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Nigerian Dangote warns that cheap Russian oil threatens African refineries
Aliko Dangote, a Nigerian billionaire, has warned that discounted Russian petroleum products pour into African markets. This could undermine the continent's new refining industry. Dangote has struggled with securing crude oil locally, despite his plans to increase the refinery's capacity to 700,000. Dangote, at an Abuja oil conference, said: "We're increasingly faced with the dumping and blending of cheap, toxic petroleum products. Some of these are blended in substandard levels, which would never be permitted in Europe or North America." He attributed the trend to Western sanctions against Russian oil which have led Moscow to offer steep discounts on alternative markets including Africa. The Russian energy ministry didn't immediately respond to an inquiry for comment. Dangote expressed his concern over the Lome floating market, off the coast Togo. The market is dominated by traders from abroad. Lome, with its 2 million barrels worth of petroleum products stored in the port, has become an important hub for fuel imports. Dangote warned that this could harm Africa's refinery efforts. Africa produces around 7 million barrels per day of crude oil, but only 40% of its total consumption is refined locally. Africa imports more than 120 million metric tonnes of refined products each year. Dangote’s refinery began operating last year and has now started exporting gasoline. Exports have reached 1 million tons in June. He said that local producers were facing stiff competition from international traders who took advantage of regulatory gaps and inconsistent standards in fuel across African countries. Dangote called on African governments to adopt tariffs and emission caps in order to protect their domestic industries. Africa is still a relatively small market for Russian oil compared to other major buyers such as Turkey and Brazil. In June, Russian gasoil and diesel exports to African nations fell 30% from the preceding month. They totaled about 0.7 millions tons. According to shipping data, Morocco, Tunisia Togo and Egypt were the top importers. Some vessels that were loaded with 230,000 tons Russian diesel in May had their final destinations marked "for orders," which meant the discharge points for those ships hadn't been determined or declared. Reporting by Isaac Anyaogu. Mark Potter edited the article.
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WTO reverses some of its previous decisions in EU-China Intellectual Property Dispute
Arbitrators at the World Trade Organization reversed a part of the previous panel's decision on Monday, which had rejected European Union claims that China violated intellectual property rules set by the global watchdog. A WTO panel in April rejected the EU complaint that China violated IP rules of the global watchdog over patents for mobile technology 3G,4G, and 5G. It did, however, say that China failed to meet all WTO transparency requirements. The EU appealed at the Multi-Party Appeal Arbitration Arrangement - a substitute for the WTO Appellate Body, which was shut down in 2019 because the United States blocked judge nominations repeatedly. The arbitrators found on Monday that part of the previous panel's decision was reversed and that the Chinese courts had prohibited patent holders from enforcing their rights outside of China through anti-suit injunctions. This was in violation of Trade-Related Aspects Intellectual Property Rights (TRIPS) rules relating to patent rights. The arbitrators confirmed the previous findings in four cases, but reversed them in three. The WTO has given China 90-days to correct its actions to be in compliance with WTO rules. The Chinese Ministry of Commerce announced on Tuesday that it has taken note of this situation. The arbitration tribunal, while expressing its approval of some conclusions, stated that it had made an error in concluding that WTO members must not interfere with a patent owner's right to enforce his rights within the jurisdictions of other WTO members. China expressed dissatisfaction over this aspect of ruling, it added. It would carefully evaluate the decision and deal with the matter in accordance to WTO rules.
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Turkey declares it will intervene if there is any attempt to divide Syria
Hakan Fidan, the Turkish Foreign Minister, said that Turkey would intervene directly to prevent any attempt by militants to gain autonomy following clashes in Southern Syria. In comments made to Ankara reporters, his warning against fragmentation appeared to be aimed at Israel, as Turkey believes that this is Israel's ultimate goal in Syria. The Turkish government has condemned the Israeli attacks on Damascus, which took place last week. It believes that Israel is trying to undermine Syria's efforts at peace and security. NATO member Turkey has expressed support for the new Syrian government and called for a truce between Bedouins and Druzes. Fidan stated that Israel wants a divided Syria in order to weaken, make it unstable and a liability for the region. He also added that YPG Kurdish militants are looking to exploit the chaos. He said, "God willing we will stop this policy being implemented." He said that groups in Syria, referring to the YPG by name, should not view such chaos as a tactic to achieve autonomy or independent within Syria. They faced "a huge strategic catastrophe". He said, "This is a dead end." Ankara views the YPG as a terrorist organization, leading the U.S. supported Syrian Democratic Forces. It has conducted several cross-border attacks against the YPG. Fidan warned: "No group should act in a way that leads to division." He said that many issues can be discussed through diplomacy, but "if you go beyond that and seek fragmentation and instability we will consider this as a direct threat and intervene." Fidan said that Turkey would support efforts and discussions to ensure peace and stability in Syria but would not expose itself to threats. Israel has not yet commented on Fidan Fidan's remarks. Israel said that it had struck targets in Syria to defend Druze last week.
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Trump withdraws US from UN cultural agency UNESCO
On Tuesday, President Donald Trump withdrew the United States from the U.N. agency for culture and education UNESCO, a decision he made during his first term but which was reversed by Joe Biden. The Paris-based agency was established after World War II to promote peace by international cooperation in education and science. White House spokesperson Anna Kelly stated that President Trump had decided to withdraw the United States of America from UNESCO, which supported woke and divisive cultural causes. These are out of step with the commonsense policy that Americans voted in November. The State Department claimed that remaining in UNESCO is not in the national interests, and accused it of having a "globalist, ideological agenda for development abroad at odds with America First's foreign policy". Audrey Azoulay, UNESCO's chief, said that she regretted Trump’s decision but it was "expected" and UNESCO had prepared for it. On X, President Emanuel Macron posted: "Unwavering Support for UNESCO as Universal Protector of Science, Ocean, Education, Culture, and World Heritage." The withdrawal of the United States won't weaken our commitment towards those who are fighting in this battle. She said that the agency has diversified its funding sources, and receives only 8% of its total budget from Washington. UNESCO is one of the international organizations Trump withdrew during his first term. Others include the World Health Organization and the Paris Agreement on climate change, as well as the U.N. Human Rights Council. In his second term, Trump has mostly reinstated these steps. Officials at UNESCO said that the U.S. withdrawal from the United Nations would only have a limited impact on the programs the United States funded. TENSIONS? Israel has welcomed the U.S. decision not to join UNESCO. The U.S. State Department stated that the decision of UNESCO to admit Palestine to its membership was one of the main reasons for the withdrawal. This was "contrary" to U.S. policies and contributed to anti-Israel rhetoric in the organization. Officials from UNESCO said that all statements relevant to the agency had been agreed upon with both Israel as well as the Palestinians in the last eight years. Azoulay stated that "the reasons given by the United States for withdrawing from the Organization were the same seven years ago, despite the fact that the situation had changed profoundly. Political tensions have subsided, and UNESCO is today a rare platform where there can be consensus on concrete, action-oriented multilateralism." These claims contradict the actual efforts of UNESCO, especially in the area of Holocaust education and antisemitism. At UNESCO, diplomats felt that the U.S. withdrawal was inevitable due to political reasons. Biden brought the U.S. home and had pledged to pay back arrears since the first time Trump withdrew. UNESCO, whose official name is United Nations Educational, Scientific and Cultural Organization, has been best known for its designation of World Heritage Sites, such as the Grand Canyon, in the United States, and the ancient city Palmyra, in Syria. The United States joined UNESCO in 1945, but left in 1984 over alleged financial mismanagement. In 2003, President Bush returned to the organization, saying it had made necessary reforms. (Written by Ingrid Melander, with additional reporting by Jarrett Renshaw in Washington, Humeyra Pauk in Bengaluru and Susan Heavey and Charlotte Van Campenhout and Dominique Vidalon in Paris. Edited by Hugh Lawson, Peter Graff and Hugh Lawson)
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Germany provides Vulcan Energy with 104 million Euros to produce clean Lithium
Vulcan, a start-up, has received 104 millions euros ($122million) from the German government to produce clean Lithium, the company announced on Tuesday. Berlin is aiming to increase electric vehicle production and reduce its reliance on imported raw materials. Vulcan said that the grants issued by both the Federal Government and the states of Rhineland-Palatinate, and Hesse will be used to support a project "designed for building Germany and Europe's crucial raw materials supply chains resilience". According to the German Raw Materials Agency, Germany's demand for lithium could reach 170,000 tons per year by 2030. The country's automotive industry relies on imports to meet its battery production requirements. A study conducted by Fraunhofer IEG and the Federal Institute for Geosciences and Natural Resources in March showed that Germany has enough lithium reserves to meet its domestic demand for several decades. Vulcan announced last year that its first large industrial plant with an annual production of 24,000 tons of lithium hydroxide - enough to power 500,000 electric cars - would be in operation by the end 2026. Vulcan invests 690 million euro in the project. It will build a facility in Landau, Rhineland-Palatinate, extracting lithium chloride which will be converted into lithium hydroxide, a key component for lithium batteries production, in a facility near Frankfurt. The company stated that the funding will be distributed from October 1, over a period of 36 months. The economy ministry stated that the Rhineland-Palatinate state and Hesse will each co-finance around 30% of the state support. In a recent statement, Economy Ministry State Sec. Stefan Rouenhoff stated that "in times of increasing geopolitical threats it is necessary to increase efforts...to open up alternative raw materials sources for our domestic economies".
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Heatwave grips Greece and Balkans. Tourists, workers seek relief.
On Tuesday, tourists and workers sought shade as Greece suffered its third heatwave this summer. High temperatures also gripped the Balkans region and caused wildfires to spread in Albania. Greece, located at the southernmost point of Europe, is known for its hot, dry summers. Climate change has caused heatwaves to be longer and more intense, and also led to destructive floods and fires. Matthew Enos (18-year-old New Orleans visitor) said that he was not prepared for the heatwave in Athens when he first arrived. "It has been tough so far." "Not the best feeling ever," said he. "I've been adapting to the heat by drinking lots of water." The labour ministry announced that couriers, food delivery drivers and builders from Athens, and surrounding regions, were ordered to stop work between midday and 5 pm, because the mercury could reach as high as 42 degrees Celsius. To avoid heat stress, workers with health problems were encouraged to work remotely. ACROPOLIS SHUT In Athens, one of Europe's most densely-populated capitals and situated on a plain flanked with mountains, tourists sought out restaurants and shops that were air-conditioned. A 39-year old American named Craig hired a taxi to tour the city as it was too hot for him to walk. He said that the break between sites was very helpful. "It was extremely hot but it was nice to have a break in-between." The Acropolis in Greece, the most popular ancient site and situated on a hill with little shade, will be closed from noon on Tuesday and on Wednesday for five hours. This is a standard measure when temperatures are high. Greek Meteorological Service said that the heatwave would continue until Sunday. The heatwave also swept Bulgaria, a neighboring country on Tuesday. Authorities urged businesses to provide free water and reduce physical work during high-risk times. The Fierza Lake, which was a hydroelectric source in the border area between Kosovo and Albania due to increased production of electricity and weeks without rain, has been nearly emptied. In what was once the bottom of the Lake, cows were eating grass. FIRE In Kosovo, Milazim Duraku (62), a farmer from Prizren chided his younger workers when he was picking yellow peppers to sell at the market in the morning. "Those young people, they can't handle the heat." He said that they only work a few moments in the evenings or mornings. Four aircraft from Italy, Greece and Albania helped firefighters in Albania battle two wildfires near the village of Dukat and a national reserve located in the north. Last month, large areas of Western Europe were ravaged by a severe heatwave which caused many deaths and triggered forest blazes and health warnings throughout the region. Terna, the national grid operator in Italy, said Tuesday that electricity consumption was up 7.4% on a year-over-year in June, a result of last month's heatwave, which was responsible for blackouts in Florence and Milan. Globally, 2024 marked the warmest ever year, with temperatures rising 1.5 degrees Celsius above pre-industrial levels for the first. A study published last week revealed that temperatures around Athens have risen by up to 10 degrees Celsius in some areas since July 2024, after fires destroyed the vegetation. Reporting by Stamos PROUSALIS, Angeliki KOUTANTOU and Fatos BYTYCI; Additional reporting by Alvise ARMELLIN; Writing by Angeliki KOUTANTOU; Editing Aidan Lewis
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Argentina's steelmaker Sidersa seeks $286.3 mln investment via incentive scheme
According to a document published in the Official Gazette of Argentina on Tuesday, Argentine steelmaker Sidersa was approved to participate in a government incentive program for funding a $286.3 million steel plant aimed at boosting production. Why it's important The project is in line with Argentina's efforts at promoting industrial growth and economic stabilization through the Large Investment Incentive Regime. KEY QUOTE According to the company, the Sidersa Argentine Steel Project aims "to increase the production capacity of steel long, meet unsatisfied local demand, diversify their product offerings, and boost its productivity by implementing cutting-edge technology that is focused on sustainability." By the Numbers Sidersa plans to invest $142,87 million in the first and $127.33 millions in the second years under the RIGI framework. The new plant is expected to have a capacity installed of 360,000 tons a year. Production projections are 290,000 tonnes per year starting in its fourth year. CONTEXT The libertarian government of Argentine president Javier Milei is trying to boost the promising mine sector in order to increase income and maintain macroeconomic stability. The RIGI framework aims to provide tax, customs and exchange rate advantages, as well access to international arbitrage in the event of disputes. What's Next? The approval of Sidersa by Argentina's Economy Ministry could pave way for the construction of a modern steel mill that would diversify local offerings, and reduce Argentina's dependence on imports. Report by Walter Bianchi, Writing by Aida Pelaez Fernandez, Editing by Chizu Niyama
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The top court of Italy says the climate case against Eni may continue
The top appeals court of Italy has ruled that a climate change case brought against Italian energy company Eni may continue. This was in response to a jurisdictional case raised by Greenpeace Italia, and ReCommon. The two organisations' judgement published on Tuesday affirms that Italian courts are competent to hear climate litigation, including cases involving emissions of Eni's subsidiaries abroad. In a joint press release, Greenpeace Italia said: "This historic decision confirms that climate Justice is possible in Italy." The organizations originally filed the suit in May 2023. They claimed that Eni’s decades-long fossil energy operations had contributed significantly to climate changes, causing current and future damages. The plaintiffs asked the court to determine Eni's liability for past and future environmental damage and to force Eni and its major investors to reconsider their climate strategy. The state lender CDP, which holds stakes in strategic groups for the government, and the Ministry of Finance were co-defendants because they jointly own 31.8% of Eni. Greenpeace Italia & ReCommon contacted the Rome Court of Appeal in June 2011 to clarify the jurisdiction over climate litigation. The case will be returned to Rome's civil court after this ruling. Eni stated that it was satisfied with this decision. The energy group stated that "the proceedings can now resume before the Rome court, where Greenpeace's and ReCommon's unfounded theories regarding Eni's alleged liability for damages related to climate change will be demolished." (Reporting and editing by Alvise Armellini and David Holmes; Reporting by Francesca Landini)
Chocolate costs to keep rising as West Africa's cocoa crisis deepens
Surveying the removed landscape of her farm dotted with pools of cyanidetainted, tea coloured waste water left by prohibited gold miners suffices to make Janet Gyamfi break down.
Only in 2015, the 27-hectare plot in western Ghana was covered with almost 6,000 cocoa trees. Today, less than a dozen stay.
This farm was my only methods of survival, the 52-year-old divorcee told , tears streaming down her cheeks. I. planned to pass it on to my children.
Long the world's undisputed cocoa powerhouses representing. over 60% of international supply, Ghana and its West African neighbour. Ivory Coast are both facing catastrophic harvests this season.
Expectations of scarcities of cocoa beans - the raw product. for chocolate - have actually seen New York cocoa futures more. than double this year alone. They have struck fresh record highs. nearly daily in an unmatched trend that shows little sign of. easing off.
More than 20 farmers, professionals and market experts informed. that a best storm of widespread unlawful gold mining,. environment change, sector mismanagement, and quickly spreading out. illness is to blame.
In its most sobering assessment to date, according to information. assembled since 2018 and gotten specifically , Ghana's. cocoa marketing board Cocobod estimates that 590,000 hectares of. plantations have actually been contaminated with inflamed shoot, an infection that. will ultimately kill them.
Ghana today has some 1.38 million hectares of land under. cocoa cultivation, a figure Cocobod stated includes contaminated trees. that are still producing cocoa.
Production is in long-lasting decline, said Steve Wateridge,. a cocoa professional with Tropical Research study Providers. We wouldn't get. the lowest crop for 20 years in Ghana and least expensive for eight years. in Ivory Coast if we had not reached a tipping point.
It's an imbroglio without any simple fixes that has actually surprised. markets and might spell the beginning of completion of West. Africa's cocoa supremacy, the experts informed . That may. open the door for ascendant producers, especially in Latin. America.
And while millions of cocoa farmers in West Africa are. dealing with an agonizing watershed minute, it's a shift that will likewise. be felt in rich consumer markets, perhaps for several years to come.
Buyers purchasing Easter confectionary in the United States. are discovering that chocolate on shop shelves is more than 10%. more pricey than a year earlier, according to data from research study. firm NielsenIQ.
Since chocolate makers tend to hedge cocoa purchases months. ahead of time, analysts say the devastating crops in West Africa. will just truly struck customers later this year.
The sort of chocolate bar that we're used to eating, that's. going to end up being a luxury, stated Tedd George, an Africa-focused. commodities expert with Kleos Advisory. It will be offered,. however it's going to be two times as expensive.
' TRAUMATISED'
The roots of this season's implosion are on complete screen in. Samreboi, the neighborhood in Ghana's western cocoa heartland where. Gyamfi lives.
Only 3 years ago, Samreboi boasted roughly 38,000. hectares of planted cocoa, according to Cocobod's regional office. there. Today, it's fallen to simply 15,400.
Illegal miners began appearing in the area a couple of years earlier,. Gyamfi stated. She 'd been withstanding their threatening needs to. offer them her plantation when, one day last June, she got here to. discover it cordoned off. Armed guards obstructed her entry.
Bulldozers removed her cocoa trees. Miners swarmed the. home. Within six months, the gold was finished and the website. was deserted, leaving Gyamfi with unusable land contaminated. with toxic chemicals, a loan she can no longer pay back, and. 4 kids to support.
I was traumatised, she stated.
She stated she pleaded with the authorities and Cocobod however states. she's seen no reaction.
An officer at the regional police station, who asked not to be. recognized, stated they had received a grievance but he might not. remember if they had actually sent out officers to the farm. He decreased to. speak with cops records.
Cocobod representative Fiifi Boafo, upon learning of her case,. stated the board's legal department would get included.
But we are not the authorities or the courts, he stated. It is. unlawful to destroy cocoa trees, however the charge isn't punitive. enough.
Throughout Ghana, cocoa plantations are delivering ground to gold. miners, known in your area as galamsey.
Cocobod told it had no as much as date data on the scale. of the destruction. And while a study it performed 4 years. back found that 20,000 hectares of cocoa had actually been lost to. galamsey, 5 professionals said mining has actually expanded rapidly in the. stepping in years.
It's now disastrous, said Godwin Kojo Ayenor, a. development financial expert specialising in cocoa. It's covering. practically every part of the cocoa belt.
While some plantation takeovers are certainly violent, five. farmers and neighborhood leaders told that more and more of. them are ending up being ready sellers.
To cocoa farmer Asiamah Yeboah, galamsey is simply a sign. of a more comprehensive malaise. Considering that striking peak production of over a. million tonnes in the 2020/21 season, Ghana has been moving. Output is forecast to plummet to just 580,000 tonnes this year.
Yeboah states he gathered 50 bags of cocoa in 2015, however. production from his 15-hectare plot fell to simply seven this. season. He doesn't make enough to reinvest and significantly. battles to discover workers.
Before God and guy, if they come requesting my farm to. mine, I will sell it, he said.
ILLNESS AND CLIMATE MODIFICATION
Yeboah and other Ghanaian farmers blame Cocobod.
The body, which has far-flung obligation for. controling and promoting the sector, faces installing debt and. this season struggled to protect the syndicated loan it utilizes to. financing operations and generate the crop.
It suspended distributions of fertiliser and pesticides. years ago. Strategies to rejuvenate ageing tree stocks have actually made. scant development. And it is losing the battle versus what numerous. think about an existential danger: swollen shoot.
The virus very first reduces yields before eventually killing. trees. When contaminated with inflamed shoot, plantations must be. ripped out and the soil treated before cocoa can be replanted.
Cocobod has undertaken to fix up affected cocoa. plantations, using a part of its $600 million in funding. from the African Advancement Bank and another $200 million from. the World Bank.
With aging and unhealthy crops, the difficulties look frightening,. Boafo, the Cocobod spokesperson, told . However we have actually critical. interventions continuous to resolve them.
The 67,000 hectares covered under Ghana's rehabilitation. program, however, come no place near keeping up with the. disease's spread, professionals state. Worse, Cocobod says unlawful. miners invade some fixed up farms.
And in Ivory Coast, the world's greatest cocoa producer,. things are barely much better, with Tropical Research study Service's. Wateridge approximating up to 30% of Ivorian cocoa plantations are. likely contaminated.
There's no fast fix, said Antonie Fountain, managing. director of VOICE Network, which promotes cocoa sector reform.
A dead tree is not simply dead for a season, he stated.
Even after rehabilitation, replanted trees take 2 to four. years to develop and produce beans. And a significant rebound in. cocoa production in the 2 countries faces other major headwinds.
Scientist anticipate climate change will make the crop harder. to produce in West Africa in coming decades with one research study. forecasting Ivory Coast's the majority of appropriate growing areas will. shrink by more than 50% by the 2050s.
Rain patterns are already moving, with more. focused periods of heavy rains and longer, hotter dry. spells, said Bakary Traoré, head of Ivorian forest preservation. group IDEF.
It's something we have actually currently been observing for the past. few years, he said.
With West Africa struggling, current sky-high worldwide rates. will be an attractive incentive for farmers to plant more cocoa. in other tropical areas, notably Latin America.
Both VOICE Network's Water fountain and cocoa specialist Wateridge are. forecasting that Ecuador will now surpass Ghana as the world's. number 2 cocoa by 2027. Brazil and Peru might also step up.
Filling the supply space will take some time, however, and in the. meantime chocolate fans should anticipate to feel the pinch.
But the genuine victims, say activists like Water fountain, are the. small-time growers in Ivory Coast and Ghana, who have few. choices as they watch their earnings vaporize.
The situation for farmers in West Africa is devastating,. said Fountain. It is simply definitely ravaging.
(source: Reuters)