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Oil falls as OPEC+ increases August output more than anticipated
The oil price dropped more than 1% Monday, after OPEC+ surprised the markets by increasing output more than anticipated in August. This raised concerns about an oversupply. Brent crude futures dropped 80 cents or 1.2% to $67.50 per barrel at 0010 GMT. U.S. West Texas Intermediate Crude was $65.68, which is down $1.32 or 2%. The Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreed to increase production in August by 548,000 barrels a day. Tim Evans, of Evans Energy, said in a report that "the increased production clearly represents an aggressive competition for market shares and some tolerance for a resulting decrease in price and revenue." The August increase is a big jump from the monthly increases that OPEC+ approved in May, June, and July. And 138,000 bpd for April. OPEC+ cited a stable global economic outlook, healthy market fundamentals and low oil inventories as reasons to release more oil. In a note, RBC Capital's analysts led by Helima Crockt stated that the decision would bring back nearly 80% (2.2 million bpd) of the voluntary cuts made by eight OPEC producers. The actual increase in production has been less than expected so far, and the majority of the supply comes from Saudi Arabia. Saudi Arabia raised its August price of its flagship Arab Light crude on Sunday to a record high for Asia. Goldman analysts anticipate OPEC+ will announce a final increase of 550,000 bpd for September during the next meeting, on August 3. Separately Donald Trump, President of the United States, said that the United States was close to concluding several trade agreements and would notify other countries by July 9 about higher tariff rates. The higher rates are scheduled to go into effect on August 1, 2018. Florence Tan, Lisa Shumaker, and Christopher Cushing edited the report.
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BRICS leaders condemn Gaza attacks and Iran attacks; urge global reforms
Leaders of BRICS, a group of developing countries, condemned the attacks on Gaza and Iran on Sunday. They also called for reforms to global institutions. The bloc was portrayed as a safe haven for multilateral diplomatic efforts amid violent conflicts and wars. The expansion of BRICS is a response to the divisions in the G7 and G20 group of major economies and the "America First" policy of U.S. president Donald Trump. Brazil's Luiz Inacio Lula Da Silva, in his opening remarks at the Rio de Janeiro summit, drew an analogy with the Cold War Non-Aligned Movement. This was a grouping of developing countries that refused to join either side of the polarized world order. Lula said to leaders that "BRICS was the heir of the Non-Aligned Movement." "Multilateralism is under attack and our autonomy has been weakened once more." Lula warned business leaders on Saturday of the rise of protectionism by pointing out that BRICS countries now account for more than half of the world's total population and 40% its economic output. In 2009, the first BRICS summit brought together leaders from Brazil and India, as well as China. In 2009, the bloc was expanded to include South Africa, and in 2012, Egypt, Ethiopia and Indonesia. Indonesia is the first country to be included in this summit. The BRICS fill the vacuum that others leave almost immediately, said a Brazilian who requested anonymity. The diplomat said that although the G7 still has a lot of power, it doesn't hold the same dominance as before. There are still questions regarding the goals shared by a BRICS group that has become more heterogeneous, as it now includes regional rivals and major emerging economies. Chinese President Xi Jinping sent his premier to the summit in lieu of himself, stealing some thunder. Due to an international criminal court arrest warrant, Russian President Vladimir Putin will be attending the summit online. Several heads of state, including Indian PM Narendra Modi, and South African president Cyril Ramaphosa, gathered at Rio's Museum of Modern Art for discussion on Sunday and Monday. Over 30 countries have expressed an interest in joining the BRICS either as full members, or as partners. GROWING COMPLEXITY AND CLOUT The expansion of the BRICS group has given it more diplomatic weight. It aims to represent developing nations in the Global South and strengthens calls for reforming institutions like the United Nations Security Council, the International Monetary Fund, etc. Lula's remarks highlighted the failures of U.S. led wars in the Middle East. Lula urged the BRICS countries to lead reforms. He reflected on the G20 Summit held in the same location last November. "In a very short time, the world has deteriorated so much that many of the initiatives approved back then are no longer possible." In a statement issued on Sunday afternoon by the assembled leaders, they called attacks against Iran’s “civil infrastructure” and peaceful nuclear installations a “violation of international laws.” The group expressed its "grave concern" over Israeli attacks in Gaza and condemned a "terrorist" attack that was described as a "terrorist act" by the Indian-administrated Kashmir. The joint statement on trade warned that the increase in tariffs threatened global trade. This continued the group's veiled critique of Trump's U.S. Tariff policies. The group expressed its support for Ethiopian and Iranian to join the World Trade Organization while calling to restore urgently its ability to settle trade disputes. As first reported last week, the leaders' statement endorsed plans to pilot a BRICS Multilateral Guarantees Initiative within the group's New Development Bank in order to lower financing costs for member states and boost their investment. In a separate press release following a discussion on artificial intelligence, leaders called for the protection against unauthorized AI use to avoid excessive data gathering and to allow mechanisms for fair payments. Brazil, which is also hosting the United Nations Climate Summit in November, has used both events to show how serious developing nations are about tackling climate changes, while Trump has put the brakes on U.S. initiatives. According to two sources familiar with the discussions regarding funding the conservation of endangered forest around the globe, China and the UAE indicated in their meetings with Brazilian Finance minister Fernando Haddad that they intend to invest in the proposed Tropical Forests Forever Facility. (Reporting and editing by Lisandra Paraguassu, Manuela Andreoni and Bill Berkrot)
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Mercury revenge on Wings led by rookies
Dallas rookie guard JJ Quinerly said that the Wings had "punched" first in their 98 - 89 win over the Phoenix Mercury visiting team on Thursday. When the teams meet again for a rematch on Monday in Phoenix, the ball will be in Mercury's hands. Mercury coach Nate Tibbetts stated, "These games are fun and fun series." "It's always a good feeling when you have a team come back to us, especially in the manner they did so. We will have to be prepared to respond and I am confident in our team. The Wings (6-13), who had a season-high of 6-13, used a 32 point first quarter to gain a lead they never relinquished on Thursday. This victory evened up the series with the Mercury at 1 game each after they beat them 93-80 in June 11 despite Paige Bueckers' 35 points. Bueckers scored 23 points, had five assists, and Aziaha had 28 points, including five 3-pointers. The Wings began the game with four rookies. Quinerly said, "We were the first to punch out," with 17 points and 7 assists. "We were able to get up quickly, into transition and make some quick shots." This gave us confidence, and we kept building." Kahleah copper scored 33 points in her sixth match back after preseason surgery on her left knee, while Satou Sabally, a former Wing who returned to Dallas in the same season, had 20. The Wings fought back after the Mercury reduced an 18-point deficit by four points late in the third quarter. Tibbetts stated, "I thought that they became extremely comfortable." When you let a team play comfortably, the night will be long. "We need to be more aggressive defensively." Dallas beat the Mercury (12-6), causing them to lose their second consecutive game. The Wings scored 61 percent of their points in the first-half. Chris Koclanes, Wings' coach, said: "We have been discussing playing the full 40 minutes." "Thursday wasn't perfect but it was very close. We started well, shared the ball and defended each other. Dallas guard Arike Ogunbowale was forced to miss her first game on Thursday due to a thumb injury. Her teammate DiJonai carrington also missed the match with a rib fracture. Both are regular starters. Bueckers stated, "We have always been in it." If you watch our games, it's always close. If we could close out games better, our record would be completely different. Now it is coming together. "Any given night, anyone's night can be anyone's." Field Level Media
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Reeves, UK's Reeves, announces National Wealth Fund Investment in Carbon Capture
The British Finance Minister Rachel Reeves announced on Monday that the National Wealth Fund will invest 39 million pounds (28.6 million pounds) in a project to capture carbon emissions, which could lead to new jobs in northern and central England. Last year, Britain announced that it would invest up to 21,7 billion pounds in 25 years for the development of carbon capture and storage project to reduce emissions from industry and to create new jobs. Britain has set a target of achieving net zero emissions in 2050. CCS is needed to reduce emissions from industrial sectors that are energy intensive. Reeves, in a statement released by her ministry, will celebrate the funding on Monday as the first step toward the development of a pipeline for carbon capture between British cement and lime firms located in Britain's Peak District. The pipeline will store emissions beneath the Irish Sea. Reeves, in a press release, said that the National Wealth Fund was a force of growth. It invested 3 billion pounds to boost the British economy. "We are modernising the cement, lime and lime-based industries, providing vital carbon capture infrastructure, and creating jobs in Derbyshire, Staffordshire and North West, to put more money in the pockets of working people." Reeves, along with the rest of Keir-Starmer's Cabinet, are eager to demonstrate what the Labour Government is doing to transform Britain. They have announced new projects to do so after having been forced to make a series embarrassing U turns and to deal with a rebellion within the Labour Party over welfare reforms. These have raised concerns about the government's ability to reduce spending and party control.
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Leaders of the BRICS in Rio defend the multilateralism against attacks
Lula draws parallels with the Non-Aligned Movement of Cold War Group condemns attacks against Iran and Gaza, increasing tariffs Xi Jinping skips, Putin online, Modi and Ramaphosa present By Lisandra Paraguassu and Manuela Andreoni RIO DE JANEIRO - On Sunday, the BRICS leaders condemned the attacks in Gaza, Kashmir and Iran during their summit. They portrayed the group as a defender for multilateral diplomacy, while criticizing the U.S. trade and military policy. The expansion of BRICS is a response to the divisions in the G7 and G20 group of major economies and the "America First" policy of U.S. president Donald Trump. In his opening remarks, Brazilian President Luiz inacio Lula da silva drew an analogy with the Non-Aligned Movement of the Cold War, a grouping of developing countries that refused to join either side of the polarized world order. Lula said to leaders that "BRICS was the heir of the Non-Aligned Movement." "Multilateralism is under attack and our autonomy has been weakened once more." Lula warned business leaders on Saturday of the rise of protectionism by pointing out that BRICS countries now account for more than half of the world's total population and 40% its economic output. In 2009, the first BRICS summit brought together leaders from Brazil and India, as well as China. In 2009, the bloc was expanded to include South Africa, and in 2012, Egypt, Ethiopia and Indonesia. Indonesia is the first country to be included in this summit. The BRICS fill the vacuum that others leave almost immediately, said a Brazilian who requested anonymity. The diplomat said that although the G7 still has a lot of power, it doesn't hold the same dominance as before. There are still questions regarding the goals shared by a BRICS group that has become more heterogeneous, as it now includes regional rivals and major emerging economies. Chinese President Xi Jinping sent his Prime Minister in his place to steal some thunder at this year's Summit. Due to an international criminal court arrest warrant, Russian President Vladimir Putin will be attending the summit online. But on Sunday and Monday, several heads of states, including Indian PM Narendra Modi, and South African president Cyril Ramaphosa, gathered at Rio's Museum of Modern Art for discussions. Over 30 countries have expressed an interest in joining the BRICS either as full members, or partners. GROWING COMPLEXITY AND CLOUT The expansion of the BRICS group has given it more diplomatic weight. It aims to represent developing nations in the Global South and strengthens calls for reforming institutions like the United Nations Security Council, the International Monetary Fund, etc. Lula's remarks highlighted the failures of U.S. led wars in the Middle East. In a statement issued on Sunday afternoon the leaders condemned the military attacks against Iran’s “civil infrastructure and peaceful nuclear installations under the full safeguards provided by the International Atomic Energy Agency." The group expressed its "grave concern" over Israeli attacks in Gaza and condemned what it called "a terrorist attack" on Indian-administrated Kashmir. The joint statement on trade warned that the "indiscriminate rise in tariffs" threatened global trade. This continued the group's veiled critique of Trump's U.S. Tariff policies. The group expressed its support for Ethiopian and Iranian to join the World Trade Organization while calling to restore urgently its ability to settle trade disputes. As first reported last week, the leaders' statement backed plans for a pilot BRICS Multilateral Guarantees Initiative within the group's New Development Bank in order to lower financing costs while boosting investment in member countries. Brazil, which is also hosting the United Nations Climate Summit in November, has used both events to show how serious developing nations are about tackling climate changes, while Trump has put the brakes on U.S. initiatives. According to two sources familiar with the discussions regarding funding the conservation of endangered forest around the globe, China and the UAE indicated in their meetings with Brazilian Finance minister Fernando Haddad that they intend to invest in the proposed Tropical Forests Forever Facility. (Reporting and editing by Lisandra Andreoni and Manuela Paraguassu; Will Dunham, Bill Berkrot, David Gregorio and Brad Haynes)
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The FT reports that the German Minister wants to expand the number of companies eligible for electric relief.
The Financial Times, citing sources familiar with the plan, reported that German Economy Minister Katherina Riese would like to expand the availability of planned measures intended to lower the electricity costs for companies. In the first half of this year, Germany’s ruling coalition consisting of conservatives and social democrats agreed to reduce electricity taxes to the European Minimum for all consumers. The Finance Ministry's 2026 framework budget, which was introduced last month, limited the relief planned to the industry, agriculture, and forestry sectors, while excluding many consumers and companies, citing financial problems. Reiche announced last month that Germany would be presenting a concrete idea for an industrial electric price concept before the summer holiday and was aiming to implement it by year's end. According to the FT, Reiche is looking to increase from 350 to 2200 the number of eligible companies for electricity price subsidies. The paper said that people cited by it estimated the cost of the program at 4 billion euro ($4.7 billion). It would also fund up to 50% of the electricity costs for firms over a three-year period. When asked for comment by the Economy Ministry, it said that under recently announced European Union regulations up to 2,200 "energy and trade intensive" companies may receive financial assistance to cover half of their electricity costs. The statement added that "the (German) concept" is being developed, but declined to elaborate. According to The FT, the scheme will aim to provide "quick and reliable" assistance to the glass, plastics, and chemical industries. These industries have "a wide-reaching effect on other sectors via the value chains". The FT reported that the ministry's scheme would aim to deliver "quick and reliable" aid to the chemical, glass and plastics industries which have "a far-reaching impact on other sectors through value chains".
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Putin claims that globalisation has become obsolete and that the future belongs to emerging market
On Sunday, Russian President Vladimir Putin said to BRICS leaders that the era liberal globalisation is obsolete. The future belongs to rapidly growing emerging markets that should increase the use of national currencies in trade. A warrant of arrest issued by the International Criminal Court alleging that Putin is responsible for war crime in Ukraine caused him to speak via video link at the Rio de Janeiro summit. Moscow claims the warrant is unfounded, and has no purpose. BRICS – an idea that was conceived in Goldman Sachs 20 years ago to describe China's growing economic clout and that of other major emerging market countries – now accounts for 45% the world’s population. In a televised statement, Putin stated that "everything indicates the liberal globalisation model is becoming outdated." "The center of business activity is moving towards emerging markets." Putin called on the BRICS nations to intensify their cooperation in a variety of spheres, including natural resources and logistics, as well as trade and finance. According to the International Monetary Fund, the five core BRICS countries - Brazil Russia India China South Africa – account for over $28 trillion of nominal Gross Domestic Products in dollar terms, while the Group of Seven is responsible for over $51 trillion. China is the source of most of the economic clout for BRICS. This group also includes Egypt and Ethiopia as well as Indonesia, Iran, and the United Arab Emirates. China accounts for over 60% of the combined clout among BRICS.
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The search for Texas flood victims continues despite the forecast of more rain
On Sunday, the search for more than two dozen girls missing from a Texas summer camp that was hit by flash flooding entered its third day. Rescuers were facing the threat of further flooding as the death toll reached 43. Teams of search and rescue workers raced to locate 27 missing girls from a camp located near the Guadalupe River. The river flooded after torrential rainfall fell on central Texas, Friday, Independence Day. Independence Day is a holiday. Officials reported that more than 850 people were rescued. Some of them clung to trees after a sudden thunderstorm dumped up 15 inches (38 cm), of rain, across Texas Hill Country. This is about 85 miles (140km) northwest of San Antonio. Uncertainty remained about how many people were still missing in the Texas Hill Country. Experts questioned whether the Trump administration's cuts to federal staff, including the agency overseeing the National Weather Service (NWS), led officials to fail to accurately predict and issue warnings before the storm. Former NOAA director Rick Spinrad said that President Donald Trump and the Trump administration have cut thousands of jobs from the National Weather Service parent agency. This has left many weather offices with a lack of staff. He said that he didn't know if the staff cuts contributed to the lack of advanced warnings for the extreme Texas floods, but they would degrade the ability of the agency to provide accurate and timely predictions. Kristi Noem of Homeland Security, who oversees NOAA said that a "moderate flood watch" issued by the National Weather Service on Thursday had not accurately forecast the extreme rainfall. She said the Trump Administration was working to improve the system. The White House didn't immediately respond to an inquiry for comment. Joaquin Castro is a Democratic Congressman from Texas. He told CNN's "State of the Union" that less personnel in the weather service would be dangerous. Castro stated that "when you have flash floods, there is a risk of tragedy if you do not have the personnel to perform the analysis and make the predictions the right way." On Sunday, more rain is expected to fall in the region. The National Weather Service has issued a flood warning for Kerr County until 1 pm local time. The disaster unfolded rapidly on Friday morning as heavier-than-forecast rain drove river waters rapidly to as high as 29 feet (9 meters). Greg Abbott, the Republican Governor of Texas, said at a Saturday press conference that he had requested Trump to sign a declaration of disaster, which would unlock federal assistance for those affected. Homeland Security Secretary Kristi Nuem confirmed that Trump would honor this request. Trump has already outlined plans for the federal government to reduce its role in dealing with natural disasters and leave it to the states to take on more responsibility. Local officials confirmed that at least 15 of those who died were children. The 27 girls missing were from Camp Mystic, a Christian summer camp that was nearly a century old and had 700 girls residing there at the time of flood. The camp was in ruins a day after the catastrophe. In one cabin, the mud marks that showed how high the water rose were six feet (1.83m) above the floor. Inside, bed frames, mattresses, and other personal items were caked in mud. One building had a wall missing and some buildings had broken glass. (Reporting from Sergio Flores, Hunt, Texas, and Rich McKay, Atlanta; Additional reporting from Marco Bello and Sandra Stojanovic, Comfort, Texas; Deborah Gembara, Washington; Ryan Jones, Bhargavacharya, and Bhargav Asharya, Toronto; Writing and editing by Tim Reid, Bill Berkrot.
UK car output falls in March as EV-transition get ready, says market body
Britain's car production fell 27.1%. yearonyear in March as producers wound down existing. designs and more plants transitioned to electric car. production, data from the Society of Motor Manufacturers and. Traders (SMMT) revealed on Thursday. SMMT said the current production outlook report by. AutoAnalysis anticipates UK automobile and light van production to tumble. 6.2% to about 940,000 units this year, primarily due to the. design changeovers.
WHY IT is necessary. This is the very first time automobile output has actually dropped in 6 months. and comes at a time when electrical automobile production has. successively grown as giants like Nissan and Tata. pour in billions in the country to ramp up EV strategies in. a bid to end up being net absolutely no.
CONTEXT
SMMT has actually formerly stated makers are using. generous incentives in a push to change to zero-emission. automobiles and required additional incentives from the government. for private retail purchasers.
The industry body likewise citied less trading days in March. due to Easter for the fall in production.
BY THE NUMBERS
Around 59,467 cars and trucks rolled out of factory lines in March,. compared with 81,605 systems in the exact same month in 2015.
EV volumes made up more than a third of all production but. decreased around 30% year-on-year, primarily due to design. changeovers, it said.
The production of battery-electric (BEV), plug-in hybrid. ( PHEV), and hybrid (HEV) lorries in the UK rose 48% in 2023.
SECRET ESTIMATES
This fall is not unanticipated offered the wholesale changes. happening within UK vehicle factories as existing designs are run. out and more plants transition to electric car production,. said SMMT Chief Executive Mike Hawes.
We can expect further volatility throughout 2024 as. makers lay the foundations for an effective zero-emission. future, Hawes added.
(source: Reuters)