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Oil prices drop as Russia's supply concerns ease following Trump-Putin meeting
The oil prices fell in the early Asian trading on Monday, as the United States didn't exert any more pressure on Russia for the end of the Ukraine War by implementing additional measures to disrupt Moscow’s oil exports following the presidents of both countries meeting on Friday. Brent crude futures fell 32 cents or 0.49% to $65.53 a barrel by 2213 GMT, while U.S. West Texas intermediate crude dropped 23 cents to $62.57 a barrel. The U.S. president Donald Trump met with Russian President Vladimir Putin on Friday in Alaska and came away more aligned to Moscow regarding the need for a peace agreement instead of first a ceasefire. Trump will meet with Ukrainian President Volodymyr Zelenskiy on Monday, and European leaders to reach a quick deal to end Europe’s deadliest conflict in 80 years. Helima Croft, an analyst at RBC Capital, said that the primary issue was the secondary tariffs against the main importers of Russian oil. President Trump has indicated he is halting his incremental actions on this front - at least in China. She said that the status quo is largely unchanged for now, and that Moscow would not back down on its territorial demands. Meanwhile, Ukraine and certain European leaders may balk at a land-for peace deal.
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Spain fights 20 major fires in scorching heat and deploys more soldiers
The scorching heat on Sunday made it difficult to control 20 major fires in Spain, leading the government to send 500 additional troops from its military emergency unit to help with the firefighting efforts. In the northwest region of Galicia several fires have converged to form a large fire, forcing the closing of highways, and rail services in the region. Spain is one of the worst-hit countries in Southern Europe, experiencing its worst wildfire season in 20 years. Portugal, which is next door, has also been battling widespread fires. In just the last week, three people have died and more than 115,000 acres of land have been burned. The Spanish weather agency AEMET has said that temperatures could reach 45 degrees Celsius on Sunday in some parts of the country. "We still have some difficult days ahead, and unfortunately the weather isn't on our side," said Prime Minister Pedro Sanchez at a press conference in Ourense. This was one of the worst affected areas. He announced that the number of soldiers deployed in Spain has increased to 1,900. Virginia Barcones of the Spanish Public Television, Director General of Emergency Services, said temperatures are expected to fall from Tuesday but that for now, weather conditions are "very adverse". Barcones stated that "Today, there is an extremely high temperature with a very high risk of fires. This complicates firefighting efforts." VILLAGERS RESORT BUCKETS The desperate neighbours of Villardevos, Galicia have gathered water buckets to fight the fires themselves as there is no electricity in the area to power the water pumps. "Fireplanes are everywhere, but not here," Basilio Rodrguez, a local resident, said on Saturday. Another local resident, Lorea Pascual said: "It is insurmountable. It couldn't get worse". According to data from the Interior Ministry, 27 people were arrested and 92 others were being investigated for arson suspicions since June. According to preliminary data from the ICNF forestry institute, wildfires in Portugal have burned 155,000 hectares so far this season - three times more than the average for the period 2006-2024. Around half of this area was burned in just the last three days. Eight large fires were being fought by thousands of firefighters in northern and central Portugal. The largest was near Piodao - a picturesque mountainous region popular with tourists. Trancoso is further north and another fire has been burning for eight days. On Friday, a smaller fire in the area east of Trancoso claimed a local's life - it was the first death this season. Reporting by Guillermo Martinez and Ana Cantero; editing by Andrei Khalip, Clelia Oziel and Andrei Khalip
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Uganda targets increased exports with its first large-scale Gold Mine
Uganda's first large-scale mine for gold has been inaugurated. The project, which is owned by China and costs $250 million, will refine the gold to 99.9% purity. The east African landlocked country has copper, cobalt, and iron ore among other minerals. It wants to expand the mining industry, and become a major gold exporter and producer. According to data from the central bank, Uganda's gold exports accounted for $3.4 billion in revenue last year, or 37% of its total export revenues. This figure includes gold that was brought into the country and is re-exported. Nearly all of the domestic production comes from small-scale, artisanal mines. Although its gold export earnings increased in recent times, it still lags behind Africa's biggest bullion producer Ghana which earned $11.6 billion last year from the shipment of metal. In a late-Saturday statement, President Yoweri Mueveni stated that "to wake up the minerals sector we must have full added value for all minerals, like gold, lithium and tin, among others." Museveni inaugurated the Wagagai Gold Mining Project on Saturday. The project, which is owned by Wagagai Mining (U) Limited, covers just over nine square kilometers in Busia District. According to a statement, the plant has begun operations and is expected to process about 5,000 tons gold ore each day, producing 1.2 metric tonnes of refined gold per year. Uganda's domestic production in 2023 will be just 0.0042 tonnes. Museveni stated that Uganda will use revenue generated from gold exports to develop assets like power stations and its railway. The landlocked country of Uganda is building a standard gauge rail system worth 2.7 billion euros ($3.16 billion), to reduce costs associated with transporting exports and imported goods via Kenya. ($1 = 0.8549 euro) (Reporting and editing by Wendell Roelf, Kirby Donovan).
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Northern China flash flood kills 8, Xinhua reports
State media reported that at least eight people died in a flash flooding in northern China on Sunday. Four others are still missing. The East Asian monsoon is continuing to create atmospheric chaos in the second largest economy in the world. Reports said that the banks of a river flowing through grasslands in Inner Mongolia burst around 10:00 pm (1400 GMT) Saturday night, washing 13 campers away on the outskirts Bayannur city, a major agricultural center. One person was rescued. Since July, China has been hit by weeks of extreme weather. The monsoon is stalling in the north and south. As flash floods threaten to displac thousands of people and cause billions in economic losses, weather experts are putting officials under pressure. Bayannur, a major national base for grain and oil production as well as a centre of sheep breeding and processing, is a key location in the country. At the other end of the country, a three-and-a-half-month fishing suspension in the southern province of Hainan ended on Saturday, state media reported, after agricultural affairs officials ordered ships to shelter in port owing to persistent, heavy rain. A police report on Saturday stated that "severe" weather caused two deaths and three injuries at a beer fest in Mianzhu on Friday. The truss had fallen on the festival attendees. Inner Mongolia is experiencing a deluge after a deadly rainstorm in Beijing, just over 1,000 km away. Last month, the downpour killed 44 people in Beijing and forced more than 70,000 residents to evacuate. Last week, the central government allocated 430 million yuan (59.9 millions) for new funding to help with disaster relief. This brings the total amount of funds allotted since April up to at least 5,8 billion yuan.
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Northern China flash flood kills 8, Xinhua reports
State media reported that at least eight people died in a flash flooding in northern China on Sunday. Four others are still missing. The East Asian monsoon is continuing to create atmospheric chaos in the second largest economy in the world. A report stated that the banks of the river flowing through grasslands in Inner Mongolia burst around 10:00 pm (1400 GMT) Saturday night, washing away thirteen campers near Bayannur, a major agricultural center. One person was rescued. Since July, China has been hit by weeks of extreme weather. The monsoon is stalled over the north and south. As flash floods threaten to displac thousands of people and cause billions in economic losses, weather experts are putting officials under pressure. Bayannur, a major national base for grain and oil production as well as a centre of sheep breeding and processing, is a key location in the country. At the other end of the country, a three-and-a-half-month fishing suspension in the southern province of Hainan ended on Saturday, state media reported, after agricultural affairs officials ordered ships to shelter in port owing to persistent, heavy rain. Inner Mongolia is experiencing a deluge after a deadly rainstorm in Beijing, just over 1,000 km away. Last month, the downpour killed 44 people in Beijing and forced more than 70,000 people to evacuate. Last week, the central government allocated 430 million Yuan ($59.9 millions) for new funding to help with disaster relief. This brings the total amount of funds allotted since April up to at least 5,8 billion yuan.
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Houthi TV claims that a power plant in the south of Yemen's capital was hit by an 'aggression.'
Al Masirah TV, a Houthi-run channel, reported early on Sunday that a power plant located south of Sanaa in Yemen was struck by "aggression" which knocked out some of its generators. The Yemeni channel failed to identify the source of "aggression" reported. Al Masirah, citing civil defence sources, added that teams were working to extinguish a fire caused as a result of the incident. Residents reported hearing at least two explosions earlier in Sanaa. Israel bombed Yemen, claiming that it was in response to attacks by the Iran-aligned Houthis on Israel. Yemeni group fired missiles at Israel. Most of them were intercepted. They claim to be supporting Palestinians in the Gaza war. The U.S.A. and U.K. also had Previous Launched Attacks against the Houthis of Yemen The U.S. announced in May that it would be launching a new program. a surprise deal The deal was that the US would stop bombing the Houthis in exchange for a halt to their attacks on ships. However, the Houthis claimed the deal didn't include Israel. Mohammed Ghobari, Jaidaa T. Taha and Sonali Paul edited the report.
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NHC: Erin is now a Category 5 Hurricane
The U.S. National Hurricane Center announced on Saturday that Hurricane Erin has now become a Category 5 hurricane. The storm was located about 175 miles (280 km) north of San Juan in Puerto Rico. Maximum sustained winds were 160 mph. Erin was forecast to turn west-northwest Saturday night, slow down its progress and then turn northwards early next week. On Monday, a slow weakening is expected to start. Erin is expected to continue strengthening into the next week, according to previous statements by NHC. On Sunday, the hurricane's centre was predicted to move eastwards to the Turks and Caicos Islands and southeastern Bahamas, and then pass north of northern Leeward Islands and Puerto Rico. The NHC stated that Erin's swells will continue to affect the Virgin Islands and Puerto Rico as well as parts of the Turks and Caicos Islands and northern Leeward Islands over the weekend. It said that the swells would spread to the Bahamas and Bermuda early next week. The Bahamas, who provide some meteorological services to the Turks and Caicos Islands provided a Tropical Storm Watch in the British Islands located southeast of the Bahamas. Erin also raises concerns about wildfire risk if sparks caused by humans ignite parched vegetation, and strong winds fan the fires. BMS Group Senior Weatherologist Andrew Siffert stated that these conditions may arise if Erin becomes a powerful storm offshore fueled by colliding cold and warm air instead of tropical seas. Twelve Securis, an insurance-linked securities manager, said that Erin would remain offshore enough to avoid significant impacts on the U.S. East Coast. The NHC stated that Erin will produce heavy rains through Sunday in the northern Leeward Islands as well as the Virgin Islands and Puerto Rico.
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Oil prices are down after Trump-Putin Alaska Meeting
The oil markets will open with a muted reaction on Sunday following the meeting between U.S. president Donald Trump and Russian leader Vladimir Putin in Alaska. Trump stated that a full-fledged ceasefire was not his goal for Ukraine, but rather a peace agreement. Trump said that he and Putin agreed to go directly to a settlement, not through a ceasefire as Ukraine, Europe, and the U.S. have demanded. Trump announced that he would not impose tariffs on nations such as China who buy Russian oil after his meeting with Putin. Trump has threatened to impose sanctions against Moscow as well as secondary sanctions on countries like China and India who buy Russian oil, if the Ukraine conflict is not resolved. Ajay Parmar, ICIS analyst, said: "This means that Russian oil will flow unhindered and this will be bearish for the oil prices." It is important to note that this news will have a minimal impact on oil prices. Prices will probably see a slight dip in the near future. Oil market participants will be watching for any developments following the meeting between President Trump and Ukrainian president Volodymyr Zelenskiy, which took place in Washington on January 29. A source with knowledge of the matter said that European leaders were also invited to the event. Giovanni Staunovo is an analyst at UBS. He said: "Market participants will be watching the comments of European leaders, but for now Russian disruption risks will still remain contained." Brent settled at $65.85 per barrel on Friday and U.S. West Texas Intermediate was at $62.80, both down by nearly $1 prior to the talks in Alaska. According to Phil Flynn of Price Futures Group, traders are waiting for an agreement. Until then, the crude oil prices will likely remain in a small range. He said: "What we know is that for the time being, the threat of immediate or secondary sanctions against Russia and other countries has been put on hold, which is a bearish sign." After Western sanctions were imposed, including an oil embargo on ships and price caps for Russian oil, Russia redirected oil flows to China, and India. (Reporting and editing by Nina Chestney, Jane Merriman and Seher Dareen)
Russia claims to have prevented a Ukrainian drone attack against Smolensk Nuclear Power Plant
The Russian Federal Security Service (FSB), said it prevented a Ukrainian drone from attacking the Smolensk Nuclear Power Plant in western Russia, on Sunday.
Smolensk, a Soviet-era nuclear power plant, is located about 330 km southwest of Moscow, near the border with Belarus. It has three RBMK-type reactors, which are the same design as those at Chernobyl.
The FSB (the main successor of the Soviet KGB) said that Russian radio-electronic war systems intercepted a Ukrainian UAV over the territory Smolensk Nuclear Power Station.
The FSB released a statement saying that "Electronic Warfare forces intercepted a aircraft-type UAV – a Ukrainian made 'Spis" attack UAV – over the territory the Smolensk Nuclear Power Plant."
The Ukrainian military continues to provoke by attempting an attack on Russian nuclear power facilities using unmanned aerial vehicles.
Smolensk Nuclear Power Station said that it is operating normally. No damage was reported to the reactors or other key infrastructure.
RIA Novosti, the Russian state-owned news agency, published images of what it called parts of the drone. Interfax reported that the Russian defence ministry claimed the Ukrainian drone was heading toward the Smolensk Nuclear Power Station.
It was not possible to verify immediately the battlefield reports of either side. Ukraine did not immediately comment on the Russian reports. (Reporting and editing by Guy Faulconbridge).
(source: Reuters)