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UN expert: 'Lucrative business deals' help Israel sustain its Gaza campaign
In a report, a U.N. expert named 60 companies including major arms and technology firms. She accused them of supporting Israeli settlements in Gaza and their military actions, which she referred to as a "genocidal war." Francesca Albanese is an Italian lawyer who specializes in human rights. She is the Special Rapporteur of the United Nations on the Occupied Palestinian Territories. The report was compiled based on more than 200 submissions by states, human-rights defenders and companies. The report published late on Monday calls for companies not to do business with Israel, and that executives who are implicated in alleged international law violations be held legally accountable. Albanese wrote that the 27-page report showed why Israel's genocide is continuing: it is profitable for many. She accused corporations of being "financially tied to Israel's militarism and apartheid." Israel's Geneva mission said that the report was "legally unfounded, defamatory, and a flagrant misuse of her position". The Israeli foreign ministry and prime minister's office have not responded to requests for comments. The U.S. Mission to the United Nations, New York, called on U.N. Sec.-General Antonio Guterres for a condemnation of Albanese. They also demanded her removal. Israel rejected the accusations of genocide against Gaza. It cited its right to self defense following a Hamas attack on October 7, 2023 that resulted to 1,200 deaths and 251 hostages according to Israeli statistics. Gaza Health Ministry reports that the war in Gaza, which followed, has resulted in the death of more than 56,000 individuals and the destruction of the entire enclave. Arms FIRMS Identified in Report The report divides the companies into sectors, such as military or technology. It does not always specify if the companies are involved in the Gaza campaign or settlements. The report said that 15 companies had responded directly to Albanese’s office, but they did not publish the replies. The article names Lockheed Martin, Leonardo and other arms companies as having used their weapons in Gaza. The report also names heavy machinery suppliers Caterpillar Inc. and HD Hyundai. It claims their equipment contributed to the destruction of property in Palestinian territory. "Foreign military sales are government-to-government transactions. Lockheed Martin's spokesperson said that the U.S. Government is best suited to discuss these sales. No one else responded to our requests for comment. Caterpillar previously stated that it expects to use its products in accordance with international humanitarian laws. The technology giants Alphabet (Alphabet), Amazon, Microsoft and IBM are "central to Israel’s surveillance apparatus and ongoing Gaza destruction". Alphabet has defended the $1.2 billion contract it signed with Israel's government for cloud services, saying that this was not a military or intelligence operation. Palantir Technologies also provided AI tools to Israel's military. However, specifics about their use weren't included. The report adds to a U.N. database that was last updated in 2023 and lists new companies, as well as alleged links to the Gaza conflict. The 47 members of the U.N. Human Rights Council will receive it on Thursday. The U.N. Human Rights Council does not have legal binding power, but cases that were documented through U.N. investigations often inform international prosecutions. Israel and the United States withdrew from the Council in the first half of this year citing bias towards Israel.
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Spain and the World Bank push for wider use 'debt Swaps'
The Spanish Ministry of Economy announced on Tuesday that the two countries have teamed up to "swap" debts to free money for conservation and development in poorer nations. The Ministry of Economy in Spain announced on Tuesday that the country has partnered with the World Bank to help poorer countries free up money to spend on development and conservation via debt "swaps". The Spanish government announced that the Global Hub for Debt swaps for Development will provide financial and technical assistance to countries looking at debt swaps for climate change and food security. In recent years, nations from Barbados to Belize and Ecuador to Ivory Coast used debt swaps. They bought back expensive bonds or loans and secured refinancing agreements with lower rates. In recent years, debt-for nature swaps have accounted for $6 billion in transactions where a country reduces its debt in exchange of a promise to invest in conservation. In recent years, development banks have played a key role in reducing the cost of swapped loans and generating savings. They do this by providing insurance or guaranteeing the risk. Critics claim that such deals are time-consuming and complicated, and this has hindered a wider adoption of an important tool for helping countries reduce their debt burdens and tackle development issues. Carlos Cuerpo, Spain's Minister of Economy, Trade, and Business, stated that many countries have made it clear they need tools to make debt swaps easier, faster, and more accessible. The Hub will receive 3 million euros (3,54 million dollars) from Spain. World Bank President Ajay Banaga said that the Hub would be a host for a "multiple-partner trust fund" to finance technical assistance. TIMELY This push is timely for the debt-swap market, amid fears that U.S. support for these deals - especially those with a focus on climate or nature - may largely dry up under Donald Trump. Ilan Goldfajn, President of the Inter-American Development Bank, said that demand for broad development swaps is still strong. He made this statement at a press conference held in Seville, on Tuesday. IDB backed five out of nine of the largest debt-for nature swaps in the past, most of which were carried out with the United States International Development Finance Corporation. Goldfajn stated, "We're getting requests for debts for education and debts for health." These are things which have been in construction. "Let's see what they become." A group of conservation groups and investors, as well as development bankers, lawyers, and other professionals who have been at the forefront of the market's growth, published a guide on best practices for nature swaps in an attempt to encourage wider adoption. The guide included information on how and who to use debt swaps. Melissa Garvey said that debt swaps are now "a proven model for financing conservation at scale."
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South America is shivering in the cold as Europe sizzles
While Europe and North America suffer through heatwaves, South America is experiencing a similar extreme weather event at the opposite end: a sudden freezing snap. On Tuesday morning, residents of Buenos Aires bundled up in scarves and wore wooly hats as they sipped warm drinks while frost covered cars. The temperatures in the city fell below zero. This is a rare occurrence, even during the winter in the Southern Hemisphere which is now underway and runs in opposition to the seasons in the Northern Hemisphere. Juan Manuel Amnini wore a gray hat with a wool face cover to protect himself from the cold. You can cover yourself with anything you have. "I'm like an onion, wearing layers upon layers of clothing." Meanwhile, in Europe, Italy has banned outdoor work from certain areas while France closed schools and a part of the Eiffel tower. Spain has confirmed that it had its hottest ever June as a severe heatwave gripped Europe and triggered widespread health warnings. Authorities in Barcelona were investigating whether the death of an street sweeper at the weekend was due to heat. Since late June, temperatures have consistently been high in the northern and central swaths of the United States. There have been heat warnings issued in large areas. This is part of a pattern that has been linked to climate changes, with temperatures rising earlier and lasting for longer. The impact of asphalt and concrete in urban areas is amplified by their ability to absorb and radiate heat. The cold snap in Argentina, as well as Chile and Uruguay's neighbors, led to snowfall in unexpected places. Chilly winds from Antarctica blew south. Residents said that many homes and offices weren't built to withstand these conditions. Gael Larrosa, a student from Buenos Aires, said: "Right Now, I have a thermal under my clothes, a couple of trousers and another pair on top." I have a hard time with cold. The cold here kills, and it kills. Reporting by TV, writing by Adam Jourdan. Cynthia Osterman is the editor.
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Powell's comments and data gauged the impact of Powell's comments on US yields, stock prices, and US stocks.
Investors weighed the latest economic data from the United States and remarks by Federal Reserve chair Jerome Powell in order to determine when interest rates will be cut. Powell said at a central bank conference in Sintra that he couldn't say whether July would be too soon for a rate reduction, but "it will depend on the data and we are going from meeting to meeting." According to CME's FedWatch Tool the market expectations for a rate cut in July briefly increased to 21,2%, up from 18,6% in the previous session. However, they then declined to 19,1%. The Dow Jones rose about 1% on Wall Street but the S&P 500, Nasdaq and Nasdaq remained in check after reaching record levels Monday. This was partly due to a nearly 6% increase in Tesla following President Donald Trump's threat to stop the federal subsidies worth billions that Elon Musk’s companies receive. The Dow Jones Industrial Average gained 427.24, or 0.99%, to 44,522.63. The S&P 500 increased 1.03, or 0.02% to 6,206.19. And the Nasdaq Composite dropped 107.68, or 0.5%, to 20,262.06. The MSCI index of global stocks rose 0.32 points, or 0.03% to 918.21, while the pan-European STOXX 600 closed down 0.21%. Concerns over the impact of the tariffs on the global economy were reignited as the deadline of July 9 by Trump drew closer. The Institute for Supply Management reported that U.S. manufacturing was still in contraction in June. The Job Openings and Labor Turnover Survey (JOLTS) report showed that the number of openings had increased by 374,000, to 7.769 millions, on the last day in May. However, a decrease in hiring suggested the market might have slowed. Brian Jacobsen is the chief economist of Annex Wealth Management, a company in Menomonee falls, Wisconsin. "Despite a big jump in job openings, the economy remains stuck in Powell's equilibrium, which says, 'no fire, no hire'. It's not an equilibrium that is stable and, if you look at the ISM Manufacturing data for the summer, it may be the case that the job market will become weaker. Investors are closely watching the key government payrolls data due out on Thursday, a day sooner than usual because of the Independence Day holiday. This report will help to shape their expectations about rate cuts by the Fed. After the data, U.S. Treasury rates reversed their course and moved higher. The yield on the benchmark 10-year U.S. notes rose 2.9 basis points to 4,255%. The yield on the 2-year note, which is usually in line with expectations of interest rates from the Federal Reserve (usually based on their forecasts), rose by 6.2 basis points, to 3.783%. Trump's tax-cut and spending legislation continued its advance, as the Republican-controlled U.S. Senate passed by the thinnest of margins, and now heads back to the House of Representatives for final approval. "It will create some problems for fixed income markets as we continue spending no matter which party in power is in office, and that, in the end, is a negative for stock market," Rick Meckler said, a partner at Cherry Lane Investments, in New Vernon, New Jersey. Investors are not worried about inflation and continue to purchase stocks. The dollar index (which measures the greenback versus a basket currencies) is on course to end an eight-session streak of declines. The euro fell 0.03% to $1.1782, while the pound fell 0.01% at $1.3732. The dollar fell 0.26% against the Japanese yen to 143.63. The Bank of Japan Tankan Index of Business Sentiment showed that the largest economies in the region are likely to be holding up despite tariffs. A separate survey of the private sector revealed that the manufacturing sector in Japan expanded for the first time since 13 months in June. U.S. crude oil rose by 0.4% to $65.37 per barrel. Brent was up to $67.05 a barrel, a 0.46% increase on the day.
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Stellantis could close its factories as a result of EU fines on carbon emissions
The head of Stellantis' European operations, a Franco-Italian company, said that the automaker may be forced to shut down factories as he fears hefty fines from the European Union for failing to meet CO2 emissions targets. As part of the EU's effort to curb the devastating effects of climate changes, European auto manufacturers must sell more electric cars to reduce CO2 emissions. Otherwise, they risk being penalized. The automaker industry successfully lobbied to extend the deadline for compliance, so that fines are based on emissions in 2025-2027 and not just 2025. Jean-Philippe Imparato, the Europe Chief of Stellantis, said that automakers were not able to reach their targets and his company could be fined up to 2,95 billion euros in "two-three" years. He said, at a conference held in the lower chamber of the parliament in Rome, that if there are no significant changes to the regulatory environment by the end this year, then "we will be forced to take tough decisions." Imparato explained that Stellantis's fleet would have to be re-energy by switching to electric vehicles rather than petrol or diesel. This is not possible, as Stellantis either has to double the sales of electric vehicles (which is impossible) or reduce the production of petrol/diesel vehicles. "I have only two options: either I push hard (on electric vehicles) or I shut down ICEs (internal-combustion engine vehicles). "I close factories," he said at one point, mentioning Atessa's Italian van plant.
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Minister: Peru's economy is expected to grow by up to 3.5% per year in 2025
Economy Minister Raul Perez stated on Tuesday that Peru's economic growth is expected to be between 3.0% to 3.5% by 2025. This is lower than what the government previously predicted and compares to the 3.33% recorded last year. Perez said at a press event that he didn't see "severe risk" for Peru's economic future from the United States tariff policies. The Minister's Estimate is higher than the Central Bank's forecast for 2.9% growth in late June, but lower than earlier estimates by the government that projected a 3.5%-4% expansion. Peru's economy has been one of Latin America’s best performers for decades. But in recent years, growth has slowed due to social unrest that hit the mining sector and political instability. Perez stated that his ministry would meet with executives of the embattled Petroperu to ensure that its cash flow remained "viable." The company, which was seeking alternative sources of funding to avoid relying on more state aid, reported a net loss of $111 million in the first quarter of this year. (Reporting and editing by Natalia Siniawski, Alison Williams and Marco Aquino)
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Bezos' methane satellite lost in space
The group operating the satellite said that an $88 million satellite that was backed by billionaire Jeff Bezos and that detected emissions from the oil and gas industries of the powerful greenhouse gas, methane, has been lost in orbit. Environmental Defense Fund, who led the initiative, stated that MethaneSAT was collecting emission data and images at drilling sites, pipelines and processing facilities in the world since March. However, it went off track around 10 days ago. EDF stated that it does not expect the satellite to be recovered, as it has lost power. Amy Middleton is the senior vice president of EDF. She said: "We see this as a setback and not a failure." "We have made so many progresses and learned so much that we would not have these learnings if we had not taken this risk." Launching MethaneSAT on March 20, 2024 marked a major milestone in EDF's campaign to hold more than 120 nations accountable for their pledges to reduce methane emissions in 2021. The report also sought to enforce a promise made by 50 oil and gas firms at the Dubai COP28 Climate Summit in December 2023, to eliminate methane emissions and gas flaring. Methane has a powerful greenhouse gas. Its warming power is 80 times greater than that of carbon dioxide in a period of 20 years. Scientists believe that capping oil and gas leaks in wells and on equipment is one of the fastest and most effective ways to combat global warming. MethaneSAT is not the only satellite project that publishes data on methane emission sources. However, it's supporters claim it provides more details on these emissions and has partnered with Google in order to create an publicly available global map of emissions. ENGINEERS INVESTIGATING EDF said that it reported the lost satellite on Tuesday to federal agencies, including the National Oceanic and Atmospheric Administration (NOAA), Federal Communications Commission and U.S. Space Force. According to the EDF, the cost of building and launching the satellite was $88 million. The Bezos Earth Fund had granted $100 million to the organization in 2020. Arnold Ventures and the Robertson Foundation, as well as the TED Audacious Project along with EDF donors also provided major financial support. The project also had a partnership with the New Zealand Space Agency. EDF stated that it has insurance to cover any losses and that its engineers are investigating the incident. The organization stated that it would continue to use resources, such as aircraft equipped with methane detection spectrometers to search for methane. The company also stated that it is too early to determine whether or not it will launch another satellite, but MethaneSAT was a proof of concept for a highly sensitive tool "that could see total methane emission, even at very low levels, across wide areas." The United Nations reported in a recent report that despite efforts to increase transparency about emissions, "super-emitters of methane" rarely take action when they are alerted. As the United States, under Donald Trump's second term in office, has ended its program to collect data on greenhouse gases from major polluters as well as rescinded Biden era regulations aimed at curbing Methane, there is less pressure to act. (Reporting and editing by Barbara Lewis, Alison Williams, and Valerie Volcovici)
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Bezos' methane satellite lost in space
The group that operated the satellite said on Tuesday that an $88 million satellite, backed by billionaire Jeff Bezos, that measured the emissions of powerful greenhouse gases methane from the oil and gas industries had been lost in the space. Environmental Defense Fund, who led the initiative, stated that MethaneSAT was collecting emission data and images at drilling sites, pipelines and processing facilities in the world since March. However, it went off track around 10 days ago. EDF stated that it does not expect the satellite to be recovered, as it has lost power. Amy Middleton is the senior vice president of EDF. She said: "We see this as a setback and not a failure." "We have made so many progresses and learned so much that we would not have these learnings if we had not taken this risk." MethaneSAT was launched in March last year as part of a campaign that EDF has been running for years to hold more than 120 countries accountable who in 2021 committed to reduce their methane emission. The report also sought to enforce a promise made by 50 oil and gas firms at the Dubai COP28 Climate Summit in December 2023, to eliminate methane emissions and routine gas flaring. Methane has a powerful greenhouse gas. Its warming power is 80 times greater than that of carbon dioxide in a period of 20 years. Scientists believe that capping oil and gas leaks in wells and on equipment is one of the fastest and most effective ways to combat global warming. MethaneSAT is not the only satellite project that publishes data on methane emission sources. However, it's supporters claim it provides more details on these emissions and has partnered with Google in order to create an publicly available global map of emissions. EDF said that it reported the lost satellite on Tuesday to federal agencies, including the National Oceanic and Atmospheric Administration (NOAA), Securities and Exchange Commission and U.S. Space Force. According to the EDF, the cost of building and launching the satellite was $88 million. The Bezos Earth Fund had granted $100 million to the organization in 2020. Arnold Ventures and the Robertson Foundation, as well as the TED Audacious Project along with EDF donors also provided major financial support. The project also had a partnership with the New Zealand Space Agency. EDF stated that it has insurance to cover any losses and its engineers are investigating the incident. The company said that it will continue to use all of its resources to search for methane leaks, including aircraft equipped with methane detection spectrometers. The United Nations reported in a recent report that despite efforts to increase transparency about emissions, "super-emitters of methane" rarely take action when they are alerted. As the United States, under Donald Trump's second term in office, has ended its program to collect data on greenhouse gases from major polluters as well as rescinded rules established by Biden to curb methane emissions, there is less pressure to act. (Reporting and editing by Barbara Lewis; Valerie Volcovici)
China petroleum imports set for November rebound, however it's cost not need: Russell
China's crude imports are on track to rebound in November to the greatest in 3 months, however the increasing appetite of the world's largest oil importer is more about rate than increasing need.
Petroleum arrivals might reach around 11.4 million barrels per day (bpd) this month, the most since August and the third-highest month so far in 2024, according to vessel-tracking and port data put together by product analysts Kpler and LSEG Oil Research study.
If the final result for November is in line with the projections, it will be the highest regular monthly imports considering that August's. official figure of 11.56 million bpd, and the third-strongest. month up until now this year.
However, presuming the increase in crude imports is because. of a recovery in demand might be positive, offered China's. refinery throughput stays weak and economic signs. continue to reveal the world's second-biggest economy is. struggling for development momentum.
More likely the boost in November imports is down to. price, with refiners taking advantage of the weakening rates at. a time when cargoes arriving this month would have been. set up.
International standard Brent crude futures dropped to. their most affordable level for 33 months in early September, trading as. low as $68.68 a barrel on Sept. 10.
The rate had actually been trending lower given that early July, when it. reached as high as $87.95 a barrel amidst increasing stress in the. Middle East and the choice by the OPEC+ group of exporters to. postpone a scheduled increase in production.
The lag between when cargoes are purchased and physically. provided to China varies from about six weeks to 3 months,. depending on where the oil is sourced from.
This means that crude showing up in November was secured at a. time when oil rates were hitting the lowest levels in practically. three years.
China's refiners have in the previous shown that they will purchase. more unrefined than they require when they consider prices to be low, and. cut down on imports when they view costs as having risen too. high, or acquired too rapidly.
This dynamic has actually been apparent in China's imports of crude. oil so far in 2024, with arrivals decreasing by 420,000 bpd in. the very first 10 months of the year, with much of the weak point. following crude rates rallied highly in the second. quarter.
Since the September low crude prices have recovered. rather, reaching above $80 a barrel in early October before. settling into a range mostly in between $70 and $75, ending at. $ 73.10 on Wednesday.
The consistent prices might recommend that Chinese refiners will be. happy to buy crude volumes enough to fulfill their requirements,. rather than purchase surplus oil to shop for later processing.
However, the election of Donald Trump to a 2nd term as. U.S. president might alter the computations of Chinese buyers,. specifically those who buy Iranian crude.
IRAN CONCERNS
Trump and members of his inbound administration have actually made. it clear that they mean to go back to his hardline policy of. enforcing sanctions against Iran because of Tehran's nuclear. programme and its support of militants groups fighting Israel.
Traders report that this is already leading to some Chinese. refiners, especially independent processors, drawing back from. buying Iranian crude.
While overall crude supply is sufficient to comfortably. deal with any loss of Iranian barrels from the marketplace, it is most likely. to impact regional prices.
If Chinese refiners turn to other Middle Eastern grades,. it's most likely that rates in the region will increase relative to. other crudes.
Already there is some evidence to recommend this is happening,. with the Brent-Dubai exchange for swaps << DUB-EFS-1M >, which. tracks the premium of Brent crude over local Middle East. marker Dubai, decreasing in current weeks.
The premium for Brent over Dubai was $1.44 a barrel on. Wednesday, down from the 2024 high of $2.98 on Aug. 30.
The views revealed here are those of the author, a writer. .
(source: Reuters)