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Von der Leyen: EU preparing new sanctions to increase pressure against Russia
Ursula von der Leyen, President of the EU Commission, said that the European Union was working on a package of new sanctions to increase pressure against Russian President Vladimir Putin regarding his war in Ukraine. Under pressure from U.S. president Donald Trump, the European Political Community Summit (which includes non-EU nations) convened in Tirana, Albania's capital, while Russian and Ukrainian negotiators gathered in Istanbul to hold their first direct talks on peace in over three years. The EU has adopted 17 sanctions against Russia, the latest this week. Diplomats report that it is becoming increasingly difficult to achieve the required unanimity within the 27 member states of the EU to pass new measures. Von der Leyen, speaking of Putin, said that we needed to put more pressure on him. We are currently working on a new set of sanctions. The main elements of this package include, for example: a prohibition on Nord Stream, further listing of the shadow fleet, a lower cap on crude oil prices and more sanctions against the Russian financial sector. Gazprom, the state-owned Russian company, built Nord Stream 1 & Nord Stream 2 consisting of each two pipes to transport natural gas under the Baltic Sea to Germany. In 2022, they were damaged by a series blasts. Officials and diplomats said that to be successful, the new major sanctions threatened by European leaders in the last few days will need U.S. backing. Putin suggested direct talks with Ukraine on Sunday in Turkey. However, he rejected the challenge of Ukrainian President Volodymyr Zelenskiy, who wanted to meet personally. Instead, he sent a team consisting of middle-ranking officials. Zelenskiy, speaking to other European leaders at the Tirana summit, said that Ukraine's top priority during the Istanbul talks is to achieve an unconditional ceasefire in order to establish a foundation for future negotiations on a peace agreement. NATO Secretary General Mark Rutte stated that Putin "made an error by sending a delegation of low level". Keir starmer, British Prime Minister, said that "what we saw yesterday and over night is yet another evidence that Putin does not care about peace" as he arrived to the Tirana Summit. Starmer stated that Ukraine's allies should act as one, a sentiment shared by many leaders present at the summit. Starmer stated that "we'll work on that again today in order to make it clear that a ceasefire must occur, but that if there is no ceasefire then we will all act together to impose sanctions." Friedrich Merz, the new German chancellor, has said that Europe needs to increase its defense capabilities and that it must work with the United States in order to put an end to the war in Ukraine. Merz stated, "We must do everything we can to keep Americans on our side." We cannot replace or substitute what the Americans do for us in our continent. Reporting by Andrew Gray in Tirana and Fatos bytyci Additional reporting by Benoit van Overstraeten Ingrid Melander Bart Meijer William James and Julia Payne Editing and writing by Alex Richardson, Frances Kerry and Frances Kerry
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Why Trump's Gulf trillions aren't as big as the headlines
Donald Trump, the U.S. president, concluded his Gulf tour Friday after securing what the White House claims is more than $2 trillion in combined deals for the U.S. It is not clear how that number was arrived at. A total of $700 billion is calculated by adding up all the deals that were announced. Deal inflation is common on major visits, even for a president who prides himself in being an expert at making deals. The trip included large orders for Boeing planes, contracts to purchase U.S. defense equipment, agreements on data and technology, and other contracts. Experts in finance and diplomacy say that the headline numbers have been exaggerated to show the extent of the cooperation between the two sides. According to an analysis, many of the agreements signed by Trump during his Gulf tour were non-binding memos of understanding. According to 'calculations, the total value of defence sales with Saudi Arabia and Qatar is close to $730 Billion. It is impossible to independently verify if additional agreements have been signed without public disclosure. Justin Alexander, Director at Khalij Economic, said: "The figures are inflated. Possible spending is counted in as actual. And most of the good deals would have been made regardless of who was the White House." According to the Arab Gulf States Institute, Trump claimed that Saudi Arabia agreed to $450 Billion in deals during his first term. However, actual trade and investments flows between 2017 and 2020 amounted less than $300 Billion. "DEALMAKER in Chief" When asked about the figures, White House spokesperson Anna Kelly replied: "President Trump, the Dealmaker in chief, is a great news story for American workers and companies." The President is quickly fulfilling his promise to Make America Wealthy and Strong Again. Saudi and UAE officials didn't immediately respond to our requests for more information. Memorandums are less formal and don't always result in cash transactions. Saudi Aramco announced, for instance, that it had signed 34 agreements with U.S. firms worth up to $90.00 billion in AI infrastructure, among other areas. Most of the deals were not binding MoUs, and had no value attached. Aramco had announced its agreement to purchase 1.2 million tonnes per year of LNG from NextDecade for a period of 20 years months before, but it was still included on Wednesday's list. The White House stated that agreements signed with Qatar Emir Sheikh Tamim Bin Hamad Al-Thani will "generate economic exchanges worth at least $1.2 billion", including a $96-billion sale to Qatar Airways. It did not provide a detailed breakdown Qatari official says that Qatar's sovereign fund has made an "economic commitment" to invest $500 Billion in the U.S. Economy over the next ten years. However, this pledge does not include any concrete plans. Firas Macksad is the managing director of Eurasia Group. He said that if history is any guide, deals which have not delivered a real return will be abandoned after they have served their political purposes. Washington has signed a $142bn arms deal with Saudi Arabia, which covers purchases by more than 12 U.S. firms, and what Trump called a $42bn defence agreement with Qatar. During his first presidential term, Trump announced an arms sale of about $110 billion during his trip to Saudi Arabia. These deals are difficult to track because they last for many years. In 2018, only $14,5 billion in sales had been made, and Congress began questioning the deals after the murder of Saudi Journalist Jamal Khashoggi. Beyond the Numbers The news, despite the vagueness in the timelines and commitments, has helped some stocks on the market. Deutsche Bank attributes a 4.16 percent increase in Nvidia shares on Wednesday to a MoU announced by Saudi Arabia's state oil giant Aramco. There were also new, concrete deals made by U.S. firms. Qatar Airways has placed an order worth $96 billion for 160 Boeing aircraft with GE Aerospace engine. Etihad Airways in Abu Dhabi will spend $14.5billion to purchase 28 Boeing jetliners with GE Aerospace engines. Boeing's shares rose 0.64% after the Doha announcement on Wednesday. The real benefits of Trump's trip go beyond the numbers. The three Gulf states have also secured U.S. backing for issues they consider important. Saudi Arabia has moved closer to achieving its long-held ambition to develop a nuclear industry for civil use. Trump delinked normalisation of relations with Israel from the Saudi Arabian government's desire to do so. This is a significant win for Saudi Arabia. The UAE signed a framework which puts it on the path to acquiring advanced semiconductors in order to fulfill its long-held ambition to be a leader in AI. Qatar was assured by Trump that the U.S. will protect it in case of an attack. Hasan Alhasan is senior fellow for Middle East Policy at the International Institute for Strategic Studies. The Gulf States are completing unprecedented deals in business and arms sales, and taking their bilateral relations to a new level.
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Gold drops, heading for the worst week in six-months on easing trade tensions
Gold prices fell more than 2% Friday, and are heading towards their worst six-month period in recent memory. An overall stronger dollar and an interim U.S. China trade agreement have weakened investor demand for this safe-haven. As of 1136 GMT, spot gold was down by 1.9% at $3,178.06 per ounce. Bullion is down more than 4% this week, and it's on track to have its worst performance weekly since November 2024. U.S. Gold Futures dropped 1.4% to $3.180.90. Nitesh Sha, commodities strategist for WisdomTree, said: "We have had a week of positive signals regarding trade negotiations, and we've seen the dollar increase on its course. This is weighing down on gold prices." The U.S., China and other countries agreed earlier this week to temporarily reduce the high tariffs that were imposed on April. This agreement lifted the mood of the financial markets. Gold is less appealing to other currency holders because the dollar index has been subdued for the day but is on track for its fourth consecutive weekly gain. Last month, gold, which is often used to store value in times of financial and political uncertainty, reached a record high of $3.500.05 per ounce, thanks to central bank purchases, fears of tariff wars, and strong demand for investment. This week, the United States economic data and signs of a slowing inflation along with weaker than expected economic data have cemented the bets that more Federal Reserve rate reductions will occur this year. Gold that does not yield tends to flourish in an environment with low rates. Tim Waterer is the chief market analyst for KCM Trade. He said, "On the positive side, the gold price continues to attract buyers. This shows that precious metals remain a preferred asset. The global growth and inflation forecasts are still rather murky." Silver spot fell 1.8% at $32.08 per ounce. Platinum eased by 0.5% to $985.1, and palladium dropped 1% to $858.24.
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Enel and Masdar hold preliminary discussions on energy storage in Italy
Flavio Cataneo said that Enel is in preliminary discussions with Masdar, Abu Dhabi, about the possibility of developing energy storage in Italy. Cattaneo, speaking at a Milan business conference, said that the Italian and Emirati firms already have a partnership in Spain for a portfolio renewable energy assets. They are now exploring ways to expand their alliance into other countries. He stated that there was an understanding between Masdar and the company "to advance also in other geographical areas including Italy where they are interested and Masdar is very happy to be partners". It is important that Italy develops battery storage systems to provide power in the absence of solar or wind energy. Terna, the Italian grid operator, is expected to hold an auction for energy storage capacity by the end of September. Reporting by Elvira pollina. Francesca Landini wrote the article. Gavin Jones, Mark Potter and Gavin Jones edited the text.
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UN: Conflict and climate will drive global hunger to record levels in 2024.
According to a U.N. release on Friday, acute food insecurity and malnutrition among children will continue to rise for the sixth consecutive year, in 2024. This will affect more than 295 millions people in 53 countries. This was a 5% rise on the levels of 2023, with 22,6% of people in the worst-hit areas experiencing hunger at crisis level or worse. The 2025 Global Report on Food Crises presents a shocking picture, said Rein Paulsen Director of Emergencies and Resilience for the U.N. Food and Agriculture Organization. He added that "conflicts, extreme weather and economic shocks" are often the primary drivers. The U.N. has warned that conditions will worsen this year. It cites the steepest projected decline in humanitarian food funding in the report since its inception, estimated anywhere from 10% to over 45%. U.S. president Donald Trump led the way by largely closing down the U.S. Agency for International Development (USAID), which provides humanitarian aid to those in need around the globe, and cancelling over 80% of their programs. Cindy McCain, head of the Rome based World Food Programme, warned that "millions of hungry people will lose or soon lose the lifeline we provide." Hunger will affect nearly 140 millions people in 20 countries by 2024. This includes areas experiencing "catastrophic levels" of food insecurity, such as Gaza, South Sudan and Haiti. Sudan has confirmed that famine conditions exist. Inflation and currency devaluation have contributed to the food crisis in 15 countries, including Syria and Yemen. This is nearly twice the level seen before the COVID-19 pandemic. El Nino, which causes droughts and flooding, has thrown 18 countries, including Southern Africa, Southern Asia and the Horn of Africa, into crisis. More than 96 millions people have been affected. The number of people living in famine-like situations has more than doubled, reaching 1.9 millions -- the highest level since the monitoring for the Global Report began in 2016. The report stated that malnutrition in children has reached alarming levels. The report said that nearly 38 million children aged under five are acutely malnourished in 26 different nutrition crises. These include Sudan, Yemen Mali, and Gaza. The forced displacement of people also increases hunger. Nearly 95 millions forcibly displace people, including refugees, and internally displaced individuals, lived in countries that were facing a food crisis, such as the Democratic Republic of Congo or Colombia. Despite the overall grim trend, there were some positive developments in 2024. Food insecurity has decreased in 15 countries including Ukraine, Kenya, and Guatemala due to improved harvests, lower inflation, and humanitarian aid. The report urged investment in local food systems to break the cycle. Paulsen stated that "evidence shows supporting local agriculture is the best way to help people with dignity and at a lower cost." (Reporting and editing by Toby Chopra; reporting by Crispian B. Balmer)
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Trump: UAE and US agree that Abu Dhabi will buy the most advanced AI chip.
Donald Trump announced on Friday that the United Arab Emirates (UAE) and the United States agreed to open a pathway for Abu Dhabi to purchase some of the world's most advanced artificial-intelligence semiconductors from U.S. firms, which is a significant win for Abu Dhabi in its efforts to become a hub for global AI. Trump's Gulf tour also included a visit to Saudi Arabia, Qatar, and the UAE. The UAE capital Abu Dhabi and wealthiest emirate of the UAE made a promise to increase the value of their energy investments to the U.S. by $440 billion over the next decade. He announced deals worth over $200 billion on Thursday, including Etihad Airways' $14.5 billion investment in 28 Boeing aircraft made in the USA. Trump said, "We work together, and the money made here comes back home to us", during a press event in Abu Dhabi. Trump was praising the U.S.-UAE business relationship. "We made it work and you know that they were being wooed." "But there's no wooing anymore, I think we are in good shape," said he. The crown prince replied, "Absolutely." The AI deal finalised on Friday is a major boost for the UAE. It has been struggling to maintain a balance between its relationship with the U.S., its longest-standing ally, and China, its biggest trading partner. The Trump administration is confident that the chips will be managed safely, and has required data centres to be managed by U.S.-based companies. Trump stated that "Yesterday, the two countries agreed to create a pathway for UAE to purchase some of the most advanced AI semiconductors in the world from American companies. This is a very large contract." He added that the UAE plans to be a major player in artificial intelligent will accelerate as a result. ENERGY INVESTORS The UAE's energy commitment was announced by Sultan Al Jaber during his presentation to Trump, the chief executive of the Abu Dhabi state-owned energy giant ADNOC, during the final stage of Trump's regional tour, which has attracted huge financial commitments. Al Jaber, who spoke to Trump, said that the enterprise value of UAE investment in the U.S. Energy sector would increase from $70 billion today to $440 billion in 2035. He added that U.S. firms in energy will also invest the UAE. "Our partners have committed to new investments of $60 billion for upstream oil, gas and new unconventional opportunities," Jaber stated in front of a slideshow showing projects in the UAE with the logos ExxonMobil and Oxy, two U.S.-based companies. Jaber, executive chairman of XRG and minister for industry and advanced technologies, said that XRG is looking to invest a large amount of money in U.S. Natural Gas. In March, senior UAE officials had already met Trump and committed to a 10-year investment framework of $1.4 trillion in the U.S., in sectors such as energy, artificial intelligence, and manufacturing, to strengthen reciprocal ties. Trump stated that "we're making progress" for the $1.4 trillion that the UAE announced it intended to spend in the United States. The tour, which focused on investment deals and not on Middle East security crises, such as Israel's Gaza war, has been primarily focused on publically on the Gulf. Trump engaged in diplomacy during his brief meetings with the biggest energy producers around the world. He met with Syria’s interim president Ahmed al-Sharaa and said that he would lift sanctions against Syria on the request of Saudi Arabia’s crown prince. This is a major shift in U.S. foreign policy.
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Information Minister: 51 mining licenses seized by Guinea
The information minister of Guinea said that the military government had reclaimed 51 mining licenses. It is stepping up its efforts to regain claims or concessions in which no operations have been conducted or where permits are not being used, he added. First reported that the government intended to cancel the licenses on Thursday. Fana Soumah said in a late-night televised speech that Guinea's ruler Mamady Dommebouya signed the decree of repossession, which includes bauxite concessions, as well as gold, diamonds, graphite, and iron. Soumah stated that the concessions were "returned to the state free of charge", citing several articles in Guinea's Mining Code as legal justifications for the withdrawal of the licences. Guinea has the largest reserves in the world of bauxite - the ore that is used to make aluminium. Its exports are vital to the global production of this industrial metal, especially to China and Russia. The company had already taken steps to remove bauxite licenses from Kebo Energy SA, and Emirates Global Aluminium. Tom Price, the head of commodities at Panmure Liberum Investment Bank, said that "government pressure is increasing on Guinea's Bauxite Industry." He added, "We suspect that Guinea's government consolidates the number of foreign miners and forces the industry to invest locally in downstream processing capability." Another analyst, familiar with the mining operations in Guinea, who declined to name himself, stated that the companies affected were minor players. The authorities of Guinea did not reply to our requests for comments on their next plans. The decree applies to mining operations that were granted licenses between 2005 and 2023. Some permits were already expired, while others would still have been valid for decades. This move reflects a complex operating environment in West Africa where military regimes have been tightening control over minerals assets in Niger since 2020 to increase revenues. (Reporting and editing by Joe Bavier; Maxwell Akalaare Adombila)
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Shanghai warehouse copper stock jumps, ending long withdrawals
This week, copper inventories in China increased sharply. They broke a run of three weeks of large withdrawals which had caused concerns about shortages due to the global pull of copper supplies toward the United States. Shanghai Futures Exchange warehouses reported a 34 percent increase in copper inventories, which reached 108.142 metric tonnes On Friday, there was the first weekly net increase since mid-March. The stock levels are still well above those of late 2023, when they fell below 30,000 tonnes twice. According to an anonymous analyst and trader, the rise in inventories can be attributed to tepid demand for copper in China as well as steady production from a growing and giant smelter industry that is not deterred by negative margins. The Shanghai daily warrant stock has been increasing every day in the last week. Chinese buyers have clearly backed off these higher prices," Alastair Mudro, senior metals strategist with broker Marex said. The increase in inventories may have allayed fears about shortages. However, this concern is based on the fact that vast quantities of global copper are being redirected towards the United States in order to take advantage of high prices caused by the threat to import tariffs. China's Yangshan Copper Premium Since March, the key indicator of import demand has steadily risen to US$100. It has been hovering around this level for the last two weeks. The trader said that there was panic in China when material that would normally go to China was diverted to the U.S. But that has been replaced with the realisation that demand is not really there.
Asia replaces Russian crude oil quickly: Russell
Asia's crude markets are quickly adjusting to the new sanctions against Russia, grabbing cargoes as they come and looking for alternatives to deliver in the coming months.
According to LSEG Oil Research, the top oil-importing continent Asia is expected to receive approximately 3.23 million barrels of Russian crude per day in February.
India and China both bought less, but this is a decrease of 7.4% compared to January's 3,49 million bpd.
In Asia, there are only two major buyers of Russian crude oil by sea, namely India and China. Myanmar does also take a small amount.
LSEG expects India's imports to Russian oil to reach a record high in three months, at least 1,71 million bpd. This figure may increase by the end February as more cargoes will be assessed.
After Western sanctions shut down customers in Europe, the South Asian nation has become the largest buyer of Russian crude.
India was allowed to purchase Russian oil at discounted prices as the United States, and other Western countries, tried to keep Russian oil on the global market. However sanctions were imposed after the February 2022 invasion by Ukraine to cut off the revenue flowing to Moscow.
Last month, former president Joe Biden imposed restrictions on Russia's shadow tanker fleet in order to prevent the vessels from delivering crude oil.
The Indian refiners were scrambling to purchase as much Russian crude before the new measures took effect, resulting in an increase in arrivals in February before a possible decline in March.
Chinese refiners have cut back more quickly on Russian crude. Imports of seaborne crude in February are expected to be around 500,000 barrels per day, down from an average of 1.05 million barrels per day over the previous three months.
According to LSEG's estimates, China's crude imports are expected to total 10.35 million bpd for February, which is roughly the same as January's 10,10 million bpd but lower than 11.16 million bpd from February 2024.
China has replaced Russian crude oil with cargoes from suppliers other than Russia. So far, it appears to have mostly turned to Angola or Brazil.
Switching suppliers is a good way to save money.
The imports of Angolan crude oil in Asia are expected to jump to 1.13m bpd by February, up from 670,000bpd. Those from Brazil will also increase to 1.05m bpd.
China's decision, as part of its response to the new president Donald Trump's 10% tariff on all Chinese imports, to levy 10% tariffs on crude oil imports has made the situation even more complicated.
It will take several more months before the tariffs on U.S. crude oil are applied to actual imports. This is because there are several months between when the cargoes are organized and when they arrive.
Kpler, a commodity analyst firm, estimates that China's imports from the U.S. of crude oil will increase significantly in March and April. Arrivals for March are currently estimated at 339,000 barrels per day and those for April to be 461,000.
These cargoes have already been placed on the water, or arranged.
China's imports of crude oil from the United States are likely to fall in May, but India could pick up the slack.
These are the views of the columnist, an author for.
(source: Reuters)