Latest News
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Aramco Jazan facility fire extinguished, Saudi Arabia reports
The Saudi Energy Ministry reported that firefighters extinguished the fire at Saudi Aramco Jazan refinery, which broke out early Sunday morning. The fire was brought under control by Aramco's Industrial Security Teams and the authorities are completing the procedures to handle the incident. This is what the Saudi Energy Ministry said on X. The ministry did not say what started the fire. Jazan lies on the Red Sea, near the border of Yemen. Aramco closed its 400,000 barrels-per-day Jazan'refinery' on July 27, following an attack from Yemen's Houthi militants, which damaged the plant’s Integrated 'Gasification Combined Cycle' (IGCC) and tank farm 'area. The Houthis claimed to have struck Aramco facilities in Jazan and Yanbu at the time. The attacks raised concerns that the U.S./Israeli war on Iran, and Iranian attacks against shipping around the Strait of Hormuz could cause global disruptions. Amin Nasser, Aramco's chief executive officer, said that recent attacks on Aramco facilities caused production interruptions. However, he is confident that operations can be quickly restored. He claimed that the attacks had no financial or operational impact. Houthis have declared a blockade on Saudi Arabia at the Red Sea in response to what they claim is a Saudi siege against Yemen. Riyadh has denied this allegation. Reporting by Hatem Mahar; Editing and proofreading by William Mallard & Lincoln Feast.
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Wildfires are causing wildfires to spread in British Columbia’s wine region.
On Saturday, a wildfire that was rapidly spreading in the western part of Canada forced thousands of residents to leave their homes. Bald Range was out of control, and had grown to approximately 9,500 hectares (23,500 acres). This prompted evacuation orders for Summerland, Peachland, and other districts located west of Okanagan Lake. This region produces the majority of B.C. The?region produces most of B.C. Summerland declared a state-of-emergency and has a population of 12,000 people according to the census of 2021. Peachland has a population of 6,500. "A?lot of farms were affected. We do not know how many buildings have been destroyed. Summerland Mayor Doug Holmes told a reporter that firefighters were still fighting the fire. "We must prepare for the worst." Terry Fries, of Summerland?was watching a game of football on Friday night. A neighbor told him to prepare a bag as the fire was growing. He said that at the time the fire was further back and could be seen behind the hills. B.C. When B.C. Summerland District, located about 45km (28miles) away from Kelowna lost power due to a wildfire on Saturday. Residents were issued a boil-water notice. The municipality stated that untreated water entered the system because it bypassed a water treatment plant due to the wildfire. This year, wildfires have raged in several Canadian provinces including Ontario and Quebec due to hot, dry weather. Firefighters from Mexico and Australia have been helping to fight the fires. About 1,500 firefighters are on the ground in B.C. where dry and hot conditions increase the danger of fires spreading. The province has issued 39 alerts and 38 orders of evacuation in relation to more than 100 fires. According to the Canadian Interagency Forest Fire Centre, fires have consumed 4 million hectares (9.9 millions acres) of land in Canada so far this year. Paige Taylor White reported from Penticton in British Columbia, and Nivedita Bali in Toronto. Susan Fenton and Rod Nickel edited the story.
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Fijian Rugby player dies in Japan after suspected heatstroke
The Fijian side said that Saimoni 'Vunilagi', a professional rugby player, died on Saturday after suffering from a'suspected case of heatstroke? while training with his team in southern Japan. After training with his Fukuoka-based team,?Kyushu Electric Power Kyuden Voltex - also known as Kyushu KV, the back rower was admitted to hospital with symptoms of severe heatstroke on Monday. The club confirmed that he died on Friday morning. In recent weeks, Japan has experienced a heatwave with temperatures in some cities exceeding 40 degrees Celsius (104 Fahrenheit). The government has now designated this as a "brutally warm day." The club in Japan's second division said that "Saimoni has only just joined Kyushu KV but his generous spirit and powerful playing style have raised high expectations for his contribution in the coming season." The club said: "We extend our sincere condolences and pray for his soul's repose." Japan's national team?suffered a narrow defeat to Australia in an evening match on Saturday, played in humid conditions?in Osaka. Due to the extreme heat, both teams took mandatory water breaks in between each half. (Reporting and editing by Pritha Sakar in Osaka)
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British Columbia district issues evacuation orders amid wildfires
The district of Summerland in British Columbia declared a state of emergency early Saturday morning as a rapidly-moving fire swept across western Canada forcing thousands of residents to evacuate. As of early Saturday morning, the 'Bald Range' wildfire had spread to approximately 5,000 hectares and prompted evacuation orders for other districts in this region. According to BC Wildfire Service, the fire began about 15 kilometers (9 miles) west of Summerland. Summerland district, which is located about 45 km from Kelowna said that it lost power due to wildfires on Saturday. It also issued a boil-water notice to residents, saying that untreated water entered the system when the water treatment plant had been bypassed because of the threat of wildfire. According to the census of 2021, Summerland's population is approximately 12,000 people. This year, wildfires have raged in several regions of Canada including Ontario and Quebec due to hot, dry conditions. Mexico, Australia France and New Zealand have all offered assistance to Canada in the fight against these fires. Around 1,500 firefighters are on the ground in British Columbia where hot, dry conditions can increase the likelihood of new fires. Lightning could also spark old fires. The province has also issued 49 alerts and 39 orders of evacuation. Premier David Eby stated earlier this week that he was prepared with additional international?and national firefighters and aircraft. According to the Canadian Interagency Forest Fire Centre, fires have consumed 3.9 million hectares of land in Canada so far this year. (Reporting and editing by Susan Fenton in Toronto, Nivedita Balu from Toronto)
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UAE: Iran fired missiles at ADNOC vessel in Strait of Hormuz
The United Arab Emirates condemned on Saturday what they said was an Iranian attack against a carrier connected to its state oil company, as it passed through 'the Strait of Hormuz. They accused Tehran of committing "acts?of piracy". Initial reports from the state news agency WAM stated that ADNOC had said one of their vessels was targeted by a rocket early Saturday morning and that everything was under control. Later, the UAE Foreign Ministry condemned what it termed "the hostile Iranian attacks" on an ADNOC ship. No details were given about the tanker, its cargo, or any possible damage. There were no injuries reported. Before the conflict, a fifth (or more) of the world's oil and gas liquefied was transported through the narrow waterway that connects Oman to Iran. Shipping has been disrupted repeatedly since the U.S. and Israeli war against Iran began on February 28. This has led to higher freight rates and security concerns. The ministry stated that the attack was in violation of a 'U.N. The Security Council's resolution on freedom of navigation accused the Iranian Revolutionary Guards (IRG) of "piracy", accusing them of targeting commercial ships and using waterways as a means of economic pressure. The statement called on Iran stop the attacks and open the Strait unconditionally and fully. Iran's Guards had previously threatened to take action against vessels that transited the Strait of Hormuz?if they were linked to Tehran's enemies, or if failed to follow Iranian directives. ADNOC stated on Friday that they had been "significantly affected" by unprovoked attacks against their personnel and assets while continuing to meet the needs of customers in an "exceptionally difficult environment". The company reported that 15 of their vessels were 'attacked' by drones and missiles while they transited the strait, including three in the last week. One crew member was killed and 20 others injured. ADNOC's statement of Friday did not identify those responsible for the attacks. ADNOC is the state oil company of Abu Dhabi and one of the largest energy producers in the world. It exports crude oil and natural gas to customers around the globe.
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Zelenskiy: Russian drones killed a 3-year-old child and his grandparents near Kyiv
Volodymyr Zelenskiy, the president of Ukraine, said that Russian drones had killed a 3-year-old child and his grandparents, in a village?in the Kyiv Region, and another person was killed by a ballistic attack?overnight?on the capital. In recent months, Russia has intensified its attacks on Kyiv. Ukraine has also targeted Russian oil infrastructure and logistical infrastructure in an effort to reduce Moscow's war-fighting capability. Both Russia and Ukraine deny that they deliberately target civilians during their attacks. The Ukrainian air force reported that Russia had launched six ballistic rockets and 151 unmanned aerial vehicles at Ukraine over night. Ukrainian General Staff also stated on Saturday that its military attacked Russia's Ilsky?oil refineries and Syzran oil refineries overnight, causing both fires. Local authorities have also confirmed that five people were injured in the Krasnodar Region in southern Russia after a Ukrainian drone strike. UKRAINE'S SHORTAGE of Air Defence Missiles Zelenskiy said on Telegram that "Europe, America and Ukraine have wanted to stop the Russian war for a long time," "Only the Russian President Vladimir Putin does not want to do that, and he desperately clings to his ballistic missiles and robots to keep the war going. "More pressure is required." Zelenskiy, who is visiting Serbia for the first time, is seeking to join the European Union. The President has been pressing for additional help, as the country is chronically lacking air defence missiles to support U.S. Patriot Systems. Defence ministry reported that only 29 of 195 missiles were intercepted during July. The Ukrainian air defenses were able to shoot down 135 drones but not ballistic missiles. This was announced by the Ukrainian air force on Saturday. Tymur Tkachenko is the head of Kyiv's regional administration. He said that three places in the Brovarskyi District, near the capital, had been hit by Russian missiles. In the region, 10 private homes, commercial and production sites were damaged. After Russian drones killed a child and his grandparents, a private house in Puhivka village, located about 30 kilometres from?Kyiv was set blaze. Zelenskiy reported that his parents, 15-year old brother and neighbour were also injured. Officials reported that fires had been reported in Kyiv's three districts. Damage was caused to commercial?premises, warehouses, and other buildings. Witnesses heard "several powerful blasts" that rocked the city centre. The Russian Defence Ministry announced on Saturday that Russian forces had taken over the settlement of Ivanivka, in Ukraine's Kharkiv Region. The report could not be independently confirmed. Ukraine has not yet commented. Reporting by Dan Flynn, Olena Hartmash and Barbara Lewis.
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US anticipates a deal on the Strait of Hormuz soon; Sunni countries unite to form a defense pact
An official from the United States reported progress on Friday between Iran and Oman, which could lead to the reopening of the Strait of Hormuz in the near future. This would allow oil exports to resume that were disrupted during the U.S. The war with Iran is ongoing. The U.S. official who refused to be identified said Washington expected an agreement between the two countries that sit on either side of the Strait so normal oil traffic can resume. The deal between Iran, Oman and the control of the strategic watersway is seen by many as being crucial to a larger peace agreement. A U.S. official said on Friday that there was progress between Oman, Iran and the Strait of Hormuz. We expect a deal to be reached soon. The United States will lift its blockade on Iranian ports once the deal to restore commercial shipping is announced. The official stated that "as always, U.S. action will be performance-based, and tied to Iran’s implementation of its obligations." The official said that before the U.S. launched its war against Iran on February 28th,?about 1 out of 5 barrels of crude oil consumed globally transited through the Strait. Iran has now used this hostilities as a justification to charge a toll to oil tankers or fire on ships trying to cross without permission. The disruption of oil shipments caused the energy prices to rise and fuelled inflation. Iran has denied that any talks have taken place in recent weeks despite the Trump administration's repeated indications that an agreement to open the Strait was close. The latest round of talks was not clear whether they would lead to a lasting agreement. The Houthis in Yemen have intensified their attacks on Iranian ships that are passing through the Strait of Hormuz. They have also targeted vessels at another oil chokepoint between the Red Sea Gulf of Aden and the Arabian Peninsula. Abu Dhabi National Oil Company (ADNOC), one of the largest energy producers in the world, announced on Friday that 15 of their vessels have been hit by 'unprovoked attacks' while transiting through the Strait of Hormuz, since the beginning of the conflict. One crew member was killed and 20 were injured in the attacks, according to Abu Dhabi National Oil Company. Saudi Arabia, Pakistan, and Turkey have signed a new security agreement on Friday in Mecca. They were alarmed by a regional conflict that saw Iranian missiles fired at Gulf oil exporters. The agreement between three U.S. ally countries with majority Sunni Muslim population is meant to increase collective deterrence and stipulates an attack on any one of them would be considered an attack on the others, according to a joint statement. The agreement, according to Turkey, was defensive and not directed at any particular country. It comes at a moment of increased tensions between Iran and Shi'ite majority countries. The U.S. is also trying to mediate a ceasefire on another front in the war between Israel, and the Iranian-backed Shiite group Hezbollah. This conflict takes place in southern Lebanon. Lebanese officials said Friday that Israel and Lebanon had agreed to a list of countries that could send troops under an agreement mediated by the United States, in order to verify Hezbollah's disarmament. The United States will select countries from the list. IRAN PRESIDENT DEFENDS DIPLOMATISM Washington and Tehran have not held direct high-level discussions since U.S. Vice president JD Vance, who met Iranian officials in Switzerland shortly after they reached a ceasefire deal in June. The short-lived memorandum of agreement of June 17 set out terms for the resumption of Strait of Hormuz shipping, and led to a truce. Hostilities were resumed in Iran and the U.S. on 7 July, but then put on hold. The U.S. Central Command has not reported any attacks on Iran since the 29th of July. Analysts say that signs of discord between Iran's civilian President, Masoud Peezhkian and other power centers, such as Supreme Leader Ayatollah Khamenei, and the Islamic Revolutionary Guard Corps may complicate?peace attempts. Pezeshkian, in an interview broadcast by state television on Friday, defended his government's policies towards hardliners who oppose negotiations with the United States. He said that the majority of senior military commanders were in favor of talks to end the fighting. Why don't the Americans fight against China? China is growing stronger and doing its own thing. Why not use dialogue to get our rights? He said. Reporting by Steve Holland, Timour Azhari, Ariba Alashray, Samia Nakhoul, Tuvan Gumrukcu, in Ankara and Enas Alashray, in Cairo. Writing by Daniel Trotta. Editing by Don Durfee, Cynthia Osterman and Don Durfee.
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Petrobras CEO: likely to surpass 2026 oil production goal
Magda Chambriard, the CEO of Petrobras, said in a call with analysts on Friday that it is likely that the state-controlled oil company in Algeria will produce more oil by 2026 than what was forecast. She stated that the company's oil production in the second quarter exceeded its target by 200,000 barrels a day. According to a presentation by the company, Petrobras produced an average 2.6 million barrels a day so far this year. This is higher than its target of 2.5 millions barrels a day. Chambriard told journalists that 2.7m barrels a day would be an impressive result. She did not, however, provide any further details. Petrobras stated in a statement issued after the press conference that it maintains its official forecast for more than 2,500,000 barrels of oil per day. The company said it will continue to strive to achieve its goals and maximize production. It said: "At the time, CEO Magda chambriard noted at today's investor and press events that?the company consistently strives to maximize production and exceed targets." Since?Chambriard became CEO, Petrobras's focus has been on increasing output, including by slowing down production declines at older oil fields. According to the CEO, increased production has helped increase exports as well as profits. Petrobras' shares, despite a rise earlier in the day, closed Friday 3% lower. The Bovespa index, Brazil's benchmark, dropped 1.7%. Reporting by Fabio Téixeira and Marta Nogueira, Editing by Nia William
Gold tokens market could be tested by fluctuations in precious metal prices
The price of gold has risen, driving the demand for tokenized gold. This is a rapidly growing niche in the digital asset markets, but experts warn that it carries regulatory and custody risks which are not always obvious to investors.
Gold tokens are digital currency issued by crypto firms such as Tether and Paxos on a blockchain. They are backed by an equal amount of gold in a vault. This allows retail investors and traditional investors to play with the yellow metal, without having to take physical delivery.
Gold tokens, while still small in comparison to the digital asset market as a whole, are growing quickly. According to CoinGecko data, there were almost 20 gold tokens, which had a combined capitalization of $6 billion, as of Monday. Offerings from Paxos, and Tether accounted for more than half of the market.
Since the end of 2024, the market has grown by more than four times.
INVESTOR PROTECTION TESTS
Gold spot price rose to a record $5,594.82 on a Thursday. But a day after, it posted its largest one-day drop since 1983.
If a sudden rush of redemption requests for physical metals reveals gaps in the industry, then such blips can pose a risk to investor protection.
Some tokens are not transparent as to where and who controls the metal they contain. This leaves investors less informed than traditional gold markets.
It's unclear what you own when you purchase a digital token that is backed by a physical asset, said Adrian Ash. He's the head of research for online marketplace BullionVault.
If you were to need to prove your ownership during a legal dispute, the court could decide that you only own the token and not the gold.
In a press release, Paxos said that it is governed by federal law and all its reserves are protected in case of bankruptcy.
It added that each token is 100% backed up by institutional-grade gold, fully allocated and held in London vaults, redeemable at any time for physical delivery.
Tether declined to comment on the matter, but it says that Tether Gold "gives you ownership of actual physical gold." Last month, Tether said that it held 16.2 tons (or 16 metric tons) of gold as reserves for the token.
TOKENIZATION PULSE
Over the last year, tokenization has become popular across many asset classes. This includes stocks and bonds. Tokenization, say digital asset firms, allows for quicker and sometimes instantaneous settlements. This boosts liquidity and lowers transaction costs.
Critics say that because the United States does not have a clearly defined regulatory framework, there are differences in investor protections and rights.
Gold tokens are only valuable if the gold backing them can be redeemed quickly, is independently audited, and is held in a one-to-1 ratio.
In the past, the question of who owns the underlying metal was at the center of many legal disputes after commodities-related bankruptcy cases. This included when U.S. Hedge Fund MF Global failed in 2011.
Some investors believe that tokenization will only make disputes like these more complicated.
The majority of the risk is off-chain, in terms of whether the token represents an indirect, bankruptcy-remote, claim on specific bars, or a contractual claim on the issuer and custodians. This huge distinction determines if holders own an asset, or own a guarantee, said Michael Ashley Schulman.
The oversight of digital assets in general is also changing.
Campbell Harvey, professor of finance at Duke University noted that a long-anticipated bill making its way through Congress had put the 'Commodity Futures Trading Commission' in charge of these products. It's not clear whether the controversial legislation will be approved.
Harvey said that a custody arrangement such as this is challenging.
CRYPTO'S 'GOLD RUSH'
The metal's recent rally sparked interest in the tokenized form of gold, as geopolitical tensions fuelled safe-haven demands.
The explosive growth of gold-backed tokens is a reflection of a younger, newer demographic that has become interested in gold. They may be frustrated by the lack momentum in bitcoin's price, said independent analyst Ross Norman.
Bitcoin, the largest cryptocurrency in the world, which is seen as a hedge against inflation, is falling and has fallen 38% since its October high.
Paxos said it had record inflows to its gold tokens in January. This increased its market value equivalently by about 1.68 metric tonnes of gold and brought its total gold holdings at London up to more than thirteen metric tonnes.
Some crypto-investors believe that tokenized gold could replace bitcoin in the portfolio as a preferred inflation hedge.
In an interview with Tether CEO Paolo Ardoino last month, he discussed the company's portfolio of investments.
He said, "It is hard to choose which one I prefer."
(source: Reuters)