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Japan imports in August jump as oil costs rise, but exports remain firm
Japan's imports rose sharply for a third ?straight month in August as ?higher crude oil prices lifted energy ?costs, ?while exports rose for a 12th month in a row on resilient semiconductor-related demand, government data showed on Wednesday. The Ministry of Finance reported that total imports in August grew by 28% compared to a year ago, against a market expectation of a 26.3% rise. This was due to the fact that higher crude oil prices?boosted energy imports, despite a spike in the yen after a rare joint intervention of buying yen with the United States. The figures show how rising energy costs are increasing import bills, and causing inflationary pressures. This reinforces expectations that the Bank of Japan will increase interest rates on Friday at the conclusion of its two-day meeting. Exports rose by value by?19.3% in August, against the median economists' forecast of an increase of 18.2%. This follows a 23.2% jump in July. The data revealed that exports to the U.S. increased by 24.9% from the previous year, and those to China rose by 20.6%. The rising cost of energy imports kept Japan's balance of trade in the red in August. This was despite economists' expectations of a deficit in the region of 1.053 trillion dollars. As attacks on Middle East energy and shipping infrastructure have raised concerns over supply disruptions, oil prices are expected to continue rising in Japan in the coming months. Analysts said that higher import costs, coupled with solid exports and increasing wages, could make the case for further rate increases in the months to come after Friday's widely anticipated 25-basis point hike. Sources familiar with its thinking say that the BOJ could signal a faster rate of future hikes if price pressures increase the risk of inflation exceeding its forecasts. Japan's economy has remained resilient in spite of supply chain disruptions. Revised data showed that the growth rate for the April-June period was higher than originally estimated. This was supported by stronger business spending than reported previously.
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New York proposes $1 million per megawatt community investment for data centers
According to a document released on Tuesday, New York Governor Kathy Hochul recommends that local governments seek community investments from developers who propose new data centers of at least $1 million per megawatt. Her recommendations follow a few months after New York became the very first state in the U.S. to place a moratorium against large data centers. According to the document, the suggested investment of at least one million dollars for each megawatt of electricity demand will help the communities that host the data centers "share equitably the long-term value created by these project." Amazon, Meta, and Alphabet’s Google, which are among the world's biggest data center developers, didn't immediately respond to requests for comments. Microsoft refused to comment. In a recent statement, Empire State Development President Hope Knight stated that "the innovation economy's increasing demand for data centres must be matched by standards that ensure the communities benefit." Data centers do not generate as many jobs in the local area, so their economic development profile is different from traditional manufacturing. Data centers are expanding in the United States, driving up electricity costs and power consumption in large areas of the country. This has sparked a bipartisan and local backlash. Texas Governor Greg Abbott is a Republican who leads one of the fastest-growing regions in artificial intelligence infrastructure. He directed state regulators to penalize any data centers that do not disclose information?about their water consumption. According to a recent Ipsos survey, only one third of Americans approve of the rapid pace of data centre construction. The majority would be opposed to building one within their own communities. According to a spokesperson of House Speaker Mike Johnson, Republican members of the U.S. House of Representatives are planning to introduce legislation that "seeks" to rein in electricity bill increases linked to data center expansion. Similar bills have been introduced in the legislatures of dozens of U.S. States.
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Special Report-How Trump's War on EVs derail America's Auto-factory Revival
Three men were chatting in the local United Auto Workers' hall of Lordstown on a Friday afternoon, May. Normaly, they would be working at the battery plant just a few minutes away. They had been unemployed for the entire year. Last fall, the factory owned by General Motors in South Korea and LG Energy Solution announced that it would stop production in January due to slow sales of electric vehicles. Ultium Cells' joint venture let go 480 workers indefinitely and informed the remaining 850 that they would not be needed for several months. This announcement comes just a few short weeks after President Donald Trump and the Republican-controlled Congress killed a $7.500 tax credit intended to boost consumer demand for electric vehicles, causing U.S. EVs sales to plummet. Steve Baier, a worker who was passing the time in the union hall, described the layoffs as a "sobering disappointment" after the initial bursts of optimism that accompanied the opening of the factory four years ago. Baier stated that "this plant is important for so many people." "It's devastating." The gleaming white battery plant, worth $2.3 billion and a distance of an hour from Cleveland, towers over the interstate. The auto industry made its biggest investment spree in decades. The U.S. automotive industry launched a wave of domestic manufacturing between 2019 and 2024, starting with Trump's first administration and continuing through Biden's. The American auto industry was expected to recover after years of decline with the spending spree. To break free from China's EVs, and supply chains, the U.S. had to have its own EV and battery manufacturing base. Anti-China policies - initiated during Trump's first tenure and continued by Joe Biden - as well as federal EV subsidies in order to support the market, ensured that America would need U.S. workers and plants for its EV transition. Since Trump's return to office, a?array? of policies affecting the automotive industry, immigration, trade, and environmental protection have undermined employment and factory projects in Lordstown, and throughout America's heartland. Atlas Public Policy's analysis of data shows that cancellations of EV and battery projects have snowballed. This has resulted in the loss or threat of tens thousands of jobs. Trump's stated goal to create auto-manufacturing employment - the core of his economic vision - is undermined by these policies. Analysts say that these policies are pushing the United States behind Europe and China in developing electric cars. Fallout is mainly felt in a swath from Georgia to Indiana that has attracted so much EV investment, it was nicknamed the Battery Belt. According to an analysis of Atlas data that tracked activity between 2015 and August 24, this year, 87% of announced EV-related investment was in states Trump won by 2024. Even before Trump's policies frozen the market, U.S. EV investments had slowed. Automakers were not able to sell as many electric cars as they had anticipated, and some consumers were turned off by the high price tags and range anxiety. Auto executives cited Trump’s policies when they decided to cancel massive investments in battery and EV factories. Ford CEO Jim Farley stated that the drop in EV sales after the tax credits expired last September was "really the motivation for us to take the decision" regarding a massive writedown on EV investments. Kush Desai, the White House spokesman, did not directly answer questions about Trump's anti EV policies and their impact on employment in auto manufacturing, which has decreased since Trump became president. He blamed the Biden Administration for creating "artificial" demand for EVs through subsidies. Trump is "slashing redtape, renegotiating trade deals that are broken, and cutting taxes" to secure trillions of dollars in new manufacturing investment, including billions by domestic and foreign automakers, Desai added. Biden's spokesperson declined to comment. A BOOM REVERSED According to the Center for Automotive Research which tracked announced project, between 2019 and 2024 U.S. auto manufacturing investments will have more than doubled compared to the previous six-year period. Under Biden's leadership, the electric transition was partly driven through carrot-andstick measures. These included stricter fuel economy rules for gasoline-powered cars to reduce carbon emissions and billions of dollars in subsidies for battery manufacturing. Automakers were also pushed to take action by market forces. Tesla's stock market valuation was nearing $1 trillion, and startups such as Rivian or China's NIO attracted investors and customers. Automakers pledged to invest heavily in electric cars and battery technology one by one. James Rubenstein is a professor of geography emeritus at Miami University of Ohio. He said that unlike previous U.S. auto factory booms, the EV manufacturing industry promised a deeper base of industrial production and an expanded supply chain. This would require a change in the type of factories required. For example, it wasn't feasible to renovate an engine factory to make batteries. It was necessary to make entirely new capital investments. Atlas data shows that last year nearly $20 billion in projects were cancelled. The Atlas data show that fresh investment announcements were only $6.5 billion in the last year, just 29% less than the previous year and a fraction the $55 billion pledged by the industry at its peak. Rubenstein stated that "Electrification has been a major disruptor in our lives." He said that Trump's rollbacks "push" it back. Atlas data shows that the projects cancelled between January 2025 to August this year promised 27,000 jobs. This is likely an underestimate, as some of the project announcements in the data did not include job creation estimates. The total excludes projects which were scaled down rather than cancelled, as well as those in which the EV component of a larger investment could not be isolated. The analysis revealed that four-fifths (or about 45%) of the cancelled investments were located in states with a red color. Since Trump's return to office, auto-factory investment in gasoline vehicles has increased. This may offset some of these losses. The Atlas?data do not quantify the jobs and investments which may be created by converting canceled EV project to traditional automotive factories. Some automakers have moved foreign factory work into U.S. factories with spare capacity in order to avoid Trump's Tariffs. To date, however, neither the tariffs imposed by the administration nor automakers' efforts to retool idle plant space have resulted in a net increase in jobs. Federal data shows that since January 2025, U.S. jobs in the auto manufacturing industry have decreased by 1.3%. In August, they were at 963,000. The president, along with other Republicans, have hailed their anti-EV policy as a victory of consumer choice. Trump wanted to reverse the rules that he claimed would force Americans into buying electric cars or what he called an "EV mandate". Under Biden, automakers were required to sell roughly half their cars as EVs in early 2030s despite there being no imminent ban on combustion engine cars. Trump has repeatedly urged the expansion of U.S. oil and gas production. The automakers are offering some hope to the laid-off workers of battery plants, for reasons unrelated to EV demand or Trump’s auto policy. There is a growing appetite for energy storage batteries due to the boom in AI- and data-center-construction. Ford, GM, and their joint venture partners have stated that they intend to convert a portion of their underused EV plants to storage. It can still take automakers months or even years to convert plants that make EV batteries into those for storage. This is because the chemistry of these batteries often differs. The demand for storage batteries will not be enough to fill the unused factory space for EVs. WORKERS INDUCED IN "VOLTAGE VALLEY" Lordstown is used to the ups and downs of the?car business. The GM assembly plant, which was a major economic engine for the area for over 50 years before closing in 2019, is no longer there. This area has been a popular campaign stop for many politicians, including Trump, Biden and Barack Obama. Hillary Clinton, John McCain, and Mike Pence have all visited the region, and offered their recipes to revive jobs and prosperity. A newly elected Trump told a crowd at a rally in 2017, just a few miles from Lordstown that manufacturing jobs would return: "Don't Move." After a period of declining employment at GM, Trump publicly harrassed CEO Mary Barra about the plan to close their assembly plant. Three people who were involved in the decision said that this was a factor in GM's decision. The GM-LG Battery Factory opened in 2022 within a few miles of the closed vehicle factory. Around 1,300 people were hired to make battery cells for electric vehicles. The area was renamed "Voltage Valley", instead of the historic Steel Valley name. Baier explained that by 2025 employees would be spending more time cleaning their desks than manufacturing battery cells. Ultium, a joint venture between GM and LG, had announced a six-month return to work timeline when the layoffs were announced in October. This was due to the weak demand for EVs after the tax credit expired. Ultium has brought back 700 factory workers who were laid off in the last few weeks and began production of battery cells in mid-August. The company reported that about 600 workers are still on an indefinite layoff. In their statements to GM and Ultium, neither company directly addressed the impact that Trump's policies would have on their EV investments. GM stated that it was "continuing to progress EVs", and it still sells a dozen EVs in the U.S. LG acknowledged a decline in EV sales following the expiration subsidies, but it said electrification is a long-term goal. Many EV projects and battery factories sprang in places Trump promised to revitalize with factory investment. Two stark white structures rise from the surrounding farmland in Glendale, Kentucky. Ford, SK On and BlueOval SK, Ford's former partners in South Korea, built the battery plants early this decade. The buildings are the result of two decades of hard work by Rick Games, 72. He was the former director of the Elizabethtown-Hardin County Industrial Foundation. This economic development agency has worked to promote the site for dozens of potential buyers, including Hyundai. Automakers' interest in the farmland, located an hour south from Louisville and with easy access to highways and electricity, reached fever pitch by 2020. Games said, "Good God, they were pouring out of the woodwork." Ford and SK have agreed to invest $5,8 billion in 2021 on a site that is the equivalent of 1,100 'football fields. This was the biggest investment ever made in Kentucky, with a promise of 5,000 new job opportunities. Ford also included it in its largest-ever manufacturing project. It was combined with a Tennessee factory, 300 miles away. Officials in Glendale, a city of 2,000 people, and its surrounding areas raced to prepare the area for a new influx of over 20,000 residents. The roads would be widened in order to accommodate the construction trucks. The developers planned to build thousands of houses. Ford and SK went on a hiring spree. Bill Wilmoth recently returned to the area. He began working at the Glendale Battery Plant in June 2024 and earned $21 per hour. Wilmoth, along with other workers, were asked to stay at home in mid-December 2025. He watched a video from management that announced the layoff of about 1,500 people. "My heart fell a little," he said. Ford did not provide any information in response to questions about the impact that the Trump administration’s policies changes will have on its EV production. Ford said that it will hire 2,100 people in Glendale, less than half of the original workforce estimate to manufacture energy-storage battery units beginning late 2027. Ford says it is "prioritizing affordability and choice" by investing in gas-engine and hybrid models. Ford said that 1,500 new factory jobs were added in the last year, ending in July. It also plans to launch its new electric pickup truck called Fathom at the Louisville plant. SK On representatives and BlueOval SK, which is now defunct, declined to comment on the Glendale job losses. TARIFFS AND DEPORTATIONS WORKFORCE - WORKBATTERY BATTERY Auto executives cite the elimination of the $7,500 credit as the most significant policy change that has slowed the EV industry's momentum. This was just one of a series of Trump's pro-fossil fuel measures that has?crippled EVs. The administration also weakened tailpipe-emissions regulations and Congress frozen fines automakers had been paying for years because they failed to meet federal fuel-efficiency requirements. California and the Trump administration have been fighting in court about the state's rights to set their own EV regulations. This battle could determine the viability for the largest EV market in the country. U.S. immigration and trade policies have also worked against EVs. Steep tariffs hiked the cost of critical battery materials that are overwhelmingly produced in China, such as lithium-iron-phosphate batteries and graphite used in anodes. The immigration laws have also been tightened, which has made it difficult for foreign battery manufacturers to hire engineers in U.S. factories. In a raid by Immigration and Customs Enforcement on a battery factory under construction in Georgia that was co-owned with LG Energy Solution and Hyundai Motor in September 2025, 475 people were arrested. Many of the people sent home were South Korean engineers and specialists needed to calibrate highly-specialized machinery for long periods. Two people have told me that some workers in South Korea are now reluctant to travel to the U.S. and this is causing LG's U.S. factory operations to be delayed by several months. In a statement released jointly, LG Energy said that the Georgia facility was completed and its first cells were shipped in July. The majority of the 500 employees at the plant were locals, they claimed. MUSCLE TRUCKS ARE MADE IN CHINA, WHILE EVs DOMINATES THE WORLD Auto executives can now pursue aggressively gasoline engine programs. In May, Stellantis executives gathered journalists at a test track about an hour west from Detroit to show off a new range of Ram "muscle" trucks with engines up to 6.4 liters. One truck, the yellow and black Ram 1500 Rumble Bee SRT can go from zero to sixty miles per hour at speeds as fast as Ferraris. Tim Kuniskis is the head of Stellantis' American Brands. As Guns N' Roses' Welcome to the Jungle rumbled the bleachers, giant screens flashed the words "in loud, we trust". Stellantis, meanwhile, has scrapped EV projects in order to reduce its $27 billion debt. A part of the $6 billion battery complex, which will create 2,800 jobs in Kokomo (Indiana), jointly planned by Samsung SDI and Stellantis, has been stalled. The automaker cancelled development of its planned Ram electric vehicle in late 2025. Samsung SDI has confirmed that it is in discussions with Stellantis about the future of its Indiana facility. Stellantis stated that the revised regulations of the administration "are more aligned to market realities" and are focused on delivering a variety of vehicles and powertrains - from V-8 engines, to?pure EVs or small cars. Ford plans to stop producing EV pickups at its Tennessee assembly plant and switch to gas-powered models. However, the work will start several years after it was originally planned to be an EV factory. It's still unclear if voters in the affected states will punish Republicans over the EV retreat. Many in Glendale did not blame Trump's policies when it came to the empty battery factories. Joshua Urso, a worker who was let go in December, was one of the many. He found work at a fabrication workshop after applying for 100 jobs. He said that the push to promote EVs under Biden is the real problem. Don't tell my I have to purchase anything. "I'll buy whatever I want to," he said. "If I want to buy a black-smoking, gas-guzzling diesel, then I will." Trump's fossil-fuel-friendly agenda has set the U.S. apart from China and Europe, the two world's top auto markets. In these regions, EV sales are booming due to the demand from buyers, intense competition between carmakers and government incentives. The war in the Middle East has pushed up gas prices, and this year Europeans are gravitating towards EVs. U.S. automakers may see short-term benefits from selling more gas-guzzling pickup trucks. These are their top money-makers. This will put them further back in the global race, according to Susan Helper, a professor of economics at Case Western Reserve University, and former senior advisor for industrial strategy for Biden. Helper stated that "We won't be making electric cars, as the rest of world wants them." Wilmoth, a former employee of BlueOval SK in Kentucky (the Ford-SK venture), blames the Biden administration and automakers for pushing too hard for strict regulations. He now works on an AI startup. He often thinks about his colleagues who lost their careers, which they thought would provide for their families over many years. He said that for a time, they pretended it would work.
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Trump Administration appeals ruling that prevents EPA from sending California auto emission rules to Congress
President Donald Trump's administration on ?Tuesday appealed a federal court's ruling blocking the U.S. ?Environmental Protection Agency from sending landmark California vehicle emissions rules to ?the Republican-controlled U.S. Congress seeking ?a fast-track repeal. On September 2, the U.S. District Judge Beryl howell ruled that the EPA acted in an improper manner by sending four waivers to Congress in June, including rules enacting tougher emission standards for cars, trucks and lawn-and-garden machinery. The Trump administration is waging a multi-pronged campaign to deny California's ability to mandate cleaner and more electric cars. The EPA, Congress and other agencies have also enacted regulations that make it easier for automakers and truck manufacturers to sell gasoline-powered vehicles and trucks while?making EVs more expensive. If the Trump administration succeeds, it will bar California from regulating "tailpipe emissions" indefinitely and a future Democratic President would not be able to easily "restore its regulatory powers." The EPA stated in June that the waivers for vehicle emissions granted to California by previous Democratic administrations, should have been sent directly to legislators under the Congressional Review Act. This would allow the U.S. Senate the ability to repeal the waivers with a simple majority, rather than the usual 60 votes required to pass most legislation. Only?regulations can be repealed under the CRA. California filed a federal court lawsuit to stop the action, claiming that it was illegal for the waivers to be sent to the 'Senate in accordance with the CRA as they were waivers and weren't regulations. Separately the?U.S. The House of Representatives will vote this week on repealing California's environmental rules for ocean-going vessels, and?commercial harbour craft. This is despite Howell’s Friday ruling that the EPA had improperly transmitted these rules to Congress. Congress removed the authority that California had to ban gasoline-powered cars?after 2035. Toyota, General Motors, and other automakers lobbied to be exempted from the state's emission regulations. After the EPA had sent waivers to Congress, the action was taken. California is currently pursuing a separate legal challenge against that action.
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Oil prices rise as government bond yields increase
U.S. Treasury Yields reached their highest level since 2007, and oil prices rose, on Tuesday. This weighed down global stocks which continued a'selloff' from the previous session. Investors have been increasingly concerned about inflation and the long-term fiscal outlook of the United States. This has led to a steady increase in yields on U.S. government debt. Germany's yields also reached their highest level since 2009. Fed Chair Kevin Warsh is reluctant to give any guidance about the future of rates, but it's expected that rates will rise by at least one quarter point. There should be no shock factor in the fact we've seen an exuberant economy, earnings growth just hitting 30% last quarter, and a geopolitical conflict driving up commodity price," said Edison Byzyka. Chief investment officer at Credent Wealth Management. I think the Fed must raise rates immediately. If the Fed doesn't raise rates at least by a quarter (percentage point), we will see the bond markets punishing the Treasury market. The three major?indices of Wall Street all finished lower. Losses were led by consumer discretionary, communications services, and utilities stocks. The?biggest gainers were energy shares. The Dow Jones Industrial Average dropped by 0.63%. The S&P 500 fell 0.45% and the Nasdaq Composite was down by 0.78%. The STOXX Europe 600 Index fell by 0.28%, after reaching its lowest level since the 12th of June. The main MSCI world stock index fell by 0.5%. Benchmark Brent crude futures were above $108 a barrel after Yemen's Iran aligned Houthis launched another wave of attacks against Saudi Arabia, and began digging in positions along the Red Sea coast on the west of Yemen. The price of oil has also steadily risen, as have the prices for gasoline and diesel. Energy supplies have been limited since U.S.-Israel launched joint attacks against Iran late February, prompting that nation to blockade Strait of Hormuz. Recent Houthi attacks further impeded the flow of energy out the Middle East. INTEREST RATE IN FOCUS The yield on 10-year Treasury notes reached a peak not seen since 2007 in advance of the Fed's rate announcement on Wednesday. The yield on the benchmark U.S. 10 year notes increased 4.5 basis points, to 5%. The benchmark German Bund yields in the Eurozone rose to 3.56%, their highest level for over 17 years. Bank of Japan will likely raise interest rates by?25 basis points to 1.25% on Friday at the conclusion of its two-day session, signaling further tightening in the future. The yen is being bolstered by policymakers after an intervention that helped to?steer it away from a low of 40 years. The dollar gained in value against its peers before the Fed's possible rate increase. The dollar gained 0.49% against the Japanese yen to 155.11. The euro currency fell 0.07% to $1.1539 against the dollar. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.16%, reaching 99.65. Spot gold dropped 0.06% to $4.295.52 per ounce.
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Global stocks fall as Treasury yields reach new peaks
The global stock market fell on Tuesday. This was a continuation of the selloff that began in the previous session. Treasury yields reached their highest level since 2007. Oil prices are also firmly above $100 per barrel. U.S. Treasury Yields have increased over the last month as investors take into account expectations of higher interest rates, resilient growth in the economy and concerns regarding the long-term fiscal prospects for the country due to rising inflation. Investors were looking to the Federal Reserve. Traders expected at least a quarter point hike. Fed Chair Kevin Warsh is reluctant to give any guidance on future rates. All three major Wall Street indexes traded lower. Consumer discretionary, communications services, and utilities stocks were the main losers. The biggest gainers were energy shares. The Dow Jones Industrial Average dropped by 0.76%. The S&P 500 fell by 0.49%. And the Nasdaq Composite lost 0.83%. The STOXX Europe 600 index fell by 0.28%, after reaching its lowest level since June 12th. The European Tech Stock Index fell 0.37%. We have to acknowledge that this is an appropriate move on the Treasury market. There should be no shock factor given the exuberant economic background, the 30% earnings growth last quarter, and the geopolitical conflict driving up commodity costs, said Edison Byzyka. Chief investment officer of Credent Wealth Management. I think the Fed must raise rates immediately. If the Fed doesn't raise rates by at the very least a quarter (percentage point), we will see the bond markets punishing the Treasury market." The main MSCI world stock index fell by 0.55%. Benchmark Brent crude futures were above $108 per barrel as Yemen's Houthis, who are aligned with Iran, launched a fresh wave of attacks against Saudi Arabia. They also dug into positions along the Red Sea coast on Yemen's western coast. INTEREST RATE IN FOCUS The yield on benchmark?U.S. Treasury 10-year bonds?reach a peak not seen since 2007. This was ahead of Wednesday's Fed rate decision. The yield on the benchmark?U.S. The yield on benchmark?U.S. 10-year notes increased?3.47 basis point to 4.996%. The benchmark German Bund yields in the Eurozone rose to their highest levels in 17 years, at 3.56%. Bank of Japan will likely raise interest rates by 25 basis points to 1.25% on Friday at the conclusion of its two-day meeting and signal further tightening in the future. The Bank of Japan is attempting to stabilize the yen following intervention that helped the currency recover from a 40-year low. The dollar rose against its peers as the markets anticipated a possible Fed interest rate hike. The dollar gained?0.50% against the Japanese yen to 155.12. The euro was down by 0.05% to $1.1541. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.14%, reaching 99.63. Spot gold increased 0.2% to $4.30619 per ounce.
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Three people are killed in Israeli attacks on Gaza, according to medics
Israeli airstrikes in Gaza's northern strip killed three "Palestinians" on Tuesday, including one patient at a "healthcare center", medics reported. According to medical personnel, Israeli airstrikes targeting a vehicle in Sheikh Radwan (northern Gaza Strip) killed two Palestinians - one of whom was a child - and injured seven others. Israeli military officials said they had killed a militant near the site, but did not elaborate. Witnesses reported that some of the casualties were caused by a second attack near a group who had rushed in to help?the original victims. The video was not verified immediately, but it showed at least five men being hit by a missile. A British charity for Palestinian health said that in a separate incident, a patient died at a Jabalia health center they support. According to the organization, a quadcopter drone used by Israeli military was responsible for the shooting. Israel has not yet responded. Palestinians held funerals for two people killed in Israeli airstrikes a day earlier, Ahmed Al-Batsh Rafat Zummar. According to Hamas sources and the Israeli army, Batsh was a local Hamas leader. Medical personnel said that Batsh was killed in an attack against his vehicle in northern Gaza Strip. In separate statements, the Israeli military claimed that both men were killed. Zummar was also described as a Hamas leader. Hamas did not immediately comment on Zummar’s affiliation. At Gaza City's Al Shifa Hospital, relatives and friends honored Batsh’s body draped with a Hamas flag and a white shroud. On top of the corpse was a?M16 assault weapon. Khalil Al Batsh, the relative of a dead Hamas militant, said: "Israel believes... that it will eliminate resistance and the spirit (devotion) in us." He told mourners at the funeral that "this cowardly operation" only strengthened our people's resolve to continue down this path. A U.S.-backed ceasefire in October 2025 halted the large-scale fighting, but did not end Israeli attacks and made little progress towards permanent peace. Hamas claims that Israel violated the ceasefire, and undermined efforts to implement?U.S. Donald Trump's plan to end Gaza conflict includes an Israeli withdrawal from Gaza and Hamas disarmament. Israel claims that Hamas has violated the agreement. According to Gaza's health officials more than 1,300 Palestinians, mainly civilians, were killed since the ceasefire came into effect. The Israeli military, however, claims that four Israeli soldiers died. Hamas doesn't usually reveal information about the deaths of its fighters.
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On Saudi disruptions, some physical oil cargoes are nearing the record of April, with prices above $130 per barrel.
On Tuesday, the price of some physical 'oil cargoes' in Europe jumped to more than $130 per barrel, nearing a record high reached in April. This is because buyers are rushing to find alternative supplies in Middle East due to increasing disruptions caused by intensifying conflict. Trade sources say that Saudi Arabia, in addition to other disruptions related to the Iran War, has canceled late-September cargoes to European buyers following an attack last week on its East-West Pipeline, which forced it to suspend loadings at Yanbu, a key Red Sea port. On Tuesday, buyers bid higher for?potential alternative oil such as North Sea. North Sea Forties crude According to LSEG, the price of oil has risen to $136.75 a barrel, which is close to the record high of $147.37, reached on April 13, shortly after the Iran War disrupted Middle East Exports. Brent oil futures contracts rose by over $3 on Tuesday. The Brent contract is now approaching $100 a barrel. This was due to the suspension of Saudi loadings and the halting of operations in Libya at three oil fields. Physical cargoes have a higher price than crude futures such as Brent, in part because they are delivered in 'a few weeks time. This is earlier compared to the oil traded on futures markets. Brent is a contract for delivery in November.
Saudi-led coalition claims it destroyed Houthi drones south of Mecca
Saudi Arabia's air defences intercepted and destroyed a Houthi 'drone' south of Mecca on Monday before it entered forbidden airspace over the holy city. This was confirmed by a spokesperson for a Saudi-led military coalition that is fighting Yemen's Iran aligned Houthis.
Turki al-Malki, spokesperson for the coalition's early Wednesday announcement, said that security at Islam's two holiest places and pilgrims were a "redline". He added that coalition would take deterrent actions against?the Houthis.
Mecca is the holiest city in Islam and the focus of the annual Hajj pilgrimage.
Malki said that the incident was the second "Houthi" attempt to attack Mecca after what the coalition claimed was a launch of a ballistic satelle in July 2017.
Saudi Arabia issued a security alert across the country, including Mecca and other major cities, on Tuesday. This follows a week-long series of attacks by Iran's allies that has dragged the kingdom further into the Middle East conflict.
In comments published by the Houthi run SABA news agency, a?Houthi source denied that the group was a threat to Mecca and other holy sites.
The Houthis seized control of parts of Yemen’s Red Sea coastline overlooking Bab el-Mandeb - one of the most important'shipping straits' in the world - threatening Saudi oil exports rerouted through the Strait of Hormuz.
The group announced several major attacks against Saudi Arabia in the past week, including strikes?on an airbase on Monday?which it claimed were a retaliation to air strikes against Yemen.
(source: Reuters)