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Gunmen kill 17 people in a mass shooting in a small town bar in Ecuador
The Attorney General's Office of Ecuador said that gunmen attacked a bar on the coast of Guayas Province in Ecuador, killing at least 17 and injuring 11 others. It was investigating the attack. According to the attorney's office, more than 40 pieces ballistic evidence have been recovered on site. Local media shared images of bodies on the ground covered with white sheets. The attack on Sunday took place in El Empalme in Ecuador, about 160 km north of Guayaquil. This area is considered one of the most dangerous in Ecuador, as organized criminals fight for control over key smuggling routes. At the beginning of last year, Daniel Noboa, President of Ecuador declared that there was an "internal conflict". However, despite measures taken by the state to curb violence in Guayas and other areas. Noboa may have claimed a 15% drop in violent deaths, but the interior ministry says the actual number is higher. again surged In the first half of 2025, 461 will increase by 47 percent. Last month, Ecuador’s National Assembly approved a law reform that gives the government greater legal authority to combat armed groups as well as dismantle drug trafficking networks which fuel their operations. (Reporting and editing by Sarah Morland; Alejandra Valencia)
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Iraq's State Oil Marketer identifies illegal loading of tankers at key ports
According to an official note dated Sunday, Iraq's state oil marketing company SOMO has identified a number of tankers that are suspected of illegally loading petroleum products from the ports at Umm Qasr or Khor al-Zubair. The tankers used advanced techniques, such as Automatic Identification System (AIS) spoofing, to hide their location or change their route. SOMO stated that the ships were not included in its official load schedules. This raised concerns about unauthorised shipments. In a letter to Iraq's National Security Agency, SOMO stated that "These activities have been classified as high risk and may involve illegal practices like tampering tracking systems or performing unauthorized transfers." In an annex of the letter, 11 tankers were listed as suspects: Flora Dolce (Mackerel), Chandrama (Padmanabh), Pontus (Ocean Guardian), Al Safa (Al Safa), Hulda(Hulda), Ultostratos (“Invictus”), Invictus (“Invictus”), Lanikai („Lanikai“) and Lanikai („Lanikai“). The authenticity of the letter was confirmed by two officials from the Oil Ministry, and one official from the SOMO. The warning comes as illicit oil flows are being closely monitored in the region. The U.S. Treasury announced new sanctions against entities that are involved in the Iranian oil trade earlier this month. These include firms that have been accused of assisting Tehran to move sanctioned crude by using deceptive shipping methods such as ship-toship transfers and falsified documents. SOMO called upon Iraqi authorities take the appropriate measures to protect Iraq's oil reserves. SOMO did not respond to a request for comment. (Reporting and Editing by Rod Nickel. Ahmed Rasheed)
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Firefighters fight fires in Turkey Greece and Albania
On Monday, firefighters battled to extinguish wildfires that had erupted in three provinces of Turkey and Greece, as well as near a tourist destination in Albania. The fires were stoked after days of scorching heat in the Mediterranean. Smoke billowed above the mountains of Karabuk province, located 200 km (125 miles), north of Ankara. A wildfire that raged on for six days forced the evacuations of over a dozen villages, and burned large areas of forest. The Forestry Ministry of Turkey announced on Monday that three firefighters died in a vehicle crash on Sunday, northwestern Bursa. On Monday, crews battled two separate fires after more than 3,600 people were evacuated from the provinces Mersin and Antalya in the south. Turkey has seen dozens of fires in the last few weeks due to high temperatures. Ten firefighters died fighting a fire in central Eskisehir Province. In the Mediterranean, summers can be hot and dry. However, in recent years, heatwaves of greater intensity have caused destructive wildfires around the world. The fire brigade reported on Monday that at least 44 wildfires had broken out in Greece over the last 24 hours. Strong winds have rekindled the blaze that has been burning on Kythera in southern Greece since Saturday. Firefighters in Athens quickly put out a fire at the foothills of Mount Hymettus near an university campus and densely-populated suburbs. Over 900 firefighters in Albania fought a wildfire with the help of the army before it reached Saranda, a seaside resort on the Ionian Coast. Police said that 13 people were arrested in the last three days for arson related offences. Bulgaria, with the help of several European countries deployed firefighting aircraft to help contain a large wildfire close to the Bulgarian-Turkish frontier. The flames have so far scorched 16,000 acres. Local media reported that authorities are investigating the cause of these fires and have detained two people. Five people were injured by separate wildfires in Greece over the weekend. Rainy weather in Serbia has helped firefighters put out more than 100 fires. Reporting by Fatos bytyci from Pristina; Daria Sito -Sucic and Aleksandar Vasovic, in Sarajevo; and Tuvan Gumrukcu, in Ankara; writing by Angeliki Koutantou, and editing by David Holmes, Giles Elgood and David Holmes.
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UN: Conflict and climate threaten to halt progress in global hunger reduction
A U.N. study released on Monday said that the number of hungry people in 2024 fell for a 3rd straight year, falling from an era of COVID spike. Conflict and climate shocks also exacerbated malnutrition throughout much of Africa, and Western Asia. According to the State of Food Security and Nutrition in the World Report, which was jointly prepared by five U.N. organizations, 673 millions people or 8.2% of the global population will experience hunger in 2024. This is down from 8.5% in the 2023 report. The report, they said, focused on chronic and long-term issues and did not reflect the full impact of the acute crises caused by specific events or wars including Gaza. Maximo Torero is the chief economist of the U.N. Food and Agricultural Organization. He said that improved access to food was responsible for the overall decline, but warned that conflict and other issues in places like Africa and the Middle East could undo those gains. "If the conflict continues to escalate, it is inevitable that vulnerabilities will continue to increase and debt stress will continue to rise," he said on the sidelines a U.N. Food Summit in Ethiopia. In remarks delivered via video link at the summit, U.N. Secretary General Antonio Guterres stated that conflict continues to drive hunger in Gaza and Sudan. "Hunger feeds future instabilities and undermines peace." The U.N. report stated that the South American and Southern Asian regions will see the greatest progress in 2024. In South America, it fell from 4.2% to 3.8% by 2024. In Southern Asia it dropped to 11%, down from 12.2%. Torero stated that the progress in South America is largely due to better agricultural productivity, social programmes such as school meals and Torero's own words. It was mainly due to the new data that showed more people in Southern Asia had access to healthy food. In 2024, the overall hunger rate was still higher than 7.5% in 2019, before the COVID pandemic. In Africa, the picture is quite different. Productivity gains have not kept up with population growth, conflict, extreme weather, and inflation. Hunger is now more common than 20 years ago. In 2024, one fifth of the population on the continent (307 million) will be chronically malnourished. The report stated that Africa could have 500 million hungry people by 2030, which is nearly 60% of all the world's hungry. The report stated that the gap between global food prices inflation and overall inflation reached its peak in January 2023. This will increase the cost of diets, and hit low-income countries the hardest. It added that the overall adult obesity rate rose from 12% to 16% by 2022. According to the report, the number of people who cannot afford to eat a healthy meal has dropped by a third in the last five years. The figure was 2.76 billion. (Additional reporting by Aaron Ross from Nairobi and Sybille De La Hamaide from Paris. Editing by Andrew Heavens.)
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What are the differences between the US and EU trade agreements?
On Sunday, the European Union and United States announced that they had reached a deal to impose a 15% tariff on most EU exports. This is nearly three months after Britain agreed to a baseline tariff of 10%. Some politicians criticised the deal as being "unbalanced", and worse than Britain’s. Details of both deals are more complex than headline figures, and the EU agreement has not been fully confirmed. Here's a comparison between what we know and don't know about both deals. BASELINE TARIFFS The EU has agreed to a baseline tariff of 15% for the majority of its exports. This is lower than the rate of upto 30% that was threatened by U.S. president Donald Trump but higher than the base tariff rate of 10 % which is applied to British exports. The EU agreement, however, stipulates that the maximum rate is 15%, which is not added to the existing rates. The 10% base rate for Britain is added to the MFN rates, which the U.S. applies to all goods imported from its trading partners. This means that the actual tariff rate can be higher. The UK Fashion and Textile Association, for example, has pointed out that certain luxury goods face an MFN rate of 35% in the U.S. despite having a "baseline' rate of 10%. PHARMACEUTICALS In a few short weeks, the U.S. will announce its results of so-called Section 232 investigations into certain industries and determine tariff rates. Officials from the United States said that the EU-U.S. agreement already determines 15% tariffs for European pharmaceuticals. The results of the investigation will not change this, they added. In their deal with Britain, they said that it would negotiate "significantly preferred treatment outcomes in pharmaceuticals", depending on the results of the 232 investigation. When asked if Britain's pharma sector would be affected by tariffs in August, Trump replied that he would deal with Britain in pharma. He did not think the sector would "block" talks. In the interim, Britain's pharmaceuticals are not subject to tariffs. Britain has also promised to improve the environment for pharmaceutical firms in the country. However, it is still battling with multinationals on drug prices. Von der Leyen stated that the tariffs on EU exports of steel and aluminum will remain at 50%. However, these would be reduced and replaced with a quota-based system in due course. The United States imposes a 25% duty on British aluminium and steel exports. Both sides have agreed that this will be reduced to zero after the talks about quotas are completed. These talks have been stymied by "melted and poured", rules that govern where and how the steel is produced. Tata Steel, a British company that shut down its blast furnaces in the past year, has imported steel from India as well as from the Netherlands. The UK is now seeking to exempt itself from an American demand for steel to be "melted" and "poured" locally to qualify for lower duties. The deal reached on Sunday imposes a 15% baseline tariff on car exports from Europe to the U.S. Although the full details of the deal have not yet been released, neither party has mentioned a number for cars that will be covered by the rate. Britain has negotiated for a 10% tariff for its auto sector, but also has a 100,000 vehicle quota that leaves little room for growth in exports. British car exports above that quota are subject to a 25% tariff. AEROSPACE A Section 232 investigation into the aerospace sector is still ongoing, but the EU won't face any U.S. duties on its exports. After the deal reached with Washington, Britain has also eliminated its 10% tariffs in its aerospace industry. Reporting by Alistair Smout, with additional reporting from Jan Strupczewski in Brussels and Philip Blenkinsop. Editing by Giles Elgood.
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Carney: Canada-US talks in a high-intensity phase; some tariffs are likely.
Mark Carney, the Prime Minister of Canada, told reporters that talks between Canada and United States regarding a trade agreement are in a very intense phase. He reiterated that an agreement with no tariffs was highly unlikely. Both sides are working to reach an agreement before August 1, when U.S. president Donald Trump threatens to impose 35% tariffs on certain Canadian imports. The negotiations are in a very intense phase. "It's a complicated negotiation... We will only sign the deal that is right." Carney said. He said in a televised news conference that a landing area is possible. But we need to get there first, and then we'll have to see what happens. The United States has struck a The framework for a better understanding On Sunday, the United States and European Union signed a trade agreement that imposed a 15% tariff on imports of most EU products. Carney stated earlier this month, that Canada, which exports 75% to the United States, would likely be forced to accept tariffs. When asked if Canada would be hit, he replied that it was unlikely there would be any deals made without tariffs. "But it's a question of the level and the size of the tariffs." Reporting by David Ljunggren, Promit Mukherjee and Chizu Nomiyama; editing by Chizu nomiyama
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Gold drops 1% after US-EU agreement boosts risk appetite before Fed meeting
On Monday, gold fell to a three-week-low as a U.S. - European Union trade agreement lifted the dollar and risk-sentiment. Investors awaited new cues about rate policy at this week's Federal Reserve Meeting. As of 10:10 am, spot gold dropped 1% to $3304.87 an ounce. ET (1410 GMT), reaching its lowest level since the 9th of July. U.S. Gold Futures fell 0.6% to $3,320.20 an ounce. The U.S. Dollar Index rose to its highest level in a week, increasing the price of bullion for foreign buyers. "I believe the more trade news we receive, the higher the dollar will rise." These tariff deals lower the appeal of gold, driving the sell-off amid risk-on sentiment. A weekend agreement between U.S. president Donald Trump and the European Commission placed a 15% tax on EU goods. This is half of the initial rate threatened. It eased fears of an escalating trade war. This agreement follows the U.S. - Japan agreement of last week, and U.S. & Chinese officials will resume their talks in Stockholm, Sweden, on Monday to try and extend their 90-day trade truce. A U.S. Trade Representative said that no major breakthroughs were expected with China. Discussions would be focused on monitoring and implementing current commitments. Meir said that the gold price is not moving much because of the uncertainty surrounding the implementation or the unrealistic nature of the deals. When its two-day meeting ends on Wednesday, the U.S. Federal Reserve will likely keep its benchmark interest rate between 4.25% and 4.50%. The markets continue to factor in a possible September rate cut. In an environment of low interest rates, gold tends to perform well. Other than that, silver spot was down by 0.2% to $38.05 an ounce. Platinum fell by 1.8% to $1375.88, and palladium rose 0.5%, reaching $1,226.25. (Reporting and editing by Ros Russell in Bengaluru, Sherin Elizabeth Vaghese from Bengaluru)
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Panel of OPEC+ stresses the need to comply with all output limits
A panel of OPEC+ members on Monday emphasized the importance of full compliance with oil production agreements, in advance of Sunday's separate meeting of eight OPEC+ member countries to decide whether or not to increase oil output for September. Online, the Joint Ministerial Monitoring Committee (JMMC), which is composed of top energy ministers of the Organization of the Petroleum Exporting Countries, as well as their allies, led by Russia convened for a brief discussion. The JMMC is a two-monthly meeting that has the authority to call a full OPEC+ meeting to discuss market developments if necessary. In a press release issued after the meeting, OPEC stated that "the committee reiterated the importance of achieving complete conformity and compensating", Compensation cuts are the ones that certain countries like Iraq and Kazakhstan are asked to implement to compensate for previous overproduction. The JMMC requested that countries who are not fully compliant submit updated compensation plans before August 18. In a late Friday post on X, OPEC said that the committee did not have decision-making power over production levels and its role was limited to "monitoring conformity with production adjustment and reviewing overall market condition". OPEC+ has cut production to support the oil market for many years. It reversed its course in order to regain the market share and when U.S. president Donald Trump asked OPEC to pump more oil to keep gasoline prices down. Since April, eight members have increased their output. The most recent decision is to increase oil production by 548,000 barrels a day in August. Three OPEC+ source said last week that the eight countries will hold a separate gathering on August 3. They are likely to agree on a further 548,000 bpd for September. By September, OPEC+ will have undone its latest production cut of 2.2 millions bpd and the United Arab Emirates will have delivered a quota increase of 300,000 bpd ahead of schedule. The oil prices are still being supported despite OPEC+'s increases, thanks to the summer demand. Some members have also not increased production as much in line with the headline quota increases. Brent crude traded above $70 per barrel on Monday. Reporting by Ahmad Ghaddar and Olesya Astakhova. Alex Lawler. Mark Potter edited the report.
Moeve, a Spanish oil company, has seen its profit fall due to blackouts
Moeve, the second largest oil refiner in Spain, which was formerly called Cepsa said Monday that its net profit had fallen 19% during the first half of this year, mostly due to an impact from a massive blackout of power in April in Spain, Portugal and other countries.
The company's net profit dropped to 324 millions euros ($378.92 million), and earnings before interest taxes, amortization, and depreciation (EBITDA) fell by 33% compared to a year earlier to 733.92 million euros.
The company said that the decline in core profit was primarily due to the costs of stopping and restarting their two oil refineries before and after the blackout on April 28. After a shutdown, it can take up to two weeks before such plants are fully operational.
Moeve refineries were also shut down for maintenance in the first half of this year. This further decreased utilisation rates.
The company has not released an estimate for the cost of this outage. However, Repsol, a rival that operates five refineries across Spain, reported that the blackout, and other minor power supply issues, cost them 175 million euro in the second quarter.
Moeve, owned by the Abu Dhabi fund Mubadala as well as U.S. private equity firm Carlyle Group and a plan worth 8 billion euros, rebranded itself last year in order to reflect its move towards low-carbon business. Moeve has sold 70% its oil production assets, including Abu Dhabi and South America operations since 2022.
(source: Reuters)