Latest News
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The bird flu outbreak has spread to Madrid and hundreds of storks have been found dead.
The Spanish authorities detected four bird flu outbreaks in wild birds in central Madrid, where forest?agents collected hundreds dead storks in the?past few weeks including over 100 in the last 24 hours. According to the European Food Safety Authority, thousands of wild bird cases have been reported in 29 different countries. Madrid's Regional Government said in a statement that so far, no commercial poultry farms were affected and there was no serious human risk. It said that "the authorities are removing carcasses using strict biosecurity measures in order to prevent the further spread of virus." It is believed that the virus is carried by storks - migratory bird species arriving from northern Europe. In recent years, highly pathogenic avian flu has caused the culling of hundreds millions of birds in global farming. This has disrupted?food supplies and increased prices. Human cases remain rare. Miguel Higueras Ortega is the head of forestry operations for Madrid. He said that based on how the outbreak has behaved in Spain and throughout Europe, "there is no serious risk to human health" as there have been 'no cases recorded of transmission from animals to humans". The outbreaks do not seem to be a threat to the environment at this time, he said. (Reporting and editing by Andrei Khalip, Alex Richardson, and Jesus Calero)
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Security agency: Western Libya forces kill a notorious migrant smuggler
Western Libyan security force said Friday that they killed a notorious migrant trafficker in the coastal city of Sabratha, after "criminal groups" associated with him attacked one of their Checkpoints overnight. The Security Threats Combatting Agency, an agency of the western Libyan Prime Minister Abdulhamid al-Dbeibah's security, claimed that they raided and destroyed the hideout to respond to the attack, killing its leader Ahmed al-Dabbashi (also known as Al-Amu). Dabbashi's younger brother was arrested and six members of the force wounded during the fight, according to a statement posted on the agency's Facebook page. Dabbashi was under U.S. sanctions since 2018. Washington said that he was the "leader of two powerful migrant-smuggling groups" in Sabratha, and claimed that he "used his organisation to rob and enslave immigrants?before they were allowed to leave for Italy." Human trafficking has become rife since the NATO-backed 2011 uprising that toppled Muammar Gadhafi, Libya's longtime leader. The absence of a strong central authority and the proliferation of smuggling groups has made the country a major staging point for migrants who are trying to cross the Mediterranean to reach Europe. Dbeibah's Government of National Unity, or GNU, was not recognised by rival authorities in the east. Dbeibah's Government of National Unity (GNU) is not recognized by rival authorities in the east. A coalition of armed forces affiliated with a former U.N.-backed Tripoli government - the 'Government of National Accord' - fought against Dabbashi in a three week battle in 2017. The battle resulted in dozens of deaths and injuries, as well as damage to residential areas and Sabratha Roman ruins. Reporting by Ahmed Elumami, Writing by Alexander Dziadosz, Editing by Andrew Heavens
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Asian stocks rise cautiously as Oracle rattles the tech sector
Asian stocks rose in the early hours of Friday's trade, following overnight gains on Wall Street. However, a new decline in Oracle shares sent jitters throughout the tech sector. The financial markets had to?move fast this week in order to regain their footing when the Federal Reserve cut interest rates Investors were stressed by the fact that the hawkish view was less than expected. The Dow, Russell 2000 and Nasdaq all reached new highs on Thursday. Softbank Group shares surged 6% in the morning after Bloomberg News reported that it was considering acquiring a U.S. company called Switch Inc. S&P 500 futures were flat and Nasdaq were down by 0.2%. Markets were tense after Oracle shares fell 13%. Massive spending and poor forecasts from the company sparked doubts about how soon the AI bets would?payoff. Analysts from Westpac said in a recent research note that Oracle's disappointing earnings and further investments in data centers have prompted investors to question whether AI-related expenditure will deliver the expected returns. Broadcom's projection of first-quarter revenue was above Wall Street expectations on Thursday. Gains were moderated after Broadcom said that margins would be lower due to an increased mix of AI revenue. This pushed its shares down by 5% during extended trading. The U.S. Dollar Index, which measures the strength of the greenback against a basket six currencies, hit a new two-month low at 98.30 after the Fed gave a less hawkish outlook than expected on interest rates. The dollar's value has fallen dramatically overnight. The latest data on unemployment claims showed that the number of Americans who filed new claims for benefits rose by the highest amount in almost 4-1/2 years. The data are volatile at this time of the year and the average claims for four weeks suggested that labor market conditions were stable. Fed funds futures indicate a 75.6% implied probability that the U.S. Central Bank will maintain interest rates at its next meeting, on 28 January. This is compared to an earlier 73.9% likelihood, according to CME Group’s FedWatch tool. The markets are pricing in at least two rates cuts for the coming year, after Fed Chair Jerome Powell stated at a press conference following a policy announcement that he didn't "think that a rate increase is anyone's base case." The yield on the 10-year Treasury bond in the United States was at 4,151% last, an increase of 1.2 basis points from late U.S. levels. Brent crude rose by 0.5% to $61.59, as investors focused their attention on the Russia-Ukraine Peace Talks. Earlier, Brent crude had increased on the news that the U.S. seized a Venezuelan oil tanker. The U.S. announced new sanctions against Venezuela on Thursday. They targeted three nephews of the wife of President Nicolas Maduro, six crude oil tankers, and shipping companies that were linked to them. The precious metals market has retreated from recent highs. Silver fell 0.6% to $63.17, while gold was unchanged at $4,281.91. The crypto markets were under pressure with bitcoin down 0.4% to $92,571.96 while ether= was down 0.6% to $3,231.69. (Reporting and editing by Shri Navaratnam).
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Judge rules that Trump administration illegally cancelled disaster prevention program
On Thursday, a federal judge ruled that the U.S. President Donald Trump's Administration unlawfully terminated an Emergency Management Agency grant programme designed to?protect communities and states against natural disasters? before they happen. U.S. District judge Richard Stearns, in Boston, sided with the majority of Democratic-led states and found that the Republican administration's decision to terminate the Building Resilient Communities and Infrastructure program and to use the money Congress authorized to support it to other purposes was illegal. The agency, part of the U.S. Department of Homeland Security (DHS), announced that it would terminate the program in April, describing it as wasteful, ineffective, and politicized. Stearns was appointed by Democratic President Bill Clinton. He said that the action of the administration amounted "to an unlawful executive encroachment upon the prerogatives of Congress to 'appropriate funds for specific and compelling purposes. Stearns wrote that the BRIC program was designed to save lives and protect against natural catastrophes. It is obvious that bureaucratic obstacles do not stop disasters from happening. Stearns, at an earlier stage in the case back in August, prevented?FEMA spending more than $4 billion that was allocated to BRIC on other purposes. He blocked the cancellation of the program without Congress' approval and ordered FEMA take immediate steps to reverse the termination. In a press release, Massachusetts Attorney General Andrea Joy Campbell (a Democrat) who led the case said: "Today's order will save lives because it prevents the federal government to terminate funding that helps prepare communities for and mitigate natural disasters." In a statement, a spokesperson for the Department of Homeland Security said that BRIC had not been terminated and "any suggestion of the contrary is a falsehood." BRIC had been used as a "Green New Deal slushfund" by Democratic President Joe Biden, according to a spokesperson. The spokesperson for the Department said, "It is unfortunate that a judge who was an activist either did not understand or didn't care." The BRIC program is the largest program for disaster mitigation offered by FEMA. It assists state and local governments to 'protect major infrastructure like roads and bridges prior to the occurrences of disasters such as floods, hurricanes, and other natural disasters. According to the lawsuit FEMA approved approximately $4.5 billion for nearly 2,000 project, mainly in coastal states over the past four years. In July, Washington and Massachusetts, along with other states, sued the BRIC program, claiming that it had caused communities to cancel, delay or scale back hundreds of disaster mitigation programs. (Reporting and editing by Aurora Ellis, Stephen Coates, and Nate Raymond from Boston)
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China plateau and US policy changes have slowed the global EV sales growth since February 2024.
Data showed that global EV sales grew at their slowest pace since February 2024 in November as China plateaued. Meanwhile, the United States ended its EV tax credit program in November and North America is now on course for the first year of a 'decline' since 2019. According to Benchmark Mineral Intelligence, the consultancy, European registrations of battery-electric vehicles and plug-in-hybrids have grown by more than a third compared to 2024. Why is it important? Electric transport groups say a swift EV transition is necessary to curb planet-warming CO2 ?emissions, but carmakers and governments have backtracked on some green commitments due to slower-than-anticipated EV adoption, which ?auto lobby groups say threatens jobs and profit margins. By the Numbers The data revealed that global EV registrations (a proxy for sales) rose by?6% in November to just over 2 million units. In?China, they grew by 3% to more than 1,3 million. This is the lowest increase year-on-year since February 2024. North American registrations dropped by 42%, to just over 100,000 vehicles sold. This follows a similar decline in October, when U.S. Tax Credits ended. They are also down 1% this year. Europe and the rest?the?world were respectively up by 36% & 35%, to more than 400,000 & almost 160,000 registrations. KEY QUOTE "We're still expecting a decline in U.S. electric vehicle sales forecast for next year." Charles Lester, BMI's data manager, said that the tax credit had a huge impact on the market. CONTEXT Last week, Donald Trump, in a bid to further undermine electrification efforts, proposed slashing the fuel economy standards set by his predecessor. The European Union has delayed the release until next week of proposals that are closely watched for the auto industry. These proposals could also 'weaken' a ban on new CO2-emitting vehicles in 2035. Reduced government subsidies are expected to dampen consumer sentiment in China, which is the largest EV market globally, accounting for over half of all global EV sales.
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Oracle falls, but stocks mostly rise; US dollar and yields fall on Fed views
The major stock indices rose on Thursday. The Dow and S&P 500 posted?record highs, even though technology shares declined following Oracle's disappointing forecasts, and the dollar and U.S. Bond yields fell. The Nasdaq?ended down, while the Dow?and S&P 500?added to gains made the day before when the Federal?Reserve?cut rates, but gave a more dovish outlook than anticipated. Global stock indexes were also higher. Oracle, the cloud computing giant, reignited fears over astronomical tech valuations after it missed analysts' profit and sales estimates and announced a $15 billion artificial-intelligence overspend. Last week, its shares fell 10.8%. The S&P tech sector also declined. Nvidia, the AI leader, saw its shares fall 1.5%. SoftBank, a partner of Oracle in the U.S. Stargate project and a partner to Japan's Nikkei index, fell more than 7.5% overnight. Michael O'Rourke is the chief market strategist of JonesTrading, Stamford, Connecticut. He said: "Overall, I think the market is doing well, considering how Oracle is trading, and that the AI sector is weaker. But, I do believe investors are being a bit cautious." Investors focused on the global rate outlook after the Fed cut its benchmark funds rate by 25 basis points, as predicted, to 3.5%-3.75%, in a split decision of 9-3. Fed Chair Jerome Powell was balanced in a recent press conference. He said that he didn't "think that a rate hike is anyone's baseline case." Interest rate futures now have at least two rate reductions priced in for the next year. The Dow Jones Industrial Average increased?646.26 or 1.34% to 48,704.01; the S&P 500 grew 14.32 or 0.21% to 6,901.00, and the Nasdaq Composite dropped 60.30 or 0.25% to 23,593.86. DOLLAR HITS LOWS IN MULTI-MONTH The MSCI index of global stocks rose by 3.17 points or 0.31% to 1,014.91. The pan-European STOXX 600 rose by 0.55%. The U.S. Dollar fell, reaching multi-month lows versus the euro, Swiss Franc, and Sterling and extending the losses from the previous day. Swiss National Bank's decision not to raise interest rates supported the Swiss franc. The dollar fell 0.63% against the Swiss Franc to 0.795 after previously reaching its lowest level since November. The euro reached its highest level in October 3 with a 0.43% increase at $1.1744. The dollar index fell by 0.27%, measuring the greenback in relation to a basket of currencies, including the yen, the euro and others. U.S. Treasury Yields fell for the second consecutive session after the Fed's policy statement. The?Fed said Wednesday that it will start buying short-dated government securities on Friday. An initial round of around $40 billion Treasury bills is expected. This was earlier than investors had anticipated. The yield on the benchmark 10-year U.S. notes dropped 2.7 basis points, to 4.137% from 4.164% at late Wednesday. The yield ended a streak of four consecutive sessions of gains, the longest in five weeks. The yield on the 2-year note, which is usually in line with expectations of interest rates from the Fed, fell 3.9 basis points, to 3.526%. Investors shifted their focus towards the European Central Bank's meeting next week, as the benchmark Bund yield in euro zone hovered at a nine-month peak. The benchmark yield for the eurozone, Germany's 10-year bond, was down 1.5 basis points at 2.84%. On Wednesday, they reached 2.894%, their highest since mid-March. The difference between U.S. yields and German yields fell to 126.01, the lowest level since June 2023. Investors shifted their attention back to the Russia-Ukraine talks, which led to a lower oil price. U.S. crude dropped 86 cents and settled at $57.60 per barrel, while Brent declined 93 cents and settled at $61.28. Spot gold increased 1.07%, to $4273.09 per ounce.
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Coca-Cola's new chief Braun will be able to leverage his global experience, as the company shifts towards low-sugar beverages
Henrique Braun's appointment as Coca-Cola’s next CEO is a gamble on Henrique's experience from Latin America and China. The company will use this to expand the brand in new markets and appeal to consumers who are strapped for cash. They will also develop healthier products to meet changing tastes. The 57-year old?American who was raised Brazil is expected to take over in March. This comes as Coke, Sprite, and Fairlife Milk have been reshaping their offerings and changing the size of the packs. They also acquired companies to help them appeal to health-conscious consumers and low-income customers. Coke's stock is up 11% in the past year, while S&P 500 Consumer staples has only risen 2%. PepsiCo, the main rival of Coke, has seen its shares drop 2% this year. Analysts and investors are expecting Braun to maintain the stability of the beverage company with a market capitalization of $302 billion. Brian Mulberry said that this is an evolution, not a revolution. Zacks Investment Management owns shares in Coke. "I do not see any red-flag warnings that would require a radical shift." The pressure to maintain pricing will be a major challenge. Mulberry said that the best way to keep everyone happy would be to ensure costs don't spiral out of control and require price increases. James Quincey is the current CEO of the company. He took over the reins in 2017. Since then, the company has reversed its sales declines and the stock price has increased by more than 60%. Quincey took over a Coke that was largely trimmed down, having shed most of its bottling system. This allowed it to concentrate on marketing and new products. PepsiCo shares are up about 35% in value since Ramon Laguarta was appointed CEO in 2018. Analysts say Braun will also have to find a way to increase volumes and margins without sacrificing the low-sugar, 'functional' beverages such as probiotic sodas or electrolytes. Quincey is expected to continue his acquisition spree which included Fairlife, a high-protein dairy company, and Body Armor sports drinks. Morningstar analyst Dan Su said in a report that "after Quincey's successful addition of (more than) ten billion-dollar brands in his nine-year term, acquisitions will likely continue to be a focus for Braun." Coke is evaluating options, including the sale of British coffee chains Costa and Starbucks which it purchased in 2018 for more than $5 billion. This was reported in August. The move by the CEO, announced late Wednesday, is yet another change in CEOs within the consumer packaged goods sector as it struggles with a slowdown in demand, changing spending habits, and U.S. Tariffs. PepsiCo's rival, on the other hand, is reviewing its supply chain, and cutting costs, after being pressured by activist hedge fund Elliott Management. This could also impact Coke. Bruce Winder is a retail analyst and expert in the industry. He said that Pepsi's likely to lower its prices as a result of pressure from an activist shareholder, which would put pressure on Coke’s margins if Coke had to respond by making cuts.
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US EPA plans to delay enforcement of Biden vehicle pollution rules
A senior official at the U.S. Environmental Protection Agency has told us that they plan to delay enforcement of an old Biden regulation which required?significant reductions in air pollution caused by vehicles?. The EPA published a final rule in April 2024 that requires significant reductions of so-called "criteria pollution" emitted by passenger and commercial vehicles for the model years 2027-2032. The EPA, as part of a delayed plan, is considering keeping in place the 2026 standard for an additional two years. This will give them time to review the Biden era standards and the way they set?standards. Separately, the EPA has proposed revoking scientific findings that justified setting greenhouse-gas emission standards for vehicles?and engines. In September, the Alliance for Automotive Innovation (AAI), a trade association representing General Motors and Toyota Motor as well as Volkswagen, Ford Stellantis, Hyundai, and other companies, told the EPA that the criteria pollutant standard is "impossible to achieve without significant increases in EV markets share while adding hundreds of dollars in additional costs for?all internal-combustion engine vehicles." These regulations should be changed to create a "cost-effective" criteria emission standard. EPA Administrator, Lee Zeldin announced in March that the agency would reconsider its 2024 rules to reduce tailpipe emissions from passenger vehicles by almost 50% by 2032 compared to projected levels for 2027. According to the EPA, between 35% and 56% new vehicles sold in 2030-2032 will need to be electrically powered to meet compliance. Zeldin said to reporters that automakers had told the EPA the EPA's requirements were "causing adverse impacts." The 'Biden Rules' require a 50% cut in criterions pollutants such as nitrogen oxides by 2032 for light-duty vehicles, and a 58% reduction for medium-duty vehicles. EPA estimated last year that reduced emissions of pollutants contributing to the formation of smog and soot would result in an annualized benefit of $13 billion. The EPA is evaluating whether automakers can continue to use?electric?vehicles in order to meet standards, and if the agency should allow credit banking and trade. The Transportation Department announced last week that it would end credit trading as part of its significant rollback in fuel economy standards until 2031. Automakers want EPA also to implement revised GHG Standards as a backup in the event motor vehicle greenhouse gas regulations were retained or restored in any way. EPA also considers some changes in heavy-duty regulations, including warranty obligations and usefulness requirements.
India-bound oil tanker struck by rocket in Red Sea attack
A Panamanianflagged tanker carrying petroleum bound for India was struck with a missile in the Red Sea, the U.S. State Department said on Friday.
The missile introduced from Yemen hit the M/T Pollux on its port side, according to the State Department.
Previously on Friday, the UK Maritime Trade Operations (UKMTO) firm and British maritime security company Ambrey stated a Panama-flagged tanker had supposedly been hit 72 nautical miles (133 km) northwest of the port of Mokha, off Yemen.
The vessel ... reportedly sustained small damage. The team was reported safe and unharmed, Ambrey said.
This is yet another example of the lawless attacks on worldwide shipping, which continue after various joint and international statements calling the Houthis to stop, a State Department spokesperson said.
M/T Pollux embarked from Russia's Black Sea port city of Novorossiysk on Jan. 24 and was due to discharge in Paradip, India, on Feb 28, according to LSEG information. Indian Oil Business has a 300,000 barrels each day (bpd) oil refinery at Paradip, in eastern Odisha state.
The ship is owned by Beachfront Maritime Co SA and managed by Sea Trade Marine SA, according to LSEG information. Representatives from those companies did not right away respond to requests for remark.
Another vessel three nautical miles to the northeast of the M/T Pollux was observed altering course to port, away from the tanker, Ambrey stated.
Yemen's Iran-backed Houthis have stated they will continue with attacks on Red Sea shipping in solidarity with the Palestinians, as long as Israel continues to dedicate criminal offenses. versus them.
Our operations have a huge effect on the enemy which. make up a great success and a genuine victory, Houthi leader. Abdulmalik al-Houthi said in a telecasted speech on Thursday.
The attacks on ships have interfered with worldwide commerce, stired. fears of inflation and deepened concern the Israel-Hamas war. could spread.
(source: Reuters)