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Trump announces that the US Strategic Petroleum Reserve will be refilled with Venezuelan oil
U.S. President Donald Trump announced 'on Sunday' that oil from the recently negotiated deal with Venezuela will be used to replenish the Strategic Petroleum Reserve. This reserve has been depleted in recent years due to global supply disruptions, and high fuel prices. Trump stated in a post on social media that the "topping-out" process would begin soon, and described the Venezuelan oil as a gift from Venezuela to "the People of the United States." The speed at which the Venezuela deal could deliver oil to the reserves or provide any immediate benefit to U.S. drivers is not clear. The agreement Trump announced Friday is intended to revive Venezuela's battered oil industry. However, it will take significant investment and infrastructure improvements before production can increase substantially. As of August 21, the reserve contained about 290 million 'barrels. This is a 44-year-low after the United States reduced its stockpiles under the Biden and Trump Administrations to respond to global supply disruptions.
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Source: Turkey, Saudi Arabia and Pakistan will hold the first meeting of their defence pact.
A Turkish Foreign Ministry source said that top officials from Turkey and Saudi Arabia, as well as Pakistan, will meet in Istanbul Monday to hold the first committee meeting of their joint defence agreement, which they signed this month. Signed on August 7, the "Mecca Joint Defence Agreement" brought together Sunni Muslim U.S. Allies who were concerned about the Iran war and regional conflicts that have led to Iranian missile attacks on Gulf oil exporters. The aim is to increase 'collective deterrence' against any aggression. It stipulates that any armed attack against one of the three countries would be considered an attack against all. This is similar to NATO Article 5 Collective Defence Clause. The source from the ministry said that the foreign and defence ministers as well as chiefs of staff will be attending the meeting in Istanbul. Source: "International security will be on agenda." Discussions are expected to include enhancing defence capability, greater interoperability between their armed forces, and deeper cooperation in the defense industry, including joint development and production. The three nations are concerned about the military positions of Israel and the revolutionary Shi'ite Iran as the U.S., a long-time ally, struggles to contain the regional?upheavals that have caused a global?energy crisis. Negotiations are stuck six months after the U.S., Israel and other countries launched a war against Iran. President Donald Trump has intensified efforts to punish Iran economically with what it calls an "economic D-Day". The pact between the nuclear-armed Pakistan, and top oil exporter Saudi Arabia, is open to expansion, with Egypt as an potential candidate, and does not seek to replace current alliances.
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Niger claims it has regained control of an airbase following a mutiny by soldiers
Niger has regained control over a major military airbase located in Niamey, following an attack on Saturday by mutinous troops. This is the latest challenge for military ruler Abdourahamane Tiani in his struggle to contain the jihadist insurgency. The attack revealed tensions in Niger's armed services, who have repeatedly suffered battlefield losses fighting West Africa's al Qaeda affiliates and Islamic State. Early Saturday morning, gunfire and explosions erupted in Niamey. This included the military airbase as well as the area around the presidential palace. The airbase, located in the same complex of Niamey’s civilian airport, is home to military aircraft, drones, and a counter-terrorism team of the Alliance of Sahel States, which includes Niger. Mali, and Burkina Faso. There are also Italian and Russian forces. Viktor Voropaev said that the Russian Ambassador to Niger Viktor Voropaev stated in an interview on Saturday with TASS, "Africa Corps, a Kremlin controlled paramilitary, has received a request from Niamey for assistance against mutinous protesters." Before Saturday's attack on the airbase, it had already been targeted twice in this year - by the regional Islamic State affiliate in January and by the regional al Qaeda affiliate in June. Niger's state media reported late Saturday that "hundreds" of soldiers were involved in the attack and that it lasted several hours. Forces loyal to Tiani, the military leader, tried to regain power. The footage purported to show mutineers surrendering. The report by the state-run media has not been independently verified. Three security sources reported that the Presidential Guard rallied in Tiani's defense. Tiani hadn't made any public appearances by Sunday. Since a coup in July 2023 that removed President Mohamed Bazoum, Niger has been ruled solely by military officers. SAHEL LEADERS FIGHT AGAINST JEHADISTS Tiani has not made any progress in the fight against jihadists, as have his counterparts from Burkina Faso and Mali. In the past month, 18 soldiers were killed in an attack by an Islamic State affiliate on the military of southwest Niger. Soldiers from Niamey, Tera, Dosso and?Ouallam were involved in the mutineers' operations. The army suffered heavy losses at these locations. Security sources and analysts say that frustration with the government is increasing within frontline units. This creates another vulnerability for Tiani, beyond insurgents. Since assuming power, Tiani’s government has shifted its focus away from?Western allies, deepened ties to Russia, and?broken ties with the regional ECOWAS group. Authorities are tightening control on the uranium industry after seizing assets from France's Orano. Niger was a major supplier of nuclear fuels to Europe. It accounted for 15% of Orano’s uranium at full capacity.
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One dead, several injured, in Swiss shooting incident, police say
Local police reported that a shooting in the?northern Switzerland?killed? one?person? and injured five others, including some seriously. The Aargau cantonal police?said that a manhunt was underway, and?asked the public if they had any 'film or photos of the incident. According to the mass-market 'Blick' tabloid, the incident allegedly occurred at a rave party in the hippodrome. On its website, a video showed successive gunshots. Police have cordoned off large areas of Aarau and increased their 'presence' beyond the town. Switzerland has one of the highest gun ownership rates in Europe, despite violent shootings being rare. In 2019, it tightened its 'gun control laws.
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Nepal-Tibet death count 750 due to Himalayan floods, 3,000 missing
Authorities said that the death toll from the catastrophic floods in Nepal and Tibet last week reached 750 people on Sunday, with another 3,044 still missing. Rescuers were forced to move to higher ground when rains swollen river levels. Rescue operations have been suspended a few times since Friday because of the bad weather. There are also concerns that a mudslide caused by Wednesday's collapsed glacier could cause fresh flooding in Nepal after a lake formed across a border between Nepal and China. According to Red Cross, more than 90 000 people may have been affected by this disaster. China has linked it to climate change. China's foreign minister Wang Yi informed his Nepalese equivalent in a telephone call on Saturday that the mudslide had been their "most serious cross-border catastrophe" in recent times and that rescue efforts were unprecedented in difficulty?and complexity. Rescue efforts are centered on tunnels Nepal's rescue efforts are now focused on hundreds believed to be trapped inside?tunnels in hydropower plants following a torrential downpour of ice and rock. The disaster authority of Nepal reported that 734 people have died in Nepal, 2,498 are missing, and 7,514 have been rescued. As of Saturday night, 16 people were dead in China's Gyirong County and 546 others were missing. Officials in Tibet announced this at a press briefing. In China's first nationality breakdown, the Chinese said that 261 foreigners from a total of?23 different countries were missing from the Tibetan side. This included 104 Nepalese, 49 Indians and 33 Latvians. CCTV reported that Beijing and Kathmandu were working together to find missing citizens, foreign nationals and strengthen their cooperation in disaster mitigation and climate change response. Nepalese Police reported that the water levels in the Trishuli River rose after a fresh rainfall on Sunday, causing residents and rescue workers alike to seek higher ground. Nepal claims it doesn't need foreign assistance for general rescue. However, Foreign Ministry spokesperson Lok Bahadur Chhetri stated that the country needs help in areas such as tunnel rescues, DNA testing and refrigerated storage of bodies, as well as forensic identification of decomposed remains. Chhetri stated that Indian and Chinese experts were on the ground to help open tunnels. CCTV reported that the lake, which had formed upstream in an attempt to halt rescue operations, had been drained largely by Saturday night. CCTV reported that drones had detected a landslide on Saturday evening?2.8 km (1.75 miles) downstream from the lake. This landslide formed a new pool of water and a dam. The broadcaster reported that authorities moved?rescue personnel near Gyirong's border to ensure the safety of those crossing. Link to 'LONG TERM EFFECTS of CLIMATE Change' CCTV reported that the flood was caused by "glacier instability due to the long-term impacts of global warming". It was described as a "new, prominent feature of "cryosphere" disasters on the Tibetan plateau. CCTV reported that the mudslide took between six and seven minutes from the Nepalese border to reach the Gyirong?border crossing. The findings of Chinese scientists were cited. Dramatic surveillance footage, shared around the world, showed torrents and debris engulfing building as people fled. China has allocated 220 million Yuan ($32.7 millions) to support relief efforts and mobilised more than 2,100 rescue workers. CCTV reported that China is providing Nepal with emergency cash aid as well as disaster relief supplies, satellite data, tunnel rescue experts, and disaster relief supplies. China began using heavy-lift drones to airdrop supplies and equipment near the border. Soldiers are using drones, life-detection gear and navigation systems to search for the missing.
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China identifies 261 missing foreigners in Himalayan mudslide
China said on Sunday that 261 foreigners from 23 different countries were missing on the Tibetan border with Nepal after a mudslide which ripped through the Himalayan area. The death toll for Tibet is now 16 people. At a press briefing, officials from China's Tibet Autonomous Region stated that the largest number of foreigners missing was from Nepal, with 104. Also unaccounted for were 49 Indians, 33 Latvians, 18 Americans and 15 British nationals. Beijing authorities have informed foreign missions, they said. This was the first nationality breakdown from the Chinese since Wednesday's collapse of a ice sheet?released a torrent of rock, mud, and debris into Himalayan rivers. As of Saturday evening, authorities reported 16 deaths in Gyirong County and 546 missing people. The disaster authority in Nepal reported that at least 675 deaths occurred on the Nepalese side of the border.?2,498 people are still missing, and 7,514 people have been rescued. Residents and rescue workers were reportedly'moved up to higher ground by local police after the water level in the nearby Trishuli River grew over the last few hours. This highlights the danger of further flooding, even while rescue efforts continue. CHINA LINKS GLOBAL WINTER WARMING TO DISASTER Chinese state broadcaster CCTV said the disaster was caused by "glacier instability due to the long-term impacts of global warming". It is "a new and prominent feature of the cryosphere catastrophes" on Tibet's plateau. CCTV, citing Chinese scientists, reported that it took between six and seven minutes for the mudslide to reach the Gyirong crossing from the Nepalese border. The surveillance footage showed that torrents of debris and water were engulfing the buildings as people fled. In a Saturday telephone call, China's foreign minister Wang Yi informed his?Nepalese equivalent that the mudslide had been their "most serious cross-border catastrophe" in recent times, and that rescue efforts were unprecedented in difficulty and complexity. China has mobilised more than 2,100 rescue workers to assist in relief efforts and committed at least 220 millions yuan (about $32.7 million) for the cause. The?state broadcaster also said that it is providing emergency cash assistance, disaster relief supplies and satellite and hydrological information to Nepal. CCTV reported that the countries were working together to identify missing citizens, foreign nationals and strengthen cooperation in disaster mitigation and climate change response. The Red Cross estimates that more than 90 000 people may have been affected.
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Venezuela's interim President says US energy agreement will last 25 Years
Delcy Rodriguez, Venezuela's interim president, said on Saturday that an energy deal with the United States would remain in force for a period of 25 years. The agreement would be in place for 25 years, and aim to increase crude production up to 1.5 million barrels a day (bpd). It will also preserve Venezuela's sovereignty in relation to its natural resources. In a late night address, Rodriguez described the agreement as "historic", saying that it would revitalize the economy and increase government revenues. He also said the deal would help shape the future of the country. Rodriguez told state broadcaster VTV that the project, which spans 25 years, involves 17 strategic oilfields and a target production of 1.5 million barrels a day. This figure is based on the bilateral agreement between Venezuela and the United States. Rodriguez said that the 1.5 million barrels per day target set in the agreement was just an initial goal. The broader plan included the development eight greenfield oil block as part of a larger expansion of the energy sector of the country. Donald Trump announced plans on Friday to have the U.S. take a partial control over Venezuela's vast reserves of oil. He believes that American companies can help the South American nation's energy industry, which has been shattered by the recession. They also believe they can provide a new supply of crude oil to lower U.S. gasoline prices. Trump gave few details about the agreement. He said that the U.S. secured majority control over more than 65 billion bbls of Venezuela's proven reserves of oil through a partnership between private businesses. Venezuela is the country with the largest oil reserves in history, but its production has been far below potential due to years of mismanagement, sanctions and underinvestment. Rodriguez stated that the agreement would generate approximately $209 billion for the Venezuelan government, based upon a benchmark price of $65 a barrel. However, she did acknowledge that crude prices can fluctuate. She said that roughly $19 of each barrel produced and purchased under the agreement would go directly to Venezuela. This would provide a significant boost in government revenue. She stated that the country retains "ownership and sovereignty" of its natural resources "while leveraging the capital, technology, and operational expertise in order to support the recovery and recovery of a strategically important?industry which has been severely impacted by sanctions." On Saturday morning, dozens pro-government groups protested against the U.S. military presence in Venezuela. Rodriguez said that the agreement would boost economic growth and increase revenue for the government following Trump's announcement. Venezuelan officials are preparing to sign next week agreements?granting new rights for oil exploration and production to several companies, including U.S.-based firms. Two sources familiar with the negotiations told us on Friday that Chevron would be among the companies to complete the transition of its Venezuelan joint-ventures into the new energy framework in the country.
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WSJ reports that the US will take a 35% stake in Venezuelan oil mogul Betancourt’s venture.
The Wall Street Journal reported on Saturday that the U.S. Government plans to acquire a 35% passive stake in North American Blue Energy Partners of Venezuelan businessman Alejandro Betancourt, citing "people" involved in the negotiations. The WSJ reported that the U.S. plans to also secure preferential rights for the purchase of 20% of the production costs at the company. The Pentagon's Office of Strategic Capital intends to?structure the investment through penny-warrants that would give the U.S. a?equity ownership in the business? without significant capital investments, according to the WSJ. The report was released just a day after U.S. president Donald Trump announced?on Friday? that the U.S. will take 'control' of a fifth of Venezuela’s vast oil reserves. Trump gave few details, saying that the U.S. secured majority control over more than 65 billion barrels (proven) of Venezuela's oil reserves by partnering with private businesses. Sean Parnell, the chief Pentagon spokesperson, responded to a comment request by saying: "The Office of Strategic Capital (OSC), does not own equity stakes in private companies." OSC is only allowed to provide 'capital assistance, in the form a loan, a loan guarantee or technical assistance, including transaction structuring, for developing and funding investments. North 'American Blue Energy Partners and the?White House?didn't respond to comments made outside of regular business hours.
China's control of indium phosphide threatens AI data center rollout
Jim Anderson, the CEO of Coherent, a chipmaker backed by Nvidia in an earnings call early in May, warned about a shortage of Indium Phosphide. A U.S. delegation of businessmen accompanied President Donald Trump to China.
Three sources with knowledge of the matter said that Anderson's trip was to highlight the delays in China's licensing for the export of the high-speed optical chip needed in the manufacturing of AI data centres.
According to two U.S. officials and a person who was briefed about the talks, the issue was also raised during the Seoul talks between the top 'trade negotiators' of the two countries in advance of Trump's summit with China President Xi Jinping on May 14-15.
Indium phosphide, or InP as it is commonly known in the industry, has become a powerful weapon that Beijing can use to disrupt the global roll-out of AI data centers.
Konrad Wang is a SemiAnalysis research analyst. He said that InP was one of many supply chain bottlenecks that collectively limit AI data center buildouts.
InP, a material that is essential to the new data center technology, which uses light via optical fibres or photonics instead of electrical signals transmitted through copper wire, is in high-demand.
Nvidia announced in March that it would invest $2 billion each into U.S. companies Coherent, Lumentum and Lumentum Photonics. Custom-chip maker Marvell Technology acquired semiconductor startup Celestial AI to take advantage of its photonics work last year.
Export restrictions by China on InP, which began in February 2025 have become a major obstacle?in the race to design fastest and most energy-efficient components?for AI data centres.
The Chinese commerce ministry has not responded to a request for comments sent by fax.
Beijing's control of InP shows that it is ready to extend its export restrictions on rare earths. These have been disrupting global supply chains for automotive, semiconductors and aviation since last year, as a result of Washington's tariff disputes.
Paul Triolo is a partner with Albright Stonebridge Group.
It is better to slow down or limit the export of upstream materials, such as metals, compounds and substrates. This will allow the optical-module eco-system to scale rapidly enough to meet hyperscaler demands.
According to the U.S. Geological Survey, China will be the top indium producer by 2024. Its production will account for 70% of the global total.
RIPPLE EFFECT
AXT, which is the second largest InP substrate manufacturer in the world and a major Coherent supplier, said that "InP Export Permits represent the greatest challenge we face at the moment."
The company said that its Chinese subsidiary, which manufactures the majority of its InP substrates in China, only received its first permits for export last June, and it has a large backlog of orders.
SemiAnalysis Wang stated that "the restrictions ripple throughout the entire optical supply chains" beyond AXT or Coherent.
He said that despite a quadrupling of production, Lumentum was sold out until 2028, and optical product makers VPEC, LandMark Optoelectronics, as well as Taiwanese VPEC, were experiencing InP substrate disruptions due to AXT permit delay.
Since China introduced export controls on InP, a 6-inch InP Wafer's average price has risen 250% to $5,000.
Sources familiar with the situation say that two of the largest U.S. chip manufacturers have asked for assistance with export licenses due to rising costs and disruptions.
U.S. firms in the photonics industry are also attempting to manufacture their own InP and source them from non-Chinese sources, such as Japan's Sumitomo Electrical Industries. Analysts said that capacity additions were low and slow. It takes about two to three years for new plants to be brought online.
Coherent announced in May that it will double its InP wafer production capacity at its Texas facility this year, and plan to do so again by 2027.
AXT Coherent Lumentum VPEC LandMark and LandMark have not responded to requests for comments. LandMark signed a long term InP supply agreement with Sumitomo in April.
Sumitomo said that the Chinese InP export controls have not had any effect on its production so far.
According to a person familiar with China’s photonic chip sector, Sumitomo consumes most of its InP substratum output internally. This means that the global market is undersupplied.
Market leaders?AXT, Sumitomo and JX Advanced Metals together account for nearly 80% of the global InP substrate production.
CHINESE COMPETITORS
China's export restrictions has created an opportunity for local manufacturers to produce InP substrates. Yunnan Germanium, Guangdong Xiandao, and Zhuhai Dingtai Xinyuan, are the leaders in this field.
Many of these Chinese companies are rapidly increasing production capacity. Yunnan Germanium announced in April a 189-million-yuan investment ($28-million) to increase production capacity to 450,000 InP wafers per year. In its 2025 annual report, the company reported that shipments of InP Wafers increased by 74%.
Guangdong Xiandao launched a new project through its subsidiary Guangdong Xianrui this year. The company expects to produce 40 tons of InP Crystals per annum, which is the raw material required for substrates.
Sources at a Chinese InP manufacturer have confirmed that Yunnan Germanium, Guangdong Xiandao, and other Chinese InP manufacturers are currently in discussions with Chinese officials about export approvals. However, if they are approved, their shipments abroad will likely be limited.
Source: The company is focusing on the domestic market in the short term. There's no evidence that the Chinese government will favour local players over AXT, which wants to export InP from China.
The person added that companies like Coherent and Lumentum - which are primarily supplied by AXT and Sumitomo - would be unlikely to easily switch suppliers, since moving to a different supplier involves lengthy qualification cycles.
No response was received from either Yunnan Germanium or Guangdong Xiandao to faxed comments.
(source: Reuters)