Latest News
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Trump backs a ban on the export of diesel
On Tuesday, President Donald Trump?said that he supported the idea of a 'ban on diesel exports. Some US?politicians have called for a 'ban on the export of diesel as a way to tame the rising cost of energy. The price of diesel has risen to record levels in Europe and America as the wars in Iran, Ukraine and Russia have sharply reduced exports by some of the largest producers such as Russia and Saudi Arabia. "I said let's send the diesel out. We make a great deal of diesel... I've asked for it. I've asked for it among my people," Trump said to?reporters before a meeting with Ukrainian president?Volodymyr Zelenskiy. Speaking at the same event, US Treasury Secretary Scott Bessent said that the administration was looking into whether or not a complete ban is feasible. Several Republican Senate candidates who are in the most competitive races for the mid-term elections on November 3, this week, called for the administration to implement an export ban to reduce the high cost of goods for Americans. Trump said he and Zelenskiy will discuss the Ukrainian attacks on Russian refinery sites. It is a serious blow to the Russians. "It's a serious hit to the price of diesel," Trump said. He also told reporters that the two leaders will discuss?working on a'solution' to end Russia's conflict in Ukraine. Trump stated, "I believe it will happen."
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France increases targeted fuel price reductions, according to Finance Minister
The French government will provide targeted energy relief to those who are most affected by rising fuel prices. Finance Minister Roland Lescure announced new measures on Tuesday that would help families cope with the spike in fuel costs caused by the Middle East conflict. Fuel prices have been rising and prompted protests from fishermen. There are now calls for larger demonstrations to increase pressure on the government about living costs in advance of the upcoming presidential election. Lescure said at a press conference that "we are aware of the difficult situation for our citizens,?especially those who drive every day to work, and especially those with the lowest incomes." Home care workers and independent nurses, particularly in rural areas will have access to this?programme. The latest package will double the amount of aid available to commuters with low incomes and high mileage, increasing it from 3 million people to 5.5 millions. The government has also extended its support to the end of December, for those sectors that are most affected by rising fuel prices. These include fishing, agriculture and construction. Some fishermen who blocked Mediterranean ports to protest fuel prices will receive assistance covering up to 70%. They can also access zero-interest loans. The emergency energy relief spending, combined with the rising borrowing costs, has led to a sudden deterioration of France's already stressed public finances. This pushes its target for deficit reduction out of reach. David Amiel, Minister of Budget, said that the new measures would cost EUR450m, which brings?the total to date up to EUR1.4bn. Lescure stated that there was no concern at this time about fuel supply over the next 2 months. However, the situation should be closely monitored.
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IMF warns Algerian FX reserves may fall by 61% in 2031
The International Monetary Fund announced on Tuesday that Algeria's foreign currency reserves will?fall sharply? over the next six-year period, from $51 billion in?2025 down to $19.8 billion by 2031. However, higher hydrocarbon revenue could offer an opportunity to rebuild buffers. IMF predicts that reserves will drop to $46.5 billion by 2026. They are expected to fall further in the following years: $27.8 in 2029; $23.5 in 2030; and $19.8 in 2031. The report said that a larger current account deficit in 2025 caused by higher imports and lower hydrocarbon exports had contributed to the decrease in Algeria's reserves of foreign currency. The IMF predicts GDP growth of 3.8% by 2026, after 3.9% growth in 2025. Growth will then slow to 3.1% in 2020, 3.0% growth in 2028, and 2.9% growth in 2030 and 2031. It said that 'Algeria can use higher hydrocarbon revenue to rebuild fiscal and?external?buffers. But it recommended a gradual fiscal -consolidation. The report also called for the continuation of?reforms in order to diversify and strengthen the private sector-led economy.
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Oil drops below $100, Nasdaq records record high.
Tuesday, the Nasdaq's tech-heavy index hit an intraday high for the first time since?June. Meanwhile, oil prices fell to their lowest levels in two weeks as signs of a?improvement?in supply?in the Middle East. The tech stocks have regained the spotlight, as AI demand shows no signs of slowing down and corporate earnings remain resilient. Ulrike Hoffmann Burchardi is the CIO Americas at UBS and global head of Equities. She said: "We continue to maintain a positive outlook on AI, supported by increasing adoption and monetization as well as rising capital spending." The Nasdaq Composite increased 0.40% to 27,231.59, while the S&P 500 remained roughly flat and Dow Jones Industrial Average dropped 0.40%. The MSCI index of global stocks rose by 0.92 points or 0.08% to 1,153.33. The pan-European STOXX 600 rose by 0.2%. The fall in oil prices has heightened risk appetite. A senior Iranian official said on Tuesday that Tehran could reopen Strait of Hormuz in seven days, if the United States eases their military pressure and lifts the blockade of Iranian ports. Three sources informed on the issue also said that Saudi Arabia had restarted its East-West Pipeline, and that it could resume exports from the Red Sea Port of Yanbu on Tuesday. Brent crude fell to $99.92 a barrel, down by 0.43% for the day. U.S. Crude was down 0.47% on Monday. TRUMP-XI METING IS AWAITED Investors are watching the meeting between US president Donald Trump and Chinese president Xi Jinping this week for any signs that they can stop a further deterioration of relations. Xi arrived in Washington for the first in over a decade on Wednesday, boosting optimism about the extension of a trade truce and possible cooperation in AI. The big question for markets is what will happen after the one-year truce ends in November. While the tone of the market remains positive, there hasn't been an agreement reached yet, according to Jim Reid, a Deutsche Bank strategist. RATE INCREASES ARE ON THE WAY German and US bond yields dropped in tandem with oil. Investors are pricing in a second round of rate hikes by major central banks. This could limit the fall in debt yields. The 10-year Treasury yields in the US fell 0.17 basis points to 4.961% on Monday. The dollar rose 0.17% against the euro, to $1.1441. It was also down?0.03% on the Japanese yen at 157.33. Investors were disappointed by the Bank of Japan's decision to raise rates, which was a 31-year record. However, two dissenting votes as well as a lack of explicit guidance on hawkish policy left the yen vulnerable. Matthew Ryan, Ebury's head of market strategy, said that FX intervention is a blunt tool for stabilizing currencies. Without a forceful response from the Japanese authorities, it will be hard to stop the selling off in the yen. The Federal Reserve on the other hand, increased rates last week, and warned that its fight against inflation is not over.
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Moroccan central bank sets benchmark interest rate at 2.5%
The?central?bank of Morocco kept its?interest rates at 2.25%, saying that current borrowing costs were?in line with the inflation outlook despite increased global economic uncertainty. The bank stated in a statement following its quarterly board that inflation will average 0.7% by 2026 after a fall in food prices. Next year it is expected to rise to 1.5%. Bank of America expects the energy bill for 'Morocco to increase by 28.4%, to 138 billion dirhams (about $14.5 billion), due to disrupted markets caused by the Middle East war. The impact of energy costs on inflation will remain "limited", the report said. It cited subsidies for public transportation, cooking gas, and electricity. The bank stated that Morocco's current account deficit will increase to 4,6% of GDP from 2,4% last year. The deficit would be reduced by increased exports of fertiliser and automobiles, as well as an increase in tourism revenues. The central bank of Morocco said that the country's foreign exchange reserves will grow to $54 billion by 2027. This is enough to cover 5.5 months worth of imports.
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Data shows that India's Russian crude oil imports declined in August and then again in September.
Data from trade sources revealed that the share of oil imported by India from Russia fell in August. Meanwhile, supplies from the Middle East increased, as Abu Dhabi National Oil Co sold oil from this region outside of the Strait of Hormuz. ADNOC, the state-owned oil company of the United Arab Emirates, has boosted its shipping operations. It now transports oil from its fields in the Strait of Hormuz to storage and export terminals in Fujairah (Fujairah) and Sohar (Sohar), where it is sold. ADNOC also buys oil from other producers, such as Iraq, to resell. The data showed that India's Russian imports dropped by 16.5% from the previous month in August to 2.1 million barrels of oil per day. Russia was India's largest oil supplier. The UAE, Venezuela and Venezuela were the next two. Data showed that the world's third largest oil importer increased its?purchases of Iraqi crude oil by about a quarter, to around?171,000 barrels per day. Imports from the UAE dropped 5.4% in July to 620,000 bpd. Saudi Arabian crude oil, offered from ports outside of the Strait, grew 1.5% to reach 328,000 bpd. India increased its purchases of Russian crude oil following tensions between the United States and Iran that led to a?blockade? of the Strait of Hormuz. According to preliminary data, India's Russian crude oil imports fell to 1.9 millions bpd during September. Indian refiners are looking at spot markets to secure supplies for October and November, as they worry that if U.S. president Donald 'Trump' decides to impose a tariff of up to 100% on countries purchasing Russian oil, it may be necessary to reduce their purchases. New Delhi is currently negotiating a deal with Washington and has stated that it remains "firmly committed" in ensuring energy security for its people. It will continue to purchase supplies from a variety of sellers depending on the market dynamics. The data shows that India's total oil imports dropped 8.8% to 4,44 million bpd in August.
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Sources: Congo to centralise mining investment agency as part of US deal
Four sources have confirmed that the Democratic Republic of Congo has been preparing to create a "one-stop" agency for major mining investment as part of its reforms related to its partnership with US minerals. The aim is to reduce red tape and to attract more Western capital to a sector dominated largely by Chinese companies. Congo is the second largest copper and cobalt producer in the world. It is the center of the 'competition between global powers to supply critical minerals essential for the energy transition and advanced manufacture. China, the US and the European Union all signed mineral agreements with Kinshasa in order to gain access to the vast resources. The US deal has already helped to boost Congolese sales of copper in the US and Europe. One-stop agency According to two government officials, one diplomat, and one mining analyst, the?planned agency will be open to Chinese investors and other foreign firms as well as US and European companies. They declined to name the sources because they weren't authorised to speak in public. The Congo's Mines and Finance Ministries did not respond to comments. According to government sources and an analyst, the reform led by the Finance and Economy Ministries would centralise the company registration, licensing and taxation processes for major mining investment, and reduce approval times that currently can take several months. An official in the government said that the agency will initially focus on joint venture projects valued at more than $1 billion and operating?under special tax regimes. He cited the Chinese-controlled Sicomines Copper and Cobalt Venture as an example. The official added that the?legislation creating the agency is still pending promulgation. Eric Ndeh of the civil society group Afrewatch, said that "the one-stop shop" is meant to cut through bureaucratic silos which have long complicated mining investments in Congo. Ndeh said that the agency should be operational by this year. Congo has said that its goal of attracting more Western investment was not to replace China, but to diversify funding sources and export markets. Ndeh stated that "the paradox is that the US-DRC mineral partnership, which was partly responsible for the reform, could make it easier to do business for Chinese investors as well as European and American ones,"
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SEBI claims Adani companies paid 15 million rupees as settlement for disclosure violations
India's markets regulator announced on Tuesday that four Adani companies, including Adani Enterprises, and a former group firm, had paid a total of?15 million rupees (about $157,966.31) in settlement proceedings for alleged disclosure violations. In its order, the Securities and Exchange Board of India said that Adani Enterprises had failed to disclose an alleged related-party transaction in its annual report of the year ending?March 2013 AWL Agri Business Ltd, (formerly 'Adani Wilmar Ltd) and other companies were found to be in possession of audit or review reports signed by firms who did not hold a valid peer review certificate. SEBI sent these companies show-cause letters in 2024, detailing its allegations. The companies settled without admitting guilt or denying it. The regulator investigated a total of 24 cases after Hindenburg Research, a short-seller, claimed in January 2023 that Gautam Adani's group had manipulated its?share price by using tax havens. Adani's spokesperson?did not immediately respond? to a request for comment? on whether the settlement resolves all litigation. The group has denied these claims in the past.
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)