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Cepeda, a Colombian leftist, says he will accept the election results but does not rule out protests
Ivan Cepeda, the leftist candidate for president in Colombia, said that he will accept the results of this month's runoff vote - even if it does not favor him. He also called on his supporters to 'protest peacefully' if their rights were not respected. Cepeda is a 63 year old senator who has been an ally to President Gustavo Petro for many years. He will be facing right-wing lawyer Abelardo De La Espriella on June 21, in what should be a difficult runoff. Cepeda, a 63-year-old senator and ally of President Gustavo Petro, will face right-wing lawyer Abelardo De La Espriella in what is expected to be a challenging June 21 runoff. Cepeda has pledged to deepen Petro’s social and economy reforms and pursue talks with armed group, while De La Espriella campaigned for a security crackdown as well as more business friendly policies. De La Espriella defeated Cepeda in the first round by 670,000 votes. Although he didn't get the necessary majority to avoid a second-round, he will likely draw support from other right-wing candidates who are now out of contention. "I am a democrat. Cepeda stated in an interview Tuesday night that he was a democrat, but that did not excuse him from his responsibility to ensure that the results were transparent. Cepeda acknowledged the results of the first round a week after the election, initially citing an error in the electoral list and unusual voting at certain polling stations. De La Espriella claimed this week, without providing any evidence, that he knew of a alleged plan to start violent protests by the left if he won. Cepeda stated that he would only 'call for protests' if the rights of people were violated. Cepeda, who rejects violence, said: "I call upon the people to defend themselves through constitutional and legal methods." Cepeda said that while the exercise is important for institutions to function, it is equally important that citizens are engaged. If Cepeda is elected, he will seek to implement deeper reforms in healthcare, education, and pensions. He also plans to distribute land to farmers to help make Colombia a global agricultural power. He said that he would rather reach an agreement with business leaders in order to reduce tax fraud and provide resources to his government than pursue tax reforms through congress. He said that a fiscal agreement, or tax pact would be better than a reform which could not be popular with all sectors of the economy. Cepeda stated that it would be hard to revive oil exploration under his possible government because Petro's prohibition on new exploration has shifted focus in the economy and the environmental policy must recognize an "intense" crisis. He said that he was open to the possibility of gas exploration and mining. Cepeda stated that the relationship with the United States - Colombia's largest trading partner - whose government had repeatedly clashed with Petro - will be "managed with sovereignty and respect" to "build innovative bilateral?solutions". Cepeda stated that he would seek to promote peace talks with illegal armed groups, in order to bring an end to six decades of conflict, and he would also work to pass legislation to allow criminal groups to receive legal benefits when they disarm. Petro's attempts to demobilize over 20,000 combatants has shown little tangible results, and armed group membership has increased by thousands during his tenure. Reporting by Luis Jaime Acosta, Nelson Bocanegra and Julia Symmes Cobb. Editing by Sanjeev MIglani and Julia Symmes Cobb.
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Abu Dhabi's wealth fund L'IMAD acquires stake in utility TAQA
Abu Dhabi's newest sovereign fund, L'IMAD 'Holding', led by the emirate’s 'crown prince', has increased its share in state-owned 'power and water utility TAQA' by a further '8.09%', TAQA announced on Wednesday. Abu Dhabi Power Corporation (a subsidiary of the fund) has completed the purchase of 9.1 billion TAQA share, bringing the total of its shares in the company to 98.12%. TAQA announced this in a bourse statement. In a separate filing, Two Point 'Zero Group stated that it sold TAQA's entire stake to AD Power in order to continue its "ongoing strategic aims and portfolio optimization." The company did not disclose financial details. According to calculations based upon TAQA's close share price of the same day, the?stake purchased by AD Power would be valued at around 21,56 billion dirhams (5.87 billion dollars). Abu Dhabi is the home of sovereign funds that collectively manage assets worth more than $1.8 trillion. L'IMAD gained a global reputation last year when it was one of the Gulf's backers in Paramount Skydance Corp's bid to buy Warner Bros Discovery. After acquiring control of ADQ, it has become a?major investment player with assets estimated at $300 billion. The?Crown Princess Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan of Abu Dhabi chairs the board.
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UK consults on steel tariff plan following warnings from users
The government is seeking input from the industry regarding a new steel tariff regime. This comes after the users of metals warned that the scheme would be very costly for their businesses. As other countries in the European Union and Britain, they are concerned about the "dumping" high subsidised steel from countries like China. In March, Britain proposed a reduction in its tariff-free allowance for imported steel, and a doubling of the tariff on imports that exceeded this allowance. This new trade measure, which is due to take effect on July 1, was warmly welcomed by British steel producers. The British Chambers of Commerce warned that "real financial and logistical problems" would be faced by steel-consuming industries, including construction, engineering, and manufacturing. A spokesperson for Business and Trade stated that the trade measure aims to "strike the right balance between domestic production and maintaining a reliable supply". The spokesperson said: "We have always stated that we would review the measures after a year to make sure they remain effective. We are doing exactly what we promised." Sky News reported on possible changes to the plans. It said that a greater number steel products could be "exempted" from the restrictions. UK Steel, an industry group, said that it would support specific amendments and didn't believe accepting them would be a reversal. It also added that it itself had proposed changes to assist other sectors in obtaining the steel they needed. The group has worked with manufacturers to identify areas that need to be amended to "ensure the measure offers the protection steelmakers require while causing as little disruption to the wider manufacturing sector", according to Gareth Stace. The UK and the EU are currently in discussions over their respective steel measures. UK Trade Minister Chris Bryant had previously indicated that both sides would be able come to an agreement on mutually beneficial exceptions. Reporting by Alistair Smout and Muvija M, writing by Alistair Smout and editing by William James & Jan Harvey
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Report: Indonesian floods killed at least 7% orangutans, a rare species.
A 'new report' released on Wednesday shows that deadly floods and landslides in Indonesia last year wiped out at least 7% of Tapanuli orangutans, which are critically endangered. Floods and landslides caused by a cyclone in Sumatra last year killed at least 1,200 and destroyed around 300,000. Environmental groups blamed the deforestation on Sumatra for the severity of the damage. The report cited a'survey of the western block in the forest which is home to the majority of the 800 primates. The report was a joint study of Borneo Futures in Brunei, World Weather Attribution, and Liverpool John Moores University. It did not cover the rest of the forest. This means that the death toll may have been even higher. Satellite images of damage to Batang Toru's West Block and historical records about the orangutan populations there were used to derive the findings. The study found that climate change caused by humans has increased extreme rainfall in the Malacca Strait area, which puts the habitat of the Tapanuli Orangutan at greater risk. Erik Meijaard, the lead author, from Borneo Futures said that the heavy rains soaked up the soil to the point where large areas of hillsides in the primary forest collapsed into fast-moving landslides. He said: "If you are caught as an orangutan... If anything falls at high speeds, your chances of survival will be minimal. This is a very real concern." This level of?loss is?substantial' for a species that has such a low total population. Meijaard said that when combined with other pressures, such as habitat destruction and conflict between humans and wildlife, it makes it even more urgent to implement and properly resource a coordinated species action plan. Panut Hadisiswoyo is another researcher who urged the Indonesian Government to work with researchers and NGOs to prevent the further decline in orangutan populations. "We can minimise poaching and hunting, then we'll probably be able to stabilise the population," he said. He added that all parties should pay attention to poor land use, which contributes to the decline in the population. (Reporting and editing by Gibran Pshimam, David Stanway and Ananda Teresia)
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Lebanese reports say that 13 people were killed by Israeli airstrikes in the south of Lebanon
Lebanese sources of security said that Israeli airstrikes killed at least 13 people in southern Lebanon on Wednesday. Israel continued its campaign against Hezbollah, and the Iran-backed group claimed to have launched 'fresh attacks' against Israeli forces. National News Agency, the official state news agency, reported that nine people were killed in Dayr Debba village, located 8 km (5miles) east of Tyre. After an Israeli airstrike, footage showed cars on fire in the southern city of Sidon. Lebanon is still a major frontline of the Middle -East conflict more than 'three months after the U.S. and Israeli attack on Iran sparked the conflict. The Lebanon war sparked escalation in the ?wider conflict earlier this week, when Israel struck Beirut's ?Hezbollah-controlled southern suburbs, prompting Iran ?to retaliate with a missile attack on Israel, which in turn struck Iran, before Israel and Iran halted attacks. According to the Lebanon's Health Ministry, Israeli attacks have killed almost 3,700 people in Lebanon since March 2. 730 were women, children, or doctors. Authorities also claim that 1.2 million people in Lebanon have been forced from their homes. Hezbollah entered the war on 2 March, claiming it was in retaliation for the killing of Iran's supreme leader at the beginning of the conflict. According to a list of Israeli military announcements compiled since then, 28 Israeli soldiers have died in combat in Lebanon. Meanwhile, four civilians were killed by Hezbollah in attacks. The Lebanese army reported that a Lebanese man died on Wednesday, March 18, from injuries caused by an Israeli airstrike. Reporting by Alexander Cornwell, Jerusalem; Writing by Tom Perry and Editing by Alexandra Hudson
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The gold output of Ivory Coast is expected to increase in 2026, as the mines expand
Director?general of mines for Ivory Coast, the West African country, said that gold production is expected to increase from 59.33 tonnes in 2025 to 62 metric tonnes in '2026 as existing?mines expand their operations. Seydoucoulibaly predicted that production would increase to 63 tonnes in 2027, and to around 69 tonnes in 2028. There are currently 14 gold mines operating in the world's leading cocoa producer. He said that the number of gold mines in operation will increase to 15 within two years, with the Kone mine coming online, and 17 in three, when the Doropo mine and the?Tanda Mine come online. Ghana is the largest gold producer in Africa, with a?output? of 187 tons last year. This data was provided by the World Gold Council. Ivory Coast authorities are trying to reduce the gap in their efforts to diversify their economy. Coulibaly stated that "in recent years, Ivory Coast became increasingly attractive for gold exploration. The growing interest of domestic and international investors?is a testament to this attraction." He stated that the government had granted 151 permits out of the 189 applications in 2023, 160 of the 203 in 2020, and 171 of the 225 in 2025. This reflects the growing interest of investors in this sector. Coulibaly stated that the Ministry of Mines and Petroleum, Energy and Planning plans to use SIREXE (an international exhibition on extractive resources and renewable energy) in Abidjan, from November 18-22, to "showcase" new mining projects, and to attract foreign investors. Mining companies operating in Ivory Coast are Roxgold, Perseus Mining and Resolute Mining from Australia and Endeavour Mining of the UK. Reporting by Loucoumane Colibaly, Editing by Clement Bonnerot & Joe Bavier
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Ukraine Police chief: Russia recruits young girls to kill Ukrainian servicemen
Ukraine's police chief accused Russia of recruiting teenage Ukrainian girls to kill Ukrainian soldiers, after the arrest of 17-year old girl suspected of killing a serviceman under the orders of a Russian agent. Ivan Vyhivskyi, the national police chief, said in an interview with Ukrainian media outlet Cenzor.NET published on Wednesday that there had been six cases this year of contract killings organized via Telegram messaging application, of which one was prevented. He said: "We're talking about planned killings, organised by special services of the aggressor country and committed by Ukrainians." The FSB, Russia's security service, was not immediately able to comment. Russian security services have accused Kyiv for recruiting Russians to bombings in Russia. Ukrainian military intelligence has also claimed responsibility for the assassination of several senior Russian officers following Moscow's invasion in 2022. Vyhivskyi claimed that Russian recruiters find young women through messaging platforms. They promise them easy money, and coordinate their actions remotely. Vyhivskyi stated that the young women were told to look for Ukrainian military personnel in dating websites and they received money from their handlers so that they could rent apartments. He said they were told where to get methadone for laceing drinks. Methadone is a'synthetic opiate used as a painkiller, which can be deadly in high doses. Ukraine's security services has said that more than 1,100 Ukrainians were accused of arson, terrorism, or sabotage as a betrayal?of their own country during the war. Last week, police detained a woman aged 17 in Zhytomyr, a western region. They said that she was 'communicating via Telegram' with a man who they believed to be a Russian intelligence agent. Police said that she had received a package containing a substance investigators assumed to be methadone. (Reporting and editing by Daniel Flynn, Timothy Heritage and Anna Pruchnicka)
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Report: Indonesian floods killed at least 7% orangutans, a rare species.
A new report published on Wednesday shows that deadly floods and landslides last year in Indonesia's Sumatra have?wipedout at least 7% the population of the critically endangered Tapanuli Orangutan. At least 1,200 people were killed and 300,000 homes damaged by the landslides and floods caused by the cyclone. Environmental groups blamed the deforestation on Sumatra for the severity of the damages. The report stated that at least 58 Tapanuli Orangutans were killed by the floods. These orangutans are native to north Sumatra, and live in an area near Batang Toru Forest. This forest is also home to the majority of 800 primates. The report, a joint research by Borneo Futures in Brunei, World Weather Attribution, and Liverpool John Moores University did not include the other areas of the forest. This means that the death toll may have been higher. Satellite images of damage to West Block of Batang Toru, and historical records of orangutan populations there were analysed. The study found that climate change caused by humans has increased extreme rainfall in the Malacca Strait area, which puts the habitat of the Tapanuli Orangutan at greater risk. Erik Meijaard, the lead author, from Borneo Futures said that the heavy rains soaked up the soil to the point where large areas of hillsides in primary forests collapsed into fast-moving land slides. He said: "If you are caught in the act of being an orangutan... If anything falls at high speeds, your chances of survival will be very minimal. This became a concern." This level of loss is substantial for a species that has a relatively small population. Combining this with other pressures, such as habitat destruction and conflict between humans and wildlife, further increases the urgency to implement and properly resource a coordinated species action plan. Panut Hadisiswoyo is another researcher who urged the Indonesian Government to work with researchers and NGOs to prevent a further decline in the orangutan populations. "We can minimise poaching and hunting, then the population will probably be stabilized," he added, adding that everyone must also pay attention to poor land use, which contributes to the decline in the population. (Reporting and editing by Gibran Pshimam, David Stanway, and Ananda Teresia)
Oil bulls lack conviction about sustainability of greater rates: Kemp
Financiers increased their direct exposure to Brent as the dispute in between Iran and Israel intensified but there was offering across the rest of the petroleum intricate amid doubts about the sustainability of higher prices.
Hedge funds and other money supervisors sold the equivalent of 23 million barrels in the six essential petroleum futures and options agreements over the 7 days ending on April 16.
Purchases of Brent (+31 million barrels) were more than balanced out by sales of NYMEX and ICE WTI (-35 million), U.S. fuel (-5 million), U.S. diesel (-5 million) and European gas oil (-9 million).
Brent is most exposed to production and shipping disturbances as a result of conflict in the Middle East and fund supervisors improved their net position to 335 million barrels (75th. percentile for all weeks considering that 2013).
However much of this extra direct exposure appears to have actually rotated. out from WTI, where funds sold at the fastest rate for 10 weeks. and the net position was cut to just 183 million barrels. ( 31st percentile).
While fund managers had ended up being highly bullish on Brent. they were progressively bearish about prospects for WTI.
In the premier NYMEX WTI agreement, there was evidence of a. fresh cycle of short selling, which had started 4 weeks. earlier when rates climbed up above $80 per barrel.
Fund supervisors had actually improved short positions comparable to 71. million barrels by April 16, up from 23 million on March 19.
Chartbook: Oil and gas positions
In refined fuels, previous bullishness about a continued. exhaustion of stocks and a further rise in costs had also. started to recede away.
The hedge fund community is broadly bullish about the. outlook for both crude and fuel prices but not with much. conviction.
Bullish long positions outnumber bearish short ones by a. ratio of 3.60:1 which remains in just the 42nd percentile for all. weeks considering that 2013.
There are upside threats from Middle East dispute, production. restraint by Saudi Arabia and its OPEC+ allies, and a cyclical. financial upswing in the United States
But these are offset by downside dangers from strong growth in. non-OPEC output, relentless inflation, higher-for-longer. interest rates, and a desultory economic healing in Europe and. China.
Escalating dispute in between Israel and Iran has masked a. slight degeneration of investor sentiment about the outlook for. oil prices in recent weeks.
When the dispute appeared to have actually been consisted of, with. Israel's minimal retaliation against Iran, costs have. pulled back.
U.S. GAS
Investors turned more bearish towards U.S. gas as. the seasonal inventory surplus continued to swell and stocks. climbed up close to a record high for the time of year.
Hedge funds and other money supervisors sold the equivalent of. 173 billion cubic feet (bcf) in the two crucial futures. and choices agreements linked to rates at Henry Hub in. Louisiana.
The rate of selling was the fastest for eight weeks given that. mid-February, before a few of the largest producers announced. they would be scaling back drilling and production.
As an outcome, funds held a net brief position of 483 bcf. ( 19th percentile for all weeks considering that 2010) versus a net short of. 310 bcf (25th percentile) the week in the past.
Working gas inventories totaled up to 2,333 bcf on April 12,. the greatest for the time of year since 2016 and before that. 2012.
Inventories were a huge 641 bcf (+38% or +1.38 requirement. deviations) above the previous ten-year average and the surplus. programs no sign up until now of narrowing in spite of rates near to. multi-decade lows in genuine terms.
In December, the current month for which information is readily available,. power generators paid the lowest seasonal prices for gas since. 1974, after changing for inflation. Ever since, the genuine. acquisition cost has most likely fallen even further.
But the warmest winter on record has depressed usage. of both gas and electricity, ensuring that stocks have. remained remarkably high and postponing any rebound in. prices.
Associated columns:
- Oil traders sanguine about threats from Israel-Iran conflict. ( April 18, 2024)
- Oil funds were bullish even before Iran launched missiles. ( April 15, 2024)
- Financiers bet on additional rise in U.S. fuel prices. ( April 10, 2024)
- Oil funds turn bullish as Mideast dispute magnifies. ( April 8, 2024)
John Kemp is a market expert. The views expressed. are his own. Follow his commentary on X https://twitter.com/JKempEnergy.
(source: Reuters)