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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.)
Trump team listens to pitches on Myanmar's rare Earths
Four people who were directly involved in the discussions confirmed that the Trump administration had heard competing proposals to change the longstanding U.S. foreign policy towards Myanmar. The goal was to divert its huge supplies of rare earth mineral reserves away from China, the strategic rival. Experts say that there are many logistical challenges and nothing has been decided. If the proposals are implemented, Washington will need to make a deal with ethnic rebels who control most of Myanmar's heavy rare earth deposits.
One proposal calls for talks with Myanmar's ruling junta in order to reach a peace agreement with the Kachin Independence Army (KIA) rebels. Another proposes that the U.S. work directly with KIA, without engaging with the junta. Washington avoided direct talks after the military overthrew the democratically-elected government of Myanmar in 2021.
Sources said that a U.S. lobbyist for business, a former advisor to Aung San Suu Kyi and a few outside experts had proposed the ideas to the administration officials in indirect discussions with the KIA.
Conversations that have never been reported before
Rare earths is a grouping of 17 metals which are used to produce magnets, which turn energy into motion. The so-called heavy rare Earths are used in the construction of fighter jets, as well as other high-performance weapons. The U.S. is dependent on imports of heavy rare Earths, as it produces very little. The Trump administration is focused on securing the supply of these minerals in order to compete with China. According to the International Energy Agency, China is responsible for almost 90% of global processing capability. The United States would make a radical change if they engaged the junta, especially given the sanctions Washington has placed on military leaders as well as the violence perpetrated against the Rohingya minority that Washington describes in its report of genocide and crimes committed against humanity. The Trump administration lifted sanctions on several junta ally last week. However, U.S. officials stated that this did not reflect a change in U.S. policies toward Myanmar. People familiar with the matter say that the ideas presented to the U.S. government include the following: easing President Donald Trump's threat of 40% tariffs against Myanmar; reversing sanctions against the junta, as well as its allies; working with India to process heavy rare earths exports from Myanmar and appointing an envoy for these tasks.
A person in Vance’s office confirmed that some of these suggestions were discussed at a meeting held on July 17 in Vice President JD Vance’s offices. Adam Castillo was present, who is the former director of the American Chamber of Commerce of Myanmar and runs a security company in the country. Vance's advisers on Asian trade and affairs were present. Vance was not present, according to the source.
Castillo said he suggested that U.S. officials play a role as peace broker in Myanmar. He also urged Washington, to take a leaf out of China's book by first brokering a bi-lateral self-governance agreement between the Myanmar military KIA.
The ruling junta of Myanmar and the KIA have not responded to a comment request.
Vance's Office declined to comment on Castillo’s visit to White House. However, a person familiar with the matter said that the Trump Administration has been reviewing its policy on Myanmar (also known as Burma) since Trump's inauguration in January and had considered direct discussions with junta regarding trade and tariffs.
The White House refused to comment.
REVIEWING MYANMAR POLITICS
People familiar with the discussions described them as exploratory, in their early stages, and added that the talks could result in Trump not changing his strategy, given his reluctance to intervene in foreign conflicts or in Myanmar's complicated crisis.
When asked about the meeting on July 17, a senior official in the administration said, "The officials met as a favor to the American business community to support President Trump’s efforts to reduce the U.S. trade deficit of $579 million with Burma."
Castillo, who described Myanmar's rare-earth deposits as China's 'golden goose', said he told U.S. official that key ethnic armed group - especially the KIA – were tired of being exploited and wanted to collaborate with the United States.
Heavy rare earths are produced in large quantities by mines in Myanmar's Kachin Region and exported to China.
He said he repeatedly urged Washington officials to pursue a deal that included cooperation with U.S. Partners in the Quad Grouping - India - to process resources and eventually supply heavy rare earths to the United States. The United States, India, Australia and Japan are all part of the so-called Quad Grouping.
The Indian Ministry of Mines has not responded to an email seeking comment.
Unknown to the public, an Indian government official said that he did not know if Trump's administration had informed India of any such plan. However, he stressed that it would take several more years for such a move to become a reality, as infrastructure would need to be constructed to process rare earths.
One pitch was in line with former president Joe Biden's Myanmar policy.
Sean Turnell is an Australian economist who was a former advisor to Suu Kyi's government, which the junta overthrew in 2021. He said that his proposal for rare earths was meant to encourage the Trump Administration to continue to support Myanmar's democratic movements.
Turnell met with officials of the State Department, White House National Security Council, and Congress during a trip to Washington in the early part of this year. He urged them to continue their support for the opposition.
He said that KIA, for example, could provide rare earths to the U.S.
In recent months there have been several discussions on rare earths between U.S. government officials and the Kachin Rebel Group through intermediaries, according to a source with knowledge of these talks. These discussions were not previously reported.
OBSTACLES
Since the coup, Myanmar is wracked by civil war. The junta, along with its allies, has been pushed from much of the borderlands of the country, including the rare-earths mining belt, which the KIA currently controls.
According to a source in the rare earths sector, U.S. officials contacted the Kachin rare Earths mining industry around three months after the Kachin tookover of the Chipwe Pangwa mining belt.
A person said that a new major supply chain for rare earths, which would involve moving minerals from remote, mountainous Kachin State to India and beyond, might not be feasible.
Bertil Lintner is a Swedish author and expert in Kachin State. He said that the idea of China stealing rare earths out of Myanmar was "totally insane" due to the mountainous terrain.
Lintner stated that there was only one way to get the rare earths out of these mines on the Chinese border to India. "And the Chinese will certainly stop it."
The junta, for its part appears eager to engage Washington after years in isolation. Trump, as part of his trade offensive against the world, threatened to impose new tariffs on Myanmar exports bound for the United States this month. He did so personally in a letter signed by Min Aung Hlaing, chief of the junta.
Min Aung Hlaing, in response, praised Trump's "strong leadership", while also asking for lower rates and a lifting of sanctions. He stated that he would be willing to send a negotiation team to Washington if necessary. Senior Trump administration officials claimed that the decision to lift certain sanctions had nothing to do with the general's email.
(source: Reuters)