Latest News
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Oil prices drop after US grants license to countries to purchase Russian oil that has been stranded on sea for 30 Days
The price of oil dropped Friday morning, after the U.S. granted a license to countries for a period of 30 days to purchase Russian oil as well as?petroleum stranded in the sea. This eased supply concerns. Brent futures fell 71 cents or 0.71% to $99.75 per barrel at 0123 GMT, while U.S. West Texas Intermediate crude (WTI), was?down 88 cts or 0.92% to $94.85. The license was granted in what Treasury Sec. Scott Bessent described as a move to stabilize global energy markets that were roiled by war in Iran. The license will not resolve the fundamental problem. Yang An, an analyst at Haitong Futures, said that the most important thing was the restoration of navigation through the Strait of Hormuz. The announcement about Russian oil comes a day after the U.S. Energy Department announced that the U.S. will release 172,000,000 barrels of oil out of its Strategic Petroleum Reserve to 'tame the sky-high oil prices following the war in Iran. This plan was coordinated by the International Energy Agency (IEA), which?agreed? to release 400 million barrels from strategic oil stockpiles. contribution. In a note, IG analyst Tony Sycamore stated that the IEA'release' was followed by a dangerous reescalation in Middle East risks. The benchmark prices both rose more than 9% Thursday, and reached their highest level since August 2022. Iran's new Supreme Leader Mojtaba Khmenei has said that Iran will continue to fight and close the Strait of Hormuz as leverage against Israel and the United States. Iraqi officials reported that two fuel?tankers were hit by Iranian boats laden with explosives in Iraqi waters on Thursday. Iraqi officials told state-run media that oil port operations in the country have been halted. Bloomberg News reported on Thursday that Oman had moved all its vessels from the main oil export terminal in Mina Al?Fahal outside of the Strait of Hormuz as a precautionary measure. Other measures are also being taken to reduce the risks. U.S. Treasury secretary Scott Bessent said in an interview with Sky News that the U.S. Navy would, perhaps along with an international alliance, escort ships through the Strait of Hormuz if it was militarily feasible. Saudi Arabia reportedly pays a premium for tankers to be rerouted?towards the Red Sea using its East-West pipeline to transport oil on global markets. In his note, IG's Sycamore stated that Iran allows one or two tankers a week to pass, mainly towards China. This keeps China on their side and the cash flowing. (Reporting and editing by Lewis Jackson and Sam Li)
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Australian shares fall on inflation fears, Northern Star falls on output warning
Australian shares dropped on Friday, as rising oil prices tied to the Middle East conflict fueled inflation fears. Meanwhile, gold miner Northern Star fell after announcing difficulties in achieving its annual production forecast. By 2333 GMT, the?S&P/ASX 200 was?down _0.3%? at 8,611.20. The benchmark index has lost 6.5% in the last two weeks, since the Middle East War began. The oil price rose on Thursday, reaching its highest level in almost four years. This was due to Iran's increased attacks on oil and transportation facilities throughout the Middle East. Markets projected a 78% probability of an increase at the Reserve Bank of Australia meeting on 17 March, up from 20%. Northern Star Resources plummeted as much as 16.6%. It is on course for its worst session since late March 2020 after the company announced operational setbacks in one of Australia's biggest open-pit gold mining operations, Kalgoorlie Consolidated Mines. Lower gold prices weighed down on the Australian gold peers as well as the broader mining index, which both fell by 4.3% and 1.8% respectively. The dollar strengthened and bets that the U.S. Fed would cut rates eased. The conflict and Northern Star's fall wiped out gold sub-index gains for the year, after it had more than doubled on a bullion price rally in 2025. Financials increased 0.5%, which helped limit the overall loss, but if momentum continues, it is likely that a third straight week of?loss will follow. All four "Big Four' lenders gained between 0.3% to 0.7%. Energy stocks rose by 1.1% due to higher oil prices. Karoon Energy, however, lost?1.8% when it announced that Brazil had imposed a 12 percent tax on oil exports. Karoon has a Brazilian asset, the Bauna Project. The benchmark S&P/NZX50 index in New Zealand fell 0.5% to 13,133.31.
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Global EV sales fell again in February
Benchmark Mineral Intelligence's (BMI) data showed that global EV registrations dropped 11% in February. This was largely due to China's biggest?sales?drop since early 2020 when the COVID-19 epidemic began. China, which has been slackening its policies to encourage the purchase of electric vehicles, has stopped funding auto trade-ins. A tax exemption on EVs in China expired at the end last year. BMI reported that China,?the largest EV market in the world, saw a 32% drop in battery-electric car registrations and?plug in hybrid vehicle sales in February, a proxy measure of sales. This dropped to less than 500,000 cars. This is consistent with the?34% decline in total car sales recorded in August by?the China Association of Automobile Manufacturers. Charles Lester, BMI Data Manager, said that consumers are very price sensitive. In February, worldwide registrations dropped for the second consecutive month to just under one million vehicles sold. This is their lowest level since 2024. The North American EV market shrank by 35%, to less than 90,000 units, for a fifth consecutive month, after an EV credit scheme was ended in the United States, last September, and President Donald Trump's administration proposed to further reduce Co2 emissions standards. Trump's policies, coupled with a cooling of global demand for electric cars, have forced carmakers that are most exposed to the U.S. to write down over $70 billion. Europe has also retreated from its emission targets. In February, EV sales on the continent increased by 21%. This is a growth rate that has not slowed down despite the slower pace of most of last year. The number of EVs registered in other parts of the world increased by 78% to more than 180,000 vehicles. Chinese automakers have continued to expand in Asia, Australia and Europe while fighting off fierce domestic competition. (Reporting and editing by Matt Scuffham, Alessandro Parodi)
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Canada will boost Arctic defenses and says it cannot rely on other countries
Mark Carney, Canada's Prime Minister, unveiled on Thursday a C$35 billion plan ($25.7 billion), to "boost" Canada's defences in the vast Arctic region. The country is trying to reduce its dependence on the United States. Canada has relied on U.S. assistance to monitor the Canadian Arctic for many years. The Canadian Arctic covers an area of 4.4 million sq km (1,7 million sq mi) - more than India's total land area - and it is virtually uninhabited. Trump's tariffs, and his musings on annexing Canada, have caused tensions. "We won't depend on one nation anymore, but instead, we will build a stronger and more independent country." Carney stated that Canada will take full responsibility for defending its Arctic sovereignty with this new plan. Canada was under constant pressure from the United States to increase its defense spending. In June last year it vowed to do so. The country has promised to reach NATO's 2% target for military spending five years earlier than originally planned. Carney stated in January that the United States, along with other major nations, were undermining the?rules based order' that Canada had long enjoyed. He said that "the assumptions" that have shaped Canadian security and defense for decades are being re-examined. Carney, in a speech delivered in Yellowknife (the capital of the Northwest Territories, and the home to Canada's Arctic Military Command), said that climate change was causing the Arctic to warm three times faster than global average. The plan outlined how funding previously announced for the Arctic would be spent. Ottawa announced in 2022 a C$38.6 Billion plan to modernize Canada's defenses, and the North American Aerospace Defense Command it operates with the United States. Canada has four basic?Arctic Airfields, which can each accommodate six fighters. Around 2,000 soldiers are scattered around the region. Carney's plan includes a C$32 billion investment to expand military airfields and build four operational hubs. Two commercial airports would be upgraded and two roads proposed from the Arctic to Canada's south regions would be expedited. Trump has shown a keen interest in the Arctic's mineral potential. In addition to comments about annexing Canada and insisting that the U.S. needed Greenland to defend itself from threats by Russian and Chinese interests. Canada's Arctic region is approximately 25% of the global Arctic. The region has a wealth of?rare minerals but it is also very cold and lacks infrastructure, making mining operations complex and expensive. Carney will fly to Norway's north later on Thursday to observe NATO's biennial drills. (1 Canadian dollar = 1.3620 Canadian Dollars) (Reporting and writing by Maria Cheng, Editing by Caroline Stauffer & Edmund Klamann).
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Venezuela signss deal with Repsol to produce gas
Venezuela and the Spanish energy group Repsol signed "strategic agreement" on Thursday, according to a government statement. Delcy Rodriquez, the acting president of Venezuela, said on state television that the agreement would allow gas production to be carried out at Cardon?IV. This is a joint venture 50-50 between?Repsol, and Italy's Eni. She said that the agreement would allow exports to expand. Rodriguez stated, "I'm very happy that this is being done with two European companies that have stayed in Venezuela. They believe in Venezuela and didn't turn their backs to our people." Venezuela's government has stated that it is "committed" to negotiating with international investors for oil and gas. After the 'United States' captured President Nicolas Maduro, in?January it eased sanctions against Venezuelan energy sector by issuing general licenses that enables global energy companies to run?oil-and-gas projects in Venezuela, the OPEC nation. Venezuela has a dilapidated infrastructure, despite having 'one of the largest oil reserves in the world. (Reporting and Writing by Daina-Beth Solomon; Editing Brendan O'Boyle).
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Canada will boost Arctic defenses and says it cannot rely on other countries
Mark Carney, the Prime Minister of Canada, unveiled on Thursday a C$35 Billion ($25.7 Billion) plan to 'boost Canada’s defenses' in the vast Arctic region as the country tries to reduce?its?reliance on the United States. Canada has relied on U.S. assistance to monitor the Canadian Arctic for many years. The Canadian Arctic covers an area of 4.4 million sq km (1,7 million sq mi) of land and water - more than India and almost entirely uninhabited. Trump's tariffs, and his musings on annexing Canada, have caused tensions. "We won't depend on one nation anymore, but instead, we will build a stronger and more independent country." Carney stated that Canada will take full responsibility to defend its Arctic sovereignty with this new plan. Canada was under constant pressure to increase its defense spending by the United States, even before Trump returned to the White House in 2017. Last June, Canada vowed to increase funding for the military. It has promised to reach NATO's 2% target for military spending five years sooner than expected. Carney stated in January that the United States and other large nations were undermining the traditional order based on rules, which had long been beneficial to Canada. He said that "the assumptions?that have shaped Canadian defense?and security for decades are being upended." Carney, in a speech delivered in Yellowknife (the capital of the Northwest Territories, and the home of Canada's Arctic Military Command), said that climate change was causing the Arctic to warm three times faster than global average. The amount of new money in the plan was not made clear. Ottawa announced in 2022 a plan worth?C$38.6billion to modernize Canada's defenses, and the North American Aerospace Defense Command it operates jointly with the United States. Canada has four Arctic airfields, each of which can house six fighters. Around 2,000 soldiers are also scattered around the area. Carney's plan includes investing C$32billion to expand military airfields and build four operational hubs. Two commercial airports would be upgraded and two roads proposed from Canada's northern regions to the southern ones would be accelerated. Trump has shown a keen interest in the Arctic, and its mineral potential. He has also 'commented about annexing Canada' and 'insisted that the U.S. need Greenland in order to defend itself against Russian and Chinese interests. Canada's Arctic region is approximately 25% of global Arctic. The region, which is rich in rare mineral deposits, has very little infrastructure, making mining extremely expensive and complex. Carney will fly to Norway's north later on Thursday to observe NATO's biennial drills. (1 Canadian dollar = 1.3620 Canadian Dollars) (Reporting and writing by Maria Cheng, Editing by Caroline Stauffer & Edmund Klamann).
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Chile and the US are looking to collaborate on rare earths, critical minerals
Chile and the U.S. signed a statement on Thursday to start?discussions about rare earths and critical minerals. It was added that the first meeting would take place in 'the next two weeks. The areas of possible coordination include public-private financing of mining projects, management of scrap minerals recycling and exploration of new projects that can help boost mineral supplies in both countries. The Trump administration is pushing to reduce the reliance on China in a number of key minerals that are used for electric vehicles, semiconductors defense systems and consumer electronics. Chile is the second largest lithium producer in the world, but it depends on imports for other minerals. Christopher Landau, U.S. deputy secretary of state, told journalists that the United States and Chile can work together to improve?the supply chain of these minerals. Landau continued, "We will discuss ways we can work together." Landau, formerly the U.S. Ambassador to Mexico, signed with Chilean Foreign Minister Francisco Perez Mackenna at a Santiago ceremony presided over by Kast. Albemarle, a Charlotte-based company in North Carolina, has been producing?lithium for over 50 years in the northern Atacama area of the country. It is the world's leading producer of this?battery material. Albemarle did not comment immediately on the partnership between?the two countries. EnergyX, a Puerto Rico-based startup in the lithium technology sector backed by General Motors aims to construct a $1.1billion lithium facility in Chile. The facility is expected to be operational in 2028, and will eventually produce 50,000?metric tons of lithium per year. Teague Egan of EnergyX, the CEO of the company, said that signing a framework agreement on Kast's very first day as president is a great first step. He met Kast last Saturday at the "Shield of the Americas Summit" in Miami, hosted by U.S. President Donald Trump. (Reporting and editing by Sarah Morland; Additional reporting in Houston by Ernest Scheyder; Alistair Bell, Daina Beth Solon, and Sarah Morland)
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Bessent: US Navy can escort ships in Strait of Hormuz alongside international coalition
The?U.S. The?U.S. Navy will escort ships?through the Strait of?Hormuz, possibly with an international alliance, when it's militarily feasible, U.S. Treasury Sec. Scott Bessent said in an interview with Sky News on Thursday. Bessent stated that he believed the US Navy would escort vessels through as soon as it was militarily possible. He said that the plan to escort ships would be implemented as soon as "the U.S. had complete control over the skies" and the Iranians' ability to rebuild their missiles was completely degraded. U.S., Israeli and Iranian strikes on Iran have escalated regional tensions. The response from Tehran has paralyzed shipping in the Strait of Hormuz and disrupted vital Middle East oil and gas supplies. Energy prices are also rising. Iran's Islamic Revolutionary Guard Corps has raised the stakes in the global economy by announcing that it will?block all oil shipments out of the Gulf until the U.S. There are in fact tankers coming through, Iranian tankers and I believe Chinese flag tankers. Bessent stated that we "know" they have not mined the Straits. Reporting by William James, Ismail Shakil and Caitlin webber; editing by David Ljunggren and Caitlin webber
New United States ethics czar begins vetting inbound Trump officials
The top U.S. ethics official charged with avoiding government workers' conflicts of interest is about to take the hotseat in Washington, as Presidentelect Donald Trump's brand-new Cabinet and other appointees state their financial possessions and get ready for their new tasks.
We are in touch with the transition team and dealing with them, said David Huitema just recently when he took a seat with Reuters for his first official interview considering that being sworn in for the job on Dec. 16. The inauguration will be Jan. 20.
Ethics specialists state the director of the Office of Federal government Ethics, or OGE, is in the spotlight throughout any governmental shift, however Huitema deals with special difficulties ahead of Trump's 2nd term, assessing a myriad of company ties for Trump, his family and advisors.
Experts pointed to the
short, rocky tenure
of Walter Shaub, the last individual to hold the job when Trump entered the White Home, and kept in mind that numerous of Trump's. most current nominees have actually revealed disdain for the companies they. will run.
After 9 years as principles primary at the U.S. State. Department, Huitema will spearhead the OGE's standard job of. assisting scrutinize dozens of new Senate-vetted candidates and. countless political appointees for possible financial and. personal conflicts.
If he does his task well, opportunities are excellent Huitema could be. fired relatively without delay, Shaub cautioned in an open letter last. month. Huitema told Reuters he trusts the intents of. most brand-new entrants to federal government.
He shared his views on principles education and keeping the. public trust, however decreased to answer particular questions about. the incoming administration. The principles office only deals with. possible government employees, he kept in mind. That implies it will not. vet outside advisors like billionaires Elon Musk and Vivek. Ramaswamy, who Trump has actually asked to recommend cuts in federal government. spending.
Q: What does the OGE do, exactly?
A: The ultimate goal is to ensure that federal workers. are making choices based upon national interest and policy. top priorities of the administration rather than any personal. interest particularly financial interest. ... The OGE itself is a. small company of just about 75 workers, however we work with a group. of about 4,000 principles authorities interspersed, who engage more. directly with federal workers.
One crucial immediate job, he stated, will be with candidate. financial disclosure, assisting guarantee that candidates for Senate. validated positions satisfy their requirements for complete. disclosure of their monetary interests and arrangements.
Q. How does the monetary disclosure procedure deal with. presidential nominees?
A: Normally, he stated, candidates for leading jobs fill out reports. early to assist the workplace determine potential conflicts or steps. the nominee may have to take if they are verified so all that. info is available to the Senate and to the authorities so. they understand what they are getting themselves into.
Q. What sort of due dates are there? When do individuals need to. make these disclosures?
A. He stated candidates need to send a report within five days. of their nomination. ... Our goal is to assist these incoming. officials, help the Senate and do so as effectively as. possible.
He kept in mind that any member of the general public can request a. copy of any financial disclosure report filed with the OGE. The idea is the public, too, can assist play a role in tracking. for disputes of interest.
Q. What is the enforcement system if there are conflicts. of interest?
A: It's not a lot if a dispute comes up on the type. itself, however whether eventually any federal staff members is engaged. with work that then disputes with their monetary interest.
The conflict of interest law is a criminal law, so the. ultimate recourse is prosecution by the Department of Justice. Our role is to actually help encourage employees to avoid that. scenario ...
We will work with the company principles authorities if we find out. of a prospective dispute of interest problem to make sure that. gets addressed, ultimately we work with the Department of. Justice also if essential.
Q: As the State Department principles head, what lessons did you. discover?
A: The majority of employees, profession and appointed, want to follow. the law and want to act with stability and they appreciate the. assistance of principles officials ...
Q: In your Congressional testament, you said you think the. OGE can help in the resist the growing cynicism and. mistrust that can undermine our democratic self federal government. Can. you describe?
A. We wish to ensure staff members ... do not act based on. individual interests, especially financial interests and personal. inspirations. ...
In practice the federal ethics rules may be more minimal in. their actual scope than individuals appreciate, so people's. assumptions that there's a specific concern with compliance with. federal ethics laws might not be well grounded.
Q. What are some examples of interests that are not. significant enough to raise red flags?
A. The financial conflict of interest laws are ... quite. exact in terms of their scope. Either you have sufficient stock to. present a dispute or you do not.
Q. Can principles be taught? For individuals coming from the business. side, interactions are frequently based around How can I utilize this to. benefit me or my business, on purpose.
A. I hope so due to the fact that there are great deal of principles training. requirements, he said, chuckling. He agreed authorities coming. from the economic sector are used to networking and 'What can. you do to benefit somebody so they can in turn advantage you' ... It. is a difficulty to ensure those authorities and new employees. understand that the expectations within government are a little. bit various. ...
Q. What happens if the DOJ does not take principles laws. seriously? Where does that leave you?
A. Criminal prosecution is one extreme, however there is. enforcement at the agency level in regards to discipline.
Q. The president can grant a waiver excusing somebody from. dispute of interest laws, fix? Is that something the OGE. can press back on, or recommend versus?
A. The president in some cases and agency heads or. authorities ... can grant exemptions however need to talk to the. OGE. He said exemptions can be given when the capacity. dispute of interest isn't deemed that substantial. Eventually OGE requires to know when a waiver is provided. They can. be revealed..
(source: Reuters)