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After a glacier collapse, a Swiss village is evacuated after being hit by a torrent of ice and rock.
Authorities said that a huge chunk of a Swiss glacier broke off Wednesday afternoon, causing a torrent of ice and rocks to hit a mountain village that was evacuated earlier in the month because of the danger of a landslide. Matthias Ebener is a local authority spokesperson who said that no human casualties were reported. The rockslide was particularly damaging to the buildings and infrastructure of Blatten, an approximately 300-person village that had been evacuated from May 19, after geologists identified a risk of imminent avalanche rock and ice. The Swiss broadcaster SRF reported that the slide had destroyed houses and buried large parts of the village in the Loetschental Valley in southern Switzerland. Since ordering residents to leave, Swiss authorities have been closely monitoring the slopes of Blatten. A video widely shared on social media captured the moment the glacier partially fell, creating a cloud of rock and debris that rolled down the mountainside into the village. (Reporting and editing by Dave Graham.)
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Palestinian sources claim that Israeli forces have killed a third Palestinian in West Bank within 24 hours.
Israeli forces killed a Palestinian on Wednesday in the West Bank, according to the local health minister. This is the third Palestinian reported dead by Israeli forces within 24 hours. There has also been an increase in settler attacks against Palestinian villages in the occupied territories. The Palestinian Authority reported that Jewish settlers had also increased their efforts to gain new footholds on the West Bank. They said they had set up tents at seven different locations over the past 10 days, in an unprecedented burst. Since the Gaza War, Jewish settlements have accelerated in West Bank, the territory that Palestinians want for their future state. Violence has also increased there. Ahmed al-Sedda said that Jassem Ibrahim was killed by Israeli troops who stormed into his house in Jit village after midnight. He described a blood-stained pillow, mattress and blanket in his bedroom. The Palestinian official news agency WAFA said that this was in response to the death by Israeli forces on Tuesday of a Palestinian man aged 20 during a raid conducted in Jericho. According to the Palestinian Health Ministry, Israeli forces killed another Palestinian in Nablus city on Tuesday. Israel's Military did not respond to a comment immediately. During the months-long military operation in the West Bank settler attacks against Palestinian villages have increased, while the new construction has accelerated during the right-wing Netanyahu government. SLOGANS RACIST Palestinian news agency WAFA reported that in their latest attack, Jewish settlers set fire to several vehicles and daubed racist messages on homes in Rammun village, east of Ramallah. Residents in the village Qaryout, near Nablus said that settlers threw stones at homes and set cars ablaze on Tuesday. Another attack took place on Tuesday near Ramallah in the village al-Mughayyir, where Palestinian crops were destroyed. The number of attacks spiked in early this month, after Palestinian militants killed a pregnant settler in the West Bank. Since 1967, Israel has occupied the West Bank and Gaza, the three main Palestinian territories that they want to form the future core of their state. Most countries view settlements as illegal. Israel denies this, citing the historical and Biblical links of the Jewish people with the area. Amir Daoud is a Palestinian Authority official that monitors settlement activities. He said settlers have pitched tents at seven different locations in the past 10 days - five in Ramallah, Jericho, and Nablus. He said: "This is a continuous and unprecedented escalation." Israel launched its biggest operation in the West Bank this year since the Second Intifada or uprising two decades ago. According to the U.N., the operation in northern cities Jenin and Tulkarm has caused more than 40,000 Palestinians to be displaced.
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Sources say that OPEC+ may decide to raise July prices this week after discussing 2027 baselines.
OPEC+ will discuss a mechanism to set baselines for production in 2027 at a Wednesday meeting, delegates reported. Separate talks scheduled for Saturday may agree on a further accelerated increase of oil output for July. Since a few years, the group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, such as Russia has been discussing the new baselines, or production levels, from which each member can make cuts or increase. Baseline issues can be controversial, because some countries, such as the United Arab Emirates, Iraq, and others, have increased their oil producing capacity, arguing for higher quotas. Other members, such as Africans, have experienced a decline. Two delegates stated that the 22-member group may adopt on Wednesday a mechanism for establishing the baseline assessment of 2027. Sources said that the Wednesday meeting would not affect output policy. Eight OPEC+ member countries who are gradually increasing output will meet on Saturday and could agree to a July output increase of 411,000 barrels a day, just as they did in May and in June, according to the delegates. Due to the sensitive nature of the subject, all sources declined to provide their names. OPEC+ agreed to three levels of production cuts starting in 2022. Two are in effect until the end 2026, and the eighth member is unwinding the third. The production policy could theoretically include the 2027 baselines when all current output reductions expire. In April, oil prices dropped to a 4-year low below $60 per barrel as OPEC+ announced it would increase its production in May. Meanwhile, tariffs imposed by President Donald Trump raised fears of global economic weakness. Since then, it has recovered to around $65. Sources told us earlier this month that, on top of a July output increase, the eight countries may also unwind the rest of the latest cut by the end October. Reporting by Alex Lawler and Ahmad Ghaddar; Editing by Emelia S. Sithole-Matarise and Kirsty Donovan
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Trade chief: EU and US to discuss steel, chips, planes cooperation
Maros Séfcovic, European Commissioner for Trade, said that the European Commission and the United States are discussing possible cooperation in such sectors as aerospace, semiconductors, critical minerals, and steel. Sefcovic said that he spoke to his U.S. counterparts on an every-other-day basis to try to reach a deal limiting tariffs. Another call is due to take place on Thursday. "What we're looking at is first and foremost all the tariff lines. What can we do? How can we approach the market from this new perspective?" He told a news conference. Sefcovic stated that he discussed with U.S. secretary Howard Lutnick possible areas of transatlantic cooperation which would benefit both parties, naming aviation and semiconductors as well as steel, dependencies, especially for critical minerals, and steel. He said: "I am absolutely convinced that two of the largest trading partners in the world... simply need to find the best possible framework for trade and investment." We are working on this. "The intensity is high and I hope this will lead to the fair and balanced outcome in the end," said he. The European Commission (EC), which oversees the trade policy of the EU's 27 member states, has said that it believes the trade talks with the United States have gained new momentum this week, after President Donald Trump dropped the threat to impose tariffs of 50% on EU imports. This was after Trump's phone call with Ursula von der Leyen, the head of the Commission. They agreed to speed up talks. The EU wants an end to the 25% tariffs on cars and steel, and Trump should drop his "reciprocal tariff", which was initially set at 20% but is now held at 10% for a 90-day break until July. Washington is determined to reduce its goods trade deficit, which was nearly 200 billion euros ($226billion) last year. However, it has a large, but smaller, surplus in the services sector. ($1 = 0.8843 euro) (Reporting and Writing by Federico Maccioni, Editing by Mark Porter).
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BMW, Mercedes, VW seek tariff relief in return for US investment, Handelsblatt reports
The Handelsblatt reported that German automakers BMW, Mercedes-Benz, and Volkswagen were in discussions with the U.S. Department of Commerce about a tariff agreement which would include a mechanism for offsetting imports and exports. The report cited company sources to say that in exchange for tariff relief the companies would be able to invest billions of dollars in the United States. The report did not provide a specific amount. According to Handelsblatt, the goal is to reach a deal as early as July. BMW refused to comment. Mercedes and Volkwagen were not available to comment when contacted. Handelsblatt declined to comment. Following the report, shares of carmakers rose. BMW was up 3.1%; Volkswagen 2.2%; and Mercedes 1.8%. Germany's automakers, already struggling to cope with the protracted downturn in German industry as well as stiff competition from overseas, are now facing a new challenge. Fighting to stem The impact of import tariffs under U.S. president Donald Trump There is some optimism among executives. Volkswagen subsidiary, the largest auto exporter from the U.S. Recently, it was reported that there could be some movement in the next few months. BMW said that progress could be expected in July. Mercedes has also responded to the threat of tariffs with plans to Add production The GLC SUV is produced in Tuscaloosa Alabama. Reporting by Christina Amann, Victoria Waldersee and Rachel More Writing by Madeline Chambers Editing by Madeline Chambers
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Shares of Brazilian steel companies fall after the government renews tariff system
The stocks of Brazilian steel companies dropped on Wednesday, after the government announced that it would extend for another 12 months the system designed to protect the steel industry in Brazil. However, steelmakers said the system was ineffective. Why it's important Steel industry criticised the quotas almost immediately after they were introduced last year. They claimed that it did not control the imports, mostly from China. Steel products are allowed to enter the country as long as they do not exceed the import quota. They will have to pay an import tax between 9% and 16 %. Agencia Brasil, the Brazilian government's news outlet, said that if the cap is exceeded a 25% tax will be applied. MARKET REACTION CSN fell 4.4% on the first trading day following the announcement. Usiminas was down 3.6%, and Gerdau was down 1.2%. Brazil's benchmark index Bovespa dropped only 0.5%. CONTEXT Sector critics had already complained that the system was too broad. The government's announcement on Tuesday retained the exclusion of imports that come from countries with which Brazil has signed trade agreements or special conditions. Steel industry has asked the government to extend the scheme and include all steel products under the 25% tariff as done by the European Union (EU) and the United States. By the Numbers Aco Brasil did not make any comment on this matter on Wednesday. (By Alberto Alerigi Jr.; Writing by Isabel Teles, Editing by Barbara Lewis.)
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Sources say that Putin's peace demands include a stop to NATO expansion.
According to three Russian sources familiar with the negotiations, President Vladimir Putin has set conditions to end the war in Ukraine. These include that Western leaders commit in writing to stop expanding NATO eastwards as well as lifting a portion of sanctions against Russia. Donald Trump, the U.S. president, has said repeatedly that he wants the European conflict to be over. He has also shown growing frustration towards Putin in recent weeks. On Tuesday he warned the Russian leader 'playing with fire' by refusing ceasefire talks with Kyiv while his forces were making gains on the battlefield. Putin told Trump that after a two-hour conversation last week, he agreed to work on a document with Ukraine that would outline the terms of a peace agreement, including when a ceasefire will be implemented. Russia is drafting their version of the document and has no idea how long it will take. Kyiv, as well as European governments, have accused Moscow for stalling its troops' advance in the east Ukraine. One senior Russian source, speaking on condition of anonymity and with intimate knowledge of the Kremlin's thinking, said that Putin is willing to make peace at any cost. Three Russian sources have said that Putin wants an "written" commitment from major Western powers to not expand the U.S. led NATO alliance eastwards. This is a shorthand way of formally excluding Ukraine, Georgia, Moldova and other former Soviet Republics. The three sources also said that Russia wants Ukraine to remain neutral, certain Western sanctions lifted, a solution for the frozen Russian assets in the west, and protection of Russian speakers in Ukraine. First source: If Putin is unable, on his terms, to achieve a peaceful settlement, he'll try to demonstrate to the Ukrainians and Europeans, through military victories, that "peace tomorrow would be even more painful". The Kremlin has not responded to a request for a comment about'reporting. Putin and Russian officials repeatedly stated that any peace agreement must address the "root cause" of the conflict. This is Russian shorthand for NATO expansion and Western support for Ukraine. Kyiv repeatedly stated that Russia shouldn't be given veto rights over Ukraine's aspirations to become a member of the NATO alliance. Ukraine wants the West to provide a solid security guarantee that is backed up by teeth in order to deter future Russian attacks. The administration of President Volodymyr Zelenskiy did not reply to a comment request. NATO has said in the past that it would not change its policy of "open doors" just because Moscow demanded it. The 32-member alliance's spokesperson did not answer any questions. Putin sent tens-of-thousands of troops to Ukraine in February 2022, after eight years fighting between separatists backed by Russia and Ukrainian troops in the east of Ukraine. Russia controls less than one fifth of Ukraine. The Russian advance has accelerated in the last year. However, both Russia and Ukraine are paying a heavy price for the war. In January, it was reported that Putin had become increasingly concerned about the economic distortions of Russia's wartime economies. This is due to labour shortages as well as high interest rates implemented in order to combat inflation. Oil, which is the foundation of Russia's economic system, has been steadily declining in price this year. Trump, who boasts of his friendly relationship with Putin, and believes that the Russian leader is seeking peace, warned Washington it could impose additional sanctions if Moscow delayed efforts to reach a settlement. Trump suggested on social media that Putin was "absolutely CRAZY", for unleashing an aerial attack against Ukraine last week. First, the source stated that Putin would move further into Ukraine in the event he saw an opportunity to do so on the battlefield. The Kremlin also believed that Russia could continue fighting for many years despite the economic and political pressures imposed by Western countries. Second source: Putin is less willing to compromise with regards to territory, and is sticking to his public position that he wants to claim the entire four regions of eastern Ukraine. The second source stated that Putin has reaffirmed his position on the issue of territory. NATO Enlargement As Trump and Putin battled in public about the prospects for peace in Ukraine could not tell if the intensification of war and the hardening of positions signaled a determination to reach an agreement or a collapse of talks. In June of last year, Putin laid out his first terms for an end to the conflict immediately: Ukraine must abandon its NATO ambitions and remove all its troops from four Ukrainian regions that are claimed by Russia and largely controlled by them. Russia controls more than 70% Donetsk and Zaporizhzhia regions, as well as almost all of Luhansk. Russia also controls a small part of Kharkiv, Sumy and Kherson regions and threatens Dnipropetrovsk. The former U.S. president Joe Biden and Western European leaders, as well as Ukraine, have repeatedly called the invasion an imperialistic land grab. They also vowed that they would defeat Russian forces. Putin sees the war in the context of the watershed moment for Moscow's relationship with the West, which he claims humiliated Russia in 1991 after the Soviet Union collapsed by expanding NATO and encroaching upon what he believes to be Moscow's sphere. In 2008, NATO leaders in Bucharest agreed that Ukraine and Georgia will one day be members. In 2019, Ukraine amended its constitution to commit to full membership in NATO and the European Union. Trump said that the U.S.'s previous support for Ukraine’s NATO membership bid caused the war and indicated that Ukraine would not be granted membership. The U.S. State Department has not responded to a comment request on this story. Putin, who became the Kremlin's top official in 1999, has returned to NATO enlargement several times, including his most detailed remarks on a possible peaceful future in 2024. Just two months prior to the Russian invasion in 2021, Moscow presented a draft of an agreement with NATO that, under Article 6 would bind NATO "to refrain from any further expansion of NATO, which includes the accession of Ukraine and other States." At the time, U.S. diplomats and NATO officials said that Russia had no veto over the expansion of the alliance. Russia wants to see a written commitment from NATO because Putin believes that the United States misled Moscow after the fall of the Berlin Wall in 1989 when U.S. Secretary James Baker told Soviet leader Mikhail Gorbachev, in 1990, that NATO wouldn't expand eastward. William J. Burns, the former director of Central Intelligence Agency, said that there was a verbal agreement, but it never became formalized. It was also made before the fall of the Soviet Union. NATO, which was founded in 1949 as a means of providing security against the Soviet Union says that it does not pose a threat to Russia, even though the 2022 assessment on peace and security within the Euro-Atlantic region identified Russia as the "most significant and direct danger". Finland joined NATO in 2023 after the Russian invasion of Ukraine in that same year. Sweden followed in 2024. Western European leaders have said repeatedly that if Russia won the Ukraine war it could attack NATO one day - which would trigger a global war. Russia has dismissed such claims as scaremongering but also warned that the conflict in Ukraine could escalate. (Reporting in Moscow; Editing by Daniel Flynn).
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Gold prices rise on bargain-hunting ahead of Fed minutes
The gold price rose on Wednesday, as traders looked for bargains after the previous session's losses. Meanwhile, the market is still focused on the minutes of the Federal Reserve's newest policy meeting that will be released later in the day. Gold spot gained 0.4% by 8:56 am EDT (1255 GMT) to $3,312.05 per ounce, after hitting a low of $3285.19 in the previous session. U.S. Gold Futures increased 0.3% to $3310.60. The gold market has been choppy lately, only reacting to daily fundamental news with no real trending in price. Jim Wyckoff said that the market is nearing its top. The minutes can move the market. The market watchers will be looking for new comments about inflation this afternoon." The minutes of the Fed’s May policy meeting will be released at 2 pm EDT (1800 GMT). The meeting was held amid increased concern about global trade tensions following President Trump's announcement in early April of new major import tariffs. A week later, some of the most aggressive import tariffs were reduced or delayed. Gold has risen 26% this year, and reached a record-high in April. It is a good investment in low interest rate environments and can be a haven in times of uncertainty. Goldman Sachs suggested on Wednesday that long-term portfolios should include a higher allocation of gold than usual, citing increased risks to U.S. institution credibility, the Fed's pressure, and continued central bank demand. The focus is also on Friday's Personal Consumption Expenditures data (PCE) and comments by U.S. Central Bank officials. Data showed that gold imports into Switzerland from the United States rose to their highest level monthly since at least 2012. This was after precious metals were excluded from U.S. tariffs on imports. Silver spot fell by 0.3%, to $33.20 per ounce. Platinum rose 0.8%, to $1,088.65, and palladium dropped 0.6%, to $972.36. (Reporting and editing by Jan Harvey, Emelia Sithole Matarise, Ashitha Shivaprasad)
United States crude, fuel stocks rise on strong unrefined imports, weak fuel need
U.S. crude oil and gasoline stocks increased all of a sudden last week driven by an increase in crude imports and sluggish fuel need, the Energy Details Administration stated on Wednesday.
Crude inventories increased by 3.2 million barrels to 448.2 million barrels in the week ended March 22, the EIA stated, compared to analysts' expectations in a poll for a 1.3 million-barrel draw.
The crude construct was supported by a net increase in U.S. unrefined imports by 1.12 million barrels per day, and is setting the stage for a month-to-month build in crude oil, according to Matt Smith, lead oil expert at Kpler.
Aside from an abnormality in 2015 in the middle of record crude exports, United States crude stocks have revealed an integrate in every March because the start of this century, Smith stated.
Crude oil futures pared some losses after the report, as the crude stock construct was smaller than the build predicted by the American Petroleum Institute.
U.S. gas stocks increased by 1.3 million barrels in the week to 232.1 million barrels, the EIA said, as gas need fell by about 94,000 barrels daily.?
All the interest that was constructed into the market, led by gas, has generally evaporated at this point, stated Bob Yawger, director of energy futures at Mizuho.
Refinery unrefined runs rose by 147,000 barrels per day in the week ended March 22, the EIA said, and refinery usage rates rose by 0.9 portion points in the week.
Distillate stockpiles, which include diesel and heating oil, fell by 1.2 million barrels in the week to 117.3 million barrels, versus expectations for a 0.5 million-barrel increase, the EIA data revealed.
Crude stocks at the Cushing, Oklahoma, delivery center increased by 2.1 million barrels in the week ended March 22, the EIA stated.
(source: Reuters)