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Europe's electric vehicle industry urges EU to not delay CO2 emissions targets
More than 150 executives from Europe's electric vehicle industry signed a Monday letter urging the European Union not to abandon its zero-emission target for cars, vans and trucks by 2035. Signatories from the electric car industry, including Volvo Cars, Polestar and others, have warned against any delay in meeting the targets. They said that this would lead to a stalling of Europe's EV Market, giving an advantage to competitors around the world and eroding the confidence of investors. This follows a separate, end-of-August letter from the heads of European automotive manufacturers' and suppliers' associations to European Commission president Ursula von der Leyen in which they stressed that a reduction of 100% for cars by the year 2035 was not feasible. The letter was signed by Ola Kaellenius, CEO of Mercedes-Benz. Von der Leyen will discuss the future of automotive industry with players in the sector, who are facing dual threats of increased competition by Chinese competitors and U.S. Tariffs. Michael Lohscheller said that lowering targets would send the message that Europe is willing to compromise on its commitments. This would be harmful to the climate. He said that it would hurt Europe's competitiveness. Michiel Langzaal is the CEO of Fastned a charging company in the EU. He cited how the 2035 goal had brought clarity and the investments made already, such as charging infrastructure and software. He said, "Those investments will only produce returns if we reach this goal." According to a Monday report by the transport research and campaigning group T&E, all European carmakers except Mercedes-Benz are on track to meet CO2 regulations for cars and vans in 2025-2027. Mercedes said it would have to pool its emission with Volvo Cars, Polestar, and other manufacturers to avoid being fined for not meeting the target. (Reporting and editing by Marleen Kasebier, Nick Caresebier)
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Oil prices increase as OPEC+ agrees on a slower rate of production increases from October
Early Monday morning, oil prices increased, reversing the losses of last week, after OPEC+ decided over the weekend that they would increase output, but at a slower rate than October, due to a predicted weakening in global demand. Brent crude rose 23 cents (0.4%) to $65.73 a bar by 2213 GMT. U.S. West Texas intermediate crude rose 21 cents (0.3%) to $62.08 a bar. The two benchmarks both fell by over 2% Friday, as the weak U.S. employment report dimmed expectations for energy demand. Last week, they lost more than 3 percent. OPEC+ - which includes the Organization of Petroleum Exporting Countries, Russia, and other allies - has agreed to increase oil production in October, as Saudi Arabia tries to regain its market share. However, the pace of the increases will be slower than previous months. OPEC+ increased production in April, after years of cutting to support the oil markets. But the decision on Sunday to boost output further came as a shock amid a possible looming oil surplus during the winter months in the Northern Hemisphere. In a Sunday online meeting, eight members of OPEC+ decided to increase production by 137,000 barrels a day from October. This is a much smaller increase than the monthly increases in September and August of approximately 555,000 bpd and 411,000 bpd between July and June. (Reporting and editing by Diane Craft; Yuka Obayashi)
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Mexico's top prosecutor promises more action against fuel crime after 14 arrests
Mexico's top prosecution said that 14 people have been detained so far for suspected involvement in illicit fuel trade. He reiterated that new information would lead to more action. The authorities in Tampico seized on March 19 a tanker of petroleum, along with the nearly 63,000 barrels it carried of diesel, and containers and vehicles used for its transportation and storage. LSEG's tanker tracking data revealed that the tanker Challenge Procyon had arrived from America. The Mexican authorities claimed that the truck was carrying diesel, for which an import tax was required. Instead, the truck was declared as a petrochemical and exempted from tax. Alejandro Gertz, the attorney general of the country, said that this seizure was one of the biggest in recent memory. It sparked a series investigative and intelligence activities which revealed a part of criminal structure behind the crimes. "There will be more actions." Gertz said that the investigations confirmed the existence a group dedicated to theft and illegal hydrocarbon trade, using false documents, complicit public officials and customs agencies. To protect the identities of those detained, the Mexican authorities did not release the names of companies and only gave the first names to the 14 individuals suspected of being involved in the crime. Investigations into the businessmen, retired and active naval officers, and former Customs officials are still ongoing. Raymundo Morales said, at the same Mexico City press conference, that the Mexican Navy has strengthened its internal controls and disciplinary processes to prevent and eradicate illegal fuel imports. "We protect the institution, without excusing isolated, individual behaviors that violate the public trust," he said, alongside Gertz and Omar Garcia Harfuch, the minister of security. (Reporting and editing by Matthew Lewis in Mexico City, with Stefanie Eschenbacher)
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Trump is ready to launch a second phase of sanctions against Russia over the Ukraine conflict
Donald Trump, U.S. president, said Sunday that he was ready to move into a second phase in sanctioning Russia. This is the closest he's come to implying he might be about to ramp up sanctions against Moscow and its oil purchasers over the war with Ukraine. Trump has repeatedly warned Moscow of further sanctions, but he withheld them while pursuing peace talks. Trump did not commit to a decision, nor did he specify what the second phase would entail. When asked by a White House reporter if he was ready to move on to the "second phase" of sanctions, Trump replied, "Yeah. I am." He didn't elaborate. Trump is frustrated at his inability, after taking office in January, to quickly end the conflict in Ukraine. The White House didn't immediately respond to a Sunday email seeking comments about the steps Trump is considering. The exchange followed Trump's Wednesday comments defending his actions against Russia, which included imposing punitive duties on India's exports to the U.S. last month. India is the largest buyer of Russia’s energy exports. Western buyers, however, have reduced their purchases in response to war. Trump stated on Wednesday that "that cost Russia hundreds of billions" of dollars. "You call this no action?" "You call that no action?" Treasury Secretary Scott Bessent stated on Sunday that both the U.S. & the European Union can impose "secondary tariffs" on countries who buy Russian oil, pushing the Russian economy into a state of crisis and forcing Russian President Vladimir Putin at the negotiation table. China is the largest buyer of Russian energy.
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OPEC+ agrees to increase oil production from October in order to gain market share
OPEC+ agreed to increase oil production in October, as Saudi Arabia tries to regain its market share. However, the pace will be slower than previous months because of an expected weakening of demand worldwide. OPEC+ increased production in April, after years of cutting to support the oil markets. But the decision on Sunday to boost output further came as a shock amid a possible looming oil surplus during the winter months in the Northern Hemisphere. In a Sunday online meeting, eight members of OPEC+ decided to increase production by 137,000 barrels a day from October, according to OPEC+. This is a much smaller increase than the monthly increases that were about 555,000 bpd between September and August, and 411,000 bpd between July and June. Eight members of OPEC+ have begun unwinding a second tranche, which amounts to about 1,65 million bpd. This is more than a calendar year ahead of schedule. The group has already unwound its first tranche of 2,5 million bpd, which is equivalent to 2.4 percent of the global demand. The barrels are small but they send a powerful message, said Jorge Leon, an analyst at Rystad who is a former OPEC representative. The increase in barrels is not about volume but more about signalling – OPEC+ wants to gain market share, even if that means softer prices. Leon says that OPEC+ (made up of the Organization of the Petroleum Exporting Countries, Russia, and other allies) found it easy when the demand grew in the summer. But the real test comes in the fourth quarter, with the expected slowing of demand. OPEC+ stated that it had the option to increase, pause, or reverse increases at future meetings. The next meeting between the eight countries is scheduled for October 5. NEW CAPACITY Saudi Arabia's efforts to punish overproducing members like Kazakhstan and the United Arab Emirates for building new capacity have also contributed to the increase in OPEC output this year. In an effort to fulfill his promise made during the election to lower domestic gasoline prices, Donald Trump pressured the group earlier this year to increase production. As a result of the increased production, oil prices have fallen by around 15% this year. This has pushed oil company profits to their lowest level since the pandemic. The oil price has not fallen, but is still trading around $65 per barrel. This is due to the sanctions imposed by the West on Russia and Iran. This has encouraged OPEC+ producers to increase their output. OPEC+ has not met its pledged increases because the majority of members are operating at near-capacity. Analysts and data show that only Saudi Arabia and United Arab Emirates can add more barrels to the market. OPEC+ already had two levels of cuts in place before the Sunday agreement - the 1,65 million bpd reduction by the eight member countries, and a second 2 million bpd reduction by the entire group until 2026. (Additional reporting from Olesya Astakhova and Maha el Dhan; editing by Nick Zieminski, David Holmes and David Holmes).
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Stellantis CEO asks EU to support the car sector
In order to protect the automotive industry, the new CEO of Stellantis, a carmaker in Greece, has called on the European Union (EU) to be flexible when it comes to the transition to electric cars. "A strategic dialog is important, but it's now vital to act urgently." Antonio Filosa became CEO of Stellantis in June. On September 12, European Commission President Ursula von der Leyen will host executives from the automotive industry to discuss the future. The sector is under threat due to the Chinese competition with electric vehicles, and U.S. Tariffs. Filosa is the head of Fiat, Alfa Romeo and Peugeot brands. Chrysler, Jeep and Opel are also part of the group. Filosa has called on the European Commission (EC) to encourage the sale of hybrid cars to reduce the average age of the vehicles on the roads. In a joint interview, he told Italy's Il Sole 24 Ore as well as France's Les Echos that a European policy encouraging the replacement of older vehicles with new ones and a wider range of powertrains could have a greater effect on global CO2 emission than an annual new car market. Filosa stated that the Light Commercial Vehicles sector is facing an urgent situation and suggested that the CO2 emission period for this category should be increased to five years, from three. As he reviewed the brand portfolio, he also tried to dispel speculation that Stellantis might seek a buyer of Maserati. He said: "I would like to be clear that Maserati was not for sale. We need to know which products we should develop and what long-term strategies to adopt for our iconic brand."
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Daniel Craig reprises his role as Benoit Blanc, the detective in "Wake Up Dead Man: a Knives Out Mystery"
In "Wake Up Dead Man, A Knives Out Mystery", the third installment of the franchise, Daniel Craig's charismatic and sharply dressed Benoit Blanc is back to solve yet another murder case. It's dark, big and fun. The latest installment of the Whodunit genre from writer-director Rian Johnston takes place in a small town church in Upstate New York, with a more grounded tone. Johnson said on the red carpet before the Toronto International Film Festival premiere that they were trying to "do something different every time". "The first was a cozy mystery. The second was a broad, kind of vacation comedy mystery. "This one has a darker tone and is more gothic, but it's still fun," said he. Craig couldn't be more in agreement. "It is a departure. It's an entirely different movie. "But it's still Benoit blanc mystery", the former James Bond actor said. The ensemble cast includes Josh O'Connor (left), Glenn Close (right), Josh Brolin (center), Mila Kunis (right), Jeremy Renner and Kerry Washington. Also included are Andrew Scott, Cailee Spaeny, Daryl McCormack, Thomas Haden Church, and Andrew Scott. O'Connor was awash with praise for Johnson who he called his "idol". He said that Johnson was a "genius writer and director". The young British actor who played Prince Charles on the TV show "The Crown" received the most applause for his performance of a young priest following the premiere. Spaeny said that she was grateful to have the chance to play a cellist and enjoyed every moment on the set. The American actress, who learned the cello in preparation for her part, stars in her first comedy. She said, "It felt like we weren't being paid for this work." Craig also praised the cast for their "bubbly" nature. He said, "We have been extremely lucky in the entire series. We nailed it once again." The film will be released in limited theaters on November 26, before being streamed on Netflix starting December 12. (Reporting from Bhargav Asharya in Toronto, Editing by Caroline Stauffer & William Mallard
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China's central banks buys gold for the 10th consecutive month in August
China's central banks added gold to their reserves in August, continuing purchases for a 10th consecutive month, according to official data released on Sunday. Gold, traditionally viewed as a safe asset in times of uncertainty, is up 35% on the year. It reached a record-high last week amid strong demand for investments and purchases from central banks, including those in China. China's gold reserves increased to 74.02 millions fine troy-ounces by the end August from 73.96 at the end July. According to the data released by the Central Bank, they were valued at 253.84 billion dollars, an increase from $243.99 at the end the previous month. The People's Bank of China, which is the head of research for online marketplace BullionVault, said that while China's gold purchasing has slowed down in 2025, it has increased its bullion reserve at prices ever higher. Beijing's continued accumulation of gold is a signal that it has faith in the metal as a reserve for long-term. This also boosts the confidence of China's investors and private households in gold. The demand for gold was low in the world's biggest producer and consumer this week due to the high price. Dealers offered discounts above the global benchmark, to lure buyers. (Reporting from Amy Lv and Polina Devitt in London for the Beijing Newsroom. Editing by Clarence Fernandez.)
US and China to start new talks on tariff truce, easing the path for Trump-Xi Meeting
The top U.S. economic officials and Chinese economic officials are scheduled to resume their talks on Monday in Stockholm to address long-standing economic disputes that have been at the heart of the trade war between two of the world's largest economies. They hope to extend the truce for three months while preventing tariffs from rising sharply.
China faces a deadline of August 12 to reach a lasting tariff agreement with the administration of President Donald Trump. Beijing and Washington had reached preliminary agreements in May and early June to put an end to weeks of escalating tariffs, including a ban on rare earth minerals.
If there is no agreement, the global supply chain could be thrown into turmoil by U.S. tariffs returning to triple-digit rates that would amount a bilateral embargo.
The Stockholm talks follow Trump's largest trade deal to date with the European Union, which was announced on Sunday. It included a 15% tariff for most EU exports into the U.S. including automobiles. The EU will also invest $600 billion in U.S. energy and buy $750 billion of American energy over the next few years.
Trade analysts say that a similar breakthrough in the U.S. China talks is unlikely, but a 90-day extension to a tariff- and export-control truce reached in mid-May seems likely.
A longer extension would help prevent further escalation, and allow for planning a possible meeting between Trump and Chinese president Xi Jinping at the end of October or beginning of November.
A U.S. Treasury spokeswoman declined to comment on a South China Morning Post article citing unnamed sources who said that the two sides will refrain from introducing any new tariffs for 90 days or taking other actions which could escalate the trade conflict.
Trump's administration will soon impose new tariffs on China, including those on semiconductors. Pharmacies, ship to shore cranes, and other products.
"We are very close to making a deal with China." "We're very close to a deal with China," Trump said on Sunday, before European Commission President Ursula von der Leyen signed the tariff agreement.
DEEPER ISSUES
The previous U.S.-China talks held in Geneva and London between May and June were aimed at reducing the U.S. and Chinese tariffs from triple digit levels, and restoring flow of Nvidia H20 AI chips as well as other goods that had been halted in the United States.
The talks so far have not covered broader economic topics. The U.S. has complained that China's export-driven, state-led model floods the world's markets with cheap products, while Beijing complains that U.S. export controls on technology goods are meant to stunt Chinese economic growth.
"Geneva and London really were just trying to get their relationship back on track, so that at some point they could actually negotiate about the questions which are the source of the initial disagreement between the two countries," said Scott Kennedy. He is an expert in China economics at the Center for Strategic and International Studies, Washington.
Kennedy stated that "I would be surprised if some of these things were harvested early, but an extension of 90 more days of the ceasefire seems the most likely result."
U.S. Treasury secretary Scott Bessent already announced a deadline extension. He also said that he wanted China to rebalance their economy from exports towards more domestic consumption, a goal of U.S. policymakers for decades.
Analysts believe that the U.S. and China negotiations will take more time than other Asian nations. China's hold on the world market for rare earth magnets and minerals, which are used in everything from car windshield wiper motors to military hardware, has proven to be a powerful leverage point against U.S. industry.
TRUMP-XI MEETING?
The background to the discussions is speculation regarding a possible Trump-Xi meeting in late October.
Trump said that he would decide on his historic trip to China soon, but a new flare up of tariffs and export control measures could derail the planning.
Sun Chenghao is a fellow with the Center for International Security and Strategy at Tsinghua's Center for International Security and Strategy, Beijing. He said the Trump-Xi Summit would give the U.S. an opportunity to lower its 20% tariffs against Chinese products related to fentanyl. He said that in exchange for the Chinese commitment to purchase more U.S. farm goods and other goods by 2020, they could fulfill their 2020 pledge.
Sun stated that the future summit of heads of state is a very positive prospect for the negotiations, as everyone wants to achieve an agreement or pave a way ahead.
Analysts said that China would likely ask for a further easing of U.S. export controls on high-tech products and a reduction in the multi-layered U.S. duties totaling 55 percent. Beijing argues that these purchases will help reduce the U.S.-China trade deficit, which is expected to reach $295.5 billion by 2024. (Reporting and editing by Diane Craft; David Lawder)
(source: Reuters)