Latest News
-
Sudanese RSF forces killed almost 300 in North Kordofan according to activists
Sudanese activists reported on Monday that the paramilitary Rapid Support Forces killed nearly 300 people during attacks that began in North Kordofan State on Saturday. RSF is fighting against the Sudanese Army in this area. It's one of the main frontlines in a civil conflict that has been raging since April 2023. The army has gained control over the east and center of the country while the RSF works to consolidate control in the western regions including North Kordofan. Emergency Lawyers, a human rights organization, said in a Monday statement that the RSF attacked several villages around Bara on Saturday. Bara is under the control of the paramilitary. More than 200 people have been killed in Shag Alnom village by arson and gunshots. They said that looting raids in other villages resulted in the deaths of 38 civilians. Dozens more were reported as missing. The group claimed that the RSF had attacked Hilat Hamid the next day and killed 46 people including children, pregnant women, and other vulnerable individuals. According to the United Nations, more than 3,400 people have been forced to flee. Emergency Lawyers, blaming the RSF leadership, said: "It is clear that these villages targeted were empty of military objectives. This makes clear the criminality of these crimes committed in total disregard for international humanitarian law." Human rights groups and the United States have accused RSF of genocide, war crimes and crimes against humanity. The RSF has carried out violent raids on territory that it controls across the country. The RSF leadership has said that it will bring to justice those who are found guilty of such crimes. Sudan's civil conflict has caused the largest humanitarian crisis in the world, causing more than half of the population to go hungry and spreading diseases like cholera throughout the country. The humanitarian response has been stretched by a global cut in aid. (Reporting and editing by Sharon Singleton, Sandra Maler and Nafisa eltahir)
-
Draft shows EU wants to cap farming subsidies in budget overhaul
Brussels will propose capping the EU subsidy a single farm can receive every year in an effort to redistribute massive farming subsidies to smaller businesses. A draft European Commission proposal, seen by, revealed this. The document will be part of the Commission’s proposal for the next budget of the European Union, which is due to appear on Wednesday. The EU's massive Common Agricultural Policy (CAP), which provides farming subsidies, is worth approximately 387 billion euro ($451 billion) today. This represents a third the entire budget of the EU for 2021-2027. According to the draft, the Commission's proposal would try to redistribute subsidies to smaller farms by capping the amount of income-based support that they can receive at 100,000 euros per annum. The amount of money paid per hectare would be gradually reduced for those who receive the most. The draft stated that, for example, if a farmer receives area-based income assistance above 20,000 Euros per year, their payments will be reduced by 25%. Payments above 50,000 Euros per year will be cut in half, and payments over 75,000 euro by 75%. It is not the first attempt by Brussels to cap subsidies and limit payments to large landowners or agroindustrial companies. In the previous CAP approximately 80% of payments were made to only 20% of beneficiaries. Previous proposals were rejected by EU countries concerned about their agricultural industries. The new budget for the period 2028-2034 must be approved by the EU countries as well as the European Parliament. A spokesperson for the Commission did not respond immediately to a comment request on the draft. It could be changed before publication. The draft would establish EU-wide, overarching green targets, which farmers must achieve to qualify for subsidies. However, it would also oblige countries to set local, additional conditions. The draft stated that "the new CAP will be a simplified and more targeted Union Common Policy, with greater flexibility for farmers, and a move from requirements to incentives." The draft didn't confirm the size of a new CAP. The core of the new CAP would remain direct income support to farmers. This would be "ring-fenced", meaning that it could not be used for anything else. The proposal would combine the CAP's two-pillar structure to one fund, a move that is opposed by influential European farmers' group COPA-COGECA. ($1 = 0,8574 euros) Reporting by Kate Abnett Editing Tomaszjanowski
-
US Judge delays the transfer of Argentina's 51% YPF stake in order to allow an appeal
A U.S. Judge on Monday temporarily halted the enforcement of her order requiring Argentina's 51% stake in the oil and gas company YPF as partial satisfaction of a $16.1 Billion court judgment. The U.S. District judge Loretta Preska, while criticizing Argentina's actions and extending the deadline for the completion of the turn-over by three days until July 17, has pushed back Monday's deadline. She stated that the delay was only to allow Argentina to file a complaint with the 2nd U.S. Circuit Court of Appeals of Manhattan. Argentina filed an Emergency appeal On July 10, the court heard a case. Preska refused to extend the stay. She stated that Argentina "continues its delay and circumvention of its obligations" in relation to the $16.1 billion judgement, citing legislation to prevent the YPF turn over. The Manhattan-based Manhattan judge wrote: "The Republic has abused court accommodations and will not receive additional ones." Requests for comment from an attorney and Argentina's representatives were not immediately responded to. The three-day extension is a temporary relief to the cash-strapped nation, which warned that its economy would be unstable if forced to sell the YPF stake. Argentine president Javier Milei is trying to boost foreign currency reserves, rein in inflation and deal with a heavy debt burden. The dispute arose after Argentina decided in 2012 to take the YPF stake away from Spain's Repsol, without making a bid to minority shareholders Petersen Energia Inversora or Eton Park Capital Management. Burford Capital is representing these shareholders. Burford Capital has stated that it expects to receive between 35% and 73% respectively of Petersen and Eton Park’s damages. Burford's U.S. lawyer and Burford did not respond immediately to requests for comments on the Monday order. Preska has ordered Argentina to pay $1.71 billion and $14.39 billion in September 2023 to Petersen. Argentina appeals this judgment. The U.S. Foreign Sovereign immunity Act protects the YPF shares from being sold. In an emergency appeal, Argentina stated that a YPF turn-over would irreparably damage its sovereignty, violate the international law, and expand U.S. court's power in a wrong way. It said that it would also be unfair to give its controlling stake in country's biggest energy company up now because it would probably be irrevocable, even if they won the case. Burford claimed that Argentina's years of evasion, combined with a commercial immunity exception, was the reason for YPF's turnover. (Reporting and editing by William Mallard, Richard Chang, and Jonathan Stempel from New York)
-
Russian rouble, stock market gain after Trump's statement on Russia
The Russian rouble recovered its losses against the dollar, and climbed against China's Yuan after U.S. president Donald Trump warned that he would impose a "very serious tariff" on Russia in 50 days if a deal was not reached on settling pacifically. According to LSEG's data based upon over-the counter quotes, as of 1605 GMT the rouble had fallen 0.2% at 78.10 against the dollar, after reaching 78.75 earlier in the day. The rouble has gained 45% against the US dollar since the beginning of the year, according to LSEG data based on over-the-counter quotes. Trump announced on Monday new weapons for Ukraine and threatened to hit Russian export buyers with sanctions. He expressed frustration at Russian President Vladimir Putin over the lack of progress made in ending the conflict in Ukraine. Artyom Nicholasev, an analyst from Invest Era, said that Trump's performance was below expectations. "He gave the Russian leadership 50 days to come up with an offer and extend the negotiations track. Trump is fond of delaying and extending such deadlines. The rouble gained 0.8% against the Chinese Yuan, which is the most commonly traded currency in Russia. It had fallen by more than 1% Friday. According to the Moscow Stock Exchange, after Trump's remarks, Russian stocks rose by 2.7%. (Reporting and editing by Richard Chang; Gleb Bryanski)
-
Britain and Czech Republic will work together to develop small nuclear plants
The UK and Czech Republic announced on Monday that they will explore the possibilities for small modular reactors (SMRs). This partnership could lead to Rolls Royce SMR exporting up to six units into the east European country. Last month, Britain pledged 2,5 billion pounds for the construction of SMRs. It hopes that this will help to increase energy security while helping the country achieve its climate targets and create export opportunities. The SMRs are made in factories with small parts that can be transported by barges or trucks. They are assembled faster and cheaper than large nuclear plants. In a statement issued by the UK Department for Energy Security and Net Zero, which also cited his Czech counterpart, UK Prime Minister Kierstarmer stated: "By working together with our Czech colleagues on small modular reactors we are supporting British engineering, strengthening the industrial base and putting the UK into a leading position for exporting the technologies of tomorrow." Rolls Royce won the contract to build Britain's SMRs last month. Great British Energy, Britain's state owned energy company, is expected to sign the contract and select a location for new plants later this year. Last year, Czech electricity producer CEZ announced that it would acquire a stake in Rolls Royce’s SMR business of around 20%. It also planned to install up to three gigawatts in the country. This is equivalent to six units. Each unit can power approximately one million homes. Starmer and Czech Premier Peter Fiala are hosting a roundtable discussion as part of Fiala's London visit, in order to promote closer links for trade and investment between the two nations. (Reporting by Susanna Twidale, Editing by Aidan Lewis).
-
Earnings and tariffs are a focus for the market, as well as inflation data.
MSCI's global index of equity prices edged lower on Monday, while U.S. Treasury rates edged higher. The latest U.S. Tariff threats kept investors on their toes as they awaited inflation readings due later this week and the beginning of the earnings season. After Donald Trump threatened to impose a 30 percent tariff on imports of goods from the European Union, Mexico and Canada starting August 1, the euro briefly fell to its lowest level in almost three weeks. The dollar index remained stable. The threat of tariffs caused European shares to fall on Monday. The EU announced that it would suspend countermeasures against U.S. Tariffs until early August, and continue to push for a negotiated solution. However, Germany's Finance Minister called for a firm response if levies were implemented. This week the U.S. earnings period begins, and the banks are leading the way. According to LSEG, S&P profits are expected up 5.8% compared to the previous quarter. Now, it's all about the earnings season. They don't know what to expect. They want to remain optimistic. Robert Pavlik is a senior portfolio manager with Dakota Wealth, Fairfield, Connecticut. He said that earnings seasons are usually better than expected. However, he also noted that trading values were "a little expensive compared to the 5-year average". The money manager said that people are waiting to see what happens next, given the recent announcements of tariffs. At 10:54 am on Wall Street, the Dow Jones Industrial Average dropped 53.36 points or 0.12% to 44,318.15, while the S&P500 fell 6.66 points or 0.11% to 6,253.09. The Nasdaq Composite increased 18.05 points or 0.09% to 20,603.58. The MSCI index of global stocks fell 0.12% or 1.07 points to 921.49, while the pan-European STOXX 600 fell 0.26%. POWELL PRESSURE Trump has increased political pressure to ease interest rates more aggressively, despite the fact that U.S. Federal Chairman Jerome Powell had signalled patience on this issue. Kevin Hassett, the White House's economic adviser, warned Trump over the weekend that renovation costs at the Fed headquarters in Washington could be a reason to fire Powell. Trump said that Powell's resignation would be great. The yield on the benchmark 10-year U.S. notes increased by 1 basis point, to 4.433% from 4.423% at the end of Friday. Meanwhile, the 30-year bond's yield rose by 2.2 basis points, to 4.9791%. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve fell by 1.8 basis points, to 3.896% from 3.914% at late Friday. Investors are waiting for the U.S. consumer prices data for June due Tuesday. They will also be watching for any upward pressure coming from tariffs. The data on producer prices and import prices, which are due this week, will provide a glimpse of the impact that tariffs may have on supply chain costs. Retail sales figures will also give a good indication of consumer health. The dollar index, which measures greenbacks against a basket including the yen, euro and yen, increased 0.09% at 97.98. The dollar rose 0.07% against the Japanese yen to 147.5. The Mexican peso fell 0.65% against the dollar to 18.767. Mexican President Claudia Sheinbaum is confident that a deal can be reached by the deadline of August. Bitcoin reached the $120,000 mark for the first and last time. It was up by 1.48% to $120,891.36. Oil prices dropped on Monday, after reaching their highest level in the last three weeks. Investors were watching for further U.S. sanction against Russia and tariffs that could affect global supply. U.S. crude dropped 0.64% to $68.01 a barrel. Brent was down to $70.07 a barrel, 0.41% lower on the day. The gold price has stabilized following a three-week high on Monday, as attention was focused on U.S. data and trade negotiations. Silver prices have climbed to their highest level since September 2011, Spot gold dropped 0.41% to $3341.63 per ounce. U.S. Gold Futures increased 0.04% at $3,357.20 per ounce. (Reporting and editing by Christopher Cushing; Sharon Singleton, Ali Williams, and Ali Williams.
-
16 people are killed in attacks on Syrian security forces sent out to quell sectarian conflicts
The defence ministry reported that 16 members of Syria's Security Forces were killed in Sweida (a predominantly Druze city), after they were deployed to quell deadly inter-sectarian violence which local media reported resumed on Monday. After months of tensions, Sunday's clashes between Druze tribal fighters and Bedouin militiamen marked the first instance of sectarian violence in Sweida. The defence ministry issued a press release in which it said that "outlawed group", who were not identified, had attacked several of its units before dawn. It claimed that its forces had responded to the attack, and pursued groups who refused to cease hostilities or continued to target security personnel. In a previous statement, the Defence Ministry said that the fighting on Sunday had left 30 dead. This prompted Syria's Security Forces to send units into the city in order to restore calm and ensure safe passage for any civilians who wanted to leave. Sweida24, a local news outlet, reported that violent clashes erupted again on Monday. According to a second source, the Syrian army will try to establish state control in the entire province to stop any further violence. However, this may take several days. The latest bloodshed was a result of sectarian violence in Syria. Minority groups are increasingly afraid since islamist-led rebels ousted President Bashar Al-Assad and installed their own government. Sunni Muslim Arab groups that fought Assad in the war have agreed to dissolve and become part of the Defence Ministry. However, efforts to integrate armed groups from minorities - such as Druze and Kurds – are largely stalled. Israel's policy of not allowing Syria's army to move south of Damascus, and insisting that Sweida along with neighbouring provinces form a demilitarized area has complicated efforts in southern Syria. In a statement published by state media, Interior Minister Anas Khattab stated that "the absence of state institutions, particularly military and security institutions is the major cause of ongoing tensions in Sweida" and its surrounding areas. Witnesses said that the violence on Sunday was a result of a series of kidnappings including Friday's abduction of Druze merchants on the highway connecting Damascus and Sweida. Khalil Ashawi, Maya Gebeily and Nayera Abdallah in Beirut; Tala Ramadan and Aidan Lewis in Dubai contributed to the report.
-
US Court of appeal delays the sale of Argentina's 51% YPF share
A U.S. Judge on Monday temporarily halted the enforcement of an order requiring Argentina's 51% stake in oil company YPF as partial satisfaction of a $16.1 Billion court judgment. The U.S. District Court Judge Loretta Preska's decision in Manhattan provides temporary relief for the cash-strapped South American nation, which warned that its economy would be unstable if it was forced to give up YPF's stake. Preska had originally scheduled a turnover for Monday but extended the deadline until July 17 in order to give time to appeal. Argentine president Javier Milei is trying to boost foreign currency reserves, rein in inflation and deal with a heavy debt burden. The dispute arose after Argentina decided in 2012 to take the YPF stake away from Spain's Repsol, without making a bid to minority shareholders Petersen Energia Inversora or Eton Park Capital Management. Burford Capital is representing these shareholders. Burford Capital has stated that it expects to receive between 35% and 73% respectively of Petersen and Eton Park’s damages. Preska has ordered Argentina to pay $1.71 billion and $14.39 billion in September 2023 to Petersen. Argentina is appealing the judgement. Preska, on June 30, ordered that the government turn over its YPF stake in 14 days. Burford said Argentina's years of evasion and a commercial exception justified a turn-over. Argentina said in a filing to the court on Thursday that "the stakes couldn't be higher." It warned that forcing a turn-around would irreparably damage its sovereignty, interfere in foreign relations, violate the international law, and expand wrongly the power of U.S. Courts. The Argentina compared a turn-over to a foreign judge ordering the U.S. Government to ship gold stored at Fort Knox out of the country, because this court misinterpreted U.S. laws. It also claimed that it would be unfair for the country to relinquish its control of the largest energy company in the country, even if it won the case. Reporting by Jonathan Stempel, New York; Editing by William Mallard
Shippers turn to longer-term leases as tanker supply tightens up
Increasing oil tanker chartering rates due to international shipping interruption are forcing oil carriers to take on longerterm shipping charters, executives said this week at an energy conference in Houston.
The global oil tanker fleet should now travel further to get crude to refineries and fuel to customers. European sanctions have forced Russian exporters to send out oil to Asia that would have otherwise gone to Europe. Attacks on vessels in the Red Sea have actually required some carriers to cruise around Africa.
Low water levels in the Panama Canal have actually likewise led some vessels to take alternative paths.
The detours have actually added up to 3 weeks sailing time to some routes, adding substantially to shipping costs and reducing vessel availability. Some ships are no longer readily available due to the fact that they have actually signed up with the fleet carrying Russian oil or have actually been approved.
All of that has actually amounted to 26% to tanker chartering rates in some cases. Insurance rates have actually escalated for those shippers that still transit the Red Sea to conserve time.
Chartering rates for an Aframax vessel, which can bring up to 800,000 barrels, have actually surged to about $49,500 daily from $ 39,000 a day five months ago, according to delivering information.
It's simply kind of been an ideal storm, said Andrew Jamieson, co-head of Gunvor Group's chartering and shipping arm, Clearlake Shipping.
There are not enough vessels.
To save money on ship chartering, Gunvor has taken on more longer-term charters on ships, he said.
The record time-chartering rates are a discomfort, Jamieson said. Time chartering agreement allow business to take a vessel for a provided period of time rather than on a particular trip between two location, securing them from the cost of disturbances.
Clearlake Shipping has actually entered into more long term offers as well, partly due to 50-60% volatility in 10 month-front contracts. Locking in time charter contract ahead of time are typically less expensive than nearer-term contracts and safeguards the company from volatility in price.
We don't like doing it, but we believe rates are here to stay.
The company has more than 100 time-charter agreements now compared with a few prior to 2020, he added.
Some operators likewise use hedges to lock in prices. Interest in forward freight contracts - futures agreements that enable individuals to trade on a predicted future level of freight rates - have risen in current months, industry sources said.
The coming growth of Canada's Trans Mountain pipeline will include more need to the tanker market. Vessels will be required to take crude from the Pacific Coast terminal of the pipeline to refiners.
Vessels preventing the Red Sea have increased marine fuel intake by 100,000 barrels daily and added 3% to the distance taken a trip by the global shipping fleet, Vitol CEO Russell Hardy said on Wednesday.
To alleviate the lack in the market, companies are seeking to build brand-new vessels.
About 100 Aframaxes are likely to go into the marketplace in the next 3 years, while about 25 Very Large Crude Providers will go into the marketplace in 2027, Clearlake's Jamieson said.
Most of the elements that have actually required ships to cruise longer routes are unlikely to change any time quickly, said Geoff Houlton, a senior vice president at U.S. oil producer Occidental Petroleum.
A piece of these suboptimal trade flows are most likely here to stay, he stated.
(source: Reuters)