" in the construction phase, but they had been rectified.
He said, "Now we have completed 80% of snow production. According to the plan?which calls for the production to be complete by January 20th. We are ahead of schedule."
Winter Olympics from 6-22 February, with Milan and Cortina in the Dolomites serving as two of the main bases and events taking place across northern Italy.
NEW DAM HELPS WITH SNOWMAKING
A test event will take place in late January to put Livigno through its paces.
Locals report that the venue, located at 1,816 meters, still receives a lot of snowfall, but it has been able to increase its snow-generating capacity, thanks to snow cannons which are fed by a dam of a volume of over 200,000 cubic metres.
Fabio Saldini said that the Livigno Snow Park, which is the largest project of the Games, was the most complicated because four disciplines share the same finish zone and are located near a parking lot.
The initial feedback received from the visiting Italian team was very positive.
Saldini said, "They're here right now preparing the slope. They told us the snow was spectacular."
He added, "It's a beautiful slope, the grip is excellent, and in fact they said they hadn't seen anything like it in 10 years."
STORED WINTER SNOW IS AN IMPORTANT PART
Locals also developed methods?for storing the snow from year to year, some of which have been used to cover key areas of the Olympic courses.
Luca Moretti is the head of Livigno's tourism promotion agency. He says that the snow stockpiles are covered in a special material during the summer to help reduce the effect of the sun's rays. Only 23% of it was lost last year.
They dug this pile as compensation for the initial delay of artificial?snowmaking.
"We began transporting it via lorry. "The lorries covered a distance of only 350 meters, and managed to collect about 10,000 cubic metres?of snow each day," Moretti stated.
He added, "In only a few short days, we were able to create 100,000 cubic meters, which will serve as the landing area for Big Air."
Moretti said that the weather patterns had changed, but he still sees Livigno's future as a venue for winter sports.
He said that the snowiest months, November and December, have now shifted to February, January and March. The season is also getting longer. (Writing and editing by Hugh Lawson; Keith Weir)
(source: Reuters)