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UN report finds that M23 Congolese forces could have committed war crimes against the Congolese people.
According to the U.N. Human Rights Office, M23, a rebel group backed by Rwanda, Congolese forces, and other armed organizations have committed grave rights violations, including some that may be considered war crimes in eastern Democratic Republic of Congo. A new report from the U.N. Human Rights Office Fact-Finding Mission stated that M23, Congolese forces, and other groups were responsible for gross violations to international humanitarian law ever since fighting broke out in North and South Kivu late last year. In a press release, U.N. Human Rights High Commissioner Volker Turk called for accountability for the victims. There was no immediate comment from the governments of Rwanda and Congo or Wazalendo, the pro-government militia fighters. Bertrand Bisimwa, the leader of M23, said the U.N. allegations were untrue and a sham attempt to sway public opinion. M23 has denied allegations that it committed atrocities in the past. M23 captured Goma in eastern Congo, the largest city. They then made gains throughout North Kivu, and South Kivu. This year's fighting has caused thousands of deaths and hundreds of thousands of displacements, and increased the threat of a full-blown conflict in an area rich in tin and gold. The United Nations has been accusing parties to the Congo conflict for gross atrocities. This is the first report that finds these abuses could have been crimes against humanity or war crimes. The report revealed that the ethnic Tutsi led M23 committed summary executions, torture and enforced disappearedances. These may constitute crimes against humanity as well as war crime, including the taking of captives and wilful murder. SYSTEMATIC Sexual Violence The report also stated that the group used systematic sexual violence against women, including gang-rapes, in an effort to "degrade and punish victims, as well as break their dignity." The report stated that M23 received operational and training support from the Rwandan Defense Forces. There were also credible allegations about the presence of RDF personnel in M23. Rwanda has denied supporting M23, and its forces are acting in self-defence to defend themselves against the Congolese army and ethnic Hutu armed militiamen who were linked to Rwanda's 1994 genocide. The report found that DRC forces and groups affiliated with them, like the Wazalendo armed group, committed grave violations including gang rapes, killings of civilians and looting. The report examined whether the repeated rapes committed by certain Congolese armed groups in January and Febraury amounted crimes against humanity. However, it was unable to determine if this behavior was part of a state policy. The report said that some Wazalendo leaders and members may have committed a war crime by conscripting and enlisting underage children and using them to fight. The chief spokesperson of the Office of the United Nations' High Commissioner for Human Rights (UNHCR), Ravina Shamdasani told reporters at a press conference in Geneva that the report would make it clear how important it is to ensure accountability and justice. The OHCHR called for adequate funding so that a Commission of Inquiry, which was halted due to lack of funds, could proceed. After Qatar's mediation, Congo and rebels signed on 19 July a Declaration of Principles in which they pledged to begin negotiations for a peace agreement in August. The two sides did not meet the deadline. Reporting by Olivia Le Poidevin, Additional reporting by Congo Newsroom; Editing and production by Rob Corey-Boulet, Sharon Singleton.
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Kurier reports that Austrian oil giant OMV is planning to reduce its staff by a twelfth in the evening across the globe.
The Kurier reported that the Austrian oil and gas group OMV will cut 2,000 jobs from its worldwide workforce of 23,000. In a Friday statement, the company stated that "competitiveness" of the group may require adjustments. It did not exclude what they called personnel measures. OMV said that details of its plans will be announced once internal consultations are completed. In a report that was published Thursday evening, the newspaper cited staff unions to say that the Romanian subsidiary Petrom of the company would be particularly affected. Cuts were also planned for its refinery in Germany's south and Slovakia's. Borealis Chemicals, which is due to merge with Abu Dhabi National Oil Company's (ADNOC) chemicals business, OMV's major shareholder, would not be affected. The company will eliminate 400 of its 5,400 jobs in Austria. The GPA union, which called the plans "a severe blow" to Austria's economy, warned that industrial actions could be taken if OMV failed to make a fair offer to departing employees. The possible loss of highly-qualified staff is a significant loss for Austrian Industry," the report added.
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S.African electricity regulator supports ArcelorMittal in its bid for discounted rates
ArcelorMittal South Africa has met the requirements for discounted electricity rates, according to the rules set by the energy regulator of the country. The steelmaker, which is in a loss, made the request. However, the regulator said that it does not have the power to impose an electricity tariff, and ArcelorMittal will have to negotiate favorable terms with Eskom, a state-owned utility. ArcelorMittal has decided to close its South African long-steel operations that are losing money due to high electricity costs and weak demand. The steelmaker asked the National Energy Regulator of South Africa to review a Eskom decision to reject its request for discounted tariffs. Eskom claimed that ArcelorMittal didn't meet the criteria of negotiated price agreements (NPAs), typically offered to industrial power users who consume a lot of energy. "NERSA considers eligibility criteria and other factors ArcelorMittal South Africa was found to have substantially met the requirements of the NPA framework. In a press release, the regulator stated that it had "certain criteria". ArcelorMittal announced this week that it would close its long-stack steel plants in Newcastle and Vereeniging on September 30 as planned, after failing to obtain government concessions regarding utility charges and import duty among other requests. According to the company, closing the plant could lead to the loss of over 3,500 direct positions. ArcelorMittal announced that the Industrial Development Corporation of South Africa, a state-owned company with an 8% stake in ArcelorMittal South Africa was performing due diligence on ArcelorMittal.
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Canada offers tariff relief to automakers who meet EV sales targets
Canada announced on Friday that it would waive the requirement that 20% all vehicles sold in 2019 be emission-free. This is part of a package of aids designed to assist companies with damages caused by U.S. Tariffs. The 20% You can target The Liberal government led by Justin Trudeau, then Prime Minister of Canada, mandated the rule in 2023. Mark Carney, Trudeau’s successor, said that removing the rule would allow the auto industry to deal with U.S. Punitive measures. Ottawa will launch a 60-day immediate review to reduce the costs associated with this requirement, he stated in a press release. Carney, who was elected in April on the basis of the need to diversify from the United States and away from other countries, announced Ottawa would create a new C$5 Billion ($3.6 Billion) fund, with flexible terms, to assist firms across all sectors affected by tariffs. "We cannot control the actions of other countries." He said, "We can only control what we do for ourselves. Ottawa is introducing a policy that will ensure the federal government purchases from Canadian suppliers. It also introduces a new incentive for biofuel production, which includes over C$370 millions to help farmers address their immediate competitiveness issues. China on Friday You can also read more about A probe was conducted into the importation of canola, one of world's largest suppliers. The statement did not mention any aid to the steel or aluminum industries, which were particularly hard-hit by President Donald Trump's actions.
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Kazatomprom to triple exploration abroad as it seeks more ventures
Kazatomprom announced plans on Friday to triple its exploration in Kazakhstan, and explore opportunities for international expansion, following recent agreements signed with Jordan and Mongolia. State-controlled company currently produces its uranium in Jordan, but last week signed an agreement with Jordan to develop the country's assets. "We have been recognized for our mining capabilities, which is why... we also look at opportunities overseas," Meirzhan Yossupov, Chief Executive of the World Nuclear Symposium held in London. Kazatomprom has also signed a deal with Mongolia's Mon-Atom, in addition to its Jordan agreement. Yussupov stated that his company was exploring other options. We are working to diversify geographically our operations at a global level. In a report published on Friday, the World Nuclear Association warned that by 2040, uranium consumption for reactors will more than double and new mines will be needed. Yussupov stated, "On our part, we are embarking upon a very extensive exploration program in Kazakhstan... We have tripled our exploration capacity." Kazatomprom produces about a quarter of the primary uranium in the world. It has confirmed its production forecast for 2025, but will scale back on its output expansion plans by 2026 because of market conditions. The price of uranium at the spot market has doubled in the last five years, reaching $76 per pound. However, this is still a far cry from the peak of $106 per pound reached in February 2024 - the highest since November 2007. (Reporting and editing by Louise Heavens, Eric Onstad)
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US stocks reach record highs as weak employment data fuels rate-cut bets
U.S. stock prices briefly reached record levels on Friday, after data showed that U.S. employment growth had slowed in August. This led investors to increase their bets the Federal Reserve would cut interest rates this month by up to 50 basis points. Treasury yields fell on speculation that the Fed would lower rates more aggressively, and the U.S. Dollar dropped, but gold reached a record high, bringing it closer to $3600 per ounce. Equity markets are seen as a positive when interest rates drop, because it could result in lower borrowing costs for business. Gold, which doesn't pay interest, tends to shine as well when rates are low, and there is a lot of uncertainty. Art Hogan, strategist at B Riley Wealth Management, Boston, stated that "this number today puts back on the table a rate cut of 50 basis points at the next policy meeting." "More importantly, I believe 75-basis point before the end the year is pretty much a lock." The U.S. government reported that nonfarm payrolls rose by just 22,000 jobs in August, after a 79,000-job increase upwardly revised in July. This was below the forecast of 75,000. S&P 500 Index reached a record high of 6,532.65 in the early trading before reversing to be down by 0.4%. The Dow Jones Industrial Average hit a new record in the early minutes of trading before falling 0.6%. Meanwhile, the Nasdaq composite index lost 0.3%. The yield on the two-year Treasury fell by 11.8 basis points at 3.47%. Meanwhile, the yield on the benchmark 10-year Treasury dropped 10 basis points, to 4.078%. By 1440 GMT the MSCI World Equity Index had remained flat for the day, while Europe's STOXX 600 Index had fallen 0.2%. The FTSE 100 was down 0.1% and France's CAC40 lost 0.5%. The dollar index fell 0.6% to 98.023 while the euro rose 0.7% to $1.1732. The warning bell that was ringing in the labor markets a month ago has just gotten louder, said Olu sonola, director of U.S. Economic Research at Fitch Ratings. "An employment report that is weaker than expected all but confirms a rate cut of 25 basis points later this month." Fed Chair Jerome Powell fueled speculation about rate cuts with an unexpectedly dovish statement at the Fed symposium held in Jackson Hole last month. The market sentiment has improved in recent days, after the global stock markets fell this week, and European long-term bond yields reached their highest levels in years. Investors were concerned about various countries' finances and particularly Britain and France. France's 30 year yield was 4.3873% on Friday after reaching a high of 4.523% the previous day. The UK's 30 year yield was 5.553%. The benchmark German 10-year yield was 2.7051%. Data released on Friday revealed that German industrial orders fell unexpectedly in July. The U.S. has signed an agreement to lower auto tariffs for Japan after months of negotiation. The dollar fell 0.9% against the Japanese yen. The pair was trading at 147.05. The oil prices are in their third consecutive day of declines. Brent crude futures dropped 2.3% to $65.44 per barrel while U.S. West Texas Intermediate crude fell 2.4% to $60.96. The European Union energy commissioner said that the bloc would be happy to hear about President Donald Trump's plans to stop buying Russian crude. Gold spot was up by 1.1% to $3,584.39 an ounce after hitting a record of $3,597.66. This is the metal's strongest weekly gain since nearly four months.
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Minister: Turkey will offer incentives to power plants that use locally produced coal
Alparslan Bayraktar, the Energy Minister, said that Turkey will launch a programme of incentives on electricity purchase guarantee for power plants that use locally produced coal. Bayraktar, speaking at a coal mine in western Turkey said that the program would start this month. The incentives will apply to local coal plants up until 2030. He added that the state would buy 60% of the electricity generated in the mine at a stable rate for hard currency. Bayraktar stated that Turkey's installed coal-based electricity generation capacity is 7,500 MW, out of a total 120,000 installed capacity. As of June 30, these power plants accounted for 12% of all electricity generated. The government views coal power plants as critical to energy security and employment in the mining industry. As part of the programme, we also provide incentives to coal plants that are newly constructed. Bayraktar stated that they were working on an "purchase guarantee scheme" which would run until 2045. We will therefore increase our energy output from domestic coal and coal production, by increasing our installed capacity and replacing the old power plants which will be decommissioned. This will reduce our dependency on foreign sources. Turkey, Europe's largest polluter of carbon emissions from coal-fired electricity production, has committed to gradually reduce its CO2 emissions to zero by the year 2053. Nevertheless, coal was the largest source of electricity in Turkey last year. Analysts say that this is unlikely to be changing significantly anytime soon due to the strong demand for electricity. Can Sezer, Tuvan Gumrukcu and Gareth Jones edited this report.
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South Africa's Eskom does not expect any power outages over the summer
Eskom, the South African utility company, said it would not expect any power outages during the summer months in southern hemisphere, barring an increase in breakdowns. Eskom's problems supplying electricity to Africa’s largest economy have slowed economic growth by more than 10 years. But a change in performance at the power plants has reduced outages from 176 to 13 days during last summer, down from 176 the previous year. At a press event on the electricity outlook between September 2025 to March 2026 (roughly equivalent to the summer in South Africa), company executives stated that they were confident of providing uninterrupted power supply for the months ahead. We are going into this summer with some room to spare, which should allow us to perform our maintenance. "We didn't have it last year," said Chief Executive Officer Dan Marokane. It is for this reason that there will be no loadshedding (power cut) in cases where the unplanned losses are below 15 megawatts. Eskom reported that unplanned losses of electricity dropped to around 10,000 MW in august, well below the levels seen in previous years when South Africans were used to power outages on a daily basis. The utility operates plants with a nominal power of 46,000 MW. It is mainly coal-fired but also has a nuclear station, and smaller plants that use diesel or water to produce electricity.
US stocks reach record highs as weak employment data fuels rate-cut bets
U.S. stock prices briefly reached record highs before trading lower on Friday. Data showing that U.S. employment growth slowed in August led investors double down on their bets the Federal Reserve would cut interest rates this month by up to 50 basis points.
Treasury yields fell on speculation that the Fed would lower rates more aggressively, and the U.S. Dollar dropped, but gold reached a record high, bringing it closer to $3600 per ounce.
Equity markets are seen as a positive when interest rates drop, because it could result in lower borrowing costs for business. Gold, which doesn't pay interest, tends to shine as well when rates are low, and there is a lot of uncertainty.
Art Hogan, strategist at B Riley Wealth Management, Boston, stated that "this number today puts back on the table a rate cut of 50 basis points at the next policy meeting." "More importantly, I believe 75-basis point before the end the year is pretty much a lock."
The U.S. Bureau of Labor Statistics reported that nonfarm payrolls grew by just 22,000 jobs in August, after increasing by a revised upwards 79,000 positions in July. This was below the forecasted gain of 75,000.
S&P 500 Index reached a record of 6,532.65 in the early trading before reversing to be down by 0.55%. The Dow Jones Industrial Average hit a new record in the early minutes of trading before slipping 0.6%. Meanwhile, the Nasdaq composite index lost 0.3%.
The yield on the benchmark 10-year Treasury note fell 10 basis points, to 4.076%, in line with the expectation of lower rates.
By 1710 GMT the MSCI World Equity Index had remained flat for the day, while Europe's STOXX 600 Index was down 0.2%. The FTSE 100 remained unchanged, while France's CAC 40 fell 0.3%.
The dollar index fell 0.6% to 97.674 while the euro rose 0.6% to $1.17625.
The warning bell that was ringing in the labor markets a month ago has just gotten louder, said Olu sonola, director of U.S. Economic Research at Fitch Ratings.
"An employment report that is weaker than expected all but confirms a rate cut of 25 basis points later this month."
Fed Chair Jerome Powell reinforced speculation about rate cuts with an unexpectedly dovish address at the Fed symposium held in Jackson Hole last month.
The market sentiment has improved in recent days, after stocks in Europe fell and investors were concerned about the financial state of different countries, especially Britain and France.
The yields on 30-year bonds in France and the UK were lower on Friday. France's yield was 4.3873% compared to a high of 4.523% reached on Wednesday.
The benchmark German 10-year yield is 2.7051%. German industrial orders fell unexpectedly in July, according to data released on Friday.
The U.S. has signed an agreement to lower auto tariffs for Japan after months of negotiation. The dollar fell 0.9% against yen and the pair was trading at 147.05.
The oil prices are in their third consecutive day of declines. Brent crude futures dropped 2.3% to $65.44 per barrel while U.S. West Texas Intermediate crude fell 2.6% to $60.83.
The European Union energy commissioner said that the bloc would welcome U.S. president Donald Trump's plans to stop buying Russian crude oil.
Gold spot was up 1.3% to $3,592.13 an ounce after hitting a record of $3,597.66. The metal is on course for its biggest weekly gain in almost four months.
(source: Reuters)