Latest News
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Motor racing: Six injured and one dead in Nuerburgring race crash, officials
Organisers said that racing driver Juha Miettinen was killed and six drivers were injured in an accident at the 'ADAC 24h Nuerburgring qualifiers on Saturday. The race officials confirmed that Miettinen died following the early-race crash. All the other drivers who were injured were treated in hospital for injuries that were not serious. In the early stages of the first race of the ADAC 24-hour Nurburgring Qualifier, seven drivers were involved in a serious accident. The emergency medics, despite the arrival of the emergency services, were unable to save Juha Miettinen, after he was removed from the vehicle. The driver died in the Medical Centre, after all attempts at resuscitation failed. The race will not be resumed on Saturday evening and there will be a minute's silence during Sunday's grid formation. (Reporting and editing by Clare Fallon; Karolos Grohmann)
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Police in Kyiv kill a shooter who opened up fire
Ihor Klymenko, the Ukrainian Interior Minister, said that police killed a man on Saturday who had opened fire in a city district and barricaded himself inside a supermarket. Klymenko stated that the number of casualties?in this incident in the city’s?Holosiivskyi District was still being clarified. Mayor Vitali Klitschko confirmed that there were also victims inside the store. He had earlier stated the suspect killed two people. Klymenko posted on Telegram, a messaging app? that Klymenko uses to communicate with his friends and family: "The shooter was liquidated when he was arrested." Special forces from the...national police stormed a store where the attacker was. He took people hostage and fired at a policeman while he was being held. Negotiators had tried to reach him before that. Klitschko stated that 10 people were being treated in hospital. Five others were injured. (Reporting and editing by Louise Heavens, Chizu Nomiyama, and Ron Popeski)
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South Africa's central bank chief warns that the Middle East conflict clouds prospects for rate cuts
South Africa's Central Bank Governor said that it was difficult to see an easing of interest rates in the near future due to the volatile war in the Middle East, and its impact on the inflation rate. Lesetja Kganyago, the South African Reserve Bank Governor, said that the bank will not update its growth or inflation forecasts in between meetings. Instead it relies on "scenarios," to understand the impact caused by the wildly fluctuating prices of commodities such as fuel and fertilizer. Kganyago, in an interview at the International Monetary Fund's and World Bank Group spring meetings in Washington, said that the conflict would have a negative impact on growth and also increase inflation. In an environment in which you expect inflation to rise, I do not think that anyone can continue to talk about a relaxation in monetary policies in such an environment," he continued. Last month, the bank maintained its policy rate of 6.75% citing the need to be cautious due to the impact that higher energy prices will have on inflation. The bank revised its risk scenarios before the meeting to assess the impact of the Middle East crisis. The negative scenario assumed that oil would average $94 per barrel for the entire year, and that exchange rates would depreciate by 20%. "That was March. He said that we are now in a totally different environment. "We'll do new scenarios in may." The Middle East conflict and its?wild swings of commodity prices have largely halted the push for monetary easing among central banks in emerging markets. He said that South Africa did not face fuel shortages, and it would be a while before its farmers could feel the impact of a fertilizer shortage. Prices have changed in every direction...the only thing we know for sure is that there is uncertainty.
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Jalal Green shoots past Warriors to charge into the playoffs
Jalen's Green 36 points lifted the Phoenix Suns to the playoffs on Friday with a play-in victory of 111-96 over the Golden State Warriors. The Suns have earned the eighth seed in the Western Conference. On Sunday, they will host the top-seeded and defending Oklahoma City Thunder to begin a first round series. Jordan Ott, Phoenix coach, said: "Sometimes it's not the road you think it will be or the most traveled one. Sometimes it's just the road that is least traveled." "We found our path in, now we're on to the next thing." Phoenix scored 30 points on the Warriors' 21 mistakes. The Suns were able to hold on after Phoenix lost a late advantage against the Portland Trail Blazers during the play-in opening. The drama was not over yet. Golden State's Draymond green fouled out just over a minute after the final whistle. Warriors coach Steve Kerr embraced both Draymond Curry and Draymond green during a special moment. The three players were part of four NBA Championship runs. "I'm not sure what's going to occur." I love coaching, but I understand. Kerr's contract expires this summer. There's always a 'run' and, when it ends, there's often a need for fresh blood, new ideas, etc. If that's true, I'll be 'nothing' but grateful to have the opportunity to coach the franchise. Draymond green and Devin Booker, a Suns player, began a heated conversation as the game resumed. The discussion continued for a few moments before both players received a technical foul. Green was ejected. Phoenix opened up a huge lead after the Warriors scored their first two points. They then closed out the quarter with 8 consecutive points for a 33-15 lead. Golden State scored 15 points in the first quarter, their lowest total since March 7, when they scored 14 against the Thunder in the fourth. The Suns struggled in the second quarter after shooting 52.4% during the first. Golden State was within two points of Phoenix after Curry's free-throws, which he made with 19.6 seconds left in the first half. Jalen green elevated to shoot a 3-pointer on the wing as the clock ticked down. It was the Suns first field goal in over five minutes, giving Phoenix a lead of 50-45 at halftime. Brandin Podziemski, a Golden State player who leads the team with 23 points, scored 10 of them in the second. He led the Warriors in?10 rebounds. Jalen's two 3-pointers helped the Suns to gain control of the third quarter with an 11-1 run. Booker had 20 points, 8 assists and 6 rebounds. Jordan Goodwin, a Phoenix player, added 19 points and nine rebounds. Ott stated, "Truly this group has been a?special one all year. It was special again the last three or four days. They overcame the disappointment by?coming out to play that hard and against a team with every solution known." "... "... Curry scored 17 points, but he was only 4 of 16 on the floor. He also made just 3 of 10 3-pointers. De'Anthony Melton, who came off the bench to score 16 points with eight rebounds, also contributed. Field Level Media
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Australia relaxes fuel standards to boost supply
Chris Bowen, Australia's Energy Minister, said that the country would ease up on its standards for fuel quality until September. This is because of a deterioration in fuel supplies due to the war with Iran. Bowen made a televised statement: "I have decided to extend the period for higher sulphur in petrol in Australia." The relaxation announced in March increases the amount of allowed sulphur in fuel from the usual 10 parts to 50 parts. As the war, now in its eighth week, disrupted supply chain, Australia has seen localised shortages. Bowen?said that the production of diesel, jet-fuel and petrol at a Viva Energy oil refinery (VEA.AX), owned by Viva Energy in Victoria, Australia’s second most populous state, remained the same as Friday. He said that the Geelong refinery was still operating at 60% for petrol and 60% for diesel. Anthony Albanese, Australian Prime Minister, said that the fire would not trigger fuel restrictions. Albanese also secured a deal this week with Malaysian energy?firm Petronas for the supply of?excess fuel in?Australia following trips to Singapore, Brunei and other countries aimed at boosting energy supplies. (Reporting from Sam McKeith, Sydney; Editing done by William Mallard).
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World Bank launches new small state strategy to tackle challenges
The World Bank announced a new strategy on Friday that focuses on jobs to help small island states, and other small countries address challenges like remoteness, shock exposure and a limited economic base. World Bank President Ajay Banga spoke about the initiative in a closed door meeting of 50 ministers and governors of central banks from small countries, held during the spring meetings for the International Monetary Fund (IMF) and World Bank. He explained that the idea was to use different tools to help smaller states attract more investment, implement policy and regulatory changes to make it easier to run and grow businesses, and create more jobs. The Bank will focus on areas like health, affordable energy and resilient infrastructure, as well as micro-and small businesses. These are the areas where officials believe there are the best opportunities to boost growth, strengthen businesses and create better jobs. Last year, the World Bank Group approved new commitments and guarantee of $3.3 billion for "small states" who face unique economic challenges, and are disproportionately impacted by shocks as was seen during the Middle East war. In a blog that was released with the new strategy, the bank stated: "For small business, a hurricane, an unexpected?surge? in fuel prices or a decline in tourism could wipe out months of income and investment in just a few days." Banga said that the Bank would take a differentiated strategy to develop regional projects in these countries. Partnerships will be an important component. "This isn't a one size fits all approach." Banga said to the finance officials that small states are diverse and our support would reflect this. "We know that the economics of small states are different," Banga told the finance officials. He said that the cost of working in smaller states can be up to four-times higher than in bigger countries. The Bank therefore planned to streamline its delivery, use more flexible funding and scale solutions in order to maximize each dollar. Several projects have already begun. The bank, in Tonga for instance, will co-finance a urban resilience project with the Asian Development Bank, under a framework agreement of mutual reliance, a first between multilateral development banks. Banga stated that he was planning to sign more agreements, including with the Inter-American Development Bank in order to extend the approach to the Caribbean. He said that the World Bank is also increasing the tools available for countries. The bank also said that better diagnostics was important. The bank said that it was preparing more detailed reports on the challenges faced by private sector hiring in Barbados, Guinea Bissau, Lesotho Mauritius Samoa and Seychelles. The blog also noted that the World Bank could leverage its power to drive investments. The 'International Finance Corp', the bank’s investment arm, for example, helped to 'fund the development of Botswana’s first utility-scale Solar Project', while the World Bank worked on a project on battery storage in parallel, enabling the integration of solar into the grid. The bank stated in its blog that the result was not just a solar power plant but also a model of how private financing can be used to open up markets and create employment. (Reporting and editing by Andrea Shalal)
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Moody's lowers Iraq's credit outlook to "negative" on Middle East conflict risks
Moody's, a credit rating agency, re-evaluated Iraq's outlook on Friday from "stable" to "negative", citing the risks to the country's "credit profile" due to 'the ongoing Middle East conflict' impacting security and energy flow. Moody's stated that "Iraq's heavy dependence on the oil industry implies that disruptions to exports through Strait of Hormuz, which account for around 90% of Iraq's oil exports, will materially reduce dollar inflows as well as fiscal revenues." Iraqi energy officials stated last month that the main southern oilfields of the OPEC'members have seen their output fall by 80% as a result of the U.S. - Iran?war, and the closing down the strait. This has pushed storage levels to a 'high and critical level. Abbas Araqchi, Iranian Foreign Minister, said that the Strait of Hormuz was now open after a ceasefire agreement in Lebanon. Donald Trump, U.S. president said he believes a deal will be reached to end the Iran War "soon", but the timing is still unclear. Four energy sources reported that Iraq resumed its southern oil exports last Friday after a hiatus of over a month. Moody's said in its report that "even if the ceasefire is maintained, it may take some time before flows in 'the Strait' return to normal." The agency kept the country's rating at "Caa1". (Reporting and editing by Unnamalai L, Bengaluru)
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US loans 26.03 millions barrels of SPR Oil in third batch after Iran war
The U.S. The?U.S. Department of Energy announced on Friday that it had lent 26.03 million barrels of oil from the Strategic Petroleum Reserve (SPR) to nine oil firms. This is the third allocation under?the Trump Administration's efforts to curb fuel costs, which?have risen since the U.S. and Israeli war on Iran. In March, the 'Trump Administration' agreed to release 172 millions barrels of crude oil from the Strategic Petroleum Reserve in coordination with the International Energy Agency to draw down 400,000,000 barrels to try to control fuel costs that spiked because of the war. Energy companies are required to pay interest on the extra barrels they receive from the SPR. The U.S. offered 126,000,000 barrels of crude oil in three batches. Energy companies have agreed to take on loans of nearly 80 million barrels - or more than 63% - from the SPR. The DOE announced that BP Products North America, ExxonMobil?Corp, and Marathon Petroleum were among the companies awarded SPR loans. Reporting by Timothy Gardner, Ismail Shakil and Doina Chiacu; Editing done by Edward Tobin and Doina Tobin
Russia oil fleet shifts away from Liberia, Marshall Island flags amid US sanctions crackdown
Lots of oil tankers utilized by Russia have stopped cruising under the Liberian and Marshall Islands flags in recent weeks after the United States increase sanctions enforcement on ships connected to those windows registries, according to shipping information and interviews with industry and federal government officials.
The shift reflects the close relationship in between the U.S. and the flag administration business of Liberia and the Marshall Islands, which are headquartered not in their home countries, but in Virginia, just miles from Washington D.C. and within the jurisdiction of U.S. sanctions enforcement.
The heavy previous use of those flags also represents a. possibly enduring vulnerability for Russia's oil fleet, whose. tankers will stay responsible for sanctions infractions even after. they have changed to a brand-new flag outside of U.S. reach,. according to energy and sanctions professionals.
They have actually created an enduring liability and long-lasting threat,. said Craig Kennedy, a center partner at Harvard University's. Davis Center for Russian and Eurasian Research Studies.
Commercial ships need to be registered, or flagged, with a. particular country to guarantee they are adhering to. worldwide acknowledged security and environmental guidelines.
analyzed LSEG and Lloyd's List Intelligence shipping. information, and spoke with federal government authorities, flag registry. representatives and shipping experts to supply previously. unpublished information on the function of flag computer system registries in the recent. wave of U.S. sanctions statements targeting Russia's oil. fleet, and the vulnerabilities they position to Russian oil. shipping.
The G7, the EU and Australia imposed a $60 a barrel cost. cap on Russian oil exports in December 2022 as part of larger. financial sanctions focused on cutting Moscow's earnings without. disrupting worldwide energy products, following Russia's intrusion. of Ukraine.
When, the cap bans the use of Western maritime services. tankers bring Russian oil priced at or above the cap. A U.S. official, who requested anonymity when discussing the. sanctions, validated that the Liberian and Marshall Islands flag. pc registries qualify as Western services.
Given that October, the U.S. Treasury Department has enforced. sanctions on some 41 oil tankers for Russian price cap. infractions, 24 of which were flying the Liberian flag and among. which was using the Marshall Islands flag.
Nearly all of the other tankers were flagged in Gabon,. including 12 of the 14 targeted by the Treasury Department in. its newest bundle of sanctions on Feb. 23. Of those. Gabon-flagged tankers, in which Russia's top shipping business. Sovcomflot (SCF) has an interest, a minimum of three had recently. flown the Liberian flag, according to ' analysis of. shipping data.
Those tankers were among a slew of ships in the SCF fleet. moving to Gabon, according to the data: as of early February,. SCF had 42 tankers in its 147 tanker fleet that had just recently. shifted to the Gabon flag, mainly from Liberia and Panama.
SCF declined to comment and Russia's transportation ministry did. not react to an ask for remark.
The Liberian flag windows registry informed that all the. Liberian-flagged vessels which were sanctioned remained in the. process of having their Liberian flags eliminated. We are all. residing in a different world right now and the registries require to. adapt to what the international scenario is at this point, the. Liberian pc registry said.
The computer registry declined to talk about its previous. organization with SCF.
A U.S. authorities informed that Liberia had actually been actively. engaged with the Treasury Department, and that approved. tankers have about a three-month unwind duration to change to. another flag.
Marshall Islands registry officials are also in contact with. U.S. firms on the problem, a Marshall Islands windows registry. spokesperson said.
Gabon Transportation Minister Loic Moudouma confirmed to. that numerous tankers had left the Liberia windows registry for. Gabon recently, and said Gabon would de-list them if they are. found to be participated in prohibited activity.
We are not a flag pc registry for the world's rogue navigators. or transporters, he stated.
If any ally, any partner on the planet, understands that. there is a Gabonese ship flying the Gabonese flag and carrying. out prohibited activities, all they need to do is send us the file. in full and we will take actions to get rid of the flag from this ship. ourselves. Whether Russian or any other citizenship.
Panama authorities did not respond to a request for. comment.
INVITING TROUBLE
The sanctions enforced up until now have actually sent a chill through the. industry involved in Russian trade.
A number of the still to be de-listed Liberian-flagged vessels,. Are stuck, sitting at anchor outside of ports. throughout the world including in the Black Sea, according to. shipping information, marking a costly liability for their owners and. those economically linked to their cargoes.
U.S. Treasury Department sanctions can have a contagion. effect on tankers by detering market gamers from dealing with. them, according to Harvard's Kennedy.
In the dollar denominated world of oil trading, why put a. deal worth 10s of millions of dollars at danger by utilizing a. obstructed tanker? You're simply inviting difficulty for everybody. included, he said.
Switching to the Gabon flag might also welcome extra. threat at ports for tankers bring Russian oil.
A U.S. authorities stated tankers that brought Russian oil above. $ 60 that switch to the Gabon flag might likewise have a more. difficult time with port authorities concerned about the security. of aging tankers.
The United States, European Union and UK provided a letter. late last year pushing Liberia, the Marshall Islands and. Panama to increase oversight of ships carrying their flags to. ensure they do not carry Russian oil offered above the cost. cap, a source informed at the time.
While the U.S. has been the primary enforcer of the rate. cap, other countries in the system are working with. Washington to tighten the screws.
We're making it harder for Russia to utilize its shadow fleet,. which in turn would require more volume back into the G7 fleet,. where company are certified with the cap, Olga. Dimitrescu, an official at the UK Treasury's sanctions. enforcement arm OFSI told a Feb. 1 podcast with ship insurance provider. NorthStandard.
U.S. officials state delivering practices associated with the. export of Russian oil above the West's rate cap remain in their. crosshairs. We are really worried about evasion, I think that's. clear from the actions we've taken, Claire McCleskey, an. official with the U.S. Treasury's sanctions enforcement arm. OFAC, told a New york city shipping conference last month.
You can expect our continuing to take action..
(source: Reuters)