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US appeals court voids $16.1 billion judgment against Argentina over YPF seizure
The U.S. Court of Appeals on Friday ruled against Argentina's $16.1 billion judgment for seizing the?state-owned oil firm YPF in 2012. This is a major victory for Argentine president Javier Milei as he tries stabilize Argentinean economy. The 2nd U.S. Circuit Court of Appeals in Manhattan issued the decision. Circuit Court of Appeals of Manhattan. Argentina was seeking to reverse the $16.1 billion award made in September 2023 to former YPF investors Petersen Energia Inversora, and Eton Park Capital Management by a lower-court judge for alleged losses related to YPF’s nationalization. During the oral arguments of October 29, the three judge?appeals panel questioned the reason why the case is in the United States when the underlying activity took place?in Argentina, and involved alleged Argentine laws. Burford Capital is a UK company that finances the litigation. Burford Capital will collect 'a large portion of any award which survives legal challenges. When the appeal was heard, the award had grown from $18 billion to include interest. Following the decision of the appeals court, shares of Burford dropped by more than 15 percent in U.S. stock trading. The appeal was about Argentina's 'decision' to expropriate 51% YPF shares from Spain Repsol without making a bid to Petersen or Eton Park, YPFs second and third largest investors. YPF was a private company since 1993. Cristina Fernandez de Kirchner was Argentina's President in 2012. She said that YPF needed to be renationalized as it did not produce enough natural gas and oil to meet the local demand. ARGENTINA SAID A LARGE AWARD COULD Cripple the economy In September 2023 U.S. district judge Loretta Preska of Manhattan found Argentina in breach of its obligations towards Petersen?and Eton Park and ordered it to pay them $14,39 billion and $1,71 billion respectively. These sums included $8.43 billion in?damages plus $7.67 million of prejudgment interests at an 8% interest rate. Argentina maintains that a large award could cripple the economy. It has struggled with high inflation and debt for years. According to the country, this $16.1 billion payment represents 45% of Argentina's budget for 2024. Petersen and Eton Park's lawyer defended the decision to pursue the case in United States, stating that Argentina's economic struggles as well as its "penchant for nationalism" could mean investors are not treated 'fairly' by the country's court system. Argentina also appealed Preska's order of June 2025 that it hand over the YPF share to partially satisfy the $16.1 Billion judgment. The 2nd Circuit has rescinded that order. Reporting by Jonathan Stempel, New York; editing by Rod Nickel
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Dombrovskis: Iran war may cause stagflation in the EU
Valdis Dombrovskis, European Economic Commissar, said that the European Union is in danger of stagflation due to the rise in energy prices caused by the Iran War. "The outlook is clouded by deep uncertainty, but it is clear that we're?at?risk of a shock of stagflation, which is a situation in which a slower rate of growth is combined with higher inflation," Dombrovskis said at a press briefing after a meeting between EU finance ministers about the surge in energy prices. This is true even if disruptions to energy supply were to be?relatively short-lived. Our analysis shows that in such a scenario the EU's growth in 2026 may be 0.4 percentage points less than we predicted in our autumn forecast and inflation could rise up to 1 percentage point. In November last year, the Commission predicted that economic growth in Europe would be 1.4% in 2026, and 1.5% by 2027. The euro zone economy is expected to grow 1.2% in 2026, and 1.4% in 2027. The Commission predicted that euro zone inflation would be around 2% by 2026. If disruptions are more significant and last longer, negative effects on growth will be greater. Dombrovskis stated that growth could be 0.6 percentage points less in 2026 and 2027. MEASURES FOR ENERGY CRISIS MUST BE TEMPORARY Kyriakos?Pierrakakis, chairman of euro zone finance ministers, stated that based on the experience with the energy crisis caused in 2022 by the full-scale Russian invasion of Ukraine, any measures taken to cushion the impact from more expensive energy should be temporary. "Measures should be taken that are targeted, fair, and effective. Prioritising the most vulnerable businesses and households is important. He said that they must be quickly implemented, but only temporary. This will help to address the crisis, without creating bigger problems in the future. He said that the crisis highlighted the need to invest in clean energy infrastructure and Europe’s energy independence. Dombrovskis stated that any policy response by the government would impact budgets. He also pointed out that most EU countries have very little 'room for manoeuvre due to previous'shocks' and the urgent requirement for additional defense spending. He said that a G7 meeting of finance and energy ministers on Monday would include more discussion on the coordination of a response. (Reporting and editing by Bart Meijer, Alex Richardson).
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High diesel prices hit European fishing as half of Dutch fleet is idle
According to representatives of the industry, at least a half of the Dutch fishing fleet stayed in port during this week due to rising diesel prices. The Netherlands is under the most pressure because it has a large number of beam-trawlers, about 7% of all the beam trawlers that are in the European Union. The ships are designed to catch high-value flatfish in the North Sea, such as soles, turbot, and brill. However, they consume a lot of fuel. VisNed, an industry group, said that 80% to 90 percent of these trawlers "didn't sail out" this week. Durk van Tuinen is a spokesperson for Dutch Fishers Union. He said that weekly fuel bills, which were 12,000-13,000 euros ($13800-$15,000), before the war began on February 28, are now heading towards 30,000 euros. This is roughly equivalent to the total value of fish an vessel could bring at this time in the year, leaving no money left to pay crew. He said, "Now that the fuel bill equals the revenue, it doesn't work." Daniel Voces is the managing director of Europeche. This representative body represents EU fishermen. Belgium and Britain use beam trawlers as well, and the fleets that target groundfish like cod and haddock in Europe are near or at losses-making levels based on current prices. Voces reported that top fishing nations Spain and France have all taken modest measures to support their fishermen, but fuel prices are up by 70%. Some ships refuse to go to sea because of the high costs. He said that 'the industry met with the EU Fisheries chief, Costas kadis this week to request the European Commission again to relax state aid regulations for the 'industry, as it did in the energy crisis following Russia's invasion of Ukraine in 2022. Van Tuinen said that the immediate effect on consumers would be a tighter supply, and higher prices. Van Tuinen noted that the price of sole at auction had jumped from 12 euros to 18 euros this week. He said that restaurants may serve smaller portions in order to maintain their margins. However, many other customers will stop purchasing. He predicted that "Fish would disappear from the menu."
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Trump extends the deadline for attacking Iranian energy
Prices of copper and aluminium fell on Friday as U.S. president Donald Trump extended the deadline for striking Iran’s energy plants. Markets appeared skeptical?about the prospects?of an agreement?between the two sides. In official open-outcry trade, the benchmark three-month price of copper at the London Metal Exchange fell by 0.3% to $12,115 per metric tonne. Since the U.S. and Israeli war against Iran began on 28 February, copper, which is widely used for power and construction has fallen by 9%, threatening economic growth and causing inflation. Macquarie analysts stated in a research report that "prices lack fundamental support, and are expected remain volatile. They will be dominated by macro news and investor flow." Prices will recover quickly if the war with Iran ends, but there's a risk of a price drop due to the 1 million tons of visible stocks that have been built since 2025, and the ongoing surpluses forecast. Data showing China's industrial profit grew 15.2% during the first two months in 2026 has helped to boost sentiment for copper and other metals that are growth-dependent. The Shanghai Futures Exchange reported that copper inventories in warehouses were down 12.6% to 359 135?tons this week, while the Yangshan premium on copper was up by 12%. The price of copper in China, which is a measure of the appetite of the Chinese for imported copper, ended the week at 68 dollars per ton, after reaching a high of 69 dollars during the past week. LME aluminium fell 0.9% to $3,240 per tonne in official activity. It had previously reached $3,299, its highest level since March 20. Concerns about the near-term availability caused by exports from the?Gulf producers, which account for 9% global supply, drove the premium on cash LME aluminum contract against the three-month forward. To $59 per ton?its highest level since 2007. (Reporting by Polina Devitt Additional reporting by Dylan Duan Editing and David Gooding) (Reporting and editing by David Goodman Additional reporting by Dylan Duan)
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Namibia protects consumers from rising fuel prices
The energy minister announced on Friday that Namibia will temporarily lower fuel levies 50% for at least three months, until the end of June. This is to protect consumers from higher prices as the U.S./Israeli war with?Iran continues. Namibia, a southern African nation that is entirely dependent on imported refined petroleum products, has taken this decision to respond to the Middle East Crisis that has stifled around 20% of world oil and LNG exports via the Strait of Hormuz. At a media briefing, Namibian energy minister Modestus Amtse said that the measure was necessary due to the volatility in petroleum prices, caused by the geopolitical tensions raging in the Middle East. He stated that the government will use its National Energy Fund from April 1 until the end of the month of June to stabilize fuel prices. The under-recovery for April is approximately 500 million Namibian Dollars ($29 million). He said that the government would cover any under-recovery of N$2.50 for petrol, and N$4.00 for diesel. He said that the goal was to smooth out price volatility and ensure stability of domestic fuel prices. Namibia, an oil and gas hotspot in the world, hopes to produce oil by 2030. It consumes around 100 million litres per month of petrol and diesel. Amutse stressed that the country's fuel stock is sufficient to meet national demand for a period of one to two months. He urged citizens to refrain from illegally hoarding fuel or panic buying.
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Stocks continue to fall as Trump's extension of the Trump-Pence fails to calm markets
The global stock markets fell again on Friday after U.S. president Donald Trump's decision to extend the deadline for Iran to "reopen" the Strait of Hormuz did not calm down oil prices or government bond yields. Trump's decision to postpone the deadline came after Wall Street closed its biggest one-day drop since the beginning of the war on Thursday. Iran did not directly indicate that it is ready to negotiate, but the Islamic Revolutionary Guard Corps said it will try to disrupt shipping and push up oil prices. The pan-European STOXX 600 Index?fell 1%, after falling 1.1% on Friday. Germany's DAX was down 1.2%. Overnight, MSCI's Asian share index excluding Japan dropped 0.8%. MARKETS DRAG DOWN OFF TRUMP DELAY The futures for S&P 500 in the U.S. gave up gains earlier and were last down by 0.5% after falling 1.7% the previous session. The Nasdaq Composite Index, which is dominated by the tech sector, fell 2.4% on Friday. This index has now fallen nearly 11% since its record high close in October. The 'Wall Street Journal' report that Trump was considering sending more troops heightened concerns about the war escalating to a ground-based conflict. There is also no certainty as to when the Strait of Hormuz, through which 20% of the world’s energy flows, will be opened to shipping. On Thursday, an Iranian official called the U.S. plan to end this conflict "unfair and one-sided". Matt Britzman is a senior equity analyst at Hargreaves Lansdown. He said that words alone were not enough to change the mood. The need for tangible evidence of progress. Brent crude oil, a global benchmark, increased?2.5%, to $110.70 per barrel. SURGE IN GLOBAL BOND YIELDS Investors 'grappled' with the possibility of an?inflationary jolt that could force central bankers to increase interest rates. As prices drop, yields also rise. The 10-year U.S. Treasury Yield, which sets the tone for borrowing rates around the globe, has risen more than 4 basis point to 4,468%. This is its highest level since July. Money markets see roughly 60% of the U.S. Federal Reserve raising rates this year. This is a dramatic change from late February, when traders bet on?two rate cuts in 2026. Germany's 10-year Bond Yield rose to its highest level since 2011, at 3.13%. The U.S. Dollar Index, which measures the currency's performance against six other currencies, gained 0.2%, marking a fourth consecutive session of gains.
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Dombrovskis: Iran war may cause stagflation in the EU
Valdis Dombrovskis, European Economic Commissar, said that the European Union is at risk of stagflation due to the increase in energy prices caused by 'the U.S. - Israeli 'war on iran. "The outlook is clouded with profound uncertainty. But it's clear that we run the risk of a shock, which is a situation in which a?slower?growth coincides?with a?higher inflation," Dombrovskis said at a?news conference?after a meeting?of EU finance ministers. This is true even if disruptions to energy supply are?relatively brief. Our analysis shows that in such a scenario the EU's growth in 2026 may be around 0.4 points lower than our autumn forecast and inflation could be as high as one percentage point. If disruptions are more substantial and last longer, then the consequences for growth will be greater. He said that growth could be 0.6 percentage points lower in 2026 and 2027. He said that it is now obvious that 'the scale, severity and impact of the war have 'increased' since EU Finance Ministers last met just over two weeks ago.
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Russia will auction off its seized stakes in UGC gold producer next month
Rosimushchestvo, the federal agency for property management, said that a seized?stake? in Russian gold producer Uzhuralzoloto? (UGC?) could be sold at auction next month. The agency stated that the preparations for auction were in progress. The state owns 67.2% in the company, which at current market prices is worth $1.3billion. A Russian court ruled in July 2025 that Konstantin Strukov's?majority share?, which he had previously owned, should be transferred to?the state. This was part of an 'wider pattern' of 'nationalisations, of assets owned by Russian companies or fledgling Western firms. The Moscow law firm NSP estimated last year that the authorities confiscated private assets valued at $50 billion since the beginning of the conflict in Ukraine. Last October, the central bank stated that the state violated the rights of minority shareholders by failing to make a 'buyout offer' as required by law following the seizure. After the sale, the new owner is expected to make a 'buyout offer. The auction was originally scheduled to happen 'last year, but it was delayed as gold prices rose and the state wanted a higher stake price.
Exxon lobbyist examined over hack-and-leak of ecologist emails, sources state
The FBI has been examining a longtime Exxon Mobil consultant over the professional's supposed function in a hackandleak operation that targeted hundreds of the oil company's greatest critics, according to 3 individuals knowledgeable about the matter.
The operation included mercenary hackers who successfully breached the e-mail accounts of ecological activists and others, the sources told Reuters.
The scheme presumably started in late 2015, when U.S. authorities compete that the names of the hacking targets were assembled by the DCI Group, a public affairs and lobbying company working for Exxon at the time, one of the sources said. DCI supplied the names to an Israeli private detective, who then contracted out the hacking, according to the source.
In an effort to press a story that Exxon was the target of a political vendetta targeted at damaging its company, some of the stolen material was consequently dripped to the media by DCI, Reuters determined. The Federal Bureau of Investigation discovered that DCI shared the info with Exxon before dripping it, the source stated.
Some environmental activists talked to state the hacking operation interfered with preparations for claims by cities and state chief law officers versus Exxon and other energy business. Those suits were modeled on lawsuits against the tobacco industry in the mid-1990s, which resulted in a watershed settlement and sweeping limitations on cigarette sales.
The stolen material continues to be used today to counter lawsuits declaring the oil giant misguided the public and its financiers about the dangers of climate modification. As just recently as April, a market trade group that has actually gotten funding from Exxon pointed out one of the hacked files-- an internal memo strategizing the proposed litigation method of the ecologists-- in an effort to get the Supreme Court to quash a claim filed by the city of Honolulu versus Exxon and other energy business. The case is pending.
The group, the National Association of Manufacturers, stated it was not knowledgeable about the claims the material had been hacked and will consider whether to stop utilizing it in future briefs.
Exxon and DCI parted methods around 2020, according to 2 individuals familiar with the matter.
In a statement, Exxon stated it has actually not been involved in or aware of any hacking activities, calling accusations to the contrary conspiracy theories. Reuters could not figure out whether Exxon itself has also been the topic of the FBI examination.
DCI said: We direct all our employees and specialists to comply with the law.
The leaks sent out a shudder through the ecological neighborhood, stated Kert Davies, director of examinations for an ecological group, the Center for Climate Integrity. Davies was amongst those targeted by the hackers. Matt Pawa, a lawyer whose technique drove much of the anti-Exxon lawsuits, stated the leakages fueled a legal counteroffensive that almost knocked him out of organization.
Those files were directly used by Exxon to come after me with all weapons blazing, he stated in a recent interview. It turned my life upside down.
The investigation into the hack-and-leak operation comes amid growing concern among police worldwide about how such cyberespionage schemes threaten to taint judicial proceedings.
The FBI has actually been examining the broader use of mercenary hackers to damage lawsuits considering that early 2018, Reuters has formerly reported. The Israeli private detective worked with by DCI, Amit Forlit, was apprehended this year at London's Heathrow Airport and is battling extradition to the United States on charges of hacking and wire fraud.
U.S. law enforcement authorities declined to comment on their efforts. They have not spoken publicly about the case against Forlit, which remains under seal. But in court hearings previously this year, British lawyers acting upon behalf of the American government declared that Forlit had actually performed hack-for-hire work for a Washington-based PR and lobbying company and that he dealt with behalf of an oil and gas corporation which wished to reject individuals associated with environment modification lawsuits. In those hearings, the energy company and the lobbying company were not recognized.
Federal prosecutors have actually protected a related conviction: that of Forlit's former service associate, private investigator Aviram Azari. Azari pleaded guilty in 2022 to wire fraud, conspiracy to dedicate hacking and exacerbated identity theft, which included targeting the environmental activists. In court files, prosecutors did not assert any link between Azari and Exxon, DCI or Forlit. However one of the sources with understanding of the FBI investigation stated Forlit contracted out the hacking of the ecological activists to Azari.
Forlit's attorneys did not respond to messages from Reuters seeking comment. A legal representative for Azari, Barry Zone, declined to remark.
Resolving his victims after he was sentenced in 2015 to 80 months in prison, Azari said that there will come a day when he could provide more details about what he had actually done. You don't know whatever, he stated. CODENAME FOX HUNT
The hack-and-leak operation began the heels of a series of media reports in 2015 contending that scientists at Exxon knew for years that fossil fuels were warming the Earth as the business's magnates publicly said otherwise. Exxon has actually said that its internal research and public positions on environment change have been misinterpreted.
Under the hashtag ExxonKnew, groups such as Greenpeace required legal action. So did then-presidential candidate Hillary Clinton, who said the Department of Justice need to probe the firm because there's a lot of proof they deceived people. In November 2015, New York's attorney general of the United States, Eric Schneiderman, announced he was examining Exxon. Other matches followed.
With Exxon on the defensive, DCI swung into action to safeguard what was then one of the company's crucial customers. Reuters talked to a lots previous DCI workers to piece together the company's relationship with Exxon.
Founded in 1996 by veterans of Republican politics, DCI has worked for a variety of tobacco, telecom, hedge fund and energy companies. On its site, DCI says it deals with public relations crises, litigation support, and opposition research study.
5 former DCI workers stated Exxon was long one of DCI's. biggest sources of revenue. One ex-employee said the oil giant. regularly steered more than $10 million in service a year to. DCI. Lobbying work alone for Exxon made DCI a minimum of $3. million between 2005 and 2016, according to openly available. information gathered by the transparency site OpenSecrets.
DCI's staff in Washington tracked social networks chatter. around the ExxonKnew project along with relocations made by state. attorneys general, according to 2 people familiar with the. matter. DCI likewise hired the Israeli detective Forlit, who tapped. Azari to hack the accounts, according to one of the sources. familiar with the FBI examination. The operation's code name. was Fox Hunt, the source said.
Azari was the topic of a 2022 Reuters investigation that. exposed how he and other private detectives used mercenary. hackers in India to help wealthy clients acquire the upper hand in. legal cases. The report drew on a large dataset of Indian. hacking activity, which reveals that the spies tried to burglarize. more than 13,000 e-mail addresses over a seven-year period. Among. the targets were more than 500 email addresses coming from. ecologists, their funders, their associates and their. relative, all of whom were targeted in between 2015 and 2018.
Some information of the hacking project formerly have actually been. revealed. In 2020 the Canadian digital guard dog group Citizen. Lab recognized 10 organizations targeted in a sweeping. cyberespionage effort, including Greenpeace, the Union of. Worried Scientists and the Rockefeller Family Fund.
Reuters has actually discovered the identity of other prominent targets,. that include previous Democratic governmental candidate and. billionaire ecologist Tom Steyer, and the ex-wife of. Schneiderman, New york city's then-attorney general.
Steyer's lawyers did not respond to requests for remark. In. an email, Schneiderman's ex-wife and former political adviser,. Jennifer Cunningham, said she had long thought that Exxon was. behind the hack-and-leak effort.
Starting in April 2016, news reports appeared alleging the. ExxonKnew campaign was a politicized effort pressed by wealthy. benefactors. Within 24 hr of one another, two media outlets. published stories based upon an internal Rockefeller Family. Structure memo. The memo stated activists were working to. persuade the public that Exxon is a corrupt organization and. wanted to delegitimize them as a political star.
The individual with knowledge of the police. examination stated the FBI evaluated that the memo was gotten. by means of the Forlit-led hacking operation. Separately, Reuters. figured out that the memo was consequently dripped to the media by. DCI.
Exxon's legal representatives consistently made use of the hacked files to. support the company's lawsuits.
After the New york city attorney general submitted match versus Exxon. in 2018, for example, the energy company's lawyers pointed out the. stolen Rockefeller memo to argue that the case must be tossed. out.
The legal representative representing Exxon, Theodore Wells, told New. York's Supreme Court in his October 2019 opening declaration that. Schneiderman had actually poorly formed a political positioning with. activists for the function of advancing a program directed at. energy business.
New york city lost the case two months later, when a judge ruled. that the chief law officer stopped working to prove that Exxon had. defrauded financiers by concealing the real cost of environment modification. policy.
In an interview, Schneiderman stated the leaked files were. used to terrific result to strengthen what he called Exxon's. baseless claim that we were participated in a politically motivated. ' witch hunt.'
Wells and his law firm, Paul Weiss, did not respond to. messages seeking comment.
The memo or other hacked files were likewise mentioned in court. filings by Exxon against chief law officers in Massachusetts and. the U.S. Virgin Islands, as well as in the company's 2018 effort. to depose environment change attorney Pawa and other legal representatives.
Much of the litigation is ongoing. On Tuesday, Maine ended up being. the ninth U.S. state to file a claim implicating oil business or. allied groups of tricking the public about environment modification. Pawa. said the industry has continued to conjure up the hacked files in. its effort to push back. They were used over and over again,. he informed Reuters. The net result, he said, was chilling people. from exercising their humans rights..
(source: Reuters)