Latest News
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Local health officials say that Israeli strikes in Gaza have killed 146 Palestinians within 24 hours.
Local health officials said that Israel's airforce has killed or injured at least 146 Palestinians over the last 24 hours in new attacks against Gaza. The country appears to be preparing a new offensive on the ground. Since Thursday, Israel has been launching one of its most deadly bombardment phases since the truce broke down in March. The latest strikes occurred as U.S. president Donald Trump concluded his Middle East trip on Friday without any apparent progress toward a new ceasefire. "Since midnight we have had 58 martyrs and a number of victims are still under the rubble. Marwan Al-Sultan, director of the Indonesian Hospital located in northern Gaza said that the situation within the hospital was "catastrophic". Local health authorities reported that 459 people were injured by Israeli attacks in the last 24 hours. Israel's Military said Saturday that it is conducting extensive strikes in Gaza Strip as part of its preparations for expanding operations and achieving "operational controls" in certain areas of the Palestinian Enclave. Gaza's health system barely functions, with Israeli forces repeatedly hitting hospitals during the war that lasted 19 months. Medical supplies are also drying up due to Israel's tightening of its blockade. Israel claims that the escalation includes the building up of armoured troops along the border. It is the first stage of "Operation Gideon's Wagons", which is intended to defeat Hamas and get its hostages returned. A senior Israeli official stated earlier this month that the operation wouldn't be launched until Trump had completed his Middle East visit. The military announced on Saturday that "we are gradually increasing our forces; Hamas continues to defiant". UN experts warn of a looming famine in Gaza, after Israel blocked aid delivery to the strip 76 day ago. UN Aid Chief Tom Fletcher asked the Security Council to act this week to "prevent genocide". Trump acknowledged the growing hunger crisis in Gaza and the need to deliver aid, while international pressure is increasing on Israel to end its blockade and resume ceasefire negotiations. The U.N. says it will not work with a U.S. foundation that isn't neutral, impartial or independent. Benjamin Netanyahu, Prime Minister of Israel, said that Israel planned an intensive offensive against Hamas on May 5, as his security cabinet approved plans which could include seizing the Gaza Strip and controlling all aid. Israel's army ordered Gazans on Friday to move south following heavy attacks in northern Beit Lahia, and the Jabalia Refugee Camp. Residents said that tanks were moving towards Khan Younis, a southern city. Israel has declared its goal in Gaza to eliminate the military and government capabilities of Hamas. Hamas attacked Israeli communities October 7, 2023 and killed around 1,200 people. It also took about 250 hostages. Gaza's health authorities claim that the military campaign has destroyed this tiny enclave. It has forced nearly all of its 2,000,000 inhabitants to leave their homes, and killed more than 53,000. NBC News reported Friday, citing 5 people who have knowledge of the issue, that the Trump Administration is working on a permanent relocation plan for up to one million Palestinians to move from the Gaza Strip into Libya. Palestinians including Hamas and President Mahmoud Abdullah's rival authority reject any forced displacement outside of their homeland. Reporting by Maytaal angel and Nidal Al-Mughrabi, Editing by Susan Fenton
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Security sources report that at least 23 people were killed by militants in an attack on Nigeria
Security sources and local residents reported that at least 23 farmers and fisherman were killed, and other people abducted in Borno State, northeastern Nigeria this week. Nigeria has long been battling an insurgency, which is primarily led by the islamist group Boko Haram, and its offshoot Islamic State West Africa Province. Security sources and local residents confirmed that the latest attack took place in Malam Karanti village on Thursday morning. The Nigerian army's spokesman did not return phone calls or text messages seeking a comment. Sani Auwal, a local resident, told Sani Auwal by phone that militants killed 23 people near his village. Many of these were bean farmers. He said they spared an old man who alerted his community later. Usman Ali, a local resident, said that the community tried to retrieve the bodies of the victims but was chased away by militants. Last month, Borno's Governor acknowledged that Boko Haram has renewed attacks and kidnappings within the state. This reverses previous gains made by security forces. Reporting by Ahmed Kingimi, Editing by Alexander Winning & Peter Graff
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Estonia Grants First Offshore Wind Construction Permit
The Government of Estonia has approved a draft bill granting the country’s first construction permit for an offshore wind farm to Saare Wind Energy, which plans to build a wind farm on the west coast of Saaremaa.The building permit is being applied for an offshore wind farm consisting of up to 100 turbines, located at least 11 km from the west coast of Saaremaa. The maximum capacity of the farm is planned to be up to 1,400 MW and it could start producing electricity in the early 2030s.The building permit is valid for 50 years and gives the developer the right to build an offshore wind farm with the necessary infrastructure and allows the next step to apply for a building permit from the Consumer Protection and Technical Surveillance Authority and an environmental permit for special water use from the Environmental Board.Saare Wind Energy OÜ must apply for a building permit, which is generally valid for five years, and finally for an occupancy permit within two years of the issuance of the building permit. The building permit also includes specific environmental mitigation measures that the developer must comply with."This is the first building permit in the history of Estonian offshore wind farms – it is an important step towards clean energy production," said Jaanus Uiga, Undersecretary of State for Energy and Mineral Resources at the Ministry of Climate.Issuing a building permit does not mean that the project will receive state support - the permit is necessary regardless of possible support measures, the government noted.In addition to the plan of Saare Wind Energy, the state has initiated construction permit procedures for 11 more offshore wind farms, which have been submitted by Utilitas Wind, Five Wind Energy, Tuuletraal, UAB "Ignitis renewables projektai 6", Liivi Offshore, the Environmental Investment Center Foundation (ELWIND), and Tuul Energy.
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US order allows Puerto Rico's power grid to be bolstered with fuel oil plants
Energy Secretary Chris Wright of the United States issued an order Friday allowing Puerto Rico's government-owned utility to fill in chronic electricity shortages on the island using electricity generated by oil-burning plants, without violating environmental laws. Why it Matters Puerto Rico has been plagued by frequent and widespread power outages for years due to the island’s crumbling infrastructure and the bankruptcy of Puerto Rico Electric Power Authority in 2017. This was followed by a series of devastating hurricanes. A month ago the island was blacked out, and this week 134,000 customers were affected by the power failure. CONTEXT In January, the Biden administration announced that millions of dollars had been invested in Puerto Rico to support more than 200 grid-improvement projects, including smart meters, battery systems, emergency generators, and solar energy. These projects were aligned largely with the focus of former president Joe Biden on clean energy, as part his climate change agenda. Donald Trump has promised to reverse climate initiatives from the Biden era and increase domestic fossil fuel production. KEY QUOTES The current energy crisis is threatening Puerto Ricans’ access to essentials. Wright stated that this system was unsustainable and that citizens shouldn't be forced to endure the instability and dangers of an unreliable grid. "This Administration understands the urgent nature of the crisis, and is using existing emergency authorities in order to translate words into actions," said Puerto Rico Governor Jenniffer González Colon. By the Numbers Wright issued two orders pursuant to section 202(c), of the Federal Power Act. This effectively overrides state and federal environmental laws for a short period of time in order to address an urgent shortage of electricity. The Federal Emergency Management Agency has installed more than 12 temporary generators and eight fuel oil power stations. The second order instructs PREPA to remove overgrown vegetation which is contributing to the failures of the island's electrical transmission system. (Reporting and editing by Nicholae Groom)
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Gold prices to suffer big loss this week despite global equity gains
Wall Street gained Friday as European shares rose to a fifth consecutive weekly gain, thanks to positive earnings that sustained the rally ignited by a U.S. China trade truce. Gold prices have suffered their largest weekly decline since November. Oil futures have seen a slight weekly increase, but are still relatively low. This has helped to support stocks and bonds. The MSCI index of global stocks rose by 0.5%. A University of Michigan study showed that U.S. consumers' sentiment continued to deteriorate in May, as inflation expectations for the next year increased. Households remained worried about the impact of President Donald Trump’s aggressive and erratic trading policy. The yields on U.S. Treasuries dropped after data showed that housing starts were lower than expected. The Dow Jones Industrial Average increased 331.99 points or 0.78% to 42,654.74, while the S&P 500 gained 41.45 points or 0.70% to 5,958.38, and the Nasdaq Composite advanced 98.78 or 0.52% to 19,211.10. Investors have largely enjoyed a good week on the global equity markets. They cheered the tariff truce that was reached between the United States of America and China, which greatly reduced the risk of global recession. Nabil Milali is a Multi-Asset & Overlay strategist at Edmond de Rothschild. He also pointed out that news of the European Union's and U.S.'s agreement to intensify their talks on a potential trade agreement and a better-than-expected results season. "We are very fortunate to have had more positive surprises in the stock market." The pan-European STOXX 600 finished 0.4% higher, rounding out a fifth consecutive week of gains. Strong corporate results added to gains made during the pause in the trade war. LSEG data from earlier this week showed that earnings in the region are expected to rise more than originally thought. Import prices in the U.S. unexpectedly increased in April, as an increase in capital goods offset lower energy products. "We are at the beginning of a transition in trade." In April, it was unclear what the impact would be. However, we do know that uncertainty has thrown residential builders into disarray," said Jeffrey Roach Chief Economist at LPL Financial, Charlotte, North Carolina. The data showed that U.S. housing starts for single-family homes fell by 2.1% seasonally adjusted in April, as high mortgage rates and tariffs on imported goods remained obstacles to the housing market. The report pushed yields down. This week, the main MSCI index of Asia-Pacific stocks excluding Japan rose by more than 3%. The oil price has been choppy all week. It rose on the U.S. China deal before dropping 2% on Friday due to increased supply pressure caused by an OPEC+ production increase and the prospect for an Iranian nuclear agreement. Brent futures settled at 1.4%. Market bets on the Federal Reserve's easing this year have increased to 57 basis point from 49 basis points. Kenneth Broux is head of corporate FX and rates research at Societe Generale. This put a halt to the Fed's hawkish repricing. The 10-year Treasury yield dropped 1.2 basis points, or 0.44%, to extend Thursday's decline. Walmart, the largest retailer in the world, has announced that it will have to raise prices this month because of the high tariff costs. Milali, Edmond de Rothschild’s Milali, said that the relief was only temporary as the tariff shock remains "very significant." The dollar edged up against a basket currency. U.S. Gold Futures and Spot Gold both fell 1.2%.
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Southern California Edison presents a three-year plan for wildfire mitigation
Southern California Edison, a division of Edison International, announced on Friday that it had submitted to California's Office of Energy Infrastructure Safety a Wildfire Mitigation Plan for a period of three years. SCE stated that the plan is a continuation of efforts to address both immediate and long-term risks from wildfires in response to changing customer needs and extreme weather conditions. The company anticipates investing $6.2 billion in three years, from 2026-2028. This includes the installation of at least 440 additional circuit miles covered conductor as well as nearly 260 circuit mile of underground distribution lines. Brian Fennessy, fire chief at the Orange County Fire Authority said: "With drought conditions in the state we are preparing ourselves for another busy year." Southern California Edison is facing several lawsuits alleging its electrical equipment caused one of the largest wildfires to occur in the Los Angeles region - the Eaton Fire. The utility submitted an initial rebuilding plan in April for the areas of its service area that were destroyed by the Los Angeles fires. It estimated the cost at between $860 and $925. Wildfires ravaged Los Angeles beginning on 7 January, causing dozens of fatalities and the destruction of thousands of homes. The cost of the disaster is estimated to have been the highest in U.S. History. SCE stated that the WMP contains safety tools and methods such as AI and Machine Learning detection, early fault identification and alternative undergrounding techniques. (Reporting and editing by Arun Koyyur in Bengalur; reporting by Pooja menon from Bengalur)
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Libyan protesters call for the resignation of three ministers as they demand that the Prime Minister resign
On Friday, hundreds of Libyan demonstrators called for the removal of Abdulhamid Dbeibah as the internationally recognized prime minister. At least three ministers also resigned to show their support. Demonstrators gathered on Martyrs' Square, Tripoli. They chanted slogans like "The nation wants the topple of the government" or "We want elections." The protesters then marched on to the main building of the government in the center of the city. One protester declared, "We will not leave until he leaves." The marchers carried photos of Dbeibah, National Security Advisor Ibrahim Dbeibah and interior minister Emad Tarbulsi in which their faces were crossed out with red Dbeibah is the leader of the unified government of the formerly divided country. He came to power in 2021 through a UN-backed procedure. Due to disagreements between rival factions in 2021, planned elections did not proceed. Dbeibah has since remained at the helm. Wael Abdulhafed, a businessman, said on Friday: "We (are) here today to express (our) anger against Dbeibah, and all those who have been in power for years and (who) prevented elections. They must leave the power." After the fiercest fighting in recent years, two rival armed factions clashed this week in the capital. According to the United Nations, eight civilians died. Violence erupted after Prime Minister Dbeibah ordered Tuesday the dismantling of armed groups. Demonstrators accused Dbeibah, the prime minister of Bahrain, of failing to restore peace and complicity in the growth of armed group power. On Friday, the Economy and Trade Minister Mohamed al-Hawij resigned. The Local Government Minister Badr Eddin al-Tumi as well as the Minister of Housing Abu Bakr al-Ghawi also resigned. The clashes ceased on Wednesday, after the government declared a ceasefire. Abdulghani Kikli of the militia, also known as Ghaniwa died. Since the NATO-backed 2011 uprising that ousted Muammar Gadhafi, Libya has been a volatile place. In 2014, the country was split between eastern and western rival factions. However, major wars were halted by a ceasefire in 2020. Despite the fact that Khalifa Hastar's Libyan National Army has dominated eastern Libya for over a decade, Tripoli and west Libya are now controlled by a number of armed groups. In southern and eastern Libya the main oil facilities are located, far away from the fighting in Tripoli. The engineers at several oil export terminals and fields said that production was not affected by the fighting. Reporting by Ahmed Elumami, Hani Amara and Tarek Amara. Editing by Chris Reese, Cynthia Osterman and Cynthia Osterman.
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Gold prices to suffer big loss this week despite global equity gains
Wall Street gained Friday as European shares rose to a fifth consecutive weekly gain, thanks to positive earnings that sustained the rally ignited by a U.S. China trade truce. Gold prices have suffered their largest weekly decline since November. Oil futures have seen a slight weekly increase, but are still relatively low. This has helped to support stocks and bonds. The MSCI index of global stocks rose by 0.39%. A University of Michigan study showed that U.S. consumers' sentiment continued to deteriorate in May, as inflation expectations for the next year increased. Households remained worried about the impact of President Donald Trump’s aggressive and often erratic trading policy. The yields on U.S. Treasuries dropped after data showed that housing starts were lower than expected. The Dow Jones Industrial Average rose by 304.91 or 0.72% to 42,627.66. The S&P 500 gained 34.06 or 0.58% to 5,950.99. And the Nasdaq Composite increased by 79.87 or 0.41% to 19,189.87. Investors have largely enjoyed a good week on the global equity markets. They cheered the tariff truce that was reached between the United States of America and China, which greatly reduced the risk of global recession. Nabil Milali is a Multi-Asset & Overlay strategist at Edmond de Rothschild. He also pointed out that news of the European Union's and U.S.'s agreement to intensify their talks on a potential trade agreement and a better-than-expected results season. "The fact we are getting more positive surprises for European stocks is very good." The pan-European STOXX 600 finished 0.4% higher, rounding out a fifth consecutive week of gains. Strong corporate results added to gains made during the trade war pause. LSEG data from earlier this week showed that earnings in the region are expected to rise more than originally thought. Import prices in the U.S. unexpectedly increased in April, as an increase in capital goods offset lower energy products. "We are at the beginning of a transition in trade." In April, it was unclear what the impact would be. However, we do know that uncertainty has pushed residential builders out of balance. The data showed that U.S. housing starts for single-family homes fell by 2.1% seasonally adjusted in April, as high mortgage rates and tariffs on imported goods remained obstacles to the housing market. The report helped to push yields down. This week, the main MSCI index of Asia-Pacific stocks excluding Japan rose by more than 3%. The oil price has been choppy all week. It rose on the U.S. China deal before dropping 2% on Friday due to increased supply pressure caused by an OPEC+ production increase and the prospect for an Iranian nuclear agreement. Brent futures settled at 1.4%. Market bets on the Federal Reserve's easing this year have increased to 57 basis point from 49 basis points. Kenneth Broux is head of corporate FX and rates research at Societe Generale. This put a halt to the Fed's hawkish outlook and poured cold-water on the global bond selling. The 10-year Treasury benchmark yield dropped 1.6 basis points, or 0.439 percent, to 4,439%. This is a continuation of the drop on Thursday. The yields on government bonds in the Eurozone were also lower. Walmart, the largest retailer in the world, has announced that it will have to raise prices this month because of the high tariff costs. Milali, Edmond de Rothschild’s Milali, said that the relief was only temporary as the tariff shock remains "very significant". The dollar grew against a basket currency. Spot gold dropped 1.6% to $3188.25 per ounce, and U.S. Gold Futures ended down 1.2%.
Israeli strikes kill 58 Palestinians in overnight attacks
Local health authorities reported on Saturday that Israel's airforce had killed at least 60 Palestinians overnight in new attacks against Gaza. The country appears to be preparing a new offensive on the ground.
According to local health officials, Israeli airstrikes have killed more than 300 Gazans since Thursday. This is the deadliest phase of bombardment since March, when a ceasefire collapsed. The latest strikes were launched after U.S. president Donald Trump concluded his Middle East trip on Friday without any apparent progress in a new ceasefire.
"We have had 58 martyrs since midnight. A large number of victims are still under the rubble." Marwan Al-Sultan, director of the Indonesian Hospital located in northern Gaza said that the situation within the hospital was "catastrophic".
Israel's Military said Saturday that it was conducting extensive strikes in preparation for expanding operations in Gaza Strip, and achieving "operational controls" in certain areas of the Palestinian Enclave.
Israel claims that the initial stages "Operation Gideon's Wagons" are aimed at defeating Hamas, and regaining its hostages.
A senior Israeli official stated earlier this month the operation wouldn't be launched until Trump had completed his Middle East visit.
UN experts warn of a looming famine in Gaza, after Israel blocked aid delivery to the strip 76 day ago. UN Aid Chief Tom Fletcher asked the Security Council to act this week to "prevent genocide".
Trump acknowledged the growing hunger crisis in Gaza and the need to deliver aid, while international pressure is increasing on Israel to end its blockade and resume ceasefire negotiations.
Benjamin Netanyahu, Prime Minister of Israel, said that Israel planned an intensive offensive against Hamas on May 5, as his security cabinet approved the plans. These could include seizing Gaza and controlling all aid.
Israel has declared its goal in Gaza to eliminate the military and government capabilities of Hamas. Hamas attacked Israeli communities October 7, 2023 and killed around 1,200 people. It also took about 250 hostages.
Gaza's health authorities claim that the military campaign has destroyed this tiny, crowded enclave. It has forced nearly all residents from their homes, and killed more than 53,000.
(source: Reuters)