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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.
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In record numbers, hungry bears invade US West homes and shops
Matt Errico, sitting on his toilet in Colorado, heard noises. After a brief stare-off, they bolted out of the front door. After a?staring match, the two bears bolted from the front door. Errico had seen bears in his garbage before, but this was the first time. Errico, a small mountain town located about 57 miles (92 kilometers) northwest of Denver, said, "I've never heard of cubs being inside someone's home." Black bears have been spotted also in a Granby vapor shop. They are among the thousands of black bears that are heading to towns and cities in the U.S. West at record numbers. According to bear experts and state wildlife agencies, bears wandered around a Santa Fe school, New Mexico; climbed trees near a Denver farmers' market and surprised people in other places across the nation after the driest, most arid winter in history wiped out the plants, grasses and nuts which make up 90% of their diet. Animals' amazing sense of smell draws them to food. According to wildlife agencies, this is leading to record-breaking bear deaths as hundreds of them are killed, shot, or electrocuted when they interact with humans. Testing the Bears With West's aridification predicted to continue, experts are concerned that bears could become habituated to eating human food or even stop hibernating if winters get too warm and food becomes scarce. Black bear expert Jon Beckmann explained, "It is like testing the bears and humans in a new way. People have moved into areas that bears once used to hunt for food. In states such as Nevada, where they were nearly wiped out a century earlier, bear populations are on the rise. According to Colorado authorities, black bears are the most healthy of the eight bear species in the world. There are between 17,000 and 20.000 bears living there. Colorado Springs, Vail and other cities in that state are now surrounded by bears because of the increase in human population. Colorado, home to only black bears, had 7,000 bear sightings last year, according to the wildlife agency of the state. This is more than the previous record set in 2019. At least six bear attacks have occurred in the state. Jonathan Livingston, spokesperson for Colorado Parks and Wildlife, says that between 1.5% and 2% of sightings result in euthanasia. Bears are usually killed when they're deemed dangerous. For example, when they attack people or break into houses. Wildlife agencies need to do more to avoid conflicts, say conservation groups such as the Colorado Bear Coalition. Livingston said that if people report bears to authorities early, officials are able to avoid euthanasias by scaring the animals away. New Mexico wildlife agency reports that officials and landowners have killed 187 black bears, the highest number since 2011. The agency has relocated 36 adults and 16 cubs. Police reported that a bear attacked a man last week in New Mexico, the first such attack in the state in 25 years. Utah authorities have reported that they have euthanized a total of 39 animals this year, a record number for any full year. The wildlife agency of Montana said that sightings in Montana are too many to count. Grizzlies have been moving into areas where they had not visited for decades. According to the wildlife agency, 24 grizzlies died in 2014. Most of them were killed by attacking livestock, people, or cars. A grizzly killed a man in Montana's Glacier National Park last May. Few fatal bear attacks are reported in the West each year. BEARMAGGEDON? Authorities are urging residents to use bear resistant garbage bins and not leave trash cans on the streets for long periods of time. They also urge them not to put bird or pet food within reach of animals. Livingston explained that many clashes begin with someone dumpster diving. They can end up with a black bear weighing 200 to 400 pounds (91-181 kilograms) with razor-sharp claws of 3 to 4 inches (8-10 cm). Heather Reich, a Nevada bear expert, hopes that drought conditions will ease and the animals will return to the wilderness. She fears that bears are just starting to gain weight in preparation for hibernation. We can't imagine how September and October will look. It's going to be Armageddon," said Reich. A former bear manager at Nevada's Wildlife Agency, Reich now sells doormats that emit an electric charge to keep bears out of homes. (Reporting from Andrew Hay in New Mexico, Editing by Donna Bryson & Mark Porter)
LME suspends brand-new Russian metal deliveries after sanctions: Andy Home
The London Metal Exchange ( LME) has suspended the warranting of Russian metal produced on or after April 13 to abide by the current sanctions bundles announced on Friday by the U.S. and British federal governments.
Aluminium, copper and nickel increased higher in early Monday trading, showing the value of Russian supply to all 3 markets.
However, the sanctions have been thoroughly developed to reduce market turbulence.
The April 13 cut-off point implies that Russian metal already in the LME system can continue to be traded, which is especially significant for aluminium because Russian brand names represented over 90% of required stocks at the end of March.
Rather, the ban on brand-new metal shipments to the LME and its U.S. equivalent the CME is most likely to divide the market for Russian metal with the exchange basis cost moving to a premium over what is now non-exchange deliverable metal.
RUSSIAN STOCKS
Russian brands of aluminium have represented over 90% of LME required stocks because the end of December.
Although many Western metal users have actually decided to self-sanction by declining to utilize Russian metal, it is clear there is still an active worldwide market for aluminium produced by Russian manufacturer Rusal.
Russian metal comprised 58% of all the aluminium delivered out of LME warehouses in January, the ratio increasing to 94% in February and 88% in March, according to the LME.
The amount of Russia copper and nickel in the LME system at the end of March was lower at 62% and 37% respectively.
Copper market dynamics are much tighter than those of aluminium. Exchange inventory is lower and China, the world's. largest purchaser, appears rather happy to take in Russian metal. Imports of Russian copper rose by 14% to 371,000 metric heaps in. 2023.
Nickel is globally over-supplied however the market for the. Class I metal produced by Russia's Norilsk Nickel and traded on. the LME has been much tighter than that for Class II forms of. the metal such as ferronickel and nickel pig iron. Just like. copper, exchange inventory is lower and characterised by active. two-way movement.
While the U.S. and UK federal governments have actually prohibited all imports of. Russian aluminium, copper and nickel, the current sanctions still. allow for physical market trading in other areas and, in the. case of metal produced before April 13, exchange trading and. physical shipment, albeit with constraints on citizens of both. countries.
SPLIT MARKET
That raises the possibility of large shipments of Russian. metal onto LME warrant as holders of off-market product. produced prior to April 13 play it safe and decide to deliver that. metal to exchange.
It is possible that a reasonably large supply of Relevant. Metal may be called for (...) as a securing relocation, the LME. stated in a notification to members.
Off-market stocks of aluminium, defined by the LME as metal. that is being kept under a warehousing contract with an. specific choice of warranting, stood at 734,000 loads at the end. of February.
The quantity of Russian metal because shadow stock is unknown. But given that Russian metal is still being delivered routinely. out of LME storage facilities for physical delivery to the supply chain,. the LME anticipates that a sufficiently broad set of market. participants will be able to use such metal, the LME stated.
Undoubtedly, the design of the new sanctions package might really. benefit the LME, which has resisted calls unilaterally to ban. Russian metal from its system.
Advocates of such a move have argued that enabling Russian. metal to trade easily on the exchange threats debasing the LME. rate, which will wind up showing metal that is the least. desired by the physical supply chain.
The LME's issue has actually been that simply eliminating all Russian. metal as deliverable metal could develop a liquidity crisis for. the LME aluminium contract.
Such fears have been mitigated by allowing metal produced. prior to April 13 to stay part of the LME's physical liquidity. base.
Furthermore, by creating a new pool of non-deliverable Russian. metal, the logical outcome is for newly-produced metal to trade. at a discount to the LME price, successfully strengthening the. credibility of the exchange basis rate.
Thus, the sanctions can act to depress Russian metal. manufacturers' earnings from brand-new production whilst avoiding a. shipment default by LME brief position holders not able to deliver. older Russian metal against their positions.
UNCERTAINTY
All 3 affected metals jumped higher in early Monday. trading. LME three-month aluminium surged to a near two-year. high of $2,728 per heap. Copper, which was already in full bull. rally mode, extended its gains to $9,640.50, the greatest price. given that June 2022. Nickel made it as far as $19,355, a level last. sold October 2023.
In all three cases the preliminary knee-jerk response has. promptly gone into reverse as the market considers the capacity. for a period of quick stocks rises as older Russian metal moves. out of the storage shadows into LME storage facilities.
There may be more surprises ahead as trade streams adapt to. the brand-new regular however for the LME the new sanctions bring some. welcome clearness to a problem that had polarised the exchange's. user base.
The opinions revealed here are those of the author, a. columnist
(source: Reuters)