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Turkey declares it will intervene if there is any attempt to divide Syria
Hakan Fidan, the Turkish Foreign Minister, said that Turkey would intervene directly to prevent any attempt by militants to gain autonomy following clashes in Southern Syria. In comments made to Ankara reporters, his warning against fragmentation appeared to be aimed at Israel, as Turkey believes that this is Israel's ultimate goal in Syria. The Turkish government has condemned the Israeli attacks on Damascus, which took place last week. It believes that Israel is trying to undermine Syria's efforts at peace and security. NATO member Turkey has expressed support for the new Syrian government and called for a truce between Bedouins and Druzes. Fidan stated that Israel wants a divided Syria in order to weaken, make it unstable and a liability for the region. He also added that YPG Kurdish militants are looking to exploit the chaos. He said, "God willing we will stop this policy being implemented." He said that groups in Syria, referring to the YPG by name, should not view such chaos as a tactic to achieve autonomy or independent within Syria. They faced "a huge strategic catastrophe". He said, "This is a dead end." Ankara views the YPG as a terrorist organization, leading the U.S. supported Syrian Democratic Forces. It has conducted several cross-border attacks against the YPG. Fidan warned: "No group should act in a way that leads to division." He said that many issues can be discussed through diplomacy, but "if you go beyond that and seek fragmentation and instability we will consider this as a direct threat and intervene." Fidan said that Turkey would support efforts and discussions to ensure peace and stability in Syria but would not expose itself to threats. Israel has not yet commented on Fidan Fidan's remarks. Israel said that it had struck targets in Syria to defend Druze last week.
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Trump withdraws US from UN cultural agency UNESCO
On Tuesday, President Donald Trump withdrew the United States from the U.N. agency for culture and education UNESCO, a decision he made during his first term but which was reversed by Joe Biden. The Paris-based agency was established after World War II to promote peace by international cooperation in education and science. White House spokesperson Anna Kelly stated that President Trump had decided to withdraw the United States of America from UNESCO, which supported woke and divisive cultural causes. These are out of step with the commonsense policy that Americans voted in November. The State Department claimed that remaining in UNESCO is not in the national interests, and accused it of having a "globalist, ideological agenda for development abroad at odds with America First's foreign policy". Audrey Azoulay, UNESCO's chief, said that she regretted Trump’s decision but it was "expected" and UNESCO had prepared for it. On X, President Emanuel Macron posted: "Unwavering Support for UNESCO as Universal Protector of Science, Ocean, Education, Culture, and World Heritage." The withdrawal of the United States won't weaken our commitment towards those who are fighting in this battle. She said that the agency has diversified its funding sources, and receives only 8% of its total budget from Washington. UNESCO is one of the international organizations Trump withdrew during his first term. Others include the World Health Organization and the Paris Agreement on climate change, as well as the U.N. Human Rights Council. In his second term, Trump has mostly reinstated these steps. Officials at UNESCO said that the U.S. withdrawal from the United Nations would only have a limited impact on the programs the United States funded. TENSIONS? Israel has welcomed the U.S. decision not to join UNESCO. The U.S. State Department stated that the decision of UNESCO to admit Palestine to its membership was one of the main reasons for the withdrawal. This was "contrary" to U.S. policies and contributed to anti-Israel rhetoric in the organization. Officials from UNESCO said that all statements relevant to the agency had been agreed upon with both Israel as well as the Palestinians in the last eight years. Azoulay stated that "the reasons given by the United States for withdrawing from the Organization were the same seven years ago, despite the fact that the situation had changed profoundly. Political tensions have subsided, and UNESCO is today a rare platform where there can be consensus on concrete, action-oriented multilateralism." These claims contradict the actual efforts of UNESCO, especially in the area of Holocaust education and antisemitism. At UNESCO, diplomats felt that the U.S. withdrawal was inevitable due to political reasons. Biden brought the U.S. home and had pledged to pay back arrears since the first time Trump withdrew. UNESCO, whose official name is United Nations Educational, Scientific and Cultural Organization, has been best known for its designation of World Heritage Sites, such as the Grand Canyon, in the United States, and the ancient city Palmyra, in Syria. The United States joined UNESCO in 1945, but left in 1984 over alleged financial mismanagement. In 2003, President Bush returned to the organization, saying it had made necessary reforms. (Written by Ingrid Melander, with additional reporting by Jarrett Renshaw in Washington, Humeyra Pauk in Bengaluru and Susan Heavey and Charlotte Van Campenhout and Dominique Vidalon in Paris. Edited by Hugh Lawson, Peter Graff and Hugh Lawson)
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Germany provides Vulcan Energy with 104 million Euros to produce clean Lithium
Vulcan, a start-up, has received 104 millions euros ($122million) from the German government to produce clean Lithium, the company announced on Tuesday. Berlin is aiming to increase electric vehicle production and reduce its reliance on imported raw materials. Vulcan said that the grants issued by both the Federal Government and the states of Rhineland-Palatinate, and Hesse will be used to support a project "designed for building Germany and Europe's crucial raw materials supply chains resilience". According to the German Raw Materials Agency, Germany's demand for lithium could reach 170,000 tons per year by 2030. The country's automotive industry relies on imports to meet its battery production requirements. A study conducted by Fraunhofer IEG and the Federal Institute for Geosciences and Natural Resources in March showed that Germany has enough lithium reserves to meet its domestic demand for several decades. Vulcan announced last year that its first large industrial plant with an annual production of 24,000 tons of lithium hydroxide - enough to power 500,000 electric cars - would be in operation by the end 2026. Vulcan invests 690 million euro in the project. It will build a facility in Landau, Rhineland-Palatinate, extracting lithium chloride which will be converted into lithium hydroxide, a key component for lithium batteries production, in a facility near Frankfurt. The company stated that the funding will be distributed from October 1, over a period of 36 months. The economy ministry stated that the Rhineland-Palatinate state and Hesse will each co-finance around 30% of the state support. In a recent statement, Economy Ministry State Sec. Stefan Rouenhoff stated that "in times of increasing geopolitical threats it is necessary to increase efforts...to open up alternative raw materials sources for our domestic economies".
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Heatwave grips Greece and Balkans. Tourists, workers seek relief.
On Tuesday, tourists and workers sought shade as Greece suffered its third heatwave this summer. High temperatures also gripped the Balkans region and caused wildfires to spread in Albania. Greece, located at the southernmost point of Europe, is known for its hot, dry summers. Climate change has caused heatwaves to be longer and more intense, and also led to destructive floods and fires. Matthew Enos (18-year-old New Orleans visitor) said that he was not prepared for the heatwave in Athens when he first arrived. "It has been tough so far." "Not the best feeling ever," said he. "I've been adapting to the heat by drinking lots of water." The labour ministry announced that couriers, food delivery drivers and builders from Athens, and surrounding regions, were ordered to stop work between midday and 5 pm, because the mercury could reach as high as 42 degrees Celsius. To avoid heat stress, workers with health problems were encouraged to work remotely. ACROPOLIS SHUT In Athens, one of Europe's most densely-populated capitals and situated on a plain flanked with mountains, tourists sought out restaurants and shops that were air-conditioned. A 39-year old American named Craig hired a taxi to tour the city as it was too hot for him to walk. He said that the break between sites was very helpful. "It was extremely hot but it was nice to have a break in-between." The Acropolis in Greece, the most popular ancient site and situated on a hill with little shade, will be closed from noon on Tuesday and on Wednesday for five hours. This is a standard measure when temperatures are high. Greek Meteorological Service said that the heatwave would continue until Sunday. The heatwave also swept Bulgaria, a neighboring country on Tuesday. Authorities urged businesses to provide free water and reduce physical work during high-risk times. The Fierza Lake, which was a hydroelectric source in the border area between Kosovo and Albania due to increased production of electricity and weeks without rain, has been nearly emptied. In what was once the bottom of the Lake, cows were eating grass. FIRE In Kosovo, Milazim Duraku (62), a farmer from Prizren chided his younger workers when he was picking yellow peppers to sell at the market in the morning. "Those young people, they can't handle the heat." He said that they only work a few moments in the evenings or mornings. Four aircraft from Italy, Greece and Albania helped firefighters in Albania battle two wildfires near the village of Dukat and a national reserve located in the north. Last month, large areas of Western Europe were ravaged by a severe heatwave which caused many deaths and triggered forest blazes and health warnings throughout the region. Terna, the national grid operator in Italy, said Tuesday that electricity consumption was up 7.4% on a year-over-year in June, a result of last month's heatwave, which was responsible for blackouts in Florence and Milan. Globally, 2024 marked the warmest ever year, with temperatures rising 1.5 degrees Celsius above pre-industrial levels for the first. A study published last week revealed that temperatures around Athens have risen by up to 10 degrees Celsius in some areas since July 2024, after fires destroyed the vegetation. Reporting by Stamos PROUSALIS, Angeliki KOUTANTOU and Fatos BYTYCI; Additional reporting by Alvise ARMELLIN; Writing by Angeliki KOUTANTOU; Editing Aidan Lewis
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Argentina's steelmaker Sidersa seeks $286.3 mln investment via incentive scheme
According to a document published in the Official Gazette of Argentina on Tuesday, Argentine steelmaker Sidersa was approved to participate in a government incentive program for funding a $286.3 million steel plant aimed at boosting production. Why it's important The project is in line with Argentina's efforts at promoting industrial growth and economic stabilization through the Large Investment Incentive Regime. KEY QUOTE According to the company, the Sidersa Argentine Steel Project aims "to increase the production capacity of steel long, meet unsatisfied local demand, diversify their product offerings, and boost its productivity by implementing cutting-edge technology that is focused on sustainability." By the Numbers Sidersa plans to invest $142,87 million in the first and $127.33 millions in the second years under the RIGI framework. The new plant is expected to have a capacity installed of 360,000 tons a year. Production projections are 290,000 tonnes per year starting in its fourth year. CONTEXT The libertarian government of Argentine president Javier Milei is trying to boost the promising mine sector in order to increase income and maintain macroeconomic stability. The RIGI framework aims to provide tax, customs and exchange rate advantages, as well access to international arbitrage in the event of disputes. What's Next? The approval of Sidersa by Argentina's Economy Ministry could pave way for the construction of a modern steel mill that would diversify local offerings, and reduce Argentina's dependence on imports. Report by Walter Bianchi, Writing by Aida Pelaez Fernandez, Editing by Chizu Niyama
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The top court of Italy says the climate case against Eni may continue
The top appeals court of Italy has ruled that a climate change case brought against Italian energy company Eni may continue. This was in response to a jurisdictional case raised by Greenpeace Italia, and ReCommon. The two organisations' judgement published on Tuesday affirms that Italian courts are competent to hear climate litigation, including cases involving emissions of Eni's subsidiaries abroad. In a joint press release, Greenpeace Italia said: "This historic decision confirms that climate Justice is possible in Italy." The organizations originally filed the suit in May 2023. They claimed that Eni’s decades-long fossil energy operations had contributed significantly to climate changes, causing current and future damages. The plaintiffs asked the court to determine Eni's liability for past and future environmental damage and to force Eni and its major investors to reconsider their climate strategy. The state lender CDP, which holds stakes in strategic groups for the government, and the Ministry of Finance were co-defendants because they jointly own 31.8% of Eni. Greenpeace Italia & ReCommon contacted the Rome Court of Appeal in June 2011 to clarify the jurisdiction over climate litigation. The case will be returned to Rome's civil court after this ruling. Eni stated that it was satisfied with this decision. The energy group stated that "the proceedings can now resume before the Rome court, where Greenpeace's and ReCommon's unfounded theories regarding Eni's alleged liability for damages related to climate change will be demolished." (Reporting and editing by Alvise Armellini and David Holmes; Reporting by Francesca Landini)
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Nigeria partners with S&P Global to develop West African Petroleum Price Index
Nigeria's downstream regulator announced on Tuesday that it has partnered with S&P Global Commodity Insights in order to create a regional benchmark price for refined petroleum products across West Africa. The initiative was launched in Nigeria's capital Abuja at the West African Refined Fuel Conference. It aims to create locally-specific indices for petrol, diesel and aviation fuel. West Africa is an important oil and gas producing region, as well as a refining center that's growing. Farouk Ahmad, the head of Nigeria's Midstream and Downstream Petroleum Regulatory Authority, explained that it depends on posted prices from global benchmark markets. Ahmed stated that "although these benchmarks may be globally accepted, they often do not reflect the unique characteristics of supply chains, market dynamics, and economic realities on the African continent." He added that the partnership would improve price transparency and support investment decisions, as well as enhance energy security in the region. OPEC's Nigeria, Africa’s largest crude oil producer, has implemented reforms in its downstream sector to position itself as a regional trade hub. Last year, the Dangote refinery, which has a refining capacity up to 650,000 barrels a day, began operations in Lagos. Since then, it has increased production and sought new markets. Nigeria produces about 31% of all refined fuels traded in West Africa. This share is expected to increase as more refineries come on line. (Reporting and editing by Joe Bavier; Isaac Anyaogu)
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Kazakhstan's long-term fuel production strategy targets China and India
The energy ministry announced on Tuesday that Kazakhstan, which is one of the fastest-growing oil producing countries in the world plans to increase its fuel exports into China, India, and Central Asia. It hopes to capitalize on the growing demand for fuel in these regions. The government has approved a long-term strategy for the development of the oil refining sector between 2025 and 2040. Currently, the country has export restrictions for gasoline and diesel. After modernisation, the country now has three large oil production plants in Pavlodar, Shymkent, and Atyrau, with a combined annual output of 17 million metric tonnes (350,000 barrels a day). The Ministry said that it expects domestic fuel demand will grow by up to 2 percent per year due to urbanisation and industry development. It stated that it aimed to increase fuel exports by targeting China, India, and Central Asia countries with the aim of increasing the export share in the total production to 30% by the year 2040. The strategy could be funded by foreign investment, given Kazakhstan's 30 billion barrels of crude oil reserves. (Reporting and editing by Louise Heavens, with Vladimir Soldatkin)
Statkraft, a Norwegian utility, reports a quarterly loss of $640 million after impairments
Statkraft, Norway's largest utility and state-owned company, announced a larger quarterly net loss Tuesday as lower expectations of Nordic power prices, along with ongoing restructuring, led it to write off the value of several assets.
The net loss in the period April-June widened from 992 millions crowns to 6.5 billion Norwegian Crowns ($638.56 Million) from the second quarter 2024.
Statkraft, who has slowed down its growth plans this year due to rising costs, announced on Tuesday that it would prioritise investment in short-term profitable opportunities.
Birgitte Vartdal, CEO of Statkraft, said that "given the current market conditions and geopolitical reality, as well as Statkraft's high level of activity and recent investment, we are adapting our strategic ambitions."
Fitch, the ratings agency, cut Statkraft's rating this month by one notch from BBB+ to BBB+. The reason given was a weakening of performance and financial metrics.
In the second quarter of 2010, the company recorded impairments totaling 6.3 billion crowns, with 2.5 billion crowns relating to Swedish wind power assets. The remaining 0.5 billion crowns was attributed to Norwegian wind farms.
Statkraft reported that other impairments were related to investments in battery energy storage systems in Britain, joint-venture hydropower plants located in Chile, and the group's Corporate Development Portfolio.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) has fallen to 4.5 billion crowns from 6.5 billion crowns a year earlier as lower electricity prices have outweighed increased production.
Statkraft reported that Nordic power prices were 26.5 euros/MWh on average in the third quarter. This is down from 35.3 euros/MWh one year earlier. $1 = 10.1791 Norwegian Crowns (Reporting and editing by Louise Rasmussen and Kirby Donovan).
(source: Reuters)