Latest News
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IMF Board to Review Sri Lanka Staff Agreement in Coming Weeks
IMF spokesperson?Julie Kozack stated on Thursday that the executive board of the International Monetary Fund will'review' a staff-level agreement reached with Sri Lanka in the coming weeks. She told reporters that once the Extended Fund Facility agreement with the IMF is approved by the IMF board, Sri Lanka would have access to $700 million. Sri Lanka and the IMF reached an agreement at staff level in April that required reforms to ensure growth, including fuel levies. The 'island nation' is trying to recover from the worst economic crisis it has experienced in decades. This led to a default on foreign debt in 2022 and a $2.9 billion IMF bailout program. However, the conflict in the Middle East created new challenges. As a result, Sri Lanka has seen a rise in energy costs, as have many other Asian nations. Kozack stated that Sri Lanka had to take a number of actions before considering the agreement at the staff level. These included the restoration of cost-recovery for electricity and fuel pricing. She said that the Sri Lankan people and economy?had demonstrated remarkable resilience in the face of the double?shocks? caused by Cyclone Ditwah as well as the Middle East conflict. The IMF has pledged its unwavering support to Sri Lanka as it strives for a more stable economic system.
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Canada plans to double the capacity of its electricity grid by 2050
Canada announced a C$1 trillion ($729 billion), strategy on Thursday to double its capacity of 'electricity grids by 2050. The plan was based on the rapidly growing 'power demand' and the need for energy safety. Mark Carney's announcement comes at a time when Canada's electrical systems are being put under increased strain by industrial growth, AI data centers and the use of electric vehicles. However, the?country?s total electricity production has decreased, in part due to droughts that have reduced hydroelectric capability and the retirements of coal-fired plants. Canada is looking to reduce its trade dependence on the United States because of President Donald Trump's tariffs. Canada's regional grids trade with the U.S. more than they do among themselves, according to Canada Energy Regulator. Its U.S. imports of electricity have also increased each year since 2020. The strategy for electricity aims to encourage the construction of east-west interconnections to connect regional power grids by using new investment tax incentives. Canada has also announced that it will amend its clean electricity regulations in order to make use of more credible offsets and to give existing natural gas-powered units greater flexibility to maintain reliability. The move softens regulations that were introduced by former Prime Minister Justin Trudeau. These regulations had been criticized?by provinces such as Alberta, who depend on natural-gas to produce power. Carney said that natural gas could play a complementing role in Canada's grid but will be dwarfed by the clean electricity investments made in Canada in hydropower and nuclear power.
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Cuba's electric grid collapses in part as protests erupt
Cuba's electrical system suffered a partial failure early 'on Thursday morning', according to the grid operator UNE. This'snuffed out power in eastern Cuba,' and tested the patience of Cubans who were already tired from'seemingly endless blackouts' amid a 'U.S. fuel blockade. Grid operator reported that by mid-morning, officials had restored some essential services to the region. However, much of Cuba east from Camaguey including the second largest city of the island, Santiago de Cuba remained without electricity. This month, the Caribbean island with its 10 million people reached a tipping-point as the summer heat set in. The vast majority of the population, including those in Havana's capital city, now live without electricity 20 hours or more per day. In January, blackouts grew worse after U.S. president Donald Trump threatened to impose tariffs on any country supplying fuel to the island. Venezuela and Mexico were once the top suppliers of crude oil to the United States. They have since stopped supplying it. Trump predicted that Cuba would "collapse", and he has stated that he wants the communist government to be ousted. Cuba's Energy and Mines Minister said that on Wednesday, the island was completely out of diesel and fuel oil, both essential to powering its electrical grid. He blamed the blackouts on U.S. sanctions. On Wednesday evening, Havana was awash with protests as power cuts lasted for 24 hours in certain?parts? of the city. This threatened to spoil frozen food and make sleep nearly impossible for residents. Rodolfo Aragón, 55, is a small business owner and he said that the country had no fuel. He also stated that he did not see much hope for the future due to the conflict between Cuba and the United States. "Our economy has hit rock bottom." Last?week, the United Nations called Trump's blockade of fuel illegal, saying it had undermined "the Cuban people's rights to development, while obstructing their right to food, water, sanitation, education and health." (Reporting and additional reporting by Mario Fuentes, Editing by Nia William)
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Venezuela claims refiner Citgo has increased in value, and calls for the sale to be stopped
Lawyers for Venezuela have told a U.S. court this week that Citgo Petroleum, the Venezuelan-owned U.S. refining company, has seen its value 'increase since the sale of their 'parent company was ordered last year. This should prevent the execution process. Amber Energy, a hedge fund affiliate, and a Delaware judge approved in November a $5.9billion bid from Elliott Investment Management for Citgo Holding, the parent company of Citgo. This was after a court-organized share auction to pay creditors. The sale has yet to be approved by the U.S. Treasury Department and a U.S. Venezuela and rival bidders have asked an appeals court to temporarily suspend the sale due to a disagreement over the company's value and a conflict of interest with firms that advise the Delaware court. In the months following the hearing, the value for publicly traded refiners increased substantially," Alexandra Cumings wrote in a letter to Delaware Judge Leonard Stark, dated May 12, which was unveiled on Thursday. Citgo's value should be $15.1 billion based on the conservativest valuations discussed in court. Cumings said the sale shouldn't be carried out at $5.9 billion. She said that such a result was unfair to CITGO and the Venezuelans, as well as to creditors who were out of money. Oil assets are valued higher due to a 50 percent increase in price since U.S. and Israeli joint attacks against Iran sparked a war – now in its 'third month' - which has limited global energy supplies. Gregory Goff, chief executive of Amber Energy, a subsidiary of Elliott, wrote in a Wall Street Journal opinion piece published last month that the company has an investment plan worth $11 billion for Citgo. He also added, "The U.S. The government should permit the sale to be completed as quickly as possible. Lawyers for Venezuela claim Citgo should be a major player in restructuring the $150 billion debt announced recently by interim president Delcy Rodriquez, rather than being auctioned to pay off a few creditors. Cumings claimed Goff's article was in violation of a confidentiality agreement, which stipulated that Citgo would share strategic information with the bidders during the auction. Her letter also raised conflict-of interest issues by stating that some of the firms?that advised Robert Pincus who was appointed as special master to oversee the auction also worked for Elliott. Elliott has denied all the allegations. Pincus and Judge Stark are not commenting on the back-and forth between the parties.
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Iraqi Parliament approves partial government headed by PM Zaidi
Ali al-Zaidi, Iraq's new prime minister was sworn into office on Thursday with a partial cabinet. This is because lawmakers failed to reach consensus over key posts such as interior and defense. Basim Mohammed has been appointed the new oil minister, while Fuad Hassein will remain as foreign minister. The new government has 14 ministers who were approved by the parliament. However, the remaining positions including those in defence and interior have not been able to be agreed upon. Some lawmakers were reportedly enraged by the heated debate that took place during the session after they objected to the nomination of the interior minister. "Parliament approved fourteen ministries, while nine ministries are still pending." "Three of them failed today to win the confidence of parliament", Muqdad al Khafaji, MP told. Donald Trump, U.S. president, voiced his strong support of Zaidi on May 1. This was after the Iraqi coalition of Shi'ite political groups, the Coordination Framework in April, named Zaidi its nominee for prime minister, and gave him 30 days to create a government. Zaidi is a multimillionaire Iraqi in his 40s with interests in several sectors including banking, and the supply of Iraq's massive government food basket program that feeds millions. The new premier faces many challenges. These include disarming militias backed by?Iran, fighting?corruption, and balancing relations between Washington and Tehran. Reporting by Muayad Hamed in Baghdad; additional reporting by Ahmed Tolba; writing by Yomna Elhab. Editing by Mark Potter, Ros Russell and Mark Potter.
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Iraq seeks financial assistance from IMF and World Bank in response to Iran war
Iraqi officials have approached the International Monetary Fund (IMF) to secure financial assistance due to?the Middle East conflict, said a source with the IMF as well as an Iraqi official on Thursday. The IMF source said that initial discussions took place at the spring meetings in Washington of the IMF and World Bank last month. Discussions are still ongoing on how much funding Iraq will need and the structure of any loan. Iraqi officials who advise on financial policy have said that Iraq has begun preliminary talks with the IMF and World Bank about a loan for the country's finances, due to a severe revenue shortfall caused a halt in?oil sales following the Iran War and the closing of the Strait of Hormuz. Officials said that the official expected the talks to be "finalized" once a new administration is in place. The massive U.S. and Israeli bombing campaign that began on 28 February against Iran, which triggered the closure of the Strait of Hormuz by Tehran has shook the Middle East. It has caused damage to infrastructure and economies. Iraq was hard-hit by the war. Its oil exports, which represented nearly all of the government's income, were cut off due to the closing of the crucial waterway that previously carried around one-fifth the world's crude oils. IMF spokesperson Julie?Kozack stated that the IMF worked with the World Bank, and the International Energy Agency in order to assess the effects of the war on its member countries. She added that the Fund is also actively engaged in discussions with its member countries, many of whom are seeking policy advice. She said that IMF Director Kristalina Georgeeva had stated the IMF was seeing demand from at least twelve countries for $20 billion to $50 billion but refused to provide any details as to which countries had requested help. Iraq is the fifth-largest petroleum producer in the world, and its economy is heavily dependent on oil exports. Iraq's latest financial deal was with the IMF. It was a $3.8billion standby agreement that expired in July 2019. Of this amount, $1.49bn?was withdrawn. Iraq is owed $2.39 billion by the global lender, which includes $891 million that was provided through a rapid funding instrument. Reporting by Andrea Shalal, Washington, and Muayad Hamed Suadi, Baghdad. Editing by Louise Heavens. Chizu Nomiyama. William Maclean.
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US Admiral: Iran's capability to threaten its neighbors has been dramatically reduced
The?U.S. has?dramatically reduced Iran's ability to threaten its neighboring countries and U.S. interest. A senior U.S. Admiral stated on Thursday that the bombings have slowed down Tehran's defence industry by 90%. Admiral Brad Cooper of U.S. Central Command emphasized 'the tactical success of the military campaign he led against Iran and said that the war has dramatically reduced the danger posed by Iran to the Middle East. Cooper refused to directly address the reports of and other news organizations that Iran had significant drone and missile capabilities. These reports cited U.S. Intelligence sources. Cooper, speaking to a U.S. Senate Committee, said that Iran's threat has been significantly reduced. They no longer have the ability to threaten regional partners or the United States in ways they could do previously, in?every area. "They have?significantly?degraded." Cooper said Iran is no longer in a position to provide arms and other resources to the main allies in the region, including Hezbollah (in Lebanon), the Houthis (in Yemen) and Hamas in Gaza. He said, "These transfer paths and methods have been removed." Reporting by Phil Stewart, Doina Chiacu and Chizu Nomiyama; editing by Paul Simao and Chizu Simao
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India limits duty-free imports of gold for jewellery exporters in order to curb demand
India tightened the rules on duty-free gold imports for jewelry exports, capping the imports at only 100 kilos per license, according to an order from the government. The country is the second largest consumer of precious metals in the world. This week, the South Asian nation raised its import tariffs for gold and silver from 6% to 15% as part of an effort to reduce foreign purchases of these metals. It also aims to ease pressure on reserves of foreign currency due to higher oil prices. India is one of the leading exporters in the world of gold jewellery. New Delhi allows manufacturers and jewellers, under the scheme of advance authorisation, to import gold for export without paying any duty. On Thursday, the?government changed import rules for jewellers by capping gold imports at 100 kilograms per license and tying future licences with fulfilling at least 50% earlier export obligations. According to the order, first-time applicants must also undergo a physical inspection of the manufacturing facility by regional authorities in order to verify its existence, production capability and operational status. The holders of licences are also required to submit fortnightly, independent, chartered accountant-certified reports detailing the gold imports or exports that were conducted under this scheme. The new rules have excessive compliance requirements. The government appears to be trying to discourage gold imports even though this could result in a decrease in jewellery exports. According to the data collected by the Gem and Jewellery Export Promotion Council, India's gold jewellery exports in 2025/26, which included both plain and studded segments, stood at $11.36 Billion in fiscal year 2025/26, which ended in March. "The government appears determined to reduce gold imports." "The government is increasing import barriers, one by one," said an Indian bullion dealer based in Kolkata. (Reporting and editing by Mark Potter, Ros Russell and Rajendra Jadhav)
Residents say that at least 30 people have been killed by assailants in villages located in the northwest of Nigeria.
Residents who fled the violence said that armed assailants riding motorbikes attacked three villages in northwest Nigeria's Niger State on Saturday morning and killed at least 30 people. They also burned down houses and shops. Residents who escaped the violence said that armed assailants on motorbikes killed?at least 30 people and burned houses and shops during raids?on three villages?in northwest Nigeria's Niger State early... Insecurity in Nigeria is a major concern and the government faces increasing pressure to restore security.
Wasiu Abididun, Niger State Police spokesperson, confirmed that the attack took place in one of the villages.
Abiodun stated that "suspected bandits" invaded Tunga Makeri village. Six people were killed, and some houses were set on fire.
He said that the attackers had moved on to Konkoso Village, but details of other attacks were unclear.
Jeremiah Timothy said that the attack began early in the morning with gunfire.
At least 26 people have been killed in the village so far, after they set fire to the police station," said Timothy. He added that the attackers entered Konkoso at 6 a.m. (0500 GMT) and shot indiscriminately.
Residents heard military jets overhead, he said.
One witness, who asked to remain anonymous, stated that the attackers, on?more? than 200 motorbikes?, targeted the villages.
Auwal Ibrahim of Tunga-Makeri recalled the assault on his village in the early morning at around 0200 GMT.
The bandits stormed our town at 3:00 am (local time), riding motorcycles and shooting randomly, killing six people as well as beheading several others. Ibrahim reported that the bandits set shops on fire and forced everyone to flee.
He said that many of the villagers are afraid to return because gunmen still remain in the area. Reporting by Ahmed Kingimi, Maiduguri; Hamza Ibrahim, Kano Writing and editing by Barbara Lewis.
(source: Reuters)