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Oil drops to 2-week lows as US-Iran is seen moving closer towards peace deal
Oil prices fell to a 'two-week low' on Monday, despite the fact that U.S. President Barack Obama and Iranian President Hassan Rouhani remain at odds on key issues. These include the blockades of the Strait of Hormuz which continue to limit oil supplies from the Middle East. Brent crude futures fell $4.71 or 4.55% to $98.83 per barrel at 2234 GMT. U.S. West Texas Intermediate was $92.03 per barrel, down $4.57 or 4.73%. Both contracts reached their lowest levels since May 7 earlier in the session. On Saturday, U.S. president Donald?Trump stated that Washington and Iran had "largely" negotiated a memorandum of agreement on a deal to reopen Strait of Hormuz. Before the conflict, the Strait of Hormuz carried one-fifth of the world's oil and LNG shipments. Trump said on Sunday that he told his representatives to not rush into any Iran deal. MST Marquee Analyst?Saul Kavonic? said: "Despite all the caveats, risks, and concerns that remain with the peace deal, and Strait of Hormuz?there is some light at?the?end of?the tunnel, which may bring some relief to oil prices in the near future." Analysts 'expect it to take months for oil flow through the strait to return back to normal, and for damaged oil-and-gas facilities to be repaired. Reporting by Florence Tan, Editing by Cynthia Osterman & Edmund Klamann
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There are 21 missing people in the Philippines after a building collapse that has left at least one person dead.
Authorities confirmed that at least one person died after a building collapsed on Sunday in the Philippines. Rescuers were searching the rubble to find 21 people listed as missing. Officials have launched an investigation into the collapse of a multi-storey structure in Angeles, north of the capital, Manila. Rescuers were seen scrambling over concrete slabs and mangled metal as they searched for survivors. The sifting was done with the help of'rescue dogs', heartbeat detection devices, and heavy equipment. RESCUE EFFORT CONTINUES The authorities confirmed that the 65-year old Malaysian had died. His body was recovered from the neighbouring hotel, which had also been damaged by the collapse. Maria Leah Sajili told a media briefing that five of the 21 people reported missing were trapped. The status of two of the five was immediately unclear. Sajili warned, however, that the operations will become more difficult after dark. Officials informed reporters that the building's planning records indicated that it was to be a "nine-storey condominium-hotel" under the permit approved, but that a swimming pool was being built on the 10th floor. (Reporting and editing by Christian Schmollinger; Additional reporting and Eloisa Loza; Editing and rewriting by William Mallard, Helen Popper and Christian Schmollinger)
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China reduces the death toll of Shanxi coal mining disaster to 82
Local officials announced at a press conference held late Saturday that the death toll had been revised to 82. The explosion at the Liushenyu mine in China's north province of Shanxi on Friday night killed 82 people. Initial reports from state media said that at least 90 people had been killed. Even if the number is lower, it remains China's most deadly mining accident since 2009 when a gas exploding at the Xinxing Mine, in Heilongjiang Province, killed 108. At a press conference, local officials stated that the initial death count reported by state media was incorrect. Guo Xiaofang said that the situation was chaotic after the incident, and the company had a difficult time calculating the number of employees, leading to the inaccurate initial number. At the time of explosion, there were 247 workers underground. Guo reported that two people were still missing, 128 had been injured and were hospitalised, and 35 were not hurt. Local officials stated at the press conference that Shanxi Tongzhou Coal Coking Group owns Liushenyu Mine and that all four mines of this company have been closed, and executives detained. The People's Daily, a state-run newspaper, published an editorial about the accident on its front page Sunday morning. It called for more?attention to safety?in production as well as to "completely revert the tendency to prioritize development over safety." Xinhua reported that President Xi Jinping had on Saturday called for authorities to "spare nothing" when it came to treating the injured, and executing search and rescue operations. He also ordered a probe into the incident. Officials stated at the press conference that the mine has a production capacity of 1,2 million tons of coal annually. Last year, China mined 4,83 billion tons of coal. This fuel is the foundation of its energy sector. (Reporting and editing by Christian Schmollinger; Luoyan Luu, Colleen Howe)
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California searches for novel solution to chemical tank heating up and threatening catastrophe
The incident commander revealed on Saturday that firefighters were bringing in outside experts from other countries to prevent a disaster. This was because some shelters nearby had run out of space to accommodate evacuees. The evacuation orders were still in effect for an area covering tens and thousands of residents in the Garden Grove suburban Los Angeles. California Governor Gavin Newsom has declared an emergency in Orange County. His office has urged residents to evacuate. Craig Covey said, in a social media video, that "we brought in subject-matter experts from across the state to help us think outside the box. We had some very productive conversations today." He did not elaborate on potential solutions. As the risk grows, shift to offensive from defensive Anaheim, Fountain Valley La Palma, and Huntington Beach all reported full evacuation shelters. Covey had earlier stated that crews returned to the danger zone over night after drone readings suggested on Friday that water sprayed onto the tanks helped stabilize the situation. When crews arrived at the gauge of the tank, they discovered that the temperature inside was 90 degrees Fahrenheit. (32 degrees Celsius) This is up from the 77 F (25 C), when responders pulled back. He said that the temperature was rising by one degree per hour. "That's bad news." Since Friday, officials have warned that the tank containing methyl methacrylate (a flammable chemical commonly used in plastics and manufacturing) could rupture, spilling 'up to 7,000 gallons of toxic material or explode, endangering nearby tanks. Covey, a firefighter from Covey Fire Protection Services, said that on Saturday they were investigating whether a large flow of cooling could slow down the curing inside the tank to the point where it would reduce the pressure and prevent an explosive explosion. Covey stated that it was unacceptable for him to let the device blow up and fail. The incident occurred on Thursday, at the GKN Aerospace plant in Garden Grove. This city has a population of 172,000 and is located about 30 miles (50 kilometers) south of Los Angeles. According to its website, the site is specialized in manufacturing and testing windows and canopies of commercial and military aircraft. GKN stated that it was working closely with "all relevant specialists" to resolve the issue. GKN apologized for the inconvenience caused to local residents and businesses. Covey stated that crews switched from a defensive to offensive stance overnight, with the help of chemists in the manufacturer's emergency response teams. The aim was to neutralize the 15,000-gallon nearby tank and reduce its potential explosiveness if it failed. Covey said, "We put people in danger last night." Officials from the Department of Health have expressed concern that prolonged exposure to vapors could lead to severe respiratory problems. Air-quality monitors did not detect vapor at the time of the last health update, according to officials. Dr. Regina Chinsio - Kwong, of the Orange County Health Care Agency, said that Friday: "You're safe so long as you stay out of the area that has been designated as an?evacuation zone". Covey stated that crews are?also prepared for a potential spill, by looking at ways to dike, dam, and divert liquid into a holding zone at the commercial site rather than allowing it to reach storm drainage, river channels, or the ocean. Covey stated, "We will not give up." (Reporting in New York by Rodrigo Campos, with additional reporting by Dan Catchpole, and editing by Sergio Non. David Gregorio, William Mallard, and Sergio Non.
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California chemical tank igniting after evacuation in LA suburban suburb, fire official
The incident commander reported on Saturday that firefighters trying to prevent a chemical explosion in Southern California discovered overnight that the tank, which was failing, was "heating up" internally despite attempts to cool it. The evacuation orders were still in effect for a?area that covered tens and thousands of residents in the Garden Grove suburb in Los Angeles. California Governor Gavin Newsom declared a state of emergency in Orange County, and his office asked residents to evacuate. Craig Covey said that crews returned to the danger zone overnight in Garden Grove after drone readings suggested on Friday that water sprayed onto the tanks helped stabilize the situation. Covey explained in a Saturday morning video that the drones only measured the exterior of the vessel and not the chemical within. The crews found that the temperature inside the tank was 90 degrees Fahrenheit, or 32 degrees Celsius. This is up from the 77 degrees Fahrenheit or 25 degrees Celsius when the responders pulled back. He said that the temperature was increasing by one degree per hour. Covey told Covey, "That is the bad news." Since Friday, officials have warned that the tank containing methyl methacrylate (a flammable chemical commonly used in plastics and manufacturing) could rupture, spilling up to 7,000 gallons of toxic material, or explode, endangering nearby tanks. Covey, a firefighter from Covey Fire Protection Services, said that firefighters were investigating whether a large flow of cooling water could?slow down the curing inside the tank to the point where it would reduce pressure and stop an explosion. Covey stated that "we cannot allow this to fail and explode." "Our goal is to not let that happen." The incident started on Thursday, at the GKN Aerospace plant in Garden Grove. This city has a population of 172,000 and is located about 30 miles (50km) south of Los Angeles. According to the site's website, it specializes in manufacturing and testing windows and canopies of commercial and military aircraft. GKN stated that it was working with "all the relevant experts" to resolve the problem. GKN's spokesperson issued a statement on Saturday apologizing for the inconvenience caused to local residents and business owners who were forced to evacuate. On Friday, officials expanded evacuation orders after the explosion risk increased. According to Amir El-Farra, Garden Grove Police chief, about 15% of the people living in the area covered by the order refuse to leave. Covey stated that crews switched from a defensive to offensive operation over night with the help of chemists in the emergency response team from the manufacturer. The goal was to neutralize the nearby 15,000-gallon storage tank and reduce its potential explosiveness if it failed. Covey stated, "We put people in danger last night." Garden Grove, Anaheim, and Cypress are all nearby cities that have been evacuated. Officials from the Department of Health have expressed concern that prolonged exposure to vapor could lead to severe respiratory problems. As of the last health update, air-quality monitors did not detect vapor. "You're safe so long as you stay out of the area that was determined as an evacuation zone," said Dr. Regina Chinsio Kwong, of the Orange County Health Care Agency on Friday. Covey stated that crews were also prepared for a potential spill, looking at ways to dike, dam, and divert liquids into a holding zone on the commercial site rather than allowing them to reach storm drains or river channels, or the ocean. Covey stated, "We will not give up." (Reporting from Rodrigo Campos, New York; additional reporting by Dan Catchpole. Editing by Sergio Non & David Gregorio).
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Trump tells media that negotiators have made progress on the Iran deal
According to CBS News, President Donald Trump stated 'on Saturday that the United States and Iran were 'getting closer to finalizing a peace agreement. CBS reported that he said the final agreement would stop Iran from getting a nuclear bomb and would ensure that Iran's highly enriched uranium was "satisfactorily" handled. Trump was reported as saying, "I'll only sign a contract where we get everything we want." Iran, the United States, and?mediator Pakistan said that progress had been made in talks to end almost three months war. Trump told Axios that he will discuss the latest Iran draft deal with his advisers on Saturday, and may make a decision by Sunday on whether or not to continue the "war". According to Axios, Trump said: "Either we get a good deal or I will blow them up to a million hells." Trump has vacillated?between the two poles?of diplomacy?and a military strike?since a ceasefire?was?declared?six weeks ago?to allow the parties to reach an agreement?on Iran?s nuclear program?and?on reopening?the Strait?of Hormuz?, a vital oil and gas route?now controlled by Tehran?. Reporting by Doina chiacu, Washington; Editing and proofreading by Matthew Lewis
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Charlton promoted to WSL following shoot-out victory over Leicester
Sophie Whitehouse, the goalkeeper for Charlton Athletic, saved four of five penalties in the shootout that saw them beat Leicester City 2-1 on Saturday. This win earned Charlton Athletic promotion to the Women's Super League's top tier. Charlton finished 'third' in the WSL 2 division this year, earning a playoff match against Leicester who came in last in the top tier. After 120 minutes of goalless play, the game was decided by penalties. Whitehouse, who is a shot-stopper, saved the first two kicks from Emily van Egmond, and Shannon O'Brien, to give her side the advantage early in the shoot-out. Olivia McLoughlin's goal gave Leicester hope. But?the 29 year old Whitehouse, who has been a standout between the sticks for Charlton this season, capped her superb season by denying Leicester's Noemie Mouchon and Heather?Payne to earn promotion for her team.
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Zelenskiy, Zelenskiy: 'Unfair' proposal for associate EU membership
In a letter sent to EU leaders, Ukrainian President Volodymyr Zelenskiy stated that the German proposal to grant Ukraine a "associate membership" of the European Union is "unfair", as it would leave Kyiv with no voice within the bloc. German Chancellor Friedrich Merz proposed earlier this week that?Ukraine could participate in EU institutions and meetings without voting as an "interim" step toward full membership. He said it would help facilitate a settlement to the four-year war started by Russia's invasion. Zelenskiy responded in a late-Friday letter, which was reviewed by, that Ukraine is pressing forward quickly with the necessary reforms for full EU membership, while also acting as an bulwark for the entire 27-nation block against Russian aggression. "We defend Europe fully, not in parts, and we do not use half measures," said the 48 year-old leader. He accused Russia of attempting to destabilize the continent and destroy European unity. "It is unfair that Ukraine should be in the European Union but have no voice." The letter was addressed to the Presidents of the European Council, Antonio Costa and Ursula von der Leyen, as well as the President of Cyprus, Nikos Christodoulides. Zelenskiy expressed his gratitude to the leaders of Europe for their support in this war, Europe's biggest conflict since World War Two. After months of delays, EU states approved a 90 billion euro (104.42 billion dollars) loan for two years to fund Ukraine's military efforts. Zelenskiy stated that there was an opportunity to make substantive progress in the accession talks following the removal of Hungarian prime minister Viktor Orban. Orban had been a staunch enemy of Ukraine's EU Membership who lost April elections. Zelenskiy stated in his message that "the time is now to move ahead with Ukraine's full and meaningful membership." "Ukraine is entitled to a fair approach and equal rights in Europe." EU Officials say that MEMBERSHIP will take time. Analysts say that a clear path into the EU would help Zelenskiy sell any peace agreement to Ukrainians. This is especially true if, as many expect, a "settlement" does not give Ukraine full control over its territory or membership in NATO. Many European officials, however, say that it is unrealistic to expect Ukraine to become a full member of the EU in the next few year, despite the fact that a date 2027 had been penciled in a 20 point peace plan which was discussed between the United States and Russia. The EU requires that each of its 27 members ratify the accession, which could pose significant obstacles. Merz's plan was described as a compromise between Ukraine's status as a country that is currently a candidate and its current position as a country. Ukraine hopes to begin negotiations in two months on six areas of EU accession, known as "clusters". A German government spokesperson said Berlin was "aligned" with Zelenskiy's desire to begin these negotiations as quickly as possible, and that it saw itself as paving a path to EU membership for Kyiv. The spokesman added that Merz's suggestion was intended to start a candid discussion. The focus is on practical intermediate steps towards full membership. Full membership remains the ultimate goal. In his letter, Zelenskiy stated that despite the war pressure, Ukraine is making progress in the reforms needed to meet EU democratic standards and economic standards. He said: "We understand that European integration does not happen over night." "But previous rounds have shown that it is possible to give countries time to integrate into the EU without limiting their right inside." Merz, in a letter sent to EU officials and reported on by, said he would discuss his idea of an "associate membership" for Ukraine with other European leaders. He suggested creating a taskforce to finalise details. The proposal included "a political commitment" to apply to Ukraine the mutual assistance and defense clause of the EU, as well as giving Ukraine a nonvoting associate member of the European Commission, nonvoting representatives in the European Parliament and gradual access the EU budget. Some diplomats in Brussels responded with 'caution' to Merz’s proposal. They noted that the status of a "sociate member" does not exist and would require a change to EU Treaties. Some diplomats in Brussels reacted with?caution to Merz's proposal, noting that the status of "associate" member does?not exist and could require changes to EU treaties. Some diplomats say that the German proposal can be viewed as a simple effort to accelerate Ukraine's progress. One EU diplomat who requested anonymity said: "If the German plan accelerates integration without hindering full membership or preventing it, then it's worth a closer examination." Reporting by Daniel Flynn, Additional reporting by Markus Wacket (Berlin) Editing by Susan Fenton & Tomaszjanowski
Oil and dollar decline on Middle East Peace Hopes
U.S. Stock Futures climbed on Monday, while oil and the dollar fell. The prospect of an agreement to end the Iran War boosted risk appetite. However, a lack of clarity about when the 'Strait of Hormuz' would open kept enthusiasm in check. Energy prices have soared in response to the nearly three-month war in the Middle East. Worries about inflation and the closure of the Strait of Hormuz, through which most world energy passes, has impacted global rates.
Donald Trump, the U.S. president, said that he told his representatives on Sunday not to rush any deal with Iran. His administration also played down expectations of an imminent breakthrough.
Trump said just a day before that Washington and Iran had "largely" negotiated a peace agreement that would reopen this waterway that, prior to the conflict, carried about one-fifth the global oil and LNG shipments.
Brent crude futures fell over 4%, to $98.83 per barrel. U.S. West Texas intermediate CLc1 also dropped over 4%, to $92.03 per barrel.
The euro rose 0.37% to $1.1646 while the Japanese yen climbed to 158.85 U.S. dollars in early trading, as the safe-haven dollar lost some of its recent gains.
Nasdaq and S&P were both up 0.6%. Nick Twidale is the chief market analyst for ATFX Global. He expects that on Monday, investors will embrace more risk, but they won't surge higher until it has been confirmed that reopening of?the Strait?of?Hormuz.
He said, "We need to reach an agreement in the next sessions because we know that there are still major sticking points."
Nikkei, the Japanese stock market index, was positioned for a strong opening to Monday's trading session. Commonwealth Bank of Australia's strategists stated in a recent note that the most important issue for financial markets is when the Strait of Hormuz will reopen.
They asked: "Under which conditions will the?Strait reopen, and how long will it take to repair production and infrastructure in order to ramp up energy production and other goods back to pre-war level?" (Reporting and editing by Stephen Coates in Singapore, Ankur Banerjee)
(source: Reuters)